SECURITIES AND EXCHANGE COMMISSION
                    Washington, D.C. 20549


                           FORM 10-K


         Annual Report Pursuant to Section 13 or 15(d)
            of the Securities Exchange Act of 1934



For the fiscal year 
ended December 31, 1995        Commission file no. 0-12140     



                JMB INCOME PROPERTIES, LTD. - X
    ------------------------------------------------------
    (Exact name of registrant as specified in its charter)



         Illinois                 36-3235999                   
(State of organization)(I.R.S. Employer Identification No.)     


900 N. Michigan Ave., Chicago, Illinois60611                    
(Address of principal executive office)(Zip Code)                  


Registrant's telephone number, including area code 312-915-1987


Securities registered pursuant to Section 12 of the Act:

                                  Name of each exchange on     
Title of each class                   which registered         
-------------------              -------------------------     

        None                              None                 


Securities registered pursuant to Section 12(g) of the Act:

                 LIMITED PARTNERSHIP INTERESTS
                       (Title of class)


Indicate by check mark whether the registrant (1) has filed all
reportsrequired 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

Indicate by check mark if disclosure of delinquent filers pursuant to
Item405 of Regulation S-K is not contained herein, and will not be
contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form
10-K or any amendment to this Form 10-K   X

State the aggregate market value of the voting stock held by
nonaffiliatesof the registrant.  Not applicable.

Documents incorporated by reference:  None



                       TABLE OF CONTENTS



                                                  Page
                                                  ----
PART I

Item 1.    Business. . . . . . . . . . . . . . . .   1

Item 2.    Properties. . . . . . . . . . . . . . .   4

Item 3.    Legal Proceedings . . . . . . . . . . .   6

Item 4.    Submission of Matters to a 
           Vote of Security Holders. . . . . . . .   6


PART II

Item 5.    Market for the Partnership's Limited 
           Partnership Interests and Related
           Security Holder Matters . . . . . . . .   6

Item 6.    Selected Financial Data . . . . . . . .   7

Item 7.    Management's Discussion and 
           Analysis of Financial Condition and 
           Results of Operations . . . . . . . . .  11

Item 8.    Financial Statements and 
           Supplementary Data. . . . . . . . . . .  17

Item 9.    Changes in and Disagreements 
           with Accountants on Accounting and 
           Financial Disclosure. . . . . . . . . .  47


PART III

Item 10.   Directors and Executive Officers 
           of the Partnership. . . . . . . . . . .  47

Item 11.   Executive Compensation. . . . . . . . .  50

Item 12.   Security Ownership of Certain 
           Beneficial Owners and Management. . . .  51

Item 13.   Certain Relationships and 
           Related Transactions. . . . . . . . . .  52


PART IV

Item 14.   Exhibits, Financial Statement Schedules, 
           and Reports on Form 8-K . . . . . . . .  52


SIGNATURES . . . . . . . . . . . . . . . . . . . .  55











                               i


                            PART I

ITEM 1.  BUSINESS

     All references to "Notes" are to Notes to Consolidated
FinancialStatements contained in this report.

     The registrant, JMB Income Properties, Ltd. - X (the
"Partnership"),isa limited partnership formed in 1983 and currently
governed by the Revised Uniform Limited Partnership Act of the State of
Illinois to invest in improved income-producing commercial and residential
real property.  The Partnership sold $150,000,000 in limited partnership
interests (the "Interests") commencing on June 29, 1983, pursuant to a
Registration Statement on Form S-11 under the Securities Act of 1933
(Registration No. 2-83599).  A total of 150,000 Interests were sold to the
public at $1,000 per Interest and the holders of 150,000 Interests were
admitted to the Partnership in fiscal 1984.  The offering closed on
November 1, 1983.  No Limited Partner has made any additional capital
contribution after such date.  The Limited Partners of the Partnership
share in their portion of the benefits of ownership of the Partnership's
real property investments according to the number of Interests held.

     The Partnership is engaged solely in the business of the
acquisition,operation, and sale and disposition of equity real estate
investments.  Such equity investments are held by fee title and/or through
joint venture partnership interests.  The Partnership's real estate
investments are located throughout the nation and it has no real estate
investments located outside of the United States.  A presentation of
information about industry segments, geographic regions, raw materials or
seasonality is not applicable and would not be material to an
understandingof the Partnership's business taken as a whole.  Pursuant to
the Partnership agreement, the Partnership is required to terminate no
later than October 31, 2033.  The Partnership is self-liquidating in
nature.  At sale of a particular property, the net proceeds, if any, are
generally distributed or reinvested in existing properties rather than
invested in acquiring additional properties.  As discussed further in Item
7, the marketplaces in which the portfolio operates and real estate
marketsin general are in a recovery mode.  The Partnership currently
expects to conduct an orderly liquidation of its remaining investment
portfolio as quickly as practicable and to wind up its affairs not later
than December 31, 1999, barring any unforeseen economic developments. 
(Reference is also made to Note 1.)

     The Partnership has made the real property investments set forth
inthefollowing table:



<TABLE>
<CAPTION>
                                              SALE OR DISPOSITION 
                                                DATE OR IF OWNED
                                              AT DECEMBER 31, 1995,
NAME, TYPE OF PROPERTY                DATE OF   ORIGINAL INVESTED
    AND LOCATION (e)        SIZE     PURCHASECAPITAL PERCENTAGE (a)     TYPE OF OWNERSHIP 
----------------------   ----------  ------------------------------     ---------------------
<S>                     <C>         <C>     <C>                         <C>
1. Pylon Plaza, 
    Phase I & II
    office building
    Boca Raton, 
    Florida. . . . .       49,400    10/12/83       Phase I             fee ownership of land and
                           sq.ft.                   8/9/90              improvements
                           n.r.a.                   Phase II
                                                    12/9/91 
2. North Hills Mall
    shopping center
    North Richland 
    Hills, Texas . .      221,000 
                           sq.ft.    10/19/83         12%               fee ownership of land and
                           g.l.a.                                       improvements (b)(f)
3. Pasadena Town Square 
    shopping center
    Pasadena, Texas.      245,000 
                           sq.ft.    10/19/83        10/3/95            fee ownership of land and
                           g.l.a.                                       improvements (g)
4. Collin Creek Mall 
    shopping center
    Plano, Texas . .      332,000 
                           sq.ft.    10/19/83       12/29/94            fee ownership of land and
                           g.l.a.                                       improvements (d)
5. Animas Valley Mall 
    shopping center
    Farmington, 
    New Mexico . . .      460,000 
                           sq.ft.    10/24/83        6/30/95            fee ownership of land and
                           g.l.a.                                       improvements (through joint
                                                                        venture partnership) (d)
6. Royal Executive Park 
    office complex
    Ryebrook, 
    New York . . . .      270,000 
                           sq.ft.    12/16/83          22%              fee ownership of land and
                           n.r.a.                                       improvements (through joint
                                                                        venture partnership) (c)(f)


                                              SALE OR DISPOSITION 
                                                DATE OR IF OWNED
                                              AT DECEMBER 31, 1995,
NAME, TYPE OF PROPERTY                DATE OF   ORIGINAL INVESTED
    AND LOCATION (e)        SIZE     PURCHASECAPITAL PERCENTAGE (a)     TYPE OF OWNERSHIP 
----------------------   ----------  ------------------------------     ---------------------

7. Towne Square Mall 
    shopping center
    Owensboro, 
    Kentucky . . . .      357,000 
                           sq.ft.    03/01/84       08/13/87            fee ownership of land and
                           g.l.a.                                       improvements (through joint
                                                                        venture partnership)
8. 40 Broad Street 
    office building
    New York, 
    New York . . . .      247,800 
                           sq.ft.    12/31/85          18%              fee ownership of land and
                           n.r.a.                                       improvements (through joint
                                                                        venture partnership) (c)(f)

<FN>
-----------------------

 (a) The computation of this percentage for properties held at December 31, 1995 does not include
amountsinvestedfrom sources other than the original net proceeds of the public offering as described above and in
Item 7.

 (b) Reference is made to Note 4 and to Schedule III for the current outstanding principal balance and
adescription of the long-term mortgage indebtedness secured by the Partnership's real property investment.

 (c) Reference is made to Note 3 and to Schedule III for a description of the joint venture partnership
throughwhich the Partnership has made this real property investment.

 (d) Reference is made to Note 7 for a description of the sale of this real property investment.

 (e) Reference is made to Item 8 - Schedule III filed with this annual report for further information
concerningreal estate taxes and depreciation.

 (f) Reference is made to Item 6 - Selected Financial Data for additional operating and lease expiration
dataconcerning this investment property.

 (g) The lender realized upon its security and took title to the property.  Reference is made to Note 2(d)
filedwith this annual report.


</TABLE>



     The Partnership's real property investments are subject to
competitionfrom similar types of properties (including, in certain areas,
properties owned or advised by affiliates of the General Partners) in the
respective vicinities in which they are located.  Such competition is
generally for the retention of existing tenants.  Additionally, the
Partnership is in competition for new tenants in markets where significant
vacancies are present.  Reference is made to Item 7 below for a discussion
of competitive conditions and future renovation and capital improvement
plans of the Partnership and certain of its significant investment
properties.  Approximate occupancy levels for the properties are set forth
in the table in Item 2 below to which reference is hereby made.  The
Partnership maintains the suitability and competitiveness of its
propertiesin its markets primarily on the basis of effective rents, tenant
allowances and service provided to tenants.  In the opinion of the
ManagingGeneral Partner of the Partnership, all of the investment
properties held at December 31, 1995 are adequately insured.

     In June 1995, the Partnership through Animas Valley Mall
Associatessold the land, building, related improvements and personal
property of the Animas Valley Mall and related land outparcel located in
Farmington, New Mexico, as described in the Partnership's Report on Form 8-
K (File No. 0-12140) for June 30, 1995, which description is hereby
incorporated by reference.  Reference is made to Note 7(b) for a further
description of such transaction.

     In October 1995, the mortgage lender concluded proceedings to
realizeupon its mortgage security and obtained title to the Pasadena Town
Square Mall located in Pasadena, Texas, as described in the Partnership's
Report on Form 8-K (File No. 0-12140) for October 3, 1995, which
description is hereby incorporated by reference.  Reference is made to
Note2(d) for a further description of such transaction.

     Reference is made to Note 8 for a schedule of minimum lease
paymentstobe received in each of the next five years, and in the
aggregatethereafter, under leases in effect at the Partnership's
propertiesas of December 31, 1995.

     The Partnership has no employees other than personnel performing on-
site duties at certain of the Partnership's properties, none of whom
areofficers or directors of the Managing General Partner of the
Partnership.

     The terms of transactions between the Partnership, the
GeneralPartnersand their affiliates are set forth in Item 11 below to
whichreference is hereby made for a description of such terms and
transactions.



ITEM 2.  PROPERTIES

     The Partnership owns directly or through joint venture
partnershipstheproperties or interests in the properties referred to under
Item 1 above to which reference is hereby made for a description of
saidproperties.

     The following is a listing of principal businesses or
occupationscarried on in and approximate occupancy levels by quarter
duringfiscal years 1995 and 1994 for the Partnership's investment
properties owned during 1995:



<TABLE>
<CAPTION>
                                                    1994                    1995           
                                          --------------------------------------------------
                                              At    At    At    At    At    At    At    At 
                            Principal Business3/31 6/30  9/30 12/31  3/31  6/30  9/30 12/31
                            ---------------------- ----  ---- -----  ----  ---- ----- -----
<S>                         <C>             <C>   <C>   <C>  <C>    <C>   <C>  <C>   <C>   
1. North Hills Mall
    North Richland Hills, 
    Texas (a). . . . . .    Retail            95%   95%   96%   95%   92%   89%   90%   92%

2. Pasadena Town Square
    Pasadena, Texas. . .    Retail            84%   80%   73%   72%   72%   72%   67%   N/A

3. Animas Valley Mall
    Farmington, New Mexico  Retail            90%   90%   90%   90%   91%   N/A   N/A   N/A

4. Royal Executive Park
    Ryebrook, New York .    Telecommuni-
                            cations           78%   78%   78%   78%   78%   78%   78%   78%

5. 40 Broad Street
    New York, New York .    Financial
                            Services          80%   86%   83%   83%   76%   76%   77%   77%
<FN>
--------------------

     Reference is made to Item 6, Item 7 and Note 7 for further information regarding property
occupancy,competitive conditions and tenant leases at the Partnership's investment properties.

     An "N/A" indicates that the property was sold or disposed and was not owned by the Partnership at the end
ofthe quarter.

     (a)  The percentage represents physical occupancy which includes temporary tenants.  Occupancy without
thetemporary tenants is 87% at March 31, 1994, 87% at June 30, 1994, 85% at September 30, 1994, 89% at December
31, 1994, 88% at March 31, 1995, 80% at June 30, 1995, 79% at September 30, 1995 and 77% at December 31, 1995.


</TABLE>


ITEM 3.  LEGAL PROCEEDINGS

     The Partnership is not subject to any material pending
legalproceedings.



ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

     There were no matters submitted to a vote of holders during
fiscalyears 1994 or 1995.




                            PART II


ITEM 5.  MARKET FOR THE PARTNERSHIP'S LIMITED PARTNERSHIP INTERESTS 
         AND RELATED SECURITY HOLDER MATTERS

     As of December 31, 1995, there were 14,815 record holders of
Interestsof the Partnership.  There is no public market for Interests and
it is not anticipated that a public market for Interests will develop. 
Upon request, the Managing General Partner may provide information
relatingto a prospective transfer of Interests to an investor desiring to
transfer his Interests.  The price to be paid for the Interests, as well
asany other economic aspects of the transaction, will be subject to
negotiation by the investor.  There are certain conditions and
restrictionson the transfer of Interests, including, among other things,
the requirement that the substitution of a transferee of Interests as a
Limited Partner of the Partnership be subject to the written consent of
theManaging General Partner.  The rights of a transferee of Interests who
does not become a substituted Limited Partner will be limited to the
rightsto receive his share of profits or losses and cash distributions
fromthe Partnership, and such transferee will not be entitled to vote such
Interests.  No transfer will be effective until the first day of the next
succeeding calendar quarter after the requisite transfer form satisfactory
to the Managing General Partner has been received by the Managing General
Partner.  The transferee consequently will not be entitled to receive any
cash distributions or any allocable share of profits or losses for tax
purposes until such next succeeding calendar quarter.  Profits or losses
from operations of the Partnership for a calendar year in which a
transferoccurs will be allocated between the transferor and the transferee
based upon the number of quarterly periods in which each was recognized as
the holder of the Interests, without regard to the results of the
Partnership's operations during particular quarterly periods and without
regard to whether cash distributions were made to the transferor or
transferee.  Profits or losses arising from the sale or other disposition
of Partnership properties will be allocated to the recognized holder of
theInterests as of the last day of the quarter in which the Partnership
recognized such profits or losses.  Cash distributions to a holder of
Interests arising from the sale or other disposition of Partnership
properties will be distributed to the recognized holder of the Interests
asof the last day of the quarterly period with respect to which such
distribution is made.

     Reference is made to Item 6 below for a discussion of
cashdistributions made to the Limited Partners.





