UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D. C. 20549
                                    FORM 10-K

(Mark One)

     [x]  ANNUAL  REPORT  PURSUANT  TO  SECTION  13 OR 15 (d) OF THE  SECURITIES
EXCHANGE ACT OF 1934

                   For the fiscal year ended December 31, 2000

                                       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 001-15581

                       CNL AMERICAN PROPERTIES FUND, INC.
             (Exact name of registrant as specified in its charter)

                  Florida                                  59-3239115
         (State or other jurisdiction of                   (I.R.S. Employer
Identification No.)
         incorporation or organization)

                             450 South Orange Avenue
                             Orlando, Florida 32801
          (Address of principal executive offices, including zip code)

       Registrant's telephone number, including area code: (407) 540-2000

          Securities registered pursuant to Section 12 (b) of the Act:

Title of each class:                       Name of exchange on which registered:
         None                                             Not Applicable

           Securities registered pursuant to section 12(g) of the Act:

                     Common Stock, $0.01 par value per share
                                (Title of class)

         Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934 during the preceding 12 months (or such shorter  period that the registrant
was  required  to file such  reports),  and (2) has been  subject to such filing
requirements for the past 90 days: Yes X No

         Indicate by check mark if disclosure of delinquent  filers  pursuant to
Item 405 of Regulation S-K is not contained  herein,  and will not be contained,
to the best of  registrant's  knowledge,  in  definitive  proxy  or  information
statements  incorporated  by  reference  in Part  III of this  Form  10-K or any
amendment to this Form 10-K.

         Aggregate market value of the voting stock held by nonaffiliates of the
registrant:  The registrant  has made three  offerings of Shares of common stock
(the "Shares") on Form S-11 under the  Securities  Act of 1933, as amended.  The
number of Shares held by  non-affiliates  as of March 15,  2001 was  37,335,919.
Since no established market for such Shares exists, there is no market value for
such Shares. Each Share was originally sold at $20 per Share.

         The number of Shares of common stock  outstanding  as of March 29, 2001
was 43,495,919.

                      DOCUMENTS INCORPORATED BY REFERENCE:

         Registrant  incorporates  by  reference  portions  of the CNL  American
Properties Fund, Inc.  Definitive Proxy Statement for the 2001 Annual Meeting of
Stockholders  (Items  10,  11, 12 and 13 of Part III) to be filed no later  than
April 30, 2001.

                                     PART I


Item 1.  Business

         CNL  American  Properties  Fund,  Inc.  is a  self-advised  real estate
investment  trust,  or REIT.  The term  "Company"  includes,  unless the context
otherwise  requires,  CNL  American  Properties  Fund,  Inc.  and its direct and
indirect  subsidiaries.  These  subsidiaries  include  CNL APF  Partners,  LP, a
Delaware  limited  partnership  formed in May 1998, and CNL APF GP Corp. and CNL
APF LP  Corp.,  the  general  and  limited  partner,  respectively,  of CNL  APF
Partners,  LP. As a result of the merger on September  1, 1999 (see  "Mergers"),
subsidiaries  also include CNL Fund  Advisors,  Inc.,  CNL  Financial GP Holding
Corp.,  CNL Financial LP Holding,  LP, CNL Financial  Services GP Corp.  and CNL
Financial  Services,  LP. As a result of the strategic alliance with a financial
institution,  as described  in Item 7  subsidiaries  also include CNL  Financial
Network, LP, a Delaware limited partnership formed in May 2000.

         The Company  provides a complete  range of financial,  development  and
other real estate  services to operators  of national  and  regional  restaurant
chains.  The  Company's  ability  to offer  complete  "turn-key,"  build-to-suit
development services, from site selection to construction  management,  together
with its  ability to provide  its  customers  with  financing  options,  such as
triple-net leasing,  mortgage loans and secured equipment  financing,  makes the
Company a preferred  provider for all of the real estate related  business needs
of operators of national and regional  restaurant  chains. At December 31, 2000,
the Company's servicing portfolio of net lease properties and mortgages includes
over 2,500 units of which over 1,300 are serviced on behalf of third parties.

         The Company was formed in May 1994,  at which time it received  initial
capital  contributions of $200,000 for 10,000 Shares of common stock ("Shares").
Since  inception,  the Company has completed three separate public  offerings of
Shares of common stock. The Company received the final proceeds of $210,736 from
its third public  offering of common stock in January  1999,  at which point the
Company had received aggregate subscription proceeds from its three offerings of
$747,464,420  (37,373,221 Shares),  including $5,572,261 (278,613 Shares) issued
through the Company's  reinvestment  plan.  Net proceeds to the Company from its
three offerings and the initial capital contributions,  after deduction of stock
issuance  costs,  totaled  $670,351,200,  all of which  have  been  invested  in
Properties or Mortgage Loans.

         The  Company's  goal  is  to  be  a  leading   provider  of  financial,
development,  advisory  and other real estate  services to operators of national
restaurant  chains.  In  furtherance  of this goal,  on September  1, 1999,  the
Company became internally advised and gained complete  acquisition,  development
and in-house  management  functions by acquiring its external advisor,  CNL Fund
Advisors,  Inc. (the "Advisor").  Prior to September 1, 1999, the Company had no
employees,  so the Advisor provided these functions on behalf of the Company and
was responsible for the day-to-day operations of the Company,  including raising
capital, investment analysis,  acquisitions, due diligence, asset management and
accounting  services.  The  acquisition of the Advisor also provided the Company
with restaurant development capabilities including site selection,  construction
management and build-to-suit development.

         In addition,  to increase  its  financing  capabilities  and expand its
mortgage loan portfolio,  the Company acquired CNL Financial Corporation and CNL
Financial Services,  Inc. which are referred to, together, as the CNL Restaurant
Financial Services Group, at the same time that it acquired the Advisor. The CNL
Restaurant  Financial  Services  Group makes and services  mortgage  loans,  and
securitizes  a portion of such loans,  to  operators  of national  and  regional
restaurant  chains  comparable to the restaurant  chain operators that currently
are tenants of the Company.

         Upon consummation of the mergers on September 1, 1999, all employees of
the acquired  entities became employees of the Company,  and any obligations for
the  Company  to pay fees to the  Advisor  (such as  acquisition  fees and asset
management  fees)  under the  advisory  agreement  between  the  Company and the
Advisor terminated.

        The Company entered 2000 pursuing a strategy of merging with a number of
affiliated  partnerships  that would have increased the Company's  asset base by
approximately $500 million,  and simultaneously  listing the Company's shares on
the New York Stock Exchange.  As a result of unfavorable market conditions,  the
Company  and the  general  partners  of the  affiliated  partnerships  agreed to
terminate the merger in March 2000.

         To improve its capital position,  and to further diversify its business
platform,  the Company examined  various  alternatives in an attempt to maximize
the stockholder value over the long-term.  The Company responded by establishing
a totally new platform for serving the franchise  restaurant  marketplace.  This
new strategy,  made possible by the REIT  Modernization Act, included looking at
the two  component  parts  of the  Company's  core  operations  - a real  estate
investment  trust, and a specialty finance company allied with a major financial
institution  as its  strategic  partner.  In June  2000,  the  Company  formed a
partnership,  CNL  Franchise  Network,  L.P.  ("CFN" or the  "Partnership")  and
contributed  certain assets and  operations in exchange for an 84.39%  interest.
Bank of  America,  contributed  its  franchise  finance  originations  group  in
exchange for a 9.18% non-voting redeemable interest in the Partnership.  Bank of
America is also the lender on a $500 million warehouse credit facility, a $43.75
million subordinated debt facility (the "Subordinated Note Payable"),  serves as
administrative  agent on a $125 million revolving credit facility and provided a
$175 million bridge financing.  Bank of America's interest in the Partnership on
a fully  diluted basis after a conversion  of the fully  committed  Subordinated
Note Payable is 29.12%. The strategic alliance with Bank of America broadens the
Company's   financial   products  and   offerings  and  enhances  the  Company's
securitization  platform  thereby  reducing  the  Company's  reliance  on public
markets to raise capital.

         The Company also issued limited partnership  interests in CFN amounting
to 6.43% to CNL  Financial  Group,  Inc.,  an  affiliate  of a  director  of the
Company, in exchange for the operations of CNL Advisory Services,  Inc. ("CAS").
CAS specializes in providing merger,  acquisition and other advisory services to
restaurant operators and expands the Company's services to the sector.

         Generally,  the real  estate  (the  "Properties")  owned by the Company
consist of land and buildings subject to long-term  (generally,  13 to 25 years,
plus  renewal  options for an  additional  10 to 20 years),  triple-net  leases.
Triple-net leases generally provide that the tenants bear responsibility for all
of the costs and expenses associated with the ongoing maintenance and operations
of the  leased  restaurant  properties,  including  utilities,  property  taxes,
insurance  and  structural  repairs.  The Company  structures  the leases of its
Properties  to  provide  for  payment  of base  annual  rent with (i)  automatic
increases in base rent and/or (ii)  percentage rent based on gross sales above a
certain level.  Mortgage financing (the "Mortgage Loans") involves lending money
at a specified  interest  rate to owners of restaurant  properties  and securing
that loan with a mortgage lien on the restaurant  property.  Management believes
that the  economic  effects of the  Mortgage  Loans are  similar to those of its
leases (generally with full repayment in 13 to 25 years). Securitizing mortgages
involves  bundling a group of mortgages  into an  investment  entity,  usually a
trust, and selling securities of that entity to the public.

         As of  December  31,  2000,  the  Company  owned  a  portfolio  of  762
Properties  located  across the United  States  which are leased to operators of
certain  national  and  regional  fast  food,  family-style  and  casual  dining
restaurant chains, as described below in Item 2. Properties.

         Currently, the Company's primary investment objectives are to preserve,
protect,  and  enhance the  Company's  assets.  The Company  expects to meet its
short-term liquidity requirements, other than for acquisition and development of
Properties  and  investment  in  Mortgage  Loans and Secured  Equipment  Leases,
primarily  through cash flow provided by operating  activities and the Company's
Credit Facility,  Secured Credit Facility and Subordinated  Note Payable.  These
short-term   liquidity   requirements  consist  of  normal  recurring  operating
expenses,  regular debt service  requirements and distributions to stockholders.
The Company also intends to meet short-term  liquidity  requirements for funding
of property  acquisitions and loans prior to  securitization  using its Mortgage
Warehouse  Facilities.  The Company  will use the proceeds  from the  subsequent
securitizations  or sales of these  Mortgage  Loans and  Properties to repay the
Mortgage  Warehouse  Facilities.   Periodic  securitizations  may  also  provide
short-term  liquidity  for the payment of  operating  expenses  and regular debt
service requirements.

         The  Company  intends,  to the  extent  consistent  with the  Company's
qualifying as a REIT, to reinvest in additional Properties or Mortgage Loans any
proceeds of the sale of a Property or a Mortgage  Loan that are not  required to
be  distributed to  stockholders  in order to preserve the Company's REIT status
for federal income tax purposes.  Similarly,  and to the extent  consistent with
REIT  qualification,  the  Company  plans to use the  proceeds  of the sale of a
Secured  Equipment  Lease to fund additional  Secured  Equipment  Leases,  or to
reduce its outstanding indebtedness. The Company intends to provide stockholders
of the Company with liquidity of their  investment,  either in whole or in part,
through  Listing of the Shares of the Company.  If Listing  occurs,  the Company
intends  to  reinvest  in  additional  Properties,  Mortgage  Loans and  Secured
Equipment  Leases any net sales  proceeds  not  required  to be  distributed  to
stockholders  in order to preserve the  Company's  status as a REIT.  If Listing
does not occur by December 31,  2005,  the Company  will  undertake  the orderly
liquidation  of the  Company  and the  sale of the  Company's  assets  and  will
distribute any net sales proceeds to stockholders. In addition, the Company will
not sell any  assets if such sale  would not be  consistent  with the  Company's
objective of qualifying as a REIT.

         The  Company's  customer  base is  characterized  by a large  number of
individual  customers,   each  with  divergent  needs  and  most  with  multiple
relationships  with the Company.  Management  identified the need to upgrade its
technology  and  information  systems to be able to better  integrate its varied
services. During 2000, the Company invested $4 million to upgrade its technology
platform.  The  implementation  of these changes became  effective in the fourth
quarter of 2000.  In  addition,  the Company  spent $1.2 million in research and
evaluation  of an  e-commerce  presence for the purchase and sale of real estate
and related Company  services.  The Company expects that the updated systems and
technology will enable the Company to become  increasingly  efficient in serving
the  restaurant  operators.  Management  does not  anticipate  the need to incur
similar types or amounts of capital expenditures in 2001.

Leases

         As of December 31, 2000, the Company had acquired,  either  directly or
indirectly  through  joint  venture  arrangements,  762  Properties,  which  are
generally subject to long-term, triple-net leases. Although there are variations
in the specific terms of the leases,  the following is a summarized  description
of the general structure of the Company's  leases.  The leases of the Properties
owned  by the  Company  and  the  joint  ventures  in  which  the  Company  is a
co-venturer, provide for initial terms generally ranging from 13 to 25 years and
expire between 2006 and 2024.  The leases are on a triple-net  basis which means
the lessee is  responsible  for all repairs  and  maintenance,  property  taxes,
insurance and utilities.  The leases of the Properties  provide for minimum base
annual  rental  payments   (payable  in  monthly   installments)   ranging  from
approximately  $38,000 to $471,000.  In  addition,  certain  leases  provide for
percentage rent based on sales in excess of a specified amount. In addition, the
majority  of the leases  provide  that,  commencing  in  specified  lease  years
(generally the sixth lease year),  the annual base rent required under the terms
of the lease will increase.

         Generally,  the  leases  of the  Properties  provide  for  two to  five
five-year or ten-year  renewal  options subject to the same terms and conditions
as the initial lease.  Lessees of 614 of the Company's 762 Properties  also have
been granted options to purchase the Property at the Property's then fair market
value after a specified portion of the lease term has elapsed. Fair market value
will be determined  through an appraisal by an independent  appraisal  firm. The
option  purchase  price may equal the  Company's  original  cost to purchase the
Property (including  acquisition  costs),  plus a specified  percentage from the
date of the lease or a specified  percentage of the Company's purchase price, if
that amount is greater  than the  Property's  fair market  value at the time the
purchase option is exercised.

         The leases also generally provide that, in the event the Company wishes
to sell the  Property  subject to that lease,  the Company  first must offer the
lessee the right to purchase the Property on the same terms and conditions,  and
for the same price,  as any offer which the Company has received for the sale of
the Property.

Major Tenants

         During 2000, no single lessee, borrower or restaurant chain contributed
more than ten percent of the Company's total rental,  earned,  investment income
and  interest  income  relating  to  its  Properties,  Mortgage  Loans,  Secured
Equipment Leases and certificates.  In the event that certain lessees, borrowers
or restaurant  chains  contribute more than ten percent of the Company's rental,
earned,  investment  income and interest income in future years,  any failure of
such  lessees,  borrowers  or  restaurant  chains  could  materially  affect the
Company's  income.  As of December 31, 2000,  no single  lessee or borrower,  or
group of affiliated  lessees or borrowers leased  Properties or was the borrower
under Mortgage Loans with an aggregate  carrying  value, in excess of 20 percent
of total assets of the Company.

Mortgage Loans Held for Sale

         The Mortgage  Loans  represent  first mortgage loans on the land and/or
building   comprising   approximately  $375  million  in  fixed-rate  loans  and
approximately  $20 million in variable-rate  loans.  Variable rate  construction
loans  totaled  approximately  $8 million at December 31, 2000.  The  fixed-rate
loans carry a weighted average interest rate of 9.72%. The  variable-rate  loans
carry  interest  rates that adjust monthly based on a 30-day LIBOR plus a margin
(average  interest rate was 9.98% at December 31, 2000).  The Mortgage Loans are
being collected in monthly installments with maturity dates ranging from 2000 to
2020. The fixed-rate  mortgage loans generally  prohibit  prepayment for certain
periods or require a prepayment  penalty from the  borrower.  The  variable-rate
mortgage loans generally have no prepayment restrictions.

         In 2000 and 1999,  the Company  entered into several  promissory  notes
with  several  borrowers  for  equipment  and  other  financing  for a total  of
$1,111,496   and   $26,470,671,   respectively.   The   promissory   notes   are
collateralized  by restaurant  equipment.  The promissory notes bear interest at
rates  ranging from ten percent to 11 percent per annum and are being  collected
in monthly installments with maturity dates ranging from 2001 to 2007.

Other Investments

         In August 1998, the Company acquired an investment in certain franchise
loan certificates ("the 1998 Certificates") issued in connection with a mortgage
loan securitization  transaction sponsored by CNL Financial  Corporation,  which
was an affiliate  prior to its  acquisition  by the Company in 1999. The Company
classified these investments as held to maturity (see "Mergers").  In connection
with the merger on  September  1, 1999 with CNL  Restaurant  Financial  Services
Group (see  "Mergers"),  the Company  acquired  investments  in an interest only
certificate  and other residual  interests which are classified as available for
sale and are carried at fair market value.

         Certain  Mortgage  Loans  originated  or  purchased by the Company were
securitized in November 1999 and Franchise Loan Trust  Certificates were sold to
investors.  The Company retained  certain  subordinated  investment  securities,
("the 1999  Certificates").  Approximately $7.7 million of the 1999 Certificates
were classified as available for sale and were sold in April 2000. The remaining
balance of the 1999 Certificates are classified as held to maturity.

         In August 1999 the Company  created a $500 million  loan sale  facility
syndicated with two third parties.  This facility  permitted the Company to sell
loans on a regular basis to a trust at an agreed upon advance rate.  The Company
retained a residual  interest.  In  October of 2000 the trust  relating  to this
facility  liquidated and the Company received mortgage loans net of related debt
of  approximately  $31  million  and  recorded  a  loss  on  liquidation  of the
investment of approximately $3.1 million.

Borrowing

         Credit Facility

         In June  2000,  at the  time of the  strategic  alliance  with  Bank of
America,  the Company terminated its $300 million credit facility,  entered into
in June 1999,  and entered into a new $125 million  unsecured  revolving  credit
facility and a $175 unsecured bridge financing. The $175 million bridge facility
was  repaid  from the  proceeds  of the net  lease  securitization  (see  "Bonds
Payable")  leaving the Company with the $125 million  revolving  credit facility
(the  "Credit  Facility").  Interest  on advances  under the Credit  Facility is
determined  according to (i) a tiered rate  structure  between 175 and 215 basis
points above LIBOR (based upon the Company's overall leverage ratio) or (ii) the
lenders'  prime rate plus 0.25%,  whichever  the Company  selects at the time of
each advance. The principal balance,  together with all unpaid interest,  is due
in full upon termination of the Credit Facility on June 15, 2002.

         Note Payable

         In October 1999,  the Company  entered into a secured  credit  facility
(the "Secured Credit Facility") in the amount of $147,000,000, which will expire
in October 2002. The proceeds of the Secured Credit  Facility are intended to be
used for property  acquisitions.  During 2000, the Company used a portion of the
proceeds  received  from the issuance of the bonds (see "Bonds  Payable") to pay
down the Secured Credit  Facility.  Borrowings under the Secured Credit Facility
bear interest at the rate of the lender's  commercial paper plus 56 basis points
per annum.  As of December 31, 2000,  the interest  rate was 6.84%.  The Secured
Credit Facility is  collateralized  by mortgages on properties and an assignment
of rents.

Mortgage Warehouse Facility

         At December 31, 2000, the Company had two mortgage warehouse facilities
with  a  total  borrowing   capacity  of  $750  million   ("Mortgage   Warehouse
Facilities").  Both of these Mortgage Warehouse Facilities enable the Company to
provide  net  lease  or  mortgage   financing  to  franchised   businesses   and
periodically  securitize  the  loans  through  the  securitization  market.  The
facilities bear interest at LIBOR plus a weighted average of 89 basis points per
annum.  As of December 31, 2000 the weighted  average  interest rate for the two
facilities  approximated  7.67%.  After  consideration of the Company's interest
rate swaps,  the effective  weighted  average  interest rate for the outstanding
balance relating to the two Mortgage Warehouse Facilities was 7.98% for the year
ended  December 31, 2000. As of December 31, 2000 the Company had  approximately
$464 million outstanding under these Mortgage Warehouse Facilities.

Subordinated Note Payable

         In June 2000,  CFN, a limited  partnership  in which the Company has an
84.39% interest, entered into a $43,750,000 senior subordinated convertible note
payable  ("Subordinated  Note  Payable") with Bank of America which provides the
Company  additional  working  capital and the  ability to  purchase  and develop
properties and to fund mortgage loans. This note is subordinated to the existing
senior  debt  of  the  Company.  The  principal  amount  outstanding  under  the
Subordinated  Note  Payable  shall  bear  interest  at a rate of 8.5% per  annum
payable quarterly. The principal balance,  together with all unpaid interest, is
due in full upon maturity of the note in June 2007. The Company believes,  based
on current terms,  that the carrying value of its  Subordinated  Note Payable at
December 31, 2000 approximates fair value.

         As more  fully  described  above,  Bank  of  America  holds  a  limited
partnership  interest in CFN.  The  Subordinated  Note  Payable has a conversion
feature to allow the bank,  subsequent to a specified  conversion  date, to have
the  outstanding  note converted into an additional  19.94% limited  partnership
interest in CFN. The fully  diluted  percentage  interest  applicable to Bank of
America in the event the entire commitment is converted is 29.12%.

Bonds Payable

         In August of 2000, the Company issued Triple Net Lease Mortgage  Bonds,
Series 2000-A.  The bonds have an aggregate  principal  balance of $280,906,000.
Collateral  for the bonds  consists of 257  commercial  real  estate  properties
leased to tenants for operation as restaurants.  Interest on $103,706,000 (Class
A-1) of bond principal is payable monthly at 7.721% and interest on $177,200,000
(Class A-2) of bond principal  balance is payable  monthly at 8.044%.  Under the
terms of the bond  indenture,  monthly lease payments  received from tenants and
available for debt service are generally required to be applied first to payment
of interest on both Class A-1 and A-2, then to payment of principal on Class A-1
and then to payment of principal on Class A-2. If payments by the tenants on the
leased   properties   are  received  as  expected  with  no  defaults  or  early
terminations,  it is  anticipated  that the Class  A-1  bonds  will have a final
payment  date in August  2009 and the Class A-2 bonds will have a final  payment
date in April 2017.

Competition

         The fast-food,  family-style and casual dining  restaurant  business is
characterized by intense  competition.  The operators of the restaurants located
on the  Company's  Properties  compete  with  independently  owned  restaurants,
restaurants which are part of local or regional chains, and restaurants in other
well-known national chains, including those offering different types of food and
service.

         Many successful  fast-food,  family-style and casual dining restaurants
are located in "eating islands",  which are areas to which people tend to return
frequently and within which they can diversify  their eating habits,  because in
many cases local  competition  may enhance the  restaurant's  success instead of
detracting  from it.  Fast-food,  family-style  and  casual  dining  restaurants
frequently  experience better operating results when there are other restaurants
in the same area.

         The Company will be competing  with other  persons and entities both to
locate  suitable  Properties  to  acquire  and  to  locate  purchasers  for  its
Properties.  The Company also will compete with other financing  sources such as
banks,  mortgage lenders and  sale/leaseback  companies for suitable tenants for
its  Properties,  borrowers for its Mortgage Loans and lessees and borrowers for
its Secured Equipment Leases.

         Due to the declining  operating  performance  of several major concepts
within the franchise  restaurant  industry and the anticipated  slowing economy,
management believes that overall financing volume in this sector will decline in
2001.  However  management  does believe that the Company's  volume levels maybe
greater in 2001 primarily  because several  significant  competitors have either
ceased or have substantially  curtailed their services to restaurant  operators.
In some cases those former  competitors have outstanding  commitments to provide
financing that may translate into  increased  volume at the Company.  Management
also believes that there may be opportunities to increase its asset base through
selective   acquisitions  of  assets  of  competitors   experiencing   liquidity
constrains.  While not the primary  focus in 2001, a compelling  acquisition  of
this nature of assets  that meet the  Company's  standards  of  underwriting  in
effect at the Company would impact liquidity.

         The Company  recycles its capital  through  periodic loan and net lease
securitizations, in addition to smaller portfolio whole loan sales. The recycled
capital is an important source of maintaining  brand loyalty and strengthens our
position of providing  financing  solutions to the sector,  thereby  maintaining
valuable client  relationships.  While the difficulties of some of the Company's
competitors  have created an opportunity to potentially  increase  volume,  they
have also led to  increased  investor  scrutiny of  franchise-backed  securities
issued  in  a  securitization.  This  could  impact  the  Company's  ability  to
profitably  execute a timely  securitization  in 2001.  Management  believes the
current market  conditions and sentiment are an overreaction and temporary,  but
is exploring  alternate  strategies  such as whole loan sales,  structured  note
offerings  and  increased  loan  referrals  to  portfolio  providers.  Also  the
Company's  restructuring  in 2000 has  simplified  its  ability to offer  select
properties for sale to private investors.  These sales and the resulting profits
represent  another  alternative  available  to  improve  liquidity  through  our
presence  as a fully  integrated  REIT and can  counter the impact of a volatile
securitization market.

Employees

         As of December 31, 2000, the Company had 154 associates.

Item 2.  Properties

         As of  December  31,  2000,  the  Company  owned,  either  directly  or
indirectly  through joint venture  arrangements,  762 Properties,  located in 41
states.  Reference  is  made to the  Schedule  of Real  Estate  and  Accumulated
Depreciation  filed with this report for a listing of the  Properties  and their
respective costs, including acquisition fees and certain acquisition expenses.

         As of December 31, 2000, the Company owned 705 of the 762 Properties in
fee simple and ten properties through joint venture arrangements.

         As of December 31, 2000, 47 of the 762 Properties  owned by the Company
consisted of building  only.  The Company does not own the  underlying  land. In
connection with the acquisition of each of these Properties, the Company entered
into either a tri-party  agreement  with the tenant and the owner of the land or
an assignment of interest in the ground lease with the landlord, as described in
Item 1. Business-Leases.

         As of December  31, 2000 the  Company  had  pledged 446  Properties  as
collateral related to the Secured Credit Facility, Mortgage Warehouse Facilities
and Bonds Payable.

Description of Properties

         Land. The Company's Property lot sizes range from  approximately  4,000
to 199,000  square  feet  depending  upon  building  size and local  demographic
factors.  Sites  purchased by the Company are in locations  zoned for commercial
use which have been reviewed for traffic patterns and volume.

         The  following  table lists the  Properties  owned by the Company as of
December 31, 2000 by state. More detailed information  regarding the location of
the  Properties  is  contained  in the  Schedule of Real Estate and  Accumulated
Depreciation filed with this report.



                                                      Total Number of
                    State                          Restaurant Properties

                   Alabama                                             26
                   Arizona                                             22
                   Arkansas                                             2
                   California                                          39
                   Colorado                                            15
                   Connecticut                                          4
                   Delaware                                             1
                   Florida                                             98
                   Georgia                                             30
                   Idaho                                                5
                   Illinois                                            29
                   Indiana                                             10
                   Iowa                                                 7
                   Kansas                                              10
                   Kentucky                                             9
                   Louisiana                                           16
                   Maryland                                             7
                   Michigan                                            14
                   Minnesota                                           11
                   Mississippi                                          9
                   Missouri                                            30
                   Nebraska                                             3
                   Nevada                                               6
                   New Hampshire                                        3
                   New Jersey                                           6
                   New Mexico                                           5
                   New York                                             5
                   North Carolina                                      28
                   Ohio                                                54
                   Oklahoma                                            12
                   Oregon                                               6
                   Pennsylvania                                        11
                   Rhode Island                                         1
                   South Carolina                                      14
                   Tennessee                                           37
                   Texas                                              122
                   Utah                                                 4
                   Virginia                                            23
                   Washington                                          14
                   West Virginia                                       11
                   Wisconsin                                            3
                                                                  --------------
                   TOTAL PROPERTIES                                    762
                                                                  ==============

         Buildings.  The buildings generally are rectangular and are constructed
from various combinations of stucco, steel, wood, brick and tile. Building sizes
range from approximately  1,000 to 12,700 square feet.  Generally,  buildings on
Properties  owned by the Company are  freestanding  and are  surrounded by paved
parking areas.  Buildings are suitable for conversion to various uses,  although
modifications may be required prior to use for other than restaurant operations.
As of December 31, 2000, 11 of the Company's  Properties were under construction
or renovation.  Depreciation  expense is computed for buildings and improvements
using the straight-line  method using a depreciable life of 39 years for federal
income tax purposes.  As of December 31, 2000,  the aggregate  depreciated  cost
basis of the Properties owned by the Company (including Properties owned through
joint ventures) for federal income tax purposes was $870,916,565.

         The  following  table lists the  Properties  owned by the Company as of
December 31, 2000 by restaurant chain.

               Restaurant Chain                            Number of Properties

               Jack in the Box                                        81
               International House of Pancakes                        70
               Pizza Hut                                              55
               Golden Corral                                          46
               Arby's                                                 41
               Burger King                                            37
               Bennigan's                                             27
               Chevy's Fresh Mex                                      27
               Black Eyed Pea                                         26
               Taco Cabana                                            25
               Ruby Tuesday                                           23
               Steak & Ale                                            20
               Denny's                                                19
               Baker's Square                                         17
               Boston Market                                          16
               Other                                                 232
                                                                    -----
               TOTAL:                                                762
                                                                    =====

         Management   considers  the  Properties  to  be   well-maintained   and
sufficient for the Company's operations.

         Management  believes  that the  Properties  are  adequately  covered by
insurance.  In  addition,  the Company has  obtained  contingent  liability  and
property  coverage.  This insurance is intended to reduce the Company's exposure
in the unlikely event a tenant's  insurance  policy lapses or is insufficient to
cover a claim relating to the Property.

         Leases.  The Company  leases the  Properties  to  operators of selected
national and regional fast-food restaurant chains. The leases are generally on a
long-term  "triple  net"  basis,  meaning  that the  tenant is  responsible  for
repairs,  maintenance,  property taxes,  utilities and insurance.  Generally,  a
lessee is required, under the terms of its lease agreement, to make such capital
expenditures as may be reasonably necessary to refurbish  restaurant  buildings,
premises, signs and equipment so as to comply with the lessee's obligations,  if
applicable,  under the  franchise  agreement  to reflect the current  commercial
image of its restaurant  chain.  These capital  expenditures  are required to be
paid by the lessee during the term of the lease.  The terms of the leases of the
Properties owned by the Company are described in Item 1. Business - Leases.

         At December 31, 2000,  1999,  1998,  1997 and 1996, the Properties were
95%, 97%, 99%, 100% and 100% occupied, respectively. The following is a schedule
of the average rent per Property for the years ended December 31:

<TABLE>
<CAPTION>
<S><C>

                                    2000               1999               1998              1997               1996
------------------------------- --------------     --------------    ---------------    --------------     -------------

Rental Revenues (1)                $91,520,103       $61,907,812        $33,129,661        $15,490,615      $ 4,357,298
Properties (2)                             725               642                408                244               94
Average Rent Per Property            $ 126,235         $  96,430          $  81,200          $  63,486        $  46,354

</TABLE>

(1)  Rental  income  includes  the  Company's  share of rental  income  from the
     Properties owned through joint venture  arrangements.  Rental revenues have
     been  adjusted,  as  applicable,  for any amounts for which the Company has
     established  an  allowance  for  doubtful  accounts.  Rents do not  include
     Properties under construction at December 31, 2000.

(2)  Excludes  Properties  that  were  vacant  at  December  31 and that did not
     generate rental revenues during the year.

         The  following  table  lists  Properties  owned  by the  Company  as of
December 31, 2000 by tenant and includes  average age of  buildings,  annualized
total rental revenue and percent of total revenue. To calculate annualized total
rental revenue the Company used, for each  restaurant  Property owned and leased
at December  31,  2000,  the  monthly  rental  revenue,  for that  Property  and
multiplied that number by 12 to present the annualized  rental revenues for a 12
month period.  The Company has not included any contingent  rental income in the
calculation of annualized total rental revenue.

<TABLE>
<CAPTION>
<S><C>


                                               Total Number
                                                    of                             Annualized
                                                Restaurant        Average Age         Total          Percent of
                                                Properties       of Buildings         Rental        Total Rental
Tenant                                              (1)             (years)           Revenue(2)        Revenue
------                                         --------------    --------------    -------------    --------------

Jack in the Box Inc.                                  83               1.6           $8,927,171           9.97%
IHOP Properties, Inc.                                 70               2.6            8,766,931           9.79%
Golden Corral Corporation                             40               2.3            6,404,451           7.15%
S&A Properties Corporation                            40              18.7            6,803,726           7.60%
Texas Taco Cabana, LP                                 25               5.9            2,922,768           3.26%
Castle Hill Holdings V, L.L.C.                        21              17.2              472,589           0.53%
Houlihan's Restaurants, Inc.                          19                19            2,785,195           3.11%
Phoenix Restaurant Group, Inc.                        18               4.7            2,359,579           2.63%
Vicorp Restaurant, Inc.                               18              18.6            2,418,886           2.70%
Rio Bravo Acquisitions, Inc.                          17               1.1            3,978,445           4.44%
Other                                                374               6.9           43,741,663          48.82%
                                                    -----                          -------------      ----------
Total                                                725                            $89,581,404          100.0%
                                                    =====                          =============      ==========

</TABLE>


(1)  Excludes  Properties that were vacant at December 31, 2000 and that did not
     generate rental revenues during the year.

(2)  The Company has straight-lined  the contractual  increases in rental income
     over the life of each of the leases in order to calculate rental revenue in
     accordance with generally accepted accounting principles.

         The  following  table  shows  the  aggregate  number  of  leases in the
Company's  Property  portfolio  which expire each calendar year through the year
2015, as well as the number of leases which expire after  December 31, 2015. The
table does not reflect the  exercise of any of the renewal  options  provided to
the tenant under the terms of such leases.

<TABLE>
<CAPTION>
<S><C>
                                                                                 Base Rent
                                                                --------------------------------------------
         Year                              Number (1)               Amount(2)                 Percent
         ----
                                        ------------------      ------------------       -------------------

          2001                                     8                  $  456,780                   0.5%
          2002                                     2                     243,374                   0.3%
          2003                                    --                          --                     --
          2004                                     2                     184,022                   0.2%
          2005                                     8                     892,500                   1.0%
          2006                                     7                     679,942                   0.8%
          2007                                    --                          --                     --
          2008                                     2                     217,492                   0.2%
          2009                                     1                      95,148                   0.1%
          2010                                    13                   1,339,350                   1.5%
          2011                                    20                   2,549,511                   2.8%
          2012                                    31                   4,479,776                   5.0%
          2013                                    45                   5,636,709                   6.3%
          2014                                    87                  13,974,220                  15.6%
          2015                                    36                   4,611,425                   5.1%
       Thereafter                                471                  54,221,155                  60.6%
                                            ---------             ---------------             ----------
                                            ---------             ---------------             ----------
         Total                                   733                 $89,581,404                 100.0%
                                            =========             ===============             ==========
</TABLE>


(1)      Excludes Properties for which the leases have been terminated
(2)  The Company has straight-lined  the contractual  increases in rental income
     over the life of each of the leases in order to calculate rental revenue in
     accordance with generally accepted accounting principles.


Item 3.  Legal Proceedings

         As of December 31, 2000,  neither the Company nor any of its Properties
was a party to or the subject of any material pending legal proceedings.


Item 4.  Submission of Matters to a Vote of Security Holders

         None.


                                     PART II


Item 5.  Market for Registrant's Common Equity and Related Stockholder Matters

         As of March 15,  2001,  there  were  32,290  stockholders  of record of
common stock.  There is no public trading market for the Shares, and even though
the Company  intends to list the Shares on the New York Stock  Exchange or other
national securities  exchange or over-the-counter  market no later than December
31, 2005,  there is no assurance  that listing will occur and if listing  occurs
there is no  assurance  that a public  market for the Shares  will  develop.  In
October  1998,  the  Board of  Directors  elected  to  implement  the  Company's
redemption  plan.  Under the  redemption  plan,  the  Company  elected to redeem
Shares, subject to certain conditions and limitations.  During 1999, the Company
terminated the redemption  plan. As of December 31, 2000, the Company  estimates
that the fair value per share is $16.78.  (For Florida  intangible tax purposes,
this is the  equivalent of the Just Value per share.) The valuation was provided
by a third party  appraisal  firm.  In valuing the  Company,  they  performed an
analysis of  comparable  publicly  traded real  estate  investment  trusts and a
discounted  cash flow  analysis.  Because the Company's  shares are not publicly
traded,  investors are cautioned that the estimated fair value of the shares may
not be realized upon sale of the shares.

         The Company expects to make distributions to the stockholders  pursuant
to the provisions of the Articles of Incorporation. For the years ended December
31, 2000 and 1999, the Company  declared cash  distributions  of $66,329,582 and
$60,078,825,  respectively, to stockholders. For federal income tax purposes, 40
percent  and 97 percent of  distributions  paid in 2000 and 1999,  respectively,
were  considered  to be  ordinary  income  and 60  percent  and  three  percent,
respectively,  were considered to be a return of capital. No amounts distributed
to stockholders  for the years ended December 31, 2000 and 1999, are required to
be or have been  treated by the Company as a return of capital  for  purposes of
calculating the stockholders'  return on their invested  capital.  The following
table presents total distributions and distributions per Share:

<TABLE>
<CAPTION>
<S><C>
                                 First             Second             Third             Fourth             Year
                             --------------    ---------------    --------------    ---------------   ---------------
  2000 Quarter
  Total distributions
      declared                  $16,582,402        $16,582,402       $16,582,388       $16,582,390        $66,329,582
  Distributions per
      Share                            0.38               0.38              0.38              0.38               1.52

  1999 Quarter
  Total distributions
      declared                  $14,237,405        $14,238,745       $15,020,274       $16,582,401        $60,078,825
  Distributions per
      Share                            0.38               0.38              0.38              0.38               1.52

</TABLE>

         In March 2001, the Company  declared  distributions  to stockholders of
$16,582,389 ($0.38124 per Share) payable in March 2001.

