<PAGE>

                                  UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                    FORM 10-Q


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

For the quarterly period ended                   June 30, 2000
                              --------------------------------------------------

                                       OR

[ ]       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                           0-18952
                      ----------------------------------------------------------

                            NTS-PROPERTIES PLUS LTD.
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

             Florida                                    61-1126478
--------------------------------------    --------------------------------------
(State or other jurisdiction of                     (I.R.S. Employer
incorporation or organization)                      Identification No.)

         10172 Linn Station Road
          Louisville, Kentucky                            40223
--------------------------------------    --------------------------------------
(Address of principal executive offices)                (Zip Code)

                                 (502) 426-4800
--------------------------------------------------------------------------------
              (Registrant's telephone number, including area code)

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,  and (2) has been subject to such filing  requirements
for the past 90 days.
                                                 [X] Yes           [ ] No







<PAGE>

                                TABLE OF CONTENTS
                                -----------------

                                     PART I
                                     ------

                                                                         Pages
                                                                         -----

Item 1. Financial Statements

        Balance Sheets as of June 30, 2000 and December 31, 1999          3

        Statement of Partners Deficit as of  June 30, 2000                3

        Statements of Operations for the three months and six months ended
            June 30, 2000 and 1999                                        4

        Statements of Cash Flows for the six months ended
            June 30, 2000 and 1999                                        5

        Notes to Financial Statements                                     6-10

Item 2. Management's Discussion and Analysis of Financial Condition
           and Results of Operations                                      11-17

Item 3. Quantitative and Qualitative Disclosures About Market Risk        18

                                     PART II
                                     -------

Item 1. Legal Proceedings                                                 19

Item 2. Changes in Securities                                             19

Item 3. Defaults Upon Senior Securities                                   19

Item 4. Submission of Matters to a Vote of Security Holders               19

Item 5. Other Information                                                 19

Item 6. Exhibits and Reports on Form 8-K                                  19

Signatures                                                                20






                                        2

<PAGE>

PART I. FINANCIAL INFORMATION
        ---------------------
Item 1. Financial Statements
        --------------------

<TABLE>

                            NTS-PROPERTIES PLUS LTD.
                            ------------------------
                                 BALANCE SHEETS
                                 --------------


<CAPTION>
                                                  As of               As of
                                                 June 30,          December 31,
                                                   2000               1999*
                                                   ----               -----
                                               (Unaudited)

ASSETS
------
<S>                                            <C>                 <C>
Cash and equivalents                           $    59,678         $   163,798
Cash and equivalents - restricted                   32,267              18,719
Accounts receivable                                 15,599               3,763
Land, buildings and amenities, net               1,530,172           1,423,671
Deferred leasing commissions                        89,282              88,665
Other assets                                        43,998              38,235
                                               ------------        ------------
     TOTAL ASSETS                              $ 1,770,996         $ 1,736,851
                                               ============        ============
LIABILITIES AND PARTNERS' DEFICIT
---------------------------------
Mortgages and note payable                     $ 2,116,584         $ 2,160,294
Accounts payable                                   177,007             134,091
Security deposits                                   13,625              13,091
Other liabilities                                   58,598              25,669
                                               ------------        ------------
     TOTAL LIABILITIES                           2,365,814           2,333,145

COMMITMENTS AND CONTINGENCIES (Note 9)

PARTNERS' DEFICIT                                 (594,818)           (596,294)
                                               ------------        ------------
TOTAL LIABILITIES AND PARTNERS' DEFICIT        $ 1,770,996         $ 1,736,851
                                               ============        ============
</TABLE>


                         STATEMENT OF PARTNERS' DEFICIT
                         ------------------------------


<TABLE>
                                                 Limited         General
                                                 Partners        Partner          Total
                                                 --------        -------          -----
<CAPTION>

PARTNERS' DEFICIT
-----------------
<S>                                            <C>             <C>             <C>
Capital contributions, net of offering costs   $ 11,784,521    $        100    $ 11,784,621
Net loss - prior years                          (10,178,579)       (102,814)    (10,281,393)
Net income - current year                             1,461              15           1,476
Cash distributions declared to date              (2,038,520)        (20,592)     (2,059,112)
Repurchase of Limited Partnership Units             (40,410)           --           (40,410)
                                               -------------   -------------   -------------
BALANCES JUNE 30, 2000                         $   (471,527)   $   (123,291)   $   (594,818)
                                               =============   =============   =============

</TABLE>

*    Reference is made to the audited financial statements in Form 10-K as filed
     with the  Securities  and  Exchange  Commission  on  March  30,  2000.  The
     auditor's  report on these  statements  was  qualified  with respect to the
     Partnership   continuing  as  a  going  concern  (See  Notes  to  Financial
     Statements - Note 1).

