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 quarterly period ended September 30, 1997
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)
(650) 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, 1997: 35,727,572
Page 1 of 16
<PAGE>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
OUTLOOK INCOME FUND 9,
A CALIFORNIA LIMITED PARTNERSHIP
Balance Sheets
(in thousands, except units outstanding)
(Unaudited)
<TABLE>
<CAPTION>
September 30, December 31,
1997 1996
<S> <C> <C>
Assets
Investments in real estate:
Rental property, net of accumulated depreciation
of $6,183 at December 31, 1996 $ --- $ 12,397
Rental property held for sale, net 12,131 3,917
Rental property held pending foreclosure --- 3,375
-------------- --------------
Net real estate investments 12,131 19,689
Cash and cash equivalents 2,337 1,121
Note receivable 1,758 2,000
Accounts receivable, net 98 119
Deferred financing costs and other fees,
net of accumulated amortization of $959
and $1,219 at September 30, 1997
and December 31, 1996, respectively 411 435
Other assets 256 125
-------------- --------------
Total assets $ 16,991 $ 23,489
============== ==============
</TABLE>
- continued -
Page 2 of 16
<PAGE>
OUTLOOK INCOME FUND 9,
A CALIFORNIA LIMITED PARTNERSHIP
Balance Sheets - continued
(in thousands, except units outstanding)
(Unaudited)
<TABLE>
<CAPTION>
September 30, December 31,
1997 1996
<S> <C> <C>
Liabilities and Partners' Equity (Deficit)
Liabilities:
Notes payable - secured $ 9,150 $ 16,325
Participating notes:
Notes issued and outstanding 4,591 4,591
Accrued interest, thereon 5,538 5,125
Less: Notes held in trust (3,288) (3,288)
Accrued interest, thereon (3,942) (3,650)
-------------- --------------
Net due to noteholders 2,899 2,778
Accounts payable and accrued expenses 366 448
Interest payable 770 769
Other liabilities 70 65
-------------- --------------
Total liabilities 13,255 20,385
-------------- --------------
Partners' equity (deficit):
General Partner (390) (396)
Limited Partners, 35,727,572 equity units
outstanding at September 30, 1997 and
December 31, 1996 4,126 3,500
-------------- --------------
Total partners' equity 3,736 3,104
-------------- --------------
Total liabilities and partners' equity $ 16,991 $ 23,489
============== ==============
</TABLE>
See accompanying notes to financial statements.
Page 3 of 16
<PAGE>
OUTLOOK INCOME FUND 9,
A CALIFORNIA LIMITED PARTNERSHIP
Statements of Operations
(in thousands, except per unit amounts and units outstanding)
(Unaudited)
<TABLE>
<CAPTION>
Three months ended Nine months ended
September 30, September 30,
------------------------------ -----------------------
1997 1996 1997 1996
------------ ----------- ------------- --------
<S> <C> <C> <C> <C>
Revenue:
Rental income $ 952 $ 1,646 $ 4,400 $ 5,484
Interest and other income 112 115 357 339
Gain on foreclosure --- --- 174 ---
Gain (loss) on sale of property (9) --- 547 ---
----------- ----------- ------------- -------------
Total revenue 1,055 1,761 5,478 5,823
----------- ----------- ------------- -------------
Expenses:
Operating, including $1,049 and $1,387
paid to affiliates during the nine
months ended September 30, 1997 and 1996,
respectively 680 1,173 2,699 3,536
Interest 275 487 1,099 1,335
Depreciation and amortization 167 252 504 873
Provision for impairment of note receivable 242 --- 242 ---
General and administrative, including
$214 and $211 paid to affiliates in the
nine months ended September 30, 1997
and 1996, respectively 94 103 302 323
----------- ----------- ------------- -------------
Total expenses 1,458 2,015 4,846 6,067
----------- ----------- ------------- -------------
Income (loss) before extraordinary item (403) (254) 632 (244)
Extraordinary item:
Gain from Participating Notes purchased --- 62 --- 571
----------- ----------- -------------- -------------
Net income (loss) $ (403) $ (192) $ 632 $ 327
=========== =========== ============== =============
</TABLE>
- continued -
Page 4 of 16
<PAGE>
OUTLOOK INCOME FUND 9,
A CALIFORNIA LIMITED PARTNERSHIP
Statements of Operations - continued
(in thousands, except per unit amounts and units outstanding)
(Unaudited)
<TABLE>
<CAPTION>
Three months ended Nine months ended
September 30, September 30,
-------------------------------- -----------------------
1997 1996 1997 1996
-------------- ------------- ------------- --------
<S> <C> <C> <C> <C>
Net income (loss) per equity unit:
Before extraordinary item $ (0.01) $ (0.01) $ 0.02 $ ---
Extraordinary item --- --- --- 0.01
-------------- ------------ -------------- -------------
Total $ (0.01) $ (0.01) $ 0.02 $ 0.01
============= ============ ============== =============
Weighted average number of equity units
outstanding during the period used to
compute net income (loss) per equity unit 35,727,572 35,727,572 35,727,572 35,734,572
============= ============ ============== =============
</TABLE>
See accompanying notes to financial statements.
