DSI REALTY INCOME FUND X
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED), JUNE 30, 1998 AND DECEMBER 31, 1997
June 30, December 31,
1998 1997
ASSETS
CASH AND CASH EQUIVALENTS $1,752,283 $1,475,167
PROPERTY 7,482,837 7,752,217
OTHER ASSETS 75,791 72,944
TOTAL $9,310,911 $9,300,328
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $2,232,068 $2,082,705
PARTNERS' EQUITY:
General Partners (71,239) (69,852)
Limited Partners 7,150,082 7,287,475
Total partners' equity 7,078,843 7,217,623
TOTAL $9,310,911 $9,300,328
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED JUNE 30, 1998 AND 1997
June 30, June 30,
1997 1996
REVENUES:
Rental Income $638,173 $642,026
Interest 14,808 12,126
Total revenue 652,981 654,152
EXPENSES:
Operating Expenses 351,617 368,755
General and administrative 65,725 59,515
Total expenses 417,342 428,270
NET INCOME $235,639 $225,882
AGGREGATE NET INCOME ALLOCATED TO :
Limited partners $233,283 $223,623
General partners 2,356 2,259
TOTAL $235,639 $225,882
NET INCOME PER
LIMITED PARTNERSHIP UNIT $7.34 $7.04
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 SIX MONTHS ENDED JUNE 30, 1998 AND 1997
June 30, June 30,
1998 1997
REVENUES:
Rental Income $1,288,441 $1,287,272
Interest 26,890 23,435
Total revenues 1,315,331 1,310,707
EXPENSES:
Operating Expenses 676,854 702,209
General and administrative 135,177 123,467
Total expenses 812,031 825,676
NET INCOME 503,300 485,031
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $498,267 $480,181
General partners 5,033 4,850
TOTAL $503,300 $485,031
NET INCOME PER LIMITED
PARTNERSHIP UNIT $15.68 $15.11
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 SIX MONTHS ENDED JUNE 30, 1998 AND 1997
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
EQUITY AT DECEMBER 31, 1996 ($64,000) $7,866,814 $7,802,814
NET INCOME 4,850 480,181 485,031
DISTRIBUTIONS (6,420) (635,660) (642,080)
EQUITY AT JUNE 30, 1997 ($65,570) $7,711,335 $7,645,765
EQUITY AT DECEMBER 31, 1997 ($69,852) $7,287,475 $7,217,623
NET INCOME 5,033 498,267 503,300
DISTRIBUTIONS (6,420) (635,660) (642,080)
EQUITY AT JUNE 30, 1998 ($71,239) $7,150,082 $7,078,843
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 1998 AND 1997
June 30, June 30,
1998 1997
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income $ 503,300 $ 485,031
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 269,264 269,265
Changes in assets and liabilities:
Increase in other assets (2,847) 0
Increase(Decrease) in liabilities 149,363 (59,430)
Net cash provided by operating
activities 919,080 694,866
CASH FLOWS FROM INVESTING ACTIVITIES-
Disposal(Purchase)of property
and equipment 116 (2,000)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (642,080) (642,080)
NET INCREASE IN CASH AND CASH
EQUIVALENTS 277,116 50,786
CASH AND CASH EQUIVALENTS:
At beginning of period 1,475,167 1,455,407
At end of period $1,752,283 $1,506,193
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 June 30, 1998, and for
the periods ended June 30, 1998 and 1997 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 June 30, 1998, the total cost
and accumulated depreciation of the mini-storage facilities is as
follows:
Land $ 2,089,882
Buildings 10,827,410
Furniture and Equipment 5,810
Total 12,923,102
Less: Accumulated Depreciation ( 5,440,265)
Property - Net $ 7,482,837
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.