DSI REALTY INCOME FUND X
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED), SEPTEMBER 30, 1997 AND DECEMBER 31, 1996
September 30, December 31,
1997 1996
ASSETS
CASH AND CASH EQUIVALENTS $1,586,714 $1,455,407
PROPERTY 7,884,767 8,283,118
OTHER ASSETS 139,609 72,944
TOTAL $9,611,090 $9,811,469
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $2,015,123 $2,008,655
PARTNERS' EQUITY:
General Partners (66,067) (64,000)
Limited Partners 7,662,034 7,866,814
Total partners' equity 7,595,967 7,802,814
TOTAL $9,611,090 $9,811,469
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
September 30, September 30,
1997 1996
REVENUES:
Rental Income $661,428 $678,061
Interest 14,051 11,844
Total revenue 675,479 689,905
EXPENSES:
Operating Expenses 357,450 333,821
General and administrative 46,787 39,999
Total expenses 404,237 373,820
NET INCOME $271,242 $316,085
AGGREGATE NET INCOME ALLOCATED TO :
Limited partners $268,530 $312,924
General partners 2,712 3,161
TOTAL $271,242 $316,085
NET INCOME PER
LIMITED PARTNERSHIP UNIT $8.45 $9.85
LIMITED PARTNERSHIP
UNITS USED IN PER
UNIT CALCULATION 31,783 31,783
See accompanying notes to financial statements(unaudited).
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STATEMENTS OF INCOME (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
September 30, September 30,
1997 1996
REVENUES:
Rental Income $1,948,700 $1,976,345
Interest 37,486 31,999
Total revenues 1,986,186 2,008,344
EXPENSES:
Operating Expenses 1,059,659 1,014,760
General and administrative 170,254 158,002
Total expenses 1,229,913 1,172,762
NET INCOME 756,273 835,582
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners 748,710 827,226
General partners 7,563 8,356
TOTAL 756,273 835,582
NET INCOME PER LIMITED
PARTNERSHIP UNIT $23.56 $26.03
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, 1997 AND 1996
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
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
EQUITY AT DECEMBER 31, 1996 ($64,000) $7,866,814 $7,802,814
NET INCOME 7,563 748,710 756,273
DISTRIBUTIONS (9,630) (953,490) (963,120)
EQUITY AT SEPTEMBER 30, 1997 ($66,067) $7,662,034 $7,595,967
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
September 30, September 30,
1997 1996
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income $ 756,273 $ 835,582
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 403,895 403,896
Changes in assets and liabilities:
Increase in other assets (66,665) (58,137)
Increase in liabilities 6,468 199,928
Net cash provided by operating
activities 1,099,971 1,381,269
CASH FLOWS FROM INVESTING ACTIVITIES-
Purchase of property and equipment (5,544) (139,639)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (963,120) (963,120)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 131,307 278,510
CASH AND CASH EQUIVALENTS:
At beginning of period 1,455,407 1,132,783
At end of period $1,586,714 $1,411,293
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, 1997, and for
the periods ended September 30, 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 September 30, 1997, the total
cost and accumulated depreciation of the mini-storage facilities is as
follows:
Land $ 2,089,882
Buildings 10,828,454
Furniture and Equipment 2,799
Total 12,921,135
Less: Accumulated Depreciation ( 5,036,368)
Property - Net $ 7,884,767
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.