<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[X] Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
For the quarterly period ended March 31, 2000 or
---------------------------------------------
[_] Transition report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the transition period from _______________________ to _____________________
Commission file number 0-23719
--------------------------------------------------------
WELLS REAL ESTATE FUND X, L.P.
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C>
Georgia 58-2250093
- ------------------------------------------------- -----------------------------------------
(State or other jurisdiction of incorporation or (I.R.S. Employer Identification Number)
organization)
</TABLE>
<TABLE>
<S> <C>
6200 The Corners Pkwy., Norcross, Georgia 30092
- -------------------------------------------- -------------------------------------
(Address of principal executive offices) (Zip Code)
</TABLE>
Registrant's telephone number, including area code (770) 449-7800
-----------------------------
- --------------------------------------------------------------------------------
(Former name, former address, and former fiscal year, if changed since
last report)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No_____________
----------
<PAGE>
FORM 10-Q
WELLS REAL ESTATE FUND X, L.P.
(A Georgia Public Limited Partnership)
INDEX
<TABLE>
<CAPTION>
Page No.
--------
<S> <C>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Balance Sheets--March 31, 2000 and December 31, 1999 3
Statements of Income for the Three Months Ended March 31, 2000 and 1999 4
Statements of Partners' Capital for the Year Ended December 31, 1999 and for the
Three Months Ended March 31, 2000 5
Statements of Cash Flows for the Three Months Ended March 31, 2000 and 1999 6
Condensed Notes to Financial Statements 7
Item 2. Management's Discussion and Analysis of Financial Condition and Results of
Operations 9
PART II. OTHER INFORMATION 17
</TABLE>
-2-
<PAGE>
WELLS REAL ESTATE FUND X, L.P.
(A Georgia Public Limited Partnership)
BALANCE SHEETS
<TABLE>
<CAPTION>
March 31, December 31,
2000 1999
-------------- --------------
<S> <C> <C>
ASSETS:
Investment in joint ventures (Note 2) $ 21,162,678 $ 21,341,949
Cash and cash equivalents 244,865 278,514
Due from affiliates 563,526 498,296
Deferred project costs 18,363 18,363
------------- ------------
Total assets $ 21,989,432 $ 22,137,122
============= ============
LIABILITIES AND PARTNERS' CAPITAL:
Liabilities:
Partnership distribution payable $ 528,239 $ 518,288
------------- ------------
Total liabilities 528,239 518,288
------------- ------------
Partners' capital:
Limited partners:
Class A--2,173,266 units outstanding at March 31, 2000 and
2,173,266 units at December 31, 1999 18,632,083 18,553,200
Class B--539,625 units outstanding at March 31, 2000 and
539,625 units at December 31, 1999 2,829,110 3,065,634
------------- ------------
Total partners' capital 21,461,193 21,618,834
------------- ------------
Total liabilities and partners' capital $ 21,989,432 $ 22,137,122
============= ============
</TABLE>
See accompanying condensed notes to financial statements.
-3-
<PAGE>
WELLS REAL ESTATE FUND X, L.P.
(A Georgia Public Limited Partnership)
STATEMENTS OF INCOME
<TABLE>
<CAPTION>
Three Months Ended
-----------------------------
March 31, March 31,
2000 1999
------------ -------------
<S> <C> <C>
REVENUES:
Equity in income of joint ventures $ 384,254 $ 347,197
------------ -----------
EXPENSES:
Computer costs 3,067 2,820
Partnership administration 12,782 19,116
Legal and accounting 9,893 7,958
Amortization of organization costs 0 1,562
------------ -----------
25,742 31,456
------------ -----------
NET INCOME $ 358,512 $ 315,741
============ ===========
NET INCOME ALLOCATED TO CLASS A LIMITED PARTNERS $ 559,658 $ 573,656
============ ===========
NET LOSS ALLOCATED TO CLASS B LIMITED PARTNERS $ (201,146) $ (257,915)
============ ===========
NET INCOME PER WEIGHTED AVERAGE CLASS A LIMITED PARTNER UNIT $ .26 $ .27
============ ===========
NET LOSS PER WEIGHTED AVERAGE CLASS B LIMITED PARTNER UNIT $ (.37) $ (.45)
============ ===========
CASH DISTRIBUTION PER WEIGHTED AVERAGE CLASS A LIMITED PARTNER UNIT $ .24 $ .25
============ ===========
</TABLE>
See accompanying condensed notes to financial statements.
