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, 1997 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
<PAGE>
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 . . . . . . . . . . . 11
PART II OTHER INFORMATION
Item 5. Other Information . . . . . . . . . . . . . 13
Item 6. Exhibits and Reports on Form 8-K. . . . . . 14
<PAGE>
<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, 1997 AND DECEMBER 31, 1996
(UNAUDITED)
ASSETS
------
<CAPTION>
JUNE 30, DECEMBER 31,
1997 1996
-------------------------
<S> <C> <C>
Current assets:
Cash and cash equivalents. . . . . . . . . . . . . . . . . . $ 21,219,806 21,269,359
Interest, rents and other receivables, net of allowance
for doubtful accounts of $116,621 in 1997
and $68,817 in 1996. . . . . . . . . . . . . . . . . . . . 178,396 300,707
Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . -- 31,563
Escrow deposits . . . . . . . . . . . . . . . . . . . . . . 442,169 721,351
------------ -----------
Total current assets . . . . . . . . . . . . . . . . 21,840,371 22,322,980
------------ -----------
Investment properties, at cost:
Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,839,688 1,839,688
Buildings and improvements . . . . . . . . . . . . . . . . . 19,357,958 19,314,167
------------ -----------
21,197,646 21,153,855
Less accumulated depreciation. . . . . . . . . . . . . . . . 8,840,465 8,438,692
------------ -----------
Total investment properties, net of
accumulated depreciation . . . . . . . . . . . . . . 12,357,181 12,715,163
Investment in unconsolidated ventures, at equity . . . . . . . 15,396,693 14,515,288
Deferred expenses. . . . . . . . . . . . . . . . . . . . . . . 174,428 198,140
Accrued rents receivable . . . . . . . . . . . . . . . . . . . 303,358 319,567
------------ -----------
$ 50,072,031 50,071,138
============ ===========
<PAGE>
JMB INCOME PROPERTIES, LTD. - X
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE
CONSOLIDATED BALANCE SHEETS - CONTINUED
LIABILITIES AND PARTNERS' CAPITAL ACCOUNTS
------------------------------------------
JUNE 30, DECEMBER 31,
1997 1996
------------- ------------
Current liabilities:
Current portion of long-term debt. . . . . . . . . . . . . . $ 132,763 128,130
Accounts payable . . . . . . . . . . . . . . . . . . . . . . 235,630 286,682
Accrued interest . . . . . . . . . . . . . . . . . . . . . . 46,475 46,849
Accrued real estate taxes. . . . . . . . . . . . . . . . . . 254,500 588,333
------------ -----------
Total current liabilities. . . . . . . . . . . . . . . 669,368 1,049,994
Tenant security deposits . . . . . . . . . . . . . . . . . . . 9,650 13,250
Long-term debt, less current portion . . . . . . . . . . . . . 7,694,590 7,762,151
------------ -----------
Commitments and contingencies
Total liabilities. . . . . . . . . . . . . . . . . . . 8,373,608 8,825,395
Partners' capital accounts:
General partners:
Capital contributions. . . . . . . . . . . . . . . . . . . 1,000 1,000
Cumulative net earnings (losses) . . . . . . . . . . . . . 1,066,297 1,012,189
Cumulative cash distributions. . . . . . . . . . . . . . . (250,000) (250,000)
------------ -----------
817,297 763,189
------------ -----------
Limited partners (150,005 interests):
Capital contributions, net of offering costs . . . . . . . 135,651,080 135,651,080
Cumulative net earnings (losses) . . . . . . . . . . . . . 72,517,716 71,219,114
Cumulative cash distributions. . . . . . . . . . . . . . . (167,287,670)(166,387,640)
------------ -----------
40,881,126 40,482,554
------------ -----------
Total partners' capital accounts . . . . . . . . . . . 41,698,423 41,245,743
------------ -----------
$ 50,072,031 50,071,138
============ ===========
<FN>
See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE>
<TABLE>
JMB INCOME PROPERTIES, LTD. - X
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE
CONSOLIDATED STATEMENTS OF OPERATIONS
THREE AND SIX MONTHS ENDED JUNE 30, 1997 AND 1996
(UNAUDITED)
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30 JUNE 30
----------------------------------------------------
1997 1996 1997 1996
----------- ---------- ----------- ----------
<S> <C> <C> <C> <C>
Income:
