SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
/_x_/ Quarterly report pursuant to section 13 or 15(d) of the
Securities Exchange Act of 1934.
For the quarterly period ended September 30, 1995
/___/ Transition report pursuant to Section 13 or 15(d) of the
Securities Act of 1934
for the transition period from ______________ to ________________.
Commission File Number 33-26038
DSI REALTY INCOME FUND XI, A California Limited Partnership
(Exact name of registrant as specified in its charter)
California_______________________________________33-0324161
(State or other jurisdiction of (I.R.S. Employer
incorporation) Identification No.)
3701 Long Beach Boulevard, Long Beach, California 90807
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code-(310)595-7711
_________________________________________________________________
Former name, former address and former fiscal year, if changed
since last report.
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that
the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes _x_. No__.
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
The information required by Rule 10-01 of Regulation S-X is
included in the Quarterly Report to the Limited Partners of Registrant for
the period ended September 30, 1995 which is attached hereto as Exhibit "20"
and incorporated herein by this reference.
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
Registrant incorporates by this reference its Quarterly Report to
Limited Partners for the period ended September 30, 1995.
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8K.
(a) Attached hereto as Exhibit "20" is Registrant's Quarterly
Report to Limited Partners for the period ended September 30, 1995.
(B) Registrant did not file any reports on Form 8-K for the
period reported upon.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act
of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
Dated: October 31, 1995 DSI REALTY INCOME FUND XI
A California Limited Partnership
(Registrant)
By____\s\ Robert J. Conway_____
DSI Properties, Inc., as General
Partner by ROBERT J. CONWAY,
President and Chief Financial Officer
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act
of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
Dated: October 31, 1995 DSI REALTY INCOME FUND XI
A California Limited Partnership
(Registrant)
By__\s\ Robert J. Conway________
DSI Properties, Inc., as General
Partner by ROBERT J. CONWAY,
President and Chief Financial Officer
DSI REALTY INCOME FUND XI
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED)
SEPTEMBER 30, 1995 AND DECEMBER 31, 1994
<TABLE>
<CAPTION>
September 30, December 31,
1995 1994
<S> <C> <C>
ASSETS
CASH AND CASH EQUIVALENTS $ 452,150 $ 299,707
PROPERTY 6,692,633 6,917,295
OTHER ASSETS 32,986 19,566
TOTAL $7,177,769 $7,236,568
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $ 257,569 $ 256,049
PARTNERS' EQUITY:
General Partners (20,467) (19,863)
Limited Partners 6,940,667 7,000,382
Total partners' equity 6,920,200 6,980,519
TOTAL $7,177,769 $7,236,568
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
September 30, September 30,
1995 1994
REVENUES:
Rental Income $ 444,033 $ 416,874
Interest 3,012 1,721
Total revenues 447,045 418,595
EXPENSES:
Operating Expenses 241,308 226,027
General and administrative 22,656 23,504
Total expenses 263,964 249,531
NET INCOME $ 183,081 $ 169,064
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 181,250 $ 167,373
General partners 1,831 1,691
TOTAL $ 183,081 $ 169,064
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 9.06 $ 8.37
LIMITED PARTNERSHIP UNITS
USED IN PER UNIT CALCULATION 20,000 20,000
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
September 30, September 30,
1995 1994
REVENUES:
Rental Income $1,275,572 $1,185,886
Interest 7,628 3,459
Guaranteed payments from
Dahn Corporation 0 7,300
Total Revenues 1,283,200 1,196,645
EXPENSES:
Operating Expenses 715,607 658,531
General and Administrative 97,608 97,579
Total expenses 813,215 756,110
NET INCOME 469,985 440,535
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $465,285 $436,130
General partners 4,700 4,405
TOTAL $469,985 $440,535
NET INCOME PER LIMITED PARTNERSHIP $ 23.26 $ 21.81
LIMITED PARTNERSHIP UNITS USED IN
PER UNIT CALCULATION 20,000 20,000
See accompanying notes to financial statements(unaudited)
</TABLE>
STATEMENTS OF CHANGES IN PARTNERS' EQUITY (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
<TABLE>
<CAPTION>
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
<S> <C> <C> <C>
EQUITY AT DECEMBER 31, 1993 ($ 17,368) $7,247,359 $7,229,991
NET INCOME 4,405 436,130 440,535
DISTRIBUTIONS (5,303) (525,000) (530,303)
EQUITY AT SEPTEMBER 30,1994 ($18,266) $7,158,489 $7,140,223
EQUITY AT DECEMBER 31, 1994 ($19,863) $7,000,382 $6,980,519
NET INCOME 4,700 465,285 469,985
DISTRIBUTIONS (5,304) (525,000) (530,304)
EQUITY AT SEPTEMBER 30, 1995 ($20,467) $6,940,667 $6,920,200
See accompanying notes to financial statements(unaudited).
</TABLE>
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
<TABLE>
<CAPTION>
September 30, September 30,
1995 1994
1995 1994
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 469,985 $ 440,535
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation and amortization 239,094 242,093
Changes in assets and
liabilities:
Decrease in guaranteed
payments receivable 0 21,800
Increase in other assets (13,420) (2,228)
Increase(Decrease) in
liabilities 1,520 (65,442)
Net cash provided by
operating activities 697,179 636,758
CASH FLOWS FROM INVESTING ACTIVITIES -
Purchase of property
and equipment (14,432) (8,000)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (530,304) (530,303)
NET INCREASE CASH AND
CASH EQUIVALENTS 152,443 98,455
CASH AND CASH EQUIVALENTS:
At beginning of period 299,707 260,465
At end of period $ 452,150 $ 358,920
See accompanying notes to financial statements(unaudited).
</TABLE>
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 September 30, 1995, and
for the periods ended September 30, 1995, and 1994 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 September 30, 1995, 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 September 30, 1995, the total property cost and accumulated
depreciation are as follows:
<TABLE>
<S> <C>
Land $ 1,894,250
Buildings 6,399,241
Furniture and equipment 7,594
Total 8,301,085
Less: Accumulated Depreciation ( 1,608,452)
Property - Net $ 6,692,633
</TABLE>
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.
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C> <C>
<PERIOD-TYPE> 9-MOS YEAR
<FISCAL-YEAR-END> SEP-30-1995 DEC-31-1994
<PERIOD-END> SEP-30-1995 DEC-31-1994
<CASH> 452,150 0
<SECURITIES> 0 0
<RECEIVABLES> 0 0
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 0 0
<PP&E> 8301085 0
<DEPRECIATION> 1608452 0
<TOTAL-ASSETS> 7177769 0
<CURRENT-LIABILITIES> 0 0
<BONDS> 0 0
<COMMON> 0 0
0 0
0 0
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 7177769 0
<SALES> 1275572 0
<TOTAL-REVENUES> 1283200 0
<CGS> 0 0
<TOTAL-COSTS> 0 0
<OTHER-EXPENSES> 0 0
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 0 0
<INCOME-PRETAX> 469985 0
<INCOME-TAX> 0 0
<INCOME-CONTINUING> 469985 0
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 469985 0
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</TABLE>
