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


                                    FORM 10-K

(Mark One)

 X  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
    EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

      For the fiscal year ended                      December 31, 1999

                                       OR

    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
    EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

      For the transition period from                  to


      Commission file number              0-11985

                       Krupp Realty Limited Partnership-V
             (Exact name of registrant as specified in its charter)

             Massachusetts                                04-2796207
(State or other jurisdiction of                (IRS Employer Identification No.)
incorporation or organization)

One Beacon Street, Boston, Massachusetts                     02108
(Address of principal executive offices)                  (Zip Code)

                                 (617) 523-7722
              (Registrant's telephone number, including area code)


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

Securities registered pursuant to Section 12(g) of the Act:  Units of Investor
                                                             Limited Partner
                                                             Interest

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. Yes X No

Indicate by check mark if disclosure of delinquent  filers  pursuant to Item 405
of Regulation  S-K 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. [ ].

Aggregate  market  value  of  voting  securities  held  by  non-affiliates:  Not
applicable.

Documents incorporated by reference:  Part IV, Item 14.

The exhibit index is located on pages 12-14.

The total number of pages in this document is 33.


<PAGE>



                                     PART I

     This Form 10-K contains  forward-looking  statements  within the meaning of
Section 27A of the  Securities  Act of 1933 and  Section  21E of the  Securities
Exchange  Act of  1934.  Actual  results  could  differ  materially  from  those
projected in the forward-looking  statements as a result of a number of factors,
including those identified herein.

ITEM 1. BUSINESS

     Krupp Realty Limited  Partnership-V  ("KRLP-V") was formed on June 16, 1983
by  filing  a  Certificate  of  Limited   Partnership  in  The  Commonwealth  of
Massachusetts. The Krupp Corporation (a Massachusetts corporation) and The Krupp
Company Limited  Partnership-II  (a Massachusetts  limited  partnership) are the
General  Partners of KRLP-V.  KRLP-V issued all of the Original  Limited Partner
Interests to The Krupp  Company  Limited  Partnership-II.  On September 6, 1983,
KRLP-V, pursuant to a sales agent agreement, commenced the marketing and sale of
units of Investor Limited Partner Interest ("Units") for $1,000 per Unit, 35,200
of which were sold. For further  details,  see Note A to Consolidated  Financial
Statements included in Item 8 (Appendix A) of this report.

     KRLP-V  considers  itself to be  engaged  only in the  industry  segment of
investment in real estate. KRLP-V invested the net proceeds from the offering in
leveraged real estate. KRLP-V originally invested in four multi-family apartment
complexes  (Century II, Marine  Terrace,  Fieldcrest  Apartments  and Park Place
Tower  Apartments) and a joint venture in Lakeview Tower  Apartments (the "Joint
Venture")  with Krupp  Realty  Limited  Partnership-IV,  an  affiliated  limited
partnership.  The aggregate  purchase price of the properties was  approximately
$67 million and KRLP-V originally funded approximately $2.3 million to the Joint
Venture.

     On  March  20,  1989,  the  General   Partners  formed  Krupp  Realty  Park
Place-Chicago  Limited  Partnership  ("Realty-V")  as  a  prerequisite  for  the
refinancing of Park Place Tower Apartments ("Park Place"). At the same time, the
General Partners  transferred  ownership of Park Place to Realty-V.  The General
Partner of  Realty-V  is The Krupp  Corporation  ("Krupp  Corp.").  The  Limited
Partner of  Realty-V  is KRLP-V.  Krupp  Corp.  has  beneficially  assigned  its
interest in Realty-V to KRLP- V. KRLP-V and Realty-V are  collectively  known as
Krupp Realty  Limited  Partnership-V  and Subsidiary  (collectively  referred to
herein as the "Partnership").

     The Partnership sold two of its apartment complexes,  Fieldcrest Apartments
and  Marine  Terrace,  in 1992 and  1995,  respectively.  The  Partnership  also
received a distribution of proceeds from the sale of the Joint Venture in 1992.

     The  Partnership's  real estate  investments  are subject to some  seasonal
fluctuations   resulting  from  changes  in  utility  consumption  and  seasonal
maintenance  expenditures.  However,  the future  performance of the Partnership
will depend upon factors which cannot be predicted. Such factors include general
economic  and real estate  market  conditions,  both on a national  basis and in
those areas where the Partnership's  real estate  investments are located,  real
estate tax rates, operating expenses,  energy costs,  government regulations and
federal and state income tax laws. The requirements for compliance with federal,
state  and  local  regulations  to date  have not had an  adverse  effect on the
Partnership's operations,  and no adverse effect therefrom is anticipated in the
future.











<PAGE>



     The Partnership's investments in real estate are also subject to such risks
as (I) competition from existing and future projects held by other owners in the
locations of the  Partnership's  properties,  (ii) fluctuations in rental income
due to changes in occupancy  levels,  (iii) possible adverse changes in mortgage
interest  rates,  (iv) possible  adverse  changes in general  economic and local
conditions,  such as competitive  over-building,  increases in unemployment,  or
adverse  changes in real estate zoning laws, (v) the possible future adoption of
rent  control  legislation  which would not permit the full amount of  increased
costs to be passed on to tenants in the form of rent  increases,  and (vi) other
circumstances over which the Partnership may have little or no control.

     As of December 31, 1999, the Partnership did not employ any personnel.

Recent Development

     On January 21, 2000, KR5 Acquisition,  L.L.C. ("KR5"), KRF Company, L.L.C.,
and The  Krupp  Family  Limited  Partnership  - 94,  affiliates  of the  General
Partner, filed a Transaction Statement on Schedule 13E-3 with the Securities and
Exchange  Commission  (the "SEC") with respect to KR5's proposal to merge KRLP-V
with and into KR5. Under the terms of the proposed  merger,  each  unitholder of
KRLP-V other than certain  unitholders  that have agreed to reinvest their units
in KR5  will  receive  $1,200  in cash  for each  outstanding  investor  limited
partnership interest owned by it. KR5 was formed for the purpose of merging with
KRLP-V.  The General  Partners of the Partnership  have filed  definitive  proxy
materials with the SEC with respect to the proposed merger,  which is subject to
certain conditions,  including approval by unitholders of the merger and related
amendments  to KRLP-V's  partnership  agreement.  On March 24,  2000,  the proxy
statement was mailed to the  unitholders  of KRLP-V.  KRLP-V  estimates that the
merger will be completed,  if approved by unitholders,  in the second quarter of
2000.

     On December  23,  1999,  ERP  Operating  Partnership,  an Illinois  limited
partnership  ("ERP"),  made a  third-party  tender  offer to acquire  all of the
outstanding  units at a price of $1,100  per unit.  ERP's  offer  terminated  on
January 21, 2000.

ITEM 2. PROPERTIES

     As of December 31, 1999, the Partnership  had leveraged  investments in two
apartment complexes having an aggregate of 1,369 units. One of the complexes has
an additional 18,417 square feet of leasable commercial space.

     A summary of the Partnership's  real estate investments is presented below.
Schedule III included in Item 8 (Appendix A) of this report contains  additional
detailed information with respect to individual properties.
<TABLE>
<CAPTION>

                                                       Average Occupancy
                                    Total Units/      For the Year Ended
                                       Current           December 31,
                         Year of      Leasable     ------------------------
Description            Acquisition Square Footage  1999 1998 1997 1996 1995
-----------            ----------- --------------  ---- ---- ---- ---- ----
<S>                       <C>      <C>              <C> <C>  <C>   <C>  <C>
Century II Apts.
Cockeysville, Maryland    1984        468 Units     96% 100% 100%  96%  92%

Park Place Tower Apts.                901 Units     97%  99%  99%  96%  94%
Chicago, Illinois         1984     18,417 Sq. Ft.   61%  64%  64%  76%  83%
</TABLE>

ITEM 3.       LEGAL PROCEEDINGS

  The Partnership was a defendant in a class action suit relating to the alleged
unlawful  practice of giving  discounts for the early or timely payments of rent
at Park Place Tower Apartments and Marine Terrace Apartments.  In November 1999,
the Court granted  approval of the  settlement  agreement  that was presented by
both Plaintiff and Defense counsel.  Upon payment of the settlement  amount, the
case was  dismissed  in  December  of 1999.  The total  cost of the  settlement,
including


<PAGE>



legal fees  related  to the  settlement,  was  approximately  $646,535  of which
$139,610 is included in accrued  expenses and other  liabilities  on the balance
sheet.  All other costs of the lawsuit  have been paid as of December  31, 1999.
The  Partnership  recognized  $328,630 in other  income and $733,000 in expenses
which is included in general and administrative expenses,  during 1999 and 1998,
respectively.


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

  None.
                                     PART II
ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER
        MATTERS

  The  transfer  of Units is  subject to certain  limitations  contained  in the
Partnership  Agreement.  There is no public  market  for the Units and it is not
anticipated that any such public market will develop.

  The  number  of  Investor  Limited  Partners  as  of  December  31,  1999  was
approximately 1,750.

  One of the  objectives of the  Partnership  is to generate cash  available for
distribution. The General Partners discontinued distributions during 1990 due to
insufficient  operating  cash  flow.  However,   during  1993,  the  Partnership
distributed $27,888 which was equivalent to the required withholding tax for the
state of  Maryland  which  arose from the sale of  Fieldcrest  Apartments.  This
amount was paid to the state of Maryland for the benefit of all Partners.

  In 1995, the General Partners  determined that there was sufficient Cash Flow,
as calculated under section 8.2 (a) of the Partnership  Agreement ("Cash Flow"),
and  working  capital  reserves to  reinstate  distributions.  These  semiannual
distributions,  which  commenced in the first  quarter of 1996,  were paid at an
annual  rate of  $20.00  per  Unit.  The  General  Partners  believed  there was
sufficient  Cash Flow and  working  capital  reserves  to  increase  the  annual
distribution rate in 1997 to the current rate of $40.00 per Unit.

