UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the period ended June 30, 1995
---------------------------------------------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ______________ to_____________
Commission file number 0-9026
MCNEIL REAL ESTATE FUND IX, LTD.
-------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
California 94-2491437
-------------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
13760 Noel Road, Suite 700, LB70, Dallas, Texas 75240
-------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (214) 448-5800
----------------------------
Indicate by check mark whether the registrant, (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months and (2) has been subject to such filing
requirements for the past 90 days. Yes X No___
<PAGE>
MCNEIL REAL ESTATE FUND IX, LTD.
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
BALANCE SHEETS
(Unaudited)
<TABLE>
<CAPTION>
June 30, December 31,
1995 1994
----------- ------------
ASSETS
<S> <C> <C>
Real estate investments:
Land..................................................... $ 6,716,099 $ 6,716,099
Buildings and improvements............................... 81,820,450 80,388,616
----------- -----------
88,536,549 87,104,715
Less: Accumulated depreciation.......................... (46,161,020) (44,274,163)
----------- -----------
42,375,529 42,830,552
Cash and cash equivalents................................... 3,744,425 4,199,844
Cash segregated for security deposits....................... 488,875 494,801
Accounts receivable......................................... 70,960 64,464
Prepaid expenses and other assets........................... 136,871 211,266
Escrow deposits............................................. 1,627,391 1,561,384
Deferred borrowing costs, net of accumulated amorti-
zation of $588,889 and $487,931 at June 30, 1995
and December 31, 1994, respectively...................... 2,286,622 2,387,580
----------- -----------
$ 50,730,673 $ 51,749,891
=========== ===========
LIABILITIES AND PARTNERS' DEFICIT
Mortgage notes payable, net................................. $ 51,758,541 $ 52,098,952
Accounts payable............................................ 184,993 413,894
Accrued property taxes...................................... 1,079,043 934,733
Accrued interest............................................ 376,684 303,521
Other accrued expenses...................................... 138,479 192,952
Payable to affiliates - General Partner..................... 393,500 308,131
Security deposits and deferred rental revenue............... 537,003 498,709
----------- -----------
54,468,243 54,750,892
----------- -----------
Partners' deficit:
Limited partners - 110,200 limited partnership units
authorized; 110,170 limited partnership units
outstanding............................................ (1,173,223) (561,005)
General Partner.......................................... (2,564,347) (2,439,996)
----------- -----------
(3,737,570) (3,001,001)
----------- -----------
$ 50,730,673 $ 51,749,891
=========== ===========
</TABLE>
The financial information included herein has been prepared by management
without audit by independent public accountants.
See accompanying notes to financial statements.
<PAGE>
McNEIL REAL ESTATE FUND IX, LTD.
STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
----------------------------- -----------------------------
1995 1994 1995 1994
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Revenue:
Rental revenue................ $4,742,374 $4,461,247 $9,421,015 $8,873,731
Interest...................... 55,781 52,994 122,235 122,597
Gain on legal settlement...... 70,817 - 70,817 -
--------- --------- --------- ---------
Total revenue............... 4,868,972 4,514,241 9,614,067 8,996,328
--------- --------- --------- ---------
Expenses:
Interest...................... 1,211,547 1,227,430 2,420,993 2,476,741
Depreciation.................. 952,702 760,922 1,886,857 1,566,650
Property taxes................ 355,179 351,762 710,814 689,331
Personnel expense............. 586,725 573,360 1,297,172 1,202,234
Repair and maintenance........ 656,747 729,124 1,158,058 1,190,476
Property management
fees - affiliates........... 234,804 220,969 468,088 440,796
Utilities..................... 364,057 354,253 804,955 840,580
Other property operating
expenses.................... 306,518 255,496 619,215 538,101
General and administrative.... 36,153 9,804 75,077 28,860
General and administrative -
affiliates.................. 244,236 173,847 427,405 356,640
--------- --------- --------- ---------
Total expenses.............. 4,948,668 4,656,967 9,868,634 9,330,409
--------- --------- --------- ---------
Net loss......................... $ (79,696) $ (142,726) $ (254,567) $ (334,081)
========= ========= ========= =========
Net loss allocated to limited
partners...................... $ (146,061) $ (200,679) $ (612,218) $ (447,748)
Net income allocated to
General Partner............... 66,365 57,953 357,651 113,667
--------- --------- --------- ---------
Net loss......................... $ (79,696) $ (142,726) $ (254,567) $ (334,081)
========= ========= ========= =========
Net loss per limited
partnership unit.............. $ (1.33) $ (1.82) $ (5.56) $ (4.06)
========= ========= ========= =========
</TABLE>
The financial information included herein has been prepared by management
without audit by independent public accountants.