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


                                        3
<PAGE>
<TABLE>

                            NTS-PROPERTIES PLUS LTD.
                            ------------------------
                            STATEMENTS OF OPERATIONS
                            ------------------------
                                   (UNAUDITED)
                                   -----------

<CAPTION>

                                                      Three Months Ended       Six Months Ended
                                                           June 30,                June 30,
                                                           --------                --------
                                                        2000       1999        2000        1999
                                                        ----       ----        ----        ----

REVENUES
--------
<S>                                                  <C>        <C>         <C>        <C>
Rental income                                        $ 155,915  $ 182,465   $ 290,787  $ 361,072
Interest and other income                                1,479     (2,980)      3,650        245
                                                     ---------- ----------  ---------- ----------
     TOTAL REVENUES                                    157,394    179,485     294,437    361,317
                                                     ---------- ----------  ---------- ----------
EXPENSES
--------
Operating expenses                                      20,176     24,933      40,114     50,837
Operating expenses - affiliated                          9,376     12,880      18,306     31,338
Loss on disposal of assets                                  94       --        11,141       --
Interest expense                                        42,737     56,718      87,777    113,106
Management fees                                          8,700     11,037      17,023     21,226
Real estate taxes                                       12,299     16,801      25,648     33,596
Professional and administrative expenses                19,413     17,971      35,149     33,221
Professional and administrative expenses
  - affiliated                                           5,514      9,229      10,321     20,290
Depreciation and amortization                           23,965     29,535      47,482     59,319
                                                     ---------- ----------  ---------- ----------
     TOTAL EXPENSES                                    142,274    179,104     292,961    362,933
                                                     ---------- ----------  ---------- ----------
Net income (loss)                                    $  15,120  $     381   $   1,476  $  (1,616)
                                                     ========== ==========  ========== ==========
Net income (loss) allocated to the Limited Partners  $  14,969  $     377   $   1,461  $  (1,600)
                                                     ========== ==========  ========== ==========
Net income (loss) per Limited Partnership Unit       $    0.02  $     0.0   $    0.00  $   (0.00)
                                                     ========== ==========  ========== ==========

Weighted average number of  Limited
  Partnership Units                                    643,645    654,999     643,645    656,691
                                                     ========== ==========  ========== ==========
</TABLE>

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














                                        4

<PAGE>
<TABLE>

                            NTS-PROPERTIES PLUS LTD.
                            ------------------------
                            STATEMENTS OF CASH FLOWS
                            ------------------------
                                   (UNAUDITED)
                                   -----------

<CAPTION>
                                                                     Six Months Ended
                                                                          June 30,
                                                                          --------
                                                                  2000              1999
                                                                  ----              ----

CASH FLOWS FROM OPERATING ACTIVITIES
------------------------------------
<S>                                                          <C>                <C>
Net income (loss)                                            $    1,476         $  (1,616)
Adjustments to reconcile net income (loss) to net cash
  provided by operating activities:
    Depreciation and amortization                                47,482            59,319
    Loss of disposal of assets                                   11,141              --
    Changes in assets and liabilities:
      Cash and equivalents - restricted                         (13,548)          (32,494)
      Accounts receivable                                       (11,836)           (1,502)
      Deferred leasing commissions                                 (617)              591
      Other assets                                               (8,946)          (21,189)
      Accounts payable                                           42,916            18,196
      Security deposits                                             534             6,068
      Other liabilities                                          32,929            31,441
                                                              ----------        ----------
     Net cash provided by operating activities                  101,531            58,814
                                                              ----------        ----------
CASH FLOWS FROM INVESTING ACTIVITIES
------------------------------------
Additions to land, buildings and amenities                     (161,941)          (16,859)
                                                              ----------        ----------
     Net cash used in investing activities                     (161,941)          (16,859)
                                                              ----------        ----------
CASH FLOWS FROM FINANCING ACTIVITIES
------------------------------------
Principal payments on mortgages payable                        (110,710)         (116,553)
Increase in note payable                                         67,000            54,527
Repurchase of Limited Partnership Units                              --            (9,988)
Contributions to Partnership                                         --            12,570
                                                              ----------        ----------
     Net cash used in financing activities                      (43,710)          (59,444)
                                                              ----------        ----------
     Net decrease in cash and equivalents                      (104,120)          (17,489)

CASH AND EQUIVALENTS, beginning of period                       163,798            53,634
                                                              ----------        ----------
CASH AND EQUIVALENTS, end of period                           $  59,678         $  36,145
                                                              ==========        ==========
Interest paid on a cash basis                                 $  82,500         $ 108,812
                                                              ==========        ==========
</TABLE>

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







                                        5

<PAGE>

                            NTS-PROPERTIES PLUS LTD.
                            ------------------------
                          NOTES TO FINANCIAL STATEMENTS
                          -----------------------------

The unaudited financial  statements and schedules included herein should be read
in  conjunction  with  the  Partnership's  1999  Form  10-K as  filed  with  the
Securities  and Exchange  Commission  on March 30,  2000.  In the opinion of the
General Partner,  all adjustments (only consisting of normal recurring accruals)
necessary for a fair presentation  have been made to the accompanying  financial
statements for the three months and six months ended June 30, 2000 and 1999.

1.   Partnership's Plans Relative to Continuing Operations
     -----------------------------------------------------

     The Partnership  currently holds minority  interests in four properties and
     thus cannot effect decisions made by NTS affiliate  partnerships  holding a
     majority position in these properties. The Partnership does not possess the
     resources to contribute to improvements  of any significant  amount and has
     seen  its  minority   interests   further   decline  as  a  result  of  the
     contributions made by the financially  stronger majority interest affiliate
     partnerships.

     Prior to December 31, 1999, NTS  Development  Company,  an affiliate of the
     General  Partner  ("NTS"),  agreed  to  defer  amounts  owed  to it by  the
     Partnership.  NTS,  prior to January 1, 2000,  also  agreed to provide  the
     financial support  necessary for the Partnership to pay its  non-affiliated
     operating  expenses as they came due through  January 1, 2000.  NTS did not
     extend the commitment past January 1, 2000.

