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, 1997
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
0-20017
CNL Income Fund IX, Ltd.
(Exact name of registrant as specified in its charter)
Florida 59-3004138
(State or other juris- (I.R.S. Employer
diction of incorporation Identification No.)
or organization)
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
<PAGE>
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
<PAGE>
CNL INCOME FUND IX, LTD.
(A Florida Limited Partnership)
CONDENSED BALANCE SHEETS
September 30, December 31,
ASSETS 1997 1996
------ ------------- ------------
Land and buildings on operating
leases, less accumulated
depreciation of $1,434,899 and
$1,246,287 $14,225,982 $14,797,549
Net investment in direct financing
leases 7,513,728 7,964,985
Investment in joint ventures 6,639,349 5,708,555
Cash and cash equivalents 1,258,817 1,288,618
Receivables, less allowance for
doubtful accounts of $114,797 and
$28,983 73,747 75,256
Prepaid expenses 7,900 3,845
Accrued rental income 1,448,644 1,505,039
----------- -----------
$31,168,167 $31,343,847
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $ 1,153 $ 4,987
Accrued and escrowed real estate
taxes payable 42,229 61,618
Distributions payable 787,501 822,500
Due to related parties 9,572 1,405
Rents paid in advance and deposits 122,540 93,741
----------- -----------
Total liabilities 962,995 984,251
Partners' capital 30,205,172 30,359,596
----------- -----------
$31,168,167 $31,343,847
=========== ===========
See accompanying notes to condensed financial statements.
1
<PAGE>
CNL INCOME FUND IX, LTD.
(A Florida Limited Partnership)
CONDENSED STATEMENTS OF INCOME
<TABLE>
<CAPTION>
Quarter Ended Nine Months Ended
September 30, September 30,
1997 1996 1997 1996
---------- ---------- ---------- ----------
<S> <C>
Revenues:
Rental income from
operating leases $ 426,942 $ 467,434 $1,306,829 $1,392,583
Earned income from direct
financing leases 188,483 229,006 611,594 688,805
Contingent rental income 20,436 19,321 50,263 39,819
Interest and other income 9,045 13,871 38,638 46,391
---------- ---------- ---------- ----------
644,906 729,632 2,007,324 2,167,598
---------- ---------- ---------- ----------
Expenses:
General operating and
administrative 40,746 41,723 111,993 120,980
Bad debt expense - - 21,000 -
Professional services 5,359 5,029 16,490 18,196
Real estate taxes 4,063 - 23,191 9,905
State and other taxes - - 11,127 9,601
Depreciation and
amortization 62,870 62,870 188,612 189,168
---------- ---------- ---------- ----------
113,038 109,622 372,413 347,850
---------- ---------- ---------- ----------
Income Before Equity in
Earnings of Joint Ventures
and Gain on Sale of Land
and Building 531,868 620,010 1,634,911 1,819,748
Equity in Earnings of Joint
Ventures 148,487 116,220 373,525 337,867
Gain on Sale of Land and
Building - - 199,643 -
---------- ---------- ---------- ---------
Net Income $ 680,355 $ 736,230 $2,208,079 $2,157,615
========== ========== ========== ==========
Allocation of Net Income:
General partners $ 6,803 $ 7,362 $ 20,084 $ 21,576
Limited partners 673,552 728,868 2,187,995 2,136,039
---------- ---------- ---------- ----------
$ 680,355 $ 736,230 $2,208,079 $2,157,615
========== ========== ========== ==========
Net Income Per Limited
Partner Unit $ 0.19 $ 0.21 $ 0.63 $ 0.61
========== ========== ========== ==========
Weighted Average Number
of Limited Partner
Units Outstanding 3,500,000 3,500,000 3,500,000 3,500,000
========== ========== ========== ==========
</TABLE>
See accompanying notes to condensed financial statements.
2
<PAGE>
CNL INCOME FUND IX, LTD.
(A Florida Limited Partnership)
CONDENSED STATEMENTS OF PARTNERS' CAPITAL
Nine Months Ended Year Ended
September 30, December 31,
1997 1996
----------------- ------------
General partners:
Beginning balance $ 163,392 $ 133,789
Net income 20,084 29,603
----------- -----------
183,476 163,392
----------- -----------
Limited partners:
Beginning balance 30,196,204 30,450,512
Net income 2,187,995 2,930,696
Distributions ($0.68 and $0.91
per limited partner unit,
respectively) (2,362,503) (3,185,004)
----------- -----------
30,021,696 30,196,204
----------- -----------
Total partners' capital $30,205,172 $30,359,596
=========== ===========
See accompanying notes to condensed financial statements.