  The Partnership  made the following  distributions  to its Partners during the
years ended December 31, 1999 and 1998:

<TABLE>
<CAPTION>

                                               Year Ended December 31,
                                   --------------------------------------------
                                           1999                    1998
                                   --------------------   ---------------------
                                     Amount    Per Unit     Amount     Per Unit
                                   ----------  --------   ----------   --------
Limited Partners:
<S>                                <C>          <C>       <C>          <C>
  Investor Limited Partners
    (35,200 Units
    outstanding)                   $1,408,000   $ 40.00   $1,408,000   $  40.00

  Original Limited Partner             90,839                 90,839

General Partners                       15,139                 15,140
                                   ----------             ----------

                                   $1,513,978             $1,513,979
                                   ==========             ==========
</TABLE>





<PAGE>



ITEM 6. SELECTED FINANCIAL DATA

     The following table sets forth selected financial information regarding the
Partnership's  consolidated  financial  position  and  operating  results.  This
information  should be used in  conjunction  with  Management's  Discussion  and
Analysis of Financial  Condition and Results of Operations and the  Consolidated
Financial Statements and Supplementary Data, which are included in Items 7 and 8
of this report, respectively.
<TABLE>
<CAPTION>

                        1999       1998        1997        1996        1995
                    ----------- ----------- ----------- ----------- -----------

<S>                 <C>         <C>         <C>         <C>         <C>
Total revenue       $16,260,401 $15,100,395 $14,523,598 $13,660,261 $13,839,760

Income (loss) before
  gain from capital
  transactions        2,678,794     692,911    (304,383)   (119,075)   (795,377)

Gain on sale of
  property                 -           -           -           -      3,265,789

Income (loss) before
  extraordinary loss  2,678,794     692,911    (304,383)   (119,075)  2,470,412

Extraordinary loss         -           -       (288,156)       -        (93,215)

Net income (loss)     2,678,794     692,911    (592,539)   (119,075)  2,377,197

Net income (loss)
  allocated to:

  Investor Limited
    Partners          2,491,278     644,407    (586,614)   (117,884)  2,353,425
      Per Unit            70.77       18.31      (16.67)      (3.35)      66.86

  Original Limited
    Partner             160,728      41,575        -           -           -

  General Partners       26,788       6,929      (5,925)     (1,191)     23,772

Total assets at
  December 31,       34,340,161  34,721,709  35,457,032  37,162,269  38,555,732

Long-term obligations
  at December 31,    40,589,661  41,235,548  41,848,811  41,700,453  42,273,669

Distributions:

  Investor Limited
    Partners          1,408,000   1,408,000   1,408,000     704,000        -
      Per Unit            40.00       40.00       40.00       20.00        -

  Original
    Limited Partner      90,839      90,839      90,839      45,419        -

  General Partners       15,139      15,140      15,140       7,570        -
</TABLE>

The Selected Financial Data results for the periods presented are not comparable
due to the sale of Marine Terrace on July 19, 1995.

The per Unit  distributions  for the years ended December 31, 1999,  1998, 1997,
1996 and 1995 were $40.00, $40.00, $40.00, $20.00 and $0, respectively,  none of
which represented a return of capital.

Prior  performance of the  Partnership is not  necessarily  indicative of future
operations.




<PAGE>



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

     This  Management's  Discussion  and  Analysis of  Financial  Condition  and
Results  of  Operations  contains  forward-looking  statements  including  those
concerning Management's  expectations regarding the future financial performance
and future events. These forward-looking statements involve significant risk and
uncertainties,  including  those  described  herein.  Actual  results may differ
materially from those anticipated by such forward-looking statements.

Liquidity and Capital Resources

     The  Partnership's  ability to generate  cash adequate to meet its needs is
dependent   primarily  upon  the  operating   performance  of  its  real  estate
investments.  Such ability would also be impacted by the future  availability of
bank borrowing sources as current debt matures.  These sources of liquidity will
be used by the  Partnership  for  payment of  expenses  related  to real  estate
operations, capital improvements, debt service and other expenses. Cash Flow, if
any, as calculated under Section 8.2(a) of the Partnership Agreement,  will then
be available for  distribution  to the Partners.  In 1995, the General  Partners
determined that there was sufficient  Cash Flow and working capital  reserves to
reinstate  distributions.  These semiannual distributions commenced in the first
quarter  of 1996 at an  annual  rate of  $20.00  per  Unit.  Beginning  with the
distribution  paid in February 1997, the annual  distribution rate was increased
from  $20.00  per  Unit,  to the  current  rate of  $40.00  per  Unit,  based on
sufficient Cash Flow and working capital reserves.

     On December 10, 1997,  the  Partnership  completed the  refinancing  of the
Century II Apartments  ("Century")  mortgage  note.  The property was refinanced
with a $11,000,000  non-recourse  mortgage note payable at the rate of 6.75% per
annum with monthly principal and interest  payments of $71,346.  The Partnership
used the majority of the  proceeds  from the  refinancing  to repay the existing
mortgage note on the property of $10,309,332,  pay closing costs of $236,763, to
pay a prepayment premium of $210,825 and to establish various escrows.

     The   Partnership's   properties,   Century  and  Park  Place,  have  spent
approximately  $2,097,000  in  1999  and are  expected  to  spend  approximately
$1,590,000 for capital  improvements  in 2000 in order to remain  competitive in
their respective markets. These improvements include boiler replacement,  facade
repairs and new membrane as well as interior  improvements at the  Partnership's
properties.  Future  capital  expenditures  may increase  above 1999 levels when
replacement of aging systems at the Partnerships  properties  become  necessary.
The Partnership expects to fund these improvements from established reserves and
cash generated from property operations.

     Financial   Accounting   Standards  Board  Statement  No.137.  ("FAS  137")
"Accounting for Derivative  Instruments and Hedging  Activities-deferral  of the
Effective Date of the Statement of Financial  Accounting  Standards No.133." FAS
137 amended FAS 133 by deferring  the effective  date to fiscal  quarters of all
fiscal years  beginning after June 15, 2000. The General  Partners  believe that
the  implementation  of  FAS  137  will  not  have  a  material  impact  on  the
Partnership's financial statement.

Operations

     The following  discussion  relates to the operations of the Partnership and
its properties  (Park Place Tower and Century II Apartments) for the years ended
December 31, 1999, 1998 and 1997.

Year 2000

     The General Partners of the Partnership have conducted an assessment of the
Partnership's core internal and external computer  information  systems and have
taken the necessary steps to understand the nature and extent of the work


<PAGE>



required to make its  systems  Year 2000 ready.  They have  evaluated  Year 2000
compliance  issues with respect to its  non-financial  systems and have received
assurances from third-party service providers  (including but not limited to its
telecommunications   providers  and  banks)  with  regard  to  their  Year  2000
readiness.

     The  General   Partners   completed  the  testing  and  conversion  of  the
Partnership's  financial  accounting  operating  systems in February  1998. As a
result, the General Partners have generated  operating  efficiencies and believe
their financial  accounting  operating  systems are Year 2000 ready. The General
Partners  incurred  hardware  costs as well as  consulting  and  other  expenses
related to the infrastructure and facilities  enhancements necessary to complete
the  upgrade  and  prepare  for the Year  2000.  There are no other  significant
internal systems or software that the Partnership is using at the present time.

     To date, the  Partnership  has not incurred,  and does not expect to incur,
any significant cost associated with being Year 2000 compliant.

     To date, the Partnership has not had, and does not expect to have, any Year
2000 related problems.

1999 compared to 1998

         Net income  increased  in 1999 as compared to 1998,  as rental  revenue
     increased and expenses decreased.

         In  comparing   1999  to  1998,  the  increase  in  rental  revenue  is
     attributable to residential rental rate increases implemented at Park Place
     and Century.

         Total expenses decreased when comparing 1999 to 1998,  primarily due to
     decreases in general and  administrative,  real estate taxes,  depreciation
     and interest  expenses,  partially  offset by an increase in operating  and
     maintenance expenses. The decrease in general and administrative expense is
     due to significant  litigation  costs recorded in 1998 that are not present
     in 1999.  Real  estate  taxes  decreased  in 1999 due to an  abatement,  of
     approximately  $245,000,  and refund of prior years taxes  received by Park
     Place. Depreciation expense decreased as fixed asset additions purchased in
     previous years at Park Place became fully  depreciated.  Operating  expense
     increased  in 1999  resulting  from  increases  in payroll  expense  and an
     increase in liability and workmen's compensation expense over 1998 due to a
     favorable  adjustment in 1998 as a result of favorable  claims  experience.
     Property management fees and maintenance fees increased in conjunction with
     the increase in rental revenue.

1998 compared to 1997

         Net income  increased  in 1998 as compared to 1997,  as rental  revenue
     increased and expenses decreased.

         In  comparing   1998  to  1997,  the  increase  in  rental  revenue  is
     attributable to residential rental rate increases implemented at Park Place
     and Century.

         Total expenses decreased when comparing 1998 to 1997,  primarily due to
     decreases  in  operating,  maintenance,  real  estate  taxes  and  interest
     expenses, partially offset by an increase in general and administrative and
     depreciation expenses. The decrease in operating expense is mainly a result
     of decreases in utilities and insurance  expenses.  Lower gas  expenditures
     are  attributable  to a more energy  efficient  system at Park  Place.  The
     decrease  in  insurance  expense is due to a  reduction  in  liability  and
     workers compensation expense at the Partnership's properties,  due to lower
     claims experience.  Maintenance  expense decreased primarily due to payment
     of an insurance  deductible  in 1997 for flood  damage at Park Place.  Real
     estate  taxes  decreased  due to actual 1997 tax bills for Park Place lower
     than estimated.  Interest expense  decreased as a result of the refinancing
     of Century's mortgage note in December, 1997. The increase in general and


<PAGE>



     administrative  expense is due to an increase in legal  expense  related to
     the litigation  discussed in Note F to  Consolidated  Financial  Statements
     included  in Item 8  (Appendix  A) of  this  report.  Depreciation  expense
     increased in conjunction with capital improvement expenditures.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

     See Appendix A to this report.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
        FINANCIAL DISCLOSURE
     None.

