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, 2001

                                       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
(Address of principal executive offices)           77046 (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: $574,584

                       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 cost of $4,437,908 including acquisition
fees and certain acquisition expenses. Generally, Partnership policy requires
that the Partnership lease 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; and

     (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, 2001, 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 $8,816 to $208,670. 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 2001, 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>
<S>                                 <C>                    <C>                        <C>               <C>

                                      Baptist Memorial       Golden Corral
                                    Health Services, Inc.     Corporation (1)         Payless Shoes     Foodmaker
                                    ---------------------     -----------             -------------    ----------

Lease Term                                10 Years             15 Years                  11 Years        13 Years
Expiration Date of Primary Term          August 2007        December 2007              January 2003      July 2009
Renewal Options                          2 Terms of              N/A                       N/A               N/A
                                         5 Years each

Square Footage of Improvements              15,000             12,000                     4,000            2,238
Base Annual Rental                         $208,675           $183,000                  $80,000           $74,127
</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

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 affiliates are compensated for
administrative and management services in an amount not to exceed those fees
which would be customarily charged in an arms-length transaction by others
rendering similar services. 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, 2001, 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 leased to fast food
and family style restaurants, retail businesses and a medical facility.

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: fast and family style restaurants, retail businesses and a
medical facility.

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

A total of $4,437,908 has been invested in properties as of December 31, 2001,
for the Partnership. The Partnership has invested $4,361,873 in properties that
are owned directly and $76,035 in properties that are owned in Joint Ventures.
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, 2001, 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, 2001, 323 limited partners had subscribed for 5,368.5 Units.
No established public trading market currently exists for the Units.

For the years ended December 31, 2001 and 2000, the Partnership paid cash
distributions to the Limited Partners (LPs) in the amount of $388,000 and
$366,076, respectively and to the General Partners (GPs) in the amount of
$16,023 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:
<TABLE>
<CAPTION>
<S>                         <C>           <C>                <C>          <C>

       Quarter                           2001                          2000
                            -------------------------        -------------------------
        Ended                   GPs          LPs                GPs           LPs
       -------              -----------  ------------        -----------  ------------

       March 31             $   750       $ 93,000            $   750     $ 90,021
       June 30              $13,042       $105,000            $   750     $ 92,024
       September 30         $ 1,271       $ 95,000            $   750     $ 92,016
       December 31          $   960       $ 95,000            $   750     $ 92,015

</TABLE>

The partnership agreement calls for the distribution of net cash flow from
operations to be first distributed 99% to the Limited Partners and 1% to the
General Partners until each Limited Partner has received an annual noncumulative
distribution equal to 10% per annum return on such Limited Partner's adjusted
capital contribution. During the second quarter of 2001 the General Partner
received a distribution from the partnership, which together with previous
distributions, equaled 1% of the net cash flow from operations. Going forward
the General Partner should receive 1% of current distributions on a quarterly
basis as provided for in the partnership agreement.

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.


                                       6
<PAGE>

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 it's offering on
June 5, 1992, having raised $5,390,500. Limited partners are not required to
make any additional capital contributions.

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 1 to 9 years and
provide for specified rental increases in excess of the initial base rent, it is
anticipated that Partnership income should increase over time. Approximately
$200,000 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, 2001, the Partnership had acquired five properties and had
invested $4,437,908 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 2001 and 2000 distributing a total of $388,000 and
$366,076 to the limited partners, respectively.

Net cash provided by operating activities increased from $490,668 in 2000 to
$494,296 in 2001. The increase in cash provided by operating activities was due
primarily to the following components: (1) a change in accrued rental income of
a decrease in 2000 of $15,552 compared to a decrease in 2001 of $4,296, and (2)
an increase in accounts payable of $13,319 in 2001 compared to an increase of
$9,273 in 2000. The change in accrued rental income and the increase in accounts
payable is partially offset by an increase in prepaid expenses of $9,205 in 2001
compared no change in prepaid expenses in 2000.

Net cash used in investing activities increased by $1,039 to $1,039 in 2001
when compared to 2000. The increase is due to improvements made to real estate
assets of $1,039 in 2001.

Net cash used in financing activities increased from $369,076 in 2000 to
$421,780 in 2001. This increase is primarily due to the retirement of
partnership units, which were retired for a total price of $17,757, and an
increase in distributions paid to partners of $34,947.

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.

