SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   Form 10-KSB

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

                 For the fiscal year ended December 31, 2003

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

             For the transition period from _________to _________

                         Commission file number 0-11574

                              SHELTER PROPERTIES V
                 (Name of small business issuer in its charter)

      South Carolina                                              57-0721855
(State or other jurisdiction of                               (I.R.S. Employer
 incorporation or organization)                             Identification No.)

                          55 Beattie Place, PO Box 1089
                        Greenville, South Carolina 29602
                    (Address of principal executive offices)

                                 (864) 239-1000
                            Issuer's telephone number

        Securities registered under Section 12(b) of the Exchange Act:

                                      None

        Securities registered under Section 12(g) of the Exchange Act:

                      Units of Limited Partnership Interest
                                (Title of class)

Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 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____

Check if there is no disclosure  of delinquent  filers in response to Item 405
of  Regulation  S-B  contained  in  this  form,  and  no  disclosure  will  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-KSB or any amendment to this Form 10-KSB. [X]

State issuer's revenues for its most recent fiscal year.  $14,539,000

State the aggregate  market value of the voting  partnership  interests  held by
non-affiliates  computed  by  reference  to the price at which  the  partnership
interests  were sold,  or the average bid and asked  prices of such  partnership
interests, as of December 31, 2003. No market exists for the limited partnership
interests of the Registrant,  and,  therefore,  no aggregate market value can be
determined.

                       DOCUMENTS INCORPORATED BY REFERENCE
                                      None

The matters discussed in this report contain certain forward-looking statements,
including, without limitation, statements regarding future financial performance
and the effect of government  regulations.  Actual results may differ materially
from those described in the forward-looking statements and will be affected by a
variety of risks and factors including,  without limitation:  national and local
economic  conditions;  the terms of  governmental  regulations  that  affect the
Registrant and interpretations of those regulations; the competitive environment
in which the Registrant operates;  financing risks, including the risk that cash
flows from operations may be insufficient to meet required payments of principal
and interest;  real estate risks, including variations of real estate values and
the general  economic  climate in local markets and  competition  for tenants in
such markets;  litigation,  including  costs  associated  with  prosecuting  and
defending  claims  and  any  adverse   outcomes,   and  possible   environmental
liabilities.   Readers  should  carefully  review  the  Registrant's   financial
statements and the notes thereto,  as well as the risk factors  described in the
documents  the  Registrant  files  from  time to time  with the  Securities  and
Exchange Commission.

                                     PART I

Item 1.  Description of Business

Shelter  Properties V (the  "Partnership"  or  "Registrant")  was organized as a
limited  partnership under the laws of the State of South Carolina on August 21,
1981.  The general  partner  responsible  for  management  of the  Partnership's
business is Shelter Realty V  Corporation,  a South  Carolina  corporation  (the
"Corporate General  Partner").  The Corporate General Partner is a subsidiary of
Apartment  Investment and Management Company  ("AIMCO"),  a publicly traded real
estate investment trust. The other general partner is AIMCO Properties, L.P., an
affiliate of the Corporate General Partner and AIMCO. The Partnership  Agreement
provides  that the  Partnership  is to  terminate  on  December  31, 2023 unless
terminated prior to such date.

The  Registrant  is engaged in the business of operating and holding real estate
properties for investment.  In 1983 and 1984, during its acquisition  phase, the
Registrant  acquired  eight  existing  apartment   properties.   The  Registrant
continues to own and operate seven of these properties. See "Item 2. Description
of Properties".

Commencing  May 27, 1983,  the  Registrant  offered,  pursuant to a Registration
Statement filed with the Securities and Exchange Commission,  up to 99,900 Units
of Limited Partnership  Interest (the "Units") at a purchase price of $1,000 per
Unit with a minimum  purchase of 5 Units  ($5,000),  or 2 Units  ($2,000) for an
Individual Retirement Account.

The offering  terminated on December 8, 1983. Upon  termination of the offering,
the Registrant had accepted  subscriptions for 52,538 Units, including 100 Units
purchased by the Corporate  General  Partner,  for an aggregate of  $52,538,000.
Unsold Units  (numbering  47,462) were  deregistered  pursuant to Post Effective
Amendment No. 3 to the  Registration  Statement  filed with the  Securities  and
Exchange Commission on December 21, 1983. The Registrant invested  approximately
$38,900,000 of such proceeds in eight existing apartment properties. At December
31, 2003 the  Partnership  continues  to own and operate  seven of its  original
properties  as one  property  was  foreclosed  upon in 1988.  Since its  initial
offering,  the Registrant has not received, nor are limited partners required to
make, additional capital contributions.

The Registrant  has no employees.  Management  and  administrative  services are
performed  by the  Corporate  General  Partner  and by  agents  retained  by the
Corporate  General  Partner.  An affiliate of the Corporate  General Partner has
been providing such property management services.

<PAGE>

Risk Factors

The  real  estate  business  in which  the  Partnership  is  engaged  is  highly
competitive.  There are other  residential  properties within the market area of
the Partnership's properties.  The number and quality of competitive properties,
including  those which may be managed by an affiliate of the  Corporate  General
Partner,  in such market area could have a material  effect on the rental market
for the  apartments at the  Partnership's  properties  and the rents that may be
charged  for such  apartments.  While  the  Corporate  General  Partner  and its
affiliates  own and/or  control a significant  number of apartment  units in the
United  States,  such  units  represent  an  insignificant  percentage  of total
apartment  units in the United  States and  competition  for the  apartments  is
local.

Laws benefiting  disabled persons may result in the Partnership's  incurrence of
unanticipated  expenses.  Under the Americans with  Disabilities Act of 1990, or
ADA,  all places  intended to be used by the public are required to meet certain
Federal  requirements  related to access and use by disabled persons.  Likewise,
the Fair Housing Amendments Act of 1988, or FHAA, requires apartment  properties
first occupied after March 13, 1990 to be accessible to the  handicapped.  These
and other  Federal,  state  and  local  laws may  require  modifications  to the
Partnership's   properties,   or  restrict   renovations   of  the   properties.
Noncompliance  with  these laws could  result in the  imposition  of fines or an
award of  damages  to private  litigants  and also  could  result in an order to
correct any  non-complying  feature,  which could result in substantial  capital
expenditures.   Although  the  Corporate   General  Partner  believes  that  the
Partnership's   properties  are   substantially   in  compliance   with  present
requirements,  the Partnership may incur  unanticipated  expenses to comply with
the ADA and the FHAA.

Both  the  income  and  expenses  of  operating  the  properties  owned  by  the
Partnership are subject to factors outside of the Partnership's control, such as
changes in the supply and demand for similar  properties  resulting from various
market  conditions,  increases/decreases  in unemployment or population  shifts,
changes in the availability of permanent mortgage  financing,  changes in zoning
laws,  or changes in patterns or needs of users.  In  addition,  there are risks
inherent in owning and operating residential  properties because such properties
are  susceptible to the impact of economic and other  conditions  outside of the
control of the Partnership.

There have been, and it is possible there may be other, Federal, state and local
legislation  and  regulations   enacted   relating  to  the  protection  of  the
environment.  The Partnership is unable to predict the extent,  if any, to which
such new  legislation  or  regulations  might occur and the degree to which such
existing or new legislation or regulations might adversely affect the properties
owned by the Partnership.

The Partnership  monitors its properties for evidence of pollutants,  toxins and
other dangerous substances, including the presence of asbestos. In certain cases
environmental testing has been performed,  which resulted in no material adverse
conditions or liabilities.  In no case has the Partnership  received notice that
it is a potentially  responsible party with respect to an environmental clean up
site.

A further  description  of the  Partnership's  business  is included in "Item 6.
Management's Discussion and Analysis or Plan of Operation" included in this Form
10-KSB.


<PAGE>



Item 2.  Description of Properties

The following table sets forth the Partnership's investments in properties:

<TABLE>
<CAPTION>

                                     Date of
Property                             Purchase       Type of Ownership            Use

<S>                                  <C>   <C>
Foxfire Apartments                   07/19/83   Fee ownership, subject     Apartment
  Atlanta, Georgia                              to first mortgage. (1)     266 units

Old Salem Apartments                 08/25/83   Fee ownership, subject     Apartment
  Charlottesville, Virginia                     to first mortgage.         364 units

Woodland Village Apartments          09/01/83   Fee ownership, subject     Apartment
  Columbia, South Carolina                      to first mortgage.         308 units

Lake Johnson Mews Apartments         09/30/83   Fee ownership, subject     Apartment
  Raleigh, North Carolina                       to first mortgage.         201 units

The Lexington Green Apartments       10/31/83   Fee ownership, subject     Apartment
  Sarasota, Florida                             to first mortgage. (1)     267 units

Millhopper Village Apartments        11/22/83   Fee ownership, subject     Apartment
  Gainesville, Florida                          to first mortgage.         136 units

Tar River Estates Apartments         01/18/84   Fee ownership, subject     Apartment
  Greenville, North Carolina                    to first mortgage. (1)     220 units
</TABLE>


(1)   Property  is held by a Limited  Partnership  which the  Registrant  owns a
      99.99% interest in.

Schedule of Properties:

Set forth below for each of the  Registrant's  properties is the gross  carrying
value,  accumulated  depreciation,  depreciable life, method of depreciation and
Federal tax basis.

<TABLE>
<CAPTION>

                          Gross
                        Carrying   Accumulated   Depreciable    Method of     Federal
Property                  Value   Depreciation      Life      Depreciation   Tax Basis
                            (in thousands)                                 (in thousands)

<S>                      <C>         <C>          <C>                         <C>
Foxfire Apartments       $12,353     $ 8,019      5-30 yrs         S/L        $1,936
Old Salem Apartments      18,445      12,903      5-30 yrs         S/L         2,977
Woodland Village
   Apartments             14,041       9,342      5-30 yrs         S/L         2,074
Lake Johnson Mews
   Apartments              9,359       6,250      5-30 yrs         S/L         1,567
The Lexington Green
   Apartments             11,515       6,917      5-34 yrs         S/L         2,457
Millhopper Village
   Apartments              6,251       4,433      5-30 yrs         S/L           826
Tar River Estates
   Apartments             16,515       8,300      5-30 yrs         S/L         2,362
                         $88,479     $56,164                                 $14,199
</TABLE>

See "Note A - Organization  and Summary of Significant  Accounting  Policies" to
the consolidated financial statements included in "Item 7. Financial Statements"
for a description of the Partnership's capitalization and depreciation policies.

Schedule of Property Indebtedness:

The  following  table  sets  forth  certain  information  relating  to the loans
encumbering the Registrant's properties.

<TABLE>
<CAPTION>

                           Principal                                          Principal
                           Balance At     Stated                               Balance
                          December 31,   Interest    Period     Maturity        Due At
       Property               2003         Rate     Amortized   Date(2)      Maturity(2)
                         (in thousands)                                     (in thousands)

Foxfire Apartments
<S>                        <C>             <C>         <C>      <C>   <C>    <C>
  1st mortgage             $ 6,479         7.79%       (1)      11/01/19     $    --

Old Salem Apartments
  1st mortgage               9,164         8.02%       (1)      12/01/19          --

Woodland Village
  Apartments
  1st mortgage               7,587         7.11%       (1)      09/01/21          --

Lake Johnson Mews
  Apartments
  1st mortgage               6,706         7.43%       (1)      07/01/21          --

The Lexington Green
  Apartments
  1st mortgage               6,511         7.22%       (1)      01/01/21          --

Millhopper Village
  Apartments
   1st mortgage              3,981         7.43%       (1)      07/01/21          --

Tar River Estates
  Apartments
   1st mortgage              4,961         7.23%       (1)      01/01/22          --

Total                      $45,389                                          $     --
</TABLE>

(1)   The principal balance is being amortized over 240 months.

(2)   See  "Note B -  Mortgage  Notes  Payable"  to the  consolidated  financial
      statements included in "Item 7. Financial Statements" for information with
      respect  to the  Registrant's  ability  to  prepay  these  loans and other
      specific details about the loans.

<PAGE>

Rental Rates and Occupancy:

Average  annual rental rates and occupancy for the years ended December 31, 2003
and 2002 are as follows:

<TABLE>
<CAPTION>

                                           Average Annual           Average Annual
                                            Rental Rates              Occupancy
                                             (per unit)
Property                                 2003         2002         2003        2002
<S>                <C>                  <C>          <C>            <C>        <C>
Foxfire Apartments (1)                  $7,796       $8,561         81%        87%
Old Salem Apartments (2)                 8,406        8,262         92%        96%
Woodland Village Apartments              7,928        8,104         91%        90%
Lake Johnson Mews Apartments (4)         8,030        8,434         93%        93%
The Lexington Green Apartments (3)       8,507        8,370         93%        96%
Millhopper Village Apartments            8,525        8,619         95%        96%
Tar River Estates Apartments             7,488        7,402         89%        89%
</TABLE>

(1)   The  Corporate  General  Partner  attributes  the decrease in occupancy at
      Foxfire Apartments to an increase in home purchases in the Atlanta area as
      a result of lower home mortgage  interest  rates and to the casualty which
      occurred in June 2002 (as discussed in Item 6.  Management  Discussion and
      Analysis or Plan of Operation - Results of  Operations").  The decrease in
      average  rental  rates is a result  of  lowering  rates  in an  effort  to
      increase occupancy and remain competitive in the Atlanta area.

(2)   The Corporate General Partner  attributes the decrease in occupancy at Old
      Salem  Apartments  to  unfavorable   economic   conditions  and  increased
      competition in the Charlottesville area.

(3)   The Corporate General Partner  attributes the decrease in occupancy at The
      Lexington  Green  Apartments  to  unfavorable   economic   conditions  and
      increased competition in the Sarasota area.

(4)   The Corporate  General  Partner  attributes the decrease in average rental
      rates at Lake Johnson Mews Apartments to efforts to maintain  occupancy in
      the Raleigh area.