<TABLE>
ITEM 6.  SELECTED FINANCIAL DATA

                                JMB INCOME PROPERTIES, LTD. - X
                                    (A LIMITED PARTNERSHIP)
                                   AND CONSOLIDATED VENTURE

                   YEARS ENDED DECEMBER 31, 1995, 1994, 1993, 1992 AND 1991

                         (NOT COVERED BY INDEPENDENT AUDITORS' REPORT)

<CAPTION>
                          1995          1994        1993        1992        1991     
                      -----------   ----------- ----------- ------------------------ 
<S>                 <C>            <C>        <C>          <C>         <C>           
Total income . . . . .$ 15,186,857   29,251,376  31,189,187   28,537,104  29,489,719 
                      ============  =========== ===========  =========== =========== 
Operating earnings (loss)$ (8,075,141)(7,172,383) 2,189,882      347,102  (5,371,951)
Partnership's share of 
  operations of uncon-
  solidated ventures .     761,233    1,116,541   2,405,822   (4,744,175) (6,945,209)
Venture partner's share 
  of consolidated 
  venture's operations       --           --          --         200,393   3,977,004 
Gain on sale of interest 
  in unconsolidated 
  venture and disposi-
  tion of investment 
  properties . . . . .   3,832,429   64,571,942     150,443        --         71,311 
Extraordinary item . .   3,934,532        --          --           --          --    
                      ------------  ----------- -----------  ----------- ----------- 
Net earnings (loss). .$    453,053   58,516,100   4,746,147  (4,196,680)  (8,268,845)
                      ============  =========== ===========  =========== =========== 
Net earnings (loss) 
 per Interest (b):
  Net operating earnings 
    (loss) . . . . . .$    (46.81)       (38.76)      29.41      (26.85)      (55.85)
  Gain on sale of interest 
    in unconsolidated 
    venture and disposi-
    tion of investment 
    properties . . . .       25.29       426.16         .99        --            .47 
  Extraordinary item .       25.97        --          --           --          --    
                      ------------  ----------- -----------  ----------- ----------- 
Net earnings (loss). .$       4.45       387.40       30.40       (26.85)     (55.38)
                      ============  =========== ===========  =========== =========== 
Total assets . . . . .$ 56,832,712  170,327,264 140,905,552  139,176,753 149,275,407 
Long-term debt . . . .$  7,890,281        --     46,800,991   74,095,311  74,353,958 
Cash distributions 
  per Interest (c) . .$     466.00        16.00       22.00       40.00        47.50 
                      ============  =========== ===========  =========== =========== 


<FN>
-------------

 (a)   The above selected financial data should be read in
conjunctionwith the consolidated financial statements and the related notes
appearing elsewhere in this annual report.

 (b)   The net earnings (loss) per Interest is based upon the number
ofInterests outstanding at the end of each period (150,005).

 (c)   Cash distributions from the Partnership are generally not equal
toPartnership income (loss) for financial reporting or Federalincome tax
purposes.  Each Partner's taxable income (or loss) from the Partnership in
each year is equal to his allocable share of the taxable income (loss) of
the Partnership, without regard to the cash generated or distributed by the
Partnership. Accordingly, cash distributions to the Limited Partners since
theinception of the Partnership have not resulted in taxable income to such
Limited Partners and have therefore represented a return of capital.


</TABLE>


<TABLE>

SIGNIFICANT PROPERTY - SELECTED RENTAL AND OPERATING DATA AS OF DECEMBER 31, 1995

<CAPTION>
Property
--------

North Hills
Mall             a)  The gross leasable area ("GLA") occupancy rate and average base rent per square foot
asof December 31 for each of the last five years were as follows:

                                               GLA          Avg. Base Rent Per
                      December 31,        Occupancy Rate    Square Foot (1)
                      ------------        --------------    ------------------
<S>              <C>  <C>                 <C>               <C>

                           1991. . . . .      86%              18.13
                           1992. . . . .      87%              15.90
                           1993. . . . .      99%              15.57
                           1994. . . . .      95%              15.94
                           1995. . . . .      92%              15.27
<FN>
                 (1) Average base rent per square foot is based on GLA occupied as of December 31 
                     of each year.
</TABLE>
<TABLE>
<CAPTION>
                                                         Base RentScheduled LeaseLease
                 b)    Significant Tenants    Square FeetPer AnnumExpiration DateRenewal Option(s)
                       -------------------    ----------------------------------------------------
<S>              <C>   <C>                    <C>        <C>      <C>           <C>

                       General Cinema         28,472     $347,000 6/2005        N/A
                       (Movie Theatre)

                       No other tenants comprise
                       more than 10% of the
                       GLA at the property.

</TABLE>


<TABLE>
<CAPTION>
                 c)    The following table sets forth certain information with respect to the expiration
ofleases for the next ten years at the North Hills Mall:

                                                                    Annualized     Percent of
                                      Number of      Approx. Total  Base Rent      Total 1995
                       Year Ending    Expiring       GLA of Expiringof Expiring    Base Rent
                       December 31,   Leases         Leases (1)     Leases         Expiring
                       ------------   ---------      --------------------------    ----------
<S>              <C>   <C>            <C>            <C>            <C>            <C>
                         1996            24             31,863       372,216             12%
                         1997             6             19,627       141,312              5%
                         1998             6              8,653       203,988              7%
                         1999             8              7,898       169,740              5%
                         2000             5             10,709       264,084              9%
                         2001             4             10,312       178,680              6%
                         2002             4              7,099       177,852              6%
                         2003             6             13,130       208,512              7%
                         2004             5             17,907       298,068             10%
                         2005             5             44,690       732,984             24%
<FN>
                 (1)     Excludes leases that expire in 1996 for which renewal leases or leases
withreplacement tenants have been executed as of March 25, 1996.
</TABLE>


ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION 
         AND RESULTS OF OPERATIONS

     LIQUIDITY AND CAPITAL RESOURCES

     On June 29, 1983, the Partnership commenced an offering
of$150,000,000of Limited Partnership Interests pursuant to a
RegistrationStatement on Form S-11 under the Securities Act of 1933.  All
Interests were subscribed and issued between June 29, 1983 and November 1,
1983 pursuant to the public offering from which the Partnership received
gross proceeds of $150,000,000.

     After deducting selling expenses and other offering costs,
thePartnership had approximately $135,651,000 with which to make
investments in income-producing commercial and residential real property,
to pay legal fees and other costs (including acquisition fees) related to
such investments and for working capital.  A portion of such proceeds
wasutilized to acquire the properties described in Item 1 above.

     During February 1995, approximately $68,100,000 was distributed to
theLimited Partners, substantially all of which represented sales
proceedsfrom the December 1994, sale of the Collin Creek Mall as discussed
below.  The Partnership has retained a portion of the Collin Creek Mall
sales proceeds as working capital as also discussed below.  At December
31,1995, the Partnership and its consolidated venture had cash and cash
equivalents of approximately $21,432,000.  Bank overdrafts of
approximately$378,000 as of December 31, 1995 have been subsequently
repaidas of January 1996.  Such remaining funds are available for
distributions to partners and for working capital requirements including
tenant and capital improvements, to the extent not funded from future
operations, and to fund any cash flow deficits at Royal Executive Park as
discussed below.  The Partnership and its consolidated venture have
currently budgeted in 1996 approximately $713,000 for tenant improvements
and other capital expenditures.  The Partnership's share of such items and
its share of such similar items for its unconsolidated ventures in 1996 is
currently budgeted to be approximately $1,845,000.  Actual amounts
expendedin 1996 may vary depending on a number of factors including actual
leasing activity, results of property operations, liquidity considerations
and other market conditions over the course of the year.  The source of
capital for such items and for both short-term and long-term future
liquidity and distributions is expected to be through existing working
capital, net cash generated by the Partnership's investment properties and
through the sale of such investments.  As more fully described in Notes 7
and 3(b), the Partnership sold the Collin Creek Mall in December 1994 and
Animas Valley Mall in June 1995.  The Partnership's mortgage obligation
forNorth Hills Mall is a separate non-recourse loan secured individually
bythe property and is not an obligation of the entire investment
portfolio,and the Partnership and its ventures are not personally liable
for the payment of the mortgage indebtedness.

     Currently, as more fully discussed below, the Partnership is
exploringthe addition of a major department store at the North Hills Mall
which, if undertaken, may require the Partnership to commit a substantial
amount of capital.  Also, the Partnership may need to commit capital for
its share of leasing costs associated with the vacant space at the Royal
Executive Park office building as discussed below.  Any decision to commit
additional amounts to these investment properties for any purpose will be
based on, among other things, the likelihood of the return of such
additional investment plus a reasonable profit thereon within the expected
holding period of these assets as discussed below.  Future distributions
from sales or operations will depend upon a combination of the operating
cash flow from the remaining investment properties and the longer term
capital requirements of the Partnership.  The Partnership distributed $4
per interest per quarter from operations to the Limited Partners in 1995.
Starting in May 1996, in an effort to reduce partnership
operatingexpenses,the Partnership expects to make semi-annual, rather
thanquarterly, distributions of available operating cash flow.



     Occupancy at the 40 Broad Street property has remained
atapproximately77% during 1995.  Tenant leases representing 16% of
theproperty expire in 1996, not all of whom are expected to renew. 
ThePartnership will continue its aggressive leasing program; however,
thedowntown New York City market remains extremely competitive due to
thesignificant amount of space available primarily resulting from the
layoffs, cutbacks and consolidations by financial service companies and
related businesses which dominated this market.  In addition to
competitionfor tenants in the downtown Manhattan market from other
buildings in the area, there is increasing competition from less expensive
alternatives to Manhattan.  Rental rates in the downtown market are
currently at depressed levels and this can be expected to continue for the
foreseeable future while the current vacant space is gradually absorbed. 
Little, if any new construction is planned for downtown over the next few
years and it is expected that the building will continue to be adversely
affected by the lower than originally expected effective rental rates
achieved upon releasing of existing leases which expire over the next few
years.  In addition, new leases will likely require expenditures for lease
commissions and tenant improvements prior to tenant occupancy.  This
decline in rental rates, the anticipated increase in re-leasing time and
the costs upon re-leasing will result in a decrease in cash flow from
operations over the near term.

     The Partnership continues to seek the replacement of a major
tenant,which owns its own store, at the North Hills Mall with another
majortenant and/or adding another major tenant to the center.  The major
tenant, which is currently using only the first level of its two-story
store, has expressed an interest in closing its store.  In order to
replacethe major tenant with another and/or add another major tenant, the
Partnership may need to commit substantial capital.  Though discussions
have been had between the Partnership and various prospective tenants, due
to local market conditions and the condition of the retail industry in
general, the Partnership has been unable to make significant progress in
this regard.  Therefore, there can be no assurance that such replacement
and/or addition will ultimately occur.  The Partnership completed the
fourth year of a five-year program to repair the property's roof and
parking lot.  The total cost of the repair is expected to be approximately
$1,375,000, of which approximately $1,300,000 has been incurred to date. 
In addition, the Partnership commenced an approximate $500,000 enhancement
program to upgrade the mall's entrances and exterior signage during 1995
and 1996, of which approximately $435,000 has been incurred to date.  The
work scheduled in 1996 has been included in the budgeted improvement costs
described above.  The total five-year costs will be partially recoverable
from tenants pursuant to provisions in their leases.

     The Partnership and the mortgage lender agreed to extend the July
1,1995 maturity date of the mortgage loan on the North Hills Mall
untilDecember 1, 1995.  During this extension, the Partnership made a
cumulative paydown of approximately $860,000.  The interest rate of 12.5%
on the mortgage loan remained unchanged during this extension.  On
November30, 1995, the Partnership refinanced the mortgage loan (with a
thenoutstanding balance of $6,972,974) with a new lender.  The new
mortgageloan has a principal balance of $8,000,000 and monthly principal
and interest payments of $57,182, which are based upon an interest rate
perannum of 7.125% and a 25-year amortization schedule, through January 1,
2001 when the remaining principal balance of $7,318,330 is due and payable.

     The non-recourse first mortgage secured by the Pasadena Town
SquareMall investment property matured in January, 1995.  The
Partnershipcontinued to remit debt service payments to the lender based on
the cash generated by the property while negotiating for an extension or
refinancing of the loan.  Further negotiations with the lender to obtain a
loan refinancing and/or extension proved futile.  The Partnership, after
taking into consideration the costs to retain and/or add another anchor
tenant and associated mall leasing difficulties, current and projected
local economic conditions, decreasing sales and increased competition from
new and recently renovated retail properties within the trade area of
theinvestment property, decided not to commit any significant further
amounts of capital to this property.


     Effective October 3, 1995, due to the Partnership's default in
thepayment of all amounts owed, the mortgage lender concluded proceedings
to realize upon its mortgage security and obtained title to the property.
Although the Partnership no longer has a ownership interest in
PasadenaTownSquare Mall, it has retained ownership of an approximately two
acre unencumbered unimproved land outparcel adjacent to the property. 
ThePartnership recognized an extraordinary gain of $1,714,924 on the
discharge of indebtedness for financial reporting purposes in 1995.  The
Partnership recognized a gain of $3,584,938 for Federal income tax
purposesin 1995 without any distributable proceeds.  Previously, due to
thefactors discussed above, and due to the uncertainty of the
Partnership'sability to recover the net carrying value of the Pasadena
TownSquare investment property through future operations and sale, the
Partnership at December 31, 1994, recorded as a matter of prudent
accounting practice, a provision for value impairment of such investment
of$8,434,103.  Such provision was recorded to reduce the net carrying
valueof the investment property to the then outstanding balance of the
related non-recourse financing.

     The Partnership, through the Animas joint venture, sold the
AnimasValley Mall and a related land outparcel on June 30, 1995.  The
mortgage loan secured by the property was satisfied in full from proceeds
of the sale.  Reference is made to Note 7(b) for a further description of
this sale.

     Royal Executive Park competes in a market where office
buildingdevelopment is virtually at a standstill, significant improvement
in the competitive market conditions is not expected for several years. 
The competitive market conditions have resulted in lower than
originallyanticipated effective rental rates that can be achieved and high
releasing costs that will be incurred in conjunction with releasing space
which expires.  Consequently, the property cash flow has been
significantlyreduced as a result of increased vacancy and the modification
of MCI's lease that resulted in an extension in return for reduced rent
that would approximate market rates.  Therefore, the Partnership and joint
venture partner may need to contribute capital to the joint venture in the
future in order to pay for leasing costs associated with the lease-up of
the current vacant space.  In response to the uncertainty of the
Partnership's ability to recover the net carrying value of the Royal
Executive Park joint venture investment through future operations and sale
during the estimated holding period, as of September 30, 1995, the
Partnership recorded as a matter of prudent accounting practice, a
provision for value impairment of such investment of $9,300,000.  Such
provisions was recorded to reduce the net carrying value of the joint
venture investment to its then estimated fair value.  There can be no
assurance that such fair value would be obtained by the Partnership in any
future sale or disposition transaction.

     The property was managed by an affiliate of the joint venture
partnerunder an agreement which provided for fees equal to 2% of the base
rent paid by tenants.  Effective July 1, 1994, an affiliate of the
GeneralPartner of the Partnership assumed the property management
responsibilities for the joint venture.  The new manager essentially
assumed the previous management agreement with the exception that a
portionof the 2% management fee will be paid to the previous manager
annually by the new manager as compensation to the previous manager for
relinquishing management of the property.  In addition, the affiliate
assumed the leasing responsibilities for the property.  In December 1994,
the assets of the above affiliated property manager of the General Partner
of the Partnership were sold, and its interest in its management contracts
assigned, to an unaffiliated third party.

     There are certain risks associated with the Partnership's
investmentsmade through joint ventures including the possibility that
thePartnership's joint venture partners in an investment might become
unable or unwilling to fulfill their financial or other obligations, or
that such joint venture partners may have economic or business interests
orgoals that are inconsistent with those of the Partnership.



