UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-K

[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE 
SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2001

OR

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE 
SECURITIES EXCHANGE ACT OF 1934

Commission File Number 0-14695

NTS-PROPERTIES VI, LTD.
A Maryland Limited Partnership(Exact name of registrant as specified in its charter)

|                                    |                                         
|----------------------------------- | ----------------------------------------
|                                    | 10172 Linn Station Road                 
|61-1066060                          | Louisville, Kentucky 40223              
|(I.R.S Employer Identification No.) | (Address of principal executive offices)

Registrant's telephone number, including area code:(502) 426-4800

Maryland
(State of other jurisdiction of incorporation or organization)

Securities registered pursuant to Section 12(b) of the Act: None

Title of each Class: None

Name of each exchange on which registered: None

Securities registered pursuant to Section 12(g) of the Act:

|                              |  |                                            
|----------------------------- |  | -------------------------------------------
|Limited partnership interests |  | None                                       
|                              |  |                                            
|(Title of Class)              |  | (Name of each exchange on which registered)

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 the past 90 days.
          Yes [X]
          No [  ]

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K
(Section 229.405 of this chapter) is not contained herein, and will not be contained, to the best of
the Registrant's knowledge, in definitive proxy or information statements incorporated by
reference in Part III of this Form 10-K or any amendment to this Form 10-K.
          [X]

State the aggregate market value of the voting and non-voting common equity held by non-
affiliates computed by reference to the price at which the common equity was sold, or the
average bid and asked price of such common equity, as of a specified date within the past 60
days: No aggregate market value can be determined because no established market exists for the
limited partnership Interests.

---

TABLE OF CONTENTS

PART I

|                |  |                                                     |  |      
|--------------- |  | --------------------------------------------------- |  | -----
|                |  |                                                     |  | Pages
|Items 1. and 2. |  | Business and Properties                             |  | 3-13 
|Item 3.         |  | Legal Proceedings                                   |  | 13-14
|Item 4.         |  | Submission of Matters to a Vote of Security Holders |  | 14   

PART II

|         |  |                                                             |  |      
|-------- |  | ----------------------------------------------------------- |  | -----
|Item 5.  |  | Market for the Registrant's Limited Partnership Interests   |  |      
|         |  | and Related Partner Matters                                 |  | 15   
|Item 6.  |  | Selected Financial Data                                     |  | 16-17
|Item 7.  |  | Management's Discussion and Analysis of Financial Condition |  |      
|         |  | and Results of Operations                                   |  | 17-29
|Item 7A. |  | Quantitative and Qualitative Disclosures About              |  |      
|         |  | Market Risk                                                 |  | 29   
|Item 8.  |  | Financial Statements and Supplementary Data                 |  | 30-47
|Item 9.  |  | Changes in and Disagreements with Accountants on            |  |      
|         |  | Accounting and Financial Disclosure                         |  | 48   

PART III

|         |  |                                                    |  |      
|-------- |  | -------------------------------------------------- |  | -----
|Item 10. |  | Directors and Executive Officers of the Registrant |  | 49-50
|Item 11. |  | Management Remuneration and Transactions           |  | 50   
|Item 12. |  | Security Ownership of Certain Beneficial           |  |      
|         |  | Owners and Management                              |  | 50-51
|Item 13. |  | Certain Relationships and Related Transactions     |  | 51-52

PART IV

|           |  |                                                          |  |      
|---------- |  | -------------------------------------------------------- |  | -----
|Item 14.   |  | Exhibits, Consolidated Financial Statement Schedules and |  |      
|           |  | Reports on Form 8-K                                      |  | 53-58
|Signatures |  |                                                          |  | 59   

2

Some of the  statements  included  in this  Form  10-K,  particularly  those  included  in Part I,  Items 1 and 2 -
Business and  Properties,  and Part II, Item 7 - Management's  Discussion  and Analysis of Financial  Condition and
Results of Operations ("MD&A"),  may be considered  "forward-looking  statements" because such statements relate to
matters  which  have not yet  occurred.  For  example,  phrases  such as "we  anticipate",  "believe"  or  "expect"
indicate  that it is possible  that the event  anticipated,  believed or expected may not occur.  Should such event
not occur, then the result which we expected also may not occur or occur in a different  manner,  which may be more
or less  favorable to us. We do not undertake any  obligations  to publicly  release the result of any revisions to
these forward-looking statements that may be made to reflect any future events or circumstances.

Any  forward-looking  statements  included in MD&A, or elsewhere in this report,  which reflect  management's  best
judgment based on factors known,  involve risks and  uncertainties.  Actual  results could differ  materially  from
those anticipated in any forward-looking  statements as a result of a number of factors,  including but not limited
to those discussed below. Any  forward-looking  information  provided by us pursuant to the safe harbor established
by recent  securities  legislation  should be evaluated in the context of these  factors.  See Part II - Item 7 for
Cautionary Statements.

PART I

Items 1 and 2 - Business and Properties

Development of Business

NTS-Properties  VI, a Maryland  limited  partnership (the  "Partnership"),  was formed in 1984. The General Partner
is  NTS-Properties  Associates VI, a Kentucky limited  partnership.  As of December 31, 2001, the Partnership owned
the following  properties  and joint  venture  interests  listed  below.  As used in this Form 10-K the terms "we,"
"us" or "our," as the context  requires,  may refer to the  Partnership  or its interests in these  properties  and
joint ventures:

- Sabal Park Apartments, a 162-unit luxury apartment complex located on a 13 acre tract in
Orlando, Florida, constructed by us.
- Park Place Apartments Phase I, a 180-unit luxury apartment complex located on an 18 acre tract
in Lexington, Kentucky, constructed by us.
- Park Place Apartments Phase III, 152-unit luxury apartment complex, located on a 15 acre tract
in Lexington, Kentucky. Construction was completed by us in May 2000.
- Willow Lake Apartments, a 207-unit luxury apartment complex located on an 18 acre tract in
Indianapolis, Indiana, constructed by us.

3

- A joint venture interest in Golf Brook Apartments, a 195-unit luxury apartment complex located
on a 16 acre tract in Orlando, Florida, constructed by the joint venture between us and
NTS-Properties IV, Ltd. ("NTS-Properties IV"), an affiliate of our General Partner. Our
percentage interest in the joint venture was 96.03% at December 31, 2001.
- A joint venture interest in Plainview Point III Office Center, an office center with
approximately 62,000 net rentable square feet located in Louisville, Kentucky, constructed by
the joint venture between us and NTS-Properties IV. Our percentage interest in the joint
venture was 95.04% at December 31, 2001.

We have a fee title interest in the above  properties.  We believe that our  properties  are adequately  covered by
insurance.  However,  due to the recent  event on September  11, 2001  affecting  the  insurance  industry,  we are
unable to  determine  at what  price we will be able to renew our  insurance  coverage  when the  current  policies
expire in September 2002, or if the coverage available will be adequate.

As of December 31, 2001,  our  properties  and joint  ventures  were  encumbered by mortgages as shown in the table
below:

`Interest     Maturity               Balance
Property                                    Rate         Date               at 12/31/01
---------------------------------------  ----------  ------------         ---------------
Park Place Apartments Phase I and III       7.74%      10/15/2012  (1)      $  11,700,216
Golf Brook Apartments                       7.57%      05/15/2009  (2) (3)  $   7,691,673
Willow Lake Apartments                      7.32%      10/15/2012  (3) (4)  $   6,980,987
Plainview Point III Office Center           8.38%      12/01/2010  (5)      $   3,135,343
Sabal Park Apartments                       7.38%      12/05/2012  (3) (4)  $   2,341,123
Sabal Park Apartments                       7.38%      12/05/2012  (3) (4)  $   1,560,749`

1. Monthly principal payments are based upon a 19-year amortization schedule. We expect the outstanding
balance at maturity will be approximately $6,316,000.
2. Monthly principal payments are based upon a 12-year amortization schedule.
3. We expect at maturity, the mortgage will have been repaid based on the current rate of amortization.
4. Monthly principal payments are based upon a 15-year amortization schedule.
5. Monthly principal payments are based upon a 20-year amortization schedule. We expect the outstanding
balance at maturity will be approximately $2,243,000.

Currently,  our plans for renovations and other major capital  expenditures  include tenant finish  improvements at
our commercial  property as required by lease  negotiations  and roof  replacements  at Willow Lake  Apartments and
Park  Place  Apartments  Phase  I.  Changes  to  current  tenant  improvements  are a  typical  part  of any  lease
negotiation.  Improvements  generally  include a  revision  to the  current  floor plan to  accommodate  a tenant's
needs,  new carpeting and paint and/or  wallcovering.  The extent and cost of the  improvements  are  determined by
the size of the space  being  leased and  whether the  improvements  are for a new tenant or incurred  because of a
lease renewal.  The tenant finish improvements will be funded by cash flow from operations,  cash reserves,  and/or
additional financing.

4

We are presently  engaged  solely in the business of  developing,  constructing,  owning and operating  residential
apartments  and  commercial  real estate.  See Part II, Item 8 - Note 9 for  information  regarding  our  operating
segments.

Narrative Description of Business

Our current  business is consistent with our original  purpose which was to acquire,  directly or by joint venture,
unimproved  or  partially  improved  land,  to construct  and  otherwise  develop  thereon  apartment  complexes or
commercial  properties,  and to own and operate the completed  properties.  Our original  purpose also includes the
ability to invest in fully  improved  properties,  either  directly or by joint  venture.  Our  properties are in a
condition suitable for their intended use.

We intend to hold the properties until such time as a sale or other  disposition  appears to be advantageous with a
view to  achieving  our  investment  objectives,  or it appears that such  objectives  will not be met. In deciding
whether to sell a property, we will consider factors such as potential capital  appreciation,  mortgage pre-payment
penalties, market conditions,  cash flow and federal income tax considerations,  including possible adverse federal
income tax consequences to the limited partners.

Description of Real Property

Apartments at Sabal Park include two and  three-bedroom  apartments.  All apartments have  wall-to-wall  carpeting,
individually  controlled  heating  and  air  conditioning,  ovens,  dishwashers,  ranges,  refrigerators,   garbage
disposals  and  washer/dryer  hook-ups.  Tenants  have  access  to and use of the  clubhouse,  management  offices,
swimming pool and tennis courts.

Monthly  rental  rates  at  Sabal  Park  Apartments  start  at $944  for  two-bedroom  apartments  and  $1,284  for
three-bedroom  apartments,  with additional monthly rental amounts for special features and locations.  Tenants pay
all costs of heating,  air  conditioning,  water and sewer,  and  electricity.  Most leases are for a period of one
year.  Apartments  will be rented in some cases,  however,  on a shorter term basis at an  additional  charge.  The
occupancy levels at the apartment  complex as of December 31 were 93% (2001),  98% (2000),  99% (1999),  94% (1998)
and 97% (1997).  See Part II, Item 7 for average occupancy information.

5

Apartments at Park Place  Apartments  Phase I include one and two-bedroom  apartments and  two-bedroom  town homes.
All apartments have wall-to-wall  carpeting,  individually  controlled  heating and air conditioning,  dishwashers,
ranges,  refrigerators  with ice makers,  garbage  disposals and microwave  ovens.  All  apartments  have access to
coin-operated  washers  and  dryers  and  some  apartments  have a  washer/dryer  hook-up.  Amenities  include  the
clubhouse with a party room,  swimming pool, tennis courts,  racquetball  courts,  exercise facility and management
offices.  The  amenities  are shared  with Phase II and III of the Park Place  Development.  Park Place  Apartments
Phase II is owned by  NTS-Properties  VII, Ltd, an affiliate of our General  Partner.  Park Place  Apartments Phase
III is owned by us, see  discussion  below.  The cost to  construct  and  operate  the common  amenities  is shared
proportionately by each phase.

Monthly  rental  rates  at Park  Place  Apartments  Phase I start  at $649  for  one-bedroom  apartments,  $909 for
two-bedroom  apartments and $949 for two-bedroom  town homes,  with  additional  monthly rental amounts for special
features and locations.  Tenants pay all costs of heating,  air conditioning  and electricity.  Most leases are for
a period of one year.  Apartments will be rented in some cases,  however,  on a shorter term basis at an additional
charge.  The occupancy levels at the apartment complex as of December 31 were 73% (2001),  72% (2000),  89% (1999),
80% (1998) and 89% (1997).  See Part II, Item 7 for average occupancy information.

Apartments at Park Place Apartments Phase III include one, two and  three-bedroom  apartments.  All apartments have
wall-to-wall carpeting,  individually controlled heating and air conditioning,  dishwashers,  ranges, refrigerators
with ice makers,  garbage  disposals and microwave ovens.  All apartments have access to coin-operated  washers and
dryers and some  apartments  have a  washer/dryer  hook-up.  Amenities  include  the  clubhouse  with a party room,
swimming pool,  tennis courts,  racquetball  courts,  exercise facility and management  offices.  The amenities are
shared  with  Phase I (see  discussion  above) and Phase II of the Park Place  Development.  Park Place  Apartments
Phase II is owned by  NTS-Properties  VII,  Ltd, an affiliate  of our General  Partner.  The cost to construct  and
operate the common amenities is shared proportionately by each phase.

Monthly  rental  rates at Park  Place  Apartments  Phase III  start at $699 for  one-bedroom  apartments,  $850 for
two-bedroom  apartments  and $1,200 for  three-bedroom  apartments,  with  additional  monthly  rental  amounts for
special  features  and  locations.  Tenants  pay all costs of  heating,  air  conditioning,  water and  sewer,  and
electricity.  Most  leases are for a period of one year.  Apartments  will be rented in some cases,  however,  on a
shorter term basis at an  additional  charge.  In May 2000,  construction  of Park Place  Apartments  Phase III was
completed and all 152 apartment  units were available for leasing.  The occupancy  levels at the apartment  complex
as of December 31 were 73% (2001), and 52% (2000).  See Part II, Item 7 for average occupancy information.

6

Apartments at Willow Lake  Apartments  include one and  two-bedroom  apartments  and  two-bedroom  town homes.  All
apartments  have  wall-to-wall  carpeting,  individually  controlled  heating  and air  conditioning,  dishwashers,
ranges,  refrigerators  with ice makers,  garbage  disposals and microwave  ovens.  All  apartments  have access to
coin-operated  washers  and  dryers  and  some  apartments  have a  washer/dryer  hook-up.  Amenities  include  the
clubhouse with a party room,  swimming pool, tennis courts,  racquetball  courts,  exercise facility and management
offices.

Monthly rental rates at Willow Lake  Apartments  start at $835 for one-bedroom  apartments,  $1,080 for two-bedroom
apartments and $1,295 for two-bedroom town homes,  with additional  monthly rental amounts for special features and
locations.  Tenants pay all costs of heating,  air conditioning  and  electricity.  Most leases are for a period of
one year.  Apartments  will be rented in some cases,  however,  on a shorter  term basis at an  additional  charge.
The  occupancy  levels at the  apartment  complex as of December 31 were 90% (2001),  83% (2000),  82% (1999),  81%
(1998) and 88% (1997).  See Part II, Item 7 for average occupancy information.

Apartments at Golf Brook Apartments  include two and  three-bedroom  apartments.  All apartments have  wall-to-wall
carpeting,  individually  controlled  heating and air conditioning,  dishwashers,  ranges,  refrigerators,  garbage
disposals and washer/dryer  hook-ups.  Tenants have access to and use of the clubhouse,  management  offices,  pool
and tennis courts.

