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, 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 June 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 June 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 June 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: July 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: July 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
July 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 June 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 June 30, 1997, and 1996, total revenues
increased 2.1% from $455,600 to $464,979 and total expenses increased 2%
from $274,254 to $279,874. As a result, net income increased 2.1% from
$181,346 for the three month period ended June 30, 1996, to $185,105 for
the same period in 1997. Rental revenue increased as a result of higher
unit rental rates. Operating expenses increased approximately $8,700 (3.6%)
primarily as a result of higher fire and liability insurance expense.
General and administrative expenses decreased approximately $3,100 (9.4%)
primarily as a result of decreases in Michigan and Illinois partnership
tax payments. Occupancy levels for the Partnership's four mini-storage
facilities averaged 85.3% for the three month period ended June 30, 1997
as compared to 88.8% 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 six month periods ended June 30, 1997, and 1996, total revenues
increased 4% from $895,602 to $931,077 and total expenses decreased 0.8%
from $554,010 to $549,852. As a result, net income increased 11.6% from
$341,592 for the six month period ended June 30, 1996, to $381,225 for
the same period in 1997. Rental revenue increased for the same reasons
as discussed above. Operating expenses remained constant. General and
administrative expenses decreased approximately $3,600 (4.6%) for the same
resaons as above.
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, 1997 AND DECEMBER 31, 1996
<TABLE>
<CAPTION>
June 30, December 31,
1997 1996
<S> <C> <C>
ASSETS
CASH AND CASH EQUIVALENTS $ 555,610 $ 384,938
PROPERTY 6,145,700 6,305,096
OTHER ASSETS 39,242 19,566
TOTAL $6,740,552 $6,709,600
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $ 260,539 $ 257,276
PARTNERS' EQUITY:
General Partners (24,869) (25,145)
Limited Partners 6,504,882 6,477,469
Total partners' equity 6,480,013 6,452,324
TOTAL $6,740,552 $6,709,600
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED JUNE 30, 1997 AND 1996
June 30, June 30,
1997 1996
REVENUES:
Rental Income $ 461,442 $ 452,760
Interest 3,537 2,840
Total revenues 464,979 455,600
EXPENSES:
Operating Expenses 250,053 241,315
General and Administrative 29,821 32,939
Total expenses 279,874 274,254
NET INCOME $ 185,105 $ 181,346
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 183,254 $ 179,533
General partners 1,851 1,813
TOTAL $ 185,105 $ 181,346
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 9.16 $ 8.98
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 SIX MONTHS ENDED JUNE 30, 1997 AND 1996
June 30, June 30,
1997 1996
REVENUES:
Rental Income $ 925,014 $ 891,389
Interest 6,063 4,213
Total revenues 931,077 895,602
EXPENSES:
Operating Expenses 474,995 475,589
General and administrative 74,857 78,421
Total expenses 549,852 554,010
NET INCOME $ 381,225 $ 341,592
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 377,413 $ 338,176
General partners 3,812 3,416
TOTAL $ 381,225 $ 341,592
NET INCOME PER LIMITED
PARTNERSHIP UNIT $18.87 $16.91
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 THREE MONTHS ENDED JUNE 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 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
EQUITY AT DECEMBER 31, 1996 ($25,145) $6,477,469 $6,452,324
NET INCOME 3,812 377,413 381,225
DISTRIBUTIONS (3,536) (350,000) (353,536)
EQUITY AT JUNE 30, 1997 ($24,869) $6,504,882 $6,480,013
See accompanying notes to financial statements(unaudited).
</TABLE>
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED JUNE 30, 1997 AND 1996
<TABLE>
<CAPTION>
June 30, June 30,
1997 1996
1995 1994
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 381,225 $ 341,592
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 (19,676) (13,553)
Increase(Decrease)in liabilities 3,263 (12,988)
Net cash provided by
operating activities 524,208 474,447
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (353,536) (353,536)
NET INCREASE CASH AND
CASH EQUIVALENTS 170,672 120,911
CASH AND CASH EQUIVALENTS:
At beginning of period 384,938 277,455
At end of period $ 555,610 $ 398,366
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, 1997, and for the
periods ended June 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 June 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 Parnterships, of which Dahn Corporation is the
General Partner.
As of June 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 ( 2,176,698)
Property - Net $ 6,145,700
</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> JUN-30-1997 DEC-31-1997
<CASH> 555610 0
<SECURITIES> 0 0
<RECEIVABLES> 0 0
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 0 0
<PP&E> 8322398 0
<DEPRECIATION> 2176698 0
<TOTAL-ASSETS> 6740552 0
<CURRENT-LIABILITIES> 0 0
<BONDS> 0 0
<COMMON> 0 0
0 0
0 0
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 6740552 0
<SALES> 925014 0
<TOTAL-REVENUES> 931077 0
<CGS> 0 0
<TOTAL-COSTS> 0 0
<OTHER-EXPENSES> 0 0
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 0 0
<INCOME-PRETAX> 381225 0
<INCOME-TAX> 0 0
<INCOME-CONTINUING> 381225 0
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 381225 0
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</TABLE>