See accompanying notes to financial statements.
<PAGE>
McNEIL REAL ESTATE FUND IX, LTD.
STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
(Unaudited)
For the Six Months Ended June 30, 1995 and 1994
<TABLE>
<CAPTION>
Total
Partners'
General Limited Equity
Partner Partners (Deficit)
------------ --------- ------------
<S> <C> <C> <C>
Balance at December 31, 1993.............. $(2,094,331) $ 454,140 $(1,640,191)
Net income (loss)......................... 113,667 (447,748) (334,081)
Contingent Management Incentive
Distribution........................... (198,490) - (198,490)
---------- ---------- ---------
Balance at June 30, 1994.................. $(2,179,154) $ 6,392 $(2,172,762)
========== ========== ==========
Balance at December 31, 1994.............. $(2,439,996) $ (561,005) $(3,001,001)
Net income (loss)......................... 357,651 (612,218) (254,567)
Contingent Management Incentive
Distribution........................... (482,002) - (482,002)
---------- ---------- --------
Balance at June 30, 1995.................. $(2,564,347) $(1,173,223) $(3,737,570)
========== ========== ==========
</TABLE>
The financial information included herein has been prepared by management
without audit by independent public accountants.
See accompanying notes to financial statements.
<PAGE>
McNEIL REAL ESTATE FUND IX, LTD.
STATEMENTS OF CASH FLOWS
(Unaudited)
Decrease in Cash and Cash Equivalents
<TABLE>
<CAPTION>
Six Months Ended
June 30,
-----------------------------------
1995 1994
----------- -----------
<S> <C> <C>
Cash flows from operating activities:
Cash received from tenants........................ $ 9,441,598 $ 8,611,865
Cash received from legal settlement............... 70,817 -
Cash paid to suppliers............................ (4,099,304) (3,367,827)
Cash paid to affiliates........................... (840,132) (794,876)
Interest received................................. 122,235 122,597
Interest paid..................................... (2,226,786) (2,473,009)
Property taxes paid and escrowed.................. (679,522) (659,662)
Deferred borrowing costs paid..................... - (2,438)
---------- ----------
Net cash provided by operating activities............ 1,788,906 1,436,650
---------- ----------
Cash flows from investing activities:
Additions to real estate investments.............. (1,431,834) (1,006,242)
---------- ----------
Cash flows from financing activities:
Principal payments on mortgage notes
payable......................................... (360,497) (376,194)
Contingent Management Incentive
Distribution.................................... (451,994) (192,000)
---------- ---------
Net cash used in financing activities................ (812,491) (568,194)
---------- ---------
Decrease in cash and cash equivalents................ (455,419) (137,786)
Cash and cash equivalents at beginning of
period............................................ 4,199,844 5,754,907
---------- ---------
Cash and cash equivalents at end of period........... $ 3,744,425 $5,617,121
========== =========
</TABLE>
The financial information included herein has been prepared by management
without audit by independent public accountants.
See accompanying notes to financial statements.
<PAGE>
McNEIL REAL ESTATE FUND IX, LTD.
STATEMENTS OF CASH FLOWS
(Unaudited)
Reconciliation of Net Loss to Net Cash Provided by
Operating Activities
<TABLE>
<CAPTION>
Six Months Ended
June 30,
-----------------------------------
1995 1994
----------- -----------
<S> <C> <C>
Net loss............................................. $ (254,567) $ (334,081)
--------- ---------
Adjustments to reconcile net loss to net cash
provided by operating activities:
Depreciation...................................... 1,886,857 1,566,650
Amortization of deferred borrowing costs.......... 100,958 101,026
Amortization of mortgage discounts................ 20,086 18,539
Changes in assets and liabilities:
Cash segregated for security deposits........... 5,926 35,912
Accounts receivable............................. (6,496) (293,405)
Prepaid expenses and other assets............... 74,395 (2,231)
Escrow deposits................................. (66,007) 235,015
Deferred borrowing costs........................ - (2,438)
Accounts payable................................ (228,901) 83,060
Accrued property taxes.......................... 144,310 236,640
Accrued interest................................ 73,163 (115,833)
Other accrued expenses.......................... (54,473) (123,995)
Payable to affiliates - General Partner......... 55,361 2,561
Security deposits and deferred rental
revenue....................................... 38,294 29,230
---------- ---------
Total adjustments............................. 2,043,473 1,770,731
---------- ---------
Net cash provided by operating activities............ $1,788,906 $1,436,650
========= =========
</TABLE>
The financial information included herein has been prepared by management
without audit by independent public accountants.