Monthly  rental  rates at Golf  Brook  Apartments  start at  $1,195  for  two-bedroom  apartments  and  $1,435  for
three-bedroom  apartments,  with additional monthly rental amounts for special features and locations.  Tenants pay
all costs of heating,  air  conditioning,  water and sewer,  and  electricity.  Most leases are for a period of one
year.  Apartments  will be rented in some cases,  however,  on a shorter term basis at an  additional  charge.  The
occupancy levels at the apartment  complex as of December 31 were 89% (2001),  87% (2000),  95% (1999),  96% (1998)
and 96% (1997). See Part II, Item 7 for average occupancy information.

As of December 31,  2001,  there were 6 tenants  leasing  space  aggregating  approximately  33,700  square feet of
rentable  area at  Plainview  Point III Office  Center.  All leases  provide for tenants to  contribute  toward the
payment of  increases  in common  area  maintenance  expenses,  insurance  and real estate  taxes.  The tenants who
occupy  Plainview  Point  III  Office  Center  are  professional  service  oriented  organizations.  The  principal
occupation/profession  practiced is insurance claim  processing.  One tenant  individually  leases more than 10% of
Plainview  Point  III's  rentable  area.  The  occupancy  levels at the office  center as of  December  31 were 54%
(2001), 73% (2000), 86% (1999), 81% (1998) and 96% (1997).  See Part II, Item 7 for average occupancy information.

7

The following table contains approximate data concerning the major lease in effect on December 31, 2001:

`Year         Square Feet and % of    Current Annual Rental
Major Tenant (1):          of Expiration      Net Rentable Area        per Square Foot
------------------------ ---------------- ------------------------ -----------------------
               1                2004            15,438 (24.70%)              $16.00`

1. Major tenants are those that individually occupy 10% or more of the rentable square footage.

Additional operating data regarding our properties and joint ventures is furnished in the following table:

`Federal     Property Tax  Annual Property
                                         Tax Basis        Rate           Taxes
                                       -------------  ------------  ---------------
Wholly-Owned Properties
Sabal Park Apartments                   $ 11,692,306     .017599      $   173,725
Park Place Apartments Phase I           $ 11,788,098     .009585      $    96,375
Park Place Apartments Phase III         $ 12,874,407     .009585      $    85,667
Willow Lake Apartments                  $ 15,979,291     .097516      $   228,075

Properties Owned in Joint Venture with
NTS-Properties IV
Golf Brook Apartments                   $ 16,649,239     .017599      $   285,540
Plainview Point III Office Center       $  4,861,809     .010660      $    34,480`

Depreciation for book purposes is computed using the straight-line method over the estimated useful lives of the
assets which are 5-30 years for land improvements, 30 years for buildings, 5-30 years for building improvements,
3-30 years for amenities and the applicable lease term for tenant improvements.  The estimated property taxes on
all other planned renovations, primarily tenant improvements, would not be material.

The Emerging Issues Tasks Force ("EITF") of the Financial Accounting Standards Board ("FASB")  reached a
consensus on Issue No. 00-1, "Applicability of the Pro Rata Method of Consolidation to Investments in Certain
Partnerships and Other Unincorporated Joint Ventures."  The EITF reached a consensus that a proportionate gross
financial statement presentation (referred to as "proportionate consolidation" in the Notes to Consolidated
Financial Statements) is not appropriate for an investment in an unincorporated legal entity accounted for by the
equity method of accounting, unless the investee is in either the construction industry or an extractive industry
where there is a longstanding practice of its use.

The consensus is applicable to financial statements for annual periods ending after June 15, 2000.  We have
applied the consensus to all comparative financial statements, restating them to conform with the consensus for
all periods presented.  The application of this consensus did not result in a restatement of previously reported
partners' equity or net results of operations, but did result in a recharacterization or reclassification of
certain financial statements' captions and amounts.

8

On September 1, 1985, we entered into a joint venture agreement with NTS-Properties IV, an affiliate of our
General Partner,  to develop, construct, own and operate a 158-unit luxury apartment complex on a 13.15 acre site
in Orlando, Florida known as Golf Brook Apartments Phase I. On January 1, 1987, the joint venture agreement was
amended to include Golf Brook Apartments Phase II, a 37-unit luxury apartment complex located on a 3.069 acre
site adjacent to Golf Brook Apartments Phase I.  The term of the  joint venture shall continue until dissolved.
Dissolution shall occur upon, but not before, the first to occur of the following:

- the withdrawal, bankruptcy or dissolution of a partner or the execution by a partner of an
assignment for the benefit of its creditors;
- the sale, condemnation or taking by eminent domain of all or substantially all of our
assets, other than our cash and cash-equivalent assets;
- the vote or consent of each of the partners to dissolve the Partnership; or
- September 30, 2025.

We contributed land and the cost of constructing and leasing the apartments, valued at approximately
$15,800,000.  NTS-Properties IV contributed land valued at approximately $1,900,000 with a related note payable
to a bank of approximately $1,200,000.  We also contributed funds to retire the  note payable to a bank.  No
future contributions are anticipated as of December 31, 2001.

Golf Brook Apartments is encumbered by a mortgage payable to an insurance company.  We had originally obtained
financing, secured by Golf Brook Apartments, to fund a portion of our contribution to the  joint venture.  The
contribution loan has subsequently been refinanced.  The current mortgage payable of $7,691,673 is recorded as a
liability by us.  The mortgage payable bears interest at a fixed rate of 7.57%, is due May 15, 2009 and is
secured by the assets of Golf Brook Apartments.  Monthly principal payments are based upon a 12-year amortization
schedule.  We believe that at maturity, the mortgage will have been repaid based on the current rate of
amortization.

The net cash flow for each calendar quarter is distributed to the partners in accordance with their respective
percentage interests.  The term "Net Cash Flow" for any period shall mean the excess, if any of A) the sum of (i)
the gross receipts of the joint venture property for such period, other than capital contributions plus (ii) any
funds released by the partners for previously established reserves (referred to in clause (B) (iv) below), over
(B) the sum of (i) all cash operating expenses paid by the joint venture property during such period in the
course of business, (ii) capital expenditures paid in cash during such period, (iii) payments during such period
on account of amortization of the principal of any debts or liabilities of the joint venture property and (iv)
reserves for contingent liabilities and future expenses of the joint venture property as established by the
partners; provided, however, that the amounts referred to in (B) (i), (ii), and (iii) above shall only be taken
into account to the extent not funded by capital contributions or paid out of previously established reserves.
"Percentage Interest" means that percentage which the capital contribution of a partner bears to the

9

aggregate capital contributions of all the partners.  Net income or net loss is allocated between the partners pursuant to
the joint venture agreement.

On March 1, 1987, we entered into a joint venture agreement with NTS-Properties IV, an affiliate of our General
Partner, to develop, construct, own and operate an office building in Louisville, Kentucky known as Plainview
Point III Office Center.  The terms of the joint venture shall continue until dissolved.  Dissolution shall occur
upon, but not before, the first to occur of the following:

- the withdrawal, bankruptcy or dissolution of a partner or the execution by a partner of an
assignment for the benefit of its creditors;
- the sale, condemnation or taking by eminent domain of all or substantially all of the
assets of the real property, unless such disposition is, in whole or in part, represented by a
promissory note of the purchaser;
- the vote or consent of each of the partners to dissolve the Partnership; or
- December 30, 2026.

We contributed approximately $4,100,000, the cost to construct and lease the building. NTS-Properties IV
contributed land valued at $790,000 with an outstanding note payable to a bank of $550,000 which was secured by
the land.  We also contributed funds to retire the $550,000 note payable to the bank.  No future contributions
are anticipated as of December 31, 2001.

The net cash flow for each calendar quarter is distributed to the partners in accordance with their respective
percentage interests.  The term "Net Cash Flow" for any period shall mean the excess, if any of A) the sum of (i)
the gross receipts of the joint venture property for such period, other than capital contributions plus (ii) any
funds released by the partners for previously established reserves (referred to in clause (B) (iv) below), over
(B) the sum of (i) all cash operating expenses paid by the joint venture property during such period in the
course of business, (ii) capital expenditures paid in cash during such period, (iii) payments during such period
on account of amortization of the principal of any debts or liabilities of the joint venture property and (iv)
reserves for contingent liabilities and future expenses of the joint venture property as established by the
partners; provided, however, that the amounts referred to in (B) (i), (ii), and (iii) above shall only be taken
into account to the extent not funded by capital contributions or paid out of previously established reserves.
"Percentage Interest" means that percentage which the capital contribution of a partner bears to the aggregate
capital contributions of all the partners.  Net income or net loss is allocated between the partners pursuant to
the joint venture agreement.

10

Our properties are subject to competition from similar types of properties (including, in certain areas,
properties owned or managed by affiliates of our General Partner) in the respective vicinities in which they are
located.  Such competition is generally for the retention of existing tenants at lease expiration or for new
tenants when vacancies occur.  We maintain the suitability and competitiveness of our properties primarily on the
basis of effective rents, amenities and service provided to tenants.  Competition is expected to increase in the
future as a result of the construction of additional properties.  As of December 31, 2001, the properties under
construction in the respective vicinities in which our properties are located are as follows.  In close proximity
to Golf Brook Apartments, there is one apartment complex, with approximately 280 apartments under construction.
The scheduled completion date is unknown at this time.  In the vicinity near the Park Place Apartments, there is
one apartment community, with approximately 500 apartments scheduled to start construction in 2002.  In the
vicinity of Willow Lake Apartments, there is one new apartment complex under construction and two existing
apartment complexes have new phases under construction.  The new apartment complex will have 300 apartments
consisting of one, two and three bedroom apartments ranging in price from $730 to $1,100.  The clubhouse for this
complex is scheduled to be completed in March 2002 and the construction of the apartment buildings is scheduled
to be completed in April 2002.  One of the existing complexes is constructing a new phase with 48 apartments
consisting of one and two bedroom apartments ranging in price from $797 to $1,140.  Construction is scheduled to
be completed in June 2002.  The other existing complex is constructing a new phase with 43 apartments consisting
of one and two bedroom apartments ranging in price from $900 to $1,050.  Construction is scheduled to be
completed in May 2002.  At this time it is unknown the effect these new apartment units will have on occupancy at
our properties.  We have not commissioned a formal market analysis of competitive conditions in any market in
which we own properties, but rely upon the market condition knowledge of the employees of NTS Development Company
who manage and supervise leasing for each property.

NTS Development Company, an affiliate of our General Partner, directs the management of our properties pursuant
to a written agreement (the "Agreement").  NTS Development Company is a wholly-owned subsidiary of NTS
Corporation.  Mr. J. D. Nichols has a controlling interest in NTS Corporation and is a General Partner of
NTS-Properties Associates VI.  Under the Agreement, NTS Development Company establishes rental policies and rates
and directs the marketing activity of leasing personnel.  It also coordinates the purchase of equipment and
supplies, maintenance activity and the selection of all vendors, suppliers and independent contractors.

As compensation for its services, NTS Development Company received a total of $561,595 in property management
fees for the year ended December 31, 2001. $508,842 was received from the residential properties and $52,753 was
received from the commercial property.  The fee is equal to 6% of gross revenues from the commercial property and
5% of gross revenues from the residential properties.

11

In addition, the Agreement requires us to purchase all insurance relating to the managed properties, to pay the
direct out-of-pocket expenses of NTS Development Company in connection with the operation of our properties,
including the cost of goods and materials used for and on our behalf, and to reimburse NTS Development Company
for the salaries, commissions, fringe benefits, and related employment expenses of personnel at each property.

The term of the Agreement between NTS Development Company and us was initially for five years, and renewed
thereafter for succeeding one-year periods, until cancelled.  The Agreement is subject to cancellation by either
party upon 60-days written notice.  As of December 31, 2001, the Agreement is still in effect.

Information about our working capital practices is included in Management's Discussion and Analysis of Financial
Condition and Results of Operations in Part II, Item 7.

We do not consider our operations to be seasonal to any material degree.

Because the principals of the General Partner and/or its affiliates own and/or operate real estate properties
other than those owned by us that are, or could be in competition with us, potential conflicts of interest
exist.  Specifically, an affiliate of the General Partner manages an apartment complex, with approximately 200
apartments, that is in direct competition with Park Place Apartments Phase I and Phase III.  Because we were
organized by and are operated by the General Partner, these conflicts are not resolved through arms-length
negotiations but through the exercise of the General Partner's good judgment consistent with its fiduciary
responsibility to the  limited partners and our investment objectives and policies.  The General Partner is
accountable to the  limited partners as a fiduciary and consequently must exercise good faith and integrity in
handling our affairs.  A provision  has been made in the Partnership Agreement that the General Partner will not
be liable to us except for acts or omissions performed or omitted fraudulently, in bad faith or with negligence.
In addition, the Partnership Agreement provides for indemnification of the General Partner by us for liability
resulting from errors in judgment or certain acts or omissions.  The General Partner and its affiliates retain a
free right to compete with our properties including the right to develop competing properties now and in the
future in addition to those existing properties which  may compete directly or indirectly.

NTS Development Company (the "Property Manager"), an affiliate of the General Partner, acts in a similar capacity
for other affiliated entities in the same geographic region where we have property interests.  We believe the
Property Manager's agreement is on terms no less favorable to us than those which could be obtained from a third
party for similar services in the same geographical region in which the properties are located.  The contract is
terminable by either party without penalty upon 60-days written notice.

12

We have no employees; however, per the Agreement, NTS Development Company makes its employees available to
perform services for us.  We reimburse this affiliate for the actual costs of providing such services.  See Part
II, Item 8 - Note 7 and Part III, Item 13 for further discussions of related party transactions.

Our General Partner, along with the general partners of four other public limited partnerships affiliated with
us, is investigating a consolidation of us with other entities affiliated with us.  In addition to these
entities, the consolidation would likely involve several private partnerships and other entities affiliated with
us and our General Partner.  The new combined entity would own all of the properties currently owned by the
public limited partnerships, and the limited partners or other owners of these entities would receive an
ownership interest in the combined entity.  The number of ownership interests to be received by limited partners
and the other owners of the entities participating in the consolidation would likely be determined based on the
relative value of the assets contributed to the combined entity by each public limited partnership, reduced by
any indebtedness assumed by the entity.  The majority of the contributed assets would consist of real estate
properties, whose relative values would be based on appraisals obtained at or near the consolidation date.  The
potential benefits of consolidating the entities include: reducing the administrative costs as a percentage of
assets and revenues by creating a single public entity; diversifying limited partners' investments in real estate
to include additional markets and types of properties; and creating an asset base and capital structure that may
enable greater access to the capital markets.  There are, however, also a number of potential adverse
consequences such as, the expenses associated with a consolidation and the fact that the duration of the new
entity would likely exceed our anticipated duration, and that the interests of our limited partners in the
combined entity would be smaller on a percentage basis than their interests in us.  Further, the new entity may
adopt investment and management policies that are different from those presently used by our General Partner for
us.  A consolidation also requires approval of our limited partners and owners of the other proposed
participants.  Accordingly, there is no assurance that the consolidation will occur.

On December 12, 2001, three individuals filed an action in the Superior Court of the State of California for the
County of Contra Costa against our General Partner, the general partners of four public partnerships affiliated
with us and several individuals and entities affiliated with us.  The action purports to bring claims on behalf
of a class of limited partners based on, among other things, tender offers made by the public partnership and an
affiliate of our General Partner.  The plaintiffs allege, among other things, that the prices at which Interests
were purchased in these tender offers were too low.  The plaintiffs are seeking monetary damages and equitable
relief, including an order directing the disposition of the properties owned by the public partnerships and the
proceeds distributed.  Our General Partner believes that this action is without merit, and intends to vigorously
defend it.

