<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the balance
sheet of CNL Income Fund V, Ltd. at September 30, 1995, and its statement of
income for the nine months then ended and is qualified in its entirety by
reference to the Form 10-Q of CNL Income Fund V, Ltd. for the nine months ended
September 30, 1995.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-01-1995
<PERIOD-END> SEP-30-1995
<CASH> 328,257
<SECURITIES> 0
<RECEIVABLES> 73,108
<ALLOWANCES> 17,525
<INVENTORY> 0
<CURRENT-ASSETS> 396,106
<PP&E> 18,769,088
<DEPRECIATION> 2,033,232
<TOTAL-ASSETS> 20,860,814
<CURRENT-LIABILITIES> 736,856
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 19,816,972
<TOTAL-LIABILITY-AND-EQUITY> 20,860,814
<SALES> 0
<TOTAL-REVENUES> 1,669,153
<CGS> 0
<TOTAL-COSTS> 482,495
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 1,227,032
<INCOME-TAX> 0
<INCOME-CONTINUING> 1,227,032
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,227,032
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
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, 1995
-----------------------------------
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
0-19141
----------------------
CNL Income Fund V, Ltd.
-----------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Florida 59-2922869
---------------------------- -----------------------------
(State or other jurisdiction (I.R.S. Employer
of incorporation or organiza- Identification No.)
tion)
400 E. South Street, #500
Orlando, Florida 32801
---------------------------- -----------------------------
(Address of principal (Zip Code)
executive offices)
Registrant's telephone number
(including area code) (407) 422-1574
-----------------------------
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
--------
Part I Page
----
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 5-6
Item 2. Management's Discussion and Analysis
of Financial Condition and
Results of Operations 7-11
Part II
Other Information 12
<TABLE>
CNL INCOME FUND V, LTD.
(A Florida Limited Partnership)
CONDENSED BALANCE SHEETS
<CAPTION>
September 30, December 31,
ASSETS 1995 1994
------------- ------------
<S> <C> <C>
Land and buildings on operating
leases, less accumulated
depreciation of $2,033,232
and $1,873,060 $16,735,856 $17,935,158
Net investment in direct financing
leases 2,001,764 2,033,245
Investment in joint ventures 474,649 479,525
Mortgage note receivable 896,033 -
Cash and cash equivalents 328,257 425,600
Receivables, less allowance for
doubtful accounts of $17,525
and $430,464 55,583 81,731
Prepaid expenses 12,266 11,387
Accrued rental income 302,060 278,873
Other assets 54,346 54,346
----------- -----------
$20,860,814 $21,299,865
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $ 6,820 $ 4,562
Accrued and escrowed real estate
taxes payable 81,033 83,806
Distributions payable 575,000 575,000
Due to related parties 47,642 19,934
Rents paid in advance 26,361 19,865
----------- -----------
Total liabilities 736,856 703,167
Minority interest 306,986 313,258
Partners' capital 19,816,972 20,283,440
----------- -----------
$20,860,814 $21,299,865
=========== ===========
<FN>
See accompanying notes to condensed financial statements.
</FN>
</TABLE>
<TABLE>
CNL INCOME FUND V, LTD.
(A Florida Limited Partnership)
CONDENSED STATEMENTS OF INCOME
<CAPTION>
Quarter Ended Nine Months Ended
September 30, September 30,
1995 1994 1995 1994
-------- -------- ---------- ----------
<S> <C> <C> <C> <C>
Revenues:
Rental income from
operating leases $462,940 $481,135 $1,428,920 $1,439,405
Earned income from direct
financing leases 47,359 65,959 142,473 188,738
Contingent rental income 20,030 23,664 44,151 40,108
Interest and other income 28,015 1,810 53,609 11,052
-------- -------- ---------- ----------
558,344 572,568 1,669,153 1,679,303
-------- -------- ---------- ----------
Expenses:
General operating and
administrative 47,859 22,765 104,118 72,519
Professional services 4,088 5,166 16,810 20,544
Real estate taxes 14,620 (9,746 ) 43,071 37,306
State taxes - - 15,982 17,740
Depreciation and amorti-
zation 99,091 90,117 302,514 270,516
-------- -------- ---------- ----------
165,658 108,302 482,495 418,625
-------- -------- ---------- ----------
Income Before Minority
Interest in Loss (Income)
of Consolidated Joint
Venture, Equity in
Earnings of Unconsoli-
dated Joint Ventures and
Gain on Sale of Land and
Building 392,686 464,266 1,186,658 1,260,678
Minority Interest in Loss
(Income) of Consolidated
Joint Venture 3,378 (1,300 ) 6,272 5,894
Equity in Earnings of
Unconsolidated Joint
Ventures 11,424 11,552 33,981 34,147
Gain on Sale of Land and
Building 121 - 121 -
-------- -------- ---------- ----------
Net Income $407,609 $474,518 $1,227,032 $1,300,719
======== ======== ========== ==========
Allocation of Net Income:
General partners $ 4,076 $ 4,745 $ 12,270 $ 13,007
Limited partners 403,533 469,773 1,214,762 1,287,712
-------- -------- ---------- ----------
$407,609 $474,518 $1,227,032 $1,300,719
======== ======== ========== ==========
Net Income Per Limited
Partner Unit $ 8.07 $ 9.40 $ 24.30 $ 25.75
======== ======== ========== ==========
Weighted Average Number of
Limited Partner Units
Outstanding 50,000 50,000 50,000 50,000
======== ======== ========== ==========
<FN>
See accompanying notes to condensed financial statements.
