<PAGE>

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                          WASHINGTON, D.C. 20549-1004

                                ---------------

                                   FORM 10-K

                                ---------------

[X]ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT
   OF 1934

  FOR THE FISCAL YEAR ENDED DECEMBER 31, 2000

                                       OR

[_]TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE
   ACT OF 1934

  FOR THE TRANSITION PERIOD FROM  TO

  COMMISSION FILE NUMBER 0-12946

                FIRST CAPITAL INCOME PROPERTIES, LTD.--SERIES IX
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

                FLORIDA                               59-2255857
    (STATE OR OTHER JURISDICTION OF                (I.R.S. EMPLOYER
     INCORPORATION OR ORGANIZATION)               IDENTIFICATION NO.)

       TWO NORTH RIVERSIDE PLAZA,
               SUITE 600,
           CHICAGO, ILLINOIS                          60606-2607
    (ADDRESS OF PRINCIPAL EXECUTIVE                   (ZIP CODE)
                OFFICES)

       REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (312) 207-0020

        SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT: NONE

SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT: LIMITED PARTNERSHIP
                                     UNITS

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 [_]

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to
this Form 10-K. [X]

DOCUMENTS INCORPORATED BY REFERENCE:

The First Amended and Restated Certificate and Agreement of Limited Partnership
filed as Exhibit A to the definitive Prospectus dated May 24, 1983, included in
the Registrant's Registration Statement on Form S-11 (Registration No. 2-
82357), is incorporated herein by reference in Part IV of this report.

EXHIBIT INDEX--PAGE A-1

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<PAGE>

PART I

ITEM 1. BUSINESS

The registrant, First Capital Income Properties, Ltd.--Series IX (the
"Partnership") is a limited partnership organized in 1983 under the Florida
Uniform Limited Partnership Law. The Partnership sold 100,000 Limited
Partnership Units (the "Units") to the public from June 1983 to October 1983,
pursuant to a Registration Statement on Form S-11 filed with the Securities and
Exchange Commission (Registration Statement No. 2-82357). Capitalized terms
used in this report have the same meaning as those terms have in the
Partnership's Registration Statement.

The Partnership was formed to invest primarily in existing, improved,
commercial income-producing real estate, such as shopping centers, warehouses
and office buildings, and, to a lesser extent, in other types of commercial
income-producing real estate. From July 1984 to May 1986, the Partnership made
four real property investments and purchased 50% interests in four joint
ventures, which were each formed with Affiliated partnerships for the purpose
of acquiring a 100% interest in certain real property. The Partnership's joint
ventures, prior to dissolution, were operated under the common control of First
Capital Financial Corporation (the "Managing General Partner"). In January
1993, the Partnership purchased the remaining 50% interest in one of the four
joint ventures. The Partnership has sold all of its real property investments
and liquidated all of its interests in joint ventures. Upon the successful
resolution of post-closing matters related to the properties sold by the
Partnership, the Partnership will make a liquidating distribution and dissolve.

ITEM 2. PROPERTIES

During the year ended December 31, 1999, the Partnership sold its remaining
property interest.

ITEM 3. LEGAL PROCEEDINGS

(a & b) The Partnership and its properties were not a party to, nor the subject
of, any material pending legal proceedings, nor were any such proceedings
terminated during the quarter ended December 31, 2000. Ordinary routine legal
matters incidental to the business which were not deemed material were pursued
during the quarter ended December 31, 2000.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

(a, b, c & d) None.

2
<PAGE>

PART II

ITEM 5. MARKET FOR THE REGISTRANT'S EQUITY AND RELATED SECURITY HOLDER MATTERS

There has not been, nor is there expected to be, a public market for Units.

As of March 1, 2001, there were 8,888 Holders of Units.

ITEM 6. SELECTED FINANCIAL DATA

<TABLE>
<CAPTION>
                                      For the Years Ended December 31,
                          ---------------------------------------------------------
                             2000       1999       1998        1997        1996
-----------------------------------------------------------------------------------
<S>                       <C>        <C>        <C>         <C>         <C>
Total revenues            $  222,400 $1,957,000 $ 7,041,900 $19,285,300 $12,027,300
Net income                $   79,400 $1,088,400 $ 2,171,000 $12,754,100 $   829,500
Net income allocated to
 Limited Partners         $   78,600 $1,021,300 $ 2,124,400 $12,206,000 $   395,400
Net income allocated to
 Limited Partners per
 Unit (100,000 Units
 outstanding)             $     0.79 $    10.21 $     21.24 $    122.06 $      3.95
Total assets              $3,105,700 $3,285,400 $25,134,000 $46,634,100 $66,389,400
Mortgage loan payable           None       None $ 5,570,800 $ 6,559,700 $ 7,339,500
Declared distributions
 to Limited Partners per
 Unit (100,000 Units
 outstanding) (a)               None $   168.00 $    117.50 $    409.50 $     41.50
Return of capital to
 Limited Partners per
 Unit (100,000 Units
 outstanding) (b)               None $   157.79 $     90.26 $    287.44 $     37.55
OTHER DATA:
Investment in commercial
 rental properties (net
 of accumulated
 depreciation and
 amortization)                  None       None $ 7,765,900 $18,705,800 $49,782,100
Number of real property
 interests owned at
 December 31                    None       None           1           2           4
-----------------------------------------------------------------------------------
</TABLE>
(a) Distributions to Limited Partners per Unit for the years ended December 31,
    1999, 1998 and 1997 included Sales Proceeds of $29.00, $105.50 and $378.50,
    respectively. In addition, distributions to Limited Partners for the year
    ended December 31, 1999 included cash previously reserved for working
    capital purposes of $133.00.
(b) For the purposes of this table, return of capital represents either: 1) the
    amount by which distributions, if any, exceed net income for the respective
    year or 2) total distributions, if any, when the Partnership incurs a net
    loss for the respective year. Pursuant to the Partnership Agreement,
    Capital Investment is only reduced by distributions of Sale or Refinancing
    Proceeds. Accordingly, return of capital as used in the above table does
    not impact Capital Investment.

