DSI REALTY INCOME FUND IX
(A California Real Estate Limited Partnership)
CONSOLIDATED BALANCE SHEETS(UNAUDITED)
MARCH 31, 1996 AND DECEMBER 31, 1995
March 31, December 31,
1996 1995
ASSETS
CASH AND CASH EQUIVALENTS $ 592,572 $ 617,951
PROPERTY 7,871,553 8,018,490
OTHER ASSETS 113,275 41,457
TOTAL $8,577,400 $8,677,898
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $ 773,057 $ 727,597
MINORITY INTEREST IN
REAL ESTATE JOINT VENTURE 410,857 419,861
PARTNERS' EQUITY:
General Partners (63,506) (62,137)
Limited Partners 7,456,992 7,592,577
Total partners' equity 7,393,486 7,530,440
TOTAL $8,577,400 $8,677,898
See accompanying notes to consolidated financial statements(unaudited).
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995
March 31, March 31,
1996 1995
REVENUES:
Rental Income $ 604,868 $ 583,905
Interest 3,667 2,314
Total revenues 608,535 586,219
EXPENSES:
Operating Expenses 338,484 339,574
General and administrative 74,629 64,408
Total expenses 413,113 403,982
INCOME BEFORE MINORITY INTEREST
IN INCOME OF REAL ESTATE
JOINT VENTURE 195,422 182,237
MINORITY INTEREST IN INCOME
OF REAL ESTATE JOINT VENTURE 22,346 26,090
NET INCOME $ 173,076 $ 156,147
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 171,345 $ 154,586
General partners 1,731 1,561
TOTAL $ 173,076 $ 156,147
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 5.58 $ 5.04
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, 1996 AND 1995
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
EQUITY AT DECEMBER 31, 1994 ($ 58,938) $7,909,264 $7,850,326
NET INCOME 1,561 154,586 156,147
DISTRIBUTIONS (2,713) (268,564) (271,277)
EQUITY AT MARCH 31, 1995 ($60,090) $7,795,286 $7,735,196
EQUITY AT DECEMBER 31, 1995 ($62,137) $7,592,577 $7,530,440
NET INCOME 1,731 171,345 173,076
DISTRIBUTIONS (3,100) (306,930) (310,030)
EQUITY AT MARCH 31, 1996 ($63,506) $7,456,992 $7,393,486
See accompanying notes to consolidated financial statements(unaudited).
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995
March 31, March 31,
1996 1995
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 173,076 $ 156,147
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 146,937 146,938
Distributions paid to
minority interest
in real estate joint
venture in excess of
earnings (9,004) (10,510)
Changes in assets and
liabilities:
Increase in other assets (71,818) (30,744)
Increase in liabilities 45,460 63,352
Net cash provided by
operating activities 284,651 325,183
CASH FLOWS FROM INVESTING ACTIVITIES -
Purchase of property
and equipment 0 (3,770)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (310,030) (271,277)
NET INCREASE IN CASH AND
CASH EQUIVALENTS (25,379) 50,136
CASH AND CASH EQUIVALENTS:
At beginning of period 617,951 421,316
At end of period $ 592,572 $ 471,452
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, 1996
and for the periods ended March 31, 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 March 31, 1996, the total cost and
accumulated depreciation of the mini-storage facilities are as follows:
Land $ 2,729,790
Buildings and equipment 10,969,669
Total 13,699,459
Less: Accumulated Depreciation ( 5,827,906)
Property - Net $ 7,871,553
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.