See accompanying notes to financial statements.
<PAGE>
McNEIL REAL ESTATE FUND IX, LTD.
Notes to Financial Statements
(Unaudited)
June 30, 1995
NOTE 1.
-------
McNeil Real Estate Fund IX, Ltd. (the "Partnership") is a limited partnership
organized under the laws of the State of California to invest in real property.
The general partner of the Partnership is McNeil Partners, L.P. (the "General
Partner"), a Delaware limited partnership affiliated with Robert A. McNeil
("McNeil"). The Partnership is governed by an amended and restated limited
partnership agreement ("Amended Partnership Agreement") that was adopted
September 20, 1991. The principal place of business for the Partnership and the
General Partner is 13760 Noel Road, Suite 700, LB70, Dallas, Texas 75240.
In the opinion of management, the financial statements reflect all adjustments
necessary for a fair presentation of the Partnership's financial position and
results of operations. All adjustments were of a normal recurring nature.
However, the results of operations for the six months ended June 30, 1995 are
not necessarily indicative of the results to be expected for the year ending
December 31, 1995.
NOTE 2.
-------
The financial statements should be read in conjunction with the financial
statements contained in the Partnership's Annual Report on Form 10-K for the
year ended December 31, 1994, and the notes thereto, as filed with the
Securities and Exchange Commission, which is available upon request by writing
to McNeil Real Estate Fund IX, Ltd., c/o McNeil Real Estate Management, Inc.,
Investor Services, 13760 Noel Road, Suite 700, LB70, Dallas, Texas 75240.
NOTE 3.
-------
Certain prior period amounts within the accompanying financial statements have
been reclassified to conform with current year presentation.
NOTE 4.
-------
The Partnership pays property management fees equal to 5% of the gross rental
receipts of the Partnership's properties to McNeil Real Estate Management, Inc.
("McREMI"), an affiliate of the General Partner, for providing property
management and leasing services for the Partnership's properties.
The Partnership reimburses McREMI for its costs, including overhead, of
administering the Partnership's affairs.
Under terms of the Amended Partnership Agreement, the Partnership is paying a
Management Incentive Distribution ("MID") to the General Partner. The maximum
MID is calculated as 1% of the tangible asset value of the Partnership. The
maximum MID percentage decreases subsequent to 1999. Tangible asset value is
determined by using the greater of (i) an amount calculated by applying a
capitalization rate of 9% to the annualized net operating income of each
property or (ii) a value of $10,000 per apartment unit to arrive at the property
tangible asset value. The property tangible asset value is then added to the
book value of all other assets excluding intangible items. Prior to July 1,
1993, the MID consisted of two components: (i) the fixed portion which was
payable without respect to the net income of the Partnership and was equal to
25% of the maximum MID (the "Fixed MID") and (ii) a contingent portion which was
payable only to the extent of the lesser of the Partnership's excess cash flow,
as defined, or net operating income (the "Entitlement Amount") and is equal to
up to 75% of the maximum MID (the "Contingent MID").
<PAGE>
Effective July 1, 1993, the General Partner amended the Amended Partnership
Agreement as a settlement to a class action complaint. This amendment eliminates
the Fixed MID and makes the entire MID payable to the extent of the Entitlement
Amount. In all other respects, the calculation and payment of the MID will
remain the same.
Fixed MID was payable in limited partnership units ("Units") unless the
Entitlement Amount exceeded the amount necessary to pay the Contingent MID, in
which case, at the General Partner's option, the Fixed MID was paid in cash to
the extent of such excess.
Contingent MID will be paid to the extent of the Entitlement Amount, and may be
paid (i) in cash, unless there is insufficient cash to pay the distribution in
which event any unpaid portion not taken in Units will be deferred and is
payable, without interest, from the first available cash and/or (ii) in Units. A
maximum of 50% of the MID may be paid in Units. The number of Units issued in
payment of the MID is based on the greater of $50 per Unit or the net tangible
asset value, as defined, per Unit.