     NTS, after January 1, 2000,  will not defer amounts owed to it or renew its
     commitment to provide financial support for non-affiliated  expenses of the
     Partnership.  As of June  30,  2000,  the  Partnership  owes  approximately
     $177,000 to NTS.

     Accordingly,  without an infusion of cash or a sale of Partnership  assets,
     the Partnership may not be able to meet its obligations as they come due in
     the normal course of business.  As a result,  the  auditors'  report in the
     Partnership's  1999 Form 10-K was qualified with respect to the Partnership
     continuing as a going concern.  The Partnership is evaluating  alternatives
     with its assets, debt and capital structure to remedy this situation.

2.   Use of Estimates in the Preparation of Financial Statements
     -----------------------------------------------------------

     The  preparation  of financial  statements  in  conformity  with  Generally
     Accepted  Accounting   Principles  ("GAAP")  requires  management  to  make
     estimates and  assumptions  that affect the reported  amounts of assets and
     liabilities and disclosure of contingent assets and liabilities at the date
     of the  financial  statements  and the  reported  amounts of  revenues  and
     expenses  during the  reporting  period.  Actual  results could differ from
     those estimates.






                                        6

<PAGE>

3.   Concentration of Credit Risk
     ----------------------------

     NTS-Properties  Plus Ltd. has joint venture  investments  in one commercial
     rental  property  in  Kentucky  (Louisville)  and three  commercial  rental
     properties  in Florida  (Ft.  Lauderdale).  A single  tenant  occupies  the
     property in Kentucky.

4.   Cash and Equivalents - Restricted
     ---------------------------------

     Cash and equivalents - restricted represents funds which have been escrowed
     with  mortgage  companies for property  taxes in  accordance  with the loan
     agreements,  and funds  reserved  by the  Partnership  for the  purchase of
     Limited Partnership Units (1999 balance only).

5.   Basis of Property and Depreciation
     ----------------------------------

     Land,   buildings  and  amenities  are  stated  at  historical  cost,  less
     accumulated  depreciation,  to the Partnership.  Costs directly  associated
     with  the  acquisition,  development  and  construction  of a  project  are
     capitalized.  Depreciation is computed using the straight-line  method over
     the  estimated  useful  lives of the  assets  which are 5-30 years for land
     improvements,  7-30 years for  buildings  and  improvements,  3-7 years for
     amenities and the applicable lease term for tenant improvements.

     Statement of Financial  Accounting  Standards ("SFAS") No. 121, "Accounting
     for the  Impairment of Long-Lived  Assets and for  Long-Lived  Assets to be
     Disposed Of" specifies  circumstances in which certain  long-lived  assets
     must be reviewed for impairment. If the carrying amount of an asset exceeds
     the sum of its expected future cash flows,  the asset's carrying value must
     be written  down to fair value.  Application  of this  standard  during the
     period ended June 30, 2000 and 1999 did not result in any impairment loss.

6.   Mortgages and Note Payable
     --------------------------

     Mortgages and note payable consist of the following:


                                                       June 30,     December 31,
                                                         2000          1999*
                                                         ----          -----

    Mortgage payable to an insurance company,
    bearing interest at a fixed rate of 8.5%,
    due November 15, 2005, secured by land and
    a building.                                        $1,124,483    $1,203,015

    Mortgage payable to an insurance company,
    bearing interest at a fixed rate of 8.125%,
    due August 1, 2008, secured by land and
    a building.                                           393,945       410,622

    Mortgage payable to an insurance company,
    bearing interest at a fixed rate of 8.125%,
    due August 1, 2008, secured by land and
    buildings.                                            366,156       381,657


                            (Continued on next page)


                                        7

<PAGE>

6.   Mortgages and Note Payable - Continued
     --------------------------------------

                                                        June 30,    December 31,
                                                          2000        1999
                                                          ----        ----

     Note payable to a bank, bearing interest
     at a fixed rate of 8.75%, due January 29, 2001,
     collateral provided by NTS Financial Partnership,
     an affiliate of NTS Development Company.          $  232,000    $  165,000
                                                       ----------    ----------
                                                       $2,116,584    $2,160,294
                                                       ==========    ==========

     Based on the borrowing  rates  currently  available to the  Partnership for
     loans  with  similar  terms  and  average  maturities,  the  fair  value of
     long-term debt is approximately $2,104,600.

7.   Related Party Transactions
     --------------------------

     Property  management  fees of $17,023 and $21,226 for the six months  ended
     June 30, 2000 and 1999, respectively, were paid to NTS Development Company,
     an affiliate of the General  Partner.  The fee is paid monthly in an amount
     equal  to 6% of  the  gross  revenues  from  the  Partnership's  properties
     pursuant  to  an  agreement  with  the  Partnership.  Also  pursuant  to an
     agreement,  NTS  Development  Company will receive a repair and maintenance
     fee equal to 5.9% of costs incurred which relate to capital improvements.

     The  Partnership has incurred $8,590 and $479 for the six months ended June
     30, 2000 and 1999,  respectively,  as repair and maintenance  fees, and has
     capitalized  these  costs as part of land,  buildings  and  amenities.  The
     Partnership  was also charged the  following  amounts from NTS  Development
     Company  for the six months  ended June 30,  2000 and 1999.  These  charges
     include items which have been  expensed as operating  expenses - affiliated
     or professional  and  administrative  expenses - affiliated and items which
     have been capitalized as other assets or as land, buildings and amenities.


