JMB INCOME PROPERTIES LTD X, 10-Q, 1995-08-14

JMB INCOME PROPERTIES LTD X
10-Q, 1995-08-14
REAL ESTATE

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934

For the quarter ended June 30, 1995 Commission File No. 0-12140

JMB INCOME PROPERTIES, LTD. - X
(Exact name of registrant as specified in its charter)

Illinois 36-3235999
(State of organization) (IRS Employer Identification No.)

900 N. Michigan Ave., Chicago, IL 60611
(Address of principal executive office) (Zip Code)

Registrant's telephone number, including area code 312/915-1987

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

TABLE OF CONTENTS

PART I FINANCIAL INFORMATION

Item 1. Financial Statements. . . . . . . . . . . . 3

Item 2. Management's Discussion and Analysis
of Financial Condition and
Results of Operations . . . . . . . . . . . 18

PART II OTHER INFORMATION

Item 3. Defaults Upon Senior Securities . . . . . . 23

Item 5. Other Information . . . . . . . . . . . . . 24

Item 6. Exhibits and Reports on Form 8-K. . . . . . 25

<TABLE>
PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

JMB INCOME PROPERTIES, LTD. - X
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE

CONSOLIDATED BALANCE SHEETS

JUNE 30, 1995 AND DECEMBER 31, 1994

(UNAUDITED)

ASSETS
------
<CAPTION>
JUNE 30, DECEMBER 31,
1995 1994
------------ -----------
<S> <C> <C>
Current assets:
Cash and cash equivalents (note 1) . . . . . . . . . . . . . $ 1,751,211 84,869,716
Short-term investments (note 1). . . . . . . . . . . . . . . 20,024,825 2,880,712
Rents and other receivables, net of allowance
for doubtful accounts of $150,863 in 1995 and
$109,345 in 1994 . . . . . . . . . . . . . . . . . . . . . 703,191 455,293
Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . -- 88,265
Escrow deposits . . . . . . . . . . . . . . . . . . . . . . 53,159 35,190
------------ -----------
Total current assets . . . . . . . . . . . . . . . . 22,532,386 88,329,176
------------ -----------
Investment properties, at cost (notes 1, 2 and 3):
Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,812,677 8,486,896
Buildings and improvements . . . . . . . . . . . . . . . . . 44,287,936 80,610,282
------------ -----------
50,100,613 89,097,178
Less accumulated depreciation. . . . . . . . . . . . . . . . 17,689,807 31,896,865
------------ -----------
Total investment properties, net of
accumulated depreciation . . . . . . . . . . . . . . 32,410,806 57,200,313
Investment in unconsolidated ventures, at equity (notes 1, 3 and 7) 24,039,321 24,030,924
Deferred expenses. . . . . . . . . . . . . . . . . . . . . . . 60,190 78,319
Accrued rents receivable . . . . . . . . . . . . . . . . . . . 860,176 1,071,784
------------ -----------

$ 79,902,879 170,710,516
============ ===========

JMB INCOME PROPERTIES, LTD. - X
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE

CONSOLIDATED BALANCE SHEETS - CONTINUED

LIABILITIES AND PARTNERS' CAPITAL ACCOUNTS
------------------------------------------

JUNE 30, DECEMBER 31,
1995 1994
------------ -----------
Current liabilities:
Bank overdrafts. . . . . . . . . . . . . . . . . . . . . . . $ 769,494 383,252
Current portion of long-term debt
(notes 2 and 3(b)) . . . . . . . . . . . . . . . . . . . . 22,185,858 49,254,780
Accounts payable . . . . . . . . . . . . . . . . . . . . . . 551,534 400,600
Accrued interest . . . . . . . . . . . . . . . . . . . . . . 570,493 2,644,247
Accrued real estate taxes. . . . . . . . . . . . . . . . . . 684,201 1,448,958
------------ -----------
Total current liabilities. . . . . . . . . . . . . . . 24,761,580 54,131,837

Tenant security deposits . . . . . . . . . . . . . . . . . . . 13,745 19,844
------------ -----------
Commitments and contingencies (notes 1, 2 and 3)

Total liabilities. . . . . . . . . . . . . . . . . . . 24,775,325 54,151,681

Partners' capital accounts:
General partners:
Capital contributions. . . . . . . . . . . . . . . . . . . 1,000 1,000
Cumulative net earnings. . . . . . . . . . . . . . . . . . 1,473,217 1,367,150
Cumulative cash distributions. . . . . . . . . . . . . . . (250,000) (250,000)
------------ -----------
1,224,217 1,118,150
------------ -----------
Limited partners (150,005 interests):
Capital contributions, net of offering costs . . . . . . . 135,651,080 135,651,080
Cumulative net earnings. . . . . . . . . . . . . . . . . . 81,039,777 73,874,835
Cumulative cash distributions. . . . . . . . . . . . . . . (162,787,520) (94,085,230)
------------ -----------
53,903,337 115,440,685
------------ -----------
Total partners' capital accounts . . . . . . . . . . . 55,127,554 116,558,835
------------ -----------
$ 79,902,879 170,710,516
============ ===========

<FN>
See accompanying notes to consolidated financial statements.
</TABLE>
<TABLE>
JMB INCOME PROPERTIES, LTD. - X
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE

CONSOLIDATED STATEMENTS OF OPERATIONS

THREE AND SIX MONTHS ENDED JUNE 30, 1995 AND 1994

(UNAUDITED)
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30 JUNE 30
----------------------------------------------------
1995 1994 1995 1994
----------- ---------- ----------- ----------
<S> <C> <C> <C> <C>
Income:
Rental income. . . . . . . . . . . . . . $ 4,041,658 7,356,489 8,456,779 15,112,472
Interest income. . . . . . . . . . . . . 318,940 34,806 1,380,599 62,494
----------- ---------- ----------- ----------
4,360,598 7,391,295 9,837,378 15,174,966
----------- ---------- ----------- ----------
Expenses:
Mortgage and other interest. . . . . . . 1,268,474 2,048,754 2,543,420 4,201,083
Depreciation . . . . . . . . . . . . . . 621,386 1,120,965 1,242,771 2,238,570
Property operating expenses. . . . . . . 2,285,739 3,499,887 4,639,966 7,094,691
Professional services. . . . . . . . . . 99,758 44,760 167,852 111,050
Amortization of deferred expenses. . . . 11,613 37,270 27,084 73,981
General and administrative . . . . . . . 140,285 86,633 302,178 167,692
----------- ---------- ----------- ----------
4,427,255 6,838,269 8,923,271 13,887,067
----------- ---------- ----------- ----------
Operating earnings (loss) . . . . (66,657) 553,026 914,107 1,287,899

Partnership's share of operations of
unconsolidated ventures (note 1) . . . . 139,178 264,790 197,797 427,974
----------- ---------- ----------- ----------
Net operating earnings . . . . . . 72,521 817,816 1,111,904 1,715,873

Gain on sale of investment properties
(notes 2(b) and 3(b)). . . . . . . . . . 3,939,497 -- 3,939,497 518,710
Extraordinary item (note 3(b)) . . . . . . 2,219,608 -- 2,219,608 --
----------- ---------- ----------- ----------
Net earnings . . . . . . . . . . . $ 6,231,626 817,816 7,271,009 2,234,583
=========== ========== =========== ==========

JMB INCOME PROPERTIES, LTD. - X
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE

CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)

