<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549-1004
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the period ended June 30, 1995
---------------------------------------------------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
----------------------- ----------------------
Commission File Number: 0-14121
------------------------------------------------------
First Capital Income Properties, Ltd. - Series X
--------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Florida 59-2417973
------------------------------- -------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
Two North Riverside Plaza, Suite 950, Chicago, Illinois 60606-2607
------------------------------------------------------- -------------------
(Address of principal executive offices) (Zip Code)
(312) 207-0020
--------------------------------------------------------------------------------
(Registrant's telephone number, including area code)
Not applicable
--------------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last
report)
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
--- ---
Documents incorporated by reference:
The First Amended and Restated Agreement of Limited Partnership filed as Exhibit
A to the Partnership's Prospectus dated September 25, 1984, included in the
Partnership's Registration Statement on Form S-11, is incorporated herein by
reference in Part I of this report.
<PAGE>
BALANCE SHEETS
(All dollars rounded to nearest 00s)
<TABLE>
<CAPTION>
June 30,
1995 December 31,
(Unaudited) 1994
------------------------------------------------------------------------------
<S> <C> <C>
ASSETS
Investment in commercial rental properties:
Land $ 6,928,400 $ 6,928,400
Buildings and improvements 24,383,300 24,179,500
------------------------------------------------------------------------------
31,311,700 31,107,900
Accumulated depreciation and amortization (6,734,700) (6,379,100)
------------------------------------------------------------------------------
Total investment properties, net of accumulated
depreciation and amortization 24,577,000 24,728,800
Cash and cash equivalents 2,758,700 1,092,300
Restricted cash and certificate of deposit 37,500
Rents receivable 452,600 493,800
Escrow deposits 74,600 39,800
Prepaid expenses 12,500
Other assets (primarily loan acquisition costs, net
of accumulated amortization of $157,100 and
$138,100, respectively) 141,500 90,500
------------------------------------------------------------------------------
$28,004,400 $26,495,200
------------------------------------------------------------------------------
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
Mortgage loans payable $12,254,200 $10,648,600
Accounts payable and accrued expenses 571,200 612,300
Due to Affiliates 35,900 39,300
Security deposits 16,000 13,300
Other liabilities 94,200 51,500
------------------------------------------------------------------------------
12,971,500 11,365,000
------------------------------------------------------------------------------
Partners' (deficit) capital:
General Partner (1,000)
Limited Partners (43,861 Units authorized, issued
and outstanding) 15,033,900 15,130,200
------------------------------------------------------------------------------
15,032,900 15,130,200
------------------------------------------------------------------------------
$28,004,400 $26,495,200
------------------------------------------------------------------------------
</TABLE>
STATEMENTS OF PARTNERS' CAPITAL
For the six months ended June 30, 1995
and the year ended December 31, 1994
(Unaudited)
(All dollars rounded to nearest 00s)
<TABLE>
<CAPTION>
General Limited
Partner Partners Total
--------------------------------------------------------------------------
<S> <C> <C> <C>
Partners' (deficit) capital,
January 1, 1994 $(243,100) $16,322,400 $16,079,300
Net income (loss) for the year ended
December 31, 1994 243,100 (1,192,200) (949,100)
--------------------------------------------------------------------------
Partners' capital, December 31, 1994 0 15,130,200 15,130,200
Net (loss) for the six months ended
June 30, 1995 (1,000) (96,300) (97,300)
--------------------------------------------------------------------------
Partners' (deficit) capital,
June 30, 1995 $ (1,000) $15,033,900 $15,032,900
--------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
2
<PAGE>
STATEMENTS OF INCOME AND EXPENSES
For the quarters ended June 30, 1995 and 1994
(Unaudited)
(All dollars rounded to nearest 00s except per Unit amounts)
<TABLE>
<CAPTION>
1995 1994
--------------------------------------------------------------------------
<S> <C> <C>
Income:
Rental $ 999,500 $1,423,100
Interest 38,900 51,000
--------------------------------------------------------------------------
1,038,400 1,474,100
--------------------------------------------------------------------------
Expenses:
Interest 313,000 446,400
Depreciation and amortization 188,600 331,900
Property operating:
Affiliates 99,700 97,200
Nonaffiliates 195,000 333,900
Real estate taxes 119,200 338,400
Insurance-Affiliate 7,500 22,300
Repairs and maintenance 104,000 142,900
General and administrative:
Affiliates 6,400 8,600
Nonaffiliates 53,100 36,300
