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 March 31, 2000
------------------------
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)
<TABLE>
<CAPTION>
Florida 59-2922869
- ------------------------------------------------------ ------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
<S> <C>
450 South Orange Avenue
Orlando, Florida 32801
- ------------------------------------------------------ ------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number
(including area code) (407) 540-2000
------------------------------------------------
</TABLE>
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 _________
<PAGE>
CONTENTS
Part I Page
Item 1. Financial Statements:
Condensed Balance Sheets
Condensed Statements of Income
Condensed Statements of Partners' Capital
Condensed Statements of Cash Flows
Notes to Condensed Financial Statements
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About
Market Risk
Part II
Other Information
<PAGE>
CNL INCOME FUND V, LTD.
(A Florida Limited Partnership)
CONDENSED BALANCE SHEETS
<TABLE>
<CAPTION>
March 31, December 31,
2000 1999
------------------ -------------------
<S> <C>
ASSETS
Landand buildings on operating leases, less accumulated depreciation of
$1,945,726 and $1,998,386, respectively, and allowance for loss on land
and buildings of $516,049 and $962,161, respectively
$ 9,028,386 $ 9,208,302
Net investment in direct financing leases 1,660,713 1,670,966
Investment in joint ventures 2,524,081 2,534,850
Mortgage notes receivable, less deferred gain of $136,969 and
$137,303, respectively 866,194 868,309
Cash and cash equivalents 1,875,426 1,984,879
Receivables, less allowance for doubtful accounts
of $198,715 and $153,750, respectively 46,141 54,580
Prepaid expenses 3,467 4,458
Accrued rental income 313,127 300,090
Other assets 54,346 54,346
------------------ -------------------
$ 16,371,881 $ 16,680,780
================== ===================
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $ 25,911 $ 81,476
Accrued real estate taxes payable 12,391 4,201
Distributions payable 500,000 500,000
Due to related parties 359,969 348,888
Rents paid in advance 19,387 6,094
------------------ -------------------
Total liabilities 917,658 940,659
Minority interest 72,670 77,373
Partners' capital 15,381,553 15,662,748
------------------ -------------------
$ 16,371,881 $ 16,680,780
================== ===================
See accompanying notes to condensed financial statements
</TABLE>
<PAGE>
CNL INCOME FUND V, LTD.
(A Florida Limited Partnership)
CONDENSED STATEMENTS OF INCOME
<TABLE>
<CAPTION>
Quarter Ended
March 31,
2000 1999
--------------- --------------
<S> <C>
Revenues:
Rental income from operating leases $ 252,736 $ 293,048
Earned income from direct financing leases 34,729 45,883
Interest and other income 50,550 58,654
--------------- --------------
338,015 397,585
--------------- --------------
Expenses:
General operating and administrative 42,205 36,114
Professional services 10,361 5,392
Bad debt expense 18,673 --
Real estate taxes 14,197 7,805
State and other taxes 6,365 5,957
Depreciation and amortization 58,402 64,112
Transaction costs 23,692 31,470
--------------- --------------
173,895 150,850
--------------- --------------
Income Before Minority Interest in Loss of
Consolidated Joint Venture, Equity in Earnings
of Unconsolidated Joint Ventures and Gain on
Sale of Land and Buildings 164,120 246,735
Minority Interest in Loss of Consolidated Joint Venture 4,703 4,385
Equity in Earnings of Unconsolidated Joint Ventures 49,648 56,838
Gain on Sale of Land and Buildings 334 395,113
--------------- --------------
--------------- --------------
Net Income $ 218,805 $ 703,071
=============== ==============
Allocation of Net Income:
General partners $ 2,188 $ 5,435
Limited partners 216,617 697,636
--------------- --------------
$ 218,805 $ 703,071
=============== ==============
Net Income Per Limited Partner Unit $ 4.33 $ 13.95
=============== ==============
Weighted Average Number of Limited Partner
Units Outstanding 50,000 50,000
=============== ==============
See accompanying notes to condensed financial statements
</TABLE>
<PAGE>
CNL INCOME FUND V, LTD.
