FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1996
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: 0-15837
OUTLOOK INCOME FUND 9,
A CALIFORNIA LIMITED PARTNERSHIP
(Exact name of Registrant as specified in its charter)
California 33-0202964
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
400 South El Camino Real, Suite 1100
San Mateo, California 94402
(Address of principal executive offices) (Zip Code)
(415) 343-9300
(Registrant's telephone number)
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
Total number of units outstanding as of September 30, 1996: 35,727,572
Page 1 of 16
<PAGE>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
<TABLE>
OUTLOOK INCOME FUND 9,
A CALIFORNIA LIMITED PARTNERSHIP
Balance Sheets
(in thousands, except units outstanding)
(Unaudited)
<CAPTION>
September
30, December 31,
1996
1995
<S> <C>
<C>
Assets
Rental property:
Land $
4,192 $ 4,192
Buildings and improvements
26,126 25,903
- -------------- --------------
30,318 30,095
Less accumulated depreciation
(10,350) (9,543)
- -------------- --------------
Net rental property
19,968 20,552
Cash and cash equivalents
788 591
Accounts receivable, net
153 177
Note receivable
2,000 2,000
Deferred financing costs and other
fees, net of accumulated
amortization of $1,177 and $1,225
at September 30, 1996 and December 31,
1995, respectively
476 568
Other assets
278 159
- -------------- --------------
Total assets $
23,663 $ 24,047
============== ==============
</TABLE>
- continued -
Page 2 of 16
<PAGE>
<TABLE>
OUTLOOK INCOME FUND 9,
A CALIFORNIA LIMITED PARTNERSHIP
Balance Sheets - continued
(in thousands, except units outstanding)
(Unaudited)
<CAPTION>
September
30, December 31,
1996
1995
<S> <C>
<C>
Liabilities and Partners' Equity (Deficit)
Liabilities:
Notes payable - secured $
16,366 $ 15,345
Participating notes:
Notes issued and outstanding
4,591 4,591
Accrued interest, thereon
4,987 4,582
Less: Notes held in trust
(3,417) (2,329)
Accrued interest, thereon
(3,542) (2,297)
- -------------- --------------
Net due to noteholders
2,619 4,547
Accounts payable and accrued expenses
522 380
Interest payable
772 719
Other liabilities
64 63
- -------------- --------------
Total liabilities
20,343 21,054
- -------------- --------------
Partners' equity (deficit):
General Partner
(394) (397)
Limited Partners, 35,727,572 and
35,742,572 Equity Units
outstanding at September 30, 1996
and December 31, 1995, respectively
3,714 3,390
- -------------- --------------
Total partners' equity
3,320 2,993
- -------------- --------------
Total liabilities and partners'
equity $
23,663 $ 24,047
============== ==============
</TABLE>
See accompanying notes to financial statements.
Page 3 of 16
<PAGE>
<TABLE>
OUTLOOK INCOME FUND 9,
A CALIFORNIA LIMITED PARTNERSHIP
Statements of Operations
(in thousands, except per unit amounts)
(Unaudited)
<CAPTION>
Three
Months Ended Nine Months Ended
September 30, September 30,
- --------------------- ----------------
1996
1995 1996 1995
------
------ ------ -----
<S> <C>
<C>
Revenues:
Rental income $ 1,646
$ 1,624 $ 5,484 $ 5,981
Gain on sale of property ---
3 --- 158
Gain (loss) on deed-in-lieu of foreclosure ---
(10) --- 186
Interest and other income 115
106 339 337
----------
- ---------- ---------- ----------
Total revenues 1,761
1,723 5,823 6,662
----------
- ---------- ---------- ----------
Expenses:
Operating, including $1,387 and
$1,566 paid to affiliates in the nine months
ended September 30, 1996 and 1995,
respectively 1,173
1,070 3,536 3,955
Interest 487
408 1,335 1,801
Depreciation and amortization 252
337 873 1,028
General and administative, including $211
and $344 paid to affiliates in the nine
months ended September 30, 1996 and 1995,
respectively 103
134 323 424
----------
- ---------- ---------- ----------
Total expenses 2,015
1,949 6,067 7,208
----------
- ---------- ---------- ----------
Loss before extraordinary item (254)
(226) (244) (546)
Extraordinary item:
Gain (loss) from purchase of Participating
Notes 62
(14) 571 1,915
----------
- ---------- ---------- ----------
Net income (loss) $ (192)
$ (240) $ 327 $ 1,369
==========
========== ========== ==========
Net income (loss) per Equity Unit $ (0.01)
$ (0.01) $ 0.01 $ 0.04
==========
========== ========== ==========
Weighted average number of Equity units
outstanding during the period used to
compute net income (loss) per Equity unit 35,727,572
35,742,572 35,734,572 35,742,572
==========
========== ========== ==========
</TABLE>
See accompanying notes to financial statements.
