<PAGE> 1
FORM 10-Q--QUARTERLY REPORT UNDER SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[X] Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the period ended September 30, 1995
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: 33-5785-A
NASHVILLE LAND FUND, LTD.
(Exact name of Registrant as specified in its charter)
Tennessee 62-1271664
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification)
One Belle Meade Place, 4400 Harding Road, Suite 500, Nashville,
Tennessee 37205
(Address of principal executive office) (Zip Code)
(615) 292-1040
(Registrant's telephone number, including area code)
(Former name, former address and former fiscal year, if
changed since last report.)
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 for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to such
filing requirements for at least the past 90 days.
YES X NO ___
<PAGE> 2
PART I. FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
NASHVILLE LAND FUND, LTD.
(A Tennessee Limited Partnership)
FINANCIAL STATEMENTS
For the Nine Months Ended September 30, 1995
INDEX
Financial Statements:
Consolidated Balance Sheets 3
Consolidated Statements of Operations 4
Consolidated Statements of Cash Flows 5
Notes to Financial Statements 6
<PAGE> 3
<TABLE>
NASHVILLE LAND FUND, LTD.
(A Limited Partnership)
CONSOLIDATED BALANCE SHEETS
(Unaudited)
<CAPTION>
September 30, December 31,
1995 1994
------------- -------------
<S> <C> <C>
ASSETS
CASH $1,522,302 $ 104,645
LAND HELD FOR INVESTMENT 4,989,656 5,080,858
NOTE RECEIVABLE - 978,014
ACCRUED INTEREST RECEIVABLE - 267,193
OTHER ASSETS 275 275
Total Assets $6,512,233 $6,430,985
========== ==========
LIABILITIES AND PARTNERS' EQUITY
ACCOUNTS PAYABLE $ 11,384 $ 13,788
ACCRUED PROPERTY TAXES 35,236 36,251
PARTNERS' EQUITY 6,465,613 6,380,946
Total Liabilities &
Partners' Equity $6,512,233 $ 6,430,985
========== ==========
<FN>
See notes to financial statements.
</TABLE>
<PAGE> 4
<TABLE>
NASHVILLE LAND FUND, LTD.
(A Limited Partnership)
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
Quarter Ending Year to Date Ending
September 30, September 30,
_________________ ____________________
1995 1994 1995 1994
____ ____ ____ ____
<C> <C> <C> <C>
REVENUE:
Land Sales:
Sale Proceeds $ - - 184,109 -
Cost of Land
Sold - - (91,202) -
Closing Costs (100,000) - (116,414) -
Loss on Sale
of Land (100,000) - (23,507) -
Miscellaneous - 300 130 900
Interest 282,208 30,007 350,170 89,417
Total Revenue 182,208 30,307 326,793 90,317
EXPENSES:
Property Taxes 35,236 19,662 33,984 22,396
Association Fees - 27,566 26,370
Management Fees 3,500 3,500 10,500 10,500
Legal & Accounting
Fees 923 400 15,722 14,959
General & Admin.
Expenses (1,643) 2,682 4,354 10,256
Total Expenses 38,016 26,244 92,126 84,481
NET INCOME $144,192 4,063 234,667 5,836
<FN>
See notes to financial statements
</TABLE>
<PAGE> 5
<TABLE>
NASHVILLE LAND FUND, LTD.
(A Limited Partnership)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
Year-to-date
September 30,
__________________________
1995 1994
____ ____
<S> <C> <C>
Cash Flows from Operating Activities:
Net Income $234,667 5,836
Adjustments to reconcile
Net Income to Net Cash used in
Operating Activities:
Change in Accrued Property
Taxes (1,015) -
Change in Accounts Payable (2,404) 5,437
Change in Accrued
Interest Receivable 267,193 (86,999)
Decrease in Accrued Taxes - 7,259
Gain/Loss on Sale of Land 23,507 -
________ ________
Total Adjustments 287,281 (74,303)
Net Cash used in
Operating Activities 521,948 (68,467)
Cash Flows from Investing
Activities:
Cash Distribution
to Partners (150,000) -
Note Receivable Proceeds 978,014 -
Sale Proceeds 67,695 -
_______ _______
895,709 -
Net Increase/(Decrease) in
Cash and Cash Equivalents 1,417,657 (68,467)
CASH AT JANUARY 1, 104,645 192,959
CASH AT SEPTEMBER 30, $1,522,302 124,492
========= ========
<FN>
See notes to financial statements.