Page 5 of 16
<PAGE>
OUTLOOK INCOME FUND 9,
A CALIFORNIA LIMITED PARTNERSHIP
Statements of Partners' Equity (Deficit)
For the nine months ended September 30, 1997 and 1996
(in thousands)
(Unaudited)
<TABLE>
<CAPTION>
General Limited
Partner Partners Total
<S> <C> <C> <C>
Balance at December 31, 1996 $ (396) $ 3,500 $ 3,104
Net income 6 626 632
------------- ------------ -------------
Balance at September 30, 1997 $ (390) $ 4,126 $ 3,736
============= ============ =============
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
============= ============ =============
</TABLE>
See accompanying notes to financial statements.
Page 6 of 16
<PAGE>
OUTLOOK INCOME FUND 9,
A CALIFORNIA LIMITED PARTNERSHIP
Statements of Cash Flows
(in thousands)
(Unaudited)
<TABLE>
<CAPTION>
Nine months ended
September 30,
1997 1996
<S> <C> <C>
Cash flows from operating activities:
Net income $ 632 $ 327
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 504 873
Amortization of loan fees, included in interest expense 70 62
Gain on Participating Notes purchased --- (571)
Gain on foreclosure (174) ---
Gain on sale of property (547) ---
Provision for impairment of note receivable 242 ---
Changes in certain assets and liabilities:
Accounts receivable 21 24
Deferred financing costs and other fees (211) (36)
Other assets (139) (119)
Accounts payable and accrued expenses (58) 142
Interest payable 200 165
Other liabilities 5 1
---------- ----------
Net cash provided by operating activities 545 868
---------- ----------
Cash flows from investing activities:
Additions to real estate (205) (223)
Net proceeds from sale of property 892 ---
---------- ----------
Net cash provided by (used for) investing activities 687 (223)
---------- ----------
Cash flows from financing activities:
Net proceeds from note payable refinancing 42 ---
Notes payable principal payments (58) (79)
Borrowings on secured notes payable --- 1,100
Buy-back of Participating Notes-discounted --- (1,469)
---------- ----------
Net cash used for financing activities (16) (448)
---------- ----------
Net increase in cash and cash equivalents $ 1,216 $ 197
- continued -
</TABLE>
Page 7 of 16
<PAGE>
OUTLOOK INCOME FUND 9,
A CALIFORNIA LIMITED PARTNERSHIP
Statements of Cash Flows - continued
(in thousands)
(Unaudited)
<TABLE>
<CAPTION>
Nine months ended
September 30,
1997 1996
<S> <C> <C>
Cash and cash equivalents at beginning of period $ 1,121 $ 591
---------- --------
Cash and cash equivalents at end of period $ 2,337 $ 788
=========== =========
Supplemental disclosure of cash flow information:
Cash paid for interest $ 847 $ 1,491
=========== ===========
Supplemental disclosure of non-cash transactions:
Reduction of accrued interest payable resulting
from purchase of Participating Notes at discount $ --- $ 135
=========== ===========
Supplemental disclosure of non-cash refinancing:
New financing $ 4,300 $ ---
Original financing paid-off in escrow (4,258) ---
----------- -----------
Net loan proceeds $ 42 $ ---
=========== ===========
Supplemental disclosure of property foreclosure:
Write-off assets and liabilities:
Basis in investment in real estate $ (3,376) $ ---
Unamortized deferred costs (12) ---
Other assets (8) ---
Note payable balance 3,468 ---
Accrued interest expense 78 ---
Other accrued expenses 24 ---
----------- -----------
Net gain on foreclosure $ 174 $ ---
=========== ===========
Supplemental disclosure of property sale:
Sales price $ 4,900 $ ---
Note payable paid-off in escrow (3,691) ---
Costs of sale (317) ---
----------- -----------
Proceeds from the sale $ 892 $ ---
=========== ===========
Sales price, net of costs of sale $ 4,583 $ ---
Less: Basis in investment in real estate (3,917) ---
Less: Unamortized deferred financing costs and other fees (119) ---
----------- -----------
Gain on sale of property $ 547 $ ---
=========== ===========
See accompanying notes to financial statements.
