-----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, Jnf+lcEU9aPrO4u920A1maJXDFjwxJET09HyuQLMEaykL1mFgzBM/Y5qV99W2T+N nhKa+toHLUj3jsfri83NUA== /in/edgar/work/20000815/0000318835-00-000006/0000318835-00-000006.txt : 20000922 0000318835-00-000006.hdr.sgml : 20000921 ACCESSION NUMBER: 0000318835-00-000006 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20000630 FILED AS OF DATE: 20000815 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DSI REALTY INCOME FUND IX CENTRAL INDEX KEY: 0000764586 STANDARD INDUSTRIAL CLASSIFICATION: [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: 701772 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 0001.txt 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, 2000 /___/ 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, 2000 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, 2000. 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, 2000. (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, 2000 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, 2000 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 0002.txt July 31, 2000 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, 2000. 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, 2000, and 1999, total revenues decreased 4.4% from $735,285 to $702,788 and total expenses increased 1.4% from $456,759 to $463,204. Minority interest in income of real estate joint venture decreased 11.5% from $29,576 to $26,189. As a result, net income decreased 14.3% from $248,950 to $213,395 for the three-month period ended June 30, 2000, as compared to the same period in 1999. Rental revenue de- creased as a result of lower occupancy levels, partially offset by higher unit rental rates. Occupancy levels for the Partnership's six mini-storage facilities averaged 81.8% for the three-month period ended June 30, 2000 as compared to 83.6% for the same period in 1999. The Partnership is continuing its marketing efforts to attract and keep new tenants in its various mini- storage facilities. Operating expenses remained relatively constant, with in- creases in yellow pages advertising costs and maintenance and repair expenses being offset by decreases in salaries and wages and miscellaneous advertising expenses. General and administrative expenses increased approximately $4,900 (8.2%) primarily as a result of an increase in legal and professional expense. Minority interest in income of real estate joint venture decreased as a result of a decrease in rental revenue at that facility. For the six month periods ended June 30, 2000, and 1999, total revenues decreased 2.7% from $1,443,628 to $1,405,304 and total expenses decreased 1.2% from $947,563 to $936,026. Minority interest in income of real estate joint venture increased 5.7% from $55,225 to $58,380. As a result, net in- come decreased 6.8% from $440,840 to $410,898 for the six-month period ended June 30, 2000, as compared to the same period in 1999. The decrease in revenue can be attributed to a decrease in rental revenue as discussed above. Operating expenses decreased approximately $19,700 (2.4%) due primarily to decreases in maintenance and repair, salaries and wages, workers compensation, power and sweeping expenses, partially offset by an increase in yellow pages advertising costs. Power and sweeping expenses decreased as the substantial snow removal costs in the prior year associated with the blizzard that hit Illinois, where two of the Partnership's properties are located, did not materialize in the current year. General and administrative expenses in- creased approximately $8,200 (6.2%) primarily as a result of increases in legal and professional and equipment and computer lease expenses. Minority interest in income of real estate joint venture increased as a result of lower operating expenses at that facility. 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 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. EX-27 4 0004.txt
5 3-MOS YEAR DEC-31-2000 DEC-31-2000 JUN-30-2000 DEC-31-2000 553459 0 0 0 0 0 0 0 0 0 0 0 13748448 0 8342152 0 6019480 0 0 0 0 0 0 0 0 0 0 0 0 0 6019480 0 1401739 0 1405304 0 0 0 0 0 0 0 0 0 0 0 410898 0 0 0 410898 0 0 0 0 0 0 0 410898 0 0 0 0 0
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