The following table includes a reconciliation of Cash Flow (as defined in the
Partnership Agreement) to cash flow provided by operating activities as
determined by accounting principles generally accepted in the United States
("GAAP"):

<TABLE>
<CAPTION>
                                      For the Years Ended December 31,
                        ----------------------------------------------------------------
                          2000         1999          1998          1997         1996
-----------------------------------------------------------------------------------------
<S>                     <C>        <C>           <C>           <C>           <C>
Cash Flow (as defined
 in the Partnership
 Agreement) (a)         $  79,400  $    396,000  $  1,585,500  $  5,143,800  $ 5,240,400
Items of
 reconciliation:
 Principal payments on
  mortgage loan payable                 672,400       988,900       779,800      699,900
 Changes in current
  assets and
  liabilities:
  Decrease in current
   assets                  12,200       277,700       244,600       276,100      133,600
  (Decrease) in current
   liabilities            (92,400)     (439,400)      (48,800)      (50,700)    (131,700)
-----------------------------------------------------------------------------------------
Net cash (used for)
 provided by operating
 activities             $    (800) $    906,700  $  2,770,200  $  6,149,000  $ 5,942,200
-----------------------------------------------------------------------------------------
Net cash provided by
 (used for) investing
 activities             $          $ 20,954,400  $  2,347,700  $ 33,003,500  $  (570,500)
-----------------------------------------------------------------------------------------
Net cash (used for)
 financing activities   $(166,700) $(22,447,600) $(23,650,200) $(32,458,700) $(5,202,500)
-----------------------------------------------------------------------------------------
</TABLE>
(a) Cash Flow is defined in the Partnership Agreement as Partnership revenues
    earned from operations (excluding tenant deposits and proceeds from the
    sale, disposition or financing of any Partnership properties or the
    refinancing of any Partnership indebtedness), minus all expenses incurred
    (including Operating Expenses, payments of principal (other than balloon
    payments of principal out of Offering Proceeds) and interest on any
    Partnership indebtedness, and any reserves of revenues from operations
    deemed reasonably necessary by the Managing General Partner), except
    depreciation and amortization expenses and capital expenditures, lease
    acquisition expenditures made from Offering proceeds and the General
    Partners' Partnership Management Fee.

The above selected financial data should be read in conjunction with the
financial statements and the related notes appearing on pages A-1 through A-11
in this report.

                                                                               3
<PAGE>

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
       OF OPERATIONS
The ordinary business of the Partnership is expected to pass through three
phases: (i) Offering of Units and investment in properties; (ii) operation of
properties and (iii) sale or other disposition of properties.

Statements contained in this Management's Discussion and Analysis of Financial
Condition and Results of Operations, which are not historical facts, may be
forward-looking statements. Such statements are subject to certain risks and
uncertainties, which could cause actual results to differ materially from those
projected. Readers are cautioned not to place undue reliance on these forward-
looking statements, which speak only as of the date hereof.

The Partnership commenced the Offering of Units in June 1983 and terminated the
Offering in October 1983 upon the sale of 100,000 Units. From July 1984 through
May 1986, the Partnership made investments in eight real properties, three of
which were 50% joint venture interests and one of which was a 50% joint venture
interest until January 1993, when the Partnership purchased the remaining 50%
joint venture interest from an Affiliated partnership.

The Partnership is in the disposition phase of its life cycle. During the
disposition phase of the Partnership's life cycle, comparisons of operating
results are complicated due to the timing and effect of property sales.
Partnership operating results are generally expected to decline as real
property interests are sold since the Partnership no longer receives income
generated from such real property interests. Through December 31, 2000, the
Partnership has sold all of its investments in property.

OPERATIONS

COMPARISON OF THE YEAR ENDED DECEMBER 31, 2000 TO THE YEAR ENDED DECEMBER 31,
1999
Net income decreased by $1,009,000 for the year ended December 31, 2000 when
compared to the year ended December 31, 1999. The decrease was primarily due to
a decrease in interest earned on the Partnership's short-term investments,
which was due to a decrease in cash available for investment, resulting from a
November 1999 special cash distribution to Limited Partners. The decrease was
also due to the absence of 2000 operating results from Glendale Center Shopping
Center Shopping Mall ("Glendale"), resulting from its May 1999 sale.

COMPARISON OF THE YEAR ENDED DECEMBER 31, 1999 TO THE YEAR ENDED DECEMBER 31,
1998
Net income decreased by $1,082,600 for the year ended December 31, 1999 when
compared to the year ended December 31, 1998. The decrease was primarily due to
a decrease in interest earned on the Partnership's short-term investments,
which was due to a decrease in cash available for investment together with a
reduction in operating results from Shoppes of West Melbourne ("Shoppes") and
Glendale due to their respective 1998 and 1999 sales.

