UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-KSB
(Mark One)

[X] Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934

                   For the fiscal year ended December 31, 1999

                                       or

[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange
    Act of 1934


                          Commission File No. 33-33504

                          AAA NET REALTY FUND IX, LTD.
                 (Name of small business issuer in its charter)

       Nebraska                                                76-0318157
(State or other jurisdiction of                              (IRS Employer
Incorporation or organization)                             Identification No.)

8 Greenway Plaza, Suite 824
Houston, Texas                                                    77046
(Address of principal executive offices)                       (Zip Code)

          Issuer's telephone number, including area code(713)850-1400.

        Securities registered pursuant to Section 12(b) of the Act: None
        Securities registered pursuant to Section 12(g) of the Act: None

Check whether the issuer (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 issuer was required to file such
reports), and (2) has been subject to such filing requirements for the past 90
days.     Yes    X     No

Check if there is no disclosure of delinquent filers in response to Item 405 of
Regulation S-B not contained in this form, and no disclosure will be contained,
to the best of the issuer's  knowledge,  in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-KSB or any
amendment to this Form 10-KSB.   X

Issuer's revenues for its most recent fiscal year: $561,114

                       DOCUMENTS INCORPORATED BY REFERENCE

Portions  of  the  Prospectus  of  Issuer  dated  June  6,  1990,  (included  in
Registration  Statement No.  33-33504 of Issuer) are  incorporated  by reference
into Part III.


<PAGE>



                                     PART I

Item 1.  Business

AAA Net Realty Fund IX, Ltd. (the "Issuer" or the  "Partnership")  was formed in
1990 and is engaged in the  business of  acquiring,  operating  and holding real
properties for investment.  The  Partnership  was organized to acquire  existing
real  estate  income-producing  properties  as  well  as land  upon  which  such
income-producing  properties are to be  constructed  (the  "properties"),  to be
leased to corporations. The properties will not be leased to franchisees of such
corporations  (unless  a  tenant  corporation  was to fail  and in such  event a
release may involve a franchisee  lessee).  American Asset  Advisers  Management
Corporation IX (a Nebraska corporation) is the Managing General Partner and H.
Kerr Taylor is the Individual General Partner.

The Partnership acquired three properties in 1991, a fourth property in 1992 and
a fifth  property in 1993 at a total price of $4,436,869  including  acquisition
fees  and  certain  acquisition  expenses.  Generally,  the  Partnership  leases
properties on a "net lease" basis to corporations having a net worth at the time
of acquisition in excess of $40 million.

A further description of the Partnership's  business is included in Management's
Discussion  and  Analysis  of  Financial  Condition  and  Results of  Operations
included in Item 6 of this Form 10-KSB.

The Objectives of the Partnership are:

       (1)     to preserve and protect the limited  partners'  original  capital
               contributions  by the free and clear  "all cash"  acquisition  of
               income-producing improved real estate properties;

       (2)     to  utilize   initial   limited   partner   equity  to   purchase
               income-producing  properties  at prices that are below  appraised
               values;

       (3)     to obtain capital  appreciation through increases in the value of
               the Partnership's properties;

       (4)     to provide the limited partners with quarterly cash
               distributions;

       (5)     to realize  certain  limited tax  benefits,  principally  through
               depreciation deductions so that taxable income of the Partnership
               will be  offset  to some  extent by  deductible  items,  with the
               result that  investors may receive  distributions  generated from
               the  Partnership's  operation with a reduced income tax liability
               associated with the distribution of income.

There can be no assurance  that such  objectives  can be attained.  It is not an
objective of the  Partnership  to shelter  taxable  income of investors  that is
derived from sources other than the Partnership.

Properties

As of December  31,  1999,  the  Partnership  owned five  properties  all in fee
simple. Four of these properties are located in Texas and one in Tennessee.

                                       2

<PAGE>

Although  the  specific  terms of each lease vary, a summary of the terms of the
leases is as follows:

The primary  term of the leases  ranges from ten to eighteen  years.  Two of the
leases also provide for renewal options.  The leases are all "triple-net" leases
whereby  the tenants are  responsible  for the  property  taxes,  insurance  and
operating costs.  Annual rental income ranges from $8,723 to $208,680.  Three of
the leases  provide  for  either  percentage  rents  based on sales in excess of
certain amounts, periodic escalations in the annual rental rates or both.

During 1999, four of the Partnership's  leases each contributed more than 10% of
the Partnership's total rental income. Summarized as follows are the significant
items pertaining to each of these leases:
<TABLE>
<CAPTION>
                                       Foodmaker               Payless Shoes               Golden Corral         Baptist Memorial
                                                                                          Corporation (1)      Health Services, Inc.

<S>                                 <C>                       <C>                         <C>                    <C>

Lease Term                             13 Years                  11 Years                     15 Years                10 Years
Expiration Date of Primary Term       July 2009                January 2003                December 2007            August 2007
Renewal Options                          N/A                       N/A                          N/A          2 Terms of 5 Years each
Square Footage of Improvements  `       2,238                     4,000                       12,000                  15,000
Base Annual Rental                    $68,998                   $82,000                   $  182,994               $ 208,680

</TABLE>

(1)   The Partnership owns two properties on lease to Golden Corral Corporation,
      one directly and one through a 4.8% joint  venture.  Information  included
      herein pertains only to the property owned 100% by the Partnership.

All of the Partnership's  leases specify a minimum amount of insurance  coverage
required to be carried by each tenant.  Management of the  Partnership  believes
that  the  insurance  policies  required  to be  carried  by  the  tenants  will
adequately  cover  the  replacement  cost of the  properties  and  any  personal
liability losses which the tenants may sustain.