         The Company intends to continue to declare distributions of cash to the
stockholders.

Item 6.  Selected Financial Data

<TABLE>
<CAPTION>
<S><C>

                                           2000               1999              1998           1997             1996
                                      ----------------  -----------------  --------------- ---------------  --------------
Year ended December 31:
     Revenues                           $ 123,487,870       $ 76,051,608     $ 42,187,037    $19,457,933      $ 6,206,684
     Net earnings/(loss)                    2,927,163        (49,837,334 )     32,152,408     15,564,456        4,745,962
     Cash distributions declared           66,329,582         60,078,825       39,449,149     16,854,297        5,436,072
     Funds from operations (1)             32,687,947         45,454,946       37,191,065     17,732,888        5,355,464
     Earnings/(loss) per share (2)               0.07              (1.26 )           1.21           1.33             1.18
     Cash distributions declared
         per share (2)                           1.52               1.52             1.52           1.49             1.41
     Weighted average number of
         shares outstanding (2)            43,495,919         39,402,941       26,648,219     11,711,934        4,035,835

At December 31:
     Total assets                      $1,601,368,100     $1,138,192,793     $680,352,013   $339,077,762     $134,825,048
     Total stockholders' equity (3)       607,737,698        672,214,104      660,810,286    321,638,101      122,867,427

</TABLE>


 (1)     Funds from  operations are net earnings  determined in accordance  with
         Generally   Accepted    Accounting    Principles   ("GAAP")   excluding
         depreciation and amortization,  gains and losses on sale of real estate
         and nonrecurring items of income and expense of the Company. Funds from
         operations are generally considered by industry analysts to be the most
         appropriate  measure of  performance.  FFO (i) does not represent  cash
         generated from operating activities  determined in accordance with GAAP
         (which, unlike FFO, generally reflects all cash effects of transactions
         and other events that enter into the  determination  of net  earnings),
         (ii) is not necessarily  indicative of cash flow available to fund cash
         needs and (iii)  should  not be  considered  as an  alternative  to net
         earnings  determined  in  accordance  with GAAP as an indication of the
         Company's  operating  performance,  or  to  cash  flow  from  operating
         activities  determined in  accordance  with GAAP as a measure of either
         liquidity or the Company's ability to make distributions.  Accordingly,
         the Company believes that in order to facilitate a clear  understanding
         of the consolidated  historical  operating results of the Company,  FFO
         should be considered in conjunction with the Company's net earnings and
         cash  flows as  reported  in the  accompanying  consolidated  financial
         statements and notes thereto. However, the Company's measure of FFO may
         not be comparable to similarly  titled  measures of other REITS because
         these REITS may not apply the  definition  of FFO in the same manner as
         the Company.

(2)      All Share and per Share  amounts have been  restated  herein to reflect
         the one-for-two reverse stock split.

(3)      Includes   subscriptions   received  of  $0,  $210,736,   $385,523,966,
         $222,482,560  and   $100,792,991,   net  of  stock  issuance  costs  of
         $1,493,436, $1,662,749, $38,415,512, $22,422,045 and $9,216,102 for the
         years ended December 31, 2000, 1999, 1998, 1997 and 1996, respectively,
         and net of $50,891 and $639,528 of common stock shares  retired for the
         years ended  December 31, 1999 and 1998,  respectively.  Stock issuance
         costs  consist  of  selling  commissions,  marketing  support  and  due
         diligence expense  reimbursement fees, soliciting dealer servicing fees
         and organizational  and offering expenses.  The ratio of stock issuance
         costs to  subscriptions  received  was 0, 1:0.13,  1:10,  1:10 and 1:11
         during 2000, 1999, 1998, 1997 and 1996, respectively.

Item     7.  Management's  Discussion  and Analysis of Financial  Condition  and
         Results of Operations

         The  following   information,   including,   without  limitation,   the
Quantitative  and  Qualitative  Disclosures  About  Market  Risk,  that  are not
historical  facts,  may be  forward-looking  statements  within  the  meaning of
Section 27A of the  Securities  Act of 1933 and  Section  21E of the  Securities
Exchange Act of 1934. These statements generally are characterized by the use of
terms such as "believe,"  "expect" and "may." Although the company believes that
the  expectations  reflected in such  forward-looking  statements are based upon
reasonable  assumptions,  the company's  actual results could differ  materially
from those set forth in the forward-looking statements. Factors that might cause
such a difference include:  changes in general economic  conditions,  changes in
real  estate  conditions,  availability  of capital  from  borrowings  under the
company's credit facilities, the availability of other debt and equity financing
alternatives,  changes in interest  rates  under the  company's  current  credit
facilities and under any  additional  variable rate debt  arrangements  that the
company  may enter into the  future,  the  ability of the  company to  refinance
amounts  outstanding  under its credit facilities at maturity on terms favorable
to the company,  the ability of the company to locate  suitable  tenants for its
restaurant  properties  and  borrowers  for its mortgage  loans,  the ability of
tenants and borrowers to make payments under their  respective  leases,  secured
equipment  leases or  mortgage  loans,  the  ability of the  company to re-lease
properties  that are  currently  vacant or that become vacant and the ability of
the company to securitize  mortgage loans on a favorable and timely basis. Given
these  uncertainties,  readers are cautioned not to place undue reliance on such
statements.


Organization and Nature of Business

         CNL  American  Properties  Fund,  Inc.  ("APF" or the  "Company")  is a
self-advised real estate investment trust ("REIT") that provides a full range of
financial  solutions to operators  of national and regional  restaurant  chains,
such as triple net leases,  mortgage  loans,  secured  equipment  financing  and
advisory services,  as well as turn-key and build-to-suit  development services.
At December 31, 2000 APF has financial interests in 1,206 properties diversified
among more than 144 operators in 47 states.  The Company's real estate portfolio
subject to lease includes 762 properties. The mortgage loan portfolio, excluding
mortgages previously  securitized,  consists of 444 properties.  At December 31,
2000, the Company's  servicing  portfolio of net lease  properties and mortgages
includes  over 2,500  units of which over 1,300 are  serviced on behalf of third
parties.

         The Company  entered 2000  pursuing a strategy of merging with a number
of affiliated partnerships that would have increased the Company's asset base by
approximately $500 million,  and simultaneously  listing the Company's shares on
the New York Stock Exchange.  As a result of unfavorable market conditions,  the
Company  and the  general  partners  of the  affiliated  partnerships  agreed to
terminate the merger in March 2000.

         To improve its capital position,  and to further diversify its business
platform,  the Company examined  various  alternatives in an attempt to maximize
the stockholder value over the long-term.  The Company responded by establishing
a totally new platform for serving the franchise  restaurant  marketplace.  This
new strategy,  made possible by the REIT  Modernization Act, included looking at
the two  component  parts  of the  Company's  core  operations  - a real  estate
investment  trust, and a specialty finance company allied with a major financial
institution  as its  strategic  partner.  In June  2000  the  Company  formed  a
partnership,  CNL  Franchise  Network,  L.P.  ("CFN" or the  "Partnership")  and
contributed  certain assets and  operations in exchange for an 84.39%  interest.
Bank of America contributed its franchise finance originations group in exchange
for a 9.18% non-voting  redeemable interest in the Partnership.  Bank of America
is also the lender on a $500 million warehouse credit facility, a $43.75 million
subordinated  debt  facility  (the  "Subordinated  Note  Payable"),   serves  as
administrative  agent on a $125 million revolving credit facility and provided a
$175 million bridge financing.  Bank of America's interest in the Partnership on
a fully  diluted basis after a conversion  of the fully  committed  Subordinated
Note Payable is 29.12%. The strategic alliance with Bank of America broadens the
Company's   financial   products  and   offerings  and  enhances  the  Company's
securitization  platform  thereby  reducing  the  Company's  reliance  on public
markets to raise capital.

         The Company also issued limited partnership  interests in CFN amounting
to 6.43% to CNL  Financial  Group,  Inc.,  an  affiliate  of a  director  of the
Company, in exchange for the operations of CNL Advisory Services,  Inc. ("CAS").
CAS specializes in providing merger,  acquisition and other advisory services to
restaurant operators and expands the Company's services to the sector.

         The Bank of America and CAS transactions were accounted for at the fair
value of the assets  acquired.  The excess of the  purchase  price over the fair
value of the net  tangible  assets  acquired  of  approximately  $17 million was
recorded as goodwill and is being amortized over twenty years.

         As a result of these  changes,  the  Company  is now  divided  into two
operations,  CNL Franchise  Network Corp.  and CNL Restaurant  Properties,  Inc.
("CNLRP"). These companies serve as intermediate holding companies for operating
subsidiaries, CNL APF Partners, LP. and CFN.

         Effective  January 1, 2001,  the CFN holding  subsidiary  elected to be
treated as a taxable REIT subsidiary  ("TRS")  pursuant to the provisions of the
REIT  Modernization Act. As a TRS, CFN will be able to engage in activities that
would  previously  have caused income to the Company from CFN to be disqualified
from being  eligible  REIT income under the federal  income tax rules  governing
REITS. CFN originates mortgages and leased properties for securitization and, in
some  cases,  sale to  third  parties.  CFN also  performs  net  lease  and loan
servicing on behalf of others.  While the Company  intends to continue  managing
its existing core portfolio of real estate leases and loans,  management expects
that the  activities  of CFN  will be an  increasingly  significant  part of the
Company's business on a going-forward basis.

Liquidity

         Beginning  with  the  formation  of CFN  with  Bank of  America  as our
partner,   the  Company  repositioned  its  financing  platform  for  net  lease
originations  from a portfolio  approach to a capital  markets  approach,  which
takes advantage of securitization markets.  Historically, the Company has bought
properties and provided long-term triple-net lease financing to its clients. The
properties were held on its balance sheet until maturity.  The Company developed
a financial product for franchise  restaurant operators that permits the Company
to  securitize  the cash  flows from  triple net  leases,  while  retaining  the
on-going servicing.  Also, in the case of net lease properties,  the Company can
elect to  either  sell or  retain  the  residual  interest  in the real  estate,
potentially generating further liquidity.  This decreases the Company's reliance
on the public markets for capital.  The $750 million warehouse credit facilities
substantially  enable the Company to finance restaurant  operators with either a
securitizable  net lease or debt product,  or a product that can be sold through
the Company's private network, or other means.

         The  internal  designation  of the  CNLRP and CFN  activities,  and the
alliance  with Bank of America,  has  created  the need for  further  discipline
within  the  two  distinct  activities  to  manage  their  respective  liquidity
positions.   Management  believes  this  discipline  will  continue  to  provide
accountability  for the  financial  performance  of  each  segment  and  thereby
ultimately protect APF stockholder value.

         During the year ended  December 31, 2000, the Company  originated  $411
million of securitizable  restaurant real estate  financing,  consisting of $175
million in net lease financing and $236 million in mortgage debt financing.  The
Company  also  referred  $83  million of  mortgages,  other  than  securitizable
mortgages,  pursuant to its referral program with Bank of America. The Company's
volume of originations  accelerated in the second half of the year subsequent to
the formation of CFN representing a 53% increase in  securitizable  originations
over the first half of the year.  During the years ending  December 31, 1999 and
1998, the Company originated $635 million and $567 million, respectively, in net
lease and mortgage debt financings. The Company's ability to originate a greater
number of financings in the previous years was the result of availability to the
Company  of $670  million  in net  proceeds  from  three  public  offerings  and
available  debt.  While  slowed in the first half of 2000 by the decision not to
list the Company's  shares,  thereby  precluding any  opportunities to raise new
equity capital at that time,  volume of originations  resumed in the second half
through the alliance with Bank of America.

         Due to the declining  operating  performance  of several major concepts
within the franchise  restaurant  industry and the anticipated  slowing economy,
management believes that overall financing volume in this sector will decline in
2001.  However  management does believe that the Company's  volume levels may be
greater in 2001 primarily  because several  significant  competitors have either
ceased or have substantially  curtailed their services to restaurant  operators.
In some cases those former  competitors have outstanding  commitments to provide
financing that may translate into  increased  volume at the Company.  Management
also believes that there may be opportunities to increase its asset base through
selective   acquisitions  of  assets  of  competitors   experiencing   liquidity
constraints.  While not the primary focus in 2001, an acquisition of this nature
of assets that meet the Company's underwriting standards would impact liquidity.

         The Company  recycles its capital  through  periodic loan and net lease
securitizations, in addition to smaller portfolio whole loan sales. The recycled
capital is an important source of maintaining  brand loyalty and strengthens our
position of providing  financing  solutions to the sector,  thereby  maintaining
valuable client  relationships.  While the difficulties of some of the Company's
competitors  have created an opportunity to potentially  increase  volume,  they
have also led to  increased  investor  scrutiny of  franchise-backed  securities
issued  in  a  securitization.  This  could  impact  the  Company's  ability  to
profitably  execute a timely  securitization  in 2001.  Management  believes the
current market  conditions and sentiment are an overreaction and temporary,  but
is exploring  alternate  strategies  such as whole loan sales,  structured  note
offerings  and  increased  loan  referrals to  portfolio  providers.  Also,  the
Company's  restructuring  in 2000 has  simplified  its  ability to offer  select
properties for sale to private investors.  These sales and the resulting profits
represent  another  alternative  available  to  improve  liquidity  through  our
presence  as a fully  integrated  REIT and can  counter the impact of a volatile
securitization market.

         The Partnership  experienced increased  delinquencies in its portfolios
of mortgage  loans and  securitized  mortgage loans during 2000. The Company has
not historically  experienced  losses resulting from its lending  activities and
believes its  underwriting  standards  are  effective  in  assessing  the credit
strength and  management  of a restaurant  operator.  However the Company is not
immune from the  cyclical  nature of the business of many of its clients and may
continue to be affected by poor  performance  of some  restaurant  chains should
their financial positions weaken.

         Delinquencies  create decreased  liquidity  because of the reduced cash
flows from the borrowers and because  delinquent loans in the credit  facilities
no  longer  qualify  for the same  level of  warehouse  indebtedness,  requiring
greater  levels of  Company  funds.  Once a  borrower  has  become  ninety  days
delinquent,  the warehouse  facilities require the loan to be repurchased by the
Company.

         The Company is exposed to the risk that its  operators  may not be able
to meet the rent and interest  payments due the Company,  which may result in an
operator  bankruptcy  or  insolvency.  Although the  Company's  operating  lease
agreements  and loans provide the Company the right to terminate an  investment,
evict  an  operator,   demand  immediate  repayment,  and  other  remedies,  the
bankruptcy  laws afford  certain rights to a party that has filed for bankruptcy
or  reorganization.  An  operator  in  bankruptcy  may be able to  restrict  the
Company's  ability to collect  unpaid rent or  interest,  and  collect  interest
during the bankruptcy  proceeding.  Further, the Company may be required to fund
certain  expenses  in  order  to  retain  control  of the  property  or to  take
possession of a property, which may expose the Company to successor liabilities.
Should such events occur,  the Company's  revenue and operating cash flow may be
adversely affected.

         The  Company's  customer  base is  characterized  by a large  number of
individual  customers,   each  with  divergent  needs  and  most  with  multiple
relationships  with the Company.  Management  identified the need to upgrade its
technology  and  information  systems to be able to better  integrate its varied
services. During 2000, the Company invested $4 million to upgrade its technology
platform.  The  implementation  of these changes became  effective in the fourth
quarter of 2000.  In  addition,  the Company  spent $1.2 million in research and
evaluation  of an  e-commerce  presence for the purchase and sale of real estate
and related Company  services.  The Company expects that the updated systems and
technology will enable the Company to become  increasingly  efficient in serving
the  restaurant  operators.  Management  does not  anticipate  the need to incur
similar types or amounts of capital expenditures in 2001.

Capital Resources

         At December 31, 2000, CFN maintained two mortgage warehouse  facilities
with  a  total  borrowing   capacity  of  $750  million   ("Mortgage   Warehouse
Facilities").  Both of these Mortgage Warehouse Facilities enable the Company to
provide  net lease and  mortgage  financing  to  restaurant  operators.  CFN had
approximately  $464 million in financing  outstanding  on the two  facilities at
December 31, 2000.  One such facility with a $250 million  capacity has notified
its clients,  including the Company,  that it no longer  intends to provide this
service in the marketplace,  and the facility will expire on April 30, 2001. The
Company has negotiated a replacement  for this warehouse with a capacity of $200
million.  The Company has elected to reduce the warehouse  facility  capacity in
light of its  expectation  that $700 million is an adequate  aggregate  level of
funding capacity.


         The Mortgage  Warehouse  Facilities bear interest on a weighted-average
basis of approximately 89 basis points above LIBOR. As of December 31, 2000, the
weighted  average interest rate for the two facilities  approximated  7.67%. CFN
has entered into several interest rate swap agreements to hedge a portion of the
interest  rate risk.  CFN believes  that its  interest  rate risk related to the
Mortgage  Warehouse  Facilities  has  been  partially  mitigated  by the  use of
interest  rate swaps.  The  effective  weighted  average  interest  rate for the
outstanding  balance related to the Mortgage  Warehouse  Facilities for the year
ended December 31, 2000 was 7.98%.

         In August 1999,  the Company  created a $500 million loan sale facility
syndicated with two third parties. In October of 2000 the trust relating to this
facility  liquidated and the Company received mortgage loans net of related debt
of approximately $31 million and recorded a loss (of approximately $3.1 million)
on liquidation of the residual interest.

         In August 2000,  the Company  issued Triple Net Lease  Mortgage  Bonds,
Series 2000-A,  resulting in the Company  generating $280.9 million in proceeds.
The  proceeds  were used to pay down  shorter-term  debt and more  appropriately
match maturities of long-term assets with long-term  liabilities.  The bonds are
collateralized  by 257 of the Company's real estate  properties.  The bonds were
rated and  classified  resulting in a weighted  average coupon rate of 7.93% and
have a  weighted  average  life of  10.13  years.  Under  the  terms of the bond
indenture,  monthly  lease  payments  received  from tenants and  available  for
debt-service,  are  generally  required to be applied to the senior  bonds.  The
indenture relating to the bonds provides for an optional redemption of the bonds
at their remaining  principal  balance when the remaining  amounts due under the
leases  that serve as  collateral  for the bonds are less than 10 percent of the
aggregate amounts due under the leases at the time of securitization.

         At the  time  of  the  alliance  with  Bank  of  America,  the  Company
terminated a $300 million line of credit  originally  entered into in June 1999,
and entered into a new $125 million  unsecured  revolving  credit facility and a
$175 million  unsecured bridge  financing.  The $175 million bridge facility was
repaid  from the  proceeds of the net lease  securitization  leaving the Company
with the $125 million  revolving  credit  facility (the "Credit  Facility").  At
December  31,  2000,  the  outstanding  balance on the Credit  Facility  was $80
million. In connection with obtaining the Credit Facility,  the Company incurred
commitment  fees,  legal fees and  closing  costs of $2  million  that have been
capitalized.  Interest  on  advances  under the Credit  Facility  is  determined
according to (i) a tiered rate structure  between 175 and 215 basis points above
LIBOR (based upon the  Company's  overall  leverage  ratio) or (ii) the lenders'
prime  rate  plus  0.25%,  whichever  the  Company  selects  at the time of each
advance.  The principal  balance,  together with all unpaid interest,  is due in
full upon  termination  of the  Credit  Facility  on June 15,  2002.  The Credit
Facility  includes  financial  covenants  which provide for the  maintenance  of
certain financial ratios.  The Company was in compliance with all such covenants
as of December 31, 2000.

         In April 2000, the Company purchased a two year interest rate cap for a
$200,000,000  notional principal balance (the "Cap"). The purpose of the Cap was
to reduce the impact of rising  interest  rates on its floating  rate debt.  The
amount paid to the Company was equal to $200,000,000 multiplied by LIBOR for the
periods  outlined above. In August 2000, the Company reduced the notional amount
of the interest rate cap to  $100,000,000.  The  combination  of the Cap and the
Company's  obligation  result in the Company paying  interest at a variable rate
plus the spread  above LIBOR on up to  $100,000,000  of the  outstanding  Credit
Facility  balance  for periods  when LIBOR is below  7.50%.  When LIBOR  reaches
7.50%, the Company pays the variable rate and receives the spread above LIBOR on
up to $100,000,000.

         The Company  believes,  based on current terms, that the carrying value
of its Credit  Facility at December 31, 2000  approximates  fair value.  For the
year ended  December 31, 2000,  the weighted  average  interest  rate on amounts
outstanding under the Credit Facility was 8.8%.

         In October 1999,  the Company  entered into a secured  credit  facility
(the "Secured  Credit  Facility") in the amount of $147 million that will expire
in October 2002. The proceeds of the Secured Credit  Facility are to be used for
property  acquisitions.  During 2000, the Company used a portion of the proceeds
received  from the issuance of the Triple Net Lease  Mortgage  Bonds to pay down
the Secured Credit  Facility.  Borrowings under the Secured Credit Facility bear
interest at the rate of commercial  paper plus 56 basis points per annum.  As of
December 31, 2000, the interest rate on the Secured  Credit  Facility was 6.84%,
outstanding  borrowings  under the Secured  Credit  Facility were  approximately
$85.6 million and the Secured Credit Facility was collateralized by mortgages on
93 Properties and an assignment of rents.  Under the terms of the Secured Credit
Facility, the Company is required to maintain certain financial ratios and other
financial covenants. The Company was in compliance with all such covenants as of
December  31,  2000.  The Company  believes,  based on current  terms,  that the
carrying  value of the Secured  Credit  Facility  at December  31, 2000 and 1999
approximates fair value

         The Company has initiated  several  interest rate swap  agreements with
which it hedges  the  majority  of the  outstanding  notional  balance  of $89.2
million at December 31, 2000 against fluctuations in interest rates. The Company
believes that its interest rate risk related to the Secured Credit  Facility has
been  mitigated by the use of interest rate swaps.  The effective  interest rate
for the  outstanding  balance  relating  to the  Secured  Credit  Facility as of
December 31, 2000 was 6.97% per annum.

         In June 2000,  CFN entered into a $43.75  million  senior  subordinated
note payable  ("Subordinated  Note  Payable") with Bank of America that provides
CFN additional  working capital and the ability to receive  advances to purchase
and develop  properties and to fund mortgage loans. This note is subordinated to
the existing senior debt of the Company.  The principal amount outstanding under
the Subordinated Note Payable bears interest at a rate of 8.5% per annum payable
quarterly.  The principal balance,  together with all unpaid interest, is due in
full upon  maturity  of the note in June 2007.  The Company  believes,  based on
current  terms,  that the  carrying  value of its  Subordinated  Note Payable at
December 31, 2000 approximates fair value.

         As  previously  stated,  Bank of  America  holds a limited  partnership
interest in CFN, which was issued as a result of Bank of America's  contribution
of its franchise finance originations group. In addition,  the Subordinated Note
Payable has a conversion feature that allows Bank of America,  beyond a specific
date to have the note converted into additional limited partnership interests in
CFN. The fully diluted percentage  interest applicable to Bank of America in the
event the entire commitment is converted is 29.12%.

Interest Rate Risk

         As of December 31, 2000, the Company had $80.0  million,  $85.6 million
and  $463.8  million  outstanding  under its  Credit  Facility,  Secured  Credit
Facility  and  Mortgage  Warehouse  Facilities,  respectively.  The  Company has
exposure to interest  rate risk  associated  with the Credit  Facility,  Secured
Credit Facility and Mortgage  Warehouse  Facilities due to the variable interest
rates. The Company believes this risk has been partially mitigated with interest
rate swap  agreements and an interest rate cap agreement to reduce the impact of
changes in interest rates on its floating rate debt.

         The Company invests in certain  financial  instruments that are subject
to various forms of market risk such as interest rate fluctuations,  credit risk
and prepayment risk.  Management  believes that its primary exposure is the risk
of loss that may result from the  potential  change in the value of its mortgage
loans  held for sale and  investments  held for sale as a result of  changes  in
interest rates, credit risk, market sentiment and other external forces.

         Generally,  from the time the fixed-rate  mortgage loans are originated
and held  until the time they are sold  through a  securitization,  the  Company
hedges  against  fluctuations  in interest  rates  through the use of derivative
financial  instruments  (primarily  interest rate swap  contracts).  The Company
terminates  certain  of  these  contracts  upon  securitization  of the  related
fixed-rate  mortgage loans and, at that time,  both the gain or loss on the sale
of the loans and the gain or loss on the  termination  of the interest rate swap
contracts  will be measured  and  recognized  in the  consolidated  statement of
operations.  Under interest rate swaps, the Company agrees with other parties to
exchange,  at  specified  intervals,   the  difference  between  fixed-rate  and
floating-rate  interest  amounts  calculated  by  reference  to an  agreed  upon
notional principal amount.

         Management  estimates that a one percent increase in long-term interest
rates as of December  31,  2000,  would have  resulted in a decrease in the fair
value of its fixed rate loans of $22  million.  This decline in fair value would
have been offset by an increase in the fair value of certain  interest rate swap
positions of $19.1 million.  In addition,  a one percent  increase in short term
interest  rates for the year ended  December  31,  2000 would have  resulted  in
additional  interest  costs of  approximately  $2.0  million.  This  sensitivity
analysis  contains certain  simplifying  assumptions  (for example,  it does not
consider  the impact of  changes  in  prepayment  risk or credit  spread  risk).
Therefore, although it gives an indication of the Company's exposure to interest
rate changes at December 31, 2000, it is not intended to predict  future results
and the Company's actual results will likely vary.

         During the past three years,  inflation has not significantly  affected
the  earnings  of  the  Company   because  of  the  moderate   inflation   rate.
Additionally,  earnings of the Company reflect primarily  long-term  investments
with fixed rents or interest rates. These investments are mainly financed with a
combination of equity,  senior notes and borrowings under the revolving lines of
credit  or  warehouses.   During  inflationary  periods,   which  generally  are
accompanied  by rising  interest  rates,  the  Company's  ability to grow may be
adversely affected because the yield on new investments may increase at a slower
rate than new borrowing costs.

Capital Commitments

         In the  ordinary  course  of  business,  the  Company  has  outstanding
commitments  to qualified  borrowers  and tenants that are not  reflected in the
accompanying  condensed  consolidated  financial statements.  These commitments,
including  development  agreements,  if  accepted  by the  potential  borrowers,
obligate the Company to provide  funding.  The accepted and unfunded  commitment
totaled  approximately $169 million at December 31, 2000 of which  approximately
$37 million is currently  scheduled for closing.  The primary  source of funding
will be the Mortgage  Warehouse  Facilities  augmented by the Subordinated  Note
Payable, the Credit Facility and the Secured Credit Facility.

Cash and Cash Equivalents

         At December 31, 2000 and 1999,  the Company had $23.8 million and $46.0
million respectively,  invested in short-term highly-liquid  investments such as
demand  deposits at  commercial  banks and money markets with less than a 30-day
maturity date.

Liquidity Requirements

         The  Company  expects to meet its  short-term  liquidity  requirements,
other than for  acquisition  and  development  of Properties  and  investment in
Mortgage  Loans  and  Secured  Equipment  Leases,  primarily  through  cash flow
provided by operating  activities  and the Company's  Credit  Facility,  Secured
Credit  Facility and  Subordinated  Note  Payable.  These  short-term  liquidity
requirements  consist  of normal  recurring  operating  expenses,  regular  debt
service requirements and distributions to stockholders. The Company also intends
to meet short-term liquidity  requirements for funding of property  acquisitions
and loans prior to securitization using its Mortgage Warehouse  Facilities.  The
Company will use the proceeds from the  subsequent  securitizations  or sales of
these Mortgage Loans and Properties to repay the Mortgage Warehouse  Facilities.
Periodic  securitizations may also provide short-term  liquidity for the payment
of operating expenses and regular debt service requirements.

         The  Company  expects to meet its longer  term  liquidity  requirements
through  a  combination  of  periodic  securitizations  of  mortgage  loans  and
triple-net  leases,  select sales of certain assets held for sale, and short and
long-term  debt financing or equity  financing.  Periodic  securitization  is an
effective  method for  accessing  capital and results in the Company  being less
dependent on equity markets. In addition,  the Company will continue to evaluate
an  eventual  listing of the  Company's  shares on the New York Stock  Exchange,
which could permit the Company access to additional debt and equity capital.  As
of March 15, 2001, the Company's  long-term liquidity  requirements  include the
maturities  of its Mortgage  Warehouse  Facilities in 2001,  Credit  Facility in
2002,  Secured Credit  Facility in 2002,  Subordinated  Note Payable in 2007 and
Bonds Payable through 2021.

         The Company has a 100 percent  interest in subsidiaries  (including CNL
Funding  2000-A,  LP and CNL  Restaurant  Bond  Holdings,  LP) or investments in
entities  (including CNL Funding 99-1, LP and CNL Funding 98-1, LP) that were or
may  be  established  as  bankruptcy   remote   entities  to  facilitate   asset
securitization. In connection therewith, assets have been or will be transferred
directly or  indirectly by the Company or an affiliate to such  subsidiaries  or
entities.  These  bankruptcy  remote  entities are separate legal entities whose
assets are not available to satisfy the claims of creditors of the Company,  any
subsidiary or any other affiliates.

         During the year ended  December  31,  2000,  the Company used cash from
operations  (which  includes  cash  received from tenants and interest and other
income  received,  less  cash paid for  operating  expenses  and funds  used for
investment in mortgage  loans) of $156 million.  During the year ended  December
31, 1999, the Company  generated cash from  operations of $307.3  million.  As a
result of the 1999 merger with CNL  Financial  Services,  Inc. and CNL Financial
Corporation and subsidiaries,  (collectively, "CNL Restaurant Financial Services
Group"),  the Company became subject to certain  Generally  Accepted  Accounting
Principles which require that the Company's investment in mortgage loans and the
proceeds from mortgage loan sales or securitization  activities be classified as
operating  activities  for  financial  reporting  purposes.   If  the  Company's
investment in, and sale or  securitization  of mortgage loans were excluded from
operating  activities in the years ended December 31, 2000 and 1999, the Company
would have  reported  $42.6  million  and $52.8  million,  respectively  in cash
provided by operating  activities.  Cash provided by operating activities in the
year ended December 31, 1998 before the referenced merger was $39.1 million.

         The Company  declared and paid  distributions  to its  stockholders  of
$66.3  million,  $60.1 million and $39.4 million during the years ended December
31,  2000,  1999  and  1998,  respectively.  No  amounts  distributed  or  to be
distributed to the stockholders as of March 15, 2001, are required to be or have
been treated by the Company as a return of capital for  purposes of  calculating
the  stockholders'  return on their  invested  capital.  The Company  intends to
continue to make  distributions to its stockholders and reviews the propriety of
the distributions on a quarterly basis.

Results of Operations

         The  Company's  net  earnings in the year ended  December 31, 2000 were
$2.9 million  compared  with a loss of $49.8 million in 1999 and net earnings of
$32.1  million  in 1998.  The loss in 1999  reflects  the $76.3  million  charge
associated with the acquisition of the external advisor on September 1, 1999 and
$6.8 million in other  transaction costs associated with the steps taken to list
the  Company's  shares  and merge with the CNL Income  Funds.  Earnings  in 2000
reflect  $10.3  million in  additional  transaction  costs  associated  with the
initial attempt to list the Company's shares and merge with the CNL Income Funds
and the subsequent costs to restructure the Company's  capital and the formation
of a strategic  alliance  with Bank of America.  The Company has  experienced  a
significant  growth in earning  assets over the three year period,  but earnings
have been negatively impacted by costs relating to its capital restructuring and
by a significant  increase in delinquencies and vacancies  attributed to certain
franchise restaurant operators.

Income

         The Company recorded $85.8 million,  $61.9 million and $33.1 million in
rental  income from  operating  leases and earned  income from direct  financing
leases during the year ended December 31, 2000,  1999,  and 1998,  respectively.
The Company has continued to invest in new properties  throughout the three-year
period. Rental income amounts from operating and direct financing leases are net
of  reserves  against  rental  revenues  of  approximately  $4  million in 2000.
Reserves on rental revenue on occupied leases (as opposed to vacancies) were not
significant  prior  to  2000.  The  Company  experienced  some  tenant  defaults
throughout  most of 2000 and has been working  diligently  to resolve the tenant
defaults.  The increase in rental  revenues is attributed to the increase in the
number of properties owned by the Company during 2000.

         The Company  recorded $21.6  million,  $7.2 million and $3.1 million in
interest  income from mortgage  loans and  equipment and other notes  receivable
during the years ended  December  31,  2000,  1999 and 1998,  respectively.  The
Company  expanded  its mortgage  loan  portfolio  through the  September 1, 1999
acquisition  of  the  CNL  Restaurant  Financial  Services  Group,  and  shortly
thereafter  securitized   approximately  $278  million  in  loans.  The  Company
originated $225 million in new loans during 2000,  including $107 million in the
fourth  quarter.  In October 2000,  the trust  relating to the $500 million loan
sale facility in which the Company had a residual interest liquidated, resulting
in the transfer of approximately $170 million in loans on the balance sheet. The
Company did not securitize  loans during 2000.  Interest income will continue to
vary  from  year  to  year  to  reflect  the  timing  of  the  originations  and
securitizations. The interest rate charged on new loan originations changes from
time to time in  response  to  changes in market  interest  rates.  Market  rate
changes  also may  impact  the  market  values of the loans  held for sale under
existing  accounting  standards the market value of existing  loans may decrease
when interest rates rise, or the value may subsequently  recover from a previous
decrease when rates go back down.

         During the year ended  December 31, 2000,  1999,  and 1998, the Company
earned $7.9  million,  $0.3  million  and $0.1  million,  respectively  in other
income. The significant increase in the current year is attributable to the full
year effect of having  acquired the servicing  operations of the CNL  Restaurant
Financial  Services  Group  in  September  1999 and to the  consulting  revenues
associated with the CAS operations acquired in June 2000.

Expenses

         General and administrative  expenses when combined with management fees
paid to related  parties  prior to  September  1999,  were  approximately  $25.0
million,  $8.8 million and $4.6 million for the years ending  December 31, 2000,
1999, and 1998 respectively. In September 1999, the Company acquired the Advisor
and became  internally  advised.  While the  Company no longer  incurs  external
expenses for asset  management  services,  those expenses now impact the Company
through direct  payments of salaries,  benefits and other  expenses.  Certain of
these  expenses  that were  previously  capitalized  when  incurred  through the
external  Advisor  are now  expensed  as period  costs  pursuant  to  accounting
standards, and the full year effect of the acquisition is seen in the year ended
December 31, 2000.

         General and administrative  expenses also include some costs associated
with the  non-recurring  external costs  designated  below as transaction  costs
relating to the substantial  restructuring of operations  undertaken  during the
year.  The current  year  securitization  of net leases  required a  significant
commitment of internal resources with a corresponding use of external resources.
As a result,  the  Company  incurred  significant  expenditures  relating to the
alliance with Bank of America that management  expects will lead to improvements
in internal  processes that will be streamlined over time and result in improved
management of the client  relationships.  The Company's financial systems had to
be retooled to  integrate  information  relating  to the  various  services  now
offered to clients. The Company incurred $1.2 million in the year ended December
31, 2000  relating to  research  and  planning  regarding  the use of  web-based
technology in its  business.  General and  administrative  expenses also include
$0.9 million in expenses  associated  with CAS subsequent to its  acquisition in
June 2000.

         An area of uncertainty  relates to the unknown future costs the Company
may  incur  as  it  seeks  resolution  to  tenant  and  borrower  delinquencies.
Management  otherwise  expects to realize savings from the retooled  systems and
processes in 2001 and is optimistic  that this category of expense will begin to
decrease relative to the revenues experienced by the Company.

         Interest  expense  was $47.6  million  and $10.2  million for the years
ended December 31, 2000 and 1999 respectively.  There was no interest expense in
1998.  The  Company  has  continued  to expand its  operations  in 2000  through
increased property  acquisitions and the origination of mortgage loans that were
substantially funded through the Mortgage Warehouse Facilities.  The increase in
interest directly  corresponds to a revenue growth of $38.6 million between 1999
and 2000,  and $33.3  million  between  1998 and 1999 as the  Company  leveraged
additional volume. Maintaining sufficient volume is key to the Company's ability
to maintain its  competitive  position in this  business and to execute  regular
securitizations.  The Company has also  incurred  debt to finance  certain costs
associated  with the Company's  strategic  initiatives.  These include  expenses
associated  with the  transition  to an internally  advised  REIT,  the proposed
merger with the CNL Income Funds and with listing the Company 's shares, both of
which were subsequently  withdrawn,  and costs associated with the new strategic
direction currently underway with Bank of America as a partner.

         Expense  categories  such as property  expenses  and  depreciation  and
amortization  expenses have  reflected and will continue to reflect the level of
assets  invested  in leased  properties  that have been  increasing  accordingly
throughout the three year period.

         Goodwill  associated with the September 1, 1999 acquisition of the debt
operations  and  with the June 19,  2000  contributions  of the Bank of  America
franchise finance originations group, and the CNL Financial Group, Inc. advisory
services group have resulted in increased  amortization of goodwill  compared to
the prior periods, pursuant to current Generally Accepted Accounting Principles.

         Transaction  costs were $10.3 million,  $6.8 million,  and $0.2 million
for the years ended December 31, 2000, 1999, and 1998 respectively.  Transaction
costs reflect the 1999 and 2000 costs  associated  with the proposed merger with
the CNL Income  Funds that was  subsequently  withdrawn,  and the listing of the
Company's  shares that was  subsequently  withdrawn.  Costs in 2000 also include
items  associated  with the  integration of debt, net lease and other  financial
services  with Bank of America as a partner.  This  includes  the  write-off  of
unamortized loan issuance costs relative to the repayment and termination of the
former line of credit upon the creation of the new Credit Facility.

