<PAGE>   1

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 10-K

                Annual Report Pursuant to Section 13 or 15(d) of
                       the Securities Exchange Act of 1934

                   For the Fiscal Year Ended DECEMBER 31, 1999

                             Commission File Number
                                     0-12438

                        REAL ESTATE ASSOCIATES LIMITED V
                        A CALIFORNIA LIMITED PARTNERSHIP

                  I.R.S. Employer Identification No. 95-3768810

         9090 WILSHIRE BLVD., SUITE 201, BEVERLY HILLS, CALIFORNIA 90211

        Registrant's Telephone Number, Including Area Code (310) 278-2191

      Securities Registered Pursuant to Section 12(b) or 12(g) of the Act:

                                      NONE

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed with the Commission by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding twelve months (or such shorter period
that the registrant was required to file such reports), and (2) has been subject
to such filing requirements for the past 90 days.

                                Yes [X]   No [ ]

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


<PAGE>   2


PART I.

ITEM 1. BUSINESS:

Real Estate Associates Limited V ("REAL V" or the "Partnership") is a limited
partnership which was formed under the laws of the State of California on May 7,
1982. On July 7, 1982, Real Estate Associates Limited V offered 1,950 units
consisting of 3,900 Limited Partnership Interests and Warrants to purchase 3,900
Additional Limited Partnership Interests through a public offering, managed by
E.F. Hutton Inc.

The general partners of REAL V are National Partnership Investments Corp.
("NAPICO"), a California Corporation (the "Corporate General Partner"), and
National Partnership Investments Associates II ("NAPIA"), a limited partnership
formed under the California Limited Partnership Act and consisting of Mr.
Charles H. Boxenbaum and two unrelated individuals, as limited partners. The
business of REAL V is conducted primarily by NAPICO.

Prior to December 30, 1998, NAPICO was a wholly owned subsidiary of Casden
Investment Corporation ("CIC"), which is wholly owned by Alan I. Casden. On
December 30, 1998, Casden Properties Operating Partnership, L.P. (the "Operating
Partnership"), a majority owned subsidiary of Casden Properties Inc., a real
estate investment trust organized by Alan I. Casden, purchased a 95.25% economic
interest in NAPICO. The current members of NAPICO's Board of Directors are
Charles H. Boxenbaum, Bruce E. Nelson and Alan I. Casden.

REAL V holds limited partnership interests in 3 local limited partnerships as of
December 31, 1999, after selling its interests in 16 local limited partnerships,
in December 1998, to the Operating Partnership. Primarily all of these limited
partnerships own a low income housing project which is subsidized and/or has a
mortgage note payable to or insured by agencies of the federal or local
government.

In order to stimulate private investment in low income housing, the federal
government and certain state and local agencies have provided significant
ownership incentives, including among others, interest subsidies, rent
supplements, and mortgage insurance, with the intent of reducing certain market
risks and providing investors with certain tax benefits, plus limited cash
distributions and the possibility of long-term capital gains. There remain,
however, significant risks. The long-term nature of investments in government
assisted housing limits the ability of REAL V to vary its portfolio in response
to changing economic, financial and investment conditions; such investments are
also subject to changes in local economic circumstances and housing patterns, as
well as rising operating costs, vacancies, rent collection difficulties, energy
shortages and other factors which have an impact on real estate values. These
projects also require greater management expertise and may have higher operating
expenses than conventional housing projects.

Under recently adopted law and policy, the United States Department of Housing
and Urban Development ("HUD") has determined not to renew the Housing Assistance
Payment ("HAP") Contracts on a long term basis on the existing terms. In
connection with renewals of the HAP Contracts under such new law and policy, the
amount of rental assistance payments under renewed HAP Contracts will be based
on market rentals instead of above market rentals, which may be the case under
existing HAP Contracts. The payments under the renewed HAP Contracts are not
expected to be in an amount that would provide sufficient cash flow to permit
owners of properties subject to HAP Contracts to meet the debt service
requirements of existing loans insured by the Federal Housing Administration of
HUD ("FHA") unless such mortgage loans are restructured. In order to address the
reduction in payments under HAP Contracts as a result of this new policy, the
Multi-family Assisted Housing Reform and Affordability Act of 1997 ( "MAHRAA"),
which was adopted in October 1997, provides for the restructuring of mortgage
loans insured by the FHA with respect to properties subject to the Section 8
program. Under MAHRAA, an FHA-insured mortgage loan can be restructured into a
first mortgage loan which will be amortized on a current basis and a low
interest second mortgage loan payable to FHA which will only be payable on
maturity of the first mortgage loan. This restructuring results in a reduction
in annual


                                       1
<PAGE>   3


debt service payable by the owner of the FHA-insured mortgage loan and is
expected to result in an insurance payment from FHA to the holder of the
FHA-insured loan due to the reduction in the principal amount. MAHRAA also
phases out project-based subsidies on selected properties serving families not
located in rental markets with limited supply, converting such subsidies to a
tenant-based subsidy.

On September 11, 1998, HUD issued interim regulations implementing MAHRAA and
final regulations are expected to be issued in 2000.

When the HAP Contracts are subject to renewal, there can be no assurance that
the local limited partnerships in which the Partnership has an investment will
be permitted to restructure its mortgage indebtedness under MAHRAA. In addition,
the economic impact on the Partnership of the combination of the reduced
payments under the HAP Contracts and the restructuring of the existing
FHA-insured mortgage loans under MAHRAA is uncertain.

The partnerships in which REAL V has invested were, at least initially,
organized by private developers who acquired the sites, or options thereon, and
applied for applicable mortgage insurance and subsidies. REAL V became the
principal limited partner in these local limited partnerships pursuant to
arm's-length negotiations with these developers, or others, who act as general
partners. As a limited partner, REAL V's liability for obligations of the local
limited partnership is limited to its investment. The local general partner of
the local limited partnership retains responsibility for developing,
constructing, maintaining, operating and managing the project. Under certain
circumstances of default, REAL V has the right to replace the general partner of
the local limited partnership, but otherwise does not have control of sale or
refinancing, etc.

Although each of the partnerships in which REAL V has invested generally owns a
project which must compete in the market place for tenants, interest subsidies
and rent supplements from governmental agencies make it possible to offer these
dwelling units to eligible "low income" tenants at a cost significantly below
the market rate for comparable conventionally financed dwelling units in the
area.


                                       2
<PAGE>   4


During 1999, all of the projects in which REAL V had invested were substantially
rented. The following is a schedule of the status as of December 31, 1999, of
the projects owned by local limited partnerships in which REAL V is a limited
partner.

            SCHEDULE OF PROJECTS OWNED BY LOCAL LIMITED PARTNERSHIPS
                        IN WHICH REAL V HAS AN INVESTMENT
                                DECEMBER 31, 1999

<TABLE>
<CAPTION>
                                              Units Authorized
                                                 For Rental
                                                 Assistance                    Percentage of
                                    No. of          Under          Units        Total Units
Name and Location                   Units         Section 8       Occupied        Occupied
-----------------                   ------    ----------------    --------     -------------
<S>                                 <C>       <C>                 <C>          <C>
Bickerdike
  Chicago, IL                         140            140            139             99%

Grandview Place Apartments
  Missoula, MT                         48             48             48            100%

Richland Three Rivers
Retirement Apartments
  Richland, WA                         40             40             40            100%
                                      ---            ---            ---
TOTALS                                228            228            227             99%
                                      ===            ===            ===
</TABLE>


                                       3
<PAGE>   5


ITEM 2. PROPERTIES:

The local limited partnerships in which REAL V holds interests own various
multi-family rental properties. See Item 1 for information pertaining to these
properties.

ITEM 3. LEGAL PROCEEDINGS:

On August 27, 1998, two investors holding an aggregate of eight units of limited
partnership interests in Real Estate Associates Limited III (an affiliated
partnership in which NAPICO is the managing general partner) and two investors
holding an aggregate of five units of limited partnership interest in Real
Estate Associates Limited VI (another affiliated partnership in which NAPICO is
the managing general partner) commenced an action in the United States District
Court for the Central District of California against the Partnership, NAPICO and
certain other affiliated entities. The complaint alleges that the defendants
breached their fiduciary duty to the limited partners of certain NAPICO managed
partnerships and made materially false and misleading statements in the consent
solicitation statements sent to the limited partners of such partnerships
relating to approval of the transfer of partnership interests in limited
partnerships, owning certain of the properties, to the Operating Partnership
organized by an affiliate of NAPICO. The plaintiffs seek equitable relief, as
well as compensatory damages and litigation related costs. On August 4, 1999,
one investor holding one unit of limited partnership interest in Housing
Programs Limited (another affiliated partnership in which NAPICO is the managing
general partner) commenced a virtually identical action in the United States
District Court for the Central District of California against the Partnership,
NAPICO and certain other affiliated entities. The managing general partner of
such NAPICO managed partnerships and the other defendants believe that the
plaintiffs' claims are without merit and intend to contest the actions
vigorously.

