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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
0-20017
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CNL Income Fund IX, Ltd.
- ------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Florida 59-3004138
- ---------------------------------- ------------------------------
(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
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
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 IX, LTD.
(A Florida Limited Partnership)
CONDENSED BALANCE SHEETS
June 30, December 31,
2003 2002
------------------- -------------------
ASSETS
Real estate properties with operating leases, net $ 13,273,080 $ 13,436,040
Net investment in direct financing leases 2,403,466 2,444,483
Real estate held for sale -- 286,256
Investment in joint ventures 7,280,545 7,337,667
Mortgage notes receivable 449,449 464,352
Cash and cash equivalents 1,872,739 1,913,142
Receivables 8,446 31,471
Due from related parties -- 6,265
Accrued rental income 485,175 505,561
Other assets 27,359 24,905
------------------- -------------------
$ 25,800,259 $ 26,450,142
=================== ===================
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $ 13,302 $ 25,394
Real estate taxes payable 20,026 7,978
Distributions payable 787,501 787,501
Due to related parties 14,559 16,426
Rents paid in advance and deposits 65,072 42,223
------------------- -------------------
Total liabilities 900,460 879,522
Partners' capital 24,899,799 25,570,620
------------------- -------------------
$ 25,800,259 $ 26,450,142
=================== ===================
See accompanying notes to condensed financial statements.
CNL INCOME FUND IX, LTD.
(A Florida Limited Partnership)
CONDENSED STATEMENTS OF INCOME
Quarter Ended Six Months
June 30, June 30,
2003 2002 2003 2002
------------- -------------- -------------- ----------------
Revenues:
Rental income from operating leases $ 390,166 $ 381,214 $ 780,335 $ 769,427
Earned income from direct financing leases 66,574 81,798 133,722 164,198
Contingent rental income -- 633 22,953 1,109
Interest and other income 10,772 14,203 21,091 25,729
------------- -------------- -------------- ---------------
467,512 477,848 958,101 960,463
------------- -------------- -------------- ----------------
Expenses:
General operating and administrative 61,822 62,528 134,733 140,623
Property related 14,491 38,446 32,193 49,378
State and other taxes 4,781 11,064 61,477 43,438
Depreciation 81,480 75,226 162,960 152,445
Provision for write-down of assets -- 321,609 -- 321,609
------------- -------------- -------------- ----------------
162,574 508,873 391,363 707,493
------------- -------------- -------------- ----------------
Income (Loss) Before Gain on Sale of Assets and
Equity in Earnings of Joint Ventures 304,938 (31,025 ) 566,738 252,970
Gain on Sale of Assets -- 224,412 -- 224,412
Equity in Earnings of Joint Ventures 174,248 605,481 338,015 766,717
------------- -------------- -------------- ----------------
Income from Continuing Operations 479,186 798,868 904,753 1,244,099
------------- -------------- -------------- ----------------
Discontinued Operations:
Income (Loss) from discontinued operations -- 14,379 (860 ) 30,738
Gain on disposal of discontinued operations -- -- 288 --
------------- -------------- -------------- ----------------
-- 14,379 (572 ) 30,738
------------- -------------- -------------- ----------------
Net Income $ 479,186 $ 813,247 $ 904,181 $ 1,274,837
============= ============== ============== ================
Income Per Limited Partner Unit:
Continuing Operations $ 0.14 $ 0.23 $ 0.26 $ 0.35
Discontinued Operations -- -- -- 0.01
------------- -------------- -------------- ----------------
$ 0.14 $ 0.23 $ 0.26 $ 0.36
============= ============== ============== ================
Weighted Average Number of Limited Partner
Units Outstanding 3,500,000 3,500,000 3,500,000 3,500,000
============= ============== ============== ================
See accompanying notes to condensed financial statements.
