<PAGE>

                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                          Washington, D.C. 20549-1004

                                   FORM 10-Q

[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934

      For the period ended                     September 30, 1999
                                 -----------------------------------------------

                                      OR

[   ] 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                            0-14121
                                      ------------------------------------------


               First Capital Income Properties, Ltd. - Series X
--------------------------------------------------------------------------------
            (Exact name of registrant as specified in its charter)

            Florida                                              59-2417973
-------------------------------                             --------------------
 (State or other jurisdiction of                              (I.R.S. Employer
 incorporation or organization)                              Identification No.)


Two North Riverside Plaza, Suite 700, Chicago, Illinois          60606-2607
-------------------------------------------------------     --------------------
       (Address of principal executive offices)                  (Zip Code)


                                (312) 207-0020
--------------------------------------------------------------------------------
             (Registrant's telephone number, including area code)

                                Not applicable
--------------------------------------------------------------------------------
   (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
                                        ---      ---

Documents incorporated by reference:

The First Amended and Restated Certificate and Agreement of Limited Partnership
filed as Exhibit A to the Partnership's Prospectus dated September 25, 1984,
included in the Partnership's Registration Statement on Form S-11, is
incorporated herein by reference in Part I of this report.
<PAGE>

PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
BALANCE SHEETS
(All dollars rounded to nearest 00s)

<TABLE>
<CAPTION>
                                                 September 30,
                                                     1999       December 31,
                                                  (Unaudited)       1998
-----------------------------------------------------------------------------
<S>                                              <C>            <C>
ASSETS
Investment in commercial rental property:
 Land                                               $            $ 2,887,600
 Buildings and improvements                                       12,019,600
-----------------------------------------------------------------------------
                                                                  14,907,200
Accumulated depreciation and amortization                         (7,141,300)
-----------------------------------------------------------------------------
 Total investment property, net of accumulated
  depreciation and amortization                                    7,765,900
Cash and cash equivalents                          1,178,500        778,800
Investment in debt securities                      5,866,900      3,495,000
Rents receivable                                                    159,600
Escrow deposits                                                     197,200
Other assets (including loan acquisition costs,
 net of accumulated amortization of $0 and
 $154,900, respectively)                                             41,600
-----------------------------------------------------------------------------
                                                    $7,045,400   $12,438,100
-----------------------------------------------------------------------------
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
 Mortgage loan payable                              $            $ 5,570,800
 Distribution payable                                4,259,300
 Accounts payable and accrued expenses                  50,000       465,400
 Due to Affiliates                                       6,100        11,600
 Prepaid rent                                                         62,700
 Security deposits                                                    10,000
 Earnest money deposit                                                50,000
 Other liabilities                                     377,300       225,400
-----------------------------------------------------------------------------
                                                     4,692,700     6,395,900
-----------------------------------------------------------------------------
Partners' capital:
 General Partner (deficit)                             (85,100)      (90,800)
 Limited Partners (43,861 units issued and
  outstanding)                                       2,437,800     6,133,000
-----------------------------------------------------------------------------
                                                     2,352,700     6,042,200
-----------------------------------------------------------------------------
                                                    $7,045,400   $12,438,100
-----------------------------------------------------------------------------
</TABLE>
STATEMENTS OF PARTNERS' CAPITAL

For the nine months ended September 30, 1999 (Unaudited)
and the year ended December 31, 1998
(All dollars rounded to nearest 00s)

<TABLE>
<CAPTION>
                                            General    Limited
                                            Partner    Partners      Total
------------------------------------------------------------------------------
<S>                                         <C>       <C>         <C>
Partners' (deficit) capital, January 1,
 1998                                       $(80,400) $7,166,900  $ 7,086,500
Net (loss) for the year ended December 31,
 1998                                        (10,400) (1,033,900)  (1,044,300)
------------------------------------------------------------------------------
Partners' (deficit) capital, December 31,
 1998                                        (90,800)  6,133,000    6,042,200
Net income for the nine months ended
 September 30, 1999                            5,700     564,100      569,800
Distributions for the nine months ended
 September 30, 1999                                   (4,259,300)  (4,259,300)
------------------------------------------------------------------------------
Partners' (deficit) capital, September 30,
 1999                                       $(85,100) $2,437,800  $ 2,352,700
------------------------------------------------------------------------------
</TABLE>