As of December 31, 1999, REAL V's Corporate General Partner was a plaintiff or
defendant in several other lawsuits. None of these suits are related to REAL V.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS:

In August 1998, a consent solicitation statement was sent to the limited
partners setting forth the terms and conditions of the purchase of the limited
partners' interests, held for investment by the Partnership, by the Operating
Partnership, together with certain amendments to the Partnership Agreement and
other disclosures of various conflicts of interest in connection with the
proposed transaction. Prior to the sale of the partnership interests in 1998,
the consents of the limited partners to the sale and amendments to the
Partnership Agreement were obtained.

PART II.

ITEM 5. MARKET FOR THE REGISTRANT'S PARTNERSHIP INTERESTS AND RELATED SECURITY
        HOLDER MATTERS:

The Limited Partnership Interests are not traded on a public exchange but were
sold through a public offering managed by E.F. Hutton Inc. It is not anticipated
that any public market will develop for the purchase and sale of any partnership
interest. Limited Partnership interests may be transferred only if certain
requirements are satisfied. At December 31, 1999, there were 1,430 registered
holders of units in REAL V. No distributions have been made from the inception
of the Partnership to December 31, 1999. The Partnership has invested in certain
government assisted projects under programs which in many instances restrict the
cash return available to project owners. The Partnership was not designed to
provide cash distributions to investors in circumstances other than refinancing
or disposition of its investments in limited partnerships. In March 1999, the
Partnership made distributions of $2,042,603 to the limited partners and $20,632
to the general partners, which included using proceeds from the sale of the
partnership interests.


                                       4
<PAGE>   6


ITEM 6. SELECTED FINANCIAL DATA:


<TABLE>
<CAPTION>
                                                                  Year Ended December 31,
                                   -----------------------------------------------------------------------------------

                                       1999              1998              1997              1996              1995
                                   -----------       -----------       -----------       -----------       -----------
<S>                                <C>               <C>               <C>               <C>               <C>
Loss From Operations               $  (157,737)      $  (723,112)      $  (515,423)      $  (287,542)      $  (287,216)

Gain on Sale of Limited
   Partnership Interests                    --           849,749                --                --                --

Distributions From
   Limited Partnerships
   Recognized as Income                  6,523           294,813           381,171           215,140           221,276

Equity in Income (Loss) of
   Limited Partnerships
   and Amortization of
   Acquisition Costs                   216,870        (1,148,813)          503,765           371,644           455,651
                                   -----------       -----------       -----------       -----------       -----------

Net Income (Loss)                  $    65,656       $  (727,363)      $   369,513       $   299,242       $   389,711
                                   ===========       ===========       ===========       ===========       ===========

Net Income (Loss) per Limited
   Partnership Interest            $         8       $       (92)      $        47       $        38       $        49
                                   ===========       ===========       ===========       ===========       ===========



Total Assets                       $   901,421       $ 3,086,491       $ 3,795,448       $ 3,259,178       $ 2,979,971
                                   ===========       ===========       ===========       ===========       ===========

Investments in Limited
   Partnerships                    $   460,348       $   294,356       $ 1,616,811       $ 1,305,672       $ 1,103,818
                                   ===========       ===========       ===========       ===========       ===========
</TABLE>


                                       5
<PAGE>   7


ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL AND RESULTS OF
        OPERATIONS:

LIQUIDITY

The Partnership's primary sources of funds include interest income on money
market funds and certificates of deposit and distributions from local
partnerships in which the Partnership has invested. It is not expected that any
of the local limited partnerships in which the Partnership has invested will
generate cash flow sufficient to provide for distributions to the Partnership's
limited partners in any material amount. The Partnership made a cash
distribution to investors in March 1999, which included using proceeds from the
disposition of its investments in certain limited partnerships.

CAPITAL RESOURCES

REAL V received $9,750,000 in subscriptions for units of limited partnership
interests (at $5,000 per unit) during the period July 7, 1982, to October 4,
1982, pursuant to a registration statement on Form S-11. As of March 31, 1983,
REAL V received an additional $9,765,000 in subscriptions pursuant to the
exercise of warrants and the sale of Additional Limited Partnership Interests.

RESULTS OF OPERATIONS

The Partnership was formed to provide various benefits to its partners as
discussed in Item 1. It is anticipated that the local limited partnerships in
which REAL V has invested could produce tax losses for as long as 20 years. Tax
benefits will decline over time as the advantages of accelerated depreciation
are greatest in the earlier years, as deductions for interest expense will
decrease as mortgage principal is amortized and as the Tax Reform Act of 1986
limits the deductions available.

At December 31, 1999, the Partnership has investments in 3 limited partnerships,
all of which own housing projects that were substantially all rented. The
Partnership sold its interests in 16 local partnerships in December 1998. The
Partnership, as a limited partner, is entitled to 75% to 99% of the profits and
losses of the local limited partnerships. The Partnership accounts for its
investments in the local limited partnerships on the equity method, thereby
adjusting its investment balance by its proportionate share of the income or
loss of the local limited partnerships. Equity in losses of limited partnerships
is recognized in the financial statements until the limited partnership
investment account is reduced to a zero balance. Losses incurred after the
limited partnership investment account is reduced to zero are not recognized.
Limited partners are not liable for losses beyond their contributed capital. In
addition, income realized after an investment has been written off, due to an
impairment loss, is not recognized. At December 31, 1999 and 1998, the
Partnership has a positive investment balance in only two local limited
partnerships.

Distributions received from limited partnerships are recognized as return of
capital until the investment balance has been reduced to zero or to a negative
amount equal to future capital contributions required. Subsequent distributions
received are recognized as income.

The total income from the local partnerships that was allocated to the
Partnership was $473,000, $89,000 and $265,000 for the years ended December 31,
1999, 1998 and 1997, respectively. However, primarily because losses incurred
after the investment account is reduced to a zero balance are not recognized,
the Partnership recognized equity in income of limited partnerships,
substantially all from the partnerships with a positive investment balance, of
$216,870, $490,722 and $503,765 for the years ended December 31, 1999, 1998 and
1997, respectively. In addition, the loss recorded by the Partnership in 1998
includes impairment losses of $1,639,535 recognized to the carrying values of
the investments in certain local limited partnerships. The cumulative amount of
the unrecognized equity in income (losses) of certain limited partnerships was
approximately $205,000 and ($21,000) as of December 31, 1999 and 1998,
respectively.


                                       6
<PAGE>   8


Distributions from the local limited partnerships in which the Partnership did
not have a positive investment balance were $6,523, $294,813 and $381,171 for
the years ended December 31, 1999, 1998 and 1997, respectively. These amounts
were recognized as income on the accompanying statements of operations, in
accordance with the equity method of accounting.

As of December 31, 1999, 1998 and 1997, the Partnership has cash and cash
equivalents of $398,889, $1,728,900 and $2,178,637, respectively. Substantially
all of these amounts are on deposit with two high credit quality financial
institutions, earning interest. This resulted in the Partnership earning
$19,897, $95,546 and $93,956 in interest income for the years ended December 31,
1999, 1998 and 1997, respectively. The amount of interest income varies with
market rates available on deposits and with the amount of funds available for
investment. Cash equivalents can be converted to cash to meet obligations of the
Partnership as they arise. The Partnership intends to continue investing
available funds in this manner.

A recurring partnership expense is the annual management fee. The fee is payable
to the Corporate General Partner of the Partnership and is calculated at .4
percent of the Partnership's original remaining invested assets. The management
fee is paid to the Corporate General Partner for its continuing management of
partnership affairs. The fee is payable beginning with the month following the
Partnership's initial investment in a local limited partnership. Because of the
decrease in invested assets at the end of 1998 as a result of the sale of
partnership interests, management fees decreased from $254,448 for 1998 and 1997
to $41,920 for 1999.

Under recently adopted law and policy, the United States Department of Housing
and Urban Development ("HUD") has determined not to renew the Housing Assistance
Payment ("HAP") Contracts on a long term basis on the existing terms. In
connection with renewals of the HAP Contracts under such new law and policy, the
amount of rental assistance payments under renewed HAP Contracts will be based
on market rentals instead of above market rentals, which may be the case under
existing HAP Contracts. The payments under the renewed HAP Contracts are not
expected to be in an amount that would provide sufficient cash flow to permit
owners of properties subject to HAP Contracts to meet the debt service
requirements of existing loans insured by the Federal Housing Administration of
HUD ("FHA") unless such mortgage loans are restructured. In order to address the
reduction in payments under HAP Contracts as a result of this new policy, the
Multi-family Assisted Housing Reform and Affordability Act of 1997 ( "MAHRAA"),
which was adopted in October 1997, provides for the restructuring of mortgage
loans insured by the FHA with respect to properties subject to the Section 8
program. Under MAHRAA, an FHA-insured mortgage loan can be restructured into a
first mortgage loan which will be amortized on a current basis and a low
interest second mortgage loan payable to FHA which will only be payable on
maturity of the first mortgage loan. This restructuring results in a reduction
in annual debt service payable by the owner of the FHA-insured mortgage loan and
is expected to result in an insurance payment from FHA to the holder of the
FHA-insured loan due to the reduction in the principal amount. MAHRAA also
phases out project-based subsidies on selected properties serving families not
located in rental markets with limited supply, converting such subsidies to a
tenant-based subsidy.

