DSI REALTY INCOME FUND IX
(A California Real Estate Limited Partnership)
CONSOLIDATED BALANCE SHEETS(UNAUDITED)
JUNE 30, 1997 AND DECEMBER 31, 1996
June 30, December 31,
1997 1996
ASSETS
CASH AND CASH EQUIVALENTS $ 551,785 $ 549,578
PROPERTY 7,126,789 7,420,663
OTHER ASSETS 89,457 41,457
TOTAL $7,768,031 $8,011,698
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $ 736,591 $ 744,650
MINORITY INTEREST IN
REAL ESTATE JOINT VENTURE 345,951 366,841
PARTNERS' EQUITY:
General Partners (70,586) (68,439)
Limited Partners 6,756,075 6,968,646
Total partners' equity 6,685,489 6,900,207
TOTAL $7,768,031 $8,011,698
See accompanying notes to consolidated financial statements(unaudited).
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED JUNE 30, 1997 AND 1996
June 30, June 30,
1997 1996
REVENUES:
Rental Income $ 650,511 $ 603,920
Interest 3,176 4,727
Total revenues 653,687 608,647
EXPENSES:
Operating Expenses 374,035 357,147
General and Administrative 55,306 46,232
Total expenses 429,341 403,379
INCOME BEFORE MINORITY INTEREST
IN INCOME OF REAL ESTATE
JOINT VENTURE 224,346 205,268
MINORITY INTEREST IN INCOME
OF REAL ESTATE JOINT VENTURE 21,764 20,615
NET INCOME $ 202,582 $ 184,653
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 200,556 $ 182,806
General partners 2,026 1,847
TOTAL $ 202,582 $ 184,653
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 6.53 $ 5.96
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, 1997 AND 1996
June 30, June 30,
1997 1996
REVENUES:
Rental Income $1,287,029 $1,208,788
Interest 6,219 8,394
Total revenue 1,293,248 1,217,182
EXPENSES:
Operating Expenses 717,429 695,631
General and administrative 128,667 120,861
Total expenses 846,096 816,492
INCOME BEFORE MINORITY INTEREST IN
INCOME OF REAL ESTATE JOINT VENTURE 447,152 400,690
MINORITY INTEREST IN INCOME OF REAL
ESTATE JOINT VENTURE 41,810 42,961
NET INCOME $405,342 $357,729
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $401,289 $354,152
General partners 4,053 3,577
TOTAL $405,342 $357,729
NET INCOME PER LIMITED PARTNERSHIP UNIT $13.07 $11.54
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 JUNE 30, 1997 AND 1996
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
EQUITY AT DECEMBER 31, 1995 ($62,137) $7,592,577 $7,530,440
NET INCOME 3,577 354,152 357,729
DISTRIBUTIONS (6,200) (613,860) (620,060)
EQUITY AT JUNE 30, 1996 ($64,760) $7,332,869 $7,268,109
EQUITY AT DECEMBER 31, 1996 ($68,439) $6,968,646 $6,900,207
NET INCOME 4,053 401,289 405,342
DISTRIBUTIONS (6,200) (613,860) (620,060)
EQUITY AT JUNE 30, 1997 ($70,586) $6,756,075 $6,685,489
See accompanying notes to consolidated financial statements(unaudited).
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED JUNE 30, 1997 AND 1996
June 30, June 30,
1997 1996
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 405,342 $ 357,729
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 293,875 293,876
Distributions paid to
minority interest
in real estate joint
venture in excess of
earnings (20,891) (19,589)
Changes in assets and
liabilities:
Increase in other assets (48,000) (53,525)
Decrease in liabilities (8,059) (1,090)
Net cash provided by
operating activities 622,267 577,401
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (620,060) (620,060)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 2,207 (42,659)
CASH AND CASH EQUIVALENTS:
At beginning of period 549,578 617,951
At end of period $ 551,785 $ 575,292
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, 1997
and for the periods ended June 30, 1997, and 1996 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, 1997, the total cost and
accumulated depreciation of the mini-storage facilities are as follows:
Land $ 2,729,790
Buildings and equipment 10,975,900
Total 13,705,690
Less: Accumulated Depreciation ( 6,578,901)
Property - Net $ 7,126,789
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.