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, 2000
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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
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CNL Income Fund IX, Ltd.
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(Exact name of registrant as specified in its charter)
Florida 59-3004138
----------------------------------------- ----------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
450 South Orange Avenue
Orlando, Florida 32801-3336
----------------------------------------- ----------------------
(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
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 8-11
Item 3. Quantitative and Qualitative Disclosures About
Market Risk 11
Part II
Other Information 12-13
<PAGE>
CNL INCOME FUND IX, LTD.
(A Florida Limited Partnership)
CONDENSED BALANCE SHEETS
<TABLE>
<CAPTION>
September 30, December 31,
2000 1999
------------------- -------------------
<S> <C>
ASSETS
Land and buildings on operating leases, less
accumulated depreciation and
allowance for loss on building $ 13,739,173 $ 14,692,716
Net investment in direct financing leases 5,268,812 5,319,764
Investment in joint ventures 7,551,493 7,169,101
Cash and cash equivalents 762,576 936,506
Receivables, less allowance for doubtful accounts
of $223,066 and $55,896, respectively 86,488 108,238
Due from related parties 7,080 --
Prepaid expenses 20,987 21,447
Lease costs, less accumulated amortization of
$4,202 and $3,077, respectively 10,798 11,923
Accrued rental income 1,203,737 1,183,581
Other assets 2,137 --
------------------- -------------------
$ 28,653,281 $ 29,443,276
=================== ===================
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $ 28,579 $ 107,139
Escrowed real estate taxes payable 11,987 8,116
Distributions payable 787,501 787,501
Due to related parties 86,156 62,066
Rents paid in advance and deposits 15,000 29,473
------------------- -------------------
Total liabilities 929,223 994,295
Partners' capital 27,724,058 28,448,981
------------------- -------------------
$ 28,653,281 $ 29,443,276
=================== ===================
See accompanying notes to condensed financial statements.
<PAGE>
CNL INCOME FUND IX, LTD.
(A Florida Limited Partnership)
CONDENSED STATEMENTS OF INCOME
Quarter Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
----------- ------------ ------------ ------------
Revenues:
Rental income from operating leases $ 397,161 $ 437,107 $1,261,702 $1,202,009
Earned income from direct financing leases 97,376 170,369 396,898 583,953
Interest and other income 18,491 3,035 45,392 61,696
----------- ------------ ------------ ------------
513,028 610,511 1,703,992 1,847,658
----------- ------------ ------------ ------------
Expenses:
General operating and administrative 50,293 33,278 146,619 117,913
Professional services 9,449 12,853 28,130 38,794
Real estate taxes 4,798 4,494 27,958 12,885
State and other taxes -- -- 22,725 24,884
Depreciation and amortization 76,474 80,779 235,723 237,469
Transaction costs -- 63,902 70,536 185,528
----------- ------------ ------------ ------------
141,014 195,306 531,691 617,473
----------- ------------ ------------ ------------
Income Before Equity in Earnings of Joint Ventures
and Gain (Loss) on Sale of Land and Building 372,014 415,205 1,172,301 1,230,185
Equity in Earnings of Joint Ventures 175,561 152,161 492,670 436,218
Gain (Loss) on Sale of Land and Building -- -- (27,391 ) 75,997
----------- ------------ ------------ ------------
Net Income $ 547,575 $ 567,366 $1,637,580 $1,742,400
=========== ============ ============ ============
Allocation of Net Income:
General partners $ 5,476 $ 5,673 $ 16,444 $ 17,227
Limited partners 542,099 561,693 1,621,136 1,725,173
----------- ------------ ------------ ------------
$ 547,575 $ 567,366 $1,637,580 $1,742,400
=========== ============ ============ ============
Net Income Per Limited Partner Unit $ 0.15 $ 0.16 $ 0.46 $ 0.49
=========== ============ ============ ============
Weighted Average Number of Limited Partner
Units Outstanding 3,500,000 3,500,000 3,500,000 3,500,000
=========== ============ ============ ============
See accompanying notes to condensed financial statements.
<PAGE>
CNL INCOME FUND IX, LTD.
(A Florida Limited Partnership)
CONDENSED STATEMENTS OF PARTNERS' CAPITAL
Nine Months Ended Year Ended
September 30, December 31,
2000 1999
-------------------------- ----------------------
General partners:
Beginning balance $ 238,417 $ 214,763
Net income 16,444 23,654
-------------------------- ----------------------
254,861 238,417
-------------------------- ----------------------
Limited partners:
Beginning balance 28,210,564 28,999,155
Net income 1,621,136 2,361,413
Distributions ($0.68 and $0.90 per limited partner
unit, respectively) (2,362,503 ) (3,150,004 )
-------------------------- ----------------------
27,469,197 28,210,564
-------------------------- ----------------------
Total partners' capital $ 27,724,058 $ 28,448,981
========================== ======================
See accompanying notes to condensed financial statements.