</TABLE>
<TABLE>
<CAPTION>

THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30 JUNE 30
----------------------------------------------------
1995 1994 1995 1994
----------- ---------- ----------- ----------
<S> <C> <C> <C> <C>
Net earnings per limited partnership
interest (note 1):
Net operating earnings. . . . . $ .46 5.24 7.11 10.98
Gain on sale of investment properties 26.00 -- 26.00 3.42
Extraordinary item. . . . . . . 14.65 -- 14.65 --
----------- ---------- ----------- ----------
Net earnings. . . . . . . . . . . $ 41.11 5.24 47.76 14.40
=========== ========== =========== ==========
Cash distributions per limited
partnership interest. . . . . . $ 4.00 4.00 458.00 8.00
=========== ========== =========== ==========

<FN>
See accompanying notes to consolidated financial statements.
</TABLE>
<TABLE>
JMB INCOME PROPERTIES, LTD. - X
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE

CONSOLIDATED STATEMENTS OF CASH FLOWS

SIX MONTHS ENDED JUNE 30, 1995 AND 1994

(UNAUDITED)

<CAPTION>
1995 1994
------------ -----------
<S> <C> <C>
Cash flows from operating activities:
Net earnings . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,271,009 2,234,583
Items not requiring (providing) cash or cash equivalents:
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . 1,242,771 2,238,570
Amortization of deferred expenses. . . . . . . . . . . . . . . 27,084 73,981
Partnership's share of operations of uncon-
solidated ventures, net of distributions . . . . . . . . . . (197,797) 153,935
Gain on sale of investment properties. . . . . . . . . . . . . (3,939,497) (518,710)
Extraordinary item . . . . . . . . . . . . . . . . . . . . . . (2,219,608) --
Changes in:
Rents and other receivables. . . . . . . . . . . . . . . . . . (247,898) 90,040
Escrow deposits. . . . . . . . . . . . . . . . . . . . . . . . (17,969) (13,990)
Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . 88,265 233,119
Accrued rents receivable . . . . . . . . . . . . . . . . . . . 15,753 (254,457)
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . 150,934 59,323
Accrued interest . . . . . . . . . . . . . . . . . . . . . . . 145,854 (101,542)
Accrued real estate taxes. . . . . . . . . . . . . . . . . . . (764,757) (1,220,875)
Tenant security deposits . . . . . . . . . . . . . . . . . . . (6,099) (6,687)
----------- -----------

Net cash provided by operating activities. . . . . . . . . 1,548,045 2,967,290
----------- -----------

Cash flows from investing activities:
Cash proceeds from sale of investment property,
net of selling expenses. . . . . . . . . . . . . . . . . . . . 800,000 567,897
Net sales and maturities (purchases) of short-term investments . (17,144,113) 993,796
Additions to investment properties . . . . . . . . . . . . . . . (117,912) (1,714,121)
Payment of deferred expenses . . . . . . . . . . . . . . . . . . (8,955) (13,010)
Partnership's distribution from unconsolidated ventures. . . . . 314,400 --
Partnership's contribution to unconsolidated ventures. . . . . . (125,000) --
----------- -----------

Net cash used in investing activities. . . . . . . . . . . (16,281,580) (165,438)
----------- -----------

JMB INCOME PROPERTIES, LTD. - X
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE

CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED

1995 1994
------------ -----------

Cash flows from financing activities:
Bank overdrafts. . . . . . . . . . . . . . . . . . . . . . . . . 386,242 --
Principal payments on long-term debt . . . . . . . . . . . . . . (68,922) (142,407)
Distributions to limited partners. . . . . . . . . . . . . . . . (68,702,290) (1,200,040)
------------ -----------

Net cash used in financing activities. . . . . . . . . . (68,384,970) (1,342,447)
------------ -----------

Net increase (decrease) in cash and
cash equivalents . . . . . . . . . . . . . . . . . . . (83,118,505) 1,459,405

Cash and cash equivalents, beginning of year . . . . . . 84,869,716 1,061,308
------------ -----------

Cash and cash equivalents, end of period . . . . . . . .$ 1,751,211 2,520,713
============ ===========

Supplemental disclosure of cash flow information:
Cash paid for mortgage and other interest. . . . . . . . . . . .$ 2,397,566 4,302,625
============ ===========
Non-cash investing and financing activities:

Sale of investment properties (notes 2(b) and 3(b)):
Total sale proceeds, net of selling expenses . . . . . . . .$ 27,800,000 567,897
Principal balance due on mortgage payable. . . . . . . . . . (27,000,000) --
------------ -----------
Cash proceeds from sale of investment properties,
net of selling expenses. . . . . . . . . . . . . . . .$ 800,000 567,897
============ ===========
Extraordinary item non-cash gain recognized on forgiveness
of indebtedness (note 3(b)):
$ 2,219,608 --
============ ===========

<FN>
See accompanying notes to consolidated financial statements.
</TABLE>

JMB INCOME PROPERTIES, LTD. - X
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 1995 AND 1994

Readers of this report should refer to the Partnership's audited
financial statements for the year ended December 31, 1994, which are
included in the Partnership's 1994 Annual Report, as certain footnote
disclosures which would substantially duplicate those contained in such
audited financial statements have been omitted from this report.

(1) BASIS OF ACCOUNTING

The accompanying consolidated financial statements include the
accounts of the Partnership and its venture, Animas Valley Mall Associates
("Animas") (note 3(b)). The effect of all transactions between the
Partnership and its venture has been eliminated in the consolidated
financial statements. The equity method of accounting has been applied in
the accompanying consolidated financial statements with respect to the
Partnership's venture interests in Royal Executive Park - I ("Royal
Executive Park") (note 3(c)) and JMB-40 Broad Street Associates ("Broad
Street") (note 3(d)). Accordingly, the accompanying consolidated financial
statements do not include the accounts of Royal Executive Park, or of Broad
Street.

The Partnership records are maintained on the accrual basis of
accounting as adjusted for Federal income tax reporting purposes. The
accompanying consolidated financial statements have been prepared from such
records after making appropriate adjustments to present the Partnership's
accounts in accordance with generally accepted accounting principles
("GAAP") and to consolidate the accounts of the venture as described above.

Such adjustments are not recorded on the records of the Partnership. The
net effect of these items for the six months ended June 30 is summarized as
follows:
1995 1994
----------------------- --------------------
GAAP BASIS TAX BASIS GAAP BASIS TAX BASIS
---------- --------- ---------- ---------
Net earnings
(loss). . . . .$7,271,009 1,027,758 2,234,583 (104,502)
Net earnings
(loss) per
limited
partnership
interest. . . .$ 47.76 6.94 14.40 (.62)
========== ======== ========= ========

The net earnings (loss) per limited partnership interest is based upon
the number of limited partnership interests outstanding at the end of each
period (150,005).

Statement of Financial Accounting Standards No. 95 requires the
Partnership to present a statement which classifies receipts and payments
according to whether they stem from operating, investing or financing
activities. The required information has been segregated and accumulated
according to the classifications specified in the pronouncement.
Partnership distributions from unconsolidated ventures are considered cash
flow from operating activities only to the extent of the Partnership's
cumulative share of net earnings. The Partnership records amounts held in
U.S. Government obligations at cost, which approximates market. Therefore,
for the purposes of these statements, the Partnership's policy is to
consider all such amounts held with original maturities of three months or
less, ($1,751,211 and $84,869,716 at June 30, 1995 and December 31, 1994,
respectively), as cash equivalents with any remaining amounts (generally
with original maturities of one year or less) reflected as short-term
investments being held to maturity.

JMB INCOME PROPERTIES, LTD. - X
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

As more fully discussed in note 2(a), due to the uncertainty of the
Partnership's ability to recover the net carrying value of the Pasadena
Town Square investment property through future operations and sale, as of
December 31, 1994, the Partnership recorded, as a matter of prudent
accounting practice, a provision for value impairment of such investment of
$8,434,103. Such provisions were recorded to reduce the net carrying value
of the investment property to the then outstanding balance of the related
non-recourse financing.

