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 March 31, 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
MARCH 31, 1997 AND DECEMBER 31, 1996
(UNAUDITED)
ASSETS
------
<CAPTION>
MARCH 31, DECEMBER 31,
1997 1996
------------- ------------
<S> <C> <C>
Current assets:
Cash and cash equivalents. . . . . . . . . . . . . . . . . . . . . . . . $ 21,278,629 21,269,359
Interest, rents and other receivables, net of allowance
for doubtful accounts of $119,056 in 1997
and $68,817 in 1996. . . . . . . . . . . . . . . . . . . . . . . . . . 777,530 300,707
Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,724 31,563
Escrow deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . 287,594 721,351
------------ -----------
Total current assets . . . . . . . . . . . . . . . . . . . . . . 22,347,477 22,322,980
------------ -----------
Investment properties, at cost:
Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,839,688 1,839,688
Buildings and improvements . . . . . . . . . . . . . . . . . . . . . . . 19,314,167 19,314,167
------------ -----------
21,153,855 21,153,855
Less accumulated depreciation. . . . . . . . . . . . . . . . . . . . . . 8,639,465 8,438,692
------------ -----------
Total investment properties, net of
accumulated depreciation . . . . . . . . . . . . . . . . . . . . 12,514,390 12,715,163
Investment in unconsolidated ventures, at equity . . . . . . . . . . . . . 14,995,693 14,515,288
Deferred expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 186,825 198,140
Accrued rents receivable . . . . . . . . . . . . . . . . . . . . . . . . . 311,463 319,567
------------ -----------
$ 50,355,848 50,071,138
============ ===========
<PAGE>
JMB INCOME PROPERTIES, LTD. - X
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE
CONSOLIDATED BALANCE SHEETS - CONTINUED
LIABILITIES AND PARTNERS' CAPITAL ACCOUNTS
------------------------------------------
MARCH 31, DECEMBER 31,
1997 1996
------------- ------------
Current liabilities:
Current portion of long-term debt. . . . . . . . . . . . . . . . . . . . $ 130,426 128,130
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . 312,051 286,682
Accrued interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,663 46,849
Accrued real estate taxes. . . . . . . . . . . . . . . . . . . . . . . . 127,250 588,333
------------ -----------
Total current liabilities. . . . . . . . . . . . . . . . . . . . . 616,390 1,049,994
Tenant security deposits . . . . . . . . . . . . . . . . . . . . . . . . . 11,150 13,250
Long-term debt, less current portion . . . . . . . . . . . . . . . . . . . 7,728,670 7,762,151
------------ -----------
Commitments and contingencies
Total liabilities. . . . . . . . . . . . . . . . . . . . . . . . . 8,356,210 8,825,395
Partners' capital accounts:
General partners:
Capital contributions. . . . . . . . . . . . . . . . . . . . . . . . . 1,000 1,000
Cumulative net earnings (losses) . . . . . . . . . . . . . . . . . . . 1,042,345 1,012,189
Cumulative cash distributions. . . . . . . . . . . . . . . . . . . . . (250,000) (250,000)
------------ -----------
793,345 763,189
------------ -----------
Limited partners (150,005 interests):
Capital contributions, net of offering costs . . . . . . . . . . . . . 135,651,080 135,651,080
Cumulative net earnings (losses) . . . . . . . . . . . . . . . . . . . 71,942,853 71,219,114
Cumulative cash distributions. . . . . . . . . . . . . . . . . . . . . (166,387,640) (166,387,640)
------------ -----------
41,206,293 40,482,554
------------ -----------
Total partners' capital accounts . . . . . . . . . . . . . . . . . 41,999,638 41,245,743
------------ -----------
$ 50,355,848 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 MONTHS ENDED MARCH 31, 1997 AND 1996
(UNAUDITED)
<CAPTION>
1997 1996
------------ -----------
<S> <C> <C>
Income:
Rental income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,493,869 1,732,458
Interest income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 252,432 265,551
----------- ----------
1,746,301 1,998,009
----------- ----------
Expenses:
Mortgage and other interest. . . . . . . . . . . . . . . . . . . . . . . . . . 140,176 142,327
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,773 192,768
Property operating expenses. . . . . . . . . . . . . . . . . . . . . . . . . . 1,008,083 1,126,984
Professional services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,410 6,509
Amortization of deferred expenses. . . . . . . . . . . . . . . . . . . . . . . 12,201 17,594
General and administrative . . . . . . . . . . . . . . . . . . . . . . . . . . 109,168 119,799
----------- ----------
