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 June 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
0-20016
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CNL Income Fund X, Ltd.
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(Exact name of registrant as specified in its charter)
Florida 59-3004139
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
450 South Orange Avenue
Orlando, Florida 32801-3336
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(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 7-10
Item 3. Quantitative and Qualitative Disclosures About
Market Risk 10
Part II.
Other Information 11-13
<PAGE>
CNL INCOME FUND X, LTD.
(A Florida Limited Partnership)
CONDENSED BALANCE SHEETS
<TABLE>
<CAPTION>
June 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 $ 15,934,464 $ 16,391,447
Net investment in direct financing leases 9,281,230 9,391,291
Investment in joint ventures 4,951,280 4,989,209
Cash and cash equivalents 754,405 967,094
Receivables, less allowance for doubtful accounts
of $202,957 and $122,914, respectively 28,467 100,952
Due from related parties 5,587 9,428
Prepaid expenses 25,951 19,283
Lease costs, less accumulated amortization of $400 11,600 --
Accrued rental income, less allowance for doubtful accounts of
$2,662 and $1,210, respectively 1,383,183 1,353,160
Other assets 33,404 35,684
------------------ ------------------
$ 32,409,571 $ 33,257,548
================== ==================
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $ 34,940 $ 119,660
Accrued and escrowed real estate taxes payable 19,279 9,364
Distributions payable 900,001 900,001
Due to related parties 146,916 69,544
Rents paid in advance and deposits 106,933 71,634
------------------ ------------------
Total liabilities 1,208,069 1,170,203
Minority interest 64,339 65,051
Partners' capital 31,137,163 32,022,294
------------------ ------------------
$ 32,409,571 $ 33,257,548
================== ==================
See accompanying notes to condensed financial statements.
<PAGE>
CNL INCOME FUND X, LTD.
(A Florida Limited Partnership)
CONDENSED STATEMENTS OF INCOME
Quarter Ended Six Months Ended
June 30, June 30,
2000 1999 2000 1999
------------ ------------ ------------ ------------
Revenues:
Rental income from operating leases $ 477,962 $ 507,803 $ 907,470 $ 956,260
Earned income from direct financing leases 245,964 286,157 493,371 563,015
Interest and other income 4,409 17,748 32,430 31,462
------------ ------------ ------------ ------------
728,335 811,708 1,433,271 1,550,737
------------ ------------ ------------ ------------
Expenses:
General operating and administrative 60,490 36,293 122,510 86,775
Professional services 6,436 19,981 28,847 30,026
Real estate taxes 13,347 5,306 26,694 16,910
State and other taxes 65 105 22,581 14,682
Depreciation and amortization 79,724 84,256 160,676 156,550
Transaction costs 37,699 90,788 83,445 124,449
------------ ------------ ------------ ------------
197,761 236,729 444,753 429,392
------------ ------------ ------------ ------------
Income Before Minority Interest in Income of
Consolidated Joint Venture, Equity in
Earnings of Unconsolidated Joint Ventures,
Gain on Sale of Land and Building, and
Provision for Loss on Land and Building 530,574 574,979 988,518 1,121,345
Minority Interest in Income of Consolidated
Joint Venture (2,064 ) (2,099 ) (4,282 ) (3,978 )
Equity in Earnings of Unconsolidated Joint
Ventures 114,464 95,090 217,910 176,494
Gain on Sale of Land and Building -- -- -- 74,640
Provision for Loss on Land and Building -- -- (287,275 ) --
------------ ------------ ------------ ------------
Net Income $ 642,974 $ 667,970 $ 914,871 $1,368,501
============ ============ ============ ============
Allocation of Net Income:
General partners $ 6,430 $ 6,680 $ 9,985 $ 12,941
Limited partners 636,544 661,290 904,886 1,355,560
------------ ------------ ------------ ------------
$ 642,974 $ 667,970 $ 914,871 $1,368,501
============ ============ ============ ============
Net Income Per Limited Partner Unit $ 0.16 $ 0.17 $ 0.23 $ 0.34
============ ============ ============ ============
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
Six Months Ended Year Ended
June 30, December 31,
2000 1999
----------------------- ------------------
General partners:
Beginning balance $ 252,935 $ 229,725
Net income 9,985 23,210
----------------------- ------------------
262,920 252,935
----------------------- ------------------
Limited partners:
Beginning balance 31,769,359 33,123,172
Net income 904,886 2,246,191
Distributions ($0.45 and $0.90 per limited partner
unit, respectively) (1,800,002 ) (3,600,004 )
----------------------- ------------------
30,874,243 31,769,359
----------------------- ------------------
Total partners' capital $ 31,137,163 $ 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
Six Months Ended
June 30,
2000 1999
--------------- --------------
Increase (Decrease) in Cash and Cash Equivalents
Net Cash Provided by Operating Activities $1,604,307 $1,654,349
--------------- --------------
Cash Flows from Investing Activities:
Proceeds from sale of land and buildings -- 1,150,000
Additions to land and buildings on operating
leases -- (1,257,217 )
Investment in joint venture -- (802,431 )
Decrease in restricted cash -- 359,990
Payment of lease costs (12,000 ) --
--------------- --------------
Net cash used in investing activities (12,000 ) (549,658 )
--------------- --------------
Cash Flows from Financing Activities:
