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 quarterly period ended March 31, 1995
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 0-14695
NTS-PROPERTIES VI, a Maryland Limited Partnership
(Exact name of registrant as specified in its charter)
Maryland 61-1066060
(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
Indicate by check mark whether the registrant (l) 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, and (2) has been subject to such
filing requirements for the past 90 days.
YES X NO
<PAGE>
TABLE OF CONTENTS
Pages
PART I
Item 1. Financial Statements
Balance Sheets and Statement of Partners' Equity
as of March 31, 1995 and December 31, 1994 3
Statements of Operations
For the three months ended March 31, 1995 and 1994 4
Statements of Cash Flows
For the three months ended March 31, 1995 and 1994 5
Notes To Financial Statements 6-7
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 8-13
PART II
1. Legal Proceedings 14
2. Changes in Securities 14
3. Defaults upon Senior Securities 14
4. Submission of Matters to a Vote of Security Holders 14
5. Other Information 14
6. Exhibits and Reports on Form 8-K 14
Signatures 15
<PAGE>
<TABLE>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
NTS-PROPERTIES VI,
A Maryland Limited Partnership
BALANCE SHEETS AND STATEMENT OF PARTNERS' EQUITY
<CAPTION>
As of As of
March 31, 1995 December 31, 1994*
<S> <C> <C>
ASSETS
Cash and equivalents $ 2,339,691 $ 1,848,208
Accounts receivable 158,898 381,455
Land, buildings and amenities, net 43,410,302 43,872,072
Assets held for development, net 1,775,276 1,784,457
Other assets 389,776 381,692
------------ ------------
$ 48,073,943 $ 48,267,884
============ ============
LIABILITIES AND PARTNERS' EQUITY
Mortgages payable $ 27,827,315 $ 27,883,025
Accounts payable 324,100 265,153
Distributions payable 239,571 239,571
Security deposits 264,073 282,517
Other liabilities 212,076 23,009
------------- ------------
28,867,135 28,693,275
Partners' equity 19,206,808 19,574,609
------------ ------------
$ 48,073,943 $ 48,267,884
============ ============
</TABLE>
<TABLE>
<CAPTION>
Limited General
Partners Partner Total
<S> <C> <C> <C>
PARTNERS' EQUITY
Capital contributions,
net of offering costs
(47,435 units) $ 40,518,631 $ 100 $ 40,518,731
Net income (loss) - prior
years (12,208,707) (74,930) (12,283,637)
Net loss - current year (126,947) (1,282) (128,229)
Cash distributions
declared to date (8,643,381) (87,307) (8,730,688)
Repurchase of limited
partnership units (169,369) -- (169,369)
------------ ------------ ------------
Balances at March 31,
1995 $ 19,370,227 $ (163,419) $ 19,206,808
=========== ============ ============
<FN>
* Reference is made to the audited financial statements in the Annual
Report on Form 10-K as filed with the Commission on March 31, 1995.
</TABLE>
<PAGE>
<TABLE>
NTS-PROPERTIES VI,
A Maryland Limited Partnership
STATEMENTS OF OPERATIONS
<CAPTION>
Three Months Ended
March 31,
1995 1994
<S> <C> <C>
Revenues:
Rental income $ 2,124,326 $ 2,063,703
Interest and other income 23,696 44,970
----------- -----------
2,148,022 2,108,673
Expenses:
Operating expenses 534,450 483,445
Operating expenses - affiliated 270,288 271,021
Amortization of capitalized leasing
costs 865 12,461
Interest expense 593,194 587,987
Management fees 106,384 104,635
Repairs and maintenance fees 561 --
Real estate taxes 187,787 176,189
Professional and administrative
expenses 37,264 34,386
Professional and administrative
expenses - affiliated 47,950 48,460
Depreciation and amortization 497,508 519,244
----------- -----------
2,276,251 2,237,828
----------- -----------
Net loss $ (128,229) $ (129,155)
=========== ===========
Net loss allocated to the limited
partners $ (126,947) $ (127,863)
=========== ===========
Net loss per limited partnership unit $ (2.68) $ (2.70)
=========== ===========
Weighted average number of units 47,435 47,435
=========== ==========
</TABLE>
<PAGE>
<TABLE>
NTS-PROPERTIES VI,
A Maryland Limited Partnership
STATEMENTS OF CASH FLOWS
<CAPTION>
Three Months Ended
March 31,
1995 1994
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $ (128,229) $ (129,155)
Adjustments to reconcile net loss to
net cash provided by operating
activities:
Amortization of capitalized leasing
costs 865 12,461
Depreciation and amortization 497,508 519,244
Changes in assets and liabilities:
