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, 2001
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 incorporation or organization) | (I.R.S. Employer 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 ___
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, 2001 and 2000
(Unaudited)
INDEX
Financial Statements:
Balance Sheets 3
Statements of Operations 4
Statements of Cash Flows 5
Notes to Financial Statements 6
NASHVILLE LAND FUND, LTD.
(A Limited Partnership)
BALANCE SHEETS
(Unaudited)
| | March 31, 2001 | December 31, 2000 |
| | | |
ASSETS | | |
| | | |
Cash | $46,497 | $22,829 |
Restricted cash | 39,137 | 38,878 |
Land and improvements held for investment less valuation allowance of $ 832,084 and 1,297,468, respectively | 542,827 | 1,246,509 |
Other assets | 175 | 175 |
| | | |
Total Assets | $628,636 | $1,308,391 |
| | | |
| | | |
LIABILITIES AND PARTNERS' EQUITY | | |
| | | |
Due to affiliates | 74 | 5,999 |
State taxes payable | 500 | 1,511 |
Accounts payable | 3,646 | - |
Property taxes payable | 4,352 | 23,082 |
| | | |
Total Liabilities | 8,602 | 30,592 |
| | | |
Partners' equity: | | |
| | | |
Limited partners, 7,500 units outstanding | 619,948 | 1,277,713 |
Special limited partner | 4 | 4 |
General partner | 82 | 82 |
| | | |
Total partners' equity | 620,534 | 1,277,799 |
| | | |
Total liabilities and partners' equity | $628,636 | $1,308,391 |
| | | |
See accompanying notes to financial statements.
NASHVILLE LAND FUND, LTD.
(A Limited Partnership)
STATEMENTS OF OPERATIONS
(Unaudited)
| | Three months Ended March 31 |
| | 2001 | 2000 |
REVENUE: | | |
| | |
Land sale: | | |
Gross proceeds | $ 896,805 | $- |
Cost of land sold | (703,682) | - |
Closing costs | (83,120) | - |
Gain on land sale | 110,003 | - |
| | | |
Interest income | 258 | 148 |
| | | |
Total revenues | 110,261 | 148 |
EXPENSES: | | |
| | | |
Partnership and property management fees | 3,500 | 3,500 |
Legal and accounting fees | 5,875 | 4,770 |
General and administrative expenses | 1,035 | 1,160 |
Property taxes | 6,616 | |
State franchise and excise taxes | 500 | - |
| | | |
Total expenses | 17,526 | 9,430 |
| | | |
Net income (loss) | $ 92,735 | $ (9,282) |
| | | |
Net income per limited partner unit | (12.30) | (1.24) |
See accompanying notes to financial statements
(A Limited Partnership)
STATEMENTS OF CASH FLOWS
(Unaudited)
| | Three months ended MARCH 31, |
| 2001 | 2000 |
Cash flows from operating activities: | | |
| | | |
Net income (loss) | $ 92,235 | $ (9,282) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | | |
Cost of land and land improvements sold | 703,682 | - |
Cost of land improvements | -- | (10,864) |
Increase in restricted cash | (259) | (148) |
Decrease in due to affiliates | (5,925) | - |
Decrease in state taxes payable | (1,011) | - |
Increase in accounts payable | (3,646) | (13,242) |
Decrease in property taxes payable | (18,700) | - |
| | |
Net Cash provided by (used in) operating activities | 773,668 | (33,536) |
| | | |
Cash flows from financing activities: | | |
Distributions to partners | (750,000) | -- |
| | | |
Net Increase (decrease) in cash | 23,668 | (33,536) |
| | | |
Cash at beginning of period | 22,829 | 128,827 |
Cash at end of period | $46,497 | $95,291 |
See accompanying notes to financial statements.
NASHVILLE LAND FUND, LTD.
(A Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
For the Three Months Ended March 31, 2001 and 2000
(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 accounting principles generally accepted in the United States of America. 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, 2000. 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, 2001 may not be indicative of the results that may be expected for the year ending December 31, 2001.
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 were as follows:
| | Three months ended March 31, |
| | 2001 | 2000 |
Management Fees | $3,500 | $ 3,500 |
Accounting Fees | 500 | 500 |
| | | |
C. COMPREHENSIVE INCOME
During the three-month periods ended March 31, 2001 and 2000, the Partnership had no components of other comprehensive income. Accordingly, comprehensive loss for each of the periods was the same as net income (loss).
Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS FOR THE QUARTER ENDED MARCH 31, 2001.
On January 23, 2001, the Registrant sold the land remaining at the North Creek Business Park. This land totaled approximately 12 acres and sold for $896,805. The Registrant distributed $750,000 to the limited partners. The remaining proceeds were retained to meet operating expenses.
Except for sales, overall operations of the Registrant are minimal and have not fluctuated significantly.
FINANCIAL CONDITION
As of April 30, 2001, the Registrant had $ 46,035 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.
PART II. OTHER INFORMATION
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
(b) No 8-K's have been filed during this quarter.
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 21, 2001 | By:/s/ Steven D. Ezell |
| | President |
Date: May 21, 2001 | By:/s/ Michael A. Hartley |
| | Secretary/Treasurer |
