DSI REALTY INCOME FUND X
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED), SEPTEMBER 30, 1999 AND DECEMBER 31, 1998
September 30, December 31,
1999 1998
ASSETS
CASH AND CASH EQUIVALENTS $2,299,124 $1,772,250
PROPERTY, Net 6,809,164 7,213,688
OTHER ASSETS 66,572 64,073
TOTAL $9,174,860 $9,050,011
LIABILITIES AND PARTNERS' EQUITY(DEFICIT):
LIABILITIES $2,549,618 $2,373,616
PARTNERS' EQUITY (DEFICIT):
General Partners (75,774) (75,264)
Limited Partners 6,701,016 6,751,659
Total partners' equity 6,625,242 6,676,395
TOTAL $9,174,860 $9,050,011
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998
September 30, September 30,
1999 1998
REVENUES:
Rental Income $747,141 $686,209
Interest 14,513 16,660
Total revenue 761,654 702,869
EXPENSES:
Operating 383,258 357,880
General and administrative 50,281 45,705
Total expenses 433,539 403,585
NET INCOME $328,115 $299,284
AGGREGATE NET INCOME ALLOCATED TO :
Limited partners $324,834 $296,291
General partners 3,281 2,993
TOTAL $328,115 $299,284
NET INCOME PER
LIMITED PARTNERSHIP UNIT $10.22 $9.32
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, 1999 AND 1998
September 30, September 30,
1999 1998
REVENUES:
Rental Income $2,124,254 $1,974,650
Interest 41,558 43,550
Total revenues 2,165,812 2,018,200
EXPENSES:
Operating 1,082,599 1,034,734
General and administrative 171,246 180,882
Total expenses 1,253,845 1,215,616
NET INCOME 911,967 802,584
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners 902,847 794,558
General partners 9,120 8,026
TOTAL 911,967 802,584
NET INCOME PER LIMITED
PARTNERSHIP UNIT $28.41 $25.00
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, 1999 AND 1998
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
EQUITY AT JANUARY 1, 1998 ($69,852) $7,287,475 $7,217,623
NET INCOME 8,026 794,558 802,584
DISTRIBUTIONS (9,630) (953,490) (963,120)
EQUITY AT SEPTEMBER 30, 1998 ($71,456) $7,128,543 $7,057,087
BALANCE AT JANUARY 1, 1999 ($75,264) $6,751,659 $6,676,395
NET INCOME 9,120 902,847 911,967
DISTRIBUTIONS (9,630) (953,490) (963,120)
BALANCE AT SEPTEMBER 30, 1999 ($75,774) $6,701,016 $6,625,242
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998
September 30, September 30,
1999 1998
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income $ 911,967 $ 802,584
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 403,894 403,896
Loss on disposal of
property and equipment 630 116
Changes in assets and liabilities:
Increase in other assets (2,499) (55,855)
Increase in liabilities 176,002 241,301
Net cash provided by operating
activities 1,489,994 1,392,042
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (963,120) (963,120)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 526,874 428,922
CASH AND CASH EQUIVALENTS:
At beginning of period 1,772,250 1,475,167
At end of period $2,299,124 $ 1,904,089
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, 1999, and for
the periods ended September 30, 1999 and 1998 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, 1999, the total
cost and accumulated depreciation of the mini-storage facilities is as
follows:
Land $ 2,089,882
Buildings 10,826,897
Furniture and Equipment 5,810
Total 12,922,589
Less: Accumulated Depreciation ( 6,113,425)
Property - Net $ 6,809,164
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.