         Loss on investment in securities of $5.3 million  during the year ended
December 31, 2000  resulted from the $3.1 million loss upon the  liquidation  of
the trust relating to the loan sale facility and from the $2.2 million permanent
impairment of a residual interest investment.

         As  described  above,  the year  ended  December  31,  1999  included a
non-cash expense of approximately  $76.4 million associated with the acquisition
of CNL Fund Advisors, Inc., the Company's external advisor from a related party.

         The Company  recorded a provision  for loss on mortgage  loans held for
sale of $6.9 million for the year ended  December 31, 2000 to reflect  primarily
the  potential  decline  in value  associated  with  the  financial  status  and
delinquencies of certain borrowers.  Interest rate movements during 2000 created
a $0.5  million  improvement  in the value of loans held for sale,  offsetting a
portion of the delinquency related losses.

         Losses on sale of assets  were $0.7  million  and $1.9  million for the
years  ending  December  31, 2000 and 1999,  respectively  and none for the year
ended December 31, 1998. The Company  recognized a loss in 1999 primarily due to
the fourth quarter securitization of loans.

         During the years ended  December  31,  2000,  1999 and 1998 the Company
recorded provisions for losses on assets of $2.6 million,  $7.8 million and $0.6
million,  respectively,  for financial reporting purposes to adjust the carrying
value  of  certain  Properties  to the  estimated  fair  market  value  of these
Properties.

         APF  separated  the  performance  of its real estate  investment  trust
activities  from the activities of the specialty  finance  activities of CFN for
financial  reporting  purposes  upon the  alliance  with  Bank of  America.  The
activities of CFN reflect an operating loss during the period beginning with the
June 2000 alliance and ending  December 31, 2000 of $17.7  million.  The loss is
primarily associated with the loss on investment in securities and provision for
loss on  mortgage  notes  held for sale as  described  above.  In  addition  CFN
incurred one-time costs associated with the development of an internet strategy,
and to  reflect  the  organizational  restructuring  necessary  to  achieve  the
specialty finance focus.


Item 7a.   Quantitative and Qualitative Disclosures About Market Risk

           This   information  is  described  above  in  Item  7.   Management's
Discussion and Analysis of Financial Condition and Results of Operations.



<PAGE>




               Report of Independent Certified Public Accountants



To the Board of Directors and Stockholders of
CNL American Properties Fund, Inc.


In our  opinion,  the  consolidated  financial  statements  listed  in the index
appearing under item 14(a)1 on page 56 present fairly, in all material respects,
the  financial  position  of CNL  American  Properties  Fund,  Inc.  (a Maryland
corporation) and its subsidiaries at December 31, 2000 and 1999, and the results
of their  operations  and their  cash  flows for each of the three  years in the
period  ended  December  31,  2000  in  conformity  with  accounting  principles
generally accepted in the United States of America. In addition, in our opinion,
the  financial  statement  schedules  listed in the index  appearing  under item
14(a)2 on page 57 present fairly, in all material respects,  the information set
forth therein when read in conjunction with the related  consolidated  financial
statements. These financial statements and financial statement schedules are the
responsibility of the Company's management;  our responsibility is to express an
opinion on these financial statements and financial statement schedules based on
our audits.  We conducted  our audits of these  statements  in  accordance  with
auditing  standards  generally  accepted in the United States of America,  which
require that we plan and perform the audit to obtain reasonable  assurance about
whether the financial  statements  are free of material  misstatement.  An audit
includes  examining,  on a test  basis,  evidence  supporting  the  amounts  and
disclosures in the financial  statements,  assessing the  accounting  principles
used and  significant  estimates made by management,  and evaluating the overall
financial  statement  presentation.   We  believe  that  our  audits  provide  a
reasonable basis for our opinion.



/s/ PricewaterhouseCoopers LLP
Orlando, Florida
March 15, 2001




<PAGE>



                       CNL AMERICAN PROPERTIES FUND, INC.
                                AND SUBSIDIARIES

                           CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>
<S><C>

                                                                                      December 31,
                                                                              2000                    1999
                                                                         ---------------         ---------------
ASSETS

Land, buildings and equipment on operating leases, less
    accumulated depreciation and allowance for loss                      $ 785,604,072            $ 681,210,344
Net investment in direct financing  leases,  less allowance for            169,221,416              145,743,195
loss
Mortgage loans held for sale                                               394,321,400               63,466,474
Mortgage notes receivable                                                   25,582,072                       --
Equipment and other notes receivable                                        47,189,252               42,748,420
Other investments                                                           33,519,302               75,806,738
Cash and cash equivalents                                                   23,772,166               46,011,592
Restricted cash                                                              1,875,838                       --
Receivables, less allowance for doubtful accounts
    of $7,257,207 and $2,660,069, respectively                               3,370,083                3,329,557
Accrued rental income                                                       16,027,991                8,116,794
Due from related parties                                                     1,864,583                1,315,721
Intangibles and other assets                                                99,019,925               70,443,958
                                                                       ----------------        -----------------

                                                                       $ 1,601,368,100          $ 1,138,192,793
                                                                       ================        =================

LIABILITIES AND STOCKHOLDERS' EQUITY

Credit Facility                                                          $  80,000,000            $ 248,000,000
Note payable                                                                85,616,992              140,504,000
Mortgage warehouse facilities                                              463,764,785               30,749,540
Subordinated note payable                                                   34,000,000                       --
Bonds payable                                                              278,483,531                       --
Accrued construction costs payable                                           3,129,346               17,566,758
Accounts payable and accrued expenses                                        6,435,003                8,833,695
Due to related parties                                                       8,434,377               10,626,929
Other payables                                                              15,293,212                8,700,414
                                                                       ----------------        -----------------
       Total liabilities                                                   975,157,246              464,981,336
                                                                       ----------------        -----------------

Minority interests, including redeemable partnership interest               18,473,156                  997,353
                                                                       ----------------        -----------------

Commitments and Contingencies (Note 18)

Stockholders' equity:
    Preferred stock, without par value.  Authorized
       and unissued 3,000,000 shares                                                --                       --
    Excess shares, $0.01 par value per share.
       Authorized and unissued 78,000,000 shares                                    --                       --
    Common stock, $0.01 par value per share.  Authorized
       62,500,000 shares, issued 43,533,221
       shares, outstanding 43,495,919 shares                                   434,958                  434,958
    Capital in excess of par value                                         789,925,519              791,418,955
    Accumulated other comprehensive income/(loss)                              242,330                 (177,119 )
    Accumulated distributions in excess of net earnings                   (182,865,109 )           (119,462,690 )
                                                                       ----------------        -----------------
       Total stockholders' equity                                          607,737,698              672,214,104
                                                                       ----------------        -----------------

                                                                       $ 1,601,368,100          $ 1,138,192,793
                                                                       ================        =================
See accompanying notes to consolidated financial statements

</TABLE>


<PAGE>


                       CNL AMERICAN PROPERTIES FUND, INC.
                                AND SUBSIDIARIES

                      CONSOLIDATED STATEMENTS OF OPERATIONS

<TABLE>
<CAPTION>
<S><C>
                                                                                Year Ended December 31,
                                                                     2000                 1999                 1998
                                                                 --------------       --------------       -------------

Revenues:
    Rental income from operating leases                          $ 69,716,782         $ 49,755,374        $ 26,688,864
    Earned income from direct financing leases                     16,064,173           12,152,438           6,440,797
    Interest  income from mortgage,  equipment and other
        notes receivables                                          21,589,196            7,202,785           3,085,518
    Investment and interest income                                  8,205,250            6,683,372           5,899,028
    Fee and other income                                            7,912,469              257,639              72,830
                                                               ---------------      ---------------      --------------
                                                                  123,487,870           76,051,608          42,187,037
                                                               ---------------      ---------------      --------------
Expenses:
    General operating and administrative                           24,946,258            6,476,602           2,727,586
    Interest expense                                               47,612,460           10,205,197                  --
    Property expenses                                               4,401,588            2,353,259              70,895
    Asset management fees to related parties                               --            2,343,307           1,851,004
    State and other taxes                                           1,193,109              905,700             548,320
    Depreciation and amortization                                  17,713,928           10,346,143           4,054,098
    Transaction costs                                              10,315,116            6,798,803             157,054
    Loss on investment in securities                                5,347,659                   --                  --
    Provision for loss on mortgage loans held for sale              6,854,932              551,011                  --
    Advisor acquisition expense                                            --           76,333,516                  --
                                                               ---------------      --------------      ---------------
                                                                  118,385,050          116,313,538           9,408,957
                                                               ---------------      ---------------      --------------

Earnings/(Losses) Before Minority Interest in (Income)/
    Loss of Consolidated Joint Ventures, Equity in
    Earnings of Unconsolidated Joint Venture, Loss on
    Sales of Assets and Provision for Losses on Assets              5,102,820          (40,261,930 )        32,778,080

Minority Interest in (Income)/Loss of
    Consolidated Joint Ventures                                     1,023,730              (41,678 )           (30,156 )

Equity in Earnings of Unconsolidated Joint Venture                     97,559               97,307              16,018

Loss on Sales of Assets                                              (721,230 )         (1,851,838 )                --

Provision for Losses on Assets                                     (2,575,716 )         (7,779,195 )          (611,534 )
---------------------------------------------------------      ---------------      ---------------      --------------

Net Earnings/(Loss)                                               $ 2,927,163        $ (49,837,334 )      $ 32,152,408
---------------------------------------------------------      ===============      ===============      ==============

Earnings/(Loss) Per Share of Common
    Stock (Basic and Diluted)                                       $    0.07           $    (1.26 )         $    1.21
---------------------------------------------------------      ===============      ===============      ==============

Weighted Average Number of Shares
    of Common Stock Outstanding                                    43,495,919           39,402,941          26,648,219
---------------------------------------------------------      ===============      ===============      ==============

See accompanying notes to consolidated financial statements.
</TABLE>




<PAGE>


                       CNL AMERICAN PROPERTIES FUND, INC.
                                AND SUBSIDIARIES

 CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND COMPREHENSIVE INCOME/(LOSS)

                  Years Ended December 31, 2000, 1999 and 1998

<TABLE>
<CAPTION>
<S><C>

                                                                       Accumulated
                                                                         distributions
                                    Common stock         Capital in       in excess
                               -----------------------
                                 Number        Par        excess of         of net
                               of Shares      value       par value        earnings
                               -----------  ----------  --------------   -------------

Balance at December 31, 1997   18,096,486   $ 180,965   $ 323,706,926      $(2,249,790)


Subscriptions   received  for
common stock through public
offerings and
distribution reinvestment plan   19,276,198     192,762     385,331,204              --

Retirement of common stock        (34,757 )      (348 )      (639,180 )            --

Stock issuance costs                   --          --     (38,415,512 )            --

Net earnings                           --          --              --      32,152,408

Distributions declared and
    paid ($1.52 per share)             --          --              --     (39,449,149 )
                               -----------  ----------  --------------   -------------

Balance at December 31, 1998   37,337,927     373,379     669,983,438      (9,546,531 )

Subscriptions   received  for
common                             10,537         105         210,631              --
    stock   through    public
offering

Stock issuance costs                   --          --      (1,662,749 )            --

Common stock issued
    through merger              6,150,000      61,500     122,938,500              --

Net loss                               --          --              --     (49,837,334 )

Other comprehensive loss,
    market revaluation on
    available for sale securities      --          --              --              --



Total comprehensive loss               --          --              --              --


Retirement of common stock         (2,545 )       (26 )       (50,865 )            --

Distributions declared and
    paid ($1.52 per share)             --          --              --     (60,078,825 )
                               -----------  ----------  --------------   -------------

Balance at December 31, 1999   43,495,919     434,958     791,418,955    (119,462,690 )


Stock issuance costs                   --          --      (1,493,436 )            --

Net earnings                           --          --              --       2,927,163

Other comprehensive income,
    market revaluation on
    available for sale securities      --          --              --              --



Total comprehensive income             --          --              --              --


Distributions declared and
    paid ($1.52 per share)             --          --              --     (66,329,582 )
                               -----------  ----------  --------------   -------------

Balance at December 31, 2000   43,495,919   $ 434,958   $ 789,925,519     $(182,865,109)

                               ===========  ==========  ==============   =============


 Accumulated
   other
  compre-

  hensive                         Comprehensive
income/(loss)       Total         income/(loss)
-------------    -------------   ----------------

    $     --     $321,638,101        $        --





          --      385,523,966                 --

          --         (639,528 )               --

          --      (38,415,512 )               --

          --       32,152,408                 --


          --      (39,449,149 )               --
-------------    -------------   ----------------

          --      660,810,286                 --


          --          210,736                 --



          --       (1,662,749 )               --


          --      123,000,000                 --

          --      (49,837,334 )      (49,837,334 )



    (177,119 )       (177,119 )         (177,119 )




                                 ----------------

          --               --    $   (50,014,453 )
                                 ================

          --          (50,891 )               --


          --      (60,078,825 )               --
-------------    -------------

   (177,119)      672,214,104                 --


          --       (1,493,436 )               --

          --        2,927,163          2,927,163



     419,449          419,449            419,449

                                 ----------------

          --               --     $    3,346,612
                                 ================


          --      (66,329,582 )
-------------    -------------

 $    242,330     $607,737,698

=============    =============

See accompanying notes to consolidated financial statements

</TABLE>



<PAGE>


                       CNL AMERICAN PROPERTIES FUND, INC.
                                AND SUBSIDIARIES

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>
<S><C>

                                                                                      Year Ended December 31,
                                                                            2000                 1999              1998
                                                                       ---------------       -------------     --------------
Cash Flows from Operating Activities:

      Net earnings/(loss)                                               $  2,927,163        $ (49,837,334 )    $32,152,408
                                                                      ---------------      ---------------   --------------
      Adjustments to reconcile  net  earnings to net cash  provided by operating
         activities:
             Depreciation                                                 12,663,118            8,670,140        4,042,290
             Amortization                                                  5,050,810            1,676,003           11,808
             Advisor acquisition expense                                          --           76,333,516               --
             Provision for losses on assets                                2,575,716            7,779,195          611,534
             Provision for uncollectible mortgage notes                           --              988,561          636,614
             Provision   for    uncollectible    equipment   notes         2,026,645            1,000,000               --
receivable
             Loss on sales of assets                                         721,230            1,851,837               --
             Loss on investment in securities                              5,347,659                   --               --
             Provision for loss on mortgage loans held for sale            6,854,932              551,011               --
             Equity  in   earnings  of  joint   venture,   net  of             7,371               28,503          (15,440 )
distributions
             Proceeds from sale of loans                                          --          294,227,564               --
             Proceeds from securitization transaction                             --          257,812,474               --
             Purchase of other investments                                        --          (31,247,213 )             --
             Investment in mortgage loans held for sale                 (205,584,177 )       (266,302,331 )             --
             Collection on mortgage loans held for sale                    6,981,377            2,072,604               --
             (Increase) decrease in receivables                           (2,187,175 )         (5,296,996 )        262,958
             Decrease in net investment in direct financing leases         3,857,346            3,529,960        1,971,634
             Increase in accrued rental income                            (8,131,392 )         (4,156,881 )     (2,187,652 )
             Decrease (increase) in intangibles and other assets           8,211,245             (859,829 )        (29,477 )
             (Decrease) increase in accounts payable and accrued          (2,640,209 )          5,805,586          404,161
                expenses
             Increase   (decrease)  in  due  to  related  parties,
excluding
                reimbursement of acquisition and stockstock issuance      (2,362,485 )            958,461           31,255
                issuance costs paid on behalf of the Company
             (Decrease) increase in rents paid in advance                   (650,753 )            203,974          436,843
             Increase in deferred rental income                            1,031,201            2,865,041          693,372
             Increase (decrease) in other payables                         8,362,459           (1,434,310 )         63,811
             (Decrease) increase in minority interest                     (1,023,730 )             41,678           30,156
                                                                      ---------------      ---------------   --------------
                   Total adjustments                                    (158,888,812 )        357,098,548        6,963,867
                                                                      ---------------      ---------------   --------------

Net Cash (Used in) Provided by Operating Activities                     (155,961,649 )        307,261,214       39,116,275
                                                                      ---------------      ---------------   --------------

Cash Flows from Investing Activities:
      Additions to land and buildings on operating leases               (160,901,355 )       (286,411,210 )   (200,101,667 )
      Investment in direct financing leases                              (15,368,629 )        (63,663,720 )    (47,115,435 )
      Proceeds from sale of assets                                        14,681,727            7,555,199        2,385,941
      Proceeds from sale of consolidated partnership interest              1,187,238                   --               --
      Proceeds from sale of securities                                     7,720,997                   --               --
      Investment in mortgage notes receivable                               (653,922 )         (4,041,427 )     (2,886,648 )
      Collection on mortgage notes receivable                                965,612              393,468          291,990
      Investment in equipment notes receivable                           (10,476,685 )        (26,963,918 )     (7,837,750 )
      Collection on equipment notes receivable                             7,368,619            3,500,599        1,263,633
      Investment in joint venture                                                 --             (187,452 )       (974,696 )
      Purchase of other investments                                       (2,831,779 )                 --      (16,083,055 )
      Redemption of certificates of deposit                                       --            2,000,000               --
      Increase in restricted cash                                         (1,875,838 )                 --               --
      Increase in intangibles and other assets                              (377,755 )         (1,862,036 )     (6,281,069 )
                                                                      ---------------      ---------------   --------------
             Net cash used in investing activities                      (160,561,770 )       (369,680,497 )   (277,338,756 )
                                                                      ---------------      ---------------   --------------

See accompanying notes to consolidated financial statements.
</TABLE>

<PAGE>


                       CNL AMERICAN PROPERTIES FUND, INC.
                                AND SUBSIDIARIES

                CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
<CAPTION>
<S><C>

                                                                                       Year Ended December 31,
                                                                           2000                 1999                 1998
                                                                       --------------       --------------       --------------

   Cash Flows from Financing Activities:
      Reimbursement of costs paid by related parties on
         behalf of the Company                                             $      --        $  (1,492,310 )      $  (4,574,925 )
      Proceeds from borrowings on credit facility,  note payable
         and subordinated note payable                                   397,538,000          439,941,245            7,692,040
      Payment on credit facility and note payable                       (586,425,008 )        (61,580,289 )             (8,039 )
      Proceeds from borrowings on mortgage warehouse facilities          301,227,438           27,101,067                   --
      Payments on mortgage warehouse facilities                           (7,718,739 )       (352,808,966 )                 --
      Contribution from minority interest of
         consolidated joint venture                                           39,922              740,621                   --
      Subscriptions received from stockholders                                    --              210,736          385,523,966
      Retirement of shares of common stock                                        --              (50,891 )           (639,528 )
      Distributions to minority interest                                    (146,601 )            (66,763 )            (34,073 )
      Distributions to stockholders                                      (66,329,582 )        (60,078,825 )        (39,449,149 )
      Payment of stock issuance costs                                     (1,493,436 )           (737,190 )        (34,579,650 )
      Issuance of bonds                                                  280,906,000                   --                   --
      Payment on bonds                                                    (2,422,469 )                 --                   --
      Payment of loan costs and bond issuance costs                      (20,891,532 )         (5,947,397 )                 --
      Other                                                                       --                   --              (95,101 )
                                                                      ---------------       --------------       --------------
             Net cash provided by (used in) financing activities         294,283,993          (14,768,962 )        313,835,541
                                                                      ---------------       --------------       --------------

Net (Decrease) increase in Cash and Cash Equivalents                     (22,239,426 )        (77,188,245 )         75,613,060

Cash and Cash Equivalents at Beginning of Year                            46,011,592          123,199,837           47,586,777
                                                                      ---------------       --------------       --------------

Cash and Cash Equivalents at End of Year                               $  23,772,166        $  46,011,592        $ 123,199,837
                                                                      ===============       ==============       ==============

Supplemental Schedule of Non-Cash Investing
   and Financing Activities:

      Related parties  paid  certain  acquisition  and stock  issuance  costs on
         behalf of the Company as follows:
             Acquisition costs                                            $       --          $   579,206         $  1,113,580
             Stock issuance costs                                                                 124,031            4,228,480
                                                                                  --
                                                                      ---------------       --------------       --------------

                                                                          $       --          $   703,237         $  5,342,060
                                                                      ===============       ==============       ==============

      Capital lease obligation incurred for the lease
         of the Company's office space and furniture                       $      --         $ 10,056,645             $     --
                                                                      ===============       ==============       ==============

      Interest paid                                                    $  39,022,757         $ 10,937,309          $   338,569
                                                                      ===============       ==============       ==============

      Interest capitalized                                             $   2,252,720         $  3,889,327          $   402,292
                                                                      ===============       ==============       ==============
See accompanying notes to consolidated financial statements

</TABLE>



Detail of Acquisitions:

During the year ended December 31, 1999, the Company issued  3,800,000 shares of
common stock ($76,000,000) to acquire the net assets of CNL Fund Advisors,  Inc.
and its  subsidiary.  During the year ended  December 31, 1999, the Company also
issued 2,350,000 shares of common stock  ($47,000,000) to acquire the net assets
of  CNL  Financial  Services,   Inc.  and  CNL  Financial  Corporation  and  its
subsidiaries.


<PAGE>


                CNL AMERICAN PROPERTIES FUND, INC.
                         AND SUBSIDIARIES

        CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED


During the year ended December 31, 2000, the Company formed a partnership by the
name of CNL Franchise Network,  L.P. ("CFN") CFN issued partnership interests to
Bank of America and CNL Financial Group, Inc. in exchange for the following:

      Bank of  America  contributed  the  operations  of its  franchise  finance
business consisting of the following:

        Goodwill                                            $  14,270,000
                                                          ===============

 CNLFinancial  Group,  Inc.  contributed  its merger,  acquisition  and advisory
services group consisting of the following:

        Cash                                                 $     39,922
        Receivables                                                25,197
        Due from related parties                                  408,443
        Other assets                                              362,934
        Goodwill                                                2,725,715
                                                           ---------------

        Total Assets                                        $   3,562,211
                                                           ---------------

        Accounts payable and accrued expenses                $    122,786
        Due to related parties                                     39,992
        Other payables                                            199,433
                                                           ---------------

        Total liabilities                                    $    362,211
                                                           ---------------

        Net equity                                          $   3,200,000
                                                           ===============


                        Liquidation of Residual Interest:

In  October  2000,  a trust  in  which  the  Company  held a  residual  interest
liquidated and distributed the following  assets and liabilities in exchange for
the investment:

        Mortgage loans held for sale                    $  170,317,335
        Mortgage warehouse facilities                     (139,506,546 )

See accompanying notes to consolidated financial statements



<PAGE>

                       CNL AMERICAN PROPERTIES FUND, INC.
                                AND SUBSIDIARIES

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                  Years Ended December 31, 2000, 1999 and 1998


1.       Significant Accounting Policies:
         -------------------------------

         Organization  - CNL American  Properties  Fund,  Inc. was  organized in
         Maryland  on  May  2,  1994  and  is a  self-administered  real  estate
         investment  trust  ("REIT").  The term "Company"  includes,  unless the
         context otherwise requires,  CNL American Properties Fund, Inc. and its
         direct and indirect  subsidiaries.  These subsidiaries  include CNL APF
         Partners,  LP, a Delaware limited  partnership  formed in May 1998, and
         CNL APF GP Corp. and CNL APF LP Corp., the general and limited partner,
         respectively,  of CNL APF  Partners,  LP. As a result of the  merger on
         September  1,  1999  (see Note 14),  the  Company's  subsidiaries  also
         include CNL Fund Advisors,  Inc.,  CNL Financial GP Holding Corp.,  CNL
         Financial  LP Holding,  LP, CNL  Financial  Services  GP Corp.  and CNL
         Financial  Services  LP. The  Company  offers  financial,  development,
         advisory  and other real  estate  services  to  operators  of  selected
         national  and  regional  fast  food,  family-style  and  casual  dining
         restaurant chains.

         On June 1, 2000,  the Company  formed a partnership  by the name of CNL
         Franchise  Network,  L.P.  ("CFN") and  transferred  certain assets and
         operations  to it  in  exchange  for a  combined  general  and  limited
         partnership interest of 84.39%. Limited partnership interests amounting
         to  9.18%  were  issued  to Bank of  America  in  exchange  for Bank of
         America's franchise finance business unit based in Atlanta, Georgia. In
         addition,  limited partnership interests amounting to 6.43% were issued
         to CNL  Financial  Group,  Inc.,  an  affiliate  of a  director  of the
         Company,  in exchange for the operations of a company that  specialized
         in  merger,  acquisition  and other  advisory  services  to  restaurant
         operators.  CFN  accounted  for the issuance of the Bank of America and
         CNL Financial Group,  Inc.  partnership  interests at the fair value of
         the assets  acquired.  The excess of the  purchase  price over the fair
         value of the net tangible assets acquired of approximately  $17 million
         was  recorded as goodwill  and is being  amortized  over a period of 20
         years.

         In  addition  to  forming  the  partnership,  CFN also  entered  into a
         Strategic Alliance  Agreement as well as additional  mortgage warehouse
         and other credit  facilities  with Bank of America and its  affiliates.
         Among other provisions,  the Strategic  Alliance Agreement provides the
         Company  with  the  ability  to  offer  Bank  of  America's  additional
         financial related products and services to the restaurant  operators it
         serves as well as access to the portfolio lending capabilities provided
         by Bank of America.

         Principles  of  Consolidation  - The Company  accounts  for its 84.39%,
         85.47%,  74.57%  and 80%  interests  in  CFN,  CNL/Corral  South  Joint
         Venture,   CNL/Chevys   Annapolis  Joint  Venture,  and  CNL/MSC  Joint
         Ventures,   respectively,  using  the  consolidation  method.  Minority
         interests represent the minority joint venture partners' proportionate


<PAGE>


                       CNL AMERICAN PROPERTIES FUND, INC.
                                AND SUBSIDIARIES

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

                  Years Ended December 31, 2000, 1999 and 1998


1.       Significant Accounting Policies - Continued:
         -------------------------------------------

         share of the equity in the Company's  consolidated joint ventures.  All
         significant   intercompany   balances   and   transactions   have  been
         eliminated. Minority interest at December 31, 2000 includes $14,270,000
         relating  to Bank  of  America's  interest  in CFN.  This  interest  is
         redeemable at their option under certain  conditions  after a specified
         date for a cash payment of this amount.

         The Company  accounts  for its 59.22%  interest in CNL/Lee  Vista Joint
         Venture  using the equity  method  because it shares  control  with the
         other joint  venture  partner.  The  difference  between the  Company's
         carrying  amount of its  investment in joint venture and the underlying
         equity in net assets of the joint venture is $75,954,  less accumulated
         amortization  at  December  31,  2000 and 1999 of  $4,798  and  $2,899,
         respectively.  This amount is being amortized on a straight-line  basis
         over 30 years, the term of the joint venture agreement.

         Real Estate and Lease  Accounting - The Company records the acquisition
         of land,  buildings and equipment at cost,  including  acquisition  and
         closing costs. In addition, interest costs incurred during construction
         are  capitalized.  Land and  buildings  are leased to  unrelated  third
         parties generally on a triple-net basis, which means that the tenant is
         responsible  for  all  operating  expenses  relating  to the  property,
         including  property  taxes,  insurance,  maintenance  and  repairs.  In
         addition,  the Company  offers  equipment  financing  through leases or
         loans.  The property leases and secured  equipment leases are accounted
         for using either the direct  financing or the  operating  method.  Such
         methods are described below:

                  Direct  financing  method - The leases accounted for using the
                  direct  financing  method are recorded at their net investment
                  (which at the inception of the lease generally  represents the
                  cost of the asset) (see Note 3).  Unearned  income is deferred
                  and  amortized to income over the lease terms so as to produce
                  a  constant  periodic  rate of  return  on the  Company's  net
                  investment in the leases.

                  Operating method - Land, building and secured equipment leases
                  accounted for using the operating method are recorded at cost,
                  revenue is recognized  as rentals are earned and  depreciation
                  is charged to operations as incurred.  Buildings and equipment
                  are  depreciated  on  the  straight-line   method  over  their
                  estimated  useful lives of 30 and seven  years,  respectively.
                  When scheduled  rentals  (including  rental payments,  if any,
                  required  during the  construction  of a property) vary during
                  the lease term, income is recognized on a straight-line  basis
                  so as to



<PAGE>


                       CNL AMERICAN PROPERTIES FUND, INC.
                                AND SUBSIDIARIES

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

                  Years Ended December 31, 2000, 1999 and 1998


1.       Significant Accounting Policies - Continued:
         -------------------------------------------

                  produce  a  constant   periodic   rent  over  the  lease  term
                  commencing  on the date the  property  is placed  in  service.
                  Accrued  rental  income  represents  the  aggregate  amount of
                  income  recognized  on a  straight-line  basis  in  excess  of
                  scheduled  rental  payments  to date.  In  contrast,  deferred
                  rental  income  represents  the  aggregate  amount  of  rental
                  payments  to  date  (including   rental  payments  due  during
                  construction  and  prior  to  the  property  being  placed  in
                  service)  in excess of income  recognized  on a  straight-line
                  basis over the lease term  commencing on the date the property
                  is placed in service.

         When the  properties  or  equipment  are  sold,  the  related  cost and
         accumulated  depreciation  for operating  leases and the net investment
         for direct financing leases, plus any accrued rental income or deferred
         rental  income,  will be  removed  from the  accounts  and any gains or
         losses from sales will be reflected in operations.  Management  reviews
         its   properties  for   impairment   whenever   events  or  changes  in
         circumstances  indicate that the carrying  amount of the assets may not
         be recoverable  through  operations.  Management  determines whether an
         impairment  in value has occurred by  comparing  the  estimated  future
         undiscounted cash flows,  including the residual value of the property,
         with the carrying cost of the individual property.  If an impairment is
         indicated, the assets are adjusted to their fair value.

         Mortgage  Loans Held for Sale - Mortgage loans held for sale are stated
         at lower of cost or fair market value,  determined in the aggregate for
         each  portfolio.  The fair value of the mortgage notes held for sale is
         estimated  based on one of the  following  methods:  (i) quoted  market
         prices or, in the absence of quoted  prices (ii)  present  value of the
         expected cash flows.

         Mortgage  Loan  Origination  Fees and Costs - The Company  accounts for
         loan  origination  fees and costs incurred in connection  with mortgage
         loans  held  for  sale,  mortgage  loans,  equipment  and  other  notes
         receivable  in  accordance  with  Statement  of  Financial   Accounting
         Standards  No.  91,   "Accounting  for  Nonrefundable  Fees  and  Costs
         Associated with Originating or Acquiring Loans and Initial Direct Costs
         of Leases." This  statement  requires the deferral of loan  origination
         fees and the  capitalization  of direct loan costs.  The fees deferred,
         net of the costs capitalized,  are amortized to income over the life of
         the loans.  Loan  origination  fees and costs related to mortgage loans
         held for sale, net of amounts previously  amortized,  are recognized as
         income when the related loan is sold.


<PAGE>


                       CNL AMERICAN PROPERTIES FUND, INC.
                                AND SUBSIDIARIES

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

                  Years Ended December 31, 2000, 1999 and 1998


1.       Significant Accounting Policies - Continued:
         -------------------------------------------

         Allowance  for  Uncollected  Amounts - Whenever it appears  that future
         collection  of  principal  on specific  mortgage or  equipment or other
         notes  appears  doubtful,  a valuation  allowance is  established.  The
         allowance  represents  the  difference  between  the  stated  amount at
         December 31 and the net realizable value management  expects to receive
         relating to the note.

         Other   Investments   -  The   Company   determines   the   appropriate
         classification  of  other  investments  at the  time  of  purchase  and
         re-evaluates  such designation at each balance sheet date.  Investments
         classified  as held to maturity  are carried at their  amortized  cost.
         Investments  classified as available for sale  securities are stated at
         fair  market  value.  The market  value  adjustment  is included in the
         accumulated  other  comprehensive  income.  Investments  classified  as
         trading  securities are recorded at market and changes are reflected in
         operations.

         Cash and Cash  Equivalents  - The Company  considers  all highly liquid
         investments  with a maturity of three months or less when  purchased to
         be cash  equivalents.  Cash  and cash  equivalents  consist  of  demand
         deposits at commercial  banks,  money market funds and  certificates of
         deposit.  Cash  equivalents  are stated at cost plus accrued  interest,
         which approximates market value.

         Cash accounts maintained on behalf of the Company in demand deposits at
         commercial  banks,  money market funds and  certificates of deposit may
         exceed  federally  insured  levels;   however,   the  Company  has  not
         experienced any losses in such accounts.

         Restricted   Cash  -  Restricted  cash  relates  to  cash  received  in
         connection  with  certain  securitized  assets  and  Triple  Net  Lease
         Mortgage Bonds which is subject to certain  restrictions until released
         by the trustee by the end of the following month.

         Derivative   Financial   Instruments  -  The  Company  uses  derivative
         financial instruments to manage interest rate exposures that exist as a
         part of its ongoing  business  operations.  The portfolio of fixed-rate
         mortgage loans and net leases held for sale through  securitization  is
         funded on an interim  basis by the  Company's  variable  rate  mortgage
         warehouse  facilities.  The  Company  hedges  against  fluctuations  in
         interest rates. The Company does not hold or issue derivative financial
         instruments for speculative trading purposes. The



<PAGE>


                       CNL AMERICAN PROPERTIES FUND, INC.
                                AND SUBSIDIARIES

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

                  Years Ended December 31, 2000, 1999 and 1998


1.       Significant Accounting Policies - Continued:
         -------------------------------------------

         instruments used are interest rate swap agreements. The Company intends
         to terminate these off-balance  sheet contracts upon  securitization of
         the fixed-rate  mortgage loans and net leases.  At this time,  both the
         gain or loss on the sale of the  loans and net  leases  and the gain or
         loss on the termination of the interest rate contracts will be measured
         and recognized.

         The  Company   would  be  exposed  to  credit  loss  in  the  event  of
         nonperformance  by the  counterparties  to the interest rate contracts.
         The Company  minimizes  its credit risk on these  transactions  by only
         dealing  with  leading,   creditworthy   financial   institutions  and,
         therefore, does not anticipate nonperformance.

         Servicing Rights - The Company  securitizes or sells its mortgage notes
         and net lease receivables.  Concurrent with these securitizations,  the
         servicing  rights related to these  securitized  mortgage notes and net
         lease  receivables are granted to CNL Financial  Services,  LP (CFS), a
         subsidiary of the Company. CFS receives a percentage,  based on monthly
         maximum  outstanding  balances,  annually in exchange for servicing the
         securitized mortgage note and net lease receivables.

         Goodwill - Goodwill  represents the remaining excess purchase price and
         related   costs   over   the   fair   value   assigned   to   the   net
         assets/liabilities  of CNL Financial  Services,  Inc. and CNL Financial
         Corporation  and  its  subsidiaries  acquired  on  September  1,  1999.
         Goodwill also includes the value assigned to Bank of America  franchise
         originations group and the activities of CNL Advisory Services acquired
         in exchange  for the  issuance of  partnership  interests.  Goodwill is
         amortized on a straight-line  basis over 20 years.  The Company reviews
         goodwill  for  impairment  in  accordance  with  Statement of Financial
         Accounting   Standards  No.  121  "Accounting  for  the  Impairment  of
         Long-Lived  Assets and for  Long-Lived  Assets to be Disposed  Of." The
         measurement of possible impairment is based primarily on the ability to
         recover the balance of the goodwill from expected future operating cash
         flows on an undiscounted  basis. In management's  opinion,  no material
         impairment exists at December 31, 2000.

         Loan Costs - Intangibles  and other assets  include loan costs incurred
         in  connection  with the Company's  note  payable,  credit and mortgage
         warehouse  facilities and bonds payable that have been  capitalized and
         are  being  amortized  over  the  term of the  relate  debt  using  the
         straight-line method which approximates the effective interest method.


<PAGE>


                       CNL AMERICAN PROPERTIES FUND, INC.
                                AND SUBSIDIARIES

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

                  Years Ended December 31, 2000, 1999 and 1998


1.       Significant Accounting Policies - Continued:
         -------------------------------------------

         Loan  costs  are  included  in  intangibles  and  other  assets  in the
         financial statements. As of December 31, 2000 and 1999, the Company had
         aggregate gross loan costs of $28,039,716 and $6,048,031, respectively.
         As of December  31,  2000 and 1999,  accumulated  amortization  totaled
         $8,688,232 and $977,789, respectively.

         Income  Taxes - The  Company has made an election to be taxed as a REIT
         under the  Internal  Revenue  Code of 1986,  as  amended.  The  Company
         generally  will not be  subject to federal  corporate  income  taxes on
         amounts distributed to stockholders,  providing it distributes at least
         95  percent  of  its  REIT  taxable  income  and  meets  certain  other
         requirements for qualifying as a REIT.

         Accordingly, no provision for federal income taxes has been made in the
         accompanying  consolidated  financial  statements.  Notwithstanding the
         Company's  qualification for taxation as a REIT, the Company is subject
         to certain state taxes on its income and property.

         Effective  January 1, 2001,  the CFN holding  subsidiary  elected to be
         treated as a taxable REIT subsidiary  pursuant to the provisions of the
         REIT Modernization Act.

         Earnings Per Share - Basic earnings per share are calculated based upon
         net earnings (income available to common  stockholders)  divided by the
         weighted  average number of shares of common stock  outstanding  during
         the  reporting   period.   As  discussed  in  Note  11,  the  Company's
         subsidiary,  CFN, has entered into a  subordinated  note payable with a
         conversion  feature that allows one of the partners to convert the note
         into  additional  ownership  of the  subsidiary.  For  the  year  ended
         December  31,  2000,  the  impact  of  this   conversion   feature  was
         antidilutive.

         Use of  Estimates  -  Management  of the  Company  has made a number of
         estimates  and  assumptions  relating  to the  reporting  of assets and
         liabilities and the disclosure of contingent  assets and liabilities to
         prepare  these  financial   statements  in  conformity  with  generally
         accepted accounting principles.  Actual results could differ from those
         estimates.

