-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JW9VwqysZownyoQgUvOX8glokCMuo+fApbS3cKAzT3Jqb7HPyjaF0CFbVhTenvxB TY2yo6OCVhTGj6pwmyEvsA== 0000318835-98-000013.txt : 19980817 0000318835-98-000013.hdr.sgml : 19980817 ACCESSION NUMBER: 0000318835-98-000013 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19980630 FILED AS OF DATE: 19980814 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: DSI REALTY INCOME FUND IX CENTRAL INDEX KEY: 0000764586 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 330103989 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-14186 FILM NUMBER: 98688175 BUSINESS ADDRESS: STREET 1: 3701 LONG BEACH BLVD CITY: LONG BEACH STATE: CA ZIP: 90807 BUSINESS PHONE: 2135957711 MAIL ADDRESS: STREET 1: 3710 LONG BEACH BLVD STREET 2: P O BOX 357 CITY: LONG BEACH STATE: CA ZIP: 90807 10-Q 1 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 June 30, 1998 /___/ 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.) 6700 E. Pacific Coast Hwy., Long Beach, California 90803 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code-(562)493-8881 _________________________________________________________________ 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 June 30, 1998 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 June 30, 1998. 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 June 30, 1998. (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: July 31, 1998 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: July 31, 1998 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 EX-20 2 July 31, 1998 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 June 30, 1998. 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 June 30, 1998, and 1997, total revenues increased 4.1% from $653,687 to $680,298 and total expenses increased 1.3% from $429,341 to $435,006. Minority interest in income of real estate joint venture increased 24.2% from $21,764 to $27,036. As a result, net income increased 7.7% from $202,582 to $218,256 for the three month period ended June 30, 1998, as compared to the same period in 1997. Rental revenue increased as a result of higher unit rental rates. Occupancy levels for the Partnership's six mini-storage facilities averaged 83.6% for the three month period ended June 30, 1998, as compared to 87.8% for the same period in 1997. The Partnership is continuing its marketing efforts to attract and keep new tenants in its various mini-storage facilities. Operating expenses remained constant. General and administrative expenses increased approximately $4,400 (8.0%) as a result of relatively insignificant fluctuations in various expense accounts. Minority interest in income of real estate joint venture increased primarily as a result of higher rental revenue. For the six month periods ended June 30, 1998, and 1997, total revenues increased 3.6% from $1,293,248 to $1,340,160 and total expenses increased 0.3% from $846,096 to $848,665. Minority interest in income of real estate joint venture increased 24% from $41,810 to $51,824. As a result, net income increased 8.5% from $405,342 to $439,671 for the six month period ended June 30, 1998, as compared to the same period in 1997. The increase in revenue is primarily due to the increase in rental income as a result of higher unit rental rates. Operating expenses decreased approximately $3,300 (0.5%) due primarily to a decrease in salaries and wages partially offset by an increase in real estate tax expense. The decrease in salaries and wages is primarily due to a non-recurring termination payment to a facility manager in the prior year. General and administrative expenses increased approximately $5,900 (4.6%) for the same reason as discussed above. Minority interest in income of real estate joint venture increased primarily as a result of higher rental revenue and lower salaries and wage expense. The General Partners plan to continue their policy of funding 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 EX-20 3 DSI REALTY INCOME FUND IX (A California Real Estate Limited Partnership) CONSOLIDATED BALANCE SHEETS(UNAUDITED) JUNE 30, 1998 AND DECEMBER 31, 1997
June 30, December 31, 1998 1997 ASSETS CASH AND CASH EQUIVALENTS $ 575,071 $ 496,565 PROPERTY 6,538,889 6,832,913 OTHER ASSETS 89,317 67,449 TOTAL $7,203,277 $7,396,927 LIABILITIES AND PARTNERS' EQUITY LIABILITIES $ 736,212 $ 727,497 MINORITY INTEREST IN REAL ESTATE JOINT VENTURE 293,870 315,846 PARTNERS' EQUITY: General Partners (75,708) (73,905) Limited Partners 6,248,903 6,427,489 Total partners' equity 6,173,195 6,353,584 TOTAL $7,203,277 $7,396,927 See accompanying notes to consolidated financial statements(unaudited).