CNL INCOME FUND IX, 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 $ 238,417 $ 238,417
Net income -- --
-------------------- ------------------
238,417 238,417
-------------------- ------------------
Limited partners:
Beginning balance 25,332,203 25,753,242
Net income 904,181 2,728,965
Distributions ($0.45 and $0.90 per limited partner
unit, respectively) (1,575,002 ) (3,150,004 )
-------------------- ------------------
24,661,382 25,332,203
-------------------- ------------------
Total partners' capital $ 24,899,799 $ 25,570,620
==================== ==================
See accompanying notes to condensed financial statements.
CNL INCOME FUND IX, 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 $ 1,236,723 $ 1,230,877
--------------- ----------------
Cash Flows from Investing Activities:
Additions to real estate properties with operating leases -- (1,030,804 )
Proceeds from sale of assets 286,544 976,797
Investments in joint ventures -- (625,044 )
Return on capital from joint ventures -- 929,590
Collections on mortgage notes receivable 11,332 8,813
--------------- ----------------
Net cash provided by investing activities 297,876 259,352
--------------- ----------------
Cash Flows from Financing Activities:
Distributions to limited partners (1,575,002 ) (1,575,002 )
--------------- ----------------
Net cash used in financing activities (1,575,002 ) (1,575,002 )
--------------- ----------------
Net Decrease in Cash and Cash Equivalents (40,403 ) (84,773 )
Cash and Cash Equivalents at Beginning of Period 1,913,142 1,247,551
--------------- ----------------
Cash and Cash Equivalents at End of Period $ 1,872,739 $ 1,162,778
=============== ================
Supplemental Schedule of Non-Cash Financing
Activities:
Distributions declared and unpaid at end of
period $ 787,501 $ 787,501
=============== ================
See accompanying notes to condensed financial statements.
CNL INCOME FUND IX, 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 IX, 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:
During 2002, the Partnership identified for sale two properties that
were classified as Discontinued Operations in the accompanying
financial statements. The Partnership sold one of the properties during
2002. In February 2003, the Partnership sold the other property and
recorded a gain on disposal of assets of approximately $300 during the
six months ended June 30, 2003. The Partnership had recorded provisions
for write-down of assets relating to this property in previous years.
CNL INCOME FUND IX, LTD.
(A Florida Limited Partnership)
NOTES TO CONDENSED FINANCIAL STATEMENTS
Quarters and Six Months Ended June 30, 2003 and 2002
3. Discontinued Operations - Continued:
The operating results of the discontinued operations for these
properties are as follows:
Quarter Ended June 30, Six Months Ended June 30,
2003 2002 2003 2002
------------- ------------- ------------- -------------
Rental revenues $ -- $ 23,237 $ -- $ 46,474
Expenses -- (8,858 ) (860 ) (15,736 )
------------- ------------- ------------- -------------
Income (loss) from discontinued
operations $ -- $ 14,379 $ (860 ) $ 30,738
============= ============= ============= =============
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
CNL Income Fund IX, Ltd. (the "Partnership") is a Florida limited
partnership that was organized on April 16, 1990, 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 lessees responsible for all repairs
and maintenance, property taxes, insurance and utilities. As of June 30, 2002,
the Partnership owned 22 Properties directly and 16 Properties indirectly
through joint venture or tenancy in common arrangements. As of June 30, 2003,
the Partnership owned 20 Properties directly and 16 Properties indirectly
through joint venture or tenancy in common arrangements.
Capital Resources
Cash from operating activities was $1,236,723 and $1,230,877 for the
six months ended June 30, 2003 and 2002, respectively. Other sources and uses of
cash included the following during the six months ended June 30, 2003.
In February 2003, the Partnership sold its Property in Grand Prairie,
Texas, to a third party and received net sales proceeds of approximately
$286,500, resulting in a gain on disposal of assets of approximately $300 during
the six months ended June 30, 2003. The Partnership had recorded provisions for
write-down of assets in previous years relating to this asset. The Partnership
intends to use these proceeds to pay liabilities of the Partnership or to
reinvest these proceeds in an additional Property.