Rental revenues decreased by $2,548,500 for the year ended December 31, 1999
when compared to the year ended December 31, 1998. The decrease was due to the
effects of the May 1999 sale of Glendale and the February 1998 sale of Shoppes.

LIQUIDITY AND CAPITAL RESOURCES
The decrease of $167,500 in the Partnership's cash position during the year
ended December 31, 2000 was primarily the result of distributions paid to
Partners on February 29, 2000. Liquid assets (including cash and cash
equivalents) as of December 31, 2000 were comprised of amounts held for post
property sale matters and Partnership liquidation expenses.

Net cash provided by (used for) operating activities changed from $906,700 for
the year ended December 31, 1999 to $(800) for the year ended December 31,
2000. The change was primarily due to the decrease in net income, as previously
discussed. The change was partially offset by the satisfaction of liabilities
in connection with the 1999 sale of Glendale.

Net cash provided by investing activities decreased by $20,954,400 for the year
ended December 31, 2000 when compared to the year ended December 31, 1999. The
decrease was primarily due to the 1999 proceeds realized from the sale of
Glendale and a net maturity of cash invested in debt securities during 1999
utilized to make the distribution to Limited Partners referred to below.

The Partnership has no financial instruments for which there are significant
market risks.

The decrease in net cash used for financing activities of $22,280,900 for the
year ended December 31, 2000 when compared to the year ended December 31, 1999
was primarily due to the 1999 special distributions to Limited Partners of
Glendale Sale Proceeds and previously retained cash reserves together with the
repayment of the mortgage loan encumbering Glendale in connection with its May
1999 sale. For additional information regarding the sale of Glendale, see Note
4 of Notes to Financial Statements.

The Partnership is a party to an appeal of the real estate taxes of the Fashion
Atrium Building for fiscal years 1992 and 1993. During these periods the
Partnership owned a 50% interest in the joint venture that owned the Fashion
Atrium Building. There can be assurance as to the amount that will be realized
or the timing of such realization.

The Managing General Partner is in the process of wrapping-up the Partnership's
affairs. This process includes resolution of all post-closing property and
Partnership matters, including the real estate tax appeal referred to above.
Following the resolution of post-closing property matters and the establishment
of a reserve for contingencies and wrap-up expenses, the Managing General
Partner will make a liquidating distribution to Partners. In line with reduced
Cash Flow (as defined in the Partnership Agreement) following the sale of its
remaining property, distributions to Partners have been suspended until such
time as the liquidating distribution is paid.
4
<PAGE>

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The response to this item is submitted as a separate section of this report.
See page A-1 "Index of Financial Statements, Schedule and Exhibits."

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
       FINANCIAL DISCLOSURE

None.

                                                                               5
<PAGE>

PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

(A) & (E) DIRECTORS

The Partnership has no directors. First Capital Financial LLC ("FCFC")
(formerly known as First Capital Financial Corporation) is the Managing General
Partner. The directors of FCFC, as of March 1, 2001, are shown in the table
below. Directors serve for one year or until their successors are elected. The
next annual meeting of FCFC will be held in June 2001.

<TABLE>
<CAPTION>
       NAME                                                              OFFICE
       ----                                                              ------
       <S>                                                              <C>
       Douglas Crocker II.............................................. Director
       Donald J. Liebentritt........................................... Director
</TABLE>

Douglas Crocker II, 60, has been President and Chief Executive Officer since
December 1992 and a Director since January 1993 of the Managing General
Partner. Mr. Crocker has been President, Chief Executive Officer and trustee of
Equity Residential Properties Trust since March 31, 1993. Mr. Crocker is a
member of the Board of Directors of Wellsford Real Properties, Inc. and Ventas
Inc. and was a member of the Board of Directors of Horizon Group, Inc. from
July 1996 to June 1998. Mr. Crocker was an Executive Vice President of Equity
Financial and Management Company ("EFMC") from November 1992 until March 1997.

Donald J. Liebentritt, 50, has been Vice President of the Managing General
Partner since July 1997 and a Director since May 2000 and is President of
Equity Group Investments, LLC, Vice President and Assistant Secretary of Great
American Management and Investment Inc. ("Great American") and was Principal
and Chairman of the Board of Rosenberg and Liebentritt until its dissolution in
1999. Mr. Liebentritt has also been a director of Davel Communications, Inc.
since November 2000.

(B) & (E) EXECUTIVE OFFICERS

The Partnership does not have any executive officers. The executive officers of
the Managing General Partner as of March 1, 2001 are shown in the table. All
officers are elected to serve for one year or until their successors are
elected and qualified.

<TABLE>
<CAPTION>
       NAME                                               OFFICE
       ----                                               ------
       <S>                                 <C>
       Douglas Crocker II................. President and Chief Executive Officer
       Donald J. Liebentritt.............. Vice President
       Norman M. Field.................... Vice President--Finance and Treasurer
</TABLE>

PRESIDENT AND CEO--See Table of Directors above.

VICE PRESIDENT--See Table of Directors above.

Norman M. Field, 52, has been Vice President of Finance and Treasurer of the
Managing General Partner since February 1984, and also served as Vice President
of Great American from July 1983 until March 1995 and from July 1997 until
November 2000.

(D) FAMILY RELATIONSHIPS

There are no family relationships among any of the foregoing directors and
officers.

(F) INVOLVEMENT IN CERTAIN LEGAL PROCEEDINGS

There are no involvements in certain legal proceedings among any of the
foregoing directors and officers.

