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 June 30, 1996
/___/ 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 June 30, 1996 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 June 30, 1996.
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 June 30, 1996.
(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: July 31, 1996 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: July 31, 1996 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
July 31, 1996
QUARTERLY REPORT TO THE LIMITED PARTNERS
OF DSI REALTY INCOME FUND XI
DEAR LIMITED PARTNERS:
We are pleased to enclose the Partnership's unaudited financial statements
for the period ended June 30, 1996. The following is Management's
discussion and analysis of the Partnership's financial condition and
results of its operations.
For the three month periods ended June 30, 1996 and 1995, total revenues
increased 11.1% from $410,016 to $455,600 and total expenses decreased 2.4%
from $281,108 to $274,254. As a result, net income increased 40.7% to
$181,346 for the three month period ended June 30, 1996, from $128,908 for
the same period in 1995. Occupancy levels for the Partnership's four mini-
storage facilities averaged 88.8% for the three month period ended June 30,
1996 as compared to 86.9% for the same period in 1995. Rental revenue increased
as a result of higher occupancy and unit rental rates. The Partnership is
continuing its marketing efforts to attract and keep new tenants in its
various mini-storage facilities. Operating expenses increased approximately
$6,900 (2.8%) as a result of relatively insignificant fluctuations in
various expense accounts. General and administrative expenses remained
constant.
For the six month periods ended June 30, 1996, and 1995, total revenues
increased 7.1% from $836,155 to $895,602 and total expenses increased 0.9%
from $549,251 to $554,010. As a result, net income increased 19.6% to
$341,592 for the six month period ended June 30, 1996, from $286,904 for
the same period in 1995. Rental revenue increased for the same reasons
as discussed above. Operating expenses increased approximately $1,300
(0.3%) and general and administrative expenses increased approximately
$3,500 (4.7%) as a result of relatively insignificant fluctuations in
various accounts.
The General Partners plan to continue their policy of funding improvements
and maintenance of Partnership properties with cash generated from operations.
The Partnership's financial resources appear to be adequate to meet its needs.
We are not enclosing a copy of the Partnership Form 10-Q as filed with the
Securities and Exchange Commission since all the information set forth
therein is contained either in this letter or in the attached financial
statements. However, if you wish to receive a copy of said report, please
send a written request to DSI Realty Income Fund XI, P.O. Box 357, Long
Beach, California 90801.
Very truly yours,
DSI REALTY INCOME FUND XI
By: DSI Properties, Inc., as
General Partner
By /s/ Robert J. Conway
____________________________
ROBERT J. CONWAY, President
DSI REALTY INCOME FUND XI
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED)
JUNE 30, 1996 AND DECEMBER 31, 1995
<TABLE>
<CAPTION>
June 30, December 31,
1996 1995
<S> <C> <C>
ASSETS
CASH AND CASH EQUIVALENTS $ 398,366 $ 277,455
PROPERTY 6,456,720 6,616,116
OTHER ASSETS 33,119 19,566
TOTAL $6,888,205 $6,913,137
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $ 232,517 $ 245,505
PARTNERS' EQUITY:
General Partners (23,112) (22,992)
Limited Partners 6,678,800 6,690,624
Total partners' equity 6,655,688 6,667,632
TOTAL $6,888,205 $6,913,137
See accompanying notes to financial statements(unaudited).
</TABLE>
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED JUNE 30, 1996 AND 1995
<TABLE>
<CAPTION>
June 30, June 30,
1996 1995
<S> <C> <C>
REVENUES:
Rental Income $ 452,760 $ 407,356
Interest 2,840 2,660
Total revenues 455,600 410,016
EXPENSES:
Operating Expenses 241,315 248,230
General and administrative 32,939 32,878
Total expenses 274,254 281,108
NET INCOME $ 181,346 $ 128,908
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 179,533 $ 127,619
General partners 1,813 1,289
TOTAL $ 181,346 $ 128,908
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 8.98 $ 6.38
LIMITED PARTNERSHIP UNITS
USED IN PER UNIT CALCULATION 20,000 20,000
See accompanying notes to financial statements(unaudited).