         Reclassification   -  Certain  items  in  the  prior  years'  financial
         statements   have  been   reclassified   to   conform   with  the  2000
         presentation.  These  reclassifications  had no effect on stockholders'
         equity or net earnings.

         New  Accounting  Standards  - In June 1998,  the  Financial  Accounting
         Standards Board issued Statement of Financial  Accounting Standards No.
         133,  "Accounting for Derivative  Instruments and Hedging  Activities."
         The  Statement  establishes  accounting  and  reporting  standards  for
         derivative  instruments,  including certain derivative  instruments

              CNL AMERICAN PROPERTIES FUND, INC. AND SUBSIDIARIES
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

                  Years Ended December 31, 2000, 1999 and 1998


1.       Significant Accounting Policies - Continued:
         -------------------------------------------

         embedded in other contracts  (collectively referred to as derivatives),
         and for hedging  activities.  The statement requires the recognition of
         all  derivatives  as either assets or  liabilities in the balance sheet
         and  measurement of those  instruments at fair value. In June 1999, the
         Financial  Accounting  Standards  Board  issued  Statement of Financial
         Accounting  Standards No. 137,  "Accounting for Derivative  Instruments
         and  Hedging  Activities--  Deferral  of the  Effective  Date  of  FASB
         Statement No. 133, an Amendment of FASB  Statement No. 133."  Statement
         No. 137 defers the effective date of Statement No. 133, "Accounting for
         Derivative  Instruments and Hedging Activities" for one year. Statement
         No. 133, as amended,  is now effective  for all fiscal  quarters of all
         fiscal years beginning after June 15, 2000.

         FAS 133 requires  that all  derivative  instruments  be recorded on the
         balance sheet at fair value.  Changes in the fair value of  derivatives
         are  recorded  each period in current  earnings or other  comprehensive
         income,  depending on whether a derivative  is  designated as part of a
         hedge  transaction  and,  if it is,  depending  on the  type  of  hedge
         transaction.  For fair-value hedge transactions in which the Company is
         hedging changes in an asset's or liability's fair value, changes in the
         fair value of the derivative instrument will generally be offset in the
         income  statement  by changes  in the hedged  item's  fair  value.  For
         cash-flow  hedge  transactions  in which the  Company  is  hedging  the
         variability of cash flows related to a variable-rate  asset, changes in
         the fair value of the derivative  instrument  will be reported in other
         comprehensive income. The gains and losses on the derivative instrument
         that are reported in other  comprehensive  income will be recognized in
         operations  in the  periods  in  which  earnings  are  impacted  by the
         variability  of the cash  flows of the  hedged  item.  The  ineffective
         portion of all hedges will be recognized in current-period earnings.

         The  Company  estimates  that on  January  1,  2001 it  will  record  a
         cumulative  effect  adjustment of $21.2 million  (loss) to recognize at
         fair value all derivative instruments that are designated as fair-value
         hedging  instruments.  The  Company  expects  to record  an  offsetting
         cumulative  effect  adjustment of $17.3  million  (gain) in earnings to
         recognize the difference (attributable to the hedged risks) between the
         carrying   values  and  fair  values  of  related   hedged   assets  or
         liabilities.

         In  addition,  the Company  estimates  that it will record a cumulative
         effect   adjustment  of  $5.2  million  (loss)  in  accumulated   other
         comprehensive   income  to  recognize  at  fair  value  all  derivative
         instruments that are designated as cash-flow hedging instruments.




<PAGE>

                       CNL AMERICAN PROPERTIES FUND, INC.
                                AND SUBSIDIARIES

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

                  Years Ended December 31, 2000, 1999 and 1998



1.       Significant Accounting Policies - Continued:
         -------------------------------------------

         In December 1999, the Securities and Exchange Commission released Staff
         Accounting  Bulletin  No. 101 ("SAB 101"),  which  provides the Staff's
         views on applying generally accepted accounting  principles to selected
         revenue  recognition issues. SAB 101 is not expected to have a material
         impact on the  Company's  results of  operations.  SAB 101 requires the
         Company to defer recognition of certain  percentage rental income until
         certain  thresholds  are met.  The Company  adopted  SAB 101  beginning
         January 1, 2000 without restatement of prior periods.

2.       Land, Buildings and Equipment on Operating Leases:
         -------------------------------------------------

         Land,  buildings  and  equipment on operating  leases  consisted of the
         following at December 31:

<TABLE>
<CAPTION>
<S><C>

                                                                    2000                     1999
                                                              ------------------       -----------------

                Land                                              $ 381,703,694            $330,002,516
                Buildings                                           423,068,023             336,439,361
                Equipment                                             2,345,719               2,345,719
                                                              ------------------       -----------------
                                                                    807,117,436             668,787,596
                Less accumulated depreciation                       (24,922,388 )           (14,742,596 )
                                                              ------------------       -----------------
                                                                    782,195,048             654,045,000
                Construction in progress                              8,389,474              31,822,051
                                                              ------------------       -----------------
                                                                    790,584,522             685,867,051
                Less allowance for loss on
                    land and buildings                               (4,980,450 )            (4,656,707 )
                                                              ------------------       -----------------

                                                                  $ 785,604,072            $681,210,344
                                                              ==================       =================
</TABLE>

         Substantially  all property leases have initial terms of 13 to 25 years
         (most expiring  between 2006 and 2024) and provide for minimum rentals.
         In addition, the majority of the property leases provide for contingent
         rentals  and/or  scheduled rent increases over the terms of the leases.
         Most  leases  also allow the tenant to  purchase  the  property  at the
         greater of the Company's purchase price plus a specified  percentage of
         such purchase  price or fair market value after a specified  portion of
         the lease has elapsed.



<PAGE>



                       CNL AMERICAN PROPERTIES FUND, INC.
                                AND SUBSIDIARIES

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

                  Years Ended December 31, 2000, 1999 and 1998


2.       Land, Buildings and Equipment on Operating Leases-Continued:
         -----------------------------------------------------------

         Some leases also provide for scheduled  rent  increases  throughout the
         lease term and/or rental payments during the construction of a property
         prior to the date it is placed in service.  Such amounts are recognized
         on a straight-line basis over the terms of the leases commencing on the
         date the  property is placed in service.  For the years ended  December
         31, 2000,  1999, and 1998, the Company  recognized  $9,384,482  (net of
         $496,717 in reserves and  reversals),  $5,143,552 (net of $1,149,333 in
         reserves and reversals),  and $2,734,767 (net of $1,017,773 in reserves
         and reversals), respectively, of such rental income.

         During 2000 and 1999,  the Company  sold several  properties  that were
         subject to operating  leases,  and received net proceeds of $12,833,063
         and  $4,327,873,  respectively.  The sales in 2000 and 1999 resulted in
         losses of $732,334 and $781,192,  respectively, for financial reporting
         purposes.  The  Company  reinvested  the  proceeds  from  the  sale  of
         properties in additional properties.

         In 2000 and 1999,  the Company  recorded  provisions for losses on land
         and buildings  totaling  $1,659,380 and $4,045,173,  respectively,  for
         financial  reporting  purposes  relating  to  several  Properties.  The
         tenants of these  Properties  experienced  financial  difficulties  and
         ceased payment of rents under the terms of their lease agreements.  The
         allowances  represent the amount necessary to reduce the carrying value
         to net  realizable  value of the  properties  at December  31, 2000 and
         1999.

         The  following  is a schedule of future  minimum  lease  payments to be
         received on the noncancellable operating leases at December 31, 2000:

                     2001                                  $ 66,317,202
                     2002                                    66,990,703
                     2003                                    68,125,563
                     2004                                    70,019,102
                     2005                                    71,101,894
                     Thereafter                             841,912,227
                                                    --------------------

                                                         $1,184,466,691
                                                    ====================

         These  amounts also do not include  minimum  lease  payments  that will
         become due when  properties  under  development are completed (see Note
         18).


<PAGE>


                       CNL AMERICAN PROPERTIES FUND, INC.
                                AND SUBSIDIARIES

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

                  Years Ended December 31, 2000, 1999 and 1998


3.       Net Investment in Direct Financing Leases:
         -----------------------------------------

 The following lists the components of net investment in direct financing leases
at December 31:

<TABLE>
<CAPTION>
<S><C>
                                                                       2000                    1999
                                                                  ------------------      ------------------

                   Minimum lease payments
                       receivable                                     $ 348,616,476            $302,703,373
                   Estimated residual values                             41,999,616              33,029,911
                   Interest receivable from
                       secured equipment leases                              63,032                 167,502
                   Less unearned income                                (217,406,307 )          (186,423,569 )
                   Less allowance for loss on
                       direct financing leases                           (4,051,401 )            (3,734,022 )
                                                                  ------------------      ------------------

                   Net investment in direct
                       financing leases                               $ 169,221,416            $145,743,195
                                                                  ==================      ==================
</TABLE>

         The secured  equipment leases recorded as direct financing leases as of
         December  31, 2000,  provide for minimum  rentals  payable  monthly and
         generally  have  lease  terms  ranging  from four to seven  years.  The
         secured  equipment leases generally include an option for the lessee to
         acquire the equipment at the end of the lease term for a nominal fee.

         The  following  is a schedule of future  minimum  lease  payments to be
         received on direct financing leases at December 31, 2000:

                           2001                         $ 21,261,723
                           2002                           21,143,077
                           2003                           21,021,778
                           2004                           20,770,294
                           2005                           20,613,246
                           Thereafter                    243,806,358
                                                ---------------------

                                                       $ 348,616,476
                                                =====================

         During  1999,  the  Company  sold one  property,  that was subject to a
         direct  financing  lease.  The Company  received  net sale  proceeds of
         $974,560. The net sale proceeds

<PAGE>



                       CNL AMERICAN PROPERTIES FUND, INC.
                                AND SUBSIDIARIES

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

                  Years Ended December 31, 2000, 1999 and 1998


3.       Net Investment in Direct Financing Leases - Continued:
         -----------------------------------------------------

         approximated  the carrying value of the property,  resulting in no gain
         or  loss.  The  Company  reinvested  the  proceeds  from the sale in an
         additional  property.  No sales of direct  financing leases occurred in
         2000.

         During the years ended December 31, 2000 and 1999, the Company received
         proceeds from various borrowers for the prepayment of 11 and 16 secured
         equipment leases,  respectively.  The Company collected  $1,848,664 and
         $2,252,766,  respectively,  which  was  approximately  equal to the net
         investment  in  the  direct   financing  leases  at  the  time  of  the
         prepayment.  As a result,  no gain or loss was recognized for financial
         reporting purposes.

         The Company  recorded  provisions for losses on direct financing leases
         totaling $916,336 during the year ended December 31, 2000 for financial
         reporting purposes relating to several properties. The tenants of these
         properties  experienced  financial  difficulties  and ceased payment of
         rents  under  the  terms  of their  lease  agreements.  The  allowances
         represent  the amount  necessary  to reduce the  carrying  value of the
         properties  at December  31,  2000 to their  estimated  net  realizable
         value.

4.       Mortgage Loans Held for Sale:
         ----------------------------

         The loans  represent  first mortgage loans on land and/or  buildings of
         franchised restaurant businesses comprising  approximately $375 million
         in  fixed-rate  loans and  approximately  $20 million in  variable-rate
         loans.  Variable  rate  construction  loans  totaled  approximately  $8
         million at December 31,  2000.  The  fixed-rate  loans carry a weighted
         average interest rate of 9.72%. The variable-rate  loans carry interest
         rates  that  adjust  monthly  based  on a  30-day  LIBOR  plus a margin
         (average  interest rate was 9.98% at December 31,  2000).  The mortgage
         loans are being collected in monthly  installments  with maturity dates
         ranging from 2000 to 2020.  The  fixed-rate  mortgage  loans  generally
         prohibit prepayment for certain periods or require a prepayment penalty
         from the borrower.  The variable-rate  mortgage loans generally have no
         prepayment restrictions.



<PAGE>


                       CNL AMERICAN PROPERTIES FUND, INC.
                                AND SUBSIDIARIES

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

                  Years Ended December 31, 2000, 1999 and 1998


4.       Mortgage Loans Held for Sale-Continued:
         --------------------------------------

         Mortgage loans held for sale consisted of the following at December 31:

<TABLE>
<CAPTION>
<S><C>

                                                               2000                  1999
                                                        -------------------   -------------------

               Outstanding principal                          $400,952,189          $ 63,544,138
               Accrued interest income                           3,049,375               425,136
               Deferred financing income                        (2,274,221 )            (106,911 )
               Unamortized loan costs                                   --             1,143,683
               Valuation allowance                              (7,405,943 )            (551,011 )
               Allowance for uncollectible
                   mortgage notes                                       --              (988,561 )
                                                        -------------------   -------------------
                                                              $394,321,400          $ 63,466,474
                                                        ===================   ===================

</TABLE>


         During  the  third  quarter  of  1999,  the  Company   transferred  all
         outstanding balances previously classified as mortgage notes receivable
         to mortgage loans held for sale. Effective January 1, 2000, the Company
         reclassified $29,468,690 of these loans back to investments in mortgage
         notes receivable (see Note 5).

         Statement of Financial  Accounting  Standards No. 125,  "Accounting for
         Transfers  and  Servicing of Financial  Assets and  Extinguishments  of
         Liabilities,"   establishes   standards   for   the   recognition   and
         derecognition  of assets and  liabilities  subsequent  to a transfer of
         financial assets and  extinguishment  of the related  liabilities.  The
         Company has applied this Statement in accounting for securitizations.

         The Company believes,  based on current terms, that the carrying values
         of the mortgage  loans held for sale at December  31, 2000,  net of the
         valuation allowance, approximate fair value. The Company segregates its
         mortgage loans held for sale into two loan portfolios  (Portfolio A and
         Portfolio B, collectively "the Portfolios"). Portfolio A represents the
         Company's   potentially   securitizable   mortgage  loans   receivable;
         Portfolio B represents  other mortgage  loans.  Mortgage loans held for
         sale are stated at lower of cost or fair market  value,  determined  in
         the aggregate for each portfolio.  The fair value of the mortgage notes
         held for sale is estimated based on one of the following  methods:  (i)
         quoted  market  prices,  or in the absence of quoted market prices (ii)
         present value of the expected cash flows.


<PAGE>


                       CNL AMERICAN PROPERTIES FUND, INC.
                                AND SUBSIDIARIES

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

                  Years Ended December 31, 2000, 1999 and 1998


4.       Mortgage Loans Held for Sale-Continued:
         --------------------------------------


         As of December  31, 2000 and 1999 the  approximate  cost and  estimated
         fair market  value of mortgage  loans held for sale for each  portfolio
         was as follows:

<TABLE>
<CAPTION>
<S><C>
                                                                   2000                      1999
                                                           ----------------------    ----------------------
               Portfolio A:
                   Cost                                              359,800,000                63,544,000
                   Estimated fair market value                       376,000,000                62,993,000

               Portfolio B:
                   Cost                                               41,143,000                         -
                   Estimated fair market value                        33,737,000                         -

</TABLE>

5.       Mortgage Notes Receivable:
         -------------------------

         As  discussed  in  Note 4,  Effective  January  1,  2000,  the  Company
         reclassified   $29,468,690   from  mortgage  loans  held  for  sale  as
         investments in mortgage notes receivable.

         Mortgage notes receivable consisted of the following at December 31:

<TABLE>
<CAPTION>
<S><C>
                                                                       2000                    1999
                                                                  ----------------       -----------------

               Outstanding principal                                  $24,674,407                 $    --
               Accrued interest income                                    281,850                      --
               Deferred financing income                                  (60,532 )                    --
               Unamortized loan costs                                     767,519                      --
               Allowance for uncollectible
                   mortgage notes                                         (81,172 )                    --
                                                                  ----------------       -----------------

                                                                      $25,582,072                 $    --
                                                                  ================       =================
</TABLE>

         Management  believes  that the estimated  fair value of mortgage  notes
         receivable at December 31, 2000 approximated the outstanding  principal
         amount, net of the provision for uncollectible mortgage notes, based on
         estimated  current  rates  at  which  similar  loans  would  be made to
         borrowers with similar credit and for similar maturities.



<PAGE>


                       CNL AMERICAN PROPERTIES FUND, INC.
                                AND SUBSIDIARIES

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

                  Years Ended December 31, 2000, 1999 and 1998


6.       Equipment and Other Notes Receivable:
         ------------------------------------

         In 2000 and 1999,  the Company  entered into several  promissory  notes
         with several borrowers for equipment and other financing for a total of
         $1,111,496,  and  $26,470,671,  respectively.  The promissory notes are
         collateralized  by  restaurant  equipment.  The  promissory  notes bear
         interest at rates  ranging from ten percent to 11 percent per annum and
         are due in monthly  installments  with maturity dates ranging from 2001
         to 2007.

         Equipment  and other notes  receivable  consisted  of the  following at
         December 31:

<TABLE>
<CAPTION>
<S><C>
                                                                           2000                   1999
                                                                      ---------------        ----------------

                  Outstanding principal                                  $46,870,639             $42,563,436
                  Accrued interest income                                  3,349,727               1,120,767
                  Deferred financing income                                  (24,628 )               (24,365 )
                  Unamortized loan costs                                      20,159                  88,582
                  Allowance for uncollectible notes
                      receivable                                          (3,026,645 )            (1,000,000 )
                                                                      ---------------        ----------------

                                                                         $47,189,252             $42,748,420
                                                                      ===============        ================
</TABLE>


         Management  believes  that the  estimated  fair value of equipment  and
         other notes  receivable at December 31, 2000 and 1999  approximates the
         outstanding  principal  amount,  net of the provision for uncollectible
         notes  receivable,  based on estimated  current  rates at which similar
         loans would be made to borrowers  with  similar  credit and for similar
         maturities.

7.       Other Investments:
         -----------------

         In August 1998 the Company acquired an investment in certain  franchise
         loan certificates (the "1998 Certificates") issued in connection with a
         mortgage  loan  securitization  transaction  sponsored by CNL Financial
         Corporation,  which was an affiliate  prior to its  acquisition  by the
         Company in 1999 (see Note 14).  Certain of the 1998  Certificates  bear
         interest  at an 8.4%  pass  through  rate  with an  effective  yield of
         11.46%.  Other 1998  Certificates  bear  interest  at  adjustable  pass
         through rates which generated an effective yield of 9.16% in 2000.


<PAGE>


                       CNL AMERICAN PROPERTIES FUND, INC.
                                AND SUBSIDIARIES

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

                  Years Ended December 31, 2000, 1999 and 1998


7.       Other Investments-Continued:
         ---------------------------

         At  December  31,  2000  the  carrying  value  of this  investment  was
         $16,568,238.  At December 31,  2000,  the fair market value of the 1998
         Certificates was $10,463,057. The difference between the carrying value
         and fair  value at  December  31,  2000 is the result of using a higher
         discount rate at December 31, 2000 to determine fair value. At the time
         the investments  were acquired,  the discount rate ranged from eight to
         15  percent,  whereas  discount  rates used for the  December  31, 2000
         valuation  ranged  from  13  to  25  percent  due  to  changing  market
         conditions.

         In  connection  with the merger on September 1, 1999 of the Company and
         CNL  Restaurant  Financial  Services  Group (See Note 14),  the Company
         acquired investments in an interest only certificate and other residual
         interests  with a fair market value of  $5,469,898.  The interest  only
         certificate  and  the  other  residual   interests  are  classified  as
         available  for sale  and are  carried  at fair  market  value  based on
         estimated  discounted cash flows.  The  accumulated  unrealized gain at
         December 31, 2000 was $242,330.

         In August 1999, the Company created and retained a residual interest in
         a $500 million loan sale facility  syndicated  with two third  parties.
         This facility permitted the Company to sell loans on a regular basis to
         a trust at an agreed upon  advance  rate.  As of December  31, 1999 the
         Company had sold loans with an  approximate  principal  balance of $300
         million to the trust.  In  October of 2000 the trust  relating  to this
         facility  liquidated  and the Company  received  mortgage  loans net of
         related  debt of  approximately  $31  million  and  recorded a loss (of
         approximately $3.1 million) on liquidation of the residual interest.

         Certain  mortgage  loans  originated  or  purchased by the Company were
         securitized in November 1999 and Franchise Loan Trust Certificates were
         sold  to  investors.   The   securitization   resulted  in  a  loss  of
         approximately $1 million.  The Company  retained  certain  subordinated
         investment securities, ("the 1999 Certificates"). The 1999 Certificates
         totaling  $21,142,843  at December 31, 1999 were recorded by allocating
         the previous  carrying amount of the mortgages  between the assets sold
         and the  retained  interests  based  on  their  relative  fair  values.
         Approximately  $7.7 million of the 1999 Certificates were classified as
         available for sale and were sold in April 2000. The


<PAGE>


                       CNL AMERICAN PROPERTIES FUND, INC.
                                AND SUBSIDIARIES

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

                  Years Ended December 31, 2000, 1999 and 1998


7.       Other Investments-Continued:
         ---------------------------

         remaining   balance  of   approximately   $13.4  million  of  the  1999
         Certificates  are  classified  as held to maturity.  As of December 31,
         2000, the Company  recognized a permanent  impairment of  approximately
         $2.2 million on the residual value of the investment.

         The key  assumptions  used in  calculating  the value of these retained
         interests  at the time of  securitization  are based on  normal  market
         assumptions as follows:

         o    five  percent   prepayment  penalty  computed  after  taking  into
              consideration  the period of time  covered by a yield  maintenance
              and lockout prepayment penalties;

         o    a cumulative default ratio (CDR) of zero;

         o    prevailing  market  discount  rates at the time of  securitization
              generally  ranging  from 8.36% to 65.1%;  and

         o    weighted  average  lives  ranging  from 6.17 to 17.81 years on the
              certificated traunches.

         Subsequently,  the values of the retained securities are measured using
         the same prepayment and CDR assumptions  with adjustments to prevailing
         market discount rates based on consultations with investment bankers.

         The following  table shows the effects on an individual  key assumption
         under   two   negative   scenarios.   Prepayment   assumptions,   after
         consideration  of  yield  maintenance  and  lockout,  would  not have a
         further material impact on these scenarios.

<TABLE>
<CAPTION>
<S><C>

                                                                        1998-1                   1999-1
                                                                     Certificates             Certificates
                                                                    ($ in millions)         ($ in millions)
                                                                   ------------------       -----------------
         Fair value of retained interests                                $15.9                    $13.9

         Weighted-average life (in years) of
             certificated traunches.                                      12.6                     17.2

         Residual cash flows discount rate (annual)

         Impact on fair value of 10% adverse change                       $0.6                     $0.7
         Impact on fair value of 20% adverse change                       $1.2                     $1.3

         Expected Credit Losses (annual rate)

         Impact on fair value of 2% adverse change                        $2.6                     $3.8
         Impact on fair value of 3% adverse change                        $1.8                     $2.1

</TABLE>


<PAGE>


                       CNL AMERICAN PROPERTIES FUND, INC.
                                AND SUBSIDIARIES

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

                  Years Ended December 31, 2000, 1999 and 1998


7.       Other Investments-Continued:
         ---------------------------

         These  sensitivities  are hypothetical and should be used with caution.
         As the figures  indicate,  changes in fair value based on a  percentage
         variation in assumptions  generally cannot be extrapolated  because the
         relationship  of the change in  assumption  to the change in fair value
         may not be linear.  Also, in this table, the effect of a variation in a
         particular  assumption  on the fair value of the  retained  interest is
         calculated without changing any other assumption;  in reality,  changes
         in one factor may result in changes in another (for example,  increases
         in market interest rates may result in lower  prepayments and increased
         credit losses), which might magnify or counteract the sensitivities.

         The  following  table  represents  the  securitized  portfolio  and all
managed loans as of December 31:

<TABLE>
<CAPTION>
<S><C>
                                                                                       Principal Amount > 60 Days
                                                    Total Principal Amount                      Past Due
                                               ----------------------------------    -------------------------------
                   Type of Loan                     2000               1999              2000             1999
         ----------------------------------    ---------------    ---------------    -------------    --------------

         Mortgage loans                          $ 940,136,402     $ 567,799,134      $ 8,208,908       $ 5,807,905
         Equipment and other loans                  46,870,639        42,563,436       41,314,290        36,414,920
                                              ----------------   ----------------   --------------   ---------------

         Total loans managed or
              securitized:                         987,007,041       610,362,570       49,523,198        42,222,825

         Less:
              Loans securitized                   (512,154,161)     (533,416,784 )             --                --
              Loans held for sale or
                  securitization                  (403,307,834)      (34,382,350 )     (1,162,535 )              --
                                              ----------------   ----------------   --------------   ---------------

         Loans held in portfolio  (Notes 5        $ 71,545,046      $ 42,563,436     $ 48,360,663      $ 42,222,825
         & 6)
                                              ================   ================   ==============   ===============

</TABLE>

         The Company has had no  charge-offs  for the periods ended December 31,
2000 or 1999.

8.       Credit Facility:
         ---------------

         At December 31, 1998, the Company had a revolving $35,000,000 unsecured
         line of  credit  with a bank  which  enabled  the  Company  to  receive
         advances  to provide  equipment  financing,  to  purchase  and  develop
         properties  and to fund  mortgage  loans.  In June  1999,  the  Company
         obtained a new unsecured  revolving  credit facility in an amount up to
         $300,000,000 (the "Credit Facility").  In June 2000, at the time of the
         strategic  alliance with Bank of America,  the Company  terminated  its
         $300 million credit facility and


<PAGE>


                       CNL AMERICAN PROPERTIES FUND, INC.
                                AND SUBSIDIARIES

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

                  Years Ended December 31, 2000, 1999 and 1998


8.       Credit Facility- Continued:
         --------------------------

         entered into a new $125 million unsecured revolving credit facility and
         a $175 million  unsecured  bridge  financing.  The $175 million  bridge
         facility  was  repaid  from the  proceeds  of the  bonds  (see Note 12)
         leaving the Company with the $125  million  revolving  credit  facility
         (the "Credit Facility").  At December 31, 2000, the outstanding balance
         on the Credit  Facility was $80 million.  In connection  with obtaining
         the Credit Facility,  the Company incurred  commitment fees, legal fees
         and closing costs of  approximately  $2 million which were  capitalized
         and are being amortized over two years.  Interest on advances under the
         Credit Facility is determined  according to (i) a tiered rate structure
         between 175 and 215 basis points above LIBOR (based upon the  Company's
         overall  leverage  ratio) or (ii) the  lenders'  prime rate plus 0.25%,
         whichever the Company selects at the time of each advance.

         The principal  balance,  together with all unpaid  interest,  is due in
         full upon  termination  of the Credit  Facility on June 15,  2002.  The
         Credit  Facility  includes  financial  covenants  which provide for the
         maintenance of certain financial ratios.  The Company was in compliance
         with all such covenants as of December 31, 2000. The Company  believes,
         based on current terms,  that the carrying value of its Credit Facility
         at December 31, 2000 and 1999,  approximates  fair value.  The weighted
         average interest rate during 2000 was 8.8%.

         In June 1999,  in  connection  with the Credit  Facility,  the  Company
         entered  into an  interest  rate swap  agreement.  In April  2000,  the
         Company terminated this swap agreement relating to the Credit Facility,
         and purchased a two year interest rate cap for a $200,000,000  notional
         principal balance (the "Cap"). The purpose of the Cap was to reduce the
         impact of rising  interest  rates on its floating rate debt. The amount
         paid to the Company was equal to  $200,000,000  multiplied by LIBOR for
         the periods  outlined  above.  In August 2000, the Company  reduced the
         notional  amount  of  the  interest  rate  cap  to  $100,000,000.   The
         combination  of the Cap  and the  Company's  obligation  result  in the
         Company paying  interest at a variable rate plus the spread above LIBOR
         on up to $100,000,000 of the  outstanding  Credit Facility  balance for
         periods  when LIBOR is below  7.50%.  When  LIBOR  reaches  7.50%,  the
         Company pays the  variable  rate and receives the spread above LIBOR on
         up to $100,000,000.

9.       Note Payable:
         ------------

         In October 1999,  the Company  entered into a secured  credit  facility
         (the "Secured Credit  Facility") in the amount of  $147,000,000,  which
         will expire in October 2002. The



<PAGE>


                       CNL AMERICAN PROPERTIES FUND, INC.
                                AND SUBSIDIARIES

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

                  Years Ended December 31, 2000, 1999 and 1998


9.       Note Payable-Continued:
         ----------------------

         proceeds of the Secured  Credit  Facility  are  intended to be used for
         property  acquisitions.  During 2000, the Company used a portion of the
         proceeds  received  from the issuance of the bonds (see Note 12) to pay
         down the Secured Credit  Facility.  Borrowings under the Secured Credit
         Facility  bear  interest at the rate of the lender's  commercial  paper
         plus 56 basis points per annum.  As of December 31, 2000,  the interest
         rate was 6.84%.  The  Secured  Credit  Facility  is  collateralized  by
         mortgages on properties and an assignment of rents.  As of December 31,
         2000, 93 properties and assignment of rents  collateralize  the Secured
         Credit  Facility with a value of  $121,306,928.  Under the terms of the
         Secured Credit  Facility,  the Company is required to maintain  certain
         financial  ratios and other  financial  covenants.  The  Company was in
         compliance with all such covenants as of December 31, 2000. The Company
         believes,  based  on  current  terms,  that the  carrying  value of its
         Secured  Credit  Facility at December  31, 2000 and 1999,  approximates
         fair value.

         The Company has initiated  several  interest rate swap  agreements with
         which it hedges the majority of the outstanding balance at December 31,
         2000 against  fluctuations in interest rates. The Company believes that
         its interest rate risk related to the Secured Credit  Facility has been
         mitigated by the use of interest rate swaps.

10.      Mortgage Warehouse Facilities:

         At December 31, 1999, the Company had a $300 million mortgage warehouse
         facility ("Warehouse  Facility").  The facility bore interest at a rate
         of LIBOR plus 95 basis points per annum.  As of December 31, 1999,  the
         interest  rate was 6.77%.  As of  December  31,  1999,  the Company had
         $30,749,540  outstanding  under this  Warehouse  Facility.  The Company
         believed,  based on current terms,  that the carrying value at December
         31, 1999 approximated fair value.

         At December 31, 2000, the Company had two mortgage warehouse facilities
         with a total borrowing  capacity of $750 million  ("Mortgage  Warehouse
         Facilities")  including  funding  from Bank of  America.  Both of these
         Mortgage  Warehouse  Facilities enable the Company to provide net lease
         or mortgage  financing to franchised  businesses  prior to securitizing
         the loans through the  securitization  market.  The Mortgage  Warehouse
         Facilities are  collateralized  by  $394,321,400 of mortgage loans held
         for sale and  $115,931,911  of land,  buildings  and  direct  financing
         leases,  as of December 31, 2000. The facilities bear interest at LIBOR
         plus a weighted  average of 89 basis  points per annum.  As of December
         31, 2000 the  weighted  average  interest  rate for the two  facilities
         approximated  7.67%. After consideration of the Company's interest rate
         swaps, the effective weighted


<PAGE>


                       CNL AMERICAN PROPERTIES FUND, INC.
                                AND SUBSIDIARIES

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

                  Years Ended December 31, 2000, 1999 and 1998


10.      Mortgage Warehouse Facilities-Continued:
         ---------------------------------------

         average  interest rate for the outstanding  balance relating to the two
         Mortgage Warehouse Facilities was 7.98% for the year ended December 31,
         2000.  As of  December  31, 2000 the  Company  had  approximately  $464
         million  outstanding  under these Mortgage  Warehouse  Facilities.  The
         Company  believes,  based on current terms,  that the carrying value at
         December 31, 2000 approximates fair value.

11.      Subordinated Note Payable:
         -------------------------

         In June 2000,  CFN, a limited  partnership  in which the Company has an
         84.39%  interest,   entered  into  a  $43,750,000  senior  subordinated
         convertible  note payable  ("Subordinated  Note  Payable") with Bank of
         America which provides the Company  additional  working capital and the
         ability to purchase and develop  properties and to fund mortgage loans.
         This note is subordinated to the existing Mortgage Warehouse Facilities
         of the Company. The principal amount outstanding under the Subordinated
         Note  Payable  bears  interest  at a rate of  8.5%  per  annum  payable
         quarterly. The principal balance, together with all unpaid interest, is
         due in  full  upon  maturity  of the  note in June  2007.  The  Company
         believes,  based  on  current  terms,  that the  carrying  value of its
         Subordinated Note Payable at December 31, 2000 approximates fair value.

         As more  fully  described  in Note 1, Bank of  America  holds a limited
         partnership  interest  in CFN.  The  Subordinated  Note  Payable  has a
         conversion  feature  to  allow  the  bank,  subsequent  to a  specified
         conversion date, to have the outstanding note converted into additional
         limited  partnership  interests  in CFN. The fully  diluted  percentage
         interest  applicable  to  Bank  of  America  in the  event  the  entire
         commitment is converted is 29.12%.

12.      Bonds Payable:
         --------------

         In August of 2000, the Company issued Triple Net Lease Mortgage  Bonds,
         Series  2000-A.  The  bonds  have an  aggregate  principal  balance  of
         $280,906,000.  Collateral for the bonds consists of 257 commercial real
         estate  properties  leased  to  tenants,   with  a  carrying  value  of
         $339,436,331 as of December 31, 2000.  Interest on $103,706,000  (Class
         A-1) of bond  principal  is payable  monthly at 7.721% and  interest on
         $177,200,000  (Class A-2) of bond principal  balance is payable monthly
         at  8.044%.  Under  the  terms of the  bond  indenture,  monthly  lease
         payments  received  from  tenants and  available  for debt  service are
         generally  required to be applied  first to payment of interest on both
         Class A-1 and A-2,  then to payment of  principal on Class A-1 and then
         to payment of principal on Class A-2. If payments by the tenants on the
         leased properties


<PAGE>

                       CNL AMERICAN PROPERTIES FUND, INC.
                                AND SUBSIDIARIES

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

                  Years Ended December 31, 2000, 1999 and 1998


12.      Bonds Payable - Continued:

         are received as expected with no defaults or early terminations,  it is
         anticipated  that the Class A-1 bonds will have a final payment date in
         August 2009 and the Class A-2 bonds will have a final  payment  date in
         April 2017.

         These  payment  assumptions  are  expected  to result in the  following
         maturities in each of the following years:

   2001                                        $  3,777,531
   2002                                           6,200,000
   2003                                           8,300,000
   2004                                           9,300,000
   2005                                          11,400,000
   Thereafter                                   239,506,000
                                       ---------------------
                                              $ 278,483,531
                                       =====================

         The indenture relating to the bonds provides for an optional redemption
         of the bonds at their  remaining  principal  balance when the remaining
         amounts due under the leases that serve as collateral for the bonds are
         less than 10 percent of the  aggregate  initial  amounts  due under the
         leases.

13.      Distributions:
         -------------

         For the years ended December 31, 2000, 1999 and 1998,  approximately 40
         percent, 97 percent and 85 percent,  respectively, of the distributions
         received by  stockholders  were  considered  to be ordinary  income and
         approximately 60 percent,  three percent and 15 percent,  respectively,
         were considered a return of capital for federal income tax purposes. No
         amounts  distributed to  stockholders  for the years ended December 31,
         2000,  1999 and 1998 are  required  to be or have been  treated  by the
         Company  as a  return  of  capital  for  purposes  of  calculating  the
         stockholders' return on their invested capital.

14.      Mergers:
         -------

         On September 1, 1999, the Company acquired CNL Fund Advisors, Inc. (the
         "Advisor")  through the exchange of 100% of the  outstanding  shares of
         common stock of the Advisor for 3.8 million shares ($76,000,000) of the
         Company's  common stock.  The  acquisition  of the Advisor was recorded
         under the purchase method of accounting. The Company



<PAGE>


                       CNL AMERICAN PROPERTIES FUND, INC.
                                AND SUBSIDIARIES

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

                  Years Ended December 31, 2000, 1999 and 1998


14.      Mergers - Continued:
         -------------------

         expensed the excess purchase price (plus costs incurred  related to the
         acquisition)  over  the  fair  value  of the  net  assets  acquired  of
         $76,333,516.

         In addition,  on September 1, 1999, the Company  acquired CNL Financial
         Services,  Inc.  and CNL  Financial  Corporation  and its  subsidiaries
         (collectively,  "CNL Restaurant  Financial Services Group") through the
         exchange  of 100% of the  outstanding  shares of common  stock of those
         entities for 2.35 million shares  ($47,000,000) of the Company's common
         stock.  The  acquisition  was  recorded  under the  purchase  method of
         accounting.  The Company  recognized  the excess  purchase  price (plus
         costs incurred related to the  acquisition)  over the fair value of the
         net assets acquired,  of $45,703,072 as goodwill.  This amount is being
         amortized  over 20 years.  The Company  recorded  amortization  expense
         relating to goodwill of $2,747,617 as of December 31, 2000.

         Upon consummation of the mergers on September 1, 1999, all employees of
         the  acquired  entities  became  employees  of  the  Company,  and  any
         obligations  for the  Company  to pay  fees  to the  Advisor  (such  as
         acquisition  fees  and  asset  management  fees)  under  the  Company's
         advisory agreement terminated.

         As described above, as consideration in its acquisitions of the Advisor
         and CNL  Restaurant  Financial  Services  Group,  the Company paid 6.15
         million  shares.  Of the 6.15 million  shares  issued,  1.0 million are
         being held in escrow. The shares held in escrow will be released to the
         former  stockholders  of the Advisor and the CNL  Restaurant  Financial
         Services  Group  based  on  the  value  of  the  restaurant  properties
         acquired, mortgage loans made and development projects completed by the
         Company  during the "escrow term." The "escrow term" began on September
         1, 1999.  If the  Company  fails,  during the escrow  term,  to acquire
         restaurant  properties,  make mortgage  loans and complete  development
         projects  of at  least  $750  million  in  the  aggregate,  any  shares
         remaining  in escrow at the end of the escrow  term will be returned to
         the  Company,  and the former  stockholders  of the Advisor and the CNL
         Restaurant  Financial  Services Group will no longer have any rights to
         such Company  shares.  The  Company's  Board of  Directors  may, in its
         reasonable  discretion,  extend the escrow term for an  additional  six
         months  following the escrow term if it reasonably  believes that it is
         in the Company's best interest to do so.  Management  believes beyond a
         reasonable  doubt that the total number of shares will be released from
         escrow during the term and therefore,  the shares have been included in
         the  acquisition  price and  included  in issued  and  outstanding  for
         financial reporting purposes,  even though the unearned shares are held
         in escrow at December 31, 2000. As of December 31, 2000, 754,082 shares
         had been released from escrow.