ITEM 11. EXECUTIVE COMPENSATION

(a, b, c & d) As stated in Item 10, the Partnership has no officers or
        directors. Neither the Managing General Partner, nor any director or
        officer of the Managing General Partner, received any direct
        remuneration from the Partnership during the year ended December 31,
        2000. However, the Managing General Partner and Affiliates of the
        Managing General Partner do compensate the directors and officers of
        the Managing General Partner.

For additional information see Item 13 (a) Certain Relationships and Related
Transactions.

(e) None.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

(a) As of March 1, 2001, no person owned of record or was known by the
    Partnership to own beneficially more than 5% of the Partnership's 100,000
    Units then outstanding.

(b) The Partnership has no directors or executive officers. As of March 1, 2001
    the executive officers and directors of the Managing General Partner, did
    not own any Units.

(c) None.

6
<PAGE>

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

(a) Affiliates of the Managing General Partner, provided leasing, property
    management and supervisory services to the Partnership. Compensation for
    these property management services may not exceed the lesser of the
    compensation customarily charged in arm's-length transactions by persons
    rendering similar services or 6% of the gross receipts from the property
    being managed plus normal out-of-pocket expenses where the Managing General
    Partner or Affiliate provides leasing, re-leasing and/or leasing-related
    services, or 3% of gross receipts where the Managing General Partner or
    Affiliate does not perform leasing, re-leasing and/or leasing-related
    services for a particular property. For the year ended December 31, 2000,
    these Affiliates were entitled to supervisory management fees regarding
    post sale matters of $900. In addition, other Affiliates of the Managing
    General Partner were entitled to $8,500 as reimbursements for various
    administrative services including investor communications and accounting.
    Compensation for these services are on terms which are fair, reasonable and
    no less favorable to the Partnership than reasonably could be obtained from
    unaffiliated persons. Of these amounts, a total of $1,200 was due to
    Affiliates as of December 31, 2000.

  In accordance with the Partnership Agreement, subsequent to October 31,
  1983, the Termination of the Offering, the General Partners are entitled to
  10% of Cash Flow (as defined in the Partnership Agreement), as a
  Partnership Management Fee. Net Profits (exclusive of Net Profits from the
  sale or disposition of Partnership properties) are allocated: first, to the
  General Partners, in an amount equal to the greater of: (A) the General
  Partners' Partnership Management Fee for such fiscal year; or (B) 1% of
  such Net Profits; and second, the balance, if any, to the Limited Partners.
  Net Profits from the sale or disposition of a Partnership property are
  allocated: first, to the General Partners and the Limited Partners with
  negative balances in their capital accounts, pro rata in proportion to such
  respective negative balances, to the extent of the total of such negative
  balances; second, to the General Partners, in an amount necessary to make
  the aggregate amount of their capital accounts equal to the greater of: (A)
  the Sale or Refinancing Proceeds to be distributed to the General Partners
  with respect to the sale or disposition for such property; or (B) 1% of
  such Net Profits; and third, the balance, if any, to the Limited Partners.
  Net Losses (exclusive of Net Losses from the sale, disposition or provision
  for value impairment of Partnership properties) are allocated 1% to the
  General Partners and 99% to the Limited Partners. Net Losses from the sale,
  disposition or provision for value impairment of Partnership properties are
  allocated: first, to the General Partners to the extent of the aggregate
  balance in their capital accounts; second, to the Limited Partners and
  among them (in the ratio which their respective capital account balances
  bear to the aggregate of all capital account balances of the Limited
  Partners) until the balance in their capital accounts shall be reduced to
  zero; third, the balance, if any, 99% to the Limited Partners and 1% to the
  General Partners. In all events there shall be allocated to the General
  Partners not less than 1% of Net Profits and Net Losses from the sale,
  disposition or provision for value impairment of a Partnership property.
  For the year ended December 31, 2000, the General Partners were not paid a
  Partnership Management Fee and allocated Net Profits of $800.

(b) None

(c) No management person is indebted to the Partnership.

(d) None.

                                                                               7
<PAGE>

PART IV

ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K

(a, c & d) (1, 2 & 3) See Index of Financial Statements, Schedule and Exhibits
on page A-1 of Form 10-K.

(b) Reports on Form 8-K:

There were no reports filed on Form 8-K for the quarter ended December 31,
2000.

8
<PAGE>

SIGNATURES

PURSUANT TO THE REQUIREMENTS OF SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE
ACT OF 1934, THE REGISTRANT HAS DULY CAUSED THIS REPORT TO BE SIGNED ON ITS
BEHALF BY THE UNDERSIGNED, THEREUNTO DULY AUTHORIZED.

                                     FIRST CAPITAL INCOME PROPERTIES, LTD.--
                                     SERIES IX

                                     BY: FIRST CAPITAL FINANCIAL LLC
                                        MANAGING GENERAL PARTNER

Dated: March 23, 2001                          /s/ DOUGLAS CROCKER II
                                     By: ______________________________________
                                                   DOUGLAS CROCKER II
                                         PRESIDENT AND CHIEF EXECUTIVE OFFICER

PURSUANT TO THE REQUIREMENTS OF THE SECURITIES EXCHANGE ACT OF 1934, THIS
REPORT HAS BEEN SIGNED BELOW BY THE FOLLOWING PERSONS ON BEHALF OF THE
REGISTRANT AND IN THE CAPACITIES AND ON THE DATES INDICATED.