On September 11, 1998, HUD issued interim regulations implementing MAHRAA and
final regulations are expected to be issued in 2000.

When the HAP Contracts are subject to renewal, there can be no assurance that
the local limited partnerships in which the Partnership has an investment will
be permitted to restructure its mortgage indebtedness under MAHRAA. In addition,
the economic impact on the Partnership of the combination of the reduced
payments under the HAP Contracts and the restructuring of the existing
FHA-insured mortgage loans under MAHRAA is uncertain.


                                       7
<PAGE>   9


As a result of the foregoing, the Partnership in 1997 undertook an extensive
review of disposition, refinancing or re-engineering alternatives for the
properties in which the limited partnerships have invested and are subject to
HUD mortgage and rental subsidy programs. The Partnership has incurred expenses
in connection with this review by various third party professionals, including
accounting, legal, valuation, structural and engineering costs, which amounted
to $50,763, $390,255 and $233,793 for the years ended December 31, 1999, 1998
and 1997, respectively, and are included in administrative expenses.

On December 30, 1998, the Partnership sold its limited partnership interests in
16 local limited partnerships, with a total carrying value of $59,691, to the
Operating Partnership. The sale resulted in proceeds to the Partnership of
$1,063,235 and a net gain of $849,749, after deducting selling costs. The cash
proceeds were held in escrow at December 31, 1998 and received subsequent to
year-end. In March 1999, the Partnership made cash distributions of $2,042,603
to the limited partners and $20,632 to the general partners, which included
using proceeds from the sale of the partnership interests.

The Operating Partnership purchased such limited partner interests for cash,
which it raised in connection with a private placement of its equity securities.
The purchase was subject to, among other things, (i) the purchase of the general
partner interests in the local limited partnerships by the Operating
Partnership; (iii) the approval of HUD and certain state housing finance
agencies; and (iii) the consent of the limited partners to the sale of the local
limited partnership interests held for investment by the Partnership.

In August 1998, a consent solicitation statement was sent to the limited
partners setting forth the terms and conditions of the purchase of the limited
partners' interests held for investment by the Partnership, together with
certain amendments to the Partnership Agreement and other disclosures of various
conflicts of interest in connection with the proposed transaction. Prior to the
sale of the partnership interests, the consents of the limited partners to the
sale and amendments to the Partnership Agreement were obtained.

Operating expenses, other than management fees, consist of legal and accounting
fees for services rendered to the Partnership and administrative expenses. Legal
and accounting fees were $35,815, $90,585 and $56,789 for the years ended
December 31, 1999, 1998 and 1997, respectively. Administrative expenses were
$99,899, $473,625 and $298,142 for the years ended December 31, 1999, 1998 and
1997, respectively. Included in administrative expenses are reimbursements to
NAPICO for certain expenses, which totaled $6,204, $20,976 and $20,978 for the
years ended December 31, 1999, 1998 and 1997, respectively. Also included in
administrative expenses for 1999, 1998 and 1997 is $50,763, $390,255 and
$233,793, respectively, related to the aforementioned third-party review of the
properties owned by the local partnerships. Accounts payable at December 31,
1998 includes $63,608 of such costs.

Revenues and expenses of the local limited partnerships decreased during the
year ended December 31, 1999 as compared to prior years, as a result of the sale
of 20 partnership interests on December 30, 1998.

Total revenue for the local partnerships has decreased from $12,972,000 and
$12,911,000 for the years ended December 31, 1998 and 1997, respectively, to
$3,137,000 for the year ended December 31, 1999.

Total expenses for the local partnerships decreased from $12,882,333 and
$12,637,000 for the years ended December 31, 1998 and 1997, respectively, to
$2,656,000 for the year ended December 31, 1999.

The total net income for the local partnerships for 1999, 1998 and 1997
aggregated $481,000, $90,000 and $268,000, respectively. The income allocated to
the Partnership was $473,000, $89,000 and $265,000 for 1999, 1998 and 1997,
respectively.

The Partnership, as a limited partner in the local limited partnerships in which
it has invested, is subject to the risks incident to the construction,
management, and ownership of improved real estate. The Partnership investments
are also subject to adverse general economic conditions, and accordingly, the
status of the national


                                       8
<PAGE>   10


economy, including substantial unemployment, concurrent inflation and changing
legislation, could increase vacancy levels, rental payment defaults, and
operating expenses, which in turn, could substantially increase the risk of
operating losses for the projects.


ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable.


ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA:

The Financial Statements and Supplementary Data are listed under Item 14.


ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
        FINANCIAL DISCLOSURE:

Not applicable.


                                       9
<PAGE>   11

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A California limited partnership)

                              FINANCIAL STATEMENTS,
                          FINANCIAL STATEMENT SCHEDULES
                   AND INDEPENDENT PUBLIC ACCOUNTANTS' REPORT
                                DECEMBER 31, 1999


                                       10
<PAGE>   12


                    REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

To the Partners of
Real Estate Associates Limited V
(A California limited partnership)

We have audited the accompanying balance sheets of Real Estate Associates
Limited V (a California limited partnership) as of December 31, 1999 and 1998,
and the related statements of operations, partners' equity (deficiency) and cash
flows for each of the three years in the period ended December 31, 1999. Our
audits also included the financial statement schedules listed in the index in
item 14. These financial statements and financial statement schedules are the
responsibility of the management of the Partnership. Our responsibility is to
express an opinion on these financial statements and financial statement
schedules based on our audits. We did not audit the financial statements of
certain limited partnerships, the investments in which are reflected in the
accompanying financial statements using the equity method of accounting. The
investments in these limited partnerships represent 37 percent and 5 percent of
total assets as of December 31, 1999 and 1998, respectively, and the equity in
income of these limited partnerships represents 39 percent, 12 percent and 32
percent of the total net income of the Partnership for the years ended December
31, 1999, 1998 and 1997, respectively, and represent a substantial portion of
the investee information in Note 2 and the financial statement schedules. The
financial statements of these limited partnerships were audited by other
auditors. Their reports have been furnished to us and our opinion, insofar as it
relates to the amounts included for these limited partnerships, is based solely
on the reports of the other auditors.

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

In our opinion, based on our audits and the reports of other auditors, the
financial statements referred to above present fairly, in all material respects,
the financial position of Real Estate Associates Limited V as of December 31,
1999 and 1998, and the results of its operations and its cash flows for each of
the three years in the period ended December 31, 1999 in conformity with
generally accepted accounting principles. Also, in our opinion, based on our
audits and the reports of other auditors, such financial statement schedules,
when considered in relation to the basic financial statements taken as a whole,
present fairly in all material respects the information set forth therein.



DELOITTE & TOUCHE LLP

Los Angeles, California
March 31, 2000


                                       11
<PAGE>   13


                        REAL ESTATE ASSOCIATES LIMITED V
                       (a California limited partnership)

                                 BALANCE SHEETS

                           DECEMBER 31, 1999 AND 1998

<TABLE>
<CAPTION>
                                     ASSETS

                                                                 1999                1998
                                                             -----------         -----------
<S>                                                          <C>                 <C>
        INVESTMENTS IN LIMITED PARTNERSHIPS (Note 2)         $   460,348         $   294,356

        CASH AND CASH EQUIVALENTS (Note 1)                       398,889           1,728,900

        CASH DUE FROM ESCROW (Note 2)                                 --           1,063,235

        DUE FROM NAPICO (Note 3)                                  42,184                  --
                                                             -----------         -----------

                  TOTAL ASSETS                               $   901,421         $ 3,086,491
                                                             ===========         ===========


                        LIABILITIES AND PARTNERS' EQUITY

        LIABILITIES:
             Accounts payable (Note 2)                       $     7,650         $   195,141
                                                             -----------         -----------


        COMMITMENTS AND CONTINGENCIES (Notes 3 and 4)


        PARTNERS' EQUITY (DEFICIENCY):
             General partners                                   (148,407)           (128,432)
             Limited partners                                  1,042,178           3,019,782
                                                             -----------         -----------

                                                                 893,771           2,891,350
                                                             -----------         -----------

                   TOTAL LIABILITIES AND PARTNERS'
                        EQUITY                               $   901,421         $ 3,086,491
                                                             ===========         ===========
</TABLE>

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


                                       12
<PAGE>   14

                        REAL ESTATE ASSOCIATES LIMITED V
                       (a California limited partnership)

                            STATEMENTS OF OPERATIONS
              FOR THE YEARS ENDED DECEMBER 31, 1999, 1998 AND 1997


<TABLE>
<CAPTION>
                                                          1999                1998                1997
                                                      -----------         -----------         -----------
<S>                                                   <C>                 <C>                 <C>
INTEREST INCOME                                       $    19,897         $    95,546         $    93,956
                                                      -----------         -----------         -----------