<PAGE>
CNL INCOME FUND IX, LTD.
(A Florida Limited Partnership)
CONDENSED STATEMENTS OF CASH FLOWS
Nine Months Ended
September 30,
2000 1999
---------------- ----------------
Increase (Decrease) in Cash and Cash Equivalents
Net Cash Provided by Operating Activities $1,989,804 $2,228,634
---------------- ----------------
Cash Flows from Investing Activities:
Proceeds from sale of land and building 693,350 2,400,000
Additions to land and building under operating
leases -- (1,641,211 )
Investment in joint ventures (494,581 ) --
---------------- ----------------
Net cash provided by investing activities 198,769 758,789
---------------- ----------------
Cash Flows from Financing Activities:
Distributions to limited partners (2,362,503 ) (2,362,503 )
---------------- ----------------
Net cash used in financing activities (2,362,503 ) (2,362,503 )
---------------- ----------------
Net Increase (Decrease) in Cash and Cash Equivalents (173,930 ) 624,920
Cash and Cash Equivalents at Beginning of Period 936,506 1,287,379
---------------- ----------------
Cash and Cash Equivalents at End of Period $ 762,576 $1,912,299
================ ================
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.
</TABLE>
<PAGE>
CNL INCOME FUND IX, LTD.
(A Florida Limited Partnership)
NOTES TO CONDENSED FINANCIAL STATEMENTS
Quarters and Nine Months Ended September 30, 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 and nine months ended September 30, 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 IX, Ltd. (the "Partnership") for the year ended December
31, 1999.
2. Land and Buildings on Operating Leases:
Land and buildings on operating leases consisted of the following at:
<TABLE>
<CAPTION>
September 30, December 31,
2000 1999
-------------------- -------------------
<S> <C>
Land $ 7,116,309 $ 7,465,608
Buildings 8,729,293 9,378,821
-------------------- -------------------
15,845,602 16,844,429
Less accumulated depreciation (2,106,429 ) (1,902,345 )
-------------------- -------------------
13,739,173 14,942,084
Less allowance for loss on
building -- (249,368 )
-------------------- -------------------
$ 13,739,173 $14,692,716
==================== ===================
</TABLE>
At December 31, 1998, the Partnership recorded a provision for loss on
building in the amount of $249,368 for financial reporting purposes
relating to the Perkins property in Williamsville, New York which
represented the difference between the property's carrying value and
the current estimate of net realizable value of the property at
December 31, 1998. The tenant of this property filed for bankruptcy and
discontinued
<PAGE>
CNL INCOME FUND IX, LTD.
(A Florida Limited Partnership)
NOTES TO CONDENSED FINANCIAL STATEMENTS
Quarters and Nine Months Ended September 30, 2000 and 1999
2. Land and Buildings on Operating Leases- Continued:
the payment of rents. In May 2000, the Partnership sold this property
to a third party for $715,000, and received net sales proceeds of
$693,350 and recognized a loss of $27,391 for financial reporting
purposes.
3. Investment in Joint Ventures:
In August 2000, the Partnership used the net sales proceeds received
from the sale of the property in Williamsville, New York, to acquire an
interest in a Baker's Square property in Libertyville, Illinois, with
CNL Income Fund VIII, 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 4). In connection therewith, the
Partnership and CNL Income Fund VIII, Ltd. 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 interest in this property using the equity
method since the Partnership shares control with an affiliate. The
Partnership contributed approximately $495,000 to the tenants-in-common
and as of September 30, 2000, the Partnership owned a 34 percent
interest in this property.
The following presents the combined, condensed financial information
for the joint ventures and the properties held as tenants-in-common
with affiliates at:
<PAGE>
<TABLE>
<CAPTION>
September 30, December 31,
2000 1999
------------------ -------------------
<S> <C>
Land and buildings on operating leases, less
accumulated depreciation $ 15,237,498 $ 14,054,203
Net investment in direct financing leases 1,891,744 1,910,711
Cash 29,661 122,661
Receivables 3,890 53,584
Accrued rental income 22,998 22,155
Other assets 133,890 67,411
Liabilities 7,465 116,326
Partners' capital 17,312,216 16,114,399
Revenues 1,416,498 1,626,728
Net income 1,104,854 1,256,254
</TABLE>
<PAGE>
CNL INCOME FUND IX, LTD.