Certain amounts in the 1994 consolidated financial statements have
been reclassed to conform to the 1995 presentation.

During March 1995, Statement of Financial Accounting Standards No. 121
("SFAS 121") "Accounting for the Impairment of Long-Lived Assets and for
Long-Lived Assets to Be Disposed Of" was issued. SFAS 121, when effective,
will require that the Partnership record an impairment loss on its long-
lived assets (primarily its consolidated investments in land, buildings and
improvements) whenever their carrying value cannot be fully recovered
through estimated undiscounted future cash flows from operations and sale.
The amount of the impairment loss to be recognized would be the difference
between the long-lived asset's carrying value and the asset's estimated
fair value less costs to sell.

The amount of any impairment loss recognized by the Partnership under
its current accounting policy has been limited to the excess, if any, of
the property's carrying value over the outstanding balance of the
property's non-recourse indebtedness. An impairment loss under SFAS 121
would be determined without regard to the nature or the balance of such
non-recourse indebtedness. Upon the disposition of a property for which an
impairment loss has been recognized under SFAS 121, the Partnership would
recognize, at a minimum, a net gain for financial reporting purposes to the
extent of any excess of the then outstanding balance of the property's non-
recourse indebtedness over the then carrying value of the property,
including the effect of any reduction for impairment loss under SFAS 121.

The Partnership expects to adopt SFAS 121 no later than the first
quarter of 1996. Although the Partnership has not currently assessed the
full impact of adopting SFAS 121, the amount of any such required
impairment loss could be materially higher than the amounts that have been
recorded in the past or may be recorded in 1995 under the Partnership's
current impairment policy. In addition, upon the disposition of an
impaired property, the Partnership would generally recognize more net gain
for financial reporting purposes under SFAS 121 than it would have under
the Partnership's current impairment policy, without regard to the amount,
if any, of cash proceeds received by the Partnership in connection with the
disposition. Although implementation of this new accounting statement
could significantly impact the Partnership's reported earnings, there would
be no impact on cash flows. Further, any such impairment loss would not be
recognized for Federal income tax purposes.

(2) INVESTMENT PROPERTIES

(a) Pasadena Town Square Mall

The Partnership is continuing discussions with a major department
store owner concerning the opening of a store at the Pasadena Town Square.
In order to add another department store at this center, the Partnership
would likely need to commit a substantial amount of capital. The
Partnership believes that the addition of another department store to this
property would enhance the competitive position of this property within the

JMB INCOME PROPERTIES, LTD. - X
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

immediate retail market resulting in improved operating results. Any
decision to commit additional funds to this investment property for any
purpose will be based on, among other things, the likelihood of the return
of such additional investment plus a reasonable profit thereon. However,
there is no assurance that the addition of a department store will
ultimately occur. In 1993, the Partnership commenced a minor mall
enhancement program which included remodeling the food court. The program
(with a cost of approximately $500,000) was completed in 1994.

The Partnership continues to hold discussions with the mortgage lender
regarding a refinancing and/or extension of the mortgage loan on the
property (which matured in January 1995). However, there is no assurance
that the Partnership will obtain a refinancing of the mortgage note.
During negotiations, the Partnership currently remits debt service payments
based on the cash generated by the investment property. As a result, the
lender had a receiver appointed to oversee the property management
obligations which are being performed by an affiliate of the General
Partner. The lender has notified the Partnership of its demand for payment
of all sums owed. In June 1995, the lender commenced proceedings to
realize upon its mortgage security. Based on the current property
operating and market conditions discussed above and if the Partnership is
unable to obtain a loan refinancing and/or extension on economic terms
which the Partnership could reasonably expect the return of any additional
investment plus a reasonable profit thereon, the Partnership has decided
not to commit any significant further amounts of capital to this property.
As a result, the lender would likely realize upon its security and obtain
title to the property and the Partnership would no longer have an ownership
interest. In the event of a transfer of ownership interest to the lender,
the Partnership would recognize a gain for financial reporting and a gain
for Federal income tax reporting purposes without any net realizable
proceeds. Therefore, due to the factors discussed above and due to the
uncertainty of the Partnership's ability to recover the net carrying value
of the Pasadena Town Square investment property through future operations
and sale, the Partnership at December 31, 1994 recorded, as a matter of
prudent accounting practice, a provision for value impairment of such
investment of $8,434,103. Such provisions were recorded to reduce the net
carrying value of the investment property to the then outstanding balance
of the related non-recourse financing.

(b) North Hills Mall

The Partnership continues to seek the replacement of a major tenant,
which owns its own store, with another major tenant and/or adding another
major tenant to the center. The major tenant, which is currently using
only the first level of its two-story store, has expressed an interest in
closing its store. In order to replace the major tenant with another
and/or add another major tenant, the Partnership may need to commit
substantial capital. Any decision to commit additional funds to this
investment property for these purposes will be based on, among other
things, the likelihood of the return of such additional investment plus a
reasonable profit thereon. The Partnership believes the replacement of the
major tenant and/or addition of another major department store to this
center would greatly enhance the competitive position of this center within
the North Richland Hills (Dallas) retail market. However, there can be no
assurance that such replacement and/or addition will ultimately occur.

JMB INCOME PROPERTIES, LTD. - X
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

The Partnership is in the third year of a five year program to repair
the property's roof and parking lot. The total cost of the repair is
expected to be approximately $1,500,000. Such amounts are partially
recoverable from tenants pursuant to provisions in their leases.

The Partnership and the mortgage lender have agreed to extend the July
1, 1995 maturity date of the mortgage loan on the property until November
1, 1995. During this four month extension, the Partnership is required to
pay monthly principal and interest payments of $250,000. The interest rate
of 12.5% will remain unchanged during this time. As a result, the
Partnership will paydown principal of approximately $675,000 of the
outstanding mortgage loan. The Partnership is still currently seeking a
refinancing of the mortgage loan. However, there is no assurance that the
Partnership will obtain a refinancing or additional extension of all or
substantially all of the mortgage note by the maturity date.

In February 1994, the Partnership sold its remaining land outparcel to
an unaffiliated third party. The sale price for the outparcel was $700,000
(before selling costs and prorations). The Partnership retained the net
sale proceeds in its working capital. The Partnership recognized a gain of
$517,128 for financial reporting purposes and a gain of $518,710 for
Federal income tax purposes for the year ended 1994.

(3) VENTURE AGREEMENTS

(a) General

The Partnership at June 30, 1995 is a party to three joint venture
agreements. Under certain circumstances, either pursuant to the venture
agreements or due to the Partnership's obligations as a general partner,
the Partnership may be required to make additional cash contributions to
the ventures.

There are certain risks associated with the Partnership's investments
made through joint ventures including the possibility that the
Partnership's joint venture partners might become unable or unwilling to
fulfill their financial or other obligations, or that such joint venture
partners may have economic or business interests or goals that are
inconsistent with those of the Partnership.

(b) Animas Valley Mall

Operating profits and losses are allocated to the Partnership and the
joint venture partner according to their respective contributions to fund
operating deficits with any remaining losses allocated to the Partnership.

