WELLS REAL ESTATE FUND X L P - 10-Q Quarterly Report

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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2003

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 0-23719

WELLS REAL ESTATE FUND X, L.P.

(Exact name of registrant as specified in its charter)

Georgia		58-2250093
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification Number)

6200 The Corners Pkwy., Norcross, Georgia		30092
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code		(770) 449-7800

(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 ¨

FORM 10-Q

WELLS REAL ESTATE FUND X, L.P.

(A Georgia Public Limited Partnership)

INDEX

			Page No.

PART I.	FINANCIAL INFORMATION

	Item 1.	Financial Statements

		Balance Sheets—March 31, 2003 (unaudited) and December 31, 2002	3

		Statements of Income for the Three Months Ended March 31, 2003 and 2002 (unaudited)	4

		Statements of Partners’ Capital for the Three Months Ended March 31, 2003 (unaudited) and the Year Ended December 31, 2002	5

		Statements of Cash Flows for the Three Months Ended March 31, 2003 and 2002 (unaudited)	6

		Condensed Notes to Financial Statements (unaudited)	7

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	12

	Item 3.	Quantitative and Qualitative Disclosures about Market Risks	15

	Item 4.	Controls and Procedures	15

PART II.	OTHER INFORMATION		16

WELLS REAL ESTATE FUND X, L.P.

(A Georgia Public Limited Partnership)

BALANCE SHEETS

	(unaudited)
	March 31, 2003		December 31, 2002
ASSETS:
Investments in Joint Ventures	$	19,182,987	$	19,414,110
Cash and cash equivalents		27,253		153,072
Due from Joint Ventures		485,384		368,624
Deferred project costs		3,154		3,154

Total assets	$	19,698,778	$	19,938,960

LIABILITIES AND PARTNERS’ CAPITAL:
Liabilities:
Accounts payable	$	29,487	$	17,726
Partnership distribution payable		452,584		494,704

Total liabilities		482,071		512,430

Partners’ capital:
Limited partners:
Class A—2,337,767 units and 2,328,014 units outstanding as of March 31, 2003 and December 31, 2002, respectively		19,216,707		19,426,530
Class B—375,124 units and 384,877 units outstanding as of March 31, 2003 and December 31, 2002, respectively		0		0

Total partners’ capital		19,216,707		19,426,530

Total liabilities and partners’ capital	$	19,698,778	$	19,938,960

See accompanying notes.

WELLS REAL ESTATE FUND X, L.P.

(A Georgia Public Limited Partnership)

STATEMENTS OF INCOME

	(unaudited)
	Three Months Ended
	March 31, 2003		March 31, 2002
REVENUES:
Equity in income of Joint Ventures	$	273,656	$	328,039
Interest income		583		1,340

		274,239		329,379

EXPENSES:
Partnership administration		26,218		12,889
Legal and accounting		3,499		7,309
Other general and administrative		1,403		2,052

		31,120		22,250

NET INCOME	$	243,119	$	307,129

NET INCOME ALLOCATED TO CLASS A LIMITED PARTNERS	$	243,119	$	510,093

NET LOSS ALLOCATED TO CLASS B LIMITED PARTNERS	$	0	$	(202,964	)

NET INCOME PER WEIGHTED AVERAGE CLASS A LIMITED PARTNER UNIT	$	0.10	$	0.22

NET LOSS PER WEIGHTED AVERAGE CLASS B LIMITED PARTNER UNIT	$	0.00	$	(.52	)

CASH DISTRIBUTION PER WEIGHTED AVERAGE CLASS A LIMITED PARTNER UNIT	$	0.19	$	0.21

WEIGHTED AVERAGE LIMITED PARTNER UNITS OUTSTANDING:
CLASS A		2,337,767		2,321,881

CLASS B		375,124		391,010

See accompanying notes.

WELLS REAL ESTATE FUND X, L.P.

(A Georgia Public Limited Partnership)

STATEMENTS OF PARTNERS’ CAPITAL

FOR THE YEAR ENDED DECEMBER 31, 2002

AND THE THREE MONTHS ENDED MARCH 31, 2003 (UNAUDITED)

	Limited Partners										Total Partners’ Capital
	Class A					Class B
	Units		Amounts			Units		Amounts
BALANCE, December 31, 2001	2,316,618		$	19,132,021		396,273		$	1,031,391		$	20,163,412
Net income (loss)	0			1,977,552		0			(737,200	)		1,240,352
Partnership distributions	0			(1,977,234	)	0			0			(1,977,234	)
Class B conversions	11,396			294,191		(11,396	)		(294,191	)		0

BALANCE, December 31, 2002	2,328,014			19,426,530		384,877			0			19,426,530
Net income	0			243,119		0			0			243,119
Partnership distributions	0			(452,942	)	0			0			(452,942	)
Class A conversions	(1,000	)		0		1,000			0			0
Class B conversions	10,753			0		(10,753	)		0			0

BALANCE, March 31, 2003 (unaudited)	2,337,767		$	19,216,707		375,124		$	0		$	19,216,707

See accompanying notes.

WELLS REAL ESTATE FUND X, L.P.

(A Georgia Public Limited Partnership)

STATEMENTS OF CASH FLOWS

	(unaudited)
	Three Months Ended
	March 31, 2003			March 31, 2002
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	243,119		$	307,129
Adjustments to reconcile net income to net cash used in operating activities:
Equity in income of Joint Ventures		(273,656	)		(328,039	)
Changes in assets and liabilities:
Accounts payable		11,761			(527	)

Net cash used in operating activities		(18,776	)		(21,437	)

CASH FLOWS FROM INVESTING ACTIVITIES:
Distributions received from Joint Ventures		388,019			560,975

CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to partners		(495,062	)		(564,677	)

NET DECREASE IN CASH AND CASH EQUIVALENTS		(125,819	)		(25,139	)

CASH AND CASH EQUIVALENTS, beginning of period		153,072			201,387

CASH AND CASH EQUIVALENTS, end of period	$	27,253		$	176,248

SUPPLEMENTAL DISCLOSURES OF NONCASH ACTIVITIES:

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