<PAGE>

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                                 UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                          Washington, D.C. 20549-1004

                               -----------------

                                   FORM 10-Q

                               -----------------

<TABLE>
<CAPTION>
    [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
    <C> <S>                                           <C>  <C>  <C>   <C>
        EXCHANGE ACT OF 1934

        For the period ended September 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)
</TABLE>
<TABLE>
<CAPTION>

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

                 Two North Riverside Plaza,            60606-2607
                         Suite 600,                    (Zip Code)
                     Chicago, Illinois
          (Address of principal executive offices)
</TABLE>

                                (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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<PAGE>

BALANCE SHEETS
(All dollars rounded to nearest 00s)

<TABLE>
<CAPTION>
                                        September 30,
                                            2001      December 31,
                                         (Unaudited)      2000
             <S>                        <C>           <C>
             -----------------------------------------------------

             ASSETS
             Cash and cash equivalents   $3,125,500    $2,885,700
             Other assets                       400            --
             -----------------------------------------------------
                                         $3,125,900    $2,885,700
             -----------------------------------------------------

             LIABILITIES AND PARTNERS' CAPITAL
             Liabilities:
              Accounts payable and
                accrued expenses         $   37,500    $   37,800
              Due to Affiliates               3,600         1,200
              Other liabilities             514,500       316,300
             -----------------------------------------------------
                                            555,600       355,300
             -----------------------------------------------------
             Partners' capital:
              General Partner (deficit)     (82,900)      (83,300)
              Limited Partners (43,861
                Units issued and
                outstanding)              2,653,200     2,613,700
             -----------------------------------------------------
                                          2,570,300     2,530,400
             -----------------------------------------------------
                                         $3,125,900    $2,885,700
             -----------------------------------------------------
</TABLE>
STATEMENTS OF PARTNERS' CAPITAL
For the nine months ended September 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
               nine months ended
               September 30,
               2001                     400      39,500     39,900
             -----------------------------------------------------
             Partners' (deficit)
               capital, September
               30, 2001            $(82,900) $2,653,200 $2,570,300
             -----------------------------------------------------
</TABLE>


                                                                             3
   The accompanying notes are an integral part of the financial statements.

<PAGE>

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

<TABLE>
<CAPTION>
                                   2001    2000
<S>                               <C>     <C>
-------------------------------------------------
Income:
 Rental                           $     0 $   900
 Interest                          26,900  46,000
-------------------------------------------------
                                   26,900  46,900
-------------------------------------------------
Expenses:
 General and administrative:
   Affiliates                       6,200   2,100
   Nonaffiliates                   15,300  16,900
-------------------------------------------------
                                   21,500  19,000
-------------------------------------------------
Net income                        $ 5,400 $27,900
-------------------------------------------------
Net income allocated to General
  Partner                         $   100 $   300
-------------------------------------------------
Net income allocated to Limited
  Partners                        $ 5,300 $27,600
-------------------------------------------------
Net income allocated to Limited
  Partners per Unit (43,861 Units
  outstanding)                    $  0.12 $  0.63
-------------------------------------------------
</TABLE>

STATEMENTS OF INCOME AND EXPENSES
For the nine months ended September 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 $  3,500
 Interest                          95,600  128,200
--------------------------------------------------
                                   96,500  131,700
--------------------------------------------------
Expenses:
 General and administrative:
   Affiliates                      11,300    8,200
   Nonaffiliates                   45,300   45,600
--------------------------------------------------
                                   56,600   53,800
--------------------------------------------------
Net income                        $39,900 $ 77,900
--------------------------------------------------
Net income allocated to General
  Partner                         $   400 $    800
--------------------------------------------------
Net income allocated to Limited
  Partners                        $39,500 $ 77,100
--------------------------------------------------
Net income allocated to Limited
  Partners per Unit (43,861 Units
  outstanding)                    $  0.90 $   1.76
--------------------------------------------------
</TABLE>
STATEMENTS OF CASH FLOWS
For the nine months ended September 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                         $   39,900  $   77,900
 Adjustments to reconcile net
   income to net cash provided
   by operating activities:
   Changes in assets and
     liabilities:
     (Increase) in other assets           (400)
     (Decrease) in accounts
       payable and accrued
       expenses                           (300)    (28,700)
     Increase (decrease) in due
       to Affiliates                     2,400      (2,300)
     Increase (decrease) in
       other liabilities               198,200     (31,200)
--------------------------------------------------------
       Net cash provided by
         operating activities          239,800      15,700
--------------------------------------------------------
Cash flows from investing
  activities:
 Decrease in investments in debt
   securities                               --   1,240,600
--------------------------------------------------------
       Net cash provided by
         investing activities               --   1,240,600
--------------------------------------------------------
       Net cash from financing
         activities                         --          --
--------------------------------------------------------
Net increase in cash and cash
  equivalents                          239,800   1,256,300
--------------------------------------------------------
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                 $3,125,500  $2,892,000
--------------------------------------------------------
</TABLE>

4
   The accompanying notes are an integral part of the financial statements.

<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. 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, 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, 2000 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, 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 nine months ended September 30, 2001, the
General Partner was allocated Net Profits of $100 and $400. For the quarter and
nine months ended September 30, 2000, the General Partner was allocated Net
Profits of $300 and $800, respectively.

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

<TABLE>
<CAPTION>
                                               Paid
                                          --------------
                                                   Nine
                                          Quarter Months Payable
               <S>                        <C>     <C>    <C>
               -------------------------------------------------
               Asset management fees      $  500  $2,000   None
               Reimbursement of expenses,
                 at cost:
                --Accounting                  --      -- $2,000
                --Investor communications  4,900   6,900  1,600
               -------------------------------------------------
                                          $5,400  $8,900 $3,600
               -------------------------------------------------
</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>



TRANSFER AGENT AND REGISTRAR
THE BANK OF NEW YORK
P.O. Box 7090
Troy, Michigan 48007-7090
(800) 447-7364

[LOGO] FIRST CAPITAL
INCOME PROPERTIES, Ltd.
Series X
                                    [Graphic]

sponsored by FIRST CAPITAL FINANCIAL LLC
      Two North Riverside Plaza
      Chicago, Illinois 60606

<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 $22,500 and $38,000 for quarter and nine months ended
September 30, 2001 when compared to the quarter and nine months ended September
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 $239,800 for the nine months
ended September 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 September 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 $224,100 for the
nine months ended September 30, 2001 when compared to the nine months ended
September 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 nine
months ended September 30, 2001 when compared to the nine months ended
September 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 filed during the quarter ended
September 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 CROKER II
Date: November 13, 2001
                                        By: ___________________________________
                                                           DOUGLAS CROCKER II
                                         President and Chief Executive Officer

Date: November 13, 2001
                                                   /s/ PHILIP G. TINKLER
                                        By: ___________________________________
                                                    PHILIP G. TINKLER
                                         Vice President--Finance and Treasurer

                                                                             7