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 March 31, 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
0-26216
---------------------------------------
CNL Income Fund XV, Ltd.
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Florida 59-3198888
- ----------------------------------------- -----------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
450 South Orange Avenue
Orlando, Florida 32801
- ----------------------------------------- -----------------------------
(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
Condensed Statements of Income
Condensed Statements of Partners' Capital
Condensed Statements of Cash Flows
Notes to Condensed Financial Statements
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About
Market Risk
Part II
Other Information
<PAGE>
CNL INCOME FUND XV, LTD.
(A Florida Limited Partnership)
CONDENSED BALANCE SHEETS
<TABLE>
<CAPTION>
March 31, December 31,
2000 1999
------------------- -------------------
<S> <C>
ASSETS
Land and buildings on operating leases, less
accumulated depreciation and allowance for loss on land
$ 23,371,117 $ 23,263,676
Net investment in direct financing leases 6,218,212 6,236,233
Investment in joint ventures 3,065,739 3,095,152
Cash and cash equivalents 2,307,561 1,660,363
Receivables, less allowance for doubtful
accounts of $43,569 and $13,085, respectively 47,907 97,068
Prepaid expenses 8,418 14,988
Lease costs, less accumulated amortization of
$1,833 and $1,479, respectively 19,406 19,760
Accrued rental income less allowance for doubtful
accounts of $2,317 in 2000 1,723,821 1,686,740
------------------- -------------------
$ 36,762,181 $ 36,073,980
=================== ===================
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $ 61,773 $ 122,999
Accrued construction costs payable 749,500 --
Accrued and escrowed real estate taxes payable 22,193 28,352
Distributions payable 800,000 800,000
Due to related parties 113,315 60,991
Rents paid in advance and deposits 109,095 25,763
------------------- -------------------
Total liabilities 1,855,876 1,038,105
Partners' capital 34,906,305 35,035,875
------------------- -------------------
$ 36,762,181 $ 36,073,980
=================== ===================
See accompany notes to condensed financial statements.
<PAGE>
CNL INCOME FUND XV, LTD.
(A Florida Limited Partnership)
CONDENSED STATEMENTS OF INCOME
Quarter Ended
March 31,
2000 1999
-------------- ---------------
Revenues:
Rental income from operating leases $ 655,461 $ 594,046
Earned income from direct financing leases 145,854 210,162
Interest and other income 42,459 11,104
-------------- ---------------
843,774 815,312
-------------- ---------------
Expenses:
General operating and administrative 45,813 40,317
Professional services 13,044 8,604
Management fees to related parties 9,051 8,051
Real estate taxes 6,390 8,690
State and other taxes 35,787 21,191
Depreciation and amortization 80,492 75,499
Transaction costs 46,400 32,820
-------------- ---------------
236,977 195,172
-------------- ---------------
Income Before Equity in Earnings of Joint Ventures 606,797 620,140
Equity in Earnings of Joint Ventures 63,633 61,901
-------------- ---------------
Net Income $ 670,430 $ 682,041
============== ===============
Allocation of Net Income:
General partners $ 6,704 $ 6,821
Limited partners 663,726 675,220
-------------- ---------------
$ 670,430 $ 682,041
============== ===============
Net Income Per Limited Partner Unit $ 0.17 $ 0.17
============== ===============
Weighted Average Number of Limited
Partner Units Outstanding 4,000,000 4,000,000
============== ===============
See accompanying notes to financial statements.
<PAGE>
CNL INCOME FUND XV, LTD.
(A Florida Limited Partnership)
CONDENSED STATEMENTS OF PARTNERS' CAPITAL
Quarter Ended Year Ended
March 31, December 31,
2000 1999
------------------- ------------------
General partners:
Beginning balance $ 174,788 $ 145,629
Net income 6,704 29,159
------------------- ------------------
181,492 174,788
------------------- ------------------
Limited partners:
Beginning balance 34,861,087 35,320,271
Net income 663,726 2,740,816
Distributions ($0.20 and $0.80 per limited partner
unit, respectively) (800,000 ) (3,200,000)
------------------- ------------------
34,724,813 34,861,087
------------------- ------------------
Total partners' capital $ 34,906,305 $ 35,035,875
=================== ==================
See accompanying notes to condensed financial statements.
