DSI REALTY INCOME FUND IX
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED)
SEPTEMBER 30, 2000 AND DECEMBER 31, 1999
September 30, December 31,
2000 1999
ASSETS
CASH AND CASH EQUIVALENTS $ 696,527 $ 503,249
PROPERTY, Net 5,258,702 5,700,171
OTHER ASSETS 59,725 61,924
TOTAL $6,014,954 $6,265,344
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
LIABILITIES $ 801,889 $ 751,736
MINORITY INTEREST IN
REAL ESTATE JOINT VENTURE 181,012 222,444
PARTNERS' EQUITY(DEFICIT):
General Partners (87,119) (84,529)
Limited Partners 5,119,172 5,375,693
Total partners' equity 5,032,053 5,291,164
TOTAL $6,014,954 $6,265,344
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
September 30, September 30,
2000 1999
REVENUES:
Rental Income $ 782,414 $ 725,364
Interest 1,891 2,474
Total revenues 784,305 727,838
EXPENSES:
Operating 454,557 383,475
General and administrative 40,180 44,232
Total expenses 494,737 427,707
INCOME BEFORE EQUITY IN INCOME
OF REAL ESTATE JOINT VENTURE 289,568 300,131
EQUITY IN INCOME OF REAL ESTATE (29,487) (32,377)
NET INCOME $ 260,081 $ 267,754
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 257,480 $ 265,076
General partners 2,601 2,678
TOTAL $ 260,081 $ 267,754
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 8.39 $ 8.64
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, 2000 AND 1999
September 30, September 30,
2000 1999
REVENUES:
Rental Income $2,184,154 $2,163,941
Interest 5,456 7,525
Total Revenues 2,189,610 2,171,466
EXPENSES:
Operating 1,250,752 1,199,359
General and Administrative 180,011 175,911
Total Expenses 1,430,763 1,375,270
INCOME BEFORE MINORITY INTEREST
IN INCOME OF REAL ESTATE
JOINT VENTURE 758,847 796,196
MINORITY INTEREST IN INCOME OF REAL
ESTATE JOINT VENTURE (87,868) (87,602)
NET INCOME $670,979 $708,594
AGGREGATE NET INCOME ALLOCATED TO:
Limited Partners 664,269 701,508
General Partners 6,710 7,086
TOTAL 670,979 708,594
NET INCOME PER LIMITED
PARTNERSHIP UNIT $21.64 $22.86
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 (DEFICIT)(UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
BALANCE AT JANUARY 1, 1999 ($78,101) $6,012,109 $5,934,008
NET INCOME 7,086 701,508 708,594
DISTRIBUTIONS (9,300) (920,790) (930,090)
BALANCE AT SEPTEMBER 30, 1999 ($80,315) $5,792,827 $5,712,512
BALANCE AT JANUARY 1, 2000 ($84,529) $5,375,693 $5,291,164
NET INCOME 6,710 664,269 670,979
DISTRIBUTIONS (9,300) (920,790) (930,090)
BALANCE AT SEPTEMBER 30, 2000 ($87,119) $5,119,172 $5,032,053
See accompanying notes to consolidated financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
September 30, September 30,
2000 1999
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 670,979 $708,594
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 440,813 440,812
Loss on disposal of
property and equipment 656
Minority interest in income
of real estate joint venture 87,868 87,602
Changes in assets and
liabilities:
Decrease(increase) in other assets 2,199 (13,078)
(Increase)decrease in liabilities 50,153 (8,023)
Net cash provided by
operating activities 1,252,668 1,215,907
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (930,090) (930,090)
Distributions paid to
minority interest in
real estate joint venture (129,300) (110,700)
Net cash used in financing activities (1,059,390) (1,040,790)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 193,278 175,117
CASH AND CASH EQUIVALENTS:
At beginning of period 503,249 633,690
At end of period $ 696,527 $808,807
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, 2000, and for
the periods ended September 30, 2000, and 1999 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, 2000, the total cost and accumulated
depreciation of the mini-storage facilities are as follows:
Land $ 2,729,790
Buildings and improvements 11,018,002
Total 13,747,792
Less: Accumulated Depreciation ( 8,489,090)
Property - Net $ 5,258,702
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.