As noted under "Item 1.  Description of Business",  the real estate  industry is
highly competitive.  All of the properties are subject to competition from other
residential  apartment  complexes in the area.  The  Corporate  General  Partner
believes that all of the properties are adequately insured.  Each property is an
apartment  complex which leases units for lease terms of one year or less. As of
December 31, 2003,  no  residential  tenant  leases 10% or more of the available
rental space.  All of the  properties  are in good  condition  subject to normal
depreciation and deterioration as is typical for assets of this type and age.


<PAGE>



Schedule of Real Estate Taxes and Rates:

Real estate taxes and rates in 2003 for each property were as follows:

                                           2003              2003
                                         Billings            Rates
                                      (in thousands)

Foxfire Apartments                        $140                3.30%
Old Salem Apartments                       120                0.76%
Woodland Village Apartments                226               35.45%
Lake Johnson Mews Apartments*               93                1.03%
The Lexington Green Apartments             245                2.31%
Millhopper Village Apartments               93                2.56%
Tar River Estates Apartments                86                1.54%

*This property has a fiscal year different than the real estate tax year.

Capital Improvements:

Millhopper Village Apartments:  The Partnership completed  approximately $70,000
in capital  expenditures at Millhopper  Village Apartments during the year ended
December 31, 2003,  consisting primarily of roof and floor covering replacement.
These  improvements  were funded from  operations.  The Partnership is currently
evaluating the capital  improvement  needs of the property for the upcoming year
and currently expects to budget approximately $75,000.  Additional  improvements
may be considered  and will depend on the physical  condition of the property as
well as anticipated cash flow generated by the property.

Foxfire Apartments:  The Partnership completed approximately $705,000 in capital
expenditures  at Foxfire  Apartments  during the year ended  December  31, 2003,
consisting primarily of parking area resurfacing, sewer upgrades, floor covering
and appliance  replacements,  and construction  related to the fire discussed in
"Note F - Casualty Events" to the consolidated  financial statements included in
"Item 7. Financial  Statements".  These  improvements were funded from insurance
proceeds and  operations.  The  Partnership is currently  evaluating the capital
improvement needs of the property for the upcoming year and currently expects to
budget  approximately  $146,000.  Additional  improvements may be considered and
will depend on the physical  condition  of the  property as well as  anticipated
cash flow generated by the property.

Lake Johnson Mews Apartments:  The Partnership completed  approximately $188,000
in capital  expenditures at Lake Johnson Mews  Apartments  during the year ended
December 31, 2003, consisting primarily of parking area upgrades,  swimming pool
upgrades,   electrical   upgrades,   and  floor  covering   replacement.   These
improvements   were  funded  from  operations.   The  Partnership  is  currently
evaluating the capital  improvement  needs of the property for the upcoming year
and currently expects to budget approximately $111,000.  Additional improvements
may be considered  and will depend on the physical  condition of the property as
well as anticipated cash flow generated by the property.

Woodland Village Apartments: The Partnership completed approximately $101,000 in
capital  expenditures  at  Woodland  Village  Apartments  during  the year ended
December 31, 2003,  consisting  primarily of roof  replacement and appliance and
floor covering replacements. These improvements were funded from operations. The
Partnership  is  currently  evaluating  the  capital  improvement  needs  of the
property for the upcoming  year and  currently  expects to budget  approximately
$169,000.  Additional  improvements  may be  considered  and will  depend on the
physical condition of the property as well as anticipated cash flow generated by
the property.

The Lexington Green Apartments: The Partnership completed approximately $260,000
in capital  expenditures  at Lexington  Green  Apartments  during the year ended
December 31, 2003, consisting primarily of plumbing upgrades, exterior painting,
and floor covering replacement.  These improvements were funded from operations.
The  Partnership is currently  evaluating the capital  improvement  needs of the
property for the upcoming  year and  currently  expects to budget  approximately
$147,000.  Additional  improvements  may be  considered  and will  depend on the
physical  condition  of  the  property  as  well  as  replacement  reserves  and
anticipated cash flow generated by the property.

Tar River Estates Apartments:  The Partnership completed  approximately $745,000
in capital  expenditures at Tar River Estates  Apartments  during the year ended
December 31, 2003,  consisting  primarily of cabinet  upgrades,  sewer upgrades,
floor covering  replacement,  and construction  related to the fire discussed in
"Note F - Casualty Events" to the consolidated  financial statements included in
`Item 7. Financial Statements".  These improvements were funded from replacement
reserves,  operations,  and insurance  proceeds.  The  Partnership  is currently
evaluating the capital  improvement  needs of the property for the upcoming year
and currently expects to budget approximately $121,000.  Additional improvements
may be considered  and will depend on the physical  condition of the property as
well as anticipated cash flow generated by the property.

Old Salem  Apartments:  The  Partnership  completed  approximately  $248,000  in
capital  expenditures at Old Salem Apartments during the year ended December 31,
2003,  consisting  primarily of heating upgrades,  cabinet upgrades,  structural
improvements,  water heater  replacements,  air conditioning unit upgrades,  and
appliance and floor covering  replacements.  These improvements were funded from
operations.  The  Partnership is currently  evaluating  the capital  improvement
needs of the  property  for the upcoming  year and  currently  expects to budget
approximately  $200,000.  Additional  improvements  may be  considered  and will
depend on the physical  condition of the  property as well as  anticipated  cash
flow generated by the property.

The capital  improvements  planned for the year ended 2004 at the  Partnership's
properties will be made only to the extent of cash available from operations and
Partnership  reserves.  To the event that such budgeted capital improvements are
completed,  the Partnership's  distributable cash flow, if any, may be adversely
affected, at least in the short term.

Item 3.  Legal Proceedings

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial Group, Inc., et al. (the "Nuanes action") in the Superior Court of the
State of  California  for the  County  of San  Mateo.  The  plaintiffs  named as
defendants,  among others,  the Partnership,  its Corporate  General Partner and
several of their  affiliated  partnerships  and corporate  entities.  The action
purported  to  assert  claims  on  behalf  of a class of  limited  partners  and
derivatively  on behalf  of a number  of  limited  partnerships  (including  the
Partnership)  that are named as nominal  defendants,  challenging,  among  other
things,  the  acquisition  of interests  in certain  Corporate  General  Partner
entities by Insignia Financial Group, Inc.  ("Insignia") and entities that were,
at one  time,  affiliates  of  Insignia;  past  tender  offers  by the  Insignia
affiliates to acquire limited partnership units;  management of the partnerships
by the  Insignia  affiliates;  and the series of  transactions  which  closed on
October 1, 1998 and February 26, 1999 whereby  Insignia and Insignia  Properties
Trust,  respectively,  were merged into AIMCO.  The plaintiffs  sought  monetary
damages and equitable relief, including judicial dissolution of the Partnership.
In addition, during the third quarter of 2001, a complaint (the "Heller action")
was filed  against  the same  defendants  that are named in the  Nuanes  action,
captioned  Heller v.  Insignia  Financial  Group.  On or about  August 6,  2001,
plaintiffs filed a first amended  complaint.  The Heller action was brought as a
purported derivative action, and asserted claims for, among other things, breach
of fiduciary  duty,  unfair  competition,  conversion,  unjust  enrichment,  and
judicial dissolution.

On January 8, 2003,  the parties filed a  Stipulation  of Settlement in proposed
settlement of the Nuanes action and the Heller action.

In general  terms,  the  proposed  settlement  provides  for  certification  for
settlement  purposes of a settlement class consisting of all limited partners in
this  Partnership and others (the  "Partnerships")  as of December 20, 2002, the
dismissal  with  prejudice  and  release  of claims  in the  Nuanes  and  Heller
litigation,  payment by AIMCO of $9.9  million  (which shall be  distributed  to
settlement  class  members  after  deduction of attorney fees and costs of class
counsel and certain costs of settlement) and up to $1 million toward the cost of
independent  appraisals of the  Partnerships'  properties  by a Court  appointed
appraiser. An affiliate of the Corporate General Partner has also agreed to make
at least one round of tender offers to purchase all of the partnership interests
in the Partnerships within one year of final approval,  if it is granted, and to
provide  partners with the independent  appraisals at the time of these tenders.
The proposed  settlement also provided for the limitation of the allowable costs
which  the  Corporate   General  Partner  or  its  affiliates  will  charge  the
Partnerships  in connection with this litigation and imposes limits on the class
counsel  fees and  costs in this  litigation.  On April  11,  2003,  notice  was
distributed  to  limited   partners   providing  the  details  of  the  proposed
settlement.

On June 13, 2003, the Court granted final approval of the settlement and entered
judgment in both the Nuanes and Heller actions.  On August 12, 2003, an objector
("Objector")  filed an  appeal  seeking  to  vacate  and/or  reverse  the  order
approving the settlement and entering  judgment  thereto.  On November 24, 2003,
the Objector filed an  application  requesting the Court order AIMCO to withdraw
settlement  tender offers it had  commenced,  refrain from making further offers
pending the appeal and auction any units tendered to third  parties,  contending
that the offers did not conform  with the terms of the  Settlement.  Counsel for
the Objector (on behalf of another  investor)  had  alternatively  requested the
Court take certain  action  purportedly  to enforce the terms of the  settlement
agreement.  On December 18, 2003,  the Court heard oral  argument on the motions
and denied them both in their entirety.  On January 28, 2004, Objector filed his
opening brief in his pending appeal.  The Corporate General Partner is currently
scheduled  to file a brief in  support  of the order  approving  settlement  and
entering judgment thereto by April 23, 2004.

On August 8, 2003 AIMCO Properties  L.P., an affiliate of the Corporate  General
Partner,  was served  with a  Complaint  in the United  States  District  Court,
District of Columbia alleging that AIMCO Properties L.P.  willfully violated the
Fair Labor Standards Act (FLSA) by failing to pay maintenance  workers  overtime
for all hours worked in excess of forty per week.  The  Complaint is styled as a
Collective  Action  under  the FLSA and seeks to  certify  state  subclasses  in
California, Maryland, and the District of Columbia. Specifically, the plaintiffs
contend that AIMCO Properties L.P. failed to compensate  maintenance workers for
time  that they were  required  to be  "on-call".  Additionally,  the  Complaint
alleges AIMCO  Properties  L.P.  failed to comply with the FLSA in  compensating
maintenance  workers  for time that they  worked in  responding  to a call while
"on-call".  The  Complaint  also  attempts  to certify a subclass  for  salaried
service  directors who are challenging  their  classification as exempt from the
overtime  provisions of the FLSA.  AIMCO  Properties L.P. has filed an answer to
the  Complaint  denying the  substantive  allegations.  Discovery  is  currently
underway.

The  Corporate  General  Partner  does  not  anticipate  that  any  costs to the
Partnership, whether legal or settlement costs, associated with these cases will
be material to the Partnership's overall operations.

Item 4.  Submission of Matters to a Vote of Security Holders

During the quarter ended December 31, 2003, no matter was submitted to a vote of
unit holders through the solicitation of proxies or otherwise.

<PAGE>


                                     PART II

Item 5.  Market for Partnership Equity and Related Partner Matters

The Partnership,  a publicly-held  limited partnership,  offered and sold 52,538
limited partnership units (the "Units")  aggregating  $52,538,000,  inclusive of
100 units which were purchased by the Corporate General Partner. The Partnership
had 1,607  holders of record owning an aggregate of 52,538 Units at December 31,
2003.  Affiliates of the Corporate  General Partner owned 38,075 units or 72.47%
at December 31, 2003. No public trading market has developed for the Units,  and
it is not anticipated that such a market will develop in the future.

The  Partnership  distributed  the  following  amounts  during  the years  ended
December 31, 2003 and 2002 (in thousands, except per unit data):

<TABLE>
<CAPTION>

                              Year Ended     Per Limited     Year Ended   Per Limited
                             December 31,    Partnership    December 31,  Partnership
                                 2003            Unit           2002          Unit

<S>                <C>          <C>            <C>             <C>           <C>
Financing Proceeds (1)          $  505         $  9.61         $4,200        $ 79.95
Sale Proceeds (2)                   --              --          2,479          47.18
Other (3)                           --              --             52             --
   Total                        $  505         $  9.61         $6,731        $127.13
</TABLE>

(1)   From  proceeds  from  the new  financing  obtained  on Tar  River  Estates
      Apartments in December 2001.
(2)   From  remaining  proceeds  from the sale of a portion of land at Tar River
      Estates Apartments in October 2001.
(3)   Distribution to the general partner of the majority owned sub-tier limited
      partnership  in  connection  with the  transfer of funds from the majority
      owned sub-tier limited partnership to the Partnership.

Future cash  distributions  will depend on the levels of net cash generated from
operations,  the  availability of cash reserves,  property  refinancings  and/or
property sales. The Partnership's cash available for distribution is reviewed on
a monthly basis. There can be no assurance,  however,  that the Partnership will
generate sufficient funds from operations,  after required capital expenditures,
to permit any distributions to its partners in 2004 or subsequent  periods.  See
"Item 2.  Description  of  Properties - Capital  Improvements"  for  information
relating to anticipated capital expenditures at the properties.

In addition to its indirect  ownership of the general  partner  interests in the
Partnership,  AIMCO and its  affiliates  owned 38,075  Units in the  Partnership
representing  72.47% of the outstanding  Units at December 31, 2003. A number of
these  Units  were  acquired  pursuant  to  tender  offers  made by AIMCO or its
affiliates.  It is possible that AIMCO or its affiliates will acquire additional
Units  in  exchange  for  cash or a  combination  of cash  and  units  in  AIMCO
Properties,  L.P., the operating  partnership of AIMCO,  either through  private
purchases or tender offers.  Pursuant to the Partnership Agreement,  unitholders
holding a majority of the Units are  entitled  to take action with  respect to a
variety of matters  that  include,  but are not  limited  to,  voting on certain
amendments  to the  Partnership  Agreement  and voting to remove  the  Corporate
General  Partner.  As a result of its  ownership  of  72.47% of the  outstanding
Units,  AIMCO  and its  affiliates  are in a  position  to  control  all  voting
decisions  with  respect to the  Partnership.  Although  the  Corporate  General
Partner owes fiduciary duties to the limited  partners of the  Partnership,  the
Corporate  General  Partner  also  owes  fiduciary  duties  to AIMCO as its sole
stockholder.  As a result,  the  duties of the  Corporate  General  Partner,  as
corporate general partner,  to the Partnership and its limited partners may come
into conflict with the duties of the Corporate  General Partner to AIMCO, as its
sole stockholder.