Distributions to limited partners (1,800,002 ) (1,800,002 )
Distributions to holder of minority interest (4,994 ) (4,298 )
--------------- --------------
Net cash used in financing activities (1,804,996 ) (1,804,300 )
--------------- --------------
Net Decrease in Cash and Cash Equivalents (212,689 ) (699,609 )
Cash and Cash Equivalents at Beginning of Period 967,094 1,835,972
--------------- --------------
Cash and Cash Equivalents at End of Period $ 754,405 $1,136,363
=============== ==============
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 Six Months Ended June 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 six months ended June 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>
June 30, December 31,
2000 1999
------------------ -----------------
<S> <C>
Land $ 9,076,722 $ 9,076,722
Building 9,556,497 10,235,897
------------------ -----------------
18,633,219 19,312,619
Less accumulated depreciation (1,774,987 ) (1,654,894 )
------------------ -----------------
16,858,232 17,657,725
Less allowance for loss on
land and building (923,768 ) (1,266,278 )
------------------ -----------------
$15,934,464 $ 16,391,447
================== =================
</TABLE>
<PAGE>
CNL INCOME FUND X, LTD.
(A Florida Limited Partnership)
NOTES TO CONDENSED FINANCIAL STATEMENTS
Quarters and Six Months Ended June 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 June 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 June 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 June 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.
<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 June 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 six months ended
June 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 $1,604,307 and
$1,654,349 for the six months ended June 30, 2000 and 1999, respectively. The
decrease in cash from operations for the six months ended June 30, 2000 was
primarily a result of changes in income and expenses as described in "Results of
Operations" below and 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 June 30, 2000, the Partnership had
$754,405 invested in such short-term investments, as compared to $967,094 at
December 31, 1999. The funds remaining at June 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.
Total liabilities of the Partnership, including distributions payable,
increased to $1,208,069 at June 30, 2000, from $1,170,203 at December 31, 1999,
primarily due to an increase in due to related parties and rents paid in advance
at June 30, 2000, as compared to December 31, 1999. The increase in liabilities
at June 30, 2000 was partially offset by a decrease in accounts payable at June
30, 2000 compared to December 31, 1999. Total liabilities at June 30, 2000, to
the extent they exceed cash and cash equivalents at June 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 limited partners of $1,800,002 for each of the six
months ended June 30, 2000 and 1999 ($900,001 for each of the quarters ended
June 30, 2000 and 1999). This represents distributions for each applicable six
months of $0.45 per unit ($.023 per unit for each applicable quarter). No
distributions were made to the general partners for the quarters and six months
ended June 30, 2000 and 1999. No amounts distributed to the limited partners for
the six months ended June 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 six months ended June 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 six months ended June 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 six months ended June 30, 2000 and 1999, the
Partnership and Allegan Real Estate Joint Venture earned $1,400,841 and
$1,519,275, respectively, in rental income from operating leases and earned
income from direct financing leases from these Properties, $723,926 and $793,960
of which was earned during the quarters ended June 30, 2000 and 1999,
respectively. Rental and earned income decreased by approximately $31,500 and
$68,000 for the quarter and six months ended June 30, 2000, respectively, as
compared to the quarter and six months ended June 30, 1999, 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 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, rental and earned income decreased by approximately
$52,500 and $92,700 for the quarter and six months ended June 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 six months ended June 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.
Rental and earned income during the quarters and six months ended June
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 Property in
Lancaster, New York. As a result of the tenant vacating the Property in
Lancaster, New York, 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 six months ended June 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 six months ended June 30, 2000, the Partnership also owned and leased
one additional Property indirectly through a joint venture arrangement. In
connection therewith, during the six months ended June 30, 2000 and 1999, the
Partnership earned $217,910 and $176,494, respectively, $114,464 and $95,090 of
which was earned during the quarters ended June 30, 2000 and 1999, respectively.
The increase in net income earned by unconsolidated joint ventures during the
quarter and six months ended June 30, 2000, was primarily attributable to the
Partnership investing in a joint venture arrangement, Ocean Shores Joint
Venture, in January 1999 and Peoria Joint Venture, in November 1999.