                                    PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

     The Partnership has no directors or executive  officers.  Information as to
the  directors  and  executive  officers  of The Krupp  Corporation,  which is a
General  Partner of KRLP-V and The Krupp  Company  Limited  Partnership-II,  the
other General Partner of KRLP-V, is as follows:

                                         Position with
         Name and Age                    The Krupp Corporation
         ------------                    ---------------------
         Douglas Krupp (53)              President and Co-Chairman of the Board

         George Krupp (55)               Co-Chairman of the Board

         Wayne H. Zarozny (41)           Treasurer

     Douglas Krupp  co-founded  and serves as  Co-Chairman  and Chief  Executive
Officer of The Berkshire  Group,  an integrated real estate  financial  services
firm engaged in real estate acquisitions, property management, mortgage banking,
investment sponsorship,  venture capital investing and financial management. Mr.
Krupp  has held the  position  of  Co-Chairman  since  The  Berkshire  Group was
established  as The  Krupp  Companies  in 1969 and he has  served  as the  Chief
Executive  Officer  since  1992.  Mr.  Krupp  serves as a member of the Board of
Trustees at Brigham & Women's Hospital. He is a graduate of Bryant College where
he received an honorary Doctor of Science in Business Administration in 1989 and
was elected trustee in 1990.

     George Krupp is the Co-Founder and  Co-Chairman of The Berkshire  Group, an
integrated  real  estate   financial   services  firm  engaged  in  real  estate
acquisitions,  property management,  mortgage banking,  investment  sponsorship,
venture  capital  investing  and  financial  management.  Mr. Krupp has held the
position of Co-Chairman  since The Berkshire  Group was established as The Krupp
Companies in 1969. Mr. Krupp has been an instructor of history at the New Jewish
High  School in  Waltham,  Massachusetts  since  September  of 1997.  Mr.  Krupp
attended the  University  of  Pennsylvania  and Harvard  University  and holds a
Master's Degree in History from Brown University.

     Wayne H. Zarozny is Vice President of the Berkshire  Group. Mr. Zarozny has
held several  positions  within The Berkshire Group since joining the company in
1986 and is currently  responsible for asset management,  accounting,  financial
reporting and treasury activities.  Prior to joining The Berkshire Group, he was
an audit supervisor for Panell Kerr Forster International and on the audit staff
of Deloitte, Haskins and Sells, in Boston. He received a B.S. degree from Bryant
College, a Master's degree in Business  Administration from Clark University and
is a Certified Public Accountant.

ITEM 11. EXECUTIVE COMPENSATION

     The Partnership has no directors or executive officers.


<PAGE>




ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

As of December 31, 1999,  beneficial owners of record owning more than 5% of the
Partnership's 35,200 outstanding Units were as follows:
<TABLE>
<CAPTION>

 Title         Name and Address         Amount and Nature      Percent
  of                  of                       of                of
 Class         Beneficial Owner        Beneficial Ownership     Class
-------     ------------------------   --------------------    --------
<S>         <C>                         <C>                      <C>
Investor    Equity Resource Fund XIX
Limited       Limited Partnership
Partner     14 Story Street
Units       Cambridge, MA 02138         3,985.5 Units(1)(2)      11.3%

Investor    Equity Resource Fund XXI
Limited       Limited Partnership
Partner     14 Story Street
Units       Cambridge, MA 02138         3,985.5 Units(1)(3)      11.3%

Investor    Equity Resource General Fund
Limited       Limited Partnership
Partner     14 Story Street
Units       Cambridge, MA 02138         3,985.5 Units(1)(4)      11.3%

Investor    Equity Resource Cambridge Fund
Limited       Limited Partnership
Partner     14 Story Street
Units       Cambridge, MA 02138         3,985.5 Units(1)(5)      11.3%

Investor    Equity Resource Bridge Fund
Limited       Limited Partnership
Partner     14 Story Street
Units       Cambridge, MA 02138         3,985.5 Units(1)(6)      11.3%

Investor    Equity Resource Boston Fund
Limited       Limited Partnership
Partner     14 Story Street
Units       Cambridge, MA 02138         3,985.5 Units(1)(7)      11.3%

Investor    Equity Resources Group,
Limited       Incorporated
Partner     14 Story Street
Units       Cambridge, MA 02138         3,985.5 Units(1)(8)      11.3%

Investor    Eggert Dagbjartsson
Limited
Partner     14 Story Street
Units       Cambridge, MA 02138         3,985.5 Units(1)(9)      11.3%

Investor    Mark S. Thompson
Limited
Partner     14 Story Street
Units       Cambridge, MA 02138         3,985.5 Units(1)(10)     11.3%

Investor    James E. Brooks
Limited
Partner     14 Story Street
Units       Cambridge, MA 02138         3,985.5 Units(1)(11)     11.3%

Investor    KRF Company, L.L.C.
Limited
Partner     One Beacon Street, Suite 1500
Units       Boston, MA 02108            3,985.5 Units(1)(12)     11.3%



<PAGE>



Investor    KR5 Company, L.L.C.
Limited
Partner     One Beacon Street, Suite 1500
Units       Boston, MA 02108            3,985.5 Units(1)(13)     11.3%
<FN>
(1)According  to the statement on Schedule 13D originally  filed on December 12,
1996 by  Equity  Resources  Group,  Incorporated  ("Equity  Resources"),  Equity
Resources  Fund XVII  Limited  Partnership,  Equity  Resources  Fund XIX Limited
Partnership,  Equity  Resource  Fund XXI Limited  Partnership,  Equity  Resource
General  Fund  Limited  partnership,  Equity  Resource  Cambridge  Fund  Limited
Partnership,  Equity Resource Bridge Fund Limited  Partnership,  Equity Resource
Boston Fund Limited Partnership (collectively,  "Equity"), James E. Brooks, Mark
S.  Thompson,  and Eggert  Dagbjartsson,  as amended by Amendment  No. 1 thereto
dated April 14, 1997, Amendment No. 2 thereto,  dated May 31, 1999 and Amendment
No. 3 thereto dated  December 2, 1999 (as amended,  the  "Equity/Krupp  Schedule
13D"), each of Equity Resources,  Equity, Mark S. Thompson, Eggert Dagbjartsson,
KRF Company,  L.L.C. ("KRF"), KR5 Acquisition,  L.L.C. ("KR5"), The Krupp Family
Limited  Partnership - 94 ("Krupp-94"),  Douglas Krupp and George Krupp (Messrs.
Krupp, together with KRF, KR5 and Krupp-94,  the "KRF Affiliates") may be deemed
to constitute a "group"  within the meaning of Section  13(d)(3) of the Exchange
Act by virtue of the execution of an Investment Agreement,  dated as of December
2, 1999, by and among Equity,  KRF and KR5 (the  "Investment  Agreement")  and a
Voting  Agreement dated as of December 2, 1999 by and among Equity,  KRF and KR5
(the "Voting  Agreement").  According to the Equity/Krupp  Schedule 13D, Equity,
KRF and KR5 entered into the Investment  Agreement and the Voting  Agreement for
the purpose of  facilitating a merger proposal (the  "Proposal")  made by KR5 to
acquire  outstanding  units  for  cash.   According  to  the  Equity/Krupp  13D,
completion  of  the  merger  is  subject  to the  satisfaction  of a  number  of
conditions,  including  the  approval  of the  merger  agreement  and  necessary
amendments to the Amended Agreement of Limited Partnership, dated as of July 27,
1983,  of the  Partnership  (the  "Amendments")  by the Holders of a majority of
Units of the Partnership.  According to the Equity/Krupp Schedule 13D, under the
terms of the Voting  Agreement,  Equity has  agreed  that at any  meeting of the
partners of the Partnership, however called, and in any action by consent of the
limited partners of the Partnership, Equity will vote (or cause to be voted) the
units held of record or  beneficially  owned by it in favor of the  Proposal and
the Amendments. According to the Equity/Krupp Schedule 13D, the Voting Agreement
shall  terminate  on August 1, 2000 unless  extended by agreement of each of the
parties.

(2) According to the Equity/Krupp Schedule 13D, Equity Resource Fund XIX Limited
Partnership has shared voting power over 3,985.5 units of the Partnership solely
with  respect  to the  proposed  merger.  Also,  according  to the  Equity/Krupp
Schedule 13D, Equity  Resource Fund XIX Limited  Partnership has sole voting and
dispositive power with respect to 225 units of the Partnership.

(3) According to the Equity/Krupp Schedule 13D, Equity Resource Fund XXI Limited
Partnership has shared voting power over 3,985.5 units of the Partnership solely
with  respect  to the  proposed  merger.  Also,  according  to the  Equity/Krupp
Schedule 13D, Equity  Resource Fund XXI Limited  Partnership has sole voting and
dispositive power with respect to 847 units of the Partnership.

(4) According to the  Equity/Krupp  Schedule 13D, Equity  Resource  General Fund
Limited   Partnership  has  shared  voting  power  over  3,985.5  units  of  the
Partnership solely with respect to the proposed merger.  Also,  according to the
Equity/Krupp Schedule 13D, Equity Resource Fund XXI Limited Partnership has sole
voting and dispositive power with respect to 20 units of the Partnership.

