DSI REALTY INCOME FUND IX
(A California Real Estate Limited Partnership)
CONSOLIDATED BALANCE SHEETS(UNAUDITED)
SEPTEMBER 30, 1996 AND DECEMBER 31, 1995
September 30, December 31,
1996 1995
ASSETS
CASH AND CASH EQUIVALENTS $ 662,223 $ 617,951
PROPERTY 7,583,909 8,018,490
OTHER ASSETS 68,570 41,457
TOTAL $8,314,702 $8,677,898
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $ 728,027 $ 727,597
MINORITY INTEREST IN
REAL ESTATE JOINT VENTURE 386,608 419,861
PARTNERS' EQUITY:
General Partners (65,440) (62,137)
Limited Partners 7,265,507 7,592,577
Total partners' equity 7,200,067 7,530,440
TOTAL $8,314,702 $8,677,898
See accompanying notes to consolidated financial statements(unaudited).
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
September 30, September 30,
1996 1995
REVENUES:
Rental Income $ 642,768 $ 645,681
Interest 3,905 3,267
Total revenues 646,673 648,948
EXPENSES:
Operating Expenses 342,650 352,276
General and administrative 37,901 35,436
Total expenses 380,551 387,712
INCOME BEFORE MINORITY INTEREST
IN INCOME OF REAL ESTATE
JOINT VENTURE 266,122 261,236
MINORITY INTEREST IN INCOME
OF REAL ESTATE JOINT VENTURE 24,134 30,888
NET INCOME $ 241,988 $ 230,348
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 239,568 $ 228,045
General partners 2,420 2,303
TOTAL $ 241,988 $ 230,348
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 7.81 $ 7.43
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, 1996 AND 1995
September 30, September 30,
1996 1995
REVENUES:
Rental Income $1,851,556 $1,840,286
Interest 12,299 8,445
Total revenues 1,863,855 1,848,731
EXPENSES:
Operating Expenses 1,038,281 1,045,064
General and administrative 158,762 144,842
Total expenses 1,197,043 1,189,906
INCOME BEFORE MINORITY INTEREST IN
INCOME OF REAL ESTATE JOINT VENTURE 666,812 658,825
MINORITY INTEREST IN INCOME OF
REAL ESTATE JOINT VENTURE 67,095 85,363
NET INCOME 599,717 573,462
AGGREGATE NET INCOME ALLOCATED TO:
Limited Partners 593,720 567,727
General Partners 5,997 5,735
TOTAL 599,717 573,462
NET INCOME PER LIMITED PARTNERSHIP UNIT 19.34 18.50
LIMITED PARTNERSHIP UNITS USED
IN PER UNIT CALCULATION 30,693 30,693
See accompanying notes to consolidated financial statements(unaudited).
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' EQUITY (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
EQUITY AT DECEMBER 31, 1994 ($ 58,938) $7,909,264 $7,850,326
NET INCOME 5,735 567,727 573,462
DISTRIBUTIONS (8,139) (805,692) (813,831)
EQUITY AT SEPTEMBER 30, 1995 ($61,342) $7,671,299 $7,609,957
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
See accompanying notes to consolidated financial statements(unaudited).
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
September 30, September 30,
1996 1995
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 599,717 $ 573,462
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 440,814 440,812
Distributions paid to
minority interest
in real estate joint
venture in excess of
earnings (33,256) (41,537)
Changes in assets and
liabilities:
Increase in other assets (27,113) (27,223)
Increase in liabilities 430 17,446
Net cash provided by
operating activities 980,592 962,960
CASH FLOWS FROM INVESTING ACTIVITIES -
Purchase of property
and equipment (6,230) (12,545)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (930,090) (813,831)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 44,272 136,584
CASH AND CASH EQUIVALENTS:
At beginning of period 617,951 421,316
At end of period $ 662,223 $ 557,900
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, 1996,
and for the periods ended September 30, 1996 and 1995 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, 1996, the total cost and
accumulated depreciation of the mini-storage facilities are as follows:
Land $ 2,729,790
Buildings and equipment 10,975,900
Total 13,705,690
Less: Accumulated Depreciation ( 6,121,781)
Property - Net $ 7,583,909
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.