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 September 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
0-23974
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CNL Income Fund XIV, Ltd.
- ------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Florida 59-3143096
- ---------------------------------- ------------------------------
(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
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 6-8
Item 3. Quantitative and Qualitative Disclosures About
Market Risk 8
Item 4. Controls and Procedures 8
Part II
Other Information 9-10
CNL INCOME FUND XIV, LTD.
(A Florida Limited Partnership)
CONDENSED BALANCE SHEETS
September 30, December 31,
2003 2002
------------------- -------------------
ASSETS
Real estate properties with operating leases, net $ 23,521,136 $ 24,081,481
Net investment in direct financing leases 5,986,820 5,830,462
Investment in joint ventures 4,479,183 4,513,911
Cash and cash equivalents 1,288,229 1,328,466
Receivables, less allowance for doubtful accounts of $6,751 in
2003 2,476 20,276
Accrued rental income, less allowance for doubtful
accounts of $48,635 in 2003 and 2002 2,582,865 2,462,242
Other assets 71,670 60,019
------------------- -------------------
$ 37,932,379 $ 38,296,857
=================== ===================
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable and accrued expenses $ 17,184 $ 7,365
Real estate taxes payable 953 19,009
Distributions payable 928,130 928,130
Due to related parties 24,766 21,304
Rents paid in advance and deposits 205,916 175,204
Deferred rental income 25,965 23,889
------------------- -------------------
Total liabilities 1,202,914 1,174,901
Partners' capital 36,729,465 37,121,956
------------------- -------------------
$ 37,932,379 $ 38,296,857
=================== ===================
See accompanying notes to condensed financial statements.
CNL INCOME FUND XIV, LTD.
(A Florida Limited Partnership)
CONDENSED STATEMENTS OF INCOME
Quarter Ended Nine Months Ended
September 30, September 30,
2003 2002 2003 2002
------------- ------------- -------------- --------------
Revenues:
Rental income from operating leases $ 724,690 $ 753,292 $ 2,167,381 $2,093,656
Earned income from direct financing leases 154,188 80,406 459,686 418,038
Contingent rental income 13,005 14,072 41,682 30,320
Interest and other income 466 745 3,111 7,751
------------- ------------- -------------- --------------
892,349 848,515 2,671,860 2,549,765
------------- ------------- -------------- --------------
Expenses:
General operating and administrative 64,073 71,320 217,630 235,192
Property related 8,879 11,458 16,586 50,989
Management fees to related parties 10,197 10,108 30,280 29,315
State and other taxes 1,819 -- 51,618 36,917
Depreciation and amortization 100,679 92,621 297,861 274,669
------------- ------------- -------------- --------------
185,647 185,507 613,975 627,082
------------- ------------- -------------- --------------
Income Before Gain on Sale of Assets and
Equity in Earnings of Joint Ventures 706,702 663,008 2,057,885 1,922,683
Gain on Sale of Assets -- -- -- 497,689
Equity in Earnings of Joint Ventures 113,732 118,922 334,014 285,866
------------- ------------- -------------- --------------
Income from Continuing Operations 820,434 781,930 2,391,899 2,706,238
------------- ------------- -------------- --------------
Discontinued Operations:
Income (Loss) from discontinued operations -- 17,588 -- (37,126 )
Gain on disposal of discontinued operations -- 271,909 -- 271,909
------------- ------------- -------------- --------------
-- 289,497 -- 234,783
------------- ------------- -------------- --------------
Net Income $ 820,434 $ 1,071,427 $ 2,391,899 $2,941,021
============= ============= ============== ==============
Income Per Limited Partner Unit:
Continuing operations $ 0.18 $ 0.18 $ 0.53 $ 0.60
Discontinued operations -- 0.06 -- 0.05
------------- ------------- -------------- --------------
$ 0.18 $ 0.24 $ 0.53 $ 0.65
============= ============= ============== ==============
Weighted Average Number of Limited Partner
Units Outstanding 4,500,000 4,500,000 4,500,000 4,500,000
============= ============= ============== ==============
See accompanying notes to condensed financial statements.
CNL INCOME FUND XIV, LTD.