The events surrounding the September 11, 2001 terrorist attacks on the United
States have created uncertainty with respect to the condition of the United
States economy. Certain economic factors and indicators have suggested that the
events of September 11, 2001 have had a substantial negative effect on the
economy in general, and several industries have experienced financial
difficulties. It is impossible to determine at this time what the long-term
effects on the United States economy will be. Any negative change in the general


                                       7
<PAGE>
economic conditions in the United States could adversely affect the financial
condition and operating results of AAA Net Realty Fund IX, Ltd. and its ability
to access additional financial resources.

RESULTS OF OPERATIONS

Years Ended December 31, 2001 and 2000:

Rental income increased from $553,918 in 2000 to $562,062 in 2001 due to an
increase in base rental from Baptist Memorial Health Services, Inc. and
percentage rent received from Golden Corral Corporation. Interest income
decreased from $14,013 in 2000 to $12,522 in 2001 primarily as a result of lower
interest rates. Expenses increased by $8,642 primarily due to a newly enacted
franchise tax expense from the State of Tennessee, which went into place in
2001. The Partnership recorded net income in 2001 of $401,422 as compared to
$403,411 in 2000. Each of the four properties owned 100% by the Partnership
contributed more than 10% of the total rental income for 2001.

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.

In June 1999, the Financial Accounting Standards Board ("FASB") issued Statement
of Financial Accounting Standards No. 133, "Accounting for Derivative
Instruments and Hedging Activities ("SFAS 133"). SFAS 133 establishes accounting
and reporting standards for derivative instruments, including certain derivative
instruments embedded in other contracts and for hedging activities. In June
1999, the FASB issued SFAS 137 that deferred the effective date of adoption of
SFAS 133 for one year. This was followed in June 2000 by the issuance of SFAS
138, "Accounting for Certain Derivative Instruments and Certain Hedging
Activities", which amended SFAS 133.

The Partnership adopted these standards effective January 1, 2001. The
Partnership currently has no contracts that would be affected by these
accounting standards and as a result there was no effect on the Partnership's
financial position, results of operation or cash flows from the adoption of SFAS
133, as amended.

On June 29, 2001, SFAS No. 141, "Business Combinations" was approved by the
Financial Accounting Standards Board ("FASB"). SFAS No. 141 requires that the
purchase method of accounting be used for all business combinations initiated
after June 30, 2001. Goodwill and certain intangible assets will remain on the
balance sheet and not be amortized. On an annual basis, and when there is reason
to suspect that their values have been diminished or impaired, these assets must
be tested for impairment, and write-downs may be necessary. The Partnership was
required to implement SFAS No. 141 on July 1, 2001. The adoption of this
Statement had no effect on the Partnership's financial position or results of
operations.

On June 29, 2001, SFAS No. 142, "Goodwill and Other Intangible Assets " was
approved by the FASB. SFAS No. 142 changes the accounting for goodwill from an
amortization method to an impairment-only approach. Amortization of goodwill,

                                       8
<PAGE>

including goodwill recorded in past business combinations, will cease upon
adoption of this statement. The Partnership was required to implement SFAS No.
142 on January 1, 2002. The adoption of this Statement will not have a material
impact on the Partnership's financial position, results of operations, or cash
flows.

In June 2001, FASB issued SFAS No. 143, "Accounting for Asset Retirement
Obligations", which is effective for fiscal years beginning after June 15, 2002.
SFAS No. 143 addresses financial accounting and reporting for obligations
associated with the retirement of tangible long-lived assets and the associated
asset retirement costs. The adoption of SFAS No. 143 will not have a material
impact on our financial position, results of operations, or cash flows.

In August 2001, FASB issued SFAS No. 144, "Accounting for the Impairment or
Disposal of Long-Lived Assets", which is effective for fiscal years beginning
after December 15, 2001. SFAS No. 144 addresses financial accounting and
reporting for the impairment or disposal of a segment of a business. The
adoption of SFAS No. 144 will not have a material impact on our financial
position, results of operations, or cash flows.

                                       9
<PAGE>



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.







                                       10
<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 51, 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%, which is wholly owned by
Mr. Taylor. 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:

Chad C. Braun, age 29, serves as Executive Vice President of Finance of ARIC.
Mr. Braun oversees the accounting and SEC reporting for the ARIC-sponsored
partnerships. Prior to joining ARIC 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.

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.


