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, 2001
/___/ 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 September 30, 2001 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, 2001.
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, 2001.
(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, 2001 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, 2001 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
October 31, 2001
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, 2001. 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, 2001, and 2000, total
revenues decreased 1.5% from $835,981 to $823,597 and total expenses increased
3.5% from $471,899 to $488,196 and other income decreased from $20,669 to
$11,934. As a result, net income decreased 9.7% from $384,751 to $347,335
for the three-month period ended September 30, 2001, as compared to the same
period in 2000. The decrease in revenues can be attributed to a decrease in
rental income due to lower occupancy and unit rental rates. Occupancy levels
for the Partnership's five mini-storage facilities averaged 87.6% for the
three-month period ended September 30, 2001, as compared to 91.6% for the same
period in 2000. The Partnership is continuing its advertising campaign to
attract and keep new tenants in its various mini-storage facilities. Operating
expenses increased approximately $10,900 (2.6%) primarily as a result of an
increase in maintenance and repair expense, partially offset by decreases in
security alarm service and postage expenses. General and administrative
expenses remained relatively constant.
For the nine-month periods ended September 30, 2001, and 2000, total
revenues increased 6.7% from $2,308,970 to $2,464,000 and total expenses
increased 5.0% from $1,333,093 to $1,399,517 and other income decreased from
$56,132 to $43,612. As a result, net income increased 7.4% from $1,032,009
for the nine-month period ended September 30, 2000, to $1,108,095 for the same
period in 2001. The increase in revenues can be attributed to an increase in
rental revenue due to higher occupancy and unit rental rates. Operating
expenses increased approximately $64,200 (5.6%) from $1,154,715 to $1,218,890.
The increase is primarily due to higher advertising, repairs and maintenance,
property management fees, salaries and wages and power and sweeping expenses,
partially offset by a decreases in office supplies, workers compensation
insurance and security alarm services expenses. Property management fees,
which are based on rental revenue, increased as a result of the increase in
rental revenue. Power and sweeping expenses increased as a result of above
normal snow removal costs associated with heavy snow falls in the Detroit,
Michigan area during the first quarter of 2001. General and administrative
expenses remained relatively constant.
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
DSI REALTY INCOME FUND X
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED), SEPTEMBER 30, 2001 AND DECEMBER 31, 2000
September 30, December 31,
2001 2000
ASSETS
CASH AND CASH EQUIVALENTS $3,327,152 $2,605,662
PROPERTY, Net 5,739,686 6,143,582
OTHER ASSETS 105,170 97,670
TOTAL $9,172,008 $8,846,914
LIABILITIES AND PARTNERS' EQUITY(DEFICIT):
LIABILITIES $3,247,718 $3,055,077
PARTNERS' EQUITY (DEFICIT):
General Partners (82,785) (84,110)
Limited Partners 6,007,075 5,875,947
Total partners' equity 5,924,290 5,791,837
TOTAL $9,172,008 $8,846,914
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
September 30, September 30,
2001 2000
REVENUES:
Rental $823,597 $835,981
EXPENSES:
Operating 435,159 424,280
General and administrative 53,037 47,619
Total expenses 488,196 471,899
OPERATING INCOME 335,401 364,082
OTHER INCOME
Interest 11,934 20,669
NET INCOME $347,335 $384,751
AGGREGATE NET INCOME ALLOCATED TO :
Limited partners $343,862 $380,903
General partners 3,473 3,848
TOTAL $347,335 $384,751
NET INCOME PER
LIMITED PARTNERSHIP UNIT $10.82 $11.98
LIMITED PARTNERSHIP
UNITS USED IN PER
UNIT CALCULATION 31,783 31,783
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
September 30, September 30,
2001 2000
REVENUES:
Rental $2,464,000 $2,308,970
EXPENSES:
Operating 1,218,890 1,154,715
General and administrative 180,627 178,378
Total expenses 1,399,517 1,333,093
OPERATING INCOME 1,064,483 975,877
OTHER INCOME
Interest 43,612 56,132
NET INCOME 1,108,095 1,032,009
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners 1,097,014 1,021,689
General partners 11,081 10,320
TOTAL 1,108,095 1,032,009
NET INCOME PER LIMITED
PARTNERSHIP UNIT $34.52 $32.15
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 NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
BALANCE AT JANUARY 1, 2000 ($81,123) $6,171,569 $6,090,446
NET INCOME 10,320 1,021,689 1,032,009
DISTRIBUTIONS (9,756) (965,886) (975,642)
BALANCE AT SEPTEMBER 30, 2000 ($80,559) $6,227,372 $6,146,813
BALANCE AT JANUARY 1, 2001 ($84,110) $5,875,947 $5,791,837
NET INCOME 11,081 1,097,014 1,108,095
DISTRIBUTIONS (9,756) (965,886) (975,642)
BALANCE AT SEPTEMBER 30, 2001 ($82,785) $6,007,075 $5,924,290
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
September 30, September 30,
2001 2000
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income $1,108,095 $1,032,009
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 403,896 403,896
Changes in assets and liabilities:
Increase in other assets (7,500) 0
Increase in liabilities 192,641 141,238
Net cash provided by operating
activities 1,697,132 1,577,143
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (975,642) (975,642)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 721,490 601,501
CASH AND CASH EQUIVALENTS:
At beginning of period 2,605,662 2,027,853
At end of period $3,327,152 $ 2,629,354
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, 2001, and for
the periods ended September 30, 2001 and 2000 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, 2001, 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 ( 7,190,480)
Property - Net $ 5,739,686
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.