UNITED STATES
                     SECURITIES AND EXCHANGE COMMISSION
                           WASHINGTON, DC  20549

                                 FORM 10-Q

(Mark One)

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

For the quarterly period ended   September 30, 1999
                               -----------------------------------------

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

For the transition period from            to
                               ----------    ----------------------------
Commission file number              33-15597
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                     DIVERSIFIED HISTORIC INVESTORS V
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(Exact name of registrant as specified in its charter)

           Pennsylvania                                  23-2479468
-------------------------------                      -------------------
(State or other jurisdiction of                      (I.R.S. Employer
incorporation or organization                        Identification No.)


                  1609 WALNUT STREET, PHILADELPHIA,  PA  19103
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(Address of principal executive offices)               (Zip Code)


Registrant's  telephone  number,  including  area  code  (215) 557-9800

                                  N/A
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(Former name, former address and former fiscal year, if changed since last
 report)

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
<PAGE>
                    PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

        Consolidated Balance Sheets - September 30, 1999 (unaudited) and
        December 31, 1998
        Consolidated Statements of Operations - For the Three Months and
        Nine Months Ended September 30, 1999 and 1998 (unaudited)
        Consolidated Statements of Cash Flows - For the Nine Months Ended
        September 30, 1999 and 1998 (unaudited)
        Notes to Consolidated Financial Statements (unaudited)

Item 2.  Management's Discussion and Analysis of Financial Condition and
         Results of Operations.

         (1)   Liquidity

             As  of September 30, 1999, Registrant  had cash of $4,027.
Such funds are expected to be used  to pay liabilities and general and
administrative expenses of  Registrant,  and  to  fund  cash  deficits
of the properties.   Cash  generated from operations is used primarily
to fund operating expenses and debt  service.  If cash flow proves to be
insufficient, the Registrant will  attempt to negotiate loan modifications
with  the various  lenders  in  order to remain  current  on  all
obligations.   The  Registrant  is  not  aware  of  any additional sources
of liquidity.

             As  of September 30, 1999, Registrant  had restricted  cash
of $111,795 consisting  primarily  of funds  held as security deposits,
replacement  reserves and  escrows for taxes and insurance.  As a consequence
of the restrictions as to use, Registrant does not deem these funds to be a
source of liquidity.

              On January 15, 1999, one of the Registrant's  properties, the
Redick Plaza  Hotel,  was declared in default on its second mortgage for
failure to  make  the  minimum monthly payment.   A  settlement agreement
was reached whereby the Registrant agreed  to relinquish  its partnership
interests in the  hotel  in satisfaction of the mortgage.

         (2)   Capital Resources

               Due to the relatively recent rehabilitations of the property,
any capital expenditures needed are generally replacement items and are
funded  out of cash from operations or replacement reserves, if any.  The
Registrant is not aware  of  any factors  which  would  cause  historical
capital expenditure  levels  not to be  indicative  of  capital requirements
in the future and, accordingly, does not believe that it will have to commit
material resources to capital investment for the foreseeable future.

         (3)   Results of Operations

              During   the  third  quarter   of   1999, Registrant  incurred
a net loss of $59,812  ($5.31  per limited  partnership unit) compared to a
net  loss  of $510,254 ($45.34 per limited partnership unit) for  the same
period in 1998.  For the first nine  months  of 1999, Registrant  recognized
income  of   $3,695,185 ($328.33  per limited partnership unit) compared  to
a net loss of $1,548,593 ($137.60 per limited partnership unit) for the same
period in 1998.  Included in income in  the  first  nine  months of 1999  is
extraordinary income of $3,997,619 related to the foreclosure of the Redick
Plaza Hotel in January 1999.

             Rental and hotel income combined decreased $320,371 from $347,346
in the third quarter of 1998  to $26,975 in the  same period in  1999.   The
decrease resulted from a $318,191 decrease in hotel income and a $2,180
decrease  in rental income.   The  decrease  in hotel  income is due to the
foreclosure of  the  Redick Plaza Hotel.  The decrease in rental income is
due to a decrease in the average occupancy (84% to 77%)  at  the Lofts at Red
Hill.

