FORM 10-QSB
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

(Mark One)

[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2001

OR

[   ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                to                

Commission File Number 0-18528

INCOME GROWTH PARTNERS, LTD. X
(Exact name of registrant as specified in its charter)

CALIFORNIA	33-0294177
(State or other jurisdiction of incorporation or organization)	(I.R.S.Employer Identification No.)

11300 Sorrento Valley Road, Suite 108, San Diego, California 92121
(Address of principal executive offices) (Zip Code)

(619) 457-2750

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year,
if changed since last report)

Indicate by check mark whether the registration (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 filing requirements for the past 90 days. Yes [X] No [   ]

The number of the registrant’s Original Limited Partnership Units outstanding as of November 13, 2001 was 18,826.5. The number of the registrant’s Class A Units outstanding as of November 13, 2001 was 8,100.

TABLE OF CONTENTS

PART I — FINANCIAL INFORMATION
	ITEM 1. FINANCIAL STATEMENTS
		CONSOLIDATED BALANCE SHEETS
		CONSOLIDATED STATEMENTS OF OPERATIONS — UNAUDITED
		CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED
	ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
PART II — OTHER INFORMATION
	ITEM 1. LEGAL PROCEEDINGS
	ITEM 2. CHANGES IN SECURITIES
	ITEM 3. DEFAULTS UPON SENIOR SECURITIES
	ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
	ITEM 5. OTHER INFORMATION
	ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
SIGNATURES

PART I — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

INCOME GROWTH PARTNERS, LTD. X AND SUBSIDIARY
(A California Limited Partnership)
CONSOLIDATED BALANCE SHEETS

		September 30,			December 31,
		2001			2000
		unaudited
ASSETS
Rental properties
	Land	$	7,078,365		$	7,078,365
	Buildings and improvements		22,388,876			22,078,598
			29,467,241			29,156,963
	Less accumulated depreciation		(11,817,417	)		(11,186,735	)
			17,649,824			17,970,228
Cash and cash equivalents			402,175			599,660
Deferred loan fees, net of accumulated amortization of $293,780 and $243,969, respectively			483,403			533,334
Prepaids and other assets			255,533			127,200
		$	18,790,935		$	19,230,422
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgage loans payable		$	18,999,490		$	19,170,729
Other liabilities
	Loan payable to affiliates		9,703			18,703
	Accounts payable and accrued liabilities		208,482			177,008
	Accrued interest payable		125,699			125,699
	Security deposits		230,775			232,852
			19,574,149			19,724,991
Commitments and contingencies
Partners’ capital (deficit)			(773,214	)		(484,569	)
Note receivable from general partner			(10,000	)		(10,000	)
		$	18,790,935		$	19,230,422

The accompanying notes are an integral part of these consolidated financial statements.

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INCOME GROWTH PARTNERS, LTD. X AND SUBSIDIARY
(A California Limited Partnership)
CONSOLIDATED STATEMENTS OF OPERATIONS — UNAUDITED

			FOR THE THREE MONTHS				FOR THE NINE MONTHS
			ENDED SEPTEMBER 30,				ENDED SEPTEMBER 30,
			2001		2000		2001		2000
REVENUES
	Rents		$	1,258,628	$	1,166,752	$	3,727,217	$	3,438,360
	Other			51,018		134,987		262,956		237,330
		Total revenues		1,309,646		1,301,739		3,990,173		3,675,690
EXPENSES
	Operating expenses			582,793		620,542		1,792,873		1,554,131
	Depreciation and amortization			232,324		230,254		680,613		691,187
	Interest			366,872		373,507		1,100,022		1,119,385
Total expenses				1,181,989		1,224,303		3,573,508		3,280,628
Net income			$	127,657	$	77,436	$	416,665	$	310,987
BASIC AND DILUTED PER LIMITED PARTNERSHIP UNIT DATA
	Net income per limited partnership unit		$	4.03	$	2.44	$	13.15	$	9.82
Weighted average limited partnership units				26,926		26,926		26,926		26,926

The accompanying notes are an integral part of these consolidated financial statements.

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INCOME GROWTH PARTNERS, LTD. X AND SUBSIDIARY
(A California Limited Partnership)
CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED

					FOR THE NINE MONTHS
					ENDED SEPTEMBER 30,
					2001			2000
CASH FLOWS FROM OPERATING ACTIVITIES
	Net income				$	416,665		$	310,987
	Adjustments to reconcile net income to net cash provided by operating activities
		Depreciation and amortization				680,613			691,187
				(Increase) in
			Prepaid expenses and other assets			(128,332	)		(366,968	)
				Increase in
			Accounts payable, accrued liabilities and accrued interest payable			31,473			121,248
			Security deposits			(2,077	)		13,675
				Net cash provided by operating activities		998,342			770,129
CASH FLOWS FROM INVESTING ACTIVITIES
	Capital expenditures					(310,278	)		(85,415	)
				Net cash used in investing activities		(310,278	)		(85,415	)
CASH FLOWS FROM FINANCING ACTIVITIES
	Principal payments under mortgage debt					(171,239	)		(118,910	)
	Principal payments to affiliate					(9,000	)		(29,837	)
	Distributions to Investors					(705,310	)		(485,615	)
				Net cash used in financing activities		(885,549	)		(634,362	)
				Net increase (decrease) in cash and cash equivalents		(197,485	)		50,352
Cash and cash equivalents at beginning of period						599,660			434,712
				Cash and cash equivalents at end of period	$	402,175		$	485,064

The accompanying notes are an integral part of these consolidated financial statements.