OPERATING EXPENSES:
    Legal and accounting                                   35,815              90,585              56,789
    Management fees - general partner (Note 3)             41,920             254,448             254,448
    Administrative  (Note 3)                               99,899             473,625             298,142
                                                      -----------         -----------         -----------

TOTAL OPERATING EXPENSES                                  177,634             818,658             609,379
                                                      -----------         -----------         -----------

LOSS FROM OPERATIONS                                     (157,737)           (723,112)           (515,423)

GAIN ON SALE OF LIMITED PARTNERSHIP
      INTERESTS (Note 2)                                       --             849,749                  --

DISTRIBUTIONS FROM LIMITED
      PARTNERSHIPS RECOGNIZED AS
      INCOME (Note 2)                                       6,523             294,813             381,171

EQUITY IN INCOME (LOSS) OF LIMITED
      PARTNERSHIP AND AMORTI-
      ZATION OF ACQUISITION
      COSTS (Note 2)                                      216,870          (1,148,813)            503,765
                                                      -----------         -----------         -----------

NET INCOME (LOSS)                                     $    65,656         $  (727,363)        $   369,513
                                                      ===========         ===========         ===========


NET INCOME (LOSS) PER LIMITED PARTNERSHIP
      INTEREST (Note 1)                               $         8         $       (92)        $        47
                                                      ===========         ===========         ===========
</TABLE>


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


                                       13
<PAGE>   15

                        REAL ESTATE ASSOCIATES LIMITED V
                       (a California limited partnership)

                   STATEMENTS OF PARTNERS' EQUITY (DEFICIENCY)
              FOR THE YEARS ENDED DECEMBER 31, 1999, 1998 AND 1997


<TABLE>
<CAPTION>
                                       General            Limited
                                      Partners            Partners              Total
                                     -----------         -----------         -----------
<S>                                  <C>                 <C>                 <C>
EQUITY (DEFICIENCY),
    January 1, 1997                  $  (124,854)        $ 3,374,054         $ 3,249,200

    Net income for 1997                    3,696             365,817             369,513
                                     -----------         -----------         -----------

EQUITY (DEFICIENCY),
    December 31, 1997                   (121,158)          3,739,871           3,618,713

    Net loss for 1998                     (7,274)           (720,089)           (727,363)
                                     -----------         -----------         -----------

EQUITY (DEFICIENCY),
    December 31, 1998                   (128,432)          3,019,782           2,891,350

    Distributions to partners            (20,632)         (2,042,603)         (2,063,235)

    Net income for 1999                      657              64,999              65,656
                                     -----------         -----------         -----------

EQUITY (DEFICIENCY),
    December 31, 1999                $  (148,407)        $ 1,042,178         $   893,771
                                     ===========         ===========         ===========
</TABLE>


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


                                       14
<PAGE>   16

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                            STATEMENTS OF CASH FLOWS
              FOR THE YEARS ENDED DECEMBER 31, 1999, 1998 AND 1997


<TABLE>
<CAPTION>
                                                                              1999                1998                1997
                                                                          -----------         -----------         -----------
<S>                                                                       <C>                 <C>                 <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
      Net income (loss)                                                   $    65,656         $  (727,363)        $   369,513
      Adjustments to reconcile net income (loss) to
         net cash (used in) provided by operating activities:
            Gain on sale of limited partnership interests                          --            (849,749)                 --
            Equity in (loss) income of limited partnerships
                and amortization of acquisition costs                        (216,870)          1,148,813            (503,765)
            Increase in due from NAPICO                                       (42,184)                 --
            (Decrease) increase in accounts payable                          (187,491)             18,406             166,757
                                                                          -----------         -----------         -----------

               Net cash (used in) provided by operating activities           (380,889)           (409,893)             32,505
                                                                          -----------         -----------         -----------

CASH FLOWS FROM INVESTING ACTIVITIES:
      Costs incurred related to sale of partnership                                --            (153,795)                 --
         interests
      Capital contributions to limited partnerships                                --            (102,500)                 --
      Distributions from limited partnerships recognized
         as a return of capital                                                50,878             216,451             192,626
      Proceeds from sale of limited partnership interests                   1,063,235
                                                                          -----------         -----------         -----------

              Net cash provided by (used in) investing activities           1,114,113             (39,844)            192,626
                                                                          -----------         -----------         -----------

CASH FLOWS FROM FINANCING ACTIVITIES:
      Distributions to partners                                            (2,063,235)                 --                  --
                                                                          -----------         -----------         -----------

NET (DECREASE) INCREASE IN CASH AND
     CASH EQUIVALENTS                                                      (1,330,011)           (449,737)            225,131

CASH AND CASH EQUIVALENTS,
      BEGINNING OF YEAR                                                     1,728,900           2,178,637           1,953,506
                                                                          -----------         -----------         -----------

CASH AND CASH EQUIVALENTS,
      END OF YEAR                                                         $   398,889         $ 1,728,900         $ 2,178,637
                                                                          ===========         ===========         ===========
</TABLE>


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


                                       15
<PAGE>   17


                        REAL ESTATE ASSOCIATES LIMITED V
                       (a California limited partnership)

                          NOTES TO FINANCIAL STATEMENTS
                  YEARS ENDED DECEMBER 31, 1999, 1998 AND 1997


1.      SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

        Organization

        Real Estate Associates Limited V (the "Partnership"), formed under the
        California Limited Partnership Act, was organized on May 7, 1982. The
        Partnership was formed to invest primarily in other limited
        partnerships, which own and operate primarily federal, state or local
        government- assisted housing projects. The general partners of the
        Partnership are National Partnership Investments Corp. (NAPICO), the
        Corporate General Partner, and National Partnership Investments
        Associates II (NAPIA II), a limited partnership. The business of REAL V
        is conducted primarily by NAPICO.

        Prior to December 30, 1998, NAPICO was a wholly owned subsidiary of
        Casden Investment Corporation ("CIC"), which is wholly owned by Alan I.
        Casden. On December 30, 1998, Casden Properties Operating Partnership,
        L.P., (the "Operating Partnership") a majority owned subsidiary of
        Casden Properties Inc., a real estate investment trust organized by Alan
        I. Casden, purchased a 95.25% economic interest in NAPICO.

        The Partnership offered and issued 1,950 units of limited partner
        interests through a public offering. Each unit was comprised of two
        limited partner interests and a warrant granting the investor the right
        to purchase two additional limited partner interests. An additional
        3,908 interests were issued from the exercise of warrants and the sale
        of interests associated with warrants not exercised. The general
        partners have a 1 percent interest in profits and losses of the
        Partnership. The limited partners have the remaining 99 percent interest
        in proportion to their respective investments.

        The Partnership shall be dissolved only upon the expiration of 52
        complete calendar years (December 31, 2034) from the date of the
        formation of the Partnership or the occurrence of other events as
        specified in the Partnership agreement.

         Upon total or partial liquidation of the Partnership or the disposition
         or partial disposition of a project or project interest and
         distribution of the proceeds, the general partners will be entitled to
         a liquidation fee as stipulated in the Partnership agreement. The
         limited partners will have a priority return equal to their invested
         capital attributable to the project(s) or project interest(s) sold and
         shall receive from the sale of the project(s) or project interest(s) an
         amount sufficient to pay state and federal income taxes, if any,
         calculated at the maximum rate then in effect. The general partners'
         liquidation fee may accrue but shall not be paid until the limited
         partners have received distributions equal to 100 percent of their
         capital contributions.


                                       16
<PAGE>   18


                        REAL ESTATE ASSOCIATES LIMITED V
                       (a California limited partnership)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                  YEARS ENDED DECEMBER 31, 1999, 1998 AND 1997


1.      SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

        On December 30, 1998, the Partnership sold its interests in 16 local
        limited partnerships for $59,691 to the Operating Partnership.

        Use of Estimates

        The preparation of financial statements in conformity with generally
        accepted accounting principles requires management to make estimates and
        assumptions that affect the reported amounts of assets and liabilities
        and disclosure of contingent assets and liabilities at the date of the
        financial statements and reported amounts of revenues and expenses
        during the reporting period. Actual results could differ from those
        estimates.

        Method of Accounting for Investments in Limited Partnerships

        The investments in limited partnerships are accounted for on the equity
        method. Acquisition, selection and other costs related to the
        acquisition of the projects have been capitalized as part of the
        investment account and are being amortized on a straight line basis over
        the estimated lives of the underlying assets, which is generally 30
        years.

        Net Income Per Limited Partnership Interest

        Net income per limited partner interest was computed by dividing the
        limited partners' share of net income by the number of limited
        partnership interests outstanding during the year. The number of limited
        partnership interests was 7,808 for all years presented.

        Cash and Cash Equivalents

        Cash and cash equivalents consist of cash and bank certificates of
        deposit with an original maturity of three months or less. The
        Partnership has its cash and cash equivalents on deposit primarily with
        two high credit quality financial institutions. Such cash and cash
        equivalents are in excess of the FDIC insurance limit.

