DSI REALTY INCOME FUND IX
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED)
SEPTEMBER 30, 1999 AND DECEMBER 31, 1998
September 30, December 31,
1999 1998
ASSETS
CASH AND CASH EQUIVALENTS $ 808,807 $ 633,690
PROPERTY, Net 5,804,350 6,245,163
OTHER ASSETS 58,614 45,536
TOTAL $6,671,771 $6,924,389
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
LIABILITIES $ 719,767 $ 727,790
MINORITY INTEREST IN
REAL ESTATE JOINT VENTURE 239,492 262,591
PARTNERS' EQUITY(DEFICIT):
General Partners (80,315) (78,101)
Limited Partners 5,792,827 6,012,109
Total partners' equity 5,712,512 5,934,008
TOTAL $6,671,771 $6,924,389
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998
September 30, September 30,
1999 1998
REVENUES:
Rental Income $ 725,364 $ 717,422
Interest 2,474 2,997
Total revenues 727,838 720,419
EXPENSES:
Operating 383,475 371,937
General and administrative 44,232 38,890
Total expenses 427,707 410,827
INCOME BEFORE EQUITY IN INCOME
OF REAL ESTATE JOINT VENTURE 300,131 309,592
EQUITY IN INCOME OF REAL ESTATE (32,377) (31,688)
NET INCOME $ 267,754 $ 277,904
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 265,076 $ 275,125
General partners 2,678 2,779
TOTAL $ 267,754 $ 277,904
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 8.64 $ 8.96
LIMITED PARTNERSHIP UNITS
USED IN PER UNIT CALCULATION 30,693 30,693
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998
September 30, September 30,
1999 1998
REVENUES:
Rental Income $2,163,941 $2,052,087
Interest 7,525 8,492
Total Revenues 2,171,466 2,060,579
EXPENSES:
Operating 1,199,359 1,086,030
General and Administrative 175,911 173,462
Total Expenses 1,375,270 1,259,492
INCOME BEFORE MINORITY INTEREST
IN INCOME OF REAL ESTATE
JOINT VENTURE 796,196 801,087
MINORITY INTEREST IN INCOME OF REAL
ESTATE JOINT VENTURE (87,602) (83,512)
NET INCOME $708,594 $717,575
AGGREGATE NET INCOME ALLOCATED TO:
Limited Partners 701,508 710,399
General Partners 7,086 7,176
TOTAL 708,594 717,575
NET INCOME PER LIMITED
PARTNERSHIP UNIT $22.86 $23.15
LIMITED PARTNERSHIP UNITS
USED IN PER UNIT CALCULATION 30,693 30,693
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CHANGES IN PARTNERS' EQUITY (DEFICIT)(UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
EQUITY AT JANUARY 1, 1998 ($73,905) $6,427,489 $6,353,584
NET INCOME 7,176 710,399 717,575
DISTRIBUTIONS (9,300) (920,790) (930,090)
EQUITY AT SEPTEMBER 30, 1998 ($76,029) $6,217,098 $6,141,069
BALANCE AT JANUARY 1, 1999 ($78,101) $6,012,109 $5,934,008
NET INCOME 7,086 701,508 708,594
DISTRIBUTIONS (9,300) (920,790) (930,000)
BALANCE AT SEPTEMBER 30, 1999 ($80,315) $5,792,827 $5,712,512
See accompanying notes to consolidated financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998
September 30, September 30,
1999 1998
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 708,594 $717,575
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 440,812 440,813
Loss on disposal of
property and equipment 0 149
Minority interest in income
of real estate joint venture 87,602 83,512
Changes in assets and
liabilities:
Increase in other assets (13,078) 7,361
(Decrease)increase in liabilities (8,023) 25,886
Net cash provided by
operating activities 1,215,907 1,275,296
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (930,090) (930,090)
Distributions paid to
minority interest in
real estate joint venture (110,700) (120,900)
Net cash used in financing activities (1,040,790) (1,050,990)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 175,117 224,306
CASH AND CASH EQUIVALENTS:
At beginning of period 633,690 496,565
At end of period $ 808,807 $720,871
See accompanying notes to 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 financial information as of September 30, 1999, and for
the periods ended September 30, 1999, and 1998 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, 1999, the total cost and accumulated
depreciation of the mini-storage facilities are as follows:
Land $ 2,729,790
Buildings and improvements 10,975,901
Total 13,705,691
Less: Accumulated Depreciation ( 7,901,341)
Property - Net $ 5,804,350
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.