EXHIBIT 13

                           GRIFFIN REAL ESTATE FUND-V,
                              A LIMITED PARTNERSHIP

             FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULES
                      INCLUDED IN ANNUAL REPORT (FORM 10-K)

              FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993


                                TABLE OF CONTENTS
                                                                           Page

Independent Auditor's Report..............................................    1

Balance Sheets, December 31, 1995 and 1994................................    2

Statements of Operations for the Years Ended
December 31, 1995, 1994 and 1993..........................................    3

Statements of Cash Flows for the Years
Ended December 31, 1995, 1994 and 1993....................................    4

Statements of Changes in Partners' Equity (Deficit)
for the Years Ended December 31, 1995, 1994 and 1993......................    5

Notes to Financial Statements............................................. 6-11

Financial Statement Schedules.............................................   12

      III     Real Estate and Accumulated Depreciation,
              December 31, 1995...........................................   12


      All schedules other than those indicated in the Table of Contents have
      been omitted as the required information is inapplicable or the
      information is presented in the financial statements or related notes.



<PAGE>


                          INDEPENDENT AUDITOR'S REPORT



Griffin Real Estate Fund-V,
A Limited Partnership
Minneapolis, Minnesota

We have audited the accompanying balance sheets of Griffin Real Estate Fund-V, A
Limited Partnership, as of December 31, 1995 and 1994, and the related
statements of operations, changes in partners' equity (deficit), and cash flows
for each of the years in the three-year period ended December 31, 1995. Our
audits also included the financial statement schedules listed in the table of
contents at Exhibit I. These financial statements and financial statement
schedules are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.

We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to obtain
resonable 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 statments. 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 Griffin Real Estate Fund-V, A
Limited Partnership, as of December 31, 1995 and 1994, and the results of its
operations and its cash flows for each of the years in the three-year period
ended December 31, 1995 in conformity with generally accepted accounting
principles. Also, in our opinion, the financial statement schedules, when
considered in relation to the basic financial statements taken as a whole,
present fairly in all material respects the information set forth therein.



                                        LARSON, ALLEN, WEISHAIR & CO., LLP



Minneapolis, Minnesota
March 11, 1996


                                       -1-


<PAGE>


                           GRIFFIN REAL ESTATE FUND-V,
                              A LIMITED PARTNERSHIP
                                 BALANCE SHEETS
                           DECEMBER 31, 1995 AND 1994


                                                 1995            1994
                                             ------------    ------------
ASSETS

Cash and cash equivalents                    $    501,306    $    306,890
Escrow deposits                                   266,823         148,551
Receivables and other assets                       43,091          42,028
Notes receivable                                     --           338,993
                                             ------------    ------------
   Total                                          811,220         836,462
                                             ------------    ------------

PROPERTY AND EQUIPMENT:
Land                                            3,046,000       3,046,000
Buildings and improvements                     17,088,531      16,691,679
Furniture and equipment                         1,587,926       1,587,926
                                             ------------    ------------
   Total                                       21,722,457      21,325,605
Less accumulated depreciation                   7,594,027       6,880,418
                                             ------------    ------------
   Property and equipment - net                14,128,430      14,445,187
                                             ------------    ------------

Deferred expenses (net of accumulated
   amortization - 1995, $170,189;
   1993, $136,225)                                261,898         171,848
                                             ------------    ------------

   TOTAL ASSETS                              $ 15,201,548    $ 15,453,497
                                             ============    ============


LIABILITIES AND PARTNERS' EQUITY (DEFICIT)

LIABILITIES:
Accounts payable:
   Affiliate                                 $     23,438    $     23,644
   Other                                           88,828         107,713
Security deposits                                 117,687         112,512
Deferred revenue                                     --           246,635
Accrued expenses:
   Real estate taxes                               97,737         101,670
   Interest                                        79,716          55,840
Mortgage notes payable                         13,171,774      13,055,496
                                             ------------    ------------

