DSI REALTY INCOME FUND IX
(A California Real Estate Limited Partnership)
CONSOLIDATED BALANCE SHEETS(UNAUDITED)
SEPTEMBER 30, 1997 AND DECEMBER 31, 1996
September 30, December 31,
1997 1996
ASSETS
CASH AND CASH EQUIVALENTS $ 622,496 $ 549,578
PROPERTY 6,993,201 7,420,663
OTHER ASSETS 86,081 41,457
TOTAL $7,701,778 $8,011,698
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $ 760,250 $ 744,650
MINORITY INTEREST IN
REAL ESTATE JOINT VENTURE 330,062 366,841
PARTNERS' EQUITY:
General Partners (71,326) (68,439)
Limited Partners 6,682,792 6,968,646
Total partners' equity 6,611,466 6,900,207
TOTAL $7,701,778 $8,011,698
See accompanying notes to consolidated financial statements(unaudited).
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
September 30, September 30,
1997 1996
REVENUES:
Rental Income $ 674,803 $ 642,768
Interest 3,686 3,905
Total revenues 678,489 646,673
EXPENSES:
Operating Expenses 377,896 342,650
General and administrative 39,975 37,901
Total expenses 417,871 380,551
INCOME BEFORE MINORITY INTEREST
IN INCOME OF REAL ESTATE
JOINT VENTURE 260,618 266,122
MINORITY INTEREST IN INCOME
OF REAL ESTATE JOINT VENTURE 24,611 24,134
NET INCOME $ 236,007 $ 241,988
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 233,647 $ 239,568
General partners 2,360 2,420
TOTAL $ 236,007 $ 241,988
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 7.61 $ 7.81
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 NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
September 30, September 30,
1997 1996
REVENUES:
Rental Income $1,961,832 $1,851,556
Interest 9,905 12,299
Total revenues 1,971,737 1,863,855
EXPENSES:
Operating Expenses 1,095,325 1,038,281
General and administrative 168,642 158,762
Total expenses 1,263,967 1,197,043
INCOME BEFORE MINORITY INTEREST IN
INCOME OF REAL ESTATE JOINT VENTURE 707,770 666,812
MINORITY INTEREST IN INCOME OF
REAL ESTATE JOINT VENTURE 66,421 67,095
NET INCOME 641,349 599,717
AGGREGATE NET INCOME ALLOCATED TO:
Limited Partners 634,936 593,720
General Partners 6,413 5,997
TOTAL 641,349 599,717
NET INCOME PER LIMITED PARTNERSHIP UNIT 20.69 19.34
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 NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
EQUITY AT DECEMBER 31, 1995 ($62,137) $7,592,577 $7,530,440
NET INCOME 5,997 593,720 599,717
DISTRIBUTIONS (9,300) (920,790) (930,090)
EQUITY AT SEPTEMBER 30, 1996 ($65,440) $7,265,507 $7,200,067
EQUITY AT DECEMBER 31, 1996 ($68,439) $6,968,646 $6,900,207
NET INCOME 6,413 634,936 641,349
DISTRIBUTIONS (9,300) (920,790) (930,090)
EQUITY AT SEPTEMBER 30, 1997 ($71,326) $6,682,792 $6,611,466
See accompanying notes to consolidated financial statements(unaudited).
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
September 30, September 30,
1997 1996
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 641,349 $ 599,717
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 440,811 440,814
Distributions paid to
minority interest
in real estate joint
venture in excess of
earnings (36,779) (33,256)
Changes in assets and
liabilities:
Increase in other assets (44,624) (27,113)
Increase in liabilities 15,600 430
Net cash provided by
operating activities 1,016,357 980,592
CASH FLOWS FROM INVESTING ACTIVITIES -
Purchase of property
and equipment (13,349) (6,230)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (930,090) (930,090)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 72,918 44,272
CASH AND CASH EQUIVALENTS:
At beginning of period 549,578 617,951
At end of period $ 622,496 $ 662,223
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 September 30, 1997,
and for the periods ended September 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
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 September 30, 1997, the total cost and
accumulated depreciation of the mini-storage facilities are as follows:
Land $ 2,729,790
Buildings and equipment 10,989,249
Total 13,719,039
Less: Accumulated Depreciation ( 6,725,838)
Property - Net $ 6,993,201
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.