<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the balance
sheet of CNL Income Fund XVII, Ltd. at March 31, 1997, 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 XVII, Ltd. for the three months
ended March 31, 1997.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 2,165,307
<SECURITIES> 0
<RECEIVABLES> 49,662
<ALLOWANCES> 6,784
<INVENTORY> 0
<CURRENT-ASSETS> 0<F1>
<PP&E> 22,574,841
<DEPRECIATION> 270,500
<TOTAL-ASSETS> 28,009,518
<CURRENT-LIABILITIES> 0<F1>
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 26,263,763
<TOTAL-LIABILITY-AND-EQUITY> 28,009,518
<SALES> 0
<TOTAL-REVENUES> 596,918
<CGS> 0
<TOTAL-COSTS> 147,387
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 468,617
<INCOME-TAX> 0
<INCOME-CONTINUING> 468,617
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 468,617
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<FN>
<F1>Due to the nature of its industry, CNL Income Fund XVII, Ltd. has an
unclassified balance sheet; therefore, no values are shown above for current
assets and current liabilities.
</FN>
</TABLE>
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, 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
0-22485
CNL Income Fund XVII, Ltd.
(Exact name of registrant as specified in its charter)
Florida 59-3295393
(State or other jurisdiction (I.R.S. Employer
of incorporation or organiza- Identification No.)
tion)
400 E. South Street, #500
Orlando, Florida 32801
(Address of principal (Zip Code)
executive offices)
Registrant's telephone number
(including area code) (407) 422-1574
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
CONTENTS
Part I Page
Item 1. Financial Statements:
Condensed Balance Sheets 1
Condensed Statements of Income 2
Condensed Statements of Partners' Capital 3
Condensed Statements of Cash Flows 4-5
Notes to Condensed Financial Statements 6-10
Item 2. Management's Discussion and Analysis
of Financial Condition and
Results of Operations 11-14
Part II
Other Information 15
CNL INCOME FUND XVII, LTD.
(A Florida Limited Partnership)
CONDENSED BALANCE SHEETS
March 31, December 31,
ASSETS 1997 1996
----------- ------------
Land and buildings on operating
leases, less accumulated
depreciation $22,304,341 $21,364,032
Net investment in direct financing
leases 1,975,750 1,982,164
Investment in joint venture 1,132,462 201,171
Cash and cash equivalents 2,165,307 4,716,719
Receivables, less allowance for
doubtful accounts of $6,784 and
$4,469 42,878 63,253
Due from related parties 836 -
Prepaid expenses 3,065 -
Organization costs, less accumulated
amortization of $2,809 and $2,309 7,191 7,691
Accrued rental income 242,764 167,216
Other assets 134,924 172,761
----------- -----------
$28,009,518 $28,675,007
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $ 9,867 $ 2,985
Accrued construction costs payable 723,110 1,560,712
Distributions payable 525,000 490,084
Due to related parties 5,458 17,153
Rents paid in advance 64,844 52,769
Deferred rental income 149,461 90,482
----------- -----------
Total liabilities 1,477,740 2,214,185
Commitments (Note 5)
Minority interest 268,015 140,676
Partners' capital 26,263,763 26,320,146
----------- -----------
$28,009,518 $28,675,007
=========== ===========
See accompanying notes to condensed financial statements.
1
CNL INCOME FUND XVII, LTD.
(A Florida Limited Partnership)
CONDENSED STATEMENTS OF INCOME
Quarter Ended
March 31,
1997 1996
--------- ---------
Revenues:
Rental income from operating leases $ 516,107 $ 31,846
Earned income from direct financing
leases 49,710 1,968
Interest and other income 31,101 60,051
--------- ---------
596,918 93,865
--------- ---------
Expenses:
General operating and administrative 33,900 16,708
Professional services 6,289 941
Management fees to related party 5,293 300
State and other taxes 6,316 -
Depreciation and amortization 95,589 6,040
--------- ---------
147,387 23,989
--------- ---------
Income Before Minority Interest in Loss
of Consolidated Joint Venture and
Equity in Earnings of Unconsolidated
Joint Ventures 449,531 69,876
Minority Interest in Loss of Consolidated
Joint Venture 241 -
Equity in Earnings of Unconsolidated
Joint Ventures 18,845 -
--------- ---------
Net Income $ 468,617 $ 69,876
========= =========
Allocation of Net Income:
General partners $ (564) $ (60)
Limited partners 469,181 69,936
--------- ---------
$ 468,617 $ 69,876
========= =========
Net Income Per Limited Partner Unit $ 0.16 $ 0.08
========= =========
Weighted Average Number of Limited
Partner Units Outstanding 3,000,000 922,883
========= =========
See accompanying notes to condensed financial statements.
