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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, 1996
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)
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)
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 Nine Months Ended September 30, 1996
INDEX
Financial Statements:
Consolidated Balance Sheets 3
Consolidated Statements of Operations 4
Consolidated Statements of Cash Flows 5
Notes to Financial Statements 6
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<TABLE>
NASHVILLE LAND FUND, LTD.
(A Limited Partnership)
BALANCE SHEETS
(Unaudited)
<CAPTION>
September 30, December 31,
1996 1995
------------- ------------
<S> <C> <C>
ASSETS
CASH $158,497 $ 163,842
LAND HELD FOR INVESTMENT 4,943,986 4,995,822
OTHER ASSETS 275 275
Total Assets $5,102,758 $5,159,939
=========== ==========
LIABILITIES AND PARTNERS' EQUITY
ACCOUNTS PAYABLE $ 74 $ 984
ACCRUED PROPERTY TAXES 32,462 35,236
PARTNERS' EQUITY 5,070,222 5,123,719
Total Liabilities &
Partners' Equity $5,102,758 $ 5,159,939
========== ==========
<FN>
See notes to financial statements.
/TABLE
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<TABLE>
NASHVILLE LAND FUND, LTD.
(A Limited Partnership)
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
Quarter Ending Year to Date Ending
September 30, September 30,
_______________ ___________________
1996 1995 1996 1995
_____ _____ _____ _____
<S> <C> <C> <C> <C>
REVENUE:
Land Sales:
Sale Proceeds$ 107,811 - 107,811 184,109
Cost of Land
Sold (48,686) - (48,686) (91,202)
Closing Costs (17,284) (100,000) (17,284) (116,414)
Gain/(Loss)
on Sale of Land 41,841 (100,000) 41,841 (23,507)
Miscellaneous - - 500 130
Interest - 282,208 3,021 350,170
Total Revenue 41,841 182,208 45,362 326,793
EXPENSES:
State Taxes - - 8,829 -
Property Taxes 32,117 35,236 32,117 33,984
Association Fees 14,691 - 24,691 27,566
Management Fees 3,500 3,500 10,500 10,500
Legal & Accounting
Fees 400 923 16,900 15,722
General & Admin.
Expenses 55 (1,643) 5,822 4,354
Total Expenses 50,763 38,016 98,859 92,126
NET INCOME (8,922) $144,192 (53,497) 234,667
<FN>
See notes to financial statements
</TABLE>
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<TABLE>
NASHVILLE LAND FUND, LTD.
(A Limited Partnership)
STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
Year-to-date
September 30,
_______________________
1996 1995
<S> <C> <C>
Cash Flows from Operating Activities:
Net Income $ (53,497) $234,667
Adjustments to reconcile
Net Income to Net Cash used in
Operating Activities:
Change in Accrued Property Taxes (2,774) (1,015)
Change in Accounts Payable (910) (2,404)
Change in Accrued Interest Receivable- 267,193
Gain(Loss) on Sale of Land (41,841) 23,507
Total Adjustments (45,525) 287,281
Net Cash used in
Operating Activities (99,022) 521,948
Cash Flows from Investing Activities:
Cash Distribution to Partners - (150,000)
Note Receivable Proceed - 978,014
Sale Proceeds 93,677 67,695
93,677 895,709
Net Increase/(Decrease) in
Cash and Cash Equivalents (5,345) 1,417,657
CASH AT JANUARY 1, 163,842 104,645
CASH AT SEPTEMBER 30, 158,497 $1,522,302
========= ==========
<FN>
See notes to financial statements.
</TABLE>
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NASHVILLE LAND FUND, LTD.
(A Limited Partnership)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the Six Months Ended September 30, 1996
(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, 1995. 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, 1996 may not be
indicative of the results that may be expected for the year
ending December 31, 1996.
B.RELATED PARTY TRANSACTIONS
The General Partner and its affiliates have been
actively involved in managing the Partnership's operations.
Compensation earned for these services in the first nine months
were as follows:
<TABLE>
<CAPTION>
1996 1995
________ ________
<S> <C> <C>
Management Fees $ 10,500 10,500
Accounting Fees 2,100 2,000
</TABLE>
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Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS FOR THE QUARTER ENDED SEPTEMBER 30, 1996.
Operations of the Registrant are comparable to the prior year's
quarter except for the change in revenues. Both the 1996 and
1995 land sales were for approximately one acre of the Larchwood
Property. The variance in proceeds is due to the location and
access of the parcels sold. The 1995 third quarter closing
costs represent a $100,000 commission paid to the agent that
assisted the Registrant on the 1989 sale of land to Stewarts
Ferry Joint Venture. This commission came due with the
collection of the seller financed note receivable taken as part
of the sale proceeds. The 1995 third quarter interest income
consists of a $245,659 equity participation received in addition
to payment in full of the same note receivable from Stewarts
Ferry Joint Venture.
FINANCIAL CONDITION
As of October 31, 1996, the Registrant had $154,454 in cash
reserves. These funds are expected to provide sufficient
liquidity through 1996.
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PART II. OTHER INFORMATION
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
Exhibit 27 - Financial Data Schedule
(b) No 8-K's have been filed during this quarter.
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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 14, 1996 By:/s/ Steven D. Ezell
___________________
Steven D. Ezell
President
Date: November 14, 1996 By:/s/ Michael A. Hartley
______________________
Michael A. Hartley
Secretary/Treasurer
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1996
<CASH> 158,497
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 4,943,986
<DEPRECIATION> 0
<TOTAL-ASSETS> 5,102,758
<CURRENT-LIABILITIES> 74
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 5,070,222
<TOTAL-LIABILITY-AND-EQUITY> 5,102,758
<SALES> 107,811
<TOTAL-REVENUES> 3,021
<CGS> 48,686
<TOTAL-COSTS> 65,970
<OTHER-EXPENSES> 98,859
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (53,497)
<INCOME-TAX> 0
<INCOME-CONTINUING> (53,497)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (53,497)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
