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                                 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 JUNE 30, 2001

                                      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 600,
          CHICAGO, ILLINOIS                            60606-2607
   (ADDRESS OF PRINCIPAL EXECUTIVE                     (ZIP CODE)
              OFFICES)

                                (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.

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BALANCE SHEETS
(All dollars rounded to nearest 00s)

<TABLE>
<CAPTION>
                                            June 30,
                                              2001      December 31,
                                           (Unaudited)      2000
---------------------------------------------------------------------
<S>                                        <C>          <C>
ASSETS
Cash and cash equivalents                  $3,134,300     $2,885,700
Other assets                                      400             --
---------------------------------------------------------------------
                                           $3,134,700     $2,885,700
---------------------------------------------------------------------
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
 Accounts payable and accrued expenses     $   37,900     $   37,800
 Due to Affiliates                              2,900          1,200
 Other liabilities                            529,000        316,300
---------------------------------------------------------------------
                                              569,800        355,300
---------------------------------------------------------------------
Partners' capital:
 General Partner (deficit)                    (83,000)       (83,300)
 Limited Partners (43,861 units issued and
  outstanding)                              2,647,900      2,613,700
---------------------------------------------------------------------
                                            2,564,900      2,530,400
---------------------------------------------------------------------
                                           $3,134,700     $2,885,700
---------------------------------------------------------------------
</TABLE>

STATEMENTS OF PARTNERS' CAPITAL
For the six months ended June 30, 2001 (Unaudited)
and the year ended December 31, 2000
(All dollars rounded to nearest 00s)

<TABLE>
<CAPTION>
                                              General    Limited
                                              Partner    Partners    Total
-----------------------------------------------------------------------------
<S>                                           <C>       <C>        <C>
Partners' (deficit) capital,
 January 1, 2000                              $(84,300) $2,513,400 $2,429,100
Net income for the year ended December 31,
 2000                                            1,000     100,300    101,300
-----------------------------------------------------------------------------
Partners' (deficit) capital,
 December 31, 2000                             (83,300)  2,613,700  2,530,400
Net income for the six months ended June 30,
 2001                                              300      34,200     34,500
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Partners' (deficit) capital,
 June 30, 2001                                $(83,000) $2,647,900 $2,564,900
-----------------------------------------------------------------------------
</TABLE>
    The accompanying notes are an integral part of the financial statements
                                                                               3
<PAGE>

STATEMENTS OF INCOME AND EXPENSES
For the quarters ended June 30, 2001 and 2000
(Unaudited)
(All dollars rounded to nearest 00s
except per Unit amounts)

<TABLE>
<CAPTION>
                                                            2001    2000
--------------------------------------------------------------------------
<S>                                                        <C>     <C>
Income:
 Rental                                                    $   900 $   900
 Interest                                                   30,500  43,000
--------------------------------------------------------------------------
                                                            31,400  43,900
--------------------------------------------------------------------------
Expenses:
 General and administrative:
  Affiliates                                                 3,000   3,100
  Nonaffiliates                                             15,300  13,800
--------------------------------------------------------------------------
                                                            18,300  16,900
--------------------------------------------------------------------------
Net income                                                 $13,100 $27,000
--------------------------------------------------------------------------
Net income allocated to General Partner                    $   100 $   300
--------------------------------------------------------------------------
Net income allocated to Limited Partners                   $13,000 $26,700
--------------------------------------------------------------------------
Net income allocated to Limited Partners per Unit (43,861
 Units outstanding)                                        $  0.30 $  0.61
--------------------------------------------------------------------------
</TABLE>

STATEMENTS OF INCOME AND EXPENSES
For the six months ended June 30, 2001 and 2000
(Unaudited)
(All dollars rounded to nearest 00s
except per Unit amounts)

<TABLE>
<CAPTION>
                                                            2001    2000
--------------------------------------------------------------------------
<S>                                                        <C>     <C>
Income:
 Rental                                                    $   900 $ 2,600
 Interest                                                   68,700  82,200
--------------------------------------------------------------------------
                                                            69,600  84,800
--------------------------------------------------------------------------
Expenses:
 General and administrative:
  Affiliates                                                 5,100   6,100
  Nonaffiliates                                             30,000  28,700
--------------------------------------------------------------------------
                                                            35,100  34,800
--------------------------------------------------------------------------
Net income                                                 $34,500 $50,000
--------------------------------------------------------------------------
Net income allocated to General Partner                    $   300 $   500
--------------------------------------------------------------------------
Net income allocated to Limited Partners                   $34,200 $49,500
--------------------------------------------------------------------------
Net income allocated to Limited Partners per Unit (43,861
 Units outstanding)                                        $  0.78 $  1.13
--------------------------------------------------------------------------
</TABLE>
STATEMENTS OF CASH FLOWS
For the six months ended June 30, 2001 and 2000
(Unaudited)
(All dollars rounded to nearest 00s)

