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 March 31, 1998
/___/ 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.)
6700 E. Pacific Coast Hwy, Long Beach, California 90803
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code-(562)493-8881
_________________________________________________________________
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 March 31, 1998 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 March 31, 1998.
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 March 31, 1998.
(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: April 30, 1998 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: April 30, 1998 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
April 30, 1998
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 March 31, 1998. 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 March 31, 1998 and 1997, total revenues
increased 2.1% from $466,098 to $475,944 and total expenses decreased 0.6%
from $269,978 to $271,466. As a result, net income increased to $204,478 for
for the three month period ended March 31, 1998, from $196,120 for the same
period in 1997. Rental revenue increased as a result of higher unit rental
rates. Occupancy levels for the Partnership's four mini-storage facilities
averaged 83.8% for the three month period ended March 31, 1998 as compared to
84.0% for the same period in 1997. The Partnership is continuing its marketing
efforts to attract and keep new tenants in its various mini-storage facilities.
Operating expenses remained constant. An increase in yellow pages advertising
costs was offset by a decrease in maintenance and repair expense. General
and administrative expenses increased approximately $2,300 (5.1%) primarily as
a result of an increase in incentive management fees. As this fee is computed
as a percentage of distributions made to the Limited Partners, the increase in
distributions as discussed below, resulted in an increase in the incentive
management fee.
The General Partners determined that effective with the second quarter 1998
distribution which was paid on April 15, 1998, distributions to the limited
partners would be increased to an amount which yields an 8% annual return on
the capital contributed by the limited partners from an annual return of 7%
paid previously.
The General Partners plan to continue their policy of funding the continuing
improvement 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)
MARCH 31, 1998 AND DECEMBER 31, 1997
<TABLE>
<CAPTION>
March 31, December 31,
1998 1997
<S> <C> <C>
ASSETS
CASH AND CASH EQUIVALENTS $ 603,837 $ 500,351
PROPERTY 5,906,493 5,986,304
OTHER ASSETS 46,046 30,926
TOTAL $6,556,426 $6,517,581
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $ 294,053 $ 257,666
PARTNERS' EQUITY:
General Partners (27,043) (27,068)
Limited Partners 6,289,416 6,286,983
Total partners' equity 6,262,373 6,259,915
TOTAL $6,556,426 $6,517,581
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND 1997
March 31, March 31,
1998 1997
REVENUES:
Rental Income $ 472,462 $ 463,572
Interest 3,482 2,526
Total revenues 475,944 466,098
EXPENSES:
Operating Expenses 224,125 224,942
General and Administrative 47,341 45,036
Total expenses 271,466 269,978
INCOME BEFORE MINORITY
INTEREST IN INCOME OF REAL
ESTATE JOINT VENTURE 204,478 196,120
MINORITY INTEREST IN INCOME
OF REAL ESTATE JOINT VENTURES 0 0
NET INCOME $ 204,478 $ 196,120
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 202,433 $ 194,159
General partners 2,045 1,961
TOTAL $ 204,478 $ 196,120
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 10.12 $ 9.71
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 MARCH 31, 1998 AND 1997
<TABLE>
<CAPTION>
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
<S> <C> <C> <C>
EQUITY AT DECEMBER 31, 1996 ($25,145) $6,477,469 $6,452,324
NET INCOME 1,961 194,159 196,120
DISTRIBUTIONS (1,768) (175,000) (176,768)
EQUITY AT MARCH 31, 1997 ($24,952) $6,496,628 $6,471,676
EQUITY AT DECEMBER 31, 1997 ($27,068) $6,286,983 $6,259,915
NET INCOME 2,045 202,433 204,478
DISTRIBUTIONS (2,020) (200,000) (202,020)
EQUITY AT MARCH 31, 1998 ($27,043) $6,289,416 $6,262,373
See accompanying notes to financial statements(unaudited).
</TABLE>
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND 1997
<TABLE>
<CAPTION>
March 31, March 31,
1998 1997
1995 1994
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 204,478 $ 196,120
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation and amortization 79,698 79,698
Changes in assets and
liabilities:
Increase in other assets (15,120) (30,125)
Increase in liabilities 36,387 18,421
Net cash provided by
operating activities 305,443 264,114
CASH FLOWS FROM INVESTING ACTIVITIES -
Disposal of property and equipment 113
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (202,020) (176,768)
NET INCREASE CASH AND
CASH EQUIVALENTS 103,536 87,346
CASH AND CASH EQUIVALENTS:
At beginning of period 500,351 384,938
At end of period $ 603,887 $ 472,284
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 March 31, 1998, and for the
periods ended March 31, 1998, and 1997 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, 1998, 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, 1998, the total property cost and accumulated
depreciation are as follows:
<TABLE>
<S> <C>
Land $ 1,894,250
Buildings 6,420,441
Furniture and equipment 7,594
Total 8,322,285
Less: Accumulated Depreciation ( 2,415,792)
Property - Net $ 5,096,493
</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-31-1998 DEC-31-1998
<PERIOD-END> MAR-31-1998 DEC-31-1998
<CASH> 603887 0
<SECURITIES> 0 0
<RECEIVABLES> 0 0
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 0 0
<PP&E> 8322285 0
<DEPRECIATION> 2415792 0
<TOTAL-ASSETS> 6556426 0
<CURRENT-LIABILITIES> 0 0
<BONDS> 0 0
<COMMON> 0 0
0 0
0 0
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 6556426 0
<SALES> 472462 0
<TOTAL-REVENUES> 475944 0
<CGS> 0 0
<TOTAL-COSTS> 0 0
<OTHER-EXPENSES> 0 0
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 0 0
<INCOME-PRETAX> 204478 0
<INCOME-TAX> 0 0
<INCOME-CONTINUING> 204478 0
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 204478 0
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</TABLE>