Item 6.  Management's Discussion and Analysis or Plan of Operation

This  item  should  be read  in  conjunction  with  the  consolidated  financial
statements and other items contained elsewhere in this report.

Results of Operations

The  Partnership's  net  income  for  the  year  ended  December  31,  2003  was
approximately  $305,000,  as compared to net income of approximately  $1,343,000
for the year ended  December  31,  2002.  The decrease in net income is due to a
decrease in total  revenues and an increase in total  expenses.  The decrease in
total  revenues is due to  decreases  in rental  income and the  recognition  of
casualty  gains.  Other income remained  relatively  constant for the comparable
periods.  The  decrease in rental  income is  primarily  due to the  decrease in
occupancy at four of the Partnership's investment properties and the decrease in
average  rental  rates at four  properties,  partially  offset by  increases  in
occupancy at Woodland  Village  Apartments and average rental rates at Old Salem
Apartments, The Lexington Green Apartments and Tar River Estates Apartments, and
insurance  proceeds to cover lost rents as a result of the casualties at Foxfire
Apartments,  and Tar River Estates Apartments (as discussed below). The casualty
gains recognized in 2003 are the result of casualties at Foxfire  Apartments and
Tar River Estates Apartments (as discussed below). The casualty gains recognized
in 2002 are the result of  casualties at Foxfire  Apartments,  Tar River Estates
Apartments, and The Lexington Green Apartments (as discussed below).

The increase in total  expenses is due to increases in operating,  depreciation,
and  general  and  administrative  expenses,  partially  offset by a decrease in
interest  expense.  Property tax expense  remained  relatively  constant for the
comparable  periods.  The  increase in operating  expenses is  primarily  due to
increases in utility expenses at Old Salem  Apartments,  advertising  expense at
Foxfire  Apartments,  contract  maintenance expense at most of the Partnership's
investment  properties,  and payroll related expenses at most of the properties,
partially  offset by a decrease in property  management  fees as a result of the
decrease  in  rental  income.  Depreciation  expense  increased  as a result  of
property  improvements  and  replacements  placed into service at the properties
during the past twelve months.  Interest expense decreased primarily as a result
of  scheduled   principal  payments  made  on  the  mortgages   encumbering  the
Partnership's  investment properties,  which reduced the carrying balance of the
loans.

The  increase in general and  administrative  expenses  is  primarily  due to an
increase in the costs of services  included in management  reimbursements to the
Corporate  General  Partner as allowed under the  Partnership  Agreement.  Costs
associated  with the  quarterly  and annual  communications  with  investors and
regulatory  agencies and the annual audit required by the Partnership  Agreement
are also  included in general and  administrative  expenses  for the years ended
December 31, 2003 and 2002.

On January 18, 2003,  there was a fire at Tar River Estates  Apartments  causing
damage to eight units. The property  incurred damages of approximately  $611,000
and lost rents of  approximately  $69,000.  During the year ended  December  31,
2003, the Partnership recognized a gain of approximately $500,000 as a result of
the receipt of  insurance  proceeds  of  approximately  $601,000,  offset by the
write-off of the  undepreciated  damaged assets of  approximately  $101,000.  In
addition,  the Partnership received insurance proceeds of approximately  $69,000
to cover the lost rents, which is included in rental income.

In June 2002,  Foxfire  Apartments  experienced a fire, causing damage to twelve
units. The property  incurred  damages of approximately  $677,000 as a result of
the fire and lost rents of approximately $61,000. During the year ended December
31, 2002,  insurance  proceeds of approximately  $494,000 were received to cover
the damage to the property,  including  approximately  $59,000 which was held on
deposit  with the  mortgage  lender at  December  31,  2002 and  released to the
Partnership during the year ended December 31, 2003. The Partnership  recognized
a casualty gain of  approximately  $394,000 after writing off the  undepreciated
cost of the damaged  units during the year ended  December 31, 2002.  During the
year ended December 31, 2003, the Partnership  received  additional  proceeds of
approximately  $157,000 to cover the damages and approximately  $61,000 to cover
the lost rents, which is included in rental income.  The Partnership  recognized
an additional  gain of  approximately  $129,000 for the year ended  December 31,
2003, after writing off additional undepreciated damaged assets of approximately
$28,000.

In September  2001,  The Lexington  Green  Apartments  was damaged by a tropical
storm.  There was  extensive  damage to two units in  addition  to 36 units with
minor damage. The property incurred damages of approximately $69,000 as a result
of the storm.  During the year ended  December 31, 2001,  insurance  proceeds of
approximately  $52,000 were received to cover the damage to the property.  These
proceeds  were held on deposit  with the  mortgage  lender at December 31, 2001.
After writing off the undepreciated  costs of the damaged units, the Partnership
recognized  a  casualty  gain of  approximately  $33,000  during  the year ended
December 31, 2001. During the year ended December 31, 2002,  insurance  proceeds
of approximately  $69,000 were received by the  Partnership,  which included the
proceeds  held on deposit with the mortgage  lender.  The  additional  insurance
proceeds  received  resulted in an  additional  casualty  gain of  approximately
$17,000 for the year ended December 31, 2002.

In September  1999, Tar River Estates  Apartments was damaged by severe flooding
which  affected  certain  areas  of  North  Carolina.   The  property   incurred
approximately  $6,323,000 in damages as a result of this  flooding.  During 2001
and 2000, insurance proceeds of approximately  $5,316,000 were received to cover
lost  rents  and  damage  to the  property,  resulting  in a  casualty  gain  of
approximately  $1,662,000 in 2000. In addition,  the  Partnership  negotiated an
agreement with the city of Greenville,  North Carolina, whereby a portion of the
land was  condemned  and sold to the city on October 17,  2001.  Therefore,  the
apartment  units  previously  located on this land were not  reconstructed.  The
remaining damaged units have been completely  reconstructed.  An additional gain
of  approximately  $376,000 was recorded during the year ended December 31, 2002
as a result of receiving additional insurance proceeds.

As part of the ongoing business plan of the Partnership,  the Corporate  General
Partner  monitors  the  rental  market  environment  of each  of its  investment
properties  to assess  the  feasibility  of  increasing  rents,  maintaining  or
increasing  occupancy  levels and protecting the  Partnership  from increases in
expense. As part of this plan, the Corporate General Partner attempts to protect
the Partnership  from the burden of  inflation-related  increases in expenses by
increasing rents and maintaining a high overall  occupancy level.  However,  the
Corporate General Partner may use rental  concessions and rental rate reductions
to offset softening market conditions,  accordingly,  there is no guarantee that
the Corporate General Partner will be able to sustain such a plan.

<PAGE>

Liquidity and Capital Resources

At  December  31,  2003,  the  Partnership  had  cash and  cash  equivalents  of
approximately $458,000, compared to approximately $787,000 at December 31, 2002.
The decrease in cash and cash  equivalents of  approximately  $329,000 is due to
approximately  $1,844,000 of cash used in financing activities and approximately
$1,667,000  of  cash  used  in  investing   activities,   partially   offset  by
approximately $3,182,000 of cash provided by operating activities.  Cash used in
financing  activities  consisted  of  payments  of  principal  on the  mortgages
encumbering the Partnership's investment properties,  distributions to partners,
and payments on advances  from an affiliate of the  Corporate  General  Partner,
partially  offset by an  advance  from an  affiliate  of the  Corporate  General
Partner.  Cash used in investing activities  consisted of property  improvements
and replacements,  partially offset by the receipt of insurance proceeds and net
withdrawals  from  escrow  accounts  maintained  by the  mortgage  lenders.  The
Partnership invests its working capital reserves in interest bearing accounts.

The sufficiency of existing  liquid assets to meet future  liquidity and capital
expenditure   requirements   is  directly   related  to  the  level  of  capital
expenditures  required at the investment  properties to adequately  maintain the
physical  assets and other operating needs of the Partnership and to comply with
Federal,  state  and local  legal and  regulatory  requirements.  The  Corporate
General  Partner  monitors  developments  in the  area of legal  and  regulatory
compliance and is studying new federal laws, including the Sarbanes-Oxley Act of
2002. The Sarbanes-Oxley Act of 2002 mandates or suggests additional  compliance
measures with regard to governance,  disclosure, audit and other areas. In light
of these changes,  the  Partnership  expects that it will incur higher  expenses
related to compliance, including increased legal and audit fees. The Partnership
is currently  evaluating the capital improvement needs of the properties for the
upcoming year and currently expects to budget approximately $969,000. Additional
improvements  may be  considered  during  2004 and will  depend on the  physical
condition of the properties as well as replacement reserves and anticipated cash
flow generated by the properties.

The additional  capital  expenditures will be incurred only if cash is available
from  operations  and  Partnership  reserves.  To the extent that such  budgeted
capital improvements are completed,  the Partnership's  distributable cash flow,
if any, may be adversely affected at least in the short term.

The  Partnership's  assets are thought to be sufficient for any near-term  needs
(exclusive  of  capital   improvements)   of  the   Partnership.   The  mortgage
indebtedness  encumbering  all of the  Partnership's  investment  properties  of
approximately  $45,389,000 is amortized over varying periods with maturity dates
ranging  from  November 1, 2019 to January 1, 2022,  at which time the loans are
scheduled to be fully amortized.

The  Partnership  distributed  the  following  amounts  during  the years  ended
December 31, 2003 and 2002 (in thousands, except per unit data):

<TABLE>
<CAPTION>

                              Year Ended     Per Limited     Year Ended   Per Limited
                             December 31,    Partnership    December 31,  Partnership
                                 2003            Unit           2002          Unit

<S>                <C>          <C>            <C>             <C>           <C>
Financing Proceeds (1)          $  505         $  9.61         $4,200        $ 79.95
Sale Proceeds (2)                   --              --          2,479          47.18
Other (3)                           --              --             52             --
   Total                        $  505         $  9.61         $6,731        $127.13
</TABLE>

(1)   From  proceeds  from  the new  financing  obtained  on Tar  River  Estates
      Apartments in December 2001.
(2)   From  remaining  proceeds  from the sale of a portion of land at Tar River
      Estates Apartments in October 2001.
(3)   Distribution to the general partner of the majority owned sub-tier limited
      partnership  in  connection  with the  transfer of funds from the majority
      owned sub-tier limited partnership to the Partnership.

Future cash  distributions  will depend on the levels of net cash generated from
operations,  the  availability of cash reserves,  property  refinancings  and/or
property sales. The Partnership's cash available for distribution is reviewed on
a monthly basis. There can be no assurance,  however,  that the Partnership will
generate  sufficient funds from operations,  after required capital  improvement
expenditures,  to permit any distributions to its partners in 2004 or subsequent
periods.

Other

In addition to its indirect  ownership of the general  partner  interests in the
Partnership,  AIMCO and its  affiliates  owned 38,075  Units in the  Partnership
representing  72.47% of the outstanding  Units at December 31, 2003. A number of
these  Units  were  acquired  pursuant  to  tender  offers  made by AIMCO or its
affiliates.  It is possible that AIMCO or its affiliates will acquire additional
Units  in  exchange  for  cash or a  combination  of cash  and  units  in  AIMCO
Properties,  L.P., the operating  partnership of AIMCO,  either through  private
purchases or tender offers.  Pursuant to the Partnership Agreement,  unitholders
holding a majority of the Units are  entitled  to take action with  respect to a
variety of matters  that  include,  but are not  limited  to,  voting on certain
amendments  to the  Partnership  Agreement  and voting to remove  the  Corporate
General  Partner.  As a result of its  ownership  of  72.47% of the  outstanding
Units,  AIMCO  and its  affiliates  are in a  position  to  control  all  voting
decisions  with  respect to the  Partnership.  Although  the  Corporate  General
Partner owes fiduciary duties to the limited  partners of the  Partnership,  the
Corporate  General  Partner  also  owes  fiduciary  duties  to AIMCO as its sole
stockholder.  As a result,  the  duties of the  Corporate  General  Partner,  as
corporate general partner,  to the Partnership and its limited partners may come
into conflict with the duties of the Corporate  General Partner to AIMCO, as its
sole stockholder.

Critical Accounting Policies and Estimates

A summary of the Partnership's  significant  accounting  policies is included in
"Note A - Organization and Summary of Significant  Accounting Policies" which is
included  in  the  consolidated  financial  statements  in  "Item  7.  Financial
Statements".  Management  believes  that  the  consistent  application  of these
policies enables the Partnership to provide readers of the financial  statements
with useful and reliable  information about the Partnership's  operating results
and financial condition. The preparation of consolidated financial statements in
conformity with accounting  principles  generally  accepted in the United States
requires the Partnership to make estimates and assumptions.  These estimates and
assumptions affect the reported amounts of assets and liabilities at the date of
the financial  statements  as well as reported  amounts of revenues and expenses
during the reporting  period.  Actual results could differ from these estimates.
Judgments  and  assessments  of  uncertainties  are  required  in  applying  the
Partnership's  accounting policies in many areas. The Partnership  believes that
of its  significant  accounting  policies,  the  following  may involve a higher
degree of judgment and complexity.

<PAGE>

Impairment of Long-Lived Assets

The Partnership's  investment  properties are recorded at cost, less accumulated
depreciation,  unless considered impaired.  If events or circumstances  indicate
that the carrying  amount of a property may be impaired,  the  Partnership  will
make an assessment of its  recoverability by estimating the undiscounted  future
cash flows,  excluding interest charges, of the property. If the carrying amount
exceeds the aggregate  future cash flows,  the  Partnership  would  recognize an
impairment  loss to the extent the carrying amount exceeds the fair value of the
property.

