<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 June 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 Six Months Ended June 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>
June 30, December 31,
1995 1994
------------- -------------
<S> <C> <C>
ASSETS
CASH $ 46,133 $ 104,645
LAND HELD FOR INVESTMENT 4,989,656 5,080,858
NOTE RECEIVABLE 978,014 978,014
ACCRUED INTEREST RECEIVABLE 330,070 267,193
OTHER ASSETS 275 275
_________ _________
Total Assets $6,344,148 $6,430,985
========== ==========
LIABILITIES AND PARTNERS' EQUITY
ACCOUNTS PAYABLE $ 22,727 $ 13,788
ACCRUED PROPERTY TAXES - 36,251
PARTNERS' EQUITY 6,321,421 6,380,946
________ _________
Total Liabilities &
Partners' Equity $6,344,148 $ 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
June 30, June 30,
__________________ ____________________
1995 1994 1995 1994
____ ____ ____ ____
<C> <C> <C> <C>
REVENUE:
Land Sales:
Sale Proceeds $ - $ - $184,109 $ -
Cost of Land
Sold - - 91,202 -
Closing Costs - - 16,414 -
______ ______ ______ ______
Gain on Sale
of Land - - 76,493 -
Miscellaneous - 300 130 600
Interest 37,080 31,432 67,962 59,410
______ ______ ______ ______
Total Revenue $37,080 $31,732 $144,585 $60,010
EXPENSES:
Property Taxes - - (1,253) 2,734
Association Fees 27,567 (1,630) 27,567 26,370
Management Fees 3,500 3,500 7,000 7,000
Legal & Accounting
Fees 1,899 14,159 14,799 14,559
General & Admin.
Expenses 5,539 2,841 5,997 7,574
______ ______ ______ ______
Total Expenses $38,505 $18,870 $54,110 $58,237
NET INCOME (LOSS) $(1,425) $12,862 $90,475 $ 1,773
<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
June 30,
__________________________
1995 1994
____ ____
<S> <C> <C>
Cash Flows from Operating Activities:
Net Income $90,475 $1,773
Adjustments to reconcile
Net Income to Net Cash used in
Operating Activities:
Change in Other Assets - -
Change in Accounts Payable 8,939 5,438
Increase in Accrued
Interest Receivable (62,877) (56,964)
Decrease in Accrued Taxes (36,251) (12,403)
Gain on Sale of Land (76,493) -
________ ________
Total Adjustments (166,682) (63,929)
Net Cash used in
Operating Activities (76,207) (62,156)
Cash Flows from Investing
Activities
Cash Distribution
to Partners (150,000) -
Sale Proceeds 167,695 -
________ _______
17,695 -
Net Increase/(Decrease) in
Cash and Cash Equivalents (58,512) (62,156)
CASH AT JANUARY 1, 104,645 192,959
CASH AT JUNE 30, $ 46,133 $ 130,803
======== ========
<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 June 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 six
month period ended June 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 June 26, 1986. Compensation earned
for these services in the first nine months were as follows:
<TABLE>
<CAPTION>
1995 1994
________ ________
<S> <C> <C>
Management Fees $ 7,000 $ 7,000
Accounting Fees 1,600 1,600
</TABLE>
<PAGE> 7
Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS FOR THE QUARTER ENDED JUNE 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 first quarter. Although the
Registrant does not have any contracts for sale, the General
Partner is actively pursuing potential purchasers of the Property.
Operating expenses of the Registrant are comparable to the prior
year's quarter and are not expected to fluctuate significantly in
the future.
FINANCIAL CONDITION
As of June 30, 1995, the Registrant has $46,133 in cash reserves.
These 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 Second 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: August 11, 1995 By:/s/ Steven D. Ezell
___________________
Steven D. Ezell
President
Date: August 11, 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 JUNE 30, 1995
AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> JUN-30-1995
<CASH> 46,133
<SECURITIES> 0
<RECEIVABLES> 1,308,084
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 46,133
<PP&E> 4,989,656
<DEPRECIATION> 0
<TOTAL-ASSETS> 6,344,148
<CURRENT-LIABILITIES> 22,727
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 6,321,421
<TOTAL-LIABILITY-AND-EQUITY> 6,344,148
<SALES> 184,109
<TOTAL-REVENUES> 252,201
<CGS> 91,202
<TOTAL-COSTS> 107,616
<OTHER-EXPENSES> 54,110
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 90,475
<INCOME-TAX> 0
<INCOME-CONTINUING> 90,475
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 90,475
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
