FORM 10-Q/A
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 June 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
0-19144
----------------------
CNL Income Fund VI, Ltd.
---------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Florida 59-2922954
---------------------------- ---------------------------
(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
--------- ---------
The Form 10-Q of CNL Income Fund VI, Ltd. for the quarter and six months ended
June 30, 1995, is being amended in order to correct the date of sale relating to
the property in Little Canada, Minnesota. The correction affects the Financial
Statements and the related notes in Item 1. of Part I and Management's
Discussion and Analysis of Financial Condition and Results of Operations in Item
2. of Part I; therefore, they are amended to read as follows.
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 5-7
Item 2. Management's Discussion and Analysis
of Financial Condition and
Results of Operations 8-12
Part II
Other Information 13
CNL INCOME FUND VI, LTD.
(A Florida Limited Partnership)
CONDENSED BALANCE SHEETS
June 30, December 31,
ASSETS 1995 1994
----------- ------------
Land and buildings on operating
leases, less accumulated
depreciation of $2,476,161
and $2,307,725 $22,865,570 $23,884,110
Net investment in direct
financing leases 4,030,229 4,056,533
Investment in joint ventures 874,429 880,156
Cash and cash equivalents 923,928 926,481
Restricted cash 894,574 -
Receivables, less allowance for
doubtful accounts of $151,217
and $178,255 59,933 129,458
Prepaid expenses 13,375 3,208
Lease costs, less accumulated
amortization of $856 and $895 16,844 305
Accrued rental income, less
allowance for doubtful
accounts of $8,624 and
$8,087 909,978 848,017
Other assets 26,731 26,731
----------- -----------
$30,615,591 $30,754,999
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $ 47,869 $ 5,770
Accrued and escrowed real estate
taxes payable 5,141 11,200
Distributions payable 787,500 787,500
Rents paid in advance 20,267 41,116
----------- -----------
Total liabilities 860,777 845,586
Minority interest 164,716 160,028
Partners' capital 29,590,098 29,749,385
----------- -----------
$30,615,591 $30,754,999
=========== ===========
See accompanying notes to condensed financial statements.
CNL INCOME FUND VI, LTD.
(A Florida Limited Partnership)
CONDENSED STATEMENTS OF INCOME
Quarter Ended Six Months Ended
June 30, June 30,
1995 1994 1995 1994
-------- -------- ---------- ----------
Revenues:
Rental income from
operating leases $680,520 $684,984 $1,364,254 $1,413,535
Earned income from
direct financing
leases 110,810 112,287 222,006 221,520
Contingent rental
income 5,894 13,683 10,719 19,566
Interest and other
income 11,274 2,051 22,388 14,210
-------- -------- ---------- ----------
808,498 813,005 1,619,367 1,668,831
-------- -------- ---------- ----------
Expenses:
General operating and
administrative 33,998 29,419 62,501 55,944
Professional services 10,841 11,966 16,439 18,301
Bad debt expense - 9,847 - 29,317
Real estate taxes 1,224 - 3,987 -
Other taxes 259 11,962 6,789 11,962
Depreciation and
amortization 124,579 135,784 248,221 264,963
-------- -------- ---------- ----------
170,901 198,978 337,937 380,487
-------- -------- ---------- ----------
Income Before Minority
Interest in Income of
Consolidated Joint
Venture, Equity in
Earnings of Unconsoli-
dated Joint Ventures
and Gain on Sale of
Land and Buildings 637,597 614,027 1,281,430 1,288,344
Minority Interest in
Income of Consolidated
Joint Venture (4,668) (4,509 ) (9,214) (9,378)
Equity in Earnings of
Unconsolidated Joint
Ventures 20,455 10,039 40,214 20,638
Gain on Sale of Land and
Buildings 103,283 332,664 103,283 332,664
-------- -------- ---------- ----------
Net Income $756,667 $952,221 $1,415,713 $1,632,268
======== ======== ========== ==========
Allocation of Net Income:
General partners $ 7,567 $ 9,522 $ 14,157 $ 16,323
Limited partners 749,100 942,699 1,401,556 1,615,945
-------- -------- ---------- ----------
$756,667 $952,221 $1,415,713 $1,632,268
======== ======== ========== ==========
Net Income Per Limited
Partner Unit $ 10.70 $ 13.47 $ 20.02 $ 23.08
======== ======== ========== ==========
See accompanying notes to condensed financial statements.