(A Florida Limited Partnership)
NOTES TO CONDENSED FINANCIAL STATEMENTS
Quarters and Nine Months Ended September 30, 2000 and 1999
3. Investment in Joint Ventures:
The Partnership recognized income totaling $492,670 and $436,218 during
the nine months ended September 30, 2000 and 1999, respectively from
these joint ventures, of which $175,561 and $152,161 was earned during
the quarters ended September 30, 2000 and 1999, respectively.
4. Related Party Transactions:
During the nine months ended September 30, 2000, the Partnership and
CNL Income Fund VIII, 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 $1,454,545. CNL Income Fund
VIII, 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 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 nine months ended September 30,
2000, other income of the tenants-in-common includes $394 of such
amounts.
5. 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 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
national and regional fast-food and family-style restaurant chains. The leases
generally are triple-net leases, with the lessees responsible for all repairs
and maintenance, property taxes, insurance and utilities. As of September 30,
2000, the Partnership owned 41 Properties, which included interests in 13
Properties owned by joint ventures in which the Partnership is a co-venturer and
four Properties owned with affiliates of the general partners as
tenants-in-common.
Capital Resources
The Partnership's primary source of capital during the nine months
ended September 30, 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) of $1,989,804 and $2,228,634,
respectively. The decrease in cash from operations for the nine months ended
September 30, 2000, as compared to the nine months ended September 30, 1999, was
primarily a result of changes in the Partnership's working capital.
Other sources and uses of capital included the following during the
nine months ended September 30, 2000.
In May 2000, the Partnership sold its Property in Williamsville, New
York, to a third party for $715,000 and received net sales proceeds of $693,350,
resulting in a loss of $27,391 for financial reporting purposes. In August 2000,
the Partnership invested a majority of the net sales proceeds in a Property in
Libertyville, Illinois, with CNL Income Fund VIII, Ltd., a Florida limited
partnership and 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. As of September 30, 2000, the partnership
owned a 34 percent interest in this Property.
Currently, rental income from the Partnership's Properties and any net
sales proceeds held by the Partnership pending reinvestment in an additional
Property are invested in money market accounts or other short-term, highly
liquid investments, such as demand deposit accounts at commercial banks, money
market accounts and certificates of deposit, 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, or to reinvest in an additional Property.
At September 30, 2000, the Partnership had $762,576 invested in such short-term
investments, as compared to $936,506 at December 31, 1999. The decrease in cash
and cash equivalents was primarily due to the fact that during the quarter and
nine months ended September 30, 2000, the Partnership invested in a Property
with CNL Income Fund VIII, Ltd., as tenants-in-common, as described above. The
funds remaining at September 30, 2000 pay distributions and other liabilities.
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.
Total liabilities of the Partnership, including distributions payable,
decreased to $929,223 at September 30, 2000, from $994,295 at December 31, 1999.
The decrease was primarily attributable to a decrease in accounts payable at
September 30, 2000, as compared to December 31, 1999. Total liabilities at
September 30, 2000, to the extent they exceed cash and cash equivalents at
September 30, 2000, will be paid from future cash from operations and in the
event the general partners elect to make additional contributions, from general
partners contributions.
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 $2,362,503 for each of the
nine months ended September 30, 2000 and 1999 ($787,501 for each of the quarters
ended September 30, 2000 and 1999). This represents distributions for each of
the nine months ended September 30, 2000 and 1999 of $0.68 per unit ($0.23 per
unit for each applicable quarter). No distributions were made to the general
partners during the quarter and nine months ended September 30, 2000 and 1999.
No amounts distributed to the limited partners during the nine months ended
September 30, 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.
Long-Term Liquidity
The Partnership has no long-term debt or other long-term liquidity
requirements.
Results of Operations
During the nine months ended September 30, 1999, the Partnership owned
and leased 28 wholly owned Properties (which included two Properties which were
sold during 1999), and during the nine months ended September 30, 2000, the
Partnership owned and leased 25 wholly owned Properties (which included one
Property which was sold during 2000) to operators of fast-food and family-style
restaurant chains. In connection therewith, during the nine months ended
September 30, 2000 and 1999, the Partnership earned $1,658,600 and $1,785,962,
respectively, in rental income from operating leases and earned income from
direct financing leases from these Properties, $494,537 and $607,476 of which
was earned during the quarters ended September 30, 2000 and 1999, respectively.
Rental, earned and contingent rental income decreased during the quarter and
nine months ended September 30, 2000, as compared to the quarter and nine months
ended September 30, 1999, partially as a result of the fact that during the
quarter and nine months ended September 30, 2000, the Partnership established an
allowance for doubtful accounts of approximately $95,300 and $143,700,
respectively, for past due rental amounts relating to the Properties in Grand
Prairie, Texas, Blufton, Ohio and North Baltimore, Ohio in accordance with the
Partnership's policy. The general partners will continue to pursue collection of
past due rental amounts relating to these Properties and will recognize such
amounts as income if collected.