<PAGE>
CNL INCOME FUND XV, LTD.
(A Florida Limited Partnership)
CONDENSED STATEMENTS OF CASH FLOWS
Quarter Ended
March 31,
2000 1999
-------------- --------------
Increase (Decrease) in Cash and Cash Equivalents
Net Cash Provided by Operating Activities $885,068 $ 682,639
-------------- --------------
Cash Flows from Investing Activities:
Proceeds from sale of land and building 562,130 --
-------------- --------------
Net cash provided by investing activities 562,130 --
-------------- --------------
Cash Flows from Financing Activities:
Distributions to limited partners (800,000 ) (800,000 )
-------------- --------------
Net cash used in financing activities (800,000 ) (800,000 )
-------------- --------------
Net Increase (Decrease) in Cash and Cash
Equivalents 647,198 (117,361 )
Cash and Cash Equivalents at Beginning of Quarter 1,660,363 1,214,444
-------------- --------------
Cash and Cash Equivalents at End of Quarter $2,307,561 $1,097,083
============== ==============
Supplemental Schedule of Non-Cash Financing
Activities:
Distributions declared and unpaid at end of
quarter $ 800,000 $ 800,000
============== ==============
</TABLE>
See accompanying notes to condensed financial statements.
<PAGE>
CNL INCOME FUND XV, LTD.
(A Florida Limited Partnership)
NOTES TO CONDENSED FINANCIAL STATEMENTS
Quarters Ended March 31, 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 ended March 31, 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 XV, 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>
March 31, 2000 December 31, 1999
------------------- -------------------
<S> <C>
Land $ 14,925,839 $ 15,200,352
Buildings 9,205,870 9,606,254
------------------- -------------------
24,131,709 24,806,606
Less accumulated depreciation (1,401,682) (1,345,651)
------------------- -------------------
22,730,027 23,460,955
Construction in progress 749,500 --
------------------- -------------------
23,479,527 23,460,955
Less allowance for loss on land and
buildings (108,410) (197,279)
------------------- -------------------
$ 23,371,117 $ 23,263,676
=================== ===================
</TABLE>
<PAGE>
CNL INCOME FUND XV, LTD.
(A Florida Limited Partnership)
NOTES TO CONDENSED FINANCIAL STATEMENTS
Quarters Ended March 31, 2000 and 1999
2. Land and Buildings on Operating Leases-Continued:
In December 1999, the Partnership entered into a new lease for the
property in Mentor, Ohio, with a new tenant to operate the property as
a Bennigan's restaurant. In connection therewith, the Partnership
agreed to pay up to $749,500 in renovation costs, all of which had been
incurred and accrued as of March 31, 2000.
In January 2000, the Partnership sold its property in Lexington, North
Carolina, to an unrelated third party for $599,500 and received net
sales proceeds of $562,130, resulting in a loss of $88,869 for
financial reporting purposes, which the Partnership recorded at
December 31, 1999, as an allowance for loss on building.
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 XV, Ltd. (the "Partnership") is a Florida limited
Partnership that was organized on September 2, 1993, 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 lessee responsible for all repairs and
maintenance, property taxes, insurance and utilities. As of March 31, 2000, the
Partnership owned 49 Properties, which included interests in seven Properties
owned by a joint venture in which the Partnership is a co-venturer and two
Properties owned with affiliates as tenants-in-common.
Capital Resources
The Partnership's primary source of capital for the quarters ended
March 31, 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 $885,068 and
$682,639 for the quarters ended March 31, 2000 and 1999, respectively. The
increase in cash from operations for the quarter ended March 31, 2000, as
compared to the quarter ended March 31, 1999, 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.
Other sources and uses of capital included the following during the
quarter ended March 31, 2000.
In December 1999, the Partnership entered into a new lease with a new
tenant for its Property in Mentor, Ohio, to operate the Property as a Bennigan's
restaurant. In connection therewith, the Partnership committed to fund up to
$749,500 for renovation costs, all of which had been incurred and accrued as of
March 31, 2000.