(A Florida Limited Partnership)
CONDENSED STATEMENTS OF PARTNERS' CAPITAL
Nine Months Ended Year Ended
September 30, December 31,
2003 2002
---------------------- ------------------
General partners:
Beginning balance $ 209,255 $ 209,255
Net income -- --
---------------------- ------------------
209,255 209,255
---------------------- ------------------
Limited partners:
Beginning balance 36,912,701 36,895,767
Net income 2,391,899 3,729,454
Distributions ($0.62 and $0.83 per
limited partner unit, respectively) (2,784,390 ) (3,712,520 )
---------------------- ------------------
36,520,210 36,912,701
---------------------- ------------------
Total partners' capital $ 36,729,465 $ 37,121,956
====================== ==================
See accompanying notes to condensed financial statements.
CNL INCOME FUND XIV, LTD.
(A Florida Limited Partnership)
CONDENSED STATEMENTS OF CASH FLOWS
Nine Months Ended
September 30,
2003 2002
---------------- ----------------
Net Cash Provided by Operating Activities $ 2,757,278 $ 2,594,015
---------------- ----------------
Cash Flows from Investing Activities:
Increase in restricted cash -- (1,304,826 )
Additions to real estate properties with operating leases -- (1,283,608 )
Proceeds from sale of assets -- 2,605,596
Payment of lease costs (13,125 ) --
---------------- ----------------
Net cash provided by (used in) investing activities (13,125 ) 17,162
---------------- ----------------
Cash Flows from Financing Activities:
Distributions to limited partners (2,784,390 ) (2,784,390 )
---------------- ----------------
Net cash used in financing activities (2,784,390 ) (2,784,390 )
---------------- ----------------
Net Decrease in Cash and Cash Equivalents (40,237 ) (173,213 )
Cash and Cash Equivalents at Beginning of Period 1,328,466 1,039,216
---------------- ----------------
Cash and Cash Equivalents at End of Period $ 1,288,229 $ 866,003
================ ================
Supplemental Schedule of Non-Cash Financing Activities:
Distributions declared and unpaid at end of period $ 928,130 $ 928,130
================ ================
See accompanying notes to condensed financial statements.
CNL INCOME FUND XIV, LTD.
(A Florida Limited Partnership)
NOTES TO CONDENSED FINANCIAL STATEMENTS
Quarters and Nine Months Ended September 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 nine months ended September 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 XIV, Ltd. (the "Partnership") for the year ended December
31, 2002.
In January 2003, the Financial Accounting Standards Board ("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 ending after December 15, 2003. The
general partners believe adoption of this standard may result in either
consolidation or additional disclosure requirements of 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.
In May 2003, the FASB issued FASB Statement No. 150, "Accounting for
Certain Financial Instruments with Characteristics of both Liabilities
and Equity" ("FAS 150"). FAS 150 establishes standards for how an
issuer classifies and measures certain financial instruments with
characteristics of both liabilities and equity. FAS 150 will require
issuers to classify certain financial instruments as liabilities (or
assets in some circumstances) that previously were classified as
equity. One requirement of FAS 150 is that minority interests for
majority owned finite lived entities be classified as a liability and
recorded at fair market value. FAS 150 initially applied immediately to
all financial instruments entered into or modified after May 31, 2003,
and otherwise was effective at the beginning of the first interim
period beginning after June 15, 2003. Effective October 29, 2003, the
FASB deferred implementation of FAS 150 as it applies to minority
interests of finite lived Partnerships. The deferral of these
provisions is expected to remain in effect while these interests are
addressed in either Phase II of the FASB's Liabilities and Equity
project or Phase II of the FASB's Business Combinations project;
therefore, no specific timing for the implementation of these
provisions has been stated. The implementation of the currently
effective aspects of FAS 150 did not have an impact on 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.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
CNL Income Fund XIV, Ltd. (the "Partnership") is a Florida limited
partnership that was organized on September 25, 1992, 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 lessee responsible for all repairs and
maintenance, property taxes, insurance and utilities. As of September 30, 2002
and 2003, the Partnership owned 41 Properties directly and 12 Properties
indirectly through joint venture or tenancy in common arrangements.
