-----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, WbMFrY6eZLv0krZ30Dtd8muk8Wg/x0l8CEvgSrVf48qlwyus1TNQRzokgQLemeez eMQ5rgxLvDUNmuEYow3WBw== 0000719581-98-000004.txt : 19980519 0000719581-98-000004.hdr.sgml : 19980519 ACCESSION NUMBER: 0000719581-98-000004 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980518 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: 98627203 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 March 31, 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 March 31, 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 March 31, 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 March 31, 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: April 30, 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: April 30, 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 EX-20 2 April 30, 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 March 31, 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 March 31, 1998 and 1997, total revenues increased 0.9% from $656,555 to $662,350 and total expenses decreased 0.7% from $397,406 to $394,689. As a result net income increased 3.3% from $259,149 to $267,661 for the three month period ended March 31, 1998, as compared to the same period in 1997. The increase in revenue can be attributed to an increase in rental revenue as a result of higher unit rental rates. Occupancy levels for the Partnership's five mini-storage facilities averaged 78.6% for the three month period ended March 31, 1998, as compared to 83.1% for the same period in 1997. The Partnership is continuing its marketing efforts to attract and keep new tenants in its various mini-storage facilities. Operating expenses decreased approximately $8,200 (2.5%) primarily as a result of lower yellow pages advertising costs, maintenance and repair and salary and wage expenses, partially offset by higher real estate tax expense. General and administrative expenses increased approximately $5,500 (8.6%) primarily as a result of estimated tax payments to Maryland and Michigan. 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 EX-20 3 DSI REALTY INCOME FUND X (A California Real Estate Limited Partnership) BALANCE SHEETS(UNAUDITED), MARCH 31, 1998 AND DECEMBER 31, 1997
March 31, December 31, 1998 1997 ASSETS CASH AND CASH EQUIVALENTS $1,592,789 $1,475,167 PROPERTY 7,617,469 7,752,217 OTHER ASSETS 72,997 72,944 TOTAL $9,283,255 $9,300,328 LIABILITIES AND PARTNERS' EQUITY LIABILITIES $2,119,011 $2,082,705 PARTNERS' EQUITY: General Partners (70,385) (69,852) Limited Partners 7,234,629 7,287,475 Total partners' equity 7,164,244 7,217,623 TOTAL $9,283,255 $9,300,328 See accompanying notes to financial statements(unaudited). STATEMENTS OF INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND 1997 March 31, March 31, 1998 1997 REVENUES: Rental Income $650,268 $645,246 Interest 12,082 11,309 Total revenue 662,350 656,555 EXPENSES: Operating Expenses 325,237 333,454 General and administrative 69,452 63,952 Total expenses 394,689 397,406 NET INCOME $267,661 $259,149 AGGREGATE NET INCOME ALLOCATED TO : Limited partners $264,984 $256,558 General partners 2,677 2,591 TOTAL $267,661 $259,149 NET INCOME PER LIMITED PARTNERSHIP UNIT $8.34 $8.07 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 THREE MONTHS ENDED MARCH 31, 1998 AND 1997
GENERAL LIMITED PARTNERS PARTNERS TOTAL EQUITY AT DECEMBER 31, 1996 ($64,000) $7,866,814 $7,802,814 NET INCOME 2,591 256,558 259,149 DISTRIBUTIONS (3,210) (317,830) (321,040) EQUITY AT MARCH 31, 1997 ($64,619) $7,805,542 $7,740,923 EQUITY AT DECEMBER 31, 1997 ($69,852) $7,287,475 $7,217,623 NET INCOME 2,677 264,984 267,661 DISTRIBUTIONS (3,210) (317,830) (321,040) EQUITY AT MARCH 31, 1998 ($70,385) $7,234,629 $7,164,244 See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND 1997
March 31, March 31, 1998 1997 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 267,661 $ 259,149 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 134,632 134,633 Changes in assets and liabilities: Increase in other assets (53) (39,331) Increase(Decrease) in liabilities 36,306 (121,384) Net cash provided by operating activities 438,546 233,067 CASH FLOWS FROM INVESTING ACTIVITIES- Disposal of property and equipment 116 0 CASH FLOWS FROM FINANCING ACTIVITIES - Distributions to partners (321,040) (321,040) NET INCREASE IN CASH AND CASH EQUIVALENTS 117,622 (87,973) CASH AND CASH EQUIVALENTS: At beginning of period 1,475,167 1,455,407 At end of period $1,592,789 $1,367,434 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, 1998, and for the periods ended March 31, 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 March 31, 1998, the total cost and accumulated depreciation of the mini-storage facilities is as follows: Land $ 2,089,882 Buildings 10,827,410 Furniture and Equipment 5,810 Total 12,923,102 Less: Accumulated Depreciation ( 5,305,633) Property - Net $ 7,617,469
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-31-1998 DEC-31-1998 MAR-31-1998 DEC-31-1998 1592789 0 0 0 0 0 0 0 0 0 0 0 12923102 0 5305633 0 9283255 0 0 0 0 0 0 0 0 0 0 0 0 0 9283255 0 650268 0 662350 0 0 0 0 0 0 0 0 0 0 0 267661 0 0 0 267661 0 0 0 0 0 0 0 267661 0 0 0 0 0
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