                                       11
<PAGE>



These individuals are:

Tom Pagel, age 56, is the Director of Real Estate for ARIC. Mr. Pagel has over
twenty-five years of experience within the real estate industry including
acquisition, development, asset management and disposition. Mr. Pagel has served
within management of such real estate firms as Trammell Crow Company, Camden
Property Trust and American General Realty Advisors. Mr. Pagel received his B.A.
from the University of Texas at Austin and is a licensed Texas Real Estate
Broker and a Certified Property Manager.

Jane Costello, age 45, 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, 2001, 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, 2001 and 2000 of $16,023 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, which is incorporated by reference, under the
headings CASH DISTRIBUTIONS AND TAX ALLOCATIONS and COMPENSATION TO GENERAL
PARTNERS AND AFFILIATES.



                                       12
<PAGE>



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 compensated for administrative and management
services in an amount not to exceed those fees which would be customarily
charged in an arms-length transaction by others rendering similar services. In
connection with administrative services rendered to the Partnership, $53,904 and
$53,904 was paid to ARIC in 2001 and 2000, respectively. See Note 7 in the
accompanying financial statements.

Mr. Taylor, President of ARIC, does not receive compensation from ARIC for
services performed on behalf of the partnership; however, he does receive a
salary from AmREIT, Inc., which may include services rendered to the
partnership. The Managing General Partner believes that any compensation
relating to such services is not material.






                                       13


<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, 2001
             Statements of Income for the Years Ended December 31, 2001 and 2000
             Statements of Partnership Equity (Deficit) for the Years Ended
             December 31, 2001 and 2000 Statements of Cash Flows for the Years
             Ended December 31, 2001 and 2000 Notes to Financial Statements for
             the Years Ended December 31, 2001 and 2000

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

     (3)  Exhibits:  See (c) below

(b)        Reports on Form 8-K filed after September 30, 2001:

              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).
              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).

                                       14

              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.)

(d)                    Financial Statement Schedules

                       Schedule III - Real Estate Owned and Accumulated
                       Depreciation



                                       15


<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.


March 20, 2002                /s/ H. Kerr Taylor
-------------------------     ------------------
Date                          H. Kerr Taylor, Individual General Partner

                              American Asset Advisers Management
                                Corporation IX, Managing General Partner


March 20, 2002                By /s/ H. Kerr Taylor
-------------------------     ---------------------
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.



March 20, 2002                /s/ H. Kerr Taylor
-------------------------     ------------------
Date                          H. Kerr Taylor
                              President (Principal Executive Officer)
                              and Director

March 20, 2002                /s/ Chad C. Braun
-------------------------     -----------------
Date                          Chad C. Braun, Executive Vice President of Finance
                              (Principal Accounting Officer)



                                       16
<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, 2001 AND 2000

                        AND FINANCIAL STATEMENT SCHEDULE

                      FOR THE YEAR ENDED DECEMBER 31, 2001


                          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, 2001                                         F-4
Statements of Income for the Years Ended
   December 31, 2001 and 2000                                            F-5
Statements of Partnership Equity (Deficit)
   for the Years Ended December 31, 2001 and 2000                        F-6
Statements of Cash Flows for the Years Ended
   December 31, 2001 and 2000                                            F-7
Notes to Financial Statements for the Years Ended
   December 31, 2001 and 2000                                    F-8 to F-13



FINANCIAL STATEMENT SCHEDULE:
Schedule III Real Estate Owned and Accumulated Depreciation
for the Year Ended December 31, 2001                                    F-14


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, 2001, and the related statements of income, partnership
equity (deficit) and cash flows for each of the two years in the period ended
December 31, 2001. 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 auditing standards generally accepted
in the United States of America. 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, 2001, and the results of its operations and its cash flows for each of the
two years in the period ended December 31, 2001 in conformity with accounting
principles generally accepted in the United States of America. 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
February 1, 2002










                                      F-3
<PAGE>
                  PART 1 - FINANCIAL INFORMATION

Item 1.  Financial Statements

                          AAA NET REALTY FUND IX, LTD.
                             (A LIMITED PARTNERSHIP)
                                  BALANCE SHEET
                                DECEMBER 31, 2001


 ASSETS
 Cash and cash equivalents                                        $  427,246
 Property:
      Land                                                         1,490,494
      Buildings                                                    2,947,414
                                                                  ----------
                                                                   4,437,908
      Accumulated depreciation                                      (920,708)
                                                                  ----------
          Total property, net                                      3,517,200
                                                                  ----------

