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 September 30, 1996
[_] Transition Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the transition period from to
------------ ------------
Commission File Number 0-8942
DE ANZA PROPERTIES - X
(Exact name of registrant as specified in its charter)
CALIFORNIA 95-3005938
(State or other jurisdiction of (IRS Employer Iden-
incorporation or organization) tification Number)
9171 WILSHIRE BOULEVARD, SUITE 627
BEVERLY HILLS, CALIFORNIA 90210
(Address of principal executive offices, including zip code)
(310) 550-1111
(The registrant's telephone number, including area code)
NO CHANGE
(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
--- ---
Pursuant to the Securities Exchange Act of 1934 Release 15502 and Rule
240.0-3(b) (17 CFR 240.0-3(b)), the pages of this document have been numbered
sequentially. The total number of pages contained herein is 40.
1
TABLE OF CONTENTS
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PART I. FINANCIAL INFORMATION
- ------ ---------------------
ITEM 1. FINANCIAL STATEMENTS
Balance Sheets 3
Statements of Income 5
Statements of Changes in Partners'
Capital (Deficit) 7
Statements of Cash Flows 8
Notes to Financial Statements 10
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF
OPERATIONS 13
PART II. OTHER INFORMATION 15
- ------- -----------------
2
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
DE ANZA PROPERTIES - X
(A Limited Partnership)
Balance Sheets
(Unaudited)
September 30, December 31,
1996 1995
------------- ------------
ASSETS
CASH AND CASH EQUIVALENTS - including
restricted deposits of $700,557 and
$843,923 at September 30, 1996 and
December 31, 1995, respectively -
Note 1 $ 1,429,485 $ 1,388,279
ACCOUNTS RECEIVABLE 8,268 10,812
PREPAID EXPENSES 91,581 70,222
----------- -----------
1,529,334 1,469,313
----------- -----------
PROPERTY AND EQUIPMENT - Notes 1, 2, 5,
6 and 7
Land 2,989,265 2,989,265
Land improvements 4,782,559 4,704,170
Buildings and improvements 11,448,171 11,448,171
Furniture and equipment 623,498 623,498
----------- -----------
19,843,493 19,765,104
Less accumulated depreciation 10,203,950 9,921,679
----------- -----------
9,639,543 9,843,425
----------- -----------
OTHER ASSETS
Loan costs - less accumulated amortization
of $55,794 and $53,484 at September 30,
1996 and December 31, 1995, respectively -
Note 2 52,021 54,331
Other - Note 7 46,115 20,656
----------- -----------
98,136 74,987
----------- -----------
$11,267,013 $11,387,725
=========== ===========
See accompanying notes to financial statements.
3
DE ANZA PROPERTIES - X
(A Limited Partnership)
Balance Sheets (Continued)
(Unaudited)
September 30, December 31,
1996 1995
------------- ------------
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
ACCOUNTS PAYABLE AND ACCRUED EXPENSES -
including $23,334 and $11,305 due to related
parties at September 30, 1996 and December 31,
1995, respectively $ 210,521 $ 127,389
DEPOSITS AND ADVANCE RENTALS 125,698 122,937
DEFERRED GAIN ON SALE - Note 5 700,557 843,923
SECURED NOTE PAYABLE - Note 2 4,682,730 4,752,430
----------- -----------
5,719,506 5,846,679
----------- -----------
PARTNERS' CAPITAL (DEFICIT)
General partners (3,474,473) (3,476,003)
Cash general partners, 218.5 and 228.5 units
issued and outstanding at September 30,
1996 and December 31, 1995, respectively 77,733 77,686
Limited partners, 22,650.5 and 22,640.5 units
issued and outstanding at September 30,
1996 and December 31, 1995, respectively 8,944,247 8,939,363
----------- -----------
5,547,507 5,541,046
----------- -----------
$11,267,013 $11,387,725
=========== ===========
See accompanying notes to financial statements.
