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, 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 September 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 September 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
September 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: October 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: October 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
October 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 September 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 September 30, 1997, and 1996, total revenues
decreased 2.1% from $689,905 to $675,479 and total expenses increased 8.1%
from $373,820 to $404,237. As a result, net income decreased 14.2% from
$316,085 to $271,242 for the three month period ended September 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
86.7% for the three month period ended September 30, 1997, as compared to 89.3%
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 $23,600 (7.1%) from $333,821 for
the three month period ended September 30, 1996, to $357,450 for the same
period in 1997. The increase can be attributed primarily to higher maintenance
and repairs, real estate tax expenses. General and administrative expenses
increased approximately $6,800 (17.0%) primarily as a result of Michigan State
Taxes, which were levied for the first time.
For the nine month periods ended September 30, 1997, and 1996, total revenues
decreased 1.1% from $2,008,344 to $1,986,186 and total expenses increased 4.9%
from $1,172,762 to $1,229,913. As a result, net income decreased 9.5% from
$835,582 for the nine month period ended September 30,1996, to $756,273 for the
same period in 1997. The decrease in revenue can be attributed to a decrease
in rental revenue as discussed above and a decrease in U-Haul commissions.
Operating expenses increased approximately $44,900 (4.4%) from $1,014,760 to
$1,059,659. 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 $12,300 (7.8%) 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, 1997 AND DECEMBER 31, 1996
<TABLE>
<CAPTION>
September 30, December 31,
1997 1996
<S> <C> <C>
ASSETS
CASH AND CASH EQUIVALENTS $1,586,714 $1,455,407
PROPERTY 7,884,767 8,283,118
OTHER ASSETS 139,609 72,944
TOTAL $9,611,090 $9,811,469
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $2,015,123 $2,008,655
PARTNERS' EQUITY:
General Partners (66,067) (64,000)
Limited Partners 7,662,034 7,866,814
Total partners' equity 7,595,967 7,802,814
TOTAL $9,611,090 $9,811,469
See accompanying notes to financial statements(unaudited).
</TABLE>
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
September 30, September 30,
1997 1996
REVENUES:
Rental Income $661,428 $678,061
Interest 14,051 11,844
Total revenue 675,479 689,905
EXPENSES:
Operating Expenses 357,450 333,821
General and administrative 46,787 39,999
Total expenses 404,237 373,820
NET INCOME $271,242 $316,085
AGGREGATE NET INCOME ALLOCATED TO :
Limited partners $268,530 $312,924
General partners 2,712 3,161
TOTAL $271,242 $316,085
NET INCOME PER
LIMITED PARTNERSHIP UNIT $8.45 $9.85
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, 1997 AND 1996
<TABLE>
<CAPTION>
September 30, September 30,
1997 1996
<S> <C> <C>
REVENUES:
Rental Income $1,948,700 $1,976,345
Interest 37,486 31,999
Total revenues 1,986,186 2,008,344
EXPENSES:
Operating Expenses 1,059,659 1,014,760
General and administrative 170,254 158,002
Total expenses 1,229,913 1,172,762
NET INCOME 756,273 835,582
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners 748,710 827,226
General partners 7,563 8,356
TOTAL 756,273 835,582
NET INCOME PER LIMITED
PARTNERSHIP UNIT $23.56 $26.03
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, 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 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
EQUITY AT DECEMBER 31, 1996 ($64,000) $7,866,814 $7,802,814
NET INCOME 7,563 748,710 756,273
DISTRIBUTIONS (9,630) (953,490) (963,120)
EQUITY AT SEPTEMBER 30, 1997 ($66,067) $7,662,034 $7,595,967
See accompanying notes to financial statements(unaudited).
</TABLE>
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
<TABLE>
<CAPTION>
September 30, September 30,
1997 1996
<S> <C> <C>
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income $ 756,273 $ 835,582
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 403,895 403,896
Changes in assets and liabilities:
Increase in other assets (66,665) (58,137)
Increase in liabilities 6,468 199,928
Net cash provided by operating
activities 1,099,971 1,381,269
CASH FLOWS FROM INVESTING ACTIVITIES-
Purchase of property and equipment (5,544) (139,639)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (963,120) (963,120)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 131,307 278,510
CASH AND CASH EQUIVALENTS:
At beginning of period 1,455,407 1,132,783
At end of period $1,586,714 $1,411,293
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, 1997, and for
the periods ended September 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 September 30, 1997, the total
cost and accumulated depreciation of the mini-storage facilities is as
follows:
<TABLE>
<S> <C>
Land $ 2,089,882
Buildings 10,828,454
Furniture and Equipment 2,799
Total 12,921,135
Less: Accumulated Depreciation ( 5,036,368)
Property - Net $ 7,884,767
</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> SEP-30-1997 DEC-31-1997
<CASH> 1586714 0
<SECURITIES> 0 0
<RECEIVABLES> 0 0
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 0 0
<PP&E> 12921135 0
<DEPRECIATION> 5036368 0
<TOTAL-ASSETS> 9611090 0
<CURRENT-LIABILITIES> 0 0
<BONDS> 0 0
<COMMON> 0 0
0 0
0 0
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 9611090 0
<SALES> 1948700 0
<TOTAL-REVENUES> 1986186 0
<CGS> 0 0
<TOTAL-COSTS> 0 0
<OTHER-EXPENSES> 0 0
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 0 0
<INCOME-PRETAX> 756273 0
<INCOME-TAX> 0 0
<INCOME-CONTINUING> 756273 0
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 756273 0
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</TABLE>
