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
0-19144
---------------------------------------
CNL Income Fund VI, Ltd.
- -----------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Florida 59-2922954
- ---------------------------------- -----------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
450 South Orange Avenue
Orlando, Florida 32801
- ---------------------------------- -----------------------------
(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 _________
<PAGE>
CONTENTS
Page
Part I.
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 VI, LTD.
(A Florida Limited Partnership)
CONDENSED BALANCE SHEETS
<TABLE>
<CAPTION>
March 31, December 31,
2000 1999
------------------- -------------------
<S> <C>
ASSETS
Land and buildings on operating leases, less
accumulated depreciation of $3,351,884 and
$3,257,666, respectively $ 14,975,587 $ 15,069,805
Net investment in direct financing leases 3,847,169 3,864,455
Investment in joint ventures 9,458,001 8,377,455
Cash and cash equivalents 1,078,865 2,125,493
Receivables, less allowance for doubtful accounts
of $202,031 and $240,497, respectively 19,190 134,477
Due from related parties 19,070 19,111
Prepaid expenses 2,533 2,847
Lease costs, less accumulated amortization of
$9,243 and $8,831, respectively 8,457 8,869
Accrued rental income, less allowance for doubtful
accounts of $47,718 in 2000 and 1999 517,353 491,616
Other assets 26,731 26,731
------------------- -------------------
$ 29,952,956 $ 30,120,859
=================== ===================
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $ 55,886 $ 131,093
Escrowed real estate taxes payable 4,759 11,572
Due to related parties 83,707 65,220
Distributions payable 787,500 787,500
Rents paid in advance 55,445 16,000
------------------- -------------------
Total liabilities 987,297 1,011,385
Minority interest 136,640 153,870
Partners' capital 28,829,019 28,955,604
------------------- -------------------
$ 29,952,956 $ 30,120,859
=================== ===================
See accompanying notes to condensed financial statements.
<PAGE>
CNL INCOME FUND VI, LTD.
(A Florida Limited Partnership)
CONDENSED STATEMENTS OF INCOME
Quarter Ended
March 31,
2000 1999
-------------- ---------------
Revenues:
Rental income from operating leases $ 503,560 $ 600,737
Earned income from direct financing leases 110,487 112,080
Contingent rental income 27,056 9,175
Interest and other income 35,301 15,456
-------------- ---------------
676,404 737,448
-------------- ---------------
Expenses:
General operating and administrative 48,496 40,783
Professional services 14,154 4,710
State and other taxes 15,104 9,466
Depreciation and amortization 94,630 114,253
Transaction costs 38,923 33,125
-------------- ---------------
211,307 202,337
-------------- ---------------
Income Before Minority Interest in Income of Consolidated
Joint Venture and Equity in Earnings of Unconsolidated
Joint Ventures 465,097 535,111
Minority Interest in Income of Consolidated
Joint Venture (6,746 ) (2,500 )
Equity in Earnings of Unconsolidated Joint Ventures 202,564 123,775
-------------- ---------------
Net Income $ 660,915 $ 656,386
============== ===============
Allocation of Net Income:
General partners $ 6,609 $ 6,564
Limited partners 654,306 649,822
-------------- ---------------
$ 660,915 $ 656,386
============== ===============
Net Income Per Limited Partner Unit $ 9.35 $ 9.28
============== ===============
Weighted Average Number of Limited Partner
Units Outstanding 70,000 70,000
============== ===============
See accompanying notes to condensed financial statements.
<PAGE>
CNL INCOME FUND VI, LTD.
(A Florida Limited Partnership)
CONDENSED STATEMENTS OF PARTNERS' CAPITAL
Quarter Ended Year Ended
March 31, December 31,
2000 1999
------------------- ------------------
General partners:
Beginning balance $ 291,598 $ 257,690
Net income 6,609 33,908
------------------- ------------------
298,207 291,598
------------------- ------------------
Limited partners:
Beginning balance 28,664,006 28,337,440
Net income 654,306 3,476,566
Distributions ($11.25 and $45.00 per
limited partner unit, respectively) (787,500 ) (3,150,000 )
------------------- ------------------
28,530,812 28,664,006
------------------- ------------------
Total partners' capital $ 28,829,019 $ 28,955,604
=================== ==================
See accompanying notes to condensed financial statements.