(A Florida Limited Partnership)
CONDENSED STATEMENTS OF PARTNERS' CAPITAL
<TABLE>
<CAPTION>
Quarter Ended Year Ended
March 31, December 31,
2000 1999
<S> <C> ------------------ -----------------
General partners:
Beginning balance $ 514,026 $ 503,730
Net income 2,188 10,296
------------------ -----------------
516,214 514,026
------------------ -----------------
Limited partners:
Beginning balance 15,148,722 15,723,372
Net income 216,617 1,425,350
Distributions ($10.00 and $40.00 per
limited partner unit, respectively) (500,000 ) (2,000,000 )
------------------ -----------------
14,865,339 15,148,722
------------------ -----------------
Total partners' capital $ 15,381,553 $ 15,662,748
================== =================
See accompanying notes to condensed financial statements
</TABLE>
<PAGE>
CNL INCOME FUND V, LTD.
(A Florida Limited Partnership)
CONDENSED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
Quarter Ended
March 31,
2000 1999
---------------- ---------------
<S> <C>
Increase (Decrease) in Cash and Cash Equivalents
Net Cash Provided by Operating Activities $ 261,172 $ 520,276
---------------- ---------------
Cash Flows from Investing Activities:
Proceeds from sale of land and buildings 126,947 1,113,759
Collections on mortgage note receivable 2,428 277,819
---------------- ---------------
Net cash provided by investing activities 129,375 1,391,578
---------------- ---------------
Cash Flows from Financing Activities:
Distributions to limited partners (500,000 ) (500,000 )
---------------- ---------------
Net cash used in financing activities (500,000 ) (500,000 )
---------------- ---------------
Net Increase (Decrease) in Cash and Cash Equivalents (109,453 ) 1,411,854
Cash and Cash Equivalents at Beginning of Quarter 1,984,879 352,648
---------------- ---------------
Cash and Cash Equivalents at End of Quarter $1,875,426 $1,764,502
================ ===============
Supplemental Schedule of Non-Cash Investing and
Financing Activities:
Deferred real estate disposition fees incurred
and unpaid at end of quarter $ 4,050 $ --
================ ===============
Distributions declared and unpaid at end of
quarter $ 500,000 $ 500,000
================ ===============
See accompanying notes to condensed financial statements
</TABLE>
<PAGE>
CNL INCOME FUND V, LTD.
(A Florida Limited Partnership)
NOTES TO CONDENSED FINANCIAL STATEMENTS
Quarters Ended March 31, 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 ended March 31, 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 V, Ltd. (the "Partnership") for the year ended December 31,
1999.
The Partnership accounts for its 66.5% interest in CNL/Longacre Joint
Venture using the consolidation method. Minority interest represents
the minority joint venture partner's proportionate share of the equity
in the Partnership's consolidated joint venture. All significant
intercompany accounts and transactions have been eliminated.
2. Reclassification:
Certain items in the prior year's financial statements have been
reclassified to conform to 2000 presentation. These reclassifications
had no effect on partners' capital or net income.
3. Land and Buildings on Operating Leases:
During the quarter ended March 31, 2000, the Partnership sold its
property in Belding, Michigan, to a third party for $135,000 and
received net sales proceeds of $126,947 resulting in a loss of $138,828
for financial reporting purposes. Due to the fact that as of December
31, 1999, the Partnership had recorded an allowance for loss on
building of $138,828, no gain or loss was recorded for financial
reporting purposes during the quarter ended March 31, 2000.
<PAGE>
CNL INCOME FUND V, LTD.
(A Florida Limited Partnership)
NOTES TO CONDENSED FINANCIAL STATEMENTS
Quarters Ended March 31, 2000 and 1999
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 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 generally are triple-net leases, with the lessees responsible for all
repairs and maintenance, property taxes, insurance and utilities. As of March
31, 2000, the Partnership owned 22 Properties, which included interests in five
Properties owned by joint ventures in which the Partnership is a co-venturer and
two Properties owned with affiliates as tenants-in-common.
Capital Resources
During the quarters ended March 31, 2000 and 1999, the Partnership
generated 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 $261,172 and $520,276 for the
quarters ended March 31, 2000 and 1999, respectively. The decrease in cash from
operations for the quarter ended March 31, 2000 was a result of changes in
income and expenses, as described in "Results of Operations" below, and changes
in the Partnership's working capital.
Other sources and uses of capital included the following during the
quarter ended March 31, 2000.
