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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 MARCH 31, 1998
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
(Address of principal executive office)
37205 (615) 292-1040
(Zip Code) (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, 1998
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>
March 31, December 31,
1998 1997
------------- ------------
<S> <C> <C>
ASSETS
CASH AND CASH EQUIVALENTS $ 56,948 $ 257,190
RESTRICTED CASH 34,864 22,000
ACCOUNTS RECEIVABLE AFFILIATES 3,417 -
LAND HELD FOR INVESTMENT 3,275,708 3,925,143
OTHER ASSETS 175 292
Total Assets $ 3,371,112 $ 4,204,625
========== ==========
LIABILITIES AND PARTNERS' EQUITY
ACCOUNTS PAYABLE 3,224 12,975
PARTNERS' EQUITY:
Limited Partners, 7,500 units
outstanding 3,367,802 4,191,564
Special Limited Partner 4 4
General Partner 82 82
Total Partners' equity 3,367,888 4,191,650
Total Liabilities &
Partners' Equity $ 3,371,092 $ 4,204,625
========== ==========
<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 and
Year to Date Ending
MARCH 31,
1998 1997
<S> <C> <C>
REVENUE:
Sales of Land and Improvements $ 1,015,981 -
Cost of Land and
Improvements Sold (676,198) -
Selling Expenses (104,088) -
Gain on Sale of Land 235,695 -
Interest Income 4,143 -
Total Revenues 239,838 -
EXPENSES:
Maintenance - 3,306
Management Fees 3,500 3,500
Legal & Accounting Fees 9,850 11,150
General & Admin. Expenses - 2,610
Property Taxes 250 -
Total Expenses $ 13,600 $ 20,566
NET INCOME (LOSS) $ 226,238 $(20,566)
<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
MARCH 31,
1998 1997
<S> <C> <C>
Cash Flows from Operating Activities:
Net Income $226,238 $ (20,566)
Adjustments to reconcile
Net Income to Net Cash used in
Operating Activities:
Cost of Land and Improvements Sold 676,198 -
Cost of Land Improvements (26,763) (30,205)
Increase in Restricted Cash (12,864) -
Increase in Accounts Receivable (3,417) -
Decrease in other Assets 117 -
Decrease in Accounts Payable (9,751) (25,762)
Net Cash provided by (used in)
Operating Activities 849,758 (76,533)
Cash Flows from Financing
Activities-Distributions
to Partners (1,050,000) -
Net Decrease in
Cash and Cash Equivalents (200,242) (76,533)
CASH AT JANUARY 1, 257,190 153,733
CASH AT MARCH 31, $ 56,948 $ 77,200
======== ========
<FN>
See notes to financial statements.
</TABLE>
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NASHVILLE LAND FUND, LTD.
(A Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
For the Three Months Ended March 31, 1998
(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, 1997. 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, 1998 may not be indicative of the
results that may be expected for the year ending December 31,
1998.
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 three months were as
follows:
<TABLE>
<CAPTION>
1998 1997
________ _______
<S> <C> <C>
Management Fees $ 3,500 $ 3,500
Accounting Fees - -
/TABLE
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NASHVILLE LAND FUND, LTD.
(A Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
For the Three Months Ended March 31, 1998
(Unaudited)
C. COMPREHENSIVE INCOME
Effective January 1, 1998, the Partnership adopted Statement of
Financial Accounting Standards (SFAS) No. 130, Reporting
Comprehensive Income. SFAS No. 130 establishes standards for
reporting and display of comprehensive income and its components
in a full set of general-purpose financial statements and
requires that all components of comprehensive income be reported
in a financial statement that is displayed with the same
prominence as other financial statements. Comprehensive income
is defined as the change in equity of a business enterprise,
during a period, associated with transactions and other events
and circumstances from non-owner sources. It includes all
changes in equity during a period except those resulting from
investments by owners and distributions to owners. During the
three month periods ended March 31, 1998 and 1997, the
Partnership had no components of comprehensive income.
Accordingly, comprehensive income for each of the periods was
the same as net income.
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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 MARCH 31, 1998.
During 1998, the Registrant sold three parcels of land. Two sales
were from the North Creek Business Park Property. These sales
totalled 5.3 acres and had gross proceeds of $755,311. The other
sale from the Larchwood Property was for 1.4 acres and had gross
proceeds of $260,670. From these and prior sales, the Registrant
distributed $1,050,000 to the limited partners.
Overall operations of the Registrant are minimal and have not
fluctuated significantly.
FINANCIAL CONDITION
As of April 30, 1998, the Registrant has $61,074 in cash reserves.
These funds are expected to be sufficient through 1998.
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PART II. OTHER INFORMATION
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
Exhibit 27 - Financial Data Schedule for the First Quarter of
1998
(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: May 15, 1998 By:/s/ Steven D. Ezell
President
Date: May 15, 1998 By:/s/ Michael A. Hartley
Secretary/Treasurer
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> MAR-31-1998
<CASH> 56,948
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 3,275,708
<DEPRECIATION> 0
<TOTAL-ASSETS> 3,371,112
<CURRENT-LIABILITIES> 3,224
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 3,367,888
<TOTAL-LIABILITY-AND-EQUITY> 3,371,092
<SALES> 1,015,981
<TOTAL-REVENUES> 239,838
<CGS> 676,198
<TOTAL-COSTS> 780,286
<OTHER-EXPENSES> 13,600
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 226,238
<INCOME-TAX> 0
<INCOME-CONTINUING> 226,238
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 226,238
<EPS-PRIMARY> 30.16
<EPS-DILUTED> 30.16
</TABLE>