2
CNL INCOME FUND XVII, LTD.
(A Florida Limited Partnership)
CONDENSED STATEMENTS OF PARTNERS' CAPITAL
Quarter Ended Year Ended
March 31, December 31,
1997 1996
------------- ------------
General partners:
Beginning balance $ 288 $ 997
Net income (564) (709)
----------- -----------
(276) 288
----------- -----------
Limited partners:
Beginning balance 26,319,858 4,641,236
Contributions - 24,303,079
Syndication costs - (2,554,236)
Net income 469,181 1,096,468
Distributions ($0.18 and
$0.39 per limited partner
unit, respectively) (525,000) (1,166,689)
----------- -----------
26,264,039 26,319,858
----------- -----------
Total partners' capital $26,263,763 $26,320,146
=========== ===========
See accompanying notes to condensed financial statements.
3
CNL INCOME FUND XVII, LTD.
(A Florida Limited Partnership)
CONDENSED STATEMENTS OF CASH FLOWS
Quarter Ended
March 31,
1997 1996
----------- -----------
Increase (Decrease) in Cash and Cash
Equivalents:
Net Cash Provided by Operating
Activities $ 568,705 $ 75,084
----------- -----------
Cash Flows From Investing
Activities:
Additions to land and
buildings on operating
leases (1,796,769) (6,300,677)
Investment in direct
financing leases (8,337) (625,291)
Investment in joint ventures (932,003) -
Increase in other assets - (20,059)
----------- -----------
Net cash used in
investing activities (2,737,109) (6,946,027)
----------- -----------
Cash Flows From Financing
Activities:
Reimbursement of acquisition
and syndication costs paid
by related parties on behalf
of the Partnership (20,504) (209,577)
Contributions from limited
partners - 7,401,066
Contributions from minority
interest 134,107 -
Distributions to limited
partners (490,084) (27,076)
Distribution to holder of
minority interest (6,527) -
Payment of syndication costs - (748,068)
----------- -----------
Net cash provided by
(used in) financing
activities (383,008) 6,416,345
----------- -----------
Net Decrease in Cash and Cash
Equivalents (2,551,412) (454,598)
Cash and Cash Equivalents at
Beginning of Quarter 4,716,719 4,198,859
----------- -----------
Cash and Cash Equivalents at End of
Quarter $ 2,165,307 $ 3,744,261
=========== ===========
See accompanying notes to condensed financial statements.
4
CNL INCOME FUND XVII, LTD.
(A Florida Limited Partnership)
CONDENSED STATEMENTS OF CASH FLOWS - CONTINUED
Quarter Ended
March 31,
1997 1996
----------- -----------
Supplemental Schedule of Non-Cash
Investing and Financing Activities:
Related parties paid certain acqui-
sition and syndication costs
on behalf of the Partnership
as follows:
Acquisition costs $ 6,308 $ 35,570
Syndication costs - 173,678
----------- -----------
$ 6,308 $ 209,248
=========== ===========
Distributions declared and unpaid
at end of quarter $ 525,000 $ 115,044
=========== ===========
See accompanying notes to condensed financial statements.
5
CNL INCOME FUND XVII, LTD.
(A Florida Limited Partnership)
NOTES TO CONDENSED FINANCIAL STATEMENTS
Quarters Ended March 31, 1997 and 1996
1. Significant Accounting Policies:
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, 1997, may not be
indicative of the results that may be expected for the year ending
December 31, 1997. Amounts as of December 31, 1996, 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 XVII, Ltd. (the "Partnership") for the year ended December
31, 1996.
The Partnership was a development stage enterprise from February 10,
1995 through November 3, 1995. Since operations had not begun,
activities through November 3, 1995, were devoted to organization of the
Partnership.
The Partnership accounts for its 80 percent interest in the accounts of
CNL/GC El Cajon 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 years' financial statements have been
reclassified to conform to 1997 presentation. These reclassifications
had no effect on partners' capital or net income.
6
CNL INCOME FUND XVII, LTD.
