-----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, V6xl18D+aqyUKi+fQSYGwAD3NQNJ4wwWHmbepZ1xBGQm7FIk7uLERmOrrkd2gjHT T0u0S7gvWRKhnOnQp5vd1Q== 0000318835-98-000017.txt : 19980817 0000318835-98-000017.hdr.sgml : 19980817 ACCESSION NUMBER: 0000318835-98-000017 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19980630 FILED AS OF DATE: 19980814 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: 98688190 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 June 30, 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 June 30, 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 June 30, 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 June 30, 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: July 31, 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: July 31, 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 July 31, 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 June 30, 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 June 30, 1998, and 1997, total revenues increased 5.9% from $464,979 to $492,423 and total expenses increased 5.2% from $279,874 to $294,445. As a result, net income increased 7.0% from $185,105 for the three month period ended June 30, 1997, to $197,978 for the same period in 1998. Rental revenue increased as a result of higher occupancy and unit rental rates. Occupancy levels for the Partnership's four mini- storage facilities averaged 86.5% for the three month period ended June 30, 1998 as compared to 85.3% 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 increased approximately $11,800 (4.7%) primarily as a result of higher maintenance and repair expenses. General and administrative expenses increased approximately $2,800 (9.4%) 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. For the six month periods ended June 30, 1998, and 1997, total revenues increased 4.0% from $931,077 to $968,367 and total expenses increased 2.9% from $549,852 to $565,911. As a result, net income increased 5.6% from $381,225 for the six month period ended June 30, 1997, to $402,456 for the same period in 1998. Rental revenue increased for the same reasons as discussed above. Operating expenses increased approximately 11,000 (2.3%) primarily as a result of higher yellow pages advertising costs, maintenance and repair and office expenses partially offset by lower salaries and wages. General and administrative expenses increased approximately $5,100 (6.8%) for the same reason as discussed above. 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 improvements 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) JUNE 30, 1998 AND DECEMBER 31, 1997
June 30, December 31, 1998 1997 ASSETS CASH AND CASH EQUIVALENTS $ 666,532 $ 500,351 PROPERTY 5,843,795 5,986,304 OTHER ASSETS 41,219 30,926 TOTAL $6,551,546 $6,517,581 LIABILITIES AND PARTNERS' EQUITY LIABILITIES $ 293,215 $ 257,666 PARTNERS' EQUITY: General Partners (27,083) (27,068) Limited Partners 6,285,414 6,286,983 Total partners' equity 6,258,331 6,259,915 TOTAL $6,551,546 $6,517,581 See accompanying notes to financial statements(unaudited). STATEMENTS OF INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED JUNE 30, 1998 AND 1997 June 30, June 30, 1998 1997 REVENUES: Rental Income $ 487,576 $ 461,442 Interest 4,847 3,537 Total revenues 492,423 464,979 EXPENSES: Operating Expenses 261,831 250,053 General and Administrative 32,614 29,821 Total expenses 294,445 279,874 INCOME BEFORE MINORITY INTEREST IN INCOME OF REAL ESTATE JOINT VENTURES 197,978 185,105 MINORITY INTEREST IN INCOME OF REAL ESTATE JOINT VENTURES 0 0 NET INCOME 197,978 185,105 AGGREGATE NET INCOME ALLOCATED TO: Limited partners $ 195,998 $ 183,254 General partners 1,980 1,851 TOTAL $ 197,978 $ 185,105 NET INCOME PER LIMITED PARTNERSHIP UNIT $ 9.80 $ 9.16 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, 1998 AND 1997 June 30, June 30, 1998 1997 REVENUES: Rental Income $ 960,038 $ 925,014 Interest 8,329 6,063 Total revenues 968,367 931,077 EXPENSES: Operating Expenses 485,956 474,995 General and administrative 79,955 74,857 Total expenses 565,911 549,852 INCOME BEFORE MINORITY INTEREST IN INCOME OF REAL ESTATE JOINT VENTURES $ 402,456 $ 381,225 MINORITY INTEREST IN INCOME OF REAL ESTATE JOINT VENTURES 0 0 NET INCOME $ 402,456 $ 402,456 AGGREGATE NET INCOME ALLOCATED TO: Limited partners $ 398,431 $ 377,413 General partners 4,025 3,812 TOTAL $ 402,456 $ 381,225 NET INCOME PER LIMITED PARTNERSHIP UNIT $19.92 $18.87 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 SIX MONTHS ENDED JUNE 30, 1998 AND 1997
GENERAL LIMITED PARTNERS PARTNERS TOTAL EQUITY AT DECEMBER 31, 1996 ($25,145) $6,477,469 $6,452,324 NET INCOME 3,812 377,413 381,225 DISTRIBUTIONS (3,536) (350,000) (353,536) EQUITY AT JUNE 30, 1997 ($24,869) $6,504,882 $6,480,013 EQUITY AT DECEMBER 31, 1997 ($27,068) $6,286,983 $6,259,915 NET INCOME 4,025 398,431 402,456 DISTRIBUTIONS (4,040) (400,000) (404,040) EQUITY AT JUNE 30, 1998 ($27,083) $6,285,414 $6,258,331 See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE SIX MONTHS ENDED JUNE 30, 1998 AND 1997
June 30, June 30, 1998 1997 1995 1994 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 402,456 $ 381,225 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 159,396 159,396 Changes in assets and liabilities: Increase in other assets (10,293) (19,676) Increase in liabilities 35,549 3,263 Net cash provided by operating activities 587,108 524,208 CASH FLOWS FROM INVESTING ACTIVITIES - Purchase of property and equipment (16,887) CASH FLOWS FROM FINANCING ACTIVITIES - Distributions to partners (404,040) (353,536) NET INCREASE CASH AND CASH EQUIVALENTS 166,181 170,672 CASH AND CASH EQUIVALENTS: At beginning of period 500,351 384,938 At end of period $ 666,532 $ 555,610 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 June 30, 1998, and for the periods ended June 30, 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 June 30, 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 June 30, 1998, the total property cost and accumulated depreciation are as follows: Land $ 1,894,250 Buildings 6,437,441 Furniture and equipment 7,594 Total 8,339,285 Less: Accumulated Depreciation ( 2,495,490) Property - Net $ 5,843,795
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 JUN-30-1998 DEC-31-1998 666532 0 0 0 0 0 0 0 0 0 0 0 8339285 0 2495490 0 6551546 0 0 0 0 0 0 0 0 0 0 0 0 0 6551546 0 960038 0 968367 0 0 0 0 0 0 0 0 0 0 0 402456 0 0 0 402456 0 0 0 0 0 0 0 402456 0 0 0 0 0
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