<PAGE>
CNL INCOME FUND VI, LTD.
(A Florida Limited Partnership)
CONDENSED STATEMENTS OF CASH FLOWS
Quarter Ended
March 31,
2000 1999
-------------- ---------------
Increase (Decrease) in Cash and Cash Equivalents
Net Cash Provided by Operating Activities $ 877,348 $ 960,251
-------------- ---------------
Cash Flows from Investing Activities:
Investment in joint ventures (1,112,500 ) (114,930 )
-------------- ---------------
Net cash used in investing activities (1,112,500 ) (114,930 )
-------------- ---------------
Cash Flows from Financing Activities:
Distributions to limited partners (787,500 ) (857,500 )
Distributions to holder of minority interest (23,976 ) --
-------------- ---------------
Net cash used in financing activities (811,476 ) (857,500 )
-------------- ---------------
Net Decrease in Cash and Cash Equivalents (1,046,628 ) (12,179 )
Cash and Cash Equivalents at Beginning of Quarter 2,125,493 1,170,686
-------------- ---------------
Cash and Cash Equivalents at End of Quarter $1,078,865 $1,158,507
============== ===============
Supplemental Schedule of Non-Cash Financing
Activities:
Distributions declared and unpaid at end of
quarter $ 787,500 $ 787,500
============== ===============
See accompanying notes to condensed financial statements.
<PAGE>
</TABLE>
CNL INCOME FUND VI, 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 VI, Ltd. (the "Partnership") for the year ended December
31, 1999.
The Partnership accounts for its approximate 66 percent interest in the
accounts of Caro 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. Investment in Joint Ventures:
In January 2000, the Partnership used the net sales proceeds received
from the 1999 sale of a property in Sevierville, Tennessee, to acquire
an interest in a Baker's Square property in Niles, Illinois, with CNL
Income Fund XIV, Ltd., a Florida limited partnership and an affiliate
of the general partners, as tenants-in-common. The Partnership acquired
this interest from CNL BB Corp., an affiliate of the general partners
(see Note 3). In connection therewith, the Partnership and the
affiliate entered into an agreement whereby each co-venturer will share
in the profits and losses of the property in proportion to its
applicable percentage interest. The Partnership accounts for its
investment using the equity method since the Partnership shares control
with an affiliate. As of March 31, 2000, the Partnership owned a 74
percent interest in this property.
During the three months ended March 31, 2000, the lease associated with
the property owned by Melbourne Joint Ventures was amended to provide
for rent reductions due to financial difficulties the tenant was
experiencing. As a result, Melbourne Joint Venture reclassified the
asset from net investment in direct financing lease to land and
building on operating leases. In accordance with the Statement of
Financial Accounting Standards #13, "Accounting for Leases," Melbourne
Joint Venture recorded the reclassified assets at
<PAGE>
CNL INCOME FUND VI, LTD.
(A Florida Limited Partnership)
NOTES TO CONDENSED FINANCIAL STATEMENTS
Quarters Ended March 31, 2000 and 1999
2. Investment in Joint Ventures - Continued:
the lower of original cost, present fair value, or present carrying
amount. No loss on the termination of the direct financing lease was
recorded for financial reporting purposes.
Auburn Joint Venture, Show Low Joint Venture, Asheville Joint Venture,
Melbourne Joint Venture, Warren Joint Venture, and the Partnership and
affiliates as tenants-in-common in nine separate tenancy in common
arrangements, each own and lease one property to an operator of
national fast-food and family-style restaurants. The following presents
the combined, condensed financial information for the joint ventures
and the properties held as tenants-in-common with affiliates at:
<TABLE>
<CAPTION>
March 31, December 31,
2000 1999
---------------- ------------------
<S> <C>
Land and buildings on operating leases, less accumulated
depreciation $14,589,553 $12,510,374
Net investment in direct financing leases 3,297,373 3,938,686
Cash 53,136 83,127
Receivables 6,777 103,745
Accrued rental income 403,462 350,510
Other assets 1,451 2,320
Liabilities 15,536 93,231
Partners' capital 18,336,216 16,895,531
Revenues 477,078 1,435,647
Net income 395,128 1,258,086
</TABLE>
The Partnership recognized income totaling $202,564 and $123,775 for
the quarters ended March 31, 2000 and 1999, respectively, from these
joint ventures.