--------------------------------------------------------------------------
1,086,500 1,757,900
--------------------------------------------------------------------------
Net (loss) $ (48,100) $ (283,800)
--------------------------------------------------------------------------
Net (loss) allocated to General Partner $ (500) $ (2,800)
--------------------------------------------------------------------------
Net (loss) allocated to Limited Partners $ (47,600) $ (281,000)
--------------------------------------------------------------------------
Net (loss) allocated to Limited Partners per Unit
(43,861 Units authorized, issued and outstanding) $ (1.09) $ (6.41)
--------------------------------------------------------------------------
</TABLE>
STATEMENTS OF INCOME AND EXPENSES
For the six months ended June 30, 1995 and 1994
(Unaudited)
(All dollars rounded to nearest 00s except per Unit amounts)
<TABLE>
<CAPTION>
1995 1994
---------------------------------------------------------------------------
<S> <C> <C>
Income:
Rental $2,010,700 $2,992,000
Interest 74,900 89,800
---------------------------------------------------------------------------
2,085,600 3,081,800
---------------------------------------------------------------------------
Expenses:
Interest 635,600 795,500
Depreciation and amortization 374,600 635,300
Property operating:
Affiliates 185,600 169,000
Nonaffiliates 373,100 690,600
Real estate taxes 247,500 659,200
Insurance-Affiliate 25,800 44,600
Repairs and maintenance 214,900 324,700
General and administrative:
Affiliates 17,200 13,500
Nonaffiliates 108,600 87,200
---------------------------------------------------------------------------
2,182,900 3,419,600
---------------------------------------------------------------------------
Net (loss) $ (97,300) $ (337,800)
---------------------------------------------------------------------------
Net (loss) allocated to General Partner $ (1,000) $ (3,400)
---------------------------------------------------------------------------
Net (loss) allocated to Limited Partners $ (96,300) $ (334,400)
---------------------------------------------------------------------------
Net (loss) allocated to Limited Partners per Unit
(43,861 Units authorized, issued and outstanding) $ (2.20) $ (7.62)
---------------------------------------------------------------------------
</TABLE>
STATEMENTS OF CASH FLOWS
For the six months ended June 30, 1995 and 1994
(Unaudited)
(All dollars rounded to nearest 00s)
<TABLE>
<CAPTION>
1995 1994
---------------------------------------------------------------------------------
<S> <C> <C>
Cash flows from operating activities:
Net (loss) $ (97,300) $ (337,800)
Adjustments to reconcile net (loss) to net cash provided
by operating activities:
Depreciation and amortization 374,600 635,300
Changes in assets and liabilities:
Decrease in rents receivable 41,200 158,500
Decrease (increase) in restricted cash and certificate
of deposit 37,500 (97,900)
Decrease in prepaid expenses 12,500 1,000
(Increase) in other assets (70,000) (36,000)
(Decrease) increase in accounts payable and accrued
expenses 41,100 376,800
(Decrease) in due to Affiliates (3,400) (8,700)
Increase (decrease) in other liabilities 42,700 (27,100)
---------------------------------------------------------------------------------
Net cash provided by operating activities 296,700 664,100
---------------------------------------------------------------------------------
Cash flows from investing activities:
Payments for capital and tenant improvements (203,800) (171,400)
(Increase) in escrow deposits (34,800)
---------------------------------------------------------------------------------
Net cash (used for) investing activities (238,600) (171,400)
---------------------------------------------------------------------------------
Cash flows from financing activities:
Proceeds from issuance of mortgage loan payable 8,500,000
Principal payments on mortgage loans payable (6,894,400) (18,200)
Increase in security deposits 2,700 55,900
---------------------------------------------------------------------------------
Net cash provided by financing activities 1,608,300 37,700
---------------------------------------------------------------------------------
Net increase in cash and cash equivalents 1,666,400 530,400
Cash and cash equivalents at the beginning of the period 1,092,300 5,051,700
---------------------------------------------------------------------------------
Cash and cash equivalents at the end of the period $2,758,700 $5,582,100
---------------------------------------------------------------------------------
Supplemental information:
Interest paid during the period $ 685,800 $ 795,500
---------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
3
<PAGE>
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
June 30, 1995
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
DEFINITION OF SPECIAL TERMS:
Capitalized terms used in this report have the same meaning as those terms have
in the Partnership's Registration Statement on Form S-11, filed with the
Securities and Exchange Commission. Definitions of these terms are contained in
Article III of the First Amended and Restated Agreement of Limited Partnership,
which is incorporated herein by reference.