                                         Six Months Ended June 30,
                                         -------------------------
                                          2000               1999
                                          ----               ----

     Leasing                           $  8,589            $ 14,896
     Administrative                      14,524              25,868
     Property Management                  9,905              15,266
     Other                                  191               2,515
                                       --------            --------
                                       $ 33,209            $ 58,545
                                       ========            ========

     On February 7, 2000, ORIG, LLC. (the  "Affiliate")  purchased  Interests in
     the Partnership  and pursuant to an Agreement,  Bill of Sale and Assignment
     by and among the  Affiliate  and four  investors  in the  Partnership.  The
     Affiliate  purchased  2,536  Interests  in  the  Partnership  for  a  total
     consideration of $2,536 or an average price of $1.00 per Interest.






                                        8

<PAGE>

8.   Transactions  Affecting  the  Investment  in  Lakeshore/University II Joint
     ---------------------------------------------------------------------------
     Venture
     -------

     On  July  1,  1999,   NTS-Properties   V  contributed   $1,737,000  to  the
     Lakeshore/University  II Joint Venture ("L/U II Joint Venture").  The other
     Partners in the Joint Venture,  including NTS- Properties Plus Ltd. did not
     make  capital  contributions  at  that  time.  Accordingly,  the  ownership
     percentages of the other Partners in the Joint Venture decreased. Effective
     July 1, 1999,  NTS- Properties  Plus'  percentage of ownership in the Joint
     Venture is 8.40%,  as compared to 12.57% prior to July 1, 1999. See Note 12
     for details of a contribution  made to the L/U II Joint Venture  subsequent
     to June 30, 2000.

9.   Commitments and Contingencies
     -----------------------------

     The  Partnership,  as an  owner  of real  estate,  is  subject  to  various
     environmental  laws of federal  and local  governments.  Compliance  by the
     Partnership with existing laws has not had a material adverse effect on the
     Partnership's  financial condition and results of operations.  However, the
     Partnership cannot predict the impact of new or changed laws or regulations
     on its current properties or properties it may acquire in the future.

     The Partnership does not believe there is any litigation threatened against
     the Partnership other than routine  litigation  arising out of the ordinary
     course of business,  some of which is expected to be covered by  insurance,
     none  of  which  is  expected  to have a  material  adverse  effect  on the
     consolidated financial statements of the Partnership.

     Pursuant to a contract signed on December 6, 1999, the L/U II Joint Venture
     has a commitment to construct a building to be known as Lakeshore  Business
     Center  Phase  III on 3.8 acres of land it owns at the  Lakeshore  Business
     Center  Development.  The  construction  cost is currently  estimated to be
     $4,000,000  and  will  be  funded  by  working  capital  and  approximately
     $2,680,000 in debt financing. As of June 30, 2000, the L/U II Joint Venture
     has incurred  approximately  $1,761,000 in expenses for the construction of
     Lakeshore Business Center Phase III.

     On April 24, 2000, the  Partnership,  obtained a commitment from a bank for
     an amount not exceeding  $2,680,000 to fund the  construction  of Lakeshore
     Business  Center Phase III. This  commitment is to be guaranteed by the L/U
     II Joint Venture,  NTS-Properties V,  NTS-Properties  IV, Ltd., and NTS-Ft.
     Lauderdale,  Ltd.  The funds  will be used by the L/U II Joint  Venture  to
     construct  Lakeshore  Business  Center Phase III. The loan bears a variable
     interest  rate  equal to a daily  floating  LIBOR rate as quoted for 30-day
     investments,  plus 230 basis  points  and is  secured  by 3.8 acres of land
     located at the Lakeshore  Business Center  Development and the improvements
     now and hereafter located on the land.

     As of June  30,  2000,  the  L/U II  Joint  Venture  has a  commitment  for
     approximately  $66,000  for tenant  improvements  on 31,338  square feet at
     Lakeshore Business Center Phases I and II. The Partnership's  share of this
     commitment is approximately  $5,550 and will be funded from cash flows from
     operations.   The  L/U  II  Joint   Venture  also  has  a  commitment   for
     approximately  $45,700  for tenant  improvements  on 4,689  square  feet at
     Lakeshore  Business  Center  Phase  III.  The  Partnership's  share of this
     commitment is approximately $3,840 and will be funded from

                                        9

<PAGE>

9.   Commitments and Contingencies - Continued
     -----------------------------------------

     the debt financing discussed above. The construction for these projects has
     commenced and is expected to be completed during the third quarter of 2000.

     The L/U II Joint  Venture  anticipates  replacing  the  roofs at  Lakeshore
     Business  Center  Phase  I  for  a  cost  of  approximately  $200,000.  The
     Partnership's share of this project will be $16,800 and will be funded from
     cash flows from operations.

10.  Segment Reporting
     -----------------

     The Partnership's  reportable operating segments include only one segment -
     Commercial Real Estate Operations.

11.  Recent Accounting Pronouncement
     -------------------------------

     The  Emerging  Issues  Task  Force  ("EITF")  of the  Financial  Accounting
     Standards  Board  ("FASB")  has  reached a  consensus  on Issue  No.  00-1,
     "Applicability  of the Pro Rata Method of  Consolidation  to Investments in
     Certain  Partnerships  and Other  Unincorporated  Joint Ventures." The EITF
     reached  a  consensus  that  a  proportionate   gross  financial  statement
     presentation   (referred  to  as  "proportionate   consolidation"  in  the
     Partnership's  1999  Form  10-K  Notes  to  Financial  Statements)  is  not
     appropriate for an investment in an  unincorporated  legal entity accounted
     for by the equity  method of  accounting,  unless the investee is in either
     the  construction  industry  or an  extractive  industry  where  there is a
     longstanding practice of its use.