(5) According to the Equity/Krupp  Schedule 13D, Equity Resource  Cambridge Fund
Limited   Partnership  has  shared  voting  power  over  3,985.5  units  of  the
Partnership solely with respect to the proposed merger.  Also,  according to the
Equity/Krupp  Schedule 13D, Equity Resource  Cambridge Fund Limited  Partnership
has  sole  voting  and  dispositive  power  with  respect  to 175  units  of the
Partnership.



<PAGE>



(6) According to the  Equity/Krupp  Schedule 13D,  Equity  Resource  Bridge Fund
Limited   Partnership  has  shared  voting  power  over  3,985.5  units  of  the
Partnership solely with respect to the proposed merger.  Also,  according to the
Equity/Krupp  Schedule 13D, Equity Resource  Cambridge Fund Limited  Partnership
has  sole  voting  and  dispositive  power  with  respect  to 20  units  of  the
Partnership.

(7) According to the  Equity/Krupp  Schedule 13D,  Equity  Resource  Boston Fund
Limited   Partnership  has  shared  voting  power  over  3,985.5  units  of  the
Partnership solely with respect to the proposed merger.  Also,  according to the
Equity/Krupp  Schedule 13D, Equity Resource Boston Fund Limited  Partnership has
sole  voting  and  dispositive   power  with  respect  to  1,099  units  of  the
Partnership.

(8)  According  to  the  Equity/Krupp  Schedule  13D,  Equity  Resources  Group,
Incorporated  has shared  voting  power over  3,985.5  units of the  Partnership
solely with respect to the proposed merger.  Also, according to the Equity/Krupp
Schedule  13D,  Equity  Resources  Group,   Incorporated  has  sole  voting  and
dispositive power with respect to 847 units of the Partnership.

(9) According to the Equity/Krupp  Schedule 13D, Eggert  Dagbjartsson has shared
voting power over 3,985.5  units of the  Partnership  solely with respect to the
proposed  merger.  Also,  according to the  Equity/Krupp  Schedule  13D,  Eggert
Dagbjartsson  has shared  voting and  dispositive  power with respect to 3,138.5
units of the Partnership.

(10)  According to the  Equity/Krupp  Schedule  13D, Mark S. Thompson has shared
voting power over 3,985.5  units of the  Partnership  solely with respect to the
proposed  merger.  Also,  according to the  Equity/Krupp  Schedule  13D, Mark S.
Thompson has shared voting and dispositive  power with respect to 1,314 units of
the Partnership.

(11)  According to the  Equity/Krupp  Schedule  13D,  James E. Brooks has shared
voting power over 3,985.5  units of the  Partnership  solely with respect to the
proposed  merger.  Also,  according to the  Equity/Krupp  Schedule 13D, James E.
Brooks has shared voting and dispositive  power with respect to 2,671.5 units of
the Partnership.

(12)  According to the  Equity/Krupp  Schedule  13D, KRF has shared voting power
over  3,985.5  units of the  Partnership  solely  with  respect to the  proposed
merger.  Also according to the Equity/Krupp  Schedule 13D, KRF has not purchased
and does not hold,  directly or  indirectly,  any units of the  Partnership.  As
stated in the  Equity/Krupp  Schedule  13D,  KRF may be deemed to have  acquired
beneficial  ownership  of the units  reported in the  Equity/Krupp  Schedule 13D
pursuant to the terms of the Voting Agreement and the Investment Agreement.  The
sole member of KRF is Krupp-94,  of which Douglas Krupp and George Krupp are the
general partners. In such capacities, theses remaining Krupp Affiliates may also
be deemed to share  voting power over 3,985.5  units of the  Partnership  solely
with respect to the proposed merger.

(13)  According to the  Equity/Krupp  Schedule  13D, KR5 has shared voting power
over  3,985.5  units of the  Partnership  solely  with  respect to the  proposed
merger. Also, according to the Equity/Krupp  Schedule 13D, KR5 has not purchased
and does not hold,  directly or  indirectly,  any units of the  Partnership.  As
stated in the  Equity/Krupp  Schedule  13D,  KR5 may be deemed to have  acquired
beneficial  ownership  of the units  reported in the  Equity/Krupp  Schedule 13D
pursuant to the terms of the Voting Agreement and the Investment Agreement.  The
sole member of KR5 is KRF.
</FN>
</TABLE>


ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

     The Partnership does not have any directors, executive officers or nominees
for election as director.  Please see "Business - Recent Developments" above and
Note E to the Consolidated Financial Statements.


<PAGE>




                                     PART IV

ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K

(a)      1.   Consolidated Financial Statements - see Index to Consolidated
              Financial Statements and Schedule included under Item 8 (Appendix
              A),on page F-2 of this Report.

         2.   Consolidated   Financial   Statement   Schedule  -  see  Index  to
              Consolidated Financial Statements and Schedule included under Item
              8 (Appendix  A), on page F-2 of this Report.  All other  schedules
              are  omitted  as they  are not  applicable,  not  required  or the
              information is provided in the Consolidated  Financial  Statements
              or the Notes thereto.
(b)      Exhibits:

         Number and Description Under Regulation S-K

         The following reflects all applicable  Exhibits required under Item 601
         of Regulation S-K.

         (4)      Instruments defining the rights of security holders including
                  indentures:

                    (4.1)     Amended Agreement of Limited  Partnership dated as
                              of July 27, 1983 [Exhibit A to Prospectus included
                              in  Registrant's  Registration  Statement  on Form
                              S-11 (File 2-84645)].*

                    (4.2)     Amended  Certificate of Limited  Partnership filed
                              with  the  Massachusetts  Secretary  of  State  on
                              December  16, 1983  [Exhibit  4.2 to  Registrant's
                              Report on Form 10-K for 1983 (File 2-84645)].*

         (10)     Material Contracts:

                  Park Place Apartments

                    (10.1)    Purchase and Sale  Agreement  dated April 24, 1984
                              between  Douglas  Krupp and  Sheldon  J.  Mandell,
                              Howard J.  Mandell,  Jerome W.  Mandell and Norman
                              Mandell [Exhibit 1 to Registrant's  Report on Form
                              8-K dated May 4, 1984 (File No. 2-84645)].*

                    (10.2)    Assignment  of  Beneficial  Interest in Land Trust
                              dated May 1, 1984 by Sheldon J. Mandell, Howard J.
                              Mandell,  Jerome W. Mandell and Norman  Mandell to
                              Krupp Realty Limited Partnership-V.  [Exhibit 10.9
                              to  Registrant's  Report on Form 10-K for the year
                              ended November 30, 1984 (File No. 0-11985)].*

                    (10.3)    Addendum to  Management  Agreement  between  Krupp
                              Realty  Park Place - Chicago  Limited  Partnership
                              and Krupp Asset Management  Company,  now known as
                              Berkshire  Property   Management   [Exhibit  2  to
                              Registrant's  Report on Form 8-K  dated  April 27,
                              1989 (File No. 0-11985)].*

                    (10.4)    Agreement of Limited  Partnership  of Krupp Realty
                              Park  Place - Chicago  Limited  Partnership  dated
                              March 15, 1989 [Exhibit 5 to  Registrant's  Report
                              on  Form  8-K  dated  April  27,  1989  (File  No.
                              0-11985)].*

                    (10.5)    Assignment of General Partners  interests in Krupp
                              Realty Park Place - Chicago Limited Partnership by
                              The  Krupp  Corporation  to Krupp  Realty  Limited
                              Partnership-V dated
<PAGE>

                              March 15, 1989 [Exhibit 6 to  Registrant's  Report
                              on  Form  8-K  dated  April  27,  1989  (File  No.
                              0-11985)].*

                    (10.6)    Written   Consent  of   Directors   of  The  Krupp
                              Corporation   dated  April  18,   1989   assigning
                              beneficial  interest in Park Place  Apartments  to
                              Krupp   Realty   Park  Place  -  Chicago   Limited
                              Partnership  [Exhibit 7 to Registrant's  Report on
                              Form  8-K   dated   April  27,   1989   (File  No.
                              0-11985)].*

                    (10.7)    Property Management  Agreement,  dated May 4, 1984
                              between  Krupp Realty  Limited  Partnership-V,  as
                              Owner,  and BRI OP Limited  Partnership,  formerly
                              known  as   Berkshire   Property   Management,   a
                              subsidiary  of  Berkshire  Realty  Company,   Inc.
                              [Exhibit 10.18 to Registrant's Report on Form 10-K
                              for the year  ended  November  30,  1984 (File No.
                              0-11985)].*

                    (10.8)    Loan  Modification/Cancellation   Agreement  dated
                              September  14, 1993 between South Chicago Bank, as
                              Trustee,  and Krupp  Realty  Park  Place - Chicago
                              Limited Partnership (File No. 0-11985).*

                    (10.9)    Modification  to mortgage note dated September 14,
                              1993 between South  Chicago Bank, as Trustee,  and
                              Government National Mortgage Association (File No.
                              0-11985).*

                    (10.10)   Modification  of mortgage dated September 14, 1993
                              between  South  Chicago  Bank,  as  Trustee,   and
                              Government National Mortgage Association (File No.
                              0-11985).*

                    (10.11)   Regulatory   Agreement  for  Multifamily   Housing
                              Projects dated  September 14, 1993,  between South
                              Chicago  Bank,  as Trustee,  and Krupp Realty Park
                              Place -  Chicago  Limited  Partnership  (File  No.
                              0-11985).*

                  Century II Apartments

                    (10.12)   Agreement  of  Sale,   dated  September  18,  1984
                              between the Partners of Century III Associates and
                              Douglas  Krupp  and  related  exhibits   including
                              Mortgage Notes and Related Mortgages [Exhibit 1 to
                              Registrant's  Report on Form 8-K dated October 11,
                              1984 (File No. 0-11985)].*