   TOTAL LIABILITIES                           13,579,180      13,703,510
                                             ------------    ------------

PARTNERS' EQUITY (DEFICIT):
General Partner                                  (208,891)       (207,615)
Limited Partners                                1,831,259       1,957,602
                                             ------------    ------------
   Total Partners' Equity (Deficit)             1,622,368       1,749,987
                                             ------------    ------------

TOTAL LIABILITIES AND PARTNERS'
EQUITY (DEFICIT)                             $ 15,201,548    $ 15,453,497
                                             ============    ============


See Notes to Financial Statements


                                       -2-


<PAGE>


                           GRIFFIN REAL ESTATE FUND-V,
                              A LIMITED PARTNERSHIP
                            STATEMENTS OF OPERATIONS
              FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993

                                        1995           1994            1993
                                     -----------    -----------    -----------
REVENUES:
Rent (less vacancies:
   1995, $183,893; 1994, $174,401;
   1993, $199,277)                   $ 4,042,288    $ 3,841,246    $ 3,637,069
Interest                                  32,823         46,417         27,431
Recognition of deferred revenue          246,635           --             --
Other                                     90,263        118,622        108,502
                                     -----------    -----------    -----------
   Total Revenues                      4,412,009      4,006,285      3,773,002
                                     -----------    -----------    -----------

EXPENSES:
Interest                               1,307,610      1,052,718      1,097,061
Depreciation and amortization            747,572        717,988        711,548
Property valuation benefit                  --         (238,000)      (831,000)
Real estate taxes                        265,812        286,833        246,443
Repairs and maintenance                  670,600        650,585        579,070
Utilities                                374,635        342,870        315,649
Salaries and employee benefits           606,840        574,465        542,889
Management fees:
   Related parties                       222,740        212,246        196,045
Administrative                           181,500        148,142        143,815
Insurance                                 94,854        115,771        157,593
Bad debts                                 64,025         18,569         23,169
Other                                      3,440         12,371         11,847
                                     -----------    -----------    -----------
   Total expenses                      4,539,628      3,894,558      3,194,129
                                     -----------    -----------    -----------

NET INCOME (LOSS)                    $  (127,619)   $   111,727    $   578,873
                                     ===========    ===========    ===========



NET INCOME (LOSS) ALLOCATED
   TO GENERAL PARTNERS               $    (1,276)   $     1,117    $     5,789
                                     ===========    ===========    ===========

NET INCOME (LOSS) ALLOCATED
   TO LIMITED PARTNERS               $  (126,343)   $   110,610    $   573,084
                                     ===========    ===========    ===========

PER UNIT:
   NET INCOME (LOSS)                 $     (3.30)   $      2.89    $     14.96
                                     ===========    ===========    ===========


See Notes to Financial Statements

                                       -3-


<PAGE>



                           GRIFFIN REAL ESTATE FUND-V,
                              A LIMITED PARTNERSHIP
                            STATEMENTS OF CASH FLOWS
              FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993

<TABLE>
<CAPTION>
                                               1995          1994            1993
                                           -----------    -----------    -----------
<S>                                        <C>            <C>            <C>        
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)                          $  (127,619)   $   111,727    $   578,873
   Adjustments to reconcile net
      income (loss) to net cash
      provided by operating
      activities:
         Recognition of
            deferred revenue                  (246,635)            --             --
         Depreciation and
            amortization                       747,572        717,988        711,548
         Note receivable amortization           (1,473)       (11,698)       (22,670)
         Reduction in property valuation
            provision                               --       (238,000)      (831,000)
         Write-off of note receivables         (30,000)            --             --
      Decrease (increase) in:
         Escrow deposits                        70,728        163,689       (115,200)
         Receivables and other assets           (1,063)       (13,431)        18,150
      Increase (decrease) in:
         Accounts payable                      (19,091)       (84,593)        96,872
         Security deposits                       5,175          9,574          4,643
         Accrued expenses                       19,944        (18,712)       (16,645)
                                           -----------    -----------    -----------
Net cash provided by
   operating activities                        477,538        636,544        424,571
                                           -----------    -----------    -----------