Page 4 of 16
<PAGE>
<TABLE>
OUTLOOK INCOME FUND 9,
A CALIFORNIA LIMITED PARTNERSHIP
Statements of Partners' Equity (Deficit)
(in thousands)
For the nine months ended September 30, 1996 and 1995
(Unaudited)
<CAPTION>
General
Limited
Partner
Partners Total
<S> <C>
<C> <C>
Balance at December 31, 1995 $ (397)
$ 3,390 $ 2,993
Net income 3
324 327
-------------
- ------------ -------------
Balance at September 30, 1996 $ (394)
$ 3,714 $ 3,320
=============
============ =============
Balance at December 31, 1994 $ (407)
$ 2,431 $ 2,024
Net income 14
1,355 1,369
-------------
- ------------ -------------
Balance at September 30, 1995 $ (393)
$ 3,786 $ 3,393
=============
============ =============
</TABLE>
<TABLE>
See accompanying notes to financial statements.
Page 5 of 16
<PAGE>
OUTLOOK INCOME FUND 9,
A CALIFORNIA LIMITED PARTNERSHIP
Statements of Cash Flows (in thousands)
(Unaudited)
<CAPTION>
Nine months ended
September 30,
1996 1995
<S>
<C> <C>
Cash flows from operating activities:
Net income
$ 327 $ 1,369
Adjustments to reconcile net income to net cash
provided by operating activities:
Gain from purchase of Participating Notes
(571) (1,915)
Gain on sale of property
--- (158)
Gain on deed-in-lieu of foreclosure
--- (186)
Depreciation and amortization
873 1,028
Amortization of loan fees, included in interest
expense
62 172
Changes in certain assets and liabilities:
Accounts receivable
24 (95)
Deferred financing costs and other fees
(36) 130
Other assets
(119) (55)
Accounts payable and accrued expenses
142 42
Interest payable
165 291
Other liabilities
1 (69)
---------- ----------
Net cash provided by operating activities
868 554
---------- ----------
Cash flows from investing activities:
Additions to rental property
(223) (264)
Proceeds from sale of Millwood
--- 9,352
---------- ----------
Net cash provided by (used for) investing
activities
(223) 9,088
---------- ----------
Cash flows from financing activities:
Notes payable principal payments
(79) (7,664)
Repayment of unsecured notes payable
--- (2,007)
Borrowings on unsecured notes payable
1,100 2,500
Payment of Participating Notes and accrued
interest on Millwood sale
--- (609)
Buy-back of Participating Note units-discounted
(1,469) (2,109)
---------- ----------
Net cash used for financing activities
$ (448) $ (9,889)
---------- ----------
</TABLE>
- continued -
Page 6 of 16
<PAGE>
<TABLE>
OUTLOOK INCOME FUND 9,
A CALIFORNIA LIMITED PARTNERSHIP
Statements of Cash Flows - continued (in thousands
(Unaudited)
<CAPTION>
Nine months ended
September 30,
1996 1995
<S>
<C> <C>
Net increase (decrease) in cash and cash equivalents
$ 197 $ (247)
Cash and cash equivalents at beginning of period
591 801
----------- -----------
Cash and cash equivalents at end of period
$ 788 $ 554
=========== ===========
Supplemental disclosure of cash flow information:
Cash paid for interest
$ 1,491 $ 1,336
=========== ===========
Supplemental disclosure of noncash transactions:
Reduction of accrued interest payable resulting
from purchase of Participating Notes at discount
$ 135 $ 1,929
=========== ===========
Reduction of real estate investments resulting
from a deed-in-lieu of foreclosure
$ --- $ 3,718
=========== ===========
Reduction of note payable resulting from a deed-
in-lieu of foreclosure
$ --- $ 3,537
=========== ===========
</TABLE>
See accompanying notes to financial statements.