Real  property  investments  are  subject  to varying  degrees of risk.  Several
factors  may  adversely  affect  the  economic  performance  and  value  of  the
Partnership's investment properties.  These factors include, but are not limited
to,  changes  in the  national,  regional  and  local  economic  climate;  local
conditions,  such as an oversupply of multifamily  properties;  competition from
other available  multifamily property owners and changes in market rental rates.
Any adverse changes in these factors could cause impairment of the Partnership's
assets.

Revenue Recognition

The Partnership generally leases apartment units for twelve-month terms or less.
Rental income  attributable to leases is recognized monthly as it is earned. The
Partnership  evaluates all accounts receivable from residents and establishes an
allowance, after the application of security deposits, for accounts greater than
30 days past due on current tenants and all receivables due from former tenants.
The Partnership will offer rental concessions during particularly slow months or
in response to heavy  competition from other similar  complexes in the area. Any
concessions  given at the inception of the lease are amortized  over the life of
the lease.

<PAGE>

Item 7.  Financial Statements


SHELTER PROPERTIES V

LIST OF FINANCIAL STATEMENTS

      Report of Ernst & Young LLP, Independent Auditors

      Consolidated Balance Sheet - December 31, 2003

      Consolidated  Statements of  Operations - Years ended  December 31, 2003
      and 2002

      Consolidated  Statements  of Changes in Partners'  Deficit - Years ended
      December 31, 2003 and 2002

      Consolidated Statements of Cash Flows - Years ended December 31, 2003
      and 2002

      Notes to Consolidated Financial Statements


<PAGE>

              Report of Ernst & Young LLP, Independent Auditors



The Partners
Shelter Properties V


We  have  audited  the  accompanying   consolidated  balance  sheet  of  Shelter
Properties V as of December 31, 2003, and the related consolidated statements of
operations,  changes in  partners'  deficit,  and cash flows for each of the two
years in the period ended December 31, 2003. These financial  statements 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 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 the  Partnership's  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 consolidated financial position of Shelter Properties
V at December 31, 2003, and the  consolidated  results of its operations and its
cash flows for each of the two years in the period ended  December 31, 2003,  in
conformity with accounting principles generally accepted in the United States.


                                                         /s/ ERNST & YOUNG LLP

Greenville, South Carolina
February 27, 2004


<PAGE>






                              SHELTER PROPERTIES V

                           CONSOLIDATED BALANCE SHEET
                        (in thousands, except unit data)

                                December 31, 2003
<TABLE>
<CAPTION>


Assets
<S>                                                                          <C>
   Cash and cash equivalents                                                 $ 458
   Receivables and deposits                                                      342
   Restricted escrows                                                            277
   Other assets                                                                1,429
   Investment properties (Notes B and E):
      Land                                                    $ 4,054
      Buildings and related personal property                   84,425
                                                               88,479
      Less accumulated depreciation                            (56,164)       32,315
                                                                            $ 34,821

Liabilities and Partners' Deficit
Liabilities
   Accounts payable                                                          $ 145
   Tenant security deposit liabilities                                           299
   Accrued property taxes                                                        237
   Other liabilities                                                             650
   Mortgage notes payable (Note B)                                            45,389

Partners' Deficit
   General partners                                           $   (371)
   Limited partners (52,538 units
      issued and outstanding)                                  (11,528)      (11,899)
                                                                            $ 34,821

        See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<PAGE>

                              SHELTER PROPERTIES V

                      CONSOLIDATED STATEMENTS OF OPERATIONS
                      (in thousands, except per unit data)





                                                      Years Ended December 31,
                                                          2003         2002
Revenues:
 Rental income                                            $12,530     $12,959
 Other income                                               1,380       1,381
 Casualty gains (Note F)                                      629         787
      Total revenues                                       14,539      15,127

Expenses:
 Operating                                                  5,835       5,474
 General and administrative                                   511         480
 Depreciation                                               3,338       3,196
 Interest                                                   3,534       3,627

 Property taxes                                             1,016       1,007
      Total expenses                                       14,234      13,784

Net income (Note C)                                      $    305    $  1,343

Net income allocated to general partners (1%)            $      3    $     13

Net income allocated to limited partners (99%)                302       1,330

                                                         $    305    $  1,343

Net income per limited partnership unit                  $   5.75    $  25.32

Distributions per limited partnership unit               $   9.61    $ 127.13


        See Accompanying Notes to Consolidated Financial Statements



<PAGE>


                              SHELTER PROPERTIES V

           CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' DEFICIT
                        (in thousands, except unit data)

<TABLE>
<CAPTION>


                                         Limited
                                       Partnership    General     Limited
                                          Units       Partners    Partners     Total

<S>                                      <C>           <C>        <C>        <C>
Original capital contributions           52,538        $   2      $ 52,538   $ 52,540

Partners' deficit
   at December 31, 2001                  52,538        $(335)     $ (5,976)  $ (6,311)

Distributions to partners                    --          (52)       (6,679)    (6,731)

Net income for the year
   ended December 31, 2002                   --           13         1,330      1,343

Partners' deficit
   at December 31, 2002                  52,538         (374)      (11,325)   (11,699)

Distributions to partners                    --           --          (505)      (505)


Net income for the year
   ended December 31, 2003                   --            3           302        305

Partners' deficit
   at December 31, 2003                  52,538       $ (371)     $(11,528)  $(11,899)

        See Accompanying Notes to Consolidated Financial Statements
</TABLE>



<PAGE>


                              SHELTER PROPERTIES V

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (in thousands)

<TABLE>
<CAPTION>

                                                                  Years Ended
                                                                 December 31,
                                                             2003           2002

Cash flows from operating activities:
<S>                                                        <C>           <C>
  Net income                                               $    305      $  1,343
  Adjustments to reconcile net income to net
  cash provided by operating activities:
   Depreciation                                               3,338         3,196
   Amortization of loan costs                                    82            84
   Casualty gain                                               (629)         (787)
   Bad debt expense                                             240           234
   Change in accounts:
      Receivables and deposits                                 (110)         (178)
      Other assets                                             (101)           (3)
      Accounts payable                                           76           (62)
      Tenant security deposit liabilities                        10             4
      Accrued property taxes                                     17           (65)
      Other liabilities                                         (46)           98
         Net cash provided by operating activities            3,182         3,864

Cash flows from investing activities:
   Property improvements and replacements                    (2,608)       (2,885)
   Net withdrawals from restricted escrows                      124           418
   Insurance proceeds received                                  817           880
         Net cash used in investing activities               (1,667)       (1,587)

Cash flows from financing activities:
   Payments on mortgage notes payable                        (1,319)       (1,176)
   Loan costs paid                                               --            (4)
   Distributions to partners                                   (505)       (6,731)
   Advances from affiliate                                      219            21
   Payments on advances from affiliate                         (239)           (1)
         Net cash used in financing activities               (1,844)       (7,891)

Net decrease in cash and cash equivalents                      (329)       (5,614)
Cash and cash equivalents at beginning of the year              787         6,401
Cash and cash equivalents at end of the year              $     458     $     787
Supplemental disclosure of cash flow information:
  Cash paid for interest                                  $   3,522     $   3,453
Supplemental disclosure of non-cash activity:
  Property improvements and replacements in accounts
    payable                                               $      --     $     291
  Insurance proceeds on deposit with mortgage lender      $      --     $      59

At December  31,  2001,  approximately  $287,000 of  property  improvements  and
replacements were included in accounts payable.


        See Accompanying Notes to Consolidated Financial Statements
</TABLE>


                              SHELTER PROPERTIES V

                  Notes to Consolidated Financial Statements

Note A - Organization and Summary of Significant Accounting Policies

Organization:  Shelter  Properties V (the  "Partnership"  or  "Registrant")  was
organized as a limited partnership under the laws of the State of South Carolina
on August 21,  1981.  The general  partner  responsible  for  management  of the
Partnership's  business  is  Shelter  Realty  V  Corporation,  a South  Carolina
corporation (the "Corporate General Partner").  The Corporate General Partner is
a  subsidiary  of Apartment  Investment  and  Management  Company  ("AIMCO"),  a
publicly traded real estate investment trust. The other general partner is AIMCO
Properties,  L.P., an affiliate of the Corporate  General Partner and AIMCO. The
Partnership  Agreement provides that the Partnership is to terminate on December
31,  2023  unless  terminated  prior to such  date.  The  Partnership  commenced
operations  on July  19,  1983,  and  completed  its  acquisition  of  apartment
properties  on January  18,  1984.  The  Partnership  operates  seven  apartment
properties located in the South and Southeast.

Principles of Consolidation:  The financial  statements include all the accounts
of the Partnership and its two 99.99% owned partnerships.  The corporate general
partner  of the  consolidated  partnerships  is  Shelter  Realty V  Corporation.
Shelter  Realty V  Corporation  may be  removed  as the  general  partner of the
consolidated  partnerships  by  the  Partnership;  therefore,  the  consolidated
partnerships are controlled and consolidated by the Partnership. All significant
interpartnership balances have been eliminated.

Use of Estimates:  The  preparation of financial  statements in conformity  with
accounting   principles   generally  accepted  in  the  United  States  requires
management to make estimates and assumptions that affect the amounts reported in
the financial  statements and  accompanying  notes.  Actual results could differ
from those estimates.

Allocation of Cash  Distributions:  Cash  distributions  by the  Partnership are
allocated between general and limited partners in accordance with the provisions
of the Partnership  Agreement.  The Partnership  Agreement defines net cash from
operations  as revenue  received  less  operating  expenses  paid,  adjusted for
certain  specified  items which  primarily  include  mortgage  payments on debt,
property improvements and replacements not previously reserved,  and the effects
of other  adjustments to reserves  including reserve amounts deemed necessary by
the  Corporate  General  Partner.  In the  following  notes to the  consolidated
financial  statements,  whenever "net cash from  operations" is used, it has the
aforementioned meaning. The following is a reconciliation of the subtotal in the
accompanying  consolidated statements of cash flows captioned "net cash provided
by  operating  activities"  to "net cash from  operations",  as  defined  in the
Partnership  Agreement.  However,  "net  cash  from  operations"  should  not be
considered  an  alternative  to net income as an indicator of the  Partnership's
operating performance or to cash flows as a measure of liquidity.

Reconciliation of Cash Flows:

                                                       Years Ended
                                                       December 31,
                                                   2003            2002
                                                      (in thousands)
Net cash provided by operating
   activities                                  $ 3,182         $ 3,864
  Property improvements and
   replacements                                 (2,608)         (2,885)
  Payments on mortgage notes payable            (1,319)         (1,176)
  Changes in reserves for net
     operating liabilities                         154             206
  Changes in restricted escrows, net               124             418

     Net cash (used in) from operations        $  (467)        $   427

The Partnership  Agreement  provides that 99% of  distributions of net cash from
operations  are  allocated to the limited  partners  until they receive net cash
from  operations  for such  fiscal  year equal to 7% of their  adjusted  capital
values (as  defined in the  Partnership  Agreement),  at which point the general
partners will be allocated all net cash from operations until they have received
distributions equal to 10% of the aggregate net cash from operations distributed
to partners  for such fiscal  year.  Thereafter,  the general  partners  will be
allocated 10% of any  distributions  of remaining net cash from  operations  for
such fiscal year.

All  distributions of distributable  net proceeds (as defined in the Partnership
Agreement) from property  dispositions and refinancings will be allocated to the
limited  partners  until each limited  partner has received an amount equal to a
cumulative 7% per annum return of the average of the limited partners'  adjusted
capital  value,  less any prior  distributions  of net cash from  operations and
distributable net proceeds, and has also received an amount equal to the limited
partners' adjusted capital value. Thereafter, the general partners receive 1% of
the selling prices of properties sold where they acted as a broker,  after which
the limited  partners will be allocated 85% of any  remaining  distributions  of
distributable net proceeds and the general partners will receive 15%.

Undistributed  Net Proceeds from Sales and  Refinancings:  At December 31, 2003,
the Partnership had  undistributed  net proceeds of approximately  $230,000 from
the financing obtained on Tar River Estates Apartments in December 2001.

Allocation  of  Profits,  Gains,  and Losses:  Profits,  gains and losses of the
Partnership  are allocated  between  general and limited  partners in accordance
with the provisions of the Partnership Agreement.

For any fiscal  year,  to the extent  that  profits,  not  including  gains from
property dispositions,  do not exceed distributions of net cash from operations,
such  profits are  allocated  in the same manner as such  distributions.  In any
fiscal year in which profits,  not including  gains from property  dispositions,
exceed  distributions of net cash from  operations,  such excess is treated on a
cumulative basis as if it constituted an equivalent  amount of distributable net
proceeds and is allocated together with, and in the same manner as, that portion
of gain described in the second sentence of the following paragraph.

Any gain from property  dispositions  attributable to the excess, if any, of the
indebtedness relating to a property immediately prior to the disposition of such
property  over  the  Partnership's  adjusted  basis  in the  property  shall  be
allocated to each partner  having a negative  capital  account  balance,  to the
extent of such negative  balance.  The balance of any gain shall be treated on a
cumulative basis as if it constituted an equivalent  amount of distributable net
proceeds  and shall be  allocated  to the  general  partners  to the extent that
general  partners would have received  distributable  net proceeds in connection
therewith; the balance shall be allocated to the limited partners.  However, the
interest  of the general  partners  will be equal to at least 1% of each gain at
all times during the existence of the  Partnership.  Accordingly,  net income as
shown in the  consolidated  statements  of  operations  and changes in partners'
deficit for 2003 and 2002 was  allocated  99% to the limited  partners and 1% to
the general  partners.  Net income per limited  partnership unit was computed by
dividing  the net income  allocated  to the  limited  partners  by 52,538  units
outstanding.

