DSI REALTY INCOME FUND IX
(A California Real Estate Limited Partnership)
CONSOLIDATED BALANCE SHEETS(UNAUDITED)
MARCH 31, 1999 AND DECEMBER 31, 1998
March 31, December 31,
1999 1998
ASSETS
CASH AND CASH EQUIVALENTS $ 661,044 $ 633,690
PROPERTY, NET 6,098,226 6,245,163
OTHER ASSETS 49,077 45,536
TOTAL $6,808,347 $6,924,389
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
LIABILITIES $ 736,639 $ 727,790
MINORITY INTEREST IN
REAL ESTATE JOINT VENTURE 255,840 262,591
PARTNERS' EQUITY (DEFICIT):
General Partners (79,282) (78,101)
Limited Partners 5,895,150 6,012,109
Total partners' equity 5,815,868 5,934,008
TOTAL $6,808,347 $6,924,389
See accompanying notes to consolidated financial statements(unaudited).
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 1998
March 31, March 31,
1999 1998
REVENUES:
Rental Income $ 705,837 $ 657,528
Interest 2,506 2,334
Total revenues 708,343 659,862
EXPENSES:
Operating 418,452 338,805
General and administrative 72,352 74,854
Total expenses 490,804 413,659
INCOME BEFORE MINORITY INTEREST
IN INCOME OF REAL ESTATE
JOINT VENTURE 217,539 246,203
MINORITY INTEREST IN INCOME
OF REAL ESTATE JOINT VENTURE 25,649 24,788
NET INCOME $ 191,890 $ 221,415
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 189,971 $ 219,201
General partners 1,919 2,214
TOTAL $ 191,890 $ 221,415
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 6.19 $ 7.14
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, 1999 AND 1998
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
BALANCE, JANUARY 1, 1998 ($ 73,905) $6,427,489 $6,353,584
NET INCOME 2,214 219,201 221,415
DISTRIBUTIONS (3,100) (306,930) (310,030)
BALANCE, MARCH 31, 1998 ($74,791) $6,339,760 $6,264,969
BALANCE, 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, MARCH 31, 1999 ($79,282) $5,895,150 $5,815,868
See accompanying notes to consolidated financial statements(unaudited).
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 1998
March 31, March 31,
1999 1998
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 191,890 $ 221,415
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 146,937 146,937
Loss on disposal of
property and equipment 0 147
Minority interest in income
real estate joint venture 25,649 24,788
Changes in assets and
liabilities:
Increase in other assets (3,541) (14,743)
Increase in liabilities 8,849 18,544
Net cash provided by
operating activities 369,784 397,088
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (310,030) (310,030)
Distributions paid to minority
interest in real estate
joint venture (32,400) (32,699)
Net cash used in
financing activities (342,430) (342,729)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 27,354 54,359
CASH AND CASH EQUIVALENTS:
At beginning of period 633,690 496,565
At end of period $ 661,044 $ 550,924
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, 1999
and for the periods ended March 31, 1999, and 1998 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, 1999, the total cost and
accumulated depreciation of the mini-storage facilities are as follows:
Land $ 2,729,790
Buildings and equipment 10,975,901
Total 13,705,691
Less: Accumulated Depreciation ( 7,607,465)
Property - Net $ 6,098,226
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.