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 quarterly period ended March 31, 1996
/___/ Transition report pursuant to Section 13 or 15(d) of the
Securities Act of 1934
for the transition period from ______________ to ________________.
Commission File Number 2-96364
DSI REALTY INCOME FUND IX, A California Limited Partnership
(Exact name of registrant as specified in its charter)
California_______________________________________33-0103989
(State or other jurisdiction of (I.R.S. Employer
incorporation) Identification No.)
3701 Long Beach Boulevard, Long Beach, California 90807
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code-(310)595-7711
_________________________________________________________________
Former name, former address and former fiscal year, if changed
since last report.
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 (or for such shorter period that
the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes _x_. No__.
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
The information required by Rule 10-01 of Regulation S-X is
included in the Quarterly Report to the Limited Partners of Registrant for
the period ended March 31, 1996 which is attached hereto as Exhibit "20"
and incorporated herein by this reference.
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
Registrant incorporates by this reference its Quarterly Report to
Limited Partners for the period ended March 31, 1996.
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8K.
(a) Attached hereto as Exhibit "20" is Registrant's Quarterly
Report to Limited Partners for the period ended March 31, 1996.
(B) Registrant did not file any reports on Form 8-K for the
period reported upon.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act
of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
Dated: April 30, 1996 DSI REALTY INCOME FUND IX
A California Limited Partnership
(Registrant)
By____\s\ Robert J. Conway_____
DSI Properties, Inc., as General
Partner by ROBERT J. CONWAY,
President and Chief Financial Officer
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act
of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
Dated: April 30, 1996 DSI REALTY INCOME FUND IX
A California Limited Partnership
(Registrant)
By__\s\ Robert J. Conway________
DSI Properties, Inc., as General
Partner by ROBERT J. CONWAY,
President and Chief Financial Officer
April 30, 1996
QUARTERLY REPORT TO THE LIMITED PARTNERS
OF DSI REALTY INCOME FUND IX
DEAR LIMITED PARTNERS:
We are pleased to enclose the Partnership's unaudited consolidated financial
statements for the period ended March 31, 1996. The following is
Management's discussion and analysis of the Partnership's financial
condition and results of its operations.
For the three month periods ended March 31, 1996 and 1995, total
revenues increased 3.8% from $586,219 to $608,535 and total expenses
increased 2.3% from $403,982 to $413,113. Minority interest in income
of real estate joint venture decreased 14.4% from $26,090 to $22,346.
As a result, net income increased 10.8% from $156,147 to $173,076 for the
three month period ended March 31, 1996, as compared to the same period
in 1995. The increase in revenue can be attributed to an increase in
rental income due to higher unit rental rates partially offset by a decrease
in sale of abandoned goods. Occupancy levels for the Partnership's six
mini-storage facilities averaged 81.3% for the three month period ended
March 31, 1996, as compared to 83% for the same period in 1995. The
Partnership is continuing its marketing efforts to attract and keep
new tenants in its various mini-storage facilities. Operating expenses
decreased slightly by approximately $1,100 (.3%) due primarily to a
decrease in maintenance and repair expenses. General and administrative
expenses increased approximately $10,200 (15.8%) primarily as a result
of higher incentive management fees, which are based on cash distributions
to limited partners, increased as a result of an increase in these
distributions. The decrease in minority interest in income of real estate
joint venture is a result of lower occupancy and unit rental rates.
Effective with the fourth quarter 1995 distribution, the General Partners
decided to increase distributions to an amount that yields an annualized
return of 8% of limited partners' capital contributions from the previous
7% level. This action was the result of the Partnership's increased cash
flow from the operations of its properties.
The General Partners plan to continue their policy of funding the continuing
improvements and maintenance of Partnership properties with cash generated
from operations. The Partnership's resources appear to be adequate to meet
its needs. The General Partners anticipate distributions to the Limited
Partners to remain at the current level for the foreseeable future.
We are not enclosing a copy of the Partnership Form 10-Q as filed with the
Securities and Exchange Commission since all the information set forth
therein is contained either in this letter or in the attached financial
statements. However, if you wish to receive a copy of said report, please
send a written request to DSI Realty Income Fund IX, P.O. Box 357, Long
Beach, California 90801.