</FN>
</TABLE>
<TABLE>
CNL INCOME FUND V, LTD.
(A Florida Limited Partnership)
CONDENSED STATEMENTS OF PARTNERS' CAPITAL
<CAPTION>
Nine Months Ended Year Ended
September 30, December 31,
1995 1994
----------------- ------------
<S> <C> <C>
General partners:
Beginning balance $ 155,706 $ 138,276
Contributions 31,500 -
Net income 12,270 17,430
----------- -----------
199,476 155,706
----------- -----------
Limited partners:
Beginning balance 20,127,734 20,702,135
Net income 1,214,762 1,725,599
Distributions (1,725,000) (2,300,000)
----------- -----------
19,617,496 20,127,734
----------- -----------
Total partners' capital $19,816,972 $20,283,440
=========== ===========
<FN>
See accompanying notes to condensed financial statements.
</FN>
</TABLE>
<TABLE>
CNL INCOME FUND V, LTD.
(A Florida Limited Partnership)
CONDENSED STATEMENTS OF CASH FLOWS
<CAPTION>
Nine Months Ended
September 30,
1995 1994
----------- -----------
<S> <C> <C>
Increase (Decrease) in Cash and Cash
Equivalents:
Net Cash Provided by Operating
Activities $ 1,595,281 $ 1,615,126
----------- -----------
Cash Flows from Investing
Activities:
Collections on mortgage
note receivable 876 -
----------- -----------
Net cash provided by
investing activities 876 -
----------- -----------
Cash Flows from Financing
Activities:
Contributions from general
partner 31,500 -
Distributions to limited
partners (1,725,000) (1,725,000)
----------- -----------
Net cash used in financing
activities (1,693,500) (1,725,000)
----------- -----------
Net Decrease in Cash and Cash
Equivalents (97,343) (109,874)
Cash and Cash Equivalents at Beginning
of Period 425,600 548,521
----------- -----------
Cash and Cash Equivalents at End of
Period $ 328,257 $ 438,647
=========== ===========
Supplemental Schedule of Non-Cash
Investing and Financing Activities:
Net investment in direct financing
lease reclassified to land and
building on operating lease as a
result of lease amendment $ - $ 588,734
=========== ===========
Mortgage note accepted in exchange
for sale of land and building $ 1,040,000 $ -
=========== ===========
Distributions declared and unpaid
at end of period $ 575,000 $ 575,000
=========== ===========
<FN>
See accompanying notes to condensed financial statements.
</FN>
</TABLE>
CNL INCOME FUND V, LTD.
(A Florida Limited Partnership)
NOTES TO CONDENSED FINANCIAL STATEMENTS
Quarters and Nine Months Ended September 30, 1995 and 1994
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, 1995, may not be indicative of the results that
may be expected for the year ending December 31, 1995. Amounts as of
December 31, 1994, 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 V, Ltd. (the "Partnership") for the year ended December 31,
1994.
The Partnership accounts for its 66.5% interest in the accounts of
CNL/Longacre Joint Venture under the full consolidation method. All
significant intercompany accounts and transactions have been eliminated.
Certain items in the prior year's financial statements have been
reclassified to conform to 1995 presentation. These reclassifications had
no effect on partners' capital or net income.
In March 1995, the Financial Accounting Standards Board issued Statement
of Financial Accounting Standards No. 121, Accounting for the Impairment
of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of. The
Statement, which is effective for fiscal years beginning after December
15, 1995, requires that an entity review long-lived assets and certain
identifiable intangibles to be held and used for impairment whenever
events or changes in circumstances indicate that the carrying amount of
the asset may not be recoverable. The Partnership plans to adopt this
standard in 1996 and does not expect compliance with such standard to have
a material effect, if any, on the Partnership's financial position or
results of operations.