Page 7 of 16
<PAGE>
OUTLOOK INCOME FUND 9,
A CALIFORNIA LIMITED PARTNERSHIP
Notes to Financial Statements
September 30, 1996
(Unaudited)
Note 1. THE PARTNERSHIP
In the opinion of Glenborough Corporation (formerly Glenborough Realty
Corporation), the managing general partner, the accompanying unaudited financial
statements contain all adjustments (consisting of only normal accruals)
necessary to present fairly the financial position of Outlook Income Fund 9, A
California Limited Partnership (the "Partnership"), as of September 30, 1996 and
December 31, 1995, and the related statements of operations for the three and
nine months ended September 30, 1996 and 1995, and the changes in partners'
equity and cash flows for the nine months ended September 30, 1996 and 1995.
During the quarter ended June 30, 1996, 15,000 units were abandoned as a result
of partners desiring to no longer receive Partnership K-1's and to give them the
ability to write off investments for income tax purposes. The equity (deficit)
balance of the abandoned units was allocated to the remaining outstanding units.
As of September 30, 1996, limited partnership units issued and outstanding were
35,727,572.
Note 2. REFERENCE TO 1995 AUDITED FINANCIAL STATEMENTS
----------------------------------------------
These unaudited financial statements should be read in conjunction with the
Notes to Financial Statements included in the 1995 audited financial statements.
Note 3. TRANSACTIONS WITH AFFILIATES
Glenborough Corporation and Glenborough Hotel Group (collectively "Glenborough")
have been compensated for management services. Included in operating expenses
for the nine months ended September 30, 1996 and 1995, are the following amounts
paid to Glenborough:
1996 1995
------ -----
Property management fees $ 105,000 $ 123,000
Property salaries (reimbursed) 107,000 141,000
Hotel management fees 178,000 185,000
Hotel salaries (reimbursed) 997,000 1,117,000
The Partnership also reimbursed Glenborough for expenses incurred for services
provided to the Partnership such as accounting, investor services, data
processing, duplicating and office supplies, legal and administrative services
and the actual costs of goods and materials used for or by the Partnership.
Glenborough was reimbursed $211,000 and $344,000 by the Partnership for such
expenses during the nine months ended September 30, 1996 and 1995, respectively.
Such
Page 8 of 16
<PAGE>
OUTLOOK INCOME FUND 9,
A CALIFORNIA LIMITED PARTNERSHIP
Notes to Financial Statements
September 30, 1996
(Unaudited)
amounts are included in general and administrative expenses in the accompanying
statements of operations.
In accordance with the Partnership Agreement, the general partner or its
affiliates are entitled to a property disposition fee equal to 3% of the gross
sales price of the property. Glenborough Corporation was paid $312,000 in 1995
associated with the sale of the Millwood Estates property (discussed in Note 4).
The fee was included in the net gain on sale of assets.
Note 4. PROPERTY SALES
On March 28, 1995, the Partnership sold Millwood Estates Apartments to an
unaffiliated third party for $10,400,000, out of which $7,572,400 was used to
payoff the outstanding note secured by the property. In addition, sales proceeds
were used to payoff a $2,000,000 short-term note payable obtained in connection
with the repurchase of Participating Notes (as discussed in Note 6). After
closing costs and the payoff of the two notes, the Partnership netted cash
proceeds in the amount of $152,000. The Partnership recognized a gain on sale of
the asset on its 1995 Statement of Operations.
Note 5. NOTE RECEIVABLE
As of October 31, 1996, the agreement between the borrower and the Partnership
to pay off at a discount the $2,000,000 note receivable secured by the Branford
Business Park property has been terminated.
Note 6. PURCHASE OF PARTICIPATING NOTES
In January 1994, the Partnership sent a "Conditional Offer to Purchase 12%
Participating Notes" ("the Offer") to all Noteholders. The Offer was made to
Noteholders in an effort to reduce the impact of the Notes' accrued interest on
the value of the Equity Units. Buying back these notes provides a significant
interest savings to the Partnership, which benefits the Equity Unit investors
(whose returns are subordinated to the Noteholders' receiving a return of
principal plus 12% simple deferred interest per annum).
Approximately 45% of the Noteholders accepted the Offer and the repurchase
occurred in March 1995. The repurchase totalled $2,102,000 in original Note
principal. The related accrued interest on these Notes was $1,915,000, which was
not paid and represented the discount the Partnership received in the buyback.
