-----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, C9u40XpymN2timkbRRBT7lpCQ0mzLjpsfw6ifdw73/mP3HTT9n4UOtxZ7gvLWfoX L7bBTyK7aYbt/RAJTp182A== 0000792989-96-000005.txt : 19961118 0000792989-96-000005.hdr.sgml : 19961118 ACCESSION NUMBER: 0000792989-96-000005 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961114 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: 96662561 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, 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 September 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 September 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 September 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: October 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: October 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 October 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 September 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 September 30, 1996, and 1995, total revenues increased 1.2% from $681,613 to $689,905 and total expenses decreased 2.5% from $383,243 to $373,820. As a result, net income increased 5.9% from $298,370 to $316,085 for the three month period ended September 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 higher unit rental rates. Occupancy levels for the Partnership's five mini-storage facilities averaged 89.3% for the three month period ended September 30, 1996, as compared to 92% 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 $13,500 (3.9%) from $347,319 for the three month period ended September 30, 1995, to $333,821 for the same period in 1996. The decrease can be attributed primarily to lower maintenance and repairs and worker's compensation insurance expenses. General and administrative expenses increased approximately $4,100 (11.3%) primarily as a result of other taxes, which consists of Maryland Non-Resident Withholding Taxes which were paid by the Partnership. For the nine month periods ended September 30, 1996, and 1995, total revenues increased 6% from $1,894,036 to $2,008,344 and total expenses decreased 0.6% from $1,179,912 to $1,172,762. As a result, net income increased 17% from $714,124 for the nine month period ended September 30, 1995, to $835,582 for the same period in 1996. The increase in revenue can be attributed to an increase in rental income due to higher unit rental rates. Operating expenses decreased approximately $13,600 (1.3%) from $1,028,328 to $1,014,760. Decreases in maintenance and repair, 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 $6,400 (4.2%) for the same reason as discussed above. 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), SEPTEMBER 30, 1996 AND DECEMBER 31, 1995
September 30, December 31, 1996 1995 ASSETS CASH AND CASH EQUIVALENTS $1,411,293 $1,132,783 PROPERTY 8,420,161 8,684,418 OTHER ASSETS 131,081 72,944 TOTAL $9,962,535 $9,890,145 LIABILITIES AND PARTNERS' EQUITY LIABILITIES $1,934,760 $1,734,832 PARTNERS' EQUITY: General Partners (61,749) (60,475) Limited Partners 8,089,524 8,215,788 Total partners' equity 8,027,775 8,155,313 TOTAL $9,962,535 $9,890,145 See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995 September 30, September 30, 1996 1995 REVENUES: Rental Income $678,061 $673,177 Interest 11,844 8,436 Total revenue 689,905 681,613 EXPENSES: Operating Expenses 333,821 347,319 General and administrative 39,999 35,924 Total expenses 373,820 383,243 NET INCOME $316,085 $298,370 AGGREGATE NET INCOME ALLOCATED TO : Limited partners $312,924 $295,386 General partners 3,161 2,984 TOTAL $316,085 $298,370 NET INCOME PER LIMITED PARTNERSHIP UNIT $9.85 $9.29 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, 1996 AND 1995
September 30, September 30, 1996 1995 REVENUES: Rental Income $1,976,345 $1,871,445 Interest 31,999 22,591 Total revenues 2,008,344 1,894,036 EXPENSES: Operating Expenses 1,014,760 1,028,328 General and administrative 158,002 151,584 Total expenses 1,172,762 1,179,912 NET INCOME 835,582 714,124 AGGREGATE NET INCOME ALLOCATED TO: Limited partners 827,226 706,983 General partners 8,356 7,141 TOTAL 835,582 714,124 NET INCOME PER LIMITED PARTNERSHIP UNIT $26.03 $22.24 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 NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
GENERAL LIMITED PARTNERS PARTNERS TOTAL EQUITY AT DECEMBER 31, 1994 ($57,314) $8,528,667 $8,471,353 NET INCOME 7,141 706,983 714,124 DISTRIBUTIONS (9,630) (953,490) (963,120) EQUITY AT SEPTEMBER 30, 1995 ($59,803) $8,282,160 $8,222,357 EQUITY AT DECEMBER 31, 1995 ($60,475) $8,215,788 $8,155,313 NET INCOME 8,356 827,226 835,582 DISTRIBUTIONS (9,630) (953,490) (963,120) EQUITY AT SEPTEMBER 30, 1996 ($61,749) $8,089,524 $8,027,775 See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
September 30, September 30, 1996 1995 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 835,582 $ 714,124 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 403,896 403,896 Changes in assets and liabilities: (Increase)Decrease in other assets (58,137) 251,183 Increase in liabilities 199,929 92,499 Net cash provided by operating activities 1,381,270 1,461,702 CASH FLOWS FROM INVESTING ACTIVITIES- Purchase of property and equipment (139,639) (13,854) CASH FLOWS FROM FINANCING ACTIVITIES - Distributions to partners (963,120) (963,120) NET INCREASE IN CASH AND CASH EQUIVALENTS 278,509 484,728 CASH AND CASH EQUIVALENTS: At beginning of period 1,132,783 590,983 At end of period $1,411,293 $ 1,075,711 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, 1996, and for the periods ended September 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 September 30, 1996, the total cost and accumulated depreciation of the mini-storage facilities is as follows: Land $ 2,089,882 Buildings 10,822,959 Furniture and Equipment 2,799 Total 12,915,640 Less: Accumulated Depreciation ( 4,495,479) Property - Net $ 8,420,161
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 SEP-30-1996 DEC-31-1996 1411292 0 0 0 0 0 0 0 0 0 0 0 12915640 0 4495479 0 9962535 0 0 0 0 0 0 0 0 0 0 0 0 0 9962535 0 1976345 0 2008344 0 0 0 0 0 0 0 0 0 0 0 835582 0 0 0 835582 0 0 0 0 0 0 0 835582 0 0 0 0 0
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