13

We have been sued by Elder Construction & Associates, Inc. in Jefferson Circuit Court, Louisville, Kentucky, in a
lawsuit styled Elder Construction & Associates, Inc. V. NTS Development Company, Frontier Insurance Company,
NTS-Properties VI, a Maryland Limited Partnership, NTS-Properties Associates VI, and NTS Capital Corporation.

Elder Construction was hired to be the framing subcontractor with respect to certain improvements at Phase III of
Park Place Apartments in Lexington, Kentucky.  After being removed from the job for its failure to provide its
services in a professional, diligent and workmanlike manner, a complaint was filed on behalf of Elder
Construction in November 1999, alleging, inter alia, breach of contract.  The Complaint requested judgment
against the defendants in the amount of $233,122 plus interest and other relief against the defendants.

We and the other defendants have answered the complaint, and have asserted counterclaims against the plaintiff
for, inter alia, breach of contract.  Discovery is nearing completion.  The case has been set for trial in June
2002.  The principals of the NTS defendants have indicated that the suit brought by Elder Construction is without
merit and will be vigorously defended, including the prosecution by the defendants of counterclaims against Elder
Construction.  We believe that the resolution of these legal proceedings will not have a material effect on our
consolidated financial position or results of operations.

None.

14

PART II

There is no established  trading market for the limited  partnership  Interests,  nor is one likely to develop.  We
had 2,312 limited  partners as of January 31, 2002.  Cash  distributions  and allocations of income (loss) are made
as described in Note 1D to our 2001 Consolidated Financial Statements in Item 8.

On March 21, 2000, we notified our limited partners that we would be suspending  distributions  starting January 1,
2000. The suspension is necessary due to significant  capital  improvements  essential to maintaining the buildings
and  facilities  owned  by us at  Willow  Lake  Apartments,  Park  Place  Apartments  Phase I and III,  Sabal  Park
Apartments,  Golf Brook  Apartments and Plainview  Point III Office Center.  Our cash position will be evaluated on
an ongoing basis to determine when resumption of distributions is appropriate.

Annual  distributions  totaling  $10.00 per limited  partnership  Interest were paid during the year ended December
31, 1999 . Quarterly  distributions  are determined  based on current cash balances,  cash flow being  generated by
operations  and cash reserves  needed for future  leasing  costs,  tenant finish costs,  and capital  improvements.
Distributions were paid quarterly as follows:

`1999
                          ------------------
First quarter                      $  2.50
Second quarter                        2.50
Third quarter                         2.50
Fourth quarter                        2.50
                          ------------------
                                   $ 10.00
                          ==================`

The table below presents that portion of the  distributions  that represents a return of capital in accordance with
U.S. Generally Accepted Accounting Principles ("GAAP") for the years ended December 31, 2001, 2000 and 1999.

`Net Income             Cash
                             (Loss)           Distributions       Return of
                            Allocated            Declared          Capital
                        ----------------     ---------------    -------------
 Limited partners
       2001              $    (1,308,405)     $           --     $         --
       2000                     (853,403)                 --               --
       1999                     (185,285)            396,514          396,514
 General Partner
       2001              $       (13,216)     $           --     $         --
       2000                       (8,620)                 --               --
       1999                       (1,872)              4,005            4,005`

15

Years ended December 31, 2001, 2000, 1999, 1998 and 1997.

`2001             2000              1999              1998             1997
                          --------------   --------------    --------------    --------------   --------------
Total revenues             $ 10,993,047     $ 10,802,175      $  9,737,584      $  9,974,045     $  9,760,363

Total expenses             $ 12,273,352     $ 11,601,261      $  9,881,746      $  9,477,349     $  9,518,287
                           ------------     ------------      ------------      ------------     ------------
Income (loss) before
 minority interest and
 extraordinary item        $ (1,280,305)    $   (799,086)     $   (144,162)     $    496,696     $    242,076
Minority interest                41,316           42,216            42,995            38,965           36,419
                           ------------     ------------      ------------      ------------     ------------
Income (loss) after
 minority interest           (1,321,621)        (841,302)         (187,157)          457,731          205,657
Extraordinary item                   --           20,721                --                --           98,544
                           ------------     ------------      ------------      ------------     ------------

Net income (loss)          $ (1,321,621)    $   (862,023)     $   (187,157)     $    457,731     $    107,113
                           ============     ============      ============      ============     ============

Net income (loss)
 allocated to:
  General Partner          $    (13,216)    $     (8,620)     $     (1,872)     $      4,577     $      1,071
  Limited partners         $ (1,308,405)    $   (853,403)     $   (185,285)     $    453,154     $    106,042

Net income (loss) per
 limited partnership
 Interest                  $     (33.57)    $     (21.85)     $      (4.66)     $      10.96     $       2.48

Weighted average number
 of limited partnership
 Interests                       38,974           39,053            39,751            41,334           42,817

Cumulative net
 income (loss)
 allocated to:
  General Partner          $    (93,996)    $    (80,780)     $    (72,160)     $    (70,288)    $    (74,865)
  Limited partners         $(14,096,238)    $(12,787,833)     $(11,934,430)     $(11,749,145)    $(12,202,299)

Cumulative taxable
 income (loss)
 allocated to:
  General Partner          $    105,373     $    110,406      $    111,613      $    104,550     $    102,664
  Limited partners         $(17,550,296)    $(16,097,799)     $(15,165,626)     $(14,759,062)    $(15,174,826)

Distributions declared:
 General Partner           $         --     $         --      $      4,005      $      5,206     $      8,622
 Limited partners          $         --     $         --      $    396,514      $    515,339     $    853,625

Cumulative distributions
 declared:
  General Partner          $    121,277     $    121,277      $    121,277      $    117,272     $    112,066
  Limited partners         $ 12,006,384     $ 12,006,384      $ 12,006,384      $ 11,609,870     $ 11,094,531

At year end:
 Cash and equivalents      $     60,167     $     47,683      $        909      $    362,682     $    277,209
 Investment securities     $         --     $         --      $         --      $         --     $  1,562,813
 Land, buildings and
 amenities, net            $ 44,986,348     $ 47,498,726      $ 47,739,483      $ 41,136,516     $ 39,834,586

Total assets               $ 46,496,128     $ 49,077,535      $ 49,231,418      $ 43,209,406     $ 43,313,702

Mortgages and notes
  payable                  $ 33,474,382     $ 35,149,376      $ 33,312,443      $ 27,119,180     $ 26,872,563`

The above selected financial data should be read in conjunction with the consolidated financial statements and
related notes appearing elsewhere in this Form 10-K report.

16

The Emerging Issues Tasks Force ("EITF") of the Financial Accounting Standards Board ("FASB")  reached a
consensus on Issue No. 00-1, "Applicability of the Pro Rata Method of Consolidation to Investments in Certain
Partnerships and Other Unincorporated Joint Ventures."  The EITF reached a consensus that a proportionate gross
financial statement presentation (referred to as "proportionate consolidation" in the Notes to Consolidated
Financial Statements) is not appropriate for an investment in an unincorporated legal entity accounted for by the
equity method of accounting, unless the investee is in either the construction industry or an extractive industry
where there is a longstanding practice of its use.

The consensus is applicable to financial statements for annual periods ending after June 15, 2000.  We have
applied the consensus to all comparative financial statements, restating them to conform with the consensus for
all periods presented.  The application of this consensus did not result in a restatement of previously reported
partners' equity or results of operations, but did result in a recharacterization or reclassification of certain
financial statements' captions and amounts.  The affected data in the table above has been restated to provide
comparable information for all periods presented.

This Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") should be
read in conjunction with the Consolidated Financial Statements in Item 8 and the Cautionary Statements below.

A critical accounting policy, for our business, is the assumption that our properties' occupancy will remain at a
level which provides for debt payments and adequate working capital, currently and in the future.  If occupancy
were to fall below that level and remain at or below that level for a significant period of time, then our
ability to make payments  due under our debt agreements and to continue paying daily operational costs would be
greatly affected.  This would result in the impairment of the respective properties' assets in accordance with
Statement of Financial Accounting Standards ("SFAS") No. 121, "Accounting for the Impairment of Long-Lived Assets
and for Long-Lived Assets to be Disposed Of," which has been superseded by SFAS No. 144, "Accounting for the
Impairment or Disposal of Long-Lived Assets."  SFAS No. 144 is effective for financial statements issued for
fiscal years beginning after December 15, 2001.

17

The occupancy levels at the Partnership's properties and joint ventures as of December 31 were as follows:

`Percentage
                                                 Ownership at
                                                   12/31/01        2001(1)       2000        1999
                                                --------------  ------------- ----------  ----------
Wholly-Owned Properties
Sabal Park Apartments (2)                            100%            93%          98%         99%
Park Place Apartments Phase I (3)                    100%            73%          72%         89%
Willow Lake Apartments                               100%            90%          83%         82%
Park Place Apartments Phase III (3)                  100%            73%          52%         50% (4)

Properties Owned in Joint Venture with 
NTS-Properties IV
Golf Brook Apartments                              96.03%            89%           87%           95%
Plainview Point III Office Center (5)              95.04%            54%           73%           86%`

1. With the exception of Plainview Point III Office Center, current occupancy levels are considered
adequate to continue operation of our properties.
2. In our opinion, the decrease in year ending occupancy is only a temporary fluctuation and does not
represent a permanent downward occupancy trend.
3. Park Place Apartments has experienced low occupancy for the last two years. We are actively working on
improving occupancy for 2002. Lowering rental rates on some apartments, implementing new promotions and
offering additional services are some of the steps we are taking to increase occupancy.
4. Park Place Apartments Phase III had 34 apartments available for lease at December 31, 1999 of which 17
were leased. All 152 apartments were available for lease in May 2000.
5. A tenant occupying 16,895 square feet, or 27%, of the building vacated its space on November 30, 2001.
There will likely be a protracted period for the property to become fully leased again and substantial
funds, currently estimated to be approximately $313,000, will likely be needed for tenant finish expenses.
To fund the costs for the tenant finish, we would have to obtain new financing.

18

The average occupancy levels at our properties and joint ventures as of December 31 were as follows:

`Percentage
                                                Ownership at
                                                  12/31/01         2001          2000          1999
                                               --------------  ------------  ------------  ------------
Wholly-Owned Properties
Sabal Park Apartments (1)                            100%          94%           97%            96%
Park Place Apartments Phase I (3)                    100%          78%           82%            89%
Willow Lake Apartments                               100%          95%           91%            78%
Park Place Apartments Phase III                      100%          67%           N/A (2)        N/A (2)

Properties Owned in Joint Venture with 
NTS-Properties IV
Golf Brook Apartments (1)                          96.03%          90%           92%            94%
Plainview Point III Office Center                  95.04%          90%           88%            91%`

1. In our opinion, the decrease in average occupancy is only a temporary fluctuation and does not represent
a permanent downward occupancy trend.
2. Average occupancy is not applicable for Park Place Apartments Phase III due to the fact that all of the
apartments were not certified for occupancy until May 2000. Because the apartments were being turned over
to leasing at different times, the occupancy of one month is not comparable to the next month.
3. Park Place Apartments has experienced low occupancy for the last two years. We are actively working on
improving occupancy for 2002. Lowering rental rates on some apartments, implementing new promotions and
offering additional services are some of the steps we are taking to increase occupancy.

Rental and other income generated by our properties and joint ventures for the years ended December 31, 2001,
2000 and 1999  were as follows:

`Percentage
                                               Ownership at
                                                 12/31/01          2001           2000            1999
                                               --------------  ------------   ------------    ------------
Wholly-Owned Properties
Sabal Park Apartments                              100%       $   1,949,900  $   1,955,982   $   1,911,772
Park Place Apartments Phase I                      100%       $   1,516,832  $   1,697,890   $   1,830,936
Willow Lake Apartments                             100%       $   2,560,214  $   2,415,538   $   2,105,852
Park Place Apartments Phase III                    100%       $   1,156,239  $     589,562   $      37,077

Properties Owned in Joint Venture with
NTS-Properties IV
Golf Brook Apartments                            96.03%       $   2,940,558  $   3,271,227   $   2,980,021
Plainview Point III Office Center                95.04%       $     858,673  $     848,522   $     852,836`

19

If there has not been a material change in an item from one year to the next, we have omitted any discussion
concerning that item.

Rental income increased approximately $526,000, or 5%, in 2001, primarily as a result of increased income
collected at Park Place Apartments Phase III (not all apartment units were available for lease until the end of
May 2000).  The increase is also due to increased average occupancy at Willow Lake Apartments and Plainview Point
III Office Center.  The increase is partially offset by decreased average occupancy at Park Place Apartments
Phase I, Sabal Park Apartments and Golf Brook Apartments.  Rental income increased approximately $740,000, or 8%,
in 2000, primarily as a result of income collected at Park Place Apartments Phase III (Park Place Apartments
Phase III was not in full operation at December 31, 1999).  The increase is also due to increased average
occupancy at Willow Lake Apartments and Sabal Park Apartments.  The increase is partially offset by decreased
average occupancy at Park Place Apartments Phase I, Plainview Point III Office Center and Golf Brook Apartments.

Year ending occupancy percentage represents occupancy only on a specific date; therefore, the above analysis
considers average occupancy percentage which is representative of the entire year's results.

Interest and other income decreased approximately $330,000, or 91%, in 2001 but increased approximately $319,000
in 2000.  Both fluctuations are primarily the result of a settlement claim received in 2000 for defective siding
at Golf Brook Apartments.

Operating expenses increased approximately $200,000, or 7%, in 2001, primarily due to the following: 1) increased
repairs and maintenance costs at Sabal Park Apartments, Park Place Apartments Phase III and Plainview Point III
Office Center; 2) increased insurance premiums at all of our properties; 3) increased advertising costs at Park
Place Apartments Phase I, Golf Brook Apartments and Sabal Park Apartments; 4) increased legal and professional
costs at Park Place Apartments Phase III in relation to the Elder lawsuit (see Item 3 - Legal Proceedings for
more information regarding the lawsuit); 5) increased landscaping costs at Willow Lake Apartments; and 6)
increased utilities at Park Place Apartments Phase I and Park Place Apartments Phase III.  These increases are
partially offset by: 1) decreased utilities at Willow Lake Apartments; 2) decreased wood replacements at Park
Place Apartments Phase I; 3) decreased advertising at Park Place Apartments Phase III; and 4) decreased
amortization of prepaid leasing commissions at Plainview Point III Office Center.  Operating expenses increased
approximately $341,000, or 14%, in 2000, primarily due to the following: 1) expenses incurred by Park Place
Apartments Phase III (Park Place Apartments Phase III  was not in full operation during the year ended December
31, 1999); 2) increased repairs and maintenance at Golf Brook Apartments and Park Place Apartments Phase I;

20

3)increased administrative costs at Golf Brook Apartments; 4) increased advertising costs at Golf Brook Apartments
and Willow Lake Apartments; and 5) increased landscaping costs at Willow Lake Apartments and Park Place
Apartments Phase I.  These increases are partially offset by: 1) decreased employee education expenditures at
Golf Brook Apartments, Willow Lake Apartments and Sabal Park Apartments; 2) decreased utility costs at Golf Brook
Apartments and Park Place Apartments Phase I; 3) decreased landscaping costs at Sabal Park Apartments; and 4)
decreased repairs and maintenance expenses at Plainview Point III Office Center.

Operating expenses - affiliated increased approximately $253,000, or 18%, in 2001, primarily as a result of
increased personnel costs. Operating expenses - affiliated increased approximately $80,000, or 6%, in 2000,
primarily as a result of increased personnel costs.  Operating expenses - affiliated are for services performed
by employees of NTS Development Company, an affiliate of our General Partner.  These employee services may
include property management, leasing, maintenance, security and others necessary to manage and operate our
properties.

