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, 2003
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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
0-17549
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CNL Income Fund IV, Ltd.
- -----------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Florida 59-2854435
- --------------------------------- ------------------------------
(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 _____
Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act): Yes___ No X
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 7-9
Item 3. Quantitative and Qualitative Disclosures About
Market Risk 9
Item 4. Controls and Procedures 9
Part II.
Other Information 10-11
CNL INCOME FUND IV, LTD.
(A Florida Limited Partnership)
CONDENSED BALANCE SHEETS
June 30, December 31,
2003 2002
------------------ -------------------
ASSETS
Real estate properties with operating leases, net $ 8,624,017 $ 8,750,169
Net investment in direct financing leases 288,812 300,064
Real estate held for sale 337,276 1,917,775
Investment in joint ventures 2,939,071 2,979,763
Cash and cash equivalents 1,188,396 405,155
Receivables 27,313 9,755
Accrued rental income 208,036 215,631
Other assets 13,090 9,598
------------------ -------------------
$ 13,626,011 $ 14,587,910
================== ===================
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable and accrued expenses $ 11,486 $ 10,757
Real estate taxes payable 51,552 47,973
Distributions payable 510,475 523,947
Due to related parties 249,152 197,942
Rents paid in advance and deposits 50,480 48,765
------------------ -------------------
Total liabilities 873,145 829,384
Commitment (Note 6)
Partners' capital 12,752,866 13,758,526
------------------ -------------------
$ 13,626,011 $ 14,587,910
================== ===================
See accompanying notes to condensed financial statements.
CNL INCOME FUND IV, LTD.
(A Florida Limited Partnership)
CONDENSED STATEMENTS OF INCOME
Quarter Ended Six Months Ended
June 30, June 30,
2003 2002 2003 2002
------------- -------------- ------------- -------------
Revenues:
Rental income from operating leases $ 315,916 $ 321,325 $ 633,640 $ 639,579
Earned income from direct financing leases 7,691 8,266 15,531 16,666
Contingent rental income 11,746 2,334 23,774 26,437
Interest and other income 769 1,406 1,676 3,581
------------- -------------- ------------- -------------
336,122 333,331 674,621 686,263
------------- -------------- ------------- -------------
Expenses:
General operating and administrative 54,637 63,077 119,987 135,137
Property related 1,501 2,981 3,321 5,627
State and other taxes -- 4,729 22,952 14,099
Depreciation and amortization 62,685 63,069 126,152 126,613
------------- -------------- ------------- -------------
118,823 133,856 272,412 281,476
------------- -------------- ------------- -------------
Income Before Equity in Earnings of Joint Ventures 217,299 199,475 402,209 404,787
Equity in Earnings of Joint Ventures 78,051 80,011 154,714 151,934
------------- -------------- ------------- -------------
Income from Continuing Operations 295,350 279,486 556,923 556,721
------------- -------------- ------------- -------------
Discontinued Operations:
Income from discontinued operations 7,252 32,631 1,328 70,800
Gain on disposal of discontinued operations -- -- 107,039 --
------------- -------------- ------------- -------------
7,252 32,631 108,367 70,800
------------- -------------- ------------- -------------
Net Income $ 302,602 $ 312,117 $ 665,290 $ 627,521
============= ============== ============= =============
Income Per Limited Partner Unit
Continuing Operations $ 4.92 $ 4.66 $ 9.28 $ 9.28
Discontinued Operations 0.12 0.54 1.81 1.18
------------- -------------- ------------- -------------
$ 5.04 $ 5.20 $ 11.09 $ 10.46
============= ============== ============= =============
Weighted Average Number of Limited Partner
Units Outstanding 60,000 60,000 60,000 60,000
============= ============== ============= =============
See accompanying notes to condensed financial statements.
CNL INCOME FUND IV, LTD.
(A Florida Limited Partnership)
CONDENSED STATEMENTS OF PARTNERS' CAPITAL
Six Months Ended Year Ended
June 30, December 31,
2003 2002
-------------------- ------------------
General partners:
Beginning balance $ 787,351 $ 787,351
Net income -- --
-------------------- ------------------
787,351 787,351
-------------------- ------------------
Limited partners:
Beginning balance 12,971,175 13,949,518
Net income 665,290 1,117,445
Distributions ($27.85 and $34.93 per
limited partner unit, respectively) (1,670,950 ) (2,095,788 )
-------------------- ------------------
11,965,515 12,971,175
-------------------- ------------------
Total partners' capital $ 12,752,866 $ 13,758,526
==================== ==================
See accompanying notes to condensed financial statements.
