SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
/_x_/ Quarterly report pursuant to section 13 or 15(d) of the
Securities Exchange Act of 1934.
For the quarterly period ended June 30, 2001
/___/ Transition report pursuant to Section 13 or 15(d) of the
Securities Act of 1934
for the transition period from ______________ to ________________.
Commission File Number 0-15346
DSI REALTY INCOME FUND X, A California Limited Partnership
(Exact name of registrant as specified in its charter)
California_______________________________________33-0195079
(State or other jurisdiction of (I.R.S. Employer
incorporation) Identification No.)
6700 E. Pacific Coast Hwy., Long Beach, California 90803
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code-(562)493-8881
_________________________________________________________________
Former name, former address and former fiscal year, if changed
since last report.
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that
the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
Yes _x_. No___.
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
The information required by Rule 10-01 of Regulation S-X is
included in the Quarterly Report to the Limited Partners of Registrant for
the period ended June 30, 2001 which is attached hereto as Exhibit "20"
and incorporated herein by this reference.
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
Registrant incorporates by this reference its Quarterly Report
to Limited Partners for the period ended June 30, 2001.
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8K.
(a) Attached hereto as Exhibit "20" is Registrant's Quarterly
Report to Limited Partners for the period ended
June 30, 2001.
(B) Registrant did not file any reports on Form 8-K for the
period reported upon.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
Dated: July 31, 2001 DSI REALTY INCOME FUND X
A California Limited Partnership
(Registrant)
By__/s/ Robert J. Conway______
DSI Properties, Inc., as General
Partner by ROBERT J. CONWAY,
President and Chief Financial
Officer
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
Dated: July 31, 2001 DSI REALTY INCOME FUND X
A California Limited Partnership
(Registrant)
By___/s/ Robert J. Conway_____
DSI Properties, Inc., as General
Partner by ROBERT J. CONWAY,
President and Chief Financial
Officer
July 31, 2001
QUARTERLY REPORT TO THE LIMITED PARTNERS
OF DSI REALTY INCOME FUND X
DEAR LIMITED PARTNERS:
We are pleased to enclose the Partnership's unaudited financial statements
for the period ended June 30, 2001. The following is Management's
discussion and analysis of the Partnership's financial condition and
results of its operations.
For the three month periods ended June 30, 2001, and 2000, total revenues
increased 8.4% from $740,437 to $802,686 and total expenses increased 8.1%
from $430,244 to $465,255 and other income decreased from $19,404 to $14,849.
As a result, net income increased 6.9% from $329,597 to $352,280 for the
three-month period ended June 30, 2001, as compared to the same period in
2000. The increase in revenues can be attributed to an increase in rental
income due to higher occupancy and unit rental rates. Occupancy levels for
the Partnership's five mini-storage facilities averaged 87.5% for the three-
month period ended June 30, 2001, as compared to 85.4% for the same period
in 2000. The Partnership is continuing its advertising campaign to attract
and keep new tenants in its various mini-storage facilities. Operating
expenses increased approximately $32,700 (8.9%) primarily as a result of
increases in advertising, property management fees and salaries and wage
expenses, partially offset by a decrease in workers compensation insurance
expense. Property management fees, which are based on rental revenue in-
creased as a result of the increase in rental revenue. General and admini-
strative expenses remained relatively constant.
For the six month periods ended June 30, 2001, and 2000, total revenues
increased 11.4% from $1,472,989 to $1,640,403 and total expenses increased
5.8% from $861,194 to $911,321 and other income decreased from $35,463 to
$31,678. As a result, net income increased 17.5% from $647,258 for the six-
month period ended June 30, 2000, to $760,760 for the same period in 2001.
The increase in revenues can be attributied to an increase in rental revenue
due to higher occupancy and unit rental rates. Operating expenses increased
approximately $53,300 (7.3%) from $730,435 to $783,731. The increase is
primarily due to higher advertising, property management fees, salaries and
wage and power and sweeping expenses, partially offset by a decrease in
office supplies, workers compensation insurance and security alarm services
expenses. Property management fees, which are based on rental revenue,
increased as a result of the increase in rental revenue. Power and sweeping
expenses increased as a result of above normal snow removal costs associated
with heavy snow falls in the Detroit, Michigan area during the first quarter
of 2001. General and administrative expenses decreased approximately $3,200
(2.4%) primarily as a result of decrease in equipment and computer lease
expenses.