The 2001 loss on disposal of assets can be attributed to partial retirements, of assets not fully depreciated,
made at Park Place Apartments Phase I and Willow Lake Apartments.  The partial retirements at Park Place
Apartments Phase I were the result of an exterior paint project.  The partial retirements at Willow Lake
Apartments were the result of an exterior paint and wood replacement project, entrance landscaping and color
coating the tennis courts.  The 2000 loss on disposal of assets can be attributed to retirements of assets, not
fully depreciated, as a result of clubhouse renovation projects at Park Place Apartments, Golf Brook Apartments
and Sabal Park Apartments.  The 1999 loss on disposal of assets can be attributed to retirements made at Golf
Brook Apartments, Sabal Park Apartments, Willow Lake Apartments and Plainview Point III Office Center.  The
retirements were a result of various property renovations, including painting and wood replacement at Sabal Park
Apartments and Golf Brook Apartments, roof replacement at Willow Lake Apartments and carpet replacement at
Plainview Point III Office Center.

Interest expense increased approximately $695,000, or 34%, in 2000, as a result of an increase in our mortgage
debt.  The increase in interest expense is also due to interest capitalized on the Park Place Apartments Phase
III construction decreasing from approximately $250,000 in 1999 to approximately $26,000 in 2000.  This reduction
in capitalized interest effectively increased interest expense in 2000.

Management fees are calculated as a percentage of cash collections; however, revenue for reporting purposes is
recorded on the accrual basis.  As a result, the fluctuations in revenue between periods will differ from the
fluctuations of management fees expense.  Management fees increased

21

approximately $52,000, or 10%, in 2000, primarily as a result of increased revenue collected at Park Place Apartments Phase III (Park Place Apartments
Phase III was not fully operational during the year ended December 31, 1999) and a settlement claim received for
defective siding at Golf Brook Apartments.

Real estate taxes increased approximately $51,000, or 6%, in 2000, primarily due to increased real estate taxes
for the Park Place Apartments due to Park Place Apartments Phase III not being fully operational in 1999.

Professional and administrative expenses decreased approximately $31,000, or 16%, in 2001 and decreased
approximately $61,000, or 24%, in 2000.  The decreases for both years are the result of: 1) decreased investor
service expenditures; 2) decreased legal and professional costs; and 3) decreased employee recruiting and
temporary services.

Professional and administrative expenses - affiliated increased approximately $83,000, or 25%, in 2001 and
increased approximately $80,000, or 33%, in 2000.  The increases for both years are primarily the result of
increased personnel costs.  Professional and administrative expenses - affiliated are for services performed by
employees of NTS Development Company, an affiliate of our General Partner.  These employee services include
legal, financial and others necessary to manage and operate the Partnership.

Depreciation and amortization expense increased approximately $297,000, or 12%, in 2001 and increased
approximately $534,000, or 28%, in 2000.  The increase in 2001 is primarily a result of the following: 1)
capitalization of Park Place Apartments Phase III's construction costs (approximately $11,240,000) due to the
fact that depreciation for the majority of the costs did not start until the second and third quarters of 2000;
2) the reassessment by management of the useful lives of all of the roof assets, at Park Place Apartments Phase I
and Willow Lake Apartments, from 30 years to approximately 15 years in anticipation of replacing the roofs
(resulting in an increase in depreciation of approximately $99,000); and 3) building improvements and water
sub-metering installations, net of retirements, at Park Place Apartments Phase I and Willow Lake Apartments.  The
increase in depreciation for 2000, is primarily the result of the following: 1) capitalization of Park Place
Apartments Phase III's construction costs (approximately $11,240,000) due to the fact that depreciation on the
costs did not start until 2000; 2) tenant finish and common area replacements at Plainview Point III Office
Center, net of retirements; and 3) building improvements and fitness center renovation costs, net of retirements,
at Golf Brook Apartments and Sabal Park Apartments.

22

Depreciation is computed using the straight-line method over the useful lives of the assets which are 5-30 years
for land improvements, 30 years for buildings, 5-30 years for building and improvements,  3-30 years for
amenities and the applicable lease term for tenant improvements.  The aggregate cost of our properties for
federal tax purposes is approximately $76,335,000.

Extraordinary item - early extinguishment of debt  represents the write-off of unamortized loan costs associated
with Plainview Point III Office Center's note payable.  The unamortized loan costs were expensed due to the fact
that the note was retired in 2000 prior to its maturity (June 23, 2002) as a result of permanent financing
obtained by us in November 2000.

The majority of our cash flow is typically derived from operating activities.  Cash flows used in investing
activities are for tenant finish improvements, other capital improvements at our properties and construction of
Park Place Apartments Phase III (for 2000 and 1999).  Changes to current tenant improvements at commercial
properties are a typical part of any lease negotiation.  Improvements generally include a revision to the current
floor plan to accommodate a tenant's needs, new carpeting and paint and/or wallcovering.  The extent and cost of
these improvements is determined by the size of the space and whether the improvements are for a new tenant or
incurred because of a lease renewal.  The tenant finish improvements and other capital additions have been funded
by cash flow from operations.  Park Place Apartments Phase III construction costs have been funded primarily by
debt financing and also from cash flows from operations.  The total construction costs for Park Place Apartments
Phase III were approximately $11,240,000.  Cash flows used in financing activities consist of principal payments
on mortgages and notes payable, cash distributions, repurchase of limited partnership Interests and payment of
loan costs.  Cash flows provided by financing activities represent proceeds from mortgage loans.    We do not
expect any material changes in the mix and relative cost of capital resources from those in 2001.

The following table illustrates our cash flows provided by or used in operating activities, investing activities
and financing activities:

`2001           2000           1999
                                                    ------------   ------------   ------------
Operating activities                                $  2,085,569   $    750,859   $  3,298,067
Investing activities                                    (355,241)    (2,441,058)    (8,774,360)
Financing activities                                  (1,717,844)     1,736,973      5,114,520
                                                    ------------   ------------   ------------

  Net increase (decrease) in cash and equivalents   $     12,484   $     46,774   $   (361,773)
                                                    ============   ============   ============`

Net cash provided by operating activities increased approximately $1,335,000 in 2001.  The increase was primarily
driven by increased accounts payable and decreased other assets.  The increase is partially offset by increased
net loss.

23

Net cash provided by operating activities decreased approximately $2,547,000, or 77%, in 2000.  The decrease was
primarily driven by: 1) decreased accounts payable, 2) increased net loss, and 3) increased other assets.  The
decrease is partially offset by an increased collection of accounts receivable.

Net cash used in investing activities decreased approximately $2,086,000, or 85%, in 2001 and decreased
approximately $6,333,000, or 72%, in 2000.  The decrease for both years is primarily due to decreased capital
expenditures for Park Place Apartments Phase III (construction of Park Place Apartments Phase III was completed
in 2000).

Net cash used in financing activities increased approximately $3,455,000 in 2001.  The increase is primarily a
result of decreased proceeds from mortgage loans.  The increase is partially offset by decreased principal
payments on mortgages and notes payable and decreased loan costs.

Net cash provided by financing activities decreased approximately $3,378,000, or 66%, in 2000.  The decrease was
primarily due to a decrease in proceeds from mortgage loans (only one draw made in 2000 - final draw on Park
Place Apartments Phase III construction loan), partially offset by the decrease in cash distributions.

On March 21, 2000, we notified our limited partners that we would be suspending distributions starting January 1,
2000.  The suspension is necessary due to significant capital improvements essential to maintaining the buildings
and facilities owned by us at Willow Lake Apartments, Park Place Apartments Phase I and III, Sabal Park
Apartments, Golf Brook Apartments and Plainview Point III Office Center.  Our cash position will be evaluated on
an ongoing basis to determine when resumption of distributions is appropriate.

During the year ended December 31, 1999, we declared 1.00% (annualized) distribution of $400,519.  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 these distributions.  The primary source of future liquidity and
distributions is expected to be derived from cash generated by our properties and joint ventures after adequate
cash reserves are established for future leasing and tenant finish costs and for roof replacements at Park Place
Apartments Phase I and Willow Lake Apartments (discussed below).  It is anticipated that the cash flow from
operations and cash reserves will be sufficient to meet the our needs.  Cash reserves (which are unrestricted
cash and equivalents and investment securities as shown on our balance sheet as of December 31) were $60,167,
$47,683 and $909 at December 31, 2001, 2000 and 1999, respectively.

24

The table below presents that portion of the distributions that represents a return of capital in accordance with
GAAP basis for the years ended December 31, 2001, 2000 and 1999.

`Net Income            Cash
                             (Loss)          Distributions       Return of
                            Allocated           Declared          Capital
                        ----------------    ---------------   ---------------
 Limited partners
       2001              $    (1,308,405)    $           --    $           --
       2000                     (853,403)                --                --
       1999                     (185,285)           396,514           396,514
 General Partner
       2001              $       (13,216)    $           --    $           --
       2000                       (8,620)                --                --
       1999                       (1,872)             4,005             4,005`

The demand on future liquidity is anticipated to increase as we continue our efforts in the leasing of Plainview
Point III Office Center. One tenant which occupied 16,895 square feet, or 27%, of the building, vacated its
space on November 30, 2001. This left Plainview Point III Office Center with only 54% occupancy. As a result of
this vacancy, there will likely be a protracted period for the property to become fully leased again and
substantial funds, currently estimated to be approximately $313,000 will likely be needed for tenant finish costs.

The demand on future liquidity will also increase as a result of the replacement of the roofs at both the Willow
Lake Apartments (26 buildings) and Park Place Apartments Phase I (23 buildings) all of which were installed using
shingles produced by a single manufacturer. The shingles appear to contain defects which may cause roofs to
fail. As the manufacturer has declared bankruptcy, we do not expect to be able to recover any of the costs of
the roof replacements in the event of any such failures. Based upon these facts, we reassessed the useful lives
of the roof assets and adjusted them accordingly. The adjustment resulted in an approximate $99,000 increase in
depreciation expense for 2001. We do not have sufficient working capital to make all of the roof replacements at
one time. As of December 31, 2001, four buildings at Willow Lake Apartments have had roofs replaced. The total
cost of replacing all of the remaining roofs is estimated to be $900,000 ($20,000 per building). It is
anticipated that we will require at least 12 months to build adequate cash to continue the remaining roof
replacements.

Future liquidity will also be affected by increased insurance expense. We have budgeted for an increase of
approximately 25% upon renewal of our policies in September 2002, as compared to 2001.

Such demand as discussed above will be managed by our General Partner via funds from operations or additional
borrowings secured by our properties. There can be no guarantee that such funds will be available at which time
our General Partner will manage the demand on liquidity according to our best interest.

We had no other material commitments for renovations or capital expenditures at December 31, 2001.

25

Pursuant to Section 16.4 of our Amended and Restated Agreement of Limited Partnership, we established an Interest
Repurchase Reserve in December 1995. During the years ended December 31, 1998, 1997 and 1996, we funded
$400,000, $300,000 and $705,380, respectively, to the reserve. Through October 25, 1998 (the commencement of the
First Tender Offer), we had repurchased a total of 6,846 Interests for $1,861,200 at a price ranging from $250 to
$350 per Interest. Repurchased Interests were retired by us, thus increasing the percentage of ownership of each
remaining limited partner investor. The Interest Repurchase Reserve was funded from cash reserves. The funds
remaining in the Interest Repurchase Reserve at the commencement of the First Tender Offer (discussed below) were
returned to unrestricted cash for utilization in our operations.

From October 1998 through December 2000, we participated, along with ORIG, LLC, ("ORIG") an affiliate of ours,
(the"Offerors"), in four tender offers. Through the four tender offers, we repurchased 1,600 Interests for
$580,500 and ORIG purchased 8,074 Interests for $3,004,520. The price per Interest was $350 for the first tender
offer, $370 for the second tender offer and $380 for the third and fourth tender offers. Interests that we
repurchased were retired. Interests purchased by ORIG are being held by it.

On June 25, 2001, the Offerors commenced a tender offer for up to 200 Interests at a price of $380 per Interest.
Under the terms of the tender offer, we were to purchase the first 100 Interests tendered and fund our purchases
and our portion of the expenses of the offer from our cash reserves. If more than 100 Interests were tendered,
ORIG was to purchase up to an additional 100 Interests, and if more than 200 Interests were tendered the Offerors
had the option of purchasing all of the Interests tendered, or purchasing Interests on a pro rata basis. The
tender offer was originally scheduled to expire on September 25, 2001. On July 30, 2001, the Offerors sent an
amended and restated offer to purchase to all limited partners. On September 21, 2001, the tender offer was
amended to extend the expiration date from September 25, 2001 to October 31, 2001. The amendment also increased
the number of Interests the Offerors were willing to purchase from 200 to 3,000. On October 16, 2001, the
Offerors filed an amendment, to the outstanding tender offer, with the Securities and Exchange Commission. The
amendment notified the limited partners that the tender offer would expire on October 31, 2001 and that no
further extensions were being contemplated by the Offerors. The amendment also stated that the number of
Interests the Offerors were willing to purchase was being increased from 3,000 to 6,000. On October 31, 2001,
the tender offer expired. Upon expiration, 5,566 Interests had been tendered. The Offerors accepted all 5,566
Interests, without proration. We repurchased 100 Interests for $38,000 and ORIG purchased 5,466 Interests for
$2,077,080, plus offering expenses. We also incurred approximately $1,600 in expenses associated with the tender
offer. Interests that we repurchased were retired. Interests purchased by ORIG are being held by it.

The offering price per Interest was established by our General Partner in its sole discretion and does not
purport to represent the fair market value or liquidation value of the Interests.

26

In an effort to continue to improve occupancy at our residential properties, we have an on-site leasing staff who
are 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 apartments and negotiates lease renewals with current
residents.

The leasing and renewal negotiations for our 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. These lease provisions, along with
the fact that residential leases are generally for a period of one year, should protect our operations from the
impact of inflation and changing prices.

Accounting standards require disclosure concerning our obligations and commitments to make future payments under
contracts, such as debt and lease agreements, and under contingent commitments, such as debt guarantees.

`Payments Due by Period
                                   ---------------------------------------------------------------------------
                                                   Within One     Two - Three     Four - Five      After 5
    Contractual Obligations            Total          Year           Years           Years          Years
---------------------------------  ------------   -------------   ------------    ------------   ------------
Long-term debt                    $  33,474,382   $   1,927,556   $  4,212,011    $  4,883,299   $  22,451,516

Capital lease obligations         $          --   $          --   $         --    $         --   $          --

Operating leases (1)              $          --   $          --   $         --    $         --   $          --

Other long-term obligations (2)   $          --   $          --   $         --    $         --   $          --
                                   ------------    ------------    -----------     -----------    -----------

Total contractual cash
 obligations                      $  33,474,382   $   1,927,556   $  4,212,011    $  4,883,299   $  22,451,516
                                   ============    ============    ===========     ===========    ===========`

1. We are party to numerous small operating leases for office equipment such as copiers, postage machines
and fax machines, which represent an insignificant obligation.
2. We are party to several annual maintenance agreements with vendors for such items as outdoor
maintenance, pool service and security systems, which represent an insignificant obligation.

