<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                March 31, 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 the 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, KY                                        40223
-------------------------------                  -------------------------------
(Address of principal executive                            (Zip Code)
offices)


                                 (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 the 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.
                                                                 YES  X  NO
                                                                    -----  -----


<PAGE>


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


                                     PART I


Item 1.   Financial Statements                                             Pages

          Balance Sheets and Statement of Partners' Deficit
               as of March 31, 2000 and December 31, 1999                      3

          Statements of Operations
               for the three months ended March 31, 2000 and 1999              4

          Statements of Cash Flows
               for the three months ended March 31, 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                                                    17


                                     PART II

Item 1.   Legal Proceedings                                                   18

Item 2.   Changes in Securities                                               18

Item 3.   Defaults Upon Senior Securities                                     18

Item 4.   Submission of Matters to a Vote of Security Holders                 18

Item 5.   Other Information                                                   18

Item 6.   Exhibits and Reports on Form 8-K                                    18

Signatures                                                                    19

                                       2

<PAGE>

PART I.   FINANCIAL INFORMATION
          ---------------------
Item 1.   Financial Statements
          --------------------
<TABLE>
                            NTS-PROPERTIES PLUS, LTD.
                            -------------------------

                BALANCE SHEETS AND STATEMENT OF PARTNERS' DEFICIT
                -------------------------------------------------
<CAPTION>
                                                As of                As of
                                            March 31, 2000    December 31, 1999*
                                            --------------    ------------------
                                             (Unaudited)
ASSETS
------
<S>                                            <C>                  <C>
Cash and equivalents                           $   126,940          $   163,798
Cash and equivalents - restricted                   32,015               18,719
Accounts receivable                                  6,182                3,763
Land, buildings and amenities, net               1,449,677            1,423,671
Deferred leasing commissions                        90,081               88,665
Other assets                                        48,480               38,235
                                                -----------          -----------

  TOTAL ASSETS                                 $ 1,753,375          $ 1,736,851
                                                ===========          ===========


LIABILITIES AND PARTNERS' DEFICIT
---------------------------------
Mortgages and note payable                     $ 2,126,306          $ 2,160,294
Accounts payable                                   180,449              134,091
Security deposits                                   14,189               13,091
Other liabilities                                   42,369               25,669
                                               -----------           -----------

  TOTAL LIABILITIES                              2,363,313            2,333,145

COMMITMENTS AND CONTINGENCIES (Note 9)

Partners' deficit                                 (609,938)            (596,294)
                                                -----------          -----------

 TOTAL LIABILITIES AND PARTNERS'
   DEFICIT                                     $ 1,753,375          $ 1,736,851
                                                ===========          ===========
</TABLE>

<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 loss - current year               (13,508)           (136)          (13,644)
Cash distributions declared to
 date                              (2,038,520)        (20,592)       (2,059,112)
Repurchase of Limited
 Partnership Units                    (40,410)           --             (40,410)
                                  ------------    ------------      ------------

Balances at March 31, 2000       $   (486,496)   $   (123,442)     $   (609,938)
                                  ============    ============      ============

</TABLE>

*    Reference is made to the audited  financial  statements in the Form 10-K as
     filed with the Commission on March 30, 2000. The auditors'  report on these
     statements  was qualified with respect to the  Partnership  continuing as a
     going concern.  See Notes to Financial  Statements "1.  Partnership's  Plan
     Relative to Continuing  Operations."

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

                                        3

<PAGE>
<TABLE>

                            NTS-PROPERTIES PLUS, LTD.
                            -------------------------

                            STATEMENTS OF OPERATIONS
                            ------------------------

<CAPTION>
                                                      Three Months Ended
                                                           March 31,
                                                           ---------

                                                          (Unaudited)

                                                     2000              1999
                                                     ----              ----

REVENUES:
---------
<S>                                               <C>               <C>
 Rental income                                    $ 134,871         $ 178,015
 Interest and other income                            2,170             3,817
                                                   ---------         ---------

                                                    137,041           181,832
                                                   ---------         ---------
EXPENSES:
---------
 Operating expenses                                  19,934            26,494
 Operating expenses - affiliated                      8,930            18,458
 Loss on disposal of assets                          11,046              --
 Interest expense                                    45,041            56,388
 Management fees                                      8,323            10,189
 Real estate taxes                                   13,350            16,795
 Professional and administrative expenses            15,737            15,265
 Professional and administrative
  expenses - affiliated                               4,807            11,061
 Depreciation and amortization                       23,517            29,181
                                                   ---------         ---------

