<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                          0-13400
                      ----------------------------------------------------------

                NTS-PROPERTIES V, A Maryland Limited Partnership
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

             Maryland                                   61-1051452
------------------------------------        ------------------------------------
(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' Equity 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                                      6-14

Item 2. Management's Discussion and Analysis of Financial
             Condition and Results of Operations                           15-21

Item 3. Quantitative and Qualitative Disclosures About Market Risk         22

                                     PART II
                                     -------

Item 1. Legal Proceedings                                                  23

Item 2. Changes in Securities                                              23

Item 3. Defaults Upon Senior Securities                                    23

Item 4. Submission of Matters to a Vote of Security Holders                23

Item 5. Other Information                                                  23

Item 6. Exhibits and Reports on Form 8-K                                   23

Signatures                                                                 24



                                        2

<PAGE>

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

<TABLE>
                                NTS-PROPERTIES V,
                                -----------------
                         A Maryland Limited Partnership
                         ------------------------------
                                 BALANCE SHEETS
                                 --------------

<CAPTION>

                                                  As of               As of
                                                 June 30,          December 31,
                                                   2000               1999*
                                                   ----               -----
                                               (Unaudited)
ASSETS
------
<S>                                            <C>                 <C>
Cash and equivalents                           $ 1,741,044         $ 2,807,198
Cash and equivalents - restricted                  239,265             117,220
Accounts receivable                                 53,670             103,245
Land, buildings and amenities, net              17,946,822          17,008,482
Other assets                                       493,934             439,664
                                               -----------         -----------
      TOTAL ASSETS                             $20,474,735         $20,475,809
                                               ===========         ===========

LIABILITIES AND PARTNERS' EQUITY
--------------------------------
Mortgages payable                              $11,319,390         $11,726,240
Accounts payable                                   592,287             280,791
Security deposits                                  160,507             159,642
Other liabilities                                  342,839             159,337
                                               -----------         -----------
      TOTAL LIABILITIES                         12,415,023          12,326,010

COMMITMENTS AND CONTINGENCIES (Note 9)

PARTNERS' EQUITY                                 8,059,712           8,149,799
                                               -----------         -----------
TOTAL LIABILITIES AND PARTNERS' EQUITY         $20,474,735         $20,475,809
                                               ===========         ===========
</TABLE>

<TABLE>

                          STATEMENT OF PARTNERS' EQUITY
                          -----------------------------

<CAPTION>

                                                  Limited            General
                                                  Partners           Partner           Total
                                                  --------           -------           ----
PARTNERS' EQUITY/(DEFICIT)
--------------------------
<S>                                             <C>              <C>              <C>
Capital contributions, net of offering costs    $ 30,582,037      $        100     $ 30,582,137
Net income (loss) - prior years                   (4,676,912)           66,556       (4,610,356)
Net loss - current year                              (89,186)             (901)         (90,087)
Cash distributions declared to date              (16,641,480)         (168,177)     (16,809,657)
Repurchase of Limited Partnership Units           (1,012,325)               --       (1,012,325)
                                                -------------     -------------    -------------
BALANCES AT JUNE 30, 2000                       $  8,162,134      $   (102,422)    $  8,059,712
                                                =============     =============    =============

</TABLE>
*    Reference is made to the audited  financial  statements in the Form 10-K as
     filed with the Securities and Exchange Commission on March 31, 2000.

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


                                        3

<PAGE>

<TABLE>
                                NTS PROPERTIES V,
                                -----------------
                          A Maryland Limited Partnership
                          ------------------------------
                            STATEMENTS OF OPERATIONS
                            ------------------------
                                   (UNAUDITED)
                                   -----------

<CAPTION>

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

REVENUES
--------
<S>                                          <C>           <C>           <C>            <C>
Rental income                                $ 1,028,385   $  959,708    $2,010,085     $1,880,494
Interest and other income                         75,373       38,530       112,099         83,025
                                             -----------   -----------   -----------    -----------
     TOTAL REVENUES                            1,103,758      998,238     2,122,184      1,963,519
                                             -----------   -----------   -----------    -----------
EXPENSES
--------
Operating expenses                              269,088       223,430       492,966        422,637
Operating expenses - affiliated                 123,357       104,667       250,287        238,423
Loss on disposal of assets                           --        15,067       146,335         24,899
Interest expense                                205,523       218,371       427,166        438,902
Management fees                                  58,712        55,207       114,319        107,574
Real estate taxes                                90,311        84,701       190,512        167,237
Professional and administrative expenses         37,130        55,339        72,046        105,753
Professional and administrative expenses
  - affiliated                                   35,347        39,604        67,925         85,754
Depreciation and amortization                   226,902       199,396       450,715        399,475
                                             -----------   -----------   -----------    -----------
     TOTAL EXPENSES                           1,046,370       995,782     2,212,271      1,990,654
                                             -----------   -----------   -----------    -----------
Net income (loss)                            $   57,388    $    2,456    $  (90,087)    $  (27,135)
                                             ===========   ===========   ===========    ===========