In April 1992, the Partnership and its joint venture partner settled
certain legal disputes regarding the joint venture agreement and management
of the property. Under the terms of the settlement, the joint venture
partner has contributed approximately $404,000 to the joint venture and
relinquished its approval rights in connection with the business affairs of
the joint venture. The unaffiliated venture partner has retained certain
approval rights in connection with a sale or refinancing of the property.
The Partnership, in return, has agreed to pay the unaffiliated venture
partner a certain settlement amount in connection with the disposition of
the property. On June 16, 1995, the joint venture acquired a 99% interest
in RIC Wausau Associates, L.L.C., a Wisconsin limited liability company
("LLC"), which owns an unimproved land parcel, for the sum of $75,000. On

JMB INCOME PROPERTIES, LTD. - X
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

June 22, 1995, this interest in the LLC was assigned via a tax-free
exchange to the unaffiliated joint venture partner in return for the
relinquishment of its entire interest in the joint venture. As a result,
the disposition payment, of $153,000 at June 22, 1995, is no longer a
contingent obligation of the Partnership. Concurrently, the Partnership
sold 1% of its interest in the joint venture to admit an affiliate of the
General Partner of the Partnership, into the joint venture.

In April 1992, the joint venture finalized a modification of the
existing long-term mortgage note secured by the Animas Valley Mall. Under
the terms of the modification, the joint venture, commencing with the
January 1991 payment, was obligated to pay debt service of interest only
installments at a rate of 10.25% per annum, through the original term of
the note, with the deferred interest (2.25%) accruing at 12.5% and payable
monthly to the extent of any cash flow (as defined) or upon the earlier of
the sale of the property or maturity of the note in January 1994. The
joint venture has paid debt service in 1991, 1992, 1993 and through
February 1994 in accordance with these modified terms. In addition, under
the terms of the modification, the joint venture was required to make
monthly real estate tax escrow deposits. In April 1994, the joint venture
and the existing lender finalized an amendment to the loan (effective March
1, 1994) providing for the extension of its maturity to March 1995 and
lowering the pay and accrual rate on the principal balance to 8% per annum.

Any excess cash flow generated by the property during this period is
payable to the lender quarterly towards interest accrued as of December 31,
1994 (approximately $2,200,000). As of the date of sale, no excess cash
flow was paid to the lender. In addition, the joint venture agreed to
market this property for sale during the extension period. The lender
agreed to allow the joint venture to retain a portion of the net sale
proceeds (as defined) in excess of $27,000,000 (as defined). The lender
agreed to further extend the maturity date to July 1, 1995 and subsequently
to September 1, 1995 under the prior modification terms. In addition, the
lender agreed to increase the joint ventures participation in the net sale
proceeds in excess of the $27,000,000 (as defined). On June 30, 1995, the
joint venture sold the land, related improvements and personal property of
the Animas Valley Mall and related land outparcel located in Farmington,
New Mexico. The purchaser was not affiliated with the Partnership or its
General Partners and the sale price was determined by arm's-length
negotiations. The aggregate sale price of the above was $27,800,000
(before selling costs and prorations), all of which was paid in cash at
closing. A majority of the cash proceeds ($27,000,000) was utilized to
retire the first mortgage secured by the improved property. The
Partnership recognized a gain of $3,939,497 on the sale of the investment
properties and an extraordinary gain of $2,219,608 on the forgiveness of
debt for financial reporting purposes. The Partnership expects to
recognize a gain for Federal income tax purposes in 1995.

Annual cash flow is distributed 49.9% to the Partnership and 50.1% to
the joint venture partner. However, since the joint venture partner did
not receive $2,605,200 of cash flow for each of the initial five years, the
joint venture partner will be entitled to receive such deficiency, up to a
total of $400,000 from annual cash flow, if any, available for distribution
to the partners after the Partnership and the joint venture partners have
received $2,594,800 and $2,605,200, respectively, per annum. Operating
profits and losses are generally allocated to the joint venture partners in
the same ratio that annual cash flow is distributed to the partners.

The joint venture agreement further provides that proceeds from sale
or refinancing of the complex will be distributed 49.9% to the Partnership
and 50.1% to the joint venture partner.

JMB INCOME PROPERTIES, LTD. - X
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

The property was managed by an affiliate of the joint venture partner
under an agreement which provided for fees equal to 2% of the base rent
paid by tenants. Effective July 1, 1994, a former affiliate of the General
Partner of the Partnership assumed the property management responsibilities
for the joint venture. The new manager essentially assumed the previous
management agreement with the exception that a portion of the 2% management
fee will be paid to the previous manager annually by the new manager as
compensation to the previous manager for relinquishing management of the
property. In addition, the former affiliate assumed the leasing
responsibilities for the property. In December 1994, such affiliated
property manager of the General Partner of the Partnership was sold, and
its interest in its management contracts assigned, to an unaffiliated third
party.

MCI Realty, Inc. ("MCI"), which has two leases at Royal Executive
Park, comprising of 180,000 square feet and 30,000 square feet,
respectively, had approached the joint venture seeking a current rent
reduction in return for a lease extension beyond its prior lease expiration
date of March 31, 1998 on its 180,000 square foot lease. During the second
quarter of 1994, the joint venture finalized a modification and extension
of MCI's 180,000 square foot lease. The terms of the agreement provide for
a reduction in MCI's rental rate, effective July 1994, to a rental rate
which approximates current market rental rates. The agreement provides for
set rental rate increases in April 1998 and in April 2002. The extended
lease expiration date is June 2006. In addition, the joint venture
provided a tenant improvement allowance of $1,500,000 to MCI in 1994 to
enhance its leased space. The joint venture's decision to modify MCI's
180,000 square foot lease was based upon an analysis of current and
expected future market conditions. The joint venture believes, given the
risk of losing this tenant in 1998 and the resulting potential downtime and
costs associated with releasing the space, that a current reduction in the
rental rate and a contribution towards enhancement of MCI's space in return
for a long term extension of its lease will maximize the property's cash
flow over the long term. The 1994 costs associated with MCI's expansion
and modification were paid for from cash generated by the property in 1993
and 1994 and net capital contributions by the Partnership and the joint
venture partner totalling $503,844 (contributed in their respective
ownership percentages).

(d) 40 Broad Street

The Broad Street venture agreement provides that the Partnership will
be allocated or distributed profits and losses, cash flow from operations
and sale or refinancing proceeds in the ratio of its capital contributions
to Broad Street which is 31.44%. The Partnership and the venture partner
(JMB Income Properties, Ltd. - XII, a partnership sponsored by the Managing
General Partner of the Partnership) are current with respect to their
required capital contributions to Broad Street.

The downtown New York City market remains extremely competitive due to
the significant amount of space available primarily resulting from the
layoffs, cutbacks and consolidations by financial service companies and
related businesses which dominated this market. Rental rates in the
downtown market are currently at depressed levels and this can be expected

JMB INCOME PROPERTIES, LTD. - X
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

to continue for the foreseeable future while the current vacant space is
gradually absorbed. Little, if any, new construction is planned for
downtown over the next few years and it is expected that the building will
continue to be adversely affected by the lower than originally projected
effective rental rates now achieved upon releasing of existing leases which
expire over the next few years. In addition, new leases will likely
require expenditures for lease commissions and tenant improvements prior to
tenant occupancy. This decline in rental rates, the increase in re-leasing
time and the costs upon re-leasing will result in a continued decrease in
cash flow from operations over the near-term.

Until December 1994, the property was managed by a former affiliate of
the General Partners of the Partnership for a fee calculated as 2% of gross
receipts of the property (see note 5).

(4) PARTNERSHIP AGREEMENT

Pursuant to the terms of the Partnership Agreement, net profits or
losses of the Partnership from operations are allocated 96% to the Limited
Partners and 4% to the General Partners. Profits from the sale or
refinancing of investment properties are to be allocated to the General
Partners to the greater of 1% of such profits or the amount of cash
distributable to the General Partners from any such sale or refinancing (as
described below). Losses from the sale or refinancing of investment
properties are to be allocated 1% to the General Partners. The remaining
sale or refinancing profits and losses will be allocated to the Limited
Partners.