-4-
<PAGE>
WELLS REAL ESTATE FUND X, L.P.
(A Georgia Public Limited Partnership)
STATEMENTS OF PARTNERS' CAPITAL
FOR THE YEAR ENDED DECEMBER 31, 1999
AND THE THREE MONTHS ENDED MARCH 31, 2000
<TABLE>
<CAPTION>
Limited Partners Total
----------------------------------------------
Class A Class B General Partners'
---------------------- ---------------------
Units Amounts Units Amounts Partners Capital
--------- ----------- -------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
BALANCE, December 31, 1998 2,125,804 $18,227,829 587,087 $4,252,776 $ 0 $22,480,605
Net income (loss) 0 2,084,229 0 (891,911) 0 1,192,318
Partnership distributions 0 (2,054,089) 0 0 0 (2,054,089)
Class B conversions 41,162 295,231 (41,162) (295,231) 0 0
---------- ----------- ------- ---------- -------- -----------
BALANCE, December 31, 1999 2,166,966 18,553,200 545,925 3,065,634 0 21,618,834
Net income (loss) 0 559,658 0 (201,146) 0 358,512
Partnership distributions 0 (516,153) 0 0 0 (516,153)
Class B conversions 6,300 35,378 (6,300) (35,378) 0 0
---------- ----------- ------- ---------- -------- -----------
BALANCE, March 31, 2000 2,173,266 $18,632,083 539,625 $2,829,110 $0 $21,461,193
========== =========== ======= ========== ======== ===========
</TABLE>
See accompanying condensed notes to financial statements.
-5-
<PAGE>
WELLS REAL ESTATE FUND X, L.P.
(A Georgia Public Limited Partnership)
STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
Three Months Ended
------------------------
March 31, March 31,
2000 1999
--------- ---------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 358,512 $ 315,741
Adjustments to reconcile net income to net cash (used in) by
operating activities:
Equity in income of joint ventures (384,254) (347,197)
Amortization of organizational costs 0 1,562
Changes in assets and liabilities:
Decrease in prepaid expenses and other assets 0 851
Decrease in accounts payable 0 (3,500)
--------- ---------
Net cash used in operating activities (25,742) (32,543)
--------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
Distributions received from joint ventures 498,295 580,481
--------- ---------
Net cash provided by investing activities 498,295 580,481
--------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to partners from accumulated earnings (506,202) (531,993)
--------- ---------
Net cash used in financing activities (506,202) (531,993)
--------- ---------
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (33,649) 16,366
CASH AND CASH EQUIVALENTS, beginning of year 278,514 270,262
--------- ---------
CASH AND CASH EQUIVALENTS, end of period $ 244,865 $ 286,628
========= =========
</TABLE>
See accompanying condensed notes to financial statements.
-6-
<PAGE>
WELLS REAL ESTATE FUND X, L.P.
(A Georgia Public Limited Partnership)
CONDENSED NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2000
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) General
Wells Real Estate Fund X, L.P. (the "Partnership") is a Georgia public
limited partnership having Leo F. Wells, III and Wells Partners, L.P. as
General Partners. The Partnership was formed on June 20, 1996 for the
purpose of acquiring, developing, owning, operating, improving, leasing,
and otherwise managing for investment purposes income-producing commercial
properties.
On December 31, 1996, the Partnership commenced a public offering of up to
$35,000,000 of limited partnership units ($10 per unit) pursuant to a
Registration Statement on Form S-11 filed under the Securities Act of 1933.
The Partnership commenced active operations on February 4, 1997 when it
received and accepted subscriptions for 125,000 units. The offering was
terminated on December 30, 1997, at which time the Partnership had sold
2,116,099 Class A Status Units, and 596,792 Class B Status Units, held by a
total of 1,593 and 219 Class A and Class B Limited Partners, respectively,
for total Limited Partner capital contributions of $27,128,912. After
payment of $1,085,157 in acquisition and advisory fees and expenses,
payment of $4,069,338 in selling commissions and organization and offering
expenses, and an aggregate investment of $21,716,397 in the Fund X-XI Joint
Venture and the Fund IX-X-XI-REIT Joint Venture, as of March 31, 2000, the
Partnership was holding net offering proceeds of $258,018 available for
investment in properties, of which $50,000 is being reserved for the
completion of tenant improvements at the ABB Building owned by the Fund IX-
X-XI-REIT Joint Venture. This tenant improvement relates to the 23,999
rentable square feet of additional space leased by ABB after a former
tenant, The Associates, vacated the space.