ACCOUNTING POLICIES:
The financial statements have been prepared in accordance with generally
accepted accounting principles. Under this method of accounting, revenues are
recorded when earned and expenses are recorded when incurred.
The financial information included in these financial statements is unaudited;
however, in management's opinion, all adjustments (consisting of only normal,
recurring accruals) necessary for a fair presentation of the results of
operations for the periods included have been made. Results of operations for
the quarter and six months ended June 30, 1995 are not necessarily indicative
of the operating results for the year ending December 31, 1995.
The financial statements include the Partnership's 50% interest in one joint
venture and a 25% interest in another joint venture with Affiliated
partnerships. The joint ventures are operated under the common control of the
General Partner. Accordingly, the Partnership's pro rata share of the ventures'
revenues, expenses, assets and liabilities is included in the financial
statements.
Certain reclassifications have been made to the previously reported 1994
statements in order to provide comparability with the 1995 statements. These
reclassifications have no effect on net (loss) or Partners' capital.
Cash equivalents are considered all highly liquid investments purchased with a
maturity of three months or less.
Reference is made to the Partnership's annual report for the year ended
December 31, 1994, for a description of other accounting policies and
additional details of the Partnership's financial condition, results of
operations, changes in Partners' capital and changes in cash balances for the
year then ended. The details provided in the notes thereto have not changed
except as a result of normal transactions in the interim or as otherwise
disclosed herein.
2. RELATED PARTY TRANSACTIONS:
Subsequent to September 24, 1985, the Termination of the Offering, the General
Partner is entitled to 10% of Cash Flow (as defined by the Partnership
Agreement), as a Partnership Management Fee. In accordance with the Partnership
Agreement, Net Profits (exclusive of Net Profits from the sale or disposition
of a Partnership property) shall be allocated to the General Partner in an
amount equal to the greater of 1% of such Net Profits or the Partnership
Management Fee, as defined, and the balance, if any, to the Unit Holders. Net
Losses (exclusive of Net Losses from the sale or disposition of a
4
Partnership property) shall be allocated 1% to the General Partner and 99% to
the Unit Holders. Net Losses from the sale or disposition of a Partnership
property (including provisions for value impairment) shall be allocated: first,
after giving effect to any distribution of Sale or Refinancing Proceeds from
the transaction, to all Partners with positive balances in their Capital
Accounts, pro rata in proportion to such respective positive balances, to the
extent of the total of such positive balances; and second, the balance if any,
1% to the General Partner and 99% to the Unit Holders. Notwithstanding, there
shall be allocated to the General Partner not less than 1% of all items of
Partnership income, gain and loss during the existence of the Partnership. For
the quarter and six months ended June 30, 1995, the General Partner was not
allocated a Partnership Management Fee, but was allocated Net Loss from
operations of approximately $500 and $1,000, respectively.
Fees and reimbursements paid and payable by the Partnership to Affiliates
during the quarter and six months ended June 30, 1995 were as follows:
<TABLE>
<CAPTION>
Paid
Quarter Six Months Payable
------------------------------------------------------------------------------
<S> <C> <C> <C>
Property management and leasing fees $ 81,000 $148,800 $22,200
Reimbursement of property insurance premiums, at
cost 25,800 25,800 None
Real estate commission (a) None None 10,000
Reimbursement of expenses, at cost
(1) Accounting 2,500 8,800 2,800
(2) Investor communication 700 2,300 900
(3) Legal 36,900 51,500 None
------------------------------------------------------------------------------
$ 146,900 $237,200 $35,900
------------------------------------------------------------------------------
</TABLE>
(a) As of June 30, 1995, the Partnership owed $10,000 to the General Partner
for a real estate commission earned in connection with the sale of one
Partnership property. This commission has been accrued but not paid. Under
the terms of the Partnership Agreement, this fee will not be paid until
such time as the Limited Partners have received cumulative distributions of
Sale or Refinancing Proceeds equal to 100% of their Original Capital
Contribution, plus a cumulative return (including all Cash Flow (as defined
by the Partnership Agreement) which has been distributed to the Unit
Holders), of 6% simple interest per annum on their Capital Investment from
the initial date of investment.