             Rental and hotel income decreased $905,916 from  $1,006,318 for
the first nine months of  1998  to $100,402  for  the same period of 1999.
The  decrease resulted from a $894,417 decrease in hotel income and a $11,499
decrease in rental income.   The  decrease  in hotel  income is due to the
foreclosure of  the  Redick Plaza Hotel.  The decrease in rental income is
due to a decrease in the average occupancy (91% to 80%)  at  the Lofts at Red
Hill.

             Expense  for  rental operations  decreased $730  from  $26,206
in the third quarter  of  1998  to $25,476 in the same period in 1999 and
decreased $5,804 from  $64,712  for  the first nine months  of  1998  to
$58,908  for the same period in 1999 due to legal  fees incurred  in  the
second quarter of 1998 in  connection with the bankruptcy of the Redick Plaza
Hotel that  did not recur in 1999.

            Hotel operations expense decreased $420,267 from $420,267 in the
third quarter of 1998 to $0 in the same  period  in  1999  and decreased
$1,163,743  from $1,262,925 for the first nine months of 1998 to $99,182
for  the same period in 1999 due to the foreclosure  of the Redick Plaza Hotel.

              Interest expense decreased $234,910  from $249,676 in the third
quarter of 1997 to $14,766 in the same   period  in  1999  and  decreased
$658,185  from $744,055  for the first nine months of 1998 to  $85,870
for  the same period in 1999 due to the foreclosure  of Redick  Plaza Hotel
and the satisfaction of the related debt obligations as a result of that
foreclosure.

              Depreciation  and  amortization   expense decreased  $114,919
from $145,551 in the third  quarter of  1998  to  $30,632 in the same period
in  1999  and decreased  $325,468 from $436,655 for  the  first  nine months
of 1998 to $111,187 for the same period in  1999 due to the foreclosure of
the Redick Plaza Hotel.

            Losses incurred during the third quarter at the   Registrant's
properties  amounted  to   $29,000, compared to approximately $475,000 for
the same  period in  1998.   For  the  first nine  months  of  1999  the
Registrant's properties recognized income of $3,789,000 compared to a loss
of approximately $1,445,000 for  the same  period in 1998.  Included in income
in the  first nine   months  of  1999  is  extraordinary income of $3,998,000
related to the foreclosure  of  the  Redick Plaza Hotel.

             In  the  third quarter of 1999, Registrant incurred  a  loss of
$0 at the  Redick  Plaza  Hotel, compared to a loss of $452,000 in the third
quarter  of 1998,   including   $115,000 of depreciation and amortization
expense.  For the first nine months of 1999, recognized income of $3,855,000
including $19,000 of depreciation and amortization expense, compared to a
loss of $1,394,000 for the same  period  in  1998, including  depreciation
and  amortization  expense  of $345,000.  Included in income for the first
nine months of  1999  is extraordinary income of $3,998,000 related to the
foreclosure of the Redick  Plaza  Hotel.   The decrease  in  the loss from
the third quarter  and  the first  nine months of 1998 to the same periods
in  1999 is due to the foreclosure of the Redick Plaza Hotel.

              In  the third quarter of 1999, Registrant incurred  a loss of
$29,000 at the Lofts at  Red  Hill, including  $15,000  of  depreciation
and  amortization expense,  compared  to  a  loss  of  $23,000  including
$15,000 of depreciation expense in the third quarter of 1998 and for the
first nine months of 1999, incurred  a loss  of  $66,000,  including $45,000
of  depreciation expense  compared to a loss of $51,000  for  the  first
nine months of 1997 including depreciation expense  of $45,000.  The increased
loss from the third quarter and the first nine months of 1998 from the same
periods  in 1999  is the result of a decrease in rental income  due to a
decrease in the average occupancy (84% to 77%) for the  third quarter and
(91% to 80%) for the first  nine months.
<PAGE>
                    DIVERSIFIED HISTORIC INVESTORS V
                  (a Pennsylvania limited partnership)