                    (10.13)   Assignment of Partnership  Interest in Century III
                              Associates  dated October 10, 1984 by the Partners
                              of Century  III  Associates  to The Krupp  Company
                              Limited Partnership-II,  The Krupp Corporation and
                              Krupp Realty Limited  Partnership-V  [Exhibit 2 to
                              Registrant's  Report on Form 8-K dated October 11,
                              1984 (File No. 0-11985)].*

                    (10.14)   Fifth,  Sixth and  Seventh  Amended  and  Restated
                              Limited  Partnership   Agreement  of  Century  III
                              Associates  Limited  Partnership   [Exhibit  3  to
                              Registrant's  Report on Form 8-K dated October 11,
                              1984 (File No. 0-11985)].*

                    (10.15)   Assignment of  Beneficial  Interest in Century III
                              Associates   from  The   Krupp   Company   Limited
                              Partnership-II  and The Krupp Corporation to Krupp
                              Realty  Limited  Partnership-V.  [Exhibit 10.32 to
                              Registrant's  Report  on Form  10-K  for the  year
                              ended November 30, 1984 (File No. 0-11985)].*

                    (10.16)   Property Management  Agreement,  dated October 11,
                              1984 between Krupp Realty  Limited  Partnership-V,
                              as Owner, and BRI OP Limited Partnership, formerly
                              known  as  Berkshire   Property   Management,   an
                              affiliate of Berkshire Realty
<PAGE>
                              Company,   Inc.  [Exhibit  10.33  to  Registrant's
                              Report  on Form 10-K for the year  ended  November
                              30, 1984 (File No. 0-11985)].*

                    (10.17)   Third Amended and Restated  Promissory  Note dated
                              April 27,  1989  between  Century  III  Associates
                              Limited   Partnership   and  Bankers  United  Life
                              Assurance  Company.  [Exhibit  8  to  Registrant's
                              Report on Form 8-K dated  April 27, 1989 (File No.
                              0-11985)].*

                    (10.18)   Third  Amended  and  Restated  Deed of Trust dated
                              April 27,  1989  between  Century  III  Associates
                              Limited   Partnership   and  Bankers  United  Life
                              Assurance  Company.  [Exhibit  9  to  Registrant's
                              Report on Form 8-K dated  April 27, 1989 (File No.
                              0-11985)].*

                    (10.19)   Multifamily  Note dated  December 10, 1997 between
                              Century III  Associates  Limited  Partnership  and
                              Reilly Mortgage Group, Inc.*

                    (10.20)   Multifamily  Deed of Trust,  Assignment  of Rents,
                              and  Security  Agreement  dated  December  8, 1997
                              between Century III Associates Limited Partnership
                              and Trust  Company of Chicago and Reilly  Mortgage
                              Group, Inc.*

         * Incorporated by reference.

(c)      Reports on Form 8-K

         During the last quarter of the fiscal year ended December 31, 1999, the
         Partnership did not file any reports on Form 8-K.



<PAGE>



                                   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,  on the 30th day of
March, 2000.

                               KRUPP REALTY LIMITED PARTNERSHIP-V

                               By:    The Krupp Corporation, a General Partner

                               By:    /s/ Douglas Krupp
                                      Douglas Krupp, President, Co-Chairman
                                      (Principal Executive Officer)
                                      and Director of The Krupp Corporation



     Pursuant to the  requirements of the Securities  Exchange Act of 1934, this
report  has  been  signed  below  by the  following  persons  on  behalf  of the
registrant and in the capacities indicated, on the 30th day of March, 2000.

Signatures                         Titles
----------                         ------

/s/ Douglas Krupp                  President, Co-Chairman (Principal Executive
Douglas Krupp                      Officer) and Director of The Krupp
                                   Corporation, a General Partner.


/s/ George Krupp                   Co-Chairman (Principal Executive Officer) and
George Krupp                       Director of The Krupp Corporation, a General
                                   Partner.


/s/ Wayne H. Zarozny               Treasurer (Principal Financial and Accounting
Wayne H. Zarozny                   Officer) of The Krupp Corporation, a General
                                   Partner.




<PAGE>













                                   APPENDIX A

                KRUPP REALTY LIMITED PARTNERSHIP-V AND SUBSIDIARY













                 CONSOLIDATED FINANCIAL STATEMENTS AND SCHEDULE
                               ITEM 8 OF FORM 10-K

             ANNUAL REPORT TO THE SECURITIES AND EXCHANGE COMMISSION
                      For the Year Ended December 31, 1999


                                       F-1

<PAGE>



                KRUPP REALTY LIMITED PARTNERSHIP-V AND SUBSIDIARY

             INDEX TO CONSOLIDATED FINANCIAL STATEMENTS AND SCHEDULE





Report of Independent Accountants                                          F-3


Consolidated Balance Sheets at December 31, 1999 and
December 31, 1998                                                          F-4


Consolidated Statements of Operations for the years ended
December 31, 1999, 1998 and 1997                                           F-5


Consolidated Statements of Changes in Partners' Deficit
for the years ended December 31, 1999, 1998 and 1997                       F-6


Consolidated Statements of Cash Flows for the years ended
December 31, 1999, 1998 and 1997                                           F-7


Notes to Consolidated Financial Statements                          F-8 - F-16


Schedule III - Real Estate and Accumulated Depreciation            F-17 - F-18



All other schedules are omitted as they are not applicable, not required, or the
information is provided in the  consolidated  financial  statements or the notes
thereto.




                                       F-2

<PAGE>













                        REPORT OF INDEPENDENT ACCOUNTANTS



To the Partners of
Krupp Realty Limited Partnership-V and Subsidiary:


     In our opinion,  the  consolidated  financial  statements and the financial
statement  schedule  listed  in the  index on page F-2  present  fairly,  in all
material respects,  the financial position of Krupp Realty Limited Partnership-V
and Subsidiary (the  "Partnership")  at December 31, 1999 and December 31, 1998,
and the results of their  operations  and their cash flows for each of the three
years in the period ended  December  31, 1999,  in  conformity  with  accounting
principles  generally accepted in the United States.  These financial statements
and financial  statement  schedule are the  responsibility  of the Partnership's
management;  our  responsibility  is to express  an  opinion on these  financial
statements and financial  statement  schedule based on our audits.  We conducted
our audits of these statements in accordance with auditing  standards  generally
accepted in the United States,  which 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,  assessing
the accounting principles used and significant estimates made by management, and
evaluating the overall  financial  statement  presentation.  We believe that our
audits provide a reasonable basis for the opinion expressed above.


/s/ PricewaterhouseCoopers LLP


February 25, 2000



<PAGE>



                KRUPP REALTY LIMITED PARTNERSHIP-V AND SUBSIDIARY

                           CONSOLIDATED BALANCE SHEETS
                           December 31, 1999 and 1998


                                     ASSETS

<TABLE>
<CAPTION>
                                                    1999            1998
                                                ------------    ------------
<S>                                             <C>             <C>
Multi-family apartment complexes, net of
  accumulated depreciation of $48,927,222
  and $45,292,687, respectively (Note D)        $ 27,052,599    $ 28,589,655
Cash and cash equivalents (Note C)                 3,794,272       2,101,415
Cash restricted for tenant security deposits         322,812         311,432
Replacement reserve escrows (Note D)                 810,576         664,186
Prepaid expenses and other assets (Note E)         1,911,807       2,572,492
Deferred expenses, net of accumulated
  amortization of $117,277 and $82,843,
  respectively (Note E)                              448,095         482,529
                                                ------------    ------------

    Total assets                                $ 34,340,161    $ 34,721,709
                                                ============    ============

                        LIABILITIES AND PARTNERS' DEFICIT

Liabilities:
  Mortgage notes payable (Note D)               $ 41,232,174    $ 41,836,237
  Accrued real estate taxes                        1,885,853       2,008,500
  Accrued expenses and other liabilities           1,021,420       1,841,074
                                                ------------    ------------

    Total liabilities                             44,139,447      45,685,811
                                                ------------    ------------

Partners' deficit (Note G):
  Investor Limited Partners
    (35,200 Units outstanding)                    (9,047,098)    (10,130,376)
  Original Limited Partner                          (350,172)       (420,061)
  General Partners                                  (402,016)       (413,665)
                                                ------------    ------------

    Total Partners' deficit                      ( 9,799,286)    (10,964,102)
                                                ------------    ------------

    Total liabilities and Partners' deficit     $ 34,340,161    $ 34,721,709
                                                ============    ============
</TABLE>
















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

                                       F-4

<PAGE>



                KRUPP REALTY LIMITED PARTNERSHIP-V AND SUBSIDIARY

                      CONSOLIDATED STATEMENTS OF OPERATIONS
              For the Years Ended December 31, 1999, 1998 and 1997

<TABLE>
<CAPTION>

                                             1999         1998          1997
                                          -----------  -----------  -----------
Revenue:
<S>                                       <C>          <C>          <C>
  Rental (Note H)                         $15,729,054  $14,987,931  $14,395,306
  Interest income                             202,717      112,464      128,292
  Other income                                328,630         -            -
                                          -----------  -----------  -----------

    Total revenue                          16,260,401   15,100,395   14,523,598
                                          -----------  -----------  -----------

Expenses:
  Operating (Note E)                        3,485,521    3,205,429    3,629,513
  Maintenance                                 977,390      961,085    1,136,671
  General and administrative
    (Notes E and F)                           222,415      891,841      324,660
  Real estate taxes (Note I)                1,700,398    2,117,434    2,280,910
  Management fees (Note E)                    567,764      506,198      475,569
  Depreciation and amortization             3,668,969    3,724,717    3,600,639
  Interest (Note D)                         2,959,150    3,000,780    3,380,019
                                          -----------  -----------  -----------

    Total expenses                         13,581,607   14,407,484   14,827,981
                                          -----------  -----------  -----------

    Income (loss) before
      extraordinary loss                    2,678,794      692,911     (304,383)