</TABLE>
Page 8 of 16
<PAGE>
OUTLOOK INCOME FUND 9,
A CALIFORNIA LIMITED PARTNERSHIP
Notes to Financial Statements
September 30, 1997
(Unaudited)
Note 1. THE PARTNERSHIP
In the opinion of Glenborough 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, 1997 and December 31, 1996, and the related statements of
operations for the three and nine months ended September 30, 1997 and 1996, and
changes in partners' equity (deficit) and cash flows for the nine months ended
September 30, 1997 and 1996.
On September 9, 1997, a Consent Solicitation Statement (the "Solicitation") was
sent to the limited partners of the Partnership proposing to sell the
Partnership's remaining assets, distribute the net cash balance upon settlement
of all liabilities, and dissolve the Partnership by December 31, 1997. The
Solicitation is hereby incorporated by reference to the Definitive Schedule 14A
- - Proxy Statement filed with the Securities and Exchange Commission on September
8, 1997. On October 8, 1997, the solicitation period ended and management
received a 69.95% voter response from the limited partners with 64.44% voting in
favor, 3.86% against and 1.65% abstaining. Upon completion of the sales, the
holders of the Participating Notes are entitled to receive their original
principal amounts together with accrued interest thereon less amounts previously
paid. The General Partner estimates the remaining amount available for
distribution to the limited partners will be approximately $0.18 per Unit, based
on 35,727,572 Units outstanding.
Reclassifications - Certain 1996 balances have been reclassified to conform to
the current year presentation.
Note 2. REFERENCE TO 1996 AUDITED FINANCIAL STATEMENTS
----------------------------------------------
These unaudited financial statements should be read in conjunction with the
Notes to Financial Statements included in the 1996 audited financial statements.
Note 3. TRANSACTIONS WITH AFFILIATES
In accordance with the Limited Partnership Agreement, Glenborough Corporation
and Glenborough Hotel Group (collectively "Glenborough") are compensated for
management services. Included in operating expenses for the nine months ended
September 30, 1997 and 1996, are the following amounts paid to Glenborough:
Page 9 of 16
<PAGE>
OUTLOOK INCOME FUND 9,
A CALIFORNIA LIMITED PARTNERSHIP
Notes to Financial Statements
September 30, 1997
(Unaudited)
1997 1996
------------- -------------
Property management fees $ 89,000 $ 105,000
Property salaries (reimbursed) 93,000 107,000
Hotel management fees 140,000 178,000
Hotel salaries (reimbursed) 727,000 997,000
------------- -------------
$ 1,049,000 $ 1,387,000
============= =============
The Partnership also reimburses 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 $214,000 and $211,000 by the Partnership for such
expenses during the nine months ended September 30, 1997 and 1996, respectively.
Such amounts are included in general and administrative expenses in the
accompanying statements of operations.
As of September 30, 1997, GPA Ltd., a partnership with the same general partner
as the Partnership, purchased 1,642,746 limited partnership units (a 4.6%
interest) from an unaffiliated limited partner for $125,000.