The Partnership used the proceeds from a $2,000,000 short-term loan to fund the
repurchase (further discussion follows). The forgiveness of accrued interest was
recognized as an extraordinary gain on the Partnership's 1995 statement of
operations. The Notes and accrued interest will be held in trust for the benefit
of the Partnership.
Page 9 of 16
<PAGE>
OUTLOOK INCOME FUND 9,
A CALIFORNIA LIMITED PARTNERSHIP
Notes to Financial Statements
September 30, 1996
(Unaudited)
On January 27, 1995, the Partnership borrowed $2,000,000 from an unaffiliated
lender to facilitate the repurchase of Notes as discussed above. Since the
Partnership was relying on the proceeds from the sale of a property to fund the
purchase of the Notes, which would not be available until the sale of Millwood
Estates, the Partnership borrowed the money necessary to facilitate the purchase
in order to meet the deadline required by the Offer. The loan was paid off on
March 28, 1995 with a portion of the proceeds from the sale of Millwood Estates
Apartments.
On June 9, 1995, in accordance with the Participating Notes Indenture and as a
result of the sale of Millwood Estates, the Partnership retired $637,000 in
notes and $592,000 in related accrued interest. Of this amount, the Partnership
paid $609,000 ($314,000 of Participating Notes principal and accrued interest of
$295,000) to outside Noteholders, the remainder represented a retirement of
notes held in trust for the Partnership.
In June 1995, the Partnership sent a second "Conditional Offer to Purchase 12%
Participating Notes" (the "Second Offer") to the remaining Noteholders. The
Second Offer is for the repurchase of the Notes for a price equal to 135% of the
Noteholders original investment (i.e. the purchase price for each Note is $1.35
compared to an approximate current Note and accrued interest value of $1.95).
The Second Offer expired October 31, 1995, but the Partnership extended the
expiration to December 31, 1995. As of September 30, 1996, 177 Noteholders
accepted the Second Offer of which 173 have been paid. The Partnership will
purchase the notes held by the 4 noteholders not paid to date when they have
obtained replacement notes from the Trustee. The Partnership purchased
$1,088,000 in original Note principal and paid $381,000 of related accrued
interest for a total purchase price of $1,469,000, resulting in a gain to the
Partnership of $571,000. The Partnership borrowed $1,100,000 on a $2,000,000
line of credit with an unaffiliated lender to fund the repurchase (see Note 8
for further discussion).
Note 7. PROPERTY FORECLOSURE
In 1995, based on the continued low occupancy due to market saturation, and the
property's inability to meet debt service payments, management negotiated a
deed-in-lieu of foreclosure with the lender on the Regency Residence property.
The Partnership paid all net cash flow (defined as all income collected less
operating expenses) to the lender from November 1994 until title to the property
passed on May 26, 1995. The principal balance of the note secured by the
property on May 26, 1995 was $3,537,000, with accrued interest in the amount of
$98,700.
The Partnership recognized a gain on deed-in-lieu of foreclosure in the amount
of $188,000 (restated) primarily due to the write-off of accrued property taxes
that the property was unable to pay. The gain is included on the Partnership's
1995 statement of operations.
Page 10 of 16
<PAGE>
OUTLOOK INCOME FUND 9,
A CALIFORNIA LIMITED PARTNERSHIP
Notes to Financial Statements
September 30, 1996
(Unaudited)
Note 8. NOTE PAYABLE-SECURED
In the first quarter of 1996, the Partnership borrowed an additional $1,100,000
on a $2,000,000 line of credit with an unaffiliated third-party. The balance
outstanding at September 30, 1996 is $1,600,000. The note accrues interest at an
annual rate of 10.25% and requires monthly payments of interest only until June
1997, at which time the unpaid principal and interest are due.
Page 11 of 16
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations
LIQUIDITY AND CAPITAL RESOURCES
Outlook Income Fund 9 was formed to invest in improved, income-producing real
estate with the following objectives: (i) preserve and protect capital, (ii)
provide substantially tax-sheltered distributions to Equity Unit holders, and
(iii) offer the potential for appreciation in value.