Property Management

Prior to June 5, 1998,  the  supervision of the operations of the properties was
managed by American Asset Advisers Realty Corporation, ("AAA"), a related party.
Beginning June 5, 1998,  the  supervision of the operations of the properties is
managed by AmREIT Realty Investment Corporation, ("ARIC"), a related party. Such
management  includes  providing  leasing services in connection with identifying
and qualifying prospective tenants,  assisting in the negotiation of the leases,
providing quarterly financial statements, receiving and depositing monthly lease
payments,  periodic  verification of tenants'  payments of real estate taxes and
insurance  coverage,  and periodic  inspection of properties  and tenants' sales
records where  applicable.  The Managing  General Partner or such affiliates are
reimbursed for administrative expenses at cost. The tenants are responsible,  at
their  expense,  for  day-to-day  on-site  management  and  maintenance  of  the
properties.

                                       3

<PAGE>

Financing - Borrowing Policies - No Leverage

The General  Partners expect that the Partnership  will incur no indebtedness in
connection  with the operation of the  properties.  However,  in the exercise of
their fiduciary  duties the General Partners may elect to borrow funds on behalf
of the Partnership,  but only if necessary in their judgment to avoid what would
otherwise be substantial adverse consequences to the Partnership. All properties
were acquired on a debt-free basis.

The  Partnership  will not issue  any  senior  securities  nor will it invest in
junior mortgages, junior deeds of trust or similar obligations.

Sale of Properties

The General  Partners  expect that most of the properties  will be sold eight to
twelve  years  after  acquisition.  The  determination  of whether a  particular
property   should  be  sold  or  otherwise   disposed  of  will  be  made  after
consideration  of  performance  of the property and market  conditions  and will
depend,  in part, on the economic benefits of continued  ownership.  In deciding
whether to sell  properties,  the General Partners will consider factors such as
potential capital  appreciation,  cash flow and federal income tax consequences.
The General  Partners or their  affiliates may perform various  substantial real
estate  brokerage  functions in  connection  with the sale of  properties by the
Partnership.

Competitive Conditions

The properties owned by the Partnership are leased to fast food and family style
restaurants,  retail  businesses and a medical  facility.  These businesses face
competition from similar establishments within the surrounding areas.

At the time a property is sold or otherwise disposed of, the Partnership will be
in competition with others who are also seeking buyers for their properties.

Employees

The overall  management  decisions of the  Partnership  are made by the Managing
General  Partner,   American  Asset  Advisers  Management  Corporation  IX,  who
delegates certain day-to-day functions to the officers of ARIC, consultants, and
employees of ARIC. The Partnership itself has no employees.

Item 2.  Properties

As of December 31, 1999, the Partnership  owned five properties in fee simple
(four directly and one through a joint venture with an affiliated partnership).
The properties  are  located in Texas and  Tennessee.  They are  operated  as
retail stores, restaurants and medical facilities.

Land - The  Partnership's  property  sites  range from  approximately  34,000 to
60,000 square feet depending upon building size and local  demographic  factors.
Sites purchased by the  Partnership are in high traffic  corridors and have been
reviewed for traffic and demographic pattern and history.

                                       4

<PAGE>

Buildings - The buildings are all single tenant and generally rectangular.  They
are positioned for good exposure to traffic flows and  constructed  from various
combinations  of  stucco,  steel,  wood,  brick and tile.  Buildings  range from
approximately  2,300 to 15,000 square feet.  Buildings are suitable for possible
conversion to other uses,  although  modifications  may be required prior to use
for other operations. There are no plans for renovations or improvements.

Leases - Tenants are companies  whose net worth exceed a minimum of $40 million.
Tenants are  diversified  by business type and are  represented by the following
types of businesses:  medical facilities,  retail clothing and accessories, full
service restaurants and fast food restaurants.

Geographic Location - The properties are located within major metropolitan areas
with populations that exceed 250,000.

A total of  $4,436,869  has been invested in properties as of December 31, 1999,
for the  Partnership.  This includes  land,  building and  acquisition  costs. A
further  description of the Partnership  properties is included in Item 1 and in
Schedule III-Real Estate Owned and Accumulated Depreciation of this Form 10-KSB.

Item 3.  Legal Proceedings

The Partnership does not have any material legal proceedings pending.

Item 4.  Submission of Matters to a Vote of Security Holders

During the fiscal year ended  December  31, 1999,  no matter was  submitted to a
vote of security holders through the solicitation of proxies or otherwise.





                                       5

<PAGE>

                                     PART II

Item 5.  Market for the Issuer's Common Equity and Related Stockholder Matters

As of December 31, 1999, 323 limited  partners had subscribed for 5,390.5 Units.
No established public trading market currently exists for the Units.

For the years  ended  December  31,  1999 and 1998,  the  Partnership  paid cash
distributions  to the  Limited  Partners  (LPs) in the  amount of  $464,661  and
$462,721, respectively and to the General Partners (GPs) in the amount of $3,000
and  $3,000,  respectively.  The  distributions  were  paid  entirely  from  the
operating profits of the Partnership.

A summary of the distributions by quarter is as follows:

                                  1999                      1998
       Quarter                    ----                      ----
        Ended              GPs           LPs         GPs          LPs
        -----              ---           ---         ---          ---

       March 31         $    750     $ 116,004    $    750    $ 115,464
       June 30          $    750     $ 116,111    $    750    $ 115,626
       September 30     $    750     $ 116,273    $    750    $ 115,735
       December 31      $    750     $ 116,273    $    750    $ 115,896

The   Partnership   intends  to  continue  the  payment  of  regular   quarterly
distributions.  There are currently no material  legal  restrictions  that would
limit the Partnership's ability to pay distributions.

Item 6.  Management's Discussion and Analysis of the Partnership's Financial
         Condition and Results of Operations.

The  Partnership  was organized on February 1, 1990, to acquire,  on a debt-free
basis,  existing  and newly  constructed  commercial  properties  located in the
continental  United States and  particularly  in the  Southwest,  to lease these
properties  to  tenants  under  generally  "triple  net"  leases,  to  hold  the
properties  with the expectation of equity  appreciation  and eventually to sell
the properties.

The Partnership's  overall investment  objectives are to acquire properties that
offer  investors  the  potential  for (i)  preservation  and  protection  of the
Partnership's  capital;  (ii) partially  tax-deferred  cash  distributions  from
operations;  and (iii) long-term capital gains through  appreciation in value of
the Partnership's properties realized upon sale.