Accounts receivable 222,557 24,162
Other assets (31,095) (17,906)
Accounts payable 58,947 2,910
Security deposits (18,444) (1,968)
Other liabilities 189,061 176,461
----------- ---------
Net cash provided by operating
activities 791,170 586,209
----------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES
Net additions to land, buildings
and amenities (4,406) (3,419)
---------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on mortgages
payable (55,710) (53,105)
Cash distributions (239,571) (179,678)
---------- ----------
Net cash used in financing
activities (295,281) (232,783)
---------- ----------
Net increase in cash and
equivalents 491,483 350,007
CASH AND EQUIVALENTS, beginning
of period 1,848,208 1,740,486
---------- ----------
CASH AND EQUIVALENTS, end of period $ 2,339,691 $ 2,090,493
=========== ===========
Interest paid on a cash basis $ 593,583 $ 588,350
=========== ===========
</TABLE>
<PAGE>
NTS-PROPERTIES VI,
A Maryland Limited Partnership
NOTES TO FINANCIAL STATEMENTS
The financial statements and schedules included herein should be read in
conjunction with the Partnership's 1994 Annual Report. In the opinion of
the general partner, all adjustments (only consisting of normal recurring
accruals) necessary for a fair presentation have been made to the
accompanying financial statements for the three months ended March 31, 1995
and 1994.
1. Mortgages Payable
Mortgages payable consist of the following:
March 31, December 31,
1995 1994
Mortgage payable with an insurance
company bearing interest at 8.375%,
due October 5, 2002, secured by
certain land, buildings and amenities $ 4,089,838 $ 4,102,291
Mortgage payable with an insurance
company bearing interest at 8.375%,
due October 5, 2002, secured by
certain land, buildings and amenities 973,771 976,736
Mortgage payable with an insurance
company bearing interest at 8.625%,
due August 1, 1997, secured by
certain land, buildings and amenities 9,200,000 9,200,000
Mortgage payable with an insurance
company bearing interest at 9.20%,
due November 1, 1997, secured by
certain land, buildings and amenities 8,704,054 8,727,008
Mortgage payable with an insurance
company bearing interest at 7.25%,
due January 5, 2003, secured by
certain land, buildings and amenities 2,915,791 2,926,194
Mortgage payable with an insurance
company bearing interest at 7.25%,
due January 5, 2003, secured by
certain land, buildings and amenities 1,943,861 1,950,796
----------- -----------
$27,827,315 $27,883,025
=========== ===========
2. Related Party Transactions
Pursuant to the partnership agreement, property management fees of
$106,384 and $104,635 for the three months ended March 31, 1995 and
1994, respectively, were paid to NTS Development Company, an affiliate
of the general partner. The fee is equal to 5% of gross revenues of the
residential properties and 6% of gross revenues of the commercial
property. Also permitted by the partnership agreement, NTS Development
<PAGE>
2. Related Party Transactions
Company will receive a repair and maintenance fee equal to 5.9% of costs
incurred which related to capital improvements and major repair and
renovation projects. The Partnership has incurred $561 and $201 for the
three months ended March 31, 1995 and 1994, respectively, as a repair
and maintenance fee. The Partnership has expensed $561 as a repair and
maintenance fee during the three months ended March 31, 1995 and has
capitalized $201 as part of land, buildings and amenities during the
three months ended March 31, 1994. The Partnership was also charged the
following amounts from NTS Development Company for the three months
ended March 31, 1995 and 1994. These charges include items which have
been expensed as operating expenses - affiliated or professional and
administrative expenses - affiliated and items which have been
capitalized as other assets or as land, buildings and amenities:
1995 1994
Administrative $ 61,922 $ 62,539
Property manager 198,908 208,856
Leasing agents 54,580 44,613
Other 2,828 4,459
--------- ---------
$ 318,238 $ 320,467
========= =========
<PAGE>
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Results of Operations
The occupancy levels at the Partnership's properties as of March 31 were as
follows:
1995 1994
Wholly-Owned Properties
Sabal Park Apartments 89% 95%
Park Place Apartments Phase I 92% 91%
Willow Lake Apartments 88% 81%