Extraordinary loss (Note D)                      -            -        (288,156)
                                          -----------  -----------  -----------

Net income (loss) (Note J)                $ 2,678,794  $   692,911  $  (592,539)
                                          ===========  ===========  ===========

Allocation of net income (loss)(Note G):

  Investor Limited Partners
    (35,200 Units outstanding):
      Income (loss) before
        extraordinary loss                $ 2,491,278  $   644,407  $  (301,339)
      Extraordinary loss                         -            -        (285,275)
                                          -----------  -----------  -----------
      Net income (loss)                   $ 2,491,278  $   644,407  $  (586,614)
                                          ===========  ===========  ===========

  Investor Limited Partners Per Unit:
    Income (loss) before
      extraordinary loss                  $     70.77  $     18.31  $     (8.56)
    Extraordinary loss                           -            -           (8.11)
                                          -----------  -----------  -----------
    Net income (loss)                     $     70.77  $     18.31  $    (16.67)
                                          ===========  ===========  ===========

  Original Limited Partner:
    Income (loss) before
      extraordinary loss                  $   160,728  $    41,575  $      -
    Extraordinary loss                           -            -            -
                                          -----------  -----------  -----------
    Net income (loss)                     $   160,728  $    41,575  $      -
                                          ===========  ===========  ===========

  General Partners:
    Income (loss) before
      extraordinary loss                  $    26,788  $     6,929  $    (3,044)
    Extraordinary loss                           -            -          (2,881)
                                          -----------  -----------  -----------
    Net income (loss)                     $    26,788  $     6,929  $    (5,925)
                                          ===========  ===========  ===========
</TABLE>



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

                                       F-5

<PAGE>



                KRUPP REALTY LIMITED PARTNERSHIP-V AND SUBSIDIARY

             CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' DEFICIT
              For the Years Ended December 31, 1999, 1998 and 1997


<TABLE>
<CAPTION>

                           Investor       Original                   Total
                           Limited        Limited      General       Partners'
                           Partners       Partner      Partners      Deficit
                         -------------   ----------   ----------   ------------
Balance at
<S>                      <C>             <C>          <C>          <C>
  December 31, 1996      $ (7,372,169)   $(279,958)   $(384,389)   $(8,036,516)

Distributions              (1,408,000)     (90,839)     (15,140)    (1,513,979)

Early extinguishment
  of debt                    (285,275)        -          (2,881)      (288,156)

Loss before
  extraordinary loss         (301,339)        -          (3,044)      (304,383)
                         ------------    ---------    ---------    -----------

Balance at
  December 31, 1997        (9,366,783)    (370,797)    (405,454)   (10,143,034)

Net Income                    644,407       41,575        6,929        692,911

Distributions              (1,408,000)     (90,839)     (15,140)    (1,513,979)
                         ------------    ---------    ---------    -----------

Balance at
  December 31, 1998       (10,130,376)    (420,061)    (413,665)   (10,964,102)

Net income (Note G)         2,491,278      160,728       26,788      2,678,794

Distributions (Note G)     (1,408,000)     (90,839)     (15,139)    (1,513,978)
                         ------------    ---------    ---------    -----------

Balance at
  December 31, 1999      $ (9,047,098)   $(350,172)   $(402,016)  $ (9,799,286)
                         ============    =========    =========   ============
</TABLE>
The per Unit  distributions for the years ended December 31, 1999, 1998 and 1997
were $40.00, $40.00 and $40.00, respectively,  none of which represents a return
of capital for tax purposes.




















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

                                       F-6

<PAGE>



                KRUPP REALTY LIMITED PARTNERSHIP-V AND SUBSIDIARY
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
              For the Years Ended December 31, 1999, 1998 and 1997

<TABLE>
<CAPTION>

                                              1999        1998         1997
                                          -----------  -----------  -----------

Cash flows from operating activities:
<S>                                       <C>          <C>          <C>
  Net income (loss)                       $ 2,678,794  $   692,911  $  (592,539)
  Adjustments to reconcile
    net income (loss) to net
    cash provided by operating
    activities:
      Interest earned on replacement
        reserve escrows                        (6,068)     (14,933)     (17,068)
      Depreciation and amortization         3,668,969    3,724,717    3,600,639
      Extraordinary loss from early
        extinguishment of debt                   -            -         288,156
      Changes in assets and liabilities:
        Decrease (increase) in cash
          restricted for tenant
          security deposits                   (11,380)     (16,860)      13,336
        Decrease (increase) in prepaid
          expenses and other assets           660,685       89,646   (1,284,748)
        Increase (decrease) in accrued
          real estate taxes                  (122,647)      58,500      290,000
        Increase (decrease) in accrued
          expenses and other liabilities     (887,983)     591,492        7,037
        Decrease in due to affiliates            -            -         (26,480)
                                          -----------  -----------  -----------

          Net cash provided by
            operating activities            5,980,370    5,125,473    2,278,333
                                          -----------  -----------  -----------

Cash flow from investing activities:
  Deposits to replacement reserve
    escrows                                  (306,512)    (306,512)    (212,912)
  Withdrawals from replacement
    reserve escrows                           166,190       57,030      519,865
  Additions to fixed assets                (2,097,479)  (1,489,791)  (1,728,096)
  Increase in accrued expenses and
    other liabilities related to
    fixed asset additions                      68,329          495         -
                                          -----------  -----------  -----------
          Net cash used in investing
            activities                     (2,169,472)  (1,738,778)  (1,421,143)
                                          -----------  -----------  -----------

Cash flow from financing activities:
  Proceeds from mortgage note payable            -            -      11,000,000
  Repayment of mortgage notes payable            -            -     (10,309,332)
  Payment of prepayment premium                  -            -        (210,825)
  Principal payments on mortgage
    notes payable                            (604,063)    (564,742)    (559,944)
  Increase in deferred expenses                  -          (9,285)    (227,478)
  Distributions                            (1,513,978)  (1,513,979)  (1,513,979)
                                          -----------  -----------  -----------

          Net cash used in
            financing activities           (2,118,041)  (2,088,006)  (1,821,558)
                                          -----------  -----------  -----------

Net increase (decrease) in
  cash and cash equivalents                 1,692,857    1,298,689     (964,368)
Cash and cash equivalents,
  beginning of year                         2,101,415      802,726    1,767,094
                                          -----------  -----------  -----------
Cash and cash equivalents,
  end of year                             $ 3,794,272  $ 2,101,415  $   802,726
                                          ===========  ===========  ===========
</TABLE>

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

                                       F-7

                                     <PAGE>



                KRUPP REALTY LIMITED PARTNERSHIP-V AND SUBSIDIARY

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



A.   Organization

     Krupp Realty Limited  Partnership-V  ("KRLP-V") was formed on June 16, 1983
     by filing a  Certificate  of Limited  Partnership  in The  Commonwealth  of
     Massachusetts.  KRLP-V  terminates  on December  31, 2020,  unless  earlier
     terminated  upon  the  sale  of the  last  of  KRLP-V's  properties  or the
     occurrence  of  certain  other  events  as set  forth  in  the  Partnership
     Agreement.

     KRLP-V issued all of the General Partner Interests to The Krupp Corporation
     ("Krupp Corp.") (a Massachusetts corporation) and The Krupp Company Limited
     Partnership-II  ("KCLP-II")  (a  Massachusetts  limited  partnership),   in
     exchange for capital contributions aggregating $1,000. Except under certain
     limited  circumstances upon termination of KRLP-V, the General Partners are
     not  required to make any  additional  capital  contributions.  KRLP-V also
     issued all of the Original Limited Partner Interests to KCLP-II in exchange
     for a capital contribution of $4,000.

     On September 6, 1983,  KRLP-V  commenced the marketing and sale of units of
     Investor Limited Partner Interest ("Units") for $1,000 per Unit. The public
     offering  was  closed on  December  2, 1983 at which time a total of 35,200
     Units had been sold for $35,200,000.

     On March 20,  1989,  the General  Partners  formed Krupp Realty Park Place-
     Chicago  Limited  Partnership   ("Realty-V")  as  a  prerequisite  for  the
     refinancing  of Park Place Tower  Apartments  ("Park  Place").  At the same
     time, the General Partners transferred ownership of Park Place to Realty-V.
     The  General  Partner of Realty-V  is Krupp  Corp.  The Limited  Partner of
     Realty-V is KRLP-V.  Krupp Corp. has beneficially  assigned its interest in
     Realty-V to KRLP-V.  KRLP-V and  Realty-V are  collectively  known as Krupp
     Realty  Limited  Partnership-V  and  Subsidiary  (collectively  referred to
     herein as the "Partnership").

B.   Significant Accounting Policies

     The  Partnership  uses the  following  accounting  policies  for  financial
     reporting  purposes,  which may differ in certain  respects from those used
     for federal income tax purposes (see Note J).

         Basis of Presentation

         The consolidated  financial statements present the consolidated assets,
         liabilities  and  operations  of  the  Partnership.   All  intercompany
         balances and transactions have been eliminated.

         Risks and Uncertainties

         The Partnership invests its cash primarily in deposits and money market
         funds with  commercial  banks.  The Partnership has not experienced any
         losses to date on its invested cash.

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


                                    Continued

                                       F-8

<PAGE>



                KRUPP REALTY LIMITED PARTNERSHIP-V AND SUBSIDIARY

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued


B.   Significant Accounting Policies, Continued

         Cash and Cash Equivalents

         The Partnership includes all short-term  investments with maturities of
         three  months  or less  from the date of  acquisition  in cash and cash
         equivalents.   The  cash   investments  are  recorded  at  cost,  which
         approximates current market values.