    The accompanying notes are an integral part of the financial statements
                                                                               2
<PAGE>

STATEMENTS OF INCOME AND EXPENSES

For the quarters ended September 30, 1999 and 1998
(Unaudited)
(All dollars rounded to nearest 00s
except per Unit amounts)

<TABLE>
<CAPTION>
                                                        1999       1998
-------------------------------------------------------------------------------
 <S>                                                  <C>       <C>
 Income:
 Rental                                               $  5,500  $   795,700
 Interest                                               88,200       56,900
-------------------------------------------------------------------------------
                                                        93,700      852,600
-------------------------------------------------------------------------------
 Expenses:
 Interest                                                           154,200
 Depreciation and amortization                                      117,600
 Property operating:
  Affiliates                                                          4,300
  Nonaffiliates                                          1,400      221,400
 Real estate taxes                                     (13,500)      87,500
 Insurance--Affiliate                                                14,300
 Repairs and maintenance                                   300       50,500
 General and administrative:
  Affiliates                                             6,200        1,300
  Nonaffiliates                                         16,200       19,800
 Provision for value impairment                                   2,000,000
-------------------------------------------------------------------------------
                                                        10,600    2,670,900
-------------------------------------------------------------------------------
 Net income (loss)                                    $ 83,100$  (1,818,300)
-------------------------------------------------------------------------------
 Net income (loss) allocated to General Partner       $    800  $   (18,200)
-------------------------------------------------------------------------------
 Net income (loss) allocated to Limited Partners      $ 82,300  $(1,800,100)
-------------------------------------------------------------------------------
 Net income (loss) allocated to Limited Partners per
  Unit (43,861 Units outstanding)                     $   1.88  $    (41.04)
-------------------------------------------------------------------------------
</TABLE>

STATEMENTS OF INCOME AND EXPENSES

For the nine months ended September 30, 1999 and 1998
(Unaudited)
(All dollars rounded to nearest 00s
except per Unit amounts)

<TABLE>
<CAPTION>
                                                         1999       1998
-----------------------------------------------------------------------------
 <S>                                                  <C>        <C>
 Income:
 Rental                                               $1,141,600 $ 2,513,700
 Interest                                                201,300     164,800
 Other                                                    10,000
 Gain on sale of property                                 35,900
-----------------------------------------------------------------------------
                                                       1,388,800   2,678,500
-----------------------------------------------------------------------------
 Expenses:
 Interest                                                191,200     472,400
 Depreciation and amortization                            11,600     353,600
 Property operating:
  Affiliates                                               6,400      24,900
  Nonaffiliates                                          287,700     635,800
 Real estate taxes                                       118,200     263,100
 Insurance--Affiliate                                     20,400      38,600
 Repairs and maintenance                                 102,500     159,100
 General and administrative:
  Affiliates                                              13,100       8,000
  Nonaffiliates                                           67,900      73,400
 Provision for value impairment                                    2,000,000
-----------------------------------------------------------------------------
                                                         819,000   4,028,900
-----------------------------------------------------------------------------
 Net income (loss)                                    $  569,800 $(1,350,400)
-----------------------------------------------------------------------------
 Net income (loss) allocated to General Partner       $    5,700 $   (13,500)
-----------------------------------------------------------------------------
 Net income (loss) allocated to Limited Partners      $  564,100 $(1,336,900)
-----------------------------------------------------------------------------
 Net income (loss) allocated to Limited Partners per
  Unit (43,861 Units outstanding)                     $    12.86 $    (30.48)
-----------------------------------------------------------------------------
</TABLE>

STATEMENTS OF CASH FLOWS
For the nine months ended September 30, 1999 and 1998
(Unaudited)
(All dollars rounded to nearest 00s)

