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, 2000
/___/ 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, 2000 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, 2000.
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, 2000.
(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 28, 2000 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 28, 2000 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 28, 2000
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, 2000. 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, 2000 and 1999, total revenues
decreased 0.7% from $525,914 to $522,435 and total expenses increased 6.0%
from $291,580 to $309,085. As a result, net income decreased 9.0% to
$213,350 for the three-month period ended March 31, 2000, from $234,334 for
the same period in 1999. Rental revenue remained relatively constant as
lower occupancy levels offset revenue from higher unit rental rates.
Occupancy levels for the Partnership's four mini-storage facilities
averaged 80.6% for the three month period ended March 31, 2000 as compared
to 85.9% for the same period in 1999. The Partnership is continuing its
marketing efforts to attract and keep new tenants in its various mini-
storage facilities. Operating expenses increased approximately $15,900
(6.5%) primarily as a result of increases in yellow pages advertising costs,
maintenance and repair and salary and wages expenses, partially offset by a
decrease in power and sweeping expenses. Power and sweeping expenses de-
creased as the substantial snow removal costs in the prior year associated
with the blizzard that hit Illinois and Michigan, where two of the Partner-
ship's properties are located, did not materialize in the current year.
General and administrative expenses remained relatively constant.
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, 2000 AND DECEMBER 31, 1999
<TABLE>
<CAPTION>
March 31, December 31,
2000 1999
<S> <C> <C>
ASSETS
CASH AND CASH EQUIVALENTS $ 503,357 $ 399,760
PROPERTY,NET 5,322,358 5,402,056
OTHER ASSETS 39,290 39,290
TOTAL $5,865,005 $5,841,106
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
LIABILITIES $ 327,910 $ 315,341
PARTNERS' EQUITY(DEFICIT):
General Partners (34,296) (34,409)
Limited Partners 5,571,391 5,560,174
Total partners' equity 5,537,095 5,525,765
TOTAL $5,865,005 $5,841,106
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
March 31, March 31,
2000 1999
REVENUES:
Rental Income $ 520,828 $ 524,347
Interest 1,607 1,567
Total revenues 522,435 525,914
EXPENSES:
Operating 260,731 244,871
General and administrative 48,354 46,709
Total expenses 309,085 291,580
INCOME BEFORE MINORITY INTEREST IN
INCOME OF REAL ESTATE JOINT VENTURES 213,350 234,334
MINORITY INTEREST IN INCOME OF
REAL ESTATE JOINT VENTURES 0 0
NET INCOME $ 213,350 $ 234,334
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 211,217 $ 231,991
General partners 2,133 2,343
TOTAL $ 213,350 $ 234,334
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 10.56 $ 11.60
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 (DEFICIT)(UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 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 2,343 231,991 234,334
DISTRIBUTIONS (2,020) (200,000) (202,020)
BALANCE AT MARCH 31, 1999 ($30,828) $5,914,697 $5,883,869
BALANCE AT JANUARY 1, 2000 ($34,409) $5,560,174 $5,525,765
NET INCOME 2,133 211,217 213,350
DISTRIBUTIONS (2,020) (200,000) (202,020)
BALANCE AT MARCH 31, 2000 ($34,296) $5,571,391 $5,537,095
See accompanying notes to financial statements(unaudited).
</TABLE>
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
<TABLE>
<CAPTION>
March 31, March 31,
2000 1999
1995 1994
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 213,350 $ 234,334
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 79,698 79,698
Changes in assets and
liabilities:
Increase in other assets 0 (1,435)
Increase in liabilities 12,569 28,033
Net cash provided by
operating activities 305,617 340,630
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (202,020) (202,020)
NET INCREASE CASH AND
CASH EQUIVALENTS 103,597 138,610
CASH AND CASH EQUIVALENTS:
At beginning of period 399,760 393,912
At end of period $ 503,357 $ 532,522
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, 2000, and for the
periods ended March 31, 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 March 31, 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 March 31, 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 ( 3,053,826)
Property - Net $ 5,322,358
</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-31-2000 DEC-31-2000
<PERIOD-END> MAR-31-2000 DEC-31-2000
<CASH> 503357 0
<SECURITIES> 0 0
<RECEIVABLES> 0 0
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 0 0
<PP&E> 8376184 0
<DEPRECIATION> 3053826 0
<TOTAL-ASSETS> 5865005 0
<CURRENT-LIABILITIES> 0 0
<BONDS> 0 0
<COMMON> 0 0
0 0
0 0
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 5865005 0
<SALES> 520828 0
<TOTAL-REVENUES> 522435 0
<CGS> 0 0
<TOTAL-COSTS> 0 0
<OTHER-EXPENSES> 0 0
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 0 0
<INCOME-PRETAX> 213350 0
<INCOME-TAX> 0 0
<INCOME-CONTINUING> 213350 0
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 213350 0
<EPS-BASIC> 0 0
<EPS-DILUTED> 0 0
</TABLE>