                                                    150,685           183,831
                                                   ---------         ---------

Net loss                                          $ (13,644)        $  (1,999)
                                                   =========         =========

Net loss allocated to the Limited Partners        $ (13,508)        $  (1,979)
                                                   =========         =========


Net loss per Limited Partnership Unit             $   (0.02)        $    --
                                                   =========         =========

Weighted average number of Limited
Partnership Units                                   643,645           658,402
                                                   =========         =========
</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
                            ------------------------

<CAPTION>

                                                       Three Months Ended
                                                            March 31,
                                                            ---------
                                                           (Unaudited)


                                                    2000                  1999
                                                    ----                  ----

CASH FLOWS FROM OPERATING ACTIVITIES
------------------------------------
<S>                                              <C>                  <C>
 Net loss                                        $ (13,644)           $  (1,999)
 Adjustments to reconcile net loss to
  net cash provided by operating
  activities:
  Depreciation and amortization                     23,517               29,181
  Loss on disposal of assets                        11,046                 --
  Changes in assets and liabilities:
   Cash and equivalents - restricted               (13,296)             (15,838)
   Accounts receivable                              (2,419)              (3,837)
   Deferred leasing commissions                     (1,416)                (638)
   Other assets                                    (10,245)             (19,407)
   Accounts payable                                 46,358               17,314
   Security deposits                                 1,098                  968
   Other liabilities                                16,700               16,149
                                                  ---------            ---------

 Net cash provided by
  operating activities                              57,699               21,893
                                                  ---------            ---------

CASH FLOWS FROM INVESTING ACTIVITIES
------------------------------------
 Additions to land, buildings,
  amenities and construction in
  progress                                         (60,569)              (7,739)
                                                  ---------            ---------

 Net cash used in investing activities             (60,569)              (7,739)
                                                  ---------            ---------

CASH FLOWS FROM FINANCING ACTIVITIES
------------------------------------
 Increase in note payable                           20,000               24,527
 Principal payments on mortgages
  payable                                          (53,988)             (56,960)
 Cash and equivalents - restricted                    --                (10,000)
                                                  ---------            ---------

 Net cash used in financing activities             (33,988)             (42,433)
                                                  ---------            ---------

 Net decrease in cash and equivalents              (36,858)             (28,279)
                                                  ---------            ---------

CASH AND EQUIVALENTS, beginning of
 period                                            163,798               53,634
                                                  ---------            ---------


CASH AND EQUIVALENTS, end of period              $ 126,940            $  25,355
                                                  =========            =========

Interest paid on a cash basis                    $  41,606            $  55,399
                                                  =========            =========
</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
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 ended March 31, 2000 and 1999.

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

     The Partnership  currently holds minority interests in three 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 interest further decline as a result of the contributions
     made by the financially stronger majority interest affiliated 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 Development  Company 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 March 31,  2000,  the
     Partnership owes approximately $70,820 to NTS Development Company.

     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
     and  expects to decide on a course of action  during the second  quarter of
     2000.

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

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

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

     NTS-Properties  Plus,  Ltd. has joint  venture  investments  in  commercial
     rental  properties in Kentucky  (Louisville) and Florida (Ft.  Lauderdale).
     One tenant occupies 100% of the net rentable area in Blankenbaker  Business
     Center 1A.  Substantially  all of the tenants are local  businesses  or are
     businesses which have operations in the location in which they lease space.


                                        6


<PAGE>

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

     Cash and equivalents - restricted  represents  funds escrowed with mortgage
     companies for property taxes in accordance  with the loan  agreements  with
     such mortgage  companies and funds which the  Partnership  has reserved for
     the repurchase 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 10-30  years for land  improvements,
     5-30 years for buildings and improvements, 5-30 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
     periods  ended  March 31,  2000 and 1999 did not  result in any  impairment
     loss.

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

     Mortgages and note payable consist of the following:


                                                 March 31,          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
     building.                               $   1,164,953         $   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
     building.                                     402,368               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.                                    373,985               381,657


                            (Continued on next page)

                                        7


<PAGE>

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


                                             March 31,              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.                                   185,000                  165,000
                                          -------------            -------------

                                          $   2,126,306            $   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 $2,154,000.