<TABLE>
<CAPTION>
                                                        1999          1998
-------------------------------------------------------------------------------
 <S>                                                 <C>          <C>
 Cash flows from operating activities:
 Net income (loss)                                   $   569,800  $ (1,350,400)
 Adjustments to reconcile net income (loss) to net
  cash provided by operating activities
  Depreciation and amortization                           11,600       353,600
  (Gain) on sale of Property                             (35,900)
  Provision for value impairment                                     2,000,000
  Changes in assets and liabilities:
   Decrease in rents receivable                          159,600        20,800
   Decrease (increase) in other assets                    13,700       (14,400)
   (Decrease) increase in accounts payable and
    accrued expenses                                    (415,400)      104,700
   (Decrease) increase in due to Affiliates               (5,500)        7,000
   (Decrease) in prepaid rent                            (62,700)      (20,400)
   Increase in other liabilities                         151,900       127,100
-------------------------------------------------------------------------------
    Net cash provided by operating activities            387,100     1,228,000
-------------------------------------------------------------------------------
 Cash flows from investing activities:
 Payments for capital and tenant improvements                             (700)
 (Increase) decrease in investments in debt
  securities                                          (2,371,900)      495,300
 Proceeds from sale of Property                        7,818,100
 (Reduction) of earnest money deposit                    (50,000)
 Decrease (increase) in escrow deposits                  197,200       (61,600)
-------------------------------------------------------------------------------
    Net cash provided by investing activities          5,593,400       433,000
-------------------------------------------------------------------------------
 Cash flows from financing activities:
 Repayment of mortgage loan payable                   (4,898,400)
 Principal payments on mortgage loan payable            (672,400)     (716,000)
 (Decrease) in security deposits                         (10,000)       (2,000)
-------------------------------------------------------------------------------
    Net cash (used for) financing activities          (5,580,800)     (718,000)
-------------------------------------------------------------------------------
 Net increase in cash and cash equivalents               399,700       943,000
 Cash and cash equivalents at the beginning of the
  period                                                 778,800     2,842,100
-------------------------------------------------------------------------------
 Cash and cash equivalents at the end of the
  period                                             $ 1,178,500  $  3,785,100
-------------------------------------------------------------------------------
 Supplemental information:
 Interest paid during the period                     $   191,200  $    472,400
-------------------------------------------------------------------------------
</TABLE>

    The accompanying notes are an integral part of the financial statements
3
<PAGE>

NOTES TO FINANCIAL STATEMENTS
(Unaudited)
September 30, 1999
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

DEFINITION OF SPECIAL TERMS:
Capitalized terms used in this report have the same meaning as those terms have
in the Partnership's Registration Statement filed with the Securities and
Exchange Commission on Form S-11. Definitions of these terms are contained in
Article III of the First Amended and Restated Certificate and Agreement of
Limited Partnership, which is included in the Registration Statement and
incorporated herein by reference.

ACCOUNTING POLICIES:
The financial statements have been prepared in accordance with generally
accepted accounting principles ("GAAP"). The Partnership utilizes the accrual
method of accounting. Under this method, revenues are recorded when earned and
expenses are recorded when incurred. Effective July 1, 1998, the Partnership
recognizes rental income that is contingent upon tenants achieving specified
targets, only to the extent such targets are achieved.

Preparation of the Partnership's financial statements in conformity with GAAP
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. Actual results could differ
from those estimates.

The financial information included in these financial statements is unaudited;
however, in management's opinion, all adjustments (consisting of only normal,
recurring accruals) necessary for a fair presentation of the results of
operations for the periods included have been made. Results of operations for
the quarter and nine months ended September 30, 1999 are not necessarily
indicative of the operating results for the year ending December 31, 1999.

The financial statements include the Partnership's 50% interest in a joint
venture with an Affiliated partnership. The joint venture was formed for the
purpose of acquiring a 100% interest in certain real property and until its May
21, 1999 sale was operated under the common control of the General Partner.
Accordingly, the Partnership's pro rata share of the venture's revenues,
expenses, assets, liabilities and Partners' capital is included in the
financial statements.

The Partnership has one reportable segment as the Partnership is in the
disposition phase of its life cycle, wherein it is seeking to resolve post-
closing matters related to the properties sold by the Partnership.