27

`Amount of Commitment Expiration Per Period
                                                 ------------------------------------------------------------
                                     Total
                                    Amounts        Within One     Two - Three    Four - Five       Over 5
 Other Commercial Commitments      Committed          Year           Years           Years          Years
-------------------------------- --------------   ------------   ------------   -------------   -------------
Line of credit                   $           --   $         --   $         --   $          --   $          --

Standby letters of credit and
 guarantees                      $           --   $         --   $         --   $          --   $          --

Other commercial
 commitments (1)                 $           --   $         --   $         --   $          --   $          --
                                 --------------   ------------   ------------   -------------   -------------

Total commercial
 commitments                     $           --   $         --   $         --   $          --   $          --
                                 ==============   ============   ============   =============   =============`

1. We do not, as a practice, enter into long term purchase commitments for commodities or services. We may from
time to time agree to "fee for service arrangements" which are for a term of greater than one year.

The Emerging Issues Tasks Force ("EITF") of the Financial Accounting Standards Board ("FASB")  reached a
consensus on Issue No. 00-1, "Applicability of the Pro Rata Method of Consolidation to Investments in Certain
Partnerships and Other Unincorporated Joint Ventures."  The EITF determined that a proportionate gross financial
statement presentation, which is referred to as "proportionate consolidation" in the Notes to Consolidated
Financial Statements, is not appropriate for an investment in an unincorporated legal entity accounted for by the
equity method of accounting, unless the entity invested in is in either the construction industry or an
extractive industry where there is a longstanding practice of its use.

The EITF consensus is applicable to financial statements for annual periods ending after June 15, 2000.  We now
use the equity method to account for our joint venture investments.  We have applied the consensus to all
comparative financial statements, restating them to conform with the consensus for all periods presented.  The
application of this consensus did not result in a restatement of previously reported partners' equity or net
results of operations, but did result in a recharacterization or reclassification of some of the financial
statements' captions and amounts.

Our liquidity, capital resources and results of operations are subject to a number of risks and uncertainties
including, but not limited to the following:

- our ability to achieve planned revenues;
- our ability to make payments due under our debt agreements;
- our ability to negotiate and maintain terms with vendors and service providers for operating expenses;
- competitive pressures from other real estate companies, including large commercial and residential real
estate companies, which may affect the nature and viability of our business strategy;

28

- trends in the economy as a whole which may affect consumer confidence and demand for the types of rental
property held by us;
- our ability to predict the demand for specific rental properties;
- our ability to attract and retain tenants;
- availability and costs of management and labor employed;
- real estate occupancy and development costs, including the substantial fixed investment costs associated
with renovations necessary to obtain new tenants and retain existing tenants;
- the risk of a major commercial tenant defaulting on its lease due to risks generally associated with
real estate, many of which are beyond our control, including general or local economic
conditions, competition, interest rates, real estate tax rates, other operating expenses and
acts of God; and
- the risk of revised zoning laws, taxes, and utilities regulations as well as municipal mergers of local
governmental entities.

We plan to replace the roofs at both the Willow Lake Apartments (26 buildings) and Park Place Apartments Phase I
(23 buildings) all of which were installed using shingles produced by a single manufacturer.  The shingles appear
to contain defects which may cause roofs to fail before the end of their expected useful lives.  As the
manufacturer has declared bankruptcy, we do not expect to be able to recover any of the costs of the roof
replacements in the event of any such failures.  Based upon these facts, we reassessed the useful lives of the
roof assets and adjusted them accordingly.  The adjustment resulted in an approximate $99,000 increase in
depreciation expense for 2001.  We do not have sufficient working capital to make all of the roof replacements at
one time.  As of December 31, 2000, four buildings at Willow Lake Apartments have had roofs replaced.  The total
cost of replacing all of the remaining roofs is estimated to be approximately $900,000 (an estimated $20,000 per
building).   It is anticipated that we will require at least 12 months to generate sufficient reserves to begin
the remaining roof replacements.

Our primary market risk exposure with regard to financial instruments is changes in interest rates.  All of our
debt bears interest at a fixed rate with the exception of two notes payable of $32,958 and $31,333, that bear
interest at the Prime Rate.  A hypothetical 100 basis point increase in interest rates would not significantly
increase annual interest expense on the variable rate notes.  A hypothetical 100 basis point increase in interest
rates would result in an approximate $1,676,300 decrease in the fair value of debt.

29

REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

To NTS-Properties VI, a Maryland limited partnership:

We  have  audited  the  accompanying   consolidated  balance  sheets  of  NTS-Properties  VI,  a  Maryland  limited
partnership,  as of December 31, 2001 and 2000, and the related  consolidated  statements of operations,  partners'
equity  and cash  flows  for each of the three  years in the  period  ended  December  31,  2001.  These  financial
statements  and the  schedules  referred  to below are the  responsibility  of the  Partnership's  management.  Our
responsibility is to express an opinion on these financial statements and schedules based on our audits.

We conducted our audits in accordance  with  auditing  standards  generally  accepted in the United  States.  Those
standards  require that we plan and perform the audit to obtain  reasonable  assurance  about whether the financial
statements are free of material  misstatement.  An audit includes examining,  on a test basis,  evidence supporting
the  amounts  and  disclosures  in the  financial  statements.  An audit also  includes  assessing  the  accounting
principles  used and  significant  estimates  made by  management,  as well as  evaluating  the  overall  financial
statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our  opinion,  the  financial  statements  referred to above  present  fairly,  in all  material  respects,  the
financial  position of  NTS-Properties  VI, a Maryland limited  partnership,  as of December 31, 2001 and 2000, and
the results of their  operations  and their cash flows for each of the three years in the period ended December 31,
2001 in conformity with accounting principles generally accepted in the United States.

Our audits  were made for the  purpose of forming an opinion on the basic  financial  statements  taken as a whole.
The  schedule of Real Estate and  Accumulated  Depreciation  included in this filing is  presented  for purposes of
complying with the Securities and Exchange  Commission's  rules and is not part of the basic financial  statements.
This  schedule  has  been  subjected  to the  auditing  procedures  applied  in the  audit of the  basic  financial
statements  and, in our opinion,  fairly  states in all material  respects the  financial  data  required to be set
forth therein in relation to the basic financial statements taken as a whole.

ARTHUR ANDERSEN LLP

Louisville, Kentucky
March 21, 2002

30

NTS-PROPERTIES VI,
A MARYLAND LIMITED PARTNERSHIP
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2001 AND 2000

`2001                     2000
                                                       ------------------       -----------------

ASSETS
------
Cash and equivalents                                   $           60,167       $          47,683
Cash and equivalents - restricted                                 217,906                 231,751
Accounts receivable, net of allowance for doubtful
 accounts of $2,390 at December 31, 2001 and $0 at
 December 31, 2000                                                 52,389                  67,539
Land, buildings and amenities, net                             44,986,348              47,498,726
Other assets                                                    1,179,318               1,231,836
                                                       ------------------       -----------------

  TOTAL ASSETS                                         $       46,496,128       $      49,077,535
                                                       ==================       =================

LIABILITIES AND PARTNERS' EQUITY
--------------------------------
Mortgages and notes payable                            $       33,474,382       $      35,149,376
Accounts payable                                                  932,295                 476,492
Security deposits                                                 223,533                 260,683
Other liabilities                                                 314,150                 279,595
                                                       ------------------       -----------------

  TOTAL LIABILITIES                                            34,944,360              36,166,146

COMMITMENTS AND CONTINGENCIES (Note 8)

PARTNERS' EQUITY                                               11,551,768              12,911,389
                                                       ------------------       -----------------

TOTAL LIABILITIES AND PARTNERS' EQUITY                 $       46,496,128       $      49,077,535
                                                       ==================       =================`

The accompanying notes to consolidated financial statements are an integral part of these statements.

31

NTS PROPERTIES VI,
A MARYLAND LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999

`2001            2000           1999
                                               --------------  -------------- --------------
REVENUES
--------
Rental income                                  $  10,959,423   $ 10,433,067   $   9,693,133
Interest and other income                             33,624        363,920          44,451
Gain on sale of assets                                    --          5,188              --
                                               --------------  -------------- -------------

     TOTAL REVENUES                               10,993,047     10,802,175       9,737,584

EXPENSES
--------
Operating expenses                                 3,046,109      2,846,334       2,505,632
Operating expenses - affiliated                    1,650,630      1,397,291       1,316,979
Loss on disposal of assets                           102,550        208,709         260,883
Interest expense                                   2,656,206      2,713,539       2,018,575
Management fees                                      561,595        558,123         506,397
Real estate taxes                                    979,645        948,682         898,055
Professional and administrative expenses             161,429        192,700         253,413
Professional and administrative expenses -
 affiliated                                          408,061        325,298         244,834
Depreciation and amortization                      2,707,127      2,410,585       1,876,978
                                               --------------  -------------  --------------

    TOTAL EXPENSES                                12,273,352     11,601,261       9,881,746

Loss before minority interest and
 extraordinary item                               (1,280,305)      (799,086)       (144,162)
Minority interest                                     41,316         42,216          42,995
                                               --------------  -------------  --------------
Loss after minority interest but
 before extraordinary item                        (1,321,621)      (841,302)       (187,157)

Extraordinary item - early extinguishment
 debt                                                     --         20,721             --
                                               --------------  -------------  --------------

Net loss                                       $  (1,321,621)  $   (862,023)  $    (187,157)
                                               ==============  =============  ==============

Net loss allocated to the limited partners:
  Loss before extraordinary item               $  (1,308,405)  $   (832,889)  $    (185,285)
  Extraordinary item                                      --         20,514              --
                                               --------------  -------------  --------------

Net loss                                       $  (1,308,405)  $   (853,403)  $    (185,285)
                                               ==============  =============  ==============

Net loss per limited partnership Interest:
  Loss before extraordinary item               $      (33.57)  $     (21.33)  $       (4.66)
  Extraordinary Item                                      --           0.52              --
                                               --------------  -------------  --------------

Net loss per limited partnership Interest      $      (33.57)  $     (21.85)  $       (4.66)
                                               ==============  =============  ==============

Weighted average number of limited
  partnership Interests                               38,974         39,053          39,751
                                               ==============  =============  ==============`

The accompanying notes to consolidated financial statements are an integral part of these statements.

32

NTS-PROPERTIES VI,
A MARYLAND LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF PARTNERS' EQUITY (1)
FOR THE YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999

`Limited         General
                                               Partners        Partner          Total
                                            --------------  --------------  ---------------
PARTNERS' EQUITY/(DEFICIT)
--------------------------
Balances at December 31, 1998                $ 15,129,048   $    (187,460)  $   14,941,588

 Net loss                                        (185,285)         (1,872)        (187,157)

 Distributions declared                          (396,514)         (4,005)        (400,519)

 Repurchase of limited partnership
   Interests                                     (542,500)             --         (542,500)
                                             -------------  --------------  ---------------

Balances at December 31, 1999                  14,004,749        (193,337)      13,811,412

 Net loss                                        (853,403)         (8,620)        (862,023)

 Repurchase of limited partnership
   Interests                                      (38,000)             --          (38,000)
                                             -------------  --------------  ---------------

Balances at December 31, 2000                  13,113,346        (201,957)      12,911,389

 Net loss                                      (1,308,405)        (13,216)      (1,321,621)

 Repurchase of limited partnership
   Interests                                      (38,000)             --          (38,000)
                                             -------------  --------------  ---------------

Balances at December 31, 2001                $ 11,766,941   $    (215,173)  $   11,551,768
                                             =============  ==============  ===============`

1. For the periods presented, there are no elements of other comprehensive income as defined by the
Financial Accounting Standards Board, Statement of Financial Accounting Standards Statement No. 130,
"Reporting Comprehensive Income."

The accompanying notes to consolidated financial statements are an integral part of these statements.

33

NTS-PROPERTIES VI,
A MARYLAND LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999

`2001           2000            1999
                                                           --------------- --------------  --------------
CASH FLOWS FROM OPERATING ACTIVITIES
------------------------------------
Net loss                                                   $  (1,321,621)  $    (862,023)   $   (187,157)
Adjustments to reconcile net loss to net cash provided by
 operating activities:
  Provision for doubtful accounts                                  4,912              --              --
  Write-off of uncollectible accounts receivable                  (2,522)             --              --
  Loss on disposal of assets                                     102,550         208,709         260,883
  Gain on sale of assets                                              --          (5,188)             --
  Write-off of unamortized loan costs                                 --          20,721              --
  Depreciation and amortization                                2,776,352       2,496,770       1,960,493
  Changes in assets and liabilities:
   Cash and equivalents - restricted                              13,845         (22,071)        238,658
   Accounts receivable                                            12,760         132,799         (68,693)
   Other asset                                                     4,769        (170,281)        (10,534)
   Accounts payable                                              455,803      (1,186,149)        932,388
   Security deposits                                             (37,150)         41,607          (8,570)
   Other liabilities                                              34,555          53,749         137,604
   Minority interest                                              41,316          42,216          42,995
                                                           --------------  --------------   -------------

   Net cash provided by operating activities                   2,085,569         750,859       3,298,067
                                                           --------------  --------------   -------------

CASH FLOWS FROM INVESTING ACTIVITIES
------------------------------------
Additions to land, buildings and amenities                      (295,868)     (2,380,205)     (8,737,997)
Proceeds from sale of assets                                          --           8,736              --
Minority interest                                                (59,373)        (69,589)        (36,363)
                                                           --------------  --------------   -------------

   Net cash used in investing activities                        (355,241)     (2,441,058)     (8,774,360)
                                                           --------------  --------------   -------------

CASH FLOWS FROM FINANCING ACTIVITIES
------------------------------------
Principal payments on mortgages and notes payable             (1,776,487)     (4,647,493)     (1,639,716)
Proceeds from mortgage loans and notes payable                   101,493       6,484,426       7,832,979
Cash distributions                                                    --              --        (503,017)
Repurchase of limited partnership Interests                      (38,000)        (38,000)       (542,500)
Additions to loan costs                                           (4,850)        (61,960)        (33,226)
                                                           --------------  --------------   -------------

   Net cash (used in) provided by financing activities        (1,717,844)      1,736,973       5,114,520
                                                           --------------  --------------   -------------

   Net increase (decrease) in cash and equivalents                12,484          46,774        (361,773)

CASH AND EQUIVALENTS, beginning of year                           47,683             909         362,682
                                                           --------------  --------------   -------------

CASH AND EQUIVALENTS, end of year                          $      60,167   $      47,683    $        909
                                                           ==============  ==============   =============

Interest paid on a cash basis, net of amounts capitalized  $   2,625,265   $   2,730,050    $  2,046,420
                                                           ==============  ==============   =============`

The accompanying notes to consolidated financial statements are an integral part of these statements.

34

NTS-PROPERTIES VI,
A MARYLAND LIMITED PARTNERSHIP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999

Note 1- Significant Accounting Policies

The  consolidated  financial  statements  include the accounts of all  wholly-owned  properties and  majority-owned
joint ventures.  Intercompany  transactions  and balances have been  eliminated.  The terms "we," "us" or "our," as
the context requires, may refer to the Partnership or its interests in these properties and joint ventures.

From inception,  we used the proportionate  consolidation  method of accounting for joint venture  properties.  Our
proportionate  interest  in the joint  ventures'  assets,  liabilities,  revenues,  expenses  and cash  flows  were
combined  on a  line-by-line  basis with our own  assets,  liabilities,  revenues,  expenses  and cash  flows.  All
intercompany accounts and transactions were eliminated in consolidation.

Proportionate  consolidation was utilized by us due to the fact that the ownership of joint venture properties,  in
substance,  was not  subject  to joint  control.  The  managing  General  Partners  of the sole  partner of the NTS
sponsored  partnerships which have formed joint ventures are substantially the same. As such,  decisions  regarding
financing, development, sale or operations did not require the approval of different partners.