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

     Property  management  fees of $8,323 and $10,189 for the three months ended
     March  31,  2000  and  1999,  respectively,  were  paid to NTS  Development
     Company, an affiliate of the General Partner, pursuant to an agreement with
     the  Partnership.  The  fee is  equal  to 6% of  gross  revenues  from  the
     Partnership's  properties.  Also permitted by an agreement, NTS Development
     Company  will receive a repair and  maintenance  fee equal to 5.9% of costs
     which relate to capital  improvements.  The Partnership has incurred $3,042
     and $315 as repair and maintenance fees during the three months ended March
     31, 2000 and 1999, respectively, and has capitalized these costs as part of
     land, buildings and amenities.

     As  permitted  by an  agreement,  the  Partnership  was  also  charged  the
     following  amounts from NTS Development  Company for the three months ended
     March 31,  2000 and 1999.  These  charges  include  items  which  have been
     expensed  as  operating   expenses  -  affiliated   or   professional   and
     administrative  expenses - affiliated and items that have been  capitalized
     as deferred  leasing  commissions,  other assets or as land,  buildings and
     amenities.


                                               Three Months Ending
                                                    March 31,
                                                    ---------

                                          2000                   1999
                                          ----                   ----


        Administrative                 $  6,909                $ 12,938
        Leasing                           4,428                   9,291
        Property Management               5,405                  11,111
        Other                                93                   1,219
                                       --------                --------
                                       $ 16,835                $ 34,559
                                       ========                ========

                                       8

<PAGE>

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

     Accounts  payable  includes  approximately  $70,820  and $61,600 due to NTS
     Development Company on March 31, 2000 and December 31, 1999, respectively.

     On February 7, 2000, ORIG, LLC., (the "Affiliate")  purchased  Interests in
     the Partnership pursuant to an Agreement,  Bill of Sale and Assignment,  by
     and  among  the  Affiliate  and  four  investors  in the  Partnership  (the
     "Purchase  Agreement").  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.   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, 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.

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 on  properties  that 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 Lakeshore/University
     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.  See  Notes  to  Financial
     Statements "11. Subsequent Event."

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

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


                                        9

<PAGE>


11.  Subsequent Event
     ----------------

     On April 24, 2000, the Partnership,  with the Lakeshore/University II Joint
     Venture,  serving as  guarantor  obtained a  commitment  from a bank for an
     amount not  exceeding  $2,680,000  to fund the  construction  of  Lakeshore
     Business   Center   Phase   III.   The   funds   will   be   used   by  the
     Lakeshore/University  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.


                                       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 revisions 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 judgment 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  agreements;  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 and  residential  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 or retain  existing  tenants;  and the risk of a
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 three 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
interest  further  decline  as  a  result  of  the  contributions  made  by  the
financially stronger majority interest affiliated partnership.

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 Development Company 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 March 31, 2000, the Partnership  owes  approximately
$70,820 to NTS Development Company.

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 Form 10-K was qualified with respect to the Partnership continuing
as a going concern.  The Partnership is evaluating  alternatives  and expects to
decide on a course of action during the second quarter of 2000.

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

The  occupancy  levels at the  Partnership's  properties  as of March 31 were as
follows:


                                                            2000 (1)        1999
Property owned in Joint Venture with NTS-Properties IV and
----------------------------------------------------------
NTS-Properties VII, Ltd. (Ownership % at March 31, 2000)
--------------------------------------------------------

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

Properties owned through Lakeshore/University II Joint
------------------------------------------------------
Venture (L/U II Joint Venture)
------------------------------

Lakeshore Business Center Phase I (2)                         76%            72%
Lakeshore Business Center Phase II (2)(3)                     79%            85%


1) Current occupancy levels are considered adequate to continue the operation of
   Blankenbaker  Business Center 1A and Lakeshore  Business Center Phases I and
   II.
2) Ownership  percentage  was 8.40% as of March 31,  2000 and 12.57% as of March
   31, 1999.  See  Notes to  Financial  Statements  "8.  Transactions  Affecting
   the Investment in Lakeshore/University II Joint Venture."
3) In the opinion of the General  Partner of the  Partnership,  the  decrease in
   period  ending  occupancy  is  only  a  temporary  fluctuation  and  does not
   represent a permanent downward occupancy trend.


