EX-20 3 0003.txt DSI REALTY INCOME FUND IX (A California Real Estate Limited Partnership) CONSOLIDATED BALANCE SHEETS(UNAUDITED) JUNE 30, 2000 AND DECEMBER 31, 1999
June 30, December 31, 2000 1999 ASSETS CASH AND CASH EQUIVALENTS $ 553,459 $ 503,249 PROPERTY, Net 5,406,296 5,700,171 OTHER ASSETS 59,725 61,924 TOTAL $6,019,480 $6,265,344 LIABILITIES AND PARTNERS' EQUITY (DEFICIT) LIABILITIES $ 734,054 $ 751,736 MINORITY INTEREST IN REAL ESTATE JOINT VENTURE 203,424 222,444 PARTNERS' EQUITY (DEFICIT): General Partners (86,620) (84,529) Limited Partners 5,168,622 5,375,693 Total partners' equity 5,082,002 5,291,164 TOTAL $6,019,480 $6,265,344 See accompanying notes to consolidated financial statements(unaudited).
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED JUNE 30, 2000 AND 1999
June 30, June 30, 2000 1999 REVENUES: Rental income $ 701,010 $ 732,740 Interest 1,778 2,545 Total revenues 702,788 735,285 EXPENSES: Operating 399,020 397,432 General and Administrative 64,184 59,327 Total expenses 463,204 456,759 INCOME BEFORE MINORITY INTEREST IN INCOME OF REAL ESTATE JOINT VENTURE 239,584 278,526 MINORITY INTEREST IN INCOME OF REAL ESTATE JOINT VENTURE (26,189) (29,576) NET INCOME $ 213,395 $ 248,950 AGGREGATE NET INCOME ALLOCATED TO: Limited Partners $ 211,261 $ 246,460 General Partners 2,134 2,490 TOTAL $ 213,395 $ 248,950 NET INCOME PER LIMITED PARTNERSHIP UNIT $ 6.88 $ 8.03 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, 2000 AND 1999
June 30, June 30, 2000 1999 REVENUES: Rental income $1,401,739 $1,438,577 Interest 3,565 5,051 Total revenue 1,405,304 1,443,628 EXPENSES: Operating 796,195 815,884 General and administrative 139,831 131,679 Total expenses 936,028 947,563 INCOME BEFORE MINORITY INTEREST IN INCOME OF REAL ESTATE JOINT VENTURE 469,278 496,065 MINORITY INTEREST IN INCOME OF REAL ESTATE JOINT VENTURE (58,380) (55,225) NET INCOME $410,898 $440,840 AGGREGATE NET INCOME ALLOCATED TO: Limited Partners $406,789 $436,432 General Partners 4,109 4,408 TOTAL $410,898 $440,840 NET INCOME PER LIMITED PARTNERSHIP UNIT $13.25 $14.22 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, 2000 AND 1999
GENERAL LIMITED PARTNERS PARTNERS TOTAL BALANCE AT JANUARY 1, 1999 ($78,101) $6,012,109 $5,934,008 NET INCOME 4,808 436,432 440,840 DISTRIBUTIONS (6,200) (613,860) (620,060) BALANCE AT JUNE 30, 1999 ($79,893) $5,834,681 $5,754,788 BALANCE AT JANUARY 1, 2000 ($84,529) $5,375,693 $5,291,164 NET INCOME 4,109 406,789 410,898 DISTRIBUTIONS (6,200) (613,860) (620,060) BALANCE AT JUNE 30, 2000 ($86,620) $5,168,622 $5,082,002 See accompanying notes to consolidated financial statements(unaudited).
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999
June 30, June 30, 2000 1999 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 410,898 $ 440,840 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 293,875 293,875 Minority interest in income of real estate joint venture 58,380 55,225 Changes in assets and liabilities: Decrease(increase)in other assets 2,199 (5,885) Decrease(increase)in liabilities (17,682) (39,337) Net cash provided by operating activities 747,670 744,718 CASH FLOWS FROM FINANCING ACTIVITIES - Distributions to partners (620,060) (620,060) Distributions paid to minority interest in real estate joint venture (77,400) (62,700) Net cash used in financing activities (697,460) (682,760) NET INCREASE IN CASH AND CASH EQUIVALENTS 50,210 61,958 CASH AND CASH EQUIVALENTS: At beginning of period 503,249 633,690 At end of period $ 533,459 $ 695,648 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, 2000 and for the periods ended June 30, 2000, and 1999 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, 2000, the total cost and accumulated depreciation of the mini-storage facilities are as follows: Land $ 2,729,790 Buildings and equipment 11,018,658 Total 13,748,448 Less: Accumulated Depreciation ( 8,342,152) Property - Net $ 5,406,296
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.