CNL INCOME FUND VI, LTD.
(A Florida Limited Partnership)
CONDENSED STATEMENTS OF PARTNERS' CAPITAL
Six Months Ended Year Ended
June 30, December 31,
1995 1994
---------------- ------------
General partners:
Beginning balance $ 147,262 $ 118,326
Net income 14,157 28,936
----------- -----------
161,419 147,262
----------- -----------
Limited partners:
Beginning balance 29,602,123 29,686,031
Net income 1,401,556 3,066,092
Distributions (1,575,000) (3,150,000)
----------- -----------
29,428,679 29,602,123
----------- -----------
Total partners' capital $29,590,098 $29,749,385
=========== ===========
See accompanying notes to condensed financial statements.
CNL INCOME FUND VI, LTD.
(A Florida Limited Partnership)
CONDENSED STATEMENTS OF CASH FLOWS
Six Months Ended
June 30,
1995 1994
----------- -----------
Increase (Decrease) in Cash and Cash
Equivalents:
Net Cash Provided by Operating Activities $ 1,571,973 $ 1,663,390
----------- -----------
Cash Flows from Investing Activities:
Additions to land and buildings on
operating leases - (861,569)
Proceeds from sale of land and
buildings 899,574 1,429,481
Increase in restricted cash (894,574 ) (579,825)
Payment of lease costs - (1,800)
----------- -----------
Net cash provided by (used in)
investing activities 5,000 (13,713)
----------- -----------
Cash Flows from Financing Activities:
Distributions to limited partners (1,575,000 ) (1,575,000)
Distributions to holder of minority
interest (4,526 ) (11,854)
----------- -----------
Net cash used in financing
activities (1,579,526 ) (1,586,854)
----------- -----------
Net Increase (Decrease) in Cash and Cash
Equivalents (2,553 ) 62,823
Cash and Cash Equivalents at Beginning of
Period 926,481 852,953
----------- -----------
Cash and Cash Equivalents at End of Period $ 923,928 $ 915,776
=========== ===========
Supplemental Schedule of Non-Cash Investing
and Financing Activities:
Building costs incurred and unpaid at
end of period $ 25,646 $ -
=========== ===========
Lease costs incurred and unpaid at
end of period $ 16,500 $ -
=========== ===========
Distributions declared and unpaid at
end of period $ 787,500 $ 787,500
=========== ===========
See accompanying notes to condensed financial statements.
CNL INCOME FUND VI, LTD.
(A Florida Limited Partnership)
NOTES TO CONDENSED FINANCIAL STATEMENTS
Quarters and Six Months Ended June 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 six
months ended June 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 VI, Ltd. (the "Partnership") for the year ended December 31,
1994.
The Partnership accounts for its 66 percent interest in the accounts of
Caro Joint Venture under the full consolidation method. All significant
intercompany accounts and transactions have been eliminated.
Net income per limited partner unit is calculated based upon the weighted
average number of units of limited partnership interest outstanding during
each period. The weighted average number of limited partner units
outstanding for each of the quarters and six months ended June 30, 1995
and 1994 was 70,000.
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.
2. Leases:
------
In April, 1995, the Partnership entered into a new lease for its property
in Hermitage, Tennessee. In connection therewith, the Partnership
incurred renovation costs of $25,646 and lease costs of $16,500.
3. Land and Buildings:
------------------
In June 1995, the Partnership sold its property in Little Canada,
Minnesota, for $904,000 and received net sales proceeds of $899,574,
resulting in a gain of $103,283 for financial reporting purposes. This
property was originally acquired by the Partnership in October 1989 and
had a cost of approximately $823,900, excluding acquisition fees and
miscellaneous acquisition expenses. As a result of the sale, the
Partnership had a profit of approximately $80,100 in excess of its
original purchase price. The Partnership intends to reinvest the net sales
proceeds in an additional property.
