FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT of 1934
For the quarterly period ended September 30, 2000
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OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT of 1934
For the transition period from _________________________ to ____________________
Commission file number
0-15666
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CNL Income Fund, Ltd.
--------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Florida 59-2666264
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
450 South Orange Avenue
Orlando, Florida 32801-3336
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number
(including area code) (407) 540-2000
--------------------------
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Sections 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 _________
CONTENTS
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<CAPTION>
Page
<S><C>
Part I.
Item 1. Financial Statements:
Condensed Balance Sheets 1
Condensed Statements of Income 2
Condensed Statements of Partners' Capital 3
Condensed Statements of Cash Flows 4
Notes to Condensed Financial Statements 5-7
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 8-11
Item 3. Quantitative and Qualitative Disclosures About
Market Risk 11
Part II.
Other Information 12-13
</TABLE>
<PAGE>
CNL INCOME FUND, LTD.
(A Florida Limited Partnership)
CONDENSED BALANCE SHEETS
<TABLE>
<CAPTION>
September 30, December 31,
2000 1999
------------------ -------------------
<S><C>
ASSETS
Land and buildings on operating leases, less
accumulated depreciation $ 6,322,069 $ 6,870,603
Investment in joint ventures 809,109 822,993
Cash and cash equivalents 1,557,623 1,048,174
Receivables, less allowance for doubtful accounts
of $1,236 in 1999 -- 18,768
Prepaid expenses 9,489 8,322
Lease costs, less accumulated amortization of
$28,750 and $26,875, respectively 21,250 23,125
Accrued rental income 36,828 33,700
------------------ -------------------
$ 8,756,368 $ 8,825,685
================== ===================
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $ 11,410 $ 61,890
Escrowed real estate taxes payable 8,404 11,031
Distributions payable 1,414,457 266,982
Due to related parties 118,530 123,477
Rents paid in advance and deposits 18,030 27,443
------------------ -------------------
Total liabilities 1,570,831 490,823
Partners' capital 7,185,537 8,334,862
------------------ -------------------
$ 8,756,368 $ 8,825,685
================== ===================
See accompanying notes to condensed financial statements.
</TABLE>
CNL INCOME FUND, LTD.
(A Florida Limited Partnership)
CONDENSED STATEMENTS OF INCOME
<TABLE>
<CAPTION>
Quarter Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
----------- ----------- ----------- -----------
<S><C>
Revenues:
Rental income from operating leases $ 222,832 $248,638 $674,166 $ 730,797
Contingent rental income 3,204 -- 9,295 --
Interest and other income 14,190 1,422 44,752 6,625
----------- ----------- ----------- -----------
240,226 250,060 728,213 737,422
----------- ----------- ----------- -----------
Expenses:
General operating and administrative 25,580 21,792 81,914 60,872
Professional services -- 4,996 9,743 16,198
Real estate taxes -- -- -- 1,091
State and other taxes -- 301 9,468 5,968
Depreciation and amortization 45,665 51,430 137,893 154,290
Transaction costs -- 19,885 25,453 77,455
----------- ----------- ----------- -----------
71,245 98,404 264,471 315,874
----------- ----------- ----------- -----------
Income Before Equity in Earnings of Joint
Ventures and Gain on Sale of Land and
Building 168,981 151,656 463,742 421,548
Equity in Earnings of Joint Ventures 23,939 23,928 71,368 71,336
Gain on Sale of Land and Building 263,986 -- 263,986 --
----------- ----------- ----------- -----------
Net Income $ 456,906 $175,584 $799,096 $ 492,884
=========== =========== =========== ===========
Allocation of Net Income:
General partners $ 3,322 $ 1,756 6,744 $ 4,929
Limited partners 453,584 173,828 792,352 487,955
----------- ----------- ----------- -----------
$ 456,906 $175,584 799,096 $ 492,884
=========== =========== =========== ===========
Net Income Per Limited Partner Unit $ 15.12 $ 5.79 $ 26.41 $ 16.27
=========== =========== =========== ===========
Weighted Average Number of Limited Partner
Units Outstanding 30,000 30,000 30,000 30,000
=========== =========== =========== ===========
See accompanying notes to condensed financial statements.
</TABLE>
CNL INCOME FUND, LTD.