4
DE ANZA PROPERTIES - X
(A Limited Partnership)
Statements of Income
(Unaudited)
Nine Months Nine Months
Ended Ended
September 30, September 30,
1996 1995
------------- -------------
INCOME
Rent - Note 6 $2,757,941 $3,027,018
Other 100,505 89,449
Interest and dividends 49,556 53,177
Utilities - 143,232
Gain on sale of property and equipment -
Notes 5 and 6 143,366 2,258,041
---------- ----------
3,051,368 5,570,917
---------- ----------
EXPENSES
Interest 354,939 362,376
Depreciation and amortization - Notes
1 and 7 284,581 489,242
Maintenance, repairs and supplies 262,663 298,683
Other 236,350 219,981
Salaries - including $15,046 and $16,694
paid to related parties in 1996 and
1995, respectively - Note 3 210,264 235,352
Professional fees and services -
including $75,075 and $92,614 paid
to related parties in 1996 and 1995,
respectively - Note 3 183,530 182,350
Real estate taxes 156,614 185,307
Utilities 153,754 239,902
Management fees - including $142,623 and
$140,127 paid to related parties in 1996
and 1995, respectively - Note 3 142,623 164,361
Insurance 78,852 75,960
Payroll taxes and employee benefits 42,801 48,322
---------- ----------
2,106,971 2,501,836
---------- ----------
NET INCOME $ 944,397 $3,069,081
========== ==========
NET INCOME
GENERAL PARTNERS $ 223,648 $ 417,787
========== ==========
CASH GENERAL AND LIMITED PARTNERS $ 720,749 $2,651,294
========== ==========
INCOME PER 1% GENERAL
PARTNER INTEREST - Note 4 $ 2,236.48 $ 4,177.87
========== ==========
INCOME PER CASH GENERAL AND
LIMITED PARTNERSHIP UNIT - Note 4 $ 31.52 $ 115.93
========== ==========
See accompanying notes to financial statements.
5
DE ANZA PROPERTIES - X
(A Limited Partnership)
Statements of Income
(Unaudited)
Three Months Three Months
Ended Ended
September 30, September 30,
1996 1995
------------- -------------
INCOME
Rent - Note 6 $ 932,470 $ 921,027
Other 37,657 24,797
Interest and dividends 16,837 29,048
Utilities - 31,504
Gain on sale of property and equipment -
Notes 5 and 6 143,366 2,077,041
---------- ----------
1,130,330 3,083,417
---------- ----------
EXPENSES
Interest 118,264 121,352
Depreciation and amortization -
Notes 1 and 7 770 149,764
Maintenance, repairs and supplies 81,642 94,592
Other 78,188 85,550
Salaries - including $4,974 and $5,624
paid to related parties in 1996 and
1995, respectively - Note 3 70,873 68,984
Professional fees and services -
including $23,385 and $28,010 paid
to related parties in 1996 and 1995,
respectively - Note 3 30,085 45,686
Real estate taxes 51,594 56,246
Utilities 50,872 56,178
Management fees - including $48,553 and
$46,417 paid to related parties in 1996
and 1995, respectively - Note 3 48,553 52,649
Insurance 25,977 25,726
Payroll taxes and employee benefits 13,393 13,451
---------- ----------
570,211 770,178
---------- ----------
NET INCOME $ 560,119 $2,313,239
========== ==========
NET INCOME
GENERAL PARTNERS $ 132,645 $ 314,896
========== ==========
CASH GENERAL AND LIMITED PARTNERS $ 427,474 $1,998,343
========== ==========
INCOME PER 1% GENERAL
PARTNER INTEREST - Note 4 $ 1,326.45 $ 3,148.96
========== ==========
INCOME PER CASH GENERAL AND
LIMITED PARTNERSHIP UNIT - Note 4 $ 18.69 $ 87.38
========== ==========
See accompanying notes to financial statements.