4. Restricted Cash:
---------------
As of June 30, 1995, the net sales proceeds of $894,574 received in
conjunction with the sale of the property in Little Canada, Minnesota, was
being held in an interest-bearing escrow account pending reinvestment of
the net sales proceeds in another property, or if the funds are not
reinvested, they will be returned to the Partnership.
5. Subsequent Events:
-----------------
In August 1995, the Partnership reinvested $725,285 of the net sales
proceeds from the sale of the property in Little Canada, Minnesota, in
land and building of a property in Broken Arrow, Oklahoma, and in
connection therewith, entered into a long-term, triple-net lease.
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.
In January 1996, the Partnership reinvested the remaining net sales
proceeds from the sale of the property in Little Canada, Minnesota, in a
property in Clinton, North Carolina, as tenants-in-common, with an
affiliate of the general partners.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
CNL Income Fund VI, 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 selected 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 June 30, 1995, the Partnership owned 41 Properties, including
four Properties owned by joint ventures in which the Partnership is a co-
venturer and one Property owned with an affiliate as tenants-in-common.
Liquidity and Capital Resources
- -------------------------------
The Partnership's primary source of capital for the six months ended June
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 $1,571,973 and
$1,663,390 for the six months ended June 30, 1995 and 1994, respectively. The
decrease in cash from operations for the six months ended June 30, 1995, is
primarily as a result of changes in income and expenses as discussed in "Results
of Operations" below and changes in receivables and payables.
In April 1995, the Partnership entered into a new lease for its Property
in Hermitage, Tennessee. In connection therewith, the Partnership incurred
$25,646 in renovation costs and $16,500 in lease costs.
In June 1995, the Partnership sold its Property in Little Canada,
Minnesota, for $904,000 and received net sales proceeds of $899,574, resulting
in a gain of $103,283 for financial reporting purposes. This Property was
originally acquired by the Partnership in October 1989 and had a cost of
approximately $823,900, excluding acquisition fees and miscellaneous acquisition
expenses. As a result of the sale, the Partnership had a profit of
approximately $80,100 in excess of its original purchase price. As of June 30,
1995, $894,574 of the net sales proceeds were being held in an interest-bearing
escrow account. In August 1995, the Partnership reinvested $725,285 in a
Property in Broken Arrow, Oklahoma. In January 1996, the Partnership reinvested
the remaining net sales proceeds in a Property in Clinton, North Carolina, as
tenants-in-common, with an affiliate of the general partners. In addition, the
Partnership distributed amounts sufficient to enable the limited partners to pay
federal and state income taxes (at a level reasonably assumed by the general
partners) resulting from the sale.
Currently, the 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 June 30, 1995, the Partnership had $923,928
invested in such short-term investments as compared to $926,481 at December 31,
1994. The funds remaining at June 30, 1995, after payment of distributions and
other liabilities, will be used to fund renovation and lease costs relating to
the Hermitage Property, as described above, and to meet the Partnership's
working capital and other needs.
Total liabilities of the Partnership, including distributions payable,
increased to $860,777 at June 30, 1995, from $845,586 at December 31, 1994,
primarily as a result of renovation and lease costs relating to the re-leasing
of the Property in Hermitage, Tennessee, as described above. The general
partners believe the Partnership has sufficient cash on hand to meet the
Partnership's current working capital needs.
Based on cash from operations, the Partnership declared distributions to
the limited partners of $1,575,000 for each of the six months ended June 30,
1995 and 1994 ($787,500 for each of the quarters ended June 30, 1995 and 1994).
This represents distributions for each applicable six months of $22.50 per unit
($11.25 per unit for each applicable quarter). No distributions were made to
the general partners for the quarters and six months ended June 30, 1995 and
1994. No amounts distributed or to be distributed to the limited partners for
the six months ended June 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.
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.
Results of Operations
- ---------------------
During the six months ended June 30, 1994, the Partnership and its
consolidated joint venture, Caro Joint Venture, owned and leased 40 wholly owned
Properties (including two Properties during the six months ended June 30, 1994,
that were sold in May 1994) and during the six months ended June 30, 1995, the
Partnership and its consolidated joint venture owned and leased 38 wholly owned
Properties (including one Property in Little Canada, Minnesota, which was sold
in June 1995) to operators of fast-food and family-style restaurant chains.