        Impairment of Long-Lived Assets

        The Partnership reviews long-lived assets to determine if there has been
        any permanent impairment whenever events or changes in circumstances
        indicate that the carrying amount of the asset may not be recoverable.
        If the sum of the expected future cash flows is less than the carrying
        amount of the assets, the Partnership recognizes an impairment loss.
        During 1998, the Partnership recognized an impairment loss of $1,639,535
        related to certain of the investment in local limited partnerships,
        which has been included in equity in loss of limited partnerships.


                                       17
<PAGE>   19


                        REAL ESTATE ASSOCIATES LIMITED V
                       (a California limited partnership)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                  YEARS ENDED DECEMBER 31, 1999, 1998 AND 1997


2.      INVESTMENTS IN LIMITED PARTNERSHIPS

        The Partnership holds limited partnership interests in 3 limited
        partnerships as of December 31, 1999 and 1998, after selling its
        interests in 16 limited partnerships in 1998. The limited partnerships
        own residential low income rental projects consisting of 228 apartment
        units. The mortgage loans of these projects are payable to or insured by
        various governmental agencies.

        The Partnership, as a limited partner, is entitled to 75 percent to 99
        percent of the profits and losses in these limited partnerships.

        Equity in losses of limited partnerships is recognized in the financial
        statements until the limited partnership investment account is reduced
        to a zero balance. Losses incurred after the limited partnership
        investment account is reduced to zero are not recognized. Limited
        partners are not liable for losses beyond their contributed capital. In
        addition, income realized after an investment has been written off, due
        to an impairment loss, is not recognized. The cumulative amount of the
        unrecognized equity in income (losses) of certain limited partnerships
        was approximately $205,000 and ($21,000) as of December 31, 1999 and
        1998, respectively.

        Distributions from the limited partnerships are accounted for as a
        return of capital until the investment balance is reduced to zero or to
        a negative amount equal to further capital contributions required.
        Subsequent distributions received are recognized as income.

        The following is a summary of the investments in limited partnerships
        and reconciliation to the limited partnership accounts:

<TABLE>
<CAPTION>
                                                                1999                1998
                                                            -----------         -----------
<S>                                                         <C>                 <C>
        Investment balance, beginning of year               $   294,356         $ 1,616,811
        Capital contributions to limited partnership                 --             102,500
        Equity in income of limited partnerships                229,837          (1,134,562)
        Investment balance in limited partnership
            interests sold                                           --             (59,691)
        Amortization of capitalized acquisition
           costs and fees                                       (12,967)            (14,251)
        Cash distributions recognized as
          a return of capital                                   (50,878)           (216,451)
                                                            -----------         -----------

        Investment balance, end of year                     $   460,348         $   294,356
                                                            ===========         ===========
</TABLE>


                                       18
<PAGE>   20


                        REAL ESTATE ASSOCIATES LIMITED V
                       (a California limited partnership)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                  YEARS ENDED DECEMBER 31, 1999, 1998 AND 1997


2.      INVESTMENTS IN LIMITED PARTNERSHIPS (CONTINUED)

        The difference between the investment in the accompanying balance sheets
        at December 31, 1999 and 1998, and the deficiency per the limited
        partnerships' combined financial statements is due primarily to
        cumulative unrecognized equity in income and losses of certain limited
        partnerships, costs capitalized to the investment account, cumulative
        distributions recognized as income and recognition of impairment losses.

        Selected financial information from the combined financial statements of
        the limited partnerships at December 31, 1999 and 1998 and for each of
        the three years in the period ended December 31, 1999 is as follows:

                                 Balance Sheets
<TABLE>
<CAPTION>
                                                             1999             1998
                                                           --------         --------
                                                                (in thousands)
<S>                                                        <C>              <C>
         Land and buildings, net                           $  7,186         $  7,386
                                                           ========         ========

         Total assets                                      $ 12,301         $ 11,894
                                                           ========         ========

         Mortgages payable                                 $ 10,163         $ 10,232
                                                           ========         ========

         Total liabilities                                 $ 10,566         $ 10,589
                                                           ========         ========

         Equity of Real Estate Associates Limited V        $  2,174         $  1,752
                                                           ========         ========

         Deficiency of other partners                      $   (439)        $   (447)
                                                           ========         ========
</TABLE>

                              Statements of Income

<TABLE>
<CAPTION>
                                                         1999           1998           1997
                                                       -------        -------        -------
                                                                   (in thousands)
<S>                                                    <C>            <C>            <C>
        Total revenue                                  $ 3,137        $12,972        $12,911
                                                       =======        =======        =======

        Interest expense                               $ 1,210        $ 5,215        $ 5,281
                                                       =======        =======        =======

        Depreciation                                   $   313        $ 1,933        $ 1,911
                                                       =======        =======        =======

        Total expenses                                 $ 2,656        $12,882        $12,637
                                                       =======        =======        =======

        Net income                                     $   481        $    90        $   268
                                                       =======        =======        =======

        Net income allocable to the Partnership        $   473        $    89        $   265
                                                       =======        =======        =======
</TABLE>


                                       19
<PAGE>   21


                        REAL ESTATE ASSOCIATES LIMITED V
                       (a California limited partnership)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                  YEARS ENDED DECEMBER 31, 1999, 1998 AND 1997


2.      INVESTMENTS IN LIMITED PARTNERSHIPS (CONTINUED)

        Land and buildings, above, have been adjusted for the amount by which
        the investment in the limited partnerships exceeds the Partnership's
        share of the net book value of the underlying net assets of the investee
        which are recorded at historical costs. Depreciation on the adjustment
        is provided for over the estimated remaining useful lives of the
        properties.

        An affiliate of NAPICO was the general partner in 4 of the limited
        partnerships in which the partnership interests were sold on December
        30, 1998, and another affiliate receives property management fees of
        approximately 5 to 6 percent of their revenue. The affiliate received
        property management fees of $42,600 in 1998 and 1997.

        Under recently adopted law and policy, the United States Department of
        Housing and Urban Development ("HUD") has determined not to renew the
        Housing Assistance Payment ("HAP") Contracts on a long term basis on the
        existing terms. In connection with renewals of the HAP Contracts under
        such new law and policy, the amount of rental assistance payments under
        renewed HAP Contracts will be based on market rentals instead of above
        market rentals, which may be the case under existing HAP Contracts. The
        payments under the renewed HAP Contracts are not expected to be in an
        amount that would provide sufficient cash flow to permit owners of
        properties subject to HAP Contracts to meet the debt service
        requirements of existing loans insured by the Federal Housing
        Administration of HUD ("FHA") unless such mortgage loans are
        restructured. In order to address the reduction in payments under HAP
        Contracts as a result of this new policy, the Multi-family Assisted
        Housing Reform and Affordability Act of 1997 ( "MAHRAA"), which was
        adopted in October 1997, provides for the restructuring of mortgage
        loans insured by the FHA with respect to properties subject to the
        Section 8 program. Under MAHRAA, an FHA-insured mortgage loan can be
        restructured into a first mortgage loan which will be amortized on a
        current basis and a low interest second mortgage loan payable to FHA
        which will only be payable on maturity of the first mortgage loan. This
        restructuring results in a reduction in annual debt service payable by
        the owner of the FHA-insured mortgage loan and is expected to result in
        an insurance payment from FHA to the holder of the FHA-insured loan due
        to the reduction in the principal amount. MAHRAA also phases out
        project-based subsidies on selected properties serving families not
        located in rental markets with limited supply, converting such subsidies
        to a tenant-based subsidy.

        On September 11, 1998, HUD issued interim regulations implementing
        MAHRAA and final regulations are expected to be issued in 2000.


                                       20
<PAGE>   22


                        REAL ESTATE ASSOCIATES LIMITED V
                       (a California limited partnership)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                  YEARS ENDED DECEMBER 31, 1999, 1998 AND 1997


2.      INVESTMENTS IN LIMITED PARTNERSHIPS (CONTINUED)

        When the HAP Contracts are subject to renewal, there can be no assurance
        that the local limited partnerships in which the Partnership has an
        investment will be permitted to restructure its mortgage indebtedness
        under MAHRAA. In addition, the economic impact on the Partnership of the
        combination of the reduced payments under the HAP Contracts and the
        restructuring of the existing FHA-insured mortgage loans under MAHRAA is
        uncertain.

        As a result of the foregoing, the Partnership, in 1997, undertook an
        extensive review of disposition, refinancing or re-engineering
        alternatives for the properties in which the limited partnerships have
        invested and are subject to HUD mortgage and rental subsidy programs.
        The Partnership has incurred expenses in connection with this review by
        various third party professionals, including accounting, legal,
        valuation, structural and engineering costs, which amounted to $50,763,
        $390,255 and $233,793 for the years ended December 31, 1999, 1998 and
        1997, respectively, and are included in administrative expenses.
        Accounts payable at December 31, 1998 includes $63,608 of such costs.

