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, 1996
-----------------------------------
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
0-20016
----------------------
CNL Income Fund X, Ltd.
- -----------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Florida 59-3004139
- ---------------------------- -------------------------------
(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
------- -------
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 X, LTD.
(A Florida Limited Partnership)
CONDENSED BALANCE SHEETS
September 30, December 31,
ASSETS 1996 1995
------ ------------- ------------
Land and buildings on operating
leases, less accumulated
depreciation of $846,242 and
$692,282 $15,276,929 $14,862,966
Net investment in direct financing
leases 14,262,373 14,947,735
Investment in joint ventures 3,465,226 3,416,156
Cash and cash equivalents 1,785,437 1,832,853
Receivables, less allowance for
doubtful accounts of $2,717 and
$12,167 1,257 99,304
Prepaid expenses 9,572 1,651
Organization costs, less
accumulated amortization of
$10,000 and $8,538 - 1,462
Accrued rental income, less
allowance for doubtful accounts
of $31,663 in 1996 1,610,698 1,368,565
Other assets 33,104 33,104
----------- ----------
$36,444,596 $36,563,796
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL
- ---------------------------------
Accounts payable $ 2,133 $ 5,503
Escrowed real estate taxes payable 34,487 30,673
Distributions payable 900,001 940,000
Due to related parties 6,654 7,004
Rents paid in advance and
deposits 164,889 116,341
----------- -----------
Total liabilities 1,108,164 1,099,521
Commitments and Contingencies
(Note 3)
Minority interest 63,975 63,419
Partners' capital 35,272,457 35,400,856
----------- -----------
$36,444,596 $36,563,796
=========== ===========
See accompanying notes to condensed financial statements.
CNL INCOME FUND X, LTD.
(A Florida Limited Partnership)
CONDENSED STATEMENTS OF INCOME
Quarter Ended Nine Months Ended
September 30, September 30,
1996 1995 1996 1995
---------- ---------- ---------- ----------
Revenues:
Rental income from
operating leases $ 527,259 $ 443,378 $1,381,652 $1,330,835
Earned income from
direct financing
leases 342,685 423,042 1,234,470 1,262,810
Contingent rental income 7,613 8,023 9,965 8,023
Interest and other income 19,753 23,792 64,987 66,555
---------- ---------- ---------- ----------
897,310 898,235 2,691,074 2,668,223
---------- ---------- ---------- ----------
Expenses:
General operating and
administrative 42,278 39,727 130,969 102,312
Professional services 4,877 6,527 23,125 18,025
Real estate taxes - (3,848) - -
State and other taxes - - 9,314 15,510
Depreciation and amorti-
zation 60,296 49,662 155,422 154,133
---------- ---------- ---------- ----------
107,451 92,068 318,830 289,980
---------- ---------- ---------- ----------
Income Before Minority
Interest in Income of Con-
solidated Joint Venture,
Equity in Earnings of
Unconsolidated Joint
Ventures and Gain on Sale
of Land and Building 789,859 806,167 2,372,244 2,378,243
Minority Interest in
Income of Consolidated
Joint Venture (2,278) (2,294) (6,264) (6,395)
Equity in Earnings of
Unconsolidated Joint
Ventures 71,490 69,024 205,623 198,431
Gain on Sale of Land and
Building - 67,214 - 67,214
---------- ---------- ---------- ----------
Net Income $ 859,071 $ 940,111 $2,571,603 $2,637,493
========== ========== ========== ==========
Allocation of Net Income:
General partners $ 8,591 $ 9,401 $ 25,716 $ 26,375
Limited partners 850,480 930,710 2,545,887 2,611,118
---------- ---------- ---------- ----------
$ 859,071 $ 940,111 $2,571,603 $2,637,493
========== ========== ========== ==========
Net Income Per Limited
Partner Unit $ 0.21 $ 0.23 $ 0.64 $ 0.65
========== ========== ========== ==========
Weighted Average Number
of Limited Partner
Units Outstanding 4,000,000 4,000,000 4,000,000 4,000,000
========== ========== ========== ==========
See accompanying notes to condensed financial statements.