Very truly yours,
DSI REALTY INCOME FUND IX
By: DSI Properties, Inc., as
General Partner
By /s/ Robert J. Conway
____________________________
ROBERT J. CONWAY, President
DSI REALTY INCOME FUND IX
(A California Real Estate Limited Partnership)
CONSOLIDATED BALANCE SHEETS(UNAUDITED)
MARCH 31, 1996 AND DECEMBER 31, 1995
<TABLE>
<CAPTION>
March 31, December 31,
1996 1995
<S> <C> <C>
ASSETS
CASH AND CASH EQUIVALENTS $ 592,572 $ 617,951
PROPERTY 7,871,553 8,018,490
OTHER ASSETS 113,275 41,457
TOTAL $8,577,400 $8,677,898
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $ 773,057 $ 727,597
MINORITY INTEREST IN
REAL ESTATE JOINT VENTURE 410,857 419,861
PARTNERS' EQUITY:
General Partners (63,506) (62,137)
Limited Partners 7,456,992 7,592,577
Total partners' equity 7,393,486 7,530,440
TOTAL $8,577,400 $8,677,898
See accompanying notes to consolidated financial statements(unaudited).
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995
March 31, March 31,
1996 1995
REVENUES:
Rental Income $ 604,868 $ 583,905
Interest 3,667 2,314
Total revenues 608,535 586,219
EXPENSES:
Operating Expenses 338,484 339,574
General and administrative 74,629 64,408
Total expenses 413,113 403,982
INCOME BEFORE MINORITY INTEREST
IN INCOME OF REAL ESTATE
JOINT VENTURE 195,422 182,237
MINORITY INTEREST IN INCOME
OF REAL ESTATE JOINT VENTURE 22,346 26,090
NET INCOME $ 173,076 $ 156,147
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 171,345 $ 154,586
General partners 1,731 1,561
TOTAL $ 173,076 $ 156,147
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 5.58 $ 5.04
LIMITED PARTNERSHIP UNITS
USED IN PER UNIT CALCULATION 30,693 30,693
See accompanying notes to consolidated financial statements(unaudited).
</TABLE>
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' EQUITY (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995
<TABLE>
<CAPTION>
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
<S> <C> <C> <C>
EQUITY AT DECEMBER 31, 1994 ($ 58,938) $7,909,264 $7,850,326
NET INCOME 1,561 154,586 156,147
DISTRIBUTIONS (2,713) (268,564) (271,277)
EQUITY AT MARCH 31, 1995 ($60,090) $7,795,286 $7,735,196
EQUITY AT DECEMBER 31, 1995 ($62,137) $7,592,577 $7,530,440
NET INCOME 1,731 171,345 173,076
DISTRIBUTIONS (3,100) (306,930) (310,030)
EQUITY AT MARCH 31, 1996 ($63,506) $7,456,992 $7,393,486
See accompanying notes to consolidated financial statements(unaudited).
</TABLE>
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995
<TABLE>
<CAPTION>
March 31, March 31,
1996 1995
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 173,076 $ 156,147
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 146,937 146,938
Distributions paid to
minority interest
in real estate joint
venture in excess of
earnings (9,004) (10,510)
Changes in assets and
liabilities:
Increase in other assets (71,818) (30,744)
Increase in liabilities 45,460 63,352
Net cash provided by
operating activities 284,651 325,183
CASH FLOWS FROM INVESTING ACTIVITIES -
Purchase of property
and equipment 0 (3,770)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (310,030) (271,277)
NET INCREASE IN CASH AND
CASH EQUIVALENTS (25,379) 50,136
CASH AND CASH EQUIVALENTS:
At beginning of period 617,951 421,316
At end of period $ 592,572 $ 471,452
See accompanying notes to consolidated financial statements(unaudited).
</TABLE>
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, 1996
and for the periods ended March 31, 1996, and 1995 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, 1996, the total cost and
accumulated depreciation of the mini-storage facilities are as follows:
<TABLE>
<S> <C>
Land $ 2,729,790
Buildings and equipment 10,969,669
Total 13,699,459
Less: Accumulated Depreciation ( 5,827,906)
Property - Net $ 7,871,553
</TABLE>
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.
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C> <C>
<PERIOD-TYPE> 3-MOS YEAR
<FISCAL-YEAR-END> DEC-31-1996 DEC-31-1996
<PERIOD-END> MAR-31-1996 DEC-31-1996
<CASH> 592572 0
<SECURITIES> 0 0
<RECEIVABLES> 0 0
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 0 0
<PP&E> 13699459 0
<DEPRECIATION> 5827906 0
<TOTAL-ASSETS> 8577400 0
<CURRENT-LIABILITIES> 0 0
<BONDS> 0 0
<COMMON> 0 0
0 0
0 0
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 8577400 0
<SALES> 604868 0
<TOTAL-REVENUES> 608535 0
<CGS> 0 0
<TOTAL-COSTS> 0 0
<OTHER-EXPENSES> 0 0
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 0 0
<INCOME-PRETAX> 173076 0
<INCOME-TAX> 0 0
<INCOME-CONTINUING> 173076 0
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 173076 0
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</TABLE>
