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, 1998
/___/ 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.)
6700 E. Pacific Coast Hwy, Long Beach, California 90803
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code-(562)493-8881
_________________________________________________________________
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, 1998 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, 1998.
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, 1998.
(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, 1998 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, 1998 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, 1998
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, 1998. 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, 1998 and 1997, total
revenues increased 0.9% from $656,555 to $662,350 and total expenses decreased
0.7% from $397,406 to $394,689. As a result net income increased 3.3% from
$259,149 to $267,661 for the three month period ended March 31, 1998, as
compared to the same period in 1997. The increase in revenue can be attributed
to an increase in rental revenue as a result of higher unit rental rates.
Occupancy levels for the Partnership's five mini-storage facilities averaged
78.6% for the three month period ended March 31, 1998, as compared to 83.1%
for the same period in 1997. The Partnership is continuing its marketing
efforts to attract and keep new tenants in its various mini-storage facilities.
Operating expenses decreased approximately $8,200 (2.5%) primarily as a result
of lower yellow pages advertising costs, maintenance and repair and salary
and wage expenses, partially offset by higher real estate tax expense. General
and administrative expenses increased approximately $5,500 (8.6%) primarily
as a result of estimated tax payments to Maryland and Michigan.
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, 1998 AND DECEMBER 31, 1997
<TABLE>
<CAPTION>
March 31, December 31,
1998 1997
<S> <C> <C>
ASSETS
CASH AND CASH EQUIVALENTS $1,592,789 $1,475,167
PROPERTY 7,617,469 7,752,217
OTHER ASSETS 72,997 72,944
TOTAL $9,283,255 $9,300,328
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $2,119,011 $2,082,705
PARTNERS' EQUITY:
General Partners (70,385) (69,852)
Limited Partners 7,234,629 7,287,475
Total partners' equity 7,164,244 7,217,623
TOTAL $9,283,255 $9,300,328
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND 1997
March 31, March 31,
1998 1997
REVENUES:
Rental Income $650,268 $645,246
Interest 12,082 11,309
Total revenue 662,350 656,555
EXPENSES:
Operating Expenses 325,237 333,454
General and administrative 69,452 63,952
Total expenses 394,689 397,406
NET INCOME $267,661 $259,149
AGGREGATE NET INCOME ALLOCATED TO :
Limited partners $264,984 $256,558
General partners 2,677 2,591
TOTAL $267,661 $259,149
NET INCOME PER
LIMITED PARTNERSHIP UNIT $8.34 $8.07
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, 1998 AND 1997
<TABLE>
<CAPTION>
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
<S> <C> <C> <C>
EQUITY AT DECEMBER 31, 1996 ($64,000) $7,866,814 $7,802,814
NET INCOME 2,591 256,558 259,149
DISTRIBUTIONS (3,210) (317,830) (321,040)
EQUITY AT MARCH 31, 1997 ($64,619) $7,805,542 $7,740,923
EQUITY AT DECEMBER 31, 1997 ($69,852) $7,287,475 $7,217,623
NET INCOME 2,677 264,984 267,661
DISTRIBUTIONS (3,210) (317,830) (321,040)
EQUITY AT MARCH 31, 1998 ($70,385) $7,234,629 $7,164,244
See accompanying notes to financial statements(unaudited).
</TABLE>
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND 1997
<TABLE>
<CAPTION>
March 31, March 31,
1998 1997
<S> <C> <C>
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income $ 267,661 $ 259,149
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 134,632 134,633
Changes in assets and liabilities:
Increase in other assets (53) (39,331)
Increase(Decrease) in liabilities 36,306 (121,384)
Net cash provided by operating
activities 438,546 233,067
CASH FLOWS FROM INVESTING ACTIVITIES-
Disposal of property and equipment 116 0
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (321,040) (321,040)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 117,622 (87,973)
CASH AND CASH EQUIVALENTS:
At beginning of period 1,475,167 1,455,407
At end of period $1,592,789 $1,367,434
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, 1998, and for
the periods ended March 31, 1998 and 1997 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, 1998, the total cost
and accumulated depreciation of the mini-storage facilities is as
follows:
<TABLE>
<S> <C>
Land $ 2,089,882
Buildings 10,827,410
Furniture and Equipment 5,810
Total 12,923,102
Less: Accumulated Depreciation ( 5,305,633)
Property - Net $ 7,617,469
</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-31-1998 DEC-31-1998
<PERIOD-END> MAR-31-1998 DEC-31-1998
<CASH> 1592789 0
<SECURITIES> 0 0
<RECEIVABLES> 0 0
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 0 0
<PP&E> 12923102 0
<DEPRECIATION> 5305633 0
<TOTAL-ASSETS> 9283255 0
<CURRENT-LIABILITIES> 0 0
<BONDS> 0 0
<COMMON> 0 0
0 0
0 0
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 9283255 0
<SALES> 650268 0
<TOTAL-REVENUES> 662350 0
<CGS> 0 0
<TOTAL-COSTS> 0 0
<OTHER-EXPENSES> 0 0
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 0 0
<INCOME-PRETAX> 267661 0
<INCOME-TAX> 0 0
<INCOME-CONTINUING> 267661 0
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 267661 0
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</TABLE>