CNL INCOME FUND X, LTD.
(A Florida Limited Partnership)
CONDENSED STATEMENTS OF PARTNERS' CAPITAL
Nine Months Ended Year Ended
September 30, December 31,
1996 1995
----------------- ------------
General partners:
Beginning balance $ 140,100 $ 104,609
Net income 25,716 35,491
----------- -----------
165,816 140,100
----------- -----------
Limited partners:
Beginning balance 35,260,756 35,384,183
Net income 2,545,887 3,516,576
Distributions ($0.68 and
$0.91 per limited partner
unit,respectively) (2,700,002) (3,640,003)
----------- -----------
35,106,641 35,260,756
----------- -----------
Total partners' capital $35,272,457 $35,400,856
=========== ===========
See accompanying notes to condensed financial statements.
CNL INCOME FUND X, LTD.
(A Florida Limited Partnership)
CONDENSED STATEMENTS OF CASH FLOWS
Nine Months Ended
September 30,
1996 1995
----------- -----------
Increase (Decrease) in Cash and Cash
Equivalents:
Net Cash Provided by Operating Activities $ 2,809,766 $ 2,702,094
----------- -----------
Cash Flows from Investing Activities:
Proceeds from sale of land and building - 1,057,386
Additions to land and buildings on
operating leases (978) (359,456)
Investment in direct financing leases (1,542) (566,019)
Investment in joint venture (129,503) -
Return of capital from joint venture 20,551 -
Increase in restricted cash - (117,327)
----------- -----------
Net cash provided by (used in)
investing activities (111,472) 14,584
----------- -----------
Cash Flows from Financing Activities:
Distributions to limited partners (2,740,001) (2,800,000)
Distributions to holder of minority
interest (5,709) (5,676)
----------- -----------
Net cash used in financing
activities (2,745,710) (2,805,676)
----------- -----------
Net Decrease in Cash and Cash Equivalents (47,416) (88,998)
Cash and Cash Equivalents at Beginning
of Period 1,832,853 1,812,709
----------- -----------
Cash and Cash Equivalents at End of Period $ 1,785,437 $ 1,723,711
=========== ===========
Supplemental Schedule of Non-Cash
Investing and Financing Activities:
Building costs incurred and unpaid at
end of period $ - $ 2,407
=========== ===========
Net investment in direct financing
lease reclassified as building
under operating lease as a result
of lease amendment $ 567,923 $ -
=========== ===========
Distributions declared and unpaid at
end of period $ 900,001 $ 900,000
=========== ===========
See accompanying notes to condensed financial statements.
CNL INCOME FUND X, LTD.
(A Florida Limited Partnership)
NOTES TO CONDENSED FINANCIAL STATEMENTS
Quarters and Nine Months Ended September 30, 1996 and 1995
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, 1996, may not be
indicative of the results that may be expected for the year ending
December 31, 1996. Amounts as of December 31, 1995, 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 X, Ltd. (the "Partnership") for the year ended December 31,
1995.
The Partnership accounts for its 88.26% interest in Allegan Real Estate
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.
Effective January 1, 1996, the Partnership adopted 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 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. Adoption of this standard had no
material effect on the Partnership's financial position or results of
operations.
2. Investment in Joint Ventures:
----------------------------
In January 1996, the Partnership acquired an approximate 13 percent
interest in a Golden Corral property in Clinton, North Carolina, as
tenants-in-common with affiliates of the general partners. The
Partnership accounts for its investment in this property using the
equity method since the Partnership shares control with affiliates, and
amounts relating to its investment are included in investment in joint
ventures. In August 1996, the Partnership received approximately
$20,600, representing a return of capital, for excess construction
costs funded as part of the initial investment in January 1996. As of
September 30, 1996, the Partnership owned an approximate 13 percent
interest in this property.
