DSI REALTY INCOME FUND IX
(A California Real Estate Limited Partnership)
CONSOLIDATED BALANCE SHEETS(UNAUDITED)
SEPTEMBER 30, 1995 AND DECEMBER 31, 1994
September 30, December 31,
1995 1994
ASSETS
CASH AND CASH EQUIVALENTS $ 557,900 $ 421,316
PROPERTY 8,146,018 8,574,285
OTHER ASSETS 62,677 35,454
TOTAL $8,766,595 $9,031,055
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $ 729,736 $ 712,290
MINORITY INTEREST IN
REAL ESTATE JOINT VENTURE 426,902 468,439
PARTNERS' EQUITY:
General Partners (61,342) (58,938)
Limited Partners 7,671,299 7,909,264
Total partners' equity 7,609,957 7,850,326
TOTAL $8,766,595 $9,031,055
See accompanying notes to consolidated financial statements(unaudited).
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
September 30, September 30,
1995 1994
REVENUES:
Rental Income $ 645,681 $ 605,210
Interest 3,267 1,802
Total revenues 648,948 607,012
EXPENSES:
Operating Expenses 352,276 337,119
General and administrative 35,436 35,286
Total expenses 387,712 372,405
INCOME BEFORE MINORITY INTEREST
IN INCOME OF REAL ESTATE
JOINT VENTURE 261,236 234,607
MINORITY INTEREST IN INCOME
OF REAL ESTATE JOINT VENTURE 30,888 25,074
NET INCOME $ 230,348 $ 209,533
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 228,045 $ 207,438
General partners 2,303 2,095
TOTAL $ 230,348 $ 209,533
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 7.43 $ 6.76
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 NINE MONTHS ENDED SEPTEMBER 30,1995 AND 1994
September 30, September 30,
1995 1994
REVENUES:
Rental Income $1,840,286 $1,736,261
Interest 8,445 3,345
Total Revenues 1,848,731 1,739,606
EXPENSES:
Operating Expenses 1,045,064 1,003,658
General and Administrative 144,842 144,404
Total expenses 1,189,906 1,148,062
INCOME BEFORE MINORITY INTEREST IN
INCOME OF REAL ESTATE JOINT VENTURE 658,825 591,544
MINORITY INTEREST IN INCOME OF REAL
ESTATE JOINT VENTURE 85,363 67,794
Net Income $573,462 $523,750
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $567,727 $518,513
General partners 5,735 5,237
TOTAL $573,462 $523,750
NET INCOME PER LIMITED PARTNERSHIP $ 18.50 $ 16.89
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 NINE MONTHS ENDED SEPTEMBER 30,1995 AND 1994
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
EQUITY AT DECEMBER 31, 1993 ($ 55,069) $8,292,316 $8,237,247
NET INCOME 5,237 518,513 523,750
DISTRIBUTIONS (8,138) (805,692) (813,830)
EQUITY AT SEPTEMBER 30,1994 ($57,970) $8,005,137 $7,947,167
EQUITY AT DECEMBER 31, 1994 ($58,938) $7,909,264 $7,850,326
NET INCOME 5,735 567,727 573,462
DISTRIBUTIONS (8,139) (805,692) (813,831)
EQUITY AT SEPTEMBER 30,1995 ($61,342) $7,671,299 $7,609,957
See accompanying notes to consolidated financial statements(unaudited).
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
September 30, September 30,
1995 1994
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 573,462 $ 523,750
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 440,812 440,814
Distributions paid to
minority interest
in real estate joint
venture in excess of
earnings (41,537) (33,075)
Changes in assets and
liabilities:
Increase in other assets (27,223) (11,475)
Increase in liabilities 17,446 (73,538)
Net cash provided by
operating activities 962,960 846,476
CASH FLOWS FROM INVESTING ACTIVITIES -
Purchase of property
and equipment (12,545) (14,929)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (813,831) (813,830)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 136,584 17,717
CASH AND CASH EQUIVALENTS:
At beginning of period 421,316 332,873
At end of period $ 557,900 $ 350,590
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 September 30, 1995
and for the periods ended Septbember 30, 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 September 30, 1995, the total cost and
accumulated depreciation of the mini-storage facilities are as follows:
Land $ 2,729,790
Buildings and equipment 10,940,336
Total 13,670,126
Less: Accumulated Depreciation ( 5,524,108)
Property - Net $ 8,146,018
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.