As of March 31, 2000, the Partnership owned interests in properties either
directly or through its ownership in the following joint ventures: (i) Fund
IX-X-XI-REIT Associates, a joint venture among the Partnership, Wells Real
Estate Fund IX, L.P., Wells Real Estate Fund XI, L.P., and Wells Operating
Partnership, L.P. (the "Fund IX-X-XI-REIT Joint Venture"), and (ii) Fund X-
XI Associates, a joint venture between the Partnership and Wells Real
Estate Fund XI, L.P. (the "Fund X-XI Joint Venture"). Wells Operating
Partnership, L.P. ("Wells OP") is a Delaware limited partnership having
Wells Real Estate Investment Trust, Inc. (the "Wells REIT"), a Maryland
corporation, as its general partner.
As of March 31, 2000, the Partnership owned interests in the following
properties through its ownership of the foregoing joint ventures: (i) a
three-story office building in Knoxville, Tennessee (the "ABB Building"),
which is owned by the Fund IX-X-XI-REIT Joint Venture; (ii) a two-story
office building located in Louisville, Boulder County, Colorado (the
"Ohmeda Building"), which is owned by the Fund IX-X-XI-REIT Joint Venture;
(iii) a three-story office building located in Broomfield, Boulder County,
Colorado (the "360 Interlocken Building"), which is owned by the Fund IX-X-
XI-REIT Joint Venture; (iv) a one-story warehouse facility located in
Ogden, Utah (the "Iomega Building"), which is
-7-
<PAGE>
owned by the Fund IX-X-XI-REIT Joint Venture; (v) a one-story office
building located in Oklahoma City, Oklahoma (the "Lucent Technologies
Building"), which is owned by the Fund IX-X-XI-REIT Joint Venture; (vi) a
one-story office and warehouse building located in Fountain Valley,
California (the "Cort Building"), which is owned by Wells/Orange County
Associates (the "Cort Joint Venture"), a joint venture between the Fund X-
XI Joint Venture and Wells Operating Partnership, L.P.; and (vii) a two-
story warehouse and office building located in Fremont, California (the
"Fairchild Building"), which is owned by Wells/Fremont Joint Venture (the
"Fremont Joint Venture"), a joint venture between the Fund X-XI Joint
Venture and Wells Operating Partnership, L.P.
(b) Basis of Presentation
The financial statements of Wells Real Estate Fund X, L.P. (the
"Partnership") have been prepared in accordance with instructions to Form
10-Q and do not include all of the information and footnotes required by
generally accepted accounting principles for complete financial statements.
These quarterly statements have not been examined by independent
accountants, but in the opinion of the General Partners, the statements for
the unaudited interim periods presented include all adjustments, which are
of a normal and recurring nature, necessary to present a fair presentation
of the results for such periods. For further information, refer to the
financial statements and footnotes included in the Partnership's Form 10-K
for the year ended December 31, 1999
2. INVESTMENTS IN JOINT VENTURES
The Partnership owns interests in seven office buildings as of March 31,
2000 through its ownership in the Fund IX-X-XI-REIT Joint Venture and the
Fund X-XI Joint Venture. The Partnership does not have control over the
operations of the joint ventures; however, it does exercise significant
influence. Accordingly, investment in joint ventures is recorded using the
equity method. For further information on its investments in joint
ventures, see Form 10-K for the Partnership for the year ended December 31,
1999.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND
RESULTS OF OPERATION
The following discussion and analysis should be read in conjunction with
the accompanying financial statements of the Partnership and notes thereto.
This report 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, including discussion and analysis of the financial
condition of the Partnership, anticipated capital expenditures required to
complete certain projects, amounts of cash distributions anticipated to be
distributed to limited partners in the future, and certain other matters.
Readers of this report should be aware that there are various factors that
could cause actual results to differ materially from any forward-looking
statements made in this report, which include construction costs which may
exceed estimates, construction delays, lease-up risks, inability to obtain
new tenants upon the expiration of existing leases, and the potential need
to fund tenant improvements or other capital expenditures out of operating
cash flow.
