DSI REALTY INCOME FUND X
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED), MARCH 31, 1999 AND DECEMBER 31, 1998
March 31, December 31,
1999 1998
ASSETS
CASH AND CASH EQUIVALENTS $1,895,493 $1,772,250
PROPERTY, NET 7,078,428 7,213,688
OTHER ASSETS 66,038 64,073
TOTAL $9,039,959 $9,050,011
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
LIABILITIES $2,424,436 $2,373,616
PARTNERS' EQUITY (DEFICIT):
General Partners (75,872) (75,264)
Limited Partners 6,691,395 6,751,659
Total partners' equity 6,615,523 6,676,395
TOTAL $9,039,959 $9,050,011
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 1998
March 31, March 31,
1999 1998
REVENUES:
Rental Income $661,896 $650,268
Interest 12,656 12,082
Total revenue 674,552 662,350
EXPENSES:
Operating Expenses 346,907 325,237
General and administrative 67,477 69,452
Total expenses 414,384 394,689
NET INCOME $260,168 $267,661
AGGREGATE NET INCOME ALLOCATED TO :
Limited partners $257,566 $264,984
General partners 2,602 2,677
TOTAL $260,168 $267,661
NET INCOME PER
LIMITED PARTNERSHIP UNIT $8.10 $8.34
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 THREE MONTHS ENDED MARCH 31, 1999 AND 1998
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
BALANCE, JANUARY 1, 1998 ($69,852) $7,287,475 $7,217,623
NET INCOME 2,677 264,984 267,661
DISTRIBUTIONS (3,210) (317,830) (321,040)
BALANCE, MARCH 31, 1998 ($70,385) $7,234,629 $7,164,244
BALANCE, JANUARY 1, 1999 ($75,264) $6,751,659 $6,676,395
NET INCOME 2,602 257,566 260,168
DISTRIBUTIONS (3,210) (317,830) (321,040)
BALANCE, MARCH 31, 1999 ($75,872) $6,691,395 $6,615,523
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 1998
March 31, March 31,
1999 1998
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income $ 260,168 $ 267,661
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 134,630 134,632
Loss on disposal of
property and equipment 630 116
Changes in assets and liabilities:
Increase in other assets (1,965) (53)
Increase in liabilities 50,820 36,306
Net cash provided by operating
activities 444,283 438,662
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (321,040) (321,040)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 123,243 117,622
CASH AND CASH EQUIVALENTS:
At beginning of period 1,772,250 1,475,167
At end of period $1,895,493 $1,592,789
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, 1999, and for
the periods ended March 31, 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 March 31, 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 ( 5,844,161)
Property - Net $ 7,078,428
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.