-----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, W0F2m7BfVrG9HXt7UwqjKN/daybDEmR7UU2jsNjEy15SCBw6O25M1jrdl9sUtyHq lBSLarurj4pOwgaY+XrOCQ== 0000764586-01-500002.txt : 20010816 0000764586-01-500002.hdr.sgml : 20010816 ACCESSION NUMBER: 0000764586-01-500002 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010630 FILED AS OF DATE: 20010815 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: 1716056 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 dsiix601.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, 2001 /___/ 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, 2001 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, 2001. 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, 2001. (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, 2001 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, 2001 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 July 31, 2001 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, 2001. 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, 2001, and 2000, total revenues increased 15.3% from $701,010 to $807,977 and total expenses decreased 1.1% from $463,204 to $458,126 and other income decreased from $1,778 to $974. Minority interest in income of real estate joint venture increased 64.5% from $26,189 to $43,090. As a result, net income increased 44.2% from $213,395 to $307,735 for the three-month period ended June 30, 2001, as compared to the same period in 2000. Rental revenue increased as a result of higher occupancy and unit rental rates. Occupancy levels for the Partnership's six mii-storage facilities averaged 88.6% for the three- month period ended June 30, 2001 as compared to 81.8% for the same period in 2000. The Partnership is continuing its marketing efforts to attract and keep new tenants in tis various mini-storage facilities. Operating expenses decreased approximately $6,600 (1.7%) due primarily to decreases in yellow pages advertising costs and depreciation, partially offset by increases in maintenance and repair, property management fees and salaries and wage expenses. The decrease in depreciation is the result of one of the Partnership's properties being fully depreciated. Property management fees, which are based on rental revenue, increased as a result of the increase in rental revenue. General and administrative expenses remained relatively constant. Minority interest in income of real estate joint venture increased as a result of lower operating expenses at that facility, primarily as a result of a decrease in depreciation expense due to the property being fully depreciated as of December 31, 2000. For the six month periods ended June 30, 2001, and 2000, total revenues increased 13.1% from $1,401,739 to $1,586,061 and total expenses decreased 6.6% from $936,026 to $873,810 and other income decreased from $3,565 to $2,182. Minority interest in income of real estate joint venture increased 48.1% from $58,380 to $86,484. As a result, net income increased 52.8% from $410,898 to $627,949 for the six-month period ended June 30, 2001, as compared to the same period in 2000. Rental revenue increased as a result of hiher occupancy and unit rental rates. Operating expenses decreased approximately $55,100 (6.9%) due primarily to decreases in yellow pages advertising costs, legal and professional, workers compensation insurance and depreciation expenses, partially offset by increases in property management fees, salaries and wage and power and sweeping expenses. The increase in property management fees was discussed above. Power and sweeping expenses increased as a result of above normal snow removal costs associated with heavy snowfalls in Illinois where Partnership properties are located. General and administrative expenses decreased approximately $7,100 (5.1%) primarily as a result of a decrease in equipment and computer lease expenses. The increase in minority interest in income of real estate joint venture was discussed above. 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 DSI REALTY INCOME FUND IX (A California Real Estate Limited Partnership) CONSOLIDATED BALANCE SHEETS(UNAUDITED) JUNE 30, 2001 AND DECEMBER 31, 2000
June 30, December 31, 2001 2000 ASSETS CASH AND CASH EQUIVALENTS $ 685,034 $ 509,410 PROPERTY, Net 4,928,766 5,137,840 OTHER ASSETS 70,924 61,924 TOTAL $5,684,724 $5,709,174 LIABILITIES AND PARTNERS' EQUITY (DEFICIT) LIABILITIES $ 715,638 $ 754,061 MINORITY INTEREST IN REAL ESTATE JOINT VENTURE 182,858 176,774 PARTNERS' EQUITY (DEFICIT): General Partners (89,579) (89,657) Limited Partners 4,875,807 4,867,996 Total partners' equity 4,786,228 4,778,339 TOTAL $5,684,724 $5,709,174 See accompanying notes to consolidated financial statements(unaudited).
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED JUNE 30, 2001 AND 2000
June 30, June 30, 2001 2000 REVENUES: Rental $ 807,977 $ 701,010 EXPENSES: Operating 392,416 399,020 General and Administrative 65,710 64,184 Total expenses 458,126 463,204 OPERATING INCOME 349,851 237,806 OTHER INCOME Interest 974 1,778 INCOME BEFORE MINORITY INTEREST IN INCOME OF REAL ESTATE JOINT VENTURE 350,825 239,584 MINORITY INTEREST IN INCOME OF REAL ESTATE JOINT VENTURE (43,090) (26,189) NET INCOME $ 307,735 $ 213,395 AGGREGATE NET INCOME ALLOCATED TO: Limited Partners $ 304,658 $ 211,261 General Partners 3,077 2,134 TOTAL $ 307,735 $ 213,395 NET INCOME PER LIMITED PARTNERSHIP UNIT $ 9.93 $ 6.88 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, 2001 AND 2000
June 30, June 30, 2001 2000 REVENUES: Rental $1,586,061 $1,401,739 EXPENSES: Operating 741,047 796,195 General and administrative 132,763 139,831 Total expenses 873,810 936,026 OPERATING INCOME 712,251 465,713 OTHER INCOME Interest 2,182 3,565 INCOME BEFORE MINORITY INTEREST IN INCOME OF REAL ESTATE JOINT VENTURE 714,433 469,278 MINORITY INTEREST IN INCOME OF REAL ESTATE JOINT VENTURE (86,484) (58,380) NET INCOME $627,949 $410,898 AGGREGATE NET INCOME ALLOCATED TO: Limited Partners $621,670 $406,789 General Partners 6,279 4,109 TOTAL $627,949 $410,898 NET INCOME PER LIMITED PARTNERSHIP UNIT $20.25 $13.25 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, 2001 AND 2000
GENERAL LIMITED PARTNERS PARTNERS TOTAL 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 BALANCE AT JANUARY 1, 2001 ($89,657) $4,867,996 $4,778,339 NET INCOME 6,279 621,670 627,949 DISTRIBUTIONS (6,201) (613,859) (620,000) BALANCE AT JUNE 30, 2001 ($89,579) $4,875,807 $4,786,228 See accompanying notes to consolidated financial statements(unaudited).
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE SIX MONTHS ENDED JUNE 30, 2001 AND 2000
June 30, June 30, 2001 2000 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 627,949 $ 410,898 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 209,074 293,875 Minority interest in income of real estate joint venture 86,484 58,380 Changes in assets and liabilities: Increase(decrease)in other assets (9,000) 2,199 Decrease in liabilities (38,423) (17,682) Net cash provided by operating activities 876,084 747,670 CASH FLOWS FROM FINANCING ACTIVITIES - Distributions to partners (620,060) (620,060) Distributions paid to minority interest in real estate joint venture (80,400) (74,400) Net cash used in financing activities (700,460) (697,460) NET INCREASE IN CASH AND CASH EQUIVALENTS 175,624 50,210 CASH AND CASH EQUIVALENTS: At beginning of period 509,410 503,249 At end of period $ 685,034 $ 553,459 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, 2001 and for the periods ended June 30, 2001, and 2000 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, 2001, the total cost and accumulated depreciation of the mini-storage facilities are as follows: Land $ 2,729,790 Buildings and equipment 11,023,943 Total 13,753,733 Less: Accumulated Depreciation ( 8,824,967) Property - Net $ 4,928,766
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. -----END PRIVACY-ENHANCED MESSAGE-----