Rental income. . . . . . . . . . . . . . $ 1,325,862 1,364,785 2,819,731 3,097,243
Interest income. . . . . . . . . . . . . 257,001 255,930 509,433 521,481
----------- ---------- ---------- ----------
1,582,863 1,620,715 3,329,164 3,618,724
----------- ---------- ---------- ----------
Expenses:
Mortgage and other interest. . . . . . . 139,614 141,804 279,790 284,131
Depreciation . . . . . . . . . . . . . . 201,000 193,264 401,773 386,032
Property operating expenses. . . . . . . 883,805 943,491 1,891,888 2,070,475
Professional services. . . . . . . . . . 7,363 37,382 9,773 43,891
Amortization of deferred expenses. . . . 12,178 17,674 24,379 35,268
General and administrative . . . . . . . 141,088 132,244 250,256 252,043
----------- ---------- ---------- ----------
1,385,048 1,465,859 2,857,859 3,071,840
----------- ---------- ---------- ----------
Operating earnings (loss) . . . . 197,815 154,856 471,305 546,884
Partnership's share of operations of
unconsolidated ventures. . . . . . . . . 401,000 87,715 881,405 286,786
----------- ---------- ---------- ----------
Net earnings (loss). . . . . . . . $ 598,815 242,571 1,352,710 833,670
=========== ========== ========== ==========
Net earnings (loss) per limited
partnership interest. . . . . . . $ 3.84 1.55 8.66 5.34
=========== ========== ========== ==========
Cash distributions per
limited partnership
interest. . . . . . . . . . . . . $ 6.00 6.00 6.00 10.00
=========== ========== ========== ==========
<FN>
See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE>
<TABLE>
JMB INCOME PROPERTIES, LTD. - X
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE
CONSOLIDATED STATEMENTS OF CASH FLOWS
SIX MONTHS ENDED JUNE 30, 1997 AND 1996
(UNAUDITED)
<CAPTION>
1997 1996
----------- -----------
<S> <C> <C>
Cash flows from operating activities:
Net earnings (loss). . . . . . . . . . . . . . . . . . . . . . . $ 1,352,710 833,670
Items not requiring (providing) cash or cash equivalents:
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . 401,773 386,032
Amortization of deferred expenses. . . . . . . . . . . . . . . 24,379 35,268
Partnership's share of operations of uncon-
solidated ventures, net of distributions . . . . . . . . . . (881,405) 247,694
Changes in:
Interest, rents and other receivables. . . . . . . . . . . . . 122,311 227,093
Escrow deposits. . . . . . . . . . . . . . . . . . . . . . . . 279,182 360,630
Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . 31,563 29,642
Accrued rents receivable . . . . . . . . . . . . . . . . . . . 16,209 17,589
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . (51,052) 190,976
Accrued interest . . . . . . . . . . . . . . . . . . . . . . . (374) (492,133)
Accrued real estate taxes. . . . . . . . . . . . . . . . . . . (333,833) (298,856)
Tenant security deposits . . . . . . . . . . . . . . . . . . . (3,600) (7,100)
---------- -----------
Net cash provided by (used in) operating activities. . . . 957,863 1,530,505
---------- -----------
Cash flows from investing activities:
Additions to investment properties . . . . . . . . . . . . . . . (43,791) (327,426)
Payment of deferred expenses . . . . . . . . . . . . . . . . . . (667) (8,563)
Partnership's contribution to unconsolidated ventures. . . . . . -- (62,880)
---------- -----------
Net cash provided by (used in) investing activities. . . . (44,458) (398,869)
---------- -----------
<PAGE>
JMB INCOME PROPERTIES, LTD. - X
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE
CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED
1997 1996
------------ -----------
Cash flows from financing activities:
Bank overdrafts. . . . . . . . . . . . . . . . . . . . . . . . . -- (378,034)
Principal payments on long-term debt . . . . . . . . . . . . . . (62,928) (48,988)
Distributions to limited partners. . . . . . . . . . . . . . . . (900,030) (1,500,050)
------------ -----------
Net cash provided by (used in) financing activities. . . (962,958) (1,927,072)
------------ -----------
Net increase (decrease) in cash and cash equivalents . . (49,553) (795,436)
Cash and cash equivalents, beginning of year . . . . . . 21,269,359 21,431,887
------------ -----------
Cash and cash equivalents, end of period . . . . . . . .$ 21,219,806 20,636,451