<PAGE>


                       CNL AMERICAN PROPERTIES FUND, INC.
                                AND SUBSIDIARIES

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

                  Years Ended December 31, 2000, 1999 and 1998


15.      Related Party Transactions:
         --------------------------

         Prior to becoming  self-advised on September 1, 1999, certain directors
         and officers of the Company held  similar  positions  with the Advisor,
         and the managing dealer of the Company's  common stock  offerings,  CNL
         Securities Corp.

         During the years ended December 31, 1999 and 1998, the Company incurred
         $45,280  and  $33,944,963,   respectively,   in  fees  due  to  various
         affiliates  (including  the Advisor) for  services in  connection  with
         public  offerings of the Company's  shares,  $6,858,650 and $17,668,837
         respectively,   in  fees  related  to  the   operations   and  business
         acquisitions   of  the   Company   and   $2,685,887   and   $1,911,128,
         respectively,  in asset management fees. No such fees were incurred for
         the year ended December 31, 2000 due to the merger.

         CNL Securities  Corp. is entitled to receive,  in connection  with each
         common  stock  offering,  a  soliciting  dealer  servicing  fee payable
         annually by the Company  beginning on December 31 of the year following
         the year in which each  offering  terminated  in the amount of 0.20% of
         the  stockholders'  investment in the Company in  connection  with such
         offering.  CNL Securities Corp. in turn may reallow all or a portion of
         such fee to  broker-dealers  whose  clients  purchased  shares  in such
         offering and held shares on such date.  During 2000, 1999 and 1998, the
         Company incurred $1,493,436,  $1,493,437 and $300,206, respectively, of
         such fees, all of which were reallowed. The soliciting dealer servicing
         fee will terminate as of the beginning of any year in which the Company
         is  liquidated  or the shares  become  listed on a national  securities
         exchange or over-the-counter market.

         CNL  Financial  Group  and CNL  Shared  Services,  related  affiliates,
         provide certain administrative services (including services for tax and
         regulatory   compliance,   stockholder   distributions  and  reporting,
         investor  relations,  human  resources,  pay services,  purchasing  and
         information technology) to the Company on a day-to-day basis. The costs
         incurred  related to these functions were $4,491,980,  $2,842,283,  and
         $1,189,471  for the years ended  December  31,  2000,  1999,  and 1998,
         respectively.

         During the years ended December 31, 1999 and 1998, the Company acquired
         41 and five Properties, respectively, for approximately $39,700,000 and
         $8,770,000, respectively, from affiliates of the Company. Each Property
         was  acquired  at a cost no greater  than the lesser of the cost of the
         Property to the affiliate,  including carrying costs, or the Property's
         appraised value. Of the 41 Properties acquired from affiliates in 1999,
         38 were acquired


<PAGE>


                       CNL AMERICAN PROPERTIES FUND, INC.
                                AND SUBSIDIARIES

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

                  Years Ended December 31, 2000, 1999 and 1998


15.      Related Party Transactions-Continued:
         ------------------------------------

         for a total purchase price of approximately $36,800,000 from Commercial
         Net  Lease  Realty,   Inc.  ("NNN"),  a  publicly  traded  real  estate
         investment  trust.  James M. Seneff,  Jr., the Chairman of the Board of
         the Company,  is the Chairman of the Board and Chief Executive  Officer
         of NNN and Robert A. Bourne, Vice Chairman of the Board of the Company,
         is also  Vice  Chairman  of the  Board  of NNN.  This  transaction  was
         approved by the Company's independent  directors.  No such transactions
         occurred during the year ended December 31, 2000.

         As of December 31, 2000, the Company was in the process of finalizing a
         lease agreement for its office space (the "Lease") with an affiliate of
         James M. Seneff,  Jr., the Company's  Chairman of the Board.  The Lease
         provides for rent in the amount of  approximately  $1,015,000 per year,
         with a three percent increase  annually,  expiring in October 2014. The
         Company made rental payments during the year ended December 31, 2000 of
         approximately $835,000.

         Mortgage loans held for sale includes a $6,969,498  receivable from CNL
         Restaurant  Investors  Properties,  LLC ("CRIP"), a related party under
         common  control,  as of December 31, 2000.  Borrowings  are utilized by
         CRIP to  acquire or  construct  assets for lease  under  operating  and
         capital  lease  agreements  to  qualified  third  party  entities.  The
         Company's   receivable   from   CRIP  is   recorded   at  cost  and  is
         collateralized  by CRIP's  assets under  lease.  Interest is payable at
         rates ranging from 9.1 percent to 9.2 percent. Amounts are repayable to
         the Company in accordance with the monthly maturities  specified in the
         lease  agreements  entered  into  by  CRIP  and  qualified  third-party
         entities.  For the year ended December 31, 2000,  the Company  recorded
         interest income of $150,488.

         Equipment and other notes receivable  includes a $4,264,358  receivable
         from CNL Restaurant Property Services, Inc. ("Development"),  a related
         party under common  control,  as of December 31, 2000.  Borrowings  are
         utilized by Development to acquire or construct  assets for lease under
         operating  and  capital  lease  agreements  to  qualified  third  party
         entities. The Company's receivable from Development is recorded at cost
         and is collateralized by Development's assets under lease.  Interest is
         payable at a rate of prime plus 1%. The  interest  rate was 10.5% as of
         December  31, 2000.  Amounts are  repayable to the Company on or before
         April 2002.  For the year ended  December  31, 2000,  Company  recorded
         interest income of $216,714.

         The  Company,  through the  acquisition  of the Advisor on September 1,
         1999,  provides  certain  services  relating to  management  of related
         parties and their properties pursuant to management  agreements.  Under
         these  agreements,  the Company is responsible  for  collecting  rental
         payments, inspecting the properties and the tenants' books and records,

                       CNL AMERICAN PROPERTIES FUND, INC.
                                AND SUBSIDIARIES

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

                  Years Ended December 31, 2000, 1999 and 1998


15.      Related Party Transactions-Continued:
         ------------------------------------

         assisting in responding  to tenant  inquiries and notices and providing
         information  to the related  parties about the status of the leases and
         the properties.  For these services, the related parties have agreed to
         pay the Company an annual fee.  For the years ended  December  31, 2000
         and 1999, the Company earned $1,560,136 and $300,718,  respectively, of
         such fees.

         The due from related parties consisted of the following at December 31:

<TABLE>
<CAPTION>
<S><C>

                                                                         2000                      1999
                                                                  --------------------      -------------------

                 Management fees                                          $   165,684               $   69,143
                 Expenditures incurred on
                     behalf of the related parties
                     for accounting and
                     administrative services                                1,698,899                1,246,578
                                                                  --------------------      -------------------

                                                                         $  1,864,583             $  1,315,721
                                                                  ====================      ===================
</TABLE>

         In connection with the Mergers,  the Company issued 6.15 million shares
         to directors and officers of the Company and affiliates of the Company.

16.      Concentration of Credit Risk:
         ----------------------------

         During  the  year  ended  December  31,  1998,  Jack in the  Box,  Inc.
         (formerly  Foodmaker,   Inc.)  provided  $4,101,214  of  the  Company's
         revenues,  representing  more than ten percent of the  Company's  total
         rental,  earned,  investment and interest  income from its  properties,
         mortgage   loans   held  for  sale,   secured   equipment   leases  and
         Certificates. No individual lessee or borrower, or affiliated groups of
         lessees or borrowers represented more than ten percent of the Company's
         revenues during the years ended December 31, 2000 or 1999. In addition,
         during  the  year  ended  December  31,  1998,   Golden  Corral  Family
         Steakhouse  Restaurants  and Jack in the Box  provided  $4,373,687  and
         $4,101,214,  respectively, of the Company's revenues, each representing
         more than ten percent of the Company's total rental, earned, investment
         and interest income from its properties,  mortgage loans held for sale,
         secured  equipment  leases  and  Certificates.   No  restaurant  chains
         represented more than ten percent of the Company's  revenues during the
         years ended December 31, 2000 and 1999.


<PAGE>


                       CNL AMERICAN PROPERTIES FUND, INC.
                                AND SUBSIDIARIES

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

                  Years Ended December 31, 2000, 1999 and 1998


16.      Concentration of Credit Risk- Continued:
         ---------------------------------------

         Although the Company's properties are geographically diverse throughout
         the United  States and the Company's  lessees and  borrowers  operate a
         variety of restaurant concepts,  15 restaurant chains constitute 70% of
         the  properties  owned  by the  Company.  Failure  of any one of  these
         restaurant  chains  or any  one of  these  lessees  or  borrowers  that
         contributes a  significant  portion of the  Company's  rental,  earned,
         investment and interest income could  significantly  impact the results
         of operations of the Company if the Company is not able to re-lease the
         properties in a timely manner.

17.      Segment Information:
         -------------------

         In June 1997, the Financial Accounting Standards Board issued Statement
         of Financial Accounting Standards No. 131.  "Disclosures about Segments
         of an Enterprise and Related Information." This Statement requires that
         a  public  business   enterprise   report   financial  and  descriptive
         information about its reportable operating segments. Operating segments
         are  components  of  an  enterprise  about  which  separate   financial
         information  is  available  that is  evaluated  regularly  by the chief
         operating  decision maker in deciding how to allocate  resources and in
         assessing  performance.  This  Statement was effective for fiscal years
         beginning  after  December 15,  1997.  In  connection  with the changes
         described in Note 1, the Company began evaluating the business based on
         two distinct  lines of business.  Effective  June 1, 2000,  the Company
         created  separate  legal  entities  to operate and measure the lines of
         business. Those entities are: CNL Restaurant Properties, Inc. ("CNLRP")
         and CNL Franchise Network Corp. ("CFNC").  CRP is the parent company of
         CNL APF Partners,  and CFNC is the parent company of CFN. Prior to this
         date, the Company did not measure the operating segments, or manage the
         entities separately.

<PAGE>


                       CNL AMERICAN PROPERTIES FUND, INC.
                                AND SUBSIDIARIES

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

                  Years Ended December 31, 2000, 1999 and 1998


17.      Segment Information- Continued:
         ------------------------------

         CNLRP holds real estate,  mortgage loans, and equipment and other loans
         on a portfolio  basis.  CFNC  originates  mortgage loans and net leases
         with the intent to sell or securitize.  The following table  summarizes
         the  results  for the year 2000 with  segment  information  for the two
         lines of business subsequent to June 1, 2000.



<PAGE>

<TABLE>
<CAPTION>
<S><C>

                                                                    (June 1 -
                                                                  December 31)        (June 1 -
                                                                      CNL            December 31)
                                                                   Restaurant       CNL Franchise       Consolidated
                                               (January 1 -       Properties,        Network Corp          Totals
                                                 May 31)              Inc.                               Year Ended
                                             -----------------   ---------------    ---------------    ----------------

Revenues                                         $ 43,490,437      $ 61,015,976        $18,981,457       $ 123,487,870
General operating and administrative
     expenses                                      (7,249,419 )      (6,399,628 )      (11,297,211 )       (24,946,258 )
Property  expenses  and  state  and other
taxes                                              (2,406,453 )      (3,188,244 )                0          (5,594,697 )
Interest expense                                  (15,178,106 )     (20,854,525 )      (11,579,829 )       (47,612,460 )
Depreciation and amortization                      (5,555,416 )      (8,379,440 )       (3,779,072 )       (17,713,928 )
Transaction costs                                  (1,439,638 )      (8,174,322 )         (701,156 )       (10,315,116 )
Provision for Losses on assets                        (66,478 )      (2,509,238 )                0          (2,575,716 )
Gain (Loss) on sale of assets                          26,122          (747,352 )                0            (721,230 )
Loss on investment in securities                            0                 0         (5,347,659 )        (5,347,659 )
Provision  for  loss  on  mortgage  loans
    held for sale                                  (2,757,893 )               0         (4,097,039 )        (6,854,932 )
Minority interest and equity earnings                 (20,860 )         (29,202 )        1,171,351           1,121,289
                                             -----------------   ---------------    ---------------    ----------------

Net earnings/(loss)                                 8,842,296        10,734,025        (16,649,158 )         2,927,163

Assets at December 31, 2000                               N/A      $992,704,942       $608,663,158      $1,601,368,100
Investments   accounted   for  under  the
equity method at December 31, 2000                        N/A        $1,067,130                N/A          $1,067,130
Additions to long-lived assets:
     Real estate                                 $ 50,580,684      $ 15,792,244       $109,897,056       $ 176,269,984

</TABLE>


<PAGE>


                       CNL AMERICAN PROPERTIES FUND, INC.
                                AND SUBSIDIARIES

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

                  Years Ended December 31, 2000, 1999 and 1998


18.      Commitments and Contingencies:
         -----------------------------

         In the  ordinary  course  of  business,  the  Company  has  outstanding
         commitments  to qualified  borrowers and tenants that are not reflected
         in  the   accompanying   consolidated   financial   statements.   These
         commitments,  including  development  agreements,  if  accepted  by the
         potential  borrowers,  obligate  the  Company to provide  funding.  The
         accepted and unfunded commitment totaled  approximately $169 million at
         December  31,  2000 of  which  approximately  $37.2  million  has  been
         scheduled for closing.

19.      Selected Quarterly Financial Data:
         ---------------------------------

         The following table presents  selected  unaudited  quarterly  financial
         data for each fiscal  quarter  during the years ended December 31, 2000
         and 1999:
<TABLE>
C<S><C>

             2000 Quarter            First            Second            Third            Fourth            Year
          --------------------   ---------------   --------------   ---------------  ---------------  ------------------

          Revenue                   $26,512,006      $25,873,634       $27,988,253      $43,113,977      $123,487,870
          Net earnings/(loss)         7,379,504          654,926         3,576,046       (8,683,313 )       2,927,163
          Earnings/(loss) per
              share (Basic
              and Diluted)                 0.17             0.02              0.08            (0.20 )            0.07

             1999 Quarter            First            Second            Third            Fourth            Year
          --------------------   ---------------   --------------   ---------------  ---------------  ------------------

          Revenue                   $14,398,771      $17,751,584       $19,930,893      $23,970,360       $76,051,608
          Net earnings/(loss)        10,490,297       12,363,011       (66,181,634 )     (6,509,008 )     (49,837,334 )
          Earnings/(loss) per
              share (Basic
              and Diluted)                 0.28             0.33             (1.68 )          (0.15 )           (1.26 )

</TABLE>

<PAGE>


 Item 9.  Changes in and  Disagreements  with  Accountants  on Accounting and
          Financial Disclosure

          None.


                                    PART III


Item 10.   Directors and Executive Officers of the Registrant

         The  information  required by this Item is incorporated by reference to
the  Company's  Definitive  Proxy  Statement to be filed with the  Commission no
later than April 30, 2001.

Item 11.  Executive Compensation

         The  information  required by this Item is incorporated by reference to
the  Company's  Definitive  Proxy  Statement to be filed with the  Commission no
later than April 30, 2001.

Item 12.  Security Ownership of Certain Beneficial Owners and Management

         The  information  required by this Item is incorporated by reference to
the  Company's  Definitive  Proxy  Statement to be filed with the  Commission no
later than April 30, 2001.

Item 13.  Certain Relationships and Related Transactions

         The  information  required by this Item is incorporated by reference to
the Company's Definitive Proxy Statement to be filed with the Commission for its
annual stockholders' meeting to be held on June 14, 2001.


                                     PART IV


Item 14.  Exhibits, Financial Statement Schedules and Reports on Form 8-K

(a)      The following documents are filed as part of this report.

         1.  Consolidated Financial Statements

                  Report of Independent Certified Public Accountants

                  Consolidated Balance Sheets at December 31, 2000 and 1999

                  Consolidated  Statements  of  Operations  for the years  ended
                  December 31, 2000, 1999 and 1998.

                  Consolidated    Statements   of   Stockholders'   Equity   and
                  Comprehensive  Income (Loss) for the years ended  December 31,
                  2000, 1999 and 1998.

                  Consolidated  Statements  of Cash  Flows for the  years  ended
                  December 31, 2000, 1999 and 1998.

                  Notes to Consolidated Financial Statements

<PAGE>


         2.  Financial Statement Schedules

                  Schedule II - Valuation and Qualifying  Accounts for the years
                  ended December 31, 2000, 1999 and 1998

                  Schedule  III - Real Estate and  Accumulated  Depreciation  at
                  December 31, 2000

                  Notes  to  Schedule   III  -  Real   Estate  and   Accumulated
                  Depreciation at December 31, 2000

                  Schedule IV - Mortgage  Loans on Real  Estate at December  31,
                  2000

                  All other Schedules are omitted as the required information is
                  inapplicable  or is presented in the  financial  statements or
                  notes thereto.

         3.  Exhibits

                  2.1      Agreement  and  Plan  of  Merger,  by and  among  the
                           Registrant, CFA Acquisition Corp., CNL Fund Advisors,
                           Inc.  and CNL  Group,  Inc.,  dated  March  11,  1999
                           (Included  as  Exhibit  10.38  to  the   Registrant's
                           Registration Statement No. 333-74329 on Form S-4 (the
                           "Form  S-4") as  originally  filed  and  incorporated
                           herein by reference.)

                  2.2      Agreement  and  Plan  of  Merger,  by and  among  the
                           Registrant,  CFC Acquisition  Corp.,  CFS Acquisition
                           Corp., CNL Financial  Corp., CNL Financial  Services,
                           Inc., CNL Group,  Inc., Five Arrows Realty Securities
                           L.L.C.,  Robert A. Bourne,  Curtis B.  McWilliams and
                           Brian  Fluck,  dated  March  11,  1999  (Included  as
                           Exhibit 10.39 to the Form S-4 as originally filed and
                           incorporated herein by reference.)

                  3.1      CNL  American   Properties  Fund,  Inc.  Amended  and
                           Restated  Articles  of   Incorporation,   as  amended
                           (Included  as Exhibit  3.1 to the  Registrant's  Form
                           10-Q  for  the  quarter   ended  June  30,  1999  and
                           incorporated herein by reference.)

                  3.2      CNL  American   Properties  Fund,  Inc.  Amended  and
                           Restated  Bylaws  (Included  as  Exhibit  3.2  to the
                           Registrant's  Registration Statement No. 333-37657 on
                           Form S-11 and incorporated herein by reference.)

                  3.3      CNL American Properties Fund, Inc. Second Amended and
                           Restated  Articles  of  Incorporation   (Included  as
                           Exhibit  3.3 to the  Registrant's  Form  10-Q for the
                           quarter ended June 30, 2000 and  incorporated  herein
                           by reference).

                  4.1      Form of Stock Certificate (Included as Exhibit 4.5 to
                           the Registrant's  Registration Statement No. 33-78790
                           on Form S-11 and incorporated herein by reference.)

                  10.1     Form of  Indemnification  Agreement dated as of April
                           18, 1995, between CNL American  Properties Fund, Inc.
                           and each of James M. Seneff,  Jr.,  Robert A. Bourne,
                           G. Richard  Hostetter,  J. Joseph  Kruse,  Richard C.
                           Huseman, John T. Walker, Jeanne A. Wall, Lynn E. Rose
                           and Edgar J. McDougall, dated as of January 27, 1997,
                           between CNL American Properties Fund, Inc. and Steven
                           D.  Shackelford,  dated  as  of  February  18,  1998,
                           between CNL American Properties Fund, Inc. and Curtis
                           B.  McWilliams,  and dated as of  September  1, 1999,
                           between CNL American  Properties  Fund, Inc. and each
                           of Howard  J.  Singer,  John L.  Farren,  Timothy  J.
                           Neville,  Michael I. Wood and Barry L. Goff (Included
                           as  Exhibit  10.9  to the  Registrant's  Registration
                           Statement No. 333-15411 on Form S-11 and incorporated
                           herein by reference.)

                  10.2     Amended and Restated Agreement of Limited Partnership
                           of CNL APF Partners, LP (Included as Exhibit 10.50 to
                           Amendment  No.  2 to the  Form  S-4 and  incorporated
                           herein by reference.)

                  10.3     Amended and  Restated  Credit  Agreement by and among
                           CNL  APF  Partners,   LP,  Registrant,   First  Union
                           National  Bank,  First Union Capital  Markets  Group,
                           Banc of America  Securities LLC,  NationsBank,  N.A.,
                           The  Chase   Manhattan   Bank  and  other   financial
                           institutions, dated June 9, 1999 (Included as Exhibit
                           10.51  to  Amendment  No.  1  to  the  Form  S-4  and
                           incorporated herein by reference.)

                  10.4     First   Amendment  to  Amended  and  Restated  Credit
                           Agreement  dated as of December  31, 1999 between CNL
                           APF Partners,  LP and First Union  National  Bank, as
                           Agent  (Included as Exhibit 10.4 to the  Registrant's
                           Form 10-K for the year ended  December  31,  1999 and
                           incorporated herein by reference.)

                  10.5     Franchise  Receivable Funding and servicing Agreement
                           dated  as  of  October  14,  1999   between  CNL  APF
                           Partners,   LP  and   Neptune   Funding   Corporation
                           (Included  as Exhibit 10.5 to the  Registrant's  Form
                           10-K  for  the  year  ended  December  31,  1999  and
                           incorporated herein by reference.)

                  10.6     Interim  Wholesale  Mortgage  Warehouse  and Security
                           Agreement dated as of September 18, 1998, and Amended
                           Agreement dated as of August 30, 1999 between CNL APF
                           Partners,   LP  and  Prudential   Securities   Credit
                           Corporation   (Included   as  Exhibit   10.6  to  the
                           Registrant's  Form 10-K for the year  ended  December
                           31, 1999 and incorporated herein by reference.)

                  10.7     1999 Performance  Incentive Plan (Included as Exhibit
                           10.1  to  Amendment   No.  1  to  the  Form  S-4  and
                           incorporated herein by reference.)

                  10.8     Registration   Rights  Agreement  by  and  among  the
                           Registrant,  Robert A. Bourne,  Curtis B. McWilliams,
                           John T. Walker,  Howard Singer, Steven D. Shackelford
                           and CNL  Group,  Inc.,  dated  as of March  11,  1999
                           (Included as Exhibit  10.40 to Amendment No. 1 to the
                           Form S-4 and incorporated herein by reference.)

                  10.9     Registration   Rights  Agreement  by  and  among  the
                           Registrant,  Five Arrows  Realty  Securities  L.L.C.,
                           James M. Seneff,  Jr.,  Robert A.  Bourne,  Curtis B.
                           McWilliams and CNL Group, Inc., dated as of March 11,
                           1999 (Included as Exhibit 10.41 to Amendment No. 1 to
                           the Form S-4 and incorporated herein by reference.)

                  10.10    Employment   Agreement  by  and  between   Curtis  B.
                           McWilliams and the  Registrant,  dated  September 15,
                           1999 (Included as Exhibit 10.42 to Amendment No. 2 to
                           the Form S-4 and incorporated herein by reference.)

                  10.11    Employment   Agreement  by  and  between   Steven  D.
                           Shackelford and the  Registrant,  dated September 15,
                           1999 (Included as Exhibit 10.43 to Amendment No. 2 to
                           the Form S-4 and incorporated herein by reference.)

                  10.12    Employment  Agreement  by and between  John T. Walker
                           and  the   Registrant,   dated   September  15,  1999
                           (Included as Exhibit  10.44 to Amendment No. 2 to the
                           Form S-4 and incorporated herein by reference.)

                  10.13    Employment  Agreement by and between Howard J. Singer
                           and  the   Registrant,   dated   September  15,  1999
                           (Included as Exhibit  10.45 to Amendment No. 2 to the
                           Form S-4 and incorporated herein by reference.)

                  10.14    Employment Agreement by and between Barry L. Goff and
                           the Registrant, dated September 15, 1999 (Included as
                           Exhibit  10.46 to Amendment No. 2 to the Form S-4 and
                           incorporated herein by reference.)

                  10.15    Employment  Agreement by and between Robert W. Chapin
                           and  the   Registrant,   dated   September  15,  1999
                           (Included as Exhibit  10.47 to Amendment No. 2 to the
                           Form S-4 and incorporated herein by reference.)

                  10.16    Employment   Agreement  by  and  between  Timothy  J.
                           Neville and the Registrant,  dated September 15, 1999
                           (Included as Exhibit  10.48 to Amendment No. 2 to the
                           Form S-4 and incorporated herein by reference.)

                  10.17    Holdback  Agreement by and among the  Registrant  and
                           Stockholders,  dated  August 31,  1999  (Included  as
                           Exhibit  10.56 to Amendment No. 2 to the Form S-4 and
                           incorporated herein by reference.)

                  10.18    Amended  and   Restated   Credit  and   Reimbursement
                           Agreement by and among CNL APF Partners,  LP, CNL APF
                           LP Corp., CNL APF GP Corp., Bank of America, N.A. and
                           Bank of America  Securities LLC, dated as of June 15,
                           2000  (included as Exhibit 10.18 to the  Registrant's
                           Form 10-Q for the quarter ended June 30, 2000.

                  21       Subsidiaries  of the Registrant  (Filed herewith.)


 (b) The  Registrant  filed no reports on Form 8-K during the period  October 1,
2000 through December 31, 2000.


<PAGE>



                                   SIGNATURES

         Pursuant to the  requirements  of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the  undersigned,  thereunto duly  authorized,  on the 29th day of
March, 2001.

                         CNL AMERICAN PROPERTIES FUND, INC.

                         By:      JAMES M. SENEFF, JR.
                                  Co-Chief Executive Officer

                                  /s/ James M. Seneff, Jr
                                  -----------------------
                                  JAMES M SENEFF, JR


                                  CURTIS B. McWILLIAMS
                                  Co-Chief Executive Officer

                                  /s/ Curtis B. McWilliams
                                  ------------------------
                                  CURTIS B. McWILLIAMS



<PAGE>


         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
this  report has been  signed  below by the  following  persons on behalf of the
Registrant and in the capacities and on the dates indicated.
<TABLE>
<CAPTION>
<S><C>


              Signature                                    Title                                   Date



/s/ James M. Seneff, Jr.                   Chairman  of the Board  and  Co-Chief              March 29, 2001
--------------------------------------
James M. Seneff, Jr.                       Executive     Officer      (Principal
                                           Executive Officer)


/s/ Robert A. Bourne                       Vice Chairman of the Board                         March 29, 2001
--------------------------------------
Robert A. Bourne


/s/ Curtis B. McWilliams                   Co-Chief       Executive      Officer              March 29, 2001
------------------------
Curtis B. McWilliams                       (Principal Executive Officer)


/s/ Steven D. Shackelford                  Executive  Vice  President  and Chief              March 29, 2001
-------------------------------------
Steven D. Shackelford                      Financial     Officer      (Principal
                                           Financial and Accounting Officer)


/s/ G. Richard Hostetter                   Independent Director                               March 29, 2001
--------------------------------------
G. Richard Hostetter


/s/ J. Joseph Kruse                        Independent Director                               March 29, 2001
---------------------------------------
J. Joseph Kruse


/s/ Richard C. Huseman                     Independent Director                               March 29, 2001
------------------------------------
Richard C. Huseman

</TABLE>





<PAGE>



               CNL AMERICAN PROPERTIES FUND, INC. AND SUBSIDIARIES

                 SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

                  Years Ended December 31, 2000, 1999 and 1998

<TABLE>
<CAPTION>
<S><C>

                                                       Additions                        Deductions
                                               ----------------------------    -----------------------------

                                 Balance at     Charged       Charged to        Deemed                           Balance
                                  Beginning        to           Other          Uncollec-                          at End
    Year         Description       of Year      Costs and      Accounts          tible          Collected        of Year
                                                Expenses
   --------    ----------------  ------------  ------------  --------------    -----------     -------------  --------------

    1998       Allowance for
                   doubtful
                   accounts (a)     $ 99,964    $ 636,614     $ 1,324,980  (b)     $  --            $ 4,743      $ 2,056,815
                                 ============  ============  ==============    ===========     =============  ==============

    1999       Allowance for
                   doubtful
                   accounts (a)    $2,056,815   $1,036,928     $ 3,057,049      $ 572,483  (c)      $389,093      $ 5,189,216
                                 ============  ============  ==============    ===========     =============  ==============

    2000       Allowance for
                   doubtful
                   accounts (a)    $5,189,216   $1,678,144     $ 5,414,580  (b) $ 543,173  (c)   $ 1,069,187     $ 10,669,580
                                 ============  ============  ==============    ===========     =============  ==============

</TABLE>

         (a)  Deducted from receivables and accrued rental income on the balance
              sheet.

         (b)  Reduction of rental, earned and other income.

         (c)  Amounts written off as uncollectible.