     The  consensus is  applicable to financial  statements  for annual  periods
     ending  after  June  15,  2000.  Upon  application  of the  consensus,  all
     comparative  financial  statements  shall be restated  to conform  with the
     consensus.  The  application  of  this  consensus  will  not  result  in  a
     restatement  of  previously   reported   partners'  equity  or  results  of
     operations,  but will result in a recharacterization or reclassification of
     certain financial  statements'  captions and amounts. The Partnership plans
     to restate its financial  statements using the equity method to account for
     its joint venture investments for the year ending December 31, 2000.

12.  Subsequent Event
     ----------------

     On July 1, 2000,  NTS-Properties V contributed $500,000 to the L/U II Joint
     Venture.  The  other  partners  in the  L/U  II  Joint  Venture,  including
     NTS-Properties Plus Ltd., did not make capital  contributions at that time.
     Accordingly  the ownership  percentages of the other partners in the L/U II
     Joint Venture  decreased.  Effective July 1, 2000, NTS Plus'  percentage of
     ownership in the L/U II Joint Venture is 7.69%,  as compared to 8.40% prior
     to July 1, 2000.






                                       10

<PAGE>

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

Management's  Discussion  and  Analysis of  Financial  Condition  and Results of
Operations  ("MD&A") is  structured  in four major  sections.  The first section
provides  information  related to  occupancy  levels and rental and other income
generated  by the  Partnership's  properties.  The  second  analyzes  results of
operations on a consolidated basis. The final sections address consolidated cash
flows and  financial  condition.  A  discussion  of  certain  market  risks also
follows.  MD&A should be read in  conjunction  with the Financial  Statements in
Item 1 and the Cautionary Statements below.

Cautionary Statements
---------------------

Some  of  the  statements  included  in  this  Item 2 may  be  considered  to be
"forward-looking  statements" since such statements relate to matters which have
not yet occurred.  For example,  phrases such as "the Partnership  anticipates,"
"believes"  or  "expects"   indicate  that  it  is  possible  that  the  event
anticipated,  believed or expected  may not occur.  Should such event not occur,
then the result which the Partnership  expected also may not occur or occur in a
different  manner,  which may be more or less favorable to the Partnership.  The
Partnership does not undertake any obligations to publicly release the result of
any revision to these forward-looking statements that may be made to reflect any
future events or circumstances.

Any  forward-looking  statements  included in MD&A, or elsewhere in this report,
which reflect management's best judgement, based on factors known, involve risks
and uncertainties. Actual results could differ materially from those anticipated
in any  forward-looking  statements as a result of a number of factors including
but not  limited  to those  discussed  below.  Any  forward-looking  information
provided by the  Partnership  pursuant to the safe harbor  established by recent
securities legislation should be evaluated in the context of these factors.

The  Partnership's  liquidity,  capital  resources and results of operations are
subject to a number of risks and uncertainties including, but not limited to the
following:  the ability of the  Partnership to continue as a going concern;  the
ability of the  Partnership  to achieve  planned  revenues;  the  ability of the
Partnership  to make payments due under its debt  agreement;  the ability of the
Partnership to negotiate and maintain  terms with vendors and service  providers
for operating expenses;  competitive pressures from other real estate companies,
including large  commercial real estate  companies,  which may affect the nature
and viability of the Partnership's business strategy; trends in the economy as a
whole which may affect  consumer  confidence  and demand for the types of rental
property held by the Partnership;  the ability of the Partnership to predict the
demand for specific rental properties; the ability of the Partnership to attract
and retain  tenants;  availability  and costs of management and labor  employed;
real estate  occupancy and development  costs,  including the substantial  fixed
investment costs associated with renovations necessary to obtain new tenants and
retain existing  tenants;  and the risk of major commercial tenant defaulting on
its lease due to risks generally  associated with real estate, many of which are
beyond  the  control of the  Partnership,  including  general or local  economic
conditions,  competition, interest rates, real estate tax rates, other operating
expenses and acts of God.



                                       11

<PAGE>

Cautionary Statements - Continued
---------------------------------

The Partnership  currently holds minority  interests in four properties and thus
cannot effect  decisions made by NTS affiliate  partnerships  holding a majority
position in these properties.  The Partnership does not possess the resources to
contribute to improvements  of any significant  amount and has seen its minority
interests  further  decline  as a  result  of  the  contributions  made  by  the
financially stronger majority interest affiliate partnerships.

Prior to December 31, 1999, NTS Development Company, an affiliate of the General
Partner  ("NTS"),  agreed to defer amounts owed to it by the  Partnership.  NTS,
prior to January 1, 2000, also agreed to provide the financial support necessary
for the Partnership to pay its  non-affiliated  operating  expenses as they came
due through  January 1, 2000. NTS did not extend the commitment  past January 1,
2000.

NTS,  after  January 1,  2000,  will not defer  amounts  owed to it or renew its
commitment  to provide  financial  support  for  non-affiliated  expenses of the
Partnership. As of June 30, 2000, the Partnership owes approximately $177,000 to
NTS.

