SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
/_x_/ Quarterly report pursuant to section 13 or 15(d) of the
Securities Exchange Act of 1934.
For the quarterly period ended March 31, 1996
/___/ Transition report pursuant to Section 13 or 15(d) of the
Securities Act of 1934
for the transition period from ______________ to ________________.
Commission File Number 0-15346
DSI REALTY INCOME FUND X, A California Limited Partnership
(Exact name of registrant as specified in its charter)
California_______________________________________33-0195079
(State or other jurisdiction of (I.R.S. Employer
incorporation) Identification No.)
3701 Long Beach Boulevard, Long Beach, California 90807
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code-(310)595-7711
_________________________________________________________________
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___.
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
The information required by Rule 10-01 of Regulation S-X is
included in the Quarterly Report to the Limited Partners of Registrant for
the period ended March 31, 1996 which is attached hereto as Exhibit "20"
and incorporated herein by this reference. Item 2.Management's Discussion and
Analysis of Financial Condition and Results of Operations.
Registrant incorporates by this reference its Quarterly Report
to Limited Partners for the period ended March 31, 1996.
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8K.
(a) Attached hereto as Exhibit "20" is Registrant's Quarterly
Report to Limited Partners for the period ended
March 31, 1996.
(B) Registrant did not file any reports on Form 8-K for the
period reported upon.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
Dated: April 30, 1996 DSI REALTY INCOME FUND X
A California Limited Partnership
(Registrant)
By__/s/ Robert J. Conway______
DSI Properties, Inc., as General
Partner by ROBERT J. CONWAY,
President and Chief Financial
Officer
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
Dated: April 30, 1996 DSI REALTY INCOME FUND X
A California Limited Partnership
(Registrant)
By___/s/ Robert J. Conway_____
DSI Properties, Inc., as General
Partner by ROBERT J. CONWAY,
President and Chief Financial
Officer
April 30, 1996
QUARTERLY REPORT TO THE LIMITED PARTNERS
OF DSI REALTY INCOME FUND X
DEAR LIMITED PARTNERS:
We are pleased to enclose the Partnership's unaudited financial
statements for the period ended March 31, 1996. The following is
Management's discussion and analysis of the Partnership's financial
condition and results of its operations.
For the three month periods ended March 31, 1996 and 1995, total
revenues increased 10.6% from $582,563 to $644,175 and total expenses
increased 5.9% from $387,025 to $410,016. As a result, net income
increased from $195,538 to $234,159 for the three month period ended
March 31, 1996, as compared to the same period in 1995. The increase
in revenue can be attributed to an increase in rental revenue as a result
to higher occupancy and unit rental rates, partially offset by a decrease
in sale of abandoned goods and U-Haul commissions. Occupancy levels for
the Partnership's five mini-storage facilities averaged 84.2% for the three
month period ended March 31, 1996, as compared to 82.7% for the same period
in 1995. The Partnership is continuing its marketing efforts to attract and
keep new tenants in its various mini-storage facilities. Operating expenses
increased approximately $15,500 (4.7%) from $327,049 for the three month
period ended March 31, 1995, to $342,540 for the same period in 1996. This
increase can be attributed to higher repairs and maintenance expense,
property management fees and security services, partially offset by lower
yellow page advertising costs. Property management fees, which are based
on revenue, increased as a result of the increase in rental revenue.
Security services increased as a result of additional guard services
provided at the construction site of the new manager's residence at
Troy, Michigan. General and administrative expenses increased $7,500
(12.5%) primarily as a result of computer upgrade and consulting expenses
and other taxes, which consists of Maryland Non-Resident Withholding Taxes
which were paid by the Partnership.
The General Partners will continue their policy of funding the continuing
improvements and maintenance of Partnership properties with cash generated
from operations. The Partnership's financial resources appear to be adequate
to meet its needs.
We are not enclosing a copy of the Partnership Form 10-Q as filed with
the Securities and Exchange Commission, since all the information set
forth therein is contained either in this letter or in the attached
financial statements. However, if you wish to receive a copy of said
report, please send a written request to DSI Realty Income Fund X,
P.O. Box 357, Long Beach, California 90801.