(A Florida Limited Partnership)
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
Quarters Ended March 31, 1997 and 1996
2. Land and Buildings on Operating Leases:
Land and buildings on operating leases consisted of the following at:
March 31, December 31,
1997 1996
----------- ------------
Land $10,150,071 $10,148,827
Buildings 11,193,233 11,168,540
----------- -----------
21,343,304 21,317,367
Less accumulated
depreciation (270,500) (176,995)
----------- -----------
21,072,804 21,140,372
Construction in progress 1,231,537 223,660
----------- -----------
$22,304,341 $21,364,032
=========== ===========
Some leases provide for escalating guaranteed minimum rents throughout
the lease term. Income from these scheduled rent increases is
recognized on a straight-line basis over the terms of the leases. For
the quarters ended March 31, 1997 and 1996, the Partnership recognized
$75,548 and $2,004, respectively, of such rental income.
The following is a schedule of the future minimum lease payments to be
received on noncancellable operating leases at March 31, 1997:
1997 $ 1,452,519
1998 1,962,199
1999 1,974,764
2000 1,987,403
2001 2,044,044
Thereafter 27,927,765
-----------
$37,348,694
===========
Since lease renewal periods are exercisable at the option of the tenant,
the above table only presents future minimum lease payments due during
the initial lease terms. In addition, this table does not include any
amounts for future contingent rentals which may be received on the
leases based on a percentage of the tenant's gross sales. These amounts
do not include minimum lease payments that will become due when the
property under is completed (See Note 5).
7
CNL INCOME FUND XVII, LTD.
(A Florida Limited Partnership)
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
Quarters Ended March 31, 1997 and 1996
3. Investment in Joint Ventures:
In January 1997, the Partnership acquired an approximate 27 percent
interest in a Black-Eyed Pea property in Corpus Christi, Texas, and an
approximate 37 percent interest in a Burger King property in Akron,
Ohio, as tenants-in-common with affiliates of the general partners. The
Partnership accounts for its investment in these properties using the
equity method since the Partnership shares control with an affiliate,
and amounts relating to these investments are included in investment in
joint ventures. In addition, during February 1997, the Partnership
entered into a joint venture arrangement, CNL Mansfield Joint Venture,
with an affiliate of the general partners, to own an approximate 21
percent interest in this joint venture. The Partnership accounts for
its investment in this joint venture using the equity method since the
Partnership shares control with an affiliate.
The following presents the combined, condensed financial information for
all of the Partnership's investments in joint ventures at:
March 31, December 31,
1997 1996
---------- ------------
Land and buildings on
operating leases,
less accumulated
depreciation $4,041,307 $ 960,732
Cash 14,755 100
Receivables 14,147 -
Accrued rental income 15,389 3,929
Liabilities 29,386 23
Partners' capital 4,056,212 964,738
Revenues 85,055 29,293
Net income 70,541 24,502
The Partnership recognized income totalling $18,845 for the quarter
ended March 31, 1997, from these joint ventures.
8
CNL INCOME FUND XVII, LTD.
(A Florida Limited Partnership)
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
Quarters Ended March 31, 1997 and 1996
4. Concentration of Credit Risk:
The following schedule presents total rental and earned income from
individual lessees, or affiliated groups of lessees, each representing
more than ten percent of the Partnership's total rental and earned
income for at least one of the quarters ended March 31:
1997 1996
-------- --------
Golden Corral Corporation $113,797 $ 14,784
DenAmerica Corporation 103,997 5,242
National Restaurant
Enterprises, Inc. 69,402 10,901
RTM Indianapolis, Inc. and
RTM Southwest, Texas, Inc. 67,331 2,887
Foodmaker, Inc. 65,265 -
In addition, the following schedule presents total rental and earned
income from individual restaurant chains, each representing more than
ten percent of the Partnership's total rental and earned income for at
least one of the quarters ended March 31:
1997 1996
-------- --------
Golden Corral Family
Steakhouse Restaurants $113,797 $ 14,784
Burger King 76,055 10,901
Boston Market 74,909 -
Arby's 67,331 2,887
Jack in the Box 65,265 -
Denny's 63,026 5,242
Although the Partnership's properties are geographically diverse
throughout the United States and the Partnership's lessees operate a
variety of restaurant concepts, default by any one of these lessees or
restaurant chains could significantly impact the results of operations
of the Partnership. However, the general partners believe that the risk
of such a default is reduced due to the essential or important nature of
these properties for the ongoing operations of the lessees.
9
CNL INCOME FUND XVII, LTD.
(A Florida Limited Partnership)
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
Quarters Ended March 31, 1997 and 1996
5. Commitments:
In 1996, the Partnership acquired an 80 percent interest in CNL/GC El
Cajon Joint Venture, for which the Partnership accounts for this 80
percent interest using the consolidation method. In conjunction
therewith, the Partnership has agreed to fund 80 percent, or
approximately $1,639,200 in development costs (including the purchase
price of land and closing costs) relating to the property owned by the
consolidated joint venture. As of March 31, 1997, the Partnership had
funded $1,116,742 of these costs. The building under construction
became operational in April 1997.