1,472,811 1,605,981
----------- ----------
Operating earnings (loss) . . . . . . . . . . . . . . . . . . . . . . . 273,490 392,028
Partnership's share of operations of
unconsolidated ventures. . . . . . . . . . . . . . . . . . . . . . . . . . . . 480,405 199,071
----------- ----------
Net earnings (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . $ 753,895 591,099
=========== ==========
Net earnings (loss) per limited
partnership interest. . . . . . . . . . . . . . . . . . . . . . . . . . $ 4.82 3.78
=========== ==========
Cash distributions per
limited partnership
interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ -- 4.00
=========== ==========
<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
THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(UNAUDITED)
<CAPTION>
1997 1996
----------- -----------
<S> <C> <C>
Cash flows from operating activities:
Net earnings (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 753,895 591,099
Items not requiring (providing) cash or cash equivalents:
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,773 192,768
Amortization of deferred expenses. . . . . . . . . . . . . . . . . . . . . . 12,201 17,594
Partnership's share of operations of uncon-
solidated ventures, net of distributions . . . . . . . . . . . . . . . . . (480,405) (199,071)
Changes in:
Interest, rents and other receivables. . . . . . . . . . . . . . . . . . . . (476,823) 139,535
Escrow deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 433,757 515,206
Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,839 16,957
Accrued rents receivable . . . . . . . . . . . . . . . . . . . . . . . . . . 8,104 8,794
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,369 (41,116)
Accrued interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (186) (491,957)
Accrued real estate taxes. . . . . . . . . . . . . . . . . . . . . . . . . . (461,083) (458,565)
Tenant security deposits . . . . . . . . . . . . . . . . . . . . . . . . . . (2,100) (7,670)
---------- -----------
Net cash provided by (used in) operating activities. . . . . . . . . . . 41,341 283,574
---------- -----------
Cash flows from investing activities:
Additions to investment properties . . . . . . . . . . . . . . . . . . . . . . -- (114,879)
Payment of deferred expenses . . . . . . . . . . . . . . . . . . . . . . . . . (886) (5,813)
---------- -----------
Net cash provided by (used in) investing activities. . . . . . . . . . . (886) (120,692)
---------- -----------
<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 . . . . . . . . . . . . . . . . . . . . . (31,185) (19,422)
Distributions to limited partners. . . . . . . . . . . . . . . . . . . . . . . -- (600,020)
------------ -----------
Net cash provided by (used in) financing activities. . . . . . . . . . (31,185) (997,476)
------------ -----------
Net increase (decrease) in cash and cash equivalents . . . . . . . . . 9,270 (834,594)
Cash and cash equivalents, beginning of year . . . . . . . . . . . . . 21,269,359 21,431,887
------------ -----------
Cash and cash equivalents, end of period . . . . . . . . . . . . . . . $ 21,278,629 20,597,293
============ ===========
Supplemental disclosure of cash flow information:
Cash paid for mortgage and other interest. . . . . . . . . . . . . . . . . . . $ 140,362 634,284
============ ===========
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
MARCH 31, 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 $16,362, respectively,
for the three months ended March 31, 1997 and 1996. In addition, the
accompanying financial statements include $364,189 and $131,737,
respectively, of the Partnership's share of total operations of $729,838
and $264,002, respectively, for the three months ended March 31, 1997 and
1996 of the Royal Executive Park venture, an unconsolidated property
classified as held for sale at December 31, 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 March 31, 1997 and for the three months ended March
31, 1997 and 1996 were as follows:
<PAGE>
Unpaid at
March 31,
1997 1996 1997
------- ------- -------------
Property management
and leasing fees. . . . . . . $36,139 46,116 --
Insurance commissions. . . . . -- (7,066) --
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. . . . . . . . . . 26,179 3,149 19,219
------- ------ ------
$62,318 42,199 19,219
======= ====== ======
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, $10,153,180 (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 is 82% occupied and 89% leased at March 31, 1997. The
property produced a small amount of cash flow for the Partnership in 1996.