During the quarter ended March 31, 2000, the Partnership sold its
Property in Belding, Michigan to a third party for $135,000 and received net
sales proceeds of $126,947 resulting in a loss of $138,828 for financial
reporting purposes. Due to the fact that as of December 31, 1999, the
Partnership had recorded an allowance for loss on building of $138,828, no gain
or loss was recorded for financial reporting purposes during the quarter ended
March 31, 2000. The Partnership intends to use the net sales proceeds to pay
liabilities of the Partnership, to reinvest in an additional property or to
distribute to the limited partners. The Partnership will distribute amounts
sufficient to enable the limited partners to pay federal and state income taxes,
if any (at a level reasonably assumed by the general partners), resulting from
the sale.
Currently, rental income from the Partnership's Properties and net
sales proceeds held by the Partnership are invested in money market accounts or
other short-term, highly liquid investments, such as demand deposit accounts at
commercial banks, certificates of deposit, and money market accounts with less
than a 30-day maturity date, pending the Partnership's use of such funds to pay
Partnership expenses, to make distributions to the partners and, if determined
appropriate, to invest in an additional property. At March 31, 2000, the
Partnership had $1,875,426 invested in such short-term investments, as compared
to $1,984,879 at December 31, 1999. The funds remaining at March 31, 2000, will
be used towards the payment of distributions to the limited partners or used to
meet the Partnership's working capital and other needs.
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 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.
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, the Partnership
declared distributions to the limited partners of $500,000 for each of the
quarters ended March 31, 2000 and 1999. This represents distributions of $10.00
per unit for each applicable quarter. No distributions were made to the general
partners for the quarters ended March 31, 2000 and 1999. No amounts distributed
to the limited partners for the quarters ended March 31, 2000 and 1999 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.
Total liabilities of the Partnership decreased to $917,658 at March 31,
2000, from $940,659 at December 31, 1999, primarily due to a decrease in
accounts payable. The decrease in liabilities was partially offset by an
increase in rents paid in advance at March 31, 2000, as compared to December 31,
1999. Liabilities at March 31, 2000, to the extent they exceed cash and cash
equivalents at March 31, 2000 (excluding amounts held representing net sales
proceeds from the sale of Properties and collections under the promissory note),
will be paid from future cash from operations, net sales proceeds, or in the
event the general partners elect to make capital contributions, from future
general partner contributions.
Long-Term Liquidity
The Partnership has no long-term debt or other long-term liquidity
requirements.
Results of Operations
During the quarter ended March 31, 1999, the Partnership and its
consolidated joint venture, CNL/Longacre Joint Venture, owned and leased 20
wholly owned Properties (which included two Properties which were sold in March
1999), and during the quarter ended March 31, 2000, the Partnership and
CNL/Longacre Joint Venture owned and leased 18 wholly owned Properties to
operators of fast-food and family-style restaurant chains. In connection
therewith, during the quarters ended March 31, 2000 and 1999, the Partnership
and CNL/Longacre Joint Venture earned $287,465 and $338,931, respectively, in
rental income from operating leases and earned income from direct financing
leases. Rental and earned income decreased by approximately $19,500 during the
quarter ended March 31, 2000, as compared to the quarter ended March 31, 1999,
as a result of the sales of Properties during 1999.
Rental and earned income also decreased during the quarter ended March
31, 2000 as compared to the quarter ended March 31, 1999, by approximately
$10,100 due to the fact that the Partnership established an allowance for
doubtful accounts for past due rental amounts in accordance with the
Partnership's policy, relating to the Property in Huron, Ohio. The general
partners will continue to pursue collection of past due rental amounts and will
recognize such amounts as income if collected. The tenant vacated the Property,
ceased operations and ceased making rental payments to the Partnership. The
Partnership is currently seeking a new tenant or purchaser for this Property.
The Partnership will not recognize any rental income relating to this Property
until such time as the Partnership executes a new lease or until the Property is
sold and the proceeds from such sale are reinvested in an additional Property.
Rental and earned income also decreased during the quarter ended March
31, 2000, by approximately $11,400 due to the fact that the Partnership
established an allowance of doubtful accounts for past due rental amounts
relating to the Property in New Castle, Indiana, in accordance with the
Partnership's policy. The general partners will continue to pursue collection of
past due rental amounts relating to this Property and will recognize such
amounts as income if collected.