6
DE ANZA PROPERTIES - X
(A Limited Partnership)
Statements of Changes in Partners' Capital (Deficit)
(Unaudited)
For the Nine Months Ended September 30, 1996 and
For the Year Ended December 31, 1995
Cash
General General Limited
Total Partners Partners Partners
------------ ----------- ----------- ------------
BALANCE - January 1,
1995 $ 7,805,545 $(3,210,498) $ 97,659 $10,918,384
DISTRIBUTIONS TO
PARTNERS (5,524,941) (647,779) (48,731) (4,828,431)
NET INCOME - for the
year ended December
31, 1995 3,260,442 382,274 28,758 2,849,410
----------- ----------- -------- -----------
BALANCE - December 31,
1995 5,541,046 (3,476,003) 77,686 8,939,363
DISTRIBUTIONS TO
PARTNERS (937,936) (222,118) (6,839) (708,979)
NET INCOME - for the
nine months ended
September 30, 1996 944,397 223,648 6,886 713,863
----------- ----------- -------- -----------
BALANCE - September
30, 1996 $ 5,547,507 $(3,474,473) $ 77,733 $ 8,944,247
=========== =========== ======== ===========
See accompanying notes to financial statements.
7
DE ANZA PROPERTIES - X
(A Limited Partnership)
Statements of Cash Flows
(Unaudited)
Nine Months Nine Months
Ended Ended
September 30, September 30,
1996 1995
-------------- --------------
CASH FLOWS FROM OPERATING ACTIVITIES
Gross rents received from real estate
operations $ 2,761,672 $ 3,193,880
Cash paid to suppliers and employees -
including $254,893 and $255,445 paid
to related parties in 1996 and 1995,
respectively (1,405,611) (1,607,317)
Interest paid (354,939) (362,376)
Interest and other income received 152,224 135,685
----------- -----------
Net cash provided by
operating activities 1,153,346 1,359,872
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CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property and equipment (78,389) (262,401)
Sale of property and equipment - 4,325,000
Sales and closing costs (26,115) (71,498)
----------- -----------
Net cash used in
investing activities (104,504) (3,991,101)
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on secured notes
payable (69,700) (63,094)
Partner distributions (937,936) (5,253,542)
----------- -----------
Net cash used in
financing activities (1,007,636) (5,316,636)
----------- -----------
NET INCREASE IN CASH AND
CASH EQUIVALENTS 41,206 34,337
CASH AND CASH EQUIVALENTS:
BALANCE AT BEGINNING OF PERIOD 1,388,279 1,431,793
----------- -----------
BALANCE AT END OF PERIOD $ 1,429,485 $ 1,466,130
=========== ===========
See accompanying notes to financial statements.
8
DE ANZA PROPERTIES - X
(A Limited Partnership)
Statements of Cash Flows (Continued)
(Unaudited)
Nine Months Nine Months
Ended Ended
September 30, September 30,
1996 1995
-------------- --------------
RECONCILIATION OF NET INCOME TO NET
CASH PROVIDED BY OPERATING ACTIVITIES
Net income $ 944,397 $ 3,069,081
Adjustments to reconcile net income
to net cash provided by
operating activities
Depreciation and amortization 284,581 489,242
Gain on sale of property and equipment (143,366) (2,258,041)
Changes in operating assets and
liabilities
Decrease in accounts receivable 2,544 59,469
Increase in prepaid expenses (21,359) (29,455)
Decrease in other assets 656 1,337
Increase in accounts payable
and accrued expenses 83,132 24,659
Increase in deposits and
advance rentals 2,761 3,580
---------- -----------
Net cash provided by
operating activities $1,153,346 $ 1,359,872
========== ===========
SUPPLEMENTAL DISCLOSURE
- -----------------------
During the nine months ended September 30, 1995, the MHC cash reserve of
$181,000 was released from restricted cash and the Partnership recognized a
gain on that portion of the 1994 sale proceeds.
During the nine months ended September 30, 1996, $143,366 of the Independent
Committee cash reserve was released from restricted cash and the Partnership
recognized a gain on that portion of the 1994 sale proceeds.
See accompanying notes to financial statements.
9
DE ANZA PROPERTIES - X
(A Limited Partnership)
Notes to Financial Statements
(Unaudited)
September 30, 1996 and December 31, 1995 and
For the Nine and Three Months Ended September 30, 1996 and 1995
NOTE 1 - BASIS OF PRESENTATION
The accompanying financial statements have been prepared in accordance
with generally accepted accounting principles for interim financial
information and with the instructions to Form 10-Q and Regulation S-X.
Accordingly, they do not include all of the information and footnotes
required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments
(consisting of normal recurring accruals) have been included.