        On December 30, 1998, the Partnership sold its limited partnership
        interests in 16 local limited partnerships, with a total carrying value
        of $59,691, to the Operating Partnership. The sale resulted in proceeds
        to the Partnership of $1,063,235 and a net gain of $849,749 after
        deducting selling costs. The cash proceeds were held in escrow at
        December 31, 1998 and were collected in 1999. In March 1999, the
        Partnership made cash distributions of $2,042,603 to the limited
        partners and $20,632 to the general partners, which included using
        proceeds from the sale of the partnership interests.

        The Operating Partnership purchased such limited partner interests for
        cash, which it raised in connection with a private placement of its
        equity securities. The purchase was subject to, among other things, (i)
        the purchase of the general partner interests in the local limited
        partnerships by the Operating Partnership; (iii) the approval of HUD and
        certain state housing finance agencies; and (iii) the consent of the
        limited partners to the sale of the local limited partnership interests
        held for investment by the Partnership.

        In August 1998, a consent solicitation statement was sent to the limited
        partners setting forth the terms and conditions of the purchase of the
        limited partners' interests held for investment by the Partnership,
        together with certain amendments to the Partnership Agreement and other
        disclosures of various conflicts of interest in connection with the
        proposed transaction. Prior to the sale of the partnership interests,
        the consents of the limited partners to the sale and amendments to the
        Partnership Agreement were obtained.


                                       21
<PAGE>   23


                        REAL ESTATE ASSOCIATES LIMITED V
                       (a California limited partnership)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                  YEARS ENDED DECEMBER 31, 1999, 1998 AND 1997


3.      FEES AND EXPENSES DUE GENERAL PARTNER

        Under the terms of the Restated Certificate and Agreement of Limited
        Partners, the Partnership is obligated to NAPICO for an annual
        management fee equal to .4 percent of the original remaining invested
        assets of the limited partnerships. Invested assets is defined as the
        costs of acquiring project interests, including the proportionate amount
        of the mortgage loans related to the Partnership's interest in the
        capital accounts of the respective partnerships.

        The Partnership reimburses NAPICO for certain expenses. The
        reimbursement to NAPICO was $6,204, $20,976 and $20,978 in 1999, 1998
        and 1997, respectively, and is included in administrative expenses.

4.      CONTINGENCIES

        On August 27, 1998, two investors holding an aggregate of eight units of
        limited partnership interests in Real Estate Associates Limited III (an
        affiliated partnership in which NAPICO is the managing general partner)
        and two investors holding an aggregate of five units of limited
        partnership interest in Real Estate Associates Limited VI (another
        affiliated partnership in which NAPICO is the managing general partner)
        commenced an action in the United States District Court for the Central
        District of California against the Partnership, NAPICO and certain other
        affiliated entities. The complaint alleges that the defendants breached
        their fiduciary duty to the limited partners of certain NAPICO managed
        partnerships and made materially false and misleading statements in the
        consent solicitation statements sent to the limited partners of such
        partnerships relating to approval of the transfer of partnership
        interests in limited partnerships, owning certain of the properties, to
        the Operating Partnership organized by an affiliate of NAPICO. The
        plaintiffs seek equitable relief, as well as compensatory damages and
        litigation related costs. On August 4, 1999, one investor holding one
        unit of limited partnership interest in Housing Programs Limited
        (another affiliated partnership in which NAPICO is the managing general
        partner) commenced a virtually identical action in the United States
        District Court for the Central District of California against the
        Partnership, NAPICO and certain other affiliated entities. The managing
        general partner of such NAPICO managed partnerships and the other
        defendants believe that the plaintiffs' claims are without merit and
        intend to contest the actions vigorously.

        The corporate general partner of the Partnership is a plaintiff in
        various lawsuits and has also been named as a defendant in other
        lawsuits arising from transactions in the ordinary course of business.
        In the opinion of management and the corporate general partner, the
        claims will not result in any material liability to the Partnership.


                                       22
<PAGE>   24


                        REAL ESTATE ASSOCIATES LIMITED V
                       (a California limited partnership)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                  YEARS ENDED DECEMBER 31, 1999, 1998 AND 1997

5.       INCOME TAXES

         No provision has been made for income taxes in the accompanying
         financial statements since such taxes, if any, are the liability of the
         individual partners. The major differences in tax and financial
         reporting result from the use of different bases and depreciation
         methods for the properties held by the limited partnerships.
         Differences in tax and financial reporting also arise as losses are not
         recognized for financial reporting purposes when the investment balance
         has been reduced to zero or to a negative amount equal to further
         capital contributions required.

6.       FAIR VALUE OF FINANCIAL INSTRUMENTS

         Statement of Financial Accounting Standards No. 107, "Disclosure about
         Fair Value of Financial Instruments," requires disclosure of fair value
         information about financial instruments. The carrying amount of assets
         and liabilities reported on the balance sheets that require such
         disclosure approximates fair value due to their short-term maturity.

7.       FOURTH-QUARTER ADJUSTMENT

         The Partnership's policy is to record its equity in income (loss) of
         limited partnerships on a quarterly basis, using estimated financial
         information furnished by the various local operating general partners.

         The equity in income (loss) reflected in the accompanying annual
         financial statements is based primarily upon audited financial
         statements of the investee limited partnerships. The increase of
         approximately $211,000, between the estimated nine-month equity in
         income and the actual 1999 year end equity in income has been recorded
         in the fourth quarter.


                                       23
<PAGE>   25

                                                                        SCHEDULE

                        REAL ESTATE ASSOCIATES LIMITED V
                       INVESTMENTS IN LIMITED PARTNERSHIPS
                  YEARS ENDED DECEMBER 31, 1999, 1998 AND 1997

<TABLE>
<CAPTION>
                                                 Year Ended December 31, 1999
                        -------------------------------------------------------------------------------
                                                             Cash             Equity
                         Balance         Capital            Distri-             In             Balance
                         January         Contri-            butions           Income          December
Limited Partnerships     1, 1999         butions            Received          (Loss)          31, 1999
                        ---------        ---------         ---------         ---------        ---------
<S>                     <C>              <C>               <C>               <C>              <C>
Bickerdike              $ 240,492        $                 $ (41,144)        $ 190,632        $ 389,980
Grandview Place            53,864                             (9,734)           26,238           70,368
Richland Elderly
                        ---------        ---------         ---------         ---------        ---------

                        $ 294,356        $                 $ (50,878)        $ 216,870        $ 460,348
                        =========        =========         =========         =========        =========
</TABLE>


                                       24
<PAGE>   26

                                                                        SCHEDULE
                                                                     (CONTINUED)

                        REAL ESTATE ASSOCIATES LIMITED V
                       INVESTMENTS IN LIMITED PARTNERSHIPS
                  YEARS ENDED DECEMBER 31, 1999, 1998 AND 1997

<TABLE>
<CAPTION>
                                                              Year Ended December 31, 1998
                             ---------------------------------------------------------------------------------------------
                                                               Cash              Equity
                                Balance        Capital        Distri-              In                            Balance
                                January        Contri-        butions            Income                          December
Limited Partnerships            1, 1998        butions        Received           (Loss)           Sale           31, 1998
                             -----------      --------      -----------       -----------       --------       -----------
<S>                          <C>              <C>           <C>               <C>               <C>            <C>
Bickerdike                   $   871,770      $             $   (89,144)      $  (542,134)      $              $   240,492
Canoga Park*
Castlepark*
Centennial Ft. Wayne*
Creekside Gardens*
Del Haven Manor*
Fox Run*
Grandview Place                   93,961                        (49,022)            8,925                           53,864
Hamlin Estate*
Heritage Estates*
North River Club Apts.*
Palm Springs *
Panorama City I*
Panorama City II*
Pine Lake Terrace*
Plummer Village*                                                (15,000)           15,000                               --
Ranger Apts.*
Richland Elderly                 651,080                         (6,523)         (644,557)                              --
Robert Farrell Manor*                 --       102,500          (56,762)           13,953        (59,691)               --
                             -----------      --------      -----------       -----------       --------       -----------

                             $ 1,616,811      $102,500      $  (216,451)      $(1,148,813)      $(59,691)      $   294,356
                             ===========      ========      ===========       ===========       ========       ===========
</TABLE>


*Sold to the Operating Partnership in 1998.


