DSI REALTY INCOME FUND IX
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED)
SEPTEMBER 30, 1998 AND DECEMBER 31, 1997
September 30, December 31,
1998 1997
ASSETS
CASH AND CASH EQUIVALENTS $ 887,895 $ 496,565
PROPERTY 6,391,951 6,832,913
OTHER ASSETS 60,088 67,449
TOTAL $7,339,934 $7,396,927
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $ 753,383 $ 727,497
MINORITY INTEREST IN
REAL ESTATE JOINT VENTURE 278,458 315,846
PARTNERS' EQUITY:
General Partners (74,359) (73,905)
Limited Partners 6,382,452 6,427,489
Total partners' equity 6,308,093 6,353,584
TOTAL $7,339,934 $7,396,927
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997
September 30, September 30,
1998 1997
REVENUES:
Rental Income $ 717,422 $ 674,803
Interest 2,997 3,686
Total revenues 720,419 678,489
EXPENSES:
Operating Expenses 371,937 377,896
General and administrative 38,890 39,975
Total expenses 410,827 417,871
INCOME BEFORE EQUITY IN INCOME
OF REAL ESTATE JOINT VENTURE 309,592 260,618
EQUITY IN INCOME OF REAL ESTATE (31,688) (24,611)
NET INCOME $ 341,280 $ 285,229
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 337,867 $ 282,377
General partners 3,413 2,852
TOTAL $ 341,280 $ 285,229
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 11.01 $ 9.20
LIMITED PARTNERSHIP UNITS
USED IN PER UNIT CALCULATION 30,693 30,693
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997
September 30, September 30,
1998 1997
REVENUES:
Rental Income $2,052,087 $1,961,832
Interest 8,492 9,905
Total Revenues 2,060,579 1,971,737
EXPENSES:
Operating Expenses 1,086,030 1,095,325
General and Administrative 173,462 168,642
Total Expenses 1,259,492 1,263,967
INCOME BEFORE MINORITY INTEREST
IN INCOME OF REAL ESTATE
JOINT VENTURE 801,087 707,770
MINORITY INTEREST IN INCOME OF REAL
ESTATE JOINT VENTURE (83,512) (66,421)
NET INCOME $884,599 $774,191
AGGREGATE NET INCOME ALLOCATED TO:
Limited Partners 875,753 766,449
General Partners 8,846 7,742
TOTAL 884,599 774,191
NET INCOME PER LIMITED
PARTNERSHIP UNIT $28.53 $24.97
LIMITED PARTNERSHIP UNITS
USED IN PER UNIT CALCULATION 30,693 30,693
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CHANGES IN PARTNERS' EQUITY (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
EQUITY AT JANUARY 1, 1997 ($ 68,439) $6,968,646 $6,900,207
NET INCOME 7,742 766,449 774,191
DISTRIBUTIONS (9,300) (920,790) (930,090)
EQUITY AT SEPTEMBER 30, 1997 ($69,997) $6,814,305 $6,744,308
EQUITY AT JANUARY 1, 1998 ($73,905) $6,427,489 $6,353,584
NET INCOME 8,846 875,753 884,599
DISTRIBUTIONS (9,300) (920,790) (930,090)
EQUITY AT SEPTEMBER 30, 1998 ($74,359) $6,382,452 $6,308,093
See accompanying notes to consolidated financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997
September 30, September 30,
1998 1997
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 884,599 $774,191
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 440,813 440,811
Loss on disposal of
property and equipment 149 0
Distributions paid to
minority interest in
real estate joint venture
in excess of earnings (37,388) (36,779)
Changes in assets and
liabilities:
Decrease(Increase)in other assets 7,361 (44,624)
Increase in liabilities 25,886 15,600
Net cash provided by
operating activities 1,321,420 1,149,199
CASH FLOWS FROM INVESTING ACTIVITIES -
Purchase of property
and equipment 0 (13,349)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (930,090) (930,090)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 391,330 205,760
CASH AND CASH EQUIVALENTS:
At beginning of period 496,565 549,578
At end of period $ 887,895 $755,338
See accompanying notes to 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 financial information as of September 30, 1998, and for
the periods ended September 30, 1998, and 1997 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, 1998, the total cost and accumulated
depreciation of the mini-storage facilities are as follows:
Land $ 2,729,790
Buildings and improvements 10,975,750
Total 13,705,540
Less: Accumulated Depreciation ( 7,313,589)
Property - Net $ 6,391,951
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.