(A Florida Limited Partnership)
CONDENSED STATEMENTS OF PARTNERS' CAPITAL
<TABLE>
<CAPTION>
Nine Months Ended Year Ended
September 30, December 31,
2000 1999
------------------------- ----------------------
<S><C>
General partners:
Beginning balance $ 340,768 $ 330,430
Net income 6,744 10,338
------------------------- ----------------------
347,512 340,768
------------------------- ----------------------
Limited partners:
Beginning balance 7,994,094 7,996,589
Net income 792,352 1,065,433
Distributions ($64.95 and $35.60 per
limited partner unit, respectively) (1,948,421 ) (1,067,928 )
------------------------- ----------------------
6,838,025 7,994,094
------------------------- ----------------------
Total partners' capital $ 7,185,537 $ 8,334,862
========================= ======================
See accompanying notes to condensed financial statements.
</TABLE>
CNL INCOME FUND, LTD.
(A Florida Limited Partnership)
CONDENSED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
Nine Months Ended
September 30,
2000 1999
---------------- ---------------
<S><C>
Increase (Decrease) in Cash and Cash Equivalents:
Net Cash Provided by Operating Activities $ 633,893 $ 707,588
---------------- ---------------
Cash Flows from Investing Activities:
Proceeds from sale of land and building 676,502 --
---------------- ---------------
Net cash provided by investing activities 676,502 --
---------------- ---------------
Cash Flows from Financing Activities:
Proceeds from loan from corporate general
partner -- 21,000
Repayment of loan from corporate general
partner -- (21,000 )
Distributions to limited partners (800,946 ) (800,946 )
---------------- ---------------
Net cash used in financing activities (800,946 ) (800,946 )
---------------- ---------------
Net Increase (Decrease) in Cash and Cash Equivalents 509,449 (93,358 )
Cash and Cash Equivalents at Beginning of Period 1,048,174 252,521
---------------- ---------------
Cash and Cash Equivalents at End of Period $1,557,623 $ 159,163
================ ===============
Supplemental Schedule of Non-Cash Investing and
Financing Activities:
Distributions declared and unpaid at end of
quarter $1,414,457 $ 266,982
================ ===============
See accompanying notes to condensed financial statements.
</TABLE>
<PAGE>
CNL INCOME FUND, LTD.
(A Florida Limited Partnership)
NOTES TO CONDENSED FINANCIAL STATEMENTS
Quarters and Nine Months Ended September 30, 2000 and 1999
1. Basis of Presentation:
The accompanying unaudited condensed financial statements have been
prepared in accordance with the instructions to Form 10-Q and do not
include all of the information and note disclosures required by
generally accepted accounting principles. The financial statements
reflect all adjustments, consisting of normal recurring adjustments,
which are, in the opinion of management, necessary to a fair statement
of the results for the interim periods presented. Operating results for
the quarter and nine months ended September 30, 2000 may not be
indicative of the results that may be expected for the year ending
December 31, 2000. Amounts as of December 31, 1999, included in the
financial statements, have been derived from audited financial
statements as of that date.
These unaudited financial statements should be read in conjunction with
the financial statements and notes thereto included in Form 10-K of CNL
Income Fund, Ltd. (the "Partnership") for the year ended December 31,
1999.
2. Land and Building on Operating Leases:
Land and building on operating leases consisted of the following at:
<TABLE>
<CAPTION>
September 30, December 31,
2000 1999
--------------------- -----------------------
<S><C>
Land $ 3,370,499 $ 3,619,063
Buildings 5,150,817 5,454,223
--------------------- -----------------------
8,521,316 9,073,286
Less accumulated depreciation (2,199,247 ) (2,202,683 )
===================== =======================
$ 6,322,069 $ 6,870,603
===================== =======================
</TABLE>
In September 2000, the Partnership sold its property in Merritt Island,
Florida for $679,003 and received net sales proceeds of $676,502,
resulting in a gain of $263,986 for financial reporting purposes. This
property was originally acquired by the Partnership in 1986 and had a
cost totaling approximately $518,400, excluding acquisition fees and
miscellaneous acquisition expenses; therefore, the Partnership sold the
property for approximately $158,100 in excess of the original purchase
price.
CNL INCOME FUND, LTD.
