DSI REALTY INCOME FUND IX
(A California Real Estate Limited Partnership)
CONSOLIDATED BALANCE SHEETS(UNAUDITED)
MARCH 31, 2000 AND DECEMBER 31, 1999
March 31, December 31,
2000 1999
ASSETS
CASH AND CASH EQUIVALENTS $ 517,378 $ 503,249
PROPERTY, NET 5,553,233 5,700,171
OTHER ASSETS 71,172 61,924
TOTAL $6,141,783 $6,265,344
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
LIABILITIES $ 749,313 $ 751,736
MINORITY INTEREST IN
REAL ESTATE JOINT VENTURE 213,833 222,444
PARTNERS' EQUITY (DEFICIT):
General Partners (85,654) (84,529)
Limited Partners 5,264,291 5,375,693
Total partners' equity 5,178,637 5,291,164
TOTAL $6,141,783 $6,265,344
See accompanying notes to consolidated financial statements(unaudited).
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
March 31, March 31,
2000 1999
REVENUES:
Rental Income $ 700,729 $ 705,837
Interest 1,785 2,506
Total revenues 702,514 708,343
EXPENSES:
Operating 397,175 418,452
General and administrative 75,647 72,352
Total expenses 472,822 490,804
INCOME BEFORE MINORITY INTEREST
IN INCOME OF REAL ESTATE
JOINT VENTURE 229,692 217,539
MINORITY INTEREST IN INCOME
OF REAL ESTATE JOINT VENTURE (32,189) (25,649)
NET INCOME $ 197,503 $ 191,890
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 195,528 $ 189,971
General partners 1,975 1,919
TOTAL $ 197,503 $ 191,890
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 6.37 $ 6.19
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 (DEFICIT)(UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
BALANCE AT JANUARY 1, 1999 ($78,101) $6,012,109 $5,934,008
NET INCOME 1,919 189,971 191,890
DISTRIBUTIONS (3,100) (306,930) (310,030)
BALANCE AT MARCH 31, 1999 ($79,282) $5,895,150 $5,815,868
BALANCE AT JANUARY 1, 2000 ($84,529) $5,375,693 $5,291,164
NET INCOME 1,975 195,528 197,503
DISTRIBUTIONS (3,100) (306,930) (310,030)
BALANCE AT MARCH 31, 2000 ($85,654) $5,264,291 $5,178,637
See accompanying notes to consolidated financial statements(unaudited).
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
March 31, March 31,
2000 1999
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 197,503 $ 191,890
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 146,938 146,937
Minority interest in income
real estate joint venture 32,189 25,649
Changes in assets and
liabilities:
Increase in other assets (9,248) (3,541)
(Decrease)increase in liabilities (2,423) 8,849
Net cash provided by
operating activities 364,959 369,784
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (310,030) (310,030)
Distributions paid to minority
interest in real estate
joint venture (40,800) (32,400)
Net cash used in
financing activities (350,830) (342,430)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 14,129 27,354
CASH AND CASH EQUIVALENTS:
At beginning of period 503,249 633,690
At end of period $ 517,378 $ 661,044
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, 2000
and for the periods ended March 31, 2000, and 1999 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, 2000, the total cost and
accumulated depreciation of the mini-storage facilities are as follows:
Land $ 2,729,790
Buildings and equipment 11,018,658
Total 13,748,448
Less: Accumulated Depreciation ( 8,195,215)
Property - Net $ 5,553,233
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.