Properties Owned in Joint Venture
with NTS-Properties IV (ownership
% at March 31, 1995)
Golf Brook Apartments (96%) 94% 94%
Plainview Point III Office Center (95%) 48% 89%
Rental and other income generated by the Partnership's properties for the
three months ended March 31, 1995 and 1994 was as follows:
1995 1994
Wholly-Owned Properties
Sabal Park Apartments $409,761 $407,016
Park Place Apartments Phase I $416,692 $402,037
Willow Lake Apartments $540,148 $495,174
Properties Owned in Joint Venture
with NTS-Properties IV (ownership
% at March 31, 1995)
Golf Brook Apartments (96%) $656,862 $630,753
Plainview Point III Office Center (95%) $109,862 $165,937
Sabal Park Apartments' occupancy decreased from 95% at March 31, 1994 to 89%
at March 31, 1995. Average occupancy for the three month period ended March
31 decreased from 94% in 1994 to 90% in 1995. Rental and other income at
Sabal Park Apartments increased for the three months ended March 31, 1995
as compared to the same period in 1994 as a result of increased rental
rates.
Park Place Apartments Phase I had a 1% increase in occupancy from March 31,
1994 to March 31, 1995. Average occupancy for the three month period ended
March 31 increased from 92% in 1994 to 93% in 1995. Rental and other income
at Park Place Apartments Phase I increased for the three months ended March
<PAGE>
Results of Operations - Continued
31, 1995 as compared to the same period in 1994 as a result of the increase
in average occupancy, increased rental rates, and increased non-refundable
pet fees collected. The increase in rental and other income is partially
offset by decreased income from fully furnished units.
Willow Lake Apartments' occupancy increased from 81% at March 31, 1994 to
88% at March 31, 1995. Average occupancy for the three month period ended
March 31 increased from 81% in 1994 to 89% in 1995. Rental and other income
increased for the three months ended March 31, 1995 as compared to the same
period in 1994 as a result of the increase in average occupancy, decreased
rent concessions and increased rental rates. The increase is partially
offset by a $23,000 settlement (recorded as other income) received during
the first quarter of 1994. This settlement was received from the insurance
company of the manufacturer of the pipe fittings which were used in the
construction of Willow Lake Apartments. The reimbursement was for certain
repair expenses the Partnership incurred from 1987 to 1991. The repair
costs were expensed at the time they were incurred due to the length of time
it has taken to negotiate the settlement.
Golf Brook Apartments' occupancy was 94% at March 31, 1995 and 1994.
Average occupancy for the three month period ended March 31 increased from
93% in 1994 to 94% in 1995. Rental and other income at Golf Brook
Apartments increased for the three months ended March 31, 1995 as compared
to the same period in 1994 as a result of increased rental rates and the
increase in average occupancy.
The 41% decrease in occupancy at Plainview Point III Office Center from
March 31, 1994 to March 31, 1995 can be attributed to two tenant move-outs
totalling approximately 26,000 square feet. Of this total, 16,400 square
feet represents a tenant who vacated the office center at the end of the
lease term due to the company's decision to consolidate its Louisville
processing center with one located in another city. The tenant occupied 27%
of the office center's rentable area. Approximately 9,600 square feet of
the total move-outs represents a tenant who vacated the premises January 31,
1995. The tenant's lease was on a month-to-month basis at the time of move-
out. The tenant's original lease term was for a period of four years. The
tenant occupied approximately 16% of the office center's rentable area. The
tenant move-outs are partially offset by a new lease of approximately 2,500
square feet. The Partnership is actively seeking new tenants to occupy the
vacant space. At this time, it is unknown the extent and cost of any tenant
improvements which will be required to attract new tenants. Average
occupancy for the three month period ended March 31 decreased from 89%
(1994) to 54% (1995). Rental and other income decreased at Plainview Point
III Office Center for the three months ended March 31, 1995 as compared to
the same period in 1994 as a result of the decrease in occupancy.
