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, 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 June 30, 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 June 30, 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
June 30, 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: July 31, 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: July 31, 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
July 31, 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 June 30, 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 June 30, 1998, and 1997, total revenues
decreased slightly from $654,152 to $652,981 and total expenses decreased
2.6% from $428,270 to $417,342. As a result, net income increased 4.3%
from $225,882 to $235,639 for the three month period ended June 30, 1998,
as compared to the same period in 1997. The slight decrease in revenue can
be attributed to a decrease in rental income due to lower occupancy levels,
partially offset by higher unit rental rates. Occupancy levels for the
Partnership's five mini-storage facilities averaged 81.0% for the three
month period ended June 30, 1998, as compared to 84.7% for the same period
in 1997. The Partnership is continuing its advertising campaign to attract
and keep new tenants in its various mini-storage facilities. Operating
expenses decreased approximately $17,100 (4.6%) from $368,755 for the three
month period ended June 30, 1997, to $351,617 for the same period in 1998.
The decrease can be attributed primarily to lower yellow pages advertising
costs, maintenance and repairs, salaries and wages and workman's compensation
insurance expenses, partially offset by higher real estate tax expenses.
General and administrative expenses increased approximately $6,200 (10.4%)
primarily as a result of estimated tax payments to Maryland and Michigan.
For the six month periods ended June 30, 1998, and 1997, total revenues
increased slightly from $1,310,707 to $1,315,331 and total expenses decreased
1.7% from $825,676 to $812,031. As a result, net income increased 3.8% from
$485,031 for the six month period ended June 30, 1997, to $503,300 for the
same period in 1998. The slight increase in revenue can be attributed to an
increase in rental revenue due to higher unit rental rates, partially offset
by lower occupancy levels. Operating expenses decreased approximately $25,400
(3.6%) from $702,209 to $676,854. The decrease is primarily due to lower
yellow pages advertising costs, repairs and maintenance and workman's
compensation insurance expenses, partially offset by higher real estate tax.
General and administrative expenses increased approximately $11,700 (9.5%)
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, 1998 AND DECEMBER 31, 1997
<TABLE>
<CAPTION>
June 30, December 31,
1998 1997
<S> <C> <C>
ASSETS
CASH AND CASH EQUIVALENTS $1,752,283 $1,475,167
PROPERTY 7,482,837 7,752,217
OTHER ASSETS 75,791 72,944
TOTAL $9,310,911 $9,300,328
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $2,232,068 $2,082,705
PARTNERS' EQUITY:
General Partners (71,239) (69,852)
Limited Partners 7,150,082 7,287,475
Total partners' equity 7,078,843 7,217,623
TOTAL $9,310,911 $9,300,328
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED JUNE 30, 1998 AND 1997
June 30, June 30,
1997 1996
REVENUES:
Rental Income $638,173 $642,026
Interest 14,808 12,126
Total revenue 652,981 654,152
EXPENSES:
Operating Expenses 351,617 368,755
General and administrative 65,725 59,515
Total expenses 417,342 428,270
NET INCOME $235,639 $225,882
AGGREGATE NET INCOME ALLOCATED TO :
Limited partners $233,283 $223,623
General partners 2,356 2,259
TOTAL $235,639 $225,882
NET INCOME PER
LIMITED PARTNERSHIP UNIT $7.34 $7.04
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, 1998 AND 1997
June 30, June 30,
1998 1997
REVENUES:
Rental Income $1,288,441 $1,287,272
Interest 26,890 23,435
Total revenues 1,315,331 1,310,707
EXPENSES:
Operating Expenses 676,854 702,209
General and administrative 135,177 123,467
Total expenses 812,031 825,676
NET INCOME 503,300 485,031
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $498,267 $480,181
General partners 5,033 4,850
TOTAL $503,300 $485,031
NET INCOME PER LIMITED
PARTNERSHIP UNIT $15.68 $15.11
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 SIX MONTHS ENDED JUNE 30, 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 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
EQUITY AT DECEMBER 31, 1997 ($69,852) $7,287,475 $7,217,623
NET INCOME 5,033 498,267 503,300
DISTRIBUTIONS (6,420) (635,660) (642,080)
EQUITY AT JUNE 30, 1998 ($71,239) $7,150,082 $7,078,843
See accompanying notes to financial statements(unaudited).
</TABLE>
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 1998 AND 1997
<TABLE>
<CAPTION>
June 30, June 30,
1998 1997
<S> <C> <C>
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income $ 503,300 $ 485,031
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 269,264 269,265
Changes in assets and liabilities:
Increase in other assets (2,847) 0
Increase(Decrease) in liabilities 149,363 (59,430)
Net cash provided by operating
activities 919,080 694,866
CASH FLOWS FROM INVESTING ACTIVITIES-
Disposal(Purchase)of property
and equipment 116 (2,000)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (642,080) (642,080)
NET INCREASE IN CASH AND CASH
EQUIVALENTS 277,116 50,786
CASH AND CASH EQUIVALENTS:
At beginning of period 1,475,167 1,455,407
At end of period $1,752,283 $1,506,193
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, 1998, and for
the periods ended June 30, 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 June 30, 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 ( 5,440,265)
Property - Net $ 7,482,837
</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> JUN-30-1998 DEC-31-1998
<CASH> 1752283 0
<SECURITIES> 0 0
<RECEIVABLES> 0 0
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 0 0
<PP&E> 12923102 0
<DEPRECIATION> 5440265 0
<TOTAL-ASSETS> 9310911 0
<CURRENT-LIABILITIES> 0 0
<BONDS> 0 0
<COMMON> 0 0
0 0
0 0
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 9310911 0
<SALES> 1288441 0
<TOTAL-REVENUES> 1315331 0
<CGS> 0 0
<TOTAL-COSTS> 0 0
<OTHER-EXPENSES> 0 0
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 0 0
<INCOME-PRETAX> 503300 0
<INCOME-TAX> 0 0
<INCOME-CONTINUING> 503300 0
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 503300 0
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</TABLE>