3. MORTGAGE LOANS PAYABLE:
On January 6, 1995, Indianapolis Mall Associates, the joint venture which owns
Glendale Center Shopping Mall, obtained a new mortgage loan in the amount of
$17,000,000 secured by this property. The Partnership's share of the new loan
amount was $8,500,000. The existing loan was paid off in full with the proceeds
from the new loan. The interest rate on the new loan is variable at Libor plus
4.5% with interest payable monthly. The maturity date of the new loan is
January 1, 1999. Monthly payments of principal are to be made based on an 11-
year amortization and an interest rate of 9.5%. In addition, the joint venture
must pay annually additional principal amortization equal to 50% of all cash
flow from the property for each prior calendar year. As of June 30, 1995 the
Partnership's share of the outstanding mortgage loan balance was $8,275,200.
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Reference is made to the Partnership's annual report for the year ended
December 31, 1994, for a discussion of the Partnership's business.
OPERATIONS
The table below is a recap of certain operating results of each of the
Partnership's properties for the quarters and six months ended June 30, 1995
and 1994. The discussion following the table should be read in conjunction with
the Financial Statements and Notes thereto appearing in this report.
<TABLE>
<CAPTION>
Comparative Operating Results (a)
For the Quarters For the Six Months
Ended Ended
6/30/95 6/30/94 6/30/95 6/30/94
---------------------------------------------------------------------------
<S> <C> <C> <C> <C>
GLENDALE CENTER SHOPPING MALL
Rental revenues $846,300 $ 849,100 $1,709,400 $1,737,100
---------------------------------------------------------------------------
Property net (loss) income $(10,400) $ 81,500 $ (8,700) $ 204,400
---------------------------------------------------------------------------
Average occupancy 91.9% 85.8% 92.1% 85.6%
---------------------------------------------------------------------------
REGENCY PARK SHOPPING CENTER
Rental revenues $148,500 $ 129,500 $ 296,600 $ 261,600
---------------------------------------------------------------------------
Property net (loss) $(18,700) $ (36,000) $ (37,700) $ (73,800)
---------------------------------------------------------------------------
Average occupancy 88.1% 78.0% 88.1% 78.0%
---------------------------------------------------------------------------
FASHION ATRIUM
BUILDING (B)
Rental revenues $ 444,500 $ 993,300
---------------------------------------------------------------------------
Property net (loss) $(335,600) $ (440,400)
---------------------------------------------------------------------------
Average occupancy 72.0% 70.9%
---------------------------------------------------------------------------
</TABLE>
(a) Excludes certain income and expense items which are either not directly
related to individual property operating results such as interest income
and general and administrative expenses or are related to properties
previously owned by the Partnership.
(b) On December 9, 1994, the Fashion Atrium Building was disposed of through
the orderly conveyance of title to the mortgage holder.
Net (loss) for the Partnership for the quarter and six months ended June 30,
1995 decreased $235,700 and $240,500 respectively, when compared to the quarter
and six months ended June 30, 1994. The comparison of operating results between
the periods is complicated by the disposition of the Fashion Atrium Building
("Fashion Atrium") on December 9, 1994. The disposition of this property
accounted for the significant decreases in rental income, interest expense,
property operating expenses, depreciation and amortization expense, real estate
tax expense, insurance expense and repairs and maintenance.
Net income (loss), exclusive of Fashion Atrium, changed from $51,800 to
($48,100) and from $102,600 to ($97,300) for the quarterly and six month
periods under comparison. These changes in net income (loss) for the quarterly
and six month periods under comparison were primarily due to: 1) decreased
operating results at Glendale Center Shopping Mall ("Glendale") resulting from
increased interest expense, repairs and maintenance expense, real estate tax
expense, insurance expense and decreased rental revenues, partially offset by
decreased insurance and property operating expenses and 2) increased operating
results at Regency Park Shopping Center ("Regency") resulting from increased
rental revenues and decreased interest expense and insurance expense, partially
offset by increases in repairs and maintenance and property operating expenses.
The changes in net income (loss) for the quarterly and six month periods under
comparison were also affected by increased general and administrative expenses
due to an increase in legal fees, accounting and printing and mailing costs and
decreased interest income due to a decrease in cash available for investment
due to the partial principal paydown of the mortgage loan collateralized by
Glendale.
For purposes of the following comparative discussion, the operating results of
Fashion Atrium have been be excluded.
Rental revenues increased by approximately $20,500 or 2.1% and $12,000 or .59%,
respectively, for the quarter and six months ended June 30, 1995 when compared
to the quarter and six months ended June 30, 1994. The increases were primarily
due to an increase in Regency's average occupancy. Partially offsetting the
increase was a decrease in rental revenues at Glendale primarily due to a
decrease in tenant expense reimbursements for common area costs and real estate
tax escalations and a decrease in other rental income, partially offset by an
increase in percentage rents.