<TABLE>
<S>                                    <C>                 <C>
      /s/ DOUGLAS CROCKER II             March 23, 2001    President, Chief Executive
______________________________________                      Officer and Director of
          DOUGLAS CROCKER II                                the Managing General
                                                            Partner

    /s/ DONALD J. LIEBENTRITT            March 23, 2001    Vice President and
______________________________________                      Director of the Managing
        DONALD J. LIEBENTRITT                               General Partner

       /s/ NORMAN M. FIELD               March 23, 2001    Vice President--Finance
______________________________________                      and Treasurer
           NORMAN M. FIELD
</TABLE>

                                                                               9
<PAGE>

INDEX OF FINANCIAL STATEMENTS, SCHEDULES AND EXHIBITS
FINANCIAL STATEMENTS FILED AS PART OF THIS REPORT

<TABLE>
<CAPTION>
                                                        Pages
----------------------------------------------------------------
<S>                                                  <C>
Report of Independent Auditors                           A-2
Balance Sheets as of December 31, 2000 and 1999          A-3
Statements of Partners' Capital for the Years Ended
 December 31, 2000, 1999 and 1998                        A-4
Statements of Income and Expenses for the Years
 Ended December 31, 2000, 1999 and 1998                  A-5
Statements of Cash Flows for the Years Ended
 December 31, 2000, 1999 and 1998                        A-6
Notes to Financial Statements                        A-7 to A-11
----------------------------------------------------------------
</TABLE>

All schedules have been omitted as inapplicable, or for the reason that the
required information is shown in the financial statements or notes thereto.

EXHIBITS FILED AS PART OF THIS REPORT

EXHIBITS (3 & 4) First Amended and Restated Certificate and Agreement of
Limited Partnership as set forth on pages A-1 through A-30 of the Partnership's
definitive Prospectus dated May 24, 1983; Registration Statement No. 2-82357,
filed pursuant to Rule 424 (b), is incorporated herein by reference.

EXHIBIT (10) Material Contracts

Real Estate Sale Agreement and Closing Documents for the sale of Glendale
Center Shopping Mall filed as an exhibit to the Partnership's Report on Form 8-
K filed on June 4, 1999 is incorporated herein by reference.

EXHIBIT (13) Annual Report to Security Holders

The 1999 Annual Report to Limited Partners is being sent under separate cover,
not as a filed document and not via EDGAR, for the information of the
Commission.

                                                                             A-1
<PAGE>

REPORT OF INDEPENDENT AUDITORS

Partners
First Capital Income Properties, Ltd.--Series IX
Chicago, Illinois

We have audited the accompanying balance sheets of First Capital Income
Properties, Ltd.--Series IX as of December 31, 2000 and 1999, and the related
statements of income and expenses, partners' capital and cash flows for each of
the three years in the period ended December 31, 2000. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.

We conducted our audits in accordance with auditing standards generally
accepted in the United States. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of First Capital Income
Properties, Ltd.--Series IX at December 31, 2000 and 1999, and the results of
its operations and its cash flows for each of the three years in the period
ended December 31, 2000, in conformity with accounting principles generally
accepted in the United States.

                                         Ernst & Young LLP

Chicago, Illinois
January 30, 2001

A-2
<PAGE>

BALANCE SHEETS
December 31, 2000 and 1999
(All dollars rounded to nearest 00s)

<TABLE>
<CAPTION>
                                               2000        1999
-----------------------------------------------------------------------
<S>                                         <C>         <C>         <C>
ASSETS
Cash and cash equivalents                   $ 3,101,000 $ 3,268,500
Other assets                                      4,700      16,900
-----------------------------------------------------------------------
                                            $ 3,105,700 $ 3,285,400
-----------------------------------------------------------------------
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
 Accounts payable and accrued expenses      $    62,000 $    83,400
 Due to Affiliates, net                           1,200       3,300
 Distributions payable                                      166,700
 Other liabilities                              320,900     389,800
-----------------------------------------------------------------------
                                                384,100     643,200
-----------------------------------------------------------------------
Partners' capital:
 General Partners                                 1,100         300
 Limited Partners (100,000 Units issued and
  outstanding)                                2,720,500   2,641,900
-----------------------------------------------------------------------
                                              2,721,600   2,642,200
-----------------------------------------------------------------------
                                            $ 3,105,700 $ 3,285,400
-----------------------------------------------------------------------
</TABLE>
STATEMENTS OF PARTNERS' CAPITAL
For the years ended December 31, 2000, 1999 and 1998
(All dollars rounded to nearest 00s)

<TABLE>
<CAPTION>
                                       General     Limited
                                      Partners     Partners       Total
----------------------------------------------------------------------------
<S>                                   <C>        <C>           <C>
Partners' capital, January 1, 1998    $  86,700  $ 28,046,200  $ 28,132,900
Net income for the year ended
 December 31, 1998                       46,600     2,124,400     2,171,000
Distributions for the year ended
 December 31, 1998                     (133,300)  (11,750,000)  (11,883,300)
----------------------------------------------------------------------------
Partners' capital, December 31, 1998         --    18,420,600    18,420,600
Net income for the year ended
 December 31, 1999                       67,100     1,021,300     1,088,400
Distributions for the year ended
 December 31, 1999                      (66,800)  (16,800,000)  (16,866,800)
----------------------------------------------------------------------------
Partners' capital, December 31, 1999        300     2,641,900     2,642,200
Net income for the year ended
 December 31, 2000                          800        78,600        79,400
----------------------------------------------------------------------------
Partners' capital, December 31, 2000  $   1,100  $  2,720,500  $  2,721,600
----------------------------------------------------------------------------
</TABLE>
    The accompanying notes are an integral part of the financial statements.
                                                                             A-3
<PAGE>

