DSI REALTY INCOME FUND XI
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED)
JUNE 30, 2000 AND DECEMBER 31, 1999
<TABLE>
<CAPTION>
June 30, December 31,
2000 1999
<S> <C> <C>
ASSETS
CASH AND CASH EQUIVALENTS $ 620,802 $ 399,760
PROPERTY, Net 5,242,660 5,402,056
OTHER ASSETS 39,290 39,290
TOTAL $5,902,752 $5,841,106
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
LIABILITIES $ 338,009 $ 315,341
PARTNERS' EQUITY (DEFICIT):
General Partners (34,019) (34,409)
Limited Partners 5,598,762 5,560,174
Total partners' equity 5,564,743 5,525,765
TOTAL $5,902,752 $5,841,106
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED JUNE 30, 2000 AND 1999
June 30, June 30,
2000 1999
REVENUES:
Rental income $ 537,386 $ 525,569
Interest 1,908 1,523
Total revenues 539,294 527,092
EXPENSES:
Operating 276,513 286,520
General and Administrative 33,113 30,972
Total expenses 309,626 317,492
INCOME BEFORE MINORITY INTEREST IN
INCOME OF REAL ESTATE JOINT VENTURES 229,668 209,600
MINORITY INTEREST IN INCOME OF
REAL ESTATE JOINT VENTURES 0 0
NET INCOME 229,668 209,600
AGGREGATE NET INCOME ALLOCATED TO:
Limited Partners $ 227,371 $ 207,504
General Partners 2,297 2,096
TOTAL $ 229,668 $ 209,600
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 11.37 $ 10.38
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, 2000 AND 1999
June 30, June 30,
2000 1999
REVENUES:
Rental income $1,058,214 $1,049,916
Interest 3,515 3,090
Total revenues 1,061,729 1,053,006
EXPENSES:
Operating 537,244 531,391
General and administrative 81,467 77,681
Total expenses 618,711 609,072
INCOME BEFORE MINORITY INTEREST IN
INCOME OF REAL ESTATE JOINT VENTURES $ 443,018 $ 443,934
MINORITY INTEREST IN INCOME OF REAL
ESTATE JOINT VENTURES 0 0
NET INCOME $ 443,018 $ 443,934
AGGREGATE NET INCOME ALLOCATED TO:
Limited Partners $ 438,588 $ 439,495
General Partners 4,430 4,439
TOTAL $ 443,018 $ 443,934
NET INCOME PER LIMITED
PARTNERSHIP UNIT $21.93 $21.97
LIMITED PARTNERSHIP UNITS
USED IN PER UNIT CALCULATION 20,000 20,000
See accompanying notes to financial statements (unaudited).
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STATEMENTS OF CHANGES IN PARTNERS' EQUITY (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999
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<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 4,439 439,495 443,934
DISTRIBUTIONS (4,040) (400,000) (404,040)
BALANCE AT JUNE 30, 1999 ($30,752) $5,922,201 $5,891,449
BALANCE AT JANUARY 1, 2000 ($34,409) $5,560,174 $5,525,765
NET INCOME 4,430 438,588 443,018
DISTRIBUTIONS (4,040) (400,000) (404,040)
BALANCE AT JUNE 30, 2000 ($34,019) $5,598,762 $5,564,743
See accompanying notes to financial statements(unaudited).
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STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999
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<CAPTION>
June 30, June 30,
2000 1999
1995 1994
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 443,018 $ 443,934
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 159,396 159,396
Changes in assets and
liabilities:
Increase in other assets 0 (1,436)
Increase in liabilities 22,668 22,995
Net cash provided by
operating activities 625,082 624,889
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (404,040) (404,040)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 221,042 220,849
CASH AND CASH EQUIVALENTS:
At beginning of period 399,760 393,912
At end of period $ 620,802 $ 614,761
See accompanying notes to financial statements(unaudited).
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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, 2000, and for the
periods ended June 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 June 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 Parnterships, of which Dahn Corporation is the
General Partner.
As of June 30, 2000, the total property cost and accumulated
depreciation are as follows:
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<S> <C>
Land $ 1,894,250
Buildings 6,474,340
Furniture and equipment 7,594
Total 8,376,184
Less: Accumulated Depreciation ( 3,133,524)
Property - Net $ 5,242,660
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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.