     As a result of the real estate market conditions discussed above,
thePartnership continues to conserve its working capital.  All
expendituresare carefully analyzed and certain capital projects are
deferred when appropriate.  The Partnership may also seek additional loan
modifications where appropriate.  By conserving working capital, the
Partnership will be in a better position to meet the future needs of its
properties.  The Partnership has decided to retain approximately $15.7
million of the Collin Creek Mall and the approximately $800,000 of the
Animas Valley Mall net sale proceeds (Notes 7 and 3(b)) in its working
capital.  These funds will be available, if necessary or deemed
appropriateby the General Partners, for the programs to enhance the
Partnership's properties as discussed above.  Due to the factors outlined
above, the Partnership has held certain of its investment properties
longerthan originally anticipated in an effort to maximize the return to
the Limited Partners.  However, after reviewing the remaining properties
and the marketplaces in which they operate, the General Partners of the
Partnership expect to be able to conduct an orderly liquidation of its
remaining investment portfolio as quickly as practicable.  Therefore, the
affairs of the Partnership are expected to be wound up no later than
December 31, 1999 (sooner if the properties are sold in the nearer term),
barring unforeseen economic developments.

     RESULTS OF OPERATIONS

     The aggregate decrease in cash and cash equivalents and in short-
terminvestments at December 31, 1995 as compared to December 31, 1994
isprimarily due to the February 1996 partial distribution of sale proceeds
of $68,102,270 from the sale of Collin Creek Mall in 1994.

     The decrease in prepaid expenses, land, buildings and
improvements,accumulated depreciation, accrued rent receivable, current
portion of long-term debt, accounts payable, accrued interest and accrued
real estate taxes at December 31, 1995 as compared to December 31, 1994 is
primarily due to the sale of the Animas Valley Mall and a related land
outparcel in June 1995 (Note 3(b)) and the transfer of title to the lender
on Pasadena Town Square Mall in October 1995 (Note 2(d)).

     The increase in escrow deposits at December 31, 1995 as compared
toDecember 31, 1994 is primarily due to the escrowing of real estate
taxpayments at the North Hills Mall investment property in compliance with
the refinanced loan.

     The increase in deferred expenses at December 31, 1995 as compared
toDecember 31, 1994 is primarily due to the capitalization of
refinancingcosts in connection with the new mortgage loan at the North
Hills Mall investment property.

     The decrease in investments in unconsolidated ventures at December
31,1995 as compared to December 31, 1994 is primarily due to the
Partnership provision for value impairment of $9,300,000 of its investment
in the Royal Executive Park Joint Venture as of September 30, 1995 (Note
3(c)).

     The decrease in current portion of long-term debt and the
relatedincrease in long-term debt at December 31, 1995 as compared to
December 31, 1994 is also due to the reclassification of the mortgage loan
at the North Hills Mall investment property due to the refinancing in
November 1995 (Note 4(b)).

     The decrease in rental income, mortgage and other
interest,depreciation, property operating expenses and amortization of
deferred expenses for the year ended December 31, 1995 as compared to the
year ended December 31, 1994 is primarily due to the sale of Collin Creek
Mall in December 1994 (Note 7(a)), the sale of the Animas Valley Mall and
arelated land outparcel in June 1995 (Note 3(b)) and the transfer of title
to the lender on Pasadena Town Square Mall in October 1995 (Note 2(d)).



     The decrease in rental income for the year ended December 31, 1994
ascompared to the year ended December 31, 1993 is primarily the result
oflower effective rents obtained upon renewal by tenants and lower
occupancy at the Pasadena Town Square.

     The increase in interest income for the year ended December 31,
1995ascompared to the year ended December 31, 1994 is primarily due to
theincrease in the Partnership's average balance in U.S.
Governmentobligations due to the temporary investment of proceeds from the
Collin Creek Mall investment property sale.  In addition, the increase in
interest income for the year ended December 31, 1994 as compared to the
year ended December 31, 1993 is primarily due to the increase in the
Partnership's average balance in U.S. Government obligations and higher
rates earned in 1994.

     The decrease in mortgage and other interest for the year
endedDecember31, 1994 as compared to the year ended December 31, 1993 is
due primarily to the lower interest rate charged on the Animas Valley
mortgage loan based on the loan modification in 1994 (Note 3(b)).

     The increase in professional services for the year ended December
31,1995 as compared to the year ended December 31, 1994 is mainly due
toincreased legal costs at the Animas Valley Mall investment
propertyunrelated to the sale.

     The increase in amortization of deferred expenses for the year
endedDecember 31, 1994 as compared to the year ended December 31, 1993
isprimarily due to the sale of the Collin Creek Mall in December 1994
(Note7).

     The increase in general and administrative expenses for the year
endedDecember 31, 1995 as compared to the year ended December 31, 1994
areattributable primarily to an increase in reimbursable costs to
affiliates of the General Partner in 1995 and the recognition of certain
additional prior year reimbursable costs to such affiliates (Note 9).

     The provision for value impairment of $9,300,000 in 1995 is due to
thePartnership reduction of the net carrying value of its investment in
theRoyal Executive Park Joint Venture as of September 30, 1995 (Note 3(c)).
The provision for value impairment of $8,434,103 in 1994 is due to
thereduction of the net carrying value of the Pasadena Town Square
investment property as of December 31, 1994.

     The decrease in Partnership's share of operations of
unconsolidatedventures for the year ended December 31, 1995 as compared to
the year ended December 31, 1994 and for the year ended December 31, 1994
as compared to the year ended December 31, 1993 is due primarily to a
modification of the MCI lease at Royal Executive Park in mid-1994 that
included a reduction in the rent payable to the Royal Executive Park Joint
Venture as discussed in Note 3(c).

     The gain of $3,832,429 on sale of investment properties during 1995
isthe result of the sale of the Animas Valley Mall and a related
landoutparcel in June 1995.  The gain of $64,571,942 on sale of
investmentproperties during 1994 is the result of the outparcel sale at
theNorth Hills Mall ($517,128) in February 1994 and the sale of the Collin
Creek Mall ($64,054,814) in December 1994.  The gain of $150,433 on sale
ofinvestment properties during 1993 is the result of the outparcel sale
atthe Animas Valley Mall.  See Notes 2(c), 3(b) and 7.

     The extraordinary item of $3,934,532 for the year ended December
31,1993 is due to the discharge of indebtedness of $2,219,608 and
$1,714,924 at both the Animas Valley Mall and Pasadena Town Square
investment properties in 1995, respectively.  See Notes 2(d) and 3(b).



     INFLATION

     Due to the decrease in the level of inflation in recent
years,inflation generally has not had a material effect on rental income
orproperty operating expenses.

     Inflation is not expected to significantly impact future
operationsdueto the expected liquidation of the Partnership by 1999. 
However, to the extent that inflation in future periods would have an
adverse impact on property operating expenses, the effect would generally
be offset by amounts recovered from tenants as many of the long-term
leasesat the Partnership's commercial properties have escalation clauses
covering increases in the cost of operating and maintaining the properties
as well as real estate taxes.  Therefore, there should be little effect
onoperating earnings if the properties remain substantially occupied. 
Inaddition, substantially all of the leases at the Partnership's
shoppingcenter investment contain provisions which entitle the Partnership
to participate in gross receipts of tenants above fixed minimum amounts.




ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA


                JMB INCOME PROPERTIES, LTD. - X
                    (A LIMITED PARTNERSHIP)
                   AND CONSOLIDATED VENTURE

                             INDEX


Independent Auditors' Report

Consolidated Balance Sheets, December 31, 1995 and 1994

Consolidated Statements of Operations, years ended December 31, 
  1995, 1994 and 1993

Consolidated Statements of Partners' Capital Accounts,
  years ended December 31, 1995, 1994 and 1993

Consolidated Statements of Cash Flows, years ended December 31, 
  1995, 1994 and 1993

Notes to Consolidated Financial Statements

                                                  SCHEDULE     
                                                  --------     

Consolidated Real Estate and Accumulated DepreciationIII       


SCHEDULES NOT FILED:

     All schedules other than the one indicated in the index have
beenomitted as the required information is inapplicable or the information
is presented in the consolidated financial statements or related notes.











                 INDEPENDENT AUDITORS' REPORT


The Partners
JMB INCOME PROPERTIES, LTD. - X:

     We have audited the consolidated financial statements of JMB
IncomeProperties, Ltd. - X (a limited partnership) and consolidated
ventureas listed in the accompanying index.  In connection with our audits
of the consolidated financial statements, we also have audited the
financial statement schedule as listed in the accompanying index.  These
consolidated financial statements and financial statement schedule are
theresponsibility of the General Partners of the Partnership. 
Ourresponsibility is to express an opinion on these consolidated
financialstatements and financial statement schedule based on our audits.

     We conducted our audits in accordance with generally accepted
auditingstandards.  Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial state-
mentsare free of material misstatement.  An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the
financial statements.  An audit also includes assessing the accounting
principles used and significant estimates made by the General Partners of
the Partnership as well as evaluating the overall financial
statementpresentation.  We believe that our audits provide a reasonable
basis for our opinion.

     In our opinion, the consolidated financial statements referred
toabovepresent fairly, in all material respects, the financial position
ofJMB Income Properties, Ltd. - X and consolidated venture as of December
31, 1995 and 1994, and the results of their operations and their cash
flowsfor each of the years in the three-year period ended December 31,
1995, in conformity with generally accepted accounting principles.  Also
inour opinion, the related financial statement schedule, when considered
inrelation to the basic consolidated financial statements taken as a
whole,presents fairly, in all material respects, the information set
forththerein.






                                   KPMG PEAT MARWICK LLP       

Chicago, Illinois
March 25, 1996



<TABLE>
                                JMB INCOME PROPERTIES, LTD. - X
                                    (A LIMITED PARTNERSHIP)
                                   AND CONSOLIDATED VENTURE

                                  CONSOLIDATED BALANCE SHEETS
                                  DECEMBER 31, 1995 AND 1994

                                            ASSETS
                                            ------
<CAPTION>
                                                                   1995            1994    
                                                               ------------    ----------- 
<S>                                                           <C>             <C>          
Current assets:
  Cash and cash equivalents (note 1) . . . . . . . . . . . .   $ 21,431,887     84,486,464 
  Short-term investments (note 1). . . . . . . . . . . . . .          --         2,880,712 
  Rents and other receivables, net of allowance for doubtful 
    accounts of $38,235 in 1995 and $109,345 in 1994 . . . .        485,078        455,293 
  Prepaid expenses . . . . . . . . . . . . . . . . . . . . .         29,642         88,265 
  Escrow deposits. . . . . . . . . . . . . . . . . . . . . .        772,831         35,190 
                                                               ------------    ----------- 

          Total current assets . . . . . . . . . . . . . . .     22,719,438     87,945,924 
                                                               ------------    ----------- 

Investment properties, at cost (notes 2 and 3) - Schedule III:
  Land . . . . . . . . . . . . . . . . . . . . . . . . . . .      3,133,642      8,486,896 
  Buildings and improvements . . . . . . . . . . . . . . . .     23,512,818     80,610,282 
                                                               ------------    ----------- 

                                                                 26,646,460     89,097,178 
  Less accumulated depreciation. . . . . . . . . . . . . . .      7,645,144     31,896,865 
                                                               ------------    ----------- 

          Total investment properties, 
            net of accumulated depreciation. . . . . . . . .     19,001,316     57,200,313 

Investments in unconsolidated ventures, at equity 
  (notes 1, 3 and 10). . . . . . . . . . . . . . . . . . . .     14,404,307     24,030,924 
Deferred expenses. . . . . . . . . . . . . . . . . . . . . .        218,659         78,319 
Accrued rents receivable . . . . . . . . . . . . . . . . . .        488,992      1,071,784 
                                                               ------------    ----------- 

                                                               $ 56,832,712    170,327,264 
                                                               ============    =========== 



                                JMB INCOME PROPERTIES, LTD. - X
                                    (A LIMITED PARTNERSHIP)
                                   AND CONSOLIDATED VENTURE

                            CONSOLIDATED BALANCE SHEETS - CONTINUED


                          LIABILITIES AND PARTNERS' CAPITAL ACCOUNTS
                          ------------------------------------------

                                                                   1995            1994    
                                                               ------------    ----------- 
Current liabilities:
  Bank overdrafts. . . . . . . . . . . . . . . . . . . . . .   $    378,034          --    
  Current portion of long-term debt (notes 2 and 4). . . . .        109,719     49,254,780 
  Accounts payable . . . . . . . . . . . . . . . . . . . . .        171,022        400,600 
  Accrued interest . . . . . . . . . . . . . . . . . . . . .        539,342      2,644,247 
  Accrued real estate taxes. . . . . . . . . . . . . . . . .        618,256      1,448,958 
                                                               ------------    ----------- 
          Total current liabilities. . . . . . . . . . . . .      1,816,373     53,748,585 
Tenant security deposits . . . . . . . . . . . . . . . . . .         16,500         19,844 
Long-term debt, less current portion (note 4). . . . . . . .      7,890,281          --    
                                                               ------------    ----------- 
Commitments and contingencies (notes 2, 3, 4 and 9)

          Total liabilities. . . . . . . . . . . . . . . . .      9,723,154     53,768,429 

Partners' capital accounts (note 5):
  General partners:
      Capital contributions. . . . . . . . . . . . . . . . .          1,000          1,000 
      Cumulative net earnings. . . . . . . . . . . . . . . .      1,152,263      1,367,150 
      Cumulative cash distributions. . . . . . . . . . . . .       (250,000)      (250,000)
                                                               ------------    ----------- 
                                                                    903,263      1,118,150 
                                                               ------------    ----------- 
  Limited partners (150,005 interests):
      Capital contributions, net of offering costs . . . . .    135,651,080    135,651,080 
      Cumulative net earnings. . . . . . . . . . . . . . . .     74,542,775     73,874,835 
      Cumulative cash distributions. . . . . . . . . . . . .   (163,987,560)   (94,085,230)
                                                               ------------    ----------- 
                                                                 46,206,295    115,440,685 
                                                               ------------    ----------- 
          Total partners' capital accounts . . . . . . . . .     47,109,558    116,558,835 
                                                               ------------    ----------- 

                                                               $ 56,832,712    170,327,264 
                                                               ============    =========== 

<FN>
                 See accompanying notes to consolidated financial statements.
</TABLE>


<TABLE>
                                JMB INCOME PROPERTIES, LTD. - X
                                    (A LIMITED PARTNERSHIP)
                                   AND CONSOLIDATED VENTURE
                             CONSOLIDATED STATEMENTS OF OPERATIONS
                         YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993
<CAPTION>
                                                   1995           1994           1993     
                                               ------------   ------------   ------------ 
<S>                                           <C>            <C>            <C>           
Income:
  Rental income. . . . . . . . . . . . . . .    $13,190,501     29,048,572     31,068,579 
  Interest income. . . . . . . . . . . . . .      1,996,356        202,804        120,608 
                                                -----------    -----------    ----------- 
                                                 15,186,857     29,251,376     31,189,187 
                                                -----------    -----------    ----------- 
Expenses:
  Mortgage and other interest. . . . . . . .      4,074,322      8,291,721      9,547,844 
  Depreciation . . . . . . . . . . . . . . .      1,690,411      4,471,238      4,361,608 
  Property operating expenses. . . . . . . .      7,360,538     14,459,130     14,290,240 
  Professional services. . . . . . . . . . .        270,316        198,131        346,151 
  Amortization of deferred expenses. . . . .         48,422        305,061        165,918 
  General and administrative . . . . . . . .        517,989        264,375        287,544 
  Provision for value impairment (note 1). .      9,300,000      8,434,103          --    
                                                -----------    -----------    ----------- 
                                                 23,261,998     36,423,759     28,999,305 
                                                -----------    -----------    ----------- 
      Operating earnings (loss). . . . . . .     (8,075,141)    (7,172,383)     2,189,882 
Partnership's share of operations of 
  unconsolidated ventures (note 1) . . . . .        761,233      1,116,541      2,405,822 
                                                -----------    -----------    ----------- 
                Net operating earnings (loss)    (7,313,908)    (6,055,842)     4,595,704 
Gain on sale of investment 
  properties (notes 2(c), 3(b) and 7). . . .      3,832,429     64,571,942        150,443 
                                                -----------    -----------    ----------- 
Earnings (loss) before extraordinary items .     (3,481,479)    58,516,100      4,746,147 
Extraordinary items (notes 2(d) and 3(b)). .      3,934,532          --             --    
                                                -----------    -----------    ----------- 
                Net earnings . . . . . . . .    $   453,053     58,516,100      4,746,147 
                                                ===========    ===========    =========== 