In addition, the decrease in rental and earned income during the
quarter and nine months ended September 30, 2000, was partially due to a
decrease in rental and earned income of approximately $11,900 and $30,200 during
the quarter and nine months ended September 30, 2000, respectively, as a result
of the sale of two Properties in 1999 and the sale of a Property in 2000. The
decrease during the nine months ended September 30, 2000, was partially offset
by an increase of approximately $51,000 during the nine months ended September
30, 2000 due to the fact that the Partnership reinvested a portion of these net
sales proceeds in a Property in Albany, Georgia, during 1999.
During the nine months ended September 30, 2000 and 1999, the
Partnership also owned and leased 13 Properties indirectly through joint venture
arrangements and one Property with an affiliate of the general partners as
tenants-in-common. During the nine months ended September 30, 2000, the
Partnership owned and leased three additional Properties with affiliates of the
general partners as tenants-in-common. In connection therewith, during the nine
months ended September 30, 2000 and 1999, the Partnership earned $492,670 and
$436,218, respectively, $175,561 and $152,161 of which was earned during the
quarters ended September 30, 2000 and 1999, respectively. The increase in net
income earned by joint ventures during the quarter and nine months ended
September 30, 2000, as compared to the quarter and nine months ended September
30, 1999, was primarily due to the fact that in June 1999, the Partnership
reinvested the net sales proceeds it received from a Property sold in 1999 in
two Properties as tenants-in-common with affiliates of the general partners and
the Partnership reinvested the net sale proceeds it received from a Property
sold in 2000 in one Property as tenants-in-common with affiliates of the general
partners.
Operating expenses, including depreciation and amortization expense,
were $531,691 and $617,473 during the nine months ended September 30, 2000 and
1999, respectively, $141,044 and $195,306 of which were incurred during the
quarters ended September 30, 2000 and 1999 respectively. The decrease in
operating expenses during the quarter and nine months ended September 30, 2000,
as compared to the quarter and nine months ended September 30, 1999, was
partially attributable to the fact that the Partnership incurred less
transaction costs related to the general partners retaining financial and legal
advisors to assist them in evaluating and negotiating the proposed merger with
CNL American Properties Fund, Inc. ("APF") due to the termination of the
proposed merger, as described below in "Termination of Merger."
The decrease in operating expenses during the quarter and nine months
ended September 30, 2000 was partially offset by an increase in operating
expenses due to the fact that during the quarter and nine months ended September
30, 2000 the Partnership incurred legal fees, insurance, real estate tax expense
and maintenance expense in connection with its Property in Williamsville, New
York as a result of the tenant of the Property, in 1998, filing for bankruptcy,
rejecting the lease, and discontinuing the payment of rent. The Partnership
continued to incur these types of expenses until the Property was sold in May
2000, as described above in "Capital Resources."
As a result of the sale of the Property in Williamsville, New York, as
described above in "Capital Resources," the Partnership recognized a loss of
$27,391 for financial reporting purposes during the nine months ended September
30, 2000. In addition, the Partnership sold two Properties during 1999 and
recognized a total gain of $75,997 for financial reporting purposes during the
nine months ended September 30, 1999.
Termination of Merger
On March 1, 2000, the general partners and APF mutually agreed to
terminate the Agreement and Plan of Merger (the "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.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not applicable.
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings. Inapplicable.
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 Affidavit and Certificate of Limited Partnership of CNL
Income Fund IX, Ltd. (Included as Exhibit 3.1 to
Registration Statement No. 33-35049 on Form S-11 and
incorporated herein by reference.)
4.1 Affidavit and Certificate of Limited Partnership of CNL
Income Fund IX, Ltd. (Included as Exhibit 3.1 to
Registration Statement No. 33-35049 on Form S-11 and
incorporated herein by reference.)
4.2 Amended and Restated Agreement of Limited Partnership
of CNL Income Fund IX, Ltd. (Included as Exhibit 4.6 to
Post-Effective Amendment No. 1 to Registration
Statement No. 33-35049 on Form S-11 and incorporated
herein by reference.)
10.1 Management Agreement between CNL Income Fund IX, Ltd.
and CNL Investment Company (Included as Exhibit 10.1 to
Form 10-K filed with the Securities and Exchange
Commission on March 17, 1998, 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.)
<PAGE>
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
No reports on Form 8-K were filed during the quarter ended
September 30, 2000.
<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 November, 2000.
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)