(A Florida Limited Partnership)
NOTES TO CONDENSED FINANCIAL STATEMENTS
Quarters and Nine Months Ended September 30, 2000 and 1999
3. Allocations and Distributions:
Generally, all net income and net losses of the Partnership, excluding
gains and losses from the sale of properties, are allocated 99 percent
to the limited partners and one percent to the general partners.
Distributions of net cash flow are made 99 percent to the limited
partners and one percent to the general partners; provided, however,
that the one percent of net cash flow to be distributed to the general
partners is subordinated to receipt by the limited partners of an
aggregate, ten percent, noncumulative, noncompounded annual return on
their adjusted capital contributions (the "10% Preferred Return").
Generally, net sales proceeds from the sale of properties not in
liquidation of the Partnership, to the extent distributed, will be
distributed first to the limited partners in an amount sufficient to
provide them with their cumulative 10% Preferred Return, plus the
return of their adjusted capital contributions. The general partners
will then receive, to the extent previously subordinated and unpaid, a
one percent interest in all prior distributions of net cash flow and a
return of their capital contributions. Any remaining sales proceeds
will be distributed 95 percent to the limited partners and five percent
to the general partners. Any gain from the sale of a property not in
liquidation of the Partnership is, in general, allocated in the same
manner as net sales proceeds are distributable. Any loss from the sale
of a property is, in general, allocated first, on a pro rata basis, to
partners with positive balances in their capital accounts; and
thereafter, 95 percent to the limited partners and five percent to the
general partners.
Generally, net sales proceeds from a liquidating sale of properties,
will be used in the following order: (i) first to pay and discharge all
of the Partnership's liabilities to creditors, (ii) second, to
establish reserves that may be deemed necessary for any anticipated or
unforeseen liabilities or obligations of the Partnership, (iii) third,
to pay all of the Partnership's liabilities, if any, to the general and
limited partners, (iv) fourth, after allocations of net income, gains
and/or losses, to distribute to the partners with positive capital
account balances, in proportion to such balances, up to amounts
sufficient to reduce such positive balances to zero, and (v)
thereafter, any funds remaining shall then be distributed 95 percent to
the limited partners and five percent to the general partners.
During the nine months ended September 30, 2000 and 1999, the
Partnership declared distributions to the limited partners of
$1,948,421 and $800,946, respectively ($1,414,457 and $266,982 for the
quarters ended September 30, 2000 and 1999, respectively.) This
represents distributions of $64.95 and $26.70 per unit for the nine
months ended September 30, 2000 and 1999, respectively ($47.15 and
$8.90 per unit for the quarters ended September 30, 2000 and 1999,
respectively.) Distributions for the nine months ended September 30,
2000, included $1,200,000 in a special distribution, as a result of
CNL INCOME FUND, LTD.
(A Florida Limited Partnership)
NOTES TO CONDENSED FINANCIAL STATEMENTS
Quarters and Nine Months Ended September 30, 2000 and 1999
3. Allocations and Distributions - Continued:
the distribution of net sales proceeds from the 2000 sale of the
property in Merritt Island, Florida and the 1999 sale of the property
in Kent Island, Maryland. This special distribution was effectively a
return of a portion of the limited partners' investment, although, in
accordance with the Partnership agreement, $509,695 was applied toward
the limited partners' 10% Preferred Return and the balance of $690,305
was treated as a return of capital for purposes of calculating the
limited partners' 10% Preferred Return. As a result of the return of
capital, the amount of the limited partners' invested capital
contributions (which generally is the limited partners' capital
contributions, less distributions from the sale of a property that are
considered to be a return of capital) was decreased; therefore, the
amount of the limited partners' invested capital contributions on which
the 10% Preferred Return is calculated was lowered accordingly. As a
result of the sale of the property, the Partnership's total revenue was
reduced, while the majority of the Partnership's operating expenses
remained fixed. Therefore, distributions of net cash flow were adjusted
during the quarter ended September 30, 2000. No distributions have been
made to the general partners to date.