Fair Value of Financial Instruments: Statement of Financial Accounting Standards
("SFAS") No. 107,  "Disclosures about Fair Value of Financial  Instruments",  as
amended by SFAS No. 119, "Disclosures about Derivative Financial Instruments and
Fair  Value  of  Financial  Instruments",  requires  disclosure  of  fair  value
information  about  financial  instruments,  whether  or not  recognized  in the
balance sheet, for which it is practicable to estimate fair value. Fair value is
defined in the SFAS as the amount at which the instruments could be exchanged in
a  current  transaction  between  willing  parties,  other  than in a forced  or
liquidation  sale.  The  Partnership  believes  that the carrying  amount of its
financial  instruments (except for long term debt) approximates their fair value
due to the short  term  maturity  of these  instruments.  The fair  value of the
Partnership's  long term debt, after  discounting the scheduled loan payments to
maturity at the  Partnership's  incremental  borrowing  rate, was  approximately
$49,945,000 at December 31, 2003.

Other  Reserves:  The Corporate  General Partner may designate a portion of cash
generated  from  operations  as "other  reserves" in  determining  net cash from
operations. The Corporate General Partner designated as other reserves an amount
equal to the net liabilities  related to the operations of apartment  properties
during the  current  fiscal  year that are  expected  to require the use of cash
during the next  fiscal  year.  The changes in other  reserves  during the years
ended  December 31, 2003 and 2002 were decreases of  approximately  $154,000 and
$206,000,  respectively.  The amounts were determined by considering  changes in
the balances of receivables and deposits, other assets, accounts payable, tenant
security deposit liabilities, accrued taxes and other liabilities. At this time,
the Corporate General Partner expects to continue to adjust other reserves based
on the net change in the aforementioned account balances.

Cash and Cash Equivalents:  Cash and cash equivalents  includes cash on hand and
in banks.  At certain  times,  the amount of cash deposited at a bank may exceed
the limit on insured deposits.  Cash balances included approximately $207,000 at
December 31, 2003 that are  maintained  by an affiliated  management  company on
behalf of affiliated entities in cash concentration accounts.

Capital Improvements Reserve: During 2001, the Partnership received a settlement
for  defective  siding  materials  which was used in a  construction  project at
Lexington  Green  Apartments  completed  during  1988.  A  reserve  account  was
established  in  2001  with  the  mortgage  lender  pending  the  completion  of
renovations  to replace the defective  materials at the  property.  All work has
been completed and is currently  awaiting  inspection at which time the mortgage
lender will release the funds. At December 31, 2003, the balance in this reserve
was approximately $227,000, including interest.

Depreciation:  Depreciation  is  provided by the  straight-line  method over the
estimated lives of the apartment  properties and related personal property.  For
Federal income tax purposes,  the  accelerated  cost recovery method is used for
real property,  over 18 years for additions  after March 15, 1984 and before May
9, 1985;  and 19 years for  additions  after May 8, 1985 and  before  January 1,
1987. As a result of the Tax Reform Act of 1986,  for additions  after  December
31, 1986, the modified accelerated cost recovery method is used for depreciation
of (1) real  property  additions  over 27 1/2  years and (2)  personal  property
additions over 5 years.

Loan  Costs:   Loan  costs  of   approximately   $1,437,000,   less  accumulated
amortization  of  approximately  $241,000,  are included in other assets and are
being  amortized  by both the  straight-line  and  effective  interest  methods.
Amortization  expense for 2003 and 2002 was  approximately  $82,000 and $84,000,
respectively,  and is  included  in interest  expense.  Amortization  expense is
expected to be approximately  $82,000 in 2004, $81,000 in 2005, $80,000 in 2006,
$79,000 in 2007 and $78,000 in 2008.

Tenant  Security  Deposits:  The  Partnership  requires  security  deposits from
lessees  for the  duration  of the  lease  and such  deposits  are  included  in
receivables  and  deposits.  The security  deposits are refunded when the tenant
vacates,  provided  the tenant has not  damaged  its space and is current on its
rental payments.

Leases: The Partnership  generally leases apartment units for twelve-month terms
or less. The Partnership  recognizes income attributable to leases monthly as it
is earned. The Partnership  evaluates all accounts receivable from residents and
establishes  an  allowance,  after the  application  of security  deposits,  for
accounts  greater than 30 days past due on current  tenants and all  receivables
due from former tenants. In addition,  the Corporate General Partner's policy is
to offer rental  concessions  during  particularly slow months or in response to
heavy  competition  from other similar  complexes in the area.  Any  concessions
given at the inception of the lease are amortized over the life of the lease.

Investment   Properties:   Investment  properties  consist  of  seven  apartment
complexes and are stated at cost.  Acquisition fees are capitalized as a cost of
real  estate.  Expenditures  in excess of $250 that  maintain an existing  asset
which  has a  useful  life of more  than one year  are  capitalized  as  capital
replacement  expenditures  and depreciated over the estimated useful life of the
asset.  Expenditures for ordinary  repairs,  maintenance and apartment  turnover
costs are expensed as incurred. In accordance with SFAS No. 144, "Accounting for
the  Impairment  or Disposal of  Long-Lived  Assets",  the  Partnership  records
impairment  losses on  long-lived  assets  used in  operations  when  events and
circumstances  indicate  that the assets might be impaired and the  undiscounted
cash flows  estimated to be generated by those assets are less than the carrying
amounts  of  those  assets.   Costs  of  apartment  properties  that  have  been
permanently  impaired have been written down to appraised  value. No adjustments
for  impairment of value were  recorded in the years ended  December 31, 2003 or
2002.

Segment Reporting: SFAS No. 131, "Disclosure about Segments of an Enterprise and
Related  Information"  established  standards  for the way that public  business
enterprises  report  information  about operating  segments in annual  financial
statements and requires that those enterprises report selected information about
operating segments in interim financial  reports.  SFAS No. 131 also established
standards for related disclosures about products and services, geographic areas,
and major  customers.  As defined in SFAS No. 131, the  Partnership has only one
reportable segment.

Advertising:  The  Partnership  expenses the costs of  advertising  as incurred.
Advertising  costs of  approximately  $220,000  and $164,000 for the years ended
December 31, 2003 and 2002,  respectively,  were charged to operating expense as
incurred.

Note B - Mortgage Notes Payable

The terms of mortgage notes payable are as follows:

<TABLE>
<CAPTION>

                                Principal     Monthly                           Principal
                               Balance At     Payment     Stated                 Balance
                              December 31,   Including   Interest  Maturity      Due At
Property                          2003        Interest     Rate      Date       Maturity
                                   (in thousands)                            (in thousands)

Foxfire Apartments
<S>                             <C>           <C>         <C>      <C>   <C>      <C>
 1st mortgage                   $ 6,479       $ 59        7.79%    11/01/19       $ --

Old Salem Apartments
 1st mortgage                     9,164          85       8.02%    12/01/19           --

Woodland Village Apartments
 1st mortgage                     7,587          63       7.11%    09/01/21           --

Lake Johnson Mews Apartments
 1st mortgage                     6,706          57       7.43%    07/01/21           --

The Lexington Green
Apartments
 1st mortgage                     6,511          55       7.22%    01/01/21           --

Millhopper Village Apartments
 1st mortgage                     3,981          34       7.43%    07/01/21           --

Tar River Estates Apartments
 1st mortgage                     4,961          41       7.23%    01/01/22           --

Total                           $45,389       $ 394                                  $ --
</TABLE>

The mortgage notes payable are  non-recourse  and are secured by a pledge of the
respective  apartment  properties  and by pledge of revenues from the respective
apartment  properties.  Certain of the notes  require  prepayment  penalties  if
repaid  prior to  maturity  and  prohibit  resale of the  properties  subject to
existing indebtedness.

Scheduled  principal  payments of mortgage notes payable  subsequent to December
31, 2003 are as follows (in thousands):

                                     2004     $  1,335
                                     2005        1,484
                                     2006        1,599
                                     2007        1,723
                                     2008        1,858
                                  Thereafter    37,390
                                              $ 45,389


<PAGE>



Note C - Income Taxes

The Partnership has received a ruling from the Internal  Revenue Service that it
will  be  classified  as  a  partnership   for  Federal   income  tax  purposes.
Accordingly, no provision for income taxes is made in the consolidated financial
statements of the  Partnership.  Taxable  income or loss of the  Partnership  is
reported in the income tax returns of its partners.

The  following is a  reconciliation  of reported net income and Federal  taxable
income (in thousands, except per unit data):

                                        2003          2002

Net income as reported                  $ 305        $ 1,343
Add (deduct):
     Depreciation differences           1,994         2,004
     Change in prepaid rental             (36)            4
     Gain from casualty and sale         (809)         (620)
     Other                                 318         (310)
Federal taxable income                $ 1,772       $ 2,421

Federal taxable income per
     limited partnership unit         $ 33.39       $ 45.61

The following is a reconciliation between the Partnership's reported amounts and
Federal tax basis of net liabilities (in thousands):

            Net liabilities as reported            $ (11,899)
            Land and buildings                        (1,613)
            Accumulated depreciation                 (16,503)
            Syndication fees                           6,747
            Other                                        418

            Net liabilities - tax basis            $ (22,850)

Note D - Transactions with Affiliated Parties

The  Partnership  has no employees  and is dependent  on the  Corporate  General
Partner  and  its  affiliates  for  the  management  and  administration  of all
Partnership activities.  The Partnership Agreement provides for certain payments
to affiliates for services and  reimbursement  of certain  expenses  incurred by
affiliates on behalf of the Partnership.

Affiliates of the Corporate  General Partner are entitled to receive 5% of gross
receipts from all of the Partnership's  properties as compensation for providing
property   management   services.   The  Partnership  paid  to  such  affiliates
approximately  $664,000 and  $725,000 for the years ended  December 31, 2003 and
2002, respectively, which is included in operating expenses.

Affiliates   of  the  Corporate   General   Partner  were  entitled  to  receive
reimbursement of accountable  administrative expenses amounting to approximately
$582,000  and  $645,000  for  the  years  ended  December  31,  2003  and  2002,
respectively.  Included  in these  amounts  are  fees  related  to  construction
management services provided by an affiliate of the Corporate General Partner of
approximately  $186,000 and  $295,000 for the years ended  December 31, 2003 and
2002,  respectively.  The  construction  management  service fees are calculated
based on a  percentage  of  current  additions  to  investment  properties.  The
reimbursement  of accountable  administrative  expenses  includes  approximately
$57,000 owed to  affiliates  of the  Corporate  General  Partner at December 31,
2003.  These  amounts  are  included  in general  and  administrative  expenses,
investment properties, and other liabilities.

In accordance  with the  Partnership  Agreement,  the Corporate  General Partner
loaned  approximately  $219,000  to the  Partnership  to cover  real  estate tax
payments at Woodland Village Apartments during the year ended December 31, 2003.
During the year ended  December 31, 2002, the Corporate  General  Partner loaned
the  Partnership  $21,000 to cover real estate tax payments and other  operating
expenses  related to three  properties.  Interest  was accrued at the prime rate
plus 2%. Interest expense was  approximately  $1,000 for the year ended December
31, 2003 and less than $1,000 for the year ended  December 31, 2002.  During the
years ended  December  31, 2003 and 2002,  the  Partnership  repaid  advances of
approximately  $239,000  and  $1,000,  respectively,  and  related  interest  of
approximately $1,000 to the Corporate General Partner with cash from operations.
At December 31, 2003 there were no outstanding loans or accrued interest owed to
the Corporate General Partner.

The  Partnership  insures its properties up to certain  limits through  coverage
provided by AIMCO which is  generally  self-insured  for a portion of losses and
liabilities  related to workers  compensation,  property  casualty  and  vehicle
liability. The Partnership insures its properties above the AIMCO limits through
insurance  policies  obtained  by  AIMCO  from  insurers  unaffiliated  with the
Corporate  General  Partner.  During the years ended December 31, 2003 and 2002,
the Partnership was charged by AIMCO and its affiliates  approximately  $192,000
and $232,000,  respectively,  for insurance  coverage and fees  associated  with
policy claims administration.

In addition to its indirect  ownership of the general  partner  interests in the
Partnership,  AIMCO and its  affiliates  owned 38,075  Units in the  Partnership
representing  72.47% of the outstanding  Units at December 31, 2003. A number of
these  Units  were  acquired  pursuant  to  tender  offers  made by AIMCO or its
affiliates.  It is possible that AIMCO or its affiliates will acquire additional
Units  in  exchange  for  cash or a  combination  of cash  and  units  in  AIMCO
Properties,  L.P., the operating  partnership of AIMCO,  either through  private
purchases or tender offers.  Pursuant to the Partnership Agreement,  unitholders
holding a majority of the Units are  entitled  to take action with  respect to a
variety of matters  that  include,  but are not  limited  to,  voting on certain
amendments  to the  Partnership  Agreement  and voting to remove  the  Corporate
General  Partner.  As a result of its  ownership  of  72.47% of the  outstanding
Units,  AIMCO  and its  affiliates  are in a  position  to  control  all  voting
decisions  with  respect to the  Partnership.  Although  the  Corporate  General
Partner owes fiduciary duties to the limited  partners of the  Partnership,  the
Corporate  General  Partner  also  owes  fiduciary  duties  to AIMCO as its sole
stockholder.  As a result,  the  duties of the  Corporate  General  Partner,  as
corporate general partner,  to the Partnership and its limited partners may come
into conflict with the duties of the Corporate  General Partner to AIMCO, as its
sole stockholder.