Capital Resources
Cash from operating activities was $2,757,278 and $2,594,015 for the
nine months ended September 30, 2003 and 2002, respectively. At September 30,
2003, the Partnership had $1,288,229 in cash and cash equivalents, as compared
to $1,328,466 at December 31, 2002. At September 30, 2003, these funds were held
in demand deposit accounts at commercial banks. The funds remaining at September
30, 2003, after the payment of distributions and other liabilities, will be used
to invest in an additional Property or 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, the Partnership
declared distributions to limited partners of $2,784,390 for each of the nine
months ended September 30, 2003 and 2002, ($928,130 for each of the quarters
ended September 30, 2003 and 2002). This represents distributions of $0.62 per
unit for the nine months ended September 30, 2003 and 2002, ($0.21 per unit for
each applicable quarter). No distributions were made to the general partners for
the quarters and nine months ended September 30, 2003 and 2002. No amounts
distributed to the limited partners for the nine months ended September 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, including distributions payable, were $1,202,914 at
September 30, 2003, as compared to $1,174,901 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 $2,627,067 during the nine months ended
September 30, 2003, as compared to $2,511,694 during the same period of 2002,
$878,878 and $833,698 of which were earned during the third quarters of 2003 and
2002, respectively. Rental revenues were higher during the quarter and nine
months ended September 30, 2003 because, in 2002, the Partnership acquired two
Properties, one in San Antonio, Texas and the other in Phoenix, Arizona. In
addition, in October 2002, the Partnership entered into a new lease with a new
tenant for the Property in Akron, Ohio, which had been vacant since November
2000. The new tenant converted the Property to a new concept and commenced
rental payments in February 2003. The increase in rental revenues was partially
offset by a decrease in rental revenues resulting from the 2002 sale of the
Property in Las Vegas, Nevada.
The Partnership also earned $41,682 in contingent rental income during
the nine months ended September 30, 2003, as compared to $30,320 during the same
period of 2002, $13,005 and $14,072 of which were earned during the third
quarters of 2003 and 2002, respectively. The increase in contingent rental
income during the nine months ended September 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 $334,014 attributable to net income earned
by unconsolidated joint ventures during the nine months ended September 30,
2003, as compared to $285,866 during the same period of 2002, $113,732 and
$118,922 of which were earned during the third quarters of 2003 and 2002,
respectively. Net income earned by joint ventures was lower during the nine
months ended September 30, 2002, because the tenant of the Property owned by
Duluth Joint Venture, in which the Partnership owns a 44% interest, experienced
financial difficulties and ceased making rental payments. As a result, Duluth
Joint Venture stopped recording rental revenues during the first quarter of
2002. The joint venture also recorded a provision for write-down of assets of
approximately $65,800. The provision represented the difference between the net
carrying value of the Property and its estimated fair value. During the second
quarter of 2002, the tenant resumed, and has continued, making rental payments
to the joint venture.
Operating expenses, including depreciation and amortization expense,
were $613,975 during the nine months ended September 30, 2003, as compared to
$627,082 during the same period of 2002, $185,647 and $185,507 of which were
incurred during the third quarters of 2003 and 2002, respectively. Operating
expenses were lower during the nine months ended September 30, 2003, due to a
decrease in Property expenses resulting from the 2002 sale of one of the two
vacant Properties owned by the Partnership, and the 2003 re-lease of the other
vacant Property. The Partnership did not incur additional expenses related to
these Properties once they were re-leased or sold. In addition, operating
expenses were lower during the nine months ended September 30, 2003, due to a
decrease in the costs incurred for administrative expenses for servicing the
Partnership and its Properties. The decrease in operating expenses during the
nine months ended September 30, 2003, was partially offset by an increase in
state tax expense relating to several states in which the Partnership conducts
business and an increase in depreciation expense related to the acquisition of
two Properties during 2002.
As a result of the sale of the Property in Las Vegas, Nevada, the
Partnership recognized a gain of approximately $497,700 during the nine months
ended September 30, 2002. This Property was identified for sale as of December
31, 2001. Because this Property was identified for sale prior to the January
2002 implementation of Statement of Financial Accounting Standards No. 144
"Accounting for the Impairment or Disposal of Long-Lived Assets", the results of
operations relating to this Property were included as Income from Continuing
Operations in the accompanying financial statements.
