-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PZRzylOPf58h8gcDOi0uAeScVgknXDjh/0MjsEvyj96+4UWgxJBa6GBWjqMNNljT hH9f9cGwbWPWlK9YXAM9jA== 0000318835-98-000011.txt : 19980519 0000318835-98-000011.hdr.sgml : 19980519 ACCESSION NUMBER: 0000318835-98-000011 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980518 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: DSI REALTY INCOME FUND XI CENTRAL INDEX KEY: 0000844048 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 330324161 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-18286 FILM NUMBER: 98626680 BUSINESS ADDRESS: STREET 1: 3701 LONG BEACH BLVD CITY: LONG BEACH STATE: CA ZIP: 90807 BUSINESS PHONE: 2135957711 MAIL ADDRESS: STREET 1: 3701 LONG BEACH BLVD CITY: LONG BEACH STATE: CA ZIP: 90807 10-Q 1 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 EX-20 2 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 EX-20 3 DSI REALTY INCOME FUND XI (A California Real Estate Limited Partnership) BALANCE SHEETS(UNAUDITED) MARCH 31, 1998 AND DECEMBER 31, 1997
March 31, December 31, 1998 1997 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).
STATEMENTS OF CHANGES IN PARTNERS' EQUITY (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND 1997
GENERAL LIMITED PARTNERS PARTNERS TOTAL 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).
STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND 1997
March 31, March 31, 1998 1997 1995 1994 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).
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: 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
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. EX-27 4
5 3-MOS YEAR DEC-31-1998 DEC-31-1998 MAR-31-1998 DEC-31-1998 603887 0 0 0 0 0 0 0 0 0 0 0 8322285 0 2415792 0 6556426 0 0 0 0 0 0 0 0 0 0 0 0 0 6556426 0 472462 0 475944 0 0 0 0 0 0 0 0 0 0 0 204478 0 0 0 204478 0 0 0 0 0 0 0 204478 0 0 0 0 0
-----END PRIVACY-ENHANCED MESSAGE-----