CNL INCOME FUND IV, LTD.
(A Florida Limited Partnership)
CONDENSED STATEMENTS OF CASH FLOWS
Six Months Ended
June 30,
2003 2002
-------------- ---------------
Increase (Decrease) in Cash and Cash Equivalents
Net Cash Provided by Operating Activities $ 768,930 $ 892,407
-------------- ---------------
Cash Flows from Investing Activities:
Proceeds from sale of real estate properties 1,698,733 --
Liquidating distribution from joint venture -- 41,984
-------------- ---------------
Net cash provided by investing activities 1,698,733 41,984
-------------- ---------------
Cash Flows from Financing Activities:
Distributions to limited partners (1,684,422 ) (1,047,894 )
-------------- ---------------
Net cash used in financing activities (1,684,422 ) (1,047,894 )
-------------- ---------------
Net Increase (Decrease) in Cash and Cash Equivalents 783,241 (113,503 )
Cash and Cash Equivalents at Beginning of Period 405,155 645,220
-------------- ---------------
Cash and Cash Equivalents at End of Period $ 1,188,396 $ 531,717
============== ===============
Supplemental Schedule of Non-Cash Investing and Financing
Activities:
Deferred real estate disposition fee incurred and unpaid at
end of period $ 52,459 $ --
============== ===============
Distributions declared and unpaid at end of period $ 510,475 $ 523,947
============== ===============
See accompanying notes to condensed financial statements.
CNL INCOME FUND IV, LTD.
(A Florida Limited Partnership)
NOTES TO CONDENSED FINANCIAL STATEMENTS
Quarters and Six Months Ended June 30, 2003 and 2002
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 the general partners, necessary for a fair
statement of the results for the interim periods presented. Operating
results for the quarter and six months ended June 30, 2003, may not be
indicative of the results that may be expected for the year ending
December 31, 2003. Amounts as of December 31, 2002, 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 IV, Ltd. (the "Partnership") for the year ended December
31, 2002.
In January 2003, FASB issued FASB Interpretation No. 46 ("FIN 46"),
"Consolidation of Variable Interest Entities" to expand upon and
strengthen existing accounting guidance that addresses when a company
should include the assets, liabilities and activities of another entity
in its financial statements. To improve financial reporting by
companies involved with variable interest entities (more commonly
referred to as special-purpose entities or off-balance sheet
structures), FIN 46 requires that a variable interest entity be
consolidated by a company if that company is subject to a majority risk
of loss from the variable interest entity's activities or entitled to
receive a majority of the entity's residual returns or both. Prior to
FIN 46, a company generally included another entity in its consolidated
financial statements only if it controlled the entity through voting
interests. The consolidation requirements of FIN 46 apply immediately
to variable interest entities created after January 31, 2003, and to
older entities, in the first fiscal year or interim period beginning
after June 15, 2003. The general partners believe adoption of this
standard may result in either consolidation or additional disclosure
requirements with respect to the Partnership's unconsolidated joint
ventures, which are currently accounted for under the equity method.
However, such consolidation is not expected to significantly impact the
Partnership's results of operations.
2. Reclassification:
Certain items in the prior year's financial statements have been
reclassified to conform to 2003 presentation. These reclassifications
had no effect on total partners' capital or net income.
3. Discontinued Operations:
In April 2003, the Partnership entered into negotiations to sell the
property in Maywood, Illinois to one of the tenants. The Partnership
recorded a provision for write-down of assets of $36,000 during the six
months ended June 30, 2003 in anticipation of the sale of this
property. The provision represented the difference between the carrying
value of the property and its estimated fair value. In addition, the
Partnership reclassified the assets relating to this property from real
estate properties with operating leases to real estate held for sale.
The property was recorded at the lower of its carrying amount or fair
value less cost to sell. The Partnership also stopped recording
depreciation relating to this property once the property was identified
for sale.
CNL INCOME FUND IV, LTD.
(A Florida Limited Partnership)
NOTES TO CONDENSED FINANCIAL STATEMENTS
Quarters and Six Months Ended June 30, 2003 and 2002
3. Discontinued Operations - Continued:
In February 2003, the Partnership sold the property in Portland,
Indiana and received net sales proceeds of approximately $776,100,
resulting in a gain on disposal of assets of $129,403. In connection
with the sale, the Partnership incurred a deferred, subordinated, real
estate disposition fee of $23,959.