An amendment to the Partnership Agreement, effective January 1, 1991,
generally provides that notwithstanding any allocation contained in the
Agreement, if at any time that profits are realized by the Partnership, any
current or anticipated event would cause the deficit balance in absolute
amount in the Capital Account of the General Partners to be greater than
their share of the Partnership's indebtedness (as defined) after such
event, then the allocation of Profits to the General Partners shall be
increased to the extent necessary to cause the deficit balance in the
Capital Account of the General Partners to be no less than their respective
shares of the Partnership's indebtedness after such event. In general, the
effect of this amendment is to allow the deferral of the recognition of
taxable gain to the Limited Partners.

The General Partners are not required to make any capital contribu-
tions except under certain limited circumstances upon termination of the
Partnership. Distributions of "cash flows" of the Partnership are
allocated 90% to the Limited Partners and 10% to the General Partners.
However, portions of such distributions to the General Partners are
subordinated to the Limited Partners' receipt of a stipulated return on
capital. Through June 30, 1995, a portion of the General Partners'
distributions have been deferred (note 5).

The Partnership Agreement provides that the General Partners shall
receive as a distribution from the sale of a real property by the
Partnership 3% of the selling price and any cumulative deferrals of their
10% distribution of disburseable cash, subject to certain limitations. Any
remaining proceeds (net after expenses and retained working capital) will
be distributed 85% to the Limited Partners and 15% to the General
Partners. However, the Limited Partners shall receive 100% of such net
sale proceeds until the Limited Partners (i) have received cash
distributions of sale or refinancing proceeds in an amount equal to the
Limited Partners' aggregate initial capital investment in the Partnership,

JMB INCOME PROPERTIES, LTD. - X
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

and (ii) have received cumulative cash distributions from the Partnership's
operations which, when combined with sale or refinancing proceeds
previously distributed, equal a 10% annual return on the Limited Partners'
average capital investment for each year (their initial capital investment
as reduced by sale or refinancing proceeds previously distributed)
commencing with the first fiscal quarter of 1984. Therefore, in accordance
with the Partnership agreement, the General Partners have deferred the
receipt of certain sale proceeds ($3,503,000 or approximately $23 per
Interest) from the Partnership in connection with the sale of the Towne
Square Mall, Collin Creek Mall and Animas Valley Mall.

(5) TRANSACTIONS WITH AFFILIATES

Fees, commissions and other expenses required to be paid by the
Partnership to the General Partners and their affiliates for the six months
ended June 30, 1995 and 1994 are as follows:

Unpaid at
June 30,
1995 1994 1995
-------- ------ -------------
Property management
and leasing fees. . . . . $184,534 332,241 9,283
Insurance commissions. . . 28,951 38,087 --
Reimbursement
(at cost) for
out-of-pocket
expenses. . . . . . . . . 43,311 11,527 6,754
-------- ------- ------
$256,796 381,855 16,037
======== ======= ======

North Hills Mall, Pasadena Town Square and Animas Valley Mall (prior
to its sale in June 1995) are managed by an affiliate of the General
Partners. Royal Executive Park (note 3(c)) and 40 Broad Street (note 3(d))
are managed by a former affiliate of the General Partners. In December
1994, the former affiliate of the General Partner was sold, and its
interest in its management contracts assigned, to an unaffiliated third
party.

The Managing General Partner and its affiliates are entitled to
reimbursement for salaries and direct expenses of officers and employees of
the Managing General Partner and its affiliates relating to the
administration of the Partnership and operation of Partnership investment
properties. In 1994 and through the second quarter of 1995, such costs
aggregated $157,029 and $198,455, respectively, all of which was paid at
June 30, 1995.

The General Partners have deferred (in accordance with the Partnership
agreement) payment of certain of their distributions of net cash flow from
the Partnership. The cumulative amount of such distributions aggregated
$9,753,052 at June 30, 1995 (approximately $65 per interest). In addition,
the General Partners have deferred certain sale proceeds of $3,503,000
(approximately $23 per Interest) from the Partnership as more fully
described in note 4. All amounts due to the General Partner do not bear
interest and are expected to be paid, if allowable, in accordance with the
Partnership Agreement, from cash generated from future operations and
sales.

JMB INCOME PROPERTIES, LTD. - X
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONCLUDED

Subsequent to June 30, 1995, the Managing General Partner of the
Partnership has determined to use an independent third-party or parties to
perform certain of these administrative services beginning in late 1995.
Use of a third party, rather than reimbursement to the Managing General
Partner and its affiliates, is not expected to have a material effect on
the operations of the Partnership.

(6) SALE OF INVESTMENT PROPERTY

On December 29, 1994, the Partnership sold the land, related
improvements and personal property of the Collin Creek Mall located in
Plano, Texas. The purchaser was not affiliated with the Partnership or its
General Partners and the sale price was determined by arm's-length
negotiations. The sale price of the land, related improvements and
personal property was $108,000,000 (before selling costs and prorations),
all of which was paid in cash at closing. A portion of the cash proceeds
($24,546,213) was utilized to retire the first mortgage secured by the
property. An affiliate of the General Partner has retained management of
the property. The Partnership recognized a gain of $64,054,814 for
financial reporting purposes and has recognized a gain of $79,757,206 for
Federal income tax purposes in 1994.

(7) UNCONSOLIDATED VENTURES - SUMMARY INFORMATION

The summary income statement information for the Royal Executive Park
and Broad Street ventures for the six months ended June 30, 1995 and 1994
is as follows:

1995 1994
---------- ----------

Total income. . . . . . . . . $5,186,359 6,282,229
========== ==========
Operating earnings. . . . . . $ 697,292 969,345
========== ==========
Net earnings to Partnership . $ 197,797 427,974
========== ==========

(8) ADJUSTMENTS

In the opinion of the Managing General Partner, all adjustments
(consisting solely of normal recurring adjustments) necessary for a fair
presentation have been made to the accompanying figures as of June 30, 1995
and for the three and six months ended June 30, 1995 and 1994.

PART I. FINANCIAL INFORMATION

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS

LIQUIDITY AND CAPITAL RESOURCES

All references to "Notes" are to Notes to Consolidated Financial
Statements contained in this report.

During February 1995, approximately $68,100,000 was distributed to the
Limited Partners, substantially all of which represented sales proceeds
from the December 1994, sale of the Collin Creek Mall as discussed below.
The Partnership has retained a portion of the Collin Creek Mall sales
proceeds as working capital as also discussed below. At June 30, 1995, the
Partnership and its consolidated venture had cash and cash equivalents of
approximately $1,751,000. Such remaining funds and short-term investments
of approximately $20,025,000 are available for distributions to partners
and for working capital requirements including tenant and capital
improvements, to the extent not funded from future operations, and to fund
any cash flow deficits at Royal Executive Park as discussed below. The
Partnership and its consolidated venture have currently budgeted in 1995
approximately $971,000 for tenant improvements and other capital
expenditures. The Partnership's share of such items and its share of such
similar items for its unconsolidated ventures in 1995 is currently budgeted
to be approximately $2,454,000. Actual amounts expended in 1995 may vary
depending on a number of factors including actual leasing activity, results
of property operations, liquidity considerations and other market
conditions over the course of the year. The source of capital for such
items and for both short-term and long-term future liquidity and
distributions is expected to be through net cash generated by the
Partnership's investment properties and through the sale of such
investments. However, the Partnership does not consider the Pasadena Town
Square investment property to be a significant source of long-term
liquidity. In such regard, reference is made to the Partnership's property
specific discussions below. As more fully described in Notes 6 and 3(b),
the Partnership sold the Collin Creek Mall in December 1994 and Animas
Valley Mall in June 1995. The Partnership's and its ventures' mortgage
obligations are all non-recourse. Therefore, the Partnership and its
ventures are not obligated to pay mortgage indebtedness unless the related
property produces sufficient net cash flow from operations or sale.

