EX-20 3 0003.txt DSI REALTY INCOME FUND XI (A California Real Estate Limited Partnership) BALANCE SHEETS(UNAUDITED) SEPTEMBER 30, 2000 AND DECEMBER 31, 1999
September 30, December 31, 2000 1999 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).
STATEMENTS OF INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
September 30, September 30, 2000 1999 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).
STATEMENTS OF INCOME (UNAUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
September 30, September 30, 2000 1999 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).
STATEMENTS OF CHANGES IN PARTNERS' EQUITY (UNAUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
GENERAL LIMITED PARTNERS PARTNERS TOTAL 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).
STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
September 30, September 30, 2000 1999 1995 1994 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).
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: 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
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.