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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, 1997
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, 1997
INDEX
Financial Statements:
Balance Sheets 3
Statements of Operations 4
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>
June 30, December 31,
1997 1996
-------- ------------
<S> <C> <C>
ASSETS
CASH $ 23,288 $ 153,733
LAND HELD FOR INVESTMENT,less
valuation allowance of $877,154 4,111,359 4,066,832
OTHER ASSETS 292 275
--------- ---------
Total Assets 4,134,939 4,220,840
========= =========
LIABILITIES AND PARTNERS' EQUITY
ACCOUNTS PAYABLE 32,759 32,536
PARTNERS' EQUITY:
Limited Partners, 7,500 units
outstanding 4,102,094 4,188,218
Special Limited Partner 4 4
General Partner 82 82
Total Partners' equity 4,102,180 4,188,304
---------- ---------
Total Liabilities &
Partners' Equity 4,134,939 4,220,840
========== =========
<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,
_______________ ___________________
1997 1996 1997 1996
_____ _____ _____ _____
<S> <C> <C> <C> <C>
REVENUE:
Land Sales:
Sale Proceeds - 107,811 107,811
Cost of Land
Sold - (48,686) - (48,686)
Closing Costs - (17,284) (17,284)
Gain/(Loss)
on Sale of Land - 4,841 - 41,841
Miscellaneous - - 758 500
Interest - - 2,841 3,021
Total Revenue - 41,841 3,599 45,362
EXPENSES:
State Taxes - - - 8,829
Property Taxes 32,685 32,117 32,685 32,117
Association Fees 23,339 14,691 23,339 24,691
Management Fees 3,500 3,500 10,500 10,500
Legal & Accounting
Fees - 400 18,393 16,900
General & Admin.
Expenses 965 55 4,806 5,822
Total Expenses60,489 50,763 89,723 98,859
NET INCOME ($60,489) (8,922) (86,124) (53,497)
<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,
_______________________
1997 1996
<S> <C> <C>
Cash Flows from Operating Activities:
Net Income $ (86,124) (53,497)
Adjustments to reconcile
Net Income to Net Cash used in
Operating Activities:
Change in Accrued Property Taxes - (2,774)
Change in Accounts Payable 223 (910)
Gain (Loss) on Sale of Land - (41,841)
Change in Other Assets (17) -
Total Adjustments 206 (45,525)
Net Cash used in
Operating Activities (85,918) (99,022)
Cash Flows from Investing Activities:
Land Improvements (44,527) -
Sale Proceeds - 93,677
Net Increase/(Decrease) in
Cash and Cash Equivalents (130,445) (5,345)
CASH AT JANUARY 1, 153,733 163,842
CASH AT SEPTEMBER 30, $23,288 $158,497
========= ==========
<FN>
See notes to financial statements.
</TABLE>
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NASHVILLE LAND FUND, LTD.
(A Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
For the Six Months Ended September 30, 1997
(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, 1996. 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, 1997.
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>
1997 1996
________ ________
<S> <C> <C>
Management Fees $ 10,500 10,500
Accounting Fees 2,100 2,000
</TABLE>
C. SUBSEQUENT EVENTS
On November 14, 1997, the Registrant sold over an acre of the Larchwood
property for gross proceeds of $320,390.
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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, 1997.
Operations of the Registrant are comparable to the prior year's quarter
except for the change in revenues and state taxes. The 1996 land sale was
for approximately one acre of the Larchwood Property. There were no land
sales in 1997. State Income tax expense is incurred on the receipt of non-
bank interest income. The Registrant has not received any non-bank interest
in 1997. The 1996 state income tax expense was recorded when the tax was
paid, not when the interest was earned.
FINANCIAL CONDITION
As of October 31, 1997, the Registrant had $21,788 in cash reserves. These
funds are expected to provide sufficient liquidity through 1997. On November
14, 1997, the Registrant sold over an acre of the Larchwood property for net
proceeds of $272,637.
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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 21, 1997 By:/s/ Steven D. Ezell
___________________
Steven D. Ezell
President
Date: November 21, 1997 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-31-1996
<PERIOD-END> SEP-30-1997
<CASH> 23288
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 4111359
<DEPRECIATION> 0
<TOTAL-ASSETS> 4134939
<CURRENT-LIABILITIES> 32759
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 4102180
<TOTAL-LIABILITY-AND-EQUITY> 4134939
<SALES> 0
<TOTAL-REVENUES> 3599
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 89723
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (86124)
<INCOME-TAX> 0
<INCOME-CONTINUING> (86124)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (86124)
<EPS-PRIMARY> (11.48)
<EPS-DILUTED> (11.48)
</TABLE>