Currently, as more fully discussed below, the Partnership is exploring
the addition of a major department store at each of the North Hills Mall
and the Pasadena Town Square shopping center which, if undertaken, may
require the Partnership to commit a substantial amount of capital. Also,
the Partnership may need to commit capital for its share of leasing costs
associated with the vacant space at the Royal Executive Park office
building as discussed below. In addition, the Partnership may decide to
pay down portions of indebtedness in order to achieve loan extensions on
the non-recourse mortgage loans at North Hills Mall (which matured in July
1995). Any decision to commit additional amounts to this investment
property for any purpose will be based on, among other things, the
likelihood of return of such additional investment plus a reasonable profit
thereon. Future distributions from sales or operations will be dependent
upon a combination of the operating cash flow from the remaining investment
properties and the longer term capital requirements of the Partnership.
The Partnership currently expects, however, to maintain a $4 per interest
per quarter distribution from operations to the Limited Partners in 1995.

Overall cash flow returns at 40 Broad Street for the next few years
are expected to be lower than in previous years. The Partnership will
continue its aggressive leasing program; however, the downtown New York
City market remains extremely competitive due to the significant amount of
space available primarily resulting from the layoffs, cutbacks and
consolidations by financial service companies and related businesses which
dominated this market. In addition to competition for tenants in the
downtown Manhattan market from other buildings in the area, there is
increasing competition from less expensive alternatives to Manhattan.
Rental rates in the downtown market are currently at depressed levels and
this can be expected to continue for the foreseeable future while the
current vacant space is gradually absorbed. Little, if any new
construction is planned for downtown over the next few years and it is
expected that the building will continue to be adversely affected by the
lower than originally expected effective rental rates achieved upon
releasing of existing leases which expire over the next few years. In
addition, new leases will likely require expenditures for lease commissions
and tenant improvements prior to tenant occupancy. This decline in rental
rates, the anticipated increase in re-leasing time and the costs upon re-
leasing will result in a decrease in cash flow from operations over the
near term.

The Partnership sold the Collin Creek Mall on December 29, 1994. The
mortgage loan secured by the property was satisfied in full from proceeds
of the sale. Reference is made to Note 6 for a further description of this
sale.

The Partnership continues to seek the replacement of a major tenant,
which owns its own store, at the North Hills Mall with another major tenant
and/or adding another major tenant to the center. The major tenant, which
is currently using only the first level of its two-story store, has
expressed an interest in closing its store. In order to replace the major
tenant with another and/or add another major tenant, the Partnership may
need to commit substantial capital. Any decision to commit additional
funds to this investment property for these purposes will be based on,
among other things, the likelihood of the return of such additional
investment plus a reasonable profit thereon. However, there can be no
assurance that such replacement and/or addition will ultimately occur. The
Partnership is in the third year of a five year program to repair the
property's roof and parking lot. The total cost of the repair is expected
to be approximately $1,500,000. The work scheduled to be incurred in 1995
has been included in the budgeted improvement costs described above. The
total five-year costs will be partially recoverable from tenants pursuant
to provisions in their leases.

The Partnership and the mortgage lender agreed to extend the July 1,
1995 maturity date of the mortgage loan on the property until November 1,
1995. During this four month extension, the Partnership is required to pay
monthly principal and interest payments of $250,000. The interest rate of
12.5% will remain unchanged during this time. As a result, the Partnership
will paydown principal of approximately $675,000 of the outstanding
mortgage loan. The Partnership is still currently seeking a refinancing of
the mortgage loan. However, there is no assurance that the Partnership
will obtain a refinancing of all or substantially all of the mortgage note.

In February 1994, the Partnership sold its sole remaining land outparcel to
an unaffiliated third party. The sale price for the outparcel was $700,000
(before selling costs and prorations). The Partnership has retained the
net sale proceeds in its working capital.

The Pasadena Town Square trade area population consists primarily of
lower to moderate income residents. The local economy had been severely
affected by the recession and has been slow to recover. Many of the trade
area residents are employed by local petro-chemical plants which continue
to reduce their labor force as that industry continues to restructure and
consolidate in order to be more competitive. In addition, the property has
been subjected to increased competition for shoppers and tenants from new
and recently renovated retail properties within the trade area. As a
result, tenant sales at the property have decreased over the last several
years. Over the next two years, tenant leases covering approximately
42,000 square feet or approximately 17% of the Partnership's owned leasable
square footage expire. Due to recent poor sales performance, many of these
tenants are electing not to renew their leases or are renewing at lower
rental rates. Occupancy of the property has declined to 72% at June 30,
1995 from 85% at December 31, 1993. Several other tenants whose leases are
not due to expire in the near term, have approached the Partnership seeking
reductions in the amount of rent they must pay. The Partnership has
granted relief to certain tenants which could demonstrate that without a
reduction in their rent, they would no longer be able to remain in business
in the Mall. Any decision to grant rent reductions is made on a case by
case basis. As a result of these market and property operating conditions,
the property's cash flow from operations prior to capital expenditures is
expected to decline for a period of time.

The Partnership has taken certain measures and is exploring others in
an attempt to stem recent operating declines at the Pasadena Town Square
Shopping Center. Such measures include, as discussed more fully below, the
performance of certain enhancement programs and the possible addition of a
third major department store. There are no assurances, however, that this
will ultimately occur or that it will have an immediate positive impact on
occupancy or the rental rates achieved upon releasing vacant or expiring
space at the property. The Partnership is continuing discussions with a
major department store owner concerning the construction and operation of a
store at the property. In order to add another department store at this
center, the Partnership would likely need to commit a substantial amount of
capital. The Partnership believes that the addition of another department
store to this property would enhance the competitive position of this
property within the immediate retail market resulting in improved operating
results. There is no assurance, however, that the addition of a
department store will ultimately occur. In 1993, the Partnership commenced
a minor mall enhancement program which included remodeling the food court.
The program cost approximately $500,000 and was completed in 1994. Any
decision to commit additional funds to this investment property for any
purpose will be based on, among other things, the likelihood of the
recovery of such additional investment plus a reasonable profit thereon.

The Partnership continues to hold discussions with the Pasadena
mortgage lender regarding a refinancing and/or extension of the mortgage
loan on the property (which matured in January 1995). However, there is no
assurance that the Partnership will obtain a refinancing of the mortgage
note. During negotiations, the Partnership currently remits debt service
payments based on the cash generated by the investment property. As a
result, the lender had a receiver appointed to oversee the property
management obligations which are being performed by an affiliate of the
General Partner. The lender has notified the Partnership of its demand for
payment of all sums owed. In June 1995, the lender commenced proceedings
to realize upon its mortgage security. Based on the current property
operating and market conditions discussed above and if the Partnership is
unable to obtain a loan refinancing and/or extension on economic terms
which the Partnership could reasonably expect the return of any additional
investment plus a reasonable profit thereon, the Partnership has decided
not to commit any significant further amounts of capital to this property.
As a result, the lender would likely realize upon its security and obtain
title to the property and the Partnership would no longer have an ownership
interest. In the event of a transfer of ownership interest to the lender,
the Partnership would recognize a gain for financial reporting and a gain
for Federal income tax reporting purposes without any net realizable
proceeds. Therefore, due to the factors discussed above and due to the
uncertainty of the Partnership's ability to recover the net carrying value
of the Pasadena Town Square investment property through future operations
and sale, the Partnership at December 31, 1994 recorded, as a matter of
prudent accounting practice, a provision for value impairment of such
investment of $8,434,103. Such provisions were recorded to reduce the net
carrying value of the investment property to the then outstanding balance
of the related non-recourse financing.

