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 March 31, 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 2-96364
DSI REALTY INCOME FUND IX, A California Limited Partnership
(Exact name of registrant as specified in its charter)
California_______________________________________33-0103989
(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 March 31, 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 March 31, 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 March 31, 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: April 27, 2001 DSI REALTY INCOME FUND IX
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: April 27, 2001 DSI REALTY INCOME FUND IX
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
April 27, 2001
QUARTERLY REPORT TO THE LIMITED PARTNERS
OF DSI REALTY INCOME FUND IX
DEAR LIMITED PARTNERS:
We are pleased to enclose the Partnership's unaudited consolidated financial
statements for the period ended March 31, 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 March 31, 2001 and 2000, total revenues
increased 11.0% from $700,729 to $778,084, total expenses decreased 12.1%
from $472,822 to $415,684, other income decreased from $1,785 to $1,208 and
minority interest in income of real estate joint venture increased 34.8% from
$32,189 to $43,394. As a result, net income increased 62.1% from $197,503
to $320,214 for the three-month period ended March 31, 2001, as compared to
the same period in 2000. The increase in revenue can be attributed to an
increase in rental income due to higher occupancy levels. Occupancy levels
for the Partnership's six mini-storage facilities averaged 85.8% for the three
month period ended March 31, 2001 as compared to 79.4% 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
decreased by approximately $48,500 (12.2%) primarily as a result of decreases
in depreciation, yellow pages advertising costs, maintenance and repair and
workers compensation insurance expenses, partially offset by increases in
property management fees, salaries and wages and power and sweeping expenses.
The decrease in depreciation is the result of one of the Partnership's
properties being fully depreciated. Property management fees, which are based
on rental revenue, increased as a result of the increase in rental revenue.
Power and sweeping expenses increased as a result of above normal snow removal
costs associated with heavy snow falls in areas of Illinois and Michigan where
Partnership facilities are located. General and administrative expenses
decreased approximately $8,600 (11.4%) primarily as a result of decreases in
legal and professional and equipment and computer lease expenses.
The General Partners plan to continue their policy of funding the continuing
improvements and maintenance of Partnership properties with cash generated
from operations. The Partnership's resources appear to be adequate to meet
its needs. The General Partners anticipate distributions to the Limited
Partners to remain at the current level for the foreseeable future.
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 IX, P.O. Box 357, Long
Beach, California 90801.
Very truly yours,
DSI REALTY INCOME FUND IX
By: DSI Properties, Inc., as
General Partner
By /s/ Robert J. Conway
____________________________
ROBERT J. CONWAY, President
DSI REALTY INCOME FUND IX
(A California Real Estate Limited Partnership)
CONSOLIDATED BALANCE SHEETS(UNAUDITED)
MARCH 31, 2001 AND DECEMBER 31, 2000
March 31, December 31,
2001 2000
ASSETS
CASH AND CASH EQUIVALENTS $ 648,139 $ 509,410
PROPERTY, NET 5,033,303 5,137,840
OTHER ASSETS 61,924 61,924
TOTAL $5,743,366 $5,709,174
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
LIABILITIES $ 774,875 $ 754,061
MINORITY INTEREST IN
REAL ESTATE JOINT VENTURE 179,968 176,774
PARTNERS' EQUITY (DEFICIT):
General Partners (89,555) (89,657)
Limited Partners 4,878,078 4,867,996
Total partners' equity 4,788,523 4,778,339
TOTAL $5,743,366 $5,709,174
See accompanying notes to consolidated financial statements(unaudited).
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 2001 AND 2000
March 31, March 31,
2001 2000
REVENUES:
Rental $ 778,084 $ 700,729
EXPENSES:
Operating 348,631 397,175
General and administrative 67,053 75,647
Total expenses 415,684 472,822
OPERATING INCOME 362,400 227,907
OTHER INCOME
Interest 1,208 1,785
INCOME BEFORE MINORITY INTEREST
IN INCOME OF REAL ESTATE
JOINT VENTURE 363,608 229,692
MINORITY INTEREST IN INCOME
OF REAL ESTATE JOINT VENTURE (43,394) (32,189)
NET INCOME $ 320,214 $ 197,503
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 317,012 $ 195,528
General partners 3,202 1,975
TOTAL $ 320,214 $ 197,503
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 10.33 $ 6.37
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 (DEFICIT)(UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 2001 AND 2000
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
BALANCE AT JANUARY 1, 2000 ($84,529) $5,375,693 $5,291,164
NET INCOME 1,975 195,528 197,503
DISTRIBUTIONS (3,100) (306,930) (310,030)
BALANCE AT MARCH 31, 2000 ($85,654) $5,264,291 $5,178,637
BALANCE AT JANUARY 1, 2001 ($89,657) $4,867,996 $4,778,339
NET INCOME 3,202 317,012 320,214
DISTRIBUTIONS (3,100) (306,930) (310,030)
BALANCE AT MARCH 31, 2001 ($89,555) $4,878,078 $4,788,523
See accompanying notes to consolidated financial statements(unaudited).
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 2001 AND 2000
March 31, March 31,
2001 2000
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 320,214 $ 197,503
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 104,537 146,938
Minority interest in income
real estate joint venture 43,394 32,189
Changes in assets and
liabilities:
Increase in other assets 0 (9,248)
Increase(decrease)in liabilities 20,814 (2,423)
Net cash provided by
operating activities 488,959 364,959
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (310,030) (310,030)
Distributions paid to minority
interest in real estate
joint venture (40,200) (40,800)
Net cash used in
financing activities (350,230) (350,830)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 138,729 14,129
CASH AND CASH EQUIVALENTS:
At beginning of period 509,410 503,249
At end of period $ 648,139 $ 517,378
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 March 31, 2001
and for the periods ended March 31, 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
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 March 31, 2001, the total cost and
accumulated depreciation of the mini-storage facilities are as follows:
Land $ 2,729,790
Buildings and equipment 11,023,943
Total 13,753,733
Less: Accumulated Depreciation ( 8,720,430)
Property - Net $ 5,033,303
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.