Accordingly,  without an infusion of cash or a sale of Partnership  assets,  the
Partnership  may not be able to meet  its  obligations  as they  come due in the
normal  course  of  business.   As  a  result,   the  auditors'  report  in  the
Partnership's  1999 Form 10-K was  qualified  with  respect  to the  Partnership
continuing as a going concern (See Notes to Financial Statements - Note 1).

Results of Operations
---------------------

The  occupancy  levels  at the  Partnership's  properties  as of June 30 were as
follows:


                                                    Six Months Ended June 30,
                                                    -------------------------
                                                   2000 (1)            1999
                                                   --------            ----

Property Owned in Joint Venture
-------------------------------
with NTS-Properties IV and NTS-
-------------------------------
Properties VII, Ltd.
--------------------
(Ownership % at June 30, 2000)
------------------------------

Blankenbaker Business Center 1A (39.05%)             100%               100%

Property Owned through Lakeshore/University II
----------------------------------------------
Joint Venture (L/U II Joint Venture)
------------------------------------

Lakeshore Business Center Phase I (2)                 75%                71%
Lakeshore Business Center Phase II (2) (3)            82%                86%
Lakeshore Business Center Phase III (4)                0%                N/A

(1)  Current occupancy levels are considered  adequate to continue the operation
     of Blankenbaker  Business Center 1A and Lakeshore  Business Center Phases I
     and  II.   Lakeshore   Business   Center  Phase  III  is  currently   under
     construction.
(2)  Ownership  percentage  was 8.40% as of June 30,  2000 and 12.57% as of June
     30, 1999 (See Notes to Financial Statements - Note 8).
(3)  In the opinion of the General Partner of the  Partnership,  the decrease in
     occupancy  is  only a  temporary  fluctuation  and  does  not  represent  a
     permanent downward occupancy trend.
(4)  Ownership  percentage was 8.4% as of June 30, 2000.  Property was not under
     construction  until December 1999. As of June 30, 2000, one lease for 4,689
     square feet has been  signed and the tenant is  expected to take  occupancy
     during the third quarter of 2000.

                                       12

<PAGE>

Results of Operations - Continued
---------------------------------

The average  occupancy levels at the  Partnership's  properties during the three
months and six months ended June 30 were as follows:

                                                   Three Months     Six Months
                                                      Ended           Ended
                                                     June 30,        June 30,
                                                     --------        --------
                                                  2000     1999    2000    1999
                                                  ----     ----    ----    ----

Property Owned in Joint Venture
-------------------------------
with NTS-Properties IV and
--------------------------
NTS-Properties VII, Ltd.
------------------------
(Ownership % at June 30, 2000)
------------------------------

Blankenbaker Business Center 1A (39.05%)           100%    100%    100%    100%

Property Owned through Lakeshore/University II
----------------------------------------------
Joint Venture (L/U II Joint Venture)
------------------------------------

Lakeshore Business Center Phase I (1)               76%     72%     76%     76%
Lakeshore Business Center Phase II (1) (2)          78%     86%     81%     85%
Lakeshore Business Center Phase III (3)              0%     N/A      0%     N/A

(1)  Ownership  percentage  was 8.40% for the three  months and six months ended
     June 30, 2000 and 12.57% for the three months and six months ended June 30,
     1999 (See Notes to Financial Statements - Note 8).
(2)  In the opinion of the General Partner of the  Partnership,  the decrease in
     average occupancy is only a temporary  fluctuation and does not represent a
     permanent downward occupancy trend.
(3)  Ownership  percentage was 8.4% as of June 30, 2000.  Property was not under
     construction until December 1999.

The rental and other income  generated by the  Partnership's  properties for the
three months and six months ended June 30 were as follows:


                                                Three Months     Six Months
                                                   Ended           Ended
                                                  June 30,        June 30,
                                                  --------        --------
                                               2000      1999     2000    1999
                                               ----      ----     ----    ----

Property Owned in Joint Venture
-------------------------------
with NTS-Properties IV and
--------------------------
NTS-Properties VII, Ltd.
------------------------
(Ownership % at June 30, 2000)
------------------------------

Blankenbaker Business Center 1A (39.05%)     $ 97,162 $ 92,916 $175,331 $185,823

Property Owned through Lakeshore/University
-------------------------------------------
II Joint Venture (L/U II Joint Venture)
---------------------------------------

Lakeshore Business Center Phase I (1)        $ 29,202 $ 40,494 $ 58,035 $ 84,266
Lakeshore Business Center Phase II (1)       $ 29,935 $ 49,055 $ 58,278 $ 90,991
Lakeshore Business Center Phase III (2)      $      0    N/A   $      0    N/A

(1)  Represents  ownership  percentage  of 8.40%  for the three  months  and six
     months  ended June 30, 2000 and 12.57% for the three  months and six months
     ended June 30, 1999 (See Notes to Financial Statements - Note 8).
(2)  Building is currently  under  construction.  As of June 30, 2000, one lease
     for 4,689  square feet has been signed and the tenant is  scheduled to take
     occupancy during the third quarter of 2000.

Revenues shown in the table above, for properties owned through a joint venture,
represent only the Partnership's percentage interest in those revenues.

                                       13

<PAGE>

Results of Operations - Continued
---------------------------------

The following is an analysis of material  changes in results of  operations  for
the periods  ending  June 30, 2000 and 1999.  Items that did not have a material
impact on operations  for the periods  listed above have been excluded from this
discussion.