The following presents the combined, condensed financial information for
all of the Partnership's investments in joint ventures at:
September 30, December 31,
1996 1995
------------- ------------
Land and buildings
on operating leases,
less accumulated
depreciation $7,872,765 $7,206,289
Net investment in
direct financing
lease 657,587 655,216
Cash 1,266 6,927
Prepaid expenses 16,697 22,229
Liabilities 1,007 6,597
Partners' capital 8,547,308 7,884,064
Revenues 681,843 819,032
Net income 503,123 611,174
The Partnership recognized income totalling $205,623 and $198,431 for
the nine months ended September 30, 1996 and 1995, respectively, from
these joint ventures, $71,490 and $69,024 of which was earned during the
quarters ended September 30, 1996 and 1995, respectively.
3. Commitments and Contingencies:
-----------------------------
During 1992, the Partnership entered into two agreements with a tenant
which provide terms for certain improvements to properties the tenant
currently leases from the Partnership. The agreements provide a maximum
aggregate amount of costs to be paid by the Partnership of $165,000.
The agreements provide that the tenant has a period of up to five years
to make such improvements, and the Partnership will not be required to
pay any amounts until the commencement of the improvements. Rental
income relating to the leases of these properties will be adjusted
upward in accordance with the agreements for any such amounts paid. As
of September 30, 1996, the tenant had not yet commenced the
aforementioned improvements.
In October 1995, the tenant of the Partnership's property located in
Austin, Texas, entered into a sublease agreement for a vacant parcel of
land under which the subtenant has the option to purchase such land.
The subtenant exercised the purchase option and in accordance with the
terms of the sublease agreement, the tenant assigned the purchase
contract, together with the purchase contract payment of $69,000, from
the subtenant, to the Partnership. As of September 30, 1996, the sale
for the vacant parcel of land had not been consummated and as a result,
the net proceeds of $68,000 (representing the original $69,000 received
by the Partnership, less $1,000 in costs incurred in anticipation of the
sale) were recorded as a deposit at September 30, 1996. The contract
price of $69,000 exceeds the Partnership's cost attributable to the
parcel of land.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
CNL Income Fund X, 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 arrange-ments, 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 triple-net leases, with the lessees generally responsible for
all repairs and maintenance, property taxes, insurance and utilities. As of
September 30, 1996, the Partnership owned 48 Properties, including nine
Properties owned by joint ventures in which the Partnership is a co-venturer
and one property owned with affiliates as tenants-in-common.
Liquidity and Capital Resources
- -------------------------------
The Partnership's primary source of capital for the nine months ended
September 30, 1996 and 1995, 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
$2,809,766 and $2,702,094 for the nine months ended September 30, 1996 and
1995, respectively. The increase in cash from operations for the nine months
ended September 30, 1996, is 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, 1996.
In January 1996, the Partnership reinvested the remaining net sales
proceeds from the 1995 sale of the Property in Denver, Colorado, and the
granting of an easement relating to the Property in Hendersonville, North
Carolina, in a Golden Corral Property located in Clinton, North Carolina, with
affiliates of the general partners as tenants-in-common. In connection
therewith, the Partnership and its affiliates 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. In August 1996, the
Partnership received approximately $20,600, representing a return of capital,
for excess construction costs funded as part of the initial investment in
January 1996. The Partnership intends to use these funds for other
Partnership purposes. As of September 30, 1996, the Partnership owned an
approximate 13 percent interest in this Property.
In October 1995, the tenant of the Partnership's Property located in
Austin, Texas, entered into a sublease agreement for a vacant parcel of land
under which the subtenant has the option to purchase such land. The subtenant
exercised the purchase option and in accordance with the terms of the sublease
agreement, the tenant assigned the purchase contract, together with the
purchase contract payment of $69,000, from the subtenant, to the Partnership.
As of September 30, 1996, the sale for the vacant parcel of land had not
been consummated and as a result, the net proceeds of $68,000 (representing
the original $69,000 received by the Partnership, less $1,000 in costs
incurred in anticipation of the sale) were recorded as a deposit at September
30, 1996.
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, 1996, the Partnership had
$1,785,437 invested in such short-term investments as compared to $1,832,853
at December 31, 1995. The decrease in cash and cash equivalents during the
nine months ended September 30, 1996, is primarily the result of the
Partnership investing approximately $109,000 in a Golden Corral Property, as
described above. Cash and cash equivalents also decreased as a result of the
payment of a special distribution to the limited partners of $40,000 in
January 1996 from cumulative excess operating reserves. The funds remaining
at September 30, 1996, after payment of distributions and other liabilities,
will be used to pay certain costs relating to improvements to two of the
Partnership's Properties as described above, and to meet the Partnership's
working capital and other needs.
