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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
Date of Report(Date of earliest event reported): December 17, 1996
(December 17, 1996)
Commission File Number 0-11176
NTS-PROPERTIES III
(Exact name of registrant as specified in its charter)
Georgia 61-1017240
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
10172 Linn Station Road
Louisville, Kentucky 40223
(Address of principal executive (Zip Code)
offices)
Registrant's telephone number,
including area code (502) 426-4800
Not Applicable
Former name, former address and former fiscal year,
if changed since last report
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Item 5. Other Items
The lease for Aetna Life Insurance Company, the largest tenant of
Triad North, occupying nearly 65% of the building, expires in 1997.
Of the NTS-Properties III total revenue, Aetna accounts for nearly
22%. Aetna has requested a one year extension on its leased space.
It is the judgement of the General Partner of the Partnership,
considering the publicity about Aetna's downsizing, the one year
extension will be all that can be anticipated. If correct and if
Aetna vacates the property, there will be a protracted period for
the property to become fully leased again and substantial funds
will likely be needed for leasing expenses, especially tenant
finish improvements.
Accordingly, to conserve funds in anticipation of the loss of
Aetna, repurchase of Limited Partnership Units has been suspended
effective December 17, 1996. In addition, distributions will be
suspended starting December 31, 1996.
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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.
NTS-PROPERTIES III
(Registrant)
BY: NTS-Properties Associates
BY: NTS Capital Corporation,
General Partner
/s/John W. Hampton
John W. Hampton
Senior Vice President - Finance
Date: December 17, 1996
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