DSI REALTY INCOME FUND X
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED), SEPTEMBER 30, 1998 AND DECEMBER 31, 1997
September 30, December 31,
1998 1997
ASSETS
CASH AND CASH EQUIVALENTS $1,904,089 $1,475,167
PROPERTY 7,348,205 7,752,217
OTHER ASSETS 128,799 72,944
TOTAL $9,381,093 $9,300,328
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $2,324,006 $2,082,705
PARTNERS' EQUITY:
General Partners (71,456) (69,852)
Limited Partners 7,128,543 7,287,475
Total partners' equity 7,057,087 7,217,623
TOTAL $9,381,093 $9,300,328
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997
September 30, September 30,
1998 1997
REVENUES:
Rental Income $686,209 $661,428
Interest 16,660 14,051
Total revenue 702,869 675,479
EXPENSES:
Operating Expenses 357,880 357,450
General and administrative 45,705 46,787
Total expenses 403,585 404,237
NET INCOME $299,284 $271,242
AGGREGATE NET INCOME ALLOCATED TO :
Limited partners $296,291 $268,530
General partners 2,993 2,712
TOTAL $299,284 $271,242
NET INCOME PER
LIMITED PARTNERSHIP UNIT $9.32 $8.45
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, 1998 AND 1997
September 30, September 30,
1998 1997
REVENUES:
Rental Income $1,974,650 $1,948,700
Interest 43,550 37,486
Total revenues 2,018,200 1,986,186
EXPENSES:
Operating Expenses 1,034,734 1,059,659
General and administrative 180,882 170,254
Total expenses 1,215,616 1,229,913
NET INCOME 802,584 756,273
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners 794,558 748,710
General partners 8,026 7,563
TOTAL 802,584 756,273
NET INCOME PER LIMITED
PARTNERSHIP UNIT $25.00 $23.56
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 NINE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
EQUITY AT JANUARY 1, 1997 ($64,000) $7,866,814 $7,802,814
NET INCOME 7,563 748,710 756,273
DISTRIBUTIONS (9,630) (953,490) (963,120)
EQUITY AT SEPTEMBER 30, 1997 ($66,067) $7,662,034 $7,595,967
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
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997
September 30, September 30,
1998 1997
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income $ 802,584 $ 756,273
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 403,896 403,895
Loss on disposal of
property and equipment 116 0
Changes in assets and liabilities:
Increase in other assets (55,855) (66,665)
Increase in liabilities 241,301 6,468
Net cash provided by operating
activities 1,392,042 1,099,971
CASH FLOWS FROM INVESTING ACTIVITIES-
Purchase of property and equipment 0 (5,544)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (963,120) (963,120)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 428,922 131,307
CASH AND CASH EQUIVALENTS:
At beginning of period 1,475,167 1,455,407
At end of period $1,904,089 $ 1,586,714
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, 1998, and for
the periods ended September 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 September 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 ( 5,574,897)
Property - Net $ 7,348,205
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.