Operating expenses, including depreciation and amortization expense,
were $444,753 and $429,392 for the six months ended June 30, 2000 and 1999,
respectively, of which $197,761 and $236,729 were incurred for the quarters
ended June 30, 2000 and 1999, respectively. The increase in operating expenses
during the six months ended June 30, 2000, as compared to the six months ended
June 30, 1999, was partially due to, and the decrease in operating expenses for
the quarter ended June 30, 2000 as compared to the quarter ended June 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, as described above until replacement tenants or
purchasers are located. The Partnership is currently seeking either replacement
tenants or purchasers for these Properties.
The increase in operating expenses during the six months ended June 30,
2000, as compared to the six months ended June 30, 1999, was partially
attributable to, and the decrease during the quarter ended June 30, 2000, as
compared to the quarter ended June 30, 1999, was partially offset by, an
increase in administrative expenses for servicing the Partnership and its
Properties.
In addition, the increase in operating expenses during the six months
ended June 30, 2000, was partially offset by, and the decrease in operating
expenses during the quarter ended June 30, 2000 was primarily 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."
As a result of the sale of the Property in Amherst, New York, the
Partnership recorded a gain of $74,640 for financial reporting purposes during
the six months ended June 30, 1999. No Properties were sold during the six
months ended June 30, 2000.
During the six months ended June 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 June 30, 2000 and the estimated net realizable value for the Property. No
such allowance was recorded during the six months ended June 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.
Dismissal of Legal Action
As described in greater detail in Part II, Item 1. "Legal Proceedings,"
in 1999, two groups of limited partners in several CNL Income Funds filed
purported class action suits against the general partners and APF alleging,
among other things, that the general partners had breached their fiduciary
duties in connection with the proposed Merger. These actions were later
consolidated into one action. On April 25, 2000, the judge in the consolidated
action issued an order dismissing the action without prejudice, with each party
to bear its own costs and attorneys' fees.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not applicable.
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings.
On May 11, 1999, four limited partners in several CNL Income Funds
served a derivative and purported class action lawsuit filed April 22,
1999 against the general partners and APF in the Circuit Court of the
Ninth Judicial Circuit of Orange County, Florida, alleging that the
general partners breached their fiduciary duties and violated provisions
of certain of the CNL Income Fund partnership agreements in connection
with the proposed merger. The plaintiffs sought unspecified damages and
equitable relief. On July 8, 1999, the plaintiffs filed an amended
complaint which, in addition to naming three additional plaintiffs,
included allegations of aiding and abetting and conspiring to breach
fiduciary duties, negligence and breach of duty of good faith against
certain of the defendants and sought additional equitable relief. As
amended, the caption of the case was Jon Hale, Mary J. Hewitt, Charles
A. Hewitt, Gretchen M. Hewitt, Bernard J. Schulte, Edward M. and
Margaret Berol Trust, and Vicky Berol v. James M. Seneff, Jr., Robert A.
Bourne, CNL Realty Corporation, and CNL American Properties Fund, Inc.,
Case No. CIO-99-0003561.
On June 22, 1999, a limited partner of several CNL Income Funds served a
purported class action lawsuit filed April 29, 1999 against the general
partners and APF, Ira Gaines, individually and on behalf of a class of
persons similarly situated, v. CNL American Properties Fund, Inc., James
M. Seneff, Jr., Robert A. Bourne, CNL Realty Corporation, CNL Fund
Advisors, Inc., CNL Financial Corporation a/k/a CNL Financial Corp., CNL
Financial Services, Inc. and CNL Group, Inc., Case NO. CIO-99-3796, in
the Circuit Court of the Ninth Judicial Circuit of Orange County,
Florida, alleging that the general partners breached their fiduciary
duties and that APF aided and abetted their breach of fiduciary duties
in connection with the proposed merger. The plaintiff sought unspecified
damages and equitable relief.
On September 23, 1999, Judge Lawrence Kirkwood entered an order
consolidating the two cases under the caption In re: CNL Income Funds
Litigation, Case No. 99-3561. Pursuant to this order, the plaintiffs in
these cases filed a consolidated and amended complaint on November 8,
1999. On December 22, 1999, the general partners and CNL Group, Inc.
filed motions to dismiss and motions to strike. On December 28, 1999,
APF and CNL Fund Advisors, Inc. filed motions to dismiss. On March 6,
2000, all of the defendants filed a Joint Notice of Filing Form 8-K
Reports and Suggestion of Mootness.
On April 25, 2000, Judge Kirkwood issued a Stipulated Final Order of
Dismissal of Consolidated Action, dismissing the action without
prejudice, with each party to bear its own costs and attorneys' fees.
Item 2. Changes in Securities. Inapplicable.
Item 3. 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.)
<PAGE>
(b) Reports on Form 8-K
No reports on Form 8-K were filed during the quarter ended June
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 August, 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)