STATEMENTS OF INCOME AND EXPENSES
For the years ended December 31, 2000, 1999 and 1998
(All dollars rounded to nearest 00s except per Unit amounts)

<TABLE>
<CAPTION>
                                                2000      1999       1998
----------------------------------------------------------------------------
<S>                                           <C>      <C>        <C>
Income:
 Rental                                       $ 10,500 $1,041,900 $3,590,400
 Interest                                      190,200    835,000  1,460,000
 Gain on sales of property                                 31,600  1,991,500
 Other                                          21,700     48,500
----------------------------------------------------------------------------
                                               222,400  1,957,000  7,041,900
----------------------------------------------------------------------------
Expenses:
 Interest                                                 191,200    616,500
 Depreciation and amortization                             11,600    394,900
 Property operating:
 Affiliates                                                 8,900     46,100
 Nonaffiliates                                            291,000    860,100
 Real estate taxes                                         97,900    380,900
 Insurance--Affiliate                                      21,700     53,500
 Repairs and maintenance                                  103,000    234,700
 General and administrative:
 Affiliates                                      9,400     30,500     35,800
 Nonaffiliates                                 133,600    112,800    248,400
 Provision for value impairment                                    2,000,000
----------------------------------------------------------------------------
                                               143,000    868,600  4,870,900
----------------------------------------------------------------------------
Net income                                    $ 79,400 $1,088,400 $2,171,000
----------------------------------------------------------------------------
Net income allocated to General Partners      $    800 $   67,100 $   46,600
----------------------------------------------------------------------------
Net income allocated to Limited Partners      $ 78,600 $1,021,300 $2,124,400
----------------------------------------------------------------------------
Net income allocated to Limited Partners per
 Unit (100,000 Units outstanding)             $    .79 $    10.21 $    21.24
----------------------------------------------------------------------------
</TABLE>

STATEMENTS OF CASH FLOWS
For the years ended December 31, 2000, 1999 and 1998
(All dollars rounded to nearest 00s)

<TABLE>
<CAPTION>
                                          2000         1999          1998
------------------------------------------------------------------------------
<S>                                    <C>         <C>           <C>
Cash flows from operating activities:
 Net income                            $   79,400  $  1,088,400  $  2,171,000
 Adjustments to reconcile net income
  to net cash (used for) provided by
  operating activities:
 Depreciation and amortization                           11,600       394,900
 Gain on sales of property                              (31,600)   (1,991,500)
 Provision for value impairment                                     2,000,000
 Changes in assets and liabilities:
  Decrease in rents receivable                          259,100       239,900
  Decrease in other assets                 12,200        18,600         4,700
  (Decrease) in accounts payable and
   accrued expenses                       (21,400)     (482,600)      (32,500)
  (Decrease) in due to Affiliates          (2,100)      (49,800)       (9,500)
  (Decrease) increase in prepaid rent                   (65,000)       38,500
  (Decrease) increase in other
   liabilities                            (68,900)      158,000       (45,300)
------------------------------------------------------------------------------
   Net cash (used for) provided by
    operating activities                     (800)      906,700     2,770,200
------------------------------------------------------------------------------
Cash flows from investing activities:
 Proceeds from sales of property                      7,813,800    10,576,600
 Decrease (increase) in investments in
  debt securities                                    12,993,400    (8,131,400)
 Payments for capital and tenant
  improvements                                                           (700)
 (Reduction) in earnest money deposit                   (50,000)
 Decrease (increase) in escrow
  deposits                                              197,200       (96,800)
------------------------------------------------------------------------------
   Net cash provided by investing
    activities                                       20,954,400     2,347,700
------------------------------------------------------------------------------
Cash flows from financing activities:
 Principal payments on mortgage loans
  payable                                              (672,400)     (988,900)
 Repayment of mortgage loan payable                  (4,898,400)
 Payment of loan acquisition costs                                    (27,900)
 (Decrease) in security deposits                        (10,000)      (11,200)
 Distributions paid to Partners          (166,700)  (16,866,800)  (22,622,200)
------------------------------------------------------------------------------
   Net cash (used for) financing
    activities                           (166,700)  (22,447,600)  (23,650,200)
------------------------------------------------------------------------------
Net (decrease) in cash and cash
 equivalents                             (167,500)     (586,500)  (18,532,300)
Cash and cash equivalents at the
 beginning of the year                  3,268,500     3,855,000    22,387,300
------------------------------------------------------------------------------
Cash and cash equivalents at the end
 of the year                           $3,101,000  $  3,268,500  $  3,855,000
------------------------------------------------------------------------------
Supplemental information:
 Interest paid during the year         $       --  $    191,200  $    616,500
------------------------------------------------------------------------------
</TABLE>
    The accompanying notes are an integral part of the financial statements.
A-4
<PAGE>

NOTES TO FINANCIAL STATEMENTS
December 31, 2000

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

DEFINITION OF SPECIAL TERMS:
Capitalized terms used in this report have the same meaning as those terms have
in the Partnership's Registration Statement filed with the Securities and
Exchange Commission on Form S-11. Definitions of these terms are contained in
Article III of the First Amended and Restated Certificate and Agreement of
Limited Partnership, which is included in the Registration Statement and
incorporated herein by reference.

