-----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, GaE5cbBwCBUakDDoej/cyADivIFTL2eZw25aBIOukaL52G5c0twgWqPlbetSYZIl weRp1IViCh+l/A9T2oP3jA== 0000318835-02-000017.txt : 20020515 0000318835-02-000017.hdr.sgml : 20020515 20020515164017 ACCESSION NUMBER: 0000318835-02-000017 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20020331 FILED AS OF DATE: 20020515 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: 1934 Act SEC FILE NUMBER: 000-15346 FILM NUMBER: 02653109 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 dx302.txt 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, 2002 /___/ 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, 2002 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, 2002. 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, 2002. (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 26, 2002 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 26, 2002 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 26, 2002 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, 2002. 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, 2002 and 2001, revenues decreased 1.1% from $837,717 to $828,313, total expenses increased 5.7% from $446,066 to $471,524 and other income decreased from $16,829 to $2,068. As a result, net income decreased 12.1% from $408,480 to $358,857 for the three-month period ended March 31, 2002, as compared to the same period in 2001. The decrease in revenue can be attributed to a decrease in late fees as rental revenue remained level with prior year. Occupancy levels for the Partnership's five mini-storage facilities averaged 87.5% for the three month period ended March 31, 2002, as compared to 87.3% for the same period in 2001. The Partnership is continuing its marketing efforts to attract and keep new tenants in its various mini-storage facilities. Operating expenses increased approximately $18,500 (4.8%) primarily as a result of higher office supplies, real estate taxes and workers compensation insurance expenses, partially off- set by salaries and wages and power and sweeping expenses. Power and sweeping expenses decreased as the substantial snow removal costs associated with heavy snowfalls in the Detroit, Michigan area during the first quarter of 2001, were not incurred in the current period. General and administrative expenses increased approximately $7,000 (10.9%) primarily as a result of higher equipemnt and computer lease expenses and Maryland tax payments. 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, 2002 AND DECEMBER 31, 2001 March 31, December 31, 2002 2001 ASSETS CASH AND CASH EQUIVALENTS $1,118,103 $1,446,960 PROPERTY, NET 5,470,422 5,605,054 OTHER ASSETS 142,031 142,031 TOTAL $6,730,556 $7,194,045 LIABILITIES AND PARTNERS' EQUITY (DEFICIT) LIABILITIES $1,088,097 $1,585,229 PARTNERS' EQUITY (DEFICIT): General Partners (85,603) (85,940) Limited Partners 5,728,062 5,694,756 Total partners' equity 5,642,459 5,608,816 TOTAL $8,970,119 $7,194,045 See accompanying notes to financial statements(unaudited). STATEMENTS OF INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND 2001 March 31, March 31, 2002 2001 REVENUES: Rental $828,313 $837,717 EXPENSES: Operating 400,130 381,640 General and administrative 71,394 64,426 Total expenses 471,524 446,066 OPERATING INCOME 356,789 391,651 OTHER INCOME Interest 2,068 16,829 NET INCOME $358,857 $408,480 AGGREGATE NET INCOME ALLOCATED TO : Limited partners $355,268 $404,395 General partners 3,589 4,085 TOTAL $358,857 $408,480 NET INCOME PER LIMITED PARTNERSHIP UNIT $11.18 $12.72 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 (DEFICIT)(UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 2002 GENERAL LIMITED PARTNERS PARTNERS TOTAL BALANCE AT JANUARY 1, 2002 ($85,940) $5,694,756 $5,608,816 NET INCOME 3,589 355,268 358,857 DISTRIBUTIONS (3,252) (321,962) (325,214) BALANCE AT MARCH 31, 2002 ($85,603) $5,728,062 $5,642,459 See accompanying notes to financial statements(unaudited). STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND 2001 March 31, March 31, 2002 2001 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 358,857 $ 408,480 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 134,632 134,632 Changes in assets and liabilities: (Decrease)increase in liabilities (497,132) 39,939 Net cash used in provided by operating activities (3,643) 583,051 CASH FLOWS FROM FINANCING ACTIVITIES - Distributions to partners (325,214) (325,214) NET (DECREASE)INCREASE IN CASH AND CASH EQUIVALENTS (328,857) 257,837 CASH AND CASH EQUIVALENTS: At beginning of period 1,446,960 2,605,662 At end of period $1,118,103 $2,863,499 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 March 31, 2002, and for the periods ended March 31, 2002 and 2001 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, 2002, the total cost and accumulated depreciation of the mini-storage facilities is as follows: Land $ 2,089,882 Buildings 10,834,474 Furniture and Equipment 5,810 Total 12,930,166 Less: Accumulated Depreciation ( 7,459,744) Property - Net $ 5,470,422
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. -----END PRIVACY-ENHANCED MESSAGE-----