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 $147,000 in 1997
associated with the sale of the Lake Mead Estates Apartments. The fee is
included in the net gain on sale of property.
Note 4. INVESTMENTS IN REAL ESTATE
As of September 30, 1997, the Partnership owned the following properties: Bryant
Lake Business Center: Phases I, II and III (a 171,743 square foot commercial
center in Eden Prairie, Minnesota), and Country Suites by Carlson Tempe (a 139
suite hotel in Tempe, Arizona).
The Partnership discontinued debt service payments effective January 1997 on the
Country Suites by Carlson Memphis property due to the continued insufficient
funds generated from operations to cover debt service. On April 4, 1997, the
lender foreclosed upon the property. At the time of the foreclosure, the
outstanding loan balance secured by the property (including accrued interest)
was $3,546,000 and the net assets approximated $3,372,000. The Partnership
recognized a gain on foreclosure of $174,000, which is included in the 1997
statement of operations.
On June 18, 1997, the Partnership sold Lake Mead Estates Apartments to an
unaffiliated third party for $4,900,000. The proceeds from the sale were used to
payoff the loan secured by the property of approximately $3,700,000 and
settlement and other closing costs, including a $147,000 transaction fee to the
general partner. The remaining net proceeds of $863,000 were added to the
Partnership's reserves. The sale was an all cash sale and the Partnership has no
continuing obligation or involvement with the property. The Partnership
recognized a $547,000 gain on the sale of the property.
Page 10 of 16
<PAGE>
OUTLOOK INCOME FUND 9,
A CALIFORNIA LIMITED PARTNERSHIP
Notes to Financial Statements
September 30, 1997
(Unaudited)
Note 5. NOTES PAYABLE
On April 24, 1997, the Partnership refinanced two loans with a total outstanding
balance of $4,258,000 into a $4,300,000 loan with an unaffiliated third party.
The loan is secured by the Country Suites by Carlson-Tempe hotel property, bears
interest at a rate of prime plus one (9.5% at September 30, 1997) and requires
monthly interest only payments until March 31, 1999, at which time all principal
and interest will be due and payable.
Note 6. SUBSEQUENT EVENTS
On October 14, 1997, the Partnership sold the Country Suites by Carlson - Tempe
property to Wall - Norm, LLC for $6,400,000. The owners of Wall - Norm, LLC
consist of a former director of Glenborough Corporation and the president of
Glenborough Hotel Group. The proceeds from the sale were used to payoff the loan
secured by the property of approximately $4,316,000, including related interest,
and other closing costs. The remaining net proceeds of $2,068,000 were added to
the Partnership's reserves.
On November 4, 1997, the Partnership sold the Bryant Lake Business Center:
Phases I, II and III, to Glenborough Properties, L.P., an affiliate of the
general partner, for $9,400,000. Glenborough Properties, L.P. assumed the
outstanding loan secured by the property of $4,850,000. The proceeds from the
sale were used to payoff the deferred interest on the loan of approximately
$741,000 and other closing costs. The remaining net proceeds of $3,760,000 were
added to the Partnership's reserves.
On November 4, 1997, the Partnership sold the $2,000,000 note receivable to an
unaffiliated third party for a discounted price of $1,760,000. The Partnership
added the net proceeds from the sale of $1,758,000 to its cash reserves.
Subsequent to the above noted sales, the Participating Notes will be paid-off
(including accrued interest) and the Partnership will distribute the remaining
funds to the limited and general partners in accordance with the limited
partnership agreement.
Page 11 of 16
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
INTRODUCTION
The following discussion addresses the Partnership's financial condition at
September 30, 1997 and its results of operations for the nine months ended
September 30, 1997 and 1996. This information should be read in conjunction with
the Partnership's audited December 31, 1996 Financial Statements, notes thereto
and other information contained elsewhere in this report.
LIQUIDITY AND CAPITAL RESOURCES
At September 30, 1997, the Partnership had cash and cash equivalents of
$2,337,000. The remainder of the Partnership's assets consist primarily of its
investments in real estate, all held for sale, which total $12,131,000 at
September 30, 1997.