Operating results during the nine and three months ended September 30,
1996 are not necessarily indicative of the results that may be
expected for the year ending December 31, 1996. For further
information, refer to the financial statements and footnotes thereto
included in the Partnership's annual report on Form 10-K for the year
ended December 31, 1995.
Cash and Cash Equivalents
-------------------------
The Partnership invests its cash not needed for working capital in
highly liquid short-term investments consisting primarily of money
market funds and certificates of deposit, with original maturities
ranging generally from one to three months. The Partnership considers
all such items to be cash equivalents.
Depreciation
------------
Pursuant to generally accepted accounting principles the Partnership
ceased to depreciate Woodbridge from the time it determined to sell
the property (see Note 7).
NOTE 2 - SECURED NOTE PAYABLE
Secured note payable at September 30, 1996 and December 31, 1995
consisted of:
September 30, December 31,
1996 1995
------------- ------------
Note collateralized by first
trust deed, payable in monthly
installments of $47,093,
including interest at 10%,
maturing in 2014. $4,682,730 $4,752,430
========== ==========
NOTE 3 - TRANSACTIONS WITH RELATED PARTIES
Pursuant to a former management agreement dated October 1, 1985, De
Anza Assets, Inc., a former affiliate of the operating general partner
(OGP), was paid a management fee in the amount of 5% of the annual
gross receipts from the operations of the Partnership's properties.
The payment of this fee is subordinated to the priority distributions
to the cash general and
10
DE ANZA PROPERTIES - X
(A Limited Partnership)
Notes to Financial Statements (Continued)
(Unaudited)
September 30, 1996 and December 31, 1995 and
For the Nine and Three Months Ended September 30, 1996 and 1995
NOTE 3 - TRANSACTIONS WITH RELATED PARTIES (Continued)
limited partners of 6% of their adjusted capital contributions each
year and is noncumulative, except in the case of a sale, refinancing
or other disposition of the Partnership's properties. In that case,
the difference between the management fee actually paid and the
management fee that would have been paid if it were not subordinated,
is payable out of proceeds from the sale, refinancing or other
disposition after payment of the limited partners' priority return and
capital contribution and the general partners' incentive interest.
On August 18, 1994, subsequent to the sale of Colonies of Margate and
the property management business of De Anza Group, Inc. (DAG), as
discussed in Note 5, the property management of Woodbridge was assumed
by Terra Vista Management, Inc. (Terra Vista). Terra Vista is wholly
owned by Michael D. Gelfand, president of the OGP and the son of
Herbert M. Gelfand. Herbert M. Gelfand, together with Beverly Gelfand,
is the sole shareholder of the OGP and an individual general partner.
Terra Vista was paid $142,623 and $140,127 for management fees during
the nine months ended September 30, 1996 and 1995, respectively. Of
the $142,623, $48,553 is attributable to the three months ended
September 30, 1996 (compared to $46,417 paid for the three months
ended September 30, 1995). The property management of Aptos Pines was
transferred to an affiliate of the buyer when the property management
business of DAG was transferred as part of the overall transaction
concurrent with the sale of Colonies of Margate (see Note 5).
In addition, Terra Vista or an affiliate of the OGP was paid $112,270
and $115,318 during the nine months ended September 30, 1996 and 1995,
respectively, for performing bookkeeping, regional management,
computer and investor relations services necessary for the operation
of the Partnership and its properties. Of the $112,270, $46,191 is
attributable to the three months ended September 30, 1996 (compared to
$37,053 paid for the three months ended September 30, 1995).
NOTE 4 - INCOME PER 1% GENERAL PARTNER INTEREST AND CASH GENERAL AND LIMITED
PARTNERSHIP UNIT
Income per cash general and limited partnership unit was computed
based on the cash general and limited partners' share of net income as
reflected on the Statements of Income and Changes in Partners' Capital
(Deficit) and the number of units outstanding (22,869 units). The
general partners' share of net income has not been included in this
computation. Income per 1% general partner interest was computed based
on the general partners' share of net income as reflected on the
Statements of Income and Changes in Partners' Capital (Deficit).
NOTE 5 - SALE OF COLONIES OF MARGATE
On August 18, 1994, the Partnership sold Colonies of Margate to an
affiliate of Manufactured Home Communities, Inc. (MHC), a real estate
investment trust, as part of an overall transaction for the sale of
the related property management business of DAG and other mobile home
communities affiliated with DAG.