LIQUIDITY AND CAPITAL RESOURCES

On June 6, 1990,  the  Partnership  commenced an offering to the public of up to
$15,000,000 (15,000 Units) of limited partnership interests. The proceeds of the
offering, lease income from the Partnership's properties and interest income are
the Partnership's source of capital. The Partnership closed its offering on June
5, 1992, having raised $5,390,500. Limited partners are not required to make any
additional capital contributions.

                                       6

<PAGE>

The Partnership's  investment strategy of acquiring  properties for all cash and
leasing  them  under net  leases to  corporations  minimizes  the  Partnership's
operating expenses. The General Partners believe that net rental income from the
leases will  generate  cash flow in excess of  Partnership  operating  expenses.
Since the leases  generally have remaining  terms ranging from 4 to 10 years and
provide for specified rental increases in excess of the initial base rent, it is
anticipated  that  Partnership  income will  increase  over time.  Approximately
$100,000  has been set aside  for  working  capital  reserves.  The  Partnership
intends  to  distribute  a  significant   portion  of  its  cash  available  for
distribution unless it becomes necessary to maintain additional reserves.

As of December 31, 1999, the  Partnership  had acquired five  properties and had
invested  $4,436,869  including  certain  acquisition  expenses  related  to the
Partnership's  investment in these properties.  These expenditures resulted in a
corresponding decrease in the Partnership's liquidity.

The Partnership made cash  distributions from operations to the limited partners
during  each  quarter of 1999 and 1998,  distributing  a total of  $464,661  and
$462,721 to the limited partners, respectively.

Inflation  has had very  little  effect on income  from  operations.  Management
expects  that  increases  in store  sales  volumes due to  inflation  as well as
increases  in the  Consumer  Price  Index  (C.P.I.)  may  contribute  to capital
appreciation of the Partnership  properties.  These factors,  however,  also may
have  an  adverse  impact  on  the  operating  margins  of  the  tenants  of the
properties.

RESULTS OF OPERATIONS

Years Ended December 31, 1999 and 1998:

Rental income increased from $551,395 in 1998 to $554,192 in 1999 primarily as a
result of  percentage rent in the amount of $2,794 being paid by Golden Corrall
Corporation. Interest income increased slightly from $6,075 in 1998 to $6,922 in
1999 as a result of increased  cash balances held  in the money  market accounts
and a rising interest rate environment. Expenses increased by  $6,373  primarily
from  an  increase in  advisory fees paid to related parties. ARIC as advisor to
the  partnership increased  its  advisory  fees  charged  in  order to cover the
increased costs  in  advising  the  partnership.  The  Partnership recorded  net
income  in 1999 of  $412,191 as compared to  $414,920 in  1998. Each of the four
properties owned  100% by the Partnership contributed more than 10% of the total
rental income for 1999.

This  information  contains  forward-looking  statements  within the  meaning of
Section 27A of the  Securities  Act of 1933 and  Section  21E of the  Securities
Exchange Act of 1934.  Although the Partnership  believes that the  expectations
reflected  in  such   forward-looking   statements  are  based  upon  reasonable
assumptions, the Partnership's actual results could differ materially from those
set forth in the  forward-looking  statements.  Certain factors that might cause
such a difference include the following: changes in general economic conditions,
changes in real estate  market  conditions,  the ability of the  Partnership  to
locate  suitable  tenants for its  properties and the ability of tenants to make
payments under their respective leases.

YEAR 2000 COMPLIANCE

The operations of the Partnership are relatively  simple. The Partnership is
managed by ARIC, a subsidiary of AmREIT,  Inc. (the  "Company").  The following
disclosures have been made in the Form 10-KSB of the Company:


                                       7

<PAGE>

The Year  2000  problem  ("Y2K")  concerns  the  inability  of  information  and
non-information   technology   systems  to   properly   recognize   and  process
date-sensitive  information  beyond January 1, 2000.  The Company's  information
technology system consists of a network of personal  computers and servers built
using  hardware  and  software  from  mainstream  suppliers.  The Company has no
internally  generated  programmed  software  coding  to  correct,  as all of the
software  utilized  by the  Company  is  purchased  or  licensed  from  external
providers.

In 1999,  the  Company  formed a Year 2000  committee  (the "Y2K  Team") for the
purpose  of  identifying,   understanding  and  addressing  the  various  issues
associated  with the Year 2000  problems.  The Y2K Team consists of members from
the Company,  including  representatives from senior management,  accounting and
computer consultants. The Y2K Team's initial step in assessing the Company's Y2K
readiness  consists of  identifying  any systems  that are  date-sensitive  and,
accordingly,  could have potential Y2K problems.

The  Company's   information  system  is  comprised  of  hardware  and  software
applications  from  mainstream  suppliers;  accordingly,  the Y2K Team contacted
the respective  vendors and manufacturers to verify the Y2K compliance  of their
products.  In addition,  the Y2K Team requested and evaluated documentation from
other companies with which the Company  has a material third party relationship,
including  the  Company's  tenants,  major vendors,  financial  institutions and
the  Company's  transfer agent. The Company depends on its tenants for rents and
cash flows, its financial  institutions  for availability  of cash and financing
and its transfer agent to maintain and track investor  information. The  Company
did not encounter  any material  Y2K impact of third  parties, nor did they have
a  materially  adverse effect on its results of operation or financial position.

The Company has identified  and has  implemented  upgrades for certain  hardware
equipment and software application. The Company did not incur more than $2,500
in Year 2000 remedial measures.

Through  March  13, 2000 the Company  has not experienced any significant issues
related to the Year 2000. Based on this, the Company does not forsee significant
risks associated with the Year 2000..

Item 7.  Financial Statements and Supplementary Data

The  response  to this item is  submitted  in Item  13(a) of this  report and is
incorporated herein by reference.

Item 8.  Changes in and Disagreements with Accountants on Accounting and
         Financial Disclosure

None.

