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, 1997
/___/ 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-(562)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, 1997 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, 1997.
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, 1997.
(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, 1997 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, 1997 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, 1997
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, 1997. 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, 1997, and 1996, total revenues
decreased 3% from $674,264 to $654,152 and total expenses increased 10.1%
from $388,926 to $428,270. As a result, net income decreased 20.8% from
$285,338 to $225,882 for the three month period ended June 30, 1997, as
compared to the same period in 1996. The decrease in revenue can be
attributed to a decrease in rental income due to lower occupancy and unit
rental rates. Occupancy levels for the Partnership's five mini-storage
facilities averaged 84.7% for the three month period ended June 30, 1997,
as compared to 88.5% for the same period in 1996. The Partnership is
continuing its advertising campaign to attract and keep new tenants in its
various mini-storage facilities. Operating expenses increased approximately
$30,400 (9%) from $338,399 for the three month period ended June 30, 1996,
to $368,755 for the same period in 1997. The increase can be attributed
primarily to higher maintenance and repairs, real estate tax and fire and
liability insurance expenses. General and administrative expenses increased
approximately $9,000 (17.8%) primarily as a result of Michigan State Taxes,
which were levied for the first time.
For the six month periods ended June 30, 1997, and 1996, total revenues
decreased 0.6% from $1,318,439 to $1,310,707 and total expenses increased
3.3% from $798,942 to $825,676. As a result, net income decreased 6.6%
from $519,497 for the six month period ended June 30, 1996, to $485,031 for
the same period in 1997. The decrease in revenue can be attributed to a
decrease in U-Haul commissions. Operating expenses increased approximately
$21,300 (3.1%) from $680,939 to $702,209. Increases in fire and liability
insurance, maintenance and repair, real estate tax, salaries and wage and
office expenses were partially offset by decreases in, power sweeping and
guard service expenses. General and administrative expenses increased
approximately $5,500 (4.6%) 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), JUNE 30, 1997 AND DECEMBER 31, 1996
<TABLE>
<CAPTION>
June 30, December 31,
1997 1996
<S> <C> <C>
ASSETS
CASH AND CASH EQUIVALENTS $1,506,193 $1,455,407
PROPERTY 8,015,853 8,283,118
OTHER ASSETS 72,944 72,944
TOTAL $9,594,990 $9,811,469
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $1,949,225 $2,008,655
PARTNERS' EQUITY:
General Partners (65,570) (64,000)
Limited Partners 7,711,335 7,866,814
Total partners' equity 7,645,765 7,802,814
TOTAL $9,594,990 $9,811,469
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED JUNE 30, 1997 AND 1996
June 30, June 30,
1997 1996
REVENUES:
Rental Income $642,026 $662,523
Interest 12,126 11,741
Total revenue 654,152 674,264
EXPENSES:
Operating Expenses 368,755 338,399
General and administrative 59,515 50,527
Total expenses 428,270 388,926
NET INCOME $225,882 $285,338
AGGREGATE NET INCOME ALLOCATED TO :
Limited partners $223,623 $282,485
General partners 2,259 2,853
TOTAL $225,882 $285,338
NET INCOME PER
LIMITED PARTNERSHIP UNIT $7.04 $8.89
LIMITED PARTNERSHIP
UNITS USED IN PER
UNIT CALCULATION 31,783 31,783
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 1997 AND 1996
June 30, June 30,
1997 1996
REVENUES:
Rental Income $1,287,272 $1,298,284
Interest 23,435 20,155
Total revenues 1,310,707 1,318,439
EXPENSES:
Operating Expenses 702,209 680,939
General and administrative 123,467 118,003
Total expenses 825,676 798,942
NET INCOME 485,031 519,497
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $480,181 $514,302
General partners 4,850 5,195
TOTAL $485,031 $519,497
NET INCOME PER LIMITED
PARTNERSHIP UNIT $15.11 $16.18
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, 1997 AND 1996
<TABLE>
<CAPTION>
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
<S> <C> <C> <C>
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
EQUITY AT DECEMBER 31, 1996 ($64,000) $7,866,814 $7,802,814
NET INCOME 4,850 480,181 485,031
DISTRIBUTIONS (6,420) (635,660) (642,080)
EQUITY AT JUNE 30, 1997 ($65,570) $7,711,335 $7,645,765
See accompanying notes to financial statements(unaudited).
</TABLE>
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED JUNE 30, 1997 AND 1996
<TABLE>
<CAPTION>
June 30, June 30,
1997 1996
<S> <C> <C>
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income $ 485,031 $ 519,497
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 269,265 269,264
Changes in assets and liabilities:
Increase in other assets 0 0
(Decrease)Increase in liabilities (59,430) 145,953
Net cash provided by operating
activities 694,866 934,714
CASH FLOWS FROM INVESTING ACTIVITIES-
Purchase of property and equipment (2,000) (112,654)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (642,080) (642,080)
NET INCREASE IN CASH AND CASH
EQUIVALENTS 50,786 179,980
CASH AND CASH EQUIVALENTS:
At beginning of period 1,455,407 1,132,783
At end of period $1,506,193 $1,312,763
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, 1997, and for
the periods ended June 30, 1997 and 1996 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, 1997, the total cost
and accumulated depreciation of the mini-storage facilities is as
follows:
<TABLE>
<S> <C>
Land $ 2,089,882
Buildings 10,824,909
Furniture and Equipment 2,799
Total 12,915,590
Less: Accumulated Depreciation ( 4,901,737)
Property - Net $ 8,015,853
</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-31-1997 DEC-31-1997
<PERIOD-END> JUN-30-1997 DEC-31-1997
<CASH> 1506193 0
<SECURITIES> 0 0
<RECEIVABLES> 0 0
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 0 0
<PP&E> 12915590 0
<DEPRECIATION> 4901737 0
<TOTAL-ASSETS> 9594990 0
<CURRENT-LIABILITIES> 0 0
<BONDS> 0 0
<COMMON> 0 0
0 0
0 0
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 9594990 0
<SALES> 1287272 0
<TOTAL-REVENUES> 23435 0
<CGS> 0 0
<TOTAL-COSTS> 0 0
<OTHER-EXPENSES> 0 0
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 0 0
<INCOME-PRETAX> 485031 0
<INCOME-TAX> 0 0
<INCOME-CONTINUING> 485031 0
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 485031 0
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</TABLE>