CASH FLOWS FROM INVESTING ACTIVITIES:
   Purchase of property                       (396,852)      (525,602)      (224,103)
   Proceeds from Note Receivable               310,466             --             --
                                           -----------    -----------    -----------
Net cash used by
   investing activities                        (86,386)      (525,602)      (224,103)
                                           -----------    -----------    -----------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Payments of finance fees                   (124,014)            --        (92,007)
   Principal payments on mortgage
      notes payable                            (72,722)       (61,976)       (49,326)
   Redemption of Partnership Units                  --         (9,304)            --
                                           -----------    -----------    -----------
Net cash used by
   financing activities                       (196,736)       (71,280)      (141,333)
                                           -----------    -----------    -----------

INCREASE IN CASH                               194,416         39,662         59,135

CASH AND CASH EQUIVALENTS
   - BEGINNING OF YEAR                         306,890        267,228        208,093
                                           -----------    -----------    -----------
CASH AND CASH EQUIVALENTS
   - END OF YEAR                           $   501,306    $   306,890    $   267,228
                                           ===========    ===========    ===========

CASH PAID FOR INTEREST                     $ 1,283,734    $ 1,036,489    $ 1,122,213
                                           ===========    ===========    ===========

SUMMARY OF NON-CASH TRANSACTIONS:
   Proceeds from refinancing of
      mortgage note                          3,245,000             --      2,173,850
   Payoff of mortgage note                  (3,056,000)            --     (2,080,470)
   Loan proceeds paid to
      fund escrows                            (189,000)            --        (93,380)
                                           -----------    -----------    -----------
                                           $        --             --             --
                                           ===========    ===========    ===========

   Discount on note receivable             $        --    $    48,365    $        --
   Adjustment of deferred revenue                   --        (48,365)            --
                                           -----------    -----------    -----------
                                           $        --    $         0    $        --
                                           ===========    ===========    ===========

</TABLE>


See Notes to Financial Statements


                                       -4-


<PAGE>



                           GRIFFIN REAL ESTATE FUND-V,
                              A LIMITED PARTNERSHIP
               STATEMENTS OF CHANGES IN PARTNERS' EQUITY (DEFICIT)
              FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993


                               GENERAL       LIMITED
                               PARTNERS'     PARTNERS'
                                EQUITY        EQUITY
                              (DEFICIT)      (DEFICIT)        TOTAL
                             -----------    -----------    -----------

PARTNERS' EQUITY (DEFICIT)
   DECEMBER 31, 1992         $  (214,521)   $ 1,283,212    $ 1,068,691

NET INCOME                         5,789        573,084        578,873
                             -----------    -----------    -----------

PARTNERS' EQUITY (DEFICIT)
   DECEMBER 31, 1993            (208,732)     1,856,296      1,647,564

NET INCOME                         1,117        110,610        111,727

REDEMPTION OF TWENTY
   PARTNERSHIP UNITS                --           (9,304)        (9,304)
                             -----------    -----------    -----------

PARTNERS' EQUITY (DEFICIT)
   DECEMBER 31, 1994            (207,615)     1,957,602      1,749,987

Net Loss                          (1,276)      (126,343)      (127,619)
                             -----------    -----------    -----------

PARTNERS' EQUITY (DEFICIT)
  DECEMBER 31, 1995          $  (208,891)   $ 1,831,259    $ 1,622,368
                             ===========    ===========    ===========


See Notes to Financial Statements


                                       -5-


<PAGE>



                           GRIFFIN REAL ESTATE FUND-V,
                              A LIMITED PARTNERSHIP
                          NOTES TO FINANCIAL STATEMENTS
                        DECEMBER 31, 1995, 1994 AND 1993

1.       SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

         Description of the Partnership - Griffin Real Estate Fund-V, A Limited
         Partnership (the Partnership), was organized under the laws of the
         State of Minnesota. The limited partnership offering terminated on
         March 4, 1986, at which time 38,346 units had been sold at a cost of
         $500 per unit. At December 31, 1995 there are 38,346 limited
         partnership units authorized and 38,276 limited partnership units
         outstanding.