Interest expense increased by approximately $77,500 or 33% and $185,100 or 42%,
respectively, for the comparable periods. Although the average outstanding
principal balance on the Glendale mortgage is significantly lower in 1995 than
in 1994, the interest expense increased due to the increase in the interest
rate stipulated under the terms of the new loan agreement.
Real estate tax expense increased by approximately $3,600 or 3.1% and $14,500
or 2.2%, respectively, for the quarter and six months ended June 30, 1995 when
compared to 1994. The increases were primarily due to an increase at Glendale
as a result of a higher estimated tax liability in 1995.
Repairs and maintenance expense increased approximately $15,700 or 17.7% and
$9,200 or 4.5%, respectively, for the periods under comparison. The primary
factor which caused the increase was increased expenses at Regency associated
with space planning for potential new and renewing tenants.
Insurance expense decreased by approximately $10,300 or 58.1% and $9,800 or
27.6%, respectively, during the quarter and six months ended June 30, 1995,
when compared to the prior year periods. These decreases were primarily due to
lower group rates on the Partnership's combined insurance coverage as a result
of a minimal amount of claims made over the past several years, which provided
a good loss experience relative to the Partnership's properties.
Property operating expenses increased (decreased) by approximately $12,800 or
4.5% and ($17,700) or (3.1%), respectively, for the comparable periods. The
primary factors which caused an increase in property operating expenses for the
quarters under comparison were increases in utilities, professional fees and
management fees due to an increase in occupancy at Regency, partially offset by
decreases in these expenses at Glendale. The decrease in property operating
expenses for the six month periods under comparison was due to decreases in all
the expenses mentioned above at Regency, partially offset by a minimal
increases in all of these expenses at Glendale.
To further and or maintain increase occupancy levels at the Partnership's
properties, the General Partner, through its Affiliated asset and property
management groups, continues to take the necessary actions deemed appropriate
for the properties discussed above. Some of these actions include: 1)
implementation of marketing programs, including hiring of third-party leasing
agents or providing on-site leasing personnel,
5
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
advertising, direct mail campaigns and development of building brochures; 2)
early renewal of existing tenants and addressing any expansion needs these
tenants may have; 3) promotion of local broker events and networking with local
brokers; 4) networking with national level retailers; 5) cold-calling other
businesses and tenants in the market area and 6) providing rental concessions
or competitively pricing rental rates depending on market conditions.
LIQUIDITY AND CAPITAL RESOURCES:
One of the Partnership's objectives is to dispose of its properties when market
conditions allow for the achievement of the maximum possible sales price. In
the interim, the Partnership continues to manage and maintain its two remaining
properties. Cash Flow (as defined in the Partnership Agreement) is generally
not equal to Partnership net income or cash flows as defined by generally
accepted accounting principles ("GAAP"), since certain items are treated
differently under the Partnership Agreement than under GAAP. Management
believes that to facilitate a clear understanding of the Partnership's
operations, an analysis of Cash Flow (as defined by the Partnership Agreement)
should be examined in conjunction with an analysis of net income or cash flows
as defined by GAAP. The following table includes a reconciliation of Cash Flow
(as defined by the Partnership Agreement) to cash flow provided by operating
activities as determined by GAAP, is not indicative of actual distributions to
Partners and should not neccessarily be considered as an alternative to the
results disclosed in the Statements of Income and Expenses and Cash Flow.
<TABLE>
<CAPTION>
Comparative Cash
Flow Results For the
Six Months Ended
6/30/95 6/30/94
--------------------------------------------------------------------------
<S> <C> <C>
Amount of Cash Flow (as defined in the Partnership
Agreement) $ 32,900 $ 279,300
Items of reconciliation:
Principal payments on mortgage loans 244,400 18,200
Decrease in current assets 21,200 25,600
(Decrease) increase in current liabilities (1,800) 341,000
--------------------------------------------------------------------------
Net cash provided by operating activities $ 296,700 $ 664,100
--------------------------------------------------------------------------
Net cash (used for) investing activities $ (238,600) $(171,400)
--------------------------------------------------------------------------
Net cash provided by financing activities $1,608,300 $ 37,700
--------------------------------------------------------------------------
</TABLE>
The decrease in Cash Flow (as defined by the Partnership Agreement) of
approximately $246,400 for the six months ended June 30, 1995 when compared to
six months ended June 30, 1994 was primarily due to the decrease in net income,
as previously discussed, exclusive of the decrease in depreciation and
amortization expense.