                                       12

<PAGE>


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

Average occupancy levels at the Partnership's properties during the three months
ended March 31 were as follows:


                                                              Three Months Ended
                                                                   March 31,
                                                                   ---------
                                                              2000          1999
                                                              ----          ----

Property owned in Joint Venture with NTS-Properties IV and
----------------------------------------------------------
NTS-Properties VII, Ltd. (Ownership % at March 31, 2000)
--------------------------------------------------------

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

Properties owned through Lakeshore/University II Joint
------------------------------------------------------
Venture (L/U II Joint Venture)
------------------------------

Lakeshore Business Center Phase I (1)(2)                       76%           79%
Lakeshore Business Center Phase II (1)(2)                      78%           85%


1)   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.
2)   Ownership  percentage  was  8.40% as  of March 31,  2000  and 12.57%  as of
     March  31,  1999.  See  Notes  to  Financial  Statements  "8.  Transactions
     Affecting the Investment in Lakeshore/University II Joint Venture."

The rental and other income  generated by the  Partnership's  properties for the
three months ended March 31 were as follows:


                                                              Three Months Ended
                                                                   March 31,
                                                                   ---------
                                                              2000         1999
                                                              ----         ----

Property owned in Joint Venture with NTS-Properties IV and
----------------------------------------------------------
NTS-Properties VII, Ltd. (Ownership % at March 31, 2000)
--------------------------------------------------------

Blankenbaker Business Center 1A (39.05%)                    $78,169      $92,907

Properties  owned  through  Lakeshore/University II Joint
---------------------------------------------------------
Venture (L/U II Joint Venture)
------------------------------

Lakeshore Business Center Phase I (1)                       $28,833      $43,772
Lakeshore Business Center Phase II (1)                      $28,343      $41,936


1) Represents ownership percentage of 8.40% for the three months ended March 31,
   2000 and 12.57% for the three months March 31,  1999.  See Notes to Financial
   Statements "8. Transactions Affecting the Investment in  Lakeshore/University
   II Joint Venture."

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 March 31, 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  $45,000 or 25% for the three
months ended March 31, 2000,  as compared to the same period in 1999.  Partially
contributing  to the decrease is  decreased  common area  maintenance  income at
Blankenbaker  Business  Center 1A and Lakeshore  Business  Center Phase II and a
decrease in average occupancy at Lakeshore  Business Center Phases I and II. The
decrease is also due to a decrease in ownership of the  Lakeshore/University  II
Joint Venture, as a result of a capital contribution made by NTS-Properties V to
the Joint Venture on July 1, 1999.

Period ending occupancy percentages represent occupancy only on a specific date;
therefore, the above analysis considers average occupancy percentages, which are
representative of the entire period's results.

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  ended  March 31,  2000 or 1999.  As of March 31, 2000 no action is being
taken against any tenants to collect funds through the remedies discussed above.

Operating  expenses decreased  approximately  $6,600 or 25% for the three months
ended  March 31,  2000,  as  compared  to the same  period  in 1999,  due to the
decrease in ownership of the  Lakeshore/University II Joint Venture as discussed
above.

Operating expenses - affiliated  decreased  approximately  $9,500 or 52% for the
three months ended March 31, 2000,  as compared to the same period 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
Lakeshore/University  II Joint  Venture.  Operating  expenses -  affiliated  are
expenses for services  performed by  employees of NTS  Development  Company,  an
affiliate of the General Partner of the Partnership.

Interest  expense  decreased  approximately  $11,300 or 20% for the three months
ended March 31, 2000 as compared to the same period in 1999,  as a result of the
decrease in  ownership  of the  Lakeshore/University  II Joint  Venture and from
regular principal  payments on the Joint Venture debt. The decrease is partially
offset by interest incurred on the note that the Partnership obtained in January
1998,  which  bears  interest  at 8.75%.  The  balance on the note  payable  was
$185,000 and $165,000, as of March 31, 2000 and December 31, 1999, respectively.

Real estate  taxes  decreased  approximately  $3,400 or 21% for the three months
ended March 31, 2000, as compared to the same period in 1999, as a result of the
decrease in ownership of the  Lakeshore/University II Joint Venture and the sale
of 2.4 acres of land owned by the  Lakeshore/University II Joint Venture in July
1999.

                                       14

<PAGE>


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

Professional and administrative  expenses - affiliated  decreased  approximately
$6,300 or 57% for the three  months ended March 31, 2000 as compared to the same
period in 1999, as a result of decreased salary costs due to personnel  changes.
Professional and administrative  expenses - affiliated are expenses incurred for
services performed by employees of NTS Development  Company, an affiliate of the
General Partner.

Depreciation  and  amortization  decreased  approximately  $5,700 or 19% for the
three months ended March 31, 2000,  as compared to the same period in 1999, as a
result  of the  decrease  in  ownership  of the  Lakeshore/University  II  Joint
Venture.

