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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 June 30, 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: 33-11396-A
LMR LAND COMPANY, LTD.
(Exact name of Registrant as specified in its charter)
Tennessee
62-1299384
(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)
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
LMR LAND COMPANY, LTD.
(A Tennessee Limited Partnership)
FINANCIAL STATEMENTS
For The Three and Six Months Ended June 30, 2000 and 1999
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>
LMR LAND COMPANY, LTD.
(A Limited Partnership)
BALANCE SHEETS
(Unaudited)
<CAPTION>
June 30, December 31,
2000 1999
------- -------
<S> <C> <C>
ASSETS
CASH $ 7,207,539 $ 310,703
RESTRICTED CASH 10,523 10,523
ACCOUNTS RECEIVABLE 4,041 4,041
LAND AND IMPROVEMENTS
HELD FOR INVESTMENT 730,045 2,567,088
Total Assets $ 7,952,148 $ 2,892,355
========== ==========
LIABILITIES AND PARTNERS' EQUITY
ACCOUNTS PAYABLE AND
ACCRUED EXPENSES $ 29,247 $ 17,665
PARTNERS' EQUITY:
Limited Partners, 7,500
units outstanding 7,922,803 2,874,592
General Partner 98 98
Total partners'
equity 7,922,901 2,874,690
Total Liabilities &
Partners' Equity $ 7,952,148 $ 2,892,355
========== ==========
<FN>
See accompanying notes to financial statements.
</TABLE>
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<TABLE>
LMR LAND COMPANY, LTD.
(A Limited Partnership)
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
June 30,
---------------------------------------
2000 1999 2000 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
REVENUE:
LAND SALES:
Sale proceeds $7,400,000 - 7,400,000 -
Cost of land and
Improvements sold (1,837,043) - (1,837,043) -
Closing costs (474,946) - (474,946) -
Gain on sale of
Land & improvements 5,088,010 - 5,088,010 -
Interest 176 95 283 322
--------- ------- --------- ------
Total Revenue 5,088,187 95 5,088,294 322
EXPENSES:
Grounds Maintenance 107 5,615 107 5,615
Management Fees 3,500 3,500 7,000 7,000
Legal & Accounting Fees 11,027 11,710 15,615 15,210
General and Administrative
Expenses 1,245 448 2,028 505
Other Operating
Expenses 15,333 18,459 15,333 23,358
------ ------ --------- ------
Total Expenses 31,212 39,732 40,083 51,688
NET Income (loss) $5,056,975 (39,637) 5,048,211 (51,366)
Net Income (loss) per limited
partner unit $ 674.26 (5.28) 673.09 (6.85)
<FN>
See accompanying notes to financial statements
</TABLE>
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<TABLE>
LMR LAND COMPANY, LTD.
(A Limited Partnership)
STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
SIX MONTHS ENDED
JUNE 30,
------------
2000 1999
---- ----
<S> <C> <C>
Cash Flows from Operating Activities:
Net income (Loss) $ 5,048,211 (51,366)
Adjustments to reconcile net loss
to net cash provided by (used in) operating activities:
Increase in resestricted cash - (80)
Increase in accounts receivable - (4,041)
Increase (decrease) in accounts
payable and accrued expenses 11,582 (16,903)
Cost of land & improvements sold 1,837,043 -
Cash provided by(used in)
operating Activities 6,896,836 (72,390)
Net Increase (Decrease) in Cash 6,896,836 (72,390)
CASH AT JANUARY 1, 310,703 120,260
CASH AT JUNE 30, $ 7,207,539 $ 47,870
<FN>
See accompanying notes to financial statements.
</TABLE>
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LMR LAND COMPANY, LTD.
(A Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
For the Three and Six Months Ended June 30, 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 six month period ended June 30, 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 six months were as follows:
2000 1999
---- ----
Management Fees $ 7,000 $ 7,000
Accounting Fees $10,933 2,100
Development Fee - 4,899
C. COMPREHENSIVE INCOME
During the three and six month periods ended June 30, 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).
D. Subsequent Event
In July 2000, the Partnership made a cash distribution of $6,750,000
($900 per unit).
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Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
On June 29, 2000, the Registrant sold 81 acres of the Macon Property for
$7,000,000. $6,750,000 of these proceeds were distributed to the limited
partners in July, 2000. The Registrant has 32 acres remaining in the
Macon Property.
Overall expenses of the Registrant have not changed significantly
from prior quarters.
FINANCIAL CONDITION
LIQUIDITY
At July 31, 2000, the Registrant had approximately $322,525 in cash
reserves. This balance is sufficient to meet the operating needs of the
Registrant for the next year.
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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.
LMR LAND COMPANY, LTD.
By: 222 LMR, LTD.
General Partner
By: 222 PARTNERS, INC.
General Partner
Date: August 13, 2000 By:/s/ Steven D. Ezell
President
Date: August 13, 2000 By:/s/ Michael A. Hartley
Secretary/Treasurer