11
DE ANZA PROPERTIES - X
(A Limited Partnership)
Notes to Financial Statements (Continued)
(Unaudited)
September 30, 1996 and December 31, 1995 and
For the Nine and Three Months Ended September 30, 1996 and 1995
NOTE 5 - SALE OF COLONIES OF MARGATE (Continued)
The sales price for the Property was $23,147,228. Additional proceeds
of $557,192, which were included in the sales price for calculating
the gain on sale of property and equipment, were received from MHC to
fund a General Reserve.
In connection with the sale, the Partnership established various
reserves totaling $1,024,923. The $1,024,923 was used to establish the
following reserves:
MHC Reserve $181,000
General Reserve 557,192
Independent Committee Reserve 286,731
The MHC Reserve was required by MHC and released in May 1995.
Accordingly, the gain on sale has been recognized and included in net
income for the nine months ended September 30, 1995. The General
Reserve and Independent Committee Reserve were established to fund
contingent liabilities that may arise out of the MHC transaction. In
September 1996, $143,366 of the Independent Committee Reserve was
released. The gain on sale has been recognized and included in net
income for the nine months ended September 30, 1996.
Pursuant to the guidelines of Financial Accounting Standards No. 66
"Accounting for Sales of Real Estate", the Partnership deferred in
1994 the recognition of gain on that portion of the sales proceeds
represented by the MHC Reserve, Independent Committee Reserve and
General Reserve, totaling $1,024,923. As these reserves are released
or expended, gain on sale will be recognized. At September 30, 1996
and December 31, 1995, $700,557 and $843,923, respectively, of sale
proceeds have been deferred and are included in deferred gain on sale,
as reflected in the balance sheets.
NOTE 6 - SALE OF APTOS PINES
On July 11, 1995, Aptos Pines (Aptos) was sold to a non-profit mutual
benefit corporation formed by the Aptos Pines Homeowners' Association.
The sales price for Aptos was $4,325,000, all cash, and an additional
$35,000 was received as reimbursement of capital outlays related to
the newly constructed sewer system. The Partnership incurred sales and
closing costs of approximately $56,200, has distributed $4,265,000 of
the proceeds to the limited and general partners and has reserved the
remaining $3,800.
NOTE 7 - SUBSEQUENT EVENT
On October 7, 1996, the Partnership entered into a contract to sell
Woodbridge Meadows Apartments to J.F. Shea Co., Inc. for $29,600,000,
all cash. Escrow is scheduled to close in January 1997. If the sale
occurs and no claims against the Partnership are pending, the
Partnership expects to wind up and dissolve in 1997.
12
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Liquidity
- ---------
The Partnership's quick ratio increased to 1.7:1 from 1.6:1, including
unrestricted cash balances of $728,928 and $544,356 at September 30, 1996 and
December 31, 1995, respectively. The increase is due to the release of a
portion of the restricted cash reserves, offset in part by an increase in
accounts payable and accrued expenses. The Partnership's cash balance is its
immediate source of liquidity.
On a long-term basis, the Partnership's liquidity is sustained primarily from
cash flows from operations, which during the nine months ended September 30,
1996 were approximately $1,153,000. Should it become necessary to improve
liquidity the Partnership can reduce partner distributions from operations,
which totaled approximately $938,000 during the nine months ended September 30,
1996, arrange a short-term line of credit or refinance Woodbridge Meadows
Apartments.
In 1995 the Partnership sold Aptos Pines as discussed in Note 6 to the
financial statements. The sale has reduced partnership income and therefore,
liquidity. The Partnership has entered into a contract to sell its remaining
property, Woodbridge Meadows Apartments, and anticipates that it will be sold
in January 1997. The sale would result in the Partnership's dissolution and
liquidation.
Other than as described elsewhere, there are no known trends, demands,
commitments, events or uncertainties known to the Partnership which are
reasonably likely to materially affect the Partnership's liquidity.