<CAPTION>
                                                   1995           1994           1993     
                                               ------------   ------------   ------------ 
<S>                                           <C>            <C>            <C>           
Net earnings (loss) per limited partnership 
  interest (note 1):
     Net operating earnings (loss) . . . . .    $    (46.81)        (38.76)         29.41 
     Gain on sale of investment properties .          25.29         426.16            .99 
                                                -----------    -----------    ----------- 
     Earnings (loss) before extraordinary items      (21.52)        387.40          30.40 
     Extraordinary items . . . . . . . . . .          25.97          --             --    
                                                -----------    -----------    ----------- 
                Net earnings . . . . . . . .    $      4.45         387.40          30.40 
                                                ===========    ===========    =========== 
<FN>

































                  See accompanying notes to consolidated financial statements
</TABLE>


<TABLE>

                                   JMB INCOME PROPERTIES, LTD. - X
                                       (A LIMITED PARTNERSHIP)
                                      AND CONSOLIDATED VENTURE

                        CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL ACCOUNTS

                            YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993
<CAPTION>
                                 GENERAL PARTNERS                        LIMITED PARTNERS (150,005 INTERESTS) (note 1)
               ---------------------------------------------------   ---------------------------------------------------
                                                          CONTRI- 
                                                          BUTIONS 
                        NET                               NET OF      NET     
            CONTRI-   EARNINGS   CASH                    OFFERING   EARNINGS     CASH     
            BUTIONS    (LOSS)DISTRIBUTIONS    TOTAL       COSTS      (LOSS)  DISTRIBUTIONS   TOTAL   
            ------- ---------------------------------- ----------- --------------------------------- 
<S>        <C>     <C>      <C>           <C>         <C>         <C>        <C>        <C>         
Balance 
 at Decem-
 ber 31, 
 1992. . . . $1,000    778,332   (250,000)    529,332  135,651,080 11,201,406 (88,385,040)58,467,446 

Cash distri-
 butions
 ($22 per 
 limited
 partnership
 interest) .   --        --         --          --           --         --     (3,300,110)(3,300,110)

Net earnings 
 (note 5). .   --      185,332      --        185,332        --     4,560,815       --    4,560,815 
             ------  --------- ----------    --------  ----------- ---------- --------------------- 
Balance 
 at Decem-
 ber 31, 
 1993. . . . $1,000    963,664   (250,000)    714,664  135,651,080 15,762,221 (91,685,150)59,728,151 

Cash distri-
 butions
 ($16 per 
 limited
 partnership
 interest) .   --        --         --          --          --          --     (2,400,080)          
(2,400,080)
Net earnings 
 (note 5). .   --      403,486      --        403,486       --     58,112,614       --   58,112,614 
             ------  --------- ----------   ---------  ----------- ---------- ---------------------- 



                                   JMB INCOME PROPERTIES, LTD. - X
                                       (A LIMITED PARTNERSHIP)
                                      AND CONSOLIDATED VENTURE

                  CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL ACCOUNTS - CONTINUED



                                 GENERAL PARTNERS                        LIMITED PARTNERS (150,005 INTERESTS) (note 1)
               ---------------------------------------------------   ---------------------------------------------------
                                                          CONTRI- 
                                                          BUTIONS 
                        NET                               NET OF      NET     
            CONTRI-   EARNINGS   CASH                    OFFERING   EARNINGS     CASH     
            BUTIONS    (LOSS)DISTRIBUTIONS    TOTAL       COSTS      (LOSS)  DISTRIBUTIONS   TOTAL   
            ------- ----------------------- ---------  ----------- --------------------------------- 
Balance 
 at Decem-
 ber 31, 
 1994. . . . $1,000  1,367,150   (250,000)  1,118,150  135,651,080 73,874,835 (94,085,230)115,440,685 

Cash distri-
 butions
 ($466 per 
 limited
 partnership
 interest) .   --        --         --          --           --         --    (69,902,330)(69,902,330)
Net earnings 
 (loss)
 (note 5). .   --     (214,887)     --       (214,887)       --       667,940       --      667,940 
             ------  --------- ----------   ---------  ----------- ---------- --------------------- 
Balance 
 at Decem-
 ber 31, 
 1995. . . . $1,000  1,152,263   (250,000)    903,263  135,651,080 74,542,775(163,987,560)46,206,295 
             ======  ========= ==========   =========  =========== ========== ===================== 












<FN>
                    See accompanying notes to consolidated financial statements.
</TABLE>


<TABLE>
                                JMB INCOME PROPERTIES, LTD. - X
                                    (A LIMITED PARTNERSHIP)
                                   AND CONSOLIDATED VENTURE

                             CONSOLIDATED STATEMENTS OF CASH FLOWS
                         YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993
<CAPTION>
                                                    1995          1994           1993     
                                                -----------    -----------    ----------- 
<S>                                            <C>            <C>            <C>          
Cash flows from operating activities:
  Net earnings . . . . . . . . . . . . . . . .  $   453,053     58,516,100      4,746,147 
  Items not requiring (providing) cash or 
   cash equivalents:
    Depreciation . . . . . . . . . . . . . . .    1,690,411      4,471,238      4,361,608 
    Amortization of deferred expenses. . . . .       48,422        305,061        165,918 
    Provision for value impairment (note 1). .    9,300,000      8,434,103          --    
    Partnership's share of operations of 
      unconsolidated ventures, net of 
      distributions. . . . . . . . . . . . . .      451,367       (943,809)      (701,307)
    Gain on sale of investment properties. . .   (3,832,429)   (64,571,942)      (150,443)
    Extraordinary items. . . . . . . . . . . .   (3,934,532)         --              --   
  Changes in:
    Rents and other receivables. . . . . . . .      (29,785)       176,667        213,526 
    Prepaid expenses . . . . . . . . . . . . .       58,623        144,854        (35,293)
    Escrow deposits. . . . . . . . . . . . . .       35,190        (16,247)           127 
    Accrued rents receivable . . . . . . . . .       27,557        795,028     (1,500,623)
    Accounts payable . . . . . . . . . . . . .     (229,578)      (384,017)      (210,612)
    Accrued interest . . . . . . . . . . . . .      834,600       (359,558)       848,342 
    Accrued real estate taxes. . . . . . . . .     (295,413)    (1,098,168)       (89,713)
    Tenant security deposits . . . . . . . . .       (3,344)       (12,034)        (6,608)
                                               ------------    -----------    ----------- 
          Net cash provided by operating 
            activities . . . . . . . . . . . .    4,574,142      5,457,276      7,641,069 
Cash flows from investing activities:
  Net sales and maturities of short-term 
    investments. . . . . . . . . . . . . . . .    2,880,712        309,267        113,429 
  Cash sales proceeds from sale of investment
    property, net of selling expenses. . . . .   27,785,046    108,385,182        188,432 
  Additions to investment properties 
    (including changes in related payables). .     (802,067)    (3,006,843)    (4,658,162)
  Partnership distributions from 
    unconsolidated ventures. . . . . . . . . .        --             --           237,176 
  Partnership's contribution to 
    unconsolidated ventures. . . . . . . . . .     (124,750)      (424,153)         --    
  Payment of deferred expenses . . . . . . . .     (156,661)       (54,962)       (60,961)
                                               ------------    -----------    ----------- 



                                JMB INCOME PROPERTIES, LTD. - X
                                    (A LIMITED PARTNERSHIP)
                                   AND CONSOLIDATED VENTURE

                       CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED

                                                    1995          1994           1993     
                                                -----------    -----------    ----------- 
          Net cash provided by (used in) 
            investing activities . . . . . . .   29,582,280    105,208,491     (4,180,086)
                                               ------------    -----------    ----------- 
Cash flows from financing activities:
  Bank overdrafts. . . . . . . . . . . . . . .      378,034          --             --    
  Cash proceeds from refinancing of 
    long-term debt . . . . . . . . . . . . . .    7,363,196          --             --    
  Payments of real estate escrow deposits from 
    refinancing. . . . . . . . . . . . . . . .      772,831          --             --    
  Payment of deferred refinancing expenses . .       59,084          --             --    
  Principal payments on long-term debt . . . .  (35,881,814)   (24,840,531)      (258,647)
  Distributions to limited partners. . . . . .  (69,902,330)    (2,400,080)    (3,300,110)
                                               ------------    -----------    ----------- 

          Net cash used in financing activities (97,210,999)   (27,240,611)    (3,558,757)
                                               ------------    -----------    ----------- 

          Net increase (decrease) in cash 
            and cash equivalents . . . . . . .  (63,054,577)    83,425,156        (97,774)
          Cash and cash equivalents,
            beginning of year. . . . . . . . .   84,486,464      1,061,308      1,159,082 
                                               ------------    -----------    ----------- 
          Cash and cash equivalents, 
            end of year. . . . . . . . . . . . $ 21,431,887     84,486,464      1,061,308 
                                               ============    ===========    =========== 
Supplemental disclosure of cash flow information:
  Cash paid for mortgage and other interest, 
    net of amount capitalized ($136,915 in 
    1993). . . . . . . . . . . . . . . . . . . $  3,239,722      8,651,279      8,699,502 
                                               ============    ===========    =========== 
  Non-cash investing and financing activities:
    Extraordinary item:
      Disposition of investment property (note 2(d)):
       Balance due on mortgage note payable. . $ 14,399,992          --             --    
       Balance due on accrued interest cancelled    719,897          --             --    
       Reduction of investment properties. . .  (13,555,611)         --             --    
       Reduction of accrued real estate taxes.      535,289          --             --    
       Reduction of accrued rent receivables .     (357,660)         --             --    
       Reduction of deferred expenses. . . . .      (26,983)         --             --    
                                               ------------    -----------    ----------- 
          Non-cash gain recognized due to
            lender realizing upon security . . $  1,714,924          --             --    
                                               ============    ===========    =========== 


                                JMB INCOME PROPERTIES, LTD. - X
                                    (A LIMITED PARTNERSHIP)
                                   AND CONSOLIDATED VENTURE

                       CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED



                                                    1995          1994           1993     
                                                -----------    -----------    ----------- 

      Sale of investment property (notes 3(b) and 7):
       Balance due on accrued interest cancelled$  2,219,608         --             --    
                                               ============    ===========    =========== 
          Non-cash gain recognized on
            sale of investment property. . . . $  2,219,608          --             --    
                                               ============    ===========    =========== 































<FN>
                 See accompanying notes to consolidated financial statements.
</TABLE>


                JMB INCOME PROPERTIES, LTD. - X
                    (A LIMITED PARTNERSHIP)
                   AND CONSOLIDATED VENTURE

          NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

               DECEMBER 31, 1995, 1994 AND 1993




(1)  OPERATIONS AND BASIS OF ACCOUNTING

     The Partnership holds (either directly or through joint ventures)
anequity investment portfolio of United States real estate. 
Businessactivities consist of rentals to a wide variety of commercial and
retail companies, and the ultimate sale or disposition of such real estate.
The Partnership currently expects to conduct an orderly liquidation of
itsremaining investment portfolio and wind up its affairs not later
thanDecember 31, 1999.

     The accompanying consolidated financial statements include
theaccountsof the Partnership and its venture, Animas Valley Mall
Associates ("Animas") (note 3(b)).  The effect of all transactions between
the Partnership and its venture has been eliminated in the consolidated
financial statements.  The equity method of accounting has been applied
inthe accompanying consolidated financial statements with respect to,
thePartnership's venture interests in Royal Executive Park - I
("RoyalExecutive Park") (note 3(c)) and JMB-40 Broad Street Associates
("Broad Street") (note 3(d)).  Accordingly, the accompanying consolidated
financial statements do not include the accounts of Royal Executive Park
orof Broad Street.

     The Partnership records are maintained on the accrual basis
ofaccounting as adjusted for Federal income tax reporting purposes. 
Theaccompanying consolidated financial statements have been prepared from
such records after making appropriate adjustments to present the
Partnership's accounts in accordance with generally accepted accounting
principles ("GAAP") and to consolidate the accounts of the venture as
described above.  Such GAAP and consolidation adjustments are not recorded
on the records of the Partnership.  The net effect of these items for the
years ended December 31, 1995 and 1994 is summarized as follows:



<TABLE>

<CAPTION>

                                           1995                            1994           
                             ------------------------------ ------------------------------
                                                 TAX BASIS  
                                 GAAP BASIS     (Unaudited)     GAAP BASIS      TAX BASIS 
                                ------------    -----------    ------------    -----------
<S>                            <C>             <C>            <C>             <C>         
Total assets . . . . . . . . .   $56,832,712     64,374,114     170,327,264   151,765,387 

Partners' capital accounts 
  (deficits) (note 5):
     General partners. . . . .       903,263        161,278       1,118,150      (132,634)
     Limited partners. . . . .    46,206,295     63,663,091     115,440,685   127,796,690 

Net earnings (loss) (note 5):
     General partners. . . . .      (214,887)       293,912         403,486       773,816 
     Limited partners. . . . .       667,940      5,768,731      58,112,614    78,778,519 

Net earnings per limited 
  partnership interest . . . .          4.45          40.11          387.40        525.17 
                                 ===========     ==========    ===========    =========== 


</TABLE>



     The net earnings per limited partnership interest is based upon
thenumber of limited partnership interests outstanding at the end of
eachperiod (150,005).

     The preparation of financial statements in accordance with
GAAPrequires the Partnership to make estimates and assumptions that affect
the reported or disclosed amount of assets and liabilities at the date of
the financial statements and the reported amounts of revenues and
expensesduring the reporting period.  Actual results could differ from
those estimates.

     Statement of Financial Accounting Standards No. 95 requires
thePartnership to present a statement which classifies receipts and
payments according to whether they stem from operating, investing or
financing activities.  The required information has been segregated and
accumulated according to the classifications specified in the
pronouncement.  Partnership distributions from unconsolidated ventures are
considered cash flow from operating activities only to the extent of the
Partnership's cumulative share of net earnings.  The Partnership records
amounts held in U.S. Government obligations at cost, which approximates
market.  For the purposes of these statements, the Partnership's policy is
to consider all such amounts held with original maturities of three months
or less ($21,431,887 and $84,486,464 at December 31, 1995 and 1994,
respectively) as cash equivalents with any remaining amounts (generally
with original maturities of one year or less) reflected as short-term
investments being held to maturity.

     Deferred loan fees are amortized over the term of the respective
loanagreement.

      Although certain leases of the Partnership provide for
tenantoccupancy during periods for which no rent is due and/or increases
inminimum lease payments over the term of the lease, the Partnership
accrues prorated rental income for the full period of occupancy on a
straight-line basis.

     Statement of Financial Accounting Standards No. 107 ("SFAS
107"),"Disclosures about Fair Value of Financial Instruments", requires
allentities to disclose the SFAS 107 value of all financial assets
andliabilities for which it is practicable to estimate.  Value is defined
in the Statement as the amount at which the instrument could be exchanged
in a current transaction between willing parties, other than in a forced
orliquidation sale.  The Partnership believes the carrying amount of
itsfinancial instruments classified as current assets and
liabilities(excluding current portion of long-term debt) approximates SFAS
107 value due to the relatively short maturity of these instruments. 
Thereis no quoted market value available for any of the Partnership's
otherinstruments.  The debt, with a carrying balance of $8,000,000, has
been calculated to have an SFAS 107 value of $7,571,182 by discounting
thescheduled loan payments to maturity.  Due to restrictions
ontransferability and prepayment or other property specific
competitiveconditions, the Partnership would be unable to refinance the
property to obtain such calculated debt amounts reported.  (See note 4.) 
The Partnership has no other significant financial instruments.

