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 June 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 June 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 June 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
June 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: July 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: July 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
July 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 June 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 June 30, 1996 and 1995, total
revenues increased 7.1% from $629,860 to $674,264 and total expenses
decreased 5.1% from $409,734 to $388,926. As a result, net income
increased 29.6% from $220,126 to $285,338 for the three month period
ended June 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 a
higher occupancy and rental rates and higher U-Haul commissions. Occupancy
levels for the Partnership's five mini-storage facilities averaged 88.5%
for the three month period ended June 30, 1996, as compared to 87.9% 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 $15,700 (4.4%) from
$354,050 for the three month period ended June 30, 1995, to $338,399 for
the same period in 1996. The decrease can be attributed to lower maintenance
and repairs and office expenses partially offset by higher property management
fees. Property management fees, which are based on revenue, increased as a
result of the increase in rental revenue. General and administrative expenses
decreased approximately $5,200 (9.3%) primarily as a result of other taxes,
which consists of Maryland Non-Resident Withholding Taxes which were paid
by the Partnership.
For the six month periods ended June 30, 1996, and 1995, total revenues
increased 8.7% from $1,212,423 to $1,318,439 and total expenses increased
0.3% from $796,759 to $798,942. As a result, net income increased 25%
from $415,664 for the six month period ended June 30, 1995, to $519,497
for the same period in 1996. The increase in revenue can be attributed to
an increase in rental income due to higher occupancy and unit rental rates.
Operating expenses decreased slightly form $681,099 to $680,939. Decreases
in 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 $2,300 (2%) as a result of relatively
insignificant fluctuations in various expense accounts.
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), JUNE 30, 1996 AND DECEMBER 31, 1995
<TABLE>
<CAPTION>
June 30, December 31,
1996 1995
<S> <C> <C>
ASSETS
CASH AND CASH EQUIVALENTS $1,312,763 $1,132,783
PROPERTY 8,527,808 8,684,418
OTHER ASSETS 72,944 72,944
TOTAL $9,913,515 $9,890,145
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $1,880,785 $1,734,832
PARTNERS' EQUITY:
General Partners (61,700) (60,475)
Limited Partners 8,094,430 8,215,788
Total partners' equity 8,032,730 8,155,313
TOTAL $9,913,515 $9,890,145
See accompanying notes to financial statements(unaudited).
</TABLE>
STATEMENTS OF INCOME (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995
June 30, June 30,
1996 1995
REVENUES:
Rental Income $662,523 $622,332
Interest 11,741 7,528
Total revenue 674,264 629,860
EXPENSES:
Operating Expenses 338,399 354,050
General and administrative 50,527 55,684
Total expenses 388,926 409,734
NET INCOME $285,338 $220,126
AGGREGATE NET INCOME ALLOCATED TO :
Limited partners $282,485 $217,925
General partners 2,853 2,201
TOTAL $285,338 $220,126
NET INCOME PER
LIMITED PARTNERSHIP UNIT $8.89 $6.86
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 SIX MONTHS ENDED JUNE 30, 1996 AND 1995
<TABLE>
<CAPTION>
June 30, June 30,
1996 1995
<S> <C> <C>
REVENUES:
Rental Income $1,298,284 $1,198,268
Interest 20,155 14,155
Total revenues 1,318,439 1,212,423
EXPENSES:
Operating Expenses 680,939 681,099
General and administrative 118,003 115,660
Total expenses 798,942 796,759
NET INCOME 519,497 415,664
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners 514,302 411,507
General partners 5,195 4,157
TOTAL 519,497 415,664
NET INCOME PER LIMITED
PARTNERSHIP UNIT $16.18 $12.95
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 JUNE 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 4,157 411,507 415,664
DISTRIBUTIONS (6,420) (635,660) (642,080)
EQUITY AT JUNE 30, 1995 ($59,577) $8,304,514 $8,244,937
EQUITY AT DECEMBER 31, 1995 ($60,475) $8,215,788 $8,155,313
NET INCOME 5,195 514,302 519,497
DISTRIBUTIONS (6,420) (635,660) (642,080)
EQUITY AT JUNE 30, 1996 ($61,700) $8,094,430 $8,032,730
See accompanying notes to financial statements(unaudited).
</TABLE>
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995
<TABLE>
<CAPTION>
June 30, June 30,
1996 1995
<S> <C> <C>
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income $ 519,497 $ 415,664
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 269,264 269,264
Changes in assets and liabilities:
Decrease in other assets 0 263,312
Increase in liabilities 145,953 36,600
Net cash provided by operating
activities 934,714 984,840
CASH FLOWS FROM INVESTING ACTIVITIES-
Purchase of property and equipment (112,654) (6,943)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (642,080) (642,080)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 179,980 335,817
CASH AND CASH EQUIVALENTS:
At beginning of period 1,132,783 590,983
At end of period $1,312,763 $ 926,800
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 June 30, 1996, and for
the periods ended June 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 June 30, 1996, the total cost
and accumulated depreciation of the mini-storage facilities is as
follows:
<TABLE>
<S> <C>
Land $ 2,089,882
Buildings 10,795,973
Furniture and Equipment 2,799
Total 12,888,654
Less: Accumulated Depreciation ( 4,360,846)
Property - Net $ 8,527,808
</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> JUN-30-1996 DEC-31-1996
<CASH> 1312763 0
<SECURITIES> 0 0
<RECEIVABLES> 0 0
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 0 0
<PP&E> 12888654 0
<DEPRECIATION> 4360846 0
<TOTAL-ASSETS> 9913515 0
<CURRENT-LIABILITIES> 0 0
<BONDS> 0 0
<COMMON> 0 0
0 0
0 0
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 9913515 0
<SALES> 1298284 0
<TOTAL-REVENUES> 1318439 0
<CGS> 0 0
<TOTAL-COSTS> 0 0
<OTHER-EXPENSES> 0 0
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 0 0
<INCOME-PRETAX> 519497 0
<INCOME-TAX> 0 0
<INCOME-CONTINUING> 519497 0
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 519497 0
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</TABLE>
