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
September 30, 1996 Commission File #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 . . . . . . . . . . . 12
PART II OTHER INFORMATION
Item 5. Other Information . . . . . . . . . . . . . 14
Item 6. Exhibits and Reports on Form 8-K. . . . . . 15
<TABLE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
JMB INCOME PROPERTIES, LTD. - X
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE
CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 1996 AND DECEMBER 31, 1995
(UNAUDITED)
ASSETS
------
<CAPTION>
SEPTEMBER 30, DECEMBER 31,
1996 1995
-------------------------
<S> <C> <C>
Current assets:
Cash and cash equivalents. . . . . . . . . . . . . . . . . . $ 21,081,712 21,431,887
Rents and other receivables, net of allowance
for doubtful accounts of $130,612 in 1996
and $38,235 in 1995. . . . . . . . . . . . . . . . . . . . 546,860 485,078
Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . 51,315 29,642
Escrow deposits . . . . . . . . . . . . . . . . . . . . . . 566,776 772,831
------------ -----------
Total current assets . . . . . . . . . . . . . . . . 22,246,663 22,719,438
------------ -----------
Investment properties, at cost:
Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,133,642 3,133,642
Buildings and improvements . . . . . . . . . . . . . . . . . 23,871,067 23,512,818
------------ -----------
27,004,709 26,646,460
Less accumulated depreciation. . . . . . . . . . . . . . . . 8,238,042 7,645,144
------------ -----------
Total investment properties, net of
accumulated depreciation . . . . . . . . . . . . . . 18,766,667 19,001,316
Investment in unconsolidated ventures, at equity . . . . . . . 14,428,938 14,404,307
Deferred expenses. . . . . . . . . . . . . . . . . . . . . . . 185,426 218,659
Accrued rents receivable . . . . . . . . . . . . . . . . . . . 466,473 488,992
------------ -----------
$ 56,094,167 56,832,712
============ ===========
LIABILITIES AND PARTNERS' CAPITAL ACCOUNTS
------------------------------------------
Current liabilities:
Bank overdraft . . . . . . . . . . . . . . . . . . . . . . . $ -- 378,034
Current portion of long-term debt. . . . . . . . . . . . . . 125,875 109,719
Accounts payable . . . . . . . . . . . . . . . . . . . . . . 307,965 171,022
Accrued interest . . . . . . . . . . . . . . . . . . . . . . 47,030 539,342
Accrued real estate taxes. . . . . . . . . . . . . . . . . . 434,250 618,256
------------ -----------
Total current liabilities. . . . . . . . . . . . . . . 915,120 1,816,373
Tenant security deposits . . . . . . . . . . . . . . . . . . . 11,650 16,500
Long-term debt, less current portion . . . . . . . . . . . . . 7,795,041 7,890,281
------------ -----------
Commitments and contingencies
Total liabilities. . . . . . . . . . . . . . . . . . . 8,721,811 9,723,154
Partners' capital accounts:
General partners:
Capital contributions. . . . . . . . . . . . . . . . . . . 1,000 1,000
Cumulative net earnings (losses) . . . . . . . . . . . . . 1,222,777 1,152,263
Cumulative cash distributions. . . . . . . . . . . . . . . (250,000) (250,000)
------------ -----------
973,777 903,263
------------ -----------
Limited partners (150,005 interests):
Capital contributions, net of offering costs . . . . . . . 135,651,080 135,651,080
Cumulative net earnings (losses) . . . . . . . . . . . . . 76,235,109 74,542,775
Cumulative cash distributions. . . . . . . . . . . . . . . (165,487,610)(163,987,560)
------------ -----------
46,398,579 46,206,295
------------ -----------
Total partners' capital accounts . . . . . . . . . . . 47,372,356 47,109,558
------------ -----------
$ 56,094,167 56,832,712
============ ===========
<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 NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(UNAUDITED)
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30 SEPTEMBER 30
----------------------------------------------------
1996 1995 1996 1995
----------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Income:
Rental income. . . . . . . . . . . . . . $ 1,992,893 2,906,446 5,090,136 11,363,225
Interest income. . . . . . . . . . . . . 252,651 324,284 774,132 1,704,883
----------- ---------- ---------- ----------
2,245,544 3,230,730 5,864,268 13,068,108
----------- ---------- ---------- ----------
