-----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, Vzy+qf/D2t4lakkXInYu1+AryTic6/SAOXL+KNPSOl1jIw+V2ef4hb9mbs6Mcvy7 kINUHC89bCQ32cbbmNzKBw== 0000743366-96-000008.txt : 19960429 0000743366-96-000008.hdr.sgml : 19960429 ACCESSION NUMBER: 0000743366-96-000008 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19960331 FILED AS OF DATE: 19960426 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: 96551661 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 March 31, 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 March 31, 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 March 31, 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 March 31, 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: April 30, 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: April 30, 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 April 30, 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 March 31, 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 March 31, 1996 and 1995, total revenues increased 3.8% from $586,219 to $608,535 and total expenses increased 2.3% from $403,982 to $413,113. Minority interest in income of real estate joint venture decreased 14.4% from $26,090 to $22,346. As a result, net income increased 10.8% from $156,147 to $173,076 for the three month period ended March 31, 1996, as compared to the same period in 1995. The increase in revenue can be attributed to an increase in rental income due to higher unit rental rates partially offset by a decrease in sale of abandoned goods. Occupancy levels for the Partnership's six mini-storage facilities averaged 81.3% for the three month period ended March 31, 1996, as compared to 83% 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 slightly by approximately $1,100 (.3%) due primarily to a decrease in maintenance and repair expenses. General and administrative expenses increased approximately $10,200 (15.8%) primarily as a result of higher incentive management fees, which are based on cash distributions to limited partners, increased as a result of an increase in these distributions. The decrease in minority interest in income of real estate joint venture is a result of lower occupancy and unit rental rates. 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 the continuing 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) MARCH 31, 1996 AND DECEMBER 31, 1995
March 31, December 31, 1996 1995 ASSETS CASH AND CASH EQUIVALENTS $ 592,572 $ 617,951 PROPERTY 7,871,553 8,018,490 OTHER ASSETS 113,275 41,457 TOTAL $8,577,400 $8,677,898 LIABILITIES AND PARTNERS' EQUITY LIABILITIES $ 773,057 $ 727,597 MINORITY INTEREST IN REAL ESTATE JOINT VENTURE 410,857 419,861 PARTNERS' EQUITY: General Partners (63,506) (62,137) Limited Partners 7,456,992 7,592,577 Total partners' equity 7,393,486 7,530,440 TOTAL $8,577,400 $8,677,898 See accompanying notes to consolidated financial statements(unaudited). CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995 March 31, March 31, 1996 1995 REVENUES: Rental Income $ 604,868 $ 583,905 Interest 3,667 2,314 Total revenues 608,535 586,219 EXPENSES: Operating Expenses 338,484 339,574 General and administrative 74,629 64,408 Total expenses 413,113 403,982 INCOME BEFORE MINORITY INTEREST IN INCOME OF REAL ESTATE JOINT VENTURE 195,422 182,237 MINORITY INTEREST IN INCOME OF REAL ESTATE JOINT VENTURE 22,346 26,090 NET INCOME $ 173,076 $ 156,147 AGGREGATE NET INCOME ALLOCATED TO: Limited partners $ 171,345 $ 154,586 General partners 1,731 1,561 TOTAL $ 173,076 $ 156,147 NET INCOME PER LIMITED PARTNERSHIP UNIT $ 5.58 $ 5.04 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 THREE MONTHS ENDED MARCH 31, 1996 AND 1995
GENERAL LIMITED PARTNERS PARTNERS TOTAL EQUITY AT DECEMBER 31, 1994 ($ 58,938) $7,909,264 $7,850,326 NET INCOME 1,561 154,586 156,147 DISTRIBUTIONS (2,713) (268,564) (271,277) EQUITY AT MARCH 31, 1995 ($60,090) $7,795,286 $7,735,196 EQUITY AT DECEMBER 31, 1995 ($62,137) $7,592,577 $7,530,440 NET INCOME 1,731 171,345 173,076 DISTRIBUTIONS (3,100) (306,930) (310,030) EQUITY AT MARCH 31, 1996 ($63,506) $7,456,992 $7,393,486 See accompanying notes to consolidated financial statements(unaudited).
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995
March 31, March 31, 1996 1995 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 173,076 $ 156,147 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 146,937 146,938 Distributions paid to minority interest in real estate joint venture in excess of earnings (9,004) (10,510) Changes in assets and liabilities: Increase in other assets (71,818) (30,744) Increase in liabilities 45,460 63,352 Net cash provided by operating activities 284,651 325,183 CASH FLOWS FROM INVESTING ACTIVITIES - Purchase of property and equipment 0 (3,770) CASH FLOWS FROM FINANCING ACTIVITIES - Distributions to partners (310,030) (271,277) NET INCREASE IN CASH AND CASH EQUIVALENTS (25,379) 50,136 CASH AND CASH EQUIVALENTS: At beginning of period 617,951 421,316 At end of period $ 592,572 $ 471,452 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 March 31, 1996 and for the periods ended March 31, 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 March 31, 1996, the total cost and accumulated depreciation of the mini-storage facilities are as follows: Land $ 2,729,790 Buildings and equipment 10,969,669 Total 13,699,459 Less: Accumulated Depreciation ( 5,827,906) Property - Net $ 7,871,553
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 MAR-31-1996 DEC-31-1996 592572 0 0 0 0 0 0 0 0 0 0 0 13699459 0 5827906 0 8577400 0 0 0 0 0 0 0 0 0 0 0 0 0 8577400 0 604868 0 608535 0 0 0 0 0 0 0 0 0 0 0 173076 0 0 0 173076 0 0 0 0 0 0 0 173076 0 0 0 0 0
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