In connection therewith, the Partnership and Caro Joint Venture earned
$1,586,260 and $1,635,055, during the six months ended June 30, 1995 and 1994,
respectively, in rental income from operating leases and earned income from
direct financing leases from these Properties, $791,330 and $797,271
of which was earned during the quarters ended June 30, 1995 and 1994,
respectively. Rental and earned income decreased approximately $23,500 and
$47,000 during the quarter and six months ended June 30, 1995, respectively, as
a result of the fact that the tenant of the Property in Hermitage, Tennessee,
elected to exercise its option to terminate its lease with the Partnership
effective August 31, 1994. The decrease in rental and earned income was
partially offset by an increase of approximately $11,000, due to the fact that
in April 1995, the Partnership entered into a new lease for this Property, for
which rent commenced in May 1995. The decrease in rental and earned income
relating to this Property was also partially offset by an increase due to the
fact that approximately $7,300 of rent receivable amounts reserved as
uncollectible during 1994, were collected during the six months ended June 30,
1995.
Rental and earned income also decreased approximately $24,700 and $41,100
during the quarter and six months ended June 30, 1995, respectively, as a result
of the Partnership's increasing its allowance for doubtful accounts relating to
the Property in Little Canada, Minnesota. In connection with the sale of this
Property in June 1995, the Partnership received approximately $27,000 relating
to past due rental amounts. Due to the fact that the Partnership does not
expect to receive any additional amounts from the former tenant of this
Property, the Partnership reversed the balance of rent and other receivables
relating to this Property, and the related allowance for doubtful accounts, of
approximately $95,400 during the quarter ended June 30, 1995. In August 1995,
the Partnership reinvested the majority of the net sales proceeds from the sale
of the Property in Little Canada, Minnesota, in a Property in Broken Arrow,
Oklahoma, and entered into a long-term, triple-net lease. As a result of this
transaction, the Partnership expects rental income for the quarter ending
September 30, 1995 and future quarters to increase due to rental payments
received under the new lease.
Rental and earned income was also reduced by approximately $20,700 and
$56,200 for the quarter and six months ended June 30, 1995, respectively, as a
result of the sale of the Properties in Batesville and Heber Springs, Arkansas,
in May 1994. However, the decrease was offset by an increase of approximately
$24,100 and $48,200 during the quarter and six months ended June 30, 1995,
respectively, in rental income due to the reinvestment of a portion of the net
sales proceeds in a Property in Dallas, Texas, in June 1994.
In addition, the Partnership increased its allowance for doubtful accounts
by approximately $26,500 and $55,200 for the six months ended June 30, 1995 and
1994, respectively, for rental amounts for two Properties leased by the same
tenant in Chester, Pennsylvania, and Orlando, Florida. The Partnership is
continuing to pursue collection of past due rental amounts relating to the two
Properties and will recognize such amounts as income if collected.
During the six months ended June 30, 1995 and 1994, the Partnership also
earned $10,719 and $19,566, respectively, in contingent rental income, $5,894
and $13,683 of which was earned during the quarters ended June 30, 1995 and
1994, respectively. Contingent rental income decreased during the quarter and
six months ended June 30, 1995, as compared to the quarter and six months ended
June 30, 1994, primarily as the result of decreases in gross sales relating to
certain restaurant Properties.
During the six months ended June 30, 1995 and 1994, the Partnership also
owned and leased three Properties indirectly through other joint venture
arrangements. In addition, during the six months ended June 30, 1995, the
Partnership owned one Property with an affiliate as tenants-in-common. In
connection therewith, during the six months ended June 30, 1995 and 1994, the
Partnership earned $40,214 and $20,638, respectively, attributable to net income
earned by these unconsolidated joint ventures, $20,455 and $10,039 of which was
earned during the quarters ended June 30, 1995 and 1994, respectively. The
increase during the quarter and six months ended June 30, 1995, is primarily due
to the fact that the Partnership invested in the Property as tenants-in-common
in July 1994; therefore, no such income was earned during the quarter and six
months ended June 30, 1994, relating to this Property.