     No provision for State or Federal income taxes has been made as
theliability for such taxes is that of the Partners rather than
thePartnership.  However, in certain instances, the Partnership may
berequired under applicable law to remit directly to the tax
authoritiesamounts representing withholding from distributions paid to
partners.




(2)  INVESTMENT PROPERTIES

     (a)  General

     The Partnership had acquired, either directly or through joint
venturearrangements (note 3), interests in three office buildings and
fiveshopping centers.  Five investment properties have been sold or
disposed of by the Partnership.  The remaining three investment properties
owned at December 31, 1995 were operating.  The cost of the investment
properties represents the total cost to the Partnership or its
consolidatedventure plus miscellaneous acquisition costs.

     Depreciation on the consolidated investment properties has
beenprovided over the estimated useful lives of the various components
asfollows:

                                              YEARS
                                              -----

             Improvements--straight line .     30  
             Personal property--straight line   5  
                                               ==  

     Maintenance and repair expenses are charged to operations as incurred.
Significant betterments and improvements are capitalized and
depreciatedover their estimated useful lives.

     During March 1995, Statement of Financial Accounting Standards No.
121("SFAS 121") "Accounting for the Impairment of Long-Lived Assets and
forLong-Lived Assets to Be Disposed Of" was issued.  SFAS 121, when
effective, will require that the Partnership record an impairment loss on
its long-lived assets to be held and used whenever their carrying value
cannot be fully recovered through estimated undiscounted future cash flows
from operations and sale.  The amount of the impairment loss to be
recognized would be the difference between the long-lived asset's carrying
value and the asset's estimated fair value.  Any long-lived assets
identified as "to be disposed of" would no longer be depreciated. 
Adjustments for impairment loss would be made in each period as necessary
to report these assets at the lower of carrying value and fair value less
costs to sell.  In certain situations, such estimated fair value could be
less than the existing non-recourse debt which is secured by the property.
There would be no assurance that any estimated fair value of these assets
would ultimately be obtained by the Partnership in any future sale or
disposition transaction.

     Under the current impairment policy, provisions for value
impairmentare recorded with respect to investment properties whenever the
estimated future cash flows from a property's operations and projected
saleare less than the property's net carrying value.  The amount of any
such impairment loss recognized by the Partnership is limited to the
excess, if any, of the property's carrying value over the outstanding
balance of the property's non-recourse indebtedness.  An impairment loss
under SFAS 121 would be determined without regard to the nature or the
balance of such non-recourse indebtedness.  Upon the disposition of a
property with the related extinguishment of the long-term debt for which
animpairment loss has been recognized under SFAS 121, the Partnership
wouldrecognize, at a minimum, a net gain (comprised of gain on
extinguishment of debt and gain or loss on sale or disposition of
property)for financial reporting purposes to the extent of any excess of
the then outstanding balance of the property's non-recourse indebtedness
over the then carrying value of the property,  including the effect of any
reduction for impairment loss under SFAS 121.



     The Partnership will adopt SFAS 121 as required in the first
quarterof1996.  Based upon the Partnership's current assessment of the
impact of adopting SFAS 121, it is not anticipated that any significant
additional provisions for value impairment would be required for the
properties owned by the Partnership and its consolidated ventures, or by
the Partnership's unconsolidated ventures in the first period of
implementation of SFAS 121.  In addition, upon the disposition of an
impaired property, the Partnership would generally recognize more net gain
for financial reporting purposes under SFAS 121 than it would have under
the Partnership's current impairment policy, without regard to the amount,
if any, of cash proceeds received by the Partnership in connection with
thedisposition.  Although implementation of this new accounting statement
could significantly impact the Partnership's reported earnings, there
wouldbe no impact on cash flows.  Further, any such impairment loss would
not be recognized for Federal income tax purposes.

     The investment properties are pledged as security for the
long-termdebt, for which there is no recourse to the Partnership, as
described in note 4.

     (b)  Collin Creek Mall

     During October 1983, the Partnership acquired a two-level
existingenclosed mall regional shopping center in Plano (Dallas), Texas. 
The Partnership's purchase price for the mall was $49,000,000, which was
paid in cash at closing.  In addition, the Partnership initially reserved
an additional $1,754,000 for capital improvements, tenant improvements,
lease-up expenses, financing fees and other expenditures.  Also, in 1985,
the Partnership obtained a permanent loan in the amount of $25,000,000
(note 4), secured by the property.

     In 1992 and 1993 the Partnership completed the renovation of the
foodcourt and main floor common area, added escalators at two locations
andupgraded the mall's interior and exterior signage.  The total cost of
these enhancement programs was approximately $4,400,000.  In addition, in
1994 the Partnership had commenced a parking lot repair project which was
to take five years to complete and cost approximately $1,300,000.  In
December 1994, the Partnership sold the Collin Creek Mall.  Reference is
made to note 7 for a further description of this sale.

     (c)  North Hills Mall

     During October 1983, the Partnership acquired an existing
enclosedmallregional shopping center in North Richland Hills (Fort Worth),
Texas.  The Partnership's purchase price for the mall was $13,000,000
whichwas paid in cash at closing.  In addition, the Partnership initially
reserved an additional $465,000 for capital improvements, tenant
improvements, lease-up expenses, financing fees and other expenditures.

     In 1985, the Partnership obtained a permanent loan in the amount
of$8,000,000 (note 4), secured by the property.  The Partnership's
aggregate cash investment, including additional capital improvements and
other expenditures, is approximately $14,690,000.

     Additionally, an affiliate of the General Partners of the
Partnershipobtained for the Partnership's benefit a right of first refusal
from the seller to acquire two additional parcels of land (approximately
10-acres) adjacent to the shopping center.



     The Partnership continues to seek the replacement of a major
tenant,which owns its own store, with another major tenant and/or adding
another major tenant to the center.  The major tenant, which is currently
using only the first level of its two-story store, has expressed an
interest in closing its store.  In order to replace the major tenant with
another and/or add another major tenant, the Partnership may need to commit
substantial capital.  Any decision to commit additional funds to
thisinvestment property for these purposes will be based on, among
otherthings, the likelihood of the return of such additional investment
plus a reasonable profit thereon.  The Partnership believes the
replacementof the major tenant and/or addition of another major department
store to this center would greatly enhance the competitive position of
thiscenter within the North Richland Hills retail market.  Though
discussions have been had between the Partnership and various prospective
tenants, due to local market conditions and the condition of the retail
industry in general, the Partnership has been unable to make significant
progress in this regard.  Therefore, there can be no assurance that such
replacement and/or addition will ultimately occur.

     In 1993, the Partnership completed a mall enhancement program
whichincluded the replacement of the floor in a portion of the mall, a
foodcourt remodel, and certain lighting improvements.  The program
costapproximately $1,000,000.  In addition, the Partnership completed
thefourth year of a five-year program to repair the property's roof
andparking lot.  The total cost of the repair is expected to be
approximately $1,375,000, of which approximately $1,300,000 has been
incurred to date.  Also, the Partnership commenced an approximate $500,000
enhancement program to upgrade the mall's entrances and exterior signage
during 1995 and 1996, of which approximately $435,000 has been incurred to
date.  Such amounts are partially recoverable from tenants pursuant to
their leases.

     On November 30, 1995, the Partnership refinanced the mortgage
loanwitha new lender as described in note 4(b).

     In February 1994, the Partnership sold its sole remaining
landoutparcel to an unaffiliated third party.  The sale price for the
outparcel was $700,000 (before selling costs and prorations).  The
Partnership will retain these net sale proceeds in its working capital
reserve.  The Partnership recognized a gain of $517,128 for financial
reporting purposes and a gain of $518,710 for Federal income tax purposes
in 1994.

     (d)  Pasadena Town Square Mall

     During October 1983, the Partnership acquired an existing
enclosedmallregional shopping center in Pasadena (Houston), Texas. 
ThePartnership's purchase price for the mall was $30,200,000 which was
paidin cash at closing.  In addition, the Partnership initially reserved
anadditional $1,081,000 for capital improvements, tenant
improvements,lease-up expenses, financing fees and other expenditures.  In
1985, the Partnership obtained a permanent loan in the amount of
$15,150,000 (note 4), secured by the property.  The Partnership's
aggregatecash investment, including additional capital improvements and
other expenditures, was approximately $16,131,000.

     The non-recourse first mortgage secured by the Pasadena Town
SquareMall investment property matured in January 1995.  The
Partnershipcontinued to remit debt service payments to the lender based on
the cash generated by the property while negotiating for an extension or
refinancing of the loan.  In 1995, the lender appointed a receiver to
oversee the property management obligations being performed by an
affiliateof the General Partner.  The lender notified the Partnership of
its demand for payment of all sums owed.  Further negotiations with the
lender to obtain a loan refinancing and/or extension proved futile.  The
Partnership, after taking into consideration the costs to retain and/or
addanother anchor tenant and associated mall leasing difficulties, current
and projected local economic conditions, decreasing sales and increased
competition from new and recently renovated retail properties within the
trade area of the investment property, decided not to commit any
significant further amounts of capital to this property.


     Effective October 3, 1995, due to the Partnership's default in
thepayment of all amounts owed, the mortgage lender concluded proceedings
to realize upon its mortgage security and obtained title to the property.
Although the Partnership no longer has a ownership interest in
PasadenaTownSquare Mall, it has retained ownership of an approximately two
acre unencumbered unimproved land outparcel adjacent to the property. 
ThePartnership recognized an extraordinary gain of $1,714,924 on the
discharge of indebtedness for financial reporting purposes in 1995.  The
Partnership recognized a gain of $3,584,938 for Federal income tax
purposesin 1995 without any net realizable proceeds.  Previously, due to
the factors discussed above, and due to the uncertainty of the
Partnership's ability to recover the net carrying value of the Pasadena
Town Square investment property through future operations and sale, the
Partnership at December 31, 1994, recorded as a matter of prudent
accounting practice, a provision for value impairment of such investment
of$8,434,103.  Such provisions were recorded to reduce the net carrying
value of the investment property to the then outstanding balance of the
related non-recourse financing.


(3)  VENTURE AGREEMENTS

     (a)  General

     The Partnership at December 31, 1995 is a party to two operating
jointventure agreements.  Pursuant to such agreements, the Partnership
madeinitial capital contributions of approximately $47,313,000 (before
legal and other acquisition costs and its share of operating deficits
asdiscussed below).  Under certain circumstances, either pursuant to
theventure agreements or due to the Partnership's obligations as a
generalpartner, the Partnership may be required to make additional cash
contributions to the ventures.

     The Partnership has acquired, through the above ventures, one
shoppingmall and two office buildings.  The venture properties have been
financed under various long-term debt arrangements as described in note 4.
There are certain risks associated with the Partnership's investments
madethrough joint ventures including the possibility that the
Partnership'sjoint venture partners in an investment might become unable
orunwilling to fulfill its financial or other obligations, or that such
joint venture partners may have economic or business interests or goals
that are inconsistent with those of the Partnership.

     (b)  Animas Valley Mall

     In October 1983, the Partnership acquired through a joint venture
withthe developer, an interest in a newly constructed regional enclosed
mall shopping center in Farmington, New Mexico, known as the Animas Valley
Mall.  The Partnership contributed $9,000,000 in cash to the venture.

     On June 30, 1995, the joint venture sold the land,
relatedimprovementsand personal property of the Animas Valley Mall and
related land outparcel located in Farmington, New Mexico for an aggregate
net sale price of approximately $27,800,000 (note 7).

     Operating profits and losses were allocated to the Partnership and
thejoint venture partner according to their respective contributions to
fund operating deficits with any remaining losses allocated to the
Partnership.

     In April 1992, the Partnership and its joint venture partner
settledcertain legal disputes regarding the joint venture agreement and
management of the property.  Under the terms of the settlement, the
Partnership agreed, among other things to pay the unaffiliated venture
partner a certain settlement amount in connection with the disposition of
the property.  On June 16, 1995, the joint venture acquired a 99% interest
in RIC Wausau Associates, L.L.C., a Wisconsin limited liability
company("LLC"), which owns an unimproved land parcel, for the sum of
$75,000.  On



June 22, 1995, this interest in the LLC was assigned via a tax-
freeexchangeto the unaffiliated joint venture partner in return for
therelinquishment of its entire interest in the joint venture, including
any right to the settlement payment upon disposition discussed above.
Concurrently, the Partnership admitted the General Partner of
thePartnership into the joint venture with a 1% interest.

     In April 1992, the joint venture finalized a modification of
theexisting long-term mortgage note secured by the Animas Valley Mall. 
Under the terms of the modification, the joint venture, commencing with
theJanuary 1991 payment, was obligated to pay debt service of interest
onlyinstallments at a rate of 10.25% per annum, through the original term
of the note, with the deferred interest (2.25%) accruing at 12.5% and
payable monthly to the extent of any cash flow (as defined) or upon the
earlier of the sale of the property or maturity of the note in January
1994.  The joint venture paid debt service through February 1994 in
accordance with these modified terms.  In addition, under the terms of the
modification, the joint venture was required to make monthly real estate
tax escrow deposits.  In April 1994, the joint venture and the existing
lender finalized an amendment to the loan (effective March 1, 1994)
providing for the extension of its maturity to March 1995 and lowering the
pay and accrual rate on the principal balance to 8% per annum.  Any excess
cash flow generated by the property during this period was payable to the
lender quarterly towards interest accrued as of December 31, 1994
(approximately $2,200,000).  As of the date of sale, no excess cash flow
was paid to the lender.  The lender agreed to further extend the maturity
date to July 1, 1995 and subsequently to September 1, 1995 under the prior
modification terms.  The lender agreed to allow the joint venture to retain
any net sale proceeds in excess of the $27,000,000 (as defined).

     In December 1993, the joint venture sold a land outparcel at
theAnimasValley Mall to an unaffiliated third party.  The sale price for
the outparcel was approximately $194,000 (before selling costs and
prorations).  The joint venture retained these net sale proceeds as
workingcapital.

     (c)  Royal Executive Park

     In December 1983, the Partnership acquired through a joint
venturewiththe developer, an interest in a completed three-building
officecomplex in Ryebrook, New York known as Royal Executive Park.

     The Partnership contributed the sum of $25,948,000 to the
jointventurewhich was used to repay an interim construction loan secured
bythe property.  The developer was obligated to contribute to the joint
venture amounts required to complete construction including tenant
improvements.  The acquisition of the venture interest resulted in an
excess of the Partnership's basis in the property over its proportionate
share of the venture's assets of approximately $10,000,000.  Such excess
was being amortized over the remaining useful life of the Venture's
property through an adjustment of the Partnership's share of the Venture's
operations.  As discussed below, the Partnership recorded a provision for
value impairment at September 30, 1995.

     Annual cash flow is distributed 49.9% to the Partnership and 50.1%
tothe joint venture partner.  However, since the joint venture partner
didnot receive $2,605,200 of cash flow for each of the initial five years,
the joint venture partner will be entitled to receive such deficiency, up
to $400,000 from annual cash flow, if any, available for distribution to
the partners after the Partnership and the joint venture partners have
received $2,594,800 and $2,605,200, respectively, per annum.  Operating
profits and losses are generally allocated to the joint venture partners
inthe same ratio that annual cash flow is distributed to the partners.