                                  SCHEDULE III
                    REAL ESTATE AND ACCUMULATED DEPRECIATION


<PAGE>
<TABLE>
<CAPTION>
<S><C>
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
                                                               Costs Capitalized
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
                                  Initial Cost              Subsequent to Acquisition
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
                                 Encum-        Buildings and Improve-    Carrying
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
                           brances   Land      Improvements   ments       Costs
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Properties the Company
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
has invested in Under
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Operating Leases:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Applebee's Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Antioch, Tennessee            (o)     609,696      770,331           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Clarksville, Tennessee        (o)     556,070      983,010           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Columbia, Tennessee           (o)     625,868      936,068           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Cookeville, Tennessee         (o)     489,867    1,003,630           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Hendersonville, Tennessee     (o)     549,651      966,628           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Hermitage, Tennessee          (o)     735,272      827,474           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Hopkinsville, Kentucky        (o)     390,058      943,019           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Lebanon, Tennessee            (o)     568,168      925,046           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Madison, Tennessee            (o)     740,165      835,996           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Montclair, California          -      874,094            -     880,494           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Moscow, Idaho                  -      537,410            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Rockford, Illinois            (o)     603,828            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Salem, Oregon                  -      778,321            -   1,153,535           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Arby's Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Allen, Texas                  (o)     508,994            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Arab, Alabama                 (o)     230,720      455,946           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Atlanta, Georgia              (o)     648,459            -     655,353           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Auburndale, Florida           (o)     326,788      391,270           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Avon, Indiana                 (o)     338,486      497,282           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Bartow, Florida               (o)     226,428      414,175           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Brooksville, Florida          (o)     248,277      368,959           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Brooksville, Florida          (o)     266,606      421,780           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Canton, Georgia               (o)     586,476            -     606,850           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Columbus, Ohio                (o)     441,770            -     594,458           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Columbus, Ohio                (o)     483,868            -     576,483           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Douglasville, Georgia         (o)     708,710            -     546,363           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Flower Mound, Texas            -      434,130            -     618,352           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Grand Rapids, Michigan        (o)     312,670            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Greensboro, North Carolina    (o)     363,478      404,650           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Greenville, North Carolina    (o)     277,986      490,143           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Hudson, Florida               (o)     270,539      488,818           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Indianapolis, Indiana         (o)     439,935            -     677,335           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Jonesville, North Carolina    (o)     228,364      539,764           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Kernersville, North Carolina  (o)     273,325      413,077           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Kinston, North Carolina       (o)     268,545      485,160           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Lakeland, Florida             (o)     235,996      452,008           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Lawrenceville, Georgia        (o)     668,582            -     755,749           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Lexington, North Carolina     (o)     320,924      463,347           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
New Port Richey, Florida      (o)     242,777      398,029           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Orange, Connecticut           (o)     150,180            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Orange Park, Florida          (o)     463,047            -     592,539           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Plant City, Florida            -      196,251      443,976           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Redford , Michigan            (o)     412,516            -     673,289           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Renton, Washington            (o)     583,115            -     778,732           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Southington, Connecticut      (o)     366,273            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Surfside Beach, South Carolina(o)     421,481            -     633,406           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Tampa, Florida                (o)     322,412      371,694           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
The Colony, Texas              -      504,285            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Vancouver, Washington         (o)     733,180            -     665,895           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Walker, Michigan              (o)     498,403            -     701,467           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Waterbury, Connecticut        (o)     322,716            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Whitehall, Ohio               (o)     522,786            -     289,350           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Bakers Square Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Alsip, Illinois               (o)     449,010      728,259           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Burbank, Illinois             (o)     679,830    1,041,258           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Cherry Valley, Illinois       (o)     419,238      848,874           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Coon Rapids, Minnesota        (o)     543,966    1,131,838           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Deerfield, Illinois           (o)     573,069      468,307           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Downers Grove, Illinois       (o)     537,805      778,410           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Homewood, Illinois            (o)     601,418      760,181           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
LaGrange, Illinois            (o)     591,206      770,392           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Lansing, Illinois             (o)     647,562      869,687           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Mankato, Minnesota            (o)     488,663    1,141,844           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Matteson, Illinois            (o)     664,403      852,845           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Merrillville, Indiana         (o)     567,083    1,176,715           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Palatine, Illinois            (o)     686,927      674,672           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Palos Heights, Illinois       (o)     375,257      734,314           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Saint Charles, Illinois       (o)     614,512      630,952           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Westmont, Illinois            (o)     518,276      591,047           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Willowbrook, Illinois         (o)     586,045      718,306           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Bandana's Bar-B-Q Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Arnold, Missouri               -      373,239            -     873,481           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Collinsville, Illinois         -      346,699            -     829,363           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Columbia, Missouri             -      501,566            -     920,312           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Barb Wires Steakhouse & Saloon
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
   Restaurant:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Lawrence, Kansas               -      493,489            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Bennigan's Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Arvada, Colorado              (o)     714,194    1,302,733           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Batavia, Illinois             (o)     944,185            -   1,529,062           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Bedford, Texas                 -      768,333            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Canton, Ohio                   -    1,433,543            -     835,463           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Clearwater, Florida           (o)     900,038            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Colorado Springs, Colorado    (o)     794,255            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Copley, Ohio                   -    1,433,543            -     835,463           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Englewood, Colorado           (o)     665,141            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Englewood, New Jersey         (o)   1,460,179      901,042           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Florham Park, New Jersey      (o)   1,077,645            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Glenview, Illinois             -    1,019,248            -   1,789,742           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Grapevine, Texas              (o)   1,038,598            -   1,523,346           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Houston, Texas                (o)     908,502            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Jacksonville, Florida          -      779,387            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Jacksonville, Florida          -      832,557            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Lone Tree, Colorado           (o)   1,075,230            -   1,502,305           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Mount Laurel, New Jersey      (o)   1,305,939    1,030,685           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
North Richland Hills, Texas    -      886,048            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Ocala, Florida                 -      693,453            -   1,072,916           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Oklahoma City, Oklahoma       (o)     756,750            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Orlando, Florida              (o)   1,585,461      874,143           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Pensacola, Florida            (o)     692,093            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Saint Louis Park, Minnesota   (o)     885,111            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Tampa, Florida                (o)     741,286            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Woodridge, Illinois            -      789,680            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Big Boy Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Belleville, Illinois           -      289,405            -     584,386           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Benton Harbor, Michigan        -      168,583            -     876,117           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Crystal City, Missouri         -      273,460      828,751           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Fenton, Missouri               -      624,303            -     952,724           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Grandview, Missouri            -      395,842            -     631,903           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Granite City, Illinois         -      122,097            -     974,597           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Guadalupe, Arizona             -      623,709            -   1,083,059           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Independence, Missouri         -      515,607            -     838,027           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Las Vegas, Nevada              -      656,263            -   1,312,746           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Mansfield, Ohio                -      366,776            -     778,584           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
O'Fallon, Missouri             -      369,314            -     704,550           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Overland Park, Kansas          -      466,949            -     630,982           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Saint Clairsville, Ohio        -      437,383            -     903,780           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Taylor, Michigan               -      376,886            -     877,728           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Black Angus Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Dublin, California             -    1,023,054            -   1,275,135           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Orem, Utah                    (o)     799,168            -   1,229,788           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Black-eyed Pea Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Fort Worth, Texas              -      679,384            -   1,028,766           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Glendale, Arizona              -      744,764            -   1,082,896           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Grapevine, Texas               -      892,828            -   1,323,506           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Herndon, Virginia              -      362,141      989,635           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Hillsboro, Texas               -      404,881            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Killeen, Texas                 -      518,990            -   1,013,637           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
McKinney , Texas               -      690,692            -   1,121,270           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Mesa, Arizona                  -      784,939            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Mesa, Arizona                  -      821,177            -   1,050,746           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Norman, Oklahoma               -      568,489            -     958,822           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Boston Market Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Atlanta, Georgia               -      774,448            -     507,587           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Collinsville, Illinois         -      507,544            -     328,353           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Columbus, Ohio                 -      353,608      606,470           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Florissant, Missouri           -      705,522            -     626,845           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Gambrills, Maryland            -      667,992            -     661,776           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Glendale, Arizona              -      566,562      403,730           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Indianapolis, Indiana          -      885,567            -     648,755           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Jessup, Maryland               -      631,336            -     675,111           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Lansing, Michigan              -      515,827            -     572,706           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Newport News, Virginia         -      473,596      586,377           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Riverdale, Maryland            -      526,092            -     504,483           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Saint Joseph, Missouri         -      378,786            -     388,489           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Upland, California             -      788,248            -     209,449           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Vacaville, California          -      751,576            -     757,026           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Waldorf, Maryland              -      651,867            -     775,634           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Warwick, Rhode Island          -      234,685      589,367           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Buffet Town Restauarant:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Cedar Park, Texas              -      569,782            -     294,878           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Burger King Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Asheboro, North Carolina       -      597,021      962,188           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Atlanta, Georgia               -      394,712            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Burbank, Illinois             (o)     543,095            -     552,491           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Chadbourn, North Carolina      -      217,079            -     858,549           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Chattanooga, Tennessee        (o)     680,192            -     526,711           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Chattanooga, Tennessee        (o)     769,842            -     376,964           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Chicago, Illinois             (o)     917,717            -     713,170           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Clinton, North Carolina        -      349,582            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Columbus, Ohio                 -      445,471      434,907           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Coon Rapids, Minnesota         -      387,913      560,993           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Cut Off, Louisiana             -      323,106    1,219,165           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Highland, Indiana             (o)     672,815            -     553,461           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
John's Island, South Carolina  -      477,686      719,221           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Kent, Ohio                    (o)     233,468      689,696           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Lacey, Washington              -      308,272            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Lake Charles, Louisiana        -      360,438    1,062,531           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Lancaster, Ohio                -      339,900      745,696           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Lynnwood, Washington           -      448,745      626,866           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Manchester, New Hampshire      -      775,925      458,838           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Montgomery, Alabama            -      379,798      695,812           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Montgomery, Alabama            -      402,927            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Natchez, Mississippi           -      273,353      718,493           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Oak Lawn, Illinois            (o)   1,211,346            -     741,406           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Ooltewah, Tennessee           (o)     546,261            -     658,946           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Opelousas, Louisiana           -      625,123      958,670           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Portland, Oregon              (o)     525,000            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Rochester, New Hampshire       -      261,321      802,689           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Shelton, Washington            -      424,416      822,399           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Saint Paul, Minnesota          -      281,966      581,637           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Tampa, Florida                 -      481,173            -     652,659           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Tappahannock, Virginia         -      363,327      596,839           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Warren, Michigan               -      375,952      820,967           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Wilmington, North Carolina     -      348,663            -     701,825           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Charley's Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
McLean, Virginia               -      944,585      689,363           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Chevys Fresh Mex Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Annapolis, Maryland            -    1,372,280            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Arapahoe, Colorado             -      986,426    1,680,312           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Auburn Hills, Michigan        (o)   1,122,087    2,017,496           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Beaverton, Oregon             (o)     938,162    1,681,670           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Bloomington, Minnesota        (o)     869,178    1,309,759           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Brandon, Florida              (o)     844,185    1,425,740           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Clearwater, Florida           (o)     984,259    1,103,690           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Greenbelt, Maryland           (o)     945,234    1,475,339           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Independence, Missouri         -    1,239,264    1,490,392           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Kissimmee, Florida             -      570,815    1,536,290           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Lake Oswego, Oregon           (o)     963,047    1,505,671           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Las Vegas, Nevada             (o)   1,156,847    1,188,272           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Lilburn, Georgia              (o)   1,089,268      931,637           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Merriam, Kansas               (o)   1,032,271    1,074,834           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Naperville, Illinois           -      960,779    1,365,563           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Olathe, Kansas                (o)     470,047    1,541,280           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Orlando, Florida              (o)   1,495,716    1,674,517           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Tampa, Florida                (o)     869,408    1,548,972           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Tampa, Florida                 -      878,358    1,449,034           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Taylor, Michigan              (o)     844,918    1,712,340           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Chick-Fil-A Restaurant:                     -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Rockwall, Texas                -      528,118            -     340,297           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Darryl's Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Evansville, Indiana           (o)     563,479            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Hampton, Virginia             (o)     698,367      523,919           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Huntsville, Alabama           (o)     777,842      609,765           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Knoxville, Tennessee          (o)     589,574            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Louisville, Kentucky          (o)     647,375            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Mobile, Alabama                -      495,195            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Montgomery, Alabama           (o)     346,380            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Nashville, Tennessee          (o)     513,218            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Orlando, Florida               -    1,485,631      772,853           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Pensacola, Florida            (o)     389,394            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Raleigh, North Carolina       (o)     840,525      465,154           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Raleigh, North Carolina        -    1,131,164      719,865           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Richmond, Virginia            (o)     618,125            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Richmond, Virginia                    311,196            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Winston-Salem, North Carolina  -      436,867            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Del Taco Restaurant:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Mesa, Arizona                  -      642,483            -     581,759           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Denny's Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Duncan, South Carolina        (o)     219,702            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Greensboro, North Carolina    (o)     361,025      572,098           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Greenville, South Carolina    (o)     457,851      454,566           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Houston, Texas                (o)     392,818      664,851           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Kansas City, Missouri          -      400,847            -     826,367           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Landrum, South Carolina       (o)     155,398            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Lee's Summit, Missouri         -      503,048            -     626,215           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
McKinney, Texas                -      439,961            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Merriam, Kansas                -      644,889            -     991,991           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Mooresville, North Carolina   (o)     307,292            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
North  Kansas City, Missouri   -      450,010            -     760,630           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Pasadena, Texas                -      466,555            -     506,094           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Santee, South Carolina        (o)     328,506      358,314           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Sedalia, Missouri              -      318,979            -   1,013,110           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Shawnee, Oklahoma              -      528,090            -     625,653           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Tampa, Florida                 -      397,302            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Topeka, Kansas                (o)     414,731            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Winter Springs, Florida       (o)     555,232            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Einstein Brothers' Bagels:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Dearborn, Michigan             -      464,957            -     178,078           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Springfield, Virginia          -      633,691            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Fazoli's Restaurant:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Southaven, Mississippi        (o)     485,013            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Golden Corral Family Steakhouse
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
   Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Bellevue, Nebraska             -      440,812            -   1,039,283           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Brunswick, Georgia             -      456,629            -   1,170,630           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Carlsbad, New Mexico           -      384,221            -     643,854           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Cleburne, Texas                -      359,455            -     653,853           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Clovis, New Mexico             -      426,349      805,517           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Columbia, Missouri             -      848,036            -   1,011,774           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Columbia, Tennessee            -      442,218      930,207           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Columbus, Ohio                 -    1,031,098            -   1,092,939           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Cookeville, Tennessee          -      796,470            -   1,073,729           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Corpus Christi, Texas          -      576,548            -     934,918           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Corsicana, Texas               -      349,227            -     699,756           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Council Bluffs, Iowa           -      546,078            -     993,149           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Davenport, Iowa                -      601,296    1,344,016           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Dover, Delaware                -    1,043,108            -     977,508           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Dubuque, Iowa                  -      564,242            -   1,056,315           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Duncan, Oklahoma               -      161,390            -   1,028,945           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Edmond, Oklahoma               -      569,664            -   1,017,781           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Enid, Oklahoma                 -      364,536            -     865,147           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Evansville, Indiana            -      594,834            -   1,182,205           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Evansville, Indiana            -      585,396            -   1,519,454           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Flowood, Mississippi           -      588,243            -   1,080,988           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Fort Dodge, Iowa               -      320,832            -   1,158,929           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Fort Walton Beach, Florida     -      590,538            -   1,176,436           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Fort Wayne, Indiana            -      740,240            -   1,378,548           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Fort Worth, Texas              -      640,320      898,171           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Henderson, Kentucky            -      380,659            -   1,127,382           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Hopkinsville, Kentucky         -      456,646            -     861,803           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Jacksonville, Florida          -      615,554            -   1,184,073           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Jacksonville, Florida          -      541,264            -   1,173,738           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Jacksonville, Florida          -      681,984            -   1,345,152           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Kansas City, Missouri          -      409,153            -     943,712           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Lufkin, Texas                  -      479,197            -     954,051           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Moberly, Missouri              -      374,230            -     838,342           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Mobile, Alabama                -      428,841            -   1,031,457           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Muskogee, Oklahoma             -      395,839            -     887,540           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Olathe, Kansas                 -      548,821            -   1,099,448           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Omaha, Nebraska                -      569,943            -   1,274,726           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Palatka, Florida               -      322,433            -     987,385           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Pensacola, Florida             -      647,465            -   1,326,575           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Port Richey, Florida           -      626,999            -   1,130,692           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Rock Hill, South Carolina      -      710,534            -   1,190,135           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Tampa, Florida                 -      825,650            -   1,161,192           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Texarkana, Texas               -      664,537            -   1,136,955           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Tulsa , Oklahoma               -      698,412            -   1,293,541           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Universal City, Texas          -      357,429            -     650,249           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Winchester, Kentucky           -      303,633            -     970,489           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Ground Round Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Allentown, Pennsylvania       (o)     405,631      884,954           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Cincinnati, Ohio              (o)     282,099      534,632           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Dubuque, Iowa                 (o)     693,733      810,458           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Ewing Township, New Jersey    (o)     371,254      685,847           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Janesville, Wisconsin         (o)     451,235      548,178           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Kalamazoo, Michigan           (o)     287,331      712,081           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Maple Grove, Minnesota        (o)     862,659            -     744,049           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Parma, Ohio                   (o)     388,699      793,475           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Reading, Pennsylvania         (o)     728,574      793,410           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Waterloo, Iowa                (o)     436,471      659,089           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Wauwatosa, Wisconsin          (o)     627,680      804,399           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Guthrie's Restaurant:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Hoover, Alabama                -      493,536      619,786           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Hardee's Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Chalkville, Alabama           (o)     201,069      465,165           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Columbia, Tennessee           (o)     226,300            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Gulf Shores, Alabama          (o)     409,444      604,784           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Horn Lake, Mississippi        (o)     302,787            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Johnson City, Tennessee        -      215,567            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Mobile, Alabama                -      336,696            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Petal, Mississippi            (o)     324,298      420,017           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Rock Hill, South Carolina      -      256,050      476,149           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Tusculum, Tennessee           (o)     217,396      522,802           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Warrior, Alabama              (o)     177,659            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
West Point, Mississippi       (o)     173,386            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Houlihan's Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Bethel Park, Pennsylvania      -      846,183      595,601           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Langhorne, Pennsylvania        -      817,039      648,765           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Plymouth Meeting, Pennsylvania -    1,181,460      908,880           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
International House of Pancakes
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
   Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Auburn, Washington             -      632,811    1,135,312           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Ammon, Idaho                  (o)     414,559    1,034,440           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Birmingham, Alabama           (o)     536,536      832,527           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Bristol, Virginia             (o)     543,521      830,047           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Brownsville, Texas            (o)     512,217      952,151           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Castle Rock, Colorado          -      540,896            -   1,196,239           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Clarksville, Tennessee        (o)     375,987      964,430           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Elk Grove, California         (o)     584,766            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Fairfax, Virginia             (o)   1,096,763      649,916           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Fort Worth, Texas             (o)     575,285      802,974           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Fort Worth, Texas             (o)     565,639      923,669           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Greeley, Colorado             (o)     416,279            -     867,972           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Greenville, South Carolina    (o)     476,847      961,606           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Harrisonburg, Virginia        (o)     458,630      975,485           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Hiram, Georgia                (o)     560,531      879,312           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Hollywood, California         (o)   1,407,002            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Homewood, Alabama             (o)     545,112    1,029,900           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Houston, Texas                (o)     645,365      790,258           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Huntsville, Alabama           (o)     723,707      879,543           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Jonesboro, Arkansas           (o)     357,985            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Kansas City, Missouri         (o)     512,481      831,202           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Killeen, Texas                (o)     380,687      775,713           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Lafayette, Louisiana          (o)     600,194      962,404           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Lake Jackson, Texas           (o)     460,167      744,128           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Leesburg, Virginia            (o)     665,015      580,798           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Leon Valley, Texas            (o)     593,624      918,024           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Littleton, Colorado           (o)     604,992    1,259,964           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Loveland, Colorado            (o)     488,259            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Macon, Georgia                (o)     374,329      885,189           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
McAllen, Texas                (o)     593,419      847,268           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Murfreesboro, Tennessee       (o)     647,414      871,268           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Nacogdoches, Texas            (o)     417,141      982,193           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Norman, Oklahoma              (o)     492,965            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Oklahoma City, Oklahoma       (o)     798,203    1,041,822           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Phoenix, Arizona              (o)     668,112      941,796           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Port Arthur, Texas            (o)     382,950      957,912           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Poughkeepsie, New York        (o)     504,533      806,624           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Pueblo, Colorado              (o)     504,492      797,087           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Pueblo, Colorado              (o)     387,562      891,943           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Rocky Mount, North Carolina   (o)     560,471      963,375           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Roseville, Michigan           (o)     282,868      843,648           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
San Antonio, Texas            (o)     685,745      914,967           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Shreveport, Louisiana         (o)     669,231      989,334           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Southaven, Mississippi        (o)     579,175    1,176,434           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Statesboro, Georgia           (o)     286,650            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Stockbridge, Georgia          (o)     765,743      652,671           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Victoria, Texas               (o)     319,237            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Jack in the Box Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Allen, Texas                  (o)     711,642            -     726,339           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Austin, Texas                 (o)     532,366            -     407,286           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Austin, Texas                 (o)     447,208            -     880,283           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Avondale, Arizona             (o)     605,063            -     623,222           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Bacliff, Texas                (o)     419,488            -     697,861           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Bakersfield, California       (o)     295,417      683,436           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Baton Rouge, Louisiana        (o)     557,960      925,582           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Baton Rouge, Louisiana        (o)     361,841      804,635           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Baytown, Texas                (o)     402,155      770,994           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Burley, Idaho                 (o)     368,139      591,710           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Carson, California             -      457,821      708,581           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Chandler, Arizona             (o)     481,456            -     636,588           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Chandler, Arizona             (o)     604,724            -     600,686           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Channelview, Texas             -      361,238            -     711,595           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Charlotte, North Carolina     (o)     481,103      827,308           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Cleburne, Texas               (o)     299,091      824,045           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Concord, North Carolina       (o)     578,906      752,831           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Conroe, Texas                 (o)     520,413      938,962           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Corinth, Texas                (o)     396,864            -     576,370           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Corning, California           (o)     163,533      994,490           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Corsicana, Texas              (o)     445,782      672,868           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Dallas, Texas                 (o)     369,886            -     467,819           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Enumclaw, Washington          (o)     124,468            -     773,506           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Florissant, Missouri          (o)     389,265            -     779,211           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Folsom, California            (o)     635,343            -     652,472           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Fort Worth, Texas             (o)     341,693            -     732,173           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Fort Worth, Texas             (o)     482,309      716,199           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Fresno, California            (o)     260,895      697,222           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Fresno, California            (o)     462,813            -     548,493           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Fresno, California             -      286,850      606,547           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Georgetown, Texas             (o)     499,875            -     866,353           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Granbury, Texas               (o)     404,270            -     831,716           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Gun Barrel City, Texas        (o)     284,046            -     549,495           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Hillsboro, Oregon             (o)     699,776            -     864,724           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Hollister, California         (o)     537,223            -     592,536           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Houston, Texas                 -      545,485            -     527,020           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Houston, Texas                (o)     375,776            -     643,445           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Houston, Texas                (o)     403,002            -     610,815           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Houston, Texas                (o)     631,275            -     567,912           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Houston, Texas                (o)     420,521            -     543,338           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Humble, Texas                 (o)     437,667            -     591,877           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Humble, Texas                 (o)     390,509            -     542,599           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Humble, Texas                  -      372,584      746,622           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Hutchins, Texas               (o)     272,937            -     653,792           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Irvine, California            (o)     899,898            -     733,701           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Kent, Washington              (o)     737,038            -     553,688           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Las Vegas, Nevada             (o)     954,244            -     684,213           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Las Vegas, Nevada             (o)     730,674            -     547,445           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Los Angeles, California       (o)     911,754            -     531,018           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Los Angeles, California       (o)     740,616            -     678,189           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Los Angeles, California       (o)     853,821            -     602,301           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Los Angeles, California       (o)   1,076,096            -     591,340           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Lufkin, Texas                 (o)     418,351            -     651,064           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Lufkin, Texas                 (o)     363,967            -     776,605           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Menlo Park, California        (o)     685,448      860,792           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Moscow, Idaho                 (o)     217,851            -     751,664           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Nacogdoches, Texas            (o)     383,591            -     643,055           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Ontario, California           (o)     771,241            -     793,229           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Orange, Texas                 (o)     387,533            -     787,843           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Oxnard, California            (o)     681,663            -     642,924           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Palmdale, California          (o)     370,342            -     548,107           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Peoria, Arizona               (o)     572,719      681,319           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Peoria, Arizona               (o)     496,689            -     721,614           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Pflugerville, Texas           (o)     717,246            -     657,685           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Rock Hill, South Carolina     (o)     485,150      696,126           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Round Rock, Texas             (o)     320,788      936,221           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Saint  Louis, Missouri        (o)     474,296            -     727,491           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Salem, Oregon                 (o)     501,168            -     699,067           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
San Antonio, Texas            (o)     274,362            -     781,797           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
San Antonio, Texas            (o)     311,466            -     700,979           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Shelby, North Carolina        (o)     556,517      766,319           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Spring, Texas                 (o)     475,748            -     719,239           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Surprise, Arizona             (o)     673,677      723,004           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Tacoma, Washington            (o)     495,529            -     759,800           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
The Colony, Texas             (o)     560,424      771,699           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Tigard, Oregon                (o)     353,396            -     904,688           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Tyler, Texas                  (o)     289,257            -     699,525           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Waxahachie, Texas             (o)     477,580            -     538,255           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Weatherford, Texas            (o)     464,986            -     785,149           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
West Sacramento, California   (o)     523,089            -     617,131           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Woodland, California          (o)     358,130            -     668,383           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Jack in the Box/Arco Gas Station-
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
  Convenience Store:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Benicia, California            -      745,752    1,551,697           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Coachella, California          -      370,963    1,406,532           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Jose Pepper's Restaurant:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Blue Springs, Missouri         -      251,188            -     737,672           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
KFC Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Baton Rouge, Louisiana         -      106,180            -     625,743           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Baton Rouge, Louisiana         -      181,039            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Gretna, Louisiana              -      404,923            -     385,254           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
New Orleans, Louisiana         -      315,037            -     541,553           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
New Orleans, Louisiana         -      158,829            -     491,957           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
New Orleans, Louisiana         -      310,574            -     532,557           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
New Orleans, Louisiana         -      205,795            -     564,058           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Port Allen, Louisiana         (o)     165,191      858,299           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Putnam, Connecticut            -      301,723            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Krystal Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Brandon, Mississippi          (o)     340,115      687,423           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Chattanooga, Tennessee         -      445,493      594,649           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Greenville, Alabama           (o)     190,146      614,193           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Montgomery, Alabama            -      311,103      506,943           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Pelham, Alabama               (o)     413,658      514,450           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Rincon, Georgia               (o)     454,265      573,950           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Scottsboro, Alabama           (o)     255,500      561,315           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Trenton, Georgia              (o)     336,004      579,290           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Leeann Chin Chinese Cuisine Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Chanhassen, Minnesota          -      376,929      639,875           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Golden Valley, Minnesota      (o)     665,422            -     481,311           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Little Lake Bryan Land:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Orlando, Florida               -    6,437,878            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
OT Hodge Chile Parlor Restaurant:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Woodson Terrace, Missouri      -      744,126            -   1,221,749           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Pizza Hut Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Adrian, Michigan               -      242,239            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Beaver, West Virginia          -      212,053            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Beckley, West Virginia         -      209,432            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Bedford, Ohio                  -      174,721            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Belle, West Virginia           -       46,737            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Bluefield, West Virginia       -      120,449            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Bolivar, Ohio                  -      190,009      410,096           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Bowling Green, Ohio            -      200,442            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Bowling Green, Ohio            -      135,831      191,595           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Carrollton, Ohio               -      187,082      533,487           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Cleveland, Ohio                -      116,849            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Cleveland, Ohio                -      126,494            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Cleveland, Ohio                -      226,163            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Cooper City, Florida           -      161,249      234,940           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Cross Lanes, West Virginia     -      215,881            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Dania, Florida                (o)     124,245            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Defiance, Ohio                 -      242,239            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
East Cleveland, Ohio           -      194,012            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Euclid, Ohio                   -      202,050            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Huntington, West Virginia      -      212,093            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Hurricane, West Virginia       -      180,803            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Key Largo, Florida            (o)     190,167            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Lambertville, Michigan         -       99,166            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Marathon, Florida              -      267,703      128,483           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Marietta, Ohio                 -      169,454            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Mayfield Heights, Ohio         -      202,552            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Miami, Florida                (o)     304,780      343,274           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Miami, Florida                (o)     356,701      232,498           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Miami, Florida                (o)     396,838      314,597           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Middleburg Heights, Ohio       -      216,518            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Millersburg, Ohio              -      213,090      635,104           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Milton, West Virginia          -       99,815            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Monroe, Michigan               -      152,215            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
New Philadelphia, Ohio         -      149,206            -     388,321           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
New Philadelphia, Ohio         -      223,981      442,758           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
North Miami, Florida          (o)     151,750      117,836           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
North Olmsted, Ohio            -      259,922            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Norwalk, Ohio                  -      261,529            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Oakland Park, Florida         (o)     332,956      324,151           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Pembroke Pines, Florida       (o)     192,410      170,422           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Pembroke Pines, Florida       (o)     182,322      216,719           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Rocky River, Ohio              -      142,570            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Ronceverte, West Virginia      -       99,733            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Sandusky, Ohio                 -      259,922            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Seven Hills, Ohio              -      239,023            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Steubenville, Ohio             -      228,199      475,421           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Strongsville, Ohio             -      186,476            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Toledo, Ohio                   -      208,480            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Toledo, Ohio                   -      197,227            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Toledo, Ohio                   -      176,170            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Toledo, Ohio                   -      128,604            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Toledo, Ohio                   -      194,097      142,478           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Uhrichsville, Ohio             -      279,779      562,521           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Weirton, West Virginia         -            -      178,187           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Wellsburg, West Virginia       -      167,170      168,363           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Pollo Tropical Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Coral Springs, Florida        (o)     852,746    1,108,491           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Davie, Florida                (o)     712,865      873,395           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Fort Lauderdale, Florida      (o)     397,878      923,975           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Lake Worth, Florida           (o)     435,465      915,232           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Miami, Florida                (o)     789,680      604,283           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Miami, Florida                (o)     683,560      614,256           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Miami, Florida                (o)     654,766    1,195,901           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Miami, Florida                (o)     911,013    1,011,766           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Miami, Florida                (o)   1,244,893      918,257           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
North Miami, Florida          (o)     918,258      764,150           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Sunrise, Florida              (o)     569,436      968,749           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Ponderosa Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Appleton, Wisconsin            -      181,153      561,582           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Blue Springs, Missouri        (o)     691,797            -   1,136,902           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Eureka, Missouri               -      379,675      604,449           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Indiana, Pennsylvania          -      714,789            -   1,317,317           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Johnstown, Pennsylvania       (o)     599,391            -   1,159,989           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Kissimmee, Florida             -      214,177      853,505           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Massena, New York              -      129,816      659,340           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Middletown, New York           -      637,984      824,276           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Oneonta, New York              -      366,941      524,341           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Popeye's Famous Fried Chicken Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Thomasville, Georgia          (o)     113,780      407,429           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Valdosta, Georgia             (o)     158,880            -     378,057           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Red Robin Restaurant:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Columbus, Ohio                 -      719,246            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Rio Bravo Fresh Mex Cantina Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Altamonte Springs, Florida    (o)   1,259,828    1,623,073           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Atlanta, Georgia              (o)   1,463,644    1,874,198           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Fayetteville, Alabama         (o)     200,583      996,927           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Jacksonville, Florida         (o)   1,725,325    1,574,207           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Lake Mary, Florida            (o)      88,077    2,019,028           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Morrow, Georgia               (o)     934,922    1,842,623           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Nashville, Tennessee          (o)     956,799    2,692,320           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Roadhouse Grill Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Brandon, Florida              (o)     914,103            -     691,171           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Centerville, Ohio              -    1,227,973            -     761,806           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Clearwater, Florida           (o)   1,370,391            -     946,608           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Columbus, Ohio                (o)     894,077            -   1,038,617           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Fairfield, Ohio               (o)   1,151,865            -     910,321           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Grove City, Ohio               -      649,962            -     978,307           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Jacksonville, Florida         (o)     394,026            -   1,442,752           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Jacksonville, Florida          -    1,313,730            -     887,733           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Pensacola, Florida            (o)     927,463            -     691,228           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Pineville, North Carolina      -    1,207,143            -   1,091,507           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Rock Hill, South Carolina     (o)     608,698            -     903,887           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Roswell, Georgia              (o)     908,635            -   1,084,536           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Union Township, Ohio          (o)     703,734            -   1,053,562           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Rubio's Baja Grill Restaurant:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Taylorsville, Utah             -      889,562            -     487,475           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Ruby Tuesday's Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Angola, Indiana                -      355,000            -      24,069           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Bartow, Florida                -      416,311            -     963,488           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Champlin, Minnesota           (o)     505,639            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Colorado Springs, Colorado    (o)     696,078            -   1,005,509           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Coral Springs, Florida        (o)     715,220            -   1,012,777           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Dillon, Colorado              (o)     556,515            -   1,132,988           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Draper, Utah                   -      518,832            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Independence, Missouri         -      980,703            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Island Park, New York         (o)   1,383,854            -      66,728           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Kansas City, Missouri          -      633,404            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Lakeland, Florida             (o)     574,441      742,781           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Lakewood, Washington          (o)     430,741            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Las Vegas, Nevada             (o)     757,137            -   1,070,951           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
London, Kentucky              (o)     354,415            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Orange City, Florida          (o)     719,563            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Orlando, Florida              (o)     601,201            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Port St. Lucie, Florida       (o)     423,971    1,197,836           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Somerset, Kentucky            (o)     545,612            -     868,606           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
University Place, Washington  (o)     472,186            -   1,114,550           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Vero Beach, Florida           (o)     536,564            -   1,267,552           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Ruth's Chris Steak House Restaurant:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
King of Prussia, Pennsylvania  -      965,223      549,565           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Tampa, Florida                 -    1,076,442    1,062,751           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Ryan's Family Steak House Restaurant:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Spring Hill, Florida           -      591,371            -   1,175,273           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Shoney's Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Indian Harbour Beach, Florida  -      309,101            -     420,246           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Phoenix, Arizona               -      478,254            -      45,166           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Sonny's Real Pit Bar-B-Q Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Athens, Georgia               (o)     628,688      962,524           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Conyers, Georgia               -      371,021      593,171           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Doraville, Georgia             -      585,461      812,822           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Marietta, Georgia              -      527,572      870,710           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Norcross, Georgia              -      734,105      961,287           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Smyrna, Georgia               (o)     634,379      643,323           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Thomasville, Georgia           -      263,022            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Venice, Florida                -      498,746            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Steak & Ale Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Altamonte Springs, Florida     -    1,006,396      690,731           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Austin, Texas                 (o)     705,557            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Birmingham, Alabama           (o)     715,432            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
College Park, Georgia         (o)     802,361            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Conroe, Texas                 (o)     590,733            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Greenville, South Carolina    (o)     670,594            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Houston, Texas                (o)     964,354            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Houston, Texas                (o)     776,694            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Huntsville, Alabama           (o)     641,125            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Jacksonville, Florida         (o)     670,491            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Maitland, Florida              -      684,164            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Memphis, Tennessee             -      810,316      798,412           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Mesquite, Texas               (o)     592,342            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Miami, Florida                (o)     594,142            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Middletown, New Jersey        (o)     933,759      763,368           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Norcross, Georgia             (o)     740,132            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Orlando, Florida              (o)     922,679      725,256           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Palm Harbor, Florida          (o)     487,021            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Pensacola, Florida             -      354,419            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Tulsa, Oklahoma               (o)     433,713            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Super Smokers BBQ Restaurant:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
St. Peters, Missouri           -      376,905            -     692,124           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Taco Bell Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Colonial Heights, Virginia    (o)     447,458      383,785           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Hayes, Virginia               (o)     299,870            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Livingston, Tennessee         (o)     212,438            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Richmond, Virginia            (o)     402,947            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Richmond, Virginia            (o)     474,588      478,974           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Richmond, Virginia            (o)     404,578      451,129           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
St. Louis, Missouri            -      308,915      351,160           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
St. Louis, Missouri            -      349,637            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Wentzville, Missouri           -      339,162            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Williamsburg, Virginia        (o)     343,906            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Taco Bell/KFC Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Center, Texas                 (o)     297,185            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Gun Barrel City, Texas        (o)     266,372            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Kaufman, Texas                (o)     406,780            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Taco Bell/Pizza Hut Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Arlington, Texas               -      276,616            -     589,368           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Dallas, Texas                 (o)     185,281            -     517,865           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Dallas, Texas                 (o)     335,174      694,862           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Dallas, Texas                  -      355,763            -     496,898           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Taco Cabana Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Arlington, Texas              (o)     484,236      580,253           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Austin, Texas                 (o)     580,216      914,416           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Austin, Texas                 (o)     516,980      683,345           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Austin, Texas                 (o)     480,116      625,123           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Dallas, Texas                 (o)     672,697      545,736           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Dallas, Texas                 (o)     480,149      539,059           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Denton, Texas                 (o)     553,047      665,386           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Houston, Texas                (o)     683,133      607,746           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Houston, Texas                (o)     725,912      700,802           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Houston, Texas                (o)     743,809      705,546           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Houston, Texas                (o)     544,150      429,808           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Houston, Texas                (o)     536,275      415,073           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Houston, Texas                (o)     517,710      659,975           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Houston, Texas                (o)     832,671      526,126           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Houston, Texas                (o)     775,116      585,931           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Katy, Texas                   (o)     661,043      444,196           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Pasadena, Texas               (o)     470,616      503,341           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Pflugerville, Texas           (o)     666,078      805,918           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
San Antonio, Texas            (o)     436,316      696,091           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
San Antonio, Texas            (o)     374,261      577,088           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
San Antonio, Texas            (o)     530,003      715,598           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
San Antonio, Texas            (o)     739,181      687,534           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
San Antonio, Texas            (o)     655,066      712,790           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Schertz, Texas                (o)     476,579      628,660           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Universal City, Texas         (o)     377,210      732,557           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Texas Roadhouse Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Ammon, Idaho                  (o)     504,934            -     829,740           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Arvada, Colorado              (o)     538,204            -   1,149,066           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Aurora, Colorado              (o)     656,917            -   1,208,688           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Cedar Rapids, Iowa            (o)     581,847            -   1,135,505           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
College Station, Texas        (o)     520,037            -   1,074,176           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Concord, North Carolina       (o)     664,266            -     987,133           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Gastonia, North Carolina      (o)     235,195            -   1,115,831           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Hickory, North Carolina       (o)     560,423            -   1,032,294           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Joliet, Illinois              (o)     535,714            -   1,290,109           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Shively, Kentucky             (o)     713,534      995,529           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
TGI Friday's Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Albuquerque, New Mexico       (o)     968,686            -     278,117           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
El Paso, Texas                 -      599,160            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Goodyear, Arizona              -      967,242            -   1,726,827           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Henderson, Nevada             (o)   1,385,425            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Independence, Missouri         -      856,278            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Lakeland, Florida              -      517,979            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Leawood, Kansas                -    2,459,048            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Mesa, Arizona                  -      914,342            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Roseville, California         (o)   1,137,700            -     878,222           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Shawnee, Kansas                -      884,743            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Springfield, Ohio             (o)     831,472    1,208,442           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Temecula, California          (o)   1,239,565            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Union City, California         -    1,213,121            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Tin Alley Grill Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Crystal, Minnesota            (o)     370,667      431,642           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Gloucester, New Jersey        (o)     422,489      528,849           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
TropiGrill Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Altamonte Springs, Florida    (o)     548,886      700,855           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Orlando, Florida              (o)     618,372      631,369           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Tumbleweed Southwest Mesquite
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
   Bar & Grill Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Clarksville, Tennessee         -      608,678            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Cookeville, Tennessee          -      511,084            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Hermitage, Tennessee           -      551,646            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Murfreesboro, Tennessee        -      514,900            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Nashville, Tennessee           -      420,176            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Village Inn Restaurant:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Omaha, Nebraska               (o)     511,811      756,304           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Wendy's Old Fashioned Hamburgers
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
   Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Atascadero, California        (o)     485,625            -     705,993           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Camarillo, California         (o)     640,066            -     688,918           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Knoxville, Tennessee          (o)     358,027            -     444,622           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Knoxville, Tennessee          (o)     555,813            -     442,025           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Paso Robles, California       (o)     489,097            -     735,630           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Westlake Village, California  (o)     841,374            -     699,082           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
                                  381,703,694  229,727,335  201,730,162          -
----------------------------------============-============-===========-===========
----------------------------------============-============-===========-===========

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Property of Joint Venture in Which
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
   the Company has a 59.22% Interest
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
   and has Invested in Under
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
   an Operating Lease:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Bennigan's Restaurant:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Orlando, Florida              (o)     708,297            -   1,008,108           -
----------------------------------============-============-===========-===========
----------------------------------============-============-===========-===========