Expenses:
Mortgage and other interest. . . . . . . 141,271 739,151 425,402 3,282,571
Depreciation . . . . . . . . . . . . . . 206,866 342,574 592,898 1,494,951
Property operating expenses. . . . . . . 1,017,438 1,576,015 3,087,913 6,301,609
Professional services. . . . . . . . . . 40,855 29,841 84,746 139,419
Amortization of deferred expenses. . . . 18,913 8,846 54,181 35,930
General and administrative . . . . . . . 100,468 125,405 352,511 385,275
Provision for value impairment of
Partnership's investment in
unconsolidated venture . . . . . . . . -- 9,300,000 -- 9,300,000
----------- ---------- ---------- ----------
1,525,811 12,121,832 4,597,651 20,939,755
----------- ---------- ---------- ----------
Operating earnings (loss) . . . . 719,733 (8,891,102) 1,266,617 (7,871,647)
Partnership's share of operations of
unconsolidated ventures. . . . . . . . . 209,445 178,257 496,231 376,054
----------- ---------- ---------- ----------
Net operating earnings (loss). . . 929,178 (8,712,845) 1,762,848 (7,495,593)
Gain on sale of investment properties. . . -- -- -- 3,832,429
Extraordinary item . . . . . . . . . . . . -- -- -- 2,219,608
----------- ---------- ---------- ----------
Net earnings (loss). . . . . . . . $ 929,178 (8,712,845) 1,762,848 (1,443,556)
=========== ========== ========== ==========
Net earnings (loss) per limited
partnership interest:
Net operating earnings (loss). . $ 5.95 (55.76) 11.28 (47.97)
Gain on sale of investment
properties . . . . . . . . . . -- -- -- 25.29
Extraordinary item . . . . . . . -- -- -- 14.65
----------- ---------- ---------- ----------
Net earnings (loss). . . . . . . . $ 5.95 (55.76) 11.28 (8.03)
=========== ========== ========== ==========
Cash distributions per
limited partnership
interest. . . . . . . . . . . . . $ -- 4.00 10.00 462.00
=========== ========== ========== ==========
<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
NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(UNAUDITED)
<CAPTION>
1996 1995
------------ -----------
<S> <C> <C>
Cash flows from operating activities:
Net earnings (loss). . . . . . . . . . . . . . . . . . . . . . . $ 1,762,848 (1,443,556)
Items not requiring (providing) cash or cash equivalents:
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . 592,898 1,494,951
Amortization of deferred expenses. . . . . . . . . . . . . . . 54,181 35,930
Partnership's share of operations of uncon-
solidated ventures, net of distributions . . . . . . . . . . 38,249 (61,654)
Gain on sale of investment properties. . . . . . . . . . . . . -- (3,832,429)
Extraordinary item . . . . . . . . . . . . . . . . . . . . . . -- (2,219,608)
Provision for value impairment . . . . . . . . . . . . . . . . -- 9,300,000
Changes in:
Rents and other receivables. . . . . . . . . . . . . . . . . . (61,782) (353,133)
Escrow deposits. . . . . . . . . . . . . . . . . . . . . . . . 206,055 35,190
Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . (21,673) 544
Accrued rents receivable . . . . . . . . . . . . . . . . . . . 22,519 9,500
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . 136,943 (122,236)
Accrued interest . . . . . . . . . . . . . . . . . . . . . . . (492,312) 362,555
Accrued real estate taxes. . . . . . . . . . . . . . . . . . . (184,006) (422,656)
Tenant security deposits . . . . . . . . . . . . . . . . . . . (4,850) (5,599)
----------- -----------
Net cash provided by (used in) operating activities. . . . 2,049,070 2,777,799
----------- -----------
Cash flows from investing activities:
Cash proceeds from sale of investment properties,
net of selling expenses. . . . . . . . . . . . . . . . . . . . -- 785,046
Net sales and maturities (purchases) of short-term investments . -- (15,385,557)
Additions to investment properties . . . . . . . . . . . . . . . (358,249) (250,976)
Payment of deferred expenses . . . . . . . . . . . . . . . . . . (20,948) (8,955)
Partnership's contribution to unconsolidated ventures. . . . . . (62,880) (125,000)
----------- -----------
Net cash provided by (used in) investing activities. . . . (442,077) (14,985,442)
----------- -----------
Cash flows from financing activities:
Bank overdrafts. . . . . . . . . . . . . . . . . . . . . . . . . (378,034) 157,858
Principal payments on long-term debt . . . . . . . . . . . . . . (79,084) (579,430)
