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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: 33-5785-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)
(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 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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NASHVILLE LAND FUND, LTD.
(A Limited Partnership)
BALANCE SHEETS
(Unaudited)
June 30, December 31,
2000 1999
------------- ------------
ASSETS
CASH $ 63,087 $ 128,827
RESTRICTED CASH 37,373 36,982
LAND AND IMPROVEMENTS HELD
FOR INVESTMENT, LESS VALUATION
ALLOWANCE OF $1,017,154 2,127,809 2,116,945
DUE FROM AFFILIATE 31,500 21,900
OTHER ASSETS 175 175
Total Assets $ 2,259,944 $ 2,304,829
LIABILITIES AND PARTNERS' EQUITY
ACCOUNTS PAYABLE $ 47,869 $ 61,069
PARTNERS' EQUITY:
Limited Partners, 7,500 units
outstanding 2,211,989 2,243,674
Special Limited Partner 4 4
General Partner 82 82
Total Partners' equity 2,212,075 2,243,760
Total Liabilities &
Partners' Equity $ 2,259,944 $ 2,304,829
<FN>
See accompanying notes to financial statements.
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NASHVILLE LAND FUND, LTD.
(A Limited Partnership)
STATEMENTS OF OPERATIONS
(Unaudited)
THREE MONTHS ENDED SIX MONTHS ENDED
June 30,
-----------------------------------------
2000 1999 2000 1999
---- ---- ---- ----
REVENUE:
Sales of Land and
Improvements $ - $ 99,467 $ - $ 99,467
Cost of Land and
Improvement sold - (62,444) - (62,444)
Selling Expenses - (9,342) - (9,342)
Gain on Land Sales - 27,681 - 27,681
Interest Income 242 197 390 698
Total Revenues 242 27,878 390 28,379
EXPENSES:
Management Fees 3,500 3,500 7,000 7,000
Legal & Accounting 14,472 10,607 14,972 14,107
General & Administrative 1,594 586 2,754 809
State Tax 3,022 - 3,022 -
Property Taxes 4,327 42 4,327 42
Total Expenses 26,915 14,735 32,075 21,958
NET INCOME (LOSS) $(26,673) $ 13,143 $(31,685) $ 6,421
Net Income (Loss) per limited
partner unit $(3.56) $1.75 $(4.22) $.86
<FN>
See accompanying notes to financial statements
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NASHVILLE LAND FUND, LTD.
(A Limited Partnership)
STATEMENTS OF CASH FLOWS
(Unaudited)
SIX MONTHS ENDED
June 30,
---------------------
2000 1999
---- ----
Cash flows from operating activities:
Net income $ (31,685) $ 6,421
Adjustments to reconcile
Net income to net cash
provided by operating
activities:
Cost of Land and
Improvements Sold - 62,444
Cost of Land Improvements (10,864) (2,997)
Increase in restricted cash (391) (629)
Increase in accounts
receivable affiliates (9,600) -
Decrease in accounts
payable (13,200) (27,887)
Decrease (Increase) in
other assets - (2,100)
Net cash provided by
operating activities (65,740) 35,252
Net increase (decrease)
in Cash (65,740) 35,252
CASH AT JANUARY 1, $ 128,827 $ 47,881
CASH AT JUNE 30, $ 63,087 $ 83,133
<FN>
See acompanying notes to financial statements.
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NASHVILLE LAND FUND, 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 $ 10,159 $ 2,100
Sales Commission $ - $ 7,957
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).
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Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
There were no sales during the year 2000. The Registrant sold
approximately one acre of land during the first six months of 1999. The
sale was from the North Creek Business Park Property.
Overall operations of the Registrant are minimal and have not fluctuated
signficantly, except for state tax expense which represents estimated
Tennessee franchise and excise tax. Due to new legislation in
Tennessee, partnerships are required to pay franchise and excise tax
beginning January 1, 2000.
FINANCIAL CONDITION
As of July 31, 2000, the Registrant has $ 59,423 in cash reserves.
These funds are expected to be sufficient to fund operations through
2000.
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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: August 8, 2000 By: /s/ Steven D. Ezell
President
Date: August 8, 2000 By: /s/ Michael A. Hartley
Secretary/Treasurer