3
<PAGE>
CNL INCOME FUND IX, LTD.
(A Florida Limited Partnership)
CONDENSED STATEMENTS OF CASH FLOWS
Nine Months Ended
September 30,
1997 1996
----------- -----------
Increase (Decrease) in Cash and Cash
Equivalents:
Net Cash Provided by Operating
Activities $ 2,363,892 $ 2,569,907
----------- -----------
Cash Flows from Investing
Activities:
Proceeds from sale of land
and building 1,053,571 -
Investment in joint venture (1,049,762) -
----------- ----------
Net cash provided by
investing activities 3,809 -
----------- ----------
Cash Flows from Financing
Activities:
Distributions to limited
partners (2,397,502) (2,397,502)
----------- -----------
Net cash used in
financing activities (2,397,502) (2,397,502)
----------- -----------
Net Increase (Decrease) in Cash and
Cash Equivalents (29,801) 172,405
Cash and Cash Equivalents at
Beginning of Period 1,288,618 1,117,382
----------- -----------
Cash and Cash Equivalents at End
of Period $ 1,258,817 $ 1,289,787
=========== ===========
Supplemental Schedule of Non-Cash
Financing Activities:
Distributions declared and
unpaid at end of period $ 787,501 $ 787,501
=========== ===========
See accompanying notes to condensed financial statements.
4
<PAGE>
CNL INCOME FUND IX, LTD.
(A Florida Limited Partnership)
NOTES TO CONDENSED FINANCIAL STATEMENTS
Quarters and Nine Months Ended September 30, 1997 and 1996
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, 1997, may not be
indicative of the results that may be expected for the year ending
December 31, 1997. Amounts as of December 31, 1996, 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 IX, Ltd. (the "Partnership") for the year ended December
31, 1996.
2. Land and Buildings on Operating Leases:
In June 1997, the Partnership sold its property in Alpharetta, Georgia,
and received net sales proceeds of $1,053,571, resulting in a gain of
$199,643 for financial reporting purposes. This property was originally
acquired by the Partnership in September 1991 and had a cost of
approximately $711,200, excluding acquisition fees and miscellaneous
acquisition expenses; therefore, the Partnership sold the property for
approximately $342,400 in excess of its original purchase price.
3. Investment in Joint Ventures:
In July 1997, the Partnership used the net sales proceeds from the sale
of the property in Alpharetta, Georgia, to acquire an approximate 67
percent interest in an IHOP property located in Englewood, Colorado, as
tenants-in-common with an affiliate of the general partners. The
Partnership accounts for its investment in this property using the
equity method since the Partnership shares control with an affiliate,
and amounts relating to its investment are included in investment in
joint ventures.
5
<PAGE>
CNL INCOME FUND IX, LTD.
(A Florida Limited Partnership)
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
Quarters and Nine Months Ended September 30, 1997 and 1996
3. Investment in Joint Ventures - Continued:
The following presents the combined, condensed financial information
for all of the Partnership's investments in joint ventures at:
September 30, December 31,
1997 1996
Land and building on
operating leases, less
accumulated depreciation $12,665,109 $12,359,586
Net investment in direct
financing lease 1,006,523 -
Cash 13,884 1,497
Receivables - 13,840
Prepaid expenses 17,858 22,543
Accrued rental income 5,312 -
Liabilities 14,505 1,198
Partners' capital 13,694,181 12,396,268
Revenues 1,074,227 1,362,027
Net income 794,910 1,000,884
The Partnership recognized income totalling $373,525 and $337,867 for
the nine months ended September 30, 1997 and 1996, respectively, from
these joint ventures, $148,487 and $116,220 of which was earned during
the quarters ended September 30, 1997 and 1996, respectively.