============ ===========
Supplemental disclosure of cash flow information:
Cash paid for mortgage and other interest. . . . . . . . . . . .$ 280,164 776,264
============ ===========
Non-cash investing and financing activities. . . . . . . . . . .$ -- --
============ ===========
<FN>
See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE>
JMB INCOME PROPERTIES, LTD. - X
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 1997 AND 1996
GENERAL
Readers of this report should refer to the Partnership's audited
financial statements for the year ended December 31, 1996, which are
included in the Partnership's 1996 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.
The Partnership adopted Statement of Financial Accounting Standards
No. 121 "Accounting for the Impairment of Long-Lived Assets and for Long-
Lived Assets to Be Disposed of" ("SFAS 121") as required in the first
quarter of 1996. The Partnership's policy is to consider a property to be
held for sale or disposition when the Partnership has committed to a plan
to sell such property and active marketing activity has commenced or is
expected to commence in the near term. In accordance with SFAS 121, any
properties identified as "held for sale or disposition" are no longer
depreciated. The results of operations for consolidated properties sold or
disposed of during the past two years, were $0 and $(40,743), respectively,
for the six months ended June 30, 1997 and 1996. In addition, the
accompanying financial statements include $653,839 and $171,014,
respectively, of the Partnership's share of total operations of $1,310,298
and $342,712, respectively, for the six months ended June 30, 1997 and 1996
of the Royal Executive Park venture, an unconsolidated property classified
as held for sale at December 31, 1996.
During the second quarter of 1997, Statements of Financial Accounting
Standards No. 128 ("Earnings per Share") and No. 129 ("Disclosure of
Information about Capital Structure") were issued. As the Partnership's
capital structure only has general and limited partnership interests, the
Partnership does not expect any significant impact on its consolidated
financial statements upon adoption of these standards when required at the
end of 1997.
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, 1997 and for the six months ended June 30,
1997 and 1996 were as follows:
<PAGE>
Unpaid at
June 30,
1997 1996 1997
------- ------- ---------
Property management
and leasing fees. . . . . $63,260 78,703 --
Insurance commissions. . . 4,798 2,237 --
Reimbursement (at cost)
for out-of-pocket salary
and salary related ex-
penses related to the
on-site and other costs
for the Partnership
and its investment
properties. . . . . . . . 26,382 76,040 78,706
------- ------- ------
$94,440 156,980 78,706
======= ======= ======
The General Partners have deferred (in accordance with the Partnership
agreement) payment of certain of their distributions of net cash flow from
the Partnership. Accordingly, $10,253,183 (approximately $68 per interest)
of distributable cash and $3,481,080 (approximately $23 per interest) of
sale proceeds has been deferred by the General Partners. These amounts,
together with the unpaid fees and expenses set forth in the chart above, do
not bear interest and may be paid in future periods in accordance with the
Partnership agreement to the extent of sufficient distributable proceeds
from property operations, sales or refinancings. The Partnership does not
expect that the subordination requirements of the Partnership agreement
will be satisfied over the expected remaining term of the Partnership to
permit payment of the majority of these amounts.
40 BROAD STREET
The building's occupancy increased to 90% during the second quarter,
up from 82% at the end of the previous quarter primarily due to the move-in
of Northern Trust Bank (13,338 square feet) and Info Image Inc. (7,420
square feet). A majority of the remaining vacancy is contained on the
upper floors of the building. After payment of costs associated with
recent leasing, the building is expected to produce a small amount of cash
flow for the Partnership and its affiliated partner in 1997.