<TABLE>
<CAPTION>
                                                          2001        2000
------------------------------------------------------------------------------
<S>                                                    <C>         <C>
Cash flows from operating activities:
 Net income                                            $   34,500  $   50,000
 Adjustments to reconcile net income to net cash
  provided by operating activities:
  Changes in assets and liabilities:
   (Increase) in other assets                                (400)
   Increase (decrease) in accounts payable and accrued
    expenses                                                  100     (27,100)
   Increase (decrease) in due to Affiliates                 1,700      (3,000)
   Increase in other liabilities                          212,700
------------------------------------------------------------------------------
    Net cash provided by operating activities             248,600      19,900
------------------------------------------------------------------------------
Cash flows from investing activities:
 Decrease in investments in debt securities                    --   1,240,600
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    Net cash provided by investing activities                  --   1,240,600
------------------------------------------------------------------------------
    Net cash from financing activities                         --          --
------------------------------------------------------------------------------
Net increase in cash and cash equivalents                 248,600   1,260,500
Cash and cash equivalents at the beginning of the
 period                                                 2,885,700   1,635,700
------------------------------------------------------------------------------
Cash and cash equivalents at the end of the period     $3,134,300  $2,896,200
------------------------------------------------------------------------------
</TABLE>
    The accompanying notes are an integral part of the financial statements
4
<PAGE>

NOTES TO FINANCIAL STATEMENTS
(Unaudited)
June 30, 2001

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 Partnership has disposed of its real estate properties. Upon resolution of
the various post-closing matters related to the sale of the Partnership's
properties, the Partnership will make a liquidating distribution to Partners
and dissolve.

The financial statements have been prepared in accordance with accounting
principles generally accepted in the United States ("GAAP"). The Partnership
utilizes the accrual method of accounting. Under this method, revenues are
recorded when earned and expenses are recorded when incurred.

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 six months ended June 30, 2001 are not necessarily indicative
of the operating results for the year ending December 31, 2001.

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.

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

Reference is made to the Partnership's Annual Report for the year ended
December 31, 1999 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 six months ended June 30, 2001 and 2000, 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 six months ended June 30, 2001, the General
Partner was allocated net Profits of $100 and $300. For the quarter and six
months ended June 30, 2000, the General Partner was allocated Net Profits of
$300 and $500, respectively.

Fees and reimbursements paid and payable by the Partnership to Affiliates
during the quarter and six months ended June 30, 2001 were as follows:

<TABLE>
<CAPTION>
                                          Paid
                                     --------------
                                              Six
                                     Quarter Months Payable
-----------------------------------------------------------
<S>                                  <C>     <C>    <C>
Asset manangement fees               $ 1,100 $1,500   None
Reimbursement of expenses, at cost:
 --Investor communications               900  1,900  2,900
-----------------------------------------------------------
                                     $ 2,000 $3,400 $2,900
-----------------------------------------------------------
</TABLE>

3. REAL ESTATE TAX APPEALS:

The Partnership is a party to appeals of real estate taxes of 1270 Wilson
Building for fiscal years 1991 and 1992 and for the Fashion Atrium Building for
fiscal years 1992 and 1993. During these periods, the Partnership owned a 50%
interest in the joint venture that owned the Fashion Atrium Building. There can
be no assurance as to the amounts that will be realized or the timing of such
realization from these appeals.

                                                                               5
<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, 2000, 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 has substantially completed the disposition phase of its life
cycle. The Partnership sold its remaining real property investments and is
working toward resolution of post-closing property sale matters.

OPERATIONS
Net income decreased by $13,900 and $15,500 for quarter and six months ended
June 30, 2001 when compared to the quarter and six months ended June 30, 2000.
The decreases were primarily due to a decrease in interest earned on the
Partnership's short-term investments, which was due to a decrease in the rates
earned on those investments.

LIQUIDITY AND CAPITAL RESOURCES
The increase in the Partnership's cash position of $248,600 for the six months
ended June 30, 2001 was primarily the result of the receipt of a real estate
tax refund for Glendale Center Shopping Mall. Liquid assets of the Partnership
as of June 30, 2001 were comprised of amounts held for post property-sale
matters and Partnership liquidation expenses.

The increase in net cash provided by operating activities of $228,700 for the
six months ended June 30, 2001 when compared to the six months ended June 30,
2000 was primarily the result of the receipt of a real estate tax refund for
Glendale Center Shopping Mall. The increase was also due to the timing of the
payment of certain Partnership expenses.

Net cash provided by investing activities decreased by $1,240,600 for the six
months ended June 30, 2001 when compared to the six months ended June 30, 2000.
The decrease was primarily due to the 2000 maturity of investments in debt
securities.

The Partnership has no financial instruments for which there are significant
risks.

The Partnership is a party to appeals of real estate taxes of the 1270 Wilson
Building for fiscal years 1991 and 1992 and for the Fashion Atrium Building for
fiscal years 1992 and 1993. During these periods, the Partnership owned a 50%
interest in the joint venture that owned the Fashion Atrium Building. There can
be no assurance as to the amount that will be realized or the timing of such
realization.

The General Partner is in the process of wrapping-up the Partnership's affairs.
This process includes resolution of all post-closing property and Partnership
matters including real estate tax appeals referred to above. Following the
resolution of post-closing 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, 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 Contribution.

2
<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 June 30, 2001.

6
<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 LLC
                                         GENERAL PARTNER

                                                /s/ DOUGLAS CROCKER II
Date: August 10, 2001                By: ______________________________________
                                                   DOUGLAS CROCKER II
                                         PRESIDENT AND CHIEF EXECUTIVE OFFICER

                                                /s/ PHILIP G. TINKLER
Date: August 10, 2001                By: ______________________________________
                                                   PHILIP G. TINKLER
                                         VICE PRESIDENT--FINANCE AND TREASURER

                                                                               7