Additionally,  the joint venture  properties are in the same  business/industry  as their  respective joint venture
partners and their asset,  liability,  revenue and expense accounts  correspond with the accounts of such partners.
It is the belief of our General  Partner that the financial  statement  disclosures  resulting  from  proportionate
consolidation  provided  the most  meaningful  presentation  of assets,  liabilities,  revenues,  expenses and cash
flows  given the commonality of our operations.

The  Emerging  Issues  Tasks  Force  ("EITF")  of the  Financial  Accounting  Standards  Board  ("FASB")  reached a
consensus on Issue No. 00-1,  "Applicability  of the Pro Rata Method of  Consolidation  to  Investments  in Certain
Partnerships  and Other  Unincorporated  Joint  Ventures." The EITF reached a consensus that a proportionate  gross
financial  statement  presentation  (referred  to as  "proportionate  consolidation"  in the Notes to  Consolidated
Financial  Statements) is not appropriate for an investment in an unincorporated  legal entity accounted for by the
equity method of accounting,  unless the investee is in either the construction  industry or an extractive industry
where there is a longstanding practice of its use.

The  consensus is  applicable  to  financial  statements  for annual  periods  ending after June 15, 2000.  We have
applied the consensus to all  comparative  financial  statements,  restating them to conform with the consensus for
all periods  presented.  The  application of this consensus did not result in a restatement of previously  reported
partners'  equity or net results of  operations,  but did result in a  recharacterization  or  reclassification  of
certain financial statements' captions and amounts.

35

Other  assets  include  minority  interest in our joint  venture  properties  totaling  approximately  $670,000 and
$652,000  as of  December  31,  2001 and 2000,  respectively.  These  amounts  have  been  derived  primarily  from
distributions of the joint ventures in excess of the respective  minority  partner's  historical  investment in the
joint  ventures  used  for  financial  reporting  purposes.  This  amount  will be  realized  upon  the sale of the
respective  joint venture  property or dissolution of the respective  joint venture.  The underlying  assets of the
joint ventures are assessed for asset impairment on a periodic basis.

NTS-Properties VI (the  "Partnership") is a limited  partnership  organized under the laws of the state of Maryland
in December 1984. Our General Partner is  NTS-Properties  Associates VI (a Kentucky  limited  partnership).  We are
in the business of  developing,  constructing,  owning and operating  apartment  communities  and  commercial  real
estate.

We own and operate the following properties and joint ventures:

- Sabal Park Apartments, a 162-unit luxury apartment complex in Orlando, Florida.
- Park Place Apartments Phase I, a 180-unit luxury apartment complex in Lexington, Kentucky.
- Willow Lake Apartments, a 207-unit luxury apartment complex in Indianapolis, Indiana.
- Park Place Apartments Phase III, a 152-unit luxury apartment complex in Lexington, Kentucky.
- A 96.03% joint venture interest in Golf Brook Apartments, a 195-unit luxury apartment complex in Orlando, Florida.
- A 95.04% joint venture interest in Plainview Point III Office Center, an office center
with approximately 62,000 net rentable square feet in Louisville, Kentucky.

Pre-termination  date net cash receipts and interim net cash  receipts,  as defined in the  Partnership  Agreement,
and which are made  available  for  distribution,  will be  distributed  99% to the limited  partners and 1% to the
General Partner. Net cash proceeds,  as defined in the Partnership  Agreement,  will be distributed as follows: (1)
99% to the  limited  partners  and 1% to the  General  Partner  until  the  limited  partners  have  received  cash
distributions  from all sources (except  pre-termination  date net cash receipts)  equal to their original  capital
and (2) the remainder,  80% to the limited partners and 20% to the General  Partner.  Net operating income shall be
allocated to the limited  partners and

36

the General Partner in proportion to their  respective  cash  distributions.
Net operating income in excess of cash  distributions  and net gains from sales shall be allocated as follows:  (1)
pro-rata to all partners with a negative  capital  account in an amount to restore the negative  capital account to
zero;  (2) 99% to the limited  partners and 1% to the General  Partner until the limited  partners have received an
amount equal to their original capital less cash distributions  except  distributions of  pre-termination  date net
cash  receipts  and (3) the balance,  80% to the limited  partners and 20% to the General  Partner.  Net  operating
losses have been allocated 99% to the limited  partners and 1% to the General Partner for all periods  presented in
the accompanying consolidated financial statements.

We have  received  a  ruling  from the  Internal  Revenue  Service  stating  that we are  classified  as a  limited
partnership  for federal  income tax purposes.  As such, we make no provision for income taxes.  The taxable income
or loss is passed  through to the holders of the  partnership  Interests for inclusion on their  individual  income
tax returns.

A reconciliation of net loss for financial statement purposes versus that for income tax reporting is as follows:

`2001            2000           1999
                                                     -------------  -------------- --------------
Net loss                                             $ (1,321,621)   $   (862,023)  $   (187,157)
Items handled differently for tax purposes:
  Depreciation and amortization                          (189,171)        (49,381)      (198,220)
  Retirement of fixed assets                                7,873          31,443       (125,914)
  Prepaid rent and other capitalized leasing costs         37,933         (53,419)        86,459
  Bad debt allowance                                        2,390              --             --
  Accrued expenses                                          2,000              --             --
  Other miscellaneous expense                               3,066              --             --
  Rental income                                                --              --         25,331
                                                     -------------   -------------  -------------

Taxable loss                                         $ (1,457,530)   $   (933,380)  $   (399,501)
                                                     =============   =============  =============`

The preparation of financial statements in accordance with U.S. Generally Accepted Accounting Principles
("GAAP")  requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the financial statements and the reported
amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

Certain reclassifications have been made to the December 31, 2000 and 1999 financial statements to conform with
December 31, 2001 classifications.  These reclassifications have no effect on previously operating results or
partners' equity.

37

We have a cash management program which provides for the overnight investment of excess cash balances.  Per an
agreement with a bank, excess cash is invested in a repurchase agreement for U.S. Government or agency securities
on a nightly basis.  At December 31, 2001, approximately $31,000 was transferred into the investment.

Cash and equivalents - restricted represents funds received for residential security deposits, funds which have
been escrowed with mortgage companies for property taxes and insurance in accordance with the loan agreements and
funds reserved by us for the purchase of limited partnership Interests under the tender offers (see Note 4).

Land, buildings and amenities are stated at cost to us.  Costs directly associated with the acquisition,
development and construction of a project are capitalized.  Depreciation is computed using the straight-line
method over the estimated useful lives of the assets which are 5-30 years for land improvements, 5-30 years for
building and improvements, 3-30 years for amenities and the applicable lease term for tenant improvements.  The
aggregate cost of our properties for federal tax purposes is approximately $76,335,000.

Statement of Financial Accounting Standards ("SFAS") No. 121, "Accounting for the Impairment of Long-Lived Assets
and for Long-Lived Assets to be Disposed Of", specifies circumstances in which certain long-lived assets must be
reviewed for impairment.  If such review indicates that the carrying amount of an asset exceeds the sum of its
expected future cash flows, the asset's carrying value may be written down to fair value.  Application of this
standard by management during the years ended December 31, 2001, 2000 and 1999 did not result in an impairment
loss.

We recognize revenues in accordance with each tenant's lease agreement. Certain of our lease agreements at
Plainview Point III Office Center are structured to include scheduled and specified rent increases over the lease
term.  For financial reporting purposes, the income from these leases is being recognized on a straight-line
basis over the lease term.  Accrued income connected with these leases is included in accounts receivable and
totaled $12,771 and $36,155 at December 31, 2001 and 2000,  respectively.  All commissions paid to commercial
leasing agents are deferred and amortized over the term of the lease to which they apply.

We expense advertising costs as incurred.  Advertising expense was immaterial to us during the years ended
December 31, 2001, 2000 and 1999.

38

For purposes of reporting cash flows, cash and equivalents include cash on hand and short-term, highly liquid
investments with initial maturities of three months or less.

The Financial Accounting Standards Board ("FASB") has issued  Statement of Financial Accounting Standards
("SFAS") No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets."  SFAS No. 144 supercedes SFAS
No. 121, "Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of,"
effective for financial statements issued for fiscal years beginning after December 15, 2001.  We will subject
our financial statements to the standards of SFAS No. 144 when applicable.

We own and operate, either wholly or through a joint venture, residential properties in Kentucky (Lexington),
Indiana (Indianapolis) and Florida (Orlando). We also own and operate, through a joint venture, a commercial
property in Kentucky (Louisville).  Substantially all of the commercial property's tenants are local businesses
or are businesses which have operations in the Louisville area.

Our financial instruments that are exposed to concentrations of credit risk consist of cash and equivalents.  We
maintain our cash accounts primarily with banks located in Kentucky.  The total cash balances are insured by the
FDIC up to $100,000 per bank account.  We may at times, in certain accounts, have deposits in excess of $100,000.

The following schedule provides an analysis of our investment in property held for lease as of December 31:

`2001                2000
                             -----------------  ------------------
Land and improvements         $   16,460,492     $    16,452,744

Building and improvements         59,574,238          59,470,033
                              ---------------    ----------------

                                  76,034,730          75,922,777

Less accumulated depreciation     31,048,382          28,424,051
                              ---------------    ----------------

                              $   44,986,348     $    47,498,726
                              ===============    ================`

From October 1998 through December 2000, we participated, along with ORIG, LLC, ("ORIG") an affiliate of ours,
(the"Offerors"),  in four tender offers.  Through the four tender offers, we repurchased 1,600 Interests for
$580,500 and ORIG purchased 8,074 Interests for $3,004,520.  The

39

price per Interest was $350 for the first tender offer, $370 for the second tender offer and $380 for the third and fourth tender offers.  Interests that we
repurchased were retired.  Interests purchased by ORIG are being held by it.

On June 25, 2001, the Offerors commenced a tender offer for up to 200 Interests at a price of $380 per Interest.
Under the terms of the tender offer, we were to purchase the first 100 Interests tendered and fund our purchases
and our portion of the expenses of the offer from our cash reserves.  If more than 100 Interests were tendered,
ORIG was to purchase up to an additional 100 Interests, and if more than 200 Interests were tendered the Offerors
had the option of purchasing all of the Interests tendered, or purchasing Interests on a pro rata basis.  The
tender offer was originally scheduled to expire on September 25, 2001.  On July 30, 2001, the Offerors sent an
amended and restated offer to purchase to all limited partners.  On September 21, 2001, the tender offer was
amended to extend the expiration date from September 25, 2001 to October 31, 2001.  The amendment also increased
the number of Interests the Offerors were willing to purchase from 200 to 3,000.  On October 16, 2001, the
Offerors filed an amendment, to the outstanding tender offer, with the Securities and Exchange Commission.  The
amendment notified the limited partners that the tender offer would expire on October 31, 2001 and that no
further extensions were being contemplated by the Offerors.  The amendment also stated that the number of
Interests the Offerors were willing to purchase was being increased from 3,000 to 6,000.  On October 31, 2001,
the tender offer expired.  Upon expiration, 5,566 Interests had been tendered.  The Offerors accepted all 5,566
Interests, without proration.  We repurchased 100  Interests for $38,000 and ORIG purchased 5,466 Interests for
$2,077,080, plus offering expenses.  We also incurred approximately $1,600 in expenses associated with the tender
offer.  Interests that we repurchased were retired.  Interests purchased by ORIG are being held by it.

The offering price per Interest was established by our General Partner in its sole discretion and does not
purport to represent the fair market value or liquidation value of the Interests.

Mortgages and notes payable as of December 31 consist of the following:

`2001                2000
                                                       ------------------- -------------------
Mortgage payable with an insurance company, bearing
interest at 7.74%, due October 15, 2012, secured by
certain land, buildings and amenities.                    $ 11,700,216        $ 12,009,852

Mortgage payable with an insurance company, bearing
interest at 7.57%, due May 15, 2009, secured by
certain land, buildings and amenities.                       7,691,673           8,426,706

Mortgage payable with an insurance company, bearing
interest at 7.32%, due October 15, 2012, secured by
certain land, buildings and amenities.                       6,980,987           7,388,885

Mortgage payable with an insurance company, bearing
interest at 8.38%, due December 1, 2010, secured by
certain land, buildings and amenities.                       3,135,343           3,200,000`

40

`Mortgage payable with an insurance company, bearing
interest at 7.38%, due December 5, 2012, secured by
certain land and building.                                   2,341,123           2,474,360

Mortgage payable with an insurance company, bearing
interest at 7.38%, due December 5, 2012, secured by
certain land, buildings and amenities.                       1,560,749           1,649,573

Note payable to a bank, bearing interest at the
Prime Rate but not less than 6.0%, due March 27,
2003.  At December 31, 2001, the interest rate was              32,958                  --
6.0%.

Note payable to a bank, bearing interest at the
Prime Rate but not less than 6.0%, due March 27,
2003.  At December 31, 2001, the interest rate was
6.0%.                                                           31,333                  --
                                                          ------------        ------------

                                                          $ 33,474,382        $ 35,149,376
                                                          ============        ============`

The mortgages and notes are payable in aggregate monthly installments of approximately $368,000 which includes
principal and interest.

Scheduled maturities of debt are as follows:

`For the Years Ended December 31,                Amount
---------------------------------     ---------------------------
                2002                    $             1,927,556
                2003                                  2,033,068
                2004                                  2,178,943
                2005                                  2,349,922
                2006                                  2,533,377
             Thereafter                              22,451,516
                                       --------------------------

                                        $            33,474,382
                                       ==========================`

Based on the borrowing rates currently available to us for mortgages with similar terms and average maturities,
the fair value of long-term debt is approximately $34,444,000.

The following is a schedule of minimum future rental income on noncancellable operating leases as of December 31,
2001:

`For the Years Ended December 31,                Amount
---------------------------------     ---------------------------
                2002                    $               442,442
                2003                                    420,562
                2004                                    199,343
                2005                                     98,491
                                       --------------------------

                                        $             1,160,838
                                       ==========================`

41

Pursuant to an agreement with us, NTS Development Company, an affiliate of our General Partner, receives property
management fees on a monthly basis.  The fee is equal to 5% and 6% of the gross revenues from residential
properties and commercial properties, respectively. Also pursuant to an agreement, NTS Development Company
receives a repair and maintenance fee equal to 5.9% of costs incurred which relate to capital improvements and
major repair and renovation projects.  These repair and maintenance fees are capitalized as part of land,
buildings and amenities.

We were charged the following amounts pursuant to an agreement with NTS Development Company for the years ended
December 31, 2001, 2000 and 1999.  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.

`For the Years Ended December 31,
                                                        ----------------------------------------------
                                                             2001             2000           1999
                                                        --------------  --------------- --------------
Property management fees                                $     561,595   $      558,123  $     506,397
                                                        --------------  --------------- --------------

Property management                                         1,078,558          890,447        789,426
Leasing                                                       191,425          183,407        230,889
Administrative - operating                                    307,410          313,576        276,280
Other                                                          73,237            9,861         20,384
                                                        --------------  --------------- --------------

  Total operating expenses - affiliated                     1,650,630        1,397,291      1,316,979
                                                        --------------  --------------- --------------

Professional and administrative expenses - affilaited         408,061          325,298        244,834
                                                        --------------  --------------- --------------

Repairs and maintenance fees                                   32,703           43,418         37,526
Fixed assets                                                       --              299          1,337
Leasing commissions                                                --           14,586         15,787
Construction management                                         2,174          107,776        439,920
                                                        --------------  --------------- --------------

  Total related party transactions capitalized                 34,877          166,079        494,570
                                                        --------------  --------------- --------------

  Total related party transactions                      $   2,655,163   $    2,446,791  $   2,562,780
                                                        ==============  =============== ==============`

We, as an owner of real estate, are subject to various environmental laws of federal, state and local
governments.  Compliance by us with existing laws has not had a material adverse effect on our financial
condition and results of operations.  However, we cannot predict the impact of new or changed laws or regulations
on our current properties or on properties that we may acquire in the future.