         Sale of Property - The Partnership listed its share of Ravenwood
         Apartments for sale during 1995.

         Statements of Cash Flows - For the purpose of the statements of cash
         flows, the Partnership considers all highly liquid debt instruments
         with an original maturity of three months or less to be cash
         equivalents. Cash and cash equivalents of $501,306 and $306,890 at
         December 31, 1995 and 1994 respectively, consist of bank deposits and
         government money market portfolios with banks and are recorded at cost
         which approximates market value. The Partnership places its temporary
         cash investments with high credit quality financial institutions. At
         times such investments may be in excess of the FDIC insurance limit.

         Use of Estimates - The preparation of financial statements in
         conformity with generally accepted accounting principles requires
         management 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. Estimates also
         affect the reported amounts of revenue and expense during the reported
         period. Actual results could differ from those estimates.

         Financial Instruments - The carrying amounts for all financial
         instruments approximates fair value. The carrying amounts for cash,
         receivables, accounts payable and accrued liabilities, and loans
         payable approximate fair value because of the short maturity of these
         instruments. The fair value of long-term debt approximates the current
         rates at which the Partnership could borrow funds with similar
         remaining maturities.

         Properties and Depreciation - Properties are stated at cost including
         capitalized acquisition fees and are depreciated using a straight-line
         method over the estimated useful lives of the related assets
         (buildings, 25 years; land improvements, 10-15 years; furnishings and
         equipment, 5 years). For income tax purposes, the Partnership
         depreciates the buildings over 15 to 19 years using the Accelerated
         Cost Recovery System. Building improvements made subsequent to January
         1, 1987 are depreciated over 27.5 years using the Modified Cost
         Recovery System for tax purposes.

         Escrow Deposits - The escrow deposits consist of funds held for future
         payment of real estate taxes, insurance premiums and replacement
         reserves for major expenditures.

         Leases - Apartment leases are generally renewable on a six month to one
         year basis.

         Deferred Expenses - These are primarily financing costs and are
         amortized over the term of the related debt on a straight-line basis.

         Offering Costs - Expenses incurred in connection with the registration
         and offering of the partnership units syndication costs, including
         selling commissions and advertising, are recorded as a reduction of
         Partners' Equity. Such costs are not deductible for income tax purposes
         by the Partnership nor its partners.




                                       -6-


<PAGE>




                           GRIFFIN REAL ESTATE FUND-V,
                              A LIMITED PARTNERSHIP
                          NOTES TO FINANCIAL STATEMENTS
                        DECEMBER 31, 1995, 1994 AND 1993


         Income Taxes - The financial statements of the Partnership do not
         include a provision for income taxes as the income and losses of the
         Partnership are allocated to the individual partners for inclusion in
         their income tax returns.

         Net Income (Loss) Per Limited Partnership Unit - The net income (loss)
         per limited partnership unit is computed by dividing the net income
         (loss) allocated to limited partners by the weighted average number of
         limited partnership units outstanding during the year.

         Recently Issued Accounting Standards - The Financial Accounting
         Standards Board ("FASB") issued Statement No. 121, Accounting for the
         Impairment of Long Lived Assets, which requires the recognition of
         impairments on long lived assets in the statement of operations. This
         statement is effective for years beginning after December 15, 1995.
         This SFAS has been applied by the Partnership as disclosed in Note 5 to
         the financial statements.

2.       ORGANIZATION

         The Partnership was formed by the General Partner, Griffin Equity
         Partners, a Minnesota Partnership, and Guardian Investment Corporation,
         a Minnesota Corporation, to acquire existing, income-producing real
         properties for rental purposes. The General Partner is not required to
         make any capital contributions to the Partnership.