Total liabilities of the Partnership, including distributions payable,
increased to $1,108,164 at September 30, 1996, from $1,099,521 at December 31,
1995. The general partners believe that the Partnership has sufficient cash
on hand to meet its current working capital needs.
During 1992, the Partnership entered into two agreements with a tenant
which provide terms for certain improvements to Properties the tenant
currently leases from the Partnership. The agreements provide a maximum
aggregate amount of costs to be paid by the Partnership of $165,000. The
agreements provide that the tenant has a period of up to five years to make
such improvements, and the Partnership will not be required to pay any amounts
until the commencement of the improvements. Rental income relating to the
leases of these properties will be adjusted upward in accordance with the
agreements for any such amounts paid. As of September 30, 1996, the tenant
had not yet commenced the aforementioned improvements.
Based primarily on cash from operations, the Partnership declared
distributions to limited partners of $2,700,002 and $2,700,000 for the nine
months ended September 30, 1996 and 1995, respectively, ($900,001 and $900,000
for the quarters ended September 30, 1996 and 1995, respectively). This
represents distributions of $0.68 per unit for each of the nine months ended
September 30, 1996 and 1995 ($0.23 for each of the quarters ended September
30, 1996 and 1995). No distributions were made to the general partners for
the quarters and nine months ended September 30, 1996 and 1995. No amounts
distributed or to be distributed to the limited partners for the nine months
ended September 30, 1996 and 1995, 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 Part-nership'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 nine months ended September 30, 1995, the Partnership and its
consolidated joint venture, Allegan Real Estate Joint Venture, owned and
leased 40 wholly owned Properties (including one Property in Denver, Colorado,
which was sold in August 1995) and during the nine months ended September 30,
1996, the Partnership and its consolidated joint venture owned and leased 39
wholly owned Properties to operators of fast-food and family-style restaurant
chains. In connection therewith, during the nine months ended September 30,
1996 and 1995, the Partnership and Allegan Real Estate Joint Venture earned
$2,616,122 and $2,593,645, respectively, in rental income from operating
leases and earned income from direct financing leases for these Properties,
$869,944 and $866,420 of which was earned during the quarters ended September
30, 1996 and 1995, respectively. In May 1995, the tenant of the Property in
Denver, Colorado, ceased operations of the restaurant business located at the
Property and the Partnership terminated the lease agreement. In connection
therewith, during the nine months ended September 30, 1995, the Partnership
wrote off approximately $41,500 of accrued rental income amounts previously
recorded (due to the fact that future scheduled rent increases are recognized
on a straight-line basis over the term of the lease in accordance with
generally accepted accounting principles) relating to this Property. As a
result of the sale of this Property in August 1995, rental and earned income
decreased approximately $38,900 during the nine months ended September 30,
1996, as compared to the nine months ended September 30, 1995. However, as a
result of the Partnership reinvesting the majority of the sales proceeds from
the sale of the Property in Denver, Colorado, in a Shoney's Property in Fort
Myers Beach, Florida, in September, 1995, rental and earned income increased
approximately $22,700 and $83,800 during the quarter and nine months ended
September 30, 1996, respectively, as compared to the quarter and nine months
ended September 30, 1995.
Rental and earned income also decreased approximately $16,600 and
$46,900 during the quarter and nine months ended September 30, 1996,
respectively, as compared to the quarter and nine months ended September
30, 1995, due to the fact that in March 1996, the lease relating to the
Perkins Property in Ft. Pierce, Florida, was amended to provide for reduced
annual base rent from an effective date of October 1, 1995 through January 1,
1997. The Partnership does not anticipate that these reduced rents will have
a material effect on operations. As a result of the lease amendment, the
building portion of the lease was reclassified from a direct financing lease
to an operating lease. In addition, rental and earned income decreased due to
the fact that the lease relating to the Golden Corral Property in Austin,
Texas, was amended in November 1995, to provide for reduced annual base rent.
