<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
---------
[X] Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended June 30, 1996
[ ] 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 0-8942
DE ANZA PROPERTIES - X
(Exact name of registrant as specified in its charter)
CALIFORNIA 95-3005938
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification Number)
9171 WILSHIRE BOULEVARD, SUITE 627
BEVERLY HILLS, CALIFORNIA 90210
(Address of principal executive offices, including zip code)
(310) 550-1111
(The registrant's telephone number, including area code)
NO CHANGE
(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
----- -----
Pursuant to the Securities Exchange Act of 1934 Release 15502 and Rule
240.0-3(b) (17 CFR 240.0-3(b)), the pages of this document have been numbered
sequentially. The total number of pages contained herein is 16.
1
<PAGE>
TABLE OF CONTENTS
-----------------
<TABLE>
<CAPTION>
Page
----
<S> <C>
PART I. FINANCIAL INFORMATION
- ------- ---------------------
ITEM 1. FINANCIAL STATEMENTS
Balance Sheets 3
Statements of Income 5
Statements of Changes in Partners' Capital (Deficit) 7
Statements of Cash Flows 8
Notes to Financial Statements 10
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS 13
PART II. OTHER INFORMATION 15
- -------- -----------------
</TABLE>
2
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
DE ANZA PROPERTIES - X
(A Limited Partnership)
Balance Sheets
(Unaudited)
<TABLE>
<CAPTION>
June 30, December 31,
1996 1995
----------- ------------
<S> <C> <C>
ASSETS
CASH AND CASH EQUIVALENTS - including
restricted deposits of $843,923 at
June 30, 1996 and December 31, 1995 -
Note 1 $ 1,326,416 $ 1,388,279
ACCOUNTS RECEIVABLE 10,373 10,812
PREPAID EXPENSES 17,555 70,222
----------- -----------
1,354,344 1,469,313
----------- -----------
PROPERTY AND EQUIPMENT - Notes 2, 5 and 6
Land 2,989,265 2,989,265
Land improvements 4,763,346 4,704,170
Buildings and improvements 11,448,171 11,448,171
Furniture and equipment 623,498 623,498
----------- -----------
19,824,280 19,765,104
Less accumulated depreciation 10,203,950 9,921,679
----------- -----------
9,620,330 9,843,425
----------- -----------
OTHER ASSETS
Loan costs - less accumulated
amortization of $55,024 and $53,484
at June 30, 1996 and December 31,
1995, respectively - Note 2 52,791 54,331
Other 33,278 20,656
----------- -----------
86,069 74,987
----------- -----------
$11,060,743 $11,387,725
=========== ===========
</TABLE>
See accompanying notes to financial statements.
3
<PAGE>
DE ANZA PROPERTIES - X
(A Limited Partnership)
Balance Sheets (Continued)
(Unaudited)
<TABLE>
<CAPTION>
June 30, December 31,
1996 1995
----------- ------------
<S> <C> <C>
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
ACCOUNTS PAYABLE AND ACCRUED EXPENSES -
including $11,070 and $11,305 due to
related parties at June 30, 1996 and
December 31, 1995, respectively $ 77,241 $ 127,389
DEPOSITS AND ADVANCE RENTALS 133,002 122,937
DEFERRED GAIN ON SALE - Note 5 843,923 843,923
SECURED NOTE PAYABLE - Note 2 4,706,544 4,752,430
----------- -----------
5,760,710 5,846,679
----------- -----------
PARTNERS' CAPITAL (DEFICIT)
General partners (3,533,079) (3,476,003)
Cash general partners, 218.5 and
228.5 units issued and outstanding
at June 30, 1996 and December 31,
1995, respectively 75,929 77,686
Limited partners, 22,650.5 and
22.640.5 units issued and
outstanding at June 30, 1996
and December 31, 1995, respectively 8,757,183 8,939,363
----------- -----------
5,300,033 5,541,046
----------- -----------
$11,060,743 $11,387,725
=========== ===========
</TABLE>
See accompanying notes to financial statements.
