DSI REALTY INCOME FUND XI
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED)
MARCH 31, 1999 AND DECEMBER 31, 1998
March 31, December 31,
1999 1998
ASSETS
CASH AND CASH EQUIVALENTS $ 532,522 $ 393,912
PROPERTY,NET 5,641,150 5,720,848
OTHER ASSETS 39,289 37,854
TOTAL $6,212,961 $6,152,614
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
LIABILITIES $ 329,092 $ 301,059
PARTNERS' EQUITY(DEFICIT):
General Partners (30,828) (31,151)
Limited Partners 5,914,697 5,882,706
Total partners' equity 5,883,869 5,851,555
TOTAL $6,212,961 $6,152,614
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 1998
March 31, March 31,
1999 1998
REVENUES:
Rental Income $ 524,347 $ 472,462
Interest 1,567 3,482
Total revenues 525,914 475,944
EXPENSES:
Operating 244,871 224,125
General and administrative 46,709 47,341
Total expenses 291,580 271,466
INCOME BEFORE MINORITY INTEREST IN
INCOME OF REAL ESTATE JOINT VENTURES 234,334 204,478
MINORITY INTEREST IN INCOME OF
REAL ESTATE JOINT VENTURES 0 0
NET INCOME $ 234,334 $ 204,478
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 231,991 $ 202,433
General partners 2,343 2,045
TOTAL $ 234,334 $ 204,478
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 11.60 $ 10.12
LIMITED PARTNERSHIP UNITS
USED IN PER UNIT CALCULATION 20,000 20,000
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CHANGES IN PARTNERS' EQUITY (DEFICIT)(UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 1998
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
BALANCE, JANUARY 1, 1998 ($ 27,068) $6,286,983 $6,259,915
NET INCOME 2,045 202,433 204,478
DISTRIBUTIONS (2,020) (200,000) (202,020)
BALANCE, MARCH 31, 1998 ($27,043) $6,289,416 $6,262,373
BALANCE, JANUARY 1, 1999 ($31,151) $5,882,706 $5,851,555
NET INCOME 2,343 231,991 234,334
DISTRIBUTIONS (2,020) (200,000) (202,020)
BALANCE, MARCH 31, 1999 ($30,828) $5,914,697 $5,883,869
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 1998
March 31, March 31,
1999 1998
1995 1994
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 234,334 $ 204,478
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 79,698 79,698
Changes in assets and
liabilities:
Increase in other assets (1,435) (15,120)
Increase in liabilities 28,033 36,387
Net cash provided by
operating activities 340,630 305,443
CASH FLOWS FROM INVESTING ACTIVITIES -
Purchase of property and equipment 0 113
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (202,020) (202,020)
NET INCREASE CASH AND
CASH EQUIVALENTS 138,610 103,536
CASH AND CASH EQUIVALENTS:
At beginning of period 393,912 500,351
At end of period $ 532,522 $ 603,887
See accompanying notes to financial statements(unaudited).
DSI REALTY INCOME FUND XI
(A California Real Estate Limited Partnership)
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. GENERAL
DSI Realty Income Fund XI (the "Partnership"), a limited partnership, has
three general partners (DSI Properties, Inc., Robert J. Conway and
Joseph W. Conway) and limited partners owning 20,000 limited partnership
units. The Partnership was formed under the California Uniform Limited
Partnership Act for the primary purpose of acquiring and operating real
estate.
The accompanying financial information as of March 31, 1999, and for the
periods ended March 31, 1999, and 1998 is unaudited. Such financial
information includes all adjustments which are considered necessary by
the Partnership's management for a fair presentation of the results for
the periods indicated.
2. PROPERTY
As of March 31, 1999, the Partnership has purchased a 90% interest
in a mini-storage facility in Whittier, California; an 85% interest in
an existing mini-storage in Edgewater Park, New Jersey; a 90% interest
in an existing mini-storage facility in Bloomingdale, Illinois; and a
75% interest in an existing mini-storage in Sterling Heights, Michigan
from Dahn Corporation. The remaining percentages are owned by four
California Limited Parnterships, of which Dahn Corporation is the
General Partner.
As of March 31, 1999, the total property cost and accumulated
depreciation are as follows:
Land $ 1,894,250
Buildings 6,474,340
Furniture and equipment 7,594
Total 8,376,340
Less: Accumulated Depreciation ( 2,735,034)
Property - Net $ 5,641,150
3. NET INCOME PER LIMITED PARTNERSHIP UNIT
Net income per limited partnership unit is calculated by dividing the
net income allocated to the limited partners by the number of limited
partnership units outstanding during the period.