At June 30, 2003, the Partnership had $1,872,739 in cash and cash
equivalents, as compared to $1,913,142 at December 31, 2002. At June 30, 2003,
these funds were held in demand deposit accounts at commercial banks. The funds
remaining at June 30, 2003, after the payment of distributions and other
liabilities, will be used to invest in an additional Property and to meet the
Partnership's working capital needs.
Short-Term Liquidity
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 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 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, and for the six
months ended June 30, 2003, a portion of the sales proceeds from the 2002 sale
of the Property in Farragut, Tennessee, the Partnership declared distributions
to limited partners of $1,575,002 for each of the six months ended June 30, 2003
and 2002, ($787,501 for each of the quarters ended June 30, 2003 and 2002). This
represents distributions of $0.45 per unit for the six months ended June 30,
2003 and 2002, ($0.23 per unit for each applicable quarter). No distributions
were made to the general partners for the quarters and 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,
were $900,460 at June 30, 2003, as compared to $879,522 at December 31, 2002.
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 $914,057 during the six months ended June
30, 2003, as compared to $933,625 during the same period of 2002, $456,740 and
$463,012 of which were earned during the second quarters of 2003 and 2002,
respectively. The decrease in revenues during the quarter and six months ended
June 30, 2003, resulting from the two Properties the Partnership sold during
2002 was offset by the reinvestment of the sales proceeds in two additional
Properties in June and September 2002.
During 2002, the tenant of the Property in North Baltimore, Ohio
terminated the lease, as permitted in the lease agreement, when a partial right
of way taking reduced road access to the restaurant. In addition, during 2001,
the tenant of the Property in Wildwood, Florida, ceased making rental payments
and terminated the lease relating to this Property. The general partners are
currently seeking replacement tenants for these Properties. The lost revenues
resulting from the vacant Properties will continue to have an adverse effect on
the results of operations of the Partnership, until the Partnership is able to
re-lease or sell them.
The Partnership also earned $22,953 in contingent rental income during
the six months ended June 30, 2003, as compared to $1,109 during the six months
ended June 30, 2002. The increase in contingent rental income during the six
months ended June 30, 2003, as compared to the same period of 2002, was
primarily due to an increase in the reported gross sales of the restaurants with
leases that require the payment of contingent rental income.
The Partnership also earned $338,015 attributable to net income earned
by unconsolidated joint ventures during the six months ended June 30, 2003, as
compared to $766,717 during the same period of 2002, $174,248 and $605,481 of
which were earned during the quarters ended June 30, 2003 and 2002,
respectively. Net income earned by joint ventures was higher during the quarter
and six months ended June 30, 2002 partially because CNL Restaurant Investments
III, in which the Partnership owns a 50% interest and Ashland Joint Venture, in
which the Partnership owns a 27.33% interest, each sold one Property, and CNL
Restaurant Investments II, in which the Partnership owns a 45.2% interest, sold
two Properties. These sales resulted in a net gain of approximately $1,130,900
to the joint ventures. The Partnership recorded its pro-rata share of each
respective gain as equity in earnings. During 2002, the Partnership received a
portion of these sales proceeds as a return of capital. The majority of these
net sales proceeds were reinvested in 2002, either by the joint ventures or
Partnership in other Properties.