Distributions to limited partners. . . . . . . . . . . . . . . . (1,500,050) (69,302,310)
------------ -----------
Net cash provided by (used in) financing activities. . . (1,957,168) (69,723,882)
------------ -----------
Net increase (decrease) in cash and cash equivalents . . (350,175) (81,931,525)
Cash and cash equivalents, beginning of year . . . . . . 21,431,887 84,869,716
------------ -----------
Cash and cash equivalents, end of period . . . . . . . .$ 21,081,712 2,938,191
============ ===========
Supplemental disclosure of cash flow information:
Cash paid for mortgage and other interest. . . . . . . . . . . .$ 917,714 2,920,016
============ ===========
Non-cash investing and financing activities:
Sale of investment properties:
Total sale proceeds, net of selling expenses . . . . . . . .$ -- 27,785,046
Principal balance due on mortgage payable. . . . . . . . . . -- (27,000,000)
------------ -----------
Cash proceeds from sale of investment properties,
net of selling expenses. . . . . . . . . . . . . . . .$ -- 785,046
============ ===========
Extraordinary item - non-cash gain recognized
on forgiveness of indebtedness . . . . . . . . . . . .$ -- 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
SEPTEMBER 30, 1996 AND 1995
GENERAL
Readers of this report should refer to the Partnership's audited
financial statements for the year ended December 31, 1995, which are
included in the Partnership's 1995 Annual Report, as certain footnote
disclosures which would substantially duplicate those contained in such
audited financial statements have been omitted from this report.
The preparation of financial statements in accordance with GAAP
requires the Partnership to make estimates and assumptions that affect the
reported or disclosed amount of assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those
estimates.
Certain amounts in the 1995 consolidated financial statements have
been reclassified to conform with the 1996 presentation.
Statement of Financial Accounting Standards No. 121 was adopted by the
Partnership on January 1, 1996.
TRANSACTIONS WITH AFFILIATES
The Partnership, pursuant to the Partnership Agreement, is permitted
to engage in various transactions involving the Managing General Partner
and its affiliates including the reimbursement for salaries and salary-
related expenses of its employees, certain of its officers, and other
direct expenses relating to the administration of the Partnership and the
operation of the Partnership's investments. Fees, commissions and other
expenses required to be paid by the Partnership to the General Partners and
their affiliates as of September 30, 1996 and for the nine months ended
September 30, 1996 and 1995 were as follows:
Unpaid at
September 30,
1996 1995 1996
-------- ------- -------------
Property management
and leasing fees. . . . . $105,962 259,159 --
Insurance commissions. . . 3,546 22,175 --
Reimbursement (at cost)
for out-of-pocket
salary and salary
related expenses
related to the
on-site and other
costs for the Part-
nership and its
investment properties . . 116,643 341,470 97,093
-------- ------- -------
$226,151 622,804 97,093
======== ======= =======
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
$10,119,846 at September 30, 1996 (approximately $67 per interest). In
addition, the General Partners have deferred certain sale proceeds of
$3,481,080 (approximately $23 per Interest) from the Partnership. 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.
40 BROAD STREET
Occupancy of this property increased to 81%, up from 78% at the end of
the previous quarter due to the move-in of two new tenants. For the
remainder of the year, leases covering approximately 25,000 square feet or
approximately 10% of the building's leasable square footage expire and it
is expected that the tenants will vacate. The manager has signed leases
with two tenants totaling approximately 22,000 square feet or approximately
9% of the building. The Lower Manhattan market remains very competitive.
However, as evidenced by recent leasing at the property, leasing activity
has improved. Effective rental rates achieved remain depressed. The
property is expected to produce a small amount of cash flow for the
Partnership and its affiliated partner in 1996.
