-----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, K55Th1KAdP3FVFoDMapHhS7U1ZKtbQd9izaTi6mtjfybYB7pB/QRn4L1cAORt3G2 SCpNJM2PQ6uyDpcyPLgTHg== 0000844048-97-000005.txt : 19970514 0000844048-97-000005.hdr.sgml : 19970514 ACCESSION NUMBER: 0000844048-97-000005 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970513 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: 97601978 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, 1997 /___/ 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-(562)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 March 31, 1997 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, 1997. 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, 1997. (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, 1997 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, 1997 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, 1997 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, 1997. 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, 1997 and 1996, total revenues increased 1.9% from $644,175 to $656,555 and total expenses decreased 3.1% from $410,016 to $397,406. As a result, net income increased 10.7% from $234,159 to $259,149 for the three month period ended March 31, 1997, as compared to the same period in 1996. 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 83.1% for the three month period ended March 31, 1997, as compared to 84.2% for the same period in 1996. The Partnership is continuing its marketing efforts to attract and keep new tenants in its various mini-storage facilities. Operating expenses decreased approximately $9,100 (2.7%) primarily as a result of lower security services and facility maintenance expenses, partially offset by higher salaries and wages. Security services expense decreased as a result of the discontinuation of additional guard services provided during the construction of the new manager's residence at the Troy, Michigan facility. General and administrative expenses decreased approximately $3,500 (5.2%) primarily as a result of the timing of payment of estimated taxes, which consists of Maryland Non-Resident Withholding Taxes which were paid by the Partnership. 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, 1997 AND DECEMBER 31, 1996
March 31, December 31, 1997 1996 ASSETS CASH AND CASH EQUIVALENTS $1,367,434 $1,455,407 PROPERTY 8,148,485 8,283,118 OTHER ASSETS 112,275 72,944 TOTAL $9,628,194 $9,811,469 LIABILITIES AND PARTNERS' EQUITY LIABILITIES $1,887,271 $2,008,655 PARTNERS' EQUITY: General Partners (64,619) (64,000) Limited Partners 7,805,542 7,866,814 Total partners' equity 7,740,923 7,802,814 TOTAL $9,628,194 $9,811,469 See accompanying notes to financial statements(unaudited). STATEMENTS OF INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996 March 31, March 31, 1997 1996 REVENUES: Rental Income $645,246 $635,761 Interest 11,309 8,414 Total revenue 656,555 644,175 EXPENSES: Operating Expenses 333,454 342,540 General and administrative 63,952 67,476 Total expenses 397,406 410,016 NET INCOME $259,149 $234,159 AGGREGATE NET INCOME ALLOCATED TO : Limited partners $256,558 $231,817 General partners 2,591 2,342 TOTAL $259,149 $234,159 NET INCOME PER LIMITED PARTNERSHIP UNIT $8.07 $7.29 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, 1997 AND 1996
GENERAL LIMITED PARTNERS PARTNERS TOTAL EQUITY AT DECEMBER 31, 1995 ($60,475) $8,215,788 $8,155,313 NET INCOME 2,342 231,817 234,159 DISTRIBUTIONS (3,210) (317,830) (321,040) EQUITY AT MARCH 31, 1996 ($61,343) $8,129,775 $8,068,432 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 See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
March 31, March 31, 1997 1996 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 259,149 $ 234,159 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 134,633 134,632 Changes in assets and liabilities: Increase(Decrease) in other assets (39,331) (47,584) (Decrease)Increase in liabilities (121,384) 96,635 Net cash provided by operating activities 233,067 417,842 CASH FLOWS FROM INVESTING ACTIVITIES- Purchase of property and equipment 0 (54,667) CASH FLOWS FROM FINANCING ACTIVITIES - Distributions to partners (321,040) (321,040) NET (DECREASE)INCREASE IN CASH AND CASH EQUIVALENTS (87,973) 42,135 CASH AND CASH EQUIVALENTS: At beginning of period 1,455,407 1,132,783 At end of period $1,367,434 $1,174,918 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, 1997, and for the periods ended March 31, 1997 and 1996 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, 1997, the total cost and accumulated depreciation of the mini-storage facilities is as follows: Land $ 2,089,882 Buildings 10,822,909 Furniture and Equipment 2,799 Total 12,915,590 Less: Accumulated Depreciation ( 4,767,105) Property - Net $ 8,148,485
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-31-1997 DEC-31-1997 MAR-31-1997 DEC-31-1997 1367434 0 0 0 0 0 0 0 0 0 0 0 12915590 0 4767105 0 9628194 0 0 0 0 0 0 0 0 0 0 0 0 0 9628194 0 645246 0 656555 0 0 0 0 0 0 0 0 0 0 0 259149 0 0 0 259149 0 0 0 0 0 0 0 259149 0 0 0 0 0
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