<PAGE>
<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, 2000
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)
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>
<PAGE> 2
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, 2000 and 1999
INDEX
Financial Statements:
Balance Sheets 3
Statements of Operations 4
Statements of Cash Flows 5
Notes to Financial Statements 6
<PAGE>
<PAGE> 3
<TABLE>
NASHVILLE LAND FUND, LTD.
(A Limited Partnership)
BALANCE SHEETS
(Unaudited)
<CAPTION>
March 31, December 31,
2000 1999
------------- ------------
<S> <C> <C>
ASSETS
CASH $ 95,291 $ 128,827
RESTRICTED CASH 37,130 36,982
LAND AND IMPROVEMENTS HELD
FOR INVESTMENT, LESS VALUATION
ALLOWANCE OF $1,017,154 2,267,809 2,256,945
DUE FROM AFFILIATE 21,900 21,900
OTHER ASSETS 175 175
Total Assets $ 2,422,305 $ 2,444,829
LIABILITIES AND PARTNERS' EQUITY
ACCOUNTS PAYABLE $ 47,827 $ 61,069
PARTNERS' EQUITY:
Limited Partners, 7,500 units
outstanding 2,374,392 2,383,674
Special Limited Partner 4 4
General Partner 82 82
Total Partners' equity 2,374,478 2,383,760
Total Liabilities &
Partners' Equity $ 2,422,305 $ 2,444,829
<FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<PAGE> 4
<TABLE>
NASHVILLE LAND FUND, LTD.
(A Limited Partnership)
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
Three months
Ended
MARCH 31,
2000 1999
<S> <C> <C>
REVENUE:
Interest Income $ 148 501
Total Revenues 148 501
EXPENSES:
Partnership and Property
Management Fees 3,500 3,500
Legal & Accounting Fees 4,770 3,500
General & Administrative Expenses 1,160 223
Total Expenses 9,430 7,223
NET LOSS $ (9,282) $ (6,722)
<FN>
See accompanying notes to financial statements
</TABLE>
<PAGE>
<PAGE> 5
<TABLE>
NASHVILLE LAND FUND, LTD.
(A Limited Partnership)
STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
Three months ended
MARCH 31,
2000 1999
<S> <C> <C>
Cash Flows from Operating Activities:
Net Loss $ (9,282) $ (6,722)
Adjustments to reconcile
Net loss to net cash
used in operating activities:
Cost of Land Improvements (10,864) -
Increase in Restricted Cash (148) (501)
Increase in other Assets (200)
Decrease in Accounts Payable (13,242) (23,487)
Net Cash used in operating activities (33,536) (30,910)
Net Decrease in Cash (33,536) (30,910)
CASH AT JANUARY 1, 128,827 47,881
CASH AT MARCH 31, 95,291 $ 16,971
<FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<PAGE> 6
NASHVILLE LAND FUND, LTD.
(A Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
For the Three Months Ended March 31, 2000 and 1999
(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, 1999. 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, 2000 may not be indicative of the
results that may be expected for the year ending December
31, 2000.
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:
2000 1999
Management Fees $3,500 $ 3,500
Accounting Fees 500 500
C. COMPREHENSIVE INCOME
During the three month periods ended March 31, 2000 and 1999,
the Partnership had no components of other comprehensive
income. Accordingly, comprehensive income for each of the
periods was the same as net income(loss).
<PAGE>
<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, 2000.
There were no land sales during 2000.
Overall operations of the Registrant are minimal and have not
fluctuated significantly.
FINANCIAL CONDITION
As of May 10, 2000, the Registrant had $ 84,803 in available funds
to cover operating expenses for the next year. This balance is
sufficient to meet the operating needs of the Registrant for the
next year.
Year 2000
In 1998, the Partnership initiated a plan ("Plan") to
identify, and remediate "Year 2000" issues within each of its
significant computer programs and certain equipment which contain
microprocessors. The Partnership divided the Plan into five major
phases-assessment, planning, conversion, implementation and
testing. The plan was completed in mid 1999. The total remediation
costs for the plan were not material to the operation or liquidity
of the partnerships. The Registrant has had no significant
operational difficulties related to Year 2000 issue. Management
does not expect any issues or operational problems related to Year
2000 in the future.
<PAGE>
<PAGE> 8
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
2000
(b) No 8-K's have been filed during this quarter.
<PAGE>
<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 15, 2000 By:/s/ Steven D. Ezell
President
Date: May 15, 2000 By:/s/ Michael A. Hartley
Secretary/Treasurer
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-END> MAR-31-2000
<CASH> 95,291
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 2,267,809
<DEPRECIATION> 0
<TOTAL-ASSETS> 2,422,305
<CURRENT-LIABILITIES> 47,827
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 2,374,478
<TOTAL-LIABILITY-AND-EQUITY> 2,422,305
<SALES> 0
<TOTAL-REVENUES> 148
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 9,429
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (9,429)
<INCOME-TAX> 0
<INCOME-CONTINUING> (9,429)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (9,429)
<EPS-BASIC> (1.23)
<EPS-DILUTED> (1.23)
</TABLE>