     The joint venture agreement further provides that proceeds from
saleorrefinancing of the complex will be distributed 49.9% to the
Partnership and 50.1% to the joint venture partner.



     The property was managed by an affiliate of the joint venture
partnerunder an agreement which provided for fees equal to 2% of the base
rent paid by tenants.  Effective July 1, 1994, through November 1994 (note
6) a affiliate of the General Partner of the Partnership assumed the
property management responsibilities for the joint venture on essentially
the same terms.  In addition, effective July 1, 1994, the same affiliate
ofthe General Partner assumed certain leasing responsibilities for the
property.

     During the fourth quarter of 1993 New York Telephone Company's
lease(90,000 square feet) expired and it, along with certain of its
subtenants, vacated the building.  MCI Realty Inc. (180,000 square feet),
which had been subleasing a portion of the New York Telephone space,
entered into a direct lease with the joint venture for 30,000 square feet.
The lease term expires in January 2001 and provides for an effective
rentalrate at market, which is substantially less than the rental rate
paidpreviously by New York Telephone.  The joint venture continues to
actively market the remaining New York Telephone Company space to
prospective tenants.  MCI approached the joint venture seeking a current
rent reduction in return for a lease extension beyond its prior lease
expiration date of March 31, 1998 on its 180,000 square foot lease.  The
joint venture finalized a modification and extension of MCI's 180,000
square foot lease which provides for a reduction in MCI's rental rate,
effective July 1994, to a rental rate which approximates current market
rental rates.  The agreement provides for set rental rate increases in
April 1998 and in April 2002.  The extended lease expiration date is June
2006.  In addition, the joint venture provided a tenant improvement
allowance of $1,500,000 to MCI in 1994 to enhance its leased space.  The
joint venture's decision to modify MCI's 180,000 square foot lease was
based upon an analysis of current and expected future market conditions. 
The joint venture believed, given the risk of losing this tenant in 1998
and the resulting potential downtime and costs associated with releasing
the space, that a current reduction in the rental rate and a contribution
towards enhancement of MCI's space in return for a long term extension of
its lease will maximize the property's cash flow over the long term.  The
1994 costs associated with MCI's expansion and modification were paid for
from cash generated by the property in 1993 and 1994 and net capital
contributions by the Partnership and the joint venture partner totalling
$503,844 contributed in their respective ownership percentages.

     While office building development in this market is virtually at
astandstill, significant improvement in the competitive market conditions
is not expected for several years.  The competitive market conditions
haveresulted in lower than originally anticipated effective rental rates
that can be achieved and high releasing costs that will be incurred
inconjunction with releasing space which expires.  Consequently, the
property cash flow has been significantly reduced as a result of increased
vacancy and the modification and extension of MCI's lease.  Therefore,
thePartnership and joint venture partner may need to contribute capital to
the joint venture in the future in order to pay for leasing costs
associated with the lease-up of the current vacant space.  In response to
the uncertainty of the Partnership's ability to recover the net carrying
value of the Royal Executive Park joint venture investment through
futureoperations and sale during the estimated holding period, as of
September 30, 1995, the Partnership recorded as a matter of prudent
accounting practice, a provision for value impairment of such investment
of$9,300,000.  Such provisions were recorded to reduce the net carrying
value of the joint venture investment to its then estimated fair value.

     (d)  Broad Street

     During December 1985, the Partnership acquired, through a
jointventurepartnership (the "Affiliated Joint Venture") with JMB
IncomeProperties, Ltd.-XII ("JMB Income-XII", a partnership sponsored by
the Managing General Partner of the Partnership) a 31.44% interest in
anexisting 24-story office building located at 40 Broad Street in New
York,New York.  The Affiliated Joint Venture's purchase price for the
building was $65,100,000 (net of prorations and miscellaneous closing
costs), of which the Partnership provided approximately $20,470,000, which
was paid in cash at closing.


     The Partnership will be allocated or distributed profits and
losses,cash flow from operations and sale or refinancing proceeds in the
ratio of its capital contributions to the Affiliated Joint Venture which
is31.44%.  The Partnership and JMB Income - XII are current with respect
totheir required capital contributions to Broad Street.

     The downtown New York City market remains extremely competitive due
tothe significant amount of space available primarily resulting from
thelayoffs, cutbacks and consolidations by financial service companies
andrelated businesses which dominated this market.  Rental rates in
thedowntown market are currently at depressed levels and this can be
expected to continue for the foreseeable future while the current vacant
space is gradually absorbed.  Little, if any, new construction is planned
for downtown over the next few years and it is expected that the building
will continue to be adversely affected by the lower than originally
projected effective rental rates now achieved upon releasing of existing
leases which expire over the next few years.  In addition, new leases will
likely require expenditures for lease commissions and tenant improvements
prior to tenant occupancy.  This decline in rental rates, the increase in
re-leasing time and the costs upon re-leasing will result in a continued
decrease in cash flow from operations over the near-term.

     Until December 1994, the property was managed by an affiliate of
theGeneral Partners of the Partnership for a fee calculated as 2% of gross
receipts of the property (see note 6).




<TABLE>

(4)  LONG-TERM DEBT

     (a)  Long-term debt consists of the following at December 31, 1995 and 1994:
<CAPTION>
                                                                     1995          1994   
                                                                 -----------   -----------
<S>                                                             <C>           <C>         
12-1/2% mortgage note, secured by the North Hills Mall in 
  North Richland Hills (Fort Worth), Texas, payable in monthly 
  installments of $85,400 (including interest) until July 1995  
  when the outstanding balance of $7,832,745 was due and payable;
  (modified and extended to December 1, 1995; refinanced in
  December 1995 by the note described immediately below
  (see note 4(b)). . . . . . . . . . . . . . . . . . . . . .    $     --         7,854,788

7-1/8% mortgage note, secured by the North Hills Mall in
  North Richland Hills (Fort Worth), Texas; payable in
  monthly installments of $57,182 (including interest) 
  until January 1, 2001 when the outstanding balance of
  $7,318,330 is due and payable (note 4(b)). . . . . . . . .       8,000,000        --    

13-5/8% mortgage note, secured by the Pasadena Town Square 
  Mall in Pasadena (Houston), Texas; retired at disposition 
  in October 1995; installments of $175,022 (including interest) 
  were due monthly until January 1995 when the outstanding 
  balance of $14,399,992 was originally due and payable 
  (note 2(d)). . . . . . . . . . . . . . . . . . . . . . . .          --        14,399,992

12-1/2% mortgage note, secured by the Animas Valley Mall 
  Shopping Center in Farmington, New Mexico, provided for 
  monthly payments of interest only aggregating $2,767,500 
  per annum until January 1994 when the remaining interest 
  and outstanding balance of $27,000,000 was originally due 
  and payable; (modified and extended to March 1995 in 
  April 1992, note 3(b)); retired upon sale of property 
  in June 1995 (see note 7(b)) . . . . . . . . . . . . . . .          --        27,000,000
                                                                 -----------  ------------
     Total debt. . . . . . . . . . . . . . . . . . . . . . .       8,000,000    49,254,780
     Less current portion of long-term debt. . . . . . . . .         109,719    49,254,780
                                                                 -----------  ------------
          Total long-term debt . . . . . . . . . . . . . . .     $ 7,890,281         --   
                                                                 ===========  ============
</TABLE>



     Five year maturities of long-term debt are summarized as follows: 

                 1996. . . . . . .    $109,719
                 1997. . . . . . .     117,797
                 1998. . . . . . .     126,470
                 1999. . . . . . .     135,781
                 2000. . . . . . .     145,777
                                      ========

     (b) Debt Modification

     The Partnership and the mortgage lender agreed to extend the July
1,1995 maturity date of the mortgage loan on the North Hills Mall
untilDecember 1, 1995.  During this extension, the Partnership made a
cumulative paydown of approximately $860,000.  The interest rate of 12.5%
on the mortgage loan remained unchanged during this extension.  On November
30, 1995, the Partnership refinanced the mortgage loan (with a then
outstanding balance of $6,972,974) with a new lender.  The new mortgage
loan has a principal balance of $8,000,000 and monthly principal and
interest payments of $57,182, which are based upon an interest rate per
annum of 7.125% and a 25-year amortization schedule, through January 1,
2001 when the remaining principal balance of $7,318,330 is due and payable.


(5)  PARTNERSHIP AGREEMENT

     Pursuant to the terms of the Partnership Agreement, net profits
orlosses of the Partnership from operations are allocated 96% to the
Limited Partners and 4% to the General Partners.  Profits from the sale
orrefinancing of investment properties are to be allocated to the
GeneralPartners to the greater of 1% of such profits or the amount of
cashdistributable to the General Partners from any such sale or
refinancing(as described below).  Losses from the sale or refinancing of
investment properties are to be allocated 1% to the General Partners.  The
remaining sale or refinancing profits and losses will be allocated to the
Limited Partners.

      An amendment to the Partnership Agreement, effective January 1,
1991,generally provides that notwithstanding any allocation contained in
the Agreement, if at any time profits are realized by the Partnership,
anycurrent or anticipated event would cause the deficit balance in
absoluteamount in the Capital Account of the General Partners to be
greaterthan their share of the Partnership's indebtedness (as defined)
after such event, then the allocation of Profits to the General Partners
shall be increased to the extent necessary to cause the deficit balance in
the Capital Account of the General Partners to be no less than their
respective shares of the Partnership's indebtedness after such event.  In
general, the effect of this amendment is to allow the deferral of the
recognition of taxable gain to the Limited Partners.

     The General Partners are not required to make any capital contribu-
tions except under certain limited circumstances upon termination of
thePartnership.  Distributions of "cash flows" of the Partnership
areallocated 90% to the Limited Partners and 10% to the General Partners.
However, portions of such distributions to the General Partners
aresubordinated to the Limited Partners' receipt of a stipulated return
oncapital.  Through December 31, 1995, a portion of the General
Partners'distributions have been deferred (note 9).



    The Partnership Agreement provides that the General Partners
shallreceive as a distribution from the sale of a real property by
thePartnership 3% of the selling price and any cumulative deferrals of
their 10% distribution of disbursable cash, subject to certain limitations.
Any remaining proceeds (net after expenses and retained working capital)
will be distributed 85% to the  Limited Partners and 15% to the
GeneralPartners.  However, the Limited Partners shall receive 100% of such
net sale proceeds until the Limited Partners (i) have received
cashdistributions of sale or refinancing proceeds in an amount equal to
theLimited Partners' aggregate initial capital investment in the
Partnership, and (ii) have received cumulative cash distributions from the
Partnership's operations which, when combined with sale or refinancing
proceeds previously distributed, equal a 10% annual return on the Limited
Partners' average capital investment for each year (their initial capital
investment as reduced by sale or refinancing proceeds previously
distributed) commencing with the first fiscal quarter of 1984.  Therefore,
in accordance with the Partnership Agreement, the General Partners have
deferred the receipt of certain sale proceeds ($3,481,080 or approximately
$23 per interest) from the Partnership in connection with the sale of the
Towne Square Mall, Collin Creek Mall and Animas Valley Mall.


(6)  MANAGEMENT AGREEMENTS

     The North Hills Mall, Pasadena Town Square (prior to the
lenderrealizing upon its security in October 1995) and Animas Valley Mall
(prior to its sale in June 1995) are/were managed by an affiliate of the
General Partners pursuant to management agreements which provide for
leasing commissions and an annual fee based upon a percentage of rental
income of the property, the aggregate of such commission and fee not to
exceed 6% of the gross receipts of the property.  The Royal Executive Park
office building had been managed by an affiliate of the joint venture
partner under an agreement which provided for fees equal to 2% of the base
rent paid by tenants.  Effective July 1, 1994, an affiliate of the
GeneralPartner of the Partnership assumed the property management
responsibilities for the joint venture.  The new manager essentially
assumed the previous management agreement with the exception that a
portionof the 2% management fee will be paid to the previous manager
annually by the new manager as compensation to the previous manager for
relinquishing management of the property.  In addition, the affiliate of
the General Partners assumed the leasing responsibilities for the property.

     In December 1994, one of the affiliated property managers
soldsubstantially all of its assets and assigned its interest in its
management contracts to an unaffiliated third party.  In addition, certain
of the management personnel of the property manager became management
personnel of the purchaser and its affiliates.  The successor to the
affiliated property manager's assets is acting as the property manager of
the Royal Executive Park office building and the 40 Broad Street office
building after the sale on the same terms that existed prior to the sale.


(7)  SALE OF INVESTMENT PROPERTY

     (a)  Collin Creek Mall

     On December 29, 1994, the Partnership sold the land,
relatedimprovements and personal property of the Collin Creek Mall located
in Plano, Texas.  The purchaser was not affiliated with the Partnership or
its General Partners and the sale price was determined by arm's-
lengthnegotiations.  The sale price of the land, related improvements
andpersonal property was $108,000,000 (before selling costs and
prorations), all of which was paid in cash at closing.  A portion of the
cash proceeds ($24,546,213) was utilized to retire the first mortgage
secured by the property.  An affiliate of the General Partner retained
management of the property.  The Partnership recognized a gain of
$64,054,814 for financial reporting purposes and has recognized a gain of
$79,757,206 for Federal income tax purposes in 1994.


     (b)  Animas Valley Mall

     On June 30, 1995, the Partnership through Animas Valley
MallAssociatessold the land, building, related improvements and
personalproperty of the Animas Valley Mall and related land outparcel
located in Farmington, New Mexico.  The purchaser was not affiliated with
the Partnership or its General Partners and the sale price was determined
by arm's-length negotiations.  The aggregate sale price of the above
was$27,800,000 (before selling costs and prorations), all of which was
paidin cash at closing.  A majority of the cash proceeds ($27,000,000)
wasutilized to retire the first mortgage secured by the improved property.
The Partnership recognized a gain of $3,832,429 on the sale of
theinvestment property and an extraordinary gain of $2,219,608 on
theforgiveness of debt for financial reporting purposes in 1995. 
ThePartnership recognized a gain of $2,920,143 for Federal income tax
purposes in 1995.


(8)  LEASES

     As Property Lessor

     At December 31, 1995, the Partnership and its consolidated venture's
principal assets is one shopping center.  The Partnership has
determinedthat all leases relating to this property are properly
classifiedas operating leases; therefore, rental income is reported when
earned and the cost of the properties, excluding the cost of the land, is
depreciated over the estimated useful lives.  Leases with tenants range in
term from one to thirty years and provide for fixed minimum rent and
partial reimbursement of operating costs.  In addition, leases provide for
additional rent based upon percentages of tenants' sales volumes.  A
substantial portion of the ability of retail tenants to honor their leases
is dependent upon the retail economic sector.

