-----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, QCu5lSxmF8KIRVzZ/Zozl87OOTH2kbq9QvoEqja6OD/YONNlXYOo/DkcVZHxP/xa L9deXf7uVKIfQYnWdvH1Rw== 0000764586-97-000007.txt : 19970814 0000764586-97-000007.hdr.sgml : 19970814 ACCESSION NUMBER: 0000764586-97-000007 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19970630 FILED AS OF DATE: 19970813 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: 1934 Act SEC FILE NUMBER: 000-18286 FILM NUMBER: 97657565 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, 1997 /___/ 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.) 3701 Long Beach Boulevard, Long Beach, California 90807 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code-(562)595-7711 _________________________________________________________________ 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, 1997 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, 1997. 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, 1997. (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, 1997 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, 1997 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, 1997 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, 1997. 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, 1997, and 1996, total revenues increased 2.1% from $455,600 to $464,979 and total expenses increased 2% from $274,254 to $279,874. As a result, net income increased 2.1% from $181,346 for the three month period ended June 30, 1996, to $185,105 for the same period in 1997. Rental revenue increased as a result of higher unit rental rates. Operating expenses increased approximately $8,700 (3.6%) primarily as a result of higher fire and liability insurance expense. General and administrative expenses decreased approximately $3,100 (9.4%) primarily as a result of decreases in Michigan and Illinois partnership tax payments. Occupancy levels for the Partnership's four mini-storage facilities averaged 85.3% for the three month period ended June 30, 1997 as compared to 88.8% for the same period in 1996. The Partnership is continuing its marketing efforts to attract and keep new tenants in its various mini-storage facilities. For the six month periods ended June 30, 1997, and 1996, total revenues increased 4% from $895,602 to $931,077 and total expenses decreased 0.8% from $554,010 to $549,852. As a result, net income increased 11.6% from $341,592 for the six month period ended June 30, 1996, to $381,225 for the same period in 1997. Rental revenue increased for the same reasons as discussed above. Operating expenses remained constant. General and administrative expenses decreased approximately $3,600 (4.6%) for the same resaons as above. 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, 1997 AND DECEMBER 31, 1996
June 30, December 31, 1997 1996 ASSETS CASH AND CASH EQUIVALENTS $ 555,610 $ 384,938 PROPERTY 6,145,700 6,305,096 OTHER ASSETS 39,242 19,566 TOTAL $6,740,552 $6,709,600 LIABILITIES AND PARTNERS' EQUITY LIABILITIES $ 260,539 $ 257,276 PARTNERS' EQUITY: General Partners (24,869) (25,145) Limited Partners 6,504,882 6,477,469 Total partners' equity 6,480,013 6,452,324 TOTAL $6,740,552 $6,709,600 See accompanying notes to financial statements(unaudited). STATEMENTS OF INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED JUNE 30, 1997 AND 1996 June 30, June 30, 1997 1996 REVENUES: Rental Income $ 461,442 $ 452,760 Interest 3,537 2,840 Total revenues 464,979 455,600 EXPENSES: Operating Expenses 250,053 241,315 General and Administrative 29,821 32,939 Total expenses 279,874 274,254 NET INCOME $ 185,105 $ 181,346 AGGREGATE NET INCOME ALLOCATED TO: Limited partners $ 183,254 $ 179,533 General partners 1,851 1,813 TOTAL $ 185,105 $ 181,346 NET INCOME PER LIMITED PARTNERSHIP UNIT $ 9.16 $ 8.98 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, 1997 AND 1996 June 30, June 30, 1997 1996 REVENUES: Rental Income $ 925,014 $ 891,389 Interest 6,063 4,213 Total revenues 931,077 895,602 EXPENSES: Operating Expenses 474,995 475,589 General and administrative 74,857 78,421 Total expenses 549,852 554,010 NET INCOME $ 381,225 $ 341,592 AGGREGATE NET INCOME ALLOCATED TO: Limited partners $ 377,413 $ 338,176 General partners 3,812 3,416 TOTAL $ 381,225 $ 341,592 NET INCOME PER LIMITED PARTNERSHIP UNIT $18.87 $16.91 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 JUNE 30, 1997 AND 1996
GENERAL LIMITED PARTNERS PARTNERS TOTAL EQUITY AT DECEMBER 31, 1995 ($22,992) $6,690,624 $6,667,632 NET INCOME 3,416 338,176 341,592 DISTRIBUTIONS (3,536) (350,000) (353,536) EQUITY AT JUNE 30, 1996 ($23,112) $6,678,800 $6,655,688 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 See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE THREE MONTHS ENDED JUNE 30, 1997 AND 1996
June 30, June 30, 1997 1996 1995 1994 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 381,225 $ 341,592 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 (19,676) (13,553) Increase(Decrease)in liabilities 3,263 (12,988) Net cash provided by operating activities 524,208 474,447 CASH FLOWS FROM FINANCING ACTIVITIES - Distributions to partners (353,536) (353,536) NET INCREASE CASH AND CASH EQUIVALENTS 170,672 120,911 CASH AND CASH EQUIVALENTS: At beginning of period 384,938 277,455 At end of period $ 555,610 $ 398,366 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, 1997, and for the periods ended June 30, 1997, and 1996 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, 1997, 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, 1997, the total property cost and accumulated depreciation are as follows: Land $ 1,894,250 Buildings 6,420,554 Furniture and equipment 7,594 Total 8,322,398 Less: Accumulated Depreciation ( 2,176,698) Property - Net $ 6,145,700
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-31-1997 DEC-31-1997 JUN-30-1997 DEC-31-1997 555610 0 0 0 0 0 0 0 0 0 0 0 8322398 0 2176698 0 6740552 0 0 0 0 0 0 0 0 0 0 0 0 0 6740552 0 925014 0 931077 0 0 0 0 0 0 0 0 0 0 0 381225 0 0 0 381225 0 0 0 0 0 0 0 381225 0 0 0 0 0
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