DSI REALTY INCOME FUND IX
(A California Real Estate Limited Partnership)
CONSOLIDATED BALANCE SHEETS(UNAUDITED)
JUNE 30, 1999 AND DECEMBER 31, 1998
June 30, December 31,
1999 1998
ASSETS
CASH AND CASH EQUIVALENTS $ 695,648 $ 633,690
PROPERTY, Net 5,951,288 6,245,163
OTHER ASSETS 51,421 45,536
TOTAL $6,698,357 $6,924,389
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
LIABILITIES $ 688,453 $ 727,790
MINORITY INTEREST IN
REAL ESTATE JOINT VENTURE 255,116 262,591
PARTNERS' EQUITY (DEFICIT):
General Partners (79,893) (78,101)
Limited Partners 5,834,681 6,012,109
Total partners' equity 5,754,788 5,934,008
TOTAL $6,698,357 $6,924,389
See accompanying notes to consolidated financial statements(unaudited).
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED JUNE 30, 1999 AND 1998
June 30, June 30,
1999 1998
REVENUES:
Rental income $ 732,740 $ 677,137
Interest 2,545 3,161
Total revenues 735,285 680,298
EXPENSES:
Operating 397,432 375,288
General and Administrative 59,327 59,718
Total expenses 456,759 435,006
INCOME BEFORE MINORITY INTEREST
IN INCOME OF REAL ESTATE
JOINT VENTURE 278,526 245,292
MINORITY INTEREST IN INCOME
OF REAL ESTATE JOINT VENTURE (29,576) (27,036)
NET INCOME $ 248,950 $ 218,256
AGGREGATE NET INCOME ALLOCATED TO:
Limited Partners $ 246,460 $ 216,073
General Partners 2,490 2,183
TOTAL $ 248,950 $ 218,256
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 8.03 $ 7.04
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, 1999 AND 1998
June 30, June 30,
1999 1998
REVENUES:
Rental income $1,438,577 $1,334,665
Interest 5,051 5,495
Total revenue 1,443,628 1,340,160
EXPENSES:
Operating 815,884 714,093
General and administrative 131,679 134,572
Total expenses 947,563 848,665
INCOME BEFORE MINORITY INTEREST IN
INCOME OF REAL ESTATE JOINT VENTURE 496,065 491,495
MINORITY INTEREST IN INCOME OF REAL
ESTATE JOINT VENTURE (55,225) (51,824)
NET INCOME $440,840 $439,671
AGGREGATE NET INCOME ALLOCATED TO:
Limited Partners $436,432 $435,274
General Partners 4,408 4,397
TOTAL $440,840 $439,671
NET INCOME PER LIMITED PARTNERSHIP UNIT $14.22 $14.18
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, 1999 AND 1998
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
BALANCE AT JANUARY 1, 1998 ($73,905) $6,427,489 $6,353,584
NET INCOME 4,397 435,274 439,671
DISTRIBUTIONS (6,200) (613,860) (620,060)
BALANCE AT JUNE 30, 1998 ($75,708) $6,248,903 $6,173,195
BALANCE AT JANUARY 1, 1999 ($78,101) $6,012,109 $5,934,008
NET INCOME 4,808 436,432 440,840
DISTRIBUTIONS (6,200) (613,860) (620,060)
BALANCE AT JUNE 30, 1999 ($79,893) $5,834,681 $5,754,788
See accompanying notes to consolidated financial statements(unaudited).
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 1999 AND 1998
June 30, June 30,
1999 1998
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 440,840 $ 439,671
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 293,875 293,875
Loss on disposal of
Property and equipment 0 149
Minority interest in income
of real estate joint venture 55,225 51,824
Changes in assets and
liabilities:
Increase in other assets (5,885) (21,868)
Decrease(increase)in liabilities (39,337) 8,715
Net cash provided by
operating activities 744,718 772,366
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (620,060) (620,060)
Distributions paid to minority
interest in real estate
joint venture (62,700) (73,800)
Net cash used in
financing activities (682,760) (693,860)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 61,958 78,506
CASH AND CASH EQUIVALENTS:
At beginning of period 633,690 496,565
At end of period $ 695,648 $ 575,071
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, 1999
and for the periods ended June 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 June 30, 1999, the total cost and
accumulated depreciation of the mini-storage facilities are as follows:
Land $ 2,729,790
Buildings and equipment 10,975,901
Total 13,705,691
Less: Accumulated Depreciation ( 7,754,403)
Property - Net $ 5,951,288
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.