The Partnership's original plan was to pay 9% current distributions to the
Equity Unit investors. The primary source for these distributions was to be
two-fold: First, income warranties given by sellers to maintain property income
at a high level while the properties were in their start-up phase; and second,
deferred interest debt that allowed the Partnership to use borrowed money
without having to make current loan payments. Most of the Partnership's debt,
including the Notes, was of this type. Thus, the income warranties subsidized
the property income, and the deferred interest debt allowed cash flow that would
normally have been required for debt service to be used for distributions. By
using these techniques, the Partnership was able to pay distributions at a high
level in the hope that the actual property cash flow and value of the properties
would increase enough that, (i) when the income warranties and interest
deferrals expired, the property cash flow would be able to make the new loan
payments without reducing distributions, and (ii) when the property was sold,
the value would have increased enough to absorb the higher mortgage balance
without eroding the original equity. It is now evident that the original overall
plan will not be realized. All distributions made by the Partnership to its
investors have represented return of capital.
The Partnership historically paid more in distributions than it earned, and
depleted its reserves. Additionally, all income warranties expired prior to
December 31, 1991, and in 1992, the deferred interest debt was restructured and
loan payments commenced. All distributions have been suspended until the
Partnership's reserves can be rebuilt to a level of at least $2,000,000. The
Partnership's September 30, 1996 cash balance was $788,000. At this time,
management is unable to predict when distributions will resume.
In January 1994, the Partnership sent a "Conditional Offer to Purchase 12%
Participating Notes" ("the Offer") to all Note holders. The Offer was being made
to Noteholders in an effort to reduce the impact of the Notes' accrued interest
on the value of the Equity Units. The Offer was contingent upon selling one or
more properties or otherwise obtaining financing to raise the cash needed to
repurchase the Notes at a discount. The Offer originally expired December 1,
1994 but was extended an additional 60 days. Approximately 45% of the
Noteholders accepted the Offer. Buying back these notes provided a significant
interest savings to the Partnership, which benefits the Equity Unit investors
(whose returns are subordinated to the Noteholders' receiving a return of
principal plus 12% simple deferred interest per annum).
On June 9, 1995, in accordance with the Participating Notes Indenture and as a
result of the sale of Millwood Estates, the Partnership retired $637,000 in
notes and $592,000 in related accrued interest. Of this amount, the Partnership
paid $609,000 ($314,000 of Participating Notes principal and accrued interest of
$295,000) to outside Noteholders, the remainder represented a retirement of
notes held in trust for the Partnership.
Page 12 of 16
<PAGE>
In June 1995, the Partnership sent a second "Conditional Offer to Purchase 12%
Participating Notes" (the "Second Offer") to the remaining Noteholders. The
Second Offer is for the repurchase of the Notes for a price equal to 135% of the
Noteholders original investment (i.e. the purchase price for each Note is $1.35
compared to an approximate current Note and accrued interest value of $1.95).
The Second Offer expired October 31, 1995, but the Partnership extended the
expiration to December 31, 1995. As of September 30, 1996, 177 Noteholders
accepted the Second Offer of which 173 have been paid. The Partnership will
purchase the notes held by the 4 noteholders not paid to date when they have
obtained replacement notes from the Trustee. The Partnership repurchased
$1,088,000 in original Note principal and paid $381,000 of related accrued
interest for a total purchase price of $1,469,000, resulting in a gain to the
Partnership of $571,000.
In the first quarter of 1996, the Partnership borrowed an additional $1,100,000
on a $2,000,000 line of credit with an unaffiliated third-party. The balance
outstanding at September 30, 1996 is $1,600,000. Proceeds from the loan were
used to supplement cash in order to facilitate the repayment of Participating
Notes and related accrued interest as a result of the Second Offer repurchase.
On March 28, 1995, the Partnership sold Millwood Estates Apartments to an
unaffiliated third party for $10,400,000, out of which $7,572,400 was used to
payoff the outstanding note secured by the property. In addition, sales proceeds
were used to payoff the $2,000,000 note payable used to repurchase Participating
Notes (as discussed above). The Partnership recognized a gain on sale on its
1995 Statement of Operations.
Deferred financing costs and other fees decreased by approximately $92,000 from
December 31, 1995 to September 30, 1996 as a result of writing-off of
unamortized loan fees and the normal amortization of deferred costs.
Other assets increased $119,000, or 75%, from December 31, 1995 to September 30,
1996 primarily due to the increase in property tax impounds required by the
lenders.