Any amount of the MID that is paid to the General Partner in Units will be
treated as if cash was distributed to the General Partner and then contributed
to the Partnership by the General Partner. The Fixed MID was treated as a fee
payable to the General Partner by the Partnership for services rendered. The
Contingent MID represents a return of equity to the General Partner for
increasing cash flow, as defined, and accordingly is treated as a distribution.
Compensation, reimbursements and distributions paid to or accrued for the
benefit of the General Partner and its affiliates are as follows:
<TABLE>
<CAPTION>
Six Months Ended
June 30,
--------------------------------
1995 1994
-------- --------
<S> <C> <C>
Property management fees - affiliates................ $468,088 $440,796
Charged to general and administrative -
affiliates:
Partnership administration........................ 427,405 356,640
------- -------
$895,493 $797,436
======= =======
Charged to General Partner's deficit:
Contingent Management Incentive
Distribution.................................... $482,002 $198,490
======= =======
</TABLE>
NOTE 5.
-------
The Partnership filed claims with the United States Bankruptcy Court for the
Northern District of Texas, Dallas Division (the "Bankruptcy Court") against
Southmark for damages relating to improper overcharges, breach of contract and
breach of fiduciary duty. The Partnership settled these claims in 1991, and such
settlement was approved by the Bankruptcy Court.
An Order Granting Motion to Distribute Funds to Class 8 Claimants dated April
14, 1995 was issued by the Bankruptcy Court. In accordance with the Order, in
May 1995, the Partnership received in full satisfaction of its claims, $53,574
in cash, and common and preferred stock in the reorganized Southmark. The cash
and stock represent the Partnership's pro-rata share of Southmark assets
available for Class 8 claimants. The Partnership sold the Southmark common and
preferred stock in May, 1995 for $17,243 which, when combined with the cash
proceeds from Southmark, resulted in a gain on settlement of litigation of
$70,817.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
------- -----------------------------------------------------------
AND RESULTS OF OPERATIONS
-------------------------
The Partnership was formed to acquire, operate and ultimately dispose of a
portfolio of income-producing real properties. At June 30, 1995, the Partnership
owned fourteen apartment properties. All but one of the Partnership's properties
are subject to mortgage notes.
RESULTS OF OPERATIONS
---------------------
Revenue:
Rental revenue for the six months ended June 30, 1995 increased $547,284 or 6.2%
compared to the same period of 1994. For the second quarter of 1995, rental
revenues increased 6.3% compared to the second quarter of 1994. Rental revenues
increased at all of the Partnership's properties. The Partnership raised base
rental rates an average of 4% at all of its properties. Increases in base rental
rates were partially offset by lower average occupancy rates at Berkley Hills,
Cherry Hills, Heather Square, and Meridian West. Average occupancy rates at the
remainder of the properties increased or remained the same.
As discussed in Item 1 - Note 5, in 1995 the Partnership received cash and
common and preferred stock in the reorganized Southmark in settlement of its
bankruptcy claims against Southmark. The Partnership recognized a $70,817 gain
as a result of this settlement. No such gain was recognized in 1994.
Expenses:
Partnership expenses increased $538,225 or 5.8% for the first six months of 1995
compared to the first six months of 1994. For the second quarter of 1995,
partnership expenses increased 6.3% compared to the second quarter of 1995.
Expenses increased at twelve of the Partnership's fourteen properties. The
increased expenses were concentrated in depreciation, personnel expenses and
other property operating expenses.
Depreciation expense increased $320,207 or 20% for the first six months of 1995
compared to first six months of 1994. For the second quarter of 1995,
depreciation increased 25% compared to the second quarter of 1995. The
Partnership added $4,687,041 of capital improvements to its properties in the
year since June 30, 1994. Depreciation on the capital improvements led to the
increase in depreciation expense. The improvements generally are being
depreciated over lives ranging from five to ten years.
Personnel expense increased $94,938 or 7.9% for the first six months of 1995
compared to the first six months of 1994. For the quarter ended June 30, 1995,
personnel expenses increased 2.3% over the year earlier quarter. Personnel
expense increased at eleven of the Partnership's fourteen properties.
Compensation rates paid to on-site personnel increased as did the level of
services provided to tenants at the Partnership's properties. The increase in
services provided to tenants generally has required increased levels of staffing
at the Partnership's properties.