Operating expenses, including depreciation expense and provision for
write-down of assets, were $391,363 during the six months ended June 30, 2003,
as compared to $707,493 during the same period of 2002, $162,574 and $508,873 of
which were incurred during the quarters ended June 30, 2003 and 2002,
respectively. Operating expenses were higher during the quarter and six months
ended June 30, 2002, because the Partnership recorded a provision for write-down
of assets of approximately $321,600 relating to the vacant Property in Wildwood,
Florida. The tenant vacated this Property in 2001 and ceased payment of rents
under the terms of the lease agreement. The provision represented the difference
between the net carrying value of the Property and its estimated fair value. In
addition, operating expenses were higher during the quarter and six months ended
June 30, 2002, because the Partnership elected to reimburse the tenant of the
Property in Brownsville, Texas for certain renovation costs. During the quarters
and six months ended June 30, 2002 and 2003, the Partnership incurred Property
expenses such as real estate taxes, insurance and repairs and maintenance
relating to the vacant Properties in Wildwood, Florida and North Baltimore,
Ohio. The Partnership will continue to incur these expenses until the Properties
are re-leased. The decrease in operating expenses during the six months ended
June 30, 2003, was partially offset by an increase in the amount of state tax
expense relating to several states in which the Partnership conducts business.
As a result of the sale of the Property in Greenville, South Carolina
the Partnership recognized a gain of approximately $224,400 during the quarter
and six months ended June 30, 2002. This Property was identified for sale as of
December 31, 2001, and therefore, was not subject to be classified as
Discontinued Operations.
During the year ended December 31, 2002, the Partnership identified for
sale two Properties that were classified as Discontinued Operations in the
accompanying financial statements. The Partnership recognized net rental income
(rental revenues less Property related expenses) of $14,379 and $30,738 during
the quarter and six months ended June 30, 2002, respectively, relating to these
two Properties. The Partnership sold the Property in Farragut, Tennessee
subsequent to June 30, 2002. In February 2003, the Partnership sold the other
Property, located in Grand Prairie, Texas, and recorded a gain on disposal of
assets of approximately $300. The Partnership had recorded provisions for
write-down of assets in previous years relating to this Property. The
Partnership recognized a net rental loss of $860 during the six months ended
June 30, 2003, relating to this Property.
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
No material changes in the Partnership's market risk occurred from
December 31, 2002 through June 30, 2003. Information regarding the Partnership's
market risk at December 31, 2002 is included in its Annual Report on Form 10-K
for the year ended December 31, 2002.
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. 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 IX, Ltd. (Included as Exhibit
3.1 to Registration Statement No. 33-35049 on
Form S-11 and incorporated herein by reference.)
4.1 Affidavit and Certificate of Limited Partnership
of CNL Income Fund IX, Ltd. (Included as Exhibit
3.1 to Registration Statement No. 33-35049 on
Form S-11 and incorporated herein by reference.)
4.2 Amended and Restated Agreement of Limited
Partnership of CNL Income Fund IX, Ltd. (Included
as Exhibit 4.6 to Post-Effective Amendment No. 1
to Registration Statement No. 33-35049 on Form
S-11 and incorporated herein by reference.)
10.1 Management Agreement between CNL Income Fund IX,
Ltd. and CNL Investment Company (Included as
Exhibit 10.1 to Form 10-K filed with the
Securities and Exchange Commission on March 17,
1998, 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.)
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 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 5th day of August, 2003.
CNL INCOME FUND IX, 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 Affidavit and Certificate of Limited Partnership
of CNL Income Fund IX, Ltd. (Included as Exhibit
3.1 to Registration Statement No. 33-35049 on
Form S-11 and incorporated herein by reference.)
4.1 Affidavit and Certificate of Limited Partnership
of CNL Income Fund IX, Ltd. (Included as Exhibit
3.1 to Registration Statement No. 33-35049 on
Form S-11 and incorporated herein by reference.)
4.2 Amended and Restated Agreement of Limited
Partnership of CNL Income Fund IX, Ltd. (Included
as Exhibit 4.6 to Post-Effective Amendment No. 1
to Registration Statement No. 33-35049 on Form
S-11 and incorporated herein by reference.)
10.1 Management Agreement between CNL Income Fund IX,
Ltd. and CNL Investment Company (Included as
Exhibit 10.1 to Form 10-K filed with the
Securities and Exchange Commission on March 17,
1998, 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.)
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 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