Capital Resources
- -----------------
The Partnership anticipates spending approximately $102,000 in 1996 for
physical improvements at its property, approximately $24,000 of which will be
spent during the remainder of 1996. The Partnership is continuously reviewing
the necessity for such expenditures in light of the expected sale of Woodbridge
Meadows Apartments. Funds for these improvements will be provided by cash
generated from operations and from the remaining reserves from the 1990 Margate
refinancing available for improvement projects at Woodbridge.
Due to the sale of Colonies of Margate and Aptos Pines discussed in Notes 5 and
6, and the distributions pursuant to the sale of Margate and Aptos Pines, the
Partnership's capital resources have been reduced. The expected sale of
Woodbridge Meadows Apartments in January 1997 would prompt the Partnership's
dissolution.
Other than as described above, there are no known material trends, favorable or
unfavorable, in the Partnership's capital resources. The Partnership does not
contemplate any other material changes in the mix of its capital resources,
other than as described above.
13
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
Results of Operations
- ---------------------
Since Aptos Pines was sold in July 1995, a comparison of results of operations
for the nine and three months ended September 30, 1996 and 1995 would not be
meaningful. However, a comparison can be done excluding the operations of
Aptos Pines.
Rental income, excluding Aptos Pines, increased 1.6% and 3.2% during the nine
and three months ended September 30, 1996, over the same periods in 1995. The
increase is due to both increased occupancy at Woodbridge and increased rental
rates. Competition in the immediate area is vigorous, but the major
improvements done to the property begun in 1992 and completed in 1995 are
expected to allow Woodbridge to maintain a stable income stream. Competition
mostly arises from Irvine Apartment Communities whose numerous properties
dominate the local luxury apartment market.
Other income increased during the nine months ended September 30, 1996 over the
same period in 1995 due to increased fees for transfers of limited partnership
units plus increased laundry income at Woodbridge. Woodbridge's increased
laundry income is mostly responsible for the increase for the three months
ended September 30, 1996 over the same period in 1995.
Interest and dividend income decreased during the nine and three months ended
September 30, 1996 over the same periods in 1995 because there were higher cash
reserves during the three months ended September 30, 1995, including sale
proceeds held for a short period until their distribution.
Expenses, excluding Aptos Pines, decreased 3.1% and 23.0% during the nine and
three months ended September 30, 1996 over the same periods in 1995. According
to generally accepted accounting principles, from the time the Partnership
determined to sell Woodbridge it ceased to depreciate the carrying value of the
assets. This decrease in depreciation expense is mostly responsible for the
decrease in overall expenses. Additionally, maintenance, repairs and supplies
were lower due to lower apartment turnover, higher occupancy and lower turnkey
costs. Partially offsetting these decreases were higher costs for professional
fees and services due to the legal fees paid in connection with the November
1995 - January 1996 tender offer by Moraga Capital, LLC. while other expenses
increased due to related investor mailings. Insurance premiums at Woodbridge
increased as a result of the January 1994 Northridge earthquake centered
approximately 70 miles from Woodbridge. Additionally, salaries and payroll
taxes and benefits increased due to the higher leasing salaries to increase
occupancy and utilities costs were higher due to increased occupancy.
Other than as described above, there are no known trends or uncertainties which
have had or can be reasonably expected to have a material effect on continuing
operations.
14
PART II. OTHER INFORMATION
ITEM NUMBER
- -----------
1. LEGAL PROCEEDINGS
No new material legal proceedings were commenced during the three months
ended September 30, 1996 and there are none pending.
2. CHANGES IN SECURITIES
None.
3. DEFAULTS UPON SENIOR SECURITIES
None.
4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
5. OTHER INFORMATION
A report on Form 8-K was filed on October 18, 1996 copying the letter sent
to limited partners informing them of the Woodbridge sale contract.
6. EXHIBITS AND REPORTS ON FORM 8-K
Exhibit 10.1-Contract to sell Woodbridge dated October 7, 1996....Page 17
15
PART II. OTHER INFORMATION (Continued)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
DE ANZA PROPERTIES - X
(Registrant)
By DE ANZA CORPORATION
A California Corporation
Operating General Partner
Date: November 13, 1996 By /s/ Michael D. Gelfand
----------------------
Michael D. Gelfand
President and
Chief Financial Officer
16