The Partnership through the joint venture sold the Animas Valley Mall
and a related land outparcel on June 30, 1995. The mortgage loan secured
by the property was satisfied in full from proceeds of the sale. Reference
is made to Note 3(b) for a further description of this sale.

MCI Realty, Inc. ("MCI"), which has two leases at Royal Executive
Park, comprising of 180,000 square feet and 30,000 square feet,
respectively, had approached the Royal Executive Park joint venture seeking
a current rent reduction in return for a lease extension beyond its current
lease expiration date of March 31, 1998 on its existing 180,000 square foot
lease. During the second quarter of 1994, the joint venture finalized a
modification and extension of MCI's 180,000 square foot lease. The terms
of the agreement provide for a reduction in MCI's rental rate, effective
July 1994, to a rental rate which approximates current market rental rates.

The agreement provides for set rental rate increases in April 1998 and in
April 2002. The extended lease expiration date is June 2006. In addition,
the joint venture provided a tenant improvement allowance of $1,500,000 to
MCI in 1994 to enhance its leased space. The joint venture's decision to
modify MCI's 180,000 square foot lease was based upon an analysis of
current and expected future market conditions. The joint venture believes,
given the risk of losing this tenant in 1998 and the resulting potential
downtime and costs associated with releasing the space, that a current
reduction in the rental rate and contribution towards enhancement of its
space in return for a long term extension of its lease will maximize the
property's cash flow over the long term. The 1994 costs associated with
MCI's expansion and modification were paid for from cash generated by the
property in 1993 and 1994 net capital contributions by the Partnership and
the joint venture partner totalling $503,844 (contributed in their
respective ownership percentages).

The property was managed by an affiliate of the joint venture partner
under an agreement which provided for fees equal to 2% of the base rent
paid by tenants. Effective July 1, 1994, a former affiliate of the General
Partner of the Partnership assumed the property management responsibilities
for the joint venture. The new manager essentially assumed the previous
management agreement with the exception that a portion of the 2% management
fee will be paid to the previous manager annually by the new manager as
compensation to the previous manager for relinquishing management of the
property. In December 1994, the above affiliated property manager of the
General Partner of the Partnership was sold, and its interest in its
management contracts assigned, to an unaffiliated third party. In
addition, the former affiliate assumed the leasing responsibilities for the
property.

The Southern Westchester County, New York office market (the
competitive market for the building) is extremely competitive with a
current vacancy rate of approximately 20%. While office building
development in this market is virtually at a standstill, significant
improvement in the competitive market conditions is not expected for
several years. The competitive market conditions have resulted in lower
than originally anticipated effective rental rates that can be achieved and
high releasing costs that will be incurred in conjunction with releasing
space which expires. Consequently, the property cash flow has been
significantly reduced as a result of the lease expiration and subsequent
move-out of New York Telephone, and the modification and extension of MCI's
lease. Consequently, the Partnership and joint venture partner may need to
contribute capital to the joint venture in the future in order to pay for
leasing costs associated with the lease-up of the current vacant space.

There are certain risks associated with the Partnership's investments
made through joint ventures including the possibility that the
Partnership's joint venture partners in an investment might become unable
or unwilling to fulfill their financial or other obligations, or that such
joint venture partners may have economic or business interests or goals
that are inconsistent with those of the Partnership.

While the real estate markets are recuperating, highly competitive
market conditions continue to exist in most locations. The Partnership's
approach has been to aggressively and creatively manage the Partnership's
real estate assets to attract and retain tenants. Net effective rents to
the landlord from renewal tenants are much more favorable than lease terms
which can be negotiated with new tenants. However, the Partnership's
capital resources must also be preserved and allocated in such a manner as
to maximize the total value of the portfolio. As a result of the real
estate market conditions discussed above, the Partnership continues to
conserve its working capital. All expenditures are carefully analyzed and
certain capital projects are deferred when appropriate. The Partnership
has also sought or is seeking additional loan modifications where
appropriate. By conserving working capital, the Partnership will be in a
better position to meet the future needs of its properties since outside
sources of capital may be limited. The Partnership has decided to retain
approximately $15.7 million of the Collin Creek Mall and $800,000 of the
Animas Valley Mall sale proceeds Notes 6 and 3(b) in its working capital.
These funds will be available, if necessary or deemed appropriate by the
General Partners, for the programs to enhance the Partnership's properties
as discussed above. Due to these factors, the Partnership has held certain
of its investment properties longer than originally anticipated in an
effort to maximize the return to the Limited Partners.

RESULTS OF OPERATIONS

The aggregate decreased in cash and cash equivalents and short-term
investments, at June 30, 1995 as compared to December 31, 1994, is due
primarily to the February 1995 partial distribution of sale proceeds of
$68,102,270 from the sale of Collin Creek Mall in 1994.

The increase in rents and other receivables, at June 30, 1995 as
compared to December 31, 1994, is due primarily to the timing of receipt of
1994 expense recoveries at certain of the Partnership's investment
properties

The decrease in the balance of prepaid expenses at June 30, 1995 as
compared to December 31, 1994 is primarily due to the timing of payment of
insurance premiums at certain of the Partnership's investment properties.

The decrease in land, buildings and improvements, accumulated
depreciation, accrued rents receivable, current portion of long-term debt
and accrued interest, at June 30, 1995 as compared to December 31, 1994, is
due primarily to the sale of the Animas Valley Mall and a related land
outparcel in June 1995 (Note 3(b)).

The increase in accounts payable, at June 30, 1995 as compared to
December 31, 1994, is primarily due to the timing of operating expenses and
prepayment of rent at certain of the Partnership's properties.

The decrease in accrued real estate taxes, at June 30, 1995 as
compared to December 31, 1994, is primarily due to the timing of real
estate tax payments at the North Hills Mall and Pasadena Town Square
investment properties.

The decrease in rental income, mortgage and other interest,
depreciation, property operating expenses, and amortization of deferred
expenses for the three months ended June 30, 1995 as compared to the same
period in 1994 is due primarily to the sale of the Collin Creek Mall in
December 1994 (Note 6). The decrease in rental income is also partially
due to lower occupancy levels and lower effective rents earned upon
renewals at the Pasadena Town Square investment property. The decrease in
depreciation expense is also due to the provision for value impairment of
$8,434,103 which was recorded at December 31, 1994 relating to the Pasadena
Town Square (Note 1).

The increase in interest income for the three and six months ended
June 30, 1995 as compared to the three and six months ended June 30, 1994
is due to the increase in the Partnership's average balance in U.S.
Government obligations due to the temporary investment of proceeds from the
Collin Creek Mall investment property sale.

The increase in general and administrative for the three and six
months ended June 30, 1995 as compared to the three and six months ended
June 30, 1994 is primarily due to costs associated with the attempted
replacement or addition of new anchor tenants at both Pasadena Town Square
and North Hills Mall investment properties as discussed in Notes 2(a) and
(b).

The decrease in Partnership's share of operations of unconsolidated
ventures for the three and six months ended June 30, 1995 as compared to
the three and six months ended June 30, 1994 is due primarily to the MCI
lease modification that included reduced rent at the Royal Executive Park
investment property as more fully explained above and in Note 3(c).

The gain on sale of investment property of $518,710 in 1994 is the
result of the land outparcel sale at the North Hills Mall in June 1995
(Note 2(b)).