4
<PAGE>
DE ANZA PROPERTIES - X
(A Limited Partnership)
Statements of Income
(Unaudited)
<TABLE>
<CAPTION>
Six Months Six Months
Ended Ended
June 30, June 30,
1996 1995
---------- ----------
<S> <C> <C>
INCOME
Rent - Note 6 $1,825,471 $2,105,991
Other 62,848 64,652
Interest and dividends 32,719 24,129
Utilities - 111,728
Gain on sale of property and - 181,000
equipment - Note 5 ---------- ----------
1,921,038 2,487,500
---------- ----------
EXPENSES
Depreciation and amortization 283,811 339,478
Interest 236,675 241,024
Maintenance, repairs and supplies 181,021 204,091
Other 158,162 134,431
Professional fees and services -
including $51,690 and $64,604 paid
to related parties in 1996 and 1995,
respectively - Note 3 153,445 136,664
Salaries - including $10,072 and
$11,070 paid to related parties in
1996 and 1995, respectively - Note 3 139,391 166,368
Real estate taxes 105,020 129,061
Utilities 102,882 183,724
Management fees - including $94,070
and $93,710 paid to related parties in
1996 and 1995, respectively - Note 3 94,070 111,712
Insurance 52,875 50,234
Payroll taxes and employee benefits 29,408 34,871
---------- ----------
1,536,760 1,731,658
---------- ----------
NET INCOME $ 384,278 $ 755,842
========== ==========
NET INCOME
GENERAL PARTNERS $ 91,003 $ 178,995
========== ==========
CASH GENERAL AND LIMITED PARTNERS $ 293,275 $ 576,847
========== ==========
INCOME PER 1% GENERAL
PARTNER INTEREST - Note 4 $ 910.03 $ 1,789.95
========== ==========
INCOME PER CASH GENERAL AND
LIMITED PARTNERSHIP UNIT - Note 4 $ 12.82 $ 25.22
========== ==========
</TABLE>
See accompanying notes to financial statements.
5
<PAGE>
DE ANZA PROPERTIES - X
(A Limited Partnership)
Statements of Income
(Unaudited)
<TABLE>
<CAPTION>
Three Months Three Months
Ended Ended
June 30, June 30,
1996 1995
------------ ------------
<S> <C> <C>
INCOME
Rent - Note 6 $929,178 $1,057,679
Other 33,434 33,953
Interest and dividends 17,855 16,285
Utilities - 49,312
Gain on sale of property and - 181,000
equipment - Note 5 -------- ----------
980,467 1,338,229
-------- ----------
EXPENSES
Depreciation and amortization 141,905 169,738
Interest 118,052 120,253
Maintenance, repairs and supplies 76,982 94,679
Other 73,512 65,459
Professional fees and services -
including $24,045 and $30,693 paid
to related parties in 1996 and 1995,
respectively - Note 3 62,636 74,547
Salaries - including $5,461 and $6,359
paid to related parties in 1996 and
1995, respectively - Note 3 71,249 77,745
Real estate taxes 52,510 64,530
Utilities 50,195 88,674
Management fees - including $48,025
and $48,710 paid to related parties in
1996 and 1995, respectively - Note 3 48,025 56,237
Insurance 26,430 25,827
Payroll taxes and employee benefits 14,235 16,016
-------- ----------
735,731 853,705
-------- ----------
NET INCOME $244,736 $ 484,524
======== ==========
NET INCOME
GENERAL PARTNERS $ 57,957 $ 114,743
======== ==========
CASH GENERAL AND LIMITED PARTNERS $186,779 $ 369,781
======== ==========
INCOME PER 1% GENERAL
PARTNER INTEREST - Note 4 $ 579.57 $ 1,147.43
======== ==========
INCOME PER CASH GENERAL AND
LIMITED PARTNERSHIP UNIT - Note 4 $ 8.17 $ 16.17
======== ==========
</TABLE>
See accompanying notes to financial statements.