The lease was amended as a result of a purchase contract received relating to
the sale of a vacant parcel of land adjacent to the Property, as described
above in "Liquidity and Capital Resources."
For the nine months ended September 30, 1996 and 1995, the Partnership
also owned and leased eight Properties indirectly through other joint venture
arrangements, and for the nine months ended September 30, 1996, owned and
leased one Property as tenants-in-common with affiliates of the general
partners. In connection therewith, during the nine months ended September 30,
1996 and 1995, the Partnership earned $205,623 and $198,431, respectively,
attributable to the net income earned by these unconsolidated joint ventures
$71,490 and $69,024 of which was earned during the quarters ended September
30, 1996 and 1995, respectively. The increase in net income earned by
unconsolidated joint ventures is primarily attributable to the Partnership
reinvesting the remaining net sales proceeds it received from the 1995 sales
of the Property in Denver, Colorado and the parcel of land in Hendersonville,
North Carolina, in a Golden Corral Property in Clinton, North Carolina, with
affiliates as tenants-in-common in January 1996.
Operating expenses, including depreciation and amortization expense,
were $318,830 and $289,980 for the nine months ended September 30, 1996 and
1995, respectively of which $107,451 and $92,068 were incurred for the
quarters ended September 30, 1996 and 1995, respectively. The increase in
operating expenses during the nine months ended September 30, 1996, is
primarily the result of an increase in (i) accounting and administrative
expenses associated with operating the Partnership and its Properties, (ii)
professional services as a result of appraisal updates obtained to prepare an
annual statement of unit valuation to qualified plans in accordance with the
Partnership's partnership agreement, and (iii) insurance expense as a result
of the general partners' obtaining contingent liability and property coverage
for the Partnership, effective May 1995. This insurance policy is intended to
reduce the Partnership's exposure in the unlikely event a tenant's insurance
policy lapses or is insufficient to cover a claim relating to the Property.
Operating expenses also increased during the quarter and nine months
ended September 30, 1996, as compared to the quarter and nine months ended
September 30, 1995, due to an increase in depreciation expense as a result of
the reclassification of the building portion of the lease relating to the
Perkins Property in Ft. Pierce, Florida, from a direct financing lease to an
operating lease during the quarter and nine months ended September 30, 1996,
as described above. The increase in operating expense during the nine months
ended September 30, 1996 was partially offset by a decrease in depreciation
expense as a result of the sale of the Property in Denver, Colorado, in August
1995.
As a result of the granting of an easement relating to the Property in
Hendersonville, North Carolina, and the sale of the Property in Denver,
Colorado, the Partnership recognized a gain for financial reporting purposes
of $67,214 during the nine months ended September 30, 1995. No Properties
were sold during the nine months ended September 30, 1996.
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, 1996.
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 5th day of November, 1996.
CNL INCOME FUND X, 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 X, Ltd. at September 30, 1996, and its statement of
income for the nine months then ended and is qualified in its entirety by
reference to the Form 10-Q of CNL Income Fund X, Ltd. for the nine months ended
September 30, 1996.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> SEP-30-1996
<CASH> 1,785,437
<SECURITIES> 0
<RECEIVABLES> 3,974
<ALLOWANCES> 2,717
<INVENTORY> 0
<CURRENT-ASSETS> 0<F1>
<PP&E> 16,123,171
<DEPRECIATION> 846,242
<TOTAL-ASSETS> 36,444,596
<CURRENT-LIABILITIES> 0<F1>
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 35,272,457
<TOTAL-LIABILITY-AND-EQUITY> 36,444,596
<SALES> 0
<TOTAL-REVENUES> 2,691,074
<CGS> 0
<TOTAL-COSTS> 318,830
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 2,571,603
<INCOME-TAX> 0
<INCOME-CONTINUING> 2,571,603
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,571,603
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<FN>
<F1>Due to the nature of its industry, CNL Income Fund X, Ltd. has an
unclassified balance sheet; therefore, no values are shown above for current
assets and current liabilities.
</FN>
</TABLE>