In January 2000, the Partnership sold its Property in Lexington, North
Carolina, for $599,500 and received net sales proceeds of $562,130, resulting in
a loss of $88,869 for financial reporting purposes, which the Partnership
recorded as an allowance for loss on Property at December 31, 1999. The
Partnership intends to use the net sales proceeds from the sale of this Property
to pay liabilities of the Partnership, to reinvest in an additional Property or
to distribute to the limited partners.
Currently, cash reserves, rental income from the Partnership's
Properties, and net sales proceeds held by the Partnership are invested in money
market accounts or other short-term, highly liquid investments such as demand
deposit accounts at commercial banks, certificates of deposit, and money market
accounts 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
and, if determined appropriate, to invest in an additional Property. At March
31, 2000, the Partnership had $2,307,561 invested in such short-term
investments, as compared to $1,660,363 at December 31, 1999. The increase in
cash and cash equivalents at March 31, 2000, was primarily attributable to the
receipt of net sales proceeds relating to the sale of the Property in Lexington,
North Carolina in January 2000. The funds remaining at March 31, 2000, after
payment of distributions and other liabilities, will be used to meet the
Partnership's working capital and other needs, to pay for construction costs
relating to the Property in Mentor, Ohio and, if determined appropriate, to
acquire an additional Property.
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.
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 $800,000 for each of the quarters
ended March 31, 2000 and 1999. This represents distributions for each applicable
quarter of $0.20 per unit. No distributions were made to the general partners
for the quarters ended March 31, 2000 and 1999. No amounts distributed to the
limited partners for the quarters ended March 31, 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.
Total liabilities of the Partnership, including distributions payable,
increased to $1,855,876 at March 31, 2000, from $1,038,105 at December 31, 1999,
primarily as a result of the Partnership accruing construction costs relating to
the Bennigan's Property in Mentor, Ohio, as described above in "Capital
Resources." The general partners believe that the Partnership has sufficient
cash on hand to meet its current working capital needs.
Long-Term Liquidity
The Partnership has no long-term debt or other long-term liquidity
requirements.
Results of Operations
During the quarter ended March 31, 1999, the Partnership owned and
leased 42 wholly owned Properties (including one Property sold in November 1999)
and during the quarter ended March 31, 2000, the Partnership owned and leased 41
wholly owned Properties (including one Property sold in January 2000) to
operators of fast-food and family-style restaurant chains. In connection
therewith, during the quarters ended March 31, 2000 and 1999, the Partnership
earned $801,315 and $804,208, respectively, in rental income from operating
leases and earned income from direct financing leases from these Properties. The
decrease in rental and earned income during the quarter ended March 31, 2000, as
compared to the quarter ended March 31, 1999, was primarily due to the fact that
rental and earned income decreased approximately $50,900 due to the fact that in
December 1999, the Partnership terminated the lease with the tenant of the
Property in Mentor, Ohio. In December 1999, the Partnership re-leased the
Property to a new tenant, and intends to renovate the property into a Bennigan's
restaurant, as described above in "Capital Resources."
Rental and earned income also decreased approximately $27,200 during
the quarter ended March 31, 2000, as compared to the quarter ended March 31,
1999, due to the fact that during the quarter ended March 31, 2000, the
Partnership increased its allowance for doubtful accounts for past due rental
amounts relating to several Properties 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. No such allowance was recorded during the quarter ended
March 31, 1999.
In addition, in 1998, Long John Silver's, Inc. filed for bankruptcy,
rejected the leases relating to four of the eight Properties it leased and
ceased making rental payments to the Partnership. Subsequently, two of the four
Properties with rejected leases were sold and one was re-leased to a new tenant.
As of March 31, 2000, the remaining Property whose lease was rejected remained
vacant. The general partners are currently seeking either a new tenant or
purchaser for the vacant Property. The Partnership will not recognize any rental
and earned income from this vacant Property until a new tenant for this Property
is located or until the Property is sold and the proceeds from such sale are
reinvested in an additional Property. The lost revenues resulting from this
Property could have an adverse effect on the results of operations of the
Partnership if the Partnership is not able to re-lease the Property in a timely
manner. In 1999, Long John Silver's, Inc. assumed and affirmed its four
remaining leases and the Partnership has continued to receive rental payments
relating to these four leases. The decrease in rental and earned income during
the quarter ended March 31, 2000, as compared to the quarter ended March 31,
1999, was partially offset by the fact that the Partnership received
approximately $73,700 in bankruptcy proceeds during the quarter ended March 31,
2000 relating to the Properties whose leases were rejected in 1998, as described
above.
