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 September 30, 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 September 30, 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 September 30, 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
September 30, 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: October 31, 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: October 31, 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
October 31, 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 September 30, 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 September 30, 1996, and 1995, total
revenues increased 1.2% from $681,613 to $689,905 and total expenses
decreased 2.5% from $383,243 to $373,820. As a result, net income
increased 5.9% from $298,370 to $316,085 for the three month period ended
September 30, 1996, as compared to the same period in 1995. The increase
in revenue can be attributed to an increase in rental income due to
higher unit rental rates. Occupancy levels for the Partnership's
five mini-storage facilities averaged 89.3% for the three month period
ended September 30, 1996, as compared to 92% for the same period in 1995.
The Partnership is continuing its advertising campaign to attract and
keep new tenants in its various mini-storage facilities. Operating expenses
decreased approximately $13,500 (3.9%) from $347,319 for the three month
period ended September 30, 1995, to $333,821 for the same period in 1996.
The decrease can be attributed primarily to lower maintenance and repairs
and worker's compensation insurance expenses. General and administrative
expenses increased approximately $4,100 (11.3%) primarily as a result of
other taxes, which consists of Maryland Non-Resident Withholding Taxes
which were paid by the Partnership.
For the nine month periods ended September 30, 1996, and 1995, total revenues
increased 6% from $1,894,036 to $2,008,344 and total expenses decreased
0.6% from $1,179,912 to $1,172,762. As a result, net income increased 17%
from $714,124 for the nine month period ended September 30, 1995, to $835,582
for the same period in 1996. The increase in revenue can be attributed to
an increase in rental income due to higher unit rental rates. Operating
expenses decreased approximately $13,600 (1.3%) from $1,028,328 to
$1,014,760. Decreases in maintenance and repair, legal and professional
and office expenses were offset by increases in property management fees,
power sweeping and guard service expenses. Property management fees,
which are based on rental income, increased as a result of the increase in
rental revenue. General and Administrative expenses increased approximately
$6,400 (4.2%) for the same reason as discussed above.
The General Partners will continue their policy of funding 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), SEPTEMBER 30, 1996 AND DECEMBER 31, 1995
<TABLE>
<CAPTION>
September 30, December 31,
1996 1995
<S> <C> <C>
ASSETS
CASH AND CASH EQUIVALENTS $1,411,293 $1,132,783
PROPERTY 8,420,161 8,684,418
OTHER ASSETS 131,081 72,944
TOTAL $9,962,535 $9,890,145
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $1,934,760 $1,734,832
PARTNERS' EQUITY:
General Partners (61,749) (60,475)
Limited Partners 8,089,524 8,215,788
Total partners' equity 8,027,775 8,155,313
TOTAL $9,962,535 $9,890,145
See accompanying notes to financial statements(unaudited).
</TABLE>
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
September 30, September 30,
1996 1995
REVENUES:
Rental Income $678,061 $673,177
Interest 11,844 8,436
Total revenue 689,905 681,613
EXPENSES:
Operating Expenses 333,821 347,319
General and administrative 39,999 35,924
Total expenses 373,820 383,243
NET INCOME $316,085 $298,370
AGGREGATE NET INCOME ALLOCATED TO :
Limited partners $312,924 $295,386
General partners 3,161 2,984
TOTAL $316,085 $298,370
NET INCOME PER
LIMITED PARTNERSHIP UNIT $9.85 $9.29
LIMITED PARTNERSHIP
UNITS USED IN PER
UNIT CALCULATION 31,783 31,783
See accompanying notes to financial statements(unaudited).
[/TABLE]
STATEMENTS OF INCOME (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
<TABLE>
<CAPTION>
September 30, September 30,
1996 1995
<S> <C> <C>
REVENUES:
Rental Income $1,976,345 $1,871,445
Interest 31,999 22,591
Total revenues 2,008,344 1,894,036
EXPENSES:
Operating Expenses 1,014,760 1,028,328
General and administrative 158,002 151,584
Total expenses 1,172,762 1,179,912
NET INCOME 835,582 714,124
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners 827,226 706,983
General partners 8,356 7,141
TOTAL 835,582 714,124
NET INCOME PER LIMITED
PARTNERSHIP UNIT $26.03 $22.24
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 NINE MONTHS ENDED SEPTEMBER 30, 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 7,141 706,983 714,124
DISTRIBUTIONS (9,630) (953,490) (963,120)
EQUITY AT SEPTEMBER 30, 1995 ($59,803) $8,282,160 $8,222,357
EQUITY AT DECEMBER 31, 1995 ($60,475) $8,215,788 $8,155,313
NET INCOME 8,356 827,226 835,582
DISTRIBUTIONS (9,630) (953,490) (963,120)
EQUITY AT SEPTEMBER 30, 1996 ($61,749) $8,089,524 $8,027,775
See accompanying notes to financial statements(unaudited).
</TABLE>
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
<TABLE>
<CAPTION>
September 30, September 30,
1996 1995
<S> <C> <C>
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income $ 835,582 $ 714,124
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 403,896 403,896
Changes in assets and liabilities:
(Increase)Decrease in other assets (58,137) 251,183
Increase in liabilities 199,929 92,499
Net cash provided by operating
activities 1,381,270 1,461,702
CASH FLOWS FROM INVESTING ACTIVITIES-
Purchase of property and equipment (139,639) (13,854)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (963,120) (963,120)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 278,509 484,728
CASH AND CASH EQUIVALENTS:
At beginning of period 1,132,783 590,983
At end of period $1,411,293 $ 1,075,711
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 September 30, 1996, and for
the periods ended September 30, 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 September 30, 1996, the total
cost and accumulated depreciation of the mini-storage facilities is as
follows:
<TABLE>
<S> <C>
Land $ 2,089,882
Buildings 10,822,959
Furniture and Equipment 2,799
Total 12,915,640
Less: Accumulated Depreciation ( 4,495,479)
Property - Net $ 8,420,161
</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> SEP-30-1996 DEC-31-1996
<CASH> 1411292 0
<SECURITIES> 0 0
<RECEIVABLES> 0 0
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 0 0
<PP&E> 12915640 0
<DEPRECIATION> 4495479 0
<TOTAL-ASSETS> 9962535 0
<CURRENT-LIABILITIES> 0 0
<BONDS> 0 0
<COMMON> 0 0
0 0
0 0
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 9962535 0
<SALES> 1976345 0
<TOTAL-REVENUES> 2008344 0
<CGS> 0 0
<TOTAL-COSTS> 0 0
<OTHER-EXPENSES> 0 0
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 0 0
<INCOME-PRETAX> 835582 0
<INCOME-TAX> 0 0
<INCOME-CONTINUING> 835582 0
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 835582 0
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</TABLE>