                     CONSOLIDATED BALANCE SHEETS
                September 30, 1999 and December 31, 1998

                               Assets

                              September 30, 1999  December 31, 1998
                                (Unaudited)
Rental properties, at cost:
Land                               $    61,046    $    347,955
Buildings and improvements           1,445,431      10,322,476
Furniture and fixtures                  85,443       1,121,539
                                    ----------      ----------
                                     1,591,920      11,791,970
Less - Accumulated depreciation       (696,458)     (5,752,945)
                                    ----------      ----------
                                       895,462       6,039,025

Cash and cash equivalents                4,027          13,986
Restricted cash                        111,795         263,862
Accounts and notes receivable              213          99,954
Other assets (net of amortization
 of $144,364 and $365,187 at
 September 30, 1999 and December
 31, 1998, respectively).              193,332         348,005
                                    ----------      ----------
     Total                         $ 1,204,829     $ 6,764,832
                                    ==========      ==========

                         Liabilities and Partners' Equity
Liabilities:
Debt obligations                   $   414,534     $ 7,566,974
Accounts payable:
     Trade                              91,539         578,973
     Related parties                    33,656          33,656
     Taxes                                   0          95,258
Interest payable                             0       1,498,851
Accrued liabilities                     12,847          33,447
Tenant security deposits                 7,540           8,145
                                    ----------      ----------
     Total liabilities                 560,116       9,815,304
                                    ----------      ----------
Partners' equity                       644,713      (3,050,472)
                                    ----------      ----------
     Total                         $ 1,204,829     $ 6,764,832
                                    ==========      ==========

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

                      DIVERSIFIED HISTORIC INVESTORS V
                    (a Pennsylvania limited partnership)

                   CONSOLIDATED STATEMENTS OF OPERATIONS
    For the Three Months and Nine Months Ended September 30, 1999 and 1998
                                 (Unaudited)

                              Three months            Nine months
                          Ended September 30,     Ended September 30,
                             1999    1998           1999     1998

Revenues:
   Rental income         $ 26,975   $ 29,155      $ 82,221  $   93,720
   Hotel income                 0    318,191        18,181     912,598
   Interest income             86         99           308       1,433
                          -------    -------     ---------   ---------
  Total revenues           27,061    347,445       100,710   1,007,751
                          -------    -------     ---------   ---------
Costs and expenses:
   Rental operations       25,476       26,206      58,908      64,712
   Hotel operations             0      420,267      99,182   1,262,925
   General and
     administrative        15,999       15,999      47,997      47,997
   Interest                14,766      249,676      85,870     744,055
   Depreciation and
     amortization          30,632      145,551     111,187     436,655
                          -------      -------   ---------   ---------
  Total costs and expenses 86,873      857,699     403,144   2,556,344
                          -------      -------   ---------   ---------

Loss before
extraordinary item        (59,812)    (510,254)   (302,434) (1,548,593)
Extraordinary income            0            0   3,997,619           0
                          -------      -------   ---------   ---------

Net (loss) income       ($ 59,812)  ($ 510,254) $3,695,185 ($1,548,593)
                          =======      =======   =========   =========
Net (loss) income per
limited partnership unit

Loss before             ($   5.31)  ($   45.34) $    26.87 ($   137.60)
extraordinary item
Extraordinary income            0            0      355.20           0
                          -------     --------   ---------   ---------
                        ($   5.31)  ($   45.34) $   328.33 ($   137.60)
                          =======     ========   =========   =========

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

                       DIVERSIFIED HISTORIC INVESTORS V
                       (a Pennsylvania limited partnership)

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
              For the Nine Months Ended September 30, 1999 and 1998
                                 (Unaudited)

                                          Nine months ended
                                            September 30,
                                             1999    1998

