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, 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
JUNE 30, 1996 AND DECEMBER 31, 1995
(UNAUDITED)
ASSETS
------
<CAPTION>
JUNE 30, DECEMBER 31,
1996 1995
-------------------------
<S> <C> <C>
Current assets:
Cash and cash equivalents. . . . . . . . . . . . . . . . . . $ 20,636,451 21,431,887
Rents and other receivables, net of allowance
for doubtful accounts of $112,664 in 1996
and $38,235 in 1995. . . . . . . . . . . . . . . . . . . . 257,985 485,078
Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . -- 29,642
Escrow deposits . . . . . . . . . . . . . . . . . . . . . . 412,201 772,831
------------ -----------
Total current assets . . . . . . . . . . . . . . . . 21,306,637 22,719,438
------------ -----------
Investment properties, at cost:
Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,133,642 3,133,642
Buildings and improvements . . . . . . . . . . . . . . . . . 23,840,244 23,512,818
------------ -----------
26,973,886 26,646,460
Less accumulated depreciation. . . . . . . . . . . . . . . . 8,031,176 7,645,144
------------ -----------
Total investment properties, net of
accumulated depreciation . . . . . . . . . . . . . . 18,942,710 19,001,316
Investment in unconsolidated ventures, at equity . . . . . . . 14,219,493 14,404,307
Deferred expenses. . . . . . . . . . . . . . . . . . . . . . . 191,954 218,659
Accrued rents receivable . . . . . . . . . . . . . . . . . . . 471,403 488,992
------------ -----------
$ 55,132,197 56,832,712
============ ===========
LIABILITIES AND PARTNERS' CAPITAL ACCOUNTS
------------------------------------------
Current liabilities:
Bank overdraft . . . . . . . . . . . . . . . . . . . . . . . $ -- 378,034
Current portion of long-term debt. . . . . . . . . . . . . . 123,669 109,719
Accounts payable . . . . . . . . . . . . . . . . . . . . . . 361,998 171,022
Accrued interest . . . . . . . . . . . . . . . . . . . . . . 47,209 539,342
Accrued real estate taxes. . . . . . . . . . . . . . . . . . 319,400 618,256
------------ -----------
Total current liabilities. . . . . . . . . . . . . . . 852,276 1,816,373
Tenant security deposits . . . . . . . . . . . . . . . . . . . 9,400 16,500
Long-term debt, less current portion . . . . . . . . . . . . . 7,827,343 7,890,281
------------ -----------
Commitments and contingencies
Total liabilities. . . . . . . . . . . . . . . . . . . 8,689,019 9,723,154
Partners' capital accounts:
General partners:
Capital contributions. . . . . . . . . . . . . . . . . . . 1,000 1,000
Cumulative net earnings (losses) . . . . . . . . . . . . . 1,185,610 1,152,263
Cumulative cash distributions. . . . . . . . . . . . . . . (250,000) (250,000)
------------ -----------
936,610 903,263
------------ -----------
Limited partners (150,005 interests):
Capital contributions, net of offering costs . . . . . . . 135,651,080 135,651,080
Cumulative net earnings (losses) . . . . . . . . . . . . . 75,343,098 74,542,775
Cumulative cash distributions. . . . . . . . . . . . . . . (165,487,610)(163,987,560)
------------ -----------
45,506,568 46,206,295
------------ -----------
Total partners' capital accounts . . . . . . . . . . . 46,443,178 47,109,558
------------ -----------
$ 55,132,197 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 SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(UNAUDITED)
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30 JUNE 30
----------------------------------------------------
1996 1995 1996 1995
----------- ---------- ----------- ----------
<S> <C> <C> <C> <C>
Income:
Rental income. . . . . . . . . . . . . . $ 1,364,785 4,041,658 3,097,243 8,456,779
Interest income. . . . . . . . . . . . . 255,930 318,940 521,481 1,380,599
----------- ---------- ----------- ----------
1,620,715 4,360,598 3,618,724 9,837,378
----------- ---------- ----------- ----------
Expenses:
Mortgage and other interest. . . . . . . 141,804 1,268,474 284,131 2,543,420
Depreciation . . . . . . . . . . . . . . 193,264 530,992 386,032 1,152,377
Property operating expenses. . . . . . . 943,491 2,285,739 2,070,475 4,639,966
Professional services. . . . . . . . . . 37,382 84,804 43,891 152,898
Amortization of deferred expenses. . . . 17,674 11,613 35,268 27,084