The gain on sale of investment property of $3,939,497 and the
extraordinary item of $2,219,608 in 1995 are due to the result of the sale
of the Animas Valley Mall and a related land outparcel in June 1995 (Note
3(b)).

PART II. OTHER INFORMATION

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Reference is made to Note 2(a) of the Notes to Consolidated Financial
Statements and to the Liquidity and Capital Resources section of
Management's Discussion and Analysis of Financial Condition and Results of
Operations filed with this report for discussions of default (or alleged
defaults) under, and/or current attempts to obtain refinancing,
modification or extension of, mortgage loan secured by the Pasadena Town
Square which discussions are hereby incorporated herein by reference.
<TABLE>
ITEM 5. OTHER INFORMATION

OCCUPANCY

The following is a listing of approximate physical occupancy levels by quarter for the Partnership's
investment properties.

<CAPTION>
1994 1995
--------------------------------------------------------------------
At At At At At At At At
3/31 6/30 9/30 12/31 3/31 6/30 9/30 12/31
---- ---- ---- ----- ---- ---- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1. North Hills Mall
North Richland Hills,
Texas (a). . . . . . . 95% 95% 96% 95% 92% 89%

2. Pasadena Town Square
Pasadena, Texas. . . . 84% 80% 73% 72% 72% 72%

3. Collin Creek Mall
Plano, Texas . . . . . 92% 91% 97% N/A N/A N/A

4. Animas Valley Mall
Farmington, New Mexico 90% 90% 90% 90% 91% N/A

5. Royal Executive Park
Ryebrook, New York . . 78% 78% 78% 78% 78% 78%

6. 40 Broad Street
New York, New York . . 80% 86% 83% 83% 76% 76%

-----------------
<FN>

(a) The occupancy has been restated to reflect occupancy by temporary tenants which were not previously
included. Occupancy without the temporary tenants is 87% at March 31, 1994, 87% at June 30, 1994, 85% at
September 30, 1994, 89% at December 31, 1994, 88% at March 31, 1995 and 80% at June 30, 1995.

</TABLE>
ITEM 6. EXHIBIT AND REPORTS ON FORM 8-K

Response:

(a) Exhibits:

4-A. Document relating to the mortgage loan secured by the
Collin Creek Mall in Plano, Texas is hereby incorporated by reference to
the Partnership's report for December 31, 1992 on Form 10-K (File No. 0-
12140) dated March 19, 1993.

4-B. Document relating to the mortgage loan secured by the
Pasadena Town Square shopping center in Pasadena, Texas is hereby
incorporated by reference to the Partnership's report for December 31, 1992
on Form 10-K (File No. 0-12140) dated March 19, 1993.

4-C. Modification document relating to the mortgage loan
secured by the Animas Valley Mall in Farmington, New Mexico is hereby
incorporated by reference to the Partnership's report for December 31, 1992
on Form 10-K (File No. 0-12432) dated March 19, 1993.

4-D. Modification document relating to the mortgage loan
secured by the Animas Valley Mall in Farmington, New Mexico, a copy of
which is hereby incorporated by reference to the Partnership's report for
June 30, 1994 on Form 10-Q (File No. 0-12140) dated August 12, 1994.

10-A. Acquisition documents relating to the purchase by the
Partnership of an interest in the 40 Broad Street office building in new
York, New York are hereby incorporated by reference to the Partnership's
report on Form 8-K (File No. 0-12432) dated December 31, 1985.

10-B. Acquisition documents relating to the purchase by the
Partnership of an interest in the Royal Executive Park office complex in
Ryebrook, New York are hereby incorporated by reference to the
Partnership's report on Form 8-K (File No. 0-12432) dated December 30,
1983.

10-C. Acquisition documents relating to the purchase by the
Partnership of the North Hills Mall in North Richland Hills, Texas are
hereby incorporated by reference to the Partnership's Registration
Statement on Post-Effective Amendment No. 2 to Form S-11 (File No. 2-83599)
dated June 29, 1983.

10-D. Acquisition documents relating to the purchase by the
Partnership of the Pasadena Town Square shopping center in Pasadena, Texas
are hereby incorporated by reference to the Partnership's Registration
Statement on Post-Effective Amendment No. 2 to Form S-11 (File No. 2-83599)
dated June 29, 1983.

10-E. Acquisition documents including the venture agreement
relating to the purchase by the Partnership of an interest in the Animas
Valley Mall in Farmington, New Mexico are hereby incorporated by reference
to the Partnership's Registration Statement on Post-Effective Amendment No.
2 to Form S-11 (File No. 2-83599) dated June 29, 1983.

10-F. Sale documents relating to the outparcel sale at the
Animas Valley Mall in Farmington, New Mexico are hereby incorporated by
reference to the Partnerships report for December 31, 1993 on Form 10-K
(File No. 0-12140) dated March 25, 1994.

10-G. Sale documents relating to the outparcel sale at the North
Hills Mall in North Richard Hills, Texas are hereby incorporated by
reference to the Partnership's report for December 31, 1993 on Form 10-K
(File No. 0-12140) dated March 25, 1994.

10-H. Sale documents relating to the sale of the Collin Creek
Mall in Plano, Texas are hereby incorporated by reference to the
Partnership's report for December 29, 1994 on Form 8-K (File No. 0-12140)
dated January 13, 1995.

10-I. Sale documents relating to the sale of Animas Valley Mall
and a related land outparcel sale in Farmington, New Mexico are hereby
incorporated by reference to the Partnership's report for June 30, 1995 on
Form 8-K (File No. 0-12140) dated July 14, 1995.

27. Financial Data Schedule

(b) The following report on Form 8-K has been filed for the quarter
covered by this report.

(1) The Partnership's report on Form 8-K (File No. 0-12140)
for June 30, 1995 (describing under Item 2 of such report, the
Partnership's sale of the Animas Valley Mall and a related land outparcel
sale) was filed. The report is dated July 14, 1995. No financial
statements were required to be filed therewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of
1934, the Company has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.

JMB INCOME PROPERTIES, LTD. - X

BY: JMB Realty Corporation
(Managing General Partner)

By: GAILEN J. HULL
Gailen J. Hull, Senior Vice President
Date: August 9, 1995

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

GAILEN J. HULL
Gailen J. Hull, Principal Accounting Officer
Date: August 9, 1995

<ARTICLE> 5

<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE REGISTRANT'S FORM 10-Q FOR THE QUARTER ENDED JUNE 30,
1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS INCLUDED IN SUCH REPORT.
</LEGEND>

<CIK> 0000719244
<NAME> JMB INCOME PROPERTIES, LTD. - X

<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995

<CASH> 1,751,211
<SECURITIES> 20,024,825
<RECEIVABLES> 756,350
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 22,532,386
<PP&E> 50,100,613
<DEPRECIATION> 17,689,807
<TOTAL-ASSETS> 79,902,879
<CURRENT-LIABILITIES> 24,761,580
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 55,127,554
<TOTAL-LIABILITY-AND-EQUITY> 79,902,879
<SALES> 8,456,779
<TOTAL-REVENUES> 9,837,378
<CGS> 0
<TOTAL-COSTS> 5,909,821
<OTHER-EXPENSES> 470,030
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 2,543,420
<INCOME-PRETAX> 914,107
<INCOME-TAX> 0
<INCOME-CONTINUING> 1,111,904
<DISCONTINUED> 3,939,497
<EXTRAORDINARY> 2,219,608
<CHANGES> 0
<NET-INCOME> 7,271,009
<EPS-PRIMARY> 47.76
<EPS-DILUTED> 47.76

</TABLE>