On December 12, 2001, three individuals filed an action in the Superior Court of the State of California for the
County of Contra Costa against our General Partner, the general partners of four public partnerships affiliated
with us and several individuals and entities affiliated with us.  The action purports to bring claims on behalf
of a class of limited partners based on, among other things, tender offers made by the public partnership and an
affiliate of our General Partner.  The plaintiffs allege, among other things, that the prices at which Interests
were purchased in these tender offers were too low.  The plaintiffs are seeking monetary damages and equitable
relief, including an order directing the disposition of the properties owned by the public partnerships and the
proceeds

42

distributed.  Our General Partner believes that this action is without merit, and intends to vigorously
defend it.  No amounts have been accrued as a liability for this action in our financial statements at December
31, 2001.

We have been sued by Elder Construction & Associates, Inc. in Jefferson Circuit Court, Louisville, Kentucky, in a
lawsuit styled Elder Construction &Associates, Inc. V. NTS Development Company, Frontier Insurance Company,
NTS-Properties VI, a Maryland Limited Partnership, NTS-Properties Associates VI, and NTS Capital Corporation.

Elder Construction was hired to be the framing subcontractor with respect to certain improvements at Phase III of
Park Place Apartments in Lexington, Kentucky.  After being removed from the job for its failure to provide its
services in a professional, diligent and workmanlike manner, a complaint was filed on behalf of Elder
Construction in November 1999, alleging, inter alia, breach of contract. The Complaint requested judgment against
all defendants in the amount of $233,122 plus interest and other relief against the defendants.

We and the other defendants have answered the complaint, and have asserted counterclaims against the plaintiff
for, inter alia, breach of contract.  Discovery is nearing completion.  The case has been set for trial in June
2002.  The principals of the NTS defendants have indicated that the suit brought by Elder Construction is without
merit and will be vigorously defended, including the prosecution by the defendants of counterclaims against Elder
Construction.  We believe that the resolution of these legal proceedings will not have a material effect on our
consolidated financial position or results of operations.

We do not believe there is any other litigation threatened against us other than routine litigation arising out
of the ordinary course of business, some of which is expected to be covered by insurance, none of which is
expected to have a material effect on our consolidated financial position or results of operations except as
discussed herein.    However, due to the recent event on September 11, 2001 affecting the insurance industry, we
are unable to determine at what price we will be able to renew our insurance coverage when the current policies
expire in September 2002, or if the coverage available will be adequate.

We plan to replace the roofs at both Willow Lake Apartments (26 buildings) and Park Place Apartments Phase I (23
buildings) all of which were installed using shingles produced by a single manufacturer.  The shingles appear to
contain defects which may cause the roofs to fail.  As the manufacturer has declared bankruptcy, we do not expect
to be able to recover any of the costs of the roof replacements in the event of such failures.  Based upon these
facts, we reassessed the useful lives of the roof assets and adjusted them accordingly.  The adjustment resulted
in an approximate $99,000 increase in depreciation expense for 2001.  We do not have sufficient working capital
to make all of the roof replacements at one time.  As of December 31, 2001, four buildings at Willow Lake
Apartments have had roofs replaced. The total cost of replacing all the remaining roofs is estimated to be
approximately $900,000 (an estimated $20,000 per building).  It is anticipated that we will require at least 12
months to generate sufficient reserves to begin the remaining roof replacements.

43

We also plan to continue our efforts in the leasing of Plainview Point III Office Center.  One tenant which
occupied 16,895 square feet, or 27%, of the building, vacated its space on November 30, 2001.  This left
Plainview Point III Office Center with only 54% occupancy.  As a result of this vacancy, there will likely be a
protracted period for the property to become fully leased again and substantial funds, currently estimated to be
approximately $313,000 will likely be needed for tenant finish costs.

The roof replacements and the future leasing expenses discussed above will be made using funds from operations or
additional borrowings secured by our properties.  There can be no guarantee that such funds will be available at
which time the General Partner will manage the demand on liquidity according to our best interest.

Our reportable operating segments include - Residential and Commercial Real Estate Operations.  The residential
operations represent our ownership and operating results relative to the apartment complexes known as Willow
Lake, Park Place Phase I, Sabal Park, Park Place Phase III and Golf Brook.  The commercial operations represent
our ownership and operating results relative to suburban commercial office space known as Plainview Point III
Office Center.

The financial information of the operating segments have been prepared using a management approach, which is
consistent with the basis and manner in which our management internally disaggregates financial information for
the purposes of assisting in making internal operating decisions.  We evaluate performance based on stand-alone
operating segment net income.

`2001
                                            ------------------------------------------------
                                             Residential       Commercial        Total
                                            -------------    --------------   --------------
Rental income                               $  10,102,931    $     856,492    $ 10,959,423
Interest and other income                          20,812            2,181          22,993
Gain on sale of assets                                 --               --              --
                                            --------------   --------------   -------------

  Total revenues                            $  10,123,743    $     858,673    $ 10,982,416
                                            --------------   --------------   -------------

Operating expenses                          $   4,294,594    $     393,742    $  4,688,336
Interest expense                                  828,955               --         828,955
Loss on disposal of assets                        102,550               --         102,550
Management fees                                   508,842           52,753         561,595
Real estate taxes                                 945,165           34,480         979,645
Professional and administrative                        --               --              --
Depreciation and amortization                   2,422,606          195,055       2,617,661
                                            --------------   --------------   -------------

  Total expenses                            $   9,102,712    $     676,030    $  9,778,742
                                            --------------   --------------   -------------

Net income                                  $   1,021,031    $     182,643    $  1,203,674
                                            ==============   ==============   =============

Land, buildings and amenities, net          $  42,715,277    $   2,251,634    $ 44,966,911
                                            ==============   ==============   =============

Expenditures for land, buildings and
 amenities                                  $     295,321    $         547    $    295,868
                                            ==============   ==============   =============

Segment liabilities                         $  12,312,985    $      76,727    $ 12,389,712
                                            ==============   ==============   =============`

44

`2000
                                            -----------------------------------------------------------
                                               Residential         Commercial            Total
                                            ------------------ ------------------- --------------------
Rental income                               $      9,596,768    $        836,299    $      10,433,067
Interest and other income                            333,430              12,223              345,653
Gain on sale of assets                                 5,188                  --                5,188
                                            ------------------  ------------------  -------------------

  Total revenues                            $      9,935,386    $        848,522    $      10,783,908
                                            ------------------  ------------------  -------------------

Operating expenses                          $      3,870,165    $        373,460    $       4,243,625
Interest expense                                     869,312                  --              869,312
Loss on disposal of assets                           197,893              10,816              208,709
Management fees                                      506,603              51,520              558,123
Real estate taxes                                    915,267              33,415              948,682
Depreciation and amortization                      2,117,229             204,035            2,321,264
                                            ------------------  ------------------  -------------------

  Total expenses                            $      8,476,469    $        673,246    $       9,149,715
                                            ------------------  ------------------  -------------------

Net income (loss)                           $      1,458,917    $        175,276    $       1,634,193
                                            ==================  ==================  ===================

Land, buildings and amenities, net          $     45,021,285    $      2,450,231    $      47,471,516
                                            ==================  ==================  ===================

Expenditures for land, buildings and
 amenities                                  $      2,284,937    $         95,268    $       2,380,205
                                            ==================  ==================  ===================

Segment liabilities                         $     12,393,240    $        416,776    $      12,810,016
                                            ==================  ==================  ===================`

`1999
                                            -----------------------------------------------------------
                                               Residential         Commercial              Total
                                            ------------------ -------------------  -------------------
Rental income                               $      8,841,609    $        851,524    $       9,693,133
Interest and other income                             24,050               1,312               25,362
Gain on sale of assets                                    --                  --                   --
                                            ------------------  ------------------  -------------------

  Total revenues                            $      8,865,659    $        852,836    $       9,718,495
                                            ------------------  ------------------  -------------------

Operating expenses                          $      3,441,499    $        381,112    $       3,822,611
Loss on disposal of assets                           243,256              17,627              260,883
Management fees                                      452,712              53,685              506,397
Real estate taxes                                    864,048              34,007              898,055
Depreciation and amortization                      1,621,961             173,971            1,795,932
                                            ------------------  ------------------  -------------------

  Total expenses                            $      6,623,476    $        660,402    $       7,283,878
                                            ------------------  ------------------  -------------------

Net income                                  $      2,242,183    $        192,434    $       2,434,617
                                            ==================  ==================  ===================

Land, buildings and amenities, net          $     45,131,045    $      2,573,453    $      47,704,498
                                            ==================  ==================  ===================

Expenditures for land, buildings and
 amenities                                  $      8,426,188    $        291,997    $       8,718,185
                                            ==================  ==================  ===================

Segment liabilities                         $      1,618,652    $        247,455    $       1,866,107
                                            ==================  ==================  ===================`

45

A reconciliation of the totals reported for the operating segments to the applicable line items in the
consolidated financial statements is necessary given amounts recorded at the Partnership level and not allocated
to the operating properties for internal reporting purposes:

`2001             2000             1999
                                              --------------   ---------------  --------------
NET REVENUES
------------
Revenues for reportable segments               $ 10,982,416     $  10,783,908    $  9,718,495
Interest and other income for Partnership            10,631            18,267          19,089
                                               -------------    --------------   -------------

  Total consolidated net revenues              $ 10,993,047     $  10,802,175    $  9,737,584
                                               =============    ==============   =============

OPERATING EXPENSE
-----------------
Operating expense for reportable segments      $  4,688,336     $   4,243,625    $  3,822,611
Operating expense for Partnership                     8,403                --              --
                                               -------------    --------------   -------------

  Total consolidated operating expense         $  4,696,739     $   4,243,625    $  3,822,611
                                               =============    ==============   =============

INTEREST EXPENSE
----------------
Interest expense for reportable segments       $    828,955     $     869,312    $          --
Interest expense for Partnership                  1,827,251         1,844,227        2,018,575
                                               -------------    --------------   -------------

  Total interest expense                       $  2,656,206     $   2,713,539    $   2,018,575
                                               =============    ==============   ==============

DEPRECIATION AND AMORTIZATION
-----------------------------
Depreciation and amortization for
 reportable segments                           $  2,617,661     $   2,321,264    $   1,795,932
Depreciation and amortization for  Partnership       89,466            89,321           81,046
                                               -------------    --------------   --------------

  Total depreciation and amortization          $  2,707,127     $   2,410,585    $   1,876,978
                                               =============    ==============   ==============

NET INCOME (LOSS)
-----------------
Net income for reportable segments             $  1,203,674     $   1,634,193    $   2,434,617
Minority interest                                    41,316            42,216           42,995
Plus net loss for Partnership after
 extraordinary item                              (2,483,979)       (2,454,000)      (2,578,779)
                                               -------------    --------------   --------------

  Total net loss after extraordinary item      $ (1,321,621)    $    (862,023)   $    (187,157)
                                               =============    ==============   ==============

LAND, BUILDINGS AND AMENITIES
-----------------------------
Land, buildings and amenities for
 reportable segments                           $ 44,966,911     $  47,471,516    $  47,704,498
Land, buildings and amenities for Partnership        19,437            27,210           34,985
                                               -------------    --------------   --------------

  Total land, buildings and amenities          $ 44,986,348     $  47,498,726    $  47,739,483
                                               =============    ==============   ==============

EXPENDITURES
------------
Expenditures for land, buildings and
 amenities for reportable segments             $    295,868     $   2,380,205    $   8,718,185
Expenditures for land, buildings and
 amenities for Partnership                               --                --           19,812
                                               -------------    --------------   --------------

  Total expenditures                           $    295,868     $   2,380,205    $   8,737,997
                                               =============    ==============   ==============

LIABILITIES
-----------
Liabilities for reportable segments            $ 12,389,712     $  12,810,016    $   1,866,107
Liabilities for Partnership (1)                  22,554,648        23,356,130       33,553,899
                                               -------------    --------------   --------------

  Total liabilities                            $ 34,944,360     $  36,166,146    $  35,420,006
                                               =============    ==============   ==============`

1. These amounts primarily represent the mortgages held by us secured by the assets of the operating segments.

46

`For the Quarters Ended
                                      ---------------------------------------------------------------------
                2001                     March 31          June 30        September 30      December 31
------------------------------------- ---------------- ----------------- ---------------- -----------------

Total revenues                          $   2,618,078   $    2,745,064    $    2,899,118   $    2,730,787
Total expenses                              2,953,359        3,051,226         3,164,778        3,103,989
Minority interest                              12,682           10,110            10,214            8,310
Net loss                                     (347,963)        (316,272)         (275,874)        (381,512)
Net loss allocated to the
 limited partners                            (344,483)        (313,109)         (273,115)        (377,698)
Net loss per limited partnership
 Interest                                       (8.84)           (8.03)            (7.00)           (9.70)`

`For the Quarters Ended
                                      ---------------------------------------------------------------------
                2000                     March 31          June 30        September 30      December 31
------------------------------------- ---------------- ----------------- ---------------- -----------------

Total revenues                         $    2,468,964   $    2,581,790    $    2,891,729   $    2,687,738
Total expenses                              2,628,032        2,891,355         3,087,649        2,885,208
Net loss                                     (159,068)        (309,565)         (195,920)        (197,470)
Net loss allocated to the
 limited partners                            (157,477)        (306,469)         (193,961)        (195,496)
Net loss per limited partnership
 Interest                                       (4.03)           (7.84)            (4.97)           (5.01)`

47

None.

48

PART III

Because we are a limited  partnership and not a corporation,  we have no directors or officers as such.  Management
is the  responsibility  of our General  Partner,  NTS-Properties  Associates  VI. We have entered into a management
contract  with NTS  Development  Company,  an  affiliate of our General  Partner,  to provide  property  management
services.

The General Partners of NTS-Properties Associates VI are as follows:

Mr. Nichols (age 60) is the managing General Partner of  NTS-Properties  Associates VI and is Chairman of the Board
of NTS Corporation (since 1985) and NTS Development Company (since 1977).

NTS Capital  Corporation  (formerly  NTS  Corporation)  is a Kentucky  corporation  formed in October  1979.  J. D.
Nichols is Chairman of the Board and the sole director of NTS Capital Corporation.

The Manager of our properties is NTS Development  Company,  the executive officers and/or directors of which are J.
D. Nichols, Brian F. Lavin and Gregory A. Wells.

Mr. Lavin (age 48),  President of NTS  Corporation and NTS  Development  Company,  joined the Manager in June 1997.
From November 1994 through June 1997, Mr. Lavin served as President of the  Residential  Division of Paragon Group,
Inc.,  and as a Vice  President  of  Paragon's  Midwest  Division  prior to November  1994.  In this  capacity,  he
directed the development,  marketing,  leasing and management  operations for the firms expanding  portfolios.  Mr.
Lavin attended the University of Missouri where he received his Bachelor's  Degree in Business  Administration.  He
has served as a Director of the  Louisville  Apartment  Association.  He is a licensed  Kentucky Real Estate Broker
and  Certified  Property  Manager.  Mr. Lavin is a member of the Institute of Real Estate  Management,  and council
member of the Urban Land  Institute.  He currently  serves on the  University of Louisville  Board of Overseers and
is on the Board of Directors of the National Multi-Housing Council and the Louisville Science Center.

