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, 1997
/___/ 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-(562)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, 1997, 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, 1997.
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, 1997.
(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, 1997 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, 1997 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
October 31, 1997
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 September 30, 1997. 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 September 30, 1997 and 1996, total revenues
increased 1.5% from $480,654 to $487,619 and total expenses increased 5.7%
from $254,069 to $268,533. Minority interest in income of real estate joint
ventures increased 5.8% from $103,000 to $109,000. As a result, net income
decreased 10.9% from $123,585 for the three month period ended September 30,
1996, to $110,086 for the same period in 1997. Rental revenue increased as a
result of higher unit rental rates. Operating expenses increased approximately
$14,700 (6.4%) primarily as a result of higher maintenance and repair expenses.
General and administrative expenses remained constant. Occupancy levels for
the Partnership's four mini-storage facilities averaged 85.7% for the three
month period ended September 30, 1997 as compared to 88.7% for the same period
in 1996. The Partnership is continuing its marketing efforts to attract and
keep new tenants in its various mini-storage facilities.
For the nine month periods ended September 30, 1997, and 1996, total revenues
increased 3.1% from $1,376,256 to $1,418,696 and total expenses increased 1.3%
from $808,079 to $818,385. Minority interest in income of real estate joint
ventures increased 5.8% from $103,000 to $109,000. As a result, net income
increased 5.6% from $465,177 for the nine month period ended September 30,
1996, to $491,311 for the same period in 1997. Rental revenue increased for
the same reasons as discussed above. Operating expenses increased
approximately $14,100 (2.0%) primarily as a result of higher fire and liability
insurance and maintenance and repair expenses partially offset by lower real
estate tax expense. General and administrative expenses decreased
approximately $3,800 (3.7%) primarily as a result of decreases in Michigan and
Illinois partnership tax payments.
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)
SEPTEMBER 30, 1997 AND DECEMBER 31, 1996
<TABLE>
<CAPTION>
September 30, December 31,
1997 1996
<S> <C> <C>
ASSETS
CASH AND CASH EQUIVALENTS $ 569,158 $ 384,938
PROPERTY 6,066,002 6,305,096
OTHER ASSETS 59,104 19,566
TOTAL $6,694,264 $6,709,600
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $ 280,933 $ 257,276
PARTNERS' EQUITY:
General Partners (25,536) (25,145)
Limited Partners 6,438,867 6,477,469
Total partners' equity 6,413,331 6,452,324
TOTAL $6,694,264 $6,709,600
See accompanying notes to financial statements(unaudited).
</TABLE>
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
<TABLE>
<CAPTION>
September 30, September 30,
1997 1996
<S> <C> <C>
REVENUES:
Rental Income $ 482,853 $ 477,218
Interest 4,766 3,436
Total revenues 487,619 480,654
EXPENSES:
Operating Expenses 244,065 229,340
General and administrative 24,468 24,729
Total expenses 268,533 254,069
INCOME BEFORE MINORITY INTEREST IN
INCOME OR REAL ESTATE JOINT VENTURES 219,086 226,585
MINORITY INTEREST IN INCOME OF
REAL ESTATE JOINT VENTURES 109,000 103,000
NET INCOME $ 110,086 $ 123,585
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 108,985 $ 122,349
General partners 1,101 1,236
TOTAL $ 110,086 $ 123,585
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 5.45 $ 6.12
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 NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
<TABLE>
<CAPTION>
September 30, September 30,
1997 1996
<S> <C> <C>
REVENUES:
Rental Income $1,407,867 $1,368,607
Interest 10,829 7,649
Total revenues 1,418,696 1,376,256
EXPENSES:
Operating expenses 719,060 704,929
General and administrative 99,325 103,150
Total expenses 818,385 808,079
INCOME BEFORE MINORITY INTEREST IN
INCOME OF REAL ESTATE JOINT VENTURES 600,311 568,177
MINORITY INTEREST IN INCOME
OF REAL ESTATE JOINT VENTURES 109,000 103,000
NET INCOME 491,311 469,177
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners 486,398 460,525
General partners 4,913 4,652
TOTAL 491,311 465,177
NET INCOME PER LIMITED
PARTNERSHIP UNIT $24.32 $23.03
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, 1997 AND 1996
<TABLE>
<CAPTION>
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
<S> <C> <C> <C>
EQUITY AT DECEMBER 31, 1995 ($22,992) $6,690,624 $6,667,632
NET INCOME 4,652 460,525 465,177
DISTRIBUTIONS (5,304) (525,000) (530,304)
EQUITY AT SEPTEMBER 30, 1996 ($23,644) $6,626,149 $6,602,505
EQUITY AT DECEMBER 31, 1996 ($25,145) $6,477,469 $6,452,324
NET INCOME 4,913 486,398 491,311
DISTRIBUTIONS (5,304) (525,000) (530,304)
EQUITY AT SEPTEMBER 30, 1997 ($25,536) $6,438,867 $6,413,331
See accompanying notes to financial statements(unaudited).
</TABLE>
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
<TABLE>
<CAPTION>
September 30, September 30,
1997 1996
1995 1994
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 491,311 $ 465,177
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation and amortization 239,094 239,094
Changes in assets and
liabilities:
Increase in other assets (39,538) (23,357)
Increase in liabilities 23,657 23,885
Net cash provided by
operating activities 714,524 704,799
CASH FLOWS FROM INVESTING ACTIVITIES -
Purchase of property and equipment (13,634)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (530,304) (530,304)
NET INCREASE CASH AND
CASH EQUIVALENTS 184,220 160,861
CASH AND CASH EQUIVALENTS:
At beginning of period 384,938 277,455
At end of period $ 569,158 $ 438,316
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, 1997, and for the
periods ended September 30, 1997, and 1996 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, 1997, 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 Partnerships, of which Dahn Corporation is the
General Partner.
As of September 30, 1997, the total property cost and accumulated
depreciation are as follows:
<TABLE>
<S> <C>
Land $ 1,894,250
Buildings 6,420,554
Furniture and equipment 7,594
Total 8,322,398
Less: Accumulated Depreciation ( 2,256,396)
Property - Net $ 6,066,002
</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-31-1997 DEC-31-1997
<PERIOD-END> SEP-30-1997 DEC-31-1997
<CASH> 569158 0
<SECURITIES> 0 0
<RECEIVABLES> 0 0
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 0 0
<PP&E> 8322398 0
<DEPRECIATION> 2256396 0
<TOTAL-ASSETS> 6694264 0
<CURRENT-LIABILITIES> 0 0
<BONDS> 0 0
<COMMON> 0 0
0 0
0 0
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 6694264 0
<SALES> 1407867 0
<TOTAL-REVENUES> 1418696 0
<CGS> 0 0
<TOTAL-COSTS> 0 0
<OTHER-EXPENSES> 0 0
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 0 0
<INCOME-PRETAX> 491311 0
<INCOME-TAX> 0 0
<INCOME-CONTINUING> 491311 0
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 491311 0
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</TABLE>