         The Limited Partnership Agreement and Certificate of Limited
         Partnership (Partnership Agreement) contains certain provisions, among
         others, described as follows:

         *        The management and general responsibility of operating the
                  Partnership business shall be vested exclusively in the
                  General Partner.

         *        Profits and losses, other than from refinancing or from the
                  sale of Partnership properties, are allocated 99% to the
                  limited partners and 1% to the General Partner.

         *        Cash flow distributions, other than from refinancing or from
                  the sale of Partnership properties, are allocated 95% to the
                  limited partners and 5% to the General Partner.

         *        Net proceeds from refinancing or from the sale of property
                  other than upon liquidation, less any necessary liability
                  reserves or debt payments, will be distributed in the
                  following order subject to the General Partner receiving at
                  least 1% of the distributions:

                  **       First, to the limited partners to the extent that
                           prior distributions are less than the original
                           capital contribution plus 6% per annum (as defined in
                           the Partnership Agreement);

                  **       Second, any unpaid real estate commissions due to the
                           General Partner on the resale of the Partnership
                           properties;

                  **       Third, any remaining balance, 85% to the limited
                           partners and 15% to the General Partner.

         *        The Partnership will terminate on December 31, 2025 or earlier
                  upon the sale of substantially all of the properties or the
                  occurrence of certain other events as stated in the
                  Partnership Agreement.




                                       -7-


<PAGE>




                           GRIFFIN REAL ESTATE FUND-V,
                              A LIMITED PARTNERSHIP
                          NOTES TO FINANCIAL STATEMENTS
                        DECEMBER 31, 1995, 1994 AND 1993


3.       MORTGAGE NOTES PAYABLE

         Mortgage notes payable consist of the following at December 31:

<TABLE>
<CAPTION>
                                                                 1995           1994
                                                              -----------   -----------
<S>                                                           <C>           <C>        
         Mortgage note (Country Club Apartments)
            monthly installments including interest at
            7.936%, due November 1, 2005                      $ 3,241,552   $        --
         Mortgage Note (Country Club Apartments)
            monthly installments including interest
            (11.45% at December 31, 1994), due May 1996              --       3,056,000
         Mortgage note (Savannah Oaks Apartments)
            monthly installments including interest at
            9.25%, due February 15, 2000                        4,344,294     4,363,252
         Mortgage note (Desert Pines Apartments),
            varying monthly installments including interest
            at 8.58% to a market rate determined with
            reference to a Treasury Bill rate, due
            October 1998                                        3,445,827     3,480,567
         Mortgage Note (Ravenwood Apartments)
            monthly installments including interest at
            9.475%, due January 2004 
            The Partnership's share of the debt
            is 70% (See note 9)                                 2,140,101     2,155,677
                                                              -----------   -----------

         Total mortgage notes payable                         $13,171,774   $13,055,496
                                                              ===========   ===========

</TABLE>


         All property is pledged as collateral to the mortgage notes payable.
         Future principal maturities are as follows:

                   1996                              $   144,666
                   1997                                  157,827
                   1998                                3,500,342
                   1999                                  141,269
                   2000                                4,203,844
                   Later                               5,023,826
                                                     -----------

                         Total                       $13,171,774

         On October 24, 1995, the Partnership refinanced Country Club
         Apartments. The loan amount is $3,245,000 requiring monthly
         installments of principal and interest of $24,908 beginning December 1,
         1995, with payments based on a fixed interest rate of 7.936% until it
         matures on November 1, 2005. This loan is subject to a yield
         maintenence prepayment penalty with a minimum 1% prepayment penalty
         until the final 90 days of the loan, at which time there is no penalty.

         During January 1993, the Savannah Oaks mortgage note was modified for
         the second time to a floating rate basis adjusted annually on February
         15, with interest only payments until maturity. The maturity date of
         February 2003 was not modified. Also, all cash flow after payment of
         normal operating expenses and debt service were placed in an escrow
         account for future capital improvements.

