EX-20 3 0003.txt DSI REALTY INCOME FUND IX (A California Real Estate Limited Partnership) BALANCE SHEETS(UNAUDITED) SEPTEMBER 30, 2000 AND DECEMBER 31, 1999
September 30, December 31, 2000 1999 ASSETS CASH AND CASH EQUIVALENTS $ 696,527 $ 503,249 PROPERTY, Net 5,258,702 5,700,171 OTHER ASSETS 59,725 61,924 TOTAL $6,014,954 $6,265,344 LIABILITIES AND PARTNERS' EQUITY (DEFICIT) LIABILITIES $ 801,889 $ 751,736 MINORITY INTEREST IN REAL ESTATE JOINT VENTURE 181,012 222,444 PARTNERS' EQUITY(DEFICIT): General Partners (87,119) (84,529) Limited Partners 5,119,172 5,375,693 Total partners' equity 5,032,053 5,291,164 TOTAL $6,014,954 $6,265,344 See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
September 30, September 30, 2000 1999 REVENUES: Rental Income $ 782,414 $ 725,364 Interest 1,891 2,474 Total revenues 784,305 727,838 EXPENSES: Operating 454,557 383,475 General and administrative 40,180 44,232 Total expenses 494,737 427,707 INCOME BEFORE EQUITY IN INCOME OF REAL ESTATE JOINT VENTURE 289,568 300,131 EQUITY IN INCOME OF REAL ESTATE (29,487) (32,377) NET INCOME $ 260,081 $ 267,754 AGGREGATE NET INCOME ALLOCATED TO: Limited partners $ 257,480 $ 265,076 General partners 2,601 2,678 TOTAL $ 260,081 $ 267,754 NET INCOME PER LIMITED PARTNERSHIP UNIT $ 8.39 $ 8.64 LIMITED PARTNERSHIP UNITS USED IN PER UNIT CALCULATION 30,693 30,693 See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
September 30, September 30, 2000 1999 REVENUES: Rental Income $2,184,154 $2,163,941 Interest 5,456 7,525 Total Revenues 2,189,610 2,171,466 EXPENSES: Operating 1,250,752 1,199,359 General and Administrative 180,011 175,911 Total Expenses 1,430,763 1,375,270 INCOME BEFORE MINORITY INTEREST IN INCOME OF REAL ESTATE JOINT VENTURE 758,847 796,196 MINORITY INTEREST IN INCOME OF REAL ESTATE JOINT VENTURE (87,868) (87,602) NET INCOME $670,979 $708,594 AGGREGATE NET INCOME ALLOCATED TO: Limited Partners 664,269 701,508 General Partners 6,710 7,086 TOTAL 670,979 708,594 NET INCOME PER LIMITED PARTNERSHIP UNIT $21.64 $22.86 LIMITED PARTNERSHIP UNITS USED IN PER UNIT CALCULATION 30,693 30,693 See accompanying notes to financial statements(unaudited).
STATEMENTS OF CHANGES IN PARTNERS' EQUITY (DEFICIT)(UNAUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
GENERAL LIMITED PARTNERS PARTNERS TOTAL BALANCE AT JANUARY 1, 1999 ($78,101) $6,012,109 $5,934,008 NET INCOME 7,086 701,508 708,594 DISTRIBUTIONS (9,300) (920,790) (930,090) BALANCE AT SEPTEMBER 30, 1999 ($80,315) $5,792,827 $5,712,512 BALANCE AT JANUARY 1, 2000 ($84,529) $5,375,693 $5,291,164 NET INCOME 6,710 664,269 670,979 DISTRIBUTIONS (9,300) (920,790) (930,090) BALANCE AT SEPTEMBER 30, 2000 ($87,119) $5,119,172 $5,032,053 See accompanying notes to consolidated financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
September 30, September 30, 2000 1999 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 670,979 $708,594 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 440,813 440,812 Loss on disposal of property and equipment 656 Minority interest in income of real estate joint venture 87,868 87,602 Changes in assets and liabilities: Decrease(increase) in other assets 2,199 (13,078) (Increase)decrease in liabilities 50,153 (8,023) Net cash provided by operating activities 1,252,668 1,215,907 CASH FLOWS FROM FINANCING ACTIVITIES - Distributions to partners (930,090) (930,090) Distributions paid to minority interest in real estate joint venture (129,300) (110,700) Net cash used in financing activities (1,059,390) (1,040,790) NET INCREASE IN CASH AND CASH EQUIVALENTS 193,278 175,117 CASH AND CASH EQUIVALENTS: At beginning of period 503,249 633,690 At end of period $ 696,527 $808,807 See accompanying notes to 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 financial information as of September 30, 2000, and for the periods ended September 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 September 30, 2000, the total cost and accumulated depreciation of the mini-storage facilities are as follows: Land $ 2,729,790 Buildings and improvements 11,018,002 Total 13,747,792 Less: Accumulated Depreciation ( 8,489,090) Property - Net $ 5,258,702
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.