-----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, RsnZt3Y3vjFBe1YT29jeLtslwFWKySyM0yRLjWDWYe2h5jAuSSBkbNyINmUji+se A8iYXr8NkAwgf9IesE7d9A== /in/edgar/work/0000318835-00-000013/0000318835-00-000013.txt : 20001115 0000318835-00-000013.hdr.sgml : 20001115 ACCESSION NUMBER: 0000318835-00-000013 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20000930 FILED AS OF DATE: 20001114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DSI REALTY INCOME FUND XI CENTRAL INDEX KEY: 0000844048 STANDARD INDUSTRIAL CLASSIFICATION: [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: 766485 BUSINESS ADDRESS: STREET 1: 3701 LONG BEACH BLVD CITY: LONG BEACH STATE: CA ZIP: 90807 BUSINESS PHONE: 2135957711 MAIL ADDRESS: STREET 1: 6700 E. PACIFIC COAST HWY. STREET 2: P.O. BOX 357 CITY: LONG BEACH STATE: CA ZIP: 90801 10-Q 1 0001.txt 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 September 30, 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 September 30, 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 September 30, 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 September 30, 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: October 31, 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: October 31, 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 EX-20 2 0002.txt October 31, 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 September 30, 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 September 30, 2000 and 1999, total revenues increased 8.8% from $524,165 to $570,469 and total expenses increased 19.5% from $274,290 to $327,756. Minority interest in income of real estate joint ventures increased 7.6% from $137,654 to $148,054. As a result, net income decreased 15.7% from $112,221 for the three-month period ended September 30, 1999, to $94,659 for the same period in 2000. Rental revenue increased as a result of higher occupancy and unit rental rates. Occupancy levels for the Partnership's four mini-storage facilities averaged 89.2% for the three- month period ended September 30, 2000 as compared to 85.5% 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 $55,900 (22.7%) primarily as a result of higher advertising costs, maintenance and repair, property management fees, workers compensation insurance and salaries and wage expenses, partially offset by lower real estate tax expense. Property management fees, which are computed as a percentage of rental revenue, increased as a result of the increase in rental income. General and administrative expenses remained relatively constant. For the nine-month periods ended September 30, 2000, and 1999, total revenues increased 3.5% from $1,577,171 to $1,632,198 and total expenses increased 7.1% from $883,362 to $946,467. Minority interest in income of real estate joint ventures increased 7.6% from $137,654 to $148,054. As a result, net income decreased 3.3% from $556,155 for the nine-month period ended September 30, 1999, to $537,677 for the same period in 2000. Rental revenue increased as a result of higher unit rental rates. Operating expenses increased approx- imately $61,700 (7.9%) primarily as a result of higher yellow pages advertis- ing costs, maintenance and repair, property management fees, salaries and wages and workers compensation insurance expenses, partially offset by lower real estate taxes and power and sweeping expenses. The increase in property management fees was discussed above. Power and sweeping expenses decreased as the substantial snow removal costs in the prior year associated with the blizzard that hit Illinois and Michigan, where two of the Partnership'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 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 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. EX-27 4 0004.txt
5 3-MOS YEAR DEC-31-2000 DEC-31-2000 SEP-30-2000 DEC-31-2000 614425 0 0 0 0 0 0 0 0 0 0 0 8376184 0 3213222 0 5816677 0 0 0 0 0 0 0 0 0 0 0 0 0 5816677 0 1626651 0 1632198 0 0 0 0 0 0 0 0 0 0 0 537677 0 0 0 537677 0 0 0 0 0 0 0 537677 0 0 0 0 0
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