<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 MARCH 31, 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)
Suite 345, 222 Third Avenue North, Nashville, Tennessee 37201
(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 ___
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PART I. FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
NASHVILLE LAND FUND, LTD.
(A Tennessee Limited Partnership)
FINANCIAL STATEMENTS
For the Three Months Ended March 31, 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>
March 31, December 31,
1995 1994
------------- -------------
<S> <C> <C>
ASSETS
CASH $ 207,288 $ 104,645
LAND HELD FOR INVESTMENT 4,989,656 5,080,858
NOTE RECEIVABLE 978,014 978,014
ACCRUED INTEREST RECEIVABLE 298,075 267,193
OTHER ASSETS 5,275 275
Total Assets $ 6,478,308 $ 6,430,985
========== ==========
LIABILITIES AND PARTNERS' EQUITY
ACCOUNTS PAYABLE 5,462 13,788
ACCRUED PROPERTY TAXES - 36,251
PARTNERS' EQUITY 6,472,846 6,380,946
Total Liabilities &
Partners' Equity $ 6,478,308 $ 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 and
Year to Date Ending
MARCH 31,
_____________________
1995 1994
____ ____
<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 -
Interest Income 30,882 24,195
Miscellaneous 130 300
Total Revenue $ 107,505 $ 24,495
EXPENSES:
Property Taxes (1,253) 2,733
Association Fees - 28,000
Management Fees 3,500 3,500
Legal & Accounting Fees 12,900 400
General & Admin. Expenses 458 4,733
Total Expenses $ 15,605 $ 39,366
NET INCOME (LOSS) $ 91,900 $ (14,871)
<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
MARCH 31,
__________________________
1995 1994
____ ____
<S> <C> <C>
Cash Flows from Operating Activities:
Net Income $ 91,900 $ (14,871)
Adjustments to reconcile
Net Income to Net Cash used in
Operating Activities:
Change in Other Assets (5,000) -
Change in Accounts Payable (8,326) 21,788
Increase in Accrued
Interest Receivable (30,882) (24,195)
Decrease in Accrued Taxes (36,251) (12,405)
Gain on Sale of Land (76,493) -
Total Adjustments (156,952) (14,812)
Net Cash used in
Operating Activities (65,052) (29,683)
Cash Flows from Investing
Activities
Sale Proceeds 167,695 -
Net Increase/(Decrease) in
Cash and Cash Equivalents 102,643 (29,683)
CASH AT JANUARY 1, 104,645 192,959
CASH AT MARCH 31, $ 207,288 $ 163,276
======== ========
<FN>
See notes to financial statements.
</TABLE>
<PAGE> 6
NASHVILLE LAND FUND, LTD.
(A Limited Partnership)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the Three Months Ended March 31, 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 three
month period ended March 31, 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 $ 3,500 $ 3,500
Accounting Fees 400 400
</TABLE>
<PAGE> 7
Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS FOR THE QUARTER ENDED MARCH 31, 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. Although the Registrant does not have any contracts for sale, the
General Partner is actively pursuing potential purchasers of the North Creek
Business Park.
Operating expenses of the Registrant are comparable to the prior year's quarter
except for the absence of Association Fees which were recorded in the second
quarter of 1995 and the increase in Legal & Accounting Fees due to the timing of
audit and tax preparation charges. The actual increase in audit and tax fees is
minimal.
FINANCIAL CONDITION
As of May 15, 1995, the Registrant has $37,347 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 First 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: May 17, 1995 By:/s/ Steven D. Ezell
___________________
Steven D. Ezell
President
Date: May 17, 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 MARCH 31, 1995 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> MAR-31-1995
<CASH> 207,288
<SECURITIES> 0
<RECEIVABLES> 1,276,089
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 207,288
<PP&E> 4,989,656
<DEPRECIATION> 0
<TOTAL-ASSETS> 6,478,308
<CURRENT-LIABILITIES> 5,462
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 6,472,846
<TOTAL-LIABILITY-AND-EQUITY> 6,478,308
<SALES> 184,109
<TOTAL-REVENUES> 215,121
<CGS> 91,202
<TOTAL-COSTS> 107,616
<OTHER-EXPENSES> 15,605
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 91,900
<INCOME-TAX> 0
<INCOME-CONTINUING> 91,900
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 91,900
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