NORTH HILLS MALL
Occupancy of the center decreased to 86% during the quarter, down from
88% at the end of the previous quarter. Included in this occupancy are
temporary tenants which occupy approximately 14% of the center's leasable
square footage. The Partnership has been seeking a replacement anchor
department store for the existing Stripling & Cox store. Based upon
discussions with most major department store owners and given the market
and property operating conditions discussed more fully below, it does not
appear that the Partnership will be able to attract a traditional
department store anchor to the center in the near term.
North Hills Mall's major competition, Northeast Mall located within a
mile from the center, recently announced that it would be undertaking a
major redevelopment which would increase its mall space as well as add up
to two new anchor department stores. Completion is expected sometime in
1999. Nordstrom's department store has committed to be one of those anchor
stores. Northeast already has four anchor department store tenants.
In addition to the increased competition from Northeast Mall, over the
last several years a significant number of strip center developments have
been opened within a close proximity to the center. Many of these centers
include large retail "Big Box" tenants which have adversely affected the
center's tenant sales. In addition, the retail industry nationwide has
been experiencing a general downturn.
North Hills Mall has three anchor department stores, none of which are
owned by the Partnership. The operating agreements which require these
stores to remain open expire in 1999 and 2000. There is no certainty that
any of these stores will continue operations beyond the operating agreement
expiration dates.
The effect of all these conditions is that mall sales have decreased
over the last couple years and the manager has had difficulty retaining and
attracting typical national or regional tenants. As indicated above, while
the occupancy of the center is 86%, only 72% is occupied by permanent
tenants. The center's operating cash flow has been and will continue to be
reduced due to increased vacancy and lower effective rental rates achieved
on releasing vacant space. If the Foley's store were to close in 1999
without some form of replacement, it would be very difficult to lease space
in this center.
The Partnership is continuing to develop plans for the redevelopment
of the property to co-exist with the increased competition. The goal is to
develop a plan which will stabilize the center and allow the Partnership to
preserve as much value as possible.
While any redevelopment plan is likely to involve substantial costs,
the Partnership will not make additional investments in the property for a
redevelopment unless it believes that the incremental investment will be
returned with a reasonable profit thereon. There are no assurances that,
even if the Partnership desired to do so, a redevelopment or sale of the
property would occur. In the meantime, the center produces sufficient
operating cash flow to cover the required debt service and provide the
Partnership with a cash return.
During 1996, the Partnership completed a five-year program to repair
the property's roof and parking lot for a total cost of approximately
$1,375,000. In addition, the Partnership completed an approximate $525,000
enhancement program to upgrade the mall's entrances and exterior signage
during 1995 and 1996. The total five-year costs are being partially
recovered from tenants pursuant to provisions in their leases.
ROYAL EXECUTIVE PARK
Occupancy at Royal Executive Park increased to 84% as of September 30,
1996. The eastern Westchester County office market remains competitive.
While office building development is virtually at a standstill, the
recovery of this market has been hampered by continued downsizing of major
corporations resulting in their vacating large blocks of space. MCI
Telecommunications Corporation ("MCI") has an option to terminate its lease
(original expiration date of January 31, 2001) for 30,000 square feet of
space (approximately 11% of the buildings rentable space) with no penalty
in late 1998. Although there can be no assurance that MCI will not
exercise such option, a similar option, though with a substantial
termination fee, expired during 1996. The competitive market conditions
have resulted in lower effective rental rates and higher costs that will be
incurred in conjunction with re-leasing existing vacant space.
Consequently, even though occupancy has increased in recent months, the
property cash flow has been significantly reduced as a result of certain
previously reported lease modifications. Although the venture is
conserving its working capital, 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.
Subsequent to the end of the quarter, the Venture became aware that
fuel oil believed to be from the property's underground storage tanks has
been discharged into the ground. The Venture believes that such discharge
has been the result of normal operations of the property and not the
actions of tenants or other third parties. The Venture is currently
performing tests to determine the extent of the contamination. The Venture
believes that no nearby underground water supplies were affected nor does
it appear likely that any will be affected in the future. At this time, it
is not possible to reasonably estimate what the cost of any required
remediation will be. The Venture does not expect that the value of the
property has been materially impaired; however, there can be no assurance
that the contamination will not have a material impact on the Partnership's
financial condition until more information becomes available.