         On June 16, 1995 the Savannah Oaks Mortgage note was modified for the
         third time to allow interest only payments of $40,951 at 11.2625%
         through July 15, 1995 at which time the interest rate was changed to
         9.25%. On August 15, 1995, a new monthly payment of principal and
         interest of $37,367 began and continues to the new maturity date of
         February 15, 2000.


                                       -8-



<PAGE>



                           GRIFFIN REAL ESTATE FUND-V,
                              A LIMITED PARTNERSHIP
                          NOTES TO FINANCIAL STATEMENTS
                        DECEMBER 31, 1995, 1994 AND 1993


         On December 9, 1993, the Partnership refinanced Ravenwood Apartments.
         The loan amount is $3,105,500 requiring monthly installments of
         principal and interest of $20,870 beginning February 1, 1994 with
         possible interest rate adjustments every six months limited to 1% per
         adjustment date, due 2004. Prepayment of the note is subject to a
         prepayment premium of 1%-3% if prepaid during the first three years. No
         prepayment premium is assessed in years thereafter. (The Partnership
         share of the debt is 70% - see note 9).

         All of the above debt is non-recourse to the individual partners.


4.       FORECLOSURE

         In September 1991, a foreclosure action in relation to Lantern Square
         Apartments was commenced against the Partnership by the second mortgage
         holder. An agreement was reached whereby the Partnership transferred
         title to the property and was relieved of all liabilities related to
         the property. In addition, the Partnership received a note receivable
         from the second mortgage holder for $354,000 secured by a mortgage on
         the property. This mortgage was subject to the first mortgage on the
         property and a possible $160,000 mortgage note for major improvement
         work. The note called for interest to accrue at 2% from October 1, 1991
         through October 1, 1993, with such interest to be added to the
         principal balance. Thereafter, the Partnership was to receive monthly
         interest only payments at varying rates until the note matured on June
         20, 1995. This note was discounted at December 31, 1994 and 1993 to
         $246,635 and $295,000, respectively, to reflect prevailing market
         interest rates. Amortization of $1,473, $11,698 and $22,670 was
         included in interest income at December 31, 1995, 1994 and 1993
         respectively. The foreclosure resulted in $295,000 of deferred revenue
         and an extraordinary loss of $72,488.

         During January, 1995, the Partnership received payment on this note
         receivable. Due to the note repayment prior to the maturity date, a
         discount of $48,365 was given. The note receivable balance and the
         related deferred revenue at December 31, 1994 reflects this discount.
         Deferred revenue in the amount of $246,635 has been recognized in 1995.


5.       VALUATION ALLOWANCE

         As of December 31, 1995 and 1994, no valuation allowance has been
         recorded on any of the Partnership's real property investments.
         Property valuation benefits of $238,000 and $831,000 were recorded at
         December 31, 1994 and 1993, respectively, related to management's
         reduction of the allowance. The valuation allowance is the difference
         between the net book value of the property and an estimated sales value
         (net of sales costs). Upon analysis, no allowance was considered
         necessary at December 31, 1995 and 1994.

6.       RELATED PARTY TRANSACTIONS

         The partners of Griffin Equity Partners and the shareholder of Guardian
         Investment Corporation, the general partners of the Partnership, are
         also owners and employees of Griffin Companies, a Minnesota
         corporation. Accounts payable - affiliates consists of unpaid
         management fees to and advances from Griffin Companies. The following
         is a summary of approximate fees incurred for the years ended December
         31:

                                      1995       1994       1993
                                    --------   --------   --------

         Property management fees   $222,740   $212,246   $196,045
         Major improvement
            supervisory fees          78,018     76,680     33,166


                                       -9-


<PAGE>




                           GRIFFIN REAL ESTATE FUND-V,
                              A LIMITED PARTNERSHIP
                          NOTES TO FINANCIAL STATEMENTS
                        DECEMBER 31, 1995, 1994 AND 1993