Rental and earned income during the quarters ended March 31, 2000 and
1999 continued to remain at reduced amounts due to the fact that the Partnership
is not receiving any rental income relating to the Properties in Daleville,
Indiana and Lebanon, New Hampshire. Rental and earned income are expected to
remain at reduced amounts until such time as the Partnership executes new leases
or until the Properties are sold and the proceeds from such sales are reinvested
in additional Properties. The Partnership is currently seeking either new
tenants or purchasers for these Properties.
For the quarters ended March 31, 2000 and 1999, the Partnership owned
and leased three Properties indirectly through joint venture arrangements and
two Properties as tenants-in-common with affiliates of the general partners. In
addition, during the quarter ended March 31, 2000, the Partnership owned and
leased an additional Property indirectly through a joint venture arrangement. In
connection therewith, the Partnership earned $49,648 and $56,838, respectively,
attributable to net income earned by unconsolidated joint ventures in which the
Partnership is a co-venturer. The decrease in net income earned by these joint
ventures during the quarter ended March 31, 2000, as compared March 31, 1999,
was primarily attributable to the fact that in June 1999, Halls Joint Venture,
in which the Partnership owns a 48.9% interest, sold its Property. Halls Joint
Venture intends to reinvest the net sales proceeds in an additional Property or
distribute to each joint venture partners in accordance with the terms of the
joint venture agreement.
Operating expenses, including depreciation expense, were $173,895 and
$150,850 for the quarters ended March 31, 2000 and 1999, respectively. The
increase in operating expenses during the quarter ended March 31, 2000, as
compared to the quarter ended March 31, 1999, is primarily due to the
Partnership recording approximately $18,600 in bad debt expense relating to the
Property in Huron, Ohio, for which the tenant vacated the Property and ceased
making rental payments, as described above.
As a result of the sale of the Properties in Myrtle Beach, South
Carolina and St. Cloud, Florida in 1995 and 1996, respectively, and recording
the gains from such sales using the installment method, the Partnership
recognized gains for financial reporting purposes of $334 and $181,610 during
the quarters ended March 31, 2000 and 1999, respectively. The gain recognized
was higher during the quarter ended March 31, 1999, due to the fact that during
the quarter ended March 31, 1999, the Partnership collected an advance payment
of principal relating to the promissory note collateralized by a Property in St.
Cloud, Florida, which the Partnership sold in 1996, which accelerated the
recognition of the gain for financial reporting purposes. In addition, as a
result of the sales of the Properties in Endicott and Ithaca, New York, the
Partnership recognized an additional gain of $213,503 for financial reporting
purposes during the quarter ended March 31, 1999.
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.
Dismissal of Legal Action
As described in greater detail in Part II, Item 1 ("Legal
Proceedings"), in 1999 two groups of limited partners in several CNL Income
Funds filed purported class action suits against the general partners and APF
alleging, among other things, that the general partners had breached their
fiduciary duties in connection with the proposed Merger. These actions were
later consolidated into one action. On April 25, 2000, the judge in the
consolidated action issued a Stipulated Final Order of Dismissal of Consolidated
Action, dismissing the action without prejudice, with each party to bear its own
costs and attorneys' fees.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
No material changes in the Partnership's market risk occurred from
December 31, 1999 through March 31, 2000. Information regarding the
Partnership's market risk at December 31, 1999 is included in its Annual Report
on Form 10-K for the year ended December 31, 1999.
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings.
On May 11, 1999, four limited partners in several CNL Income
Funds served a derivative and purported class action lawsuit
filed April 22, 1999 against the general partners and APF in
the Circuit Court of the Ninth Judicial Circuit of Orange
County, Florida, alleging that the general partners breached
their fiduciary duties and violated provisions of certain of
the CNL Income Fund partnership agreements in connection with
the proposed Merger. The plaintiffs are seeking unspecified
damages and equitable relief. On July 8, 1999, the plaintiffs
filed an amended complaint which, in addition to naming three
additional plaintiffs, includes allegations of aiding and
abetting and conspiring to breach fiduciary duties, negligence
and breach of duty of good faith against certain of the
defendants and seeks additional equitable relief. As amended,
the caption of the case is Jon Hale, Mary J. Hewitt, Charles
A. Hewitt, Gretchen M. Hewitt, Bernard J. Schulte, Edward M.
and Margaret Berol Trust, and Vicky Berol v. James M. Seneff,
Jr., Robert A. Bourne, CNL Realty Corporation, and CNL
American Properties Fund, Inc., Case No.
CIO-99-0003561.