If present trends continue, the Partnership will be able to continue at its
current level of operations without the need of any additional financing.
Current occupancy levels are considered adequate to continue the operation
of the Partnership's properties without the need of any additional
financing.
Interest and other income decreased for the three months ended March 31,
1995 as compared to the three months ended March 31, 1994 as a result of a
settlement received in the first quarter of 1994. See above (Willow Lake
Apartments) for a discussion regarding this settlement. Interest and other
income also includes interest income from short-term investments made by the
<PAGE>
Results of Operations - Continued
Partnership with excess cash. The increase in interest income for the three
months ended March 31, 1995 as compared to the three months ended March 31,
1994 is due to increased income earned as a result of increased cash
available for investment.
Operating expenses increased for the three months ended March 31, 1995 as
compared to the same period in 1994 as a result of increased landscaping
costs at Sabal Park, Golf Brook and Park Place Apartments Phase I. Also
contributing to the increase in operating expenses are increased repair,
replacement and maintenance costs at the Partnership's residential
properties. These costs include increased interior painting, pool and roof
repairs at Sabal Park and Golf Brook Apartments, increased plumbing repairs
at Sabal Park Apartments and increased carpet, vinyl and wallcovering
replacement expenses at Park Place Apartments Phase I, Sabal Park and Willow
Lake Apartments. The increases in operating expenses are partially offset
by decreased utility costs at all the Partnership's properties, decreased
wood replacement costs at Golf Brook Apartments, decreased general building
costs at Plainview Point Phase III Office Center, Golf Brook and Willow Lake
Apartments.
Operating expenses - affiliated have remained fairly constant for the three
months ended March 31, 1995 as compared to the same period in 1994.
Amortization of capitalized leasing costs decreased for the three months
ended March 31, 1995 as compared to the same period in 1994 as a result of
a portion of the costs capitalized during start-up having become fully
amortized.
The increase in interest expense for the three months ended March 31, 1995
as compared to the same period in 1994 is the result of an interest rate
change effective December 1, 1994. The interest rate on the Willow Lake
Apartments permanent financing ($8,704,054 mortgage payable) increased from
8.75% to 9.2%. See Note 1 of the Partnership's financial statements for
details regarding the Partnership's debt.
Management fees are calculated as a percentage of cash collections, however,
revenue for reporting purposes is on the accrual basis. As a result, the
fluctuations of revenues between periods will differ from the fluctuations
of management fee expense.
Repair and maintenance fees are calculated as a percentage (5.9%) of major
renovation and repair costs. The 1995 repair and maintenance fees are
associated with the wood replacement costs at Sabal Park Apartments. This
fee was paid to NTS Development Company, an affiliate of the general
partner, pursuant to an agreement with the Partnership.
The increase in real estate taxes for the three months ended March 31, 1995
as compared to the same period in 1994 is a result of increased property
assessments for Golf Brook and Sabal Park Apartments and increased tax rates
for Park Place Apartments Phase I and Willow Lake Apartments. Property
assessments and tax rate information for the current year is received
subsequent to March 31. The 1994 expense was adjusted when the current
information became available. The assessment for Plainview Point Phase III
Office Center has remained constant.
Professional and administrative expenses increased for the three months
ended March 31, 1995 as compared to the three months ended March 31, 1994
as a result of increased outside accounting fees.
<PAGE>
Results of Operations - Continued
Professional and administrative expenses - affiliated have remained fairly
constant for the three months ended March 31, 1995 as compared to the same
period in 1994.
Depreciation and amortization decreased for the three months ended March 31,
1995 as compared to the same period in 1994 due to a portion of the assets
with shorter lives at the Partnership's residential properties having become
fully depreciated and as a result of a portion of the original tenant
improvements at Plainview Point III Office Center becoming fully depreciated
since March 31, 1994.
Liquidity and Capital Resources
Cash provided by operations was $791,170 and $586,209 for the three months
ended March 31, 1995 and 1994, respectively. These funds in conjunction
with cash on hand were used to make a 2% (annualized) cash distribution of
$239,571 for the three months ended March 31, 1995 and a 1.5% (annualized)
cash distribution of $179,678 for the three months ended March 31, 1994. The
annualized distribution rate is calculated as a percent of the original
capital contribution. The limited partners received 99% and the general
partner received 1% of the distributions. The primary source of future
liquidity and distributions is expected to be derived from cash generated
by the Partnership's properties after adequate cash reserves are established
for future leasing and tenant finish costs.