The 40 Broad Street venture has subsequently committed to a plan to
sell the property and has classified the remaining assets as held for sale
as of July 1, 1997 and these assets will therefore no longer be subject to
continued depreciation beyond such date.
NORTH HILLS MALL
Occupancy of the center decreased to 82% during the second quarter,
down from 84% at the end of the previous quarter. Included in this
occupancy rate are temporary tenants which occupy approximately 13% 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, 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) 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.
<PAGE>
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 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.
ROYAL EXECUTIVE PARK
Occupancy at Royal Executive Park at the June 30, 1997 was 83%. The
joint venture has executed leases with Compass Group (25,715 square feet)
and Acxiom/Direct Media, Inc. (14,734 square feet). These tenants are
expected to take occupancy of their space during the third quarter of 1997
which will bring occupancy in the park to 98%. The costs associated with
this leasing will be funded from joint venture funds on hand. 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 building's rentable space) with no penalty
in late 1998. Although there can be no assurance that MCI will not
exercise such option, a similar option, with a substantial termination fee,
expired during 1996.
In the third quarter of 1996, the joint venture became aware that fuel
oil believed to be from the property's underground storage tanks has been
discharged into the ground. The joint venture currently 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 joint venture has
completed its analysis of the nature and extent of the contamination.
Based upon this analysis, a remediation of the contaminated area will be
necessary. The joint venture is working on a plan, including cost
estimates, for such remediation. It is anticipated that remediation work
will commence by the end of the third quarter 1997. At this time, the
joint venture has accrued $250,000 as its preliminary estimate of the cost
of any remediation, of which the Partnership's share is $124,750. As of
June 30, 1997, the venture has incurred approximately $74,000 related to
cost of remediation. The joint venture does not expect that the value of
the property has been materially impaired.
As the joint venture has committed to a plan to sell or dispose of the
property, the Royal Executive Park office building was classified as held
for sale as of December 31, 1996, and therefore, will not be subject to
continued depreciation beyond that date. Subsequent to the end of the
quarter, the joint venture commenced marketing the property for sale.
There are no assurances that a sale will be finalized.
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, 1997
and for the three and six months ended June 30, 1997 and 1996.
<PAGE>
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 mid-1996, some of the Limited Partners in the Partnership
received unsolicited tender offers to purchase up to 7,250 Interests in the
Partnership at $150 per Interest from unaffiliated third parties. The
Partnership recommended against acceptance of these offers on the basis
that, among other things, the offer prices were inadequate. Such offers
expired in 1996.
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.
During the fourth quarter of 1996 and the first quarter of 1997, some
of the Limited Partners received unsolicited tender offers from
unaffiliated third parties to purchase up to 4.9% of the Interests in the
Partnership at prices ranging from $200 to $220 per Interest. In May 1997,
one of the offers was amended and extended and the offer price was
increased to $225 per Interest. The Special Committee recommended against
acceptance of these offers on the basis, among other things, that the offer
prices were inadequate. These offers have expired, and as of the date of
this report, the Partnership is aware that approximately 3.71% of the
Interests in the Partnership have been purchased in 1996 or 1997 by such
unaffiliated third parties either pursuant to such tender offers or through
negotiated purchases.
It is possible that other offers for Interests may be made by
unaffiliated third parties in the future, although 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.
At June 30, 1997, the Partnership and its consolidated venture had
cash and cash equivalents of approximately $21,220,000. Such remaining
funds are available for distributions to partners and for working capital
requirements including tenant and capital improvements and the potential
redevelopment of the North Hills Mall investment property.
In May 1997, the Partnership made 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.
<PAGE>
RESULTS OF OPERATIONS
The decrease in interest, rents and other receivables at June 30, 1997
as compared to December 31, 1996 is primarily due to the timing of rental
payments from tenants at the North Hills Mall.