     Minimum lease payments, including amounts representing executory
costs(e.g. taxes, maintenance, insurance) and any related profit, to be
received in the future under the operating leases are as follows:

                 1996. . . . . . . . .  $ 2,577,902
                 1997. . . . . . . . .    2,319,292
                 1998. . . . . . . . .    2,200,595
                 1999. . . . . . . . .    2,049,964
                 2000. . . . . . . . .    1,857,783
                 Thereafter. . . . . .    7,462,994
                                        -----------
                      Total. . . . . .  $18,468,530
                                        ===========

     Contingent rent (based on sales by property tenants) included
inconsolidated rental income was as follows for the years ended December
31, 1995, 1994 and 1993:

                 1993. . . . . . . . .     $861,927
                 1994. . . . . . . . .      935,162
                 1995. . . . . . . . .      331,841



(9) TRANSACTIONS WITH AFFILIATES

     The Partnership, pursuant to the Partnership Agreement, is
permittedtoengage in various transactions involving the Managing General
Partner and its affiliates including the reimbursement for salaries and
salary-related expenses of its employees, certain of its officers, and
other direct expenses relating to the administration of the Partnership
andthe operation of the Partnership's investments.  Fees, commissions and
other expenses required to be paid by the Partnership to the General
Partners and their affiliates as of December 31, 1995, 1994 and 1993 are
asfollows:



<TABLE>

<CAPTION>
                                                                               UNPAID AT  
                                                                              DECEMBER 31,
                                         1995         1994          1993         1995     
                                       --------     --------      --------  --------------
<S>                                   <C>          <C>           <C>       <C>            
Property management and 
  leasing fees (note 6). . . . . .     $295,394      695,178       667,066          --    
Insurance commissions. . . . . . .       24,677       42,296        83,329          --    
Reimbursement (at cost) for
  accounting services. . . . . . .       90,169       98,245        78,135          --    
Reimbursement (at cost) for
  portfolio management
  services . . . . . . . . . . . .       66,668       36,681          --            --    
Reimbursement (at cost) for
  legal services . . . . . . . . .        8,021       22,103        22,789          --    
Reimbursement (at cost) for
  administrative charges and
  other out-of-pocket expenses . .      148,818       30,004          --          72,923  
                                       --------      -------       -------        ------  

                                       $633,747      924,507       851,319        72,923  
                                       ========      =======       =======        ======  
<FN>

     The above table reflects that during 1995, the Partnership recognized and paid certain 1994
administrativecharges of approximately $64,500 that had not previously been reimbursed.

</TABLE>



     Effective October 1, 1995, the Managing General Partner of
thePartnership engaged independent third-parties to perform certain of
these administrative services for the Partnership which were previously
performed by, and partially reimbursed to, affiliates of the General
Partner.  Use of such third parties is not expected to have a material
effect on the operations of the Partnership.

     The General Partners have deferred (in accordance with the
Partnershipagreement, see note 5) payment of certain of their
distributionsof net cash flow from the Partnership.  Accordingly,
$9,886,390 (approximately $66 per interest) of distributable cash and
$3,481,080 (approximately $23 per interest) of sale proceeds has been
deferred by the General Partners.  These amounts, together with the unpaid
fees and expenses set forth in the chart above, do not bear interest and
may be paid in future periods in accordance with the Partnership agreement
to the extent of sufficient distributable proceeds from property
operations, sales or refinancings.


(10)  INVESTMENTS IN UNCONSOLIDATED VENTURES

      Summary financial information for Royal Executive Park and
BroadStreet (notes 3(c) and 3(d), respectively) as of and for the years
ended December 31, 1995 and 1994 are as follows:

                                   1995           1994     
                               ------------   ------------ 

Current assets . . . . . . .   $  3,545,263      3,504,488 
Current liabilities. . . . .       (249,728)      (201,656)
                               ------------   ------------ 
     Working capital . . . .      3,295,535      3,302,832 
                               ------------   ------------ 
Investment property, net . .     30,619,261     31,330,567 
Other assets, net. . . . . .      4,333,707      3,965,694 
Other liabilities, net . . .       (143,555)      (122,397)
Venture partners' equity . .    (23,700,641)   (14,445,772)
                               ------------   ------------ 
     Partners' capital . . .   $ 14,404,307     24,030,924 
                               ============   ============ 
Represented by:
     Invested capital. . . .   $ 50,272,431     50,147,684 
     Cumulative cash distributions(36,667,835) (35,455,238)
     Cumulative net earnings        799,711      9,338,478 
                               ------------   ------------ 
                               $ 14,404,307     24,030,924 
                               ============   ============ 
Total income . . . . . . . .   $ 11,139,197     12,321,252 
                               ============   ============ 
Expenses applicable to operations$  8,961,945    9,079,579 
                               ============   ============ 
Net earnings . . . . . . . .   $  2,177,252      3,223,673 
                               ============   ============ 

     Also, for the year ended December 31, 1993, total income,
expensesapplicable to operations and net earnings were $16,077,877,
$10,052,562 and $6,025,315, respectively, for the unconsolidated ventures
listed above.




<TABLE>
                                                                              SCHEDULE III     
                                JMB INCOME PROPERTIES, LTD. - X
                                    (A LIMITED PARTNERSHIP)
                                   AND CONSOLIDATED VENTURE

                     CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION

                                       DECEMBER 31, 1995

<CAPTION>

                                                  COSTS     
                                                CAPITALIZED 
                          INITIAL COST TO      SUBSEQUENT TO  GROSS AMOUNT AT WHICH CARRIED    
                          PARTNERSHIP (A)     TO ACQUISITION      AT CLOSE OF PERIOD (B)       
                     ------------------------------------------------------------------------------
                                    BUILDINGS    BUILDINGS               BUILDINGS             
                                      AND         AND                       AND                
DESCRIPTION ENCUMBRANCE     LAND   IMPROVEMENTSIMPROVEMENTS     LAND    IMPROVEMENTS  TOTAL (D)
----------- ----------- ----------------------------------------------- ------------ ----------
<S>        <C>          <C>        <C>        <C>            <C>        <C>          <C>       

SHOPPING 
 CENTERS:
North Richland 
 Hills, 
 Texas (C) . $8,000,000   3,170,275   9,829,725   13,683,093  2,642,818   23,512,818 26,155,636
Pasadena, 
 Texas (D) .      --        490,824       --           --       490,824        --       490,824
             ----------  ----------  ----------  ----------------------  ----------------------

      Total. $8,000,000   3,661,099   9,829,725   13,683,093  3,133,642   23,512,818 26,646,460
             ==========  ==========  ==========  ======================  ======================

</TABLE>


<TABLE>
                                                                  SCHEDULE III - CONTINUED     
                                JMB INCOME PROPERTIES, LTD. - X
                                    (A LIMITED PARTNERSHIP)
                                   AND CONSOLIDATED VENTURE

               CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED



<CAPTION>
                                                                      LIFE ON WHICH
                                                                      DEPRECIATION 
                                                                       IN LATEST   
                                                                      STATEMENT OF      1995   
                           ACCUMULATED          DATE OF      DATE      OPERATION    REAL ESTATE
DESCRIPTION               DEPRECIATION(F)    CONSTRUCTION  ACQUIRED   IS COMPUTED      TAXES   
-----------              ----------------    ------------ ------------------------- -----------
<S>                     <C>                 <C>          <C>       <C>             <C>         

SHOPPING CENTERS:
  North Richland Hills, 
    Texas (C). . . . . . .     $7,645,144        1979       10/19/83     5-30 years     618,719
  Pasadena, 
    Texas (D). . . . . . .          --            N/A       11/15/90         N/A         14,036
                               ----------                                             ---------

      Total. . . . . . . .     $7,645,144                                               632,755
                               ==========                                             =========

<FN>
------------------
Notes:
       (A) The initial cost to the Partnership represents the original purchase price of the 
properties, including amounts incurred subsequent to acquisition which were contemplated at the 
time the property was acquired.
       (B) The aggregate cost of real estate owned at December 31, 1995 for Federal income tax 
purposes was approximately $26,043,000.
       (C) Reflects reallocation of initial costs between land and buildings and improvements.
       (D) The Partnership still maintains ownership of approximately a two acre unencumbered
unimproved land outparcel adjacent to the Pasadena Town Square Mall; see note 2(d).


</TABLE>


<TABLE>                                                           SCHEDULE III - CONTINUED     
                                JMB INCOME PROPERTIES, LTD. - X
                                    (A LIMITED PARTNERSHIP)
                                   AND CONSOLIDATED VENTURE

               CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED




        (E)  Reconciliation of real estate owned at December 31, 1995, 1994 and 1993:

<CAPTION>
                                                     1995          1994            1993    
                                                 ------------  ------------   ------------ 
     <S>                                        <C>           <C>            <C>           
     Balance at beginning of period. . . . . .   $ 89,097,178   154,841,597    150,221,424 
     Additions . . . . . . . . . . . . . . . .        802,067     3,006,843      4,658,162 
     Reductions during period (notes 2(c), 2(d),
       3(b) and 7) . . . . . . . . . . . . . .    (63,252,785)  (60,333,437)       (37,989)
     Provision for value impairment. . . . . .          --       (8,417,825)         --    
                                                 ------------  ------------   ------------ 

     Balance at end of period. . . . . . . . .   $ 26,646,460    89,097,178    154,841,597 
                                                 ============  ============   ============ 

        (F)  Reconciliation of accumulated depreciation:

     Balance at beginning of period. . . . . .   $ 31,896,865    43,945,824     39,584,216 
     Depreciation expense. . . . . . . . . . .      1,690,411     4,471,238      4,361,608 
     Reductions during period (notes 2(c), 2(d), 
       3(b) and 7) . . . . . . . . . . . . . .    (25,942,132)  (16,520,197)         --    
                                                 ------------  ------------   ------------ 

     Balance at end of period. . . . . . . . .   $  7,645,144    31,896,865     43,945,824 
                                                 ============  ============   ============ 



</TABLE>


ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING 
         AND FINANCIAL DISCLOSURE

     There were no changes of or disagreements with, auditors during
fiscalyear 1994 and 1995.



                           PART III

ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE PARTNERSHIP

     The Managing General Partner of the Partnership is JMB
RealtyCorporation ("JMB"), a Delaware corporation, substantially all of
theoutstanding stock of which is owned, directly or indirectly, by certain
of its officers and directors and members of their families.  JMB
hasresponsibility for all aspects of the Partnership's operations, subject
to the requirement that sales of real property must be approved by
theAssociate General Partner of the Partnership, Income Associates-X,
anIllinois limited partnership with ABPP Associates, L.P. as its sole
general partner.  ABPP Associates, L.P. is an Illinois limited partnership
with JMB as its general partner.  ABPP Associates, L.P., as the general
partner of the Associate General Partner shall be directed by a majority
ininterest of its limited partners (who are generally officers, directors
and affiliates of JMB or its affiliates) as to whether to provide the
Associate General Partner's approval of any sale of real property (or any
interest therein) of the Partnership.  The Partnership is subject to
certain conflicts of interest arising out of its relationships with the
General Partners and their affiliates as well as the fact that the General
Partners and their affiliates are engaged in a range of real estate
activities.  Certain services have been and may in the future be provided
to the Partnership or its investment properties by affiliates of the
General Partners, including property management services and insurance
brokerage services.  In general, such services are to be provided on terms
no less favorable to the Partnership than could be obtained from
independent third parties and are otherwise subject to conditions and
restrictions contained in the Partnership Agreement.  The Partnership
Agreement permits the General Partners and their affiliates to provide
services to, and otherwise deal and do business with, persons who may be
engaged in transactions with the Partnership, and permits the Partnership
to borrow from, purchase goods and services from, and otherwise to do
business with, persons doing business with the General Partners or their
affiliates.  The General Partners and their affiliates may be in
competition with the Partnership under certain circumstances, including,
incertain geographical markets, for tenants for properties and/or for the
sale of properties.  Because the timing and amount of cash distributions
and profits and losses of the Partnership may be affected by various
determinations by the General Partners under the Partnership Agreement,
including whether and when to sell or refinance a property, the
establishment and maintenance of reasonable reserves, the timing of
expenditures and the allocation of certain tax items under the Partnership
Agreement, the General Partners may have a conflict of interest with
respect to such determinations.

     The names, positions held and length of service therein of
eachdirector and executive and certain other officers of the Managing
General Partner of the Partnership are as follows at December 31, 1995:



                                                  SERVED IN 
NAME                   OFFICE                     OFFICE SINCE
----                   ------                     ------------

Judd D. Malkin         Chairman                   5/03/71
                       Director                   5/03/71
                       Chief Financial Officer    2/22/96
Neil G. Bluhm          President                  5/03/71
                       Director                   5/03/71
Burton E. Glazov       Director                   7/01/71
Stuart C. Nathan       Executive Vice President   5/08/79
                       Director                   3/14/73
A. Lee Sacks           Director                   5/09/88
John G. Schreiber      Director                   3/14/73
H. Rigel Barber        Chief Executive Officer    8/01/93
                       Executive Vice President   1/02/87
Glenn E. Emig          Executive Vice President   1/01/93
                       Chief Operating Officer    1/01/95
Gary Nickele           Executive Vice President   1/01/92
                       General Counsel            2/17/84
Gailen J. Hull         Senior Vice President      6/01/88
Howard Kogen           Senior Vice President      1/02/86
                       Treasurer                  1/01/91

     There is no family relationship among any of the foregoing
directorsorofficers.  The foregoing directors have been elected to serve a
one-year term until the annual meeting of the Managing General Partner to
be held on June 5, 1996.  All of the foregoing officers have been elected
to serve one-year terms until the first meeting of the Board of Directors
held after the annual meeting of the Managing General Partner to be held on
June 5, 1996.  There are no arrangements or understandings between or
amongany of said directors or officers and any other person pursuant to
which any director or officer was elected as such.

     JMB is the corporate general partner of Carlyle Real Estate
LimitedPartnership-VII ("Carlyle-VII"), Carlyle Real Estate Limited
Partnership-IX ("Carlyle-IX"), Carlyle Real Estate Limited Partnership-X
("Carlyle-X"), Carlyle Real Estate Limited Partnership-XI ("Carlyle-XI"),
Carlyle Real Estate Limited Partnership-XII ("Carlyle-XII"), Carlyle Real
Estate Limited Partnership-XIII ("Carlyle-XIII"), Carlyle Real Estate
Limited Partnership-XIV ("Carlyle-XIV"), Carlyle Real Estate Limited
Partnership-XV ("Carlyle-XV"), Carlyle Real Estate Limited Partnership-XVI
("Carlyle-XVI"), Carlyle Real Estate Limited Partnership-XVII ("Carlyle-
XVII"), JMB Mortgage Partners, Ltd. ("Mortgage Partners"), JMB Mortgage
Partners, Ltd.-II ("Mortgage Partners-II"), JMB Mortgage Partners,
Ltd.-III("Mortgage Partners-III"), JMB Mortgage Partners, Ltd.-IV
("Mortgage Partners-IV"), Carlyle Income Plus, Ltd. ("Carlyle Income
Plus")and Carlyle Income Plus, Ltd.-II ("Carlyle Income Plus-II") and the
managing general partner of JMB Income Properties, Ltd.-IV ("JMB
Income-IV"), JMB Income Properties, Ltd.-V ("JMB Income-V"), JMB Income
Properties, Ltd.-VI ("JMB Income-VI"), JMB Income Properties, Ltd.-VII
("JMB Income-VII"),JMB Income Properties, Ltd.-IX"), JMB Income
Properties,Ltd.-XI ("JMB Income-XI"), JMB Income Properties, Ltd.-XII
("JMBIncome-XII"), and JMB Income Properties Ltd.-XIII ("JMB Income-XIII").
JMB is also the sole general partner of the associate general partner of
most of the foregoing partnerships.  Most of the foregoing directors and
officers are also officers and/or directors of various affiliated
companiesof JMB including Arvida/JMB Managers, Inc. (the general partner
ofArvida/JMB Partners, L.P. ("Arvida")), Arvida/JMB Managers-II, Inc. (the
general partner of Arvida/JMB Partners, L.P.-II ("Arvida-II") and Income
Growth Managers, Inc. (the corporate general partner of IDS/JMB Balanced
Income Growth, Ltd. ("IDS/BIG")).  Most of such directors and officers are
also partners of certain partnerships which are associate general partners
in the following real estate limited partnerships:  Carlyle-VII,
Carlyle-IX, Carlyle-X, Carlyle-XI, Carlyle-XII, Carlyle-XIII, Carlyle-XIV,
Carlyle-XV, Carlyle-XVI, Carlyle-XVII, JMB Income-VI, JMB Income-VII, JMB
Income-IX, JMB Income-XI, JMB Income-XII, JMB Income-XIII, Mortgage
Partners, Mortgage Partners-II, Mortgage Partners-III, Mortgage
Partners-IV, Carlyle Income Plus, Carlyle Income Plus-II and IDS/BIG.