As of March 31, 1995, the Partnership had two mortgage loans each with an
insurance company in the amount of $4,089,838 and $973,771. Both mortgages
are due October 5, 2002, bear interest at a fixed rate of 8.375% for the
first 60 months and are secured by the land, buildings and amenities of Park
Place Apartments Phase I. At the end of the 56th month from the date of the
notes (notes dated September 8, 1992), the insurance companies will notify
the Partnership of the interest rate which is their then prevailing interest
rate for loans with a term of five years on properties comparable to the
apartments (the "Modified Rate"). The Partnership will have 30 days to
accept or reject the Modified Rate. If the Modified Rate is rejected by the
Partnership, the entire unpaid principal balance is due with the 60th
installment of interest. If the Partnership accepts the Modified Rate, it
becomes effective the 61st month from the date of the note. Current monthly
principal payments on both mortgages are based upon a 27-year amortization
schedule. If the Partnership accepts the Modified Rate, the remaining
principal balance of both mortgages will be amortized using a 22-year
amortization schedule beginning the 61st month. The outstanding balance at
maturity based on the current rate of amortization would be $4,413,955
($3,565,118 and $848,837).
As of March 31, 1995, the Partnership also had a mortgage payable to an
insurance company in the amount of $9,200,000. The mortgage bears interest
at a fixed rate of 8.625% and is secured by the land, buildings and
amenities of Golf Brook Apartments. The unpaid balance of the loan is due
August 1, 1997.
As of March 31, 1995, the Partnership had a mortgage payable to an insurance
company in the amount of $8,704,054. The mortgage payable is due November
1, 1997, bears interest at a fixed rate of 9.2% and is secured by the land,
buildings and amenities of Willow Lake Apartments. Current monthly
principal payments are based upon a 25-year amortization schedule. The
outstanding balance at maturity based on the current rate of amortization
will be $8,433,356.
<PAGE>
Liquidity and Capital Resources - Continued
As of March 31, 1995, the Partnership also had two mortgage loans each with
an insurance company in the amount of $2,915,791 and $1,943,861. Both
mortgages are due January 5, 2003, bear interest at a fixed rate of 7.25%
for the first 60 months and are secured by the land, buildings and amenities
of Sabal Park Apartments. At the end of the 56th month from the date of the
notes (notes dated December 31, 1992), the insurance companies will notify
the Partnership of the interest rate which is their then prevailing interest
rate for loans with a term of five years on properties comparable to the
apartments (the "Modified Rate"). The Partnership will have 30 days to
accept or reject the Modified Rate. If the Modified Rate is rejected by the
Partnership, the entire unpaid principal balance is due with the 60th
installment of interest. If the Partnership accepts the Modified Rate, it
becomes effective the 61st month from the date of the note. Current monthly
principal payments on both mortgages are based upon a 27-year amortization
schedule. If the Partnership accepts the Modified Rate, the remaining
principal balance of both mortgages will be amortized using a 22-year
amortization schedule beginning the 61st month. The outstanding balance at
maturity based on the current rate of amortization would be $4,122,326
($2,473,396 and $1,648,930).
The majority of the Partnership's cash flow is derived from operating
activities. Cash flows used in investing activities are for capital
improvements at the Partnership's properties. The capital improvements are
funded by cash flow from operations. Cash flows used in financing
activities are for cash distributions and principal payments on mortgages
payable. The Partnership does not expect any material changes in the mix
and relative cost of capital resources except for an increase in interest
payments resulting from an interest rate change associated with the
$8,704,054 mortgage payable (discussed on page 11). Effective December 1,
1994, the interest rate increased from 8.75% to 9.2%.
