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
--------------------------------------------------------------------------
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 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
Page
Part I.
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 5-6
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 7-11
Item 3. Quantitative and Qualitative Disclosures About
Market Risk 11
Part II.
Other Information 12-13
<PAGE>
CNL INCOME FUND X, 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 land and buildings $ 15,855,140 $ 16,391,447
Net investment in direct financing leases 9,223,996 9,391,291
Investment in joint ventures 4,936,315 4,989,209
Cash and cash equivalents 646,311 967,094
Receivables, less allowance for doubtful accounts
of $135,180 and $122,914, respectively -- 100,952
Prepaid expenses 22,601 19,283
Lease costs, less accumulated amortization of $700 11,300 --
Accrued rental income, less allowance for doubtful accounts of
$3,388 and $1,210, respectively 1,398,853 1,353,160
Other assets 33,404 35,684
------------------ ------------------
$ 32,127,920 $ 33,248,120
================== ==================
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $ 34,678 $ 119,660
Accrued and escrowed real estate taxes payable 33,960 9,364
Distributions payable 900,001 900,001
Due to related parties 103,954 60,116
Rents paid in advance and deposits 35,614 71,634
------------------ ------------------
Total liabilities 1,108,207 1,160,775
Minority interest 64,249 65,051
Partners' capital 30,955,464 32,022,294
------------------ ------------------
$32,127,920 $ 33,248,120
================== ==================
See accompanying notes to condensed financial statements.
<PAGE>
CNL INCOME FUND X, 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 $ 489,015 $ 434,545 $1,394,549 $1,399,442
Adjustments to accrued rental income -- (6,099 ) -- (18,296 )
Earned income from direct financing leases 244,481 263,036 737,852 826,051
Contingent rental income 5,320 6,940 7,256 10,500
Interest and other income 20,803 11,179 53,233 42,641
------------ ------------ ------------- ------------
759,619 709,601 2,192,890 2,260,338
------------ ------------ ------------- ------------
Expenses:
General operating and administrative 57,354 39,069 179,864 125,844
Professional services 8,085 15,722 36,932 45,748
Real estate taxes 10,362 4,351 37,056 21,261
State and other taxes -- -- 22,581 14,682
Depreciation 79,624 84,256 240,300 240,806
Transaction costs -- 67,658 83,445 192,107
------------ ------------ ------------- ------------
155,425 211,056 600,178 640,448
------------ ------------ ------------- ------------
Income Before Minority Interest in Income of
Consolidated Joint Venture, Equity in Earnings of
Unconsolidated Joint Ventures, Gain (Loss) on
Sale of Land, Buildings and Net Investment in
Direct Financing Lease and Provision for Loss on
Land and Building 604,194 498,545 1,592,712 1,619,890
Minority Interest in Income of Consolidated
Joint Venture (2,144 ) (2,193 ) (6,426 ) (6,171 )
Equity in Earnings of Unconsolidated Joint
Ventures 116,252 95,933 334,162 272,427
Gain (Loss) on Sale of Land, Buildings and Net
Investment in Direct Financing Lease -- (42,141 ) -- 32,499
Provision for Loss on Land and Building -- -- (287,275 ) --
------------ ------------ ------------- ------------
Net Income $ 718,302 $550,144 $1,633,173 $1,918,645
============ ============ ============= ============
Allocation of Net Income:
General partners $ 7,183 $ 5,642 $ 17,168 $ 18,583
Limited partners 711,119 544,502 1,616,005 1,900,062
------------ ------------ ------------- ------------
$ 718,302 $550,144 $1,633,173 $1,918,645
============ ============ ============= ============
Net Income Per Limited Partner Unit $ 0.18 $ 0.14 $ 0.40 $ 0.48
============ ============ ============= ============
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.
<PAGE>
CNL INCOME FUND X, 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 $ 252,935 $ 229,725
Net income 17,168 23,210
-------------------------- -----------------------
270,103 252,935
-------------------------- -----------------------
Limited partners:
Beginning balance 31,769,359 33,123,172
Net income 1,616,005 2,246,191
Distributions ($0.68 and $0.90 per limited
partner unit, respectively) (2,700,003 ) (3,600,004 )
-------------------------- -----------------------
30,685,361 31,769,359
-------------------------- -----------------------
Total partners' capital $ 30,955,464 $ 32,022,294
========================== =======================
See accompanying notes to condensed financial statements.