During the year ended December 31, 2002, the Partnership identified and
sold three Properties that were classified as Discontinued Operations in the
accompanying financial statements. The Partnership recognized net rental income
(rental revenues less Property related expenses and provision for write-down of
assets) of $17,588 during the quarter ended September 30, 2002 and a net rental
loss of $37,126 during the nine months ended September 30, 2002, relating to
these Properties. The reduced net rental income during the quarter ended
September 30, 2002 and the net rental loss during the nine months ended
September 30, 2002 was a result of the Partnership recording provisions for
write-down of assets of approximately $19,600 and $143,100 during the quarter
and nine months ended September 30, 2002, respectively. The Partnership recorded
these provisions in anticipation of the August and November 2002 sales of the
Properties in Laurens, South Carolina and Merriam, Kansas, respectively. The
provision represented the difference between the net carrying value of the
Property and its estimated fair value. The Partnership had recorded provisions
for write-down of assets relating to the Property in Laurens, South Carolina in
previous periods. The Partnership sold the Properties located in Greeley,
Colorado and Laurens, South Carolina during the third quarter of 2002 and
recognized a net gain on disposal of assets of approximately $271,900.
In January 2003, the Financial Accounting Standards Board ("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 ending after December 15,
2003. The general partners believe adoption of this standard may result in
either consolidation or additional disclosure requirements of 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.
In May 2003, the FASB issued FASB Statement No. 150, "Accounting for
Certain Financial Instruments with Characteristics of both Liabilities and
Equity" ("FAS 150"). FAS 150 establishes standards for how an issuer classifies
and measures certain financial instruments with characteristics of both
liabilities and equity. FAS 150 will require issuers to classify certain
financial instruments as liabilities (or assets in some circumstances) that
previously were classified as equity. One requirement of FAS 150 is that
minority interests for majority owned finite lived entities be classified as a
liability and recorded at fair market value. FAS 150 initially applied
immediately to all financial instruments entered into or modified after May 31,
2003, and otherwise was effective at the beginning of the first interim period
beginning after June 15, 2003. Effective October 29, 2003, the FASB deferred
implementation of FAS 150 as it applies to minority interests of finite lived
Partnerships. The deferral of these provisions is expected to remain in effect
while these interests are addressed in either Phase II of the FASB's Liabilities
and Equity project or Phase II of the FASB's Business Combinations project;
therefore, no specific timing for the implementation of these provisions has
been stated. The implementation of the currently effective aspects of FAS 150
did not have an impact on 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. 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 XIV, Ltd. (Included as Exhibit 3.2 to
Registration Statement No. 33-53672-01 on Form S-11
and incorporated herein by reference.)
4.1 Affidavit and Certificate of Limited Partnership of
CNL Income Fund XIV, Ltd. (Included as Exhibit 3.2 to
Registration Statement No. 33-53672-01 on Form S-11
and incorporated herein by reference.)
4.2 Amended and Restated Agreement of Limited Partnership
of CNL Income Fund XIV, Ltd. (Included as Exhibit 4.2
to Form 10-K filed with the Securities and Exchange
Commission on April 13, 1994, incorporated herein by
reference.)
10.1 Management Agreement between CNL Income Fund XIV, Ltd.
and CNL Investment Company (Included as Exhibit 10.1
to Form 10-K filed with the Securities and Exchange
Commission on April 13, 1994, 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
and Exchange Commission on August 13, 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 13, 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
September 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 10th day of November, 2003
CNL INCOME FUND XIV, 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 XIV, Ltd. (Included as Exhibit 3.2 to
Registration Statement No. 33-53672-01 on Form S-11
and incorporated herein by reference.)
4.1 Affidavit and Certificate of Limited Partnership of
CNL Income Fund XIV, Ltd. (Included as Exhibit 3.2 to
Registration Statement No. 33-53672-01 on Form S-11
and incorporated herein by reference.)
4.2 Amended and Restated Agreement of Limited Partnership
of CNL Income Fund XIV, Ltd. (Included as Exhibit 4.2
to Form 10-K filed with the Securities and Exchange
Commission on April 13, 1994, incorporated herein by
reference.)
10.1 Management Agreement between CNL Income Fund XIV, Ltd.
and CNL Investment Company (Included as Exhibit 10.1
to Form 10-K filed with the Securities and Exchange
Commission on April 13, 1994, 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
and Exchange Commission on August 13, 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 10.3 to Form 10-Q filed with the Securities
and Exchange Commission on August 13, 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