6
<PAGE>
DE ANZA PROPERTIES - X
(A Limited Partnership)
Statements of Changes in Partners' Capital (Deficit)
(Unaudited)
For the Six Months Ended June 30, 1996 and
For the Year Ended December 31, 1995
<TABLE>
<CAPTION>
Cash
General General Limited
Total Partners Partners Partners
----------- ----------- ---------- -----------
<S> <C> <C> <C> <C>
BALANCE - January 1,
1995 $ 7,805,545 $(3,210,498) $ 97,659 $10,918,384
DISTRIBUTIONS TO
PARTNERS (5,524,941) (647,779) (48,731) (4,828,431)
NET INCOME - for the
year ended December
31, 1995 3,260,442 382,274 28,758 2,849,410
----------- ----------- -------- -----------
BALANCE - December 31,
1995 5,541,046 (3,476,003) 77,686 8,939,363
DISTRIBUTIONS TO
PARTNERS (625,291) (148,079) (4,559) (472,653)
NET INCOME - for the
six months ended
June 30, 1996 384,278 91,003 2,802 290,473
----------- ----------- -------- -----------
BALANCE - June 30, 1996 $ 5,300,033 $(3,533,079) $ 75,929 $ 8,757,183
=========== =========== ======== ===========
</TABLE>
See accompanying notes to financial statements.
7
<PAGE>
DE ANZA PROPERTIES - X
(A Limited Partnership)
Statements of Cash Flows
(Unaudited)
<TABLE>
<CAPTION>
Six Months Six Months
Ended Ended
June 30, June 30,
1996 1995
------------ ------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Gross rents received from real estate
operations $ 1,834,894 $ 2,231,588
Cash paid to suppliers and employees -
including $160,149 and $171,975 paid
to related parties in 1996 and 1995,
respectively (1,013,689) (1,213,116)
Interest paid (236,675) (241,024)
Interest and other income received 97,238 89,680
----------- -----------
Net cash provided by
operating activities 681,768 867,128
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property and equipment (59,176) (168,294)
Sales and closing costs (13,278) (15,312)
----------- -----------
Net cash used in
investing activities (72,454) (183,606)
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on secured notes
payable (45,886) (41,536)
Partner distributions (625,291) (557,440)
----------- -----------
Net cash used in
financing activities (671,177) (598,976)
----------- -----------
NET (DECREASE)INCREASE IN CASH AND
CASH EQUIVALENTS (61,863) 84,546
CASH AND CASH EQUIVALENTS:
BALANCE AT BEGINNING OF PERIOD 1,388,279 1,431,793
----------- -----------
BALANCE AT END OF PERIOD $ 1,326,416 $ 1,516,339
=========== ===========
</TABLE>
See accompanying notes to financial statements.
8
<PAGE>
DE ANZA PROPERTIES - X
(A Limited Partnership)
Statements of Cash Flows (Continued)
(Unaudited)
<TABLE>
<CAPTION>
Six Months Six Months
Ended Ended
June 30, June 30,
1996 1995
----------- -----------
<S> <C> <C>
RECONCILIATION OF NET INCOME TO NET
CASH PROVIDED BY OPERATING ACTIVITIES
Net income $384,278 $ 755,842
Adjustments to reconcile net income
to net cash provided by
operating activities
Depreciation and amortization 283,811 339,478
Gain on sale of property and
equipment - (181,000)
Changes in operating assets and
liabilities
Decrease in accounts receivable 439 36,726
Decrease in prepaid expenses 52,667 50,325
Decrease (increase) in other
assets 656 (31,375)
Decrease in accounts payable
and accrued expenses (50,148) (99,408)
Increase (decrease) in deposits
and advanced rentals 10,065 (3,460)
-------- ---------
Net cash provided by
operating activities $681,768 $ 867,128
======== =========
</TABLE>
SUPPLEMENTAL DISCLOSURE
- -----------------------
During the six months ended June 30, 1995, the MHC cash reserve of $181,000 was
released from restricted cash and the Partnership recognized a gain on that
portion of the 1994 sale proceeds.
See accompanying notes to financial statements.
9
<PAGE>
DE ANZA PROPERTIES - X
(A Limited Partnership)
Notes to Financial Statements
(Unaudited)
June 30, 1996 and December 31, 1995 and
For the Six and Three Months Ended June 30, 1996 and 1995
NOTE 1 - BASIS OF PRESENTATION
The accompanying financial statements have been prepared in accordance
with generally accepted accounting principles for interim financial
information and with the instructions to Form 10-Q and Regulation S-X.