The Partnership recognizes sales and profits on sales of land and building
in accordance with the criteria set forth by Statement of Financial
Accounting Standards No. 66, Accounting for Sales of Real Estate. For any
sales in which the installment sales method applies, any gain resulting
from the sale of land and building is deferred and the gain is recognized
proportionately as the sales value is collected. For any sales in which
the full accrual method applies, any gain resulting from the sale of land
and building is recognized at the date of sale.
2. Land and Building:
-----------------
In August 1995, the Partnership sold its property in Myrtle Beach, South
Carolina, to the tenant for $1,040,000. The total carrying value of the
property was $896,788, including acquisition fees and miscellaneous
acquisition expenses and net of accumulated depreciation. As a result of
this sale being accounted for under the installment sales method for
financial reporting purposes, the Partnership recognized a gain of $121
for the quarter ended September 30, 1995, and had a deferred gain in the
amount of $143,091 at September 30, 1995.
3. Mortgage Note Receivable:
------------------------
In connection with the sale of its property in Myrtle Beach, South
Carolina, the Partnership accepted a promissory note in the principal sum
of $1,040,000, collateralized by a mortgage on the property. The
promissory note bears interest at 10.25% per annum and is being collected
in 59 equal monthly installments of $9,319, with a balloon payment of
$1,006,725 due on the sixtieth month.
The mortgage note receivable balance at September 30, 1995, consists of
the following:
Principal balance $1,039,124
Less deferred gain on sale
of land and building (143,091)
----------
$ 896,033
==========
4. Subsequent Event:
----------------
Effective October 1, 1995, CNL Income Fund Advisors, Inc. assigned its
rights in the management agreement with the Partnership to an affiliate of
the general partners, CNL Fund Advisors, Inc. All of the terms and
conditions of the management agreement remain unchanged.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
CNL Income Fund V, Ltd. (the "Partnership") is a Florida limited
partnership that was organized on August 17, 1988, to acquire for cash, either
directly or through joint venture arrangements, both newly constructed and
existing restaurants, as well as land upon which restaurants were to be
constructed, which are leased primarily to operators of national and regional
fast-food and family-style restaurant chains (collectively, the "Properties").
The leases are triple-net leases, with the lessees generally responsible for all
repairs and maintenance, property taxes, insurance and utilities. As of
September 30, 1995, the Partnership owned 29 Properties, including interests in
three Properties owned by joint ventures in which the Partnership is a co-
venturer.
Liquidity and Capital Resources
- - -------------------------------
The Partnership's primary source of capital for the nine months ended
September 30, 1995 and 1994, 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). Cash from operations was
$1,595,281 and $1,615,126 for the nine months ended September 30, 1995 and 1994,
respectively. The decrease in cash from operations for the nine months ended
September 30, 1995, is a result of changes in income and expenses as discussed
in "Results of Operations" below and changes in the Partnership's working
capital.
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. During the nine months ended September 30,
1995, the Partnership received $31,500 in capital contributions from the
corporate general partner.
In August 1995, the Partnership sold its Property in Myrtle Beach, South
Carolina, to the tenant for $1,040,000. The Partnership recognized a gain of
$121 for financial reporting purposes for the quarter ended September 30, 1995,
and had a deferred gain in the amount of $143,091 at September 30, 1995, as
described in Note 2 to the Condensed Financial Statements. In connection with
this sale, the Partnership accepted a promissory note in the principal sum of
$1,040,000, collateralized by a mortgage on the Property. The note bears
interest at a rate of 10.25% per annum and is being collected in 59 equal
monthly installments of $9,319, with a balloon payment of $1,006,725 due on the
sixtieth month. Collections commenced August 1, 1995. Proceeds received from
the sale of this Property will be reinvested in additional Properties or used
for other Partnership purposes. The Partnership anticipates that it will
distribute amounts sufficient to enable the limited partners to pay federal and
state (at a level reasonably assumed by the general partners) income taxes, if
any, resulting from the sale.
Currently, rental income from the Partnership's Properties is invested in
money market accounts or other short-term, highly liquid investments pending the
Partnership's use of such funds to pay Partnership expenses or to make
distributions to the partners. At September 30, 1995, the Partnership had
$328,257 invested in such short-term investments as compared to $425,600 at
December 31, 1994. The funds remaining at September 30, 1995, will be used
towards the payment of distributions and other liabilities.