-8-
<PAGE>
1. RESULTS OF OPERATIONS AND CHANGES IN FINANCIAL CONDITIONS
General
The Partnership commenced active operations on February 4, 1997, when it
received and accepted subscriptions for 125,000 units. The offering was
terminated on December 30, 1997. As of March 31, 2000, the Partnership had
sold 2,116,099 Class A Status Units and 596,792 Class B Status Units, held
by a total of 1,593 and 219 Class A and Class B Limited Partners,
respectively, for total Limited Partner contributions of $27,128,912. After
payment of $1,085,157 in acquisition and advisory fees, payment of
$4,069,338 in selling commissions and organization and offering expenses,
the investment of $18,420,164 in the Fund IX-X-XI-REIT Joint Venture, and
the investment of $3,296,233 in the Fund X-XI Joint Venture, as of March
31, 2000, the Partnership was holding net offering proceeds of $258,018
available for investment in properties, of which $50,000 is being reserved
for the completion of the ABB Building owned by the Fund IX-X-XI-REIT Joint
Venture.
As of March 31, 2000, the developed properties owned by the Partnership
were 100% occupied, as compared to 99.7% occupied at March 31, 1999. Gross
revenues of the Partnership increased to $384,254 from $347,197 for the
three months ended March 31, 2000 and 1999, respectively. The increase was
primarily due to increased earnings from the Fund IX-X-XI-REIT and the Fund
X-XI Joint Ventures. Expenses of the Partnership decreased to $25,742 for
the three months ended March 31, 2000, as compared to $31,456 for the three
months ended March 31, 1999. This decrease was due largely to a decrease in
administrative salaries.
Net income per weighted average unit for Class A Limited Partners was $.26
for the three months ended March 31, 2000, as compared to $.27 for the same
period in 1999.
Net loss per weighted average unit for Class B Limited Partners was $.37
for the three months ended March 31, 2000 and $.45 for the same period in
1999.
The Partnership's distribution from net cash from operations accrued to
Class A Limited Partners for the first quarter of 2000 was $.24 per
weighted average unit as compared to $.25 for the same period in 1999.
The Partnership currently anticipates that distributions will continue to
be paid on a quarterly basis on a level at least consistent with 2000
distributions.
The Partnership expects to continue to meet its short-term liquidity
requirements generally through net cash provided by operations which the
Partnership believes will continue to be adequate to meet both operating
requirements and distributions to limited partners. At this time, given the
nature of the joint ventures in which the Partnership has invested, there
are no known improvements or renovations to the properties expected to be
funded from cash flow from operations.
The Partnership expects to make future real estate investments, directly or
through investments in joint ventures, from limited partners' capital
contributions. As of March 31, 2000, the Partnership was holding $258,018
available for investment in additional properties, of which $50,000 is
reserved for the completion of tenant improvements at the ABB Building
owned by the Fund IX-X-XI-REIT Joint Venture. This tenant improvement
relates to the 23,999 rentable square feet of additional space leased by
ABB after a former tenant, The Associates, vacated the space.
-9-
<PAGE>
2. PROPERTY OPERATIONS
As of March 31, 2000, the Partnership owned interests in the following
operational properties:
The ABB Building/Fund IX-X-XI-REIT Joint Venture
<TABLE>
<CAPTION>
Three Months Ended
------------------------------
March 31, March 31,
2000 1999
------------- -----------
<S> <C> <C>
Revenues:
Rental income $ 315,165 $ 260,092
Interest income 17,728 15,060
------------ ---------
332,893 275,152
------------ ---------
Expenses:
Depreciation 98,454 134,100
Management and leasing expenses 25,253 21,386
Other operating expenses (6,063) (11,607)
------------ ---------
117,644 143,879
------------ ---------
Net income $ 215,249 $ 131,273
============ =========
Occupied percentage 100% 98%
============ =========
Partnership's ownership percentage 48.22% 48.46%
============ =========
Cash distributions to the Partnership $ 149,491 $ 129,466
============ =========
Net income allocated to the Partnership $ 103,796 $ 64,617
============ =========
</TABLE>
Net income increased in 2000, over 1999, due primarily to the increased
occupancy level of the property. Total expenses decreased due to a decrease
in depreciation expense. Other operating expenses are negative due to an
offset of tenant reimbursements in operating costs, as well as management
and leasing fee reimbursements. Tenants are billed an estimated amount for
the current year common area maintenance which is then reconciled the
following year and the difference billed to the tenant. Cash distributions
increased in 2000 over 1999 due to a combination of increased rental income
and decreased expenses. The Partnership's ownership percentage decreased
due to the contribution of additional cash funding to the IX-X-XI-REIT
Joint Venture in the first quarter of 2000 by Wells Fund IX.