7.       PARTNERS' EQUITY RECONCILIATION

<TABLE>
<CAPTION>
                                               1995           1994            1993
                                            -----------    -----------    -----------
<S>                                         <C>            <C>            <C>        
         Equity per financial statements    $ 1,622,368    $ 1,749,987    $ 1,647,564
         Cumulative excess of tax
            depreciation over financial
            statement depreciation           (2,338,483)    (2,313,897)    (2,243,947)
         Property valuation allowance
            recognized for financial
            statement purposes                     --             --          238,000
         Additional interest income on
            note receivable for financial
            statement purposes                     --          (33,323)       (21,625)
         Interest income not recorded
            for tax purposes                       --          (14,811)       (14,811)
         Accrued real estate taxes not
            deducted for tax purposes            25,531         23,086         91,759
         Prepaid rent recognized as
            income for tax purposes              12,038         10,910         16,674
                                            -----------    -----------    -----------
         Equity per tax return              $  (678,546)   $  (578,048)   $  (286,386)
                                            ===========    ===========    ===========

</TABLE>

8.       TAXABLE LOSS

         The net income (loss) shown on the financial statements is reconciled
         to the taxable loss as follows:

<TABLE>
<CAPTION>
                                                  1995        1994          1993
                                               ---------    ---------    ---------
<S>                                            <C>          <C>          <C>       
         Net income (loss) per
            financial statements               $(127,619)   $ 111,727    $ 578,873
         Property valuation
            benefit recorded                          --     (238,000)    (831,000)
         Tax depreciation in excess of
            financial statement
            depreciation                         (24,586)     (69,949)    (131,142)
         Accrued real estate taxes not
            deducted for tax purposes             25,531       23,086           --
         Tax deduction for real estate
            taxes in excess of financial
            statement expense                    (23,086)     (91,758)     (36,345)
         Additional interest income on
            note receivable for tax purposes      48,198           --           --
         Additional interest income on
            note receivable for financial
            statement purposes                        --      (11,698)      (8,510)
         Interest income not recorded
            for tax purposes                          --           --      (14,811)
         Other                                     1,064       (5,766)         430
                                               ---------    ---------    ---------
               Taxable loss                    $(100,498)   $(282,358)   $(442,505)
                                               =========    =========    =========

</TABLE>


                                      -10-


<PAGE>


                           GRIFFIN REAL ESTATE FUND-V,
                              A LIMITED PARTNERSHIP
                          NOTES TO FINANCIAL STATEMENTS
                        DECEMBER 31, 1995, 1994 AND 1993


9.       JOINT VENTURE

         On April 26, 1985, Griffin Real Estate Fund-V entered into a joint
         venture with Griffin Real Estate Fund-IV for the purpose of purchasing
         Ravenwood Apartments, with Griffin Real Estate Fund-V designated as the
         managing partner. Griffin Real Estate Fund-IV contributed $330,000
         (30%) and Griffin Real Estate Fund-V contributed $770,000 (70%) to the
         venture. All allocations of cash flow, tax consequences, expenses, and
         future contributions are to be in the ratio of 30% to 70%.

         Summarized financial information for the Ravenwood Joint Venture for
         the years ended December 31,:

<TABLE>
<CAPTION>
                                           1995           1994           1993
                                        -----------    -----------    -----------
<S>                                     <C>            <C>            <C>        
         Balance Sheet-
         Property and equipment - net   $ 2,587,018    $ 2,721,963    $ 2,831,873
         Other Assets                       259,306        293,503        343,718
                                        -----------    -----------    -----------

            Total Assets                $ 2,846,324    $ 3,015,466    $ 3,175,591
                                        ===========    ===========    ===========

         Mortgage notes payable         $ 3,057,287    $ 3,079,538    $ 3,105,500
         Other liabilities                  142,275        120,178        189,821
         Partners' deficit                 (353,238)      (184,250)      (119,730)
                                        -----------    -----------    -----------
            Total Liabilities and
               Partners' Deficit        $ 2,846,324    $ 3,015,466    $ 3,175,591
                                        ===========    ===========    ===========