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INCOME GROWTH PARTNERS, LTD. X AND SUBSIDIARY
A CALIFORNIA LIMITED PARTNERSHIP

1.	BASIS OF FINANCIAL STATEMENT PRESENTATION:
	The accompanying unaudited consolidated financial statements of Income Growth Partners, Ltd. X, a California limited partnership, and subsidiary (the “Partnership”) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although the Partnership believes that the disclosures made are adequate to make the information presented not misleading. These consolidated financial statements should be read in conjunction with the financial statements and the notes thereto included in the Partnership’s latest audited financial statements for the year ended December 31, 2000 filed on Form 10K.
	The accompanying consolidated financial statements have not been audited by independent public accountants, but include all adjustments (consisting of normal recurring adjustments) which are, in the opinion of the general partners, necessary for a fair presentation of the financial condition, results of operations and cash flows for the periods presented. However, these results are not necessarily indicative of results for a full year.
	In June 2001, the Financial Accounting Standards Board finalized FASB Statements No. 141, Business Combinations (SFAS 141), and No. 142, Goodwill and Other Intangible Assets (SFAS 142). The Company does not expect SFAS 141 and 142 to have an impact on its financial position or the results of operations or cash flows.
	Certain prior period amounts have been reclassified to conform with the current period presentation.

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INCOME GROWTH PARTNERS, LTD. X AND SUBSIDIARY
(A CALIFORNIA LIMITED PARTNERSHIP)

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the financial statements and notes thereto filed herewith.

a.	Liquidity and Capital Resources:
	Since inception, the Partnership’s operating and debt service obligations have been financed through the sale of Partnership Units, cash provided by operating activities, and 1995 debt restructuring activities. During the nine months ended September 30, 2001, all of the Partnership’s operating and debt service cash requirements have been met through cash generated from operations.
	The Mission Park mortgage was refinanced in December 1995 at a fixed interest rate of 7.76%. The Shadowridge Meadows mortgage was refinanced in October 1997 at a fixed interest rate of 7.49%.
	In the event that one or more of the properties is unable to support its debt service and the Partnership is unable to cover operational shortfalls from cash reserves, the Partnership may have to take one or more alternative courses of action. The general partners would then determine, based on their analysis of relevant economic conditions and the status of the properties, a course of action intended to be consistent with the best interests of the Partnership. Possible courses of action might include the sacrifice, sale or refinancing of one or more of the properties, the entry into one or more joint venture partnerships with other entities, or the filing of another bankruptcy petition.
	Net cash provided by operating activities for the nine months ended September 30, 2001 was approximately $998,000 compared to approximately $770,000 for the same period in 2000. The principal reason for this increase can be attributed to an increase in net income and decrease in prepaid expenses for the period.
	Net cash used in investing activities for the nine months ended September 30, 2001 was approximately $310,000 compared to approximately $85,000 for the same period in 2000. The principal reason for this increase was an increase in capital expenditures.
	Net cash used in financing activities for the nine months ended September 30, 2001 was approximately $885,000 compared to approximately $634,000 for the same period in 2000. The principal reason for this increase was an increase in principal payments and distributions to investors.

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INCOME GROWTH PARTNERS, LTD. X AND SUBSIDIARY
(A California Limited Partnership)

b.	Results of Operations:
	COMPARISON OF THREE MONTHS ENDED SEPTEMBER 30, 2001 TO THE THREE MONTHS ENDED SEPTEMBER 30, 2000.
	Rental revenue for the three months ended September 30, 2001 was approximately $1,259,000, an increase of 7.80% over rents of approximately $1,167,000 for the comparable period in 2000. The increase is primarily attributable to an increase in monthly tenant rental rates and steady average occupancy rates.
	Operating expenses for the three months ended September 30, 2001 were approximately $583,000, a decrease of 6.12 % over operating expenses of approximately $621,000 for the comparable period in 2000. The decrease is primarily attributable to a decrease in property maintenance costs and in partnership expenses.
	COMPARISON OF NINE MONTHS ENDED SEPTEMBER 30, 2001 TO THE NINE MONTHS ENDED SEPTEMBER 30, 2000.
	Rental revenue for the nine months ended September 30, 2001 was approximately $3,727,000, an increase of 8.41% over rents of approximately $3,438,000 for the comparable period in 2000. The increase is primarily attributable to an increase in monthly tenant rental rates and steady average occupancy rates.
	Operating expenses for the nine months ended September 30, 2001 were approximately $1,793,000, an increase of 15.38% over operating expenses of approximately $1,554,000 for the comparable period in 2000. The increase is primarily attributable to an increase in property maintenance and partnership expenses.

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INCOME GROWTH PARTNERS, LTD. X AND SUBSIDIARY
A CALIFORNIA LIMITED PARTNERSHIP

PART II — OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS:

There are no pending legal proceedings, which may have a material adverse effect on the Partnership. However, the Partnership is involved in small claims court proceedings against certain present or former tenants of its apartment complexes with regard to landlord-tenant matters, all of which are considered to be in the ordinary course of its business.

ITEM 2. CHANGES IN SECURITIES:

None

ITEM 3. DEFAULTS UPON SENIOR SECURITIES:

None

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS:

None

ITEM 5. OTHER INFORMATION:

None

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K:

None

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: November 13, 2001

INCOME GROWTH PARTNERS, LTD. X,
a California Limited Partnership

By:  Income Growth Management, Inc.
General Partner

By:   /s/   Timothy C. Maurer

Timothy C. Maurer
Principal Financial Officer AND
Duly Authorized Officer of the Registrant

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