DSI REALTY INCOME FUND X
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED), MARCH 31, 1997 AND DECEMBER 31, 1996
March 31, December 31,
1997 1996
ASSETS
CASH AND CASH EQUIVALENTS $1,367,434 $1,455,407
PROPERTY 8,148,485 8,283,118
OTHER ASSETS 112,275 72,944
TOTAL $9,628,194 $9,811,469
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $1,887,271 $2,008,655
PARTNERS' EQUITY:
General Partners (64,619) (64,000)
Limited Partners 7,805,542 7,866,814
Total partners' equity 7,740,923 7,802,814
TOTAL $9,628,194 $9,811,469
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
March 31, March 31,
1997 1996
REVENUES:
Rental Income $645,246 $635,761
Interest 11,309 8,414
Total revenue 656,555 644,175
EXPENSES:
Operating Expenses 333,454 342,540
General and administrative 63,952 67,476
Total expenses 397,406 410,016
NET INCOME $259,149 $234,159
AGGREGATE NET INCOME ALLOCATED TO :
Limited partners $256,558 $231,817
General partners 2,591 2,342
TOTAL $259,149 $234,159
NET INCOME PER
LIMITED PARTNERSHIP UNIT $8.07 $7.29
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, 1997 AND 1996
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
EQUITY AT DECEMBER 31, 1995 ($60,475) $8,215,788 $8,155,313
NET INCOME 2,342 231,817 234,159
DISTRIBUTIONS (3,210) (317,830) (321,040)
EQUITY AT MARCH 31, 1996 ($61,343) $8,129,775 $8,068,432
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
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
March 31, March 31,
1997 1996
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income $ 259,149 $ 234,159
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 134,633 134,632
Changes in assets and liabilities:
Increase(Decrease) in other assets (39,331) (47,584)
(Decrease)Increase in liabilities (121,384) 96,635
Net cash provided by operating
activities 233,067 417,842
CASH FLOWS FROM INVESTING ACTIVITIES-
Purchase of property and equipment 0 (54,667)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (321,040) (321,040)
NET (DECREASE)INCREASE IN CASH AND
CASH EQUIVALENTS (87,973) 42,135
CASH AND CASH EQUIVALENTS:
At beginning of period 1,455,407 1,132,783
At end of period $1,367,434 $1,174,918
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, 1997, and for
the periods ended March 31, 1997 and 1996 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, 1997, the total cost
and accumulated depreciation of the mini-storage facilities is as
follows:
Land $ 2,089,882
Buildings 10,822,909
Furniture and Equipment 2,799
Total 12,915,590
Less: Accumulated Depreciation ( 4,767,105)
Property - Net $ 8,148,485
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.