-----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, AFuXX9tNk2dTGVHEqWgfj0oOc5A0bY5mdu2S7ST3Nolo5QgIIcC1g/5TElpKpgD0 gvhp311Cb4SR12yt0SMmCg== 0000719581-96-000013.txt : 19961115 0000719581-96-000013.hdr.sgml : 19961115 ACCESSION NUMBER: 0000719581-96-000013 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961113 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: 1934 Act SEC FILE NUMBER: 000-14186 FILM NUMBER: 96662515 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 September 30, 1996 /___/ 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.) 3701 Long Beach Boulevard, Long Beach, California 90807 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code-(310)595-7711 _________________________________________________________________ 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 September 30, 1996 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 September 30, 1996. 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 September 30, 1996. (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: October 31, 1996 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: October 31, 1996 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 October 31, 1996 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 September 30, 1996. 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 September 30, 1996, and 1995, total revenues decreased slightly from $648,948 to $646,673 and total expenses decreased 1.8% from $387,712 to $380,551. Minority interest in income of real estate joint venture decreased 21.9% from $30,888 to $24,134. As a result, net income increased 5.1% from $230,348 to $241,988 for the three month period ended September 30, 1996, as compared to the same period in 1995. Occupancy levels for the Partnership's six mini-storage facilities averaged 86.8% for the three month period ended September 30, 1996, as compared to 87.8% for the same period in 1995. The Partnership is continuing its marketing efforts to attract and keep new tenants in its various mini-storage facilities. Operating expenses decreased approximately $9,600 (2.7%) primarily as a result of lower maintenance and repair expenses, partially offset by higher yellow pages advertising costs. General and administrative expenses increased approximately $2,500 (7.1%) primarily as a result of higher incentive management fees. Incentive management fees, which are based on cash distributions to limited partners, increased as a result of an increase in these distributions. For the nine month periods ended September 30, 1996, and 1995, total revenues increased 0.8% from $1,848,731 to $1,863,855 and total expenses increased 0.6% from $1,189,906 to $1,197,043. Minority interest in income of real estate joint venture decreased 21.4% from $85,363 to $67,095. As a result, net income increased 4.6% from $573,462 to $599,717 for the nine month period ended September 30, 1996, as compared to the same period in 1995. The increase in revenue is the result of an increase in rental income offset partially by a decrease in income from U-Haul commissions and sale of abandoned goods. Rental income increased as a result of higher unit rental rates. Operating expenses decreased approximately $6,800 (0.4%) due primarily to decreases in maintenance and repair, office expense and legal and professional fees, partially offset by increases in yellow pages advertising costs, real estate tax expense and salaries and wages. Office expenses decreased as the prior period included costs of some modest modifications to some rental offices. General and administrative expenses increased approximately $13,900 (9.6%) for the same reason as discussed above. Effective with the fourth quarter 1995 distribution, the General Partners decided to increase distributions to an amount that yields an annualized return of 8% of limited partners' capital contributions from the previous 7% level. This action was the result of the Partnership's increased cash flow from the operations of its properties. 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) SEPTEMBER 30, 1996 AND DECEMBER 31, 1995
September 30, December 31, 1996 1995 ASSETS CASH AND CASH EQUIVALENTS $ 662,223 $ 617,951 PROPERTY 7,583,909 8,018,490 OTHER ASSETS 68,570 41,457 TOTAL $8,314,702 $8,677,898 LIABILITIES AND PARTNERS' EQUITY LIABILITIES $ 728,027 $ 727,597 MINORITY INTEREST IN REAL ESTATE JOINT VENTURE 386,608 419,861 PARTNERS' EQUITY: General Partners (65,440) (62,137) Limited Partners 7,265,507 7,592,577 Total partners' equity 7,200,067 7,530,440 TOTAL $8,314,702 $8,677,898 See accompanying notes to consolidated financial statements(unaudited).