PASADENA TOWN SQUARE MALL
The Partnership had been negotiating with the former lender for this
property (lender obtained title to the property in 1995) to sell an
approximately two acre out-parcel of land which the lender did not have a
security interest in. During October 1996, the sale was finalized at a
price of $550,000, before closing costs and prorations, which was paid in
cash at closing. The Partnership expects to recognize a gain of
approximately $50,000 for both financial reporting and Federal income tax
purposes in 1996.
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 September 30,
1996 and for the three and nine months ended September 30, 1996 and 1995.
PART I. FINANCIAL INFORMATION
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Reference is made to the notes to the accompanying financial
statements for additional information concerning the Partnership's
investments.
During the second quarter some of the Limited Partners in the
Partnership received from an unaffiliated third party an unsolicited tender
offer to purchase up to 7,250 Interests in the Partnership at $150 per
Interest. The Partnership recommended against acceptance of this offer on
the basis that, among other things, the offer price was inadequate. In
June such offer expired with approximately 653 Interests being purchased by
such unaffiliated third party pursuant to such offer. In addition, the
Partnership has, from time to time, received inquiries from other third
parties that may consider making offers for Interests, including requests
for the list of Limited Partners in the Partnership. These inquiries are
generally preliminary in nature. There is no assurance that any other
third party will commence an offer for Interests, the terms of any such
offer or whether any such offer, if made, will be consummated, amended or
withdrawn. The board of directors of JMB Realty Corporation ("JMB") the
Managing General Partner of the Partnership, has established a special
committee (the "Special Committee") consisting of certain directors of JMB
to deal with all matters relating to tender offers for Interests in the
Partnership, including any and all responses to such tender offer. The
Special Committee has retained independent counsel to advise it in
connection with any potential tender offers for Interests and has retained
Lehman Brothers Inc. as financial advisor to assist the Special Committee
in evaluating and responding to any additional potential tender offers for
Interests.
At September 30, 1996, the Partnership and its consolidated venture
had cash and cash equivalents of approximately $21,082,000. Such remaining
funds are available for distributions to partners and for working capital
requirements including tenant and capital improvements.
In 1996, in an effort to reduce Partnership operating expenses, the
Partnership elected to make semi-annual, rather than quarterly,
distributions of operating cash flow in May and November. In November, the
Partnership expects to make a semi-annual distribution of cash generated
from operations of $6 per Interest. Future distributions from sales or
property operations will depend upon a combination of operating cash flow
from the remaining investment properties and the longer term capital
requirements of the Partnership.
After reviewing the remaining properties and the marketplaces in which
they operate, the General Partners of the Partnership expect to be able to
conduct an orderly liquidation of its remaining investment portfolio as
quickly as practicable. Therefore, the affairs of the Partnership are
expected to be wound up no later than December 31, 1999 (sooner if the
properties are sold in the nearer term), barring unforeseen economic
developments.
RESULTS OF OPERATIONS
The net decrease in cash and cash equivalents at September 30, 1996 as
compared to December 31, 1995 is primarily due to the subsequent repayment
of the $378,034 bank overdraft incurred at December 31, 1995, the receipt
of approximately $205,000 of operating income related to the 1995 sale of
the Animas Valley Mall investment property, the timing of distributions to
the Limited Partners and the payment of approximately $500,000 of accrued
mortgage interest for the Pasadena Town Square investment property. Such
amount represented the operating cash flow of the property (as defined) not
previously remitted to the lender prior to its realizing upon its security
in October 1995.
The decrease in both escrow deposits and accrued real estate taxes at
September 30, 1996 as compared to December 31, 1995 is due to the timing of
payment as scheduled of approximately $618,000 for real estate taxes from
escrow deposits at the North Hills Mall investment property.
The decreases in rental income, mortgage and other interest,
depreciation and property operating expenses for the three and nine months
ended September 30, 1996 as compared to the three and nine months ended
September 30, 1995 are primarily due to the sale of the Animas Valley Mall
and a related land outparcel in June 1995 and the foreclosure of the
Pasadena Town Square Mall in October 1995.
The decrease in interest income for the three and nine months ended
September 30, 1996 as compared to the three and nine months ended September
30, 1995 is due to the decrease in the Partnership's average balance in
U.S. Government obligations primarily due to the distribution approximately
$62.5 million of sales proceeds in February 1995 from the Collin Creek Mall
investment property sale in December 1994.