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
                                                               Costs Capitalized
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
                                  Initial Cost              Subsequent to Acquisition
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
                                       Encum-  Buildings and Improve-    Carrying
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
                           brances   Land      Improvements   ments       Costs
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Properties the Company
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
has invested in Under
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Direct Financing Leases:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Applebee's Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Freeport, Illinois            (o)     197,631    1,008,908           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Moscow, Idaho                  -            -    1,238,460           -           -
----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Rockford, Illinois            (o)   1,096,139            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Tullahoma, Tennessee          (o)     324,362    1,009,364           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Arby's Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Allen, Texas                  (o)           -            -     609,272           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Circleville, Ohio             (o)     310,889            -     629,853           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Grand Rapids, Michigan        (o)     938,296            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Huntsville, Alabama            -            -            -      595,801          -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Newark, Ohio                   -            -            -      339,772          -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Orange, Connecticut           (o)     372,548            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Southington, Connecticut      (o)     542,818            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
The Colony, Texas              -            -           -      593,454           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Waterbury, Connecticut        (o)     472,739           -            -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Barb Wires Steakhouse Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Lawrence, Kansas               -            -    1,022,607           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Bennigan's Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Bedford, Texas                 -      954,774            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Clearwater, Florida           (o)   1,043,049            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Colorado Springs, Colorado    (o)     902,872            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Englewood, Colorado           (o)   1,131,082            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Florham Park, New Jersey      (o)   1,092,401            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Houston, Texas                (o)     985,394            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Jacksonville, Florida          -      819,356            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Jacksonville, Florida          -    1,061,339            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
North Richland Hills, Texas    -      983,252            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Oklahoma City, Oklahoma       (o)   1,015,084            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Pensacola, Florida            (o)     980,438            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
St. Louis Park, Minnesota     (o)   1,280,033            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Tampa, Florida                (o)   1,324,729            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Winston-Salem, North Carolina (o)     247,828      992,552           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Woodridge, Illinois            -      991,688            -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Big Boy Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Bridgeton, Missouri            -            -            -     677,631           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Black-eyed Pea Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Albuquerque, New Mexico        -       705,746           -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Albuquerque, New Mexico        -       704,757           -           -           -
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Bedford, Texas                 -       655,028           -           -           -
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Dallas, Texas                  -       655,011           -           -           -
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Dallas, Texas                  -       698,827           -           -           -
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Dallas, Texas                  -       685,977           -           -           -
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Forestville, Maryland          -       681,034           -           -           -
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Fort Worth, Texas              -       655,014           -           -           -
-----------------------------------------------------------------------
-----------------------------------------------------------------------------------
Hillsboro, Texas               -             -           -     716,364           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Mesa, Arizona                  -        906,740          -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Oklahoma City, Oklahoma        -        651,523          -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Phoenix, Arizona               -        677,681          -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Phoenix, Arizona               -        677,805          -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Phoenix, Arizona               -        682,141          -           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Scottsdale, Arizona            -              -         -       823,188           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Tucson, Arizona                -        678,333         -             -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Waco, Texas                    -        699,815         -             -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Wichita, Kansas                -        698,827         -             -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Burger King Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Atlanta, Georgia               -               -    -          582,222           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Clinton, North Carolina        -               -    -          696,507           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Lacey, Washington              -         840,711    -                -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Montgomery, Alabama            -         966,175    -                -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Olympia, Washington            -         920,058    -                -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Port Angeles, Washington       -         696,026    -                -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Prattville, Alabama            -         262,664   812,946           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Tuskegee, Alabama              -         127,618   899,076           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Chevys Fresh Mex Restaurant:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Annapolis, Maryland            -       1,540,332   -                 -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Corky's Bar-B-Q Restaurant:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Hendersonville, Tennessee      -         782,282    -                -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Darryl's Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Evansville, Indiana           (o)          -        974,401                      -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Knoxville, Tennessee          (o)          -        709,047          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Louisville, Kentucky          (o)          -        915,201          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Mobile, Alabama                -          -      1,009,042          -            -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Montgomery, Alabama           (o)        -          952,382          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Nashville, Tennessee          (o)         -         736,400          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Pensacola, Florida            (o)        -          725,709          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Richmond, Virginia            (o)        -          775,617          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Richmond, Virginia                        -         650,175          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Winston-Salem, North Carolina  -         -          812,752          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Denny's Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Akron, Ohio                   (o)     137,424      938,202           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Duncan, South Carolina        (o)        -          826,770          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Landrum, South Carolina       (o)        -         492,869          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
McKinney, Texas                -         -               -      655,052           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Mooresville, North Carolina   (o)        -          736,649          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Tampa, Florida                 -         -               -      715,957           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Topeka, Kansas                (o)        -          700,166          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Winter Springs, Florida       (o)        -                -    886,915           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Fazoli's Restaurant:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Southaven, Mississippi        (o)         -         609,277          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Hardee's Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Aynor, South Carolina         (o)      44,871      557,446           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Biscoe, North Carolina        (o)      60,301      519,290           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Columbia, Tennessee           (o)           -      644,519           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Horn Lake, Mississippi        (o)           -       622,268           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Iuka, Mississippi             (o)     130,258      546,459           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Johnson City, Tennessee        -             -      618,318          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Mobile, Alabama                -             -      540,173          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Warrior, Alabama              (o)            -      518,434          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
West Point, Mississippi       (o)            -     569,388          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
International House of Pancakes Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Alexandria, Virginia          (o)         -         852,645          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Anderson, South Carolina      (o)          -        957,414          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Blue Bell, Pennsylvania       (o)          -        829,834          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Chesapeake, Virginia          (o)          -     1,059,499           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Christianburg, Virginia       (o)          -       918,143           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Corpus Christi, Texas         (o)          -       864,457           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Crestwood, Illinois           (o)          -       935,262          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Elk Grove, California         (o)          -     1,039,584           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Flagstaff, Arizona            (o)     293,762    1,121,276           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Fredericksburg, Virginia      (o)          -        972,595          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Hickory, North Carolina       (o)          -     1,202,183           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Hollywood, California         (o)           -       994,845          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Houston, Texas                (o)           -    1,017,365          -            -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Houston, Texas                 -            -       764,708          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Jacksonville, North Carolina  (o)     336,178    1,035,419           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Jonesboro, Arkansas           (o)           -       986,813          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Loveland, Colorado            (o)           -      963,597           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Maryville, Tennessee          (o)     243,825      963,231           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Montgomery, Alabama           (o)           -       843,378          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Norman, Oklahoma              (o)           -     1,082,505          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Pittsburg, California         (o)           -     1,014,264          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Plano, Texas                  (o)           -      982,443          -            -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Salem, New Hampshire           -            -       779,153         -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
San Antonio, Texas            (o)           -     1,081,335          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Shreveport, Louisiana         (o)     339,479    1,117,511           -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Statesboro, Georgia           (o)           -       793,417          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Tuscaloosa, Alabama           (o)           -       930,720          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Victoria, Texas               (o)           -      814,015          -            -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Virginia Beach, Virginia      (o)           -     1,013,830          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Warner Robins, Georgia         -            -       833,493          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
KFC Restaurant:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Baton Rouge, Louisiana         -             -            -    578,860           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Putnam, Connecticut            -             -      530,846          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
NI's International Buffet Restaurant:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Eastlake, Ohio                 -       256,332     1,473,307         -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
On the Border Restaurant:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
San Antonio, Texas             -            -           -      1,305,217          -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Popeye's Famous Fried Chicken Restaurant:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Starke, Florida               (o)     208,910            -     427,066           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Pizza Hut Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Dania, Florida                (o)           -       170,664          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Key Largo, Florida            (o)           -      389,965          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Red Robin Restaurant:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Columbus, Ohio                 -            -            -   1,392,872           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Ruby Tuesday's Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Champlin, Minnesota           (o)           -             -   1,151,835           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Draper, Utah                   -            -             -   1,036,077           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Independence, Missouri         -            -             -    554,092           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Kansas City, Missouri          -            -             -   1,115,425           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Lakewood, Washington          (o)           -             -   1,127,476           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
London, Kentucky              (o)           -             -    845,249           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Louisville, Kentucky           -            -             -   1,072,199           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Orange City, Florida          (o)           -             -   1,047,180           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Orlando, Florida              (o)           -                  1,009,008          -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Puyallup, Washington           -            -                   934,118           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Sebring, Florida              (o)     230,901            -     775,843           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
St. George, Utah               -            -            -     895,583           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Sonny's Real Pit Bar-B-Q Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Thomasville, Georgia           -           -            -      988,618           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Venice, Florida                -           -      1,004,407          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Steak & Ale Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Austin, Texas                 (o)          -        745,609          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Birmingham, Alabama           (o)          -        681,623          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
College Park, Georgia         (o)          -        909,525          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Conroe, Texas                 (o)          -      1,032,606          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Greenville, South Carolina    (o)          -      1,180,342          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Houston, Texas                (o)          -        978,733          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Houston, Texas                (o)          -      1,092,606          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Huntsville, Alabama           (o)          -        810,041          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Jacksonville, Florida         (o)          -        879,060          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Maitland, Florida              -           -        791,599          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Mesquite, Texas               (o)          -        908,017          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Miami, Florida                (o)          -      1,176,774          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Norcross, Georgia             (o)          -        966,814          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Palm Harbor, Florida          (o)          -        816,569          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Pensacola, Florida             -           -        826,191          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Tulsa, Oklahoma               (o)          -      1,067,543          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Taco Bell Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Hayes, Virginia               (o)         -         443,302          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Livingston, Tennessee         (o)         -              -     436,198           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Richmond, Virginia            (o)         -         575,079          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
St. Louis, Missouri            -          -        471,686          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Wentzville, Missouri           -          -              -     589,290           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Williamsburg, Virginia        (o)         -              -     438,410           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Taco Bell/KFC Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Center, Texas                 (o)         -         559,996          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Gun Barrel City, Texas        (o)         -         658,209          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Kaufman, Texas                (o)         -         630,395          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Texas Roadhouse Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Dickson City, Pennsylvania     -           -              -   1,070,508           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Fayetteville, North Carolina   -           -        944,114          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
TGI Friday's Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
El Paso, Texas                 -            -      1,089,566          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Henderson, Nevada             (o)           -             -   1,973,551           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Independence, Missouri         -            -             -   1,664,913           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Lakeland, Florida              -            -            -   1,304,377           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Leawood, Kansas                -            -             -   1,430,005           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Mesa, Arizona                  -            -             -   1,440,217           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Shawnee, Kansas                -            -             -   1,748,685           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Temecula, California          (o)           -             -   1,476,765           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Union City, California         -            -             -   1,984,765           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
TGI Friday's/Redfish Looziana Roadhouse
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
   Restaurant:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
San Diego, California          -    2,399,895            -   3,646,084           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Tumbleweed Southwest Mesquite Bar & Grill
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
   Restaurant:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Clarksville, Tennessee         -             -            -    934,598           -
-----------------------------------------------------------------------------------
------------------------------------------------------------------------------------
Cookeville, Tennessee          -             -            -   1,029,717           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Hermitage, Tennessee           -             -            -    965,664           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Murfreesboro, Tennessee        -             -            -    976,699           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Nashville, Tennessee           -             -            -    949,367           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------

-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Wendy's Old Fashioned Hamburgers Restaurants:
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Carmel Mountain, California   (o)           -       594,856          -           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Knoxville, Tennessee          (o)           -            -    463,995           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
San Diego, California         (o)           -             -    590,058           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Santa Maria, California        -            -             -    699,815           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Sevierville, Tennessee        (o)           -             -    531,726           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Seymour, Tennessee            (o)           -             -    472,670           -
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
                                    6,153,129  111,445,660  52,848,842           -
----------------------------------============-============-===========-===========
-----------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                                                                    Life on Which
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
       Gross Amount at Which                                        Depreciation in
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
     Carried at Close of Period                    Date             Latest Income
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
                  Building and        Accumulated of Con-   Date    Statement is
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
   Land      Improvements   Total     DepreciationstructionAcquired  Computed
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    609,696     770,331    1,380,027      60,448     1991    08/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    556,070     983,010    1,539,080      77,137     1995    08/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    625,868     936,068    1,561,936      73,454     1996    08/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    489,867   1,003,630    1,493,497      78,755     1993    08/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    549,651     966,628    1,516,279      75,852     1994    08/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    735,272     827,474    1,562,746      64,932     1992    08/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    390,058     943,019    1,333,077      73,999     1997    08/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    568,168     925,046    1,493,214      72,589     1998    08/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    740,165     835,996    1,576,161      65,601     1995    08/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    874,094     880,494    1,754,588      64,457     1997    12/96      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    537,410          (g)     537,410          (h)    1999    08/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    603,828          (g)     603,828          (h)    1996    01/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    778,321   1,153,535    1,931,856      46,925     1999    10/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    508,994          (g)     508,994          (h)    1999    12/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    230,720     455,946      686,666      38,103     1988    05/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    648,459     655,353    1,303,812      25,624     1998    08/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    326,788     391,270      718,058      25,397     1995    01/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    338,486     497,282      835,768      71,761     1996    09/96      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    226,428     414,175      640,603       5,752     1995    01/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    248,277     368,959      617,235       5,124     1984    01/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    266,606     421,780      688,386       5,858     1994    01/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    586,476     606,850    1,193,326      41,399     1998    12/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    441,770     594,458    1,036,228      23,243     1998    07/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    483,868     576,483    1,060,351      49,604     1999    12/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    708,710     546,363    1,255,074      17,002     1999    12/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    434,130     618,352    1,052,482      18,876     2000    01/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    312,670          (g)     312,670          (h)    1995    08/95      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    363,478     404,650      768,128      46,031     1990    08/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    277,986     490,143      768,128      55,756     1995    08/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    270,539     488,818      759,357       6,789     1993    01/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    439,935     677,335    1,117,269      31,967     2000    12/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    228,364     539,764      768,128      61,401     1995    08/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    273,325     413,077      686,402      46,990     1994    08/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    268,545     485,160      753,705      55,190     1995    08/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    235,996     452,008      688,004       6,278     1990    01/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    668,582     755,749    1,424,331      14,679     1999    06/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    320,924     463,347      784,271      53,993     1992    07/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    242,777     398,029      640,806       5,528     1992    01/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    150,180          (g)     150,180          (h)    1983    07/00      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    463,047     592,539    1,055,586      24,827     1998    05/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    196,251     443,976      640,226       7,400     1991    01/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    412,516     673,289    1,085,805      41,402     1998    01/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    583,115     778,732    1,361,847      15,142     1999    05/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    366,273          (g)     366,273          (h)    1985    07/00      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    421,481     633,406    1,054,887      28,739     1999    07/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    322,412     371,694      694,106      24,126     1992    01/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    504,285          (g)     504,285          (h)    1999    12/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    733,180     665,895    1,399,075      39,756     1999    03/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    498,403     701,467    1,199,871      29,227     1999    09/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    322,716          (g)     322,716          (h)    1971    07/00      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    522,786     289,350      812,136      20,110     1998    12/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    449,010     728,259    1,177,269      26,575     1978    10/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    679,830   1,041,258    1,721,088      37,997     1987    10/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    419,238     848,874    1,268,112      30,977     1979    10/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    543,966   1,131,838    1,675,804      41,303     1991    10/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    573,069     468,307    1,041,376      17,089     1980    10/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    537,805     778,410    1,316,215      10,811     1978    10/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    601,418     760,181    1,361,599      10,558     1978    10/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    591,206     770,392    1,361,599      10,700     1977    10/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    647,562     869,687    1,517,248      31,736     1977    10/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    488,663   1,141,844    1,630,506      41,668     1992    10/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    664,403     852,845    1,517,248      31,122     1970    10/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    567,083   1,176,715    1,743,798      42,940     1978    10/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    686,927     674,672    1,361,599       9,370     1999    10/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    375,257     734,314    1,109,571      26,796     1977    10/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    614,512     630,952    1,245,464      23,024     1977    10/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    518,276     591,047    1,109,323      21,568     1980    10/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    586,045     718,306    1,304,351      26,212     1977    10/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    373,239     873,481    1,246,720      41,156     1999    06/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    346,699     829,363    1,176,062      49,925     1987    03/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    501,566     920,312    1,421,878          (c)      (d)   01/99      (c)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    493,489          (g)     493,489          (h)    1994    08/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    714,194   1,302,733    2,016,927     162,667     1997    04/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    944,185   1,529,062    2,473,247      50,969     2000    01/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    768,333          (g)     768,333          (h)    1986    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  1,433,543     835,463    2,269,006      13,924     2000    05/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    900,038          (g)     900,038          (h)    1979    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    794,255          (g)     794,255          (h)    1979    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  1,433,543     835,463    2,269,006      13,924     2000    05/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    665,141          (g)     665,141          (h)    1984    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  1,460,179     901,042    2,361,220      76,383     1982    06/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  1,077,645          (g)   1,077,645          (h)    1983    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  1,019,248   1,789,742    2,808,991       9,943     2000    11/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  1,038,598   1,523,346    2,561,944      54,728     1999    11/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    908,502          (g)     908,502          (h)    1979    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    779,387          (g)     779,387          (h)    1983    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    832,557          (g)     832,557          (h)    1981    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  1,075,230   1,502,305    2,577,535      29,193     1999    06/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  1,305,939   1,030,685    2,336,624      87,373     1982    06/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    886,048          (g)     886,048          (h)    1979    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    693,453   1,072,916    1,766,369      44,705     1998    12/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    756,750          (g)     756,750          (h)    1986    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  1,585,461     874,143    2,459,604      74,103     1978    06/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    692,093          (g)     692,093          (h)    1983    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    885,111          (g)     885,111          (h)    1976    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    741,286          (g)     741,286          (h)    1980    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    789,680          (g)     789,680          (h)    1987    12/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    289,405     584,386      873,791          (c)      (d)   02/99      (c)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    168,583     876,117    1,044,700      53,769     1992    01/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    273,460     828,751    1,102,211      32,501     1999    08/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    624,303     952,724    1,577,027      56,446     1986    03/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    395,842     631,903    1,027,744      32,872     1978    04/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    122,097     974,597    1,096,694      57,653     1990    03/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    623,709   1,083,059    1,706,768      54,143     1997    08/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    515,607     838,027    1,353,634      45,192     1981    05/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    656,263   1,312,746    1,969,009      66,067     1997    01/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    366,776     778,584    1,145,360      47,876     1999    01/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    369,314     704,550    1,073,864      41,329     1984    02/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    466,949     630,982    1,097,931      35,830     1984    04/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    437,383     903,780    1,341,163      48,742     1991    02/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    376,886     877,728    1,254,614      39,850     1993    12/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  1,023,054   1,275,135    2,298,188      53,131     1999    09/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    799,168   1,229,788    2,028,956      50,199     1999    10/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    679,384   1,028,766    1,708,150      39,696     1999    11/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    744,764   1,082,896    1,827,660      61,148     1998    04/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    892,828   1,323,506    2,216,334      51,300     1999    09/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    362,141     989,635    1,351,776      81,362     1996    07/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    404,881          (g)     404,881          (h)    1996    10/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    518,990   1,013,637    1,532,627      41,952     1999    09/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    690,692   1,121,270    1,811,961      50,862     1999    07/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    784,939          (g)     784,939          (h)    1994    09/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    821,177   1,050,746    1,871,923      43,354     1999    10/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    568,489     958,822    1,527,311      55,062     1998    03/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    774,448     507,587    1,282,034      63,444     1997    04/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    507,544     328,353      835,897      38,305     1997    07/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    353,608     606,470      960,078      58,029     1997    05/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    705,522     626,845    1,332,367      85,315     1996    12/96      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    667,992     661,776    1,329,768      75,363     1997    08/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    566,562     403,730      970,292      39,959     1997    04/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    885,567     648,755    1,534,322      72,079     1997    09/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    631,336     675,111    1,306,447      78,757     1997    07/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    515,827     572,706    1,088,532      62,038     1997    10/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    473,596     586,377    1,059,974      68,406     1997    07/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    526,092     504,483    1,030,575      54,648     1997    10/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    378,786     388,489      767,275      52,874     1996    09/96      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    788,248     209,449      997,697      31,415     1996    07/96      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    751,576     757,026    1,508,602      88,313     1997    07/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    651,867     775,634    1,427,501      90,484     1997    07/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    234,685     589,367      824,052      58,185     1994    04/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    569,782     294,878      864,660      34,400     1997    07/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    597,021     962,188    1,559,210      57,534     1982    03/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    394,712          (g)     394,712          (h)    1998    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    543,095     552,491    1,095,586      20,020     1996    08/96      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    217,079     858,549    1,075,628      40,739     1999    04/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    680,192     526,711    1,206,903      19,086     1997    05/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    769,842     376,964    1,146,806      13,659     1997    05/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    917,717     713,170    1,630,887      25,842     1996    02/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    349,582          (g)     349,582          (h)    1999    02/00      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    445,471     434,907      880,378      26,005     1971    03/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    387,913     560,993      948,906      33,544     1991    03/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    323,106   1,219,165    1,542,270      72,899     1991    03/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    672,815     553,461    1,226,275      20,055     1996    08/96      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    477,686     719,221    1,196,907      43,005     1989    03/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    233,468     689,696      923,164      89,952     1970    12/96      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    308,272          (g)     308,272          (h)    1993    01/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    360,438   1,062,531    1,422,969      63,534     1988    03/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    339,900     745,696    1,085,597      44,589     1987    03/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    448,745     626,866    1,075,610      38,432     1988    01/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    775,925     458,838    1,234,763      27,436     1971    03/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    379,798     695,812    1,075,610      42,660     1990    01/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    402,927          (g)     402,927          (h)    1988    01/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    273,353     718,493      991,846      42,962     1973    03/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  1,211,346     741,406    1,952,753      26,865     1996    09/96      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    546,261     658,946    1,205,207      23,877     1997    07/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    625,123     958,670    1,583,793      57,323     1974    03/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    525,000          (f)     525,000          (f)      (f)   12/00      (f)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    261,321     802,689    1,064,010      47,996     1975    03/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    424,416     822,399    1,246,814      50,420     1995    01/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    281,966     581,637      863,603      34,779     1967    03/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    481,173     652,659    1,133,832      21,631     1999    01/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    363,327     596,839      960,166      35,688     1987    03/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    375,952     820,967    1,196,919      49,089     1987    03/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    348,663     701,825    1,050,488      34,413     1999    04/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    944,585     689,363    1,633,948      82,335     1971    06/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  1,372,280          (g)   1,372,280          (h)    1999    12/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    986,426   1,680,312    2,666,738     172,685     1994    12/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  1,122,087   2,017,496    3,139,583     115,615     1999    04/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    938,162   1,681,670    2,619,832     172,607     1995    12/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    869,178   1,309,759    2,178,937      75,057     1999    04/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    844,185   1,425,740    2,269,926      81,703     1999    04/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    984,259   1,103,690    2,087,949      63,248     1999    04/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    945,234   1,475,339    2,420,573     151,429     1994    12/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  1,239,264   1,490,392    2,729,656      85,408     1999    04/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    570,815   1,536,290    2,107,105      88,039     1999    04/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    963,047   1,505,671    2,468,718     154,542     1995    12/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  1,156,847   1,188,272    2,345,119      76,243     1997    12/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  1,089,268     931,637    2,020,905      53,388     1999    04/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  1,032,271   1,074,834    2,107,105      61,594     1999    04/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    960,779   1,365,563    2,326,342     121,372     1990    05/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    470,047   1,541,280    2,011,327      88,324     1999    04/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  1,495,716   1,674,517    3,170,232      95,960     1999    04/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    869,408   1,548,972    2,418,380      88,765     1999    04/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    878,358   1,449,034    2,327,392      83,038     1999    04/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    844,918   1,712,340    2,557,257      98,127     1999    04/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    528,118     340,297      868,415      50,445     1996    10/96      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    563,479          (g)     563,479          (h)    1983    06/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    698,367     523,919    1,222,286      18,565     1983    06/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    777,842     609,765    1,387,607      21,607     1981    06/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    589,574          (g)     589,574          (h)    1983    06/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    647,375          (g)     647,375          (h)    1983    06/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    495,195          (g)     495,195          (h)    1983    06/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    346,380          (g)     346,380          (h)    1984    06/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    513,218          (g)     513,218          (h)    1981    06/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  1,485,631     772,853    2,258,484      93,292     1983    06/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    389,394          (g)     389,394          (h)    1983    06/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    840,525     465,154    1,305,679      17,811     1980    06/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  1,131,164     719,865    1,851,029      85,978     1972    06/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    618,125          (g)     618,125          (h)    1982    06/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    311,196          (g)     311,196          (h)    1982    06/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    436,867          (g)     436,867          (h)    1978    06/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    642,483     581,759    1,224,242      22,909     1999    10/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    219,702          (g)     219,702          (h)    1992    03/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    361,025     572,098      933,123      34,208     1992    03/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    457,851     454,566      912,417      27,181     1985    03/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    392,818     664,851    1,057,669      39,754     1985    03/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    400,847     826,367    1,227,214      37,627     1997    06/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    155,398          (g)     155,398          (h)    1992    03/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    503,048     626,215    1,129,263      33,545     1979    05/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    439,961          (g)     439,961          (h)    1996    04/96      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    644,889     991,991    1,636,880      53,510     1981    05/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    307,292          (g)     307,292          (h)    1992    03/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    450,010     760,630    1,210,640      40,843     1979    05/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    466,555     506,094      972,649      89,968     1981    09/95      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    328,506     358,314      686,819      21,425     1992    03/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    318,979   1,013,110    1,332,089      55,282     1999    05/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    528,090     625,653    1,153,743     111,222     1987    09/95      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    397,302          (g)     397,302          (h)    1997    08/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    414,731          (g)     414,731          (h)    1989    03/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    555,232          (g)     555,232          (h)    1994    03/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    464,957     178,078      643,035      25,010     1997    07/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    633,691           -      633,691          (f)    1997    07/97      (f)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    485,013          (g)     485,013          (h)    1999    02/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    440,812   1,039,283    1,480,095      59,557     1999    04/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    456,629   1,170,630    1,627,259      88,759     1998    09/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    384,221     643,854    1,028,074     114,457     1995    09/95      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    359,455     653,853    1,013,308     114,418     1995    10/95      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    426,349     805,517    1,231,866      66,152     1997    07/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    848,036   1,011,774    1,859,811      66,957     1999    01/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    442,218     930,207    1,372,424      68,096     1996    12/96      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  1,031,098   1,092,939    2,124,037     188,219     1995    11/95      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    796,470   1,073,729    1,870,199      52,630     1999    07/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    576,548     934,918    1,511,466     103,872     1997    09/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    349,227     699,756    1,048,983     126,338     1995    08/95      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    546,078     993,149    1,539,227      79,996     1998    08/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    601,296   1,344,016    1,945,312      76,652     1998    04/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  1,043,108     977,508    2,020,616     165,625     1995    12/95      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    564,242   1,056,315    1,620,557      85,083     1998    08/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    161,390   1,028,945    1,190,335     105,744     1997    11/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    569,664   1,017,781    1,587,445      84,806     1998    07/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    364,536     865,147    1,229,683      91,314     1997    11/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    594,834   1,182,205    1,777,040      46,862     1999    07/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    585,396   1,519,454    2,104,850      46,774     1999    12/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    588,243   1,080,988    1,669,231      37,074     1999    12/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    320,832   1,158,929    1,479,760      75,023     1999    01/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    590,538   1,176,436    1,766,974     117,633     1997    01/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    740,240   1,378,548    2,118,788      42,388     1999    12/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    640,320     898,171    1,538,491     162,161     1995    08/95      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    380,659   1,127,382    1,508,042      59,963     1999    04/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    456,646     861,803    1,318,449      61,409     1996    02/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    615,554   1,184,073    1,799,628     131,554     1997    09/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    541,264   1,173,738    1,715,002     130,406     1997    09/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    681,984   1,345,152    2,027,136      42,310     1999    12/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    409,153     943,712    1,352,865     102,227     1997    10/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    479,197     954,051    1,433,248     129,849     1997    01/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    374,230     838,342    1,212,572     102,457     1997    05/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    428,841   1,031,457    1,460,298     106,003     1997    12/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    395,839     887,540    1,283,379      81,350     1997    04/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    548,821   1,099,448    1,648,268     100,773     1997    04/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    569,943   1,274,726    1,844,669      81,455     1998    12/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    322,433     987,385    1,309,818     102,732     1997    12/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    647,465   1,326,575    1,974,040      88,019     1999    03/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    626,999   1,130,692    1,757,691     164,742     1996    09/96      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    710,534   1,190,135    1,900,669      49,950     1999    10/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    825,650   1,161,192    1,986,842     189,582     1995    02/96      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    664,537   1,136,955    1,801,492      15,791     2000    07/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    698,412   1,293,541    1,991,953      55,032     1999    09/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    357,429     650,249    1,007,678     115,594     1995    09/95      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    303,633     970,489    1,274,123     115,912     1997    06/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    405,631     884,954    1,290,585      95,748     1983    10/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    282,099     534,632      816,731      57,845     1981    10/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    693,733     810,458    1,504,190      87,688     1982    10/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    371,254     685,847    1,057,101      72,301     1979    11/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    451,235     548,178      999,412      59,310     1982    10/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    287,331     712,081      999,412      77,044     1980    10/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    862,659     744,049    1,606,708          (c)      (d)   09/00      (c)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    388,699     793,475    1,182,173      85,851     1977    10/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    728,574     793,410    1,521,984      85,844     1982    10/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    436,471     659,089    1,095,560      71,311     1982    10/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    627,680     804,399    1,432,079      87,033     1977    10/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    493,536     619,786    1,113,322      68,860     1997    09/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    201,069     465,165      666,234      27,814     1992    03/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    226,300          (g)     226,300          (h)    1993    03/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    409,444     604,784    1,014,229      36,163     1993    03/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    302,787          (g)     302,787          (h)    1993    03/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    215,567          (g)     215,567          (h)    1993    03/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    336,696          (g)     336,696          (h)    1993    03/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    324,298     420,017      744,315      25,115     1993    03/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    256,050     476,149      732,198      28,471     1993    03/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    217,396     522,802      740,199      31,261     1993    03/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    177,659          (g)     177,659          (h)    1992    03/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    173,386          (g)     173,386          (h)    1993    03/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    846,183     595,601    1,441,783      71,136     1972    06/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    817,039     648,765    1,465,804      77,486     1976    06/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  1,181,460     908,880    2,090,340     108,553     1974    06/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    632,811   1,135,312    1,768,123      60,144     1997    04/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    414,559   1,034,440    1,448,999          (p)    2000    12/00      (p)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    536,536     832,527    1,369,063       6,938     1999    10/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    543,521     830,047    1,373,568          (p)    2000    12/00      (p)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    512,217     952,151    1,464,368          (p)    1999    12/00      (p)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    540,896   1,196,239    1,737,135      43,543     1999    10/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    375,987     964,430    1,340,417      65,528     1997    12/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    584,766          (g)     584,766          (h)    1997    08/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  1,096,763     649,916    1,746,679      24,886     1995    06/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    575,285     802,974    1,378,259      60,736     1997    09/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    565,639     923,669    1,489,308      52,088     1998    04/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    416,279     867,972    1,284,251      59,212     1998    12/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    476,847     961,606    1,438,453      61,699     1998    12/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    458,630     975,485    1,434,115          (p)    2000    12/00      (p)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    560,531     879,312    1,439,843       7,328     1999    10/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  1,407,002          (g)   1,407,002          (h)    1996    06/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    545,112   1,029,900    1,575,012      69,977     1996    12/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    645,365     790,258    1,435,624      30,898     1996    07/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    723,707     879,543    1,603,250       7,330     1999    10/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    357,985          (g)     357,985          (h)    1999    10/00      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    512,481     831,202    1,343,683      62,872     1998    09/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    380,687     775,713    1,156,399      58,674     1997    09/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    600,194     962,404    1,562,598          (p)    2000    10/00      (p)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    460,167     744,128    1,204,295      29,095     1997    08/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    665,015     580,798    1,245,813      70,907     1994    05/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    593,624     918,024    1,511,648      58,987     1997    12/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    604,992   1,259,964    1,864,956          (p)    2000    12/00      (p)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    488,259          (g)     488,259          (h)    1997    08/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    374,329     885,189    1,259,518          (p)    1999    12/00      (p)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    593,419     847,268    1,440,687          (p)    2000    12/00      (p)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    647,414     871,268    1,518,683      58,801     1998    12/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    417,141     982,193    1,399,334          (p)    2000    12/00      (p)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    492,965          (g)     492,965          (h)    1999    12/00      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    798,203   1,041,822    1,840,025          (p)    1999    10/00      (p)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    668,112     941,796    1,609,907      53,110     1998    04/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    382,950     957,912    1,340,862      61,462     1997    12/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    504,533     806,624    1,311,157      65,874     1996    07/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    504,492     797,087    1,301,579       8,682     1999    10/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    387,562     891,943    1,279,505      60,685     1997    12/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    560,471     963,375    1,523,846       6,642     1999    10/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    282,868     843,648    1,126,517      56,937     1997    12/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    685,745     914,967    1,600,712       8,028     2000    10/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    669,231     989,334    1,658,565       8,244     1999    12/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    579,175   1,176,434    1,755,609      75,483     1997    12/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    286,650          (g)     286,650          (h)    1999    10/00      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    765,743     652,671    1,418,413      25,519     1997    07/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    319,237          (g)     319,237          (h)    1997    08/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    711,642     726,339    1,437,981      43,962     1999    03/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    532,366     407,286      939,652          (c)      (d)   07/00      (c)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    447,208     880,283    1,327,490      22,007     1999    03/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    605,063     623,222    1,228,286      24,367     1998    08/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    419,488     697,861    1,117,349      79,385     1997    08/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    295,417     683,436      978,853       7,594     2000    09/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    557,960     925,582    1,483,542      15,426     2000    07/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    361,841     804,635    1,166,476      11,175     2000    08/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    402,155     770,994    1,173,149       8,567     2000    09/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    368,139     591,710      959,849       6,575     2000    09/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    457,821     708,581    1,166,402      26,051     1999    10/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    481,456     636,588    1,118,043      46,208     1998    09/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    604,724     600,686    1,205,411      33,536     1999    04/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    361,238     711,595    1,072,833      79,060     1997    09/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    481,103     827,308    1,308,411      11,490     2000    08/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    299,091     824,045    1,123,136       9,156     2000    09/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    578,906     752,831    1,331,737      12,547     2000    07/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    520,413     938,962    1,459,375      10,433     2000    09/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    396,864     576,370      973,234      22,117     1997    09/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    163,533     994,490    1,158,024      42,709     1999    09/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    445,782     672,868    1,118,650      13,084     2000    06/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    369,886     467,819      837,706      18,291     1997    03/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    124,468     773,506      897,973      90,136     1997    07/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    389,265     779,211    1,168,476      75,650     1997    02/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    635,343     652,472    1,287,815      23,602     1997    09/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    341,693     732,173    1,073,866      18,304     2000    04/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    482,309     716,199    1,198,508      30,207     1999    08/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    260,895     697,222      958,117       7,747     2000    09/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    462,813     548,493    1,011,305      19,610     1998    08/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    286,850     606,547      893,397      68,996     1997    08/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    499,875     866,353    1,366,228      31,321     1999    12/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    404,270     831,716    1,235,986      26,233     1999    12/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    284,046     549,495      833,541      21,485     1998    05/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    699,776     864,724    1,564,500      33,319     1999    09/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    537,223     592,536    1,129,759      73,988     1997    04/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    545,485     527,020    1,072,504      84,904     1996    03/96      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    375,776     643,445    1,019,221      92,853     1996    09/96      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    403,002     610,815    1,013,817      88,224     1996    09/96      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    631,275     567,912    1,199,187      69,333     1997    05/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    420,521     543,338      963,859      64,826     1997    06/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    437,667     591,877    1,029,544      85,488     1996    09/96      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    390,509     542,599      933,108      20,715     1997    12/96      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    372,584     746,622    1,119,206      28,842     1999    09/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    272,937     653,792      926,729      25,563     1998    04/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    899,898     733,701    1,633,599      42,313     1999    04/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    737,038     553,688    1,290,725      21,649     1997    04/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    954,244     684,213    1,638,457          (c)      (d)   07/00      (c)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    730,674     547,445    1,278,120      21,405     1997    04/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    911,754     531,018    1,442,772      19,209     1997    05/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    740,616     678,189    1,418,805      69,609     1997    09/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    853,821     602,301    1,456,122      21,787     1998    05/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  1,076,096     591,340    1,667,436      39,193     1999    01/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    418,351     651,064    1,069,415      47,259     1998    09/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    363,967     776,605    1,140,572      48,210     1999    02/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    685,448     860,792    1,546,240      26,302     1999    12/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    217,851     751,664      969,515      93,857     1992    04/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    383,591     643,055    1,026,645      24,813     1998    05/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    771,241     793,229    1,564,471      46,181     1999    04/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    387,533     787,843    1,175,376      45,436     1999    04/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    681,663     642,924    1,324,587      74,922     1997    07/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    370,342     548,107      918,449      66,915     1997    05/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    572,719     681,319    1,254,038       7,570     2000    09/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    496,689     721,614    1,218,303      41,419     1999    04/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    717,246     657,685    1,374,931      25,715     1998    06/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    485,150     696,126    1,181,276       7,735     2000    09/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    320,788     936,221    1,257,009      10,402     2000    09/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    474,296     727,491    1,201,787      26,316     1998    09/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    501,168     699,067    1,200,235      27,186     1999    06/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    274,362     781,797    1,056,159      47,318     1999    03/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    311,466     700,979    1,012,445      40,234     1999    04/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    556,517     766,319    1,322,836       8,515     2000    09/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    475,748     719,239    1,194,987      28,036     1999    09/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    673,677     723,004    1,396,681       8,033     2000    09/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    495,529     759,800    1,255,329      43,055     1999    04/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    560,424     771,699    1,332,123       8,574     2000    09/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    353,396     904,688    1,258,084      61,366     1999    12/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    289,257     699,525      988,782      38,682     1999    05/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    477,580     538,255    1,015,835      21,045     1998    04/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    464,986     785,149    1,250,136      44,121     1999    03/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    523,089     617,131    1,140,221      68,485     1997    09/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    358,130     668,383    1,026,513      72,319     1997    10/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    745,752   1,551,697    2,297,449      43,103     1999    01/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    370,963   1,406,532    1,777,495      42,001     1999    02/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    251,188     737,672      988,860      38,170     1982    06/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    106,180     625,743      731,922      20,332     1987    06/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    181,039           -      181,039          (h)    2000    08/00      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    404,923     385,254      790,177      10,966     1991    05/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    315,037     541,553      856,591      16,010     1991    05/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    158,829     491,957      650,785      14,872     1991    05/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    310,574     532,557      843,132      15,736     1992    05/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    205,795     564,058      769,853      17,062     1995    05/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    165,191     858,299    1,023,491      46,913     1996    05/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    301,723          (g)     301,723          (h)    1997    07/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    340,115     687,423    1,027,537      26,733     2000    12/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    445,493     594,649    1,040,141      33,090     1994    03/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    190,146     614,193      804,339      11,943     2000    05/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    311,103     506,943      818,045      19,714     2000    12/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    413,658     514,450      928,108       5,716     1999    09/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    454,265     573,950    1,028,215       6,377     2000    09/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    255,500     561,315      816,815      17,151     1999    12/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    336,004     579,290      915,294       6,437     2000    09/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    376,929     639,875    1,016,804     110,115     1995    11/95      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    665,422     481,311    1,146,733      69,456     1996    09/96      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  6,437,878           -    6,437,878          (n)      (n)   09/98      (n)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    744,126   1,221,749    1,965,875      20,362     1994    05/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    242,239           -      242,239          (f)    1989    01/96      (f)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    212,053           -      212,053          (f)    1986    05/96      (f)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    209,432           -      209,432          (f)    1978    05/96      (f)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    174,721           -      174,721          (f)    1975    01/96      (f)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
     46,737           -       46,737          (f)    1980    05/96      (f)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    120,449           -      120,449          (f)    1986    05/96      (f)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    190,009     410,096      600,105      13,051     1996    03/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    200,442           -      200,442          (f)    1985    01/96      (f)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    135,831     191,595      327,426       6,098     1992    02/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    187,082     533,487      720,569      16,977     1990    03/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    116,849           -      116,849          (f)    1978    01/96      (f)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    126,494           -      126,494          (f)    1986    01/96      (f)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    226,163           -      226,163          (f)    1987    01/96      (f)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    161,249     234,940      396,188       1,071     1998    10/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    215,881           -      215,881          (f)    1990    05/96      (f)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    124,245          (g)     124,245          (h)    1980    10/00      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    242,239           -      242,239          (f)    1977    01/96      (f)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    194,012           -      194,012          (f)    1986    01/96      (f)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    202,050           -      202,050          (f)    1983    01/96      (f)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    212,093           -      212,093          (f)    1978    05/96      (f)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    180,803           -      180,803          (f)    1978    05/96      (f)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    190,167          (g)     190,167          (h)    1980    10/00      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
     99,166           -       99,166          (f)    1994    01/96      (f)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    267,703     128,483      396,187       1,958     1980    10/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    169,454           -      169,454          (f)    1986    05/96      (f)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    202,552           -      202,552          (f)    1980    04/96      (f)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    304,780     343,274      648,054       2,861     1977    10/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    356,701     232,498      589,199       1,937     1998    10/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    396,838     314,597      711,435       2,622     1986    10/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    216,518           -      216,518          (f)    1975    01/96      (f)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    213,090     635,104      848,194      20,211     1989    03/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
     99,815           -       99,815          (f)    1986    05/96      (f)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    152,215           -      152,215          (f)    1994    01/96      (f)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    149,206     388,321      537,527      12,358     1975    03/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    223,981     442,758      666,739      14,090     1983    03/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    151,750     117,836      269,586         982     1979    10/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    259,922           -      259,922          (f)    1976    01/96      (f)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    261,529           -      261,529          (f)    1993    01/96      (f)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    332,956     324,151      657,107       2,701     1980    10/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    192,410     170,422      362,832       1,420     1995    10/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    182,322     216,719      399,041       1,806     1986    10/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    142,570           -      142,570          (f)    1977    01/96      (f)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
     99,733           -       99,733          (f)    1991    05/96      (f)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    259,922           -      259,922          (f)    1978    01/96      (f)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    239,023           -      239,023          (f)    1983    01/96      (f)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    228,199     475,421      703,620      15,130     1983    03/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    186,476           -      186,476          (f)    1976    04/96      (f)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    208,480           -      208,480          (f)    1975    01/96      (f)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    197,227           -      197,227          (f)    1978    01/96      (f)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    176,170           -      176,170          (f)    1985    01/96      (f)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    128,604           -      128,604          (f)    1988    04/96      (f)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    194,097     142,478      336,575       4,544     1993    02/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    279,779     562,521      842,300      17,901     1983    03/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
          -     178,187      178,187      22,994     1979    03/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    167,170     168,363      335,533      21,726     1980    03/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    852,746   1,108,491    1,961,237      80,159     1994    09/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    712,865     873,395    1,586,260      63,158     1993    09/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    397,878     923,975    1,321,852      66,816     1996    09/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    435,465     915,232    1,350,697      66,184     1994    09/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    789,680     604,283    1,393,964      45,818     1995    09/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    683,560     614,256    1,297,816      46,574     1995    09/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    654,766   1,195,901    1,850,667      90,676     1994    09/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    911,013   1,011,766    1,922,779      76,714     1993    09/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  1,244,893     918,257    2,163,149      61,972     1994    12/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    918,258     764,150    1,682,408      57,939     1995    09/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    569,436     968,749    1,538,185      70,054     1994    09/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    181,153     561,582      742,735      22,720     1980    10/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    691,797   1,136,902    1,828,699      93,470     1997    04/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    379,675     604,449      984,124      24,454     1989    10/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    714,789   1,317,317    2,032,106      29,274     2000    05/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    599,391   1,159,989    1,759,380      81,464     1998    11/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    214,177     853,505    1,067,682      34,530     1980    10/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    129,816     659,340      789,156      26,675     1988    10/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    637,984     824,276    1,462,260      33,347     1979    10/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    366,941     524,341      891,282      21,213     1989    10/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    113,780     407,429      521,209      29,463     1998    09/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    158,880     378,057      536,937      28,907     1998    09/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    719,246          (g)     719,246          (h)    1999    01/00      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  1,259,828   1,623,073    2,882,901      93,012     1999    04/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  1,463,644   1,874,198    3,337,842     107,403     1999    04/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    200,583     996,927    1,197,510      19,385     1997    06/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  1,725,325   1,574,207    3,299,532      90,211     1999    04/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
     88,077   2,019,028    2,107,105     115,702     1999    04/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    934,922   1,842,623    2,777,545     105,593     1999    04/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    956,799   2,692,320    3,649,119     154,286     1999    04/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    914,103     691,171    1,605,274      40,797     1999    02/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  1,227,973     761,806    1,989,779      19,045     2000    03/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  1,370,391     946,608    2,317,000      50,846     1999    04/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    894,077   1,038,617    1,932,694       9,361     1999    11/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  1,151,865     910,321    2,062,187      37,577     1999    10/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    649,962     978,307    1,628,269      39,758     1999    10/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    394,026   1,442,752    1,836,779      99,214     1998    12/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  1,313,730     887,733    2,201,463      27,109     1999    02/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    927,463     691,228    1,618,691      40,737     1978    02/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  1,207,143   1,091,507    2,298,651      35,206     1999    01/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    608,698     903,887    1,512,584      15,065     1998    07/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    908,635   1,084,536    1,993,171       6,025     2000    11/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    703,734   1,053,562    1,757,296          (c)      (d)   04/00      (c)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    889,562     487,475    1,377,037      58,222     1997    06/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    355,000      24,069      379,069          (c)      (d)   12/00      (c)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    416,311     963,488    1,379,799      37,308     1999    11/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    505,639          (g)     505,639          (h)    1999    03/00      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    696,078   1,005,509    1,701,587      45,251     1999    07/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    715,220   1,012,777    1,727,997      50,061     1999    07/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    556,515   1,132,988    1,689,503      43,242     1999    11/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    518,832          (g)     518,832          (h)    1999    05/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    980,703          (g)     980,703          (h)    1999    03/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  1,383,854      66,728    1,450,582          (c)      (d)   10/00      (c)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    633,404          (g)     633,404          (h)    1999    02/00      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    574,441     742,781    1,317,222      52,503     1998    11/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    430,741          (g)     430,741          (h)    1999    01/00      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    757,137   1,070,951    1,828,088          (c)      (d)   07/00      (c)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    354,415          (g)     354,415          (h)    1997    11/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    719,563          (g)     719,563          (h)    1999    04/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    601,201          (g)     601,201          (h)    1999    08/00      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    423,971   1,197,836    1,621,807      17,140     1999    08/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    545,612     868,606    1,414,218      72,268     1998    07/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    472,186   1,114,550    1,586,736          (c)      (d)   07/00      (c)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    536,564   1,267,552    1,804,116      35,210     1999    01/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    965,223     549,565    1,514,788      65,638     1977    06/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  1,076,442   1,062,751    2,139,194     128,286     1996    06/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    591,371   1,175,273    1,766,643     158,190     1996    01/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    309,101     420,246      729,347      54,230     1997    03/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    478,254      45,166      523,421          (c)      (d)    3/98      (c)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    628,688     962,524    1,591,211      82,759     1981    06/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    371,021     593,171      964,191      51,002     1994    06/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    585,461     812,822    1,398,282      69,888     1990    06/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    527,572     870,710    1,398,282      74,865     1988    06/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    734,105     961,287    1,695,392      82,653     1986    06/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    634,379     643,323    1,277,701      55,314     1981    06/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    263,022          (g)     263,022          (h)    1999    12/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    498,746          (g)     498,746          (h)    1978    07/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
                                   -
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
                                   -
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  1,006,396     690,731    1,697,127      58,554     1979    06/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    705,557          (g)     705,557          (h)    1969    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    715,432          (g)     715,432          (h)    1993    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    802,361          (g)     802,361          (h)    1973    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    590,733          (g)     590,733          (h)    1993    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    670,594          (g)     670,594          (h)    1976    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    964,354          (g)     964,354          (h)    1973    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    776,694          (g)     776,694          (h)    1972    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    641,125          (g)     641,125          (h)    1974    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    670,491          (g)     670,491          (h)    1977    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    684,164          (g)     684,164          (h)    1969    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    810,316     798,412    1,608,728      54,248     1979    12/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    592,342          (g)     592,342          (h)    1988    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    594,142          (g)     594,142          (h)    1974    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    933,759     763,368    1,697,127      64,712     1985    06/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    740,132          (g)     740,132          (h)    1984    12/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    922,679     725,256    1,647,936      61,481     1978    06/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    487,021          (g)     487,021          (h)    1983    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    354,419          (g)     354,419          (h)    1978    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    433,713          (g)     433,713          (h)    1969    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    376,905     692,124    1,069,028      37,921     1981    03/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    447,458     383,785      831,243      22,618     1994    02/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    299,870          (g)     299,870          (h)    1994    02/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    212,438          (g)     212,438          (h)    1998    10/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    402,947          (g)     402,947          (h)    1994    02/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    474,588     478,974      953,562      28,228     1994    02/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    404,578     451,129      855,707      26,587     1994    02/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    308,915     351,160      660,075      25,752     1991    10/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    349,637          (g)     349,637          (h)    1991    10/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    339,162          (g)     339,162          (h)    2000    05/00      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    343,906          (g)     343,906          (h)    1994    02/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    297,185          (g)     297,185          (h)    1997    10/00      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    266,372          (g)     266,372          (h)    1978    10/00      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    406,780          (g)     406,780          (h)    1990    10/00      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    276,616     589,368      865,984       6,503     2000    08/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    185,281     517,865      703,146          (c)      (d)   07/00      (c)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    335,174     694,862    1,030,036      31,528     1997    07/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    355,763     496,898      852,661      11,042     2000    04/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    484,236     580,253    1,064,489          (p)    1997    12/00      (p)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    580,216     914,416    1,494,632          (p)    1980    12/00      (p)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    516,980     683,345    1,200,325          (p)    1990    12/00      (p)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    480,116     625,123    1,105,239          (p)    1997    12/00      (p)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    672,697     545,736    1,218,433          (p)    1992    12/00      (p)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    480,149     539,059    1,019,208          (p)    1997    12/00      (p)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    553,047     665,386    1,218,433          (p)    2000    12/00      (p)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    683,133     607,746    1,290,879          (p)    1987    12/00      (p)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    725,912     700,802    1,426,714          (p)    1998    12/00      (p)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    743,809     705,546    1,449,355          (p)    1990    12/00      (p)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    544,150     429,808      973,958          (p)    1994    12/00      (p)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    536,275     415,073      951,348          (p)    1990    12/00      (p)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    517,710     659,975    1,177,685          (p)    1990    12/00      (p)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    832,671     526,126    1,358,797          (p)    1998    12/00      (p)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    775,116     585,931    1,361,047          (p)    1999    12/00      (p)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    661,043     444,196    1,105,239          (p)    1994    12/00      (p)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    470,616     503,341      973,957          (p)    1994    12/00      (p)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    666,078     805,918    1,471,996          (p)    1998    12/00      (p)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    436,316     696,091    1,132,407          (p)    1995    12/00      (p)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    374,261     577,088      951,349          (p)    1994    12/00      (p)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    530,003     715,598    1,245,601          (p)    1993    12/00      (p)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    739,181     687,534    1,426,715          (p)    1994    12/00      (p)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    655,066     712,790    1,367,856          (p)    1997    12/00      (p)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    476,579     628,660    1,105,239          (p)    1998    12/00      (p)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    377,210     732,557    1,109,767          (p)    1995    12/00      (p)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    504,934     829,740    1,334,674      31,337     1999    12/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    538,204   1,149,066    1,687,270      10,279     2000    09/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    656,917   1,208,688    1,865,605      32,765     1999    03/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    581,847   1,135,505    1,717,352      25,233     2000    05/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    520,037   1,074,176    1,594,213      17,903     2000    06/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    664,266     987,133    1,651,400      19,258     2000    05/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    235,195   1,115,831    1,351,026      39,134     1999    12/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    560,423   1,032,294    1,592,717      39,878     1999    09/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    535,714   1,290,109    1,825,823      18,993     2000    07/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    713,534     995,529    1,709,064      37,912     1998    11/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    968,686     278,117    1,246,803          (c)      (d)   07/00      (c)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    599,160          (g)     599,160          (h)    1992    08/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    967,242   1,726,827    2,694,069      50,331     1999    02/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  1,385,425          (g)   1,385,425          (h)    1999    10/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    856,278          (g)     856,278          (h)    1999    03/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    517,979          (g)     517,979          (h)    1993    07/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  2,459,048          (g)   2,459,048          (h)    2000    06/00      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    914,342          (g)     914,342          (h)    1997    05/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  1,137,700     878,222    2,015,922         ( c)      (d)   06/00     ( c)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    884,743          (g)     884,743          (h)    1999    03/00      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    831,472   1,208,442    2,039,914       1,994     2000    12/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  1,239,565          (g)   1,239,565          (h)    1999    12/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
  1,213,121          (g)   1,213,121      13,552     1999    04/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    370,667     431,642      802,309      46,702     1981    10/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    422,489     528,849      951,338      57,219     1981    10/97      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    548,886     700,855    1,249,741      50,681     1994    09/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    618,372     631,369    1,249,741      45,657     1994    09/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    608,678          (g)     608,678          (h)    1998    10/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    511,084          (g)     511,084          (h)    1994    08/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    551,646          (g)     551,646          (h)    1998    01/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    514,900          (g)     514,900          (h)    1995    08/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    420,176          (g)     420,176          (h)    1978    08/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    511,811     756,304    1,268,115      27,599     1989    10/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    485,625     705,993    1,191,618      10,892     2000    07/00      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    640,066     688,918    1,328,984     103,243     1996    07/96      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    358,027     444,622      802,649      66,634     1996    05/96      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    555,813     442,025      997,838      34,686     1998    08/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    489,097     735,630    1,224,728      28,474     1999    09/99      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    841,374     699,082    1,540,456      62,135     1998    05/98      (e)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
381,703,694  431,457,497 813,161,191  24,440,131
============-===========-============-===========-------------------------------
============-===========-============-===========-------------------------------