49

Mr. Wells (age 43),  Senior Vice  President and Chief  Financial  Officer of NTS  Corporation  and NTS  Development
Company,  joined the Manager in July,  1999.  From May 1998 through July 1999, Mr. Wells served as Chief  Financial
Officer of Hokanson Companies,  Inc. and as Secretary and Treasurer of Hokanson Construction,  Inc.,  Indianapolis,
Indiana  from  January  1995  through  May  1998.  In these  capacities,  he  directed  financial  and  operational
activities for commercial  rental real estate,  managed  property,  building and suite  renovations,  out of ground
commercial  and  residential  construction  and  third  party  management.  Mr.  Wells  previously  served  as Vice
President of Operations and Treasurer of Executive  Telecom  Systems,  Inc., a subsidiary of the Bureau of National
Affairs,  Inc.  (Washington,  D.C.).  Mr. Wells attended  George Mason  University,  where he received a Bachelor's
Degree in Business  Administration.  Mr.  Wells is a Certified  Public  Accountant  in Virginia and Kentucky and is
active in various charitable and philanthropic endeavors in the Louisville, Kentucky area.

The  officers  and/or  directors  of  our  corporate  General  Partner  receive  no  direct  remuneration  in  such
capacities.  We are  required  to pay a  property  management  fee  based  on  gross  revenues  to NTS  Development
Company.  We are also required to pay to NTS  Development  Company a repair and maintenance fee on costs related to
specific  projects and a  refinancing  fee on Net Cash  Proceeds  from the  refinancing  of any of our  properties.
Also,  NTS  Development  Company  provides  certain other  services to us. See Item 8 - Note 7 to the  Consolidated
Financial  Statements  which describes the calculations of these fees and sets forth  transactions  with affiliates
to the General Partner for the years ended December 31, 2001, 2000 and 1999.

Our General  Partner is entitled to receive cash  distributions  and allocations of profits and losses from us. See
Note 1D to the Consolidated  Financial  Statements which describes the methods used to determine income allocations
and cash distributions.

See Item 7 -  Management's  Discussion and Analysis of Financial  Condition and Results of  Operations,  along with
Consolidated Cash Flows and Financial  Condition,  for information  concerning recent tender offers for our limited
partners.

The following  provides  details  regarding  owners of more than 5% of the total  outstanding  limited  partnership
Interests as of January 31, 2002.

| |                            |                          
| | -------------------------- | -------------------------
| | ORIG, LLC                  | 15,354 Interests (39.48%)
| | 10172 Linn Station Rd.     |                          
| | Louisville, Kentucky 40223 |                          

50

ORIG,  LLC is a Kentucky  limited  liability  company,  the  members of which are J. D.  Nichols  (1%),  Barbara M.
Nichols  (J.D.  Nichols'  wife) (74%) and Brian F. Lavin  (25%).  J.D.  Nichols and Brian F. Lavin are the Chairman
and President,  respectively,  of NTS Capital Corporation,  a general partner of NTS Properties  Associates VI, our
General Partner.

Our General  Partner is  NTS-Properties  Associates VI, a Kentucky  limited  partnership,  10172 Linn Station Road,
Louisville,  Kentucky  40223.  The  partners  of our  General  Partner  and their  total  respective  interests  in
NTS-Properties Associates VI are as follows:

| |                            |       
| | -------------------------- | ------
| | J. D. Nichols              | 54.05%
| | 10172 Linn Station Road    |       
| | Louisville, Kentucky 40223 |       
| |                            |       
| | NTS Capital Corporation    | 9.95% 
| | 10172 Linn Station Road    |       
| | Louisville, Kentucky 40223 |       

The remaining 36.00% interests are owned by various limited partners of NTS Properties Associates VI.

Section  16(a) of the  Securities  Exchange  Act of 1934,  as amended,  requires  that certain  persons,  including
persons who own more than ten percent of our limited partnership  Interests,  file initial statements of beneficial
ownership  (Form 3), and  statements of changes in beneficial  ownership  (Forms 4 or 5), with the U.S.  Securities
and Exchange  Commission  (the  "SEC").  The SEC requires  that these  persons  furnish us with copies of all forms
filed with the SEC.

To our knowledge,  based solely on review of the copies of the forms we received,  or written  representations from
certain reporting persons, that no additional forms were required for those persons.

Pursuant to an agreement with us, NTS Development  Company, an affiliate of our General Partner,  receives property
management  fees  on a  monthly  basis.  The fee is  equal  to 5% and 6% of the  gross  revenues  from  residential
properties  and  commercial  properties,  respectively.  Also pursuant to an  agreement,  NTS  Development  Company
receives a repair and  maintenance  fee equal to 5.9% of costs  incurred which relate to capital  improvements  and
major  repair  and  renovation  projects.  These  repair  and  maintenance  fees are  capitalized  as part of land,
buildings and amenities.

We were charged the following  amounts  pursuant to an agreement with NTS  Development  Company for the years ended
December 31, 2001,  2000 and 1999.  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.

51

`For the Years Ended December 31,
                                                        ----------------------------------------------
                                                             2001             2000           1999
                                                        --------------  --------------- --------------
Property management fees                                $     561,595   $      558,123  $     506,397
                                                        --------------  --------------- --------------

Property management                                         1,078,558          890,447        789,426
Leasing                                                       191,425          183,407        230,889
Administrative - operating                                    307,410          313,576        276,280
Other                                                          73,237            9,861         20,384
                                                        --------------  --------------- --------------

  Total operating expenses - affiliated                     1,650,630        1,397,291      1,316,979
                                                        --------------  --------------- --------------

Professional and administrative expenses - affilaited         408,061          325,298        244,834
                                                        --------------  --------------- --------------

Repairs and maintenance fees                                   32,703           43,418         37,526
Fixed assets                                                       --              299          1,337
Leasing commissions                                                --           14,586         15,787
Construction management                                         2,174          107,776        439,920
                                                        --------------  --------------- --------------

  Total related party transactions capitalized                 34,877          166,079        494,570
                                                        --------------  --------------- --------------

  Total related party transactions                      $   2,655,163   $    2,446,791  $   2,562,780
                                                        ==============  =============== ==============`

Our affiliate, ORIG, LLC has participated in tender offers for our Interests.  See Item 7 and Item 8, Note - 4
for additional information on these tender offers.

52

PART IV

1 - Consolidated Financial Statements

The consolidated  financial  statements for the years ended December 31, 2001, 2000 and 1999, along with the report
of Arthur  Andersen LLP dated March 21, 2002,  appear in Part II, Item 8. The  following  schedules  should be read
in conjunction with those consolidated financial statements.

|                                             |         
|-------------------------------------------- | --------
|Schedules:                                   | Page No.
|                                             |         
|III-Real Estate and Accumulated Depreciation | 55-58   

All other schedules have been omitted because they are not  applicable,  are not required,  or because the required
information is included in the financial statements or notes thereto.

3 - Exhibits

|            |                                                         |         
|----------- | ------------------------------------------------------- | --------
|Exhibit No. |                                                         | Page No.
|            |                                                         |         
|3.          | Amended and Restated Agreement and Certificate          | *       
|            | of Limited Partnership of NTS-Properties VI, a Maryland |         
|            | limited partnership.                                    |         
|            |                                                         |         
|3a.         | First Amendment to Amended and Restated Agreement       | **      
|            | of Limited Partnership of NTS-Properties VI, a Maryland |         
|            | limited partnership.                                    |         
|            |                                                         |         
|10.         | Property Management Agreement and Construction          | *       
|            | Agreement between NTS Development Company and           |         
|            | NTS-Properties VI, a Maryland limited partnership.      |         
|            |                                                         |         
|99a.        | Management's letter to the Securities and Exchange      | ***     
|            | Commission regarding representations received from      |         
|            | Arthur Andersen LLP.                                    |         

|    |                                                                                                        
|--- | -------------------------------------------------------------------------------------------------------
|    |                                                                                                        
|*   | Incorporated by reference to documents filed with the Securities and Exchange Commission in connection 
|    | with the filing of the Registration Statements on Form S-11 on March 22, 1985 (effective June 25, 1985)
|    | under Commission File No. 2-96583.                                                                     
|    |                                                                                                        
|**  | Incorporated by reference to Form 10-K filed with the Securities and Exchange Commission for the fiscal
|    | year ended December 31, 1987 (Commission File No. 0-14695).                                            
|    |                                                                                                        
|*** | Included with this Form 10-K as Exhibit 99a.                                                           

53

None.

54

NTS-PROPERTIES VI,
A MARYLAND LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001

`Park Place
                                                 Willow Lake        Apartments
                                                 Apartments         Phase III
                                               ----------------   --------------
Encumbrances                                          (A)              (A)

Initial cost to Partnership:
 Land                                          $    3,770,328     $  2,411,441
 Buildings and improvements                        12,616,655       11,156,959

Cost capitalized subsequent to acquisition:
 Improvements                                         370,218            4,437

Gross amount at which carried
 December 31, 2001: (B)
  Land                                              3,773,182        2,411,441
  Buildings and improvements                       12,984,019       11,161,396
                                               ----------------   --------------

  Total                                        $   16,757,201     $ 13,572,837
                                               ================   ==============

Accumulated depreciation                       $    7,769,999     $  1,516,263
                                               ================   ==============

Date of construction                                 3/85             5/00

Date acquired                                        N/A              N/A

Life at which depreciation in latest income
 statement is computed                               (C)              (C)`

1. First mortgage held by an insurance company.
2. Total aggregate cost of real estate for tax purposes is approximately $76,335,000.
3. Depreciation is computed using the straight-line method over the estimated useful lives of the assets
which are 5-30 years for land improvements, 5-30 years for buildings and improvements, 3-30 years for
amenities and the applicable lease term for tenant improvements.

55

NTS-PROPERTIES VI,
A MARYLAND LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001

`Park Place
                                                  Sabal Park       Apartments
                                                  Apartments         Phase I
                                               ----------------  ---------------
Encumbrances                                         (A)              (B)

Initial cost to Partnership:
 Land                                          $     3,063,046   $    2,320,938
 Buildings and improvements                          8,417,719        9,630,935

Cost capitalized subsequent to
 acquisition:
  Improvements                                         345,409          250,184

Gross amount at which carried
 December 31, 2001:
  Land                                               3,113,211        2,366,099
  Buildings and improvements                         8,712,963        9,835,958
                                               ----------------  ---------------

   Total                                       $    11,826,174   $   12,202,057
                                               ================  ===============

Accumulated depreciation                       $     5,862,628   $    5,688,414
                                               ================  ===============

Date of construction                                06/84            04/84

Date acquired                                        N/A              N/A

Life at which depreciation in latest
 income statement is computed                        (C)              (C)`

1. First mortgage held by two insurance companies.
2. First mortgage held by an insurance company.
3. Depreciation is computed using the straight-line method over the estimated useful lives of the assets
which are 5-30 years for land improvements, 5-30 years for buildings and improvements, 3-30 years for
amenities and the applicable lease term from tenant improvements.

56

NTS-PROPERTIES VI,
A MARYLAND LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2001

`Plainview          Total
                                              Golf Brook    Point III Office      Pages
                                              Apartments        Building          55-57
                                           ---------------- ----------------- -------------
Encumbrances                                     (A)              (A)

Initial cost to Partnership:
 Land                                       $  3,897,193     $   837,550      $ 16,300,496
 Buildings and improvements                   12,776,885       2,387,013        56,986,166

Cost capitalized subsequent to
 acquisition:
  Improvements                                   432,139       1,306,809         2,709,196

Gross amount at which carried
 December 31, 2001:
  Land                                         3,941,535         855,024        16,460,492
  Buildings and improvements                  13,164,682       3,676,348        59,535,366
                                            -------------    ------------     -------------

  Total                                     $ 17,106,217     $ 4,531,372      $ 75,995,858
                                            =============    ============     =============

Accumulated depreciation                    $  7,911,905      $ 2,279,738     $ 31,028,947
                                            =============    ============    ==============

Date of construction                           05/88            01/88

Date acquired                                   N/A              N/A

Life at which depreciation in latest
  income statement is computed                  (B)              (B)`

1. First mortgage held by an insurance company.
2. Depreciation is computed using the straight-line method over the estimated useful lives of the assets
which are 5-30 years for land improvements, 5-30 years for building and improvements, 3-30 years for
amenities and the applicable lease term for tenant improvements.
3. Reconciliation net of accumulated depreciation to consolidated financial statements:

`Total gross cost at December 31, 2001                                           $ 75,995,858
       Additions to Partnership for computer hardware and software                         38,872
                                                                                     -------------

     Balance at December 31, 2001                                                      76,034,730
       Less accumulated depreciation - per above                                       31,028,947
       Less accumulated depreciation for Partnership computer hardware and software        19,435
                                                                                     -------------

     Land, buildings and amenities, net at December 31, 2001                         $ 44,986,348
                                                                                     =============`

57

NTS-PROPERTIES VI,
A MARYLAND LIMITED PARTNERSHIP
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
FOR THE YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999

`Real             Accumulated
                                               Estate           Depreciation
                                         ------------------ -------------------
Balances at December 31, 1998               $ 66,142,911        $  25,006,395

Additions during period:
 Improvements                                  8,737,997                  --
 Depreciation (A)                                     --           1,874,147

Deductions during period:
 Retirements                                    (827,881)          (566,998)
                                            -------------       ------------

Balances at December 31, 1999                 74,053,027           26,313,544

Additions during period:
 Improvements                                  2,380,205                  --
 Depreciation (A)                                     --           2,408,705

Deductions during period:
 Retirements                                    (510,455)           (298,198)
                                            -------------       -------------

Balances at December 31, 2000                 75,922,777           28,424,051

Additions during period:
 Improvements                                    295,868                  --
 Depreciation (A)                                     --           2,705,696

Deductions during period:
 Retirements                                    (183,915)            (81,365)
                                            -------------       -------------

Balances at December 31, 2001               $ 76,034,730        $ 31,048,382
                                            =============       =============`

1. The additions charged to accumulated depreciation on this schedule will differ from the depreciation
and amortization on the Consolidated Statements of Cash Flows due to the amortization of loan costs,
capitalized leasing costs and special tenant allowance.

58

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 VI, LTD.
A Maryland Limited Partnership
|------------------------------------------------------
|
|                                                      
|By:                                                   
|                                                      
|                                                      
|                                                      
|                                                      

|/s/ Gregory A. Wells      
|--------------------------
|                          
|Gregory A. Wells          
|Senior Vice President and 
|Chief Financial Officer of
|NTS Capital Corporation   
|                          
|Date: March 29, 2002      

Pursuant to the requirements of the Securities and Exchange Act of 1934, this Form 10-K has
been signed below by the following persons on behalf of the registrant in their capacities and on
the date indicated above.

|                     |  |                                                     
|-------------------- |  | ----------------------------------------------------
|Signature            |  | Title                                               
|                    
|/s/ J. D. Nichols   
|                    
|J. D. Nichols        |  | General Partner of NTS-Properties Associates VI and 
|                     |  | Chairman of the Board and Sole Director of NTS      
|                     |  | Capital Corporation                                 
|/s/ Brian F. Lavin  
|                    
|Brian F. Lavin       |  | President and Chief Operating Officer of NTS Capital
|                     |  | Corporation                                         
|/s/ Gregory A. Wells
|                    
|Gregory A. Wells     |  | Senior Vice President and Chief Financial Officer of
|                     |  | NTS Capital Corporation                             

We are a limited partnership and no proxy material has been sent to the limited partners. We will
deliver to the limited partners an annual report containing our financial statements and a message
from our General Partner.

59