DSI REALTY INCOME FUND IX
(A California Real Estate Limited Partnership)
CONSOLIDATED BALANCE SHEETS(UNAUDITED)
JUNE 30, 1998 AND DECEMBER 31, 1997
June 30, December 31,
1998 1997
ASSETS
CASH AND CASH EQUIVALENTS $ 575,071 $ 496,565
PROPERTY 6,538,889 6,832,913
OTHER ASSETS 89,317 67,449
TOTAL $7,203,277 $7,396,927
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $ 736,212 $ 727,497
MINORITY INTEREST IN
REAL ESTATE JOINT VENTURE 293,870 315,846
PARTNERS' EQUITY:
General Partners (75,708) (73,905)
Limited Partners 6,248,903 6,427,489
Total partners' equity 6,173,195 6,353,584
TOTAL $7,203,277 $7,396,927
See accompanying notes to consolidated financial statements(unaudited).
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED JUNE 30, 1998 AND 1997
June 30, June 30,
1998 1997
REVENUES:
Rental Income $ 677,137 $ 650,511
Interest 3,161 3,176
Total revenues 680,298 653,687
EXPENSES:
Operating Expenses 375,288 374,035
General and Administrative 59,718 55,306
Total expenses 435,006 429,341
INCOME BEFORE MINORITY INTEREST
IN INCOME OF REAL ESTATE
JOINT VENTURE 245,292 224,346
MINORITY INTEREST IN INCOME
OF REAL ESTATE JOINT VENTURE 27,036 21,764
NET INCOME $ 218,256 $ 202,582
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 216,073 $ 200,556
General partners 2,183 2,026
TOTAL $ 218,256 $ 202,582
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 7.04 $ 6.53
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, 1998 AND 1997
June 30, June 30,
1998 1997
REVENUES:
Rental Income $1,334,665 $1,287,029
Interest 5,495 6,219
Total revenue 1,340,160 1,293,248
EXPENSES:
Operating Expenses 714,093 717,429
General and administrative 134,572 128,667
Total expenses 848,665 846,096
INCOME BEFORE MINORITY INTEREST IN
INCOME OF REAL ESTATE JOINT VENTURE 491,495 447,152
MINORITY INTEREST IN INCOME OF REAL
ESTATE JOINT VENTURE 51,824 41,810
NET INCOME $439,671 $405,342
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $435,274 $401,289
General partners 4,397 4,053
TOTAL $439,671 $405,342
NET INCOME PER LIMITED PARTNERSHIP UNIT $14.18 $13.07
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, 1998 AND 1997
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
EQUITY AT DECEMBER 31, 1996 ($68,439) $6,968,646 $6,900,207
NET INCOME 4,053 401,289 405,342
DISTRIBUTIONS (6,200) (613,860) (620,060)
EQUITY AT JUNE 30, 1997 ($70,586) $6,756,075 $6,685,489
EQUITY AT DECEMBER 31, 1997 ($73,905) $6,427,489 $6,353,584
NET INCOME 4,397 435,274 439,671
DISTRIBUTIONS (6,200) (613,860) (620,060)
EQUITY AT JUNE 30, 1998 ($75,708) $6,248,903 $6,173,195
See accompanying notes to consolidated financial statements(unaudited).
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 1998 AND 1997
June 30, June 30,
1998 1997
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 439,671 $ 405,342
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 293,875 293,875
Distributions paid to
minority interest
in real estate joint
venture in excess of
earnings (21,976) (20,891)
Changes in assets and
liabilities:
Increase in other assets (21,868) (48,000)
Increase(Decrease)in liabilities 8,715 (8,059)
Net cash provided by
operating activities 698,417 622,267
CASH FLOWS FROM INVESTING ACTIVITIES -
Disposal of property and equipment 149 0
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (620,060) (620,060)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 78,506 2,207
CASH AND CASH EQUIVALENTS:
At beginning of period 496,565 549,578
At end of period $ 575,071 $ 551,785
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, 1998
and for the periods ended June 30, 1998, and 1997 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, 1998, the total cost and
accumulated depreciation of the mini-storage facilities are as follows:
Land $ 2,729,790
Buildings and equipment 10,975,750
Total 13,705,540
Less: Accumulated Depreciation ( 7,166,651)
Property - Net $ 6,538,889
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.