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--------------------------------------------------------------------------------

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--------------------------------------------------------------------------------

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--------------------------------------------------------------------------------

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--------------------------------------------------------------------------------

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--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    708,297   1,008,108    1,716,405      72,087     1998    11/98      (e)
============-===========-============-===========-------------------------------
============-===========-============-===========-------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
                                                                    Life on Which
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
       Gross Amount at Which                                        Depreciation in
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
     Carried at Close of Period                    Date             Latest Income
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
                  Building and        Accumulated of Con-   Date    Statement is
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
   Land      Improvements   Total     DepreciationstructionAcquired  Computed
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (i)    1996    02/99      (i)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1999    08/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1996    01/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (i)    1995    08/98      (i)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1999    12/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (i)    1999    12/99      (i)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1995    08/95      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (j)         (g)          (g)         (h)    1978    12/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (j)         (g)          (g)          -     1999    12/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1983    07/00      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1985    07/00      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1999    12/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1971    07/00      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1994    08/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1986    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1979    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1979    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1984    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1983    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1979    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1983    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1981    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1979    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1986    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1983    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1976    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1980    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (i)    1982    06/98      (i)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1987    12/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1989    03/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (j)         (g)          (g)         (h)    1993    10/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (j)         (g)          (g)         (h)    1993    10/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (j)         (g)          (g)         (h)    1993    03/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (j)         (g)          (g)         (h)    1996    03/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (j)         (g)          (g)         (h)    1991    10/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (j)         (g)          (g)         (h)    1994    08/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (j)         (g)          (g)         (h)    1989    10/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (j)         (g)          (g)         (h)    1991    03/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1996    10/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1994    09/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (j)         (g)          (g)         (h)    1992    03/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1991    09/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1993    09/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1994    09/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1997    09/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1995    09/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (j)         (g)          (g)         (h)    1991    10/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (j)         (g)          (g)         (h)    1992    10/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1998    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1999    02/00      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1993    01/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1988    01/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (j)         (g)          (g)         (h)    1996    01/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (j)         (g)          (g)         (h)    1985    01/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (i)    1992    01/99      (i)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (i)    1980    01/99      (i)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1999    12/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (j)         (g)          (g)         (h)    1974    08/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1983    06/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1983    06/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1983    06/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1983    06/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1984    06/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1981    06/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1983    06/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1982    06/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1982    06/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1978    06/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (i)    1992    03/99      (i)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1992    03/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1992    03/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1996    04/96      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1992    03/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1997    08/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1989    03/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1994    03/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1999    02/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (i)    1993    03/99      (i)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (i)    1993    03/99      (i)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1993    03/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1993    03/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (i)    1993    03/99      (i)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1993    03/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1993    03/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1992    03/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1993    03/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (j)         (g)          (g)         (h)    1972    05/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (j)         (g)          (g)         (h)    1997    10/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (j)         (g)          (g)         (h)    1997    10/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (j)         (g)          (g)         (h)    1998    12/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (j)         (g)          (g)         (h)    1998    01/00      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (j)         (g)          (g)         (h)    1997    08/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (j)         (g)          (g)         (h)    1996    11/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1997    08/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (i)    1997    05/99      (i)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (j)         (g)          (g)         (h)    1997    09/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (j)         (g)          (g)         (h)    1997    03/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1996    06/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (j)         (g)          (g)         (h)    1997    07/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (j)         (g)          (g)         (h)    1998    01/00      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (i)    2000    10/00      (i)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1999    10/00      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1997    08/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (i)    1997    12/98      (i)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (j)         (g)          (g)         (h)    1998    11/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1999    10/00      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (j)         (g)          (g)         (h)    1998    04/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (j)         (g)          (g)         (h)    1997    09/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (j)         (g)          (g)         (h)    1997    04/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (j)         (g)          (g)         (h)    1997    06/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (i)    1998    10/00      (i)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1999    10/00      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (j)         (g)          (g)         (h)    1998    08/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1997    08/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (j)         (g)          (g)         (h)    1997    04/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (j)         (g)          (g)         (h)    1997    08/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    2000    08/00      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1997    07/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (i)    1996    12/96      (i)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1997    01/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (i)    1997    09/97      (i)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1980    10/00      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1980    10/00      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1999    01/00      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1999    03/00      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1999    05/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1999    03/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1999    02/00      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1999    01/00      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1997    11/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (j)         (g)          (g)         (h)    1999    10/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1999    04/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1999    08/00      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (j)         (g)          (g)         (h)    1999    06/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (i)    1999    07/99      (i)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (j)         (g)          (g)         (h)    1999    09/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1999    12/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1978    07/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1969    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1993    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1973    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1993    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1976    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1973    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1972    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1974    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1977    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1969    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1988    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1974    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1984    12/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1983    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1978    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1969    06/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1994    02/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1998    10/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1994    02/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1991    10/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    2000    05/00      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1994    02/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1997    10/00      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1978    10/00      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1990    10/00      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (j)         (g)          (g)         (h)    2000    11/00      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (j)         (g)          (g)         (h)    1998    02/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1992    08/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1999    10/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1999    03/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1993    07/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    2000    06/00      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1997    05/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1999    03/00      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1999    12/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1999    04/00      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (i)    1998    03/99      (i)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1998    10/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1994    08/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1998    01/99      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1995    08/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (g)         (g)          (g)         (h)    1978    08/97      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (j)         (g)          (g)         (h)    1997    10/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (j)         (g)          (g)         (h)    1998    09/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (j)         (g)          (g)         (h)    1996    12/96      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (j)         (g)          (g)         (h)    2000    04/00      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (j)         (g)          (g)         (h)    1996    06/96      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
         (j)         (g)          (g)         (h)    1998    10/98      (h)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
                                               -
--------------------------------------===========-------------------------------
-----------------------------------------------------------------------------------
    Draper, Utah                            -     518,832            -           -        -
-----------------------------------------------------------------------------------
</TABLE>



                       CNL AMERICAN PROPERTIES FUND, INC.
                                AND SUBSIDIARIES

        NOTES TO SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

                                December 31, 2000


(a)      Transactions in real estate and accumulated  depreciation  during 2000,
         1999 and 1998 are summarized as
         follows:

<TABLE>
<CAPTION>
<S><C>
                                                                      Cost           Accumulated
                                                                     (b)(m)          Depreciation
              ------------------------------------------        -----------------   ----------------
              Properties the Company has Invested
                  in Under Operating Leases:

                      Balance, December 31, 1997                     207,733,851         2,395,665
                        Acquisitions (k)                               192,459,799                --
                      Depreciation expense (e)                                --         3,847,117
              ------------------------------------------        -----------------   ----------------

                      Balance, December 31, 1998                     400,193,650         6,242,782
                      Acquisitions (k)                               298,070,278                --
                      Depreciation expense (e)                                --         8,499,814
              ------------------------------------------        -----------------   ----------------

                      Balance, December 31, 1999                   $ 698,263,928      $ 14,742,596
                      Acquisitions (k)                               114,897,263                --
                      Depreciation expense (e)                                --        9,697,535
                                                                 ---------------   -----------------

                      Balance December 31, 2000                     $813,161,191      $ 24,440,131
              ------------------------------------------        =================   ================

              Property  of Joint  Venture  in  Which  the  Company  has a 59.22%
                Interest and has Invested in Under an Operating Lease:

                   Balance, December 31, 1997                           $     --          $     --
                   Acquisition                                         2,215,177                --
                   Depreciation expense                                       --             7,303
              ------------------------------------------        -----------------   ----------------

                   Balance, December 31, 1998                          2,215,177             7,303
                   Construction Funding Adjustment                      (498,772 )              --
                   Depreciation expense                                       --            31,180
              ------------------------------------------        -----------------   ----------------

                   Balance, December 31, 1999                       $  1,716,405       $    38,483
                   Depreciation Expense                                       --            33,604
              ------------------------------------------        -----------------   ----------------

                   Balance, December 31, 2000                       $  1,716,405       $    72,087
              ------------------------------------------        =================   ================
</TABLE>


(b)      As of December  31,  2000,  1999 and 1998,  the  aggregate  cost of the
         Properties owned by the Company and its subsidiaries for federal income
         tax  purposes  was   $870,916,565,   $757,550,394   and   $418,427,587,
         respectively. Substantially, all of the leases are treated as operating
         leases for federal income tax purposes.

(c)      Property was not placed in service as of December 31, 2000;  therefore,
         no depreciation was taken.

(d)      Scheduled for completion in 2001.

(e)      Depreciation  expense is computed for buildings and improvements  based
         upon estimated lives of 30 years.


<PAGE>


                       CNL AMERICAN PROPERTIES FUND, INC.
                                AND SUBSIDIARIES

               NOTES TO SCHEDULE III - REAL ESTATE AND ACCUMULATED
                            DEPRECIATION - CONTINUED

                                December 31, 2000


(f)      The  building  portion  of  this  Property  is  owned  by  the  tenant;
         therefore, depreciation is not applicable.

(g)      For  financial  reporting  purposes,  certain  components  of the lease
         relating  to land  and/or  building  have  been  recorded  as a  direct
         financing  lease.  Accordingly,  costs relating to these  components of
         this lease are not shown.

(h)      For financial reporting purposes, the portion of this lease relating to
         the building has been recorded as direct  financing  lease. The cost of
         the building has been included in net  investment  in direct  financing
         leases; therefore, depreciation is not applicable.

(i)      For financial reporting  purposes,  the lease for the land and building
         has been recorded as direct  financing  lease. The cost of the land and
         building  has been  included  in net  investment  in  direct  financing
         leases; therefore, depreciation is not applicable.

(j)      The Company  owns the building  only  relating to this  Property.  This
         Property  is  subject  to a ground  lease  between  the  tenant  and an
         unaffiliated third party. In connection therewith,  the Company entered
         into either a tri-party  agreement with the tenant and the owner of the
         land or an assignment of interest in the ground lease with the landlord
         of the land.  The  tri-party  agreement or  assignment of interest each
         provide that the tenant is responsible  for all  obligations  under the
         ground lease and provide  certain rights to the Company to help protect
         its  interest  in the  building in the event of a default by the tenant
         under the terms of the ground lease.

(k)      During the years  ended  December  31,  1999 and 1998,  the Company (i)
         incurred   acquisition  fees  totalling   $6,185,005  and  $17,317,297,
         respectively,  paid to the Advisor,  (ii)  purchased land and buildings
         from  affiliates of the Company for an aggregate cost of  approximately
         $39,700,000 and $8,770,000, respectively, and (iii) paid development or
         construction  management  fees to  affiliates  of the Company  totaling
         $56,352 and $229,153,  respectively.  Such amounts are included in land
         and buildings on operating  leases,  net investment in direct financing
         leases and other assets at December 31, 2000, 1999 and 1998.  Effective
         with the  acquisition  of the Advisor in  September  1999,  the Company
         ceased  incurring  acquisition  fees,  therefore,  no  such  fees  were
         incurred during the year ended December 31, 2000.

(l)      For  financial  reporting  purposes,  the  undepreciated  cost  of  the
         following  properties was written down to its net realizable  value due
         to an  anticipated  impairment  in value.  The Company  recognized  the
         impairments  by recording an  allowance  for loss on land,  building or
         investment in direct  financing  lease in the amounts  listed below for
         each Property as of December 31, 2000. The  impairments at December 31,
         2000 represent the difference  between the Properties'  carrying values
         and the property  manager's estimate of the net realizable value of the
         Properties  based upon  anticipated  sales prices to  interested  third
         parties.  The cost of the Properties  presented on this schedule is the
         gross amount at which the Properties were carried at December 31, 2000,
         excluding the allowances for loss.




<PAGE>


                       CNL AMERICAN PROPERTIES FUND, INC.
                                AND SUBSIDIARIES

               NOTES TO SCHEDULE III - REAL ESTATE AND ACCUMULATED
                            DEPRECIATION - CONTINUED

                                December 31, 2000

(m)      (continued)

         The following are a list of  Properties  and the related  impairment at
         December 31, 2000:

<TABLE>
C<S><C>

                                                                                                    Total
                                                                                                --------------

                  Boston Market - Saint Joseph, Missouri                                           $  143,132
                  Shoney's - Indian Harbor Beach, Florida                                              59,043
                  Buffet Town - Cedar Park, Texas                                                      13,136
                  Boston Market - Jessup, Maryland                                                    839,691
                  Black-Eyed Pea - Albuquerque, New Mexico                                            215,000
                  Black-Eyed Pea - Albuquerque, New Mexico                                            215,000
                  Black-Eyed Pea - Tucson, Arizona                                                    200,000
                  Black-Eyed Pea - Waco, Texas                                                        215,000
                  Black-Eyed Pea - Wichita, Kansas                                                    215,000
                  Big Boy - Mansfield, Ohio                                                           150,000
                  Big Boy - Saint Clairsville, Ohio                                                   150,000
                  Big Boy - Granite City, Illinois                                                    150,000
                  Big Boy - O'Fallen, Missouri                                                        150,000
                  OT Hodges Chili Parlor - Woodson Terrace, Missouri                                  190,000
                  Bandana's Bar-B-Q - Collinsville, Illinois                                          150,000
                  Big Boy - Fenton, Missouri                                                          150,000
                  Big Boy - Independence, Missouri                                                    184,385
                  Denny's - Sedalia, Missouri                                                         189,914
                  Big Boy - Saint Joseph, Missouri                                                    143,446
                  Big Boy - Grandview, Missouri                                                       150,000
                  Denny's - Lee's Summit, Missouri                                                    189,769
                  Denny's - Merriam, Kansas                                                           183,425
                  Denny's- North Kansas City, Kansas                                                  190,000
                  Big Boy - Overland Park, Kansas                                                     160,587
                  Jose Pepper's - Blue Springs, Missouri                                              150,000
                  Big Boy - Bridgeton, Missouri                                                       150,000
                  Bandana's Bar-B-Q - Arnold, Missouri                                                190,000
                  Pizza Hut- Toledo, Ohio                                                              41,031
                  Pizza Hut-Weirton, West Virginia                                                    108,163
                  Boston Market-Vacaville, California                                                 353,289
                  Shoney's- Phoeniz Arizona                                                           194,887
                  Big Boy--Crystal City, Missouri                                                     133,333
                  Tumbleweed--Cookeville, Tennessee                                                   916,336
                  Bandana's Bar-B-Q -Columbia, Missouri                                               133,333
                                                                                                --------------
                                                                                                  $ 6,966,900
                                                                                                ==============

</TABLE>

                  (n)      The   Company   owns  a  parcel   of  land  on  which
                           restaurants will be constructed during 2001.



                       CNL AMERICAN PROPERTIES FUND, INC.
                                AND SUBSIDIARIES

               NOTES TO SCHEDULE III - REAL ESTATE AND ACCUMULATED
                            DEPRECIATION - CONTINUED

                                December 31, 2000


(o)      The Property is encumbered at December 31, 2000.

(p)      These  Properties  were  acquired  on the  last  business  day of 2000,
         therefore, no depreciation was recognized
<TABLE>
<CAPTION>
<S><C>

                   SCHEDULE IV- MORTGAGE LOANS ON REAL ESTATE




                                                                                                Principal Amount of Loans
-----------                 Interest         Final       Periodic   Prior  Face Amou Carrying Amo Subject to Delinquent
     Description              Rate       Maturity Date  Payment TermLiens  of Mortga of Mortgages Principal or Interest
----------------------------------------------------------------------------------------------------------------------

     328 loans held for sale with original amounts
        ranging from $69,000 to $10,205,000

                         7.62% to 11.19%   5/01/2003 to    N/A       N/A     N/A    $ 394,321,400 $ 1,162,535
                                           1/01/2021

----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
     24 loans as mortgage notes receivable with
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
        original amounts ranging from $52,000
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
        to $8,475,000
                         8.00% to 11.6%   8/17/2001         N/A       N/A     N/A     25,582,072     6,633,908
--------------------------------------------to 1/01/2------------------------------------------------------------------

                                      2000           1999             1998
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
     Balance at beginning of period  63,466,474      19,631,693 17,622,010.00
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
     New mortgage loans             370,029,447      46,738,038 2,901,742.00
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
     Accrued interest                 2,906,089         346,101 (39,853.00)
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
     Collection of principal         (7,946,989)     (2,466,072)(291,990.00)
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
     Deferred financing income       (2,227,842)        (11,336)(10,126.00)
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
     Unamortized loan costs            (376,164)         91,007  86,524.00
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
     Valuation loan costs            (6,854,932)       (551,011)         -
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
     Provision for uncollectible mortgag907,389        (311,946)(636,614.00)
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
     Balance at end of period       419,903,472      63,466,474 19,631,693
----------------------------------=========================================-------------------------------------------
----------------------------------=========================================-------------------------------------------

----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------------------------

</TABLE>

<PAGE>






                                    EXHIBITS




<PAGE>


                                  EXHIBIT INDEX


         Exhibit Number


                  2.1      Agreement  and  Plan  of  Merger,  by and  among  the
                           Registrant, CFA Acquisition Corp., CNL Fund Advisors,
                           Inc.  and CNL  Group,  Inc.,  dated  March  11,  1999
                           (Included  as  Exhibit  10.38  to  the   Registrant's
                           Registration Statement No. 333-74329 on Form S-4 (the
                           "Form  S-4") as  originally  filed  and  incorporated
                           herein by reference.)

                  2.2      Agreement  and  Plan  of  Merger,  by and  among  the
                           Registrant,  CFC Acquisition  Corp.,  CFS Acquisition
                           Corp., CNL Financial  Corp., CNL Financial  Services,
                           Inc., CNL Group,  Inc., Five Arrows Realty Securities
                           L.L.C.,  Robert A. Bourne,  Curtis B.  McWilliams and
                           Brian  Fluck,  dated  March  11,  1999  (Included  as
                           Exhibit 10.39 to the Form S-4 as originally filed and
                           incorporated herein by reference.)

                  3.1      CNL  American   Properties  Fund,  Inc.  Amended  and
                           Restated  Articles  of   Incorporation,   as  amended
                           (Included  as Exhibit  3.1 to the  Registrant's  Form
                           10-Q  for  the  quarter   ended  June  30,  1999  and
                           incorporated herein by reference.)

                  3.3      CNL  American   Properties  Fund,  Inc.  Amended  and
                           Restated  Bylaws  (Included  as  Exhibit  3.2  to the
                           Registrant's  Registration Statement No. 333-37657 on
                           Form S-11 and incorporated herein by reference.)

                  3.3      CNL American Properties Fund, Inc. Second Amended and
                           Restated  Articles  of  Incorporation   (Included  as
                           Exhibit  3.3 to the  Registrant's  Form  10-Q for the
                           quarter ended June 30, 2000 and  incorporated  herein
                           by reference).

                  4.1      Form of Stock Certificate (Included as Exhibit 4.5 to
                           the Registrant's  Registration Statement No. 33-78790
                           on Form S-11 and incorporated herein by reference.)

                  10.1     Form of  Indemnification  Agreement dated as of April
                           18, 1995, between CNL American  Properties Fund, Inc.
                           and each of James M. Seneff,  Jr.,  Robert A. Bourne,
                           G. Richard  Hostetter,  J. Joseph  Kruse,  Richard C.
                           Huseman, John T. Walker, Jeanne A. Wall, Lynn E. Rose
                           and Edgar J. McDougall, dated as of January 27, 1997,
                           between CNL American Properties Fund, Inc. and Steven
                           D.  Shackelford,  dated  as  of  February  18,  1998,
                           between CNL American Properties Fund, Inc. and Curtis
                           B.  McWilliams,  and dated as of  September  1, 1999,
                           between CNL American  Properties  Fund, Inc. and each
                           of Howard  J.  Singer,  John L.  Farren,  Timothy  J.
                           Neville,  Michael I. Wood and Barry L. Goff (Included
                           as  Exhibit  10.9  to the  Registrant's  Registration
                           Statement No. 333-15411 on Form S-11 and incorporated
                           herein by reference.)

                  10.2     Amended and Restated Agreement of Limited Partnership
                           of CNL APF Partners, LP (Included as Exhibit 10.50 to
                           Amendment  No.  2 to the  Form  S-4 and  incorporated
                           herein by reference.)

                  10.3     Amended and  Restated  Credit  Agreement by and among
                           CNL  APF  Partners,   LP,  Registrant,   First  Union
                           National  Bank,  First Union Capital  Markets  Group,
                           Banc of America  Securities LLC,  NationsBank,  N.A.,
                           The  Chase   Manhattan   Bank  and  other   financial
                           institutions, dated June 9, 1999 (Included as Exhibit
                           10.51  to  Amendment  No.  1  to  the  Form  S-4  and
                           incorporated herein by reference.)

                  10.4     First   Amendment  to  Amended  and  Restated  Credit
                           Agreement  dated as of December  31, 1999 between CNL
                           APF Partners,  LP and First Union  National  Bank, as
                           Agent  (Included as Exhibit 10.4 to the  Registrant's
                           Form 10-K for the year ended  December  31,  1999 and
                           incorporated herein by reference.)

                  10.5     Franchise  Receivable Funding and servicing Agreement
                           dated  as  of  October  14,  1999   between  CNL  APF
                           Partners,   LP  and   Neptune   Funding   Corporation
                           (Included  as Exhibit 10.5 to the  Registrant's  Form
                           10-K  for  the  year  ended  December  31,  1999  and
                           incorporated herein by reference.)

                  10.6     Interim  Wholesale  Mortgage  Warehouse  and Security
                           Agreement dated as of September 18, 1998, and Amended
                           Agreement dated as of August 30, 1999 between CNL APF
                           Partners,   LP  and  Prudential   Securities   Credit
                           Corporation   (Included   as  Exhibit   10.6  to  the
                           Registrant's  Form 10-K for the year  ended  December
                           31, 1999 and incorporated herein by reference.)

                  10.7     1999 Performance  Incentive Plan (Included as Exhibit
                           10.1  to  Amendment   No.  1  to  the  Form  S-4  and
                           incorporated herein by reference.)

                  10.8     Registration   Rights  Agreement  by  and  among  the
                           Registrant,  Robert A. Bourne,  Curtis B. McWilliams,
                           John T. Walker,  Howard Singer, Steven D. Shackelford
                           and CNL  Group,  Inc.,  dated  as of March  11,  1999
                           (Included as Exhibit  10.40 to Amendment No. 1 to the
                           Form S-4 and incorporated herein by reference.)

                  10.9     Registration   Rights  Agreement  by  and  among  the
                           Registrant,  Five Arrows  Realty  Securities  L.L.C.,
                           James M. Seneff,  Jr.,  Robert A.  Bourne,  Curtis B.
                           McWilliams and CNL Group, Inc., dated as of March 11,
                           1999 (Included as Exhibit 10.41 to Amendment No. 1 to
                           the Form S-4 and incorporated herein by reference.)

                  10.10    Employment   Agreement  by  and  between   Curtis  B.
                           McWilliams and the  Registrant,  dated  September 15,
                           1999 (Included as Exhibit 10.42 to Amendment No. 2 to
                           the Form S-4 and incorporated herein by reference.)

                  10.11    Employment   Agreement  by  and  between   Steven  D.
                           Shackelford and the  Registrant,  dated September 15,
                           1999 (Included as Exhibit 10.43 to Amendment No. 2 to
                           the Form S-4 and incorporated herein by reference.)

                  10.12    Employment  Agreement  by and between  John T. Walker
                           and  the   Registrant,   dated   September  15,  1999
                           (Included as Exhibit  10.44 to Amendment No. 2 to the
                           Form S-4 and incorporated herein by reference.)

                  10.13    Employment  Agreement by and between Howard J. Singer
                           and  the   Registrant,   dated   September  15,  1999
                           (Included as Exhibit  10.45 to Amendment No. 2 to the
                           Form S-4 and incorporated herein by reference.)

                  10.14    Employment Agreement by and between Barry L. Goff and
                           the Registrant, dated September 15, 1999 (Included as
                           Exhibit  10.46 to Amendment No. 2 to the Form S-4 and
                           incorporated herein by reference.)

                  10.15    Employment  Agreement by and between Robert W. Chapin
                           and  the   Registrant,   dated   September  15,  1999
                           (Included as Exhibit  10.47 to Amendment No. 2 to the
                           Form S-4 and incorporated herein by reference.)

                  10.16    Employment   Agreement  by  and  between  Timothy  J.
                           Neville and the Registrant,  dated September 15, 1999
                           (Included as Exhibit  10.48 to Amendment No. 2 to the
                           Form S-4 and incorporated herein by reference.)

                  10.17    Holdback  Agreement by and among the  Registrant  and
                           Stockholders,  dated  August 31,  1999  (Included  as
                           Exhibit  10.56 to Amendment No. 2 to the Form S-4 and
                           incorporated herein by reference.)

                  10.18    Amended  and   Restated   Credit  and   Reimbursement
                           Agreement by and among CNL APF Partners,  LP, CNL APF
                           LP Corp., CNL APF GP Corp., Bank of America, N.A. and
                           Bank of America  Securities LLC, dated as of June 15,
                           2000  (included as Exhibit 10.18 to the  Registrant's
                           Form 10-Q for the quarter ended June 30, 2000.

                  21       Subsidiaries of the Registrant (Filed herewith.)


                                   Exhibit 21
                         Subsidiaries of the Registrant


Subsidiaries of the Registrant

CNL American Properties, Inc.
CNL Franchise Network Corp.
CNL Financial GP Holding Corp.
CNL Franchise Network GP Corp.
CNL Franchise Network LP Corp.
CNL/CAS Corp.
CNL Financial Services GP Corp.
CNL Funding 2001-A, Inc.
CNL Financial VII, Inc.
CNL Financial V, Inc.
CNL Funding 98-1, Inc.
CNL Funding 99-1, Inc.
CNL Franchise Network, LP
CNL Financial VII, LP
CNL Funding 2001-A, LP
CNL Financial V, LP
CNL Financial LP Holding, LP
CNL RP Services, LLC
CNLinet, LLC
CNL Advisory Services, Inc.
CNL Financial Services, LP
CNL Restaurant Investors Properties, Inc.
CNL Restaurant Properties, Inc.
CNL/MSC Indiana Joint Venture
CNL/Corral South Joint Venture
CNL Fund Advisors, Inc.
CNL Restaurant Development, Inc.
CNL APF LP Corp.
CNL APF GP Corp.
CNL Restaurant Net Lease GP Holding Corp.
CNL/MSC Joint Venture No. 752
CNL/MSC Joint Venture No. 779
CNL/MSC Joint Venture No. 857
CNL/MSC Joint Venture No. 182
CNL/MSC Joint Venture No. 1005
CNL/MSC Joint Venture No. 740
CNL APF Partners, LP
CNL/Lee Vista Joint Venture
CNL/Chevys Annapolis Joint Venture
CNL Restaurant Net Lease Holdings, LP
CNL Restaurant Bond Holdings, Inc.
CNL Funding 2000-A, Inc.
CNL Funding 2000-A, LP
CNL Restaurant Bond Holdings, LP