</TABLE>
<PAGE> 6
NASHVILLE LAND FUND, LTD.
(A Limited Partnership)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the Six Months Ended September 30, 1995
(Unaudited)
A.ACCOUNTING POLICIES
The unaudited financial statements presented herein have been
prepared in accordance with the instructions to Form 10-Q and
do not include all of the information and note disclosures
required by generally accepted accounting principles. These
statements should be read in conjunction with the financial
statements and notes thereto included in the Partnership's Form
10-K for the year ended December 31, 1994. In the opinion of
management, such financial statements include all adjustments,
consisting only of normal recurring adjustments, necessary to
summarize fairly the Partnership's financial position and
results of operations. The results of operations for the nine
month period ended September 30, 1995 may not be indicative of
the results that may be expected for the year ending December
31, 1995.
B.RELATED PARTY TRANSACTIONS
The General Partner and its affiliates have been actively
involved in managing the Partnership's operations as described
in the Prospectus dated April 22, 1986. Compensation earned
for these services in the first nine months were as follows:
<TABLE>
<CAPTION>
1995 1994
________ ________
<S> <C> <C>
Management Fees $ 10,500 10,500
Accounting Fees 2,000 2,000
</TABLE>
<PAGE> 7
Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS FOR THE QUARTER ENDED SEPTEMBER 30, 1995.
During the first quarter of 1995, the Registrant sold
approximately one acre for $184,109. The sale proceeds were
distributed to the partners in the second quarter. On September
20, 1995, Stewarts Ferry Joint Venture, the obligor on the
Registrant's note receivable, sold its land and retired in full
the note receivable and accrued interest. The Registrant also
received a $245,659 equity participation which was recorded as
additional interest. From these proceeds, the Registrant was
required to pay a $100,000 commission to the agent that assisted
the Registrant on the original sale of this land to Stewarts Ferry
Joint Venture. On October 5, 1995, $1,300,000 of these proceeds
were distributed to the partners.
Operating expenses of the Registrant are comparable to the prior
year's quarter and are not expected to fluctuate significantly in
the future. Property taxes appear to have increased, but the 1994
third quarter property tax amount reflected only part of the 1994
annual amount of $39,015. 1995 property tax expense reflects a
full year's expense.
FINANCIAL CONDITION
As of September 30, 1995, the Registrant has $1,522,302 in cash
reserves. In October, 1995, $1,300,000 was distributed to the
partners. The remaining funds are expected to be sufficient
through 1995.
<PAGE> 8
PART II. OTHER INFORMATION
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
Exhibit 27 - Financial Data Schedule for Third Quarter of
1995
(b) No 8-K's have been filed during this quarter.
<PAGE> 9
SIGNATURES
Pursuant to the requirements 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.
NASHVILLE LAND FUND, LTD.
By: 222 PARTNERS, INC.
General Partner
Date: November 13, 1995 By:/s/ Steven D. Ezell
___________________
Steven D. Ezell
President
Date: November 13, 1995 By:/s/ Michael A. Hartley
______________________
Michael A. Hartley
Secretary/Treasurer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
QUARTERLY FINANCIAL STATEMENTS FOR THE QUARTER ENDED SEPTEMBER 30, 1995 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> SEP-30-1995
<CASH> 1,522,302
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 1,522,302
<PP&E> 4,989,656
<DEPRECIATION> 0
<TOTAL-ASSETS> 6,512,233
<CURRENT-LIABILITIES> 46,620
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 6,465,613
<TOTAL-LIABILITY-AND-EQUITY> 6,512,233
<SALES> 184,109
<TOTAL-REVENUES> 326,793
<CGS> 91,202
<TOTAL-COSTS> 207,616
<OTHER-EXPENSES> 92,126
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 234,667
<INCOME-TAX> 0
<INCOME-CONTINUING> 234,667
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 234,667
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