                                       8

<PAGE>



                                    PART III

Item 9.  Directors and Executive Officers of the Issuer

The Issuer has no officers or directors.  The  individual  and Managing  General
Partners are as follows:

H. Kerr Taylor,  age 49, is the Individual  General Partner of the  Partnership.
Mr.  Taylor is a graduate of Trinity  University.  Mr.  Taylor  also  received a
Masters of Business  Degree from Southern  Methodist  University and a Doctor of
Jurisprudence  from South Texas College of Law. Mr. Taylor has over twenty years
experience and has participated in over 300 real estate transactions. Mr. Taylor
has  served on a board and  governing  bodies of a bank,  numerous  private  and
public corporations and charitable institutions.

Mr.Taylor  is currently a general  partner or principal of a general  partner of
eleven affiliated  limited  partnerships.  Mr.Taylor is a member of the National
Board of Realtors, Texas Association of Realtors and Texas Bar Association.

American Asset  Advisers  Management  Corporation  IX is a Nebraska  corporation
which was  organized  for the sole  purpose  of acting as the  Managing  General
Partner of the  Partnership.  The  Managing  General  Partner  has a nominal net
worth. The two initial voting shareholders of American Asset Advisers Management
Corporation IX are Mr. Taylor and Realty Assets,  Inc., a Nebraska  corporation.
Mr.  Taylor's  ownership  interest is 80% of the stock of the  Managing  General
Partner;  Realty  Assets,  Inc.  owns the remaining  20%.  Realty  Assets,  Inc.
received  its 20%  interest as  consideration  for  agreeing to assume the risks
associated  with  advancing a portion of the  organization  and  offering  costs
relating to this offering.

The affairs of the  Partnership are conducted by ARIC. In addition to Mr. Taylor
as president, other officers of ARIC include:

Tim Kelley,  age 52,  serves as Vice  President of Capital  Markets of ARIC.
Mr.  Kelley's  career spans over twenty years of debt and equity  industry
experience.  Mr.  Kelley has held  senior  management,  compliance  and sales
responsibilities  in Broker/Dealers  and in investment  banking firms including
Lehman Brothers Kuhn Loeb,  Oppenheimer and Co., Inc., and McKenna and  Company.
Mr.  Kelley  holds the series 24, 27, 7, 3, 15, and 63 NASD  licenses.  He
received  his B.S.  degree from Kent State University.

Chad C. Braun, age 27 serves as Vice President of Finance of ARIC. Mr. Braun
oversees the accounting and SEC reporting for the ARIC-sponsored partnerships.
Prior to joining the Company Mr. Braun served as a manager at Ernst & Young,
LLP, in the real estate advisory services group. Mr Braun has provided
extensive consulting and accounting services to a number of REITS and private
real estate companies. Mr. Braun received a B.B.A. degree in accounting and
finance from Hardin Simmons University and subsequently earned the CPA
designation.

                                       9

<PAGE>

Other   individuals  who  are  specialists  in  their   respective   fields  are
periodically  employed by ARIC and are engaged on an as-needed  basis to perform
services on behalf of the  Partnership or the Managing  General Partner or both.
These  individuals are not employees of the Partnership or the Managing  General
Partner nor are they employees of other  ARIC-sponsored  partnerships,  although
they do perform various services and activities for those partnerships.

These individuals are:

Don Grieb,  age 48, is the Director of  Development  and  Acquisitions  of ARIC.
Mr. Grieb has over twenty years  experience within the real estate industry
including  development,  investment analysis and  administration.  Mr. Grieb has
served within management of such real estate firms as Hines  Interests and AEW.
Mr. Grieb  received his B.S. and M.B.A.  from the University of Illinois and is
a registered architect.

Jane Costello,  age 43, is a certified public  accountant and is responsible for
the  tax  accounting  related  to  the  ARIC-sponsored  partnerships  and  their
properties.  She has over nineteen years  experience as an accountant  including
over 4 years with a national public accounting firm and the last nine years with
her own accounting practice. Ms. Costello received a B.B.A. degree in accounting
from the University of Texas.

Item 10.  Executive Compensation

Other than as discussed in Item 12, neither the Individual  General  Partner nor
any of the directors and officers of the Managing  General Partner  received any
remuneration from the Issuer.  The Individual General Partner and his affiliates
received fees and  reimbursements  of expenses from the Partnership as discussed
in Note 7 in the accompanying financial statements.

Item 11.  Security Ownership of Certain Beneficial Owners and Management

As of December 31, 1999, no person was known by the Issuer to be the  beneficial
owner of more than 5% of the Units of the Issuer.  Neither  General Partner owns
any Units nor does any director or officer of the Managing  General  Partner own
any Units.

Item 12.  Certain Relationships and Related Transactions

The Individual  General Partner and the Managing  General Partner  received cash
distributions from operations during, or with respect to, the fiscal years ended
December 31, 1998 and 1997 of $3,000 and $3,000, respectively. For a description
of the share of cash  distributions  from operations,  if any, and fees to which
the General Partners are entitled,  reference is made to the material  contained
in the Prospectus under the headings CASH  DISTRIBUTIONS AND TAX ALLOCATIONS and
COMPENSATION TO GENERAL PARTNERS AND AFFILIATES.

                                       10

<PAGE>


Prior to June 5, 1998,  the  supervision of the operations of the properties was
managed by AAA, a related party.  Beginning June 5, 1998, the supervision of the
operations of the properties is managed by ARIC, a related party. The Issuer has
entered into  arrangements  with ARIC pursuant to which ARIC has assumed  direct
responsibility for day-to-day management of the Partnership's  properties.  This
service  includes the  supervision  of leasing,  rent  collection,  maintenance,
budgeting,  employment of personnel, payment of operating expenses, etc. ARIC is
reimbursed  for its  actual  costs  associated  with  performing  the  foregoing
services,  but does not receive a property  management  fee. In connection  with
administrative  services  rendered to the  Partnership,  $39,840 and $30,378 was
paid  to  ARIC  and  AAA in  1999  and  1998,  respectively.  See  Note 7 in the
accompanying financial statements.