                                       25
<PAGE>   27

                                                                        SCHEDULE
                                                                     (CONTINUED)

                        REAL ESTATE ASSOCIATES LIMITED V
                       INVESTMENTS IN LIMITED PARTNERSHIPS
                  YEARS ENDED DECEMBER 31, 1999, 1998 AND 1997

<TABLE>
<CAPTION>
                                                 Year Ended December 31, 1997
                           ---------------------------------------------------------------------------
                                                             Cash             Equity
                             Balance        Capital         Distri-             In            Balance
                             January        Contri-         butions           Income          December
Limited Partnerships         1, 1997        butions         Received          (Loss)          31, 1997
                           ----------      ----------      ----------       ----------      ----------
<S>                        <C>             <C>             <C>              <C>             <C>
Bickerdike                 $  632,573      $               $  (89,144)      $  328,341      $  871,770
Canoga Park                        41                         (23,653)          23,612              --
Castlepark
Centennial Ft. Wayne
Creekside Gardens
Del Haven Manor
Fox Run
Grandview Place               134,550                         (73,306)          32,717          93,961
Hamlin Estate
Heritage Estates
North River Club Apts
Palm Springs
Panorama City I
Panorama City II
Pine Lake Terrace
Plummer Village
Ranger Apts
Richland Elderly              538,508                          (6,523)         119,095         651,080
Robert Farrell Manor
                           ----------      ----------      ----------       ----------      ----------

                           $1,305,672      $       --      $ (192,626)      $  503,765      $1,616,811
                           ==========      ==========      ==========       ==========      ==========
</TABLE>


                                       26
<PAGE>   28


                                                                        SCHEDULE
                                                                     (CONTINUED)

                        REAL ESTATE ASSOCIATES LIMITED V
                       INVESTMENTS IN LIMITED PARTNERSHIPS
                                   YEARS ENDED
                        DECEMBER 31, 1999, 1998 AND 1997


NOTES: 1. Equity in income and losses in investments in limited partnerships
          represents the Partnership's allocable share of the net results of
          operations from the limited partnerships for the year. Equity in
          losses of the limited partnerships will be recognized until the
          investment balance is reduced to zero or below zero to an amount equal
          to future capital contributions to be made by the Partnership.

       2. Cash distributions from the limited partnerships are treated as a
          return of the investment and reduce the investment balance until such
          time as the investment is reduced to an amount equal to additional
          contributions. Distributions subsequently received will be recognized
          as income.


                                       27
<PAGE>   29


                        REAL ESTATE ASSOCIATES LIMITED V            SCHEDULE III
                     REAL ESTATE AND ACCUMULATED DEPRECIATION
                 OF PROPERTY HELD BY LOCAL LIMITED PARTNERSHIPS
                         IN WHICH REAL V HAS INVESTMENTS
                                DECEMBER 31, 1999


<TABLE>
<CAPTION>
                                                                           Buildings,
                                 Number of   Outstanding                  Furnishings                   Accumulated   Construction
                                   Units    Mortgage Loan     Land        and Equipment      Total      Depreciation     Period
                                 ---------  -------------  -----------    -------------  -----------    ------------  ------------
<S>                                  <C>    <C>            <C>            <C>            <C>            <C>                 <C>
Limited Partnerships
Bickerdike                           140    $ 7,239,702    $   348,255    $ 8,225,097    $ 8,573,352    $ 3,626,650         1983
  Chicago, il
Grandview Place Apts                  48      1,604,192        183,000      2,022,616      2,205,616        840,281    1982-1983
   Missouls, MT
Richland Three Rivers                 40      1,319,503              0      1,416,226      1,416,226        660,015    1982-1983
  Richland, WA
Additional carrying value of real                               29,993        303,258        333,251      215,648
 estate of investee limited
 partnerships not recorded on
 said limited partnerships
                                     ---    -----------    -----------    -----------    -----------    -----------


TOTAL                                228    $10,163,397    $   561,248    $11,967,197    $12,528,445    $ 5,342,594
                                     ===    ===========    ===========    ===========    ===========    ===========
</TABLE>


                                       28
<PAGE>   30

                                                                    SCHEDULE III
                                                                     (CONTINUED)

                        REAL ESTATE ASSOCIATES LIMITED V
              REAL ESTATE AND ACCUMULATED DEPRECIATION OF PROPERTY
                       HELD BY LOCAL LIMITED PARTNERSHIPS
                         IN WHICH REAL V HAS INVESTMENTS
                        DECEMBER 31, 1999, 1998 AND 1997


NOTES: 1. Each local limited partnership is developing or has developed, owns
          and operates the housing project. Substantially all project costs,
          including construction period interest expense, are being capitalized
          by the limited partnerships.

       2. Depreciation is provided for by various methods over the estimated
          useful lives of the projects. The estimated composite useful lives of
          the buildings are generally from 25 to 40 years.

       3. Investments in property and equipment:

<TABLE>
<CAPTION>
                                                                               Buildings,
                                                                              Furnishings,
                                                                                  And
                                        Land               Equipment             Total
                                    ------------         ------------         ------------
<S>                                 <C>                  <C>                  <C>
Balance at January 1, 1997          $  4,412,142         $ 59,524,313         $ 63,936,455

Net additions during 1997                     --              263,992              263,992
                                    ------------         ------------         ------------

Balance at December 31, 1997           4,412,142           59,788,305           64,200,447

Sale of Properties                    (4,151,054)         (48,274,897)         (52,425,951)

Net additions during 1998                300,160              345,624              645,784
                                    ------------         ------------         ------------

Balance at December 31, 1998             561,248           11,859,032           12,420,280

Net additions during 1999                      0              108,165              108,165
                                    ------------         ------------         ------------

Balance at December 31, 1999        $    561,248         $ 11,967,197         $ 12,528,445
                                    ============         ============         ============
</TABLE>


                                       29
<PAGE>   31

                                                                    SCHEDULE III
                                                                     (CONTINUED)


                        REAL ESTATE ASSOCIATES LIMITED V
              REAL ESTATE AND ACCUMULATED DEPRECIATION OF PROPERTY
                       HELD BY LOCAL LIMITED PARTNERSHIPS
                         IN WHICH REAL V HAS INVESTMENTS
                        DECEMBER 31, 1999, 1998 AND 1997



<TABLE>
<CAPTION>
                                            Buildings,
                                           Furnishings
                                          and Equipment
                                          -------------
<S>                                       <C>
        Accumulated Depreciation:

        Balance, January 1, 1997          $ 27,316,382

        Net additions, 1997                  1,839,401
                                          ------------

        Balance, December 31, 1997          29,155,783

        Sales of properties                (26,036,693)

        Net additions, 1998                  1,915,007
                                          ------------

        Balance, December 31, 1998           5,034,097

        Net additions, 1999                    308,497
                                          ------------

        Balance, December 31, 1999        $  5,342,594
                                          ============
</TABLE>


                                       30
<PAGE>   32


PART III.

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT:

REAL ESTATE ASSOCIATES LIMITED V (the "Partnership") has no directors or
executive officers of its own.

Prior to December 30, 1998, NAPICO was a wholly owned subsidiary of Casden
Investment Corporation ("CIC"), which is wholly owned by Alan I. Casden. On
December 30, 1998, Casden Properties Operating Partnership, L.P., (the
"Operating Partnership") a majority owned subsidiary of Casden Properties Inc.,
a real estate investment trust organized by Alan I. Casden, purchased a 95.25%
economic interest in NAPICO. The following biographical information is presented
for the directors and executive officers of NAPICO with principal responsibility
for the Partnership's affairs.

CHARLES H. BOXENBAUM, 70, Chairman of the Board of Directors and Chief Executive
Officer of NAPICO.

Mr. Boxenbaum has been associated with NAPICO since inception. He has been
active in the real estate industry since 1960, and prior to joining NAPICO was a
real estate broker with the Beverly Hills firm of Carl Rhodes Company.

Mr. Boxenbaum has been a guest lecturer at national and state realty
conventions, certified properties exchanger's seminars, Los Angeles Town Hall,
National Association of Home Builders, International Council of Shopping
Centers, Society of Conventional Appraisers,

California Real Estate Association, National Institute of Real Estate Brokers,
Appraisal Institute, various mortgage banking seminars, and the North American
Property Forum held in London, England. In 1963, he was the winner of the Snyder
Award, the highest annual award offered by the National Association of Real
Estate Boards for Best Exchange. He is one of the founders and a past director
of the First Los Angeles Bank, organized in November 1974. Mr. Boxenbaum was a
member of the Board of Directors of the National Housing Council. Mr. Boxenbaum
received his Bachelor of Arts degree from the University of Chicago.

BRUCE E. NELSON, 48, President and a director of NAPICO.

Mr. Nelson joined NAPICO in 1980 and became President in February 1989. He is
responsible for the operations of all NAPICO sponsored limited partnerships.
Prior to that he was primarily responsible for the securities aspects of the
publicly offered real estate investment programs. Mr. Nelson is also involved in
the identification, analysis, and negotiation of real estate investments.

From February 1979 to October 1980, Mr. Nelson held the position of Associate
General Counsel at Western Consulting Group, Inc., private residential and
commercial real estate syndicators. Prior to that time Mr. Nelson was engaged in
the private practice of law in Los Angeles. Mr. Nelson received his Bachelor of
Arts degree from the University of Wisconsin and is a graduate of the University
of Colorado School of Law. He is a member of the State Bar of California and is
a licensed real estate broker in California and Texas.

ALAN I. CASDEN, 54, Chairman of Casden Properties Inc., a director and member of
the audit committee of NAPICO, and chairman of the Executive Committee of
NAPICO.

Mr. Casden has been involved in approximately $3 billion of real estate
financings and sales and has been responsible for the development and
construction of more than 12,000 apartment units and 5,000 single-family homes
and condominiums.