General and administrative . . . . . . . 132,244 140,285 252,043 302,178
----------- ---------- ----------- ----------
1,465,859 4,321,907 3,071,840 8,817,923
----------- ---------- ----------- ----------
Operating earnings (loss) . . . . 154,856 38,691 546,884 1,019,455
Partnership's share of operations of
unconsolidated ventures. . . . . . . . . 87,715 37,788 286,786 197,797
----------- ---------- ----------- ----------
Net operating earnings (loss). . . 242,571 76,479 833,670 1,217,252
Gain on sale of investment properties. . . -- 3,832,429 -- 3,832,429
Extraordinary item . . . . . . . . . . . . -- 2,219,608 -- 2,219,608
----------- ---------- ----------- ----------
Net earnings (loss). . . . . . . . $ 242,571 6,128,516 833,670 7,269,289
=========== ========== =========== ==========
Net earnings (loss) per limited
partnership interest:
Net operating earnings (loss). . $ 1.55 .49 5.34 7.79
Gain on sale of investment
properties . . . . . . . . . . -- 25.29 -- 25.29
Extraordinary item . . . . . . . -- 14.65 -- 14.65
----------- ---------- ----------- ----------
Net earnings (loss). . . . . . . . $ 1.55 40.43 5.34 47.73
=========== ========== =========== ==========
Cash distributions per
limited partnership
interest. . . . . . . . . . . . . $ 6.00 4.00 10.00 458.00
=========== ========== =========== ==========
<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, 1996 AND 1995
(UNAUDITED)
<CAPTION>
1996 1995
------------ -----------
<S> <C> <C>
Cash flows from operating activities:
Net earnings (loss). . . . . . . . . . . . . . . . . . . . . . . $ 833,670 7,269,289
Items not requiring (providing) cash or cash equivalents:
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . 386,032 1,152,377
Amortization of deferred expenses. . . . . . . . . . . . . . . 35,268 27,084
Partnership's share of operations of uncon-
solidated ventures, net of distributions . . . . . . . . . . 247,694 116,603
Gain on sale of investment properties. . . . . . . . . . . . . -- (3,832,429)
Extraordinary item . . . . . . . . . . . . . . . . . . . . . . -- (2,219,608)
Changes in:
Rents and other receivables. . . . . . . . . . . . . . . . . . 227,093 (247,898)
Escrow deposits. . . . . . . . . . . . . . . . . . . . . . . . 360,630 (17,969)
Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . 29,642 88,265
Accrued rents receivable . . . . . . . . . . . . . . . . . . . 17,589 15,753
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . 190,976 150,934
Accrued interest . . . . . . . . . . . . . . . . . . . . . . . (492,133) 145,854
Accrued real estate taxes. . . . . . . . . . . . . . . . . . . (298,856) (764,757)
Tenant security deposits . . . . . . . . . . . . . . . . . . . (7,100) (6,099)
----------- -----------
Net cash provided by (used in) operating activities. . . . 1,530,505 1,877,399
----------- -----------
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 . -- (17,144,113)
Additions to investment properties . . . . . . . . . . . . . . . (327,426) (117,912)
Payment of deferred expenses . . . . . . . . . . . . . . . . . . (8,563) (8,955)
Partnership's contribution to unconsolidated ventures. . . . . . (62,880) (125,000)
----------- -----------
Net cash provided by (used in) investing activities. . . . (398,869) (16,610,934)
----------- -----------
Cash flows from financing activities:
Bank overdrafts. . . . . . . . . . . . . . . . . . . . . . . . . (378,034) 386,242
Principal payments on long-term debt . . . . . . . . . . . . . . (48,988) (68,922)
Distributions to limited partners. . . . . . . . . . . . . . . . (1,500,050) (68,702,290)
------------ -----------
Net cash provided by (used in) financing activities. . . (1,927,072) (68,384,970)
------------ -----------
Net increase (decrease) in cash and cash equivalents . . (795,436) (83,118,505)
Cash and cash equivalents, beginning of year . . . . . . 21,431,887 84,869,716
------------ -----------
Cash and cash equivalents, end of period . . . . . . . .$ 20,636,451 1,751,211
============ ===========
Supplemental disclosure of cash flow information:
Cash paid for mortgage and other interest. . . . . . . . . . . .$ 776,264 2,397,566
============ ===========
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
JUNE 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.