The decrease in professional services for the nine months ended
September 30, 1996 as compared to the nine months ended September 30, 1995
is primarily due to the property dispositions as discussed above. These
decreases were fully offset for the three months ended September 30, 1996
as compared to the three months ended September 30, 1995 due to fees
incurred in 1996 related to tender offer matters as discussed above.
The increase in Partnership's share of operations of unconsolidated
ventures for the three and nine months ended September 30, 1996 as compared
to the three and nine months ended September 30, 1995 is primarily due to
discontinuing the amortization of the original excess of the Partnership's
basis over its proportionate share of assets of the Royal Executive Park
venture. The Partnership ceased such amortization when a provision for
value impairment of $9.3 million for such investment was recorded in
September 1995.
<TABLE>
PART II. OTHER INFORMATION
ITEM 5. OTHER INFORMATION
OCCUPANCY
The following is a listing of approximate physical occupancy levels by quarter for the Partnership's
investment properties owned during 1996.
<CAPTION>
1995 1996
--------------------------------------------------------------------
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). . . . . . . 92% 89% 90% 92% 86% 88% 86%
2. Royal Executive Park
Ryebrook, New York . . 78% 78% 78% 78% 81% 81% 84%
3. 40 Broad Street
New York, New York . . 76% 76% 77% 77% 75% 78% 81%
- -----------------
<FN>
(a) The occupancy has been restated to reflect occupancy by temporary tenants which were not previously
included. Occupancy without the temporary tenants is 88% at March 31, 1995, 80% at June 30, 1995, 79% at
September 30, 1995, 77% at December 31, 1995, 74% at March 31, 1996, 75% at June 30, 1996 and 72% at September 30,
1996.
</TABLE>
ITEM 6. EXHIBIT AND REPORTS ON FORM 8-K
Response:
(a) Exhibits:
3-A. The Prospectus of the Partnership dated June 29, 1983 as
supplemented September 12, 1983 and October 21, 1983, as filed with the
Commission pursuant to Rules 424(b) and 424(c), is hereby incorporated
herein by reference to Exhibit 3-A to the Partnership's report for December
31, 1992 on Form 10-K (File No. 0-12140) dated March 19, 1993.
3-B. Amended and Restated Agreement of Limited Partnership set
forth as Exhibit A to the Prospectus, which agreement is hereby
incorporated herein by reference to the Partnership's report for December
31, 1992 on Form 10-K (File No. 0-12140) dated March 19, 1993.
4-A. 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.
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. 2-83599) 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. 2-83599) 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. 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.
10-E. Documents describing the transferred title of the
Partnership's interest in the Pasadena Town Square Shopping Center are
hereby incorporated by reference to the Partnership's report for September
30, 1995 on Form 10-Q (File No. 0-12140) dated November 9, 1995.
27. Financial Data Schedule
(b) No reports on Form 8-K have been filed during the last quarter
of the period covered by this report.
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: November 8, 1996
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: November 8, 1996
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
REGISTRANT'S FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 1996 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
INCLUDED IN SUCH REPORT.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> SEP-30-1996
<CASH> 21,081,712
<SECURITIES> 0
<RECEIVABLES> 1,164,951
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 22,246,663
<PP&E> 27,004,709
<DEPRECIATION> 8,238,042
<TOTAL-ASSETS> 56,094,167
<CURRENT-LIABILITIES> 915,120
<BONDS> 7,795,041
<COMMON> 0
0
0
<OTHER-SE> 47,372,356
<TOTAL-LIABILITY-AND-EQUITY>56,094,167
<SALES> 5,090,136
<TOTAL-REVENUES> 5,864,268
<CGS> 0
<TOTAL-COSTS> 3,734,992
<OTHER-EXPENSES> 437,257
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 425,402
<INCOME-PRETAX> 1,266,617
<INCOME-TAX> 0
<INCOME-CONTINUING> 1,762,848
<DISCONTINUED> 0
<EXTRAORDINARY> 0
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<NET-INCOME> 1,762,848
<EPS-PRIMARY> 11.28
<EPS-DILUTED> 11.28
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