Mr.  Taylor,  President of ARIC,  receives  compensation  from ARIC for services
performed for ARIC, which may include  services  rendered in connection with the
Issuer.  However,  the Managing  General Partner  believes that any compensation
relating to such services is not material.


                                       11

<PAGE>



                                     PART IV

Item 13.  Exhibits, Financial Statements, Schedules and Reports on Form 8-K

(a) (1)      Financial Statements

             Independent Auditors' Report
             Balance Sheet, December 31, 1999
             Statements of Income for the Years Ended December 31, 1999 and 1998
             Statements  of  Partnership  Equity  (Deficit)  for the Years Ended
             December 31, 1999 and 1998
             Statements of Cash  Flows for the Years Ended December 31, 1999 and
             1998
             Notes to Financial Statements for the Years Ended December 31, 1999
             and 1998

     (2)     Financial Statement Schedules:  See (d) below

     (3)     Exhibits:  See (c) below

(b) Reports on Form 8-K filed after September 30, 1999:

             None

(c)          Exhibits

             3             See Exhibit 4 (a)

             4             (a) Amended and Restated Certificate and Agreement of
                           Limited  Partnership  (Incorporated  by  reference to
                           Exhibit A to the  Prospectus  of Issuer dated October
                           27, 1990,  contained in  Registration  Statement  No.
                           33-33504 of Issuer ("the Prospectus")).

                 (b)       Subscription    Agreement    and    Signature    Page
                           (Incorporated  by  reference  to  Exhibit  D  to  the
                           Prospectus).

              10 (a) (1)   Lease Agreement between Issuer and Foodmaker,  Inc.,
                           dated July 2, 1991. (Incorporated by reference to the
                           exhibit filed with the Issuer's Annual Report on Form
                           10-K for the fiscal year ended December 31, 1994).

              10 (a) (2)   Assignment of Lease between Issuer and Lads
                           Commercial Real Estate Developers dated October 4,
                           1991. (Incorporated by reference to the exhibit filed
                           with the Issuer's Annual Report on Form 10-K for the
                           fiscal year ended December 31, 1994).

              10 (a) (3)   Assignment of Rents and Leases between Issuer and
                           Northwend Center LP dated November 8, 1991.
                           (Incorporated by reference to the exhibit filed with
                           the Issuer's  Annual Report on Form 10-K for the
                           fiscal year ended December 31, 1994).

                                       12


<PAGE>



              10 (a) (4)   Lease Agreement between Issuer and Golden Corral
                           Corporation dated July 14, 1992.  (Incorporated by
                           reference to the exhibit filed with the Issuer's
                           Annual Report on Form 10-K for the fiscal year
                           ended December 31, 1994).

              10 (a) (5)   Joint Venture Agreement between Issuer and AAA Net
                           Realty Fund X, Ltd. dated  March 15,  1993.
                           (Incorporated by reference to the exhibit filed with
                           the Issuer's  Annual Report on Form 10-K for the
                           fiscal year ended December 31, 1994.)

              10 (a) (6)   Lease Agreement between Issuer and Baptist Memorial
                           Health Services, Inc. dated September 11, 1997.
                           (Incorporated by reference to the exhibit filed with
                           the Issuer's Annual Report on Form 10-KSB for the
                           fiscal year ended December 31, 1997.)

              27           Financial Data Schedule

(d)                    Financial Statement Schedules

                           Schedule III - Real Estate Owned and Accumulated
                           Depreciation


                                       13

<PAGE>



                                   SIGNATURES


Pursuant to the  requirements of Section 13 or 15(d) of the Securities  Exchange
Act of 1934,  the Issuer has duly  caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.


                                      AAA Net Realty Fund IX, Ltd.


                                      /s/ H. Kerr Taylor
March 30, 2000                        ------------------
Date                                  H. Kerr Taylor, Individual General Partner


                                      American Asset Advisers Management
                                      Corporation IX, Managing General Partner


                                      By /s/ H. Kerr Taylor
March 30, 2000                        ---------------------
Date                                  H. Kerr Taylor
                                      President


Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following person on behalf of the Issuer and in the
capacities and on the dates indicated.



                                      /s/ H. Kerr Taylor
March 30, 2000                        ------------------
Date                                  H. Kerr Taylor
                                      President (Principal Executive Officer)
                                      and Director



                                      /s/ Chad C. Braun
March 30, 2000                        -------------------
Date                                  Chad C. Braun Vice President of Finance
                                      (Principal Accounting Officer)


                                       14


<PAGE>



                          ANNUAL REPORT ON FORM 10-KSB
                      ITEMS 7, 13 (a)(1) AND (2) AND 13(d)


                              FINANCIAL STATEMENTS

                 FOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998

                        AND FINANCIAL STATEMENT SCHEDULE

                      FOR THE YEAR ENDED DECEMBER 31, 1999




                          AAA NET REALTY FUND IX, LTD.

                                      F-1

<PAGE>



                          AAA NET REALTY FUND IX, LTD.
                          INDEX TO FINANCIAL STATEMENTS






                                                                            Page

FINANCIAL STATEMENTS

Independent Auditors' Report                                                 F-3
Balance Sheet, December 31, 1999                                             F-4
Statements of Income for the Years Ended
   December 31, 1999 and 1998                                                F-5
Statements of Partnership Equity (Deficit)
   for the Years Ended December 31, 1999 and 1998                            F-6
Statements of Cash Flows for the Years Ended
   December 31, 1999 and 1998                                                F-7
Notes to Financial Statements for the Years Ended
   December 31, 1999 and 1998                                        F-8 to F-11



FINANCIAL STATEMENT SCHEDULE:
Schedule III Real Estate Owned and Accumulated Depreciation
for the Year Ended December 31, 1999                                        F-12


All other financial statement schedules are omitted as the required  information
is either  inapplicable  or is included in the  financial  statements or related
notes.


                                      F-2

<PAGE>



INDEPENDENT AUDITORS' REPORT


AAA Net Realty Fund IX, Ltd.