Total liabilities of the Partnership increased to $736,856 at September
30, 1995, from $703,167 at December 31, 1994, primarily as the result of an
increase in amounts due to related parties during the nine months ended
September 30, 1995. Liabilities at September 30, 1995, to the extent they
exceed cash and cash equivalents at September 30, 1995, will be paid from future
cash from operations and, in the event the general partners elect to make
additional capital contributions, from future general partner capital
contributions.
Based on current and anticipated future cash from operations, the
Partnership declared distributions to limited partners of $1,725,000 for each of
the nine months ended September 30, 1995 and 1994 ($575,000 for each of the
quarters ended September 30, 1995 and 1994). This represents distributions for
each applicable nine months of $34.50 per unit ($11.50 per unit for each
applicable quarter). No distributions were made to the general partners for the
quarters and nine months ended September 30, 1995 and 1994. No amounts
distributed or to be distributed to the limited partners for the nine months
ended September 30, 1995 and 1994, 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'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.
Results of Operations
- - ---------------------
During the nine months ended September 30, 1995 and 1994, the Partnership
and its consolidated joint venture, CNL/Longacre Joint Venture, owned and leased
28 wholly owned Properties (including one Property during the nine months ended
September 30, 1995, which was sold in August 1995), to operators primarily of
fast-food and family-style restaurants. In connection therewith, during the
nine months ended September 30, 1995 and 1994, the Partnership and CNL/Longacre
Joint Venture earned $1,571,393 and $1,628,143, respectively, in rental income
from operating leases and earned income from direct financing leases for these
Properties, $510,299 and $547,094 of which was earned during the quarters ended
September 30, 1995 and 1994, respectively.
The decrease in rental and earned income during the quarter and nine
months ended September 30, 1995, is primarily attributable to the fact that in
February 1994, the tenant of the Properties in Belding and South Haven,
Michigan, defaulted under the terms of its leases with the Partnership and a new
operator began operating the Properties on a month-to-month basis for reduced
rental amounts. The new operator ceased operations and rental payments for the
Property in Belding, Michigan, on October 31, 1994. In addition, in October
1995, the new operator ceased operations of the Property in South Haven,
Michigan, after becoming delinquent with its rental payments. As a result of
these transactions, rental and earned income for the nine months ended September
30, 1995 and 1994, includes $8,000 and $43,418, respectively, relating to these
two Properties. Due to the fact that the Partnership does not expect to receive
any additional amounts from the original tenant of these Properties, the
Partnership reversed all past due rental and other amounts relating to these two
Properties, and the related allowance for doubtful accounts of approximately
$138,700 during the quarter ended September 30, 1995. The Partnership is
continuing to pursue the collection of $14,500 of past due rents from the second
operator. However, since the collection of such amounts is doubtful, the
Partnership established an allowance for doubtful accounts for $14,500 during
the nine months ended September 30, 1995, and will recognize as income any such
amounts collected. The Partnership is currently seeking replacement tenants for
these two Properties.
The tenant of the Partnership's consolidated joint venture, CNL/Longacre
Joint Venture, defaulted under the terms of the lease and in February 1995
ceased operations of the restaurant on the Property located in Lebanon, New
Hampshire; therefore, the general partners are currently seeking a replacement
tenant for this Property. Due to the fact that the joint venture does not
expect to receive any additional amounts from the former tenant of this
Property, the joint venture reversed all past due rental and other amounts
relating to this Property, and the related allowance for doubtful accounts of
approximately $275,500 during the quarter ended September 30, 1995.
Rental and earned income for 1995 are expected to remain at reduced
amounts until such time as the Partnership executes new leases for its
Properties in Belding and South Haven, Michigan, and Lebanon, New Hampshire.
In addition, rental and earned income decreased approximately $20,500
during the quarter and nine months ended September 30, 1995, as compared to the
quarter and nine months ended September 30, 1994, as a result of the sale of the
Property in Myrtle Beach, South Carolina, in August 1995, as described above in
"Liquidity and Capital Resources."
For the nine months ended September 30, 1995 and 1994, the Partnership
also earned $44,151 and $40,108, respectively, in contingent rental income,
$20,030 and $23,664 of which was earned during the quarters ended September 30,
1995 and 1994, respectively. The increase in contingent rental income during
the nine months ended September 30, 1995, is primarily attributable to downward
adjustments to contingent rental income during the nine months ended September
30, 1994. These adjustments were due to the fact that the amounts reported at
December 31, 1993, included certain estimated amounts and were adjusted to
actual amounts during the nine months ended September 30, 1994. The increase
in contingent rental income during the nine months ended September 30, 1995, as
compared to the nine months ended September 30, 1994, was partially offset by a
decrease during the quarter and nine months ended September 30, 1995, as a
result of a decrease in gross sales of certain restaurant Properties whose
leases require the payment of contingent rental income.