3. Related Party Transactions:
During the quarter ended March 31, 2000, the Partnership and CNL Income
Fund XIV, Ltd., as tenants-in-common acquired an interest in a Baker's
Square property from CNL BB Corp., an affiliate of the general
partners, for a purchase price of $1,112,500. CNL Income Fund XIV,
Ltd., is a Florida limited partnership and an affiliate of the general
partners. CNL BB Corp. had purchased and temporarily held title to this
property in order to facilitate the acquisition of the property by the
Partnership. The purchase price paid by the Partnership represents the
costs incurred by CNL BB Corp. to acquire and carry the property,
including closing costs. In accordance with the Statement of Policy of
<PAGE>
CNL INCOME FUND VI, LTD.
(A Florida Limited Partnership)
NOTES TO CONDENSED FINANCIAL STATEMENTS
Quarters Ended March 31, 2000 and 1999
3. Related Party Transactions - Continued:
Real Estate Programs for the North American Securities Administrators
Association, Inc., all income, expenses, profits and losses generated
by or associated with the property, were treated as belonging to the
Partnership. For the quarter ended March 31, 2000, other income of the
tenants-in-common includes $2,103 of such amounts.
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 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 restaurant properties, 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 March 31, 2000, the Partnership owned 42 Properties, which
included interests in six Properties owned by joint ventures in which the
Partnership is a co-venturer and nine Properties owned with affiliates as
tenants-in-common.
Capital Resources
The Partnership's primary source of capital for the quarters ended
March 31, 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). Cash from operations was $877,348 and
$960,251 for the quarters ended March 31, 2000 and 1999, respectively. The
decrease in cash from operations for the quarter ended March 31, 2000 was
primarily a result of changes in the Partnership's working capital.
Other sources and uses of capital included the following during the
quarter ended March 31, 2000.
In January 2000, the Partnership invested a majority of the net sales
proceeds from the sale of the Property in Sevierville, Tennessee, in a Property
in Niles, Illinois, with CNL Income Fund XIV, Ltd., an affiliate of the general
partners, as tenants-in-common. In connection therewith, the Partnership and the
affiliate entered into an agreement whereby each co-venturer will share in the
profits and losses of the Property in proportion to its applicable percentage
interest. The Property was acquired from an affiliate of the general partners.
The affiliate had purchased and temporarily held title to the Property in order
to facilitate the acquisition of the Property by the Partnership. The purchase
price paid by the Partnership represented the costs incurred by the affiliate to
acquire the Property, including closing costs.
Currently, rental income from the Partnership's Properties is 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 or to make distributions to the
partners. At March 31, 2000, the Partnership had $1,078,865 invested in such
short-term investments as compared to $2,125,493 at December 31, 1999. The
decrease in cash and cash equivalents was primarily due to the fact that during
the quarter ended March 31, 2000, the Partnership invested in a Property with
CNL Income Fund XIV, Ltd., as tenants-in-common, as described above. The funds
remaining at March 31, 2000, after payment of distributions and other
liabilities, will be 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 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.
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 cash from operations, the Partnership declared distributions to the
limited partners of $787,500 for each of the quarters ended March 31, 2000 and
1999. This represents distributions for each applicable quarter of $11.25 per
unit. 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 to the
limited partners on a quarterly basis.
Total liabilities of the Partnership, including distributions payable,
decreased to $987,297 at March 31, 2000, from $1,011,385 at December 31, 1999,
primarily as the result of a decrease in accounts payable at March 31, 2000, as
compared to December 31, 1999. The general partners believe the Partnership has
sufficient cash on hand to meet the Partnership's current working capital needs.