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED JUNE 30, 1998 AND 1997
June 30, June 30, 1998 1997 REVENUES: Rental Income $ 677,137 $ 650,511 Interest 3,161 3,176 Total revenues 680,298 653,687 EXPENSES: Operating Expenses 375,288 374,035 General and Administrative 59,718 55,306 Total expenses 435,006 429,341 INCOME BEFORE MINORITY INTEREST IN INCOME OF REAL ESTATE JOINT VENTURE 245,292 224,346 MINORITY INTEREST IN INCOME OF REAL ESTATE JOINT VENTURE 27,036 21,764 NET INCOME $ 218,256 $ 202,582 AGGREGATE NET INCOME ALLOCATED TO: Limited partners $ 216,073 $ 200,556 General partners 2,183 2,026 TOTAL $ 218,256 $ 202,582 NET INCOME PER LIMITED PARTNERSHIP UNIT $ 7.04 $ 6.53 LIMITED PARTNERSHIP UNITS USED IN PER UNIT CALCULATION 30,693 30,693 See accompanying notes to consolidated financial statements(unaudited).
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) FOR THE SIX MONTHS ENDED JUNE 30, 1998 AND 1997
June 30, June 30, 1998 1997 REVENUES: Rental Income $1,334,665 $1,287,029 Interest 5,495 6,219 Total revenue 1,340,160 1,293,248 EXPENSES: Operating Expenses 714,093 717,429 General and administrative 134,572 128,667 Total expenses 848,665 846,096 INCOME BEFORE MINORITY INTEREST IN INCOME OF REAL ESTATE JOINT VENTURE 491,495 447,152 MINORITY INTEREST IN INCOME OF REAL ESTATE JOINT VENTURE 51,824 41,810 NET INCOME $439,671 $405,342 AGGREGATE NET INCOME ALLOCATED TO: Limited partners $435,274 $401,289 General partners 4,397 4,053 TOTAL $439,671 $405,342 NET INCOME PER LIMITED PARTNERSHIP UNIT $14.18 $13.07 LIMITED PARTNERSHIP UNITS USED IN PER UNIT CALCULATION 30,693 30,693 See accompanying notes to consolidated financial statements (unaudited).
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' EQUITY (UNAUDITED) FOR THE SIX MONTHS ENDED JUNE 30, 1998 AND 1997
GENERAL LIMITED PARTNERS PARTNERS TOTAL EQUITY AT DECEMBER 31, 1996 ($68,439) $6,968,646 $6,900,207 NET INCOME 4,053 401,289 405,342 DISTRIBUTIONS (6,200) (613,860) (620,060) EQUITY AT JUNE 30, 1997 ($70,586) $6,756,075 $6,685,489 EQUITY AT DECEMBER 31, 1997 ($73,905) $6,427,489 $6,353,584 NET INCOME 4,397 435,274 439,671 DISTRIBUTIONS (6,200) (613,860) (620,060) EQUITY AT JUNE 30, 1998 ($75,708) $6,248,903 $6,173,195 See accompanying notes to consolidated financial statements(unaudited).
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE SIX MONTHS ENDED JUNE 30, 1998 AND 1997
June 30, June 30, 1998 1997 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 439,671 $ 405,342 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 293,875 293,875 Distributions paid to minority interest in real estate joint venture in excess of earnings (21,976) (20,891) Changes in assets and liabilities: Increase in other assets (21,868) (48,000) Increase(Decrease)in liabilities 8,715 (8,059) Net cash provided by operating activities 698,417 622,267 CASH FLOWS FROM INVESTING ACTIVITIES - Disposal of property and equipment 149 0 CASH FLOWS FROM FINANCING ACTIVITIES - Distributions to partners (620,060) (620,060) NET INCREASE IN CASH AND CASH EQUIVALENTS 78,506 2,207 CASH AND CASH EQUIVALENTS: At beginning of period 496,565 549,578 At end of period $ 575,071 $ 551,785 See accompanying notes to consolidated financial statements(unaudited).
DSI REALTY INCOME FUND IX (A California Real Estate Limited Partnership) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 1. GENERAL DSI Realty Income Fund IX (the "Partnership"), a limited partnership, has three general partners (DSI Properties, Inc., Robert J. Conway and Joseph W. Conway) and limited partners owning 30,693 limited partnership units. The accompanying consolidated financial information as of June 30, 1998 and for the periods ended June 30, 1998, and 1997 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 June 30, 1998, the total cost and accumulated depreciation of the mini-storage facilities are as follows: Land $ 2,729,790 Buildings and equipment 10,975,750 Total 13,705,540 Less: Accumulated Depreciation ( 7,166,651) Property - Net $ 6,538,889
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. EX-27 4
5 3-MOS YEAR DEC-31-1998 DEC-31-1998 JUN-30-1998 DEC-31-1998 575071 0 0 0 0 0 0 0 0 0 0 0 13705540 0 7166651 0 7203277 0 0 0 0 0 0 0 0 0 0 0 0 0 7203277 0 1334665 0 1340160 0 0 0 0 0 0 0 0 0 0 0 439671 0 0 0 439671 0 0 0 0 0 0 0 439671 0 0 0 0 0
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