     The business experience during the past five years of each
suchdirector and officer of the Managing General Partner of the
Partnershipin addition to that described above is as follows:

     Judd D. Malkin (age 58) is an individual general partner of
JMBIncome-IV and JMB Income-V.  Mr. Malkin has been associated with JMB
since October, 1969.  Mr. Malkin is a director of Urban Shopping Centers,
Inc., an affiliate of JMB that is a real estate investment trust in the
business of owning, managing and developing shopping centers.  He is a
Certified Public Accountant.

     Neil G. Bluhm (age 58) is an individual general partner of
JMBIncome-IV and JMB Income-V.  Mr. Bluhm has been associated with JMB
since August, 1970.  Mr. Bluhm is a director of Urban Shopping Centers,
Inc., an affiliate of JMB that is a real estate investment trust in the
business of owning, managing and developing shopping centers.  He is a
member of the Bar of the State of Illinois and a Certified Public
Accountant.

     Burton E. Glazov (age 57) has been associated with JMB since
June,1971and served as an Executive Vice President of JMB until December
1990.  He is a member of the Bar of the State of Illinois and a Certified
Public Accountant.

     Stuart C. Nathan (age 54) has been associated with JMB since
July,1972.  Mr. Nathan is also a director of Sportmart Inc., a retailer
ofsporting goods.  He is a member of the Bar of the State of Illinois.

     A. Lee Sacks (age 62) (President and Director of JMB Insurance
Agency,Inc.) has been associated with JMB since December, 1972.

     John G. Schreiber (age 49) has been associated with JMB
sinceDecember,1970 and served as an Executive Vice President of JMB
untilDecember 1990.  Mr. Schreiber is President of Schreiber Investments,
Inc., a company which is engaged in the real estate investing business. 
Heis also a senior advisor and partner of Blackstone Real Estate Partners,
an affiliate of the Blackstone Group, L.P.  Since 1994, Mr. Schreiber has
also served as a Trustee of Amli Residential Property Trust, a publicly-
traded real estate investment trust that invests in multi-family
properties.  In addition, Mr. Schreiber is a director of Urban Shopping
Centers, Inc. an affiliate of JMB that is a real estate investment trust
inthe business of owning, managing and developing shopping centers, and a
director of a number of investment companies advised or managed by T. Rowe
Price Associates and its affiliates.  He holds a Masters degree in
BusinessAdministration from Harvard University Graduate School of Business.

     H. Rigel Barber (age 46) has been associated with JMB since
March,1982. He holds a J.D. degree from the Northwestern Law School and is
a member of the Bar of the State of Illinois.

     Glenn E. Emig (age 48) has been associated with JMB since
December1979.  Prior to becoming Executive Vice President of JMB in 1993,
Mr. Emig was Executive Vice President and Treasurer of JMB Institutional
Realty Corporation.  He holds a Masters degree in Business Administration
from the Harvard University Graduate School of Business and is a Certified
Public Accountant.

     Gary Nickele (age 43) has been associated with JMB since
February,1984.  He holds a J.D. degree from the University of Michigan Law
School and is a member of the Bar of the State of Illinois.

     Gailen J. Hull (age 47) has been associated with JMB since March,1982.
He holds a Masters degree in Business Administration from Northern
IllinoisUniversity and is a Certified Public Accountant.

     Howard Kogen (age 60) has been associated with JMB since March, 1973.
He is a Certified Public Accountant.




ITEM 11.  EXECUTIVE COMPENSATION

     The Partnership has no officers or directors.  The General Partners
ofthe Partnership are entitled to receive a share of cash distributions,
when and as cash distributions are made to the Limited Partners, and a
share of profits or losses.  Reference is made to Notes 5 and 9 for a
description of such transactions, distributions and allocations.  In 1995,
1994 and 1993, no cash distributions were paid to the General Partners.

     Affiliates of the Managing General Partner provided
propertymanagementservices to the Partnership for the North Hills Mall in
North Richland, Texas, the Pasadena Town Square shopping center in
Pasadena, Texas (through the date of disposition, October 3, 1995), the
Animas Valley Mall in Farmington, New Mexico (through the date of sale,
June 30, 1995), the Collin Creek Mall in Plano, Texas (through the date of
sale, December 29, 1994) and for the Pylon Plaza Office Building - Phase I
and II in Boca Raton, Florida (through the date of disposition, December
9,1991).  Fees are calculated at 3% of fixed and percentage rents from
Animas Valley Mall, 5% of gross rents from Pylon Plaza, and 4% of fixed
andpercentage rents from North Hills Mall, Pasadena Town Square and Collin
Creek Mall.  In 1995, such affiliate earned property management and
leasingfees amounting to $295,394, of which all was paid as of December
31,1995.  As set forth in the Prospectus of the Partnership, the Managing
General Partner must negotiate such agreements on terms no less favorable
to the Partnership than those customarily charged for similar services in
the relevant geographical area (but in no event at rates greater than 6% of
the gross receipts from a property), and such agreements must be
terminableby either party thereto, without penalty, upon 60 days' notice.

     JMB Insurance Agency, Inc., an affiliate of the Managing
GeneralPartner, earned and received insurance brokerage commissions in
1995aggregating $24,677 in connection with the provision of insurance
coverage for certain of the real property investments of the Partnership. 
Such commissions are at rates set by insurance companies for the classes
ofcoverage provided.

     The General Partners of the Partnership or their affiliates may
bereimbursed for their direct expenses or out-of-pocket expenses and
salaries relating to the administration of the partnership and operation
ofthe Partnership's real property investments.  In 1995, the Managing
General Partner incurred such out-of-pocket expenses and salaries in the
amount of $313,676 of which $72,923 was paid at December 31, 1995.

     The Partnership is permitted to engaged in various
transactionsinvolving affiliates of the Managing General Partner of the
Partnership, as described in Item 10 and Exhibit 21 hereto.



<TABLE>
<CAPTION>

ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

     (a)  No person or group is known by the Partnership to own beneficially more than 5% of the
outstandingInterests of the Partnership.

     (b)  The Managing General Partner, its officers and directors and the Associate General Partner own
thefollowing Interests of the Partnership:

                               NAME OF                         AMOUNT AND NATURE
                              BENEFICIAL                          OF BENEFICIAL PERCENT
TITLE OF CLASS                  OWNER                              OWNERSHIP    OF CLASS 
--------------                ----------                       -------------------------
<S>                           <C>                              <C>              <C>

Limited Partnership           JMB Realty Corporation           5 Interests      Less than 1%
    Interests                                                  directly

Limited Partnership           Managing General Partner,        5 Interests      Less than 1%
    Interests                 its officers and directors       directly
                              and the Associate General
                              Partner as a group

<FN>
     No officer or directors of the Managing General Partner of the Partnership possesses a right to
acquirebeneficial ownership of Interests of the Partnership.

     (c)  There exists no arrangements, known to the Partnership, the operations of which may at a subsequent
dateresult in a change in control of the Partnership.


</TABLE>


ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

     There were no significant transactions or business relationships
withthe Managing General Partner, affiliates or their management other
thanthose described in Items 10 and 11 above.



                            PART IV


ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K

     (a) The following documents are filed as part of this report:

      1. Financial Statements and Supplementary Data
(SeeIndex to Financial Statements filed with thisannual report)

      2. Exhibits.

         3-A.* The Prospectus of the Partnership dated June 29, 1983
assupplemented September 12, 1983 and October 21, 1983, as filed with the
Commission pursuant to Rules 424(b) and 424(c), is hereby incorporated
herein by reference. Copies of pages 8-12, 57-59 and A-7 to A-11 are
herebyincorporated herein by reference.

         3-B.* Amended and Restated Agreement of Limited
Partnershipsetforth as Exhibit A to the Prospectus, which agreement is
hereby incorporated herein by reference.

         4-A.* Document relating to the mortgage loan secured by
theCollin Creek Mall in Plano, Texas is hereby incorporated herein by
reference.

         4-B.* Document relating to the mortgage loan secured by
thePasadena Town Square shopping center in Pasadena, Texas is hereby
incorporated herein by reference.

         4-C.* Modification document relating to the mortgage
loansecured by the Animas Valley Mall in Farmington, NewMexico is hereby
incorporated herein by reference.

         4-D.  Document relating to the mortgage loan secured by
theNorth Hills Mall in North Richland Hills, Texas, a copy of which is
filed herewith.

         10-A. Acquisition documents relating to the purchase by
thePartnership of an interest in the 40 Broad Street office building in New
York, New York are hereby incorporated by reference to the Partnership's
Report onForm 8-K (File No. 0-12432) dated December 31, 1985.

         10-B. Acquisition documents relating to the purchase by
thePartnership of an interest in the Royal Executive Park office complex in
Ryebrook, New York are herebyincorporated by reference to the Partnership's
Report on Form 8-K (File No. 0-12432) dated December 30,1983.

         10-C. Acquisition documents relating to the purchase by
thePartnership of the Collin Creek Mall in Plano, Texas are hereby
incorporated by reference to the Partnership's Registration Statement on
Post-Effective Amendment No. 2 to Form S-11 (File No. 2-83599) dated June
29, 1983.



         10-D. Acquisition documents relating to the purchase by
thePartnership of the North Hills Mall in North RichlandHills, Texas are
hereby incorporated by reference to the Partnership's Registration
Statement onPost-Effective Amendment No. 2 to Form S-11 (File No. 2-83599)
dated June 29, 1983.

         10-E. Acquisition documents relating to the purchase by
thePartnership of the Pasadena Town Square shopping center in Pasadena,
Texas are hereby incorporated by reference to the Partnership's
Registration Statement onPost-Effective Amendment No. 2 to Form S-11 (File
No. 2-83599) dated June 29, 1983.

         10-F. Acquisition documents including the venture
agreementrelating to the purchase by the Partnership of an interest in the
Animas Valley Mall in Farmington, NewMexico are hereby incorporated by
reference to thePartnership's Registration Statement on Post-Effective
Amendment No. 2 to Form S-11 (File No. 2-83599) dated June 29, 1983.

         10-G. Sale documents relating to the outparcel sale at
theAnimas Valley Mall in Farmington, New Mexico are hereby incorporated by
reference to the Partnership's report on Form 10-K (File No. 0-12140) dated
March 25, 1994.

         10-H. Sale documents relating to the sale of the Collin
CreekMall in Plano, Texas are hereby incorporated byreference to the
Partnership's report on Form 8-K (File No. 0-12140) dated January 13, 1995.

         10-I. Sale documents relating to the sale of the Animas
ValleyMall in Farmington, New Mexico are hereby incorporated by reference
to the Partnership's report onForm 8-K (File No. 0-12140) dated July 14,
1995.

         21.   List of Subsidiaries.

         24.   Powers of Attorney.

         27.   Financial Data Schedule.

         99-A. The Partnership's report on Form 8-K (File No. 0-
               12140)describing the disposition of the Pasadena Town
Square Mall dated October 18, 1995, a copy of which is filed herewith.

         99-B. The Partnership's report on Form 8-K (File NO. 0-
               12140)describing the sale of the Animas Valley Mall
dated June 30, 1995, a copy of which is filed herewith.

      ___________

      *  Previously filed as Exhibits 3-A, 3-B, 4-A, 4-B and 4-
         C,respectively, to the Partnership's Report for December 31,
1992 on Form 10-K (File No. 0-12432) dated March 19, 1993.

         Although certain additional long-term debt instruments of
theRegistrant have been excluded from Exhibit 4 above, pursuantto Rule
601(b)(4)(iii), the Registrant commits to provide copies of such agreements
to the Securities and Exchange Commission upon request.



      (b)The following report on Form 8-K has been filed for the
quartercovered by this report.

         (1)   The Partnership's report on Form 8-K (File No. 0-
               12140)for October 3, 1995 (describing under Item 2 of
such report the Partnership's disposition of the Pasadena Town Square Mall)
was filed.  The report is dated October 18, 1995.  No financial statements
were required to be filed therewith.


     No annual report or proxy material for the fiscal year 1995 has
beensent to the Partners of the Partnership.  An annual report will be
sentto the Partners subsequent to this filing.





                          SIGNATURES

     Pursuant to the requirements of Section 13 or 15(d) of the
SecuritiesAct of 1934, the Partnership has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.

              JMB INCOME PROPERTIES, LTD. - X

              By:    JMB Realty Corporation
                     Managing General Partner


                     GAILEN J. HULL
              By:    Gailen J. Hull
                     Senior Vice President
              Date:  March 25, 1996

     Pursuant to the requirements of the Securities Exchange Act of
1934,this report has been signed below by the following persons on behalf
of the registrant and in the capacities and on the dates indicated.

              By:    JMB Realty Corporation

                     JUDD D. MALKIN*
              By:    Judd D. Malkin, Chairman and 
                     Chief Financial Officer
              Date:  March 25, 1996

                     NEIL G. BLUHM*
              By:    Neil G. Bluhm, President and Director
              Date:  March 25, 1996

                     H. RIGEL BARBER*
              By:    H. Rigel Barber, Chief Executive Officer
              Date:  March 25, 1996

                     GLENN E. EMIG*
              By:    Glenn E. Emig, Chief Operating Officer
              Date:  March 25, 1996


                     GAILEN J. HULL
              By:    Gailen J. Hull, Senior Vice President
                     Principal Accounting Officer
              Date:  March 25, 1996

                     A. LEE SACKS*
              By:    A. Lee Sacks, Director
              Date:  March 25, 1996

              By:    STUART C. NATHAN*
                     Stuart C. Nathan, Executive Vice President
                       and Director
              Date:  March 25, 1996


              *By:   GAILEN J. HULL, Pursuant to a Power of Attorney


                     GAILEN J. HULL
              By:    Gailen J. Hull, Attorney-in-Fact
              Date:  March 25, 1996



                         EXHIBIT INDEX



                                      DOCUMENT  
                                    INCORPORATED
                                    BY REFERENCE          Page
                                    ------------          ----
3-A.   Pages 8-12, 57-59 and A-7 to 
       A-11 of the Prospectus of the 
       Partnership dated June 29, 1983, 
       as supplemented September 12, 
       1983 and October 21, 1983           Yes              --

3-B.   Amended and Restated Agreement of
       Limited Partnership                 Yes              --

4-A.   Mortgage loan documents related 
       to Collin Creek Mall                Yes              --

4-B.   Mortgage loan documents related 
       to Pasadena Town Square 
       shopping center                     Yes              --

4-C.   Mortgage loan modification documents 
       related to Animas Valley Mall       Yes              --

4-D.   Mortgage loan documents related
       to North Hills Mall                 No   

10-A.  Acquisition documents related to 
       the 40 Broad Street office building Yes              --

10-B.  Acquisition documents related to 
       the Royal Executive Park office 
       complex                             Yes              --

10-C.  Acquisition documents related to 
       the Collins Creek Mall              Yes              --

10-D.  Acquisition documents related to 
       the North Hills Mall                Yes              --

10-E.  Acquisition documents related to 
       the Pasadena Town Square shopping 
       center                              Yes              --

10-F.  Acquisition documents related to 
       the Animas Valley Mall              Yes              --

10-G.  Sale documents related to the 
       Animas Valley Mall                  Yes              --

10-H.  Sale documents related to the
       Collin Creek Mall                   Yes              --

10-I.  Sale documents related to the
       Animas Valley Mall                  Yes              --

21.    List of Subsidiaries                No   

24.    Powers of Attorney                  No   

27.    Financial Data Schedule             No   

99-A.  Form 8-K for October 18, 1995       No   

99-B.  Form 8-K for June 30, 1995          No