         Statements of Operations
         Operating revenues             $   908,746    $   933,863    $   905,292
         Operating expenses               1,077,734        998,383        962,033
                                        -----------    -----------    -----------

            Net Loss                    $  (168,988)   $   (64,520)   $   (56,741)
                                        ===========    ===========    ===========
</TABLE>


         The Partnership accounts for its 70% interest in the joint venture by
         including its 70% share of the joint venture assets, liabilities and
         operations in the Partnership financial statements. Such pro rate
         accounting is appropriate since the controlling majority of each of the
         general partners of the joint venture owners consists of the same
         individuals.


                                      -11-


<PAGE>


                                  SCHEDULE III
                           GRIFFIN REAL ESTATE FUND-V,
                              A LIMITED PARTNERSHIP
                    REAL ESTATE AND ACCUMULATED DEPRECIATION
                                DECEMBER 31, 1995



<TABLE>
<CAPTION>
                                                        Costs
                                                      Capitalized
                                                      Subsequent
                                  Initial Cost to         to           Gross Amount at Which Carried
                                  Partnership (a)     Acquisition        at Close of Period (b) (c)
                                  ----------------    -----------      ------------------------------              Date
                                            Bldgs/     Land/Bldg               Buildings            Accumulated    of     Date
Description      Encumbrances     Land      Improve     Improve      Land      & Improve     Total   Deprec. (d)   Const  Acquired
-----------      ------------     ----      -------     -------      ----      ---------     -----   -----------   -----  --------
<S>               <C>          <C>         <C>         <C>        <C>         <C>         <C>         <C>           <C>    <C>   <C>
CINCINNATI, OH
 Ravenwood Apts   $2,140,101   $  322,000  $ 2,484,825 $  322,554 $  322,000  $2,807,379  $3,129,379  $1,318,467    1973   04/30/85

MARIETTA, GA
 Savannah Oaks
 Apartments        4,344,294    1,239,000    5,009,028    700,641  1,239,000   5,709,669   6,948,669   2,233,350    1973   09/30/86

TUCSON, AZ
 Desert Pines
 Apartments        3,445,827    1,225,000    4,290,612  1,269,472  1,225,000   5,560,084   6,785,084   2,090,757    1973   02/02/87

ANDERSON, SC
 Country Club
 Apartments        3,241,552      260,000    4,195,025    404,300    260,000   4,599,325   4,859,325   1,951,453    1973   05/14/86
                   ---------    ---------   ----------  ---------  ---------  ----------  ----------   ---------

   Total         $13,171,774   $3,046,000  $15,979,490 $2,696,967 $3,046,000 $18,676,457 $21,722,457  $7,594,027
                  ==========    =========   ==========  =========  =========  ==========  ==========  ==========

</TABLE>


(a)      The cost to the Partnership represents the original purchase price of
         the properties.

(b)      The aggregate cost of real estate owned at December 31, 1995 for
         federal income tax purposes is $21,722,457.

(c)      Reconciliation of property:

                                            1993          1994           1995
                                         -----------   -----------   -----------

         Balance at beginning of period  $19,506,900   $20,562,003   $21,325,605
         Additions during period
           Improvements                      224,103       525,602       396,852
         Valuation allowance                 831,000       238,000          --
                                         -----------   -----------   -----------

         Balance at end of period        $20,562,003   $21,325,605   $21,722,457
                                         ===========   ===========   ===========


(d)      Reconciliation of accumulated depreciation:

         Balance at beginning of period  $ 5,493,065   $ 6,187,738   $ 6,880,418
         Depreciation expense for period     694,673       692,680       713,609
                                         -----------   -----------   -----------

         Balance at end of period        $ 6,187,738   $ 6,880,418   $ 7,594,027
                                         ===========   ===========   ===========

         Depreciation calculated on 5-27.5 year lives.


                                      -12-


<PAGE>