DSI REALTY INCOME FUND IX (A California Real Estate Limited Partnership) CONSOLIDATED BALANCE SHEETS(UNAUDITED) MARCH 31, 1995 AND DECEMBER 31, 1994 March 31, December 31, 1995 1994 ASSETS CASH AND CASH EQUIVALENTS $ 471,452 $ 421,316 PROPERTY 8,431,117 8,574,285 OTHER ASSETS 66,198 35,454 TOTAL $8,968,767 $9,031,055 LIABILITIES AND PARTNERS' EQUITY LIABILITIES $ 775,642 $ 712,290 MINORITY INTEREST IN REAL ESTATE JOINT VENTURE 457,929 468,439 PARTNERS' EQUITY: General Partners (60,090) (58,938) Limited Partners 7,795,286 7,909,264 Total partners' equity 7,735,196 7,850,326 TOTAL $8,968,767 $9,031,055 See accompanying notes to consolidated financial statements(unaudited). CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994 March 31, March 31, 1995 1994 REVENUES: Rental Income $ 583,905 $ 552,507 Interest 2,314 725 Total revenues 586,219 553,232 EXPENSES: Operating Expenses 339,574 323,234 General and administrative 64,408 66,547 Total expenses 403,982 389,781 INCOME BEFORE MINORITY INTEREST IN INCOME OF REAL ESTATE JOINT VENTURE 182,237 163,451 MINORITY INTEREST IN INCOME OF REAL ESTATE JOINT VENTURE 26,090 19,785 NET INCOME $ 156,147 $ 143,666 AGGREGATE NET INCOME ALLOCATED TO: Limited partners $ 154,586 $ 142,229 General partners 1,561 1,437 TOTAL $ 156,147 $ 143,666 NET INCOME PER LIMITED PARTNERSHIP UNIT $ 5.04 $ 4.63 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, 1995 AND 1994 GENERAL LIMITED PARTNERS PARTNERS TOTAL EQUITY AT DECEMBER 31, 1993 ($ 55,069) $8,292,316 $8,237,247 NET INCOME 1,437 142,229 143,666 DISTRIBUTIONS (2,713) (268,564) 271,277) EQUITY AT MARCH 31, 1994 ($56,345) $8,165,981 $8,109,636 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 See accompanying notes to consolidated financial statements(unaudited). CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994 March 31, March 31, 1995 1994 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 156,147 $ 143,666 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 146,938 146,938 Distributions paid to 	minority interest	 in real estate joint 	venture in excess of 	earnings (10,510) (13,215) Changes in assets and 	liabilities: Increase in other assets (30,744) (45,543) Increase in liabilities 63,352 86,464 Net cash provided by operating activities 325,183 318,310 CASH FLOWS FROM INVESTING ACTIVITIES - Purchase of property and equipment (3,770) -- CASH FLOWS FROM FINANCING ACTIVITIES - Distributions to partners (271,277) (271,277) NET INCREASE IN CASH AND CASH EQUIVALENTS 50,136 47,033 CASH AND CASH EQUIVALENTS: At beginning of period 421,316 332,873 At end of period $ 471,452 $ 379,906 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, 1995 and for the periods ended March 31, 1995, and 1994 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, 1995, the total cost and accumulated depreciation of the mini-storage facilities are as follows: Land $ 2,729,790 Buildings and equipment 10,931,559 Total 13,661,349 Less: Accumulated Depreciation ( 5,230,232) Property - Net $ 8,431,117 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.