The General Partners will continue their policy of funding improvements
and maintenance of Partnership properties with cash generated from
operations. The Partnership's financial resources appear to be adequate
to meet its needs.
We are not enclosing a copy of the Partnership Form 10-Q as filed with
the Securities and Exchange Commission, since all the information set
forth therein is contained either in this letter or in the attached
financial statements. However, if you wish to receive a copy of said
report, please send a written request to DSI Realty Income Fund X,
P.O. Box 357, Long Beach, California 90801.
Very truly yours,
DSI Realty Income Fund X
By: DSI Properties, Inc., as
General Partner
By___\s\ Robert J. Conway_______
ROBERT J. CONWAY, President
DSI REALTY INCOME FUND X
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED), JUNE 30, 2001 AND DECEMBER 31, 2000
June 30, December 31,
2001 2000
ASSETS
CASH AND CASH EQUIVALENTS $3,138,885 $2,605,662
PROPERTY, Net 5,874,318 6,143,582
OTHER ASSETS 105,170 97,670
TOTAL $9,118,373 $8,846,914
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
LIABILITIES $3,216,204 $3,055,077
PARTNERS' EQUITY (DEFICIT):
General Partners (83,006) (84,110)
Limited Partners 5,985,175 5,875,947
Total partners' equity 5,902,169 5,791,837
TOTAL $9,118,373 $8,846,914
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED JUNE 30, 2001 AND 2000
June 30, June 30,
2001 2000
REVENUES:
Rental $802,686 $740,437
EXPENSES:
Operating Expenses 402,091 369,409
General and administrative 63,164 60,835
Total expenses 465,255 430,244
OPERATING INCOME 337,431 310,193
OTHER INCOME
Interest 14,849 19,404
NET INCOME $352,280 $329,597
AGGREGATE NET INCOME ALLOCATED TO :
Limited Partners $348,757 $326,301
General Partners 3,523 3,296
TOTAL $352,280 $329,597
NET INCOME PER
LIMITED PARTNERSHIP UNIT $10.97 $10.27
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, 2001 AND 2000
June 30, June 30,
2001 2000
REVENUES:
Rental $1,640,403 $1,472,989
EXPENSES:
Operating 783,731 730,435
General and administrative 127,590 130,759
Total expenses 911,321 861,194
OPERATING INCOME 729,082 611,795
OTHER INCOME
Interest 31,678 35,463
NET INCOME 760,760 647,258
AGGREGATE NET INCOME ALLOCATED TO:
Limited Partners $753,152 $640,785
General Partners 7,608 6,473
TOTAL $760,760 $647,258
NET INCOME PER LIMITED
PARTNERSHIP UNIT $23.70 $20.16
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, 2001 AND 2000
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
BALANCE AT JANUARY 1, 2000 ($81,123) $6,171,569 $6,090,446
NET INCOME 6,473 640,785 647,258
DISTRIBUTIONS (6,504) (643,924) (650,428)
BALANCE AT JUNE 30, 2000 ($81,154) $6,168,430 $6,087,276
BALANCE AT JANUARY 1, 2001 ($84,110) $5,875,947 $5,791,837
NET INCOME 7,608 753,152 760,760
DISTRIBUTIONS (6,504) (643,924) (650,428)
BALANCE AT JUNE 30, 2001 ($83,006) $5,985,175 $5,902,169
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 2001 AND 2000
June 30, June 30,
2001 2000
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income $ 760,760 $ 647,258
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 269,264 269,264
Changes in assets and liabilities:
Increase in other assets (7,500) 0
Increase in liabilities 161,127 162,258
Net cash provided by operating
activities 1,183,651 1,078,780
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (650,428) (650,428)
NET INCREASE IN CASH AND CASH
EQUIVALENTS 533,223 428,352
CASH AND CASH EQUIVALENTS:
At beginning of period 2,605,662 2,027,853
At end of period $3,138,885 $2,456,205
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, 2001, and for
the periods ended June 30, 2001 and 2000 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, 2001, the total cost
and accumulated depreciation of the mini-storage facilities is as
follows:
Land $ 2,089,882
Buildings 10,834,474
Furniture and Equipment 5,810
Total 12,930,166
Less: Accumulated Depreciation ( 7,055,848)
Property - Net $ 5,874,318
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.