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, Caro Joint Venture, owned and leased 32 wholly owned
Properties (which included four Properties which were sold during 1999). In
addition, during the quarter ended March 31, 2000, the Partnership and Caro
Joint Venture owned and leased 28 wholly owned Properties to operators of
fast-food and family-style restaurant chains. In connection therewith, the
Partnership and Caro Joint Venture earned $614,047 and $712,817 during the
quarters ended March 31, 2000 and 1999, respectively, in rental income from
operating leases and earned income from direct financing leases from these
Properties. Rental and earned income decreased during the quarter ended March
31, 2000, as compared to the quarter ended March 31, 1999, primarily as a result
of the sales during June of 1999 of four Burger King Properties. Rental and
earned income are expected to remain at reduced amounts while equity in earnings
of joint ventures is expected to remain at increased amounts, as described
below, due to the fact that the Partnership reinvested these net sales proceeds
in joint ventures or in Properties with affiliates of the general partners, as
tenants-in-common.
For the quarters ended March 31, 2000 and 1999, the Partnership also
earned $27,056 and $9,175, respectively, in contingent rental income. The
increase in contingent rental income during the quarter ended March 31, 2000,
was primarily attributable to the fact that the Partnership collected and
recognized as income approximately $26,600 in past due contingent rental amounts
for which it had previously established an allowance for doubtful accounts.
For the quarter ended March 31, 1999, the Partnership owned and leased
five Properties indirectly through joint venture arrangements and five
Properties as tenants-in-common with affiliates of the general partners. In
addition, for the quarter ended March 31, 2000, the Partnership owned and leased
four additional Properties as tenants-in-common with affiliates of the general
partners. In connection therewith, during the quarters ended March 31, 2000 and
1999, the Partnership earned $202,564 and $123,775, respectively, attributable
to net income earned by these joint ventures. The increase in net income earned
by joint ventures during the quarter ended March 31, 2000, as compared to the
quarter ended March 31, 1999, was primarily due to the fact that in 1999, the
Partnership reinvested the net sales proceeds it received from the 1999 sales of
four Burger King Properties in four Properties, with affiliates of the general
partners as tenants-in-common.
Operating expenses, including depreciation and amortization expense,
were $211,307 and $202,337 for the quarters ended March 31, 2000 and 1999,
respectively.
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.
<PAGE>
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK
Not applicable.
<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. 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 VI, Ltd.
(Included as Exhibit 3.3 to Registration Statement No. 33-23892
on Form S-11 and incorporated herein by reference.)
4.1 Certificate of Limited Partnership of CNL Income Fund VI, Ltd.
(Included as Exhibit 4.2 to Registration Statement No. 33-23892
on Form S-11 and incorporated herein by reference.)
4.2 Agreement and Certificate of Limited Partnership of CNL Income
Fund VI, Ltd. (Included as Exhibit 4.2 to Form 10-K filed with
the Securities and Exchange Commission on April 1, 1996, 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 9th day of May, 2000.
CNL INCOME FUND VI, 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 VI, 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 VI, 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> 1,078,865
<SECURITIES> 0
<RECEIVABLES> 221,221
<ALLOWANCES> 202,031
<INVENTORY> 0
<CURRENT-ASSETS> 0<F1>
<PP&E> 18,327,471
<DEPRECIATION> 3,351,884
<TOTAL-ASSETS> 29,952,956
<CURRENT-LIABILITIES> 0<F1>
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 28,829,019
<TOTAL-LIABILITY-AND-EQUITY> 29,952,956
<SALES> 0
<TOTAL-REVENUES> 676,404
<CGS> 0
<TOTAL-COSTS> 211,307
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 660,915
<INCOME-TAX> 0
<INCOME-CONTINUING> 660,915
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 660,915
<EPS-BASIC> 0
<EPS-DILUTED> 0
<FN>
Due to the nature of its industry, CNL Income Fund VI, Ltd. has an unclassified
balance sheet; therefore, no values are shown above for current assets and
current liabilities.
</FN>
</TABLE>