<PAGE>
Note E - Investment Properties and Accumulated Depreciation

<TABLE>
<CAPTION>

                                                     Initial Cost
                                                    To Partnership
                                                    (in thousands)

                                                           Buildings        Cost
                                                          and Related   Capitalized
                                                           Personal    Subsequent to
           Description            Encumbrances    Land     Property     Acquisition
                                  (in thousands)                      (in thousands)
<S>                                  <C>         <C>        <C>           <C>
Foxfire Apartments                   $ 6,479     $ 830      $ 9,122       $ 2,401
Old Salem Apartments                   9,164        654      12,664         5,127
Woodland Village Apartments            7,587        605       9,135         4,301
Lake Johnson Mews Apartments           6,706        338       6,725         2,296
The Lexington Green Apartments         6,511      1,102       6,620         3,793
Millhopper Village Apartments          3,981        239       4,305         1,707
Tar River Estates Apartments           4,961        474       9,985         6,056
Totals                               $45,389    $ 4,242     $58,556       $25,681
</TABLE>


<TABLE>
<CAPTION>

                              Gross Amount At Which
                                   Carried
                              At December 31, 2003
                                 (in thousands)

                                    Buildings
                                       And
                                      Related                       Date of
                                     Personal          Accumulated Construc-   Date   Depreciable
          Description         Land   Property   Total  Depreciation  tion    Acquired     Life
                                                      (in thousands)
   Foxfire Apartments
<S>                          <C>      <C>      <C>      <C>        <C>  <C>   <C>   <C>  <C>
   Atlanta, Georgia          $   830  $11,523  $12,353  $ 8,019    1969-1971  07/19/83 5-30 yrs

   Old Salem Apartments
   Charlottesville, Virginia     654   17,791   18,445   12,903    1969-1971  08/25/83 5-30 yrs

   Woodland Village
   Apartments
   Columbia, South Carolina      605   13,436   14,041    9,342       1974    09/01/83 5-30 yrs

   Lake Johnson Mews
   Apartments
   Raleigh, North Carolina       338    9,021    9,359    6,250    1972-1973  09/30/83 5-30 yrs

   The Lexington Green
    Apartments
   Sarasota, Florida           1,102   10,413   11,515    6,917    1973-1982  10/31/83 5-34 yrs

   Millhopper Village
   Apartments
   Gainesville, Florida          239    6,012    6,251    4,433    1970-1976  11/22/83 5-30 yrs

   Tar River Estates
   Apartments
   Greenville,         North     286   16,229   16,515    8,300    1969-1972  01/18/84 5-30 yrs
   Carolina

                             $ 4,054  $84,425  $88,479  $56,164
            Totals
</TABLE>

Reconciliation of "investment properties and accumulated depreciation":

                                                          Years Ended
                                                          December 31,
                                                       2003            2002
                                                          (in thousands)
Real Estate
Balance at beginning of year                        $86,586          $83,983
    Property improvements                             2,317            2,889
    Disposals of property                              (424)            (286)
Balance at end of year                              $88,479          $86,586

Accumulated Depreciation

Balance at beginning of year                        $53,121          $50,111
    Additions charged to expense                      3,338            3,196
    Disposals of property                              (295)            (186)
Balance at end of year                              $56,164          $53,121

The  aggregate  cost of the real  estate  for  Federal  income tax  purposes  at
December  31,  2003  and  2002 is  approximately  $86,866,000  and  $85,138,000,
respectively. The accumulated depreciation taken for Federal income tax purposes
at December  31, 2003 and 2002 is  approximately  $72,667,000  and  $71,323,000,
respectively.

Note F - Casualty Events

On January 18, 2003,  there was a fire at Tar River Estates  Apartments  causing
damage to eight units. The property  incurred damages of approximately  $611,000
and lost rents of  approximately  $69,000.  During the year ended  December  31,
2003, the Partnership recognized a gain of approximately $500,000 as a result of
the receipt of  insurance  proceeds  of  approximately  $601,000,  offset by the
write-off of the  undepreciated  damaged assets of  approximately  $101,000.  In
addition,  the Partnership received insurance proceeds of approximately  $69,000
to cover the lost rents, which is included in rental income.

In June 2002,  Foxfire  Apartments  experienced a fire, causing damage to twelve
units. The property  incurred  damages of approximately  $677,000 as a result of
the fire and lost rents of approximately $61,000. During the year ended December
31, 2002,  insurance  proceeds of approximately  $494,000 were received to cover
the damage to the property,  including  approximately  $59,000 which was held on
deposit  with the  mortgage  lender at  December  31,  2002 and  released to the
Partnership during the year ended December 31, 2003. The Partnership  recognized
a casualty gain of  approximately  $394,000 after writing off the  undepreciated
cost of the damaged  units during the year ended  December 31, 2002.  During the
year ended December 31, 2003, the Partnership  received  additional  proceeds of
approximately  $157,000 to cover the damages and approximately  $61,000 to cover
the lost rents, which is included in rental income.  The Partnership  recognized
an additional  gain of  approximately  $129,000 for the year ended  December 31,
2003, after writing off additional undepreciated damaged assets of approximately
$28,000.

In September  2001,  The Lexington  Green  Apartments  was damaged by a tropical
storm.  There was  extensive  damage to two units in  addition  to 36 units with
minor damage. The property incurred damages of approximately $69,000 as a result
of the storm.  During the year ended  December 31, 2001,  insurance  proceeds of
approximately  $52,000 were received to cover the damage to the property.  These
proceeds  were held on deposit  with the  mortgage  lender at December 31, 2001.
After writing off the undepreciated  costs of the damaged units, the Partnership
recognized  a  casualty  gain of  approximately  $33,000  during  the year ended
December 31, 2001. During the year ended December 31, 2002,  insurance  proceeds
of approximately  $69,000 were received by the  Partnership,  which included the
proceeds  held on deposit with the mortgage  lender.  The  additional  insurance
proceeds  received  resulted in an  additional  casualty  gain of  approximately
$17,000 for the year ended December 31, 2002.

In September  1999, Tar River Estates  Apartments was damaged by severe flooding
which  affected  certain  areas  of  North  Carolina.   The  property   incurred
approximately  $6,323,000 in damages as a result of this  flooding.  During 2001
and 2000, insurance proceeds of approximately  $5,316,000 were received to cover
lost  rents  and  damage  to the  property,  resulting  in a  casualty  gain  of
approximately  $1,662,000 in 2000. In addition,  the  Partnership  negotiated an
agreement with the city of Greenville,  North Carolina, whereby a portion of the
land was  condemned  and sold to the city on October 17,  2001.  Therefore,  the
apartment  units  previously  located on this land were not  reconstructed.  The
remaining damaged units have been completely  reconstructed.  An additional gain
of  approximately  $376,000 was recorded during the year ended December 31, 2002
as a result of receiving additional insurance proceeds.

Note G - Legal Proceedings

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial Group, Inc., et al. (the "Nuanes action") in the Superior Court of the
State of  California  for the  County  of San  Mateo.  The  plaintiffs  named as
defendants,  among others,  the Partnership,  its Corporate  General Partner and
several of their  affiliated  partnerships  and corporate  entities.  The action
purported  to  assert  claims  on  behalf  of a class of  limited  partners  and
derivatively  on behalf  of a number  of  limited  partnerships  (including  the
Partnership)  that are named as nominal  defendants,  challenging,  among  other
things,  the  acquisition  of interests  in certain  Corporate  General  Partner
entities by Insignia Financial Group, Inc.  ("Insignia") and entities that were,
at one  time,  affiliates  of  Insignia;  past  tender  offers  by the  Insignia
affiliates to acquire limited partnership units;  management of the partnerships
by the  Insignia  affiliates;  and the series of  transactions  which  closed on
October 1, 1998 and February 26, 1999 whereby  Insignia and Insignia  Properties
Trust,  respectively,  were merged into AIMCO.  The plaintiffs  sought  monetary
damages and equitable relief, including judicial dissolution of the Partnership.
In addition, during the third quarter of 2001, a complaint (the "Heller action")
was filed  against  the same  defendants  that are named in the  Nuanes  action,
captioned  Heller v.  Insignia  Financial  Group.  On or about  August 6,  2001,
plaintiffs filed a first amended  complaint.  The Heller action was brought as a
purported derivative action, and asserted claims for, among other things, breach
of fiduciary  duty,  unfair  competition,  conversion,  unjust  enrichment,  and
judicial dissolution.

On January 8, 2003,  the parties filed a  Stipulation  of Settlement in proposed
settlement of the Nuanes action and the Heller action.

In general  terms,  the  proposed  settlement  provides  for  certification  for
settlement  purposes of a settlement class consisting of all limited partners in
this  Partnership and others (the  "Partnerships")  as of December 20, 2002, the
dismissal  with  prejudice  and  release  of claims  in the  Nuanes  and  Heller
litigation,  payment by AIMCO of $9.9  million  (which shall be  distributed  to
settlement  class  members  after  deduction of attorney fees and costs of class
counsel and certain costs of settlement) and up to $1 million toward the cost of
independent  appraisals of the  Partnerships'  properties  by a Court  appointed
appraiser. An affiliate of the Corporate General Partner has also agreed to make
at least one round of tender offers to purchase all of the partnership interests
in the Partnerships within one year of final approval,  if it is granted, and to
provide  partners with the independent  appraisals at the time of these tenders.
The proposed  settlement also provided for the limitation of the allowable costs
which  the  Corporate   General  Partner  or  its  affiliates  will  charge  the
Partnerships  in connection with this litigation and imposes limits on the class
counsel  fees and  costs in this  litigation.  On April  11,  2003,  notice  was
distributed  to  limited   partners   providing  the  details  of  the  proposed
settlement.

On June 13, 2003, the Court granted final approval of the settlement and entered
judgment in both the Nuanes and Heller actions.  On August 12, 2003, an objector
("Objector")  filed an  appeal  seeking  to  vacate  and/or  reverse  the  order
approving the settlement and entering  judgment  thereto.  On November 24, 2003,
the Objector filed an  application  requesting the Court order AIMCO to withdraw
settlement  tender offers it had  commenced,  refrain from making further offers
pending the appeal and auction any units tendered to third  parties,  contending
that the offers did not conform  with the terms of the  Settlement.  Counsel for
the Objector (on behalf of another  investor)  had  alternatively  requested the
Court take certain  action  purportedly  to enforce the terms of the  settlement
agreement.  On December 18, 2003,  the Court heard oral  argument on the motions
and denied them both in their entirety.  On January 28, 2004, Objector filed his
opening brief in his pending appeal.  The Corporate General Partner is currently
scheduled  to file a brief in  support  of the order  approving  settlement  and
entering judgment thereto by April 23, 2004.

On August 8, 2003 AIMCO Properties  L.P., an affiliate of the Corporate  General
Partner,  was served  with a  Complaint  in the United  States  District  Court,
District of Columbia alleging that AIMCO Properties L.P.  willfully violated the
Fair Labor Standards Act (FLSA) by failing to pay maintenance  workers  overtime
for all hours worked in excess of forty per week.  The  Complaint is styled as a
Collective  Action  under  the FLSA and seeks to  certify  state  subclasses  in
California, Maryland, and the District of Columbia. Specifically, the plaintiffs
contend that AIMCO Properties L.P. failed to compensate  maintenance workers for
time  that they were  required  to be  "on-call".  Additionally,  the  Complaint
alleges AIMCO  Properties  L.P.  failed to comply with the FLSA in  compensating
maintenance  workers  for time that they  worked in  responding  to a call while
"on-call".  The  Complaint  also  attempts  to certify a subclass  for  salaried
service  directors who are challenging  their  classification as exempt from the
overtime  provisions of the FLSA.  AIMCO  Properties L.P. has filed an answer to
the  Complaint  denying the  substantive  allegations.  Discovery  is  currently
underway.

The  Corporate  General  Partner  does  not  anticipate  that  any  costs to the
Partnership, whether legal or settlement costs, associated with these cases will
be material to the Partnership's overall operations.

The  Partnership  is unaware  of any other  pending  or  outstanding  litigation
matters  involving  it or its  investment  properties  that are not of a routine
nature arising in the ordinary course of business.


<PAGE>



Item 8.   Changes in and  Disagreements  with  Accountants  on Accounting  and
          Financial Disclosures

          None.

Item 8A.  Controls and Procedures

(a) Disclosure Controls and Procedures.  The Partnership's management,  with the
participation of the principal executive officer and principal financial officer
of the Corporate  General Partner,  who are the equivalent of the  Partnership's
principal executive officer and principal financial officer,  respectively,  has
evaluated  the  effectiveness  of  the  Partnership's  disclosure  controls  and
procedures (as such term is defined in Rules  13a-15(e) and 15d-15(e)  under the
Securities  Exchange Act of 1934, as amended (the "Exchange Act")) as of the end
of the period covered by this report.  Based on such  evaluation,  the principal
executive  officer and  principal  financial  officer of the  Corporate  General
Partner, who are the equivalent of the Partnership's principal executive officer
and principal  financial officer,  respectively,  have concluded that, as of the
end of such period,  the  Partnership's  disclosure  controls and procedures are
effective.

(b) Internal Control Over Financial  Reporting.  There have not been any changes
in the Partnership's  internal control over financial reporting (as such term is
defined in Rules  13a-15(f)  and  15d-15(f)  under the Exchange  Act) during the
fourth quarter of 2003 that have materially  affected,  or are reasonably likely
to  materially  affect,  the  Partnership's   internal  control  over  financial
reporting.


<PAGE>


                                    PART III

Item 9.  Directors,   Executive  Officers,   Promoters  and  Control  Persons;
Compliance  with Section 16(a) of the Exchange Act

The Registrant has no directors or officers. The general partner responsible for
management of the  Partnership's  business is Shelter Realty V Corporation  (the
"Corporate General Partner"). The names and ages of, as well as the position and
offices  held by, the present  directors  or officers of the  Corporate  General
Partner are set forth below. There are no family relationships  between or among
any directors or officers.