For the quarters ended March 31, 2000 and 1999, the Partnership also
owned and leased six Properties indirectly through one joint venture arrangement
and one Property as tenants-in-common with affiliates of the general partners.
For the quarter ended March 31, 2000, the Partnership owned and leased one
additional Property indirectly through a joint venture arrangement. In
connection therewith, during the quarters ended March 31, 2000 and 1999, the
Partnership earned $63,633 and $61,901, respectively, attributable to net income
earned by these joint ventures.
Operating expenses, including depreciation and amortization expense,
were $236,977 and $195,172 for the quarters ended March 31, 2000 and 1999,
respectively. The increase in operating expenses during the quarter ended March
31, 2000 is partially attributable to an increase in depreciation expense due to
the fact that during December 1999, the Partnership reclassified the lease for
the building for its Property in Mentor, Ohio from a direct financing lease to
an operating lease due to the new lease entered into in December 1999, as
described in "Capital Resources." The increase in operating expenses during the
quarter ended March 31, 2000, as compared to the quarter ended March 31, 1999
was also partially due to the fact that the Partnership incurred $46,400 and
$32,820, respectively, in transaction costs relating 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."
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.
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 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 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 are seeking unspecified damages
and equitable relief. On July 8, 1999, the plaintiffs filed an
amended complaint which, in addition to naming three additional
plaintiffs, includes 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 seeks
additional equitable relief. As amended, the caption of the case
is 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 is seeking 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 XV, Ltd. (Included as Exhibit
3.2 to Registration Statement No. 33-69968 on
Form S-11 and incorporated herein by reference.)
4.1 Affidavit and Certificate of Limited Partnership
of CNL Income Fund XV, Ltd. (Included as Exhibit
4.1 to Registration Statement No. 33-69968 on
Form S-11 and incorporated herein by reference.)
4.2 Amended and Restated Agreement of Limited
Partnership of CNL Income Fund XV, Ltd. (Included
as Exhibit 4.2 to Form 10-K filed with the
Securities and Exchange Commission on March 30,
1995, incorporated herein by reference.)
10.1 Management Agreement between CNL Income Fund XV,
Ltd. and CNL Investment Company (Included as
Exhibit 10.1 to Form 10-K filed with the
Securities and Exchange Commission on March 30,
1996, 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
A Current Report on Form 8-K dated February 23, 2000 was
filed on March 1, 2000, describing the termination of
the proposed merger of the Partnership with and into a
subsidiary of CNL American Properties Fund, Inc.
<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 May, 2000.
CNL INCOME FUND XV, 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 XV, Ltd. at March 31, 2000, and its statement of income
for the three months then ended and is qualified in its entirety by reference to
the Form 10-Q of CNL Income Fund XV, Ltd. for the three months ended March 31,
2000.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 2,307,561
<SECURITIES> 0
<RECEIVABLES> 91,476
<ALLOWANCES> 43,569
<INVENTORY> 0
<CURRENT-ASSETS> 0<F1>
<PP&E> 24,772,799
<DEPRECIATION> 1,401,682
<TOTAL-ASSETS> 36,762,181
<CURRENT-LIABILITIES> 0<F1>
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 34,906,305
<TOTAL-LIABILITY-AND-EQUITY> 36,762,181
<SALES> 0
<TOTAL-REVENUES> 843,774
<CGS> 0
<TOTAL-COSTS> 236,977
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 670,430
<INCOME-TAX> 0
<INCOME-CONTINUING> 670,430
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 670,430
<EPS-BASIC> 0
<EPS-DILUTED> 0
<FN>
<F1>
Due to the nature of its industry, CNL Income Fund XV, Ltd. has an unclassified
balance sheet; therefore, no values are shown above for current assets and
current liabilities.
</FN>
</TABLE>