Commercial rental property held for investment is recorded at cost, net of any
provisions for value impairment, and depreciated (exclusive of amounts
allocated to land) on the straight-line method over their estimated useful
lives. Lease acquisition fees are recorded at cost and amortized on the
straight-line method over the life of each respective lease. Repair and
maintenance costs are expensed as incurred; expenditures for improvements are
capitalized and depreciated on the straight-line method over the estimated life
of such improvements.

The Partnership evaluates its rental property for impairment when conditions
exist which may indicate that it is probable that the sum of expected future
cash flows (undiscounted) from such property is less than its carrying basis.
Upon determination that a permanent impairment has occurred, the rental
property is reduced to estimated fair value. With the exception of a $2,000,000
provision recorded during the quarter ended September 30, 1998, management was
not aware of any indicator that would result in a significant impairment loss
during the periods reported.

Loan acquisition costs are amortized on the straight-line method over the term
of the mortgage loan made in connection with the acquisition of Partnership
properties or refinancing of Partnership loans. When a property is disposed of
or a loan is refinanced, the related loan acquisition costs and accumulated
amortization are removed from the respective accounts and any unamortized
balance is expensed.

Property sales are recorded when title transfers and sufficient consideration
has been received by the Partnership. Upon disposition, the related costs and
accumulated depreciation are removed from the respective accounts. Any gain or
loss is recorded in accordance with GAAP.

Cash equivalents are considered all highly liquid investments with a maturity
of three months or less when purchased.

Investments in debt securities are comprised of corporate debt securities and
obligations of the United States government and are classified as held-to-
maturity. These investments are carried at their amortized cost basis in the
financial statements, which approximated fair market value. These securities
had a maturity of less than one year when purchased.

Reference is made to the Partnership's Annual Report for the year ended
December 31, 1998 for a description of other accounting policies and additional
details of the Partnership's financial condition, results of operations,
changes in Partners' capital and changes in cash balances for the year then
ended. The details provided in the notes thereto have not changed except as a
result of normal transactions in the interim or as otherwise disclosed herein.

2. RELATED PARTY TRANSACTIONS:

In accordance with the Partnership Agreement, subsequent to September 24, 1985,
the Termination of the Offering, the General Partner is entitled to 10% of Cash
Flow (as defined in the Partnership Agreement), as a Partnership Management
Fee. For the quarter and nine months ended September 30, 1999, the General
Partner was not paid a Partnership Management Fee.

In accordance with the Partnership Agreement, Net Profits (exclusive of Net
Profits from the sale or disposition of Partnership properties) are allocated
to the General Partner in an amount equal to the greater of 1% of such Net
Profits or the Partnership Management Fee paid by the Partnership to the
General Partner during such year, and the balance, if any, to the Limited
Partners. Net Losses (exclusive of Net Losses from the sale, disposition and
provision for value impairment of Partnership properties) are allocated 1% to
the General Partner and 99% to the Limited Partners. Net Profits from the sale
or disposition of a Partnership property are allocated: first, prior to giving
effect to any distribution of Sale or Refinancing Proceeds from the
transaction, to all Partners with negative balances in their Capital Accounts,
pro rata in proportion to such respective negative balances, to the extent of
the total of such negative balances; second, to the General Partner in an
amount necessary to make the positive balance in its Capital Account equal to
the amount of Sale or Refinancing Proceeds to be distributed to the General
Partner with respect to the sale or disposition of such property; and third,
the balance, if any, to the Limited Partners. Net Losses from the sale,
disposition or provision for value impairment of Partnership properties are
allocated: first, after giving effect to any distribution of Sale or
Refinancing Proceeds from the transaction, to all Partners with positive
balances in their Capital Accounts, pro rata in proportion to such respective
positive balances, to the extent of the total amount of such positive balances;
and second, the balance, if any, 1% to the General Partner and 99% to the
Limited Partners. Notwithstanding anything to the contrary, there shall be
allocated to the General Partner not less than 1% of all items of Partnership
income, gain, loss, deduction and credit during the existence of the
Partnership. For the quarter and nine months ended September 30, 1999, the
General Partner was allocated Net Profits of $800 and $5,700, respectively,
which included for the nine months ended September 30, 1999 a gain on the sale
of property of $400. For the quarter and nine months ended September 30, 1998,
the General Partner was allocated Net (Losses) of $(18,200) and $(13,500),
respectively, which included a (loss) of $(20,000) from a provision for value
impairment.