Other property operating expenses increased $81,114 or 15.1% for the first six
months of 1995 compared to the first six months of 1994. For the second quarter
of 1995, other property operating expenses, increased 20% compared to the second
quarter of 1995. Part of the increase arises from increased insurance coverage
required on the five Partnership properties included in the Real Estate Mortgage
Investment Conduit. Additionally, insurance rates on all properties have
increased, as have expenditures for advertising and marketing expenses.
General and administrative expenses more than doubled during the first six
months of 1995. Fees paid for audit services were significantly higher for the
first six months of 1995 compared to the first six months of 1994.
General and administrative - affiliates for the six months and the three months
ended June 30, 1995 increased by $70,765 or 19.8% and $70,389 or 40%,
respectively, due to an increase in reimbursements to affiliates because of
fewer partnerships over which overhead costs are allocated.
All other expense items decreased a total of 1.3% for the first six months
of 1995 compared to the first six months of 1994.
Terms of the Amended Partnership Agreement specify that income before
depreciation is allocated to the General Partner to the extent of Contingent MID
paid in cash. Depreciation is allocated in the ratio of 95:5 to the limited
partners and the General Partner, respectively. Therefore, for the three month
and six month periods ended June 30, 1995, $66,365 and $357,651, respectively,
were allocated to the General Partner. The limited partners received allocations
of net loss of ($146,061) and ($612,218) for the three month and six month
period ended June 30, 1995, respectively.
LIQUIDITY AND CAPITAL RESOURCES
-------------------------------
The Partnership reported a loss of $254,567 for the first six months of 1995, an
improvement from the $334,081 loss recorded for the first six months of 1994.
Cash provided by operations increased $352,267 or 25%. As usual, large non-cash
expenses, principally depreciation, explains the difference between net loss and
cash provided by operations. Improvements in cash flow provided by operations
were generated principally by a 9.6% increase in cash received from tenants and
a 9.9% decrease in interest paid to mortgage note holders.
The Partnership continues to invest significant resources into capital
improvements at its properties. During the first six months, capital improvement
expenditures increased $425,593 or 42% compared to the year earlier. The
Partnership has budgeted an additional $700,000 of capital improvement
expenditures for the balance of 1995.
The Partnership also increased its expenditures in the financing area.
Management Incentive Distributions ("MID") incurred by the Partnership were
higher as improved operating results increased the entitlement amount, the
trigger for the payment of MID. Increased MID distributions were partially
offset by a decrease in the scheduled principal payments on the Partnership's
mortgage notes.
Short Term Liquidity:
Due to the refinancing transactions of 1994 and 1993, the Partnership began 1995
with adequate cash reserves. These reserves will be needed to address continuing
capital improvement needs in light of aging condition of the Partnership's
properties. The Partnership has budgeted $2.1 million for capital improvements
for 1995 in addition to the $9.9 million of capital improvements made during the
past three years. The General Partner believes these capital improvements are
necessary to allow the Partnership to increase its rental revenues in the
competitive markets in which the Partnership's properties operate. These
expenditures also allow the Partnership to reduce certain repair and maintenance
expenses from amounts that would otherwise be incurred.
At June 30, 1995, the Partnership held $3,744,425 of cash and cash equivalents,
down $455,419 from the balance at end of 1994. The General Partner anticipates
that cash generated from operations for the remainder of 1995 will be sufficient
to fund the Partnership's budgeted capital improvements and to repay the current
portion of the Partnership's mortgage notes. However, 1995 cash flow from
operations likely will not be adequate to pay the MID due to the General
Partner. The Partnership will use its cash reserves to pay the MID. The General
Partner considers the Partnership's cash reserves adequate for anticipated
operations for the remainder of 1995.
Long Term Liquidity:
For the long term, property operations will remain the primary source of funds.
In this regard, the General Partner expects that the $9.9 million of capital
improvements made by the Partnership during the past three years will yield
improved cash flow from operations in 1995. Furthermore, the General Partner has
budgeted an additional $700,000 of capital improvements for 1995. If the
Partnership's cash position deteriorates, the General Partner may elect to defer
certain of the capital improvements, except where such improvements are expected
to increase the competitiveness or marketability of the Partnership's
properties.