Rental and other income  decreased  approximately  $26,600 or 15% and $70,300 or
19% for the three months and six months ended June 30, 2000,  as compared to the
same periods in 1999.  The decrease is primarily  due to a decrease in ownership
of the L/U II Joint  Venture,  as a result  of a  capital  contribution  made by
NTS-Properties  V to the Joint Venture on July 1, 1999.  (See Notes to Financial
Statements - Note 8).

In cases of tenants who cease making rental  payments or abandon the premises in
breach of the lease terms, the Partnership pursues collection through the use of
collection agencies or other remedies available by law when practical.  In cases
where tenants have vacated as a result of bankruptcy,  the Partnership has taken
legal  action when it was thought  there could be a possible  collection.  There
have been no funds  recovered  as a result  of these  actions  during  the three
months  and six months  ended June 30,  2000 or 1999.  As of June 30,  2000,  no
action is being taken  against any tenants to collect funds through the remedies
discussed above.

Operating expenses decreased  approximately $4,800 or 19% and $10,700 or 21% for
the three  months and six months  ended June 30,  2000,  as compared to the same
periods in 1999, due to the decrease in ownership of the L/U II Joint Venture as
discussed above.

Operating  expenses  -  affiliated  decreased  approximately  $3,500  or 27% and
$13,000  or 41% for the three  months and six months  ended  June 30,  2000,  as
compared to the same periods in 1999, due to decreased  overhead costs allocated
to the Partnership as a result of personnel  status changes and to the decreased
ownership  of the L/U II Joint  Venture.  Operating  expenses -  affiliated  are
expenses for services  performed by  employees of NTS  Development  Company,  an
affiliate of the General Partner.

The 2000 loss on  disposal  of assets is the result of  retirements  of original
building costs at Lakeshore  Business  Center Phases I and II resulting from the
renovation  of the common areas of these  properties.  The loss  represents  the
costs of the  assets  which  were  not  fully  depreciated  at the time of their
retirement.

Interest expense decreased  approximately  $14,000 or 25% and $25,300 or 22% for
the three  months and six months  ended June 30,  2000,  as compared to the same
periods in 1999,  as a result of the  decrease in  ownership of the L/U II Joint
Venture and from regular principal  payments made on the Joint Venture debt. The
decrease  is  partially  offset  by an  increase  in  interest  incurred  on the
Partnership's  note payable,  which bears interest at 8.75%.  The balance on the
note payable was approximately  $165,000,  as of June 30, 1999, and increased to
$232,000 as of June 30, 2000.





                                       14

<PAGE>

Results of Operations - Continued
---------------------------------

Real estate taxes  decreased  approximately  $4,500 or 27% and $7,900 or 24% for
the three  months and six months  ended June 30,  2000,  as compared to the same
periods in 1999,  as a result of the  decrease in  ownership of the L/U II Joint
Venture  and the sale of 2.4 acres of land owned by the L/U II Joint  Venture in
July 1999.

Professional and administrative  expenses - affiliated  decreased  approximately
$3,700 or 40% and $9,970 or 49% for the three  months and six months  ended June
30,  2000,  as compared to the same  periods in 1999,  as a result of  decreased
salary costs due to  personnel  changes and the decrease in ownership of the L/U
II Joint  Venture.  Professional  and  administrative  expenses - affiliated are
expenses  incurred  for the services  performed by employees of NTS  Development
Company, an affiliate of the General Partner.

Depreciation and amortization decreased  approximately $5,600 or 19% and $11,800
or 20% for the three months and six months  ended June 30, 2000,  as compared to
the same periods in 1999, as a result of the decrease in ownership of the L/U II
Joint Venture.  The aggregate cost of the  Partnership's  properties for federal
tax purposes is approximately $4,868,000.

Consolidated Cash Flows and Financial Condition
-----------------------------------------------

In the next 12 months, the Partnership expects the demand on future liquidity to
increase as a result of future  leasing  activity at Lakeshore  Business  Center
Phases I, II and III. At this time,  the future leasing and tenant finish costs,
which will be required to renew the current  leases or obtain new  tenants,  are
unknown.
Cash flows provided by (used in):


                                                  Six Months Ended June 30,
                                                  -------------------------
                                                  2000              1999
                                                  ----              ----

Operating activities                          $   101,531        $    58,814
Investing activities                             (161,941)           (16,859)
Financing activities                              (43,710)           (59,444)
                                              ------------       ------------
     Net decrease in cash and equivalents     $  (104,120)       $   (17,489)
                                              ============       ============

Net cash provided by operating activities increased approximately $42,700 or 73%
for the six months ended June 30, 2000,  as compared to the same period in 1999.
This increase was primarily  driven by changes in the level of accounts  payable
and restricted cash.

Net cash used in  investing  activities  for the six months ended June 30, 2000,
increased  approximately  $145,000,  as compared to the same period in 1999. The
increase is due to increased capital  expenditures at Lakeshore  Business Center
Phases  I and II and the  inclusion  of  Lakeshore  Business  Center  Phase  III
construction costs.




                                       15

<PAGE>

Consolidated Cash Flows and Financial Condition - Continued
-----------------------------------------------------------

Net cash used in financing activities decreased approximately $15,700 or 26% for
the six months ended June 30, 2000, as compared to the same period in 1999.  The
decrease is due partially to a decrease in cash  reserved for the  repurchase of
Limited Partnership Units. The net cash provided by financing activities in 2000
and 1999  was the  result  of  additional  funds  received  on the note  payable
obtained by the  Partnership in January 1998.  The principal  amount of the note
payable was increased in order to cover interest due as of the original maturity
date in January 1999. The Partnership also received an additional $20,000 on the
note payable in March 2000 and $47,000 in June 2000.