Peter K. Kompaniez               59   Director
Martha L. Long                   44   Director and Senior Vice President
Harry G. Alcock                  41   Executive Vice President
Miles Cortez                     60   Executive Vice President, General Counsel
                                      and Secretary
Patti K. Fielding                40   Executive Vice President
Paul J. McAuliffe                47   Executive Vice President and Chief
                                      Financial Officer
Thomas M. Herzog                 41   Senior Vice President and Chief Accounting
                                       Officer

Peter K.  Kompaniez has been Director of the Corporate  General  Partner since
February  2004.  Mr.  Kompaniez  has  been  Vice  Chairman  of  the  Board  of
Directors of AIMCO since July 1994 and was  appointed  President in July 1997.
Mr.  Kompaniez has also served as Chief Operating  Officer of NHP Incorporated
after it was  acquired by AIMCO in  December  1997.  Effective  April 1, 2004,
Mr.  Kompaniez  resigned as President of AIMCO. Mr. Kompaniez will continue in
his role as Director of the  Corporate  General  Partner and Vice  Chairman of
AIMCO's  Board  and will  serve  AIMCO on a variety  of  special  and  ongoing
projects in an operating role.

Martha L. Long has been a Director and Senior Vice  President of the Corporate
General  Partner  since  February  2004.  Ms.  Long has been with AIMCO  since
October  1998 and has served in  various  capacities.  From 1998 to 2001,  Ms.
Long  served  as  Senior  Vice  President  and  Controller  of  AIMCO  and the
Corporate  General  Partner.  During 2002 and 2003,  Ms. Long served as Senior
Vice President of Continuous Improvement for AIMCO.

Harry G. Alcock was appointed  Executive Vice President of the Corporate General
Partner  in  February  2004 and has been  Executive  Vice  President  and  Chief
Investment Officer of AIMCO since October 1999. Prior to October 1999 Mr. Alcock
served as a Vice President of AIMCO from July 1996 to October 1997,  when he was
promoted to Senior Vice  President-Acquisitions  where he served  until  October
1999. Mr. Alcock has had responsibility for acquisition and financing activities
of AIMCO since July 1994.

Miles  Cortez was  appointed  Executive  Vice  President,  General  Counsel  and
Secretary  of the  Corporate  General  Partner in February  2004 and of AIMCO in
August 2001. Prior to joining AIMCO, Mr. Cortez was the senior partner of Cortez
Macaulay Bernhardt & Schuetze LLC, a Denver law firm, from December 1997 through
September 2001.

Patti K. Fielding was appointed  Executive  Vice President - Securities and Debt
of the Corporate General Partner in February 2004 and of AIMCO in February 2003.
Ms. Fielding previously served as Senior Vice President - Securities and Debt of
AIMCO from  January  2000 to February  2003.  Ms.  Fielding is  responsible  for
securities and debt financing and the treasury  department.  Ms. Fielding joined
AIMCO in February 1997 and served as Vice  President - Tenders,  Securities  and
Debt until January 2000.

Paul J. McAuliffe has been Executive Vice President and Chief Financial  Officer
of the Corporate  General Partner since April 2002. Mr.  McAuliffe has served as
Executive Vice  President of AIMCO since  February 1999 and was appointed  Chief
Financial Officer of AIMCO in October 1999. From May 1996 until he joined AIMCO,
Mr. McAuliffe was Senior Managing Director of Secured Capital Corp.

Thomas M.  Herzog was  appointed  Senior  Vice  President  and Chief  Accounting
Officer  of the  Corporate  General  Partner  in  February  2004 and of AIMCO in
January 2004.  Prior to joining AIMCO in January 2004, Mr. Herzog was at GE Real
Estate,  serving as Chief Accounting Officer & Global Controller from April 2002
to January  2004 and as Chief  Technical  Advisor from March 2000 to April 2002.
Prior to joining GE Real  Estate,  Mr.  Herzog was at Deloitte & Touche LLP from
1990 until 2000,  including a two-year  assignment  in the real estate  national
office.

One or more of the above persons are also directors and/or officers of a general
partner (or general partner of a general partner) of limited  partnerships which
either have a class of  securities  registered  pursuant to Section 12(g) of the
Securities Exchange Act of 1934, or are subject to the reporting requirements of
Section  15(d) of such Act.  Further,  one or more of the above persons are also
directors and/or officers of Apartment Investment and Management Company and the
general  partner  of  AIMCO  Properties,  L.P.,  entities  that  have a class of
securities  registered  pursuant to Section 12(g) of the Securities Exchange Act
of 1934, or are subject to the reporting  requirements of Section 15 (d) of such
Act.

The board of directors of the Corporate General Partner does not have a separate
audit  committee.  As such,  the board of  directors  of the  Corporate  General
Partner fulfills the functions of an audit committee. The board of directors has
determined  that  Martha L. Long meets the  requirement  of an "audit  committee
financial expert".

The directors and officers of the Corporate  General Partner with authority over
the Partnership are all employees of subsidiaries of AIMCO.  AIMCO has adopted a
code of ethics that applies to such  directors  and  officers  that is posted on
AIMCO's  website  (www.AIMCO.com).   AIMCO's  website  is  not  incorporated  by
reference to this filing.

Item 10. Executive Compensation

Neither the directors nor officers of the Corporate General Partner received any
remuneration from the Registrant.

Item 11. Security Ownership of Certain Beneficial Owners and Management

Except as noted below, no person or entity was known by the Registrant to be the
beneficial owner of more than 5% of the Limited  Partnership Units (the "Units")
of the Registrant as of December 31, 2003.

Entity                                  Number of Units      Percentage

Cooper River Properties, LLC
 (an affiliate of AIMCO)                      2,722             5.18%
AIMCO IPLP, L.P. (formerly known as
Insignia Properties L.P.)
 (an affiliate of AIMCO)                     20,144            38.34%
AIMCO Properties, L.P.)
 (an affiliate of AIMCO)                     15,209            28.95%

Cooper River  Properties LLC and AIMCO IPLP,  L.P. are  indirectly  ultimately
owned by AIMCO.  Their  business  address  is 55  Beattie  Place,  Greenville,
South Carolina 29602.

AIMCO  Properties L.P. is indirectly  ultimately  owned by AIMCO. Its business
address is 4582 S. Ulster St. Parkway, Suite 1100, Denver, Colorado 80237.

No director or officer of the  Corporate  General  Partner  owns any Units.  The
Corporate  General  Partner  owns 100  Units  as  required  by the  terms of the
Partnership  Agreement  governing the Partnership.  AIMCO Properties,  L.P., the
other general partner acquired 595 Units during the current fiscal year.

Item 12. Certain Relationships and Related Transactions

The  Partnership  has no employees  and is dependent  on the  Corporate  General
Partner  and  its  affiliates  for  the  management  and  administration  of all
Partnership activities.  The Partnership Agreement provides for certain payments
to affiliates for services and  reimbursement  of certain  expenses  incurred by
affiliates on behalf of the Partnership.

Affiliates of the Corporate  General Partner are entitled to receive 5% of gross
receipts from all of the Partnership's  properties as compensation for providing
property   management   services.   The  Partnership  paid  to  such  affiliates
approximately  $664,000 and  $725,000 for the years ended  December 31, 2003 and
2002, respectively,  which is included in operating expenses on the consolidated
statements of operations included in "Item 7. Financial Statements".

Affiliates   of  the  Corporate   General   Partner  were  entitled  to  receive
reimbursement of accountable  administrative expenses amounting to approximately
$582,000  and  $645,000  for  the  years  ended  December  31,  2003  and  2002,
respectively.  Included  in these  amounts  are  fees  related  to  construction
management services provided by an affiliate of the Corporate General Partner of
approximately  $186,000 and  $295,000 for the years ended  December 31, 2003 and
2002,  respectively.  The  construction  management  service fees are calculated
based on a  percentage  of  current  additions  to  investment  properties.  The
reimbursement  of accountable  administrative  expenses  includes  approximately
$57,000 owed to  affiliates  of the  Corporate  General  Partner at December 31,
2003.  These  amounts  are  included  in general  and  administrative  expenses,
investment  properties,  and other  liabilities  on the  consolidated  financial
statements included in "Item 7. Financial Statements".

In accordance  with the  Partnership  Agreement,  the Corporate  General Partner
loaned  approximately  $219,000  to the  Partnership  to cover  real  estate tax
payments at Woodland Village Apartments during the year ended December 31, 2003.
During the year ended  December 31, 2002, the Corporate  General  Partner loaned
the  Partnership  $21,000 to cover real estate tax payments and other  operating
expenses  related to three  properties.  Interest  was accrued at the prime rate
plus 2%. Interest expense was  approximately  $1,000 for the year ended December
31, 2003 and less than $1,000 for the year ended  December 31, 2002.  During the
years ended  December  31, 2003 and 2002,  the  Partnership  repaid  advances of
approximately  $239,000  and  $1,000,  respectively,  and  related  interest  of
approximately $1,000 to the Corporate General Partner with cash from operations.
At December 31, 2003 there were no outstanding loans or accrued interest owed to
the Corporate General Partner.

The  Partnership  insures its properties up to certain  limits through  coverage
provided by AIMCO which is  generally  self-insured  for a portion of losses and
liabilities  related to workers  compensation,  property  casualty  and  vehicle
liability. The Partnership insures its properties above the AIMCO limits through
insurance  policies  obtained  by  AIMCO  from  insurers  unaffiliated  with the
Corporate  General  Partner.  During the years ended December 31, 2003 and 2002,
the Partnership was charged by AIMCO and its affiliates  approximately  $192,000
and $232,000,  respectively,  for insurance  coverage and fees  associated  with
policy claims administration.

In addition to its indirect  ownership of the general  partner  interests in the
Partnership,  AIMCO and its  affiliates  owned 38,075  Units in the  Partnership
representing  72.47% of the outstanding  Units at December 31, 2003. A number of
these  Units  were  acquired  pursuant  to  tender  offers  made by AIMCO or its
affiliates.  It is possible that AIMCO or its affiliates will acquire additional
Units  in  exchange  for  cash or a  combination  of cash  and  units  in  AIMCO
Properties,  L.P., the operating  partnership of AIMCO,  either through  private
purchases or tender offers.  Pursuant to the Partnership Agreement,  unitholders
holding a majority of the Units are  entitled  to take action with  respect to a
variety of matters  that  include,  but are not  limited  to,  voting on certain
amendments  to the  Partnership  Agreement  and voting to remove  the  Corporate
General  Partner.  As a result of its  ownership  of  72.47% of the  outstanding
Units,  AIMCO  and its  affiliates  are in a  position  to  control  all  voting
decisions  with  respect to the  Partnership.  Although  the  Corporate  General
Partner owes fiduciary duties to the limited  partners of the  Partnership,  the
Corporate  General  Partner  also  owes  fiduciary  duties  to AIMCO as its sole
stockholder.  As a result,  the  duties of the  Corporate  General  Partner,  as
corporate general partner,  to the Partnership and its limited partners may come
into conflict with the duties of the Corporate  General Partner to AIMCO, as its
sole stockholder.

Item 13. Exhibits and Reports on Form 8-K

         (a)   Exhibits:

               See Exhibit Index

         b)    Reports on Form 8-K filed during the quarter  ended  December 31,
               2003:

               None.

Item 14. Principal Accounting Fees and Services

The Corporate  General Partner has reappointed  Ernst & Young LLP as independent
auditors to audit the consolidated  financial  statements of the Partnership for
2004.

Audit  Fees.  The  Partnership   paid  to  Ernst  &  Young  LLP  audit  fees  of
approximately $68,000 and $67,000 for 2003 and 2002, respectively.

Tax Fees.  The  Partnership  paid to Ernst & Young LLP fees for tax services for
2003 and 2002 of approximately $34,000 and $44,000, respectively.


<PAGE>


                                   SIGNATURES



In accordance  with Section 13 or 15(d) of the Exchange Act, the  Registrant has
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.



                                 SHELTER PROPERTIES V

                                 By:     Shelter Realty V Corporation
                                         Corporate General Partner

                                 By:     /s/Martha L. Long
                                         Martha L. Long
                                         Senior Vice President


                                 By:     /s/Thomas M. Herzog
                                         Thomas M. Herzog
                                         Senior Vice President
                                         and Chief Accounting Officer


                                 Date:   March 29, 2004


In  accordance  with the Exchange  Act, this report has been signed below by the
following  persons on behalf of the  Registrant and in the capacities and on the
date indicated.


/s/Peter K. Kompaniez         Director                      Date: March 29, 2004
Peter K. Kompaniez


/s/Martha L. Long             Director and Senior Vice      Date: March 29, 2004
Martha L. Long                President


/s/Thomas M. Herzog           Senior Vice President         Date: March 29, 2004
Thomas M. Herzog              and Chief Accounting Officer



<PAGE>



                                  EXHIBIT INDEX

Exhibit


      3           See Exhibit 4(a)

      3.1         Second  Amended and Restated  Bylaws of IPT,  dated October 2,
                  1998 (incorporated by reference to Current Report on Form 8-K,
                  dated October 1, 1998).

      4     (a)   Amended and Restated  Certificate  and  Agreement of Limited
                  Partnership  (included  as  Exhibit A to the  Prospectus  of
                  Registrant  dated May 27, 1983  contained in Amendment No. 1
                  to Registration  Statement No. 2-81308,  of Registrant filed
                  June 8, 1982 (the  "Prospectus") and incorporated  herein by
                  reference.)

            (b)   Subscription   Agreement  and  Signature   Page  (included  as
                  Exhibits  4(A)  and  4  (B)  to  the  Registration  Statement,
                  incorporated herein by reference).

            (c)   Promissory  Notes and Deed of  Trust;  Assignment  of  Leases,
                  Rents & Profits;  and  Security  Agreement  between The Mutual
                  Benefit  Life  Insurance  Company  and Shelter  Properties  V.
                  (Filed  as  Exhibit  4(c) to Form  10-K  of  Registrant  filed
                  February 26, 1998 and incorporated herein by reference).

            (d)   Registrant  agrees to furnish to the  Securities  and Exchange
                  Commission  upon request a copy of any instrument with respect
                  to long  term  debt  which  does not  exceed  10% of the total
                  assets of the Registrant.

      10(i) Contracts related to acquisition of properties.

