DSI REALTY INCOME FUND X
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED), JUNE 30, 1999 AND DECEMBER 31, 1998
June 30, December 31,
1999 1998
ASSETS
CASH AND CASH EQUIVALENTS $2,142,849 $1,772,250
PROPERTY 6,943,796 7,213,688
OTHER ASSETS 66,572 64,073
TOTAL $9,153,217 $9,050,011
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
LIABILITIES $2,535,050 $2,373,616
PARTNERS' EQUITY (DEFICIT):
General Partners (75,845) (75,264)
Limited Partners 6,694,012 6,751,659
Total partners' equity 6,618,167 6,676,395
TOTAL $9,153,217 $9,050,011
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED JUNE 30, 1999 AND 1998
June 30, June 30,
1999 1998
REVENUES:
Rental Income $715,217 $638,173
Interest 14,389 14,808
Total revenue 729,606 652,981
EXPENSES:
Operating Expenses 352,434 351,617
General and administrative 53,488 65,725
Total expenses 405,922 417,342
NET INCOME $323,684 $235,639
AGGREGATE NET INCOME ALLOCATED TO :
Limited Partners $320,447 $223,283
General Partners 3,237 2,356
TOTAL $323,684 $235,639
NET INCOME PER
LIMITED PARTNERSHIP UNIT $10.08 $7.34
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, 1999 AND 1998
June 30, June 30,
1999 1998
REVENUES:
Rental income $1,377,113 $1,288,441
Interest 27,045 26,890
Total revenues 1,404,158 1,315,331
EXPENSES:
Operating 699,341 676,854
General and administrative 120,965 135,177
Total expenses 820,306 812,031
NET INCOME 583,852 503,300
AGGREGATE NET INCOME ALLOCATED TO:
Limited Partners $578,013 $498,267
General Partners 5,839 5,033
TOTAL $583,852 $503,300
NET INCOME PER LIMITED
PARTNERSHIP UNIT $18.19 $15.68
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, 1999 AND 1998
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
BALANCE AT JANUARY 1, 1998 ($69,852) $7,287,475 $7,217,623
NET INCOME 5,033 498,267 503,300
DISTRIBUTIONS (6,420) (635,660) (642,080)
BALANCE AT JUNE 30, 1998 ($71,239) $7,150,082 $7,078,843
BALANCE AT JANUARY 1, 1999 ($75,264) $6,751,659 $6,676,395
NET INCOME 5,839 578,013 583,852
DISTRIBUTIONS (6,420) (635,660) (642,080)
BALANCE AT JUNE 30, 1999 ($75,845) $6,694,012 $6,618,167
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 1999 AND 1998
June 30, June 30,
1999 1998
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income $ 583,852 $ 503,300
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 269,262 269,264
Loss on disposal of property
and equipment 630 116
Changes in assets and liabilities:
Increase in other assets (2,499) (2,847)
Increase in liabilities 161,434 149,363
Net cash provided by operating
activities 1,012,679 919,916
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (642,080) (642,080)
NET INCREASE IN CASH AND CASH
EQUIVALENTS 370,599 277,116
CASH AND CASH EQUIVALENTS:
At beginning of period 1,772,250 1,475,167
At end of period $2,142,849 $1,752,283
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, 1999, and for
the periods ended June 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 June 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 ( 5,978,793)
Property - Net $ 6,943,796
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.