The increase in the Partnership's cash position as of June 30, 1995 when
compared to December 31, 1994 was primarily the result of the net proceeds
received in conjunction with the refinancing of the mortgage loan
collateralized by Glendale exceeding expenditures made for capital and tenant
improvements for the Partnership's properties. Liquid assets of the Partnership
as of June 30, 1995 are comprised of amounts held for working capital purposes.
The decrease in net cash provided by operating activities for the six months
ended June 30, 1995 when compared to the six months ended June 30, 1994 was
primarily due to the timing of the payment of certain Partnership expenses, the
decrease in the amount of rents receivable collected, as well as to the
decrease in net income, as discussed above.
The increase in net cash (used for) investing activities for the six months
ended June 30, 1995 when compared to the six months ended June 30, 1994 was due
to an increase in expenditures for capital and tenant improvements to the
Partnership's properties and to a lesser extent to an increase in escrow
deposits. During the six months ended June 30, 1995, the Partnership spent
approximately $203,800 for building and tenant improvements and has budgeted to
spend an additional $875,000 during the remainder of 1995. Of the remaining
budgeted amount, approximately $870,000 relates to anticipated capital and
tenant improvements and leasing costs expected to be incurred at Glendale. The
General Partner believes these expenditures are necessary to maintain occupancy
levels in very competitive markets and ready the remaining properties for
ultimate disposition.
The increase in net cash provided by financing activities for the six months
ended June 30, 1995 when compared to the six months ended June 30, 1994 was due
primarily to the net proceeds received from the refinancing of the mortgage
loan collateralized by Glendale and, to a lesser extent, an increase in
security deposits. On January 6, 1995, Indianapolis Mall Associates, the joint
venture which owns Glendale, obtained a new mortgage loan in the amount of
$17,000,000 secured by Glendale. The Partnership's share of the new loan amount
was $8,500,000. The existing loan was paid off in full with the proceeds from
the new loan. The total cash received by the Partnership in connection with
this new loan was $1,780,100, which was net of $69,900 in loan acquisition
costs, and was added to the Partnership's working capital.
The mortgage loan collateralized by Regency is scheduled to mature on December
31, 1995. The General Partner has initiated discussions with the current lender
with the intent of extending and or modifying the current loan. However, there
can be no assurance that the General Partner will be successful in these
discussions.
Distributions to Limited Partners continue to be suspended to insure that the
required cash is available when needed to fund anticipated capital and tenant
improvements and other liquidity requirements. All Cash Flow earned by the
Partnership during the quarter ended June 30, 1995 was retained to supplement
working capital reserves. For the six months ended June 30, 1995, Cash Flow (as
defined by the Partnership Agreement) retained to supplement working capital
reserves approximated $32,900.
6
<PAGE>
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
------- --------------------------------
(a) Exhibits: Financial Data Schedule
(b) Reports on Form 8-K:
There were no reports filed on Form 8-K during the quarter ended
June 30, 1995.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
FIRST CAPITAL INCOME PROPERTIES, LTD. - SERIES X
BY: FIRST CAPITAL FINANCIAL CORPORATION
GENERAL PARTNER
Date: August 14, 1995 By: /s/ DOUGLAS CROCKER II
----------------------------------------
DOUGLAS CROCKER II
President and Chief Executive Officer
Date: August 14, 1995 By: /s/ NORMAN M. FIELD
----------------------------------------
NORMAN M. FIELD
Vice President - Finance and Treasurer
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<CIK> 0000750301
<NAME> First Capital Income Properties - Series X
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
<CASH> 2,758,700
<SECURITIES> 0
<RECEIVABLES> 452,600
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 3,211,300
<PP&E> 31,311,700
<DEPRECIATION> 6,734,700
<TOTAL-ASSETS> 28,004,400
<CURRENT-LIABILITIES> 597,100
<BONDS> 12,254,200
<COMMON> 0
0
0
<OTHER-SE> 15,032,900
<TOTAL-LIABILITY-AND-EQUITY> 28,004,400
<SALES> 0
<TOTAL-REVENUES> 2,085,600
<CGS> 0
<TOTAL-COSTS> 1,046,900
<OTHER-EXPENSES> 125,800
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 635,600
<INCOME-PRETAX> (97,300)
<INCOME-TAX> 0
<INCOME-CONTINUING> (97,300)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (97,300)
<EPS-PRIMARY> (2.20)
<EPS-DILUTED> (2.20)
</TABLE>