During the six months ended June 30, 1995, three of the Partnership's
lessees, Golden Corral Corporation, Restaurant Management Services, Inc. and
Mid-America Corporation, each contributed more than ten percent of the
Partnership's total rental income (including the Partnership's share of the
rental income from the four Properties owned by joint ventures in which the
Partnership is a co-venturer and one Property owned with an affiliate as
tenants-in-common). Golden Corral Corporation is the lessee under leases
relating to four restaurants, Restaurant Management Services, Inc. is the lessee
under leases relating to eight restaurants and Mid-America Corporation is the
lessee under leases relating to four restaurants. It is anticipated that, based
on the minimum annual rental payments required by the leases, Golden Corral
Corporation, Restaurant Management Services, Inc. and Mid-America Corporation
each 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 these lessees could materially affect the Partnership's income.
Operating expenses, including depreciation and amortization expense, were
$337,937 and $380,487 for the six months ended June 30, 1995 and 1994,
respectively, of which $170,901 and $198,978 were incurred for the quarters
ended June 30, 1995 and 1994, respectively. The decrease in operating expenses
during the quarter and six months ended June 30, 1995, as compared to the
quarter and six months ended June 30, 1994, is primarily attributable to the
Partnership's establishing an allowance for doubtful accounts of approximately
$9,800 and $29,300 during the quarter and six months ended June 30, 1994, for
amounts previously recorded as income relating to the Property in Chester,
Pennsylvania.
In addition, operating expenses during the quarter and six months ended
June 30, 1994, were higher than that for the quarter and six months ended June
30, 1995, as a result of the fact that the tenant of the Property in Hermitage,
Tennessee, elected to exercise its option to terminate its lease with the
Partnership, effective August 31, 1994. In connection therewith, the Partner-
ship expensed approximately $9,600 in unamortized lease costs relating to this
lease during the quarter ended June 30, 1994. The decrease in operating
expenses during the quarter and six months ended June 30, 1995, was partially
offset by an increase in real estate tax expenses and other expenses incurred
during the quarter and six months ended June 30, 1995, as a result of the fact
that this Property was not leased. In April 1995, the Partnership entered into
a new lease for this Property, as described above, in which the new tenant is
responsible for the payment of real estate taxes relating to the Property.
The decrease in operating expenses during the quarter ended June 30, 1995,
was also partially attributable to the Partnership's payment of certain taxes
relating to the filing of various state tax returns during the quarter ended
March 31, 1995, which in the previous year were paid during the quarter ended
June 30, 1994.
As a result of the sale of the Property in Little Canada, Minnesota, as
described above in "Liquidity and Capital Resources," the Partnership recognized
a gain of $103,283 for the six months ended June 30, 1995. In addition, as a
result of the sale of the Properties in Batesville and Heber Springs, Arkansas,
the Partnership recognized a gain of $332,664 for the six months ended June 30,
1994.
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
June 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 29th day of February, 1996.
CNL INCOME FUND VI, 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
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the balance
sheet of CNL Income Fund VI, Ltd. at June 30, 1995, and its statement of income
for the six months then ended and is qualified in its entirety by reference to
the Form 10-Q/A of CNL Income Fund VI, Ltd. for the six months ended June 30,
1995.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
<CASH> 1,818,502
<SECURITIES> 0
<RECEIVABLES> 211,150
<ALLOWANCES> 151,217
<INVENTORY> 0
<CURRENT-ASSETS> 1,891,810
<PP&E> 25,341,731
<DEPRECIATION> 2,476,161
<TOTAL-ASSETS> 30,615,591
<CURRENT-LIABILITIES> 860,777
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 29,590,098
<TOTAL-LIABILITY-AND-EQUITY> 30,615,591
<SALES> 0
<TOTAL-REVENUES> 1,619,367
<CGS> 0
<TOTAL-COSTS> 337,937
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 1,415,713
<INCOME-TAX> 0
<INCOME-CONTINUING> 1,415,713
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,415,713
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