In March 2003, the Partnership sold the property in Richmond, Virginia
and received net sales proceeds of approximately $922,700, resulting in
a loss on disposal of assets of $22,364. The Partnership had recorded a
provision for write-down of assets relating to this property in the
previous year, in anticipation of the sale of the property. In
connection with the sale, the Partnership incurred a deferred,
subordinated, real estate disposition fee of $28,500.
Payment of the real estate disposition fees are subordinated to receipt
by the limited partners of their aggregate, cumulative 10% Preferred
Return, plus their adjusted capital contributions.
The financial results for these properties are reflected as
Discontinued Operations in the accompanying financial statements. The
operating results of discontinued operations are as follows:
Quarter Ended June 30, Six Months Ended June 30,
2003 2002 2003 2002
------------- ------------- ------------- --------------
Revenues $ 9,589 $ 52,971 $ 53,904 $ 108,169
Expenses (2,337 ) (20,340 ) (16,576 ) (37,369 )
Provision for write-down of assets -- -- (36,000 ) --
------------- ------------- ------------- --------------
Income from discontinued operations $ 7,252 $ 32,631 $ 1,328 $ 70,800
============= ============= ============= ==============
5. Related Party Transactions:
An affiliate of the Partnership is entitled to receive deferred,
subordinated real estate disposition fees, payable upon the sale of one
or more properties based on the lesser of one-half of a competitive
real estate commission or three percent of the sales price if the
affiliate provides a substantial amount of services in connection with
the sale. However, if the net sales proceeds are reinvested in a
replacement property, no such real estate disposition fees will be
incurred until such replacement property is sold and the net sales
proceeds are distributed. The payment of the real estate disposition
fee is subordinated to receipt by the limited partners of their
aggregate 10% Preferred Return, plus their adjusted capital
contributions. During the six months ended June 30, 2003, the
Partnership incurred deferred, subordinated, real estate disposition
fees of $52,459 as a result of the sales of two properties.
6. Commitment:
In April 2003, the Partnership entered into negotiations to sell the
property in Maywood, Illinois to one of the tenants.
7. Subsequent Event:
In July 2003, the Partnership sold the property in Maywood, Illinois to
one of the tenants and received net sales proceeds of approximately
$346,000. Because the Partnership recorded a provision for write-down
of assets for this property in March 2003, no gain or loss was
recognized in July 2003 relating to this sale.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
CNL Income Fund IV, Ltd. (the "Partnership") is a Florida limited
partnership that was organized on November 18, 1987, 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 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,
2003 and 2002, the Partnership owned 22 and 24 Properties directly,
respectively. As of June 30, 2003 and 2002, the Partnership also owned seven
Properties indirectly through joint venture or tenancy in common arrangements.
Capital Resources
Cash from operating activities was $768,930 and $892,407, during the
six months ended June 30, 2003 and 2002, respectively. The decrease in cash from
operating activities, for the six months ended June 30, 2003, as compared to the
six months ended June 30, 2002, was a result of changes in the Partnership's
income and expenses, and changes in working capital.
Other sources and uses of cash included the following during the six
months ended June 30, 2003.
In February 2003, the Partnership sold the Property in Portland,
Indiana and received net sales proceeds of approximately $776,100, resulting in
a gain on disposal of assets of $129,403. In connection with the sale, the
Partnership incurred a deferred, subordinated, real estate disposition fee of
$23,959. The Partnership has been using the net proceeds from the sale of this
Property to pay liabilities of the Partnership.
In March 2003, the Partnership sold the Property in Richmond, Virginia
and received net sales proceeds of approximately $922,700, resulting in a loss
on disposal of assets of $22,364. The Partnership had recorded a provision for
write-down of assets relating to this Property in the previous year, in
anticipation of the sale of the Property. In connection with the sale, the
Partnership incurred a deferred, subordinated, real estate disposition fee of
$28,500. The Partnership distributed to the limited partners the majority of the
net proceeds from the sale of this Property as a special distribution, and
expects it will use the remaining proceeds to pay liabilities of the
Partnership.
Payment of the real estate disposition fees is subordinated to receipt
by the limited partners of their aggregate, cumulative 10% Preferred Return,
plus their adjusted capital contributions.