Cash flows from operating activities:
 Net income (loss)                      $3,695,185  ($1,548,593)
 Extraordinary income                   (3,997,619)           0
  Adjustments to reconcile net loss to
  net cash used in operating activities:
 Depreciation and amortization             111,187      436,655
 Changes in assets and liabilities:
  Increase (decrease) in restricted cash       633     (302,070)
  (Decrease) increase in accounts
    receivable                              19,236      (39,572)
  Increase in other assets                       0      (30,499)
  Increase in accounts payable - trade     108,727      241,637
  Decrease in accounts payable -
    related parties                              0      (21,344)
  (Decrease) increase in accounts
    payable - taxes                         (3,566)      60,135
  Increase in interest payable              50,475      466,809
  Decrease in accrued liabilities           (1,161)        (980)
  Decrease in tenant security deposits        (605)      (5,342)
                                           -------      -------
Net cash used in operating activities:     (17,508)    (743,164)
                                           -------      -------
Cash flows from investing activities:
 Capital expenditures                            0            0
                                           -------      -------
  Net cash used in investing activities:         0            0
                                           -------      -------
Cash flows from financing activities:
 Proceeds from debt financings               7,549      704,072
 Principal payments                              0            0
                                           -------      -------
Net cash provided by financing activities:   7,549      704,072
                                           -------      -------

Decrease in cash and cash equivalents       (9,959)     (39,092)

Cash and cash equivalents at                13,986       57,736
beginning of period                        -------      -------

Cash and cash equivalents at end of      $   4,027    $  18,644
period                                     =======      =======

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

                     DIVERSIFIED HISTORIC INVESTORS V
                   (a Pennsylvania limited partnership)

               NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  (Unaudited)


NOTE 1 - BASIS OF PRESENTATION

     The unaudited consolidated financial statements of Diversified Historic
Investors V  (the  "Registrant") have been prepared pursuant to the rules and
regulations of the Securities and Exchange Commission.  Accordingly,  certain
information and footnote disclosures normally included in financial statements
prepared in accordance with generally accepted accounting principles have been
omitted pursuant to such rules and regulations.  The accompanying consolidated
financial statements and related notes should be read in conjunction with the
audited financial statements in Form 10-K and notes thereto, in the Registrant's
Annual Report on Form  10-K  for  the year ended December 31, 1998.

          The  information furnished reflects,  in  the opinion  of management,
all adjustments, consisting  of normal   recurring  accruals,  necessary  for
a fair presentation  of  the  results of the  interim  periods presented.

                 PART II - OTHER INFORMATION

Item 1.  Legal Proceedings

           To the best of its knowledge, Registrant is not  party  to, nor is
a any of its property the  subject of, any pending material legal proceedings.

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

          No matter was submitted during the quarter covered by this report to
a vote of security holders.


Item 6.  Exhibits and Reports on Form 8-K

            (a) Exhibit     Document
                Number

                  3         Registrant's Amended and Restated Certificate of
                            Limited  Partnership  and  Agreement  of Limited
                            Partnership, previously filed as part of Amendment
                            No. 2 of Registrant's Registration Statement on
                            Form  S-11,  are incorporated herein by reference.

                 21         Subsidiaries of the Registrant are listed in Item
                            2.  Properties on Form 10-K, previously filed and
                            incorporated herein by reference.

             (b)  Reports on Form 8-K:

                  No reports were filed on Form 8-K during the quarter ended
                  September 30, 1999.
<PAGE>

                      SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
Registrant has duly caused  this report  to  be signed on its behalf by the
undersigned, thereunto duly authorized.



Date:   December 16, 1999     DIVERSIFIED HISTORIC INVESTORS V
        -----------------
                              By: Dover Historic Advisors V, General Partner

                                  By: EPK, Inc., Partner

                                      By: /s/ Spencer Wertheimer
                                          ----------------------
                                          SPENCER WERTHEIMER
                                          President and Treasurer