Accordingly, they do not include all of the information and footnotes
required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments
(consisting of normal recurring accruals) have been included. Operating
results during the six and three months ended June 30, 1996 are not
necessarily indicative of the results that may be expected for the year
ending December 31, 1996. For further information, refer to the
financial statements and footnotes thereto included in the
Partnership's annual report on Form 10-K for the year ended December
31, 1995.
Cash and Cash Equivalents
-------------------------
The Partnership invests its cash not needed for working capital in
highly liquid short-term investments consisting primarily of money
market funds and certificates of deposit, with original maturities
ranging generally from one to three months. The Partnership considers
all such items to be cash equivalents.
NOTE 2 - SECURED NOTE PAYABLE
Secured note payable at June 30, 1996 and December 31, 1995 consisted
of:
<TABLE>
<CAPTION>
June 30, December 31,
1996 1995
---------- ------------
<S> <C> <C>
Note collateralized by first trust
deed, payable in monthly installments
of $47,093, including interest at 10%,
maturing in 2014. $4,706,544 $4,752,430
========== ==========
</TABLE>
NOTE 3 - TRANSACTIONS WITH RELATED PARTIES
Pursuant to a former management agreement dated October 1, 1985, De
Anza Assets, Inc., a former affiliate of the operating general partner
(OGP), was paid a management fee in the amount of 5% of the annual
gross receipts from the operations of the Partnership's properties. The
payment of this fee is subordinated to the priority distributions to
the cash general and limited partners of 6% of their adjusted capital
contributions each year and is noncumulative, except in the case of a
sale, refinancing or other disposition of the Partnership's properties.
In that case, the difference between the management fee actually paid
and the management fee that would have been paid if it were not
subordinated, is payable out of proceeds from the sale, refinancing or
other disposition after payment of the limited partners' priority
return and capital contribution and the general partners' incentive
interest.
10
<PAGE>
DE ANZA PROPERTIES - X
(A Limited Partnership)
Notes to Financial Statements (Continued)
(Unaudited)
June 30, 1996 and December 31, 1995 and
For the Six and Three Months Ended June 30, 1996 and 1995
NOTE 3 - TRANSACTIONS WITH RELATED PARTIES (Continued)
On August 18, 1994, subsequent to the sale of Colonies of Margate and
the property management business of De Anza Group, Inc. (DAG), as
discussed in Note 5, the property management of Woodbridge was assumed
by Terra Vista Management, Inc. (Terra Vista). Terra Vista is wholly
owned by Michael D. Gelfand, president of the OGP and the son of
Herbert M. Gelfand. Herbert M. Gelfand, together with Beverly Gelfand,
is the sole shareholder of the OGP and an individual general partner.
Terra Vista was paid $94,070 and $93,710 for management fees during the
six months ended June 30, 1996 and 1995, respectively. Of the $94,070,
$48,025 is attributable to the three months ended June 30, 1996
(compared to $48,710 paid for the three months ended June 30, 1995).
The property management of Aptos Pines was transferred to an affiliate
of the buyer when the property management business of DAG was
transferred as part of the overall transaction concurrent with the sale
of Colonies of Margate (see Note 5).
In addition, Terra Vista or an affiliate of the OGP was paid $66,079
and $78,265 during the six months ended June 30, 1996 and 1995,
respectively, for performing bookkeeping, regional management, computer
and investor relations services necessary for the operation of the
Partnership and its properties. Of the $66,079, $30,539 is attributable
to the three months ended June 30, 1996 (compared to $32,895 paid for
the three months ended June 30, 1995).
NOTE 4 - INCOME PER 1% GENERAL PARTNER INTEREST AND CASH GENERAL AND
LIMITED PARTNERSHIP UNIT
Income per cash general and limited partnership unit was computed based
on the cash general and limited partners' share of net income as
reflected on the Statements of Income and Changes in Partners' Capital
(Deficit) and the number of units outstanding (22,869 units). The
general partners' share of net income has not been included in this
computation. Income per 1% general partner interest was computed based
on the general partners' share of net income as reflected on the
Statements of Income and Changes in Partners' Capital (Deficit).
NOTE 5 - SALE OF COLONIES OF MARGATE
On August 18, 1994, the Partnership sold Colonies of Margate to an
affiliate of Manufactured Home Communities, Inc. (MHC), a real estate
investment trust, as part of an overall transaction for the sale of the
related property management business of DAG and other mobile home
communities affiliated with DAG.