At June 30, 2003, the Partnership had $1,188,396 in cash and cash
equivalents, as compared to $405,155 at December 31, 2002. The increase in cash
and cash equivalents at June 30, 2003 was primarily a result of the Partnership
holding net proceeds from the sale of the Property in Richmond, Virginia at June
30, 2003, pending distribution to the limited partners and payment of the
Partnership's liabilities. At June 30, 2003, these funds were held in a demand
deposit account at a commercial bank. The funds remaining at June 30, 2003,
after payment of distributions and other liabilities will be used to meet the
Partnership's working capital needs.
In July 2003, the Partnership sold the Property in Maywood, Illinois to
one of the tenants and received net sales proceeds of approximately $346,000.
Because the Partnership recorded a provision for write-down of assets for this
Property in March 2003, no gain or loss was recognized in July 2003 relating to
this sale.
Short-Term Liquidity
The Partnership's investment strategy of acquiring Properties for cash
and leasing them under triple-net leases to operators who meet specified
financial standards minimizes the Partnership's operating expenses. The general
partners believe that the leases will generate net cash flow in excess of
operating expenses.
The Partnership's short-term liquidity requirements consist primarily
of the operating expenses of the Partnership.
The general partners have the right, but not the obligation, to make
additional capital contributions if they deem it appropriate in connection with
the Partnership's operations.
The Partnership generally distributes cash from operations remaining
after the payment of operating expenses of the Partnership, to the extent the
general partners determine that such funds are available for distribution. Based
on current and anticipated future cash from operations and for the six months
ended June 30, 2003 and 2002, the net proceeds from the sale of the Property in
Richmond, Virginia and the liquidating distributions received from Titusville
Joint Venture, respectively, the Partnership declared distributions to limited
partners of $1,670,950 and $1,047,894 for the six months ended June 30, 2003 and
2002, ($510,475 and $523,947 for the quarters ended June 30, 2003 and 2002),
respectively. This represents distributions of $27.85 and $17.46 per unit for
the six months ended June 30, 2003 and 2002, respectively, ($8.51 and $8.73 for
the quarters ended June 30, 2003 and 2002, respectively). Distributions for the
six months ended June 30, 2003, included a special distribution of $650,000, as
a result of the distribution of net sales proceeds from the 2003 sale of the
Property in Richmond, Virginia. This special distribution was effectively a
return of a portion of the limited partners investment, although, in accordance
with the Partnership agreement, it was applied towards the limited partners'
unpaid preferred return. As a result of the sales of Properties in previous
years and in the current year, the Partnership's total revenues have declined
and are expected to remain reduced in subsequent periods, while the majority of
the Partnership's operating expenses have remained and are expected to remain
fixed. Due to the sales of Properties mentioned above, and due to current and
anticipated cash from operations, distributions of net cash flow were adjusted
in the quarter ended March 31, 2003. No distributions were made to the general
partners for the six months ended June 30, 2003 and 2002. No amounts distributed
to the limited partners for the six months ended June 30, 2003 and 2002 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 $873,145 at June 30, 2003, from $829,384 at December 31, 2002,
primarily as a result of an increase in amounts due to related parties. 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
Total rental revenues were $649,171 for the six months ended June 30,
2003, as compared to $656,245 in the same period in 2002, of which $323,607 and
$329,591 were earned during the second quarter of 2003 and 2002, respectively.
The decrease in rental revenues during the six months ended June 30, 2003 was
primarily a result of amendments to the leases of two Properties. The general
partners do not believe that the amendments will have a material adverse effect
on the results of operations of the Partnership.
During the six months ended June 30, 2003 and 2002, the Partnership
also earned $23,774 and $26,437, respectively, in contingent rental income from
the Partnership's Properties, of which $11,746 and $2,334 were earned during the
second quarter of 2003 and 2002, respectively. The decrease in contingent rental
income during the six months ended June 30, 2003, as compared to the same period
in 2002, was due to a reduction in the reported gross sales of the restaurants
as compared to the same period in 2002.
During the six months ended June 30, 2003 and 2002, the Partnership
also earned $154,714 and $151,934, respectively, attributable to net income
earned by joint ventures, of which $78,051 and $80,011 were earned during the
second quarter of 2003 and 2002, respectively. Net income earned by joint
ventures during the six months ended June 30, 2003, as compared to same period
in 2002, remained constant, as there was no change in the leased Property
portfolio owned by the joint ventures and the tenancies in common.