 Other assets:
      Prepaid expense                                                  9,205
      Accrued rental income                                           69,268
      Accrued interest income                                            480
                                                                  ----------
          Total other assets                                          78,953
                                                                  ----------
 TOTAL ASSETS                                                     $4,023,399
                                                                  ==========

 LIABILITIES AND PARTNERSHIP EQUITY (DEFICIT)
 Liabilities:
      Accounts payable                                            $   37,009
                                                                  ----------
           TOTAL LIABILITIES                                          37,009
                                                                  ----------
  Partnership equity (deficit):
      General partners                                               (12,687)
      Limited partners                                             3,999,077
                                                                  ----------
           TOTAL PARTNERSHIP EQUITY (DEFICIT)                      3,986,390
                                                                  ----------
 TOTAL LIABILITIES AND PARTNERSHIP EQUITY (DEFICIT)               $4,023,399
                                                                  ==========

 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,



                                                  2001               2000
                                                  ----               ----
 Revenues:
      Rental income                             $562,062           $553,918
      Interest income                             12,522             14,013
                                                --------           --------

          Total revenues                         574,584            567,931
                                                --------           --------

 Expenses:
      Advisory fees to related party              53,904             53,904
      Depreciation                                93,536             93,536
      Professional fees                           25,722             17,080
                                                --------           --------

          Total expenses                         173,162            164,520
                                                --------           --------

 Net income                                     $401,422           $403,411
                                                ========           ========

 Allocation of net income:
      General partners                          $  4,014           $  4,034
      Limited partners                           397,408            399,377
                                                --------           --------

                                                $401,422           $403,411
                                                ========           ========

 Net income per unit                            $  74.61           $  74.84
                                                ========           ========

 Weighted average units outstanding              5,380.4            5,390.5
                                                ========           ========







  See Notes to Financial Statements.


                                       F-5
<PAGE>
                          AAA NET REALTY FUND IX, LTD.
                             (A LIMITED PARTNERSHIP)
                    STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
                 FOR THE YEARS ENDED DECEMBER 31, 2001 AND 2000


<TABLE>
<CAPTION>
<S>                                             <C>                  <C>                  <C>
                                                GENERAL              LIMITED
                                                PARTNERS             PARTNERS             TOTAL
                                                --------             --------             -----

Balance at December 31, 1999                    $ (1,712)            $3,974,125           $3,972,413

Net income                                         4,034                399,377              403,411

Distributions ($67.91 per Limited
              Partnership Unit)                   (3,000)              (366,076)            (369,076)
                                                --------             ----------           ----------


Balance at December 31, 2000                        (678)             4,007,426            4,006,748

Net income                                         4,014                397,408              401,422

Repurchase of LP units                                                  (17,757)             (17,757)

Distributions ($72.27 per Limited
               Partnership Unit)                 (16,023)              (388,000)            (404,023)
                                               ---------             ----------           ----------


Balance at December 31, 2001                    $(12,687)           $3,999,077            $3,986,390
                                                ========            ==========            ==========



</TABLE>



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,



                                                             2001       2000
                                                             ----       ----
 Cash flows from operating activities:
      Net income                                           $401,422    $403,411
      Adjustments to reconcile net income to net cash
          provided by operating activities:
             Depreciation                                    93,536      93,536
             Decrease in accrued rental income               (4,296)    (15,552)
             Increase in accounts payable                    13,319       9,273
             Increase in accrued interest income               (480)          -
             Increase in prepaid expense                     (9,205)          -
                                                           --------    --------
               Net cash provided by operating activities    494,296     490,668
                                                           --------    --------

 Cash flows used in investing activities:
      Improvements to real estate                            (1,039)          -
                                                           --------    --------
                 Net cash used in investing activities       (1,039)          -
                                                           --------    --------

 Cash flows from financing activities:
      Distributions paid to partners                       (404,023)   (369,076)
      Repurchase of Limited Partner units                   (17,757)          -
                                                           --------    --------
          Net cash used in financing activities            (421,780)   (369,076)
                                                           --------    --------

 Net increase in cash and cash equivalents                   71,477     121,592
 Cash and cash equivalents, beginning of period             355,769     234,177
                                                           --------    --------
 Cash and cash equivalents, end of period                  $427,246    $355,769
                                                           ========    ========




 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, 2001 AND 2000

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 as operating leases and the related properties
       are recorded at cost. Rental income is recognized ratably over the life
       of the lease and depreciation is computed based upon the estimated useful
       life of the property.