4. Concentration of Credit Risk:
The following schedule presents total rental and earned income from
individual lessees, each representing more than ten percent of the
Partnership's total rental and earned income (including the
Partnership's share of total rental and earned income from joint
ventures), for at least one of the quarters ended September 30:
1997 1996
-------- ------
Burger King Corporation $475,359 $463,270
TPI Restaurants, Inc. 417,450 416,638
Carrols Corporation 330,297 331,165
Flagstar Enterprises, Inc. 326,407 328,792
Golden Corral Corporation 248,119 246,731
6
<PAGE>
CNL INCOME FUND IX, LTD.
(A Florida Limited Partnership)
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
Quarters and Nine Months Ended September 30, 1997 and 1996
4. Concentration of Credit Risk - Continued:
In addition, the following schedule presents total rental and earned
income from individual restaurant chains, each representing more than
ten percent of the Partnership's total rental and earned income
(including the Partnership's share of total rental and earned income
from joint ventures), for at least one of the quarters ended September
30:
1997 1996
-------- ------
Burger King $938,087 $968,709
Shoney's 606,719 655,983
Hardee's 326,407 328,792
Golden Corral 248,119 246,731
Although the Partnership's properties are geographically diverse
throughout the United States and the Partnership's lessees operate a
variety of restaurant concepts, default by any one of these lessees or
restaurant chains could significantly impact the results of operations
of the Partnership. However, the general partners believe that the risk
of such a default is reduced due to the essential or important nature
of these properties for the on-going operations of the lessees.
7
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
CNL Income Fund IX, Ltd. (the "Partnership") is a Florida limited
partnership that was organized on April 16, 1990, 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 (the "Properties"), which are leased primarily to operators of
selected national and regional fast-food and family-style restaurant chains. The
leases are generally triple-net leases, with the lessees responsible for all
repairs and maintenance, property taxes, insurance and utilities. As of
September 30, 1997, the Partnership owned 41 Properties, including interests in
13 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 nine months ended
September 30, 1997 and 1996, 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
$2,363,892 and $2,569,907 for the nine months ended September 30, 1997 and 1996,
respectively. The decrease in cash from operations for the nine months ended
September 30, 1997, as compared to the nine months ended September 30, 1996, is
primarily a result of changes in income and expenses as discussed in "Results of
Operations" below, and changes in the Partnership's working capital.
Other sources and uses of capital included the following during the
nine months ended September 30, 1997.
In June 1997, the Partnership sold its Property in Alpharetta, Georgia,
and received net sales proceeds of $1,053,571, resulting in a gain for financial
reporting purposes of $199,643. This Property was originally acquired by the
Partnership in September 1991 and had a cost of approximately $711,200,
excluding acquisition fees and miscellaneous acquisition expenses; therefore,
the Partnership sold the Property for approximately $342,400 in excess of its
original purchase price. In July 1997, the Partnership reinvested approximately
$1,049,800 of these net sales proceeds in an IHOP Property in Englewood,
Colorado, as tenants-in-common, with an affiliate of the general partners. 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 each co-venturer's percentage interest. As of
September 30, 1997, the Partnership owned an approximate 67 percent interest in
the Property. The general partners believe that the transaction, or a portion
thereof, relating to the sale of the Property in Alpharetta, Georgia, and the
reinvestment of the proceeds in an IHOP Property in Englewood, Colorado, will
qualify as a like-kind exchange transaction for federal income tax purposes.
8
<PAGE>
Liquidity and Capital Resources - Continued
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, 1997, the Partnership had
$1,258,817 invested in such short-term investments, as compared to $1,288,618 at
December 31, 1996. The decrease in cash and cash equivalents during the nine
months ended September 30, 1997, was primarily attributable to the payment of a
special distribution to the limited partners of $35,000 in January 1997 of
cumulative excess operating reserves. The funds remaining at September 30, 1997,
after payment of distributions and other liabilities, will be used to meet the
Partnership's working capital and other needs.
Total liabilities of the Partnership, including distributions payable,
decreased to $962,995 at September 30, 1997, from $984,251 at December 31, 1996,
primarily as a result of the Partnership's accruing a special distribution
payable to the limited partners of $35,000 at December 31, 1996, as described
above, which was paid in January 1997. The general partners believe that the
Partnership has sufficient cash on hand to meet its current working capital
needs.