Operating expenses, including depreciation and amortization, were
$272,412 and $281,476 for the six months ended June 30, 2003 and 2002,
respectively, of which $118,823 and $133,856 were incurred during the second
quarter of 2003 and 2002, respectively. Operating expenses were lower during the
six months ended June 30, 2003, primarily due to a decrease in the costs
incurred for administrative expenses for servicing the Partnership and its
Properties. The decrease was partially offset by an increase in state tax
expense relating to several states in which the Partnership conducts business.
During the six months ended June 30, 2003, the Partnership identified
for sale three Properties, which were classified as Discontinued Operations in
the accompanying financial statements. In February 2003, the Partnership sold
the Property in Portland, Indiana and received net sales proceeds of
approximately $776,100, resulting in a gain on disposal of assets of $129,403.
In March 2003, the Partnership sold the Property in Richmond, Virginia and
received net sales proceeds of approximately $922,700, resulting in a loss on
disposal of assets of $22,364. The Partnership had recorded a provision for
write-down of assets relating to this Property in the previous year, in
anticipation of the sale of the Property. In April 2003, the Partnership entered
into negotiations to sell the Property in Maywood, Illinois to one of the
tenants. During the six months ended June 30, 2003, the Partnership recorded a
provision of $36,000 in connection with the sale of this Property. The
Partnership had recorded in the previous year a provision for write-down of
assets relating to this Property. The provisions represented the difference
between the carrying value of the Property and its estimated fair value at the
end of each period. During the six months ended June 30, 2003 and 2002, the
Partnership recognized net rental income (rental revenues less Property related
expenses and provisions for write-down of assets) of $1,328 and $70,800,
respectively, relating to these three Properties, of which $7,252 and $32,631
were incurred during the second quarter of 2003 and 2002, respectively.
In January 2003, FASB issued FASB Interpretation No. 46 ("FIN 46"),
"Consolidation of Variable Interest Entities" to expand upon and strengthen
existing accounting guidance that addresses when a company should include the
assets, liabilities and activities of another entity in its financial
statements. To improve financial reporting by companies involved with variable
interest entities (more commonly referred to as special-purpose entities or
off-balance sheet structures), FIN 46 requires that a variable interest entity
be consolidated by a company if that company is subject to a majority risk of
loss from the variable interest entity's activities or entitled to receive a
majority of the entity's residual returns or both. Prior to FIN 46, a company
generally included another entity in its consolidated financial statements only
if it controlled the entity through voting interests. The consolidation
requirements of FIN 46 apply immediately to variable interest entities created
after January 31, 2003, and to older entities, in the first fiscal year or
interim period beginning after June 15, 2003. The general partners believe
adoption of this standard may result in either consolidation or additional
disclosure requirements with respect to the Partnership's unconsolidated joint
ventures, which are currently accounted for under the equity method. However,
such consolidation is not expected to significantly impact the Partnership's
results of operations.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not applicable.
ITEM 4. CONTROLS AND PROCEDURES
The general partners maintain a set of disclosure controls and
procedures designed to ensure that information required to be disclosed in the
Partnership's filings under the Securities Exchange Act of 1934 is recorded,
processed, summarized and reported within the time periods specified in the
Securities and Exchange Commission's rules and forms. The principal executive
and financial officers of the corporate general partner have evaluated the
Partnership's disclosure controls and procedures as of the end of the period
covered by this Quarterly Report on Form 10-Q and have determined that such
disclosure controls and procedures are effective.
There was no change in internal control over financial reporting that
occurred during the most recent fiscal quarter that has materially affected, or
is reasonably likely to materially affect, internal control over financial
reporting.
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
3.1 Certificate of Limited Partnership of CNL Income
Fund IV, Ltd. (Included as Exhibit 3.1 in Amendment
No. 1 to Registration Statement No. 33-20249 on
Form S-11 and incorporated herein by reference.)
3.2 Amended and Restated Agreement and Certificate of
Limited Partnership of CNL Income Fund IV, Ltd.
(Included as Exhibit 3.2 to Form 10-K filed with
the Securities and Exchange Commission on March 31,
1994, and incorporated herein by reference.)
4.1 Certificate of Limited Partnership of CNL Income
Fund IV, Ltd. (Included as Exhibit 3.1 in Amendment
No. 1 to Registration Statement No. 33-20249 on
Form S-11 and incorporated herein by reference.)
4.2 Amended and Restated Agreement and Certificate of
Limited Partnership of CNL Income Fund IV, Ltd.
