October 31, 2000
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, 2000. 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, 2000, and 1999, total
revenues increased 12.5% from $761,654 to $856,650 and total expenses
increased 8.8% from $433,539 to $471,899. As a result, net income
increased 17.3% from $328,115 to $384,751 for the three-month period
ended September 30, 2000, as compared to the same period in 1999. The
increase in revenues can be attributed to an increase in rental income
due to higher occupancy and unit rental rates. Occupancy levels for the
Partnership's five mini-storage facilities averaged 91.6% for the three-
month period ended September 30, 2000, as compared to 87.9% for the same
period in 1999. The Partnership is continuing its advertising campaign
to attract and keep new tenants in its various mini-storage facilities.
Operating expenses increased approximately $41,000 (10.7%) primarily as
a result of increases in property management fees, salaries and wages
and workers compensation insurance expenses, partially offset by a de-
crease in maintenance and repair expenses. General and administrative
expenses decreased approximately $2,700 (5.4%) primarily as a result of
a decrease in equipment and computer lease expense.
For the nine-month periods ended September 30, 2000, and 1999, total
revenues increased 9.2% from $2,165,812 to $2,365,102 and total expenses
increased 6.3% from $1,253,845 to $1,333,093. As a result, net income
increased 13.2% from $911,967 for the nine-month period ended September 30,
1999, to $1,032,009 for the same period in 2000. The increase in revenues
can be attributed to an increase in rental revenue due to higher unit
rental rates. Operating expenses increased approximately $72,100 (6.7%)
from $1,082,599 to $1,154,715. The increase is primarily due to higher
maintenance and repair, property management fees, salaries and wages and
workers compensation insurance expenses, partially offset by a decrease
in power and sweeping expenses. Property management fees, which are based
on rental revenue, increased as a result of the increase in rental revenue.
Power and sweeping expenses decreased as the substantial snow removal costs
in the prior year associated with the blizzard, which hit the Detroit,
Michigan area, did not materialize in the current year. General and
administrative expenses increased approximately $7,100 (4.1%) primarily
as a result of relatively insignificant fluctuations in various expense
accounts.
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