<PAGE>
CNL INCOME FUND X, 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 $2,398,448 $2,442,140
---------------- ---------------
Cash Flows from Investing Activities:
Proceeds from sale of land and buildings -- 2,081,725
Additions to land and buildings on operating
leases -- (1,257,217 )
Investment in joint ventures -- (802,431 )
Decrease in restricted cash -- 359,990
Payment of lease costs (12,000 ) --
---------------- ---------------
Net cash provided by investing activities (12,000 ) 382,067
---------------- ---------------
Cash Flows from Financing Activities:
Distributions to limited partners (2,700,003 ) (2,700,003 )
Distributions to holder of minority interest (7,228 ) (6,566 )
---------------- ---------------
Net cash used in financing activities (2,707,231 ) (2,706,569 )
---------------- ---------------
Net Increase (Decrease) in Cash and Cash Equivalents (320,783 ) 117,638
Cash and Cash Equivalents at Beginning of Period 967,094 1,835,972
---------------- ---------------
Cash and Cash Equivalents at End of Period $ 646,311 $1,953,610
================ ===============
Supplemental Schedule of Non-Cash Financing Activities:
Distributions declared and unpaid at end of
period $ 900,001 $ 900,001
================ ===============
See accompanying notes to condensed financial statements.
</TABLE>
<PAGE>
CNL INCOME FUND X, 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 X, Ltd. (the "Partnership") for the year ended December 31,
1999.
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.
Certain items in the prior year's financial statements have been
reclassified to conform to 2000 presentation. These reclassifications
had no effect on partner's capital or net income.
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 $ 9,076,722 $ 9,076,722
Building 9,556,496 10,235,897
------------------ -----------------
18,633,218 19,312,619
Less accumulated depreciation (1,854,310 ) (1,654,894 )
------------------ -----------------
16,778,908 17,657,725
Less allowance for loss on
land and building (923,768 ) (1,266,278 )
------------------ -----------------
$ 15,855,140 $ 16,391,447
================== =================
</TABLE>
<PAGE>
CNL INCOME FUND X, 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:
During the year ended December 31, 1998, the Partnership recorded a
provision for loss on land and building totalling $908,518 for
financial reporting purposes relating to the properties in Lancaster,
New York, and Homewood, Alabama. In connection with the property in
Homewood, Alabama, in January 2000, the Partnership entered into a
lease with a new tenant for a Kinko's Copies store. In connection
therewith, the Partnership agreed to remove the old building from the
property so the new tenant could construct a new building. Therefore,
at December 31, 1999, the Partnership recorded an additional impairment
on the building for $357,760, representing the undepreciated cost of
the old building, for financial reporting purposes. As of September 30,
2000, the building was demolished and the total undepreciated cost of
the old building of $629,785, for which the Partnership had recorded
impairments in 1999 and 1998, was removed from the accounts and no loss
on demolition relating to the building was reflected in income.
As of September 30, 2000, the Partnership recorded a provision for loss
on land and building in the amount of $287,275 for financial reporting
purposes relating to the Perkins property in Ft. Pierce, Florida. The
tenant of this property vacated the property and discontinued the
payment of rents to the Partnership. The allowance represents the
difference between the carrying value of the property at September 30,
2000 and the estimated net realizable value for this property.
3. 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.
4. Subsequent Event:
In October 2000, the Partnership entered into a promissory note with
the corporate general partner for a loan in the amount of $125,000 in
connection with the operations of the Partnership. The loan is
uncollateralized, non-interest bearing and due on demand. As of
November 10, 2000, the Partnership had repaid the entire loan to the
corporate general partner.
<PAGE>
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 arrangements, both newly constructed and
existing restaurants, as well as land upon which restaurants were to be
constructed, which are leased primarily to operators of national and regional
fast-food and family-style restaurant chains (collectively, the "Properties").
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 49 Properties, which included
interests in 11 Properties owned by joint ventures in which the Partnership is a
co-venturer and two Properties owned with affiliates of the general partners as
tenants-in-common.
Capital Resources
The Partnership's primary source of capital for 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). Cash from operations was
$2,398,448 and $2,442,140 for the nine months ended September 30, 2000 and 1999,
respectively. The decrease in cash from operations for the nine months ended
September 30, 2000 was primarily a result of changes in the Partnership's
working capital.