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 June 30, 1996 and for the six months ended June 30,
1996 and 1995 were as follows:
Unpaid at
June 30,
1996 1995 1996
------- ------ -------------
Property management
and leasing fees. . . . . $ 78,703 184,534 --
Insurance commissions. . . 2,237 28,951 --
Reimbursement (at cost)
for out-of-pocket
salary and salary
related expenses
related to the
on-site and other
costs for the Partner-
ship and its investment
properties. . . . . . . . 76,040 43,311 70,775
-------- ------- -------
$156,980 256,796 70,775
======== ======= =======
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 June 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 at 40 Broad Street was approximately 78% as of June 30,
1996. Tenant leases representing 8% of the property expire in 1996, not
all of whom are expected to renew. In 1996, approximately $1,100,000 in
tenant improvements and lease commissions have been budgeted as a result of
continued leasing efforts at the property, of which the Partnership's share
is approximately $346,000. To date, approximately $208,000 in tenant
improvements and lease commissions have been incurred, of which the
Partnership's share is approximately $65,000. The downtown New York City
market remains extremely competitive due to the significant amount of space
available.
NORTH HILLS MALL
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. Though discussions have been had
between the Partnership and various prospective tenants, due to local
market conditions and the condition of the retail industry in general, the
Partnership has been unable to make significant progress in this regard.
Therefore, there can be no assurance that such replacement and/or addition
will ultimately occur. 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
The eastern Westchester County office market (competitive market for
Royal Executive Park) 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. During 1996, MCI Telecommunications
Corporation ("MCI") had an option to terminate its lease (original
expiration date of January 31, 2001) for 30,000 square feet of space with
the payment of a substantial lease termination fee. MCI was required to
notify the joint venture by May 5, 1996 that it was going to exercise such
option and no such notice was received. MCI's lease contains an additional
option to terminate with no penalty in late 1998. 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, the property cash flow has been significantly reduced as a
result of increased vacancy and 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.
PASADENA TOWN SQUARE MALL
The Partnership is in negotiations 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. There are no assurances that a sale of this land
will occur.
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, 1996
and for the three and six months ended June 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 inquires 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. Expenses incurred in connection with the previous tender offer
and additional potential tender offers for Interests are expected to
increase Partnership operating expenses in the third quarter.
At June 30, 1996, the Partnership and its consolidated venture had
cash and cash equivalents of approximately $20,636,000. Such remaining
funds are available for distributions to partners and for working capital
requirements including tenant and capital improvements.
In May 1996, in an effort to reduce Partnership operating expenses,
the Partnership elected to make semi-annual, rather than quarterly,
distributions of operating cash flow. The May 1996 distribution of $6 per
Interest was reduced from the previous quarterly distribution of $4 per
Interest. The reduction in distributions was necessary primarily due to
anticipated reductions in operating cash flow due to the re-leasing
programs at Royal Executive Park and 40 Broad Street. 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 decrease in cash and cash equivalents at June 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 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
June 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 decrease in rental income, mortgage and other interest,
depreciation, property operating expenses and professional services for the
three and six months ended June 30, 1996 as compared to the three and six
months ended June 30, 1995 is 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 six months ended
June 30, 1996 as compared to the three and six months ended June 30, 1995
is due to the decrease in the Partnership's average balance in U.S.
Government obligations primarily due to the distribution of sales proceeds
in February 1995 from the Collin Creek Mall investment property sale in
December 1994.
The increase in Partnership's share of operations of unconsolidated
ventures for the three and six months ended June 30, 1996 as compared to
the three and six months ended June 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 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%
2. Royal Executive Park
Ryebrook, New York . . 78% 78% 78% 78% 81% 81%
3. 40 Broad Street
New York, New York . . 76% 76% 77% 77% 75% 78%
- -----------------
<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 and 75% at June 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 Form 10-K dated
March 18, 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 Form 10-K dated March
18, 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. 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. 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) The following report on Form 8-K has been filed for the quarter
covered by this report.
(1) None
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, 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: August 9, 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 JUNE 30, 1996 AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS INCLUDED IN SUCH
REPORT.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<CASH> 20,636,451
<SECURITIES> 0
<RECEIVABLES> 670,186
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 21,306,637
<PP&E> 26,973,886
<DEPRECIATION> 8,031,176
<TOTAL-ASSETS> 55,132,197
<CURRENT-LIABILITIES> 852,276
<BONDS> 7,827,343
<COMMON> 0
0
0
<OTHER-SE> 46,443,178
<TOTAL-LIABILITY-AND-EQUITY>55,132,197
<SALES> 3,097,243
<TOTAL-REVENUES> 3,618,724
<CGS> 0
<TOTAL-COSTS> 2,491,775
<OTHER-EXPENSES> 295,934
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 284,131
<INCOME-PRETAX> 546,884
<INCOME-TAX> 0
<INCOME-CONTINUING> 833,670
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 833,670
<EPS-PRIMARY> 5.34
<EPS-DILUTED> 5.34
</TABLE>
