DSI REALTY INCOME FUND X
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED), MARCH 31, 1998 AND DECEMBER 31, 1997
March 31, December 31,
1998 1997
ASSETS
CASH AND CASH EQUIVALENTS $1,592,789 $1,475,167
PROPERTY 7,617,469 7,752,217
OTHER ASSETS 72,997 72,944
TOTAL $9,283,255 $9,300,328
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $2,119,011 $2,082,705
PARTNERS' EQUITY:
General Partners (70,385) (69,852)
Limited Partners 7,234,629 7,287,475
Total partners' equity 7,164,244 7,217,623
TOTAL $9,283,255 $9,300,328
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND 1997
March 31, March 31,
1998 1997
REVENUES:
Rental Income $650,268 $645,246
Interest 12,082 11,309
Total revenue 662,350 656,555
EXPENSES:
Operating Expenses 325,237 333,454
General and administrative 69,452 63,952
Total expenses 394,689 397,406
NET INCOME $267,661 $259,149
AGGREGATE NET INCOME ALLOCATED TO :
Limited partners $264,984 $256,558
General partners 2,677 2,591
TOTAL $267,661 $259,149
NET INCOME PER
LIMITED PARTNERSHIP UNIT $8.34 $8.07
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 THREE MONTHS ENDED MARCH 31, 1998 AND 1997
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
EQUITY AT DECEMBER 31, 1996 ($64,000) $7,866,814 $7,802,814
NET INCOME 2,591 256,558 259,149
DISTRIBUTIONS (3,210) (317,830) (321,040)
EQUITY AT MARCH 31, 1997 ($64,619) $7,805,542 $7,740,923
EQUITY AT DECEMBER 31, 1997 ($69,852) $7,287,475 $7,217,623
NET INCOME 2,677 264,984 267,661
DISTRIBUTIONS (3,210) (317,830) (321,040)
EQUITY AT MARCH 31, 1998 ($70,385) $7,234,629 $7,164,244
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND 1997
March 31, March 31,
1998 1997
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income $ 267,661 $ 259,149
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 134,632 134,633
Changes in assets and liabilities:
Increase in other assets (53) (39,331)
Increase(Decrease) in liabilities 36,306 (121,384)
Net cash provided by operating
activities 438,546 233,067
CASH FLOWS FROM INVESTING ACTIVITIES-
Disposal of property and equipment 116 0
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (321,040) (321,040)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 117,622 (87,973)
CASH AND CASH EQUIVALENTS:
At beginning of period 1,475,167 1,455,407
At end of period $1,592,789 $1,367,434
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, 1998, and for
the periods ended March 31, 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 March 31, 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 ( 5,305,633)
Property - Net $ 7,617,469
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.