It is currently anticipated that the total cost to complete the tenant
improvements, estimated to be approximately $50,000, will be contributed by
the Partnership. This tenant improvement relates to the 23,999 rentable
square feet of additional space leased by ABB after a former tenant, The
Associates, vacated the space.
-10-
<PAGE>
The Lucent Technologies Building/Fund IX-X-XI-REIT Joint Venture
<TABLE>
<CAPTION>
Three Months Ended
-----------------------------
March 31, March 31,
2000 1999
------------ ------------
<S> <C> <C>
Revenues:
Rental income $ 145,752 $ 145,752
----------- -----------
Expenses:
Depreciation 45,801 45,801
Management and leasing expenses 5,370 5,370
Other operating expenses 3,481 3,014
----------- -----------
54,652 54,185
----------- -----------
Net income $ 91,100 $ 91,567
=========== ===========
Occupied percentage 100% 100%
=========== ===========
Partnership's ownership percentage 48.22% 48.46%
=========== ===========
Cash distributions to the Partnership $ 60,944 $ 61,971
=========== ===========
Net income allocated to the Partnership $ 43,930 $ 45,091
=========== ===========
</TABLE>
Rental income, net income and distributions remained relatively stable as
compared to 1999 due to the stable occupancy rate. The Partnership's ownership
interest in the Fund IX-X-XI-REIT Joint Venture decreased due to capital
contributions made funding by Wells Fund IX to the Joint Venture during the
first quarter of 2000.
-11-
<PAGE>
Ohmeda Building/Fund IX-X-XI-REIT Joint Venture
<TABLE>
<CAPTION>
Three Months Ended
-----------------------------
March 31, March 31,
2000 1999
------------ ------------
<S> <C> <C>
Revenues:
Rental income $256,829 $256,829
-------- --------
Expenses:
Depreciation 81,576 81,576
Management and leasing expenses 17,001 11,618
Other operating expenses, net of reimbursements 27,594 363
-------- --------
126,171 93,557
-------- --------
Net income $130,658 $163,272
======== ========
Occupied percentage 100% 100%
======== ========
Partnership's ownership percentage 48.22% 48.46%
======== ========
Cash distributions to the Partnership $ 99,593 $117,727
======== ========
Net income allocated to the Partnership $ 63,005 $ 80,377
======== ========
</TABLE>
Net income decreased in 2000, as compared to 1999, due to an overall increase in
expenses. Operating expenses increased significantly due to the rise in real
estate taxes which stemmed from the revaluation of the property by Boulder
County authorities in 1999. Cash distributions have decreased largely because
of the decrease in net income. The Partnership's ownership percentage decreased
due to additional capital contributions made by the Fund IX-X-XI-REIT Joint
Venture by Wells Fund IX during the first quarter of 2000.
-12-
<PAGE>
The 360 Interlocken Building/Fund IX-X-XI-REIT Joint Venture
<TABLE>
<CAPTION>
Three Months Ended
-----------------------------
March 31, March 31,
2000 1999
------------ ------------
<S> <C> <C>
Revenues:
Rental income $206,189 $206,522
-------- --------
Expenses:
Depreciation 71,670 71,670
Management and leasing expenses 20,907 17,864
Other operating expenses, net of reimbursements (16,920) (2,250)
-------- --------
75,657 87,284
-------- --------
Net income $130,532 $119,238
======== ========
Occupied percentage 100% 100%
======== ========
Partnership's ownership percentage 48.22% 48.46%
======== ========
Cash distributions to the Partnership $ 98,157 $ 93,138
======== ========
Net income allocated to the Partnership $ 62,944 $ 58,594
======== ========
</TABLE>
Net income increased in 2000 as compared to 1999 due to an increase in CAM
reimbursement billed in 2000 to the tenants. Other operating expenses are
negative due to an offset of tenant reimbursements in operating costs, as well
as management and leasing fee reimbursement. Tenants are billed an estimated
amount for current year common area maintenance, which is then reconciled the
following year and the difference billed to the tenants.
Cash distributions and net income allocated to the Partnership for the quarter
increased in 2000 over 1999 due to an increase in net income. The Partnership's
ownership interest in the Fund IX-X-XI-REIT Joint Venture decreased due to
additional capital contributions made by Wells Fund IX to the Joint Venture in
the first quarter of 2000.