Based primarily on cash from operations, the Partnership declared
distributions to the limited partners of $2,362,503 for each of the nine months
ended September 30, 1997 and 1996 ($787,501 for each of the quarters ended
September 30, 1997 and 1996). This represents distributions for each applicable
nine months of $0.68 per unit ($0.23 per unit for each of the quarters ended
September 30, 1997 and 1996). No distributions were made to the general partners
for the quarters and nine months ended September 30, 1997 and 1996. No amounts
distributed or to be distributed to the limited partners for the nine months
ended September 30, 1997 and 1996, 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.
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.
9
<PAGE>
Results of Operations
During the nine months ended September 30, 1997 and 1996, the
Partnership owned and leased 28 wholly owned Properties (including one Property
in Alpharetta, Georgia, which was sold in June 1997) to operators of fast-food
and family-style restaurant chains. In connection therewith, during the nine
months ended September 30, 1997 and 1996, the Partnership earned $1,918,423 and
$2,081,388, respectively, in rental income from operating leases and earned
income from direct financing leases from these Properties, $615,425 and $696,440
of which was earned during the quarters ended September 30, 1997 and 1996,
respectively. Rental and earned income decreased by approximately $21,000 and
$49,000 during the quarter and nine months ended September 30, 1997 due to the
fact that during April 1997, the operator of the Property in Copley Township,
Ohio, ceased operations of the Property and the Partnership ceased recording
rental income and wrote-off the allowance for doubtful accounts. The Partnership
released this Property to Shells Seafood Restaurants in September 1997 with
rental income commencing the earlier of the day the tenant opens for business or
January 15, 1998.
Rental and earned income also decreased during the quarter and nine
months ended September 30, 1997, as compared to the quarter and nine months
ended September 30, 1996, due to the fact that the Partnership established an
allowance for doubtful accounts of approximately $33,900 and $79,700 during the
quarter and nine months ended September 30, 1997, respectively, relating to the
Perkins Properties in Williamsville and Rochester, New York, which are leased by
the same tenant, due to financial difficulties the tenant is experiencing. No
such allowance was established during the quarter and nine months ended
September 30, 1996. The Partnership intends to pursue collection of past due
amounts from this tenant and will recognize such amounts as income if collected.
In addition, rental and earned income decreased approximately $25,300
and $29,000 during the quarter and nine months ended September 30, 1997,
respectively, as a result of the sale of the Property in Alpharetta, Georgia, in
June 1997. In July 1997, the Partnership reinvested the net sales proceeds in a
Property in Englewood, Colorado, as tenants-in-common, with an affiliate of the
general partners, as discussed above in "Liquidity and Capital Resources."
During the nine months ended September 30, 1997 and 1996, the
Partnership also earned $50,263 and $39,819, respectively, in contingent rental
income, $20,436 and $19,321 of which was earned during the quarters ended
September 30, 1997 and 1996, respectively. The increase in contingent rental
income is primarily attributable to a change in the contingent rent formula in
accordance with the terms of the leases, for certain restaurant Properties
requiring the payment of contingent rental income.
10
<PAGE>
Results of Operations - Continued
For the nine months ended September 30, 1997 and 1996, the Partnership
also owned and leased 13 Properties indirectly through joint venture
arrangements. The Partnership also owned and leased one Property as
tenants-in-common with an affiliate of the general partners during the nine
months ended September 30, 1997. In connection therewith, during the nine months
ended September 30, 1997 and 1996, the Partnership earned $373,525 and $337,867,
respectively, attributable to net income earned by these joint ventures,
$148,487 and $116,220 of which was earned during the quarters ended September
30, 1997 and 1996, respectively. The increase in net income earned by joint
ventures for the quarter and nine months ended September 30, 1997 is primarily
due to the fact that in July 1997, the Partnership reinvested the net sales
proceeds it received from the sale of the Property in Alpharetta, Georgia, in an
IHOP Property located in Englewood, Colorado, as tenants-in-common, with an
affiliate of the general partners.