The General Partner has established a revolving credit facility, not to exceed
$5,000,000 in the aggregate, which will be available on a "first-come,
first-served" basis to the Partnership and other affiliated partnerships if
certain conditions are met. Borrowings under the facility may be used to fund
deferred maintenance, refinancing obligations and working capital needs. There
is no assurance that the Partnership will receive additional funds from the
facility because no amount will be reserved for any particular partnership. As
of June 30, 1995, $2,362,004 remained available from the facility; however,
additional funds could become available as other partnerships repay borrowings.
As an additional source of liquidity, the General Partner may, from time to
time, attempt to sell Partnership properties judged to be mature considering the
circumstances of the market in which the properties are located, as well as the
Partnership's need for liquidity. However, there can be no guarantee that the
Partnership will be able to sell any of its properties for an amount sufficient
to retire the related mortgage note and still provide cash proceeds to the
Partnership, or that such proceeds could be timed to coincide with the liquidity
needs of the Partnership. Currently, no Partnership properties are being
marketed for sale.
Distributions:
With the exception of the MID, distributions to partners have been suspended
since 1986 as part of the General Partner's policy of maintaining adequate cash
reserves. Distributions to Unit holders will remain suspended for the
foreseeable future. The General Partner will continue to monitor the cash
reserves and working capital needs of the Partnership to determine when cash
flows will support distributions to the Unit holders. MID for the first six
months of 1995 amounted to $482,002.
<PAGE>
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
------- -----------------
The Partnership is not a party to, nor are any of the Partnership's properties
the subject of, any material pending legal proceedings, other than ordinary
litigation routine to the Partnership's business.
ITEM 5. OTHER INFORMATION
------- -----------------
On an unsolicited basis, High River Limited Partnership ("High River"), a
partnership controlled by Carl Icahn, announced that it has commenced an offer
to purchase 49,577 units of limited partnership interest in the Partnership
(approximately 45 percent of the Partnership's units) at $143 per unit. High
River has stated that the offer is being made as "an investment." The tender
offer is due to expire on August 31, 1995, unless extended.
The General Partner, with assistance from its advisors, is in the process of
evaluating the tender offer from a number of important standpoints and will
report to the limited partners its position with respect to such offer.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits.
<TABLE>
<CAPTION>
Exhibit
Number Description
<S> <C>
4. Amended and Restated Partnership Agreement, dated
November 12, 1991. (Incorporated by reference to the
Quarterly Report on Form 10-Q for the quarter ended
March 31, 1991).
11. Statement regarding computation of net loss per
limited partnership unit: Net loss per limited
partnership unit is computed by dividing net loss
allocated to the limited partners by the number of
limited partnership units outstanding. Per unit
information has been computed based on 110,170
limited partnership units outstanding in 1995 and
1994.
27. Financial Data Schedule for the quarter ended
June 30, 1995.
</TABLE>
(b) Reports on Form 8-K. There were no reports on Form 8-K filed during the
quarter ended June 30, 1995.
<PAGE>
McNEIL REAL ESTATE FUND IX, LTD.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized:
<TABLE>
<CAPTION>
McNEIL REAL ESTATE FUND IX, Ltd.
By: McNeil Partners, L.P., General Partner
By: McNeil Investors, Inc., General Partner
<S> <C>
August 14, 1995 By: /s/ Donald K. Reed
---------------------- --------------------------------------------------
Date Donald K. Reed
President and Chief Executive Officer
August 14, 1995 By: /s/ Robert C. Irvine
---------------------- --------------------------------------------------
Date Robert C. Irvine
Chief Financial Officer of McNeil Investors, Inc.
Principal Financial Officer
August 14, 1995 By: /s/ Brandon K. Flaming
---------------------- --------------------------------------------------
Date Brandon K. Flaming
Chief Accounting Officer of McNeil Real Estate
Management, Inc.
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<CASH> 3,744,425
<SECURITIES> 0
<RECEIVABLES> 70,960
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 88,536,549
<DEPRECIATION> (46,161,020)
<TOTAL-ASSETS> 50,730,673
<CURRENT-LIABILITIES> 0
<BONDS> 51,758,541
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> (3,737,570)
<SALES> 9,421,015
<TOTAL-REVENUES> 9,614,067
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 7,447,641
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 2,420,993
<INCOME-PRETAX> (254,567)
<INCOME-TAX> 0
<INCOME-CONTINUING> (254,567)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (254,567)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