10
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
CNL Income Fund XVII, Ltd. (the "Partnership") is a Florida limited
partnership that was organized on February 10, 1995, to acquire for cash,
either directly or through joint venture arrangements, both newly constructed
and existing restaurant properties, as well as land upon which restaurants are
to be constructed, to be leased primarily to operators of national and
regional fast-food, family-style and casual dining restaurant chains
(collectively, the "Properties"). The leases will be triple-net leases, with
the lessee generally responsible for all repairs and maintenance, property
taxes, insurance and utilities. As of March 31, 1997, the Partnership owned
27 Properties, including two Properties owned by joint ventures in which the
Partnership is a co-venturer and three Properties owned with affiliates as
tenants-in-common.
Liquidity and Capital Resources
On September 2, 1995, the Partnership commenced an offering to the
public of up to 3,000,000 units of limited partnership interest. The
Partnership's offering of units terminated on September 19, 1996, at which
time the maximum offering proceeds of 3,000,000 units ($30,000,000) had been
received from investors. The Partnership, therefore, will derive no
additional capital resources from the offering.
Net proceeds to the Partnership from its offering of units, after
deduction of organizational and offering expenses, totalled $26,400,000. As
of March 31, 1997, approximately $25,330,400 had been used to invest, either
directly or through a joint venture arrangement, in 27 Properties and to pay
acquisition fees and certain acquisition expenses.
As of March 31, 1997, the Partnership entered into a development
agreement with CNL/GC El Cajon Joint Venture, for which the Partnership
accounts for this 80 percent interest using the consolidation method. In
conjunction therewith, the Partnership has agreed to fund 80 percent, or
approximately $1,639,200 in development costs (including the purchase price of
land and closing costs) relating to the Property owned by the consolidated
joint venture. As of March 31, 1997, the Partnership had funded $1,116,742 of
these costs. The building under construction became operational in April
1997.
In January 1997, the Partnership acquired an approximate 27 percent
interest in a Black-eyed Pea Property in Corpus Christi, Texas, and an
approximate 37 percent interest in a Burger King property in Akron, Ohio, as
tenants-in-common with affiliates of the general partners. In addition,
during February 1997, the Partnership entered into a joint venture
arrangement, CNL Mansfield Joint Venture, with an affiliate of the general
partners, to own an approximate 21 percent interest in this joint venture.
11
Liquidity and Capital Resources - Continued
The Partnership presently is negotiating to acquire one additional
Property, but as of April 30, 1997, had not acquired any such Property.
Currently, the Partnership's primary source of capital is 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 $568,705 and $75,084 for the quarters
ended March 31, 1997 and 1996, respectively. The increase in cash from
operations for the quarter ended March 31, 1997, as compared to the quarter
ended March 31, 1996, is primarily a result of changes in income and expenses
as discussed in "Results of Operations" below, and changes in the
Partnership's working capital.
Currently, uninvested offering proceeds and rental income from the
Partnership's Properties are invested in money market accounts or other short-
term, highly liquid investments pending the Partnership's use of such funds to
pay Partnership expenses or to make distributions to partners. At March 31,
1997, the Partnership had $2,165,307 invested in such short-term investments,
as compared to $4,716,719 at December 31, 1996. The decrease in the amount
invested in short-term investments is primarily attributable to the
acquisition of additional Properties as tenants-in-common, and as a result of
investing in CNL Mansfield Joint Venture, as described above, during the
quarter ended March 31, 1997. The funds remaining at March 31, 1997, after
the payment of accrued acquisition and construction costs and other
liabilities, will be used to purchase and develop one additional Property, to
pay limited partner distributions and to meet the Partnership's working
capital and other needs.
Total liabilities of the Partnership, including distributions payable,
decreased to $1,477,740 at March 31, 1997, from $2,214,185 at December 31,
1996, primarily as a result of the payment during the quarter ended March 31,
1997, of construction costs accrued for certain Properties at December 31,
1996. The general partners believe that the Partnership has sufficient cash
on hand to meet its current working capital needs.
