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, 1997
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
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
<PAGE>
The Form 10-K of CNL Income Fund XVI, Ltd. (the "Partnership") for the year
ended December 31, 1997, 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, 1997. This summarized financial
information was not available to the Partnership at the time the Partnership
filed its Form 10-K for the year ended December 31, 1997.
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, 1997. The summarized financial information
presented for DenAmerica Corp. and Subsidiaries as of December
31, 1997 and 1996 and the years ended December 31, 1997, 1996
and 1995, was obtained from the Form 10-K filed by DenAmerica
Corp. and Subsidiaries with the Securities and Exchange
Commission for the year ended December 31, 1997.
DenAmerica Corp. and Subsidiaries
Selected Financial Data
(in Thousands)
Consolidated Balance Sheet Data:
December 31,
1997 1996
Current Assets $ 41,967 $ 14,382
Noncurrent Assets 128,297 164,807
Current Liabilities 78,384 47,411
Noncurrent Liabilities 90,632 109,650
Consolidated Statements of
Operations Data:
Year Ended December 31,
1997 1996 1995
----------- ------------ --------
Gross revenues $300,579 $241,480 $ 74,683
Costs and expenses (including
income tax benefit) 321,556 239,865 74,483
-------- -------- --------
Income (loss) before extra-
ordinary item (20,977) 1,615 200
Extraordinary item - loss on
extinguishment of debt
(net of income taxes) - (497) -
-------- -------- -------
Net income (loss) (20,977) 1,118 200
Preferred stock dividend
accretion - (149) (593)
-------- -------- --------
Net income (loss) applicable
to common shareholders $(20,977) $ 969 $ (393)
======== ======== ========
1
<PAGE>
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 29th day of
June, 1998.
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.
<PAGE>
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.
<TABLE>
<CAPTION>
Signature Title Date
<S> <C>
/s/ Robert A. Bourne President, Treasurer and Director June 29, 1998
- ----------------------------- (Principal Financial and Accounting
Robert A. Bourne Officer)
/s/ James M. Seneff, Jr. Chief Executive Officer and Director June 29, 1998
- ----------------------------- (Principal Executive Officer)
James M. Seneff, Jr.
</TABLE>