The sales price for the Property was $23,147,228. Additional proceeds
of $557,192, which were included in the sales price for calculating the
gain on sale of property and equipment, were received from MHC to fund
a General Reserve.
11
<PAGE>
DE ANZA PROPERTIES - X
(A Limited Partnership)
Notes to Financial Statements (Continued)
(Unaudited)
June 30, 1996 and December 31, 1995 and
For the Six and Three Months Ended June 30, 1996 and 1995
NOTE 5 - SALE OF COLONIES OF MARGATE (Continued)
In connection with the sale, the Partnership established various
reserves totaling $1,024,923. The $1,024,923 was used to establish the
following reserves:
<TABLE>
<S> <C>
MHC Reserve $181,000
General Reserve 557,192
Independent Committee Reserve 286,731
</TABLE>
The MHC Reserve was required by MHC and released in May 1995.
Accordingly, the gain on sale has been recognized and included in net
income for the six months ended June 30, 1995. The General Reserve and
Independent Committee Reserve were established to fund contingent
liabilities that may arise out of the MHC transaction.
Pursuant to the guidelines of Financial Accounting Standards No. 66
"Accounting for Sales of Real Estate", the Partnership deferred in 1994
the recognition of gain on that portion of the sales proceeds
represented by the MHC Reserve, Independent Committee Reserve and
General Reserve, totaling $1,024,923. As these reserves are released or
expended, gain on sale will be recognized. At June 30, 1996 and
December 31, 1995, $843,923 of sale proceeds have been deferred and are
included in deferred gain on sale, as reflected in the balance sheets.
NOTE 6 - SALE OF APTOS PINES
On July 11, 1995, Aptos Pines (Aptos) was sold to a non-profit mutual
benefit corporation formed by the Aptos Pines Homeowners' Association.
The sales price for Aptos was $4,325,000, all cash, and an additional
$35,000 was received as reimbursement of capital outlays related to the
newly constructed sewer system. The Partnership incurred sales and
closing costs of approximately $56,200, has distributed $4,265,000 of
the proceeds to the limited and general partners and has reserved the
remaining $3,800.
12
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Liquidity
- ---------
The Partnership's quick ratios remained stable at 1.6:1 and 1.6:1, including
unrestricted cash balances of $482,493 and $544,356 at June 30, 1996 and
December 31, 1995, respectively. The Partnership's cash balance is its
immediate source of liquidity.
On a long-term basis, the Partnership's liquidity is sustained primarily from
cash flows from operations, which during the six months ended June 30, 1996
were approximately $682,000. Should it become necessary to improve liquidity
the Partnership can reduce partner distributions from operations, which totaled
approximately $625,000 during the six months ended June 30, 1996, arrange a
short-term line of credit or refinance Woodbridge Meadows Apartments.
In 1995 the Partnership sold Aptos Pines as discussed in Note 6 to the
financial statements. The sale has reduced partnership income and therefore,
liquidity. The Partnership has listed for sale its remaining property,
Woodbridge Meadows Apartments, and anticipates that it will be sold prior to
the end of the second quarter of 1997. The sale would result in the
Partnership's dissolution and liquidation.
Other than as described elsewhere, there are no known trends, demands,
commitments, events or uncertainties known to the Partnership which are
reasonably likely to materially affect the Partnership's liquidity.
Capital Resources
- -----------------
The Partnership anticipates spending approximately $102,000 in 1996 for
physical improvements at its property, $43,000 of which will be spent during
the remainder of 1996. The Partnership is continuously reviewing the necessity
for such expenditures in light of the expected sale of Woodbridge Meadows
Apartments. Funds for these improvements will be provided by cash generated
from operations and from the remaining reserves from the 1990 Margate
refinancing available for improvement projects at Woodbridge.
Due to the sale of Colonies of Margate and Aptos Pines discussed in Notes 5 and
6, and the distributions pursuant to the sale of Margate and Aptos Pines, the
Partnership's capital resources have been reduced. Similarly, the expected
sale of Woodbridge Meadows Apartments prior to the end of the second quarter of
1997 would prompt the Partnership's dissolution.