The Partnership has not made any cash distributions since the quarter ended June
30, 1991. Cash reserves (which are unrestricted cash and equivalents as shown on
the Partnership's balance sheet) as of June 30, 2000 were $59,678.

Due to the fact that no distributions were made during the six months ended June
30, 2000 or 1999, the table which presents that portion of the distribution that
represents a return of capital on a GAAP basis has been omitted.

Currently,  the  Partnership's  plans for  renovations  and other major  capital
expenditures  include tenant  improvements  at the  Partnership's  properties as
required by lease  negotiations,  and the  construction  of  Lakeshore  Business
Center  Phase III as  described  later in this  discussion.  Changes  to current
tenant  finish  improvements  are a  typical  part  of  any  lease  negotiation.
Improvements  generally  include  a  revision  to  the  current  floor  plan  to
accommodate a tenant's needs, new carpeting and paint and/or  wallcovering.  The
extent and costs of the  improvements  are  determined  by the size of the space
being  leased and  whether  the  improvements  are for a new tenant or  incurred
because of a lease  renewal.  The tenant finish  improvements  will be funded by
cash flow from operations and cash reserves.

Pursuant to a contract  signed on December 6, 1999, the L/U II Joint Venture has
a commitment  to construct a building to be known as Lakeshore  Business  Center
Phase  III on 3.8  acres  of  land  it owns  at the  Lakeshore  Business  Center
Development.  The construction cost is currently  estimated to be $4,000,000 and
will  be  funded  by the  Joint  Venture's  working  capital  and  approximately
$2,680,000  in debt  financing.  As of June 30, 2000,  the L/U II Joint  Venture
incurred approximately  $1,761,000 in expenses for the construction of Lakeshore
Business Center Phase III.

As of June 30, 2000, the L/U II Joint Venture has a commitment for approximately
$66,000 for tenant  improvements  on 31,338  square feet at  Lakeshore  Business
Center  Phases  I  and  II.  The  Partnership's  share  of  this  commitment  is
approximately $5,550 and will be funded from cash flows from operations. The L/U
II Joint  Venture also has a  commitment  for  approximately  $45,700 for tenant
improvements  on 4,689 square feet at Lakeshore  Business  Center Phase III. The
Partnership's  share of this  commitment  is  approximately  $3,840  and will be
funded from debt financing.  The  construction  for these projects has commenced
and is expected to be completed during the third quarter of 2000.


                                       16

<PAGE>

Consolidated Cash Flows and Financial Condition - Continued
-----------------------------------------------------------

The L/U II Joint Venture  anticipates  replacing the roofs at Lakeshore Business
Center Phase I for a cost of approximately  $200,000. The Partnership's share of
this project will be $16,800 and will be funded from cash flows from operations.

The  Partnership  has no other material  commitments  for renovations or capital
improvements as of June 30, 2000.

The following  describes the efforts being taken by the  Partnership to increase
the occupancy  levels at the  Partnership's  properties.  At Lakeshore  Business
Center Phases I, II and III, the  Partnership  has an on-site  leasing agent, an
employee of NTS Development  Company (an affiliate of the General Partner),  who
makes calls to potential tenants, negotiates lease renewals with current tenants
and manages local  advertising with the assistance of NTS Development  Company's
marketing staff.

Leases at the Partnership's  properties provide for tenants to contribute toward
the payment of  increases  in common area  expenses,  insurance  and real estate
taxes.  These lease provisions should protect the Partnership's  operations from
the impact of inflation and changing prices.




























                                       17

<PAGE>

Item 3. Quantitative and Qualitative Disclosures About Market Risk
        ----------------------------------------------------------

Our primary market risk exposure with regard to financial instruments is changes
in interest rates. All of the Partnership's debt bears interest at a fixed rate.
At June 30,  2000, a  hypothetical  100 basis point  increase in interest  rates
would result in an approximate $54,600 decrease in the fair value of debt.







































                                       18

<PAGE>

PART II.          OTHER INFORMATION
                  -----------------

Item 1.           Legal Proceedings
                  -----------------

                   Not applicable.

Item 2.           Changes in Securities
                  ---------------------

                  Not applicable.

Item 3.           Defaults Upon Senior Securities
                  -------------------------------

                  Not applicable.

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

                  Not applicable.

Item 5.           Other Information
                  -----------------

                  Not applicable.

Item 6.           Exhibits and Reports on Form 8-K
                  --------------------------------

                  a)       Exhibits:

                           Exhibit 27.      Financial Data Schedule

                  b)       Reports on Form 8-K:

                           Not applicable.















                                       19

<PAGE>
                                   SIGNATURES
                                   ----------

Pursuant  to the  requirements  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.

                                             NTS-Properties Plus Ltd.
                                      ------------------------------------------
                                                   (Registrant)

                                      By:      NTS-Properties Plus Associates,
                                               General Partner
                                               By:      NTS Capital Corporation,
                                               General Partner



                                      /s/ Gregory A. Wells
                                      ------------------------------------------
                                      Gregory A. Wells
                                      Senior Vice President and
                                      Chief Financial Officer of
                                      NTS Capital Corporation

Date: August 11, 2000






















                                       20


<PAGE>