NORTH HILLS MALL
Occupancy of the center decreased to 84% during the first quarter,
down from 88% at the end of the previous quarter. Included in this
occupancy rate are temporary tenants which occupy approximately 16% 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) 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.
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.
<PAGE>
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 March 31, 1997 was 81%, and
the property was 83% leased. 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
anticipation of leasing the property's vacant space, the joint venture has
been conserving cash generated from the property as a working capital
reserve. To the extent that leasing costs not covered by the existing
working capital reserve, the Partnership and its joint venture partner may
need to contribute additional capital to the joint venture.
As the joint venture had 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.
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 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 is currently
performing tests to determine the nature and extent of the contamination.
The joint 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, 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. The joint 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.
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 March 31,
1997 and for the three months ended March 31, 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 7,350 Interests in the
Partnership at amounts ranging from $150 to $200 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.
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. 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. 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 2.3% of the Interests in the Partnership have been
purchased by such unaffiliated third parties either pursuant to such tender
offers or through negotiated purchases.
At March 31, 1997, the Partnership and its consolidated venture had
cash and cash equivalents of approximately $21,279,000. 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, 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 increase in interest, rents and other receivables at March 31,
1997 as compared to December 31, 1996 is primarily due to the accrual of a
refund of real estate taxes that were overpaid.
<PAGE>
The decrease in escrow deposits and accrued real estate taxes at March
31, 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 decrease in rental income for the three months ended March 31,
1997 as compared to the three months ended March 31, 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 rental rates then previously achieved at the property.
The decrease in property operating expenses for the three months ended
March 31, 1997 as compared to the three months ended March 31, 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.
The increase in Partnership's share of operations from unconsolidated
ventures for the three months ended March 31, 1997 as compared to the three
months ended March 31, 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.
<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%
2. Royal Executive Park
Ryebrook, New York . . . . . 78% 81% 81% 81% 81%
3. 40 Broad Street
New York, New York . . . . . 75% 78% 81% 74% 82%
- -----------------
<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 and 68% at March 31, 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 on Form 10-Q/A (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: May 9, 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: May 9, 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 MARCH 31, 1997 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
INCLUDED IN SUCH REPORT.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> MAR-31-1997
<CASH> 21,278,629
<SECURITIES> 0
<RECEIVABLES> 1,068,848
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 22,347,477
<PP&E> 21,153,855
<DEPRECIATION> 8,639,465
<TOTAL-ASSETS> 50,355,848
<CURRENT-LIABILITIES> 616,390
<BONDS> 7,728,670
<COMMON> 0
0
0
<OTHER-SE> 41,999,638
<TOTAL-LIABILITY-AND-EQUITY> 50,355,848
<SALES> 1,493,869
<TOTAL-REVENUES> 1,746,301
<CGS> 0
<TOTAL-COSTS> 1,221,057
<OTHER-EXPENSES> 111,578
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 140,176
<INCOME-PRETAX> 273,490
<INCOME-TAX> 0
<INCOME-CONTINUING> 753,895
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 753,895
<EPS-PRIMARY> 4.82
<EPS-DILUTED> 4.82
</TABLE>