4. Termination of Merger
On March 1, 2000, the general partners and CNL American Properties
Fund, Inc. ("APF") mutually agreed to terminate the Agreement and Plan
of Merger entered into in March 1999. The general partners are
continuing to evaluate strategic alternatives for the Partnership,
including alternatives to provide liquidity to the limited partners.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
CNL Income Fund, Ltd. (the "Partnership") is a Florida limited
partnership that was organized on November 26, 1985 to acquire for cash, either
directly or through joint venture arrangements, both newly constructed and
existing restaurant properties, as well as land upon which restaurants were to
be constructed, which are leased primarily to operators of national and regional
fast-food restaurant chains (collectively, the "Properties"). The leases
generally are triple-net leases, with the lessees responsible for all repairs
and maintenance, property taxes, insurance and utilities. As of September 30,
2000, the Partnership owned 15 Properties, which included interests in two
Properties owned by joint ventures in which the Partnership is a co-venturer and
one Property owned with affiliates as tenants-in-common.
Capital Resources
The Partnership's primary source of capital for the nine months ended
September 30, 2000 and 1999 was cash from operations (which includes cash
received from tenants, distributions from joint ventures, and interest and other
income received, less cash paid for expenses). For the nine months ended
September 30, 2000 and 1999, the Partnership generated cash from operations of
$633,893 and $707,588, respectively. The decrease in cash from operations for
the nine months ended September 30, 2000 was primarily a result of changes in
the Partnership's working capital.
During September 2000, the Partnership sold its Property in Merritt Island,
Florida to a third party for a total of $679,003 and received net sales proceeds
of $676,502 resulting in a gain of $263,986 for financial reporting purposes.
This Property was originally acquired by the Partnership in 1986 and had a cost
totaling approximately $518,400, excluding acquisition fees and miscellaneous
acquisition expenses; therefore, the Partnership sold the Property for
approximately $158,100 in excess of the original purchase price. The Partnership
distributed the majority of the net sales proceeds to the limited partners, as
described below.
Currently, rental income from the Partnership's Properties and net
sales proceeds held by the Partnership pending reinvestment in additional
Properties or distribution to limited partners, are invested in money market
accounts or other short-term, highly liquid investments such as demand deposit
accounts at commercial banks, money market accounts and certificates of deposit
with less than a 30-day maturity date, pending the Partnership's use of such
funds to pay Partnership expenses or to make distributions to the partners. At
September 30, 2000, the Partnership had $1,557,623 invested in such short-term
investments, as compared to $1,048,174 at December 31, 1999. The increase in
cash and cash equivalents as of September 30, 2000 was attributed to the
Partnership holding uninvested net sales proceeds from the sale of the
Properties in Merritt Island, Florida, and Kent Island, Maryland, as described
above. The funds remaining at September 30, 2000 will be used for the payment of
distributions and other liabilities.
Short-Term Liquidity
The Partnership's short-term liquidity requirements consist primarily
of the operating expenses of the Partnership.
The Partnership's investment strategy of acquiring Properties for cash
and leasing them under triple-net leases to operators who generally meet
specified financial standards minimizes the Partnership's operating expenses.
The general partners believe that the leases will continue to generate cash flow
in excess of operating expenses.
The general partners have the right, but not the obligation, to make
additional capital contributions if they deem it appropriate in connection with
the operations of the Partnership.
Total liabilities of the Partnership, including distributions payable,
increased to $1,570,831 at September 30, 2000, from $490,823 at December 31,
1999, primarily as a result of the Partnership accruing a special distribution
of net sales proceeds of $1,200,000 from the sale of the Properties in Merritt
Island, Florida and Kent Island, Maryland as described below, payable to the
limited partners at September 30, 2000. Total liabilities at September 30, 2000,
to the extent they exceed cash and cash equivalents at September 30, 2000, will
be paid from future cash from operations, loans, and in the event the general
partners elect to make additional contributions, from general partners'
contributions.
The Partnership generally distributes cash from operations remaining
after the payment of operating expenses of the Partnership, to the extent that
the general partners determine that such funds are available for distribution.