</TABLE>
STATEMENTS OF INCOME (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995
<TABLE>
<CAPTION>
June 30, June 30,
1996 1995
<S> <C> <C>
REVENUES:
Rental Income $891,389 $831,539
Interest 4,213 4,616
Total revenues 895,602 836,155
EXPENSES:
Operating expenses 475,589 474,299
General and administrative 78,421 74,952
Total expenses 554,010 549,251
NET INCOME 341,592 286,904
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners 338,176 284,035
General partners 3,416 2,869
TOTAL 341,592 286,904
NET INCOME PER LIMITED
PARTNERSHIP UNIT $16.91 $14.20
LIMITED PARTNERSHIP UNITS
USED IN PER UNIT CALCULATION 20,000 20,000
See accompanying notes to financial statements(unaudited).
</TABLE>
STATEMENTS OF CHANGES IN PARTNERS' EQUITY (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995
<TABLE>
<CAPTION>
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
<S> <C> <C> <C>
EQUITY AT DECEMBER 31, 1994 ($ 19,863) $7,000,382 $6,980,519
NET INCOME 2,869 284,035 286,904
DISTRIBUTIONS (3,536) (350,000) (353,536)
EQUITY AT JUNE 30, 1995 ($20,530) $6,934,417 $6,913,887
EQUITY AT DECEMBER 31, 1995 ($22,992) $6,690,624 $6,667,632
NET INCOME 3,416 338,176 341,592
DISTRIBUTIONS (3,536) (350,000) (353,536)
EQUITY AT JUNE 30, 1996 ($23,112) $6,678,800 $6,655,688
See accompanying notes to financial statements(unaudited).
</TABLE>
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995
<TABLE>
<CAPTION>
June 30, June 30,
1996 1995
1995 1994
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 341,592 $ 286,904
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation and amortization 159,396 159,396
Changes in assets and
liabilities:
Increase in other assets (13,553) (12,870)
Decrease in liabilities (12,988) (2,510)
Net cash provided by
operating activities 474,447 430,920
CASH FLOWS FROM INVESTING ACTIVITIES -
Purchase of property and equipment (4,982)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (353,536) (353,536)
NET INCREASE CASH AND
CASH EQUIVALENTS 120,911 74,402
CASH AND CASH EQUIVALENTS:
At beginning of period 277,455 299,707
At end of period $ 398,366 $ 372,109
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 June 30, 1996, and for the
periods ended June 30, 1996, and 1995 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 June 30, 1996, 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 June 30, 1996, the total property cost and accumulated
depreciation are as follows:
<TABLE>
<S> <C>
Land $ 1,894,250
Buildings 6,406,921
Furniture and equipment 7,594
Total 8,308,765
Less: Accumulated Depreciation ( 1,852,045)
Property - Net $ 6,456,720
</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> 3-MOS YEAR
<FISCAL-YEAR-END> DEC-31-1996 DEC-31-1996
<PERIOD-END> JUN-30-1996 DEC-31-1996
<CASH> 398,366 0
<SECURITIES> 0 0
<RECEIVABLES> 0 0
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 0 0
<PP&E> 8308765 0
<DEPRECIATION> 1852045 0
<TOTAL-ASSETS> 6888205 0
<CURRENT-LIABILITIES> 0 0
<BONDS> 0 0
<COMMON> 0 0
0 0
0 0
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 6888205 0
<SALES> 891389 0
<TOTAL-REVENUES> 895602 0
<CGS> 0 0
<TOTAL-COSTS> 0 0
<OTHER-EXPENSES> 0 0
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 0 0
<INCOME-PRETAX> 341592 0
<INCOME-TAX> 0 0
<INCOME-CONTINUING> 341592 0
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 341592 0
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</TABLE>