       Management reviews its properties for impairment whenever events or
       changes in circumstances indicate that the carrying amount of the assets,
       including accrued rental income, may not be recoverable through
       operations. Management determines whether an impairment in value occurred
       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 part of a joint venture
       with AAA Net Realty Fund X, Ltd, a partnership that has common
       management. The Partnership's interest in the joint venture is 4.8%. At
       December 31, 2001, the net book value of this property comprised 1.7% of
       total assets, the rental income of $8,816 comprised 1.6% of total rental
       income and 2.2% of net income. The subsequent rental income and
       depreciation have been accounted for on the cost 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 2001 or 2000.

       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.

       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 accounting
       principals generally accepted in the United States of America 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.

       NEW ACCOUNTING STANDARDS

       In June 1999, the Financial Accounting Standards Board ("FASB") issued
       Statement of Financial Accounting Standards No. 133, "Accounting for
       Derivative Instruments and Hedging Activities ("SFAS 133"). SFAS 133
       establishes accounting and reporting standards for derivative
       instruments, including certain derivative instruments embedded in other
       contracts and for hedging activities. In June 1999, the FASB issued SFAS
       137 that deferred the effective date of adoption of SFAS 133 for one
       year. This was followed in June 2000 by the issuance of SFAS 138,
       "Accounting for Certain Derivative Instruments and Certain Hedging
       Activities", which amended SFAS 133.

                                     F- 9
<PAGE>


       The Partnership adopted these standards effective January 1, 2001. The
       Partnership currently has no contracts that would be affected by these
       accounting standards and as a result there was no effect on the
       Partnership's financial position, results of operation or cash flows from
       the adoption of SFAS 133, as amended.

       On June 29, 2001, SFAS No. 141, "Business Combinations" was approved by
       the Financial Accounting Standards Board ("FASB"). SFAS No. 141 requires
       that the purchase method of accounting be used for all business
       combinations initiated after June 30, 2001. Goodwill and certain
       intangible assets will remain on the balance sheet and not be amortized.
       On an annual basis, and when there is reason to suspect that their values
       have been diminished or impaired, these assets must be tested for
       impairment, and write-downs may be necessary. The Partnership was
       required to implement SFAS No. 141 on July 1, 2001. The adoption of this
       Statement had no effect on the Partnership's financial position or
       results of operations.

       On June 29, 2001, SFAS No. 142, "Goodwill and Other Intangible Assets "
       was approved by the FASB. SFAS No. 142 changes the accounting for
       goodwill from an amortization method to an impairment-only approach.
       Amortization of goodwill, including goodwill recorded in past business
       combinations, will cease upon adoption of this statement. The Partnership
       was required to implement SFAS No. 142 on January 1, 2002. The adoption
       of this Statement will not have a material impact on the Partnership's
       financial position, results of operations, or cash flows.

       In June 2001, FASB issued SFAS No. 143, "Accounting for Asset Retirement
       Obligations", which is effective for fiscal years beginning after June
       15, 2002. SFAS No. 143 addresses financial accounting and reporting for
       obligations associated with the retirement of tangible long-lived assets
       and the associated asset retirement costs. The adoption of SFAS No. 143
       will not have a material impact on our financial position, results of
       operations, or cash flows.

       In August 2001, FASB issued SFAS No. 144, "Accounting for the Impairment
       or Disposal of Long-Lived Assets", which is effective for fiscal years
       beginning after December 15, 2001. SFAS No. 144 addresses financial
       accounting and reporting for the impairment or disposal of a segment of a
       business. The adoption of SFAS No. 144 will not have a material impact on
       our financial position, results of operations, or cash flows.

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.

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,

                                      F-10
<PAGE>
       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.

       During the second quarter of 2001 the General Partner received a
       distribution from the partnership, which together with previous
       distributions, equaled 1% of the net cash flow from operations. Going
       forward the General Partner should receive 1% of current distributions on
       a quarterly basis as provided for in the partnership agreement.

       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.