On June 22, 1999, a limited partner of several CNL Income
Funds served a purported class action lawsuit filed April 29,
1999 against the general partners and APF, Ira Gaines,
individually and on behalf of a class of persons similarly
situated, v. CNL American Properties Fund, Inc., James M.
Seneff, Jr., Robert A. Bourne, CNL Realty Corporation, CNL
Fund Advisors, Inc., CNL Financial Corporation a/k/a CNL
Financial Corp., CNL Financial Services, Inc. and CNL Group,
Inc., Case No. CIO-99-3796, in the Circuit Court of the Ninth
Judicial Circuit of Orange County, Florida, alleging that the
general partners breached their fiduciary duties and that APF
aided and abetted their breach of fiduciary duties in
connection with the proposed Merger. The plaintiff is seeking
unspecified damages and equitable relief.
On September 23, 1999, Judge Lawrence Kirkwood entered an
order consolidating the two cases under the caption In re: CNL
Income Funds Litigation, Case No. 99-3561. Pursuant to this
order, the plaintiffs in these cases filed a consolidated and
amended complaint on November 8, 1999. On December 22, 1999,
the general partners and CNL Group, Inc. filed motions to
dismiss and motions to strike. On December 28, 1999, APF and
CNL Fund Advisors, Inc. filed motions to dismiss. On March 6,
2000, all of the defendants filed a Joint Notice of Filing
Form 8-K Reports and Suggestion of Mootness.
On April 25, 2000, Judge Kirkwood issued a Stipulated Final
Order of Dismissal of Consolidated Action, dismissing the
action without prejudice, with each party to bear its own
costs and attorneys' fees.
Item 2. Changes in Securities. Inapplicable.
Item 3. Default 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 Amended and Restated Affidavit and Certificate of
Limited Partnership of CNL Income Fund V, Ltd.
(Included as Exhibit 3.1 to Form 10-K filed with the
Securities and Exchange Commission on March 31, 1994,
and incorporated herein by reference.)
4.1 Amended and Restated Affidavit and Certificate of
Limited Partnership of CNL Income Fund V, Ltd.
(Included as Exhibit 3.1 to Form 10-K filed with the
Securities and Exchange Commission on March 31, 1994,
and incorporated herein by reference.)
4.2 Amended and Restated Certificate and Agreement of
Limited Partnership of CNL Income Fund V, Ltd.
(Included as Exhibit 4.2 to Form 10-K filed with the
Securities and Exchange Commission on March 31, 1994,
and incorporated herein by reference.)
10.1 Management Agreement (Included as Exhibit 10.1 to
Form 10-K filed with the Securities and Exchange
Commission on March 31, 1994, and incorporated herein
by reference.)
10.2 Assignment of 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 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 April 1, 1996,
and incorporated herein by reference.)
27 Financial Data Schedule (Filed herewith.)
(b) Reports on Form 8-K
A Current Report on Form 8-K dated February 23, 2000
was filed on March 1, 2000 describing the termination
of the proposed merger of the Partnership with and
into a subsidiary of CNL American Properties Fund,
Inc.
<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 May, 2000
CNL INCOME FUND V, 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)
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
balance sheet of CNL Income Fund V, Ltd. at March 31, 2000, and its statement of
income for the three months then ended and is qualified in its entirety by
reference to the Form 10-Q of CNL Income Fund V, Ltd. for the three months ended
March 31, 2000
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 1,875,426
<SECURITIES> 0
<RECEIVABLES> 244,856
<ALLOWANCES> 198,715
<INVENTORY> 0
<CURRENT-ASSETS> 0<F1>
<PP&E> 10,974,112
<DEPRECIATION> 1,945,726
<TOTAL-ASSETS> 16,371,881
<CURRENT-LIABILITIES> 0<F1>
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 15,381,553
<TOTAL-LIABILITY-AND-EQUITY> 16,371,881
<SALES> 0
<TOTAL-REVENUES> 338,015
<CGS> 0
<TOTAL-COSTS> 155,222
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 18,673
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 218,805
<INCOME-TAX> 0
<INCOME-CONTINUING> 218,805
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 218,805
<EPS-BASIC> 0
<EPS-DILUTED> 0
<FN>
<F1>Due to the nature of its industry, CNL Income Fund V, Ltd. has an
unclassified balance sheet; therefore, no values are shown above for current
assets and current liabilities.
</FN>
</TABLE>
