-----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, MBwleKBhQD4yql85ZI7sfWqzwkAg6HaKQQNIYg7TFYwradqRsrY/sABZORz2natA pJ52DaYco+nnUNRu4WK88w== 0000743366-00-000003.txt : 20000516 0000743366-00-000003.hdr.sgml : 20000516 ACCESSION NUMBER: 0000743366-00-000003 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20000331 FILED AS OF DATE: 20000515 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: 632969 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, 2000 /___/ 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, 2000 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, 2000. 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, 2000. (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 28, 2000 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 28, 2000 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 28, 2000 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, 2000. 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, 2000 and 1999, total revenues increased 11.0% from $674,552 to $748,611 and total expenses increased 4.0% from $414,384 to $430,950. As a result, net income increased 22.1% from $260,168 to $317,661 for the three-month period ended March 31, 2000, as compared to the same period in 1999. The increase in revenue can be attributed to an increase in rental revenue primarily as a result of higher unit rental rates. Occupancy levels for the Partnership's five mini-storage facilities averaged 80.4% for the three month period ended March 31, 2000, as compared to 83.5% for the same period in 1999. The Partnership is continuing its marketing efforts to attract and keep new tenants in its various mini-storage facilities. Operating expenses increased approximately $14,100 (4.1%) primarily as a result of higher maintenance and repair, salaries and wages, alarm services expenses and property management fees, partially offset by lower real estate tax and power and sweeping expenses. Property management fees, which are based on rental revenue, increased as a result of the increase in rental revenue. Power and sweeping expenses decreased as the substantial snow removal costs in the prior year associated with the blizzard, which hit the Detroit, Michigan, did not materialize in the current year. General and administrative expenses in- creased approximately $2,400 (3.6%) primarily as a result of relatively insignificant fluctuations in various expense accounts. 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, 2000 AND DECEMBER 31, 1999
March 31, December 31, 2000 1999 ASSETS CASH AND CASH EQUIVALENTS $2,193,843 $2,027,853 PROPERTY, NET 6,547,478 6,682,110 OTHER ASSETS 72,366 69,305 TOTAL $8,813,687 $8,779,268 LIABILITIES AND PARTNERS' EQUITY (DEFICIT) LIABILITIES $2,730,794 $2,688,822 PARTNERS' EQUITY (DEFICIT): General Partners (81,198) (81,123) Limited Partners 6,164,091 6,171,569 Total partners' equity 6,082,893 6,090,446 TOTAL $8,813,687 $8,779,268 See accompanying notes to financial statements(unaudited). STATEMENTS OF INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999 March 31, March 31, 2000 1999 REVENUES: Rental Income $732,552 $661,896 Interest 16,059 12,656 Total revenue 748,611 674,552 EXPENSES: Operating Expenses 361,026 346,907 General and administrative 69,924 67,477 Total expenses 430,950 414,384 NET INCOME $317,661 $260,168 AGGREGATE NET INCOME ALLOCATED TO : Limited partners $314,484 $257,566 General partners 3,177 2,602 TOTAL $317,661 $260,168 NET INCOME PER LIMITED PARTNERSHIP UNIT $9.89 $8.10 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, 2000 AND 1999
GENERAL LIMITED PARTNERS PARTNERS TOTAL BALANCE AT JANUARY 1, 1999 ($75,264) $6,751,659 $6,676,395 NET INCOME 2,602 257,566 260,168 DISTRIBUTIONS (3,210) (317,830) (321,040) BALANCE AT MARCH 31, 1999 ($75,872) $6,691,395 $6,615,523 BALANCE AT JANUARY 1, 2000 ($81,123) $6,171,569 $6,090,446 NET INCOME 3,177 314,484 317,661 DISTRIBUTIONS (3,252) (321,962) (325,214) BALANCE AT MARCH 31, 2000 ($81,198) $6,164,091 $6,082,893 See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
March 31, March 31, 2000 1999 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 317,661 $ 260,168 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 134,632 134,630 Loss on disposal of property and equipment 0 630 Changes in assets and liabilities: Increase in other assets (3,061) (1,965) Increase in liabilities 41,972 50,820 Net cash provided by operating activities 491,204 444,283 CASH FLOWS FROM FINANCING ACTIVITIES - Distributions to partners (325,214) (321,040) NET INCREASE IN CASH AND CASH EQUIVALENTS 165,990 123,243 CASH AND CASH EQUIVALENTS: At beginning of period 2,027,853 1,772,250 At end of period $2,193,843 $1,895,493 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, 2000, and for the periods ended March 31, 2000 and 1999 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, 2000, 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 ( 6,382,688) Property - Net $ 6,547,478
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-31-2000 DEC-31-2000 MAR-31-2000 DEC-31-2000 2193843 0 0 0 0 0 0 0 0 0 0 0 12930166 0 6382688 0 8813687 0 0 0 0 0 0 0 0 0 0 0 0 0 8813687 0 732552 0 748611 0 0 0 0 0 0 0 0 0 0 0 317661 0 0 0 317661 0 0 0 0 0 0 0 317661 0 0 0 0 0
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