Based on current and anticipated future cash from operations, and for the nine
months ended September 30, 2000, a portion of the proceeds received from the
sale of the Properties described above, the Partnership declared distributions
to limited partners of $1,948,421 and $800,946 for the nine months ended
September 30, 2000 and 1999, respectively ($1,414,457 and $266,982 for the
quarters ended September 30, 2000 and 1999, respectively.) This represents
distributions of $64.95 and $26.70 per unit for the nine months ended September
30, 2000 and 1999, respectively ($47.15 and $8.90 for the quarters ended
September 30, 2000 and 1999, respectively.) The distribution for the quarter
ended September 30, 2000, included $1,200,000 of net sales proceeds from the
2000 sale of the Property in Merritt Island, Florida and the 1999 sale of the
Property in Kent Island, Maryland. This special distribution was effectively a
return of a portion of the limited partners investment; although, in accordance
with the Partnership agreement, $509,695 was applied towards the 10% Preferred
Return, on a cumulative basis, and the balance of $690,305 was treated as a
return of capital for purposes of calculating the 10% Preferred Return. As a
result of the return of capital, the amount of the limited partners' invested
capital contributions (which generally is the limited partners' capital
contributions, less distributions from the sale of a property that are
considered to be a return of capital) was decreased; therefore, the amount of
the limited partners' invested capital contributions on which the 10% Preferred
Return is calculated was lowered accordingly. As a result of the sale of the
Properties, the Partnership's total revenue was reduced and is expected to
remain reduced in subsequent periods, while the majority of the Partnership's
operating expenses remained and are expected to remain fixed. Therefore,
distributions of net cash flow were adjusted commencing during the quarter ended
September 30, 2000. No distributions were made to the general partners for the
quarters and nine months ended September 30, 2000 and 1999. No amounts
distributed to the limited partners for the nine months ended September 30, 2000
and 1999, except for $690,305 as described above, are required to be or have
been treated by the Partnership as a return of capital for purposes of
calculating the limited partners' return on their adjusted capital
contributions. The Partnership intends to continue to make distributions of cash
available for distribution to the limited partners on a quarterly basis.
Long-Term Liquidity
The Partnership has no long-term debt or other long-term liquidity
requirements.
Results of Operations
During the nine months ended September 30, 1999, the Partnership owned
and leased 14 wholly owned Properties (including one Property in Kent Island,
Maryland, which was sold in October 1999) and during the nine months ended
September 30, 2000, the Partnership owned and leased 13 wholly owned Properties
(including one Property in Merritt Island, Florida, which was sold in September
2000) to operators of fast-food and family-style restaurant chains. In
connection therewith, during the nine months ended September 30, 2000 and 1999,
the Partnership earned $683,461 and $730,797, respectively, in rental and
contingent rental income from these Properties, $226,036 and $248,638 of which
was earned during the quarters ended September 30, 2000 and 1999, respectively.
Rental and contingent rental income decreased during the quarter and nine months
ended September 30, 2000, as compared to the quarter and nine months ended
September 30, 1999, by approximately $26,300 and $72,800, respectively, as a
result of the sales of the Kent Island, Maryland Property in October 1999 and
the Merritt Island, Florida Property in September 2000. The general partners
distributed the majority of the sales proceeds received from these Properties to
the limited partners; therefore, revenues are expected to remain at reduced
amounts.
The decrease in rental and contingent rental income during the nine
months ended September 30, 2000, as compared to the nine months ended September
30, 1999, was partially offset by an increase of approximately $11,800 due to
the fact that during the nine months ended September 30, 1999, the Partnership
established an allowance for doubtful accounts for past due rental amounts
relating to the Property in Mesquite, Texas, due to financial difficulties the
tenant was experiencing. No such allowance was established during the nine
months ended September 30, 2000. In addition, the decrease to rental and
contingent rental income was partially offset by an increase in contingent
rental income primarily attributable to an increase in gross sales of certain
restaurant properties, the leases of which require the payment of contingent
rental income.
During the nine months ended September 30, 2000 and 1999, the
Partnership earned $44,752 and $6,625, respectively, in interest and other
income, $14,190 and $1,422 of which was earned during the quarters ended
September 30, 2000 and 1999, respectively. The increase in interest and other
income during the quarter and nine months ended September 30, 2000, as compared
to the quarter and nine months ended September 30, 1999, was primarily
attributable to interest income earned on the net sales proceeds relating to the
1999 sale of the Property in Kent Island, Maryland, pending distribution to the
limited partners or payment of liabilities of the Partnership.
During the nine months ended September 30, 2000 and 1999, the
Partnership owned and leased two Properties indirectly through joint venture
arrangements and one Property with affiliates as tenants-in-common. In
connection therewith, during the nine months ended September 30, 2000 and 1999,
the Partnership earned $71,368 and $71,336, respectively, attributable to net
income earned by these joint ventures, $23,939 and $23,928 of which was earned
during the quarters ended September 30, 2000 and 1999, respectively.
