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, 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 September 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 September 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
September 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: October 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: October 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
October 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 September 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 September 30, 1998, and 1997, total
revenues increased 4.1% from $675,479 to $702,869 and total expenses
decreased slightly from $404,237 to $403,585. As a result, net income
increased 10.4% from $271,242 to $299,284 for the three-month period
ended September 30, 1998, as compared to the same period in 1997. The
increase in revenues can be attributed to an increase in rental income
due to higher unit rental rates. Occupancy levels for the Partnership's
five mini-storage facilities averaged 86.7% for the three-month periods
ended September 30, 1998 and 1997. The Partnership is continuing its
advertising campaign to attract and keep new tenants in its various mini-
storage facilities. Operating and general and administrative expenses
remained constant for the three-month periods ended September 30, 1998
and 1997.
For the nine-month periods ended September 30, 1998, and 1997, total
revenues increased 1.6% from $1,986,186 to $2,018,200 and total expenses
decreased 1.2% from $1,229,913 to $1,215,616. As a result, net income
increased 6.1% from $756,273 for the nine-month period ended September 30,
1997, to $802,584 for the same period in 1998. The slight increase in
revenues can be attributed to an increase in rental revenue due to higher
unit rental rates. Operating expenses decreased approximately $24,900
(2.3%) from $1,059,659 to $1,034,734. The decrease is primarily due to
lower yellow pages advertising costs, repairs and maintenance and workmen
compensation insurance expenses, partially offset by higher real estate taxes.
General and administrative expenses increased approximately $10,600 (6.2%)
primarily as a result of estimated tax payments to the state of Michigan.
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.
The Year 2000 issue refers to the inability of certain computer systems to
recognize a date using "00" as the Year 2000. The Partnership has implemented
a Year 2000 program, which has three phases: (1) identification;
(2) remediation; and (3) testing and verification. The Partnership, as well
as the property management company and the Partnership's warehouse facilities
have completed those phases. Computer programs have been upgraded and tested
to function properly with respect to the dates in the Year 2000 and thereafter.
Year 2000 compliance costs are nominal and have been expensed in the regular
course of business. The Partnership provides no assurance that third-party
suppliers and customers will be compliant. Nevertheless, the Partnership does
not believe that the Year 2000 issue will have a material adverse effect on its
financial condition or results of operations.
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, 1998 AND DECEMBER 31, 1997
<TABLE>
<CAPTION>
September 30, December 31,
1998 1997
<S> <C> <C>
ASSETS
CASH AND CASH EQUIVALENTS $1,904,089 $1,475,167
PROPERTY 7,348,205 7,752,217
OTHER ASSETS 128,799 72,944
TOTAL $9,381,093 $9,300,328
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $2,324,006 $2,082,705
PARTNERS' EQUITY:
General Partners (71,456) (69,852)
Limited Partners 7,128,543 7,287,475
Total partners' equity 7,057,087 7,217,623
TOTAL $9,381,093 $9,300,328
See accompanying notes to financial statements(unaudited).
</TABLE>
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997
September 30, September 30,
1998 1997
REVENUES:
Rental Income $686,209 $661,428
Interest 16,660 14,051
Total revenue 702,869 675,479
EXPENSES:
Operating Expenses 357,880 357,450
General and administrative 45,705 46,787
Total expenses 403,585 404,237
NET INCOME $299,284 $271,242
AGGREGATE NET INCOME ALLOCATED TO :
Limited partners $296,291 $268,530
General partners 2,993 2,712
TOTAL $299,284 $271,242
NET INCOME PER
LIMITED PARTNERSHIP UNIT $9.32 $8.45
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, 1998 AND 1997
<TABLE>
<CAPTION>
September 30, September 30,
1998 1997
<S> <C> <C>
REVENUES:
Rental Income $1,974,650 $1,948,700
Interest 43,550 37,486
Total revenues 2,018,200 1,986,186
EXPENSES:
Operating Expenses 1,034,734 1,059,659
General and administrative 180,882 170,254
Total expenses 1,215,616 1,229,913
NET INCOME 802,584 756,273
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners 794,558 748,710
General partners 8,026 7,563
TOTAL 802,584 756,273
NET INCOME PER LIMITED
PARTNERSHIP UNIT $25.00 $23.56
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, 1998 AND 1997
<TABLE>
<CAPTION>
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
<S> <C> <C> <C>
EQUITY AT JANUARY 1, 1997 ($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
EQUITY AT JANUARY 1, 1998 ($69,852) $7,287,475 $7,217,623
NET INCOME 8,026 794,558 802,584
DISTRIBUTIONS (9,630) (953,490) (963,120)
EQUITY AT SEPTEMBER 30, 1998 ($71,456) $7,128,543 $7,057,087
See accompanying notes to financial statements(unaudited).
</TABLE>
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997
<TABLE>
<CAPTION>
September 30, September 30,
1998 1997
<S> <C> <C>
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income $ 802,584 $ 756,273
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 403,896 403,895
Loss on disposal of
property and equipment 116 0
Changes in assets and liabilities:
Increase in other assets (55,855) (66,665)
Increase in liabilities 241,301 6,468
Net cash provided by operating
activities 1,392,042 1,099,971
CASH FLOWS FROM INVESTING ACTIVITIES-
Purchase of property and equipment 0 (5,544)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (963,120) (963,120)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 428,922 131,307
CASH AND CASH EQUIVALENTS:
At beginning of period 1,475,167 1,455,407
At end of period $1,904,089 $ 1,586,714
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, 1998, and for
the periods ended September 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 September 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 ( 5,574,897)
Property - Net $ 7,348,205
</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> SEP-30-1998 DEC-31-1998
<CASH> 1904089 0
<SECURITIES> 0 0
<RECEIVABLES> 0 0
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 0 0
<PP&E> 12923102 0
<DEPRECIATION> 5574897 0
<TOTAL-ASSETS> 9381093 0
<CURRENT-LIABILITIES> 0 0
<BONDS> 0 0
<COMMON> 0 0
0 0
0 0
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 9381093 0
<SALES> 1974650 0
<TOTAL-REVENUES> 2018200 0
<CGS> 0 0
<TOTAL-COSTS> 0 0
<OTHER-EXPENSES> 0 0
<LOSS-PROVISION> 0 0
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<INCOME-PRETAX> 802584 0
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<INCOME-CONTINUING> 802584 0
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 802584 0
<EPS-PRIMARY> 0 0
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</TABLE>