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
September 30, September 30, 1996 1995 REVENUES: Rental Income $ 642,768 $ 645,681 Interest 3,905 3,267 Total revenues 646,673 648,948 EXPENSES: Operating Expenses 342,650 352,276 General and administrative 37,901 35,436 Total expenses 380,551 387,712 INCOME BEFORE MINORITY INTEREST IN INCOME OF REAL ESTATE JOINT VENTURE 266,122 261,236 MINORITY INTEREST IN INCOME OF REAL ESTATE JOINT VENTURE 24,134 30,888 NET INCOME $ 241,988 $ 230,348 AGGREGATE NET INCOME ALLOCATED TO: Limited partners $ 239,568 $ 228,045 General partners 2,420 2,303 TOTAL $ 241,988 $ 230,348 NET INCOME PER LIMITED PARTNERSHIP UNIT $ 7.81 $ 7.43 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 NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
September 30, September 30, 1996 1995 REVENUES: Rental Income $1,851,556 $1,840,286 Interest 12,299 8,445 Total revenues 1,863,855 1,848,731 EXPENSES: Operating Expenses 1,038,281 1,045,064 General and administrative 158,762 144,842 Total expenses 1,197,043 1,189,906 INCOME BEFORE MINORITY INTEREST IN INCOME OF REAL ESTATE JOINT VENTURE 666,812 658,825 MINORITY INTEREST IN INCOME OF REAL ESTATE JOINT VENTURE 67,095 85,363 NET INCOME 599,717 573,462 AGGREGATE NET INCOME ALLOCATED TO: Limited Partners 593,720 567,727 General Partners 5,997 5,735 TOTAL 599,717 573,462 NET INCOME PER LIMITED PARTNERSHIP UNIT 19.34 18.50 LIMITED PARTNERSHIP UNITS USED IN PER UNIT CALCULATION 30,693 30,693 See accompanying notes to consolidated financial statements(unaudited).
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' EQUITY (UNAUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
GENERAL LIMITED PARTNERS PARTNERS TOTAL EQUITY AT DECEMBER 31, 1994 ($ 58,938) $7,909,264 $7,850,326 NET INCOME 5,735 567,727 573,462 DISTRIBUTIONS (8,139) (805,692) (813,831) EQUITY AT SEPTEMBER 30, 1995 ($61,342) $7,671,299 $7,609,957 EQUITY AT DECEMBER 31, 1995 ($62,137) $7,592,577 $7,530,440 NET INCOME 5,997 593,720 599,717 DISTRIBUTIONS (9,300) (920,790) (930,090) EQUITY AT SEPTEMBER 30, 1996 ($65,440) $7,265,507 $7,200,067 See accompanying notes to consolidated financial statements(unaudited).
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
September 30, September 30, 1996 1995 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 599,717 $ 573,462 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 440,814 440,812 Distributions paid to minority interest in real estate joint venture in excess of earnings (33,256) (41,537) Changes in assets and liabilities: Increase in other assets (27,113) (27,223) Increase in liabilities 430 17,446 Net cash provided by operating activities 980,592 962,960 CASH FLOWS FROM INVESTING ACTIVITIES - Purchase of property and equipment (6,230) (12,545) CASH FLOWS FROM FINANCING ACTIVITIES - Distributions to partners (930,090) (813,831) NET INCREASE IN CASH AND CASH EQUIVALENTS 44,272 136,584 CASH AND CASH EQUIVALENTS: At beginning of period 617,951 421,316 At end of period $ 662,223 $ 557,900 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 September 30, 1996, and for the periods ended September 30, 1996 and 1995 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 September 30, 1996, the total cost and accumulated depreciation of the mini-storage facilities are as follows: Land $ 2,729,790 Buildings and equipment 10,975,900 Total 13,705,690 Less: Accumulated Depreciation ( 6,121,781) Property - Net $ 7,583,909
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-31-1996 DEC-31-1996 SEP-30-1996 DEC-31-1996 662223 0 0 0 0 0 0 0 0 0 0 0 13705690 0 6121781 0 8314702 0 0 0 0 0 0 0 0 0 0 0 0 0 8314702 0 1851556 0 1863855 0 0 0 0 0 0 0 0 0 0 0 599717 0 0 0 599717 0 0 0 0 0 0 0 599717 0 0 0 0 0
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