Operating expenses, including depreciation and amortization expense,
were $264,471 and $315,874 for the nine months ended September 30, 2000 and
1999, respectively, of which $71,245 and $98,404 were incurred for the quarters
ended September 30, 2000 and 1999, respectively. The decrease in operating
expenses for the quarter and nine months ended September 30, 2000 was partially
attributable to the fact that the Partnership incurred less transaction costs
related to the general partners retaining financial and legal advisors to assist
them in evaluating and negotiating the proposed merger with CNL American
Properties Fund, Inc. ("APF"), due to the termination of the proposed merger as
described below in "Termination of Merger". In addition, the decrease during the
quarter and nine months ended September 30, 2000 was partially attributable to a
decrease in depreciation expense as a result of the 1999 sale of the Property in
Kent Island, Maryland.
The decrease in operating expenses during the quarter and nine months
ended September 30, 2000, as compared to the quarter and nine months ended
September 30, 1999, was partially offset by an increase in (i) administrative
expenses for servicing the Partnership and its Properties and (ii) state tax
expense.
As a result of the sale of Property in Merritt Island, Florida, as
described above in "Capital Resources," the Partnership recognized a gain of
$263,986 for financial reporting purposes during the quarter and nine months
ended September 30, 2000. No Properties were sold during the quarter and nine
months ended September 30, 1999.
Termination of Merger
On March 1, 2000, the general partners and APF mutually agreed to
terminate the Agreement and Plan of Merger entered into in March 1999. The
general partners are continuing to evaluate strategic alternatives for the
Partnership, including alternatives to provide liquidity to the limited
partners.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not applicable.
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings. Inapplicable.
Item 2. Changes in Securities. Inapplicable.
Item 3. Defaults upon Senior Securities. Inapplicable.
Item 4. Submission of Matters to a Vote of Security Holders. Inapplicable.
Item 5. Other Information. Inapplicable.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits
3.1 Certificate of Limited Partnership of CNL Income Fund,
Ltd., as amended. (Included as Exhibit 3.1 to Amendment
No. 1 to Registration Statement No. 33-2850 on Form S-11
and incorporated herein by reference.)
3.2 Amended and Restated Certificate and Agreement of Limited
Partnership of CNL Income Fund, Ltd. (Included as Exhibit
3.2 to Form 10-K filed with the Securities and Exchange
Commission on March 27, 1998, and incorporated herein by
reference.)
4.1 Certificate of Limited Partnership of CNL Income Fund,
Ltd., as amended. (Included as Exhibit 4.1 to Amendment
No. 1 to Registration Statement No. 33-2850 on Form S-11
and incorporated herein by reference.)
4.2 Form of Amended and Restated Certificate and Agreement of
Limited Partnership of CNL Income Fund, Ltd. (Included as
Exhibit 3.2 to Form 10-K filed with the Securities and
Exchange Commission on March 27, 1998, and incorporated
herein by reference.)
10.1 Property Management Agreement. (Included as Exhibit 10.1
to Form 10-K filed with the Securities and Exchange
Commission on March 27, 1998, and incorporated herein by
reference.)
10.2 Assignment of Property Management Agreement from CNL
Investment Company to CNL Income Fund Advisors, Inc.
(Included as Exhibit 10.2 to Form 10-K filed with the
Securities and Exchange Commission on March 30, 1995, and
incorporated herein by reference.)
10.3 Assignment of Property Management Agreement from CNL
Income Fund Advisors, Inc. to CNL Fund Advisors, Inc.
(Included as Exhibit 10.3 to Form 10-K filed with the
Securities and Exchange Commission on March 29, 1996, and
incorporated herein by reference.)
27 Financial Data Schedule (Filed herewith.)
(b) Reports on Form 8-K
No reports on Form 8-K were filed during the quarter ended
September 30, 2000.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
DATED this 10th day of November, 2000.
CNL INCOME FUND, LTD.
By: CNL REALTY CORPORATION
General Partner
By: /s/ James M. Seneff, Jr.
---------------------------------------
JAMES M. SENEFF, JR.
Chief Executive Officer
(Principal Executive Officer)
By: /s/ Robert A. Bourne
---------------------------------------
ROBERT A. BOURNE
President and Treasurer
(Principal Financial and
Accounting Officer)
