-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FlzlpA5ADehUP/cen5+pD/ehRrNjeKFNaccf6WmNBJiGReJwfFIoBNK7A8gAnboF 8Y++tNlprXS1URKkIcpYMw== 0000318835-97-000014.txt : 19971114 0000318835-97-000014.hdr.sgml : 19971114 ACCESSION NUMBER: 0000318835-97-000014 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19970930 FILED AS OF DATE: 19971112 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: DSI REALTY INCOME FUND X CENTRAL INDEX KEY: 0000792989 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 330195079 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-15346 FILM NUMBER: 97714052 BUSINESS ADDRESS: STREET 1: 3701 LONG BEACH BLVD CITY: LONG BEACH STATE: CA ZIP: 90801 BUSINESS PHONE: 310-595-7711 MAIL ADDRESS: STREET 1: P O BOX 357 CITY: LONG BEACH STATE: CA ZIP: 90801 10-Q 1 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 EX-20 2 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 EX-20 3 DSI REALTY INCOME FUND X (A California Real Estate Limited Partnership) BALANCE SHEETS(UNAUDITED), SEPTEMBER 30, 1997 AND DECEMBER 31, 1996
September 30, December 31, 1997 1996 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).
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
September 30, September 30, 1997 1996 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).
STATEMENTS OF CHANGES IN PARTNERS' EQUITY (UNAUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
GENERAL LIMITED PARTNERS PARTNERS TOTAL 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).
STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
September 30, September 30, 1997 1996 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).
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: 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
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. EX-27 4
5 3-MOS YEAR DEC-31-1997 DEC-31-1997 SEP-30-1997 DEC-31-1997 1586714 0 0 0 0 0 0 0 0 0 0 0 12921135 0 5036368 0 9611090 0 0 0 0 0 0 0 0 0 0 0 0 0 9611090 0 1948700 0 1986186 0 0 0 0 0 0 0 0 0 0 0 756273 0 0 0 756273 0 0 0 0 0 0 0 756273 0 0 0 0 0
-----END PRIVACY-ENHANCED MESSAGE-----