The decrease in prepaid expenses at June 30, 1997 as compared to
December 31, 1996 is primarily due to the timing of payments for insurance
at the North Hills Mall.
The decrease in escrow deposits and accrued real estate taxes at June
30, 1997 as compared to December 31, 1996 is primarily due to the timing of
payment of real estate taxes at the North Hills Mall investment property.
The increase in investment in unconsolidated ventures, at equity at
June 30, 1997 as compared to December 31, 1996, and in the Partnership's
share of operations from unconsolidated ventures for the three and six
months ended June 30, 1997 as compared to the three and six months ended
June 30, 1996 is primarily due to higher rental income, due to increased
occupancy, at both the Royal Executive Park and 40 Broad Street investment
properties and Royal Executive Park being classified as held for sale as of
December 31, 1996, and therefore, no longer subject to further
depreciation.
The decrease in rental income for the three and six months ended June
30, 1997 as compared to the three and six months ended June 30, 1996 is
primarily due to the overall decrease in occupancy at the North Hills Mall
investment property for the periods compared and decreased rental income
from many of the remaining tenants whose leases have recently been modified
or altered into providing lower effective rental rates then previously
achieved at the property.
The decrease in property operating expenses for the three and six
months ended June 30, 1997 as compared to the three and six months ended
June 30, 1996 is primarily due to a decrease in advertising expense at the
North Hills Mall investment property due to the timing of promotional
campaigns at the mall and also to a decrease in real estate taxes due to a
successful appeal of such taxes in 1997.
<PAGE>
<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 1997.
<CAPTION>
1996 1997
--------------------------------------------------------------------
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). . . . . . . 86% 88% 86% 88% 84% 82%
2. Royal Executive Park
Ryebrook, New York . . 78% 81% 81% 81% 81% 83%
3. 40 Broad Street
New York, New York . . 75% 78% 81% 74% 82% 90%
- -----------------
<FN>
(a) The occupancy has been restated to reflect occupancy by temporary tenants which were not previously
included. Occupancy without the temporary tenants is 74% at March 31, 1996, 75% at June 30, 1996, 72% at
September 30, 1996, 73% at December 31, 1996, 68% at March 31, 1997 and 69% at June 30, 1997.
</TABLE>
<PAGE>
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.
3-C. Acknowledgement of rights and duties of the General
Partners of the Partnership between ABPP Associates, L.P. (a successor
Associated General Partner of the Partnership) and JMB Realty Corporation
as of December 31, 1995 is hereby incorporated herein by reference to the
Partnership's Report for September 30, 1996 on Form 10-Q/A (as amended)
(File No. 0-12140) dated November 25, 1996.
4-A. Document relating to the mortgage loan secured by the
North Hills Mall in North Richland Hills, Texas, is hereby incorporated
herein by reference to the Partnership's Report on Form 10-K (File No. 0-
12432) dated December 31, 1995.
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 herein 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 herein 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 herein 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.
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.
<PAGE>
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 8, 1997
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 8, 1997
<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, 1997 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-31-1997
<PERIOD-END> JUN-30-1997
<CASH> 21,219,806
<SECURITIES> 0
<RECEIVABLES> 620,565
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 21,840,371
<PP&E> 21,197,646
<DEPRECIATION> 8,840,465
<TOTAL-ASSETS> 50,072,031
<CURRENT-LIABILITIES> 669,368
<BONDS> 7,694,590
<COMMON> 0
0
0
<OTHER-SE> 41,698,423
<TOTAL-LIABILITY-AND-EQUITY>50,072,031
<SALES> 2,819,731
<TOTAL-REVENUES> 3,329,164
<CGS> 0
<TOTAL-COSTS> 2,318,040
<OTHER-EXPENSES> 260,029
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 279,790
<INCOME-PRETAX> 471,305
<INCOME-TAX> 0
<INCOME-CONTINUING> 1,352,710
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,352,710
<EPS-PRIMARY> 8.66
<EPS-DILUTED> 8.66
</TABLE>