Fees and reimbursements paid and payable by the Partnership to Affiliates
during the quarter and nine months ended September 30, 1999 were as follows:

<TABLE>
<CAPTION>
                                                      Paid
                                               -------------------
                                               Quarter Nine Months Payable
--------------------------------------------------------------------------
 <S>                                           <C>     <C>         <C>
 Asset manangement fees                        $2,400    $ 7,000     None
 Reimbursement of property insurance premiums      --     20,400     None
 Legal                                          2,800     14,000    4,900
 Reimbursement of expenses, at cost:
 --Accounting                                   2,600      6,700      900
 --Investor communication                       1,600      4,200      300
--------------------------------------------------------------------------
                                               $9,400    $52,300   $6,100
--------------------------------------------------------------------------
</TABLE>

The variance between amounts listed in this table and the Statement of Income
and Expenses are due to capitalized legal costs.

The Partnership had a recorded liability in the amount of $10,000 payable to
the General Partner for real estate commissions earned in connection with the
sale of a Partnership property. Under the terms of the Partnership Agreement,
these commissions were not to be paid until such time as Limited Partners have
received cumulative distributions of Sale or Refinancing Proceeds equal to 100%
of their Original Capital Contribution plus a cumulative return (including all
Cash Flow which has been distributed to the Limited Partners from the initial
date of investment) of 6% simple interest per annum on their Capital
Investment. During the quarter ended
June 30, 1999, following the sale of Partnership's final remaining property, it
was determined that the requirement would not be fulfilled and, accordingly,
the liability was written off as other income.

3. PROPERTY SALE AND SPECIAL DISTRIBUTION:

On May 21, 1999, a joint venture in which the Partnership owned a 50% interest
consummated the sale of Glendale Center Shopping Mall, located in Indianapolis,
Indiana. The sale price was $15,700,000. The Partnership's share of Sale
Proceeds from this transaction was approximately $2,919,700, which was net of
actual and estimated closing expenses and the repayment of the mortgage loan
encumbering the property. The Partnership recorded a gain of $35,900 in
connection with this sale and will distribute $2,899,700 or $66.11 per Unit on
November 30, 1999 to Limited Partners of record as of May 21, 1999. In
addition, the General Partner believes that with the sale of the Partnership's
remaining real estate asset, the Partnership's need for cash reserves has been
lessened. Accordingly, the Partnership has declared a special distribution in
the amount of $1,359,700 or $31.00 per Unit, which will be paid on November 30,
1999 to Limited Partners of record as of May 21, 1999.

                                                                               4
<PAGE>

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Reference is made to the Partnership's Annual Report for the year ended
December 31, 1998, for a discussion of the Partnership's business.

Statements contained in this Management's Discussion and Analysis of Financial
Condition and Results of Operations, which are not historical facts, may be
forward-looking statements. Such statements are subject to certain risks and
uncertainties, which could cause actual results to differ materially from those
projected. Readers are cautioned not to place undue reliance on these forward-
looking statements, which speak only as of the date hereof.

The Partnership is in the disposition phase of its life cycle. During the
disposition phase of the Partnership's life cycle, comparisons of operating
results are complicated due to the timing and effect of property sales.
Partnership operating results are generally expected to decline as real
property interests are sold since the Partnership no longer receives income
generated from such real property interests. During the quarter ended June 30,
1999, the Partnership sold its remaining real property investment.

OPERATIONS
Net (loss) income changed from $(1,818,300) and $(1,350,400) for the quarter
and nine months ended September 30, 1998 to $83,100 and $569,800 for the
quarter and nine months ended September 30, 1999, respectively. The changes
were primarily due to a provision for value impairment recorded in 1998 on
Glendale Center Shopping Mall ("Glendale"). Exclusive of the provision for
value impairment, net income decreased by $98,600 and $79,800 for the quarterly
and nine-month periods under comparison. The decreases were primarily due to
the absence of operating results in 1999 at Glendale due to its May 1999 sale.
The decreases were partially offset an increase in interest earned on the
Partnership's short-term investments, which was due to an increase in cash
available for investment.