         Rental Revenues

         Leases require the payment of base rent monthly in advance.  Rental
         revenues are recorded on the accrual basis.
         Depreciation

         Depreciation  is provided  for by the use of the  straight-line  method
         over estimated useful lives of the related assets as follows:

           Buildings and improvements                             5 to 25 years
           Appliances, carpeting and equipment                    3 to  8 years

         Impairment of Long-Lived Assets

         Real  estate  assets  and  equipment  are stated at  depreciated  cost.
         Pursuant to  Statement of Financial  Accounting  Standards  Opinion No.
         121,  "Accounting  for the  Impairment  of  Long-Lived  Assets  and for
         Long-Lived Assets to be Disposed of", impairment losses are recorded on
         long-lived  assets used in operations on a property by property  basis,
         when  events  and  circumstances  indicate  that  the  assets  might be
         impaired and the estimated  undiscounted  cash flows to be generated by
         those assets are less than the carrying  amount of those  assets.  Upon
         determination  that an impairment  has occurred,  those assets shall be
         reduced to fair value.

         Deferred Expenses

         Costs of  obtaining  and  recording  mortgages  on the  properties  are
         amortized  over  the  term of the  related  mortgage  notes  using  the
         straight-line method which approximates the effective interest method.

         Income Taxes

         The  Partnership  is not liable for  federal or state  income  taxes as
         Partnership  income or loss is allocated to the Partners for income tax
         purposes.  In the event that the Partnership's tax returns are examined
         by the  Internal  Revenue  Service or state  taxing  authority  and the
         examination results in a change in the Partnership's  taxable income or
         loss, such change will be reported to the Partners.










                                    Continued

                                       F-9

<PAGE>



                KRUPP REALTY LIMITED PARTNERSHIP-V AND SUBSIDIARY

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued


B.   Significant Accounting Policies, Continued

         Descriptive Information About Reportable Segments

         The  Partnership  operates and  develops  apartment  communities  which
         generate  rental and other  income  through  the  leasing of  apartment
         units. The General Partners separately evaluate the performance of each
         of the Partnership's  apartment communities.  However,  because each of
         the  apartment  communities  have  similar  economic   characteristics,
         facilities,  services and tenants, the apartment  communities have been
         aggregated into a single dominant apartment communities segment.

         All revenues are from external  customers and no revenues are generated
         from  transactions  with other  segments.  There are no  tenants  which
         contributed 10% or more of the Partnership's total revenue during 1999,
         1998 or 1997.

C.   Cash and Cash Equivalents

     Cash and cash equivalents consisted of the following:
<TABLE>
<CAPTION>

                                                       December 31,
                                               -----------------------------
                                                   1999              1998
                                               -----------       -----------
<S>                                            <C>               <C>
       Cash and money market accounts          $ 2,049,580       $   405,431
       Treasury bills                            1,744,692         1,695,984
                                               -----------       -----------

                                               $ 3,794,272       $ 2,101,415
                                               ===========       ===========
</TABLE>

D.   Mortgage Notes Payable

     The properties  owned by the  Partnership are pledged as collateral for the
     non-recourse  mortgage  notes  outstanding  at December  31, 1999 and 1998.
     Mortgage notes payable consisted of the following:
<TABLE>
<CAPTION>

                                  Principal             Annual
                           ------------------------    Interest
         Property              1999        1998          Rate      Maturity Date
     ----------------      -----------  -----------   ------------ -------------

<S>                        <C>          <C>               <C>    <C>
     Century II
       Apartments          $10,757,374  $10,882,768       6.75%  January 1, 2008
     Park Place
       Tower Apartments     30,474,800   30,953,469       6.75%      May 1, 2024
                           -----------  -----------

             Total         $41,232,174  $41,836,237
                           ===========  ===========
</TABLE>

















                                    Continued

                                      F-10

<PAGE>





                KRUPP REALTY LIMITED PARTNERSHIP-V AND SUBSIDIARY

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued


D.   Mortgage Notes Payable, Continued

         Century II Apartments

         On December 10, 1997, the Partnership  completed the refinancing of the
         Century II Apartments mortgage note. The property was refinanced with a
         $11,000,000 non-recourse mortgage note payable at the rate of 6.75% per
         annum with  monthly  principal  and interest  payments of $71,346.  The
         mortgage  note,  which is  collateralized  by the property,  matures on
         January 1, 2008 at which time the  remaining  principal  (approximately
         $9,401,537)  and  accrued  interest  are due.  The note may be prepaid,
         subject to a prepayment  penalty,  at any time with 30 days notice. The
         Partnership  used the majority of the proceeds from the  refinancing to
         repay the existing  mortgage note on the property of  $10,309,332,  pay
         closing costs of $236,763,  to pay a prepayment premium of $210,825 and
         to  establish  various  escrows.  The  prepayment  premium  as  well as
         unamortized  deferred  mortgage  costs of $77,331,  are reported in the
         Statement  of   Operations   as  an   extraordinary   loss  from  early
         extinguishment of debt for the year ended December 31, 1997.

         Based on the borrowing rates currently available to the Partnership for
         bank loans with similar terms and average maturities, the fair value of
         long term debt is approximately  $9,900,000 and $10,898,000 at December
         31, 1999 and 1998, respectively.

         Park Place Tower Apartments

            The  property  is subject  to a  non-recourse  mortgage  note in the
            original  amount of  $33,000,000,  dated September 15, 1993, held by
            the U.S.  Department of Housing and Urban Development  ("HUD").  The
            note is payable  in equal  monthly  installments  of  principal  and
            interest of $212,783, based on a 31-year amortization.  At maturity,
            all unpaid  principal  (approximately  $1,457,000)  and any  accrued
            interest  are due.  The note may be prepaid  subject to a prepayment
            premium.  In the event prepayment of principal  occurs, a prepayment
            premium shall be due, based on a declining  premium rate of 5% to 0%
            of the  outstanding  principal  balance over a period of 5 years. As
            stipulated in the  Regulatory  Agreement  with HUD, the  Partnership
            makes  monthly  deposits  of $17,743 in an  established  reserve for
            replacements  to be used for  improvements.  Under  the terms of the
            loan,  HUD restricts the  distribution  of funds to Surplus Cash, as
            defined by HUD in the Regulatory Agreement.

            Based on the borrowing rates currently  available to the Partnership
            for bank loans with similar terms and average  maturities,  the fair
            value of long-term debt is approximately $27,076,000 and $31,766,000
            at December 31, 1999 and 1998, respectively.

        Due to restrictions on transfers and prepayment,  the Partnership may be
        unable to refinance  certain  mortgage notes payable at such  calculated
        fair value.






                                    Continued

                                      F-11

<PAGE>





                KRUPP REALTY LIMITED PARTNERSHIP-V AND SUBSIDIARY

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued


D.      Mortgage Notes Payable, Continued

        The aggregate  scheduled  principal amounts of long-term  borrowings due
        during the five years ending  December 31, 2004 are $642,513,  $687,250,
        $735,102, $786,286 and $841,029.

        During the years ended December 31, 1999, 1998 and 1997, the Partnership
        paid  $2,805,485,  $2,844,807 and $3,221,886 of interest on its mortgage
        notes, respectively.

E.      Related Party Transactions

        The  Partnership  pays property  management  fees to an affiliate of the
        General  Partners for  management  services.  Pursuant to the management
        agreements,  management  fees are payable monthly at a rate of 5% of the
        gross receipts from the properties  under  management.  The  Partnership
        also reimburses  affiliates of the General Partners for certain expenses
        incurred in  connection  with the operation of the  Partnership  and its
        properties, including administrative expenses.

        Amounts accrued or paid to the General  Partners'  affiliates during the
        years ended December 31, 1999, 1998 and 1997 were as follows:
<TABLE>
<CAPTION>

                                      1999              1998             1997
                                    --------          --------         --------

<S>                                 <C>               <C>              <C>
         Property management fees   $567,764          $506,198         $475,569

         Expense reimbursements      373,661           307,468          317,432
                                    --------          --------         --------

           Charged to operations    $941,425          $813,666         $793,001
                                    ========          ========         ========
</TABLE>

     Expense  reimbursements  due from  affiliates  of $4,941  and  $1,456  were
     included in prepaid  expenses and other assets for the year ended  December
     31, 1999 and 1998, respectively.

     In addition to the amounts above,  refinancing  costs of $110,000 were paid
     to the General  Partners'  affiliates  during the year ended  December  31,
     1997.

F.   Legal Proceeding

           The  Partnership  was a defendant in a class action suit  relating to
the  alleged  unlawful  practice  of  giving  discounts  for the early or timely
payments of rent at Park Place Tower  Apartments and Marine Terrace  Apartments.
In November  1999, the Court granted  approval of the settlement  agreement that
was  presented  by both  Plaintiff  and  Defense  counsel.  Upon  payment of the
settlement amount, the case was dismissed in December of 1999. The total cost of
the  settlement,   including   legal  fees  related  to  the   settlement,   was
approximately  $646,535 of which  $139,610 is included in accrued  expenses  and
other liabilities on the balance sheet. All other costs of the lawsuit have been
paid as of December  31,  1999.  The  Partnership  recognized  $328,630 in other
income and $733,000 in expenses which is included in general and  administrative
expenses, during 1999 and 1998, respectively.



                                    Continued


                                      F-12

<PAGE>




                KRUPP REALTY LIMITED PARTNERSHIP-V AND SUBSIDIARY

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued




G.   Partners' Deficit

     Under the terms of the  Partnership  Agreement,  losses from operations are
     allocated  99% to  the  Investor  Limited  Partners  and 1% to the  General
     Partners  and profits from  operations  are  allocated  93% to the Investor
     Limited Partners,  6% to the Original Limited Partner and 1% to the General
     Partners until such time that the Investor Limited Partners have received a
     return of their  total  invested  capital  plus a 9% per  annum  cumulative
     return thereon and thereafter, 65% to the Investor Limited Partners, 28% to
     the Original Limited Partner and 7% to the General Partners.