ORGANIZATION:
The Partnership was formed on February 2, 1983, by the filing of a Certificate
and Agreement of Limited Partnership with the Department of State of the State
of Florida, and commenced the Offering of Units on June 13, 1983. The
Certificate and Agreement, as amended and restated, authorized the sale to the
public of 75,000 Units (with the Managing General Partner's option to increase
the Offering to 100,000 Units) and not less than 1,400 Units pursuant to the
Prospectus. On June 28, 1983, the required minimum subscription level was
reached and the Partnership's operations commenced. The Managing General
Partner exercised its option to increase the Offering to 100,000 Units, which
amount was sold prior to the Termination of the Offering in October, 1983. The
Partnership was formed to invest primarily in existing, improved, income-
producing commercial real estate.

The Partnership has disposed of its real estate properties. Upon resolution of
the various post closing matters related to the sale of the Partnership's
properties, the Partnership will make a liquidating distribution and dissolve.
The Managing General Partner does not anticipate complete resolution of these
matters during 2001.

In 1998, the Company adopted the Financial Accounting Standards Board's
Statement of Financial Accounting Standards No. 131, "Disclosures about
Segments of an Enterprise and Related Information". The Partnership has one
reportable segment as the Partnership is in the disposition phase of its life
cycle, wherein it is seeking to resolve post-closing matters relating to
properties sold by the Partnership. The adoption of Statement 131 did not
affect the Partnership's results of operations or financial position.

The Partnership Agreement provides that the Partnership will be dissolved on or
before December 31, 2014. The Limited Partners, by a majority vote, may
dissolve the Partnership at any time.

ACCOUNTING POLICIES:
The financial statements have been prepared in accordance with accounting
principles generally accepted in the United States ("GAAP"). The Partnership
utilizes the accrual method of accounting. Under this method, revenues are
recorded when earned and expenses are recorded when incurred. Effective July 1,
1998, the Partnership recognizes rental income that is contingent upon tenants
achieving specified targets, only to the extent that such targets are attained.

Preparation of the Partnership's financial statements in conformity with GAAP
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. Actual results could differ
from those estimates.

The financial statements include the Partnership's 50% interest in a joint
venture with an Affiliated partnership. This joint venture was formed for the
purpose of acquiring a 100% interest in certain real property and until its May
1999 sale was operated under the common control of the Managing General
Partner. Accordingly, the Partnership's pro rata share of the joint venture's
revenues, expenses, assets, liabilities and Partners' capital was included in
the financial statements.

The Partnership is not liable for Federal income taxes as the Partners
recognize their proportionate share of the Partnership income or loss in their
income tax returns; therefore, no provision for Federal income taxes is made in
the financial statements of the Partnership. In addition, it is not practical
for the Partnership to determine the aggregate tax bases of the Limited
Partners; therefore, the disclosure of the differences between the tax bases
and the reported assets and liabilities of the Partnership would not be
meaningful.

The Partnership evaluates its rental property for impairment when conditions
exist which may indicate that it is probable that the sum of expected future
cash flows (undiscounted) from a property is less than its estimated carrying
basis. Upon determination that an impairment has occurred, the basis in the
rental property is reduced to fair value. Except as disclosed in Note 4,
management was not aware of any indicator that would result in a significant
impairment loss during the periods reported.

Property sales are recorded when title transfers and sufficient consideration
has been received by the Partnership. Upon disposition, the related costs and
accumulated depreciation and amortization are removed from the respective
accounts. Any gain or loss on sale is recognized in accordance with GAAP.

Cash equivalents are considered all highly liquid investments with a maturity
of three months or less when purchased.

The Partnership's financial statements include financial instruments, including
receivables and trade liabilities. The fair value of all other financial
instruments, including cash and cash equivalents, were not materially different
from their carrying value at December 31, 2000 and 1999.

                                                                             A-5
<PAGE>

2. RELATED PARTY TRANSACTIONS:

In accordance with the Partnership Agreement, subsequent to October 31, 1983,
the Termination of the Offering, the General Partners are entitled to 10% of
Cash Flow (as defined in the Partnership Agreement), as a Partnership
Management Fee. Net Profits (exclusive of Net Profits from the sale or
disposition of Partnership properties) are allocated: first, to the General
Partners, in an amount equal to the greater of: (a) the General Partners'
Partnership Management Fee for such fiscal year; or (b) 1% of such Net Profits;
and second, the balance, if any, to the Limited Partners. Net Profits from the
sale or disposition of a Partnership property are allocated: first, to the
General Partners and the Limited Partners with negative balances in their
capital accounts, pro rata in proportion to such respective negative balances,
to the extent of the total of such negative balances; second, to the General
Partners, in an amount necessary to make the aggregate amount of their capital
accounts equal to the greater of: (a) the Sale or Refinancing Proceeds to be
distributed to the General Partners with respect to the sale or disposition for
such property; or (b) 1% of such Net Profits; and third, the balance, if any,
to the Limited Partners. Net Losses (exclusive of Net Losses from the sale,
disposition or provision for value impairment of Partnership properties) are
allocated 1% to the General Partners and 99% to the Limited Partners. Net
Losses from the sale, disposition or provision for value impairment of
Partnership properties are allocated: first, to the General Partners to the
extent of the aggregate balance in their capital accounts; second, to the
Limited Partners and among them (in the ratio which their respective capital
account balances bear to the aggregate of all capital account balances of the
Limited Partners) until the balance in their capital accounts shall be reduced
to zero; third, the balance, if any, 99% to the Limited Partners and 1% to the
General Partners. In all events there shall be allocated to the General
Partners not less than 1% of Net Profits and Net Losses from the sale,
disposition or provision for value impairment of a Partnership property. For
the year ended December 31, 2000 the General Partners were not paid a
Partnership Management Fee and were allocated Net Profits of $800. For the year
ended December 31, 1999, the General Partners were paid a Partnership
Management Fee of $66,800, and allocated Net Profits of $67,100, which included
a gain of $300 from the sale of a Partnership property. For the year ended
December 31, 1998, the General Partners were paid a Partnership Management Fee
of $133,300, and allocated Net Profits of $46,600, which included a gain of
$19,900 from the sale of a Partnership property and a (loss) of $(106,600) from
a provision for value impairment.