Rental revenues decreased by $790,200 and $1,372,100 for the quarter and nine
months ended September 30, 1999 when compared to the quarter and nine months
ended September 30, 1998, respectively. The decreases were due to the effect of
1999 sale of Glendale.

LIQUIDITY AND CAPITAL RESOURCES
One of the Partnership's objectives is to dispose of its properties when market
conditions allow for the achievement of the maximum possible sales price. In
May 1999, the Partnership sold its remaining property.

Cash Flow (as defined in the Partnership Agreement) is generally not equal to
net income or cash flows as determined by generally accepted accounting
principles ("GAAP"), since certain items are treated differently under the
Partnership Agreement than under GAAP. Management believes that to facilitate a
clear understanding of the Partnership's operations, an analysis of Cash Flow
(as defined in the Partnership Agreement) should be examined in conjunction
with an analysis of net income or cash flows as determined by GAAP. The
following table includes a reconciliation of Cash Flow (as defined in the
Partnership Agreement) to net cash provided by operating activities as
determined by GAAP. Such amounts are not indicative of actual distributions to
Partners and should not necessarily be considered as an alternative to the
results disclosed in the Statements of Income and Expenses and Statements of
Cash Flow.

<TABLE>
<CAPTION>
                                                    Comparative Cash Flow
                                                     Results For the Nine
                                                         Months Ended
                                                    -----------------------
                                                      9/30/99     9/30/98
----------------------------------------------------------------------------
<S>                                                 <C>          <C>
Cash (Deficit) Flow (as defined in the Partnership
 Agreement)                                         $  (126,900) $  287,200
Items of reconciliation:
Principal payments on mortgage loans                    672,400     716,000
Decrease in current assets                              173,300       6,400
(Decrease) increase in current liabilities             (331,700)    218,400
----------------------------------------------------------------------------
Net cash provided by operating activities           $   387,100  $1,228,000
----------------------------------------------------------------------------
Net cash provided by investing activities           $ 5,593,400  $  433,000
----------------------------------------------------------------------------
Net cash (used for) financing activities            $(5,580,800) $ (718,000)
----------------------------------------------------------------------------
</TABLE>

The diminishment of the amount of Cash Flow (as defined in the Partnership
Agreement) of $414,100 for the nine months ended September 30, 1999 when
compared to the nine months ended September 30, 1998 was primarily due to a
decrease in operating results at Glendale, exclusive of gain on sale and
depreciation and amortization. The change was partially offset by an increase
in interest income earned on the Partnership's short-term investments.

The increase in the Partnership's cash position of $399,700 for the nine months
ended September 30, 1999 was approximately the amount of cash generated from
operating activities. Proceeds from the sale of Glendale were utilized to repay
its mortgage loan, with the excess Sale Proceeds invested in debt securities.

The decrease in net cash provided by operating activities of $840,900 for the
nine months ended September 30, 1999 when compared to the nine months ended
September 30, 1998 was primarily due to the timing of the payment of certain
expenses at Glendale. In connection with the sale of Glendale, the purchaser
assumed the obligation to pay a substantial portion of Glendale's trade
liabilities and was provided a credit from the Partnership. In addition, the
decrease was also due to reduced operating results at Glendale, exclusive of
gain on sale and depreciation and amortization.

Net cash provided by investing activities increased by $5,160,400 for the nine
months ended September 30, 1999 when compared to the nine months ended
September 30, 1998. The increase was primarily due to the proceeds generated
from the 1999 sale of Glendale. The increase was partially offset by a net
increase in investments in debt securities during 1999 as compared to the net
maturity of investments in debt securities during the comparable period of
1998.

Investments in debt securities are a result of the continued extension of the
maturities of certain of the Partnership's short-term investments in an effort
to maximize the return on these amounts as they are held for post closing
matters related to the Partnership's properties. These investments are of
investment grade and mature less than one year from their date of purchase.

With the repayment of the Partnership's variable rate mortgage debt the
Partnership has no financial instruments for which there are significant risks.
Due to the timing of the maturities and liquid nature of the Partnership's
investments in debt securities, the Partnership does not believe that it has
material market risk.