Currently, rental income from the Partnership's Properties and any net
sales proceeds from the sale of Properties, pending the reinvestment in
additional Properties, are invested in money market accounts or other
short-term, highly liquid investments, such as demand deposit accounts at
commercial banks and certificates of deposit 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 September 30, 2000, the Partnership
had $646,311 invested in such short-term investments, as compared to $967,094 at
December 31, 1999. The funds remaining at September 30, 2000 will be used to 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 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.
In October 2000, the Partnership entered into a promissory note with
the corporate general partner for a loan in the amount of $125,000 in connection
with the operations of the Partnership. The loan is uncollateralized,
non-interest bearing and due on demand. As of November 10, 2000, the Partnership
had repaid the entire loan to the corporate general partner.
Total liabilities of the Partnership, including distributions payable,
decreased to $1,108,207 at September 30, 2000, from $1,160,775 at December 31,
1999, primarily due to a decrease in accounts payable and rents paid in advance
at September 30, 2000, as compared to December 31, 1999. The decrease in
liabilities at September 30, 2000 was partially offset by a increase in due to
related parties and accrued and escrowed real estate taxes payable at September
30, 2000 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, loans, 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, and for the nine
months ended September 30, 2000, the loan from the general partners of $125,000,
as described above, the Partnership declared distributions to limited partners
of $2,700,003 for each of the nine months ended September 30, 2000 and 1999
($900,001 for each of the quarters ended September 30, 2000 and 1999). This
represents distributions for each applicable nine months of $0.68 per unit
($.023 per unit for each applicable quarter). No distributions were made to the
general partners for the quarters and nine months ended September 30, 2000 and
1999. No amounts distributed to the limited partners for 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 and
its consolidated joint venture, Allegan Real Estate Joint Venture, owned and
leased 39 wholly owned Properties (which included two Properties which were sold
in 1999). In addition, during the nine months ended September 30, 2000, the
Partnership and Allegan Real Estate Joint Venture owned and leased 37 wholly
owned Properties 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 and Allegan Real Estate Joint Venture earned $2,132,401
and $2,207,197, respectively, in rental income from operating leases and earned
income from direct financing leases from these Properties, $733,496 and $691,482
of which was earned during the quarters ended September 30, 2000 and 1999,
respectively. The increase in rental and earned income during the quarter ended
September 30, 2000, as compared to the quarter ended September 30, 1999, was
partially attributable to and the decrease to rental and earned income during
the nine months ended September 30, 2000, as compared to the nine months ended
September 30, 1999, was partially offset by, an increase in rental and earned
income of approximately $42,700 and $62,700 during the quarter and nine months
ended September 30, 2000, respectively, as a result of the Partnership entering
into a new lease with a new tenant for the Property in Homewood Alabama. In
December 1999, the former tenant of this Property vacated the Property and
discontinued making rental payments to the Partnership. Rental and earned income
decreased during the nine months ended September 30, 2000 as a result of the
fact that during the nine months ended September 30, 2000, the Partnership
wrote-off approximately $7,000 in past due rental amounts from the former tenant
The increase to rental and earned income during the quarter ended
September 30, 2000, was partially offset by, and the decrease in rental and
earned income during the nine months ended September 30, 2000, was partially
attributable to a decrease in rental and earned income of $36,400 and $109,600
during the quarter and nine months ended September 30, 2000, respectively, due
to the fact that in September 1999, the tenant of the Property in Ft. Pierce,
Florida vacated the Property and discontinued making rental payments to the
Partnership. The increase in rental and earned income during the quarter ended
September 30, 2000 was primarily attributable to, and the decrease in rental and
earned income during the nine months ended September 30, 2000, was partially
offset by the fact that during the quarter and nine months ended September 30,
1999, the Partnership established an allowance for doubtful accounts of
approximately $64,000 and $69,000, respectively, for past due rental amounts. No
such allowance was established during the quarter and nine months ended
September 30, 2000. The general partners will continue to pursue collection of
past due rental amounts relating to this Property and will recognize such
amounts as income if collected. The general partners are currently seeking
either a new tenant or purchaser for this Property. Rental and earned income are
expected to remain at reduced amounts until such time as the Partnership
executes a new lease or until the Property is sold and the proceeds from such a
sale are reinvested in an additional Property.