Based primarily on cash from operations, the Partnership declared
distributions to the limited partners of $525,000 and $115,044 for the
quarters ended March 31, 1997 and 1996, respectively. This represents
distributions of $0.18 and $0.12 per unit for the quarters ended March 31,
1997 and 1996, respectively. No distributions were made to the general
partners for the quarters ended March 31, 1997 and 1996. No amounts
distributed or to be distributed to the limited partners for the quarters
ended March 31, 1997 and 1996, are required to be or have been treated by the
Partnership as a return of capital for purposes of calculating
12
Liquidity and Capital Resources - Continued
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.
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.
Results of Operations
During the quarter ended March 31, 1996, the Partnership owned and
leased seven wholly owned Properties and during the quarter ended March 31,
1997, the Partnership and its consolidated joint venture, CNL/GC El Cajon
Joint Venture, owned and leased 23 wholly owned Properties, to operators of
fast-food and family-style restaurant chains. In connection therewith, during
the quarters ended March 31, 1997 and 1996, the Partnership earned $565,817
and $33,814, respectively, in rental income from operating leases and earned
income from direct financing leases from these Properties. The increase in
rental and earned income during the quarter ended March 31, 1997, as compared
to the quarter ended March 31, 1996, is primarily attributable to the
acquisition of additional Properties subsequent to March 31, 1996, and the
fact that Properties acquired during the quarter ended March 31, 1996, were
operational for the full quarter ended March 31, 1997, as compared to a
partial quarter ended March 31, 1996.
During the quarter ended March 31, 1997, five lessees, or groups of
affiliated lessees, of the Partnership, (i) Golden Corral Corporation, (ii)
National Restaurant Enterprises, Inc., (iii) DenAmerica Corp., (iv) RTM
Indianapolis, Inc. and RTM Southwest Texas, Inc., (hereinafter referred to as
RTM, Inc.), and (v) Foodmaker Inc., each contributed more than ten percent of
the Partnership's total rental income. As of March 31, 1997, Golden Corral
Corporation was the lessee under leases relating to three restaurants,
National Restaurant Enterprises, Inc. was the lessee under leases relating to
two restaurants, DenAmerica Corporation was the lessee under lease relating to
four restaurants, RTM, Inc. was the lessee under lease relating to three
restaurants, and Foodmaker, Inc. was the lessee under leases relating to four
restaurants. It is anticipated that, based on the minimum rental payments
required by the leases, these lessees or groups of affiliated lessees, each
will continue to contribute more than ten percent of the Partnership's
total rental income during the
13
Results of Operations - Continued
remainder of 1997 and subsequent years. During the quarter ended March 31,
1997, six restaurant chains, Golden Corral Family Steakhouse Restaurants, Jack
in the Box, Denny's, Arby's, Boston Market and Burger King, each accounted for
more than ten percent of the Partnership's total rental income. During the
remainder of 1997 and subsequent years, it is anticipated that these six
restaurant chains each will continue to account for more than ten percent of
the total rental income to which the Partnership is entitled under the terms
of the leases. Any failure of these lessees or restaurant chains could
materially affect the Partnership's income.
During the quarters ended March 31, 1997 and 1996, the Partnership also
earned $31,101 and $60,051, respectively, in interest and other income. The
decrease in interest and other income during the quarter ended March 31, 1997,
as compared to the quarter ended March 31, 1996, is primarily attributable to
the decrease in the amount of funds invested in short-term, liquid investments
due to the acquisition of additional Properties subsequent to the quarter
ended March 31, 1996, and during the quarter ended March 31, 1997.
Operating expenses, including depreciation and amortization expense,
were $147,387 and $23,989 for the quarters ended March 31, 1997 and 1996,
respectively. The increase in operating expenses during the quarter ended
March 31, 1997, as compared to the quarter ended March 31, 1996, is primarily
attributable to an increase in depreciation expense as the result of the
acquisition of additional Properties subsequent to March 31, 1996, and the
fact that Properties acquired during the quarter ended March 31, 1996, were
operational for the full quarter ended March 31, 1997, as compared to a
partial quarter ended March 31, 1996. Operating expenses also increased
during the quarter ended March 31, 1997, as a result of an increase in (i)
accounting and administrative expenses associated with operating the
Partnership and its Properties, (ii) management fees as a result of the
increase in rental revenues, as described above, and (iii) the Partnership
incurring additional taxes relating to the filing of various state tax returns
during 1997.
14
PART II. OTHER INFORMATION
Item 1. Legal Proceedings. Inapplicable.
Item 2. Changes in Securities. Inapplicable.
Item 3. Defaults 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 - None.
(b) The Partnership filed one report on Form 8-K on February 20,
1997, reporting property acquisitions.
15
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 13th day of May, 1997.
CNL INCOME FUND XVII, 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)
