-----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, WJY5/BN/e54fHYXTohLRSmd7yNVikKf9si2ZSl2zh6TzA1OPDuMhd3Sgz3rfG92L 9Ag33GUyOs9+QzDgzLNStw== 0000844048-01-500003.txt : 20010816 0000844048-01-500003.hdr.sgml : 20010816 ACCESSION NUMBER: 0000844048-01-500003 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010630 FILED AS OF DATE: 20010815 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: 1716224 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 dsixi601.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 June 30, 2001 /___/ 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, 2001 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, 2001. 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, 2001. (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, 2001 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, 2001 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 July 31, 2001 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, 2001. 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, 2001, and 2000, total revenues increased 8.3% from $537,386 to $582,203 and total expenses increased 9.7% from $309,626 to $339,637 and other income decreased from $1,908 to $880. As a result, net income increased 6.0% from $229,668 for the three-month period ended June 30, 2000, to $243,446 for the same period in 2001. Rental revenue increased as a result of higher occupancy and unit rental rates. Occupancy levels for the Partnership's four mini-storage facilities averaged 88.2% for the three-month period ended June 30, 2001 as compared to 86.5% for the same period in 2000. The Partnership is continuing its marketing efforts to attract and keep new tenants in its various mini-storage facilities. Operating expenses increased approximately $29,500 (10.7%) primarily as a result of higher property management fees, office supplies, salaries and wage and security alarm services expenses, partially offset by lower maintenance and repair and workers compensation insurance expenses. 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 six month periods ended June 30, 2001, and 2000, total revenues increased 10.5% from $1,058,214 to $1,169,624 and total expenses increased 3.8% from $618,711 to $642,515 and other income decreased from $3,515 to $2,025. As a result, net income increased 19.4% from $443,018 for the six- month period ended June 30, 2000, to $529,134 for the same period in 2001. Rental revenue increased as a result of higher occupancy and unit rental rates. Operating expenses increased approximately $27,100 (5.0%) primarily as a result of higher property management fees, office supplies, salaries and wage and security alarm services expenses, partially offset by lower advertising, maintenance and repair and workers compensation insurance expenses. The increase in property management fees was discussed above. 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 DSI REALTY INCOME FUND XI (A California Real Estate Limited Partnership) BALANCE SHEETS(UNAUDITED) JUNE 30, 2001 AND DECEMBER 31, 2000
June 30, December 31, 2001 2000 ASSETS CASH AND CASH EQUIVALENTS $ 651,854 $ 362,863 PROPERTY, Net 4,917,722 5,077,118 OTHER ASSETS 51,240 45,240 TOTAL $5,620,816 $5,485,221 LIABILITIES AND PARTNERS' EQUITY (DEFICIT) LIABILITIES $ 355,455 $ 344,954 PARTNERS' EQUITY (DEFICIT): General Partners (37,013) (38,264) Limited Partners 5,302,374 5,178,531 Total partners' equity 5,265,361 5,140,267 TOTAL $5,620,816 $5,485,221 See accompanying notes to financial statements(unaudited). STATEMENTS OF INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED JUNE 30, 2001 AND 2000 June 30, June 30, 2001 2000 REVENUES: Rental income $ 582,203 $ 537,386 EXPENSES: Operating 306,048 276,513 General and Administrative 33,589 33,113 Total expenses 339,637 309,626 OPERATING INCOME 242,566 227,760 OTHER INCOME Interest 880 1,908 NET INCOME 243,446 229,668 AGGREGATE NET INCOME ALLOCATED TO: Limited Partners $ 241,012 $ 227,371 General Partners 2,434 2,297 TOTAL $ 243,446 $ 229,668 NET INCOME PER LIMITED PARTNERSHIP UNIT $ 12.05 $ 11.37 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, 2001 AND 2000 June 30, June 30, 2001 2000 REVENUES: Rental income $1,169,624 $1,058,214 EXPENSES: Operating 564,392 537,244 General and administrative 78,123 81,467 Total expenses 642,515 618,711 OPERATING INCOME 527,109 439,503 OTHER INCOME Interest 2,025 3,515 NET INCOME $ 529,134 $ 443,018 AGGREGATE NET INCOME ALLOCATED TO: Limited Partners $ 523,843 $ 438,588 General Partners 5,291 4,430 TOTAL $ 529,134 $ 443,018 NET INCOME PER LIMITED PARTNERSHIP UNIT $26.19 $21.93 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, 2001 AND 2000
GENERAL LIMITED PARTNERS PARTNERS TOTAL BALANCE AT JANUARY 1, 2000 ($34,409) $5,560,174 $5,525,765 NET INCOME 4,430 438,588 443,018 DISTRIBUTIONS (4,040) (400,000) (404,040) BALANCE AT JUNE 30, 2000 ($34,019) $5,598,762 $5,564,743 BALANCE AT JANUARY 1, 2001 ($38,264) $5,178,531 $5,140,267 NET INCOME 5,291 523,843 529,134 DISTRIBUTIONS (4,040) (400,000) (404,040) BALANCE AT JUNE 30, 2001 ($37,013) $5,302,374 $5,265,361 See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE SIX MONTHS ENDED JUNE 30, 2001 AND 2000
June 30, June 30, 2001 2000 1995 1994 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 529,134 $ 443,018 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 159,396 159,396 Changes in assets and liabilities: Increase in other assets (6,000) 0 Increase in liabilities 10,501 22,668 Net cash provided by operating activities 693,031 625,082 CASH FLOWS FROM FINANCING ACTIVITIES - Distributions to partners (404,040) (404,040) NET INCREASE IN CASH AND CASH EQUIVALENTS 288,991 221,042 CASH AND CASH EQUIVALENTS: At beginning of period 362,863 399,760 At end of period $ 651,854 $ 620,802 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, 2001, and for the periods ended June 30, 2001, and 2000 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, 2001, 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. As of June 30, 2001, the total property cost and accumulated depreciation are as follows: Land $ 1,894,250 Buildings 6,493,204 Furniture and equipment 7,594 Total 8,395,048 Less: Accumulated Depreciation ( 3,477,326) Property - Net $ 4,917,722
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. -----END PRIVACY-ENHANCED MESSAGE-----