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): September 2, 1997
(August 19, 1997)
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
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As was previously discussed in the June 30, 1997 Form 10-Q filed
with the Commission on August 13, 1997, the lease for Aetna Life
Insurance Company ("Aetna"), the largest tenant at Plainview Triad
North, occupying nearly 65% of the building, was extended during
the second quarter of 1997 from August 1997 to August 1998. Aetna
accounts for nearly 21% of the NTS-Properties III total revenue. At
the time the lease was extended, it was the judgment of the General
Partner of the Partnership, considering the publicity about Aetna's
downsizing, that the one year extension would be all that could be
anticipated.
Subsequent to the August filing, the Partnership received notice
that Aetna will vacate the property by the end of the extened lease
term. As a result of Aetna's decision, there will likely be a
protracted period for the property to become fully leased again and
substantial funds will likely be needed for leasing expenses
especially those needed to refinish space for new tenants. At this
time, the amount of such expenses are unknown. The Partnership is
actively seeking new tenants for this space.
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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: September 2, 1997
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