Other than as described above, there are no known material trends, favorable or
unfavorable, in the Partnership's capital resources. The Partnership does not
contemplate any other material changes in the mix of its capital resources,
other than as described above.
13
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
Results of Operations
- ---------------------
Since Aptos Pines was sold in July 1995, a comparison of results of operations
for the six and three months ended June 30, 1996 and 1995 would not be
meaningful. However, a comparison can be done excluding the operations of
Aptos Pines.
Rental income, excluding Aptos Pines, increased 0.8% and 2.1% during the six
and three months ended June 30, 1996, over the same periods in 1995. Occupancy
at Woodbridge in 1996 is slightly higher than in 1995 due to increased leasing
activity during the three months ended June 30, 1996. Competition in the
immediate area is vigorous, but the major improvements done to the property
begun in 1992 and completed in 1995 are expected to allow Woodbridge to
maintain a stable income stream. Competition mostly arises from Irvine
Apartment Communities whose numerous properties dominate the local luxury
apartment market.
Interest and dividend income increased during the six and three months ended
June 30, 1996 over the same periods in 1995 due to investing reserves in higher
yielding investments.
Expenses, excluding Aptos Pines, increased 7.2% and 3.7% during the six and
three months ended June 30, 1996 over the same periods in 1995. Because of the
recent tender offer by Moraga Capital, LLC, professional fees and services
increased comprised of higher legal costs while other expenses increased due to
additional investor mailings. Insurance premiums at Woodbridge increased as a
result of the January 1994 Northridge earthquake centered approximately 70
miles from Woodbridge. Additionally, salaries and payroll taxes and benefits
increased due to the higher cost of leasing salaries to maintain occupancy.
Utilities increased in the second quarter largely due to increased occupancy.
Partially offsetting these increases was a decrease in depreciation and
amortization costs due to the declining balance method of depreciation.
Other than as described above, there are no known trends or uncertainties which
have had or can be reasonably expected to have a material effect on continuing
operations.
14
<PAGE>
PART II. OTHER INFORMATION
ITEM NUMBER
- -----------
1. LEGAL PROCEEDINGS
No new material legal proceedings were commenced during the three months
ended June 30, 1996 and there are none pending.
2. CHANGES IN SECURITIES
None.
3. DEFAULTS UPON SENIOR SECURITIES
None.
4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
5. OTHER INFORMATION
The Partnership is pursuing the sale of its remaining property prior to the
end of the second quarter of 1997 and the prompt liquidation of the
Partnership thereafter.
6. EXHIBITS AND REPORTS ON FORM 8-K
A report on Form 8-K dated April 24, 1996 was filed disclosing in Item 5
both a request by Moraga Capital, LLC and its affiliated Limited Partners
for a meeting of Limited Partners and the withdrawal of that request.
15
<PAGE>
PART II. OTHER INFORMATION (Continued)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
DE ANZA PROPERTIES - X
(Registrant)
By DE ANZA CORPORATION
A California Corporation
Operating General Partner
Date: August 13, 1996 By /s/ Michael D. Gelfand
--------------------------
Michael D. Gelfand
President and
Chief Financial Officer
16
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<CASH> 1,326,416
<SECURITIES> 0
<RECEIVABLES> 10,373
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 1,354,344
<PP&E> 19,824,280
<DEPRECIATION> 10,203,950
<TOTAL-ASSETS> 11,060,743
<CURRENT-LIABILITIES> 309,163
<BONDS> 4,706,544
0
0
<COMMON> 0
<OTHER-SE> 5,300,033
<TOTAL-LIABILITY-AND-EQUITY> 11,060,743
<SALES> 1,825,471
<TOTAL-REVENUES> 1,921,038
<CGS> 0
<TOTAL-COSTS> 1,016,274
<OTHER-EXPENSES> 283,811
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 236,675
<INCOME-PRETAX> 384,278
<INCOME-TAX> 0
<INCOME-CONTINUING> 384,278
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 384,278
<EPS-PRIMARY> 12.82<F1>
<EPS-DILUTED> 12.82<F1>
<FN>
<F1>Amount is per Limited Partner Unit.
</FN>
</TABLE>
