-----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, HzYagOoJzwDwVaelfm0dqKA+NDzUqA8YhzPF0/UYiVGZ1wjBX5yiaO6PXvGPJMHh jAi6B9MBv/sSLL1UFzScZA== 0000318835-99-000021.txt : 19991115 0000318835-99-000021.hdr.sgml : 19991115 ACCESSION NUMBER: 0000318835-99-000021 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19990930 FILED AS OF DATE: 19991112 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: 99746658 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, 1999 /___/ 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, 1999 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, 1999. 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, 1999. (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 29, 1999 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 29, 1999 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 29, 1999 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, 1999. 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, 1999, and 1998, total revenues increased 8.4% from $702,869 to $761,654 and total expenses increased 7.4% from $403,585 to $433,539. As a result, net income increased 9.6% from $299,284 to $328,115 for the three-month period ended September 30, 1999, as compared to the same period in 1998. 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 87.9% for the three- month period ended September 30, 1999, as compared to 86.7% for the same period in 1998. The Partnership is continuing its advertising campaign to attract and keep new tenants in its various mini-storage facilities. Operating expenses increased approximately $25,400 (7.1%) primarily as a result of increases in maintenance and repair, property management fees and salary and wage expenses. Property management fees, which are based on rental revenue, increased as a result of the increase in rental revenue. General and administrative expenses increased approximately $4,600 (10.0%) as a result of relatively insignificant fluctuations in various expense accounts. For the nine-month periods ended September 30, 1999, and 1998, total revenues increased 7.3% from $2,018,200 to $2,165,812 and total expenses increased 3.1% from $1,215,616 to $1,253,845. As a result, net income increased 13.6% from $802,584 for the nine-month period ended September 30, 1998, to $911,967 for the same period in 1999. The increase in revenues can be attributed to an increase in rental revenue due to higher occupancy and unit rental rates. Operating expenses increased approximately $47,900 (4.6%) from $1,034,734 to $1,082,599. The increase is primarily due to higher advertising costs, power sweeping, real estate tax, salaries and wage expenses and property management fees, partially offset by a decrease in repairs and maintenance expenses. Property management fees, which are based on rental revenue, increased as a result of the increase in rental revenue. Power sweeping expenses increased as a result of the substantial snow removal costs associated with the blizzard, which hit the Detroit, Michigan, area during the first quarter of 1999. General and administrative expenses decreased approximately $9,600 (5.3%) primarily as a result of decreases in legal and professional expenses and Michigan and Maryland state tax payments, partially offset by an increase in equipment and computer lease expenses. 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 EX-20 3 DSI REALTY INCOME FUND X (A California Real Estate Limited Partnership) BALANCE SHEETS(UNAUDITED), SEPTEMBER 30, 1999 AND DECEMBER 31, 1998
September 30, December 31, 1999 1998 ASSETS CASH AND CASH EQUIVALENTS $2,299,124 $1,772,250 PROPERTY, Net 6,809,164 7,213,688 OTHER ASSETS 66,572 64,073 TOTAL $9,174,860 $9,050,011 LIABILITIES AND PARTNERS' EQUITY(DEFICIT): LIABILITIES $2,549,618 $2,373,616 PARTNERS' EQUITY (DEFICIT): General Partners (75,774) (75,264) Limited Partners 6,701,016 6,751,659 Total partners' equity 6,625,242 6,676,395 TOTAL $9,174,860 $9,050,011 See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998 September 30, September 30, 1999 1998 REVENUES: Rental Income $747,141 $686,209 Interest 14,513 16,660 Total revenue 761,654 702,869 EXPENSES: Operating 383,258 357,880 General and administrative 50,281 45,705 Total expenses 433,539 403,585 NET INCOME $328,115 $299,284 AGGREGATE NET INCOME ALLOCATED TO : Limited partners $324,834 $296,291 General partners 3,281 2,993 TOTAL $328,115 $299,284 NET INCOME PER LIMITED PARTNERSHIP UNIT $10.22 $9.32 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, 1999 AND 1998
September 30, September 30, 1999 1998 REVENUES: Rental Income $2,124,254 $1,974,650 Interest 41,558 43,550 Total revenues 2,165,812 2,018,200 EXPENSES: Operating 1,082,599 1,034,734 General and administrative 171,246 180,882 Total expenses 1,253,845 1,215,616 NET INCOME 911,967 802,584 AGGREGATE NET INCOME ALLOCATED TO: Limited partners 902,847 794,558 General partners 9,120 8,026 TOTAL 911,967 802,584 NET INCOME PER LIMITED PARTNERSHIP UNIT $28.41 $25.00 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 NINE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998
GENERAL LIMITED PARTNERS PARTNERS TOTAL 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 BALANCE AT JANUARY 1, 1999 ($75,264) $6,751,659 $6,676,395 NET INCOME 9,120 902,847 911,967 DISTRIBUTIONS (9,630) (953,490) (963,120) BALANCE AT SEPTEMBER 30, 1999 ($75,774) $6,701,016 $6,625,242 See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998
September 30, September 30, 1999 1998 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 911,967 $ 802,584 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 403,894 403,896 Loss on disposal of property and equipment 630 116 Changes in assets and liabilities: Increase in other assets (2,499) (55,855) Increase in liabilities 176,002 241,301 Net cash provided by operating activities 1,489,994 1,392,042 CASH FLOWS FROM FINANCING ACTIVITIES - Distributions to partners (963,120) (963,120) NET INCREASE IN CASH AND CASH EQUIVALENTS 526,874 428,922 CASH AND CASH EQUIVALENTS: At beginning of period 1,772,250 1,475,167 At end of period $2,299,124 $ 1,904,089 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, 1999, and for the periods ended September 30, 1999 and 1998 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, 1999, the total cost and accumulated depreciation of the mini-storage facilities is as follows: Land $ 2,089,882 Buildings 10,826,897 Furniture and Equipment 5,810 Total 12,922,589 Less: Accumulated Depreciation ( 6,113,425) Property - Net $ 6,809,164
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-31-1999 DEC-31-1999 SEP-30-1999 DEC-31-1999 2299124 0 0 0 0 0 0 0 0 0 0 0 12922589 0 6113425 0 9174860 0 0 0 0 0 0 0 0 0 0 0 0 0 9174860 0 2124254 0 2165812 0 0 0 0 0 0 0 0 0 0 0 911967 0 0 0 911967 0 0 0 0 0 0 0 911967 0 0 0 0 0
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