Depreciation  is computed  using the  straight-line  method  over the  estimated
useful  lives of the assets  which are 10-30 years for land  improvements,  5-30
years  for  buildings  and  improvements,  5-30  years  for  amenities  and  the
applicable  lease  term  for  tenant  improvements.  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):


                                              2000                1999
                                              ----                ----


     Operating activities                  $  57,699           $  21,893
     Investing activities                    (60,569)             (7,739)
     Financing activities                    (33,988)            (42,433)
                                            ---------           ---------

     Net decrease in cash and
      equivalents                          $ (36,858)          $ (28,279)
                                            =========           =========

Net cash provided by operating  activities increased  approximately  $35,800 for
the three months  ended March 31, 2000,  as compared to the same period in 1999.
This increase was primarily driven by changes in the level of accounts  payable,
offset partially by increased net loss.

Net cash used in investing  activities for the three months ended March 31, 2000
increased  approximately  $52,800 as compared  to the same  period in 1999.  The
increase is due to increased capital  expenditures at Lakeshore  Business Center
Phase  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  $8,400 for the
three  months  ended March 31, 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 obtained by the
Partnership in January 1998.  The principal  amount of the note was increased in
order to cover  interest owed as of the original  maturity date in January 1999.
The Partnership also received an additional $20,000 on the note in March 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 March 31, 2000 were $126,940.

Due to the fact that no  distributions  were made during the three  months ended
March  31,  2000  or  1999,  the  table,  which  presents  that  portion  of the
distribution,  that  represents  a return of  capital  on a  Generally  Accepted
Accounting Principle 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 wall covering.  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  Lakeshore/University  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.

The  Partnership  has no other material  commitments  for renovations or capital
improvements as of March 31, 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.


                                       16

<PAGE>


Year 2000
---------

During 1999, all divisions of NTS Corporation,  including  NTS-Properties  Plus,
the General Partner of the Partnership, reviewed the effort necessary to prepare
NTS'  information  systems (IT) and  non-information  technology  with  embedded
technology  (ET) for the Year 2000. The  information  technology  solutions were
addressed  separately  for the Year 2000 since the  Partnership  saw the need to
move to more advanced  management and  accounting  systems made available by new
technology  and  software  development  during  the decade of the  1990's.  NTS'
property  management staff surveyed vendors to evaluate  embedded  technology in
our  alarm  systems,  HVAC  controls,   telephone  systems  and  other  computer
associated facilities.  Some equipment was replaced,  while others had circuitry
upgrades.

In 1999, the PILOT software system,  purchased in the early 1990's, was replaced
by a Windows based network system both for NTS' headquarters functions and other
locations.  The real estate accounting system developed,  sold, and supported by
the Yardi Company of Santa Barbara,  California replaced PILOT. The Yardi system
was fully  implemented and operational as of December 31, 1999.  There have been
no Year 2000 related problems with the system.

The costs of these advances in NTS' systems  technology are not all attributable
to the Year 2000 issue  since NTS had already  identified  the need to move to a
network based system regardless of the Year 2000. The Partnership's share of the
costs  involved  were  approximately  $5,000  during 1999 and 1998.  These costs
include primarily purchase, lease and maintenance of hardware and software.

At the date of this filing the  Partnership  did not experience any  significant
operating issues relative to the Year 2000 issue. Despite diligent  preparation,
unanticipated  third-party  failures,  inability of our tenants to pay rent when
due, more general public  infrastructure  failures or failure of our remediation
efforts  as  planned  could have a  material  adverse  impact on our  results of
operations, financial conditions and/or cash flows in 2000 and beyond.

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

Our primary  market risk  exposure  with  regards to  financial  instruments  is
changes in interest  rates.  All of the  Partnership's  debt bears interest at a
fixed rate.  At March 31,  2000,  a  hypothetical  100 basis  point  increase in
interest rates would result in an approximate $98,000 decrease in the fair value
of debt.


                                       17

<PAGE>


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

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

           None.

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

           None.

Item 6.    Exhibits and Reports on Form 8-K

           a) Exhibits

              Exhibit 27. Financial Data Schedule.

           b) Reports on Form 8-K

              None.

Items 1,2 and 4 are not applicable and have been omitted.


                                       18

<PAGE>


                                   SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  Act of 1934,  NTS-
Properties  Plus 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: May 12, 2000

                                       19