On May 21, 1999, the joint venture in which the Partnership owned a 50%
interest consummated the sale of Glendale for a sale price of $15,700,000. The
Partnership's share of Sale Proceeds, net of actual and estimated closing
expenses and the mortgage loan encumbering the property amounted to $2,919,700.
The Partnership intends to distributed $2,899,700 or $66.11 per Unit on
November 30, 1999 to Limited Partners of record as of May 21, 1999. In
addition, the General Partner believes that with the sale of the Partnership's
remaining property, the Partnership's need for cash reserves has been lessened.
Accordingly, the Partnership has declared a special distribution in the amount
of $1,359,700 or $31.00 per Unit, which will be paid on November 30, 1999 to
Limited Partners of record as of May 21, 1999.

Net cash used for financing activities increased by $4,862,800 for the nine
months ended September 30, 1999 when compared to the nine months ended
September 30, 1998. The increase was due primarily to the 1999 repayment of the
mortgage loan collateralized by Glendale in connection with its sale.

The Year 2000 problem is the result of the inability of existing computer
programs to distinguish between a year beginning with "20" rather than "19".
This is the result of computer programs using two rather than four digits to
define an applicable year. If not corrected, any program having time-sensitive
software may recognize a date using "00" as the year 1900 rather than year
2000. This could result in a variety of problems including miscalculations,
loss of data and failure of entire systems. Critical areas that could be
effected are accounts receivable and rent collections, accounts payable,
general ledger, cash management, investor services, computer hardware and
telecommunications systems.

The Partnership has engaged Affiliated and unaffiliated entities to perform all
of its critical functions that utilize software that may have time-sensitive
applications. All of these service providers are providing these services for
their own organizations as well as for their clients. The General Partner, on
behalf of the Partnership, has been in close communication with each of these
service providers regarding the steps that they are taking to assure that there
will be no serious interruption of the operations of the Partnership resulting
from Year 2000 problems. Based on the results of these inquiries, as well as a
review of the disclosures by these service providers, the General Partner
believes that the Partnership will be able to continue normal business
operations and will incur no material costs related to Year 2000 issues.

While the Partnership has not formulated a written contingency plan, it has
selected the Year 2000 compliant systems it intends to use beginning in the
Year 2000. The General Partner believes that based on the status of the
Partnership's real estate portfolio and its limited number of transactions,
aside from catastrophic failures of banks, governmental agencies, etc., it will
be able to carry out substantially all of its critical operations.

The General Partner has begun the process of wrapping-up the Partnership's
affairs. This process, which is expected to be completed in the second quarter
of 2000, includes resolution of all post-closing property and Partnership
matters together with the expiration of representations and warranties included
in the contract for the sale of Glendale. Following the resolution of post-
closing property matters and the establishment of a reserve for contingencies
and wrap-up expenses, the General Partner will make a liquidating distribution
to Partners.

Based upon the current estimated value of its assets, net of its outstanding
liabilities, together with its expected operating results, the General Partner
believes that the Partnership's cumulative distributions to its Limited
Partners from inception through the termination of the Partnership will be
significantly less than such Limited Partners' Original Capital Investment.

5
<PAGE>

                          PART II. OTHER INFORMATION

Item 6. Exhibits and Reports on Form 8-K:
-----------------------------------------

     (a) Exhibits: None

     (b) Reports on Form 8-K:

     There were no reports filed on Form 8-K during the quarter ended
September 30, 1999.
<PAGE>

                                  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.

                                FIRST CAPITAL INCOME PROPERTIES, LTD. - SERIES X

                                By: FIRST CAPITAL FINANCIAL CORPORATION
                                    GENERAL PARTNER

Date:  November 10, 1999        By:  /s/       DOUGLAS CROCKER II
       -----------------             --------------------------------------
                                               DOUGLAS CROCKER II
                                     President and Chief Executive Officer

Date:  November 10, 1999        By:  /s/        NORMAN M. FIELD
       -----------------             --------------------------------------
                                                NORMAN M. FIELD
                                     Vice President - Finance and Treasurer