DSI REALTY INCOME FUND IX
(A California Real Estate Limited Partnership)
CONSOLIDATED BALANCE SHEETS(UNAUDITED)
JUNE 30, 2000 AND DECEMBER 31, 1999
June 30, December 31,
2000 1999
ASSETS
CASH AND CASH EQUIVALENTS $ 553,459 $ 503,249
PROPERTY, Net 5,406,296 5,700,171
OTHER ASSETS 59,725 61,924
TOTAL $6,019,480 $6,265,344
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
LIABILITIES $ 734,054 $ 751,736
MINORITY INTEREST IN
REAL ESTATE JOINT VENTURE 203,424 222,444
PARTNERS' EQUITY (DEFICIT):
General Partners (86,620) (84,529)
Limited Partners 5,168,622 5,375,693
Total partners' equity 5,082,002 5,291,164
TOTAL $6,019,480 $6,265,344
See accompanying notes to consolidated financial statements(unaudited).
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED JUNE 30, 2000 AND 1999
June 30, June 30,
2000 1999
REVENUES:
Rental income $ 701,010 $ 732,740
Interest 1,778 2,545
Total revenues 702,788 735,285
EXPENSES:
Operating 399,020 397,432
General and Administrative 64,184 59,327
Total expenses 463,204 456,759
INCOME BEFORE MINORITY INTEREST
IN INCOME OF REAL ESTATE
JOINT VENTURE 239,584 278,526
MINORITY INTEREST IN INCOME
OF REAL ESTATE JOINT VENTURE (26,189) (29,576)
NET INCOME $ 213,395 $ 248,950
AGGREGATE NET INCOME ALLOCATED TO:
Limited Partners $ 211,261 $ 246,460
General Partners 2,134 2,490
TOTAL $ 213,395 $ 248,950
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 6.88 $ 8.03
LIMITED PARTNERSHIP UNITS
USED IN PER UNIT CALCULATION 30,693 30,693
See accompanying notes to consolidated financial statements(unaudited).
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999
June 30, June 30,
2000 1999
REVENUES:
Rental income $1,401,739 $1,438,577
Interest 3,565 5,051
Total revenue 1,405,304 1,443,628
EXPENSES:
Operating 796,195 815,884
General and administrative 139,831 131,679
Total expenses 936,028 947,563
INCOME BEFORE MINORITY INTEREST IN
INCOME OF REAL ESTATE JOINT VENTURE 469,278 496,065
MINORITY INTEREST IN INCOME OF REAL
ESTATE JOINT VENTURE (58,380) (55,225)
NET INCOME $410,898 $440,840
AGGREGATE NET INCOME ALLOCATED TO:
Limited Partners $406,789 $436,432
General Partners 4,109 4,408
TOTAL $410,898 $440,840
NET INCOME PER LIMITED PARTNERSHIP UNIT $13.25 $14.22
LIMITED PARTNERSHIP UNITS USED
IN PER UNIT CALCULATION 30,693 30,693
See accompanying notes to consolidated financial statements (unaudited).
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' EQUITY (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
BALANCE AT JANUARY 1, 1999 ($78,101) $6,012,109 $5,934,008
NET INCOME 4,808 436,432 440,840
DISTRIBUTIONS (6,200) (613,860) (620,060)
BALANCE AT JUNE 30, 1999 ($79,893) $5,834,681 $5,754,788
BALANCE AT JANUARY 1, 2000 ($84,529) $5,375,693 $5,291,164
NET INCOME 4,109 406,789 410,898
DISTRIBUTIONS (6,200) (613,860) (620,060)
BALANCE AT JUNE 30, 2000 ($86,620) $5,168,622 $5,082,002
See accompanying notes to consolidated financial statements(unaudited).
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999
June 30, June 30,
2000 1999
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 410,898 $ 440,840
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 293,875 293,875
Minority interest in income
of real estate joint venture 58,380 55,225
Changes in assets and
liabilities:
Decrease(increase)in other assets 2,199 (5,885)
Decrease(increase)in liabilities (17,682) (39,337)
Net cash provided by
operating activities 747,670 744,718
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (620,060) (620,060)
Distributions paid to minority
interest in real estate
joint venture (77,400) (62,700)
Net cash used in
financing activities (697,460) (682,760)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 50,210 61,958
CASH AND CASH EQUIVALENTS:
At beginning of period 503,249 633,690
At end of period $ 533,459 $ 695,648
See accompanying notes to consolidated financial statements(unaudited).
DSI REALTY INCOME FUND IX
(A California Real Estate Limited Partnership)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
1. GENERAL
DSI Realty Income Fund IX (the "Partnership"), a limited partnership, has
three general partners (DSI Properties, Inc., Robert J. Conway and
Joseph W. Conway) and limited partners owning 30,693 limited partnership
units.
The accompanying consolidated financial information as of June 30, 2000
and for the periods ended June 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
The Partnership owns five mini-storage facilities located in Monterey Park
and Azusa, California; Everett, Washington; and Romeoville and Elgin,
Illinois. The Partnership also owns a 70% interest in a mini-storage
facility in Aurora, Colorado. As of June 30, 2000, the total cost and
accumulated depreciation of the mini-storage facilities are as follows:
Land $ 2,729,790
Buildings and equipment 11,018,658
Total 13,748,448
Less: Accumulated Depreciation ( 8,342,152)
Property - Net $ 5,406,296
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.