During the nine months ended September 30, 1997, five of the
Partnership's lessees, Carrols Corporation, TPI Restaurants, Inc., Flagstar
Enterprises, Inc., Golden Corral Corporation and Burger King Corporation, each
contributed more than ten percent of the Partnership's total rental income
(including the Partnership's share of rental income from 13 Properties owned by
joint ventures and one Property owned as tenants-in-common with an affiliate of
the general partners). As of September 30, 1997, Carrols Corporation was the
lessee under leases relating to four restaurants, TPI Restaurants, Inc. was the
lessee under leases relating to four restaurants, Flagstar Enterprises, Inc. was
the lessee under leases relating to six restaurants, Golden Corral Corporation
was the lessee under leases relating to two restaurants and Burger King Corp.
was the lessee under leases relating to the 13 restaurants owned by joint
ventures. It is anticipated that, based on the minimum rental payments required
by the leases, these five lessees or groups of affiliated lessees each will
continue to contribute more than ten percent of the Partnership's total rental
income during the remainder of 1997 and subsequent years. In addition, during
the nine months ended September 30, 1997, four restaurant chains, Burger King,
Hardee's, Golden Corral and Shoney's, each accounted for more than ten percent
of the Partnership's total rental income (including the Partnership's share of
the rental income from thirteen Properties owned by joint ventures and one
Property owned as tenants-in-common with an affiliate of the general partners).
During the remainder of 1997 and subsequent years, it is anticipated that these
four restaurant chains each will continue to account for more than ten percent
of the total rental income to which the Partnership is entitled under the terms
of its leases. Any failure of these lessees or restaurant chains could
materially affect the Partnership's income.
Operating expenses, including depreciation and amortization expense,
were $372,413 and $347,850 for the nine months ended September 30, 1997 and
1996, respectively, of which $113,038 and $109,622 were incurred for the
quarters ended September 30, 1997 and 1996, respectively. The increase in
operating expenses during
11
<PAGE>
Results of Operations - Continued
the nine months ended September 30, 1997, as compared to the nine months ended
September 30, 1996, is partially attributable to the fact that the Partnership
recorded bad debt expense of $21,000 relating to the Property in Copley
Township, Ohio. Due to the fact that the former tenant ceased operating the
Property in April 1997, the general partners believe collection of this amount
is doubtful. In addition, the increase in operating expenses during the quarter
and nine months ended September 30, 1997, was due to the fact that the
Partnership recorded past due real estate taxes relating to the Property in
Copley Township, Ohio, of $4,063 and $23,191 during the quarter and nine months
ended September 30, 1997, respectively. The Partnership recorded $9,905 of such
expense during the nine months ended September 30, 1996. The increase in
operating expenses during the quarter and nine months ended September 30, 1997,
as compared to the quarter and nine months ended September 30, 1996, is
partially offset by a decrease in accounting and administrative expenses
associated with operating the Partnership and its Properties.
As a result of the sale of the Property in Alpharetta, Georgia, as
described above in "Liquidity and Capital Resources", the Partnership recognized
a gain for financial reporting purposes of $199,643 during the nine months ended
September 30, 1997. No Properties were sold during the nine months ended
September 30, 1996.
12
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings. Inapplicable.
Item 2. Changes in Securities. Inapplicable.
Item 3. Defaults upon Senior Securities. Inapplicable.
Item 4. Submission of Matters to a Vote of Security Holders.
Inapplicable.
Item 5. Other Information. Inapplicable.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits - None.
(b) No reports on Form 8-K were filed during the quarter
ended September 30, 1997.
13
<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 6th day of November, 1997.
CNL INCOME FUND IX, 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 IX, Ltd. at September 30, 1997, and its statement of
income for the nine months then ended and is qualified in its entirety by
reference to the Form 10Q of CNL Income Fund IX, Ltd. for the nine months ended
September 30, 1997.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<CASH> 1,258,817
<SECURITIES> 0
<RECEIVABLES> 188,544
<ALLOWANCES> 114,797
<INVENTORY> 0
<CURRENT-ASSETS> 0<F1>
<PP&E> 15,660,881
<DEPRECIATION> 1,434,899
<TOTAL-ASSETS> 31,168,167
<CURRENT-LIABILITIES> 0<F1>
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 30,205,172
<TOTAL-LIABILITY-AND-EQUITY> 31,168,167
<SALES> 0
<TOTAL-REVENUES> 2,007,324
<CGS> 0
<TOTAL-COSTS> 351,413
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 21,000
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 2,208,079
<INCOME-TAX> 0
<INCOME-CONTINUING> 2,208,079
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,208,079
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<FN>
<F1>Due to the nature of its industry, CNL Income Fund IX, Ltd. has an unclassified
balance sheet, therefore, no values are shown above for current assets and
current liabilities.
</FN>
</TABLE>
