UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-K/A
(Mark One)
[x] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 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 0-26218
CNL INCOME FUND XVI, LTD.
(Exact name of registrant as specified in its charter)
Florida 59-3198891
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
400 East South Street, Suite 500
Orlando, Florida 32801
(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code: (407) 422-1574
Securities registered pursuant to Section 12(b) of the Act:
Title of each class: Name of exchange on which registered:
None Not Applicable
Securities registered pursuant to Section 12(g) of the Act:
Units of limited partnership interest ($10 per Unit)
(Title of class)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or 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
Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [x]
Aggregate market value of the voting stock held by nonaffiliates of the
registrant: The registrant registered an offering of units of limited
partnership interest (the "Units") on Form S-11 under the Securities Act of
1933, as amended. Since no established market for such Units exists, there is
no market value for such Units. Each Unit was originally sold at $10 per
Unit.
DOCUMENTS INCORPORATED BY REFERENCE:
None
Form 10-K of CNL Income Fund XVI, Ltd. (the "Partnership") for the year ended
December 31, 1996, is being amended to include, in Item 14(d), summarized
financial information of one of its tenants, DenAmerica Corp., as a result of
the fact that this tenant leased more than 20 percent of the Partnership's
total assets for the year ended December 31, 1996. This summarized financial
information was not available to the Partnership to include in the Form 10-K
filed for the year ended December 31, 1996.
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K.
(d) Other Financial Information.
The following summarized financial information is filed as part of
this report as a result of the fact that one of the Partnership's
tenants, DenAmerica Corp., leased more than 20 percent of the
Partnership's total assets for the year ended December 31, 1996.
The summarized financial information presented for DenAmerica
Corp. and Subsidiaries as of January 1, 1997 and December 27,
1995, and for the fifty-three weeks ended January 1, 1997 and the
fifty-two weeks ended December 27, 1995 and December 28, 1994, was
obtained from Form 10-K filed by DenAmerica Corp. and Subsidiaries
with the Securities and Exchange Commission.
DenAmerica Corp. and Subsidiaries
Selected Financial Data
(in Thousands)
January 1, December 27,
Consolidated Balance Sheet Data: 1997 1995
- ------------------------------- ---------- ------------
Current Assets $ 14,382 $ 3,834
Noncurrent Assets 164,807 51,132
Current Liabilities 47,411 13,240
Noncurrent Liabilities 108,864 31,760
Minority Interest 786 1,901
Fifty-three
weeks ended Fifty-two weeks ended
January 1, December 27, December 28,
1997 1995 1994
----------- ------------ ------------
Consolidated Statements of
Operations Data:
- --------------------------
Gross revenues $241,480 $ 74,683 $ 47,323
Costs and expenses (including
income tax benefit) 239,865 74,483 47,664
-------- -------- --------
Income (loss) before extra-
ordinary item 1,615 200 (341)
Extraordinary item - loss on
extinguishment of debt
(net of income taxes) 497 - -
-------- -------- --------
Net income (loss) $ 1,118 $ 200 $ (341)
======== ======== ========
-1-
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized, on the 25th day
of June, 1997.
CNL INCOME FUND XVI, LTD.
By: CNL REALTY CORPORATION
General Partner
/s/ Robert A. Bourne
-----------------------------
ROBERT A. BOURNE, President
By: ROBERT A. BOURNE
General Partner
/s/ Robert A. Bourne
-----------------------------
ROBERT A. BOURNE
By: JAMES M. SENEFF, JR.
General Partner
/s/ James M. Seneff, Jr.
------------------------------
JAMES M. SENEFF, JR.
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
Registrant and in the capacities and on the dates indicated.
Signature Title Date
/s/ Robert A. Bourne President, Treasurer and June 25, 1997
- ------------------------ Director (Principal
Robert A. Bourne Financial and Accounting
Officer)
/s/ James M. Seneff, Jr. Chief Executive Officer June 25, 1997
- ------------------------ and Director (Principal
James M. Seneff, Jr. Executive Officer)