The increase in accounts payable and accrued expenses of $142,000, or 37%, from
December 31, 1995 to September 30, 1996 is primarily due to the increase in
accrued property taxes.
Management's ongoing business plan for the Partnership is to preserve capital
and rebuild cash reserves. By attempting to build cash reserves, suspending
distributions, and prudent day-to-day management of income and expenditures,
management is striving to maintain stable operations and endure the challenge of
the market.
Results of Operations
Operating revenues decreased $497,000 from $5,981,000 to $5,484,000 for the nine
month period ending September 30, 1996 compared to the same period in 1995. The
decrease is primarily due to the disposition of the Millwood and Regency
Residence properties which account for a combined decrease in revenues of
$1,057,000. Operating revenues, however, increased by a total of $474,000 in the
same time period at the Memphis and Tempe Hotels due to an increase in average
daily room rates.
Page 13 of 16
<PAGE>
Following is a comparison of occupancy (and average daily room rates for the
hotels) of the properties currently owned by the Partnership:
Occupancy Level
Percentage
September 30, September 30,
1996 1995
-------- ------
Lake Mead Estates 84% 93%
Bryant Lake Phases I and II 100% 100%
Bryant Lake Phase III 100% 93%
Country Suites - Memphis 73% 77%
Average Daily Room Rate $56.93 $53.26
Country Suites - Tempe 84% 86%
Average Daily Room Rate $63.59 $43.57
Operating expenses decreased $419,000 from $3,955,000 to $3,536,000 for the nine
month period ending September 30, 1996 compared to the same period in 1995. The
decrease is due to the disposition of the Millwood and Regency Residence
properties which accounted for $289,000 and $520,000 of the decrease,
respectively, netted with an increase in expenses at the Memphis and Tempe
hotels totaling approximately $360,000. The Memphis hotel realized an increase
in repairs and maintenance expenses as a result of aging of the building. The
Tempe hotel realized an increase in management and franchise fees expenses as a
result of the increase in operating revenues.
The decrease in interest expense of $466,000 from September 30, 1995 to
September 30, 1996 is a result of the disposition of the Millwood and Regency
Residence properties and their related notes payable which accounted for
$180,000 and $106,000 decreases, respectively. In addition, $135,000 of the
decrease relates to the repurchase of the Participating Notes by the
Partnership, netted with increased interest related to the borrowings on the
line of credit.
The decrease in depreciation and amortization of $155,000 from September 30,
1995 to September 30, 1996 is a result of the decrease in depreciable assets due
to the dispositions of the Millwood and Regency Residence properties.
General and administrative expenses decreased by $101,000 or 24% from $424,000
for the nine month period ended September 30, 1995 to $323,000 for the same
period in 1996 due to decreased overhead as a result of the disposition of the
Millwood and Regency Residence properties.
Page 14 of 16
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
None.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
#27 - Financial Data Schedule
(b) Reports on Form 8-K
None.
Page 15 of 16
<PAGE>
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.
OUTLOOK INCOME FUND 9,
A CALIFORNIA LIMITED PARTNERSHIP
By: Glenborough Corporation,
(formerly Glenborough Realty Corporation)
Managing General Partner
Date: November 13, 1996 By: /s/ TERRI GARNICK
------------------
Chief Financial Officer
Page 16 of 16
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000801449
<NAME> Outlook Income Fund 9
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 9-mos
<FISCAL-YEAR-END> dec-31-1996
<PERIOD-START> jan-01-1996
<PERIOD-END> sep-30-1996
<CASH> 788
<SECURITIES> 0
<RECEIVABLES> 162
<ALLOWANCES> (9)
<INVENTORY> 0
<CURRENT-ASSETS> 1,219
<PP&E> 30,318
<DEPRECIATION> (10,350)
<TOTAL-ASSETS> 23,663
<CURRENT-LIABILITIES> 586
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 3,714
<TOTAL-LIABILITY-AND-EQUITY> 23,663
<SALES> 0
<TOTAL-REVENUES> 5,823
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 4,723
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,335
<INCOME-PRETAX> (244)
<INCOME-TAX> 0
<INCOME-CONTINUING> (244)
<DISCONTINUED> 0
<EXTRAORDINARY> 571
<CHANGES> 0
<NET-INCOME> 327
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