(Included as Exhibit 3.2 to Form 10-K filed with
the Securities and Exchange Commission on March 31,
1994, and incorporated herein by reference.)
10.1 Property Management Agreement (Included as Exhibit
10.1 to Form 10-K filed with the Securities and
Exchange Commission on March 31, 1994, and
incorporated herein by reference.)
10.2 Assignment of Property 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 Property 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.)
10.4 Assignment of Management Agreement from CNL Fund
Advisors, Inc. to CNL APF Partners, LP. (Included
as Exhibit 10.4 to Form 10-Q filed with the
Securities and Exchange Commission on August 9,
2001, and incorporated herein by reference.)
10.5 Assignment of Management Agreement from CNL APF
Partners, LP to CNL Restaurants XVIII, Inc.
(Included as Exhibit 10.5 to Form 10-Q filed with
the Securities and Exchange Commission on August
14, 2002, and incorporated herein by reference.)
31.1 Certification of Chief Executive Officer of
Corporate General Partner Pursuant to Rule 13a-14
as Adopted Pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002. (Filed herewith.)
31.2 Certification of Chief Financial Officer of
Corporate General Partner Pursuant to Rule 13a-14
as Adopted Pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002. (Filed herewith.)
32.1 Certification of Chief Executive Officer of
Corporate General Partner Pursuant to 18 U.S.C.
Section 1350 as Adopted Pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002. (Filed herewith.)
32.2 Certification of Chief Financial Officer of
Corporate General Partner Pursuant to 18 U.S.C.
Section 1350 as Adopted Pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002. (Filed herewith.)
(b) Reports on Form 8-K
No reports on Form 8-K were filed during the quarter ended
June 30, 2003.
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 8th day of August, 2003.
CNL INCOME FUND IV, 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)
EXHIBIT INDEX
Exhibit Number
(c) Exhibits
3.1 Certificate of Limited Partnership of CNL Income
Fund IV, Ltd. (Included as Exhibit 3.1 in Amendment
No. 1 to Registration Statement No. 33-20249 on
Form S-11 and incorporated herein by reference.)
3.2 Amended and Restated Agreement and Certificate of
Limited Partnership of CNL Income Fund IV, Ltd.
(Included as Exhibit 3.2 to Form 10-K filed with
the Securities and Exchange Commission on March 31,
1994, and incorporated herein by reference.)
4.1 Certificate of Limited Partnership of CNL Income
Fund IV, Ltd. (Included as Exhibit 3.1 in Amendment
No. 1 to Registration Statement No. 33-20249 on
Form S-11 and incorporated herein by reference.)
4.2 Amended and Restated Agreement and Certificate of
Limited Partnership of CNL Income Fund IV, Ltd.
(Included as Exhibit 3.2 to Form 10-K filed with
the Securities and Exchange Commission on March 31,
1994, and incorporated herein by reference.)
10.1 Property Management Agreement (Included as Exhibit
10.1 to Form 10-K filed with the Securities and
Exchange Commission on March 31, 1994, and
incorporated herein by reference.)
10.2 Assignment of Property 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 Property 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.)
10.4 Assignment of Management Agreement from CNL Fund
Advisors, Inc. to CNL APF Partners, LP. (Included
as Exhibit 10.4 to Form 10-Q filed with the
Securities and Exchange Commission on August 9,
2001, and incorporated herein by reference.)
10.5 Assignment of Management Agreement from CNL APF
Partners, LP to CNL Restaurants XVIII, Inc.
(Included as Exhibit 10.5 to Form 10-Q filed with
the Securities and Exchange Commission on August
14, 2002, and incorporated herein by reference.)
31.1 Certification of Chief Executive Officer of
Corporate General Partner Pursuant to Rule 13a-14
as Adopted Pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002. (Filed herewith.)
31.2 Certification of Chief Financial Officer of
Corporate General Partner Pursuant to Rule 13a-14
as Adopted Pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002. (Filed herewith.)
32.1 Certification of Chief Executive Officer of
Corporate General Partner Pursuant to 18 U.S.C.
Section 1350 as Adopted Pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002. (Filed herewith.)
32.2 Certification of Chief Financial Officer of
Corporate General Partner Pursuant to 18 U.S.C.
Section 1350 as Adopted Pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002. (Filed herewith.)
EXHIBIT 31.1
EXHIBIT 31.2
EXHIBIT 32.1
EXHIBIT 32.2