     Profits from Capital  Transactions  are  allocated  first,  to the Investor
     Limited  Partners until they have received a return of their total invested
     capital.  Thereafter,  profits from Capital  Transactions  are allocated in
     accordance with the Partnership Agreement. Losses from Capital Transactions
     are  allocated 99% to the Investor  Limited  Partners and 1% to the General
     Partners.  Notwithstanding  anything above,  the General  Partners shall be
     allocated at least 1% of all profits and losses from Capital Transactions.

     Under the Partnership  Agreement,  cash  distributions are made on the same
     basis as the  allocations  of  profits  described  above.  Pursuant  to the
     Partnership  Agreement,  proceeds from Capital  Transactions shall first be
     applied to the payment of all debts and  liabilities of the Partnership and
     second to fund reserves for contingent liabilities.  The remaining net cash
     proceeds  shall then be  distributed  in  accordance  with the  Partnership
     Agreement.




























                                    Continued


                                      F-13

<PAGE>




                KRUPP REALTY LIMITED PARTNERSHIP-V AND SUBSIDIARY

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued


G.   Partners' Deficit, Continued

     As of December 31, 1999, the following cumulative partner contributions and
     allocations have been made since inception of the Partnership:
<TABLE>
<CAPTION>

                                 Investor     Original
                                 Limited      Limited   General
                                 Partners     Partner   Partners       Total
                               ------------  ---------  ---------  ------------
<S>                            <C>           <C>        <C>        <C>
       Capital contributions   $ 35,200,000  $   4,000  $   1,000  $ 35,205,000

       Syndication costs         (4,501,000)      -          -       (4,501,000)

       Distributions             (9,027,303)  (569,415)   (94,901)   (9,691,619)

       Net income (loss)
         before capital
         transactions           (37,393,759)   215,243   (375,539)  (37,554,055)

       Net gains on capital
         transactions             6,674,964       -        67,424     6,742,388
                               ------------  ---------  ---------  ------------
       Balance at
         December 31, 1999     $( 9,047,098) $(350,172) $(402,016) $( 9,799,286)
                               ============  =========  =========  ============
</TABLE>

H.   Future Base Rents Due Under Commercial Operating Leases

     Future base rent receivable under commercial operating leases for the years
     2000 through 2004 and thereafter is as follows:
<TABLE>
<S>                       <C>                             <C>
                          2000                            $149,276
                          2001                             149,960
                          2002                             149,960
                          2003                             106,238
                          2004                             106,238
                          Thereafter                        90,000

</TABLE>

I.   Federal Income Taxes

     For federal income tax purposes,  the Partnership is depreciating  property
     using the  Accelerated  Cost  Recovery  System  ("ACRS")  and the  Modified
     Accelerated   Cost  Recovery  System   ("MACRS")   depending  on  which  is
     applicable.












                                    Continued

                                      F-14

<PAGE>



                KRUPP REALTY LIMITED PARTNERSHIP-V AND SUBSIDIARY

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued


I.   Federal Income Taxes, Continued

     The  reconciliation  of the net income (loss) reported in the  accompanying
     Consolidated Statement of Operations with the net income (loss) reported in
     the  Partnership's  federal  income tax return for the years ended December
     31, 1999, 1998 and 1997 is as follows:
<TABLE>
<CAPTION>

                                                1999        1998        1997
                                            -----------  ----------  ----------

<S>                                         <C>          <C>         <C>
       Net income (loss) per Consolidated
         Statement of Operations            $ 2,678,794  $  692,911  $ (592,539)

         Difference between book and tax
           depreciation and
           amortization                         357,133     414,641     317,863

         Difference between book and tax
           legal adjustment                    (860,562)    733,000     113,526
                                            -----------  ----------  ----------

       Net income (loss) for federal
         income tax purposes                $ 2,175,365  $1,840,552  $ (161,150)
                                            ===========  ==========  ==========
</TABLE>

     The  allocation of the net income for federal  income tax purposes for 1999
     is as follows:
<TABLE>
<CAPTION>
                                   Portfolio      Passive
                                    Income        Income         Total
                                   ----------    ----------    -----------
<S>                                <C>           <C>           <C>
       Investor Limited Partners   $  185,800    $1,837,289    $ 2,023,089

       Original Limited Partner        11,987       118,535        130,522

       General Partners                 1,998        19,756         21,754
                                   ----------    ----------    -----------
                                   $  199,785    $1,975,580    $ 2,175,365
                                   ==========    ==========    ===========
</TABLE>

     During the years ended  December 31,  1999,  1998 and 1997 the per Unit net
     income  (loss) to the  Investor  Limited  Partners  for federal  income tax
     purposes were $57.47, $48.63 and $(4.58), respectively.

     The basis of the  Partnership's  assets for  financial  reporting  purposes
     exceeded  its tax  basis by  approximately  $7,293,000  and  $7,651,000  at
     December 31, 1999 and 1998,  respectively.  The basis of the  Partnership's
     liabilities  for  financial  reporting  purposes  exceeded its tax basis by
     approximately  $154,000  and  $1,015,000  at  December  31,  1999 and 1998,
     respectively.














                                    Continued

                                      F-15

<PAGE>



                KRUPP REALTY LIMITED PARTNERSHIP-V AND SUBSIDIARY

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued



J.   Subsequent Events

     On January 21, 2000, KR5 Acquisition,  L.L.C. ("KR5"), KRF Company, L.L.C.,
     and The Krupp Family  Limited  Partnership - 94,  affiliates of the General
     Partner,   filed  a  Transaction  Statement  on  Schedule  13E-3  with  the
     Securities  and  Exchange  Commission  (the  "SEC")  with  respect to KR5's
     proposal to merge KRLP-V with and into KR5. Under the terms of the proposed
     merger,  each unitholder of KRLP-V other than certain unitholders that have
     agreed to reinvest  their units in KR5 will receive $1,200 in cash for each
     outstanding  investor  limited  partnership  interest  owned by it. KR5 was
     formed for the purpose of merging with KRLP-V.  The General Partners of the
     Partnership have filed definitive proxy materials with the SEC with respect
     to the proposed merger,  which is subject to certain conditions,  including
     approval by  unitholders  of the merger and related  amendments to KRLP-V's
     partnership  agreement.  KRLP-V  estimates that the merger,  if approved by
     unitholders, will be completed in the second quarter of 2000.







































                                      F-16

<PAGE>



                KRUPP REALTY LIMITED PARTNERSHIP-V AND SUBSIDIARY

             SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

                                December 31, 1999

<TABLE>
<CAPTION>
                                                         Costs
                                                         Capitalized
                                                         Subsequent to
                             Initial Cost to Partnership Acquisition
                              -------------------------- ------------
                                             Buildings & Buildings & Depreciable
Description        Encumbrances    Land     Improvements Improvements    Life
-----------        ------------ ----------  ------------ ----------- ------------
<S>                <C>          <C>        <C>          <C>         <C>
Century II
Apartments
Cockeysville,
Maryland           $ 10,757,374 $1,049,868 $ 13,948,246 $ 6,085,913 3 to 25 Yrs.

Park Place Tower
Apartments
Chicago, Illinois    30,474,800  2,877,561   38,230,448  13,787,785 3 to 25 Yrs.
                   ------------ ---------- ------------ -----------

  Total            $ 41,232,174 $3,927,429 $ 52,178,694 $19,873,698
                   ============ ========== ============ ===========
</TABLE>
<TABLE>
<CAPTION>
                  Gross Amounts Carried at
                       End of Year
               -----------------------------
                         Buildings                         Year
                            and               Accumulated  Construction Year
Description      Land   Improvements  Total   Depreciation Completed    Acquired
-------------- -------- ------------ -------- ------------ ------------ --------

<S>          <C>        <C>          <C>         <C>            <C>      <C>
Century II
Apartments
Cockeysville,
Maryland     $1,049,868 $ 20,034,159 $21,084,027 $ 14,033,906   1971     1984

Park Place
Tower
Apartments
Chicago,
Illinois      2,877,561   52,018,233  54,895,794   34,893,316   1973     1984
             ---------- ------------ ----------- ------------

  Total      $3,927,429 $ 72,052,392 $75,979,821 $ 48,927,222
             ========== ============ =========== ============
</TABLE>












                                    Continued

                                      F-17

<PAGE>


                KRUPP REALTY LIMITED PARTNERSHIP-V AND SUBSIDIARY

       SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION, Continued

                                December 31, 1999


Reconciliation of Real Estate and Accumulated Depreciation for each of the three
years in the period ended December 31, 1999:
<TABLE>
<CAPTION>

                                      1999           1998           1997
                                  -----------    -----------    -----------
  Real Estate

<S>                               <C>            <C>            <C>
  Balance at beginning of
    year                          $73,882,342    $72,392,551    $70,664,455
  Acquisitions and
    improvements                    2,097,479      1,489,791      1,728,096
                                  -----------    -----------    -----------

  Balance at end of year          $75,979,821    $73,882,342    $72,392,551
                                  ===========    ===========    ===========


                                      1999           1998           1997
                                  -----------    -----------    -----------
  Accumulated Depreciation

  Balance at beginning of
    year                          $45,292,687    $41,602,481    $38,066,263
  Depreciation expense              3,634,535      3,690,206      3,536,218
                                  -----------    -----------    -----------

  Balance at end of year          $48,927,222    $45,292,687    $41,602,481
                                  ===========    ===========    ===========
</TABLE>


     Note:     The  Partnership  uses the cost basis for property  valuation for
               both income tax and financial statement  purposes.  The aggregate
               cost of the  Partnership's  real  estate for  federal  income tax
               purposes   was   $75,991,870   and  the   aggregate   accumulated
               depreciation for federal income tax purposes was $56,225,023,  at
               December 31, 1999.


                                      F-18