            (a)   Purchase  Agreement  dated  May  23,  1983  between  CFC  1978
                  Partnership C and U.S. Shelter  Corporation to acquire Foxfire
                  Apartments.*

            (b)   Purchase  Agreement  dated May 14, 1983  between Old Salem and
                  U.S. Shelter Corporation to acquire Old Salem Apartments.*

            (c)   Purchase  Agreement  dated  April  21,  1983  between  Europco
                  Management Company of America and U.S. Shelter  Corporation to
                  acquire Woodland Village Apartments.*

            (d)   Purchase   Agreement   dated  May  6,  1983  between   Europco
                  Management Company of America and U.S. Shelter Corporation
                  to acquire Lake Johnson Mews.*


<PAGE>



                     *Filed as Exhibits 12(a) through 12(d), respectively,  to
                     Amendment No. 1 of Registration  Statement No. 2-81308 of
                     Registrant filed May 24, 1983 and incorporated  herein by
                     reference.

            (e)   Purchase  Agreement  dated June 17, 1983 between The Lexington
                  Apartments  and  U.S.  Shelter   Corporation  to  acquire  The
                  Lexington    Apartments.    (Filed   as   Exhibit   12(E)   to
                  Post-Effective  Amendment No. 1 of Registration  Statement No.
                  2-81308 of  Registrant  filed June 27,  1983 and  incorporated
                  herein by reference).

            (f)   Purchase  Agreement  dated  August 26, 1983  between  James S.
                  Quincey and U.S.  Shelter  Corporation  to acquire  Millhopper
                  Village Apartments.  (Filed as Exhibit 12(F) to Post-Effective
                  Amendment  No. 1 of  Registration  Statement  No.  2-81308  of
                  Registrant filed October 13, 1983 and  incorporated  herein by
                  reference).

            (g)   Purchase  Agreement dated November 21, 1983 between  Southwest
                  Realty,   Ltd.  and  U.S.   Shelter   Corporation  to  acquire
                  Greenspoint Apartments. (Filed as Exhibit 10(A) to Form 8-K of
                  Registrant dated December 8, 1983 and  incorporated  herein by
                  reference).

            (h)   Purchase  Agreement  dated December 14, 1983 between  Virginia
                  Real Estate Investors and U.S. Shelter  Corporation to acquire
                  Tar  River  Estates.  (Filed as  Exhibit  10(B) to Form 8-K of
                  Registrant dated December 8, 1983 and  incorporated  herein by
                  reference).

            (i)   Promissory  Note dated December 10, 1991 and Deed of Trust and
                  Security Agreement dated December 18, 1991 for the refinancing
                  of Old Salem  Apartments.  (Filed as Exhibit 3(d) to Form 10-K
                  of Registrant filed February 28, 1992 and incorporated  herein
                  by reference).

      (ii)  Form  of  Management   Agreement  with  U.S.   Shelter   Corporation
            subsequently  assigned to Shelter  Management Group, L.P. (now known
            as Insignia  Management Group,  L.P.).  (Filed as Exhibit 10 (ii) to
            Form 10-K of  Registrant  filed  February 26, 1988 and  incorporated
            herein by reference).

      (iii) Contracts related to refinancing of debt:

            (l)   Multifamily  Note secured by a Mortgage or Deed of Trust dated
                  October  25,  1999,   between  Foxfire  Apartments  V  Limited
                  Partnership and GMAC Commercial Mortgage  Corporation relating
                  to Foxfire Apartments.  (Filed as Exhibit 10(1) to Form 10-KSB
                  of  Registrant   for  period  ended   November  30,  1999  and
                  incorporated herein by reference).

            (m)   Multifamily  Note secured by a Mortgage or Deed of Trust dated
                  November  10,  1999,  between  Shelter  Properties  V  Limited
                  Partnership and GMAC Commercial Mortgage  Corporation relating
                  to Old  Salem  Apartments.  (Filed  as  Exhibit  10(m) to Form
                  10-KSB of  Registrant  for period ended  November 30, 1999 and
                  incorporated herein by reference).

            (n)   Multifamily  Note secured by a Mortgage or Deed of Trust dated
                  December  15, 2000  between New Shelter  Properties  V Limited
                  Partnership  and  Reilly  Mortgage  Group,  Inc.  relating  to
                  Lexington Green Apartments. (Filed as Exhibit 10(iii)n to Form
                  10-KSB of Registrant  filed on April 2, 2001 and  incorporated
                  herein by reference).

            (o)   Multifamily  Note dated June 28, 2001, by and between  Shelter
                  Properties V Limited  Partnership,  a South  Carolina  limited
                  partnership,   and  GMAC  Commercial   Mortgage   Corporation,
                  relating to Lake  Johnson Mews  Apartments.  (Filed as Exhibit
                  10(iii)o to Form 10-QSB of Registrant filed on August 13, 2001
                  and incorporated herein by reference).

            (p)   Multifamily  Note dated June 28, 2001, by and between  Shelter
                  Properties V Limited  Partnership,  a South  Carolina  limited
                  partnership,   and  GMAC  Commercial   Mortgage   Corporation,
                  relating to Millhopper Village  Apartments.  (Filed as Exhibit
                  10(iii)p to Form 10-QSB of Registrant filed on August 13, 2001
                  and incorporated herein by reference).

            (q)   Multifamily Note dated August 30, 2001, by and between Shelter
                  Properties V Limited  Partnership,  a South  Carolina  limited
                  partnership,   and  GMAC  Commercial   Mortgage   Corporation,
                  relating to  Woodland  Village  Apartments.  (Filed as Exhibit
                  10(iii)q to Form 10-QSB of  Registrant  filed on November  13,
                  2001 and incorporated herein by reference).

            (r)   Multifamily  Note dated  December 28, 2001, by and between New
                  Shelter  V  Limited  Partnership,  a  South  Carolina  limited
                  partnership,  and Lend  Lease  Mortgage  Capital,  LP, a Texas
                  limited partnership. (Filed as Exhibit 10(iii)r to Form 8-K of
                  Registrant filed on January 14, 2002 and  incorporated  herein
                  by reference).

      (iv) Contracts related to sale of property:

            (a)   Purchase and Sale Contract for the parcel of land at Tar River
                  Estates   Apartments   between  Registrant  and  the  City  of
                  Greenville,  North Carolina. (Filed as Exhibit 10(iv)a on Form
                  8-K of Registrant  filed on November 1, 2001 and  incorporated
                  herein by reference).

    31.1          Certification  of  equivalent  of  Chief  Executive  Officer
                  pursuant     to     Securities     Exchange     Act    Rules
                  13a-14(a)/15d-14(a),  as Adopted  Pursuant to Section 302 of
                  the Sarbanes-Oxley Act of 2002.

    31.2          Certification  of  equivalent  of  Chief  Financial  Officer
                  pursuant     to     Securities     Exchange     Act    Rules
                  13a-14(a)/15d-14(a),  as Adopted  Pursuant to Section 302 of
                  the Sarbanes-Oxley Act of 2002.

    32.1          Certification   Pursuant  to  18  U.S.C.  Section  1350,  as
                  Adopted  Pursuant to Section 906 of the  Sarbanes-Oxley  Act
                  of 2002.


<PAGE>



Exhibit 31.1


                                  CERTIFICATION


I, Martha L. Long, certify that:


1.    I have reviewed this annual report on Form 10-KSB of Shelter Properties V;

2.    Based on my knowledge,  this report does not contain any untrue  statement
      of a material fact or omit to state a material fact  necessary to make the
      statements made, in light of the circumstances under which such statements
      were made,  not  misleading  with  respect  to the period  covered by this
      report;

3.    Based on my  knowledge,  the  financial  statements,  and other  financial
      information  included  in this  report,  fairly  present  in all  material
      respects the financial condition,  results of operations and cash flows of
      the registrant as of, and for, the periods presented in this report;

4.    The  registrant's  other  certifying  officer(s) and I are responsible for
      establishing  and  maintaining  disclosure  controls  and  procedures  (as
      defined in Exchange Act Rules  13a-15(e) and 15d-15(e)) for the registrant
      and have:

      (a)   Designed such  disclosure  controls and  procedures,  or caused such
            disclosure   controls  and  procedures  to  be  designed  under  our
            supervision,  to ensure that  material  information  relating to the
            registrant,  including its consolidated subsidiaries,  is made known
            to us by others  within  those  entities,  particularly  during  the
            period in which this report is being prepared;

      (b)   Evaluated the effectiveness of the registrant's  disclosure controls
            and  procedures and presented in this report our  conclusions  about
            the effectiveness of the disclosure  controls and procedures,  as of
            the  end  of the  period  covered  by  this  report  based  on  such
            evaluation; and

      (c)   Disclosed  in this  report any change in the  registrant's  internal
            control  over   financial   reporting   that  occurred   during  the
            registrant's  most recent fiscal  quarter (the  registrant's  fourth
            fiscal  quarter in the case of an annual report) that has materially
            affected,   or  is  reasonably  likely  to  materially  affect,  the
            registrant's internal control over financial reporting; and

5.    The registrant's other certifying  officer(s) and I have disclosed,  based
      on  our  most  recent   evaluation  of  internal  control  over  financial
      reporting,  to the  registrant's  auditors and the audit  committee of the
      registrant's  board of directors  (or persons  performing  the  equivalent
      functions):

      (a)   All significant  deficiencies and material  weaknesses in the design
            or operation of internal control over financial  reporting which are
            reasonably  likely to adversely affect the  registrant's  ability to
            record, process, summarize and report financial information; and

      (b)   Any fraud,  whether or not  material,  that  involves  management or
            other  employees  who have a  significant  role in the  registrant's
            internal control over financial reporting.

Date:  March 29, 2004

                                    /s/Martha L. Long
                                    Martha L. Long
                                    Senior Vice  President  of Shelter  Realty V
                                    Corporation,   equivalent   of   the   chief
                                    executive officer of the Partnership


<PAGE>


Exhibit 31.2
                                  CERTIFICATION

I, Thomas M. Herzog, certify that:

1.    I have reviewed this annual report on Form 10-KSB of Shelter Properties V;

2.    Based on my knowledge,  this report does not contain any untrue  statement
      of a material fact or omit to state a material fact  necessary to make the
      statements made, in light of the circumstances under which such statements
      were made,  not  misleading  with  respect  to the period  covered by this
      report;

3.    Based on my  knowledge,  the  financial  statements,  and other  financial
      information  included  in this  report,  fairly  present  in all  material
      respects the financial condition,  results of operations and cash flows of
      the registrant as of, and for, the periods presented in this report;

4.    The  registrant's  other  certifying  officer(s) and I are responsible for
      establishing  and  maintaining  disclosure  controls  and  procedures  (as
      defined in Exchange Act Rules  13a-15(e) and 15d-15(e)) for the registrant
      and have:

      (a)   Designed such  disclosure  controls and  procedures,  or caused such
            disclosure   controls  and  procedures  to  be  designed  under  our
            supervision,  to ensure that  material  information  relating to the
            registrant,  including its consolidated subsidiaries,  is made known
            to us by others  within  those  entities,  particularly  during  the
            period in which this report is being prepared;

      (b)   Evaluated the effectiveness of the registrant's  disclosure controls
            and  procedures and presented in this report our  conclusions  about
            the effectiveness of the disclosure  controls and procedures,  as of
            the  end  of the  period  covered  by  this  report  based  on  such
            evaluation; and

      (c)   Disclosed  in this  report any change in the  registrant's  internal
            control  over   financial   reporting   that  occurred   during  the
            registrant's  most recent fiscal  quarter (the  registrant's  fourth
            fiscal  quarter in the case of an annual report) that has materially
            affected,   or  is  reasonably  likely  to  materially  affect,  the
            registrant's internal control over financial reporting; and

5.    The registrant's other certifying  officer(s) and I have disclosed,  based
      on  our  most  recent   evaluation  of  internal  control  over  financial
      reporting,  to the  registrant's  auditors and the audit  committee of the
      registrant's  board of directors  (or persons  performing  the  equivalent
      functions):

      (a)   All significant  deficiencies and material  weaknesses in the design
            or operation of internal control over financial  reporting which are
            reasonably  likely to adversely affect the  registrant's  ability to
            record, process, summarize and report financial information; and

      (b)   Any fraud,  whether or not  material,  that  involves  management or
            other  employees  who have a  significant  role in the  registrant's
            internal control over financial reporting.

Date:  March 29, 2004
                                    /s/Thomas M. Herzog
                                    Thomas M. Herzog
                                    Senior Vice President and Chief
                                    Accounting Officer of Shelter Realty V
                                    Corporation, equivalent of the chief
                                    financial officer of the Partnership


<PAGE>


Exhibit 32.1


                          Certification of CEO and CFO
                       Pursuant to 18 U.S.C. Section 1350,
                             As Adopted Pursuant to
                Section 906 of the Sarbanes-Oxley Act of 2002



In connection with the Annual Report on Form 10-KSB of Shelter Properties V (the
"Partnership"),  for the  year  ended  December  31,  2003  as  filed  with  the
Securities and Exchange Commission on the date hereof (the "Report"),  Martha L.
Long, as the equivalent of the chief executive  officer of the Partnership,  and
Thomas M.  Herzog,  as the  equivalent  of the chief  financial  officer  of the
Partnership,  each hereby  certifies,  pursuant to 18 U.S.C.  Section  1350,  as
adopted pursuant to Section 906 of the  Sarbanes-Oxley Act of 2002, that, to the
best of his knowledge:

      (1)   The Report fully complies with the  requirements of Section 13(a) or
            15(d) of the Securities Exchange Act of 1934; and

      (2)   The  information  contained in the Report  fairly  presents,  in all
            material respects, the financial condition and results of operations
            of the Partnership.


                                           /s/Martha L. Long
                                    Name:  Martha L. Long
                                    Date:  March 29, 2004


                                           /s/Thomas M. Herzog
                                    Name:  Thomas M. Herzog
                                    Date:  March 29, 2004

This  certification is furnished with this Report pursuant to Section 906 of the
Sarbanes-Oxley  Act of 2002 and shall not be deemed filed by the Partnership for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended.