DSI REALTY INCOME FUND IX
(A California Real Estate Limited Partnership)
CONSOLIDATED BALANCE SHEETS(UNAUDITED)
MARCH 31, 1998 AND DECEMBER 31, 1997
March 31, December 31,
1998 1997
ASSETS
CASH AND CASH EQUIVALENTS $ 550,924 $ 496,565
PROPERTY 6,685,827 6,832,913
OTHER ASSETS 82,192 67,449
TOTAL $7,318,943 $7,396,927
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $ 746,041 $ 727,497
MINORITY INTEREST IN
REAL ESTATE JOINT VENTURE 307,933 315,846
PARTNERS' EQUITY:
General Partners (74,791) (73,905)
Limited Partners 6,339,760 6,427,489
Total partners' equity 6,264,969 6,353,584
TOTAL $7,318,943 $7,396,927
See accompanying notes to consolidated financial statements(unaudited).
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND 1997
March 31, March 31,
1998 1997
REVENUES:
Rental Income $ 657,528 $ 636,518
Interest 2,334 3,043
Total revenues 659,862 639,561
EXPENSES:
Operating Expenses 338,805 343,394
General and administrative 74,854 73,361
Total expenses 413,659 416,755
INCOME BEFORE MINORITY INTEREST
IN INCOME OF REAL ESTATE
JOINT VENTURE 246,203 222,806
MINORITY INTEREST IN INCOME
OF REAL ESTATE JOINT VENTURE 24,788 20,046
NET INCOME $ 221,415 $ 202,760
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 219,201 $ 200,732
General partners 2,214 2,028
TOTAL $ 221,415 $ 202,760
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 7.14 $ 6.54
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 THREE MONTHS ENDED MARCH 31, 1998 AND 1997
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
EQUITY AT DECEMBER 31, 1996 ($ 68,439) $6,968,646 $6,900,207
NET INCOME 2,028 200,732 202,760
DISTRIBUTIONS (3,100) (306,930) (310,030)
EQUITY AT MARCH 31, 1997 ($69,511) $6,862,448 $6,792,937
EQUITY AT DECEMBER 31, 1997 ($73,905) $6,427,489 $6,353,584
NET INCOME 2,214 219,201 221,415
DISTRIBUTIONS (3,100) (306,930) (310,030)
EQUITY AT MARCH 31, 1998 ($74,791) $6,339,760 $6,264,969
See accompanying notes to consolidated financial statements(unaudited).
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND 1997
March 31, March 31,
1998 1997
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 221,415 $ 202,760
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 146,937 146,937
Distributions paid to
minority interest
in real estate joint
venture in excess of
earnings (7,911) (10,854)
Changes in assets and
liabilities:
Increase in other assets (14,743) (66,759)
Increase in liabilities 18,544 38,011
Net cash provided by
operating activities 364,242 310,095
CASH FLOWS FROM INVESTING ACTIVITIES -
Disposal of property
and equipment 147 0
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (310,030) (310,030)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 54,359 65
CASH AND CASH EQUIVALENTS:
At beginning of period 496,565 549,578
At end of period $ 550,924 $ 549,643
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, 1998
and for the periods ended March 31, 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 March 31, 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 ( 7,019,713)
Property - Net $ 6,685,827
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.