Very truly yours,
DSI Realty Income Fund X
By: DSI Properties, Inc., as
General Partner
By___\s\ Robert J. Conway_______
ROBERT J. CONWAY, President
DSI REALTY INCOME FUND X
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED), MARCH 31, 1996 AND DECEMBER 31, 1995
<TABLE>
<CAPTION>
March 31, December 31,
1996 1995
<S> <C> <C>
ASSETS
CASH AND CASH EQUIVALENTS $1,174,918 $1,132,783
PROPERTY 8,604,453 8,684,418
OTHER ASSETS 120,528 72,944
TOTAL $9,899,899 $9,890,145
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $1,831,467 $1,734,832
PARTNERS' EQUITY:
General Partners (61,343) (60,475)
Limited Partners 8,129,775 8,215,788
Total partners' equity 8,068,432 8,155,313
TOTAL $9,899,899 $9,890,145
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995
March 31, March 31,
1996 1995
REVENUES:
Rental Income $635,761 $575,936
Interest 8,414 6,627
Total revenue 644,175 582,563
EXPENSES:
Operating Expenses 342,540 327,049
General and administrative 67,476 59,976
Total expenses 410,016 387,025
NET INCOME $234,159 $195,538
AGGREGATE NET INCOME ALLOCATED TO :
Limited partners $231,817 $193,583
General partners 2,342 1,955
TOTAL $234,159 $195,538
NET INCOME PER
LIMITED PARTNERSHIP UNIT $7.29 $6.09
LIMITED PARTNERSHIP
UNITS USED IN PER
UNIT CALCULATION 31,783 31,783
See accompanying notes to financial statements(unaudited).
</TABLE>
STATEMENTS OF CHANGES IN PARTNERS' EQUITY (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995
<TABLE>
<CAPTION>
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
<S> <C> <C> <C>
EQUITY AT DECEMBER 31, 1994 ($57,314) $8,528,667 $8,471,353
NET INCOME 1,955 193,583 195,538
DISTRIBUTIONS (3,210) (317,830) (321,040)
EQUITY AT MARCH 31, 1995 ($58,569) $8,404,420 $8,345,851
EQUITY AT DECEMBER 31, 1995 ($60,475) $8,215,788 $8,155,313
NET INCOME 2,342 231,817 234,159
DISTRIBUTIONS (3,210) (317,830) (321,040)
EQUITY AT MARCH 31, 1996 ($61,343) $8,129,775 $8,068,432
See accompanying notes to financial statements(unaudited).
</TABLE>
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995
<TABLE>
<CAPTION>
March 31, March 31,
1996 1995
<S> <C> <C>
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income $ 234,159 $ 195,538
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 134,632 134,632
Changes in assets and liabilities:
Increase(Decrease) in other assets (47,584) 231,434
Increase in liabilities 96,635 65,349
Net cash provided by operating
activities 417,842 626,953
CASH FLOWS FROM INVESTING ACTIVITIES-
Purchase of property and equipment (54,667) 0
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (321,040) (321,040)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 42,135 305,913
CASH AND CASH EQUIVALENTS:
At beginning of period 1,132,783 590,983
At end of period $1,174,918 $ 896,896
See accompanying notes to financial statements(unaudited).
</TABLE>
DSI REALTY INCOME FUND X
(A California Real Estate Limited Partnership)
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. GENERAL
DSI Realty Income Fund X (the "Partnership") has three general partners
(DSI Properties, Inc., Robert J. Conway and Joseph W. Conway) and
limited partners owning 31,783 limited partnership units.
The accompanying financial information as of March 31, 1996, and for
the periods ended March 31, 1996 and 1995 is unaudited. Such financial
information includes all adjustments which are considered necessary by
the Partnership's management for a fair presentation of the results for
the periods indicated.
2. PROPERTY
The Partnership owns five mini-storage facilities. Two facilities are
located in Warren, Michigan; one facility is located in Troy, Michigan;
one facility is located in Crestwood, Illinois; and one facility is
located in Forestville, Maryland. As of March 31, 1996, the total cost
and accumulated depreciation of the mini-storage facilities is as
follows:
<TABLE>
<S> <C>
Land $ 2,089,882
Buildings 10,737,987
Furniture and Equipment 2,799
Total 12,830,668
Less: Accumulated Depreciation ( 4,226,215)
Property - Net $ 8,604,453
</TABLE>
3. NET INCOME PER LIMITED PARTNERSHIP UNIT
Net income per limited partnership unit is calculated by dividing the
net income allocated to the limited partners by the number of limited
partnership units outstanding during the period.
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C> <C>
<PERIOD-TYPE> 3-MOS YEAR
<FISCAL-YEAR-END> DEC-31-1996 DEC-31-1996
<PERIOD-END> MAR-31-1996 DEC-31-1996
<CASH> 1174918 0
<SECURITIES> 0 0
<RECEIVABLES> 0 0
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 0 0
<PP&E> 12830668 0
<DEPRECIATION> 4226215 0
<TOTAL-ASSETS> 9899899 0
<CURRENT-LIABILITIES> 0 0
<BONDS> 0 0
<COMMON> 0 0
0 0
0 0
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 9899899 0
<SALES> 635761 0
<TOTAL-REVENUES> 644175 0
<CGS> 0 0
<TOTAL-COSTS> 0 0
<OTHER-EXPENSES> 0 0
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 0 0
<INCOME-PRETAX> 234159 0
<INCOME-TAX> 0 0
<INCOME-CONTINUING> 234159 0
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 234159 0
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</TABLE>