Fees and reimbursements paid and payable to Affiliates for the years ended
December 31, 2000, 1999 and 1998 were as follows:

<TABLE>
<CAPTION>
                                  2000            1999             1998
                             --------------- --------------- ----------------
                              Paid   Payable  Paid   Payable   Paid   Payable
-----------------------------------------------------------------------------
<S>                          <C>     <C>     <C>     <C>     <C>      <C>
Real estate commission (a)      None   None     None   None      None $48,500
Property management and
 leasing fees                $   900   None  $ 9,800   None  $ 31,100    None
Reimbursements of property
 insurance premiums             None   None   21,700   None    53,500    None
Legal                           None   None   27,200   None    66,500    None
Reimbursements of expenses,
 at cost:
 --Accounting                  5,000   None   12,300 $2,300    16,500   3,200
 --Investor communication      5,700 $1,200   12,700  1,000     8,700   1,400
 --Other                        None   None     None   None       200    None
-----------------------------------------------------------------------------
                             $11,600 $1,200  $83,700 $3,300  $176,500 $53,100
-----------------------------------------------------------------------------
</TABLE>

The variance between the amounts listed in this table and the Statement of
Income and Expense is due to capitalized legal costs.

(a) The Partnership owed $48,500 to the Managing General Partner for a real
    estate commission earned in connection with the sale of a Partnership
    property. This commission was accrued but not paid. Under the terms of the
    Partnership Agreement, this fee will not be paid until such time as Limited
    Partners have received cumulative distributions of Sale or Refinancing
    Proceeds equal to 100% of their Original Capital Contribution, plus a
    cumulative return (including all Cash Flow which has been distributed to
    the Limited Partners) of 6% simple interest per annum on their Capital
    Investment. During the year ended December 31, 1999, following the sale of
    the Partnership's final remaining property, it was determined that the
    requirement would not be fulfilled and, accordingly, the liability was
    written off and reported as other income.

3. INCOME TAX:

The Partnership utilizes the accrual method of accounting for both income tax
reporting and financial statement purposes. Financial statement results will
differ from tax results due to the use of differing depreciation lives and
methods, the recognition of rents received in advance as taxable income, the
Partnership's provisions for value impairment and other factors. For the years
ended December 31, 2000, 1999 and 1998, net income (loss) for income tax
reporting purposes was $79,400, $(3,131,000) and $3,895,200, respectively

4. PROPERTY SALES:

On May 21, 1999, a joint venture in which the Partnership owned a 50% interest
consummated the sale of Glendale Center Shopping Mall, located in Indianapolis,
Indiana. The sale price was $15,700,000. The Partnership's share of Sale
Proceeds from this transaction was $2,915,400, which was net of closing
expenses and the repayment of the mortgage loan encumbering the property. The
Partnership recorded a gain of $31,600 in connection with this sale and
distributed $2,900,000 or $29.00 per Unit on November 30, 1999 to Limited
Partners of record as of May 21, 1999. In addition, in connection with the sale
of the Partnership's remaining real estate asset, the Partnership's need for
cash reserves had been lessened. Accordingly, the Partnership declared a
special distribution of $13,300,000 or $133.00 per Unit, which was paid on
November 30, 1999 to Limited Partners of record as of May 21, 1999. Upon
entering into the contract to sell Glendale in 1998 the

A-6
<PAGE>

Partnership recorded a provision for value impairment in the amount of
$2,000,000 which reduced the carrying basis in Glendale to approximate the
contract price less estimated selling expenses. The Partnership classified
Glendale as Held for Disposition as of October 1, 1998 which precluded the
recording of depreciation from that point forward.

On February 27, 1998, the Partnership consummated the sale of Shoppes of West
Melbourne, located in West Melbourne, Florida, for a sale price of $11,000,000.
Net proceeds, net of closing expenses, were $10,576,600. The Partnership
recorded a gain of $1,991,500 for the year ended December 31, 1998 and
distributed $10,550,000 or $105.50 per Unit on August 31, 1998 to Limited
Partners of record as of February 27, 1998.

All of the above sales were all-cash transactions with, the exception of post-
closing matters, no further involvement on the part of the Partnership.

5. REAL ESTATE TAX APPEAL:

The Partnership is a party to appeals of real estate taxes of the Fashion
Atrium Building for fiscal years 1992 and 1993. During these periods, the
Partnership owned a 50% interest in the joint venture that owned the Fashion
Atrium Building. There can be no assurance as to the amount that will be
realized or the timing of such realization from these appeals.

                                                                             A-7