We have audited the  accompanying  balance sheet of AAA Net Realty Fund IX, Ltd.
as of December 31, 1999, and  the  related  statements  of  income,  partnership
equity  (deficit)  and cash  flows for each of the two years in the period ended
December  31, 1999. Our  audits also included the financial  statement  schedule
listed  in  the Index. These  financial  statements and the financial  statement
schedule  are  the   responsibility   of  the   Partnership's   management.  Our
responsibility  is  to  express  an  opinion  on  the  financial  statements and
financial statement schedule based on our audits.

We  conducted  our  audits  in  accordance  with  generally   accepted  auditing
standards.  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,  such  financial  statements  present  fairly,  in all material
respects,  the financial position of AAA Net Realty Fund IX, Ltd. as of December
31,  1999, and the results of its operations  and its cash flows for each of the
two years in the period ended  December 31, 1999, in conformity  with  generally
accepted accounting  principles.  Also, in our opinion, such financial statement
schedule, when considered in relation to the basic financial statements taken as
a whole,  presents  fairly in all material  respects the  information  set forth
therein.





DELOITTE & TOUCHE LLP

Houston, Texas
March 13, 2000





                                      F-3

<PAGE>




                          AAA NET REALTY FUND IX, LTD.
                             (A LIMITED PARTNERSHIP)
                                  BALANCE SHEET
                                DECEMBER 31, 1999

 ASSETS
 Cash and cash equivalents                                    $        234,177
 Property:
   Land                                                              1,490,494
   Buildings                                                         2,946,375
                                                              ----------------
                                                                     4,436,869
   Accumulated depreciation                                           (733,636)
                                                              ----------------
     Total property, net                                             3,703,233
                                                              ----------------
 Other assets:
   Accrued rental income                                                49,420
                                                              ----------------
 TOTAL ASSETS                                                 $      3,986,830
                                                              ================

 LIABILITIES AND PARTNERSHIP EQUITY
 Liabilities:
   Accounts payable                                           $         14,417
                                                              ----------------
     TOTAL LIABILITIES                                                  14,417
                                                              ----------------
 Partnership equity (deficit):
   General partners                                                     (1,712)
   Limited partners                                                  3,974,125
                                                              ----------------
     TOTAL PARTNERSHIP EQUITY                                        3,972,413
                                                              ----------------
 TOTAL LIABILITIES AND PARTNERSHIP EQUITY                     $      3,986,830
                                                              ================














 See Notes to Financial Statements.

                                       F-4

<PAGE>



                          AAA NET REALTY FUND IX, LTD.
                            (A LIMITED PARTNERSHIP)
                              STATEMENTS OF INCOME


                                                For the Years Ended December 31,
                                                        1999              1998
                                                        ----              ----
 Revenues:
   Rental income                                $      554,192    $      551,395
   Interest income                                       6,922             6,075
                                                         -----             -----

     Total revenues                                    561,114           557,470
                                                       -------           -------

 Expenses:
   Advisory fees to related party                       39,840            30,378
   Depreciation                                         93,535            93,536
   Professional fees                                    15,548            18,636
                                                        ------            ------

     Total expenses                                    148,923           142,550
                                                       -------           -------

 Net income                                     $      412,191    $      414,920
                                                ==============    ==============

 Allocation of net income:
   General partners                             $        4,123    $        4,149
   Limited partners                                    408,068           410,771
                                                       -------           -------

                                                $      412,191    $      414,920
                                                ==============    ==============

 Net income per unit                            $        76.47    $        76.97
                                                ==============    ==============

 Weighted average units outstanding                    5,390.5           5,390.5
                                                       =======           =======












See Notes to Financial Statements.

                                      F-5



<PAGE>


                          AAA NET REALTY FUND IX, LTD.
                            (A LIMITED PARTNERSHIP)
                   STATEMENTS OF PARTNERSHIP EQUITY (DEFICIT)
                 FOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998



                                       General        Limited
                                       Partners       Partners         Total
                                       --------       --------         -----
 Balance at December 31, 1997       $  (3,984)     $  4,082,668   $   4,078,684

   Net income                           4,149           410,771         414,920

   Distributions ($85.45 per Limited
                  Partnership Unit)    (3,000)         (462,721)       (465,721)
                                       ------          --------        --------

 Balance at December 31, 1998          (2,835)        4,030,718       4,027,883

   Net income                           4,123           408,068         412,191

   Distributions ($86.19 per Limited
                  Partnership Unit)    (3,000)         (464,661)       (467,661)
                                       ------          --------        --------

 Balance at December 31, 1999       $  (1,711)     $  3,974,125   $   3,972,413
                                     =========      ============   =============






















 See Notes to Financial Statements.

                                       F-6
<PAGE>

                          AAA NET REALTY FUND IX, LTD.
                            (A LIMITED PARTNERSHIP)
                            STATEMENTS OF CASH FLOWS

                                                For the Years Ended December 31,
                                                       1999              1998
                                                       ----              ----
 Cash flows from operating activities:
   Net income                                   $    412,191       $    414,920
   Adjustments to reconcile net income
     to net cash provided by operating
     activities:
       Depreciation                                   93,535             93,536
       Decrease in accounts receivable                     -             46,875
       Increase in accrued rental income             (21,180)           (21,180)
       Increase (decrease) in accounts
         payable                                         990             (2,047)
                                                      ------              -----
         Net cash provided by operating
           activities                                485,536            532,104
                                                     -------            -------

 Cash flows from financing activities:
   Distributions paid to partners                   (467,661)          (465,721)
                                                    --------           --------
     Net cash used in financing
       activities                                   (467,661)          (465,721)
                                                    --------           --------

 Net increase in cash and
   cash equivalents                                   17,875             66,383
 Cash and cash equivalents at beginning of year      216,302            149,919
                                                     -------            -------
 Cash and cash equivalents at end of year       $    234,177     $      216,302
                                                ============     ==============




















See Notes to Financial Statements.