As of September 30, 1997, the Partnership owned the following properties, both
of which were under contract for sale: Bryant Lake Business Center: Phases I, II
and III (a 171,743 square foot commercial center in Eden Prairie, Minnesota),
and Country Suites by Carlson - Tempe (a 139 suite hotel in Tempe, Arizona).
Upon the sale of these two properties, the secured debt, with an outstanding
balance of $9,150,000 at September 30, 1997, would either be paid-off or assumed
by the respective buyers.
The decrease in investments in real estate from December 31, 1996 to September
30, 1997 is due to the April 4, 1997 foreclosure of the Country Suites by
Carlson - Memphis hotel and the June 18, 1997 sale of the Lake Mead Estate
Apartments. As a result of these two transactions, notes payable decreased by
approximately $7,158,000.
On September 9, 1997, a proxy was sent to the limited partners of the
Partnership proposing to sell the Partnership's remaining assets, distribute the
net cash proceeds upon settlement of all liabilities, and dissolve the
Partnership by December 31, 1997. On October 8, 1997, the solicitation period
ended and management received a favorable vote by 69.95% of the limited partners
with 64.44% in favor, 3.86% against and 1.65% abstaining. Upon completion of the
sales, the holders of the Participating Notes are entitled to receive their
original principal amounts together with accrued interest thereon less amounts
previously paid. The General Partner estimates the amount available for
distribution to the limited partners will be approximately $0.18 per Unit, based
on 35,727,572 Units outstanding.
On October 14, 1997, the Partnership sold the Country Suites by Carlson - Tempe
hotel property for $6,400,000. The proceeds from the sale were used to payoff
the loan secured by the property of $4,300,000 and other closing costs. The
remaining net proceeds of $2,068,000 were added to the Partnership's reserves.
The sale was an all cash sale and the Partnership has not continuing obligation
or involvement with the property.
On November 4, 1997, the Partnership sold the Bryant Lake Office Complex, Phases
I, II and III, to Glenborough Properties L.P., an affiliate of the general
partner, for $9,400,000. Glenborough Properties L.P. assumed the outstanding
loan secured by the property of $4,850,000. The proceeds from the sale were used
to payoff the deferred interest on the loan of approximately $741,000 and other
closing costs. The remaining net proceeds of $3,760,000 were added to the
Partnership's cash reserves.
Page 12 of 16
<PAGE>
On November 4, 1997, the Partnership sold the $2,000,000 note receivable to an
unaffiliated third party for a discounted price of $1,760,000. The Partnership
added the net proceeds from the sale of $1,758,000 to its cash reserves.
Other assets increased $131,000, or 105%, from December 31, 1996 to September
30, 1997 primarily due to additional impound payments made in accordance with
the loan obtained on April 24, 1997 and an increase in impounds paid for
property taxes due in October 1997.
Management believes that the Partnership's available cash and net proceeds upon
the completed sales of the properties will be sufficient to finance the cash
requirements of the Partnership until an orderly dissolution is completed.
RESULTS OF OPERATIONS
Rental income decreased $1,084,000, or 20%, for the nine months ended September
30, 1997 compared to the same period in 1996. The decrease is primarily the
result of the April 1997 foreclosure on the Country Suites by Carlson - Memphis
property and the June 1997 sale of the Lake Mead Estates Apartments which
accounted for decreases of $1,007,000 and $274,000, respectively. These
decreases are partially offset by an increase in revenues at the Tempe hotel
property of $295,000 resulting from an increase in the average daily room rate.
The following is a comparison of occupancy (and average daily room rates for the
hotel) of the properties owned by the Partnership as of September 30, 1997 and
1996:
Occupancy Level
Percentage
------------------
1997 1996
------- --------
Bryant Lake Phases I and II 91% 100%
Bryant Lake Phase III 94% 100%
Country Suites - Tempe 87% 90%
Average Daily Room Rate $70.32 $67.68
Interest and other income increased $18,000 or 5% when comparing the nine months
ended September 30, 1997 to the same nine months in 1996 due to the receipt of
$35,000 in 1997 in connection with a settlement from a former tenant of the
Bryant Lake Phase I property. Additionally, interest income increased $37,000 in
1997 compared to 1996 as a result of higher invested cash balances in 1997.
