DSI REALTY INCOME FUND XI
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED)
SEPTEMBER 30, 2000 AND DECEMBER 31, 1999
<TABLE>
<CAPTION>
September 30, December 31,
2000 1999
<S> <C> <C>
ASSETS
CASH AND CASH EQUIVALENTS $ 614,425 $ 399,760
PROPERTY, Net 5,162,962 5,402,056
OTHER ASSETS 39,290 39,290
TOTAL $5,816,677 $5,841,106
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
LIABILITIES $ 359,295 $ 315,341
PARTNERS' EQUITY:
General Partners (35,092) (34,409)
Limited Partners 5,492,474 5,560,174
Total partners' equity 5,457,382 5,525,765
TOTAL $5,816,677 $5,841,106
See accompanying notes to financial statements(unaudited).
</TABLE>
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
<TABLE>
<CAPTION>
September 30, September 30,
2000 1999
<S> <C> <C>
REVENUES:
Rental Income $ 568,437 $ 522,629
Interest 2,032 1,536
Total revenues 570,469 524,165
EXPENSES:
Operating 301,709 245,840
General and administrative 26,047 28,450
Total expenses 327,756 274,290
INCOME BEFORE MINORITY INTEREST IN
INCOME OR REAL ESTATE JOINT VENTURES 242,713 249,875
MINORITY INTEREST IN INCOME OF
REAL ESTATE JOINT VENTURES (148,054) (137,654)
NET INCOME $ 94,659 $ 112,221
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 93,712 $ 111,099
General partners 947 1,122
TOTAL $ 94,659 $ 112,221
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 4.69 $ 5.55
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, 2000 AND 1999
<TABLE>
<CAPTION>
September 30, September 30,
2000 1999
<S> <C> <C>
REVENUES:
Rental Income $1,626,651 $1,572,545
Interest 5,547 4,626
Total revenues 1,632,198 1,577,171
EXPENSES:
Operating expenses 838,953 777,231
General and administrative 107,514 106,131
Total expenses 946,467 883,362
INCOME BEFORE MINORITY INTEREST IN
INCOME OF REAL ESTATE JOINT VENTURES 685,731 693,809
MINORITY INTEREST IN INCOME
OF REAL ESTATE JOINT VENTURES (148,054) (137,654)
NET INCOME 537,677 556,155
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners 532,300 550,593
General partners 5,377 5,562
TOTAL 537,677 556,155
NET INCOME PER LIMITED
PARTNERSHIP UNIT $26.62 $27.53
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, 2000 AND 1999
<TABLE>
<CAPTION>
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
<S> <C> <C> <C>
BALANCE AT JANUARY 1, 1999 ($31,151) $5,882,706 $5,851,555
NET INCOME 5,562 550,593 556,155
DISTRIBUTIONS (6,060) (600,000) (606,060)
BALANCE AT SEPTEMBER 30, 1999 ($31,649) $5,833,299 $5,801,650
BALANCE AT JANUARY 1, 2000 ($34,409) $5,560,174 $5,525,765
NET INCOME 5,377 532,300 537,677
DISTRIBUTIONS (6,060) (600,000) (606,060)
BALANCE AT SEPTEMBER 30, 2000 ($35,092) $5,492,474 $5,457,382
See accompanying notes to financial statements(unaudited).
</TABLE>
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
<TABLE>
<CAPTION>
September 30, September 30,
2000 1999
1995 1994
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 537,677 $ 556,155
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 239,094 159,396
Changes in assets and
liabilities:
Increase in other assets 0 (1,436)
Increase in liabilities 43,954 22,995
Net cash provided by
operating activities 820,725 737,110
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (606,060) (606,060)
NET INCREASE CASH AND
CASH EQUIVALENTS 214,665 131,050
CASH AND CASH EQUIVALENTS:
At beginning of period 399,760 393,912
At end of period $ 614,425 $ 524,962
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, 2000, and for the
periods ended September 30, 2000, and 1999 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, 2000, 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, 2000, the total property cost and accumulated
depreciation are as follows:
<TABLE>
<S> <C>
Land $ 1,894,250
Buildings 6,474,340
Furniture and equipment 7,594
Total 8,376,184
Less: Accumulated Depreciation ( 3,213,222)
Property - Net $ 5,162,962
</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.