In addition, the increase to rental and earned income during the
quarter ended September 30, 2000 was partially offset by, and the decrease
during the nine months ended September 30, 2000, was partially attributable to,
a decrease in rental and earned income of approximately $18,300 and $111,000 for
the quarter and nine months ended September 30, 2000, respectively, as a result
of the sale of the Properties in Amherst, New York in March 1999 and Fort Myers
Beach, Florida in August 1999. The decrease in rental and earned income for the
nine months ended September 30, 2000 was partially offset by an increase in
rental and earned income of approximately $50,700 due to the reinvestment of the
net sales proceeds from the 1998 sale of the Property in Sacramento, California,
in a Property in San Marcos, Texas, in March 1999 and the reinvestment of net
sales proceeds from the 1999 sale of the Property in Amherst, New York in a
Property in Fremont, Nebraska in March 1999.
The decrease to rental and earned income during the nine months ended
September 30, 2000 was also attributable to the Partnership establishing an
allowance for doubtful accounts of approximately $11,900 for past due rental
amounts relating to the Properties in Las Cruces and Alamagorda, New Mexico, in
accordance with Partnership policy. The general partners will continue to pursue
collection of these past due amounts and will recognize such amounts as income
if collected.
Rental and earned income during the quarters and nine months ended
September 30, 2000 and 1999 continued to remain at reduced amounts due to the
fact that the Partnership is not receiving any rental income relating to the
vacant Property in Lancaster, New York. As a result of the tenant vacating the
Property in a prior year, rental and earned income are expected to remain at
reduced amounts until such time as the Partnership executes a new lease or until
the Property is sold and the proceeds from such a sale are reinvested in an
additional Property. The Partnership is currently seeking either a new tenant or
purchaser for this Property.
For the nine months ended September 30, 2000 and 1999, the Partnership
also owned and leased nine Properties indirectly through joint venture
arrangements and two Properties as tenants-in-common with affiliates of the
general partners. For the nine months ended September 30, 2000, the Partnership
also owned and leased one additional Property indirectly through a joint venture
arrangement. In connection therewith, during the nine months ended September 30,
2000 and 1999, the Partnership earned $334,162 and $272,427, respectively,
$116,252 and $95,933 of which was earned during the quarters ended September 30,
2000 and 1999, respectively. The increase in net income earned by unconsolidated
joint ventures during the quarter and nine months ended September 30, 2000, was
primarily attributable to the Partnership investing in the joint venture
arrangements, Ocean Shores Joint Venture, in January 1999 and Peoria Joint
Venture, in November 1999.
Operating expenses, including depreciation and amortization expense,
were $600,178 and $640,448 for the nine months ended September 30, 2000 and
1999, respectively, of which $155,425 and $211,056 were incurred for 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 due 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 for the quarter and nine months
ended September 30, 2000 as compared to the quarter and nine months ended
September 30, 1999, was partially offset by the fact that the Partnership
recorded legal expenses, insurance and real estate tax expense as a result of
the tenant of the Property in Ft. Pierce, Florida vacating the Property and
discontinuing the payment of rent to the Partnership in September 1999, as
described above. The Partnership will continue to incur certain expenses, such
as real estate taxes, insurance and maintenance relating to the Property in Ft.
Pierce, Florida and the Property in Lancaster, New York, which is vacant, as
described above, until replacement tenants or purchasers are located. The
Partnership is currently seeking either replacement tenants or purchasers for
these Properties.
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 offset by an increase in administrative
expenses for servicing the Partnership and its Properties.
As a result of the sale of the Property in Amherst, New York during the
nine months ended September 30, 1999, the Partnership recorded a gain of
$74,640. As a result of the sale of the Property in Fort Myers Beach, Florida,
during the quarter and nine months ended September 30, 1999, the Partnership
recorded a loss of $42,141 for financial reporting purposes. No Properties were
sold during the nine months ended September 30, 2000.
During the nine months ended September 30, 2000, the Partnership
recorded a provision for loss on land and building in the amount of $287,275 for
financial reporting purposes relating to a Perkins Property in Ft. Pierce,
Florida, the tenant of which vacated the Property and discontinued the payment
of rents. The allowance represents the difference between the carrying value of
the Property at September 30, 2000 and the estimated net realizable value for
the Property. No such allowance was recorded 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 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 X, Ltd. (Included as Exhibit 3.2 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 X, Ltd. (Included as Exhibit 3.2 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 X, Ltd. (Included as Exhibit 3.3 to
Post-Effective Amendment No. 4 to Registration
Statement No. 33-35049 on Form S-11 and incorporated
herein by reference.)
10.1 Management Agreement between CNL Income Fund X, 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.)
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 10th day of November, 2000.
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)