During the nine months ended September 30, 1995 and 1994, the Partnership
also owned and leased two Properties indirectly through other joint venture
arrangements. In connection therewith, during the nine months ended September
30, 1995 and 1994, the Partnership earned $33,981 and $34,147, respectively,
attributable to net income earned by these unconsolidated joint ventures,
$11,424 and $11,552 of which was earned during the quarters ended September 30,
1995 and 1994, respectively.
During the nine months ended September 30, 1995, one of the Partnership's
lessees, Shoney's, Inc., contributed more than ten percent of the Partnership's
total rental income (including the Partnership's share of rental income from
three Properties owned by joint ventures in which the Partnership is a co-
venturer). Shoney's, Inc. is the lessee under leases relating to four
restaurants. It is anticipated that, based on the minimum rental payments
required by the leases, Shoney's, Inc. will continue to contribute more than ten
percent of the Partnership's total rental income during the remainder of 1995
and subsequent years. Any failure of Shoney's, Inc. could materially affect the
Partnership's income.
Interest and other income was $53,609 and $11,052 for the nine months
ended September 30, 1995 and 1994, respectively, of which $28,015 and $1,810 was
earned for the quarters ended September 30, 1995 and 1994, respectively. The
increase in interest and other income during the quarter and nine months ended
September 30, 1995, as compared to the quarter and nine months ended September
30, 1994, is partially attributable to the interest earned on the mortgage note
receivable accepted in connection with the sale of the Property in Myrtle Beach,
South Carolina, in August 1995. Interest and other income also increased for
the quarter and nine months ended September 30, 1995, as compared to the quarter
and nine months ended September 30, 1994, as the result of recognizing storage
income from holding the restaurant equipment of the former tenant of the
Property in Lebanon, New Hampshire, on behalf of the tenant's lender, who
repossessed the restaurant equipment from the tenant.
Operating expenses, including depreciation and amortization expense, were
$482,495 and $418,625 for the nine months ended September 30, 1995 and 1994,
respectively, of which $165,658 and $108,302 were incurred for the quarters
ended September 30, 1995 and 1994, respectively. The increase in operating
expenses during the quarter and nine months ended September 30, 1995, as
compared to the quarter and nine months ended September 30, 1994, is partially
attributable to an increase in depreciation and amortization as a result of the
reclassification of the leases relating to the Properties in New Castle,
Indiana, and Belding and South Haven, Michigan, from direct financing leases to
operating leases during 1994. Operating expenses also increased during the
quarter and nine months ended September 30, 1995, as compared to the quarter and
nine months ended September 30, 1994, as the result of an increase in (i)
accounting and administrative expenses and (ii) insurance expense as a result of
the general partners' obtaining contingent liability and property coverage for
the Partnership. This insurance policy is intended to reduce the Partnership's
exposure in the unlikely event a tenant's insurance policy lapses or is
insufficient to cover a claim relating to the Property.
Operating expenses remained at a high level during the nine months ended
September 30, 1995 and 1994, as a result of the Partnership and CNL/Longacre
Joint Venture accruing $43,071 and $37,306, respectively, in real estate tax
expense for the Properties in Belding and South Haven, Michigan, and Lebanon,
New Hampshire, due to the tenants defaulting under the terms of their leases.
The Partnership and CNL/Longacre Joint Venture expect to continue to incur real
estate tax and other expenses relating to the Properties in Belding and South
Haven, Michigan, and Lebanon, New Hampshire, until such time as new leases are
executed for such Properties.
In August 1995, the Partnership sold its Property in Myrtle Beach, South
Carolina, as described above in "Liquidity and Capital Resources," for
$1,040,000, resulting in gain for financial reporting purposes of $121 during
the quarter and nine months ended September 30, 1995.
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 - None.
(b) No reports on Form 8-K were filed during the quarter ended
September 30, 1995.
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 13th day of November, 1995.
CNL INCOME FUND V, LTD.
By: CNL REALTY CORPORATION
General Partner
By: /s/ James M. Seneff, Jr.
-------------------------
JAMES M. SENEFF, JR.
President and Principal
Executive Officer
By: /s/ Robert A. Bourne
-------------------------
ROBERT A. BOURNE
Treasurer and Principal
Financial Officer