-13-
<PAGE>
The Iomega Building/Fund IX-X-XI-REIT Joint Venture
<TABLE>
<CAPTION>
Three Months Ended
-----------------------------
March 31, March 31,
2000 1999
------------ -----------
<S> <C> <C>
Revenues:
Rental income $168,250 $123,873
-------- --------
Expenses:
Depreciation 55,062 48,495
Management and leasing expenses 7,280 5,603
Other operating expenses 5,148 (1,713)
-------- --------
67,490 52,385
-------- --------
Net income $100,760 $ 71,488
======== ========
Occupied percentage 100% 100%
======== ========
Partnership's ownership percentage 48.22% 48.46%
======== ========
Cash distributions to the Partnership $ 72,807 $ 57,170
======== ========
Net income allocated to the Partnership $ 48,587 $ 35,205
======== ========
</TABLE>
Rental income increased in 2000, as compared to 1999, due to the completion of
the parking lot complex in the second quarter of 1999. Total expenses increased
in 2000 over 1999 due to an increase in depreciation and real estate tax
expenses relating to the new parking lot. Cash distributions increased in 2000
over 1999 due primarily to the increase in net income. The Partnership's
ownership interest in the Fund IX-X-XI-REIT Joint Venture decreased due to
additional capital contributions made by the Wells Fund IX to the Joint Venture
during the first quarter of 2000.
-14-
<PAGE>
Cort Building/Wells/Orange County Joint Venture
<TABLE>
<CAPTION>
Three Months Ended
-----------------------------
March 31, March 31,
2000 1999
------------ ------------
<S> <C> <C>
Revenues:
Rental income $198,885 $198,885
-------- --------
Expenses:
Depreciation 46,641 46,641
Management and leasing expenses 7,590 7,590
Other operating expenses 11,171 8,172
-------- --------
65,402 62,403
-------- --------
Net income $133,483 $136,482
======== ========
Occupied percentage 100% 100%
======== ========
Partnership's ownership percentage 32.8% 32.8%
======== ========
Cash distributions to the Partnership $ 56,083 $ 56,245
======== ========
Net income allocated to the Partnership $ 43,782 $ 44,766
======== ========
</TABLE>
Rental income, depreciation, and management and leasing expenses remained stable
in 2000, as compared to 1999, while other operating expenses are slightly higher
due to increased expenditures for travel and taxes.
-15-
<PAGE>
Fairchild Building/Wells/Fremont Joint Venture
<TABLE>
<CAPTION>
Three Months Ended
-----------------------------
March 31, March 31,
2000 1999
------------ -----------
<S> <C> <C>
Revenues:
Rental income $225,195 $225,210
-------- --------
Expenses:
Depreciation 71,382 71,382
Management and leasing expenses 9,175 9,324
Other operating expenses 3,770 1,000
-------- --------
84,327 81,706
-------- --------
Net income $140,868 $143,504
======== ========
Occupied percentage 100% 100%
======== ========
Partnership's ownership percentage 12.8% 12.8%
======== ========
Cash distributions to the Partnership $ 26,080 $ 25,657
======== ========
Net income allocated to the Partnership $ 18,210 $ 18,369
======== ========
</TABLE>
Rental income, depreciation, and management and leasing expenses remained stable
in 2000, as compared to 1999, while other operating expenses are slightly
higher, due primarily to increased expenditures for accounting fees.
-16-
<PAGE>
PART II. OTHER INFORMATION
ITEM 6 (b.) No reports on Form 8-K were filed during the first quarter of 2000.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
WELLS REAL ESTATE FUND X, L.P.
(Registrant)
Dated: May 11, 2000 By: /s/ Leo F. Wells, III
-------------------------
Leo F. Wells, III, as Individual
General Partner, and as President,
and Chief Financial Officer
of Wells Capital, Inc., the
General Partner of Wells Partners, L.P.
-17-
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 244,865
<SECURITIES> 21,162,678
<RECEIVABLES> 563,526
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 21,989,432
<CURRENT-LIABILITIES> 528,239
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 21,461,193
<TOTAL-LIABILITY-AND-EQUITY> 21,989,432
<SALES> 0
<TOTAL-REVENUES> 384,254
<CGS> 0
<TOTAL-COSTS> 25,742
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 358,512
<INCOME-TAX> 358,512
<INCOME-CONTINUING> 358,512
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 358,512
<EPS-BASIC> .26
<EPS-DILUTED> 0
</TABLE>