                                       31
<PAGE>   33


Mr. Casden is a member of the American Institute of Certified Public Accountants
and of the California Society of Certified Public Accountants. Mr. Casden is a
member of the advisory board of the National Multi-Family Housing Conference,
the Multi-Family Housing Council, and the President's Council of the California
Building Industry Association. He also serves on the advisory board to the
School of Accounting of the University of Southern California. He holds a
Bachelor of Science and a Masters in Business Administration degree from the
University of Southern California.

PAUL PATIERNO, 43, Chief Financial Officer.

Mr. Patierno joined NAPICO in 1998 and is responsible for its financial affairs,
as well as the limited partnerships sponsored by it. From 1995 until joining
NAPICO in September 1998, Mr. Patierno was a senior manager in the affordable
housing group of Altschuler, Melvoin and Glasser LLP, a national public
accounting firm. From 1990 to 1995, he practiced public accounting with a firm
specializing in real estate syndication. Mr. Patierno received his bachelor of
science degree in accounting from California State University at Northridge, and
is a member of the American Institute of Certified Public Accountants and the
California Society of Certified Public Accountants.

PATRICIA W. TOY, 70, Senior Vice President - Communications and Assistant
Secretary.

Mrs. Toy joined NAPICO in 1977, following her receipt of an MBA from the
Graduate School of Management, UCLA. From 1952 to 1956, Mrs. Toy served as a
U.S. Naval Officer in communications and personnel assignments. She holds a
Bachelor of Arts Degree from the University of Nebraska.

MARK L. WALTHER, 39, Executive Vice President, General Counsel and Assistant
Secretary.

Mr. Walther joined NAPICO in 1987 and is responsible for the legal affairs of
the NAPICO sponsored limited partnerships. Prior to joining NAPICO, Mr. Walther
worked in the San Francisco law firm of Browne and Kahn which specialized in
construction litigation. Mr. Walther received his Bachelor of Arts Degree in
Political Science from the University of California, Santa Barbara and is a
graduate of the University of California, Davis, School of Law. He is a member
of the State Bar of Hawaii.

NAPICO and several of its officers, directors and affiliates, including Charles
H. Boxenbaum, Bruce E. Nelson and Alan I. Casden, consented to the entry, on
June 25, 1997, of an administrative cease and desist order by the U.S.
Securities and Exchange Commission (the "Commission"), without admitting or
denying any of the findings made by the Commission. The Commission found that
NAPICO and others had violated certain federal securities laws in connection
with transactions unrelated to the Partnership. The Commission's order did not
impose any cost, burden or penalty on any partnership managed by NAPICO and does
not impact NAPICO's ability to serve as the Partnership's Managing General
Partner.

ITEM 11. MANAGEMENT REMUNERATION AND TRANSACTIONS:

Real Estate Associates Limited V has no officers, employees or directors.
However, under the terms of the Restated Certificate and Agreement of Limited
Partnership, the Partnership is obligated to pay the Corporate General Partner
an annual management fee. The annual management fee is approximately equal to
 .4% of the invested assets, including the Partnership's allocable share of the
mortgages related to real estate properties held by local limited partnerships.
The fee is earned beginning in the month the Partnership makes its initial
contribution to the limited partnership. In addition, the Partnership reimburses
the Corporate General Partner for certain expenses.


                                       32
<PAGE>   34


ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT:

(a)     Security Ownership of Certain Beneficial Owners

        The General Partners own all of the outstanding general partnership
        interests of REAL V; no person is known to own beneficially in excess of
        5% of the outstanding limited partnership interests.

(b)     At December 31, 1999, security ownership of management is as listed:

<TABLE>
<CAPTION>
                                                                                    Percentage of
                                                                 Amount and         Outstanding
                                                                  Nature of            Limited
                                                                 Beneficial            Partner
Title of Class          Beneficial Owner                            Owner             Interests
--------------          ----------------                         ----------         -------------
<S>                     <C>                                      <C>                <C>
Limited                 Charles H. Boxenbaum
Partnership             780 Latimer Road
Interest                Santa Monica, CA 90402                    $10,000                *

Limited                 Bruce E. Nelson
Partnership             7036 Grasswood Avenue
Interest                Malibu, CA 90265                          $ 5,000                *
</TABLE>

*       Cumulative limited partnership interests owned by corporate officers or
        the general partner is less than 1% interest of total outstanding
        limited partnership interests.


ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS:

The Partnership has no officers, directors or employees of its own. All of its
affairs are managed by the Corporate General Partner, National Partnership
Investments Corp. The Partnership is obligated to NAPICO for an annual
management fee equal to .4 percent of the original remaining invested assets of
the limited partnerships. Invested assets is defined as the costs of acquiring
project interests, including the proportionate amount of the mortgage loans
related to the Partnership's interest in the capital accounts of the respective
partnerships. The management fee was $41,920 for the year ended December 31,
1999 and $254,448 for each of the two years in the period ended December 31,
1998.

The Partnership reimburses NAPICO for certain expenses. The reimbursement to
NAPICO was $6,204, $20,976 and $20,978 in 1999, 1998 and 1997, respectively, and
is included in operating expenses.

An affiliate of NAPICO was the general partner in 4 of the limited partnerships
in which the partnership interests were sold on December 30, 1998, and another
affiliate received property management fees of approximately 5 to 6 percent of
their revenue. The affiliate received property management fees of $42,600 in
1998 and 1997.

On December 30, 1998, the Partnership sold its limited partnership interests in
16 local limited partnerships, with a total carrying value of $59,691, to the
Operating Partnership. The sale resulted in proceeds to the Partnership of
$1,063,235 and a net gain of $849,749 after deducting selling costs. The cash
proceeds were held in escrow at December 31, 1998 and collected subsequent to
year end. In March 1999, the Partnership made cash distributions of $2,042,603
to the limited partners and $20,632 to the general partners, which included
using proceeds from the sale of the partnership interests.


                                       33
<PAGE>   35


The Operating Partnership purchased such limited partner interests for cash,
which it raised in connection with a private placement of its equity securities.
The purchase was subject to, among other things, (i) the purchase of the general
partner interests in the local limited partnerships by the Operating
Partnership; (ii) the approval of HUD and certain state housing finance
agencies; and (iii) the consent of the limited partners to the sale of the local
limited partnership interests held for investment by the Partnership.

In August 1998, a consent solicitation statement was sent to the limited
partners setting forth the terms and conditions of the purchase of the limited
partners' interests held for investment by the Partnership, together with
certain amendments to the Partnership Agreement and other disclosures of various
conflicts of interest in connection with the proposed transaction. Prior to the
sale of the partnership interests, the consents of the limited partners to the
sale and amendments to the Partnership Agreement were obtained.

ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 10-K:

FINANCIAL STATEMENTS

Report of Independent Public Accountants.

Balance Sheets as of December 31, 1999 and 1998.

Statements of Operations for the years ended December 31, 1999, 1998 and 1997.

Statement of Partners' Equity (Deficiency) for the years ended December 31,
1999, 1998 and 1997.

Statements of Cash Flows for the years ended December 31, 1999, 1998 and 1997.

Notes to financial statements.

FINANCIAL STATEMENT SCHEDULES
APPLICABLE TO REAL ESTATE ASSOCIATES LIMITED V AND TO THE LIMITED PARTNERSHIPS
IN WHICH REAL ESTATE ASSOCIATES LIMITED V HAS INVESTMENTS:

Schedule - Investments in Limited Partnerships as of December 31, 1999, 1998 and
1997.

Schedule III - Real estate and accumulated depreciation, December 31, 1999, 1998
and 1997.

The remaining schedules are omitted because the required information is included
in the financial statements and notes thereto or they are not applicable or not
required.

EXHIBITS

(3)     Articles of incorporation and bylaws: The registrant is not
        incorporated. The Partnership Agreement was filed with Form S-11 #277645
        which is hereby incorporated by reference.

(10)    Material contracts: The registrant is not party to any material
        contracts, other than the Restated Certificate and Agreement of Limited
        Partnership dated May 7, 1982, and the nineteen contracts representing
        the partnership investment in local limited partnerships as previously
        filed at the Securities Exchange Commission, File #277645 which is
        hereby incorporated by reference.

REPORTS ON FORM 8-K

        No reports on Form 8-k were filed during the year ended December 31,
1999.


                                       34
<PAGE>   36


                                   SIGNATURES


Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized in the City of Los Angeles,
State of California.


REAL ESTATE ASSOCIATES LIMITED V


By:        NATIONAL PARTNERSHIP INVESTMENTS CORP.
           General Partner


/s/ CHARLES H. BOXENBAUM
---------------------------------------
Charles H. Boxenbaum
Chairman of the Board of Directors
and Chief Executive Officer


/s/ BRUCE E. NELSON
---------------------------------------
Bruce E. Nelson
Director and President


/s/ ALAN I. CASDEN
---------------------------------------
Alan I. Casden
Director


/s/ PAUL PATIERNO
---------------------------------------
Paul Patierno
Chief Financial Officer


                                       35