                                      F-7

<PAGE>



                          AAA NET REALTY FUND IX, LTD.
                             (A LIMITED PARTNERSHIP)
                          NOTES TO FINANCIAL STATEMENTS
                 FOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998


1.     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

       DESCRIPTION OF BUSINESS AND NATURE OF OPERATIONS

       AAA Net Realty Fund IX, Ltd. (the "Partnership") is a limited partnership
       formed February 1, 1990,  under the laws of the State of Nebraska.  The
       Partnership  commenced operations as of June 6, 1990. American Asset
       Advisers Management Corporation IX (a Nebraska corporation) is the
       Managing General Partner and H. Kerr Taylor is the Individual General
       Partner.

       The  Partnership  was formed to acquire  commercial  properties for cash,
       own, lease, operate, manage and eventually sell the properties.  Prior to
       June 5, 1998,  the  supervision  of the  operations of the properties was
       managed by American Asset Advisers Realty Corporation, ("AAA"), a related
       party.  Beginning June 5, 1998, the  supervision of the operations of the
       properties is managed by AmREIT Realty Investment Corporation,  ("ARIC"),
       a related party.

       BASIS OF ACCOUNTING

       The financial  records of the  Partnership  are maintained on the accrual
       basis of  accounting  whereby  revenues  are  recognized  when earned and
       expenses are recorded when incurred.

       CASH AND CASH EQUIVALENTS

       For purposes of the statement of cash flows,  the  Partnership  considers
       all highly liquid debt instruments purchased with an original maturity of
       three months or less to be cash  equivalents.  Cash and cash  equivalents
       consist of demand deposits at commercial banks and money market funds.

       PROPERTY

       Property is leased to others on a net lease basis  whereby all  operating
       expenses related to the properties  including  property taxes,  insurance
       and common area  maintenance are the  responsibility  of the tenant.  The
       leases are accounted for under the operating lease method under which the
       properties are recorded at cost. Rental income is recognized ratably over
       the  life of the  lease  and  depreciation  is  charged  based  upon  the
       estimated useful life of the property.

       Management  reviews  its  properties  for  impairment  whenever events or
       changes in circumstances indicate that carrying the amount of the assets,
       including  accrued   rental  income,  may   not  be  recoverable  through
       operations. Management determines  whether an impairment in value occured
       by comparing the estimated  future  cash  flows (undiscounted and without
       interest charges)  including the residual value of the property, with the
       carrying cost of the  individual property. If  impairment is indicated, a
       loss will be recorded for  the amount by which  the carrying value of the
       asset exceeds its fair value.

                                      F-8

<PAGE>



       The final  property  acquisition  was completed as a joint  venture.  The
       Partnership's  interest in the joint  venture is 4.8%.  At  December  31,
       1999, the net book value of this property comprised 1.6% of total assets,
       the rental  income of $8,723  comprised  1.6% of total rental  income and
       2.1% of net income.  Because of the immateriality of these amounts to the
       financial  statements as a whole, the initial purchase and the subsequent
       rental  income  and   depreciation   have  been   accounted  for  on  the
       proportionate consolidation method.

       DEPRECIATION

       Buildings  are  depreciated  using  the  straight-line   method  over  an
       estimated useful life of 31.5 years.

       STATEMENT OF CASH FLOWS - SUPPLEMENTAL INFORMATION

       No cash was paid for income taxes or interest during 1999 or 1998.

       REVENUE RECOGNITION

       Properties are leased  on a triple-net  basis. Revenue is recognized on a
       straight-line  basis over the terms of  the individual leases. Percentage
       rents are recognized when received.

       FEDERAL INCOME TAXES

       All  income  and  expense  items flow  through  to the  partners  for tax
       purposes.  Consequently,  no provisions for federal or state income taxes
       is provided in the accompanying financial statements.

       FAIR VALUE OF FINANCIAL INSTRUMENTS

       The carrying  value of financial  instruments,  consisting of cash,  cash
       equivalents,  accounts receivable and liabilities  approximate their fair
       value.

       USE OF ESTIMATES

       The  preparation  of financial  statements in conformity  with  generally
       accepted accounting  principles 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.

       RECENT ACCOUNTING PRONOUNCEMENT

       In June 1999, the Financial Accounting Standards Board  issued  Statement
       of  Financial Accounting Standards  No. 137,  "Accounting  for Derivative
       Instruments  and  Hedging  Activities"  Deferral of the effective date of
       FASB Statement No. 133 ("SFAS 137"). SFAS 137 is effective for all fiscal
       quarters  of  fiscal  years  beginning  after June 15, 2000. FASB 133, as
       amended by  SFAS 137  establishes accounting and  reporting standards for
       derivative instruments, including certain derivative instruments embedded
       in other contracts and for  hedging activities. The Company is evaluating
       what  impact, if  any, adoption  of  this  statement  will  have  on  the
       Company's consolidated financial statements.

2.     PARTNERSHIP EQUITY

       The  Managing  General  Partner,   American  Asset  Advisers   Management
       Corporation IX, and the Individual General Partner,  H. Kerr Taylor, have
       made capital contributions in the amounts of $990 and $10,  respectively.
       All  other  contributions  have been made by the  limited  partners.  The
       General  Partners shall not be obligated to make any other  contributions
       to the capital of the  Partnership,  except  that,  in the event that the
       General  Partners have negative  balances in their capital accounts after
       dissolution and winding up of, or withdrawal from, the  Partnership,  the
       General  Partners will  contribute to the  Partnership an amount equal to
       the lesser of the deficit  balances in their capital accounts or 1.01% of
       the total capital  contributions  of the limited partners over the amount
       previously contributed by the General Partners.

                                      F-9

<PAGE>



3.     ALLOCATIONS AND DISTRIBUTIONS

       All income,  profits, gains and losses of the Partnership for each fiscal
       year,  other than any gain or loss  realized  upon the sale,  exchange or
       other  disposition  of  any  of  the  Partnership  properties,  shall  be
       allocated as follows:  (a) net loss shall be allocated 99% to the limited
       partners, .99% to the Managing General Partner and .01% to the Individual
       General Partner; and (b) net income will be allocated first in the ratio,
       and to the extent,  net cash flow is distributed to the partners for such
       year and any additional income for such year will be allocated 99% to the
       limited partners, 1% to the General Partners.