These increases were partially offset by a decrease in other hotel revenue as a
result of the April 1997 foreclosure on the Country Suites by Carlson - Memphis
property.
As discussed in Note 4 to the Notes to Financial Statements, the foreclosure of
Country Suites by Carlson Memphis property resulted in a gain of $174,000 and is
included on the Partnership's 1997 statement of operations.
As discussed in Note 4 to the Notes to Financial Statements, the sale of Lake
Mead Estates Apartments resulted in a gain of $547,000 and is included on the
Partnership's 1997 statement of operations.
Page 13 of 16
<PAGE>
Operating expenses decreased $837,000, or 24%, for the nine months ended
September 30, 1997 compared to the same period in 1996 primarily as a result of
the April 1997 foreclosure on the Country Suites by Carlson - Memphis property
and the June 1997 sale of Lake Mead Apartments which accounted for a decrease of
$867,000 and $125,000, respectively. The decreases are offset by a $120,000
increase in expenses at the Tempe hotel property as a result of the higher
volume of business and increases at the Bryant Lake Business Center properties
of $9,000 for costs incurred when the Partnership obtained independent
appraisals of the rental property and $18,000 for additional property taxes as a
result of an increase in the properties appraised value.
The decrease in depreciation and amortization of $369,000, or 42%, for the nine
months ended September 30, 1997 compared to the nine months ended September 30,
1996 is a direct result of ceasing depreciation, effective January 1, 1997, on
the Partnership's properties that were classified as held for sale and held
pending foreclosure at December 31, 1996.
General and administrative expenses decreased $21,000, or 7%, for the nine
months ended September 30, 1997 compared to the same period in 1996 primarily
due to a one-time payment of professional fees in 1996 rendered in connection
with appraisals of the Partnership's properties.
Page 14 of 16
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
None.
Item 2. Changes in Securities
Not applicable.
Item 3. Defaults Upon Senior Securities
Not applicable.
Item 4. Submission of Matters to a Vote of Security Holders
Incorporated by reference to Note 1 of the Notes to Financial
Statements.
Item 5. Other Information
None.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
#27 - Financial Data Schedule
(b) Reports on Form 8-K.
On October 29, 1997, the Partnership filed a From 8-K
announcing the October 14, 1997 sale of the Country Suites by
Carlson - Tempe property, a 139 suite hotel located in Tempe,
Arizona, to Wall - Norm, LLC for $6,400,000. The owners of
Wall - Norm, LLC consist of a former director of Glenborough
Corporation, the general partner of the Partnership, and the
president of Glenborough Hotel Group, an affiliate of
Glenborough Corporation.
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,
a California corporation
Its Managing General Partner
Date: November 14, 1997 By: /S/ Terri Garnick
----------------------
Terri Garnick
Chief Financial Officer
Page 16 of 16
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000801449
<NAME> Outlook Income Fund 9
<MULTIPLIER> 1,000
<CURRENCY> U.S. dollars
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<EXCHANGE-RATE> 1.000
<CASH> 2,337
<SECURITIES> 0
<RECEIVABLES> 1,860
<ALLOWANCES> (4)
<INVENTORY> 0
<CURRENT-ASSETS> 2,691
<PP&E> 16,486
<DEPRECIATION> (4,355)
<TOTAL-ASSETS> 16,991
<CURRENT-LIABILITIES> 436
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 3,736
<TOTAL-LIABILITY-AND-EQUITY> 16,991
<SALES> 0
<TOTAL-REVENUES> 5,478
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 3,505
<LOSS-PROVISION> 242
<INTEREST-EXPENSE> 1,099
<INCOME-PRETAX> 632
<INCOME-TAX> 0
<INCOME-CONTINUING> 632
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 632
<EPS-PRIMARY> 0.02
<EPS-DILUTED> 0
</TABLE>