In the next 12 months, the demand on future liquidity is anticipated to
increase as a result of the decreases in occupancy which have taken place
at Plainview Point III Office Center during the first quarter of 1995. See
the discussion on page 9 regarding the tenant move-outs. The demand on
future liquidity is also anticipated to increase as a result of
approximately 4,700 square feet in leases expiring at Plainview Point III
Office Center from April 1, 1995 to March 31, 1996. The Partnership is
actively seeking new tenants to occupy the space. At this time, the future
leasing and tenant finish costs which will be required to renew the current
leases or to obtain new tenants are unknown. It is anticipated that the
cash flow from operations and cash reserves will be sufficient to meet the
needs of the Partnership. As of March 31, 1995, no commitments had been
made in connection with these capital improvements.
The table below presents that portion of the distributions that represent
a return of capital on a Generally Accepted Accounting Principle basis for
the three months ended March 31, 1995 and 1994. These distributions were
funded by cash flow derived from operating activities.
Net Loss Cash Return of
Allocated Distributions Capital
Limited Partners:
1995 $(126,947) $ 237,175 $ 237,175
1994 (127,863) 177,881 177,881
General Partner:
1995 $ (1,282) $ 2,396 $ 2,396
1994 (1,292) 1,797 1,797
<PAGE>
Liquidity and Capital Resources - Continued
In an effort to continue to improve occupancy at the Partnership's
residential properties, the Partnership has an on-site leasing staff,
employees of NTS Development Company, at each of the apartment communities.
The staff handles all on-site visits from potential tenants, coordinates
local advertising with
NTS Development Company's marketing staff, makes visits to local companies
to promote fully furnished units and negotiates lease renewals with current
residents. The leasing and renewal negotiations for the Partnership's
commercial property are handled by leasing agents, employees of NTS
Development Company, located in Louisville, Kentucky. The leasing agents
are located in the same city as the commercial property. All advertising
for the commercial property is coordinated by NTS Development Company's
marketing staff located in Louisville, Kentucky.
Leases at Plainview Point III Office Center provide for tenants to
contribute toward the payment of increases in common area maintenance
expenses, insurance, utilities and real estate taxes. Leases at the office
center also provide for rent increases which are based upon increases in the
consumer price index. These lease provisions, along with the fact that
residential leases are generally for a period of one year, should protect
the Partnership's operations from the impact of inflation and changing
prices.
The Partnership owns approximately 15 acres of land, adjacent to the Park
Place Apartments, in Lexington, Kentucky which is zoned for 163 apartment
units (Park Place Apartments Phase III). Included in the cost of
approximately $1,775,000 is land cost, capitalized interest, common area
costs and amenity costs. The Partnership continues to evaluate whether to
sell or develop the tract of land.
<PAGE>
PART II. OTHER INFORMATION
1. Legal Proceedings
None
2. Changes in Securities
None
3. Defaults upon Senior Securities
None
4. Submission of Matters to a Vote of Security Holders
None
5. Other Information
None
6. Exhibits and Reports on Form 8-K
(a) Exhibits
Exhibit 27. Financial Data Schedule
(b) Reports on Form 8-K
There were no Form 8-K reports filed during the quarter
ended March 31, 1995.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Resitrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
NTS-PROPERTIES VI, a Maryland Limited
Partnership
(Registrant)
By:NTS-Properties Associates VI
By: NTS Capital Corporation,
General Partner
/s/ John W. Hampton
John W. Hampton
Senior Vice President
Date: May 11, 1995
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> MAR-31-1995
<CASH> 2,339,691
<SECURITIES> 0
<RECEIVABLES> 158,898
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0<F1>
<PP&E> 43,410,302
<DEPRECIATION> 0<F2>
<TOTAL-ASSETS> 48,073,943
<CURRENT-LIABILITIES> 0<F1>
<BONDS> 27,827,315
<COMMON> 0
0
0
<OTHER-SE> 19,206,808
<TOTAL-LIABILITY-AND-EQUITY> 48,073,943
<SALES> 2,124,326
<TOTAL-REVENUES> 2,148,022
<CGS> 0
<TOTAL-COSTS> 1,597,843
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 593,194
<INCOME-PRETAX> (128,229)
<INCOME-TAX> 0
<INCOME-CONTINUING> (128,229)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (128,229)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<FN>
<F1>The Partnership has an unclassified balance sheet; therefore, the value
is $0.
<F2>This information is not disclosed in the Partnership's Form-10Q filing.
</FN>
</TABLE>