                                      F-11
<PAGE>

4.     OPERATING LEASES

       A summary of minimum future rentals, exclusive of any renewals, under
       noncancellable operating leases in existence at December 31, 2001 are as
       follows:

                        2002                  511,923
                        2003                  472,193
                        2004                  483,484
                        2005                  483,484
                        2006                  490,167
                        2007-2009             514,698
                                           ----------
                                           $2,955,949

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 the years ended December 31:
<TABLE>
<CAPTION>
<S>                                                                  <C>            <C>

                                                                     2001             2000
                                                                     ----             ----
           Baptist Memorial Health Services, Inc. (Tennessee)        $208,670      $208,676
           Golden Corral Corporation (Texas)                          197,265       191,832
           Payless ShoeSource/WaldenBooks (Texas)                      82,000        82,000
           Foodmaker (Texas)                                           74,127        71,410
                                                                     --------      --------
                   Total                                             $562,062      $553,918
                                                                     ========      ========
</TABLE>

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:

                                                          2001         2000
                                                          ----         ----

           Net income for financial reporting purposes    $401,422     $403,411

           Accrued rental income                            (4,296)     (15,552)
                                                          --------     --------

           Income for tax reporting purposes              $397,126     $387,859
                                                          ========     ========




                                      F-12
<PAGE>





7.      RELATED PARTY TRANSACTIONS

        The Partnership Agreement provides for the General Partner or such
        affiliates to be compensated for administrative and management 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, $53,904 and $53,904
        incurred and paid to ARIC in 2001 and 2000 respectively.





















                                      F-13
<PAGE>

                          AAA NET REALTY FUND IX, LTD.
          SCHEDULE III - REAL ESTATE OWNED AND ACCUMULATED DEPRECIATION
                      FOR THE YEAR ENDED DECEMBER 31, 2001


<TABLE>
<CAPTION>
<S>             <C>           <C>         <C>      <C>           <C>         <C>          <C>          <C>      <C>  <C>


                                                                                                                       LIFE ON WHICH
                                                                                                                     DEPRECIATION IN
                                                                                                                       LATEST INCOME
                                                                                                       DATE OF            STATEMENT
PROPERTY                                                      COST AT CLOSE OF YEAR      ACCUMULATED   CONSTRUC- DATE        IS
DESCRIPTION     ENCUMBRANCES  BUILDING    LAND     IMPROVEMENTS  BUILDING    LAND        DEPRECIATION   TION    ACQUIRED  COMPUTED
-----------     ------------  --------    ----     ------------  --------    ----        ------------- -------- --------- --------

Jack in the Box,          $0  $  406,805  $  174,345         $0  $  406,805  $  174,345  $135,063       N/A      07-12-91 31.5 Years
   Texas

Baptist Memorial
Health Services,          $0  $1,097,725  $  470,454         $0  $1,097,725  $  470,454  $357,196       N/A      10-4-91  31.5 Years
  Inc.
  Tennessee

Payless Shoe
 Source,                  $0  $  393,573  $  168,674     $1,039  $  394,612  $  168,674  $126,783       N/A     11-07-91  31.5 Years
    Texas

Golden Corral
 Restaurant,              $0  $  995,048  $  654,211         $0  $  995,048  $  654,211  $286,811       N/A     08-20-92  31.5 Years
   Texas

Golden Corral
 Restaurant,              $0  $   53,224  $   22,810         $0  $   53,224  $   22,810  $ 14,855       N/A     03-15-93  31.5 Years
   Texas
              --------------  ----------  ----------     ------  ----------  ----------  --------

                          $0  $2,946,375  $1,490,494     $1,039  $2,947,414  $1,490,494  $920,708
              ==============  ==========  ==========     ======  ==========  ==========  ========

</TABLE>



    (1) Transactions in real estate and accumulated depreciation during 2001 and
2000 are summarized as follows:

                                                        Accumulated
                                             Cost       Depreciation
                                          -----------  ------------
    Balance at December 31, 1999          $4,436,869    $  733,636
    Acquisitions                                  $0             $0
    Depreciation expense                          $0     $   93,536
                                          ----------    -----------
    Balance at December 31, 2000          $4,436,869     $  827,172
    Improvements                              $1,039             $0
    Depreciation expense                          $0     $   93,536
                                          ----------    -----------
    Balance at December 31, 2001          $4,437,908    $   920,708
                                          ==========    ===========

    (2) Aggregate cost for Federal income tax purposes   $4,437,908
                                                         ==========







                                 F-14