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, 2002
/___/ 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, 2002, 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, 2002.
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, 2002.
(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, 2002 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, 2002 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, 2002
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, 2002. 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, 2002 and 2001, revenues decreased
6.5% from $802,686 to $750,761 and total expenses decreased 7.0% from
$465,255 to $432,745 and other income decreased from $14,849 to $1,193. As a
result, net income decreased 9.4% from $352,280 to $319,209 for the three-
month period ended June 30, 2002, as compared to the same period in 2001.
The decrease in revenues can be attributed to a decrease in rental income due
to lower occupancy and unit rental rates. Occupancy levels for the Partner-
ship's five mini-storage facilities averaged 84.8% for the three-month
period ended June 30, 2002, as compared to 87.5% for the same period in 2001.
The Partnership is continuing its advertising campaign to attract and keep
new tenants in its various mini-storage facilities. Operating expenses de-
creased approximately $28,700 (7.1%) primarily as a result of a decrease in
advertising, real estate tax and salaries and wages expenses, partially off-
set by increases in office supplies and workers compensation insurance expenses.
General and administrative expenses decreased approximately $3,800 (6.1%) as
lower state tax payments were partially offset by increases in legal and
professional and equipment and computer lease expenses.
For the six-month periods ended June 30, 2002, and 2001, total revenues
decreased 3.7% from $1,640,403 to $1,579,074 and total expenses decreased
0.8% from $911,321 to $904,269 and other income decreased from $31,678 to
$3,261. As a result, net income decreased 10.9% from $760,760 for the six-
month period ended June 30, 2001, to $678,066 for the same period in 2002.
The decrease in revenues can be attributed to a decrease in rental revenue
due to lower occupancy and unit rental rates. Operating expenses decreased
approximately $10,200 (1.3%) from $783,731 to $773,539. The decrease is
primarily due to lower advertising, property management fees, salaries and
wages and power and sweeping expenses, partially offset by an increase in
office supplies and bank and credit card fee expenses. Property management
fees, which are based on rental revenue, increased as a result of the increase
in rental revenue. Power and sweeping expenses decreased as the substantial
snow removal costs associated with heavy snowfalls in the Detroit, Michigan
area during the first quarter of 2001, were not incurred in the current
period. General and administrative expenses increased approximately $3,100
(2.5%) for the same reasons as discussed above.
The General Partners will continue their policy of funding the continuing
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, 2002 AND DECEMBER 31, 2001
June 30, December 31,
2002 2001
ASSETS
CASH AND CASH EQUIVALENTS $1,284,631 $1,446,960
PROPERTY, NET 5,335,790 5,605,054
OTHER ASSETS 139,532 142,031
TOTAL $6,759,953 $7,194,045
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
LIABILITIES $1,123,499 $1,585,229
PARTNERS' EQUITY (DEFICIT):
General Partners (85,663) (85,940)
Limited Partners 5,722,117 5,694,756
Total partners' equity 5,636,454 5,608,816
TOTAL $6,759,953 $7,194,045
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED JUNE 30, 2002 AND 2001
June 30, June 30,
2002 2001
REVENUES:
Rental $750,761 $802,686
EXPENSES:
Operating 373,409 402,091
General and administrative 59,336 63,164
Total expenses 432,745 465,255
OPERATING INCOME 318,016 337,431
OTHER INCOME
Interest 1,193 14,849
NET INCOME $319,209 $352,280
AGGREGATE NET INCOME ALLOCATED TO :
Limited partners $316,017 $348,757
General partners 3,192 3,523
TOTAL $319,209 $352,280
NET INCOME PER
LIMITED PARTNERSHIP UNIT $9.94 $10.97
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, 2002 AND 2001
June 30, June 30,
2002 2001
REVENUES:
Rental $1,579,074 $1,640,403
EXPENSES:
Operating 773,539 783,731
General and administrative 130,730 127,590
Total expenses 904,269 911,321
OPERATING INCOME $ 674,805 $ 729,082
OTHER INCOME
Interest 3,261 31,678
NET INCOME $ 678,066 $ 760,760
AGGREGATE NET INCOME
ALLOCATED TO:
Limited Partners 671,285 753,152
General Partners 6,781 7,608
TOTAL $ 678,066 $ 760,760
NET INCOME PER LIMITED
PARTNERSHIP UNIT $21.12 $23.70
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 JUNE 30, 2002 AND 2001
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
BALANCE AT JANUARY 1, 2002 ($85,940) $5,694,756 $5,608,816
NET INCOME 6,781 671,285 678,066
DISTRIBUTIONS (6,504) (643,924) (650,428)
BALANCE AT JUNE 30, 2002 ($85,663) $5,722,117 $5,636,454
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED JUNE 30, 2002 AND 2001
June 30, June 30,
2002 2001
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income $ 678,066 $ 760,760
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 269,264 269,264
Changes in assets and liabilities:
Decrease (increase)in other assets 2,499 (7,500)
(Decrease)increase in liabilities (461,730) 161,127
Net cash(used in)provided by
operating activities 488,099 1,183,651
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (650,428) (650,428)
NET INCREASE IN CASH AND
CASH EQUIVALENTS (162,329) 533,223
CASH AND CASH EQUIVALENTS:
At beginning of period 1,446,960 2,605,662
At end of period $1,284,631 $3,138,885
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, 2002, and for
the periods ended June 30, 2002 and 2001 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, 2002, 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 ( 7,594,376)
Property - Net $ 5,355,790
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.
DSI REALTY INCOME FUND X
Form 10-Q
CERTIFICATION
Each of the undersigned hereby certifies in his capacity as an officer of
DSI Properties Inc. (corporate General Partner) of DSI REALTY INCOME FUND X
(the "Partnership") that the Quarterly Report of the Partnership on Form 10-Q
for the periods ended June 30, 2002 fully complies with the requirements of
Section 13(a) of the Securities and Exchange Act of 1934 and that information
contained in such report fairly presents, in all material respects, the
financial condition of the Partnership at the end of such periods and the
results of operations of the Partnership for such periods.
ROBERT J. CONWAY, CEO RICHARD P. CONWAY, VP