       For income tax purposes,  the gain  realized  upon the sale,  exchange or
       other disposition of any property will be allocated as follows:

       a.    first, to and among the partners in an amount equal to the negative
             balances in their  respective  capital  accounts (pro rata based on
             the relative amounts of such negative balances);

       b.    then,  to each  limited  partner  until the balance in such limited
             partner's  capital  account  equals the amount to be distributed to
             such limited partner in the first tier of the  distributions of net
             proceeds of sale;

       c.    then, to the General  Partners,  until the balance in their capital
             accounts  equals  the  amounts  to be  distributed  to the  General
             Partners in the second  tier of  distributions  of net  proceeds of
             sale;

       d.    then, 85% to the limited partners and 15% to the General Partners;
             and,

       e.    thereafter,  the Partners  shall be allocated gain or loss in order
             to meet  Treasury  Regulation  regarding  qualified  income  offset
             requirements.

       Any loss on the sale,  exchange,  or other  disposition  of any  property
       shall be  allocated  99% to the  limited  partners  and 1% to the General
       Partners.

4.     OPERATING LEASES

       A summary of minimum  future  rentals,  exclusive of any renewals,  under
       noncancellable  operating leases in existence at December 31, 1999 are as
       follows:

                                 2000           $   535,840
                                 2001               547,090
                                 2002               511,923
                                 2003               472,193
                                 2004               483,484
                                 2005-2009        1,488,349
                                                -----------
                                                $ 4,038,879
                                                ===========


                                      F-10

<PAGE>



5.     MAJOR TENANTS

       The  Partnership's  operations are related to the acquisition and leasing
       of commercial real estate properties.  The following schedule  summarizes
       rental income by lessee for 1999 and 1998:

                                                       1999            1998
                                                       ----            ----
             Foodmaker (Texas)                   $     68,998     $    68,995
             Baptist Memorial Health
               Services, Inc. (Tennessee)             208,680         208,680
             Payless ShoeSource/WaldenBooks
               (Texas)                                 82,000          82,000
             Golden Corral Corporation
               (Texas)                                194,514         191,720
                                                 ------------     -----------
                   Total                         $    554,192     $   551,395
                                                 ============     ===========


6.     INCOME RECONCILIATION

       A reconciliation of net income for financial reporting purposes to income
       for federal income tax purposes is as follows for the years ended
       December 31:

                                                  1999                   1998
                                                  ----                   ----

           Net income for financial
             reporting purposes             $     412,191          $    414,920

           Accrued rental income                  (21,180)              (21,180)
                                            -------------          -------------

           Income for tax reporting
             purposes                       $     391,011          $    393,740
                                            =============          =============


7.      RELATED PARTY TRANSACTIONS

        The   Partnership   Agreement   provides  for  the   reimbursement   for
        administrative  services  necessary  for the  prudent  operation  of the
        Partnership and its assets with the exception that no  reimbursement  is
        permitted  for rent,  utilities,  capital  equipment,  salaries,  fringe
        benefits or travel expenses  allocated to the Individual General Partner
        or to any  controlling  persons  of the  Managing  General  Partner.  In
        connection with  administrative  services  rendered to the  Partnership,
        $39,840 and $30,378  was  incurred  and paid to ARIC and AAA in 1999 and
        1998, respectively.


                                      F-11

<PAGE>


                          AAA NET REALTY FUND IX, LTD.
         SCHEDULE III - REAL ESTATE OWNED AND ACCUMULATED DEPRECIATION
                      FOR THE YEAR ENDED DECEMBER 31, 1998

<TABLE>
<CAPTION>

                                                                                                                        LIFE ON
                                                                                                                        WHICH
                                                                                                                        DEPREC.
                                                                                                                        IN LATEST
                                                                                                                        INCOME
   PROPERTY                 ENCUM-                        IMPROVE-  COST AT CLOSE OF YEAR    ACCUM.  DATE OF   DATE     STMT. IS
  DESCRIPTION               BRANCES  BUILDING    LAND      MENTS     BUILDING     LAND        DEPR.   CONST.  ACQUIRED  COMPUTED
  -----------               -------  --------    ----      -----     --------     ----        -----   ------  --------  --------

 <S>                        <C>      <C>        <C>         <C>     <C>        <C>          <C>       <C>     <C>       <C>


 Jack in the Box,            $0      $406,805   $174,345    $0      $406,805   $174,345    $109,235   N/A     07-12-91  31.5 Years
    Texas

 Baptist Memorial Health     $0    $1,097,725   $470,454    $0    $1,097,725   $470,454    $287,499   N/A     10-04-91  31.5 Years
   Services, Inc.
    Tennessee

 Payless Shoe Source,        $0      $393,573   $168,674    $0      $393,573   $168,674    $101,794   N/A     11-07-91  31.5 Years
    Texas

 Golden Corral Restaurant,   $0      $995,048   $654,211    $0      $995,048   $654,211    $223,633   N/A     08-20-92  31.5 Years
    Texas

 Golden Corral Restaurant,   $0       $53,224    $22,810    $0       $53,224    $22,810     $11,475   N/A     03-15-93  31.5 Years
                             --       -------    -------    --       -------    -------      ------
    Texas

                             $0    $2,946,375 $1,490,494    $0    $2,946,375 $1,490,494    $733,636
                             ==    ========== ==========    ==    ========== ==========    ========


</TABLE>

(1)  Transactions  in real estate and accumulated  depreciation  during 1999 and
     1998 are summarized as follows:

                                                                 Accumulated
                                                       Cost      Depreciation
                                                       ----      ------------
Balance at December 31, 1997                        $4,436,869     $546,565
Acquisitions                                                $0           $0
Depreciation expense                                        $0      $93,536
                                                    ----------     --------
Balance at December 31, 1998                        $4,436,869     $640,101
Acquisitions                                                $0           $0
Depreciation expense                                        $0      $93,535
                                                    ----------     --------
Balance at December 31, 1999                        $4,436,869     $733,636
                                                    ==========     ========

(2) Aggregate cost for Federal income tax purposes  $4,436,869
                                                    ==========









                                      F-12