-----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, QvlCGByu7mXoOzvjRwT9Y4NepIrVlYSFzssNtKcRbfWbW8CIyIWWFco+stFAWZY9 d1G8tSuQn9MXC1JoBpDLcQ== 0000743366-96-000014.txt : 19960814 0000743366-96-000014.hdr.sgml : 19960814 ACCESSION NUMBER: 0000743366-96-000014 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960813 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: 1934 Act SEC FILE NUMBER: 000-15346 FILM NUMBER: 96610552 BUSINESS ADDRESS: STREET 1: 3701 LONG BEACH BLVD CITY: LONG BEACH STATE: CA ZIP: 90801 BUSINESS PHONE: 310-595-77 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 June 30, 1996 /___/ 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-(310)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 June 30, 1996 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 June 30, 1996. 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 June 30, 1996. (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: July 31, 1996 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: July 31, 1996 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 July 31, 1996 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 June 30, 1996. 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 June 30, 1996 and 1995, total revenues increased 7.1% from $629,860 to $674,264 and total expenses decreased 5.1% from $409,734 to $388,926. As a result, net income increased 29.6% from $220,126 to $285,338 for the three month period ended June 30, 1996, as compared to the same period in 1995. The increase in revenue can be attributed to an increase in rental income due to a higher occupancy and rental rates and higher U-Haul commissions. Occupancy levels for the Partnership's five mini-storage facilities averaged 88.5% for the three month period ended June 30, 1996, as compared to 87.9% for the same period in 1995. The Partnership is continuing its advertising campaign to attract and keep new tenants in its various mini-storage facilities. Operating expenses decreased approximately $15,700 (4.4%) from $354,050 for the three month period ended June 30, 1995, to $338,399 for the same period in 1996. The decrease can be attributed to lower maintenance and repairs and office expenses partially offset by higher property management fees. Property management fees, which are based on revenue, increased as a result of the increase in rental revenue. General and administrative expenses decreased approximately $5,200 (9.3%) primarily as a result of other taxes, which consists of Maryland Non-Resident Withholding Taxes which were paid by the Partnership. For the six month periods ended June 30, 1996, and 1995, total revenues increased 8.7% from $1,212,423 to $1,318,439 and total expenses increased 0.3% from $796,759 to $798,942. As a result, net income increased 25% from $415,664 for the six month period ended June 30, 1995, to $519,497 for the same period in 1996. The increase in revenue can be attributed to an increase in rental income due to higher occupancy and unit rental rates. Operating expenses decreased slightly form $681,099 to $680,939. Decreases in legal and professional and office expenses were offset by increases in property management fees, power sweeping and guard service expenses. Property management fees, which are based on rental income, increased as a result of the increase in rental revenue. General and Administrative expenses increased approximately $2,300 (2%) 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 EX-20 3 DSI REALTY INCOME FUND X (A California Real Estate Limited Partnership) BALANCE SHEETS(UNAUDITED), JUNE 30, 1996 AND DECEMBER 31, 1995
June 30, December 31, 1996 1995 ASSETS CASH AND CASH EQUIVALENTS $1,312,763 $1,132,783 PROPERTY 8,527,808 8,684,418 OTHER ASSETS 72,944 72,944 TOTAL $9,913,515 $9,890,145 LIABILITIES AND PARTNERS' EQUITY LIABILITIES $1,880,785 $1,734,832 PARTNERS' EQUITY: General Partners (61,700) (60,475) Limited Partners 8,094,430 8,215,788 Total partners' equity 8,032,730 8,155,313 TOTAL $9,913,515 $9,890,145 See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED) FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995 June 30, June 30, 1996 1995 REVENUES: Rental Income $662,523 $622,332 Interest 11,741 7,528 Total revenue 674,264 629,860 EXPENSES: Operating Expenses 338,399 354,050 General and administrative 50,527 55,684 Total expenses 388,926 409,734 NET INCOME $285,338 $220,126 AGGREGATE NET INCOME ALLOCATED TO : Limited partners $282,485 $217,925 General partners 2,853 2,201 TOTAL $285,338 $220,126 NET INCOME PER LIMITED PARTNERSHIP UNIT $8.89 $6.86 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 SIX MONTHS ENDED JUNE 30, 1996 AND 1995
June 30, June 30, 1996 1995 REVENUES: Rental Income $1,298,284 $1,198,268 Interest 20,155 14,155 Total revenues 1,318,439 1,212,423 EXPENSES: Operating Expenses 680,939 681,099 General and administrative 118,003 115,660 Total expenses 798,942 796,759 NET INCOME 519,497 415,664 AGGREGATE NET INCOME ALLOCATED TO: Limited partners 514,302 411,507 General partners 5,195 4,157 TOTAL 519,497 415,664 NET INCOME PER LIMITED PARTNERSHIP UNIT $16.18 $12.95 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 JUNE 30, 1996 AND 1995
GENERAL LIMITED PARTNERS PARTNERS TOTAL EQUITY AT DECEMBER 31, 1994 ($57,314) $8,528,667 $8,471,353 NET INCOME 4,157 411,507 415,664 DISTRIBUTIONS (6,420) (635,660) (642,080) EQUITY AT JUNE 30, 1995 ($59,577) $8,304,514 $8,244,937 EQUITY AT DECEMBER 31, 1995 ($60,475) $8,215,788 $8,155,313 NET INCOME 5,195 514,302 519,497 DISTRIBUTIONS (6,420) (635,660) (642,080) EQUITY AT JUNE 30, 1996 ($61,700) $8,094,430 $8,032,730 See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995
June 30, June 30, 1996 1995 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 519,497 $ 415,664 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 269,264 269,264 Changes in assets and liabilities: Decrease in other assets 0 263,312 Increase in liabilities 145,953 36,600 Net cash provided by operating activities 934,714 984,840 CASH FLOWS FROM INVESTING ACTIVITIES- Purchase of property and equipment (112,654) (6,943) CASH FLOWS FROM FINANCING ACTIVITIES - Distributions to partners (642,080) (642,080) NET INCREASE IN CASH AND CASH EQUIVALENTS 179,980 335,817 CASH AND CASH EQUIVALENTS: At beginning of period 1,132,783 590,983 At end of period $1,312,763 $ 926,800 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 June 30, 1996, and for the periods ended June 30, 1996 and 1995 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 June 30, 1996, the total cost and accumulated depreciation of the mini-storage facilities is as follows: Land $ 2,089,882 Buildings 10,795,973 Furniture and Equipment 2,799 Total 12,888,654 Less: Accumulated Depreciation ( 4,360,846) Property - Net $ 8,527,808
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-31-1996 DEC-31-1996 JUN-30-1996 DEC-31-1996 1312763 0 0 0 0 0 0 0 0 0 0 0 12888654 0 4360846 0 9913515 0 0 0 0 0 0 0 0 0 0 0 0 0 9913515 0 1298284 0 1318439 0 0 0 0 0 0 0 0 0 0 0 519497 0 0 0 519497 0 0 0 0 0 0 0 519497 0 0 0 0 0
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