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, 2002
/___/ 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, 2002 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, 2002.
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, 2002.
(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 26, 2002 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 26, 2002 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
April 26, 2002
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, 2002. 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, 2002 and 2001, revenues decreased
1.1% from $837,717 to $828,313, total expenses increased 5.7% from $446,066
to $471,524 and other income decreased from $16,829 to $2,068. As a result,
net income decreased 12.1% from $408,480 to $358,857 for the three-month
period ended March 31, 2002, as compared to the same period in 2001. The
decrease in revenue can be attributed to a decrease in late fees as rental
revenue remained level with prior year. Occupancy levels for the Partnership's
five mini-storage facilities averaged 87.5% for the three month period
ended March 31, 2002, as compared to 87.3% for the same period in 2001.
The Partnership is continuing its marketing efforts to attract and keep new
tenants in its various mini-storage facilities. Operating expenses increased
approximately $18,500 (4.8%) primarily as a result of higher office supplies,
real estate taxes and workers compensation insurance expenses, partially off-
set by salaries and wages and power and sweeping expenses. Power and sweeping
expenses decreased as the substantial snow removal costs associated with
heavy snowfalls in the Detroit, Michigan area during the first quarter of
2001, were not incurred in the current period. General and administrative
expenses increased approximately $7,000 (10.9%) primarily as a result of
higher equipemnt and computer lease expenses and Maryland tax payments.
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
DSI REALTY INCOME FUND X
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED), MARCH 31, 2002 AND DECEMBER 31, 2001
March 31, December 31,
2002 2001
ASSETS
CASH AND CASH EQUIVALENTS $1,118,103 $1,446,960
PROPERTY, NET 5,470,422 5,605,054
OTHER ASSETS 142,031 142,031
TOTAL $6,730,556 $7,194,045
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
LIABILITIES $1,088,097 $1,585,229
PARTNERS' EQUITY (DEFICIT):
General Partners (85,603) (85,940)
Limited Partners 5,728,062 5,694,756
Total partners' equity 5,642,459 5,608,816
TOTAL $8,970,119 $7,194,045
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND 2001
March 31, March 31,
2002 2001
REVENUES:
Rental $828,313 $837,717
EXPENSES:
Operating 400,130 381,640
General and administrative 71,394 64,426
Total expenses 471,524 446,066
OPERATING INCOME 356,789 391,651
OTHER INCOME
Interest 2,068 16,829
NET INCOME $358,857 $408,480
AGGREGATE NET INCOME ALLOCATED TO :
Limited partners $355,268 $404,395
General partners 3,589 4,085
TOTAL $358,857 $408,480
NET INCOME PER
LIMITED PARTNERSHIP UNIT $11.18 $12.72
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, 2002
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
BALANCE AT JANUARY 1, 2002 ($85,940) $5,694,756 $5,608,816
NET INCOME 3,589 355,268 358,857
DISTRIBUTIONS (3,252) (321,962) (325,214)
BALANCE AT MARCH 31, 2002 ($85,603) $5,728,062 $5,642,459
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND 2001
March 31, March 31,
2002 2001
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income $ 358,857 $ 408,480
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 134,632 134,632
Changes in assets and liabilities:
(Decrease)increase in liabilities (497,132) 39,939
Net cash used in provided by
operating activities (3,643) 583,051
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (325,214) (325,214)
NET (DECREASE)INCREASE IN CASH AND
CASH EQUIVALENTS (328,857) 257,837
CASH AND CASH EQUIVALENTS:
At beginning of period 1,446,960 2,605,662
At end of period $1,118,103 $2,863,499
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, 2002, and for
the periods ended March 31, 2002 and 2001 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, 2002, 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 ( 7,459,744)
Property - Net $ 5,470,422
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.