Net income (loss) allocated to the Limited
  Partners                                   $   56,814    $    2,431    $  (89,186)    $  (26,863)
                                             ===========   ===========   ===========    ===========
Net income (loss) per Limited Partnership
  Unit                                       $     1.86    $      .07    $    (2.91)    $    (0.80)
                                             ===========   ===========   ===========    ===========
Weighted average number of Limited
   Partnership Units                             30,621        33,394        30,621         33,533
                                             ===========   ===========   ===========    ===========
</TABLE>

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












                                        4

<PAGE>

<TABLE>
                                NTS-PROPERTIES V,
                                -----------------
                         A Maryland Limited Partnership
                         ------------------------------
                            STATEMENTS OF CASH FLOWS
                            ------------------------
                                   (UNAUDITED)
                                   -----------

<CAPTION>

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

CASH FLOWS FROM OPERATING ACTIVITIES
------------------------------------
<S>                                                <C>              <C>
Net loss                                           $   (90,087)     $   (27,135)
Adjustments to reconcile net loss to net cash
  provided by operating activities:
    Loss on disposal of assets                         146,335           24,899
    Depreciation and amortization                      450,715          399,475
    Changes in assets and liabilities:
      Cash and equivalents - restricted               (179,545)          (5,128)
      Accounts receivable                               49,575          (53,321)
      Other assets                                     (71,511)         (90,777)
      Accounts payable                                 311,496           41,751
      Security deposits                                    865           33,762
      Other liabilities                                183,502          171,633
                                                   ------------     ------------
     Net cash provided by operating activities         801,345          495,159
                                                   ------------     ------------
CASH FLOWS FROM INVESTING ACTIVITIES
------------------------------------
Additions to land, buildings, and amenities         (1,518,149)         (34,928)
                                                   ------------     ------------
     Net cash used in investing activities          (1,518,149)         (34,928)
                                                   ------------     ------------
CASH FLOWS FROM FINANCING ACTIVITIES
------------------------------------
Principal payments on mortgages payable               (406,850)        (339,876)
Cash distributions                                          --       (1,264,925)
Capital contributions                                       --          (30,770)
Repurchase of Limited Partnership Units                     --         (123,000)
Cash and equivalents - restricted                       57,500          (44,500)
                                                   ------------     ------------
     Net cash used in financing activities            (349,350)      (1,803,071)
                                                   ------------     ------------
     Net decrease in cash and equivalents           (1,066,154)      (1,342,840)

CASH AND EQUIVALENTS, beginning of period            2,807,198        4,543,666
                                                   ------------     ------------
CASH AND EQUIVALENTS, end of period                $ 1,741,044      $ 3,200,826
                                                   ------------     ------------
Interest paid on a cash basis                      $   450,985      $   440,180
                                                   ============     ============

</TABLE>

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


                                        5

<PAGE>

                                NTS-PROPERTIES V,
                                -----------------
                         A Maryland Limited Partnership
                         ------------------------------
                          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 31,  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.   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.

2.   Concentration of Credit Risk
     ----------------------------

     NTS-Properties  V owns and operates or has a joint  venture  investment  in
     commercial  rental  properties  in Kentucky  (Louisville)  and Florida (Ft.
     Lauderdale).  The  Partnership  also has a joint  venture  investment  in a
     residential rental property in Louisville, Kentucky.

3.   Reclassification of 1999 Financial Statements
     ---------------------------------------------

     Certain  reclassifications have been made to the June 30, 1999 and December
     31,   1999   financial   statements   to  conform  to  the  June  30,  2000
     classifications.  These  reclassifications  have no  effect  on  previously
     reported operations.

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

     Cash and equivalents - restricted represents funds received for residential
     security  deposits,  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




                                        6

<PAGE>

5.   Basis of Property and Depreciation - Continued
     ----------------------------------------------
     estimated  useful  lives  of the  assets  which  are  5-30  years  for land
     improvements,  3-30 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
     periods ended June 30, 2000 and 1999 did not result in any impairment loss.

6.   Mortgages Payable
     -----------------

     Mortgages payable consist of the following:


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

     Mortgage payable to an insurance
     company, bearing interest at a
     fixed rate of 8.125%, due August 1, 2008,
     secured by land and building.                $ 3,726,062     $ 3,883,797

     Mortgage payable to an insurance
     company, bearing interest at a
     fixed rate of 8.125%, due August 1, 2008,
     secured by land and buildings.                 3,463,227       3,609,836

     Mortgage payable to an insurance
     company, bearing interest at a
     fixed rate of 7.2%, due January 5, 2013,
     secured by land, buildings and amenities.      2,585,767       2,649,944

     Mortgage payable to an insurance
     company, bearing interest at a
     fixed rate of 7.2%, due January 5, 2013,
     secured by land, buildings and amenities.      1,544,334       1,582,663
                                                  -----------     -----------
                                                  $11,319,390     $11,726,240
                                                  ===========     ===========

     Based on the borrowing  rates  currently  available to the  Partnership for
     mortgages  with  similar  terms and average  maturities,  the fair value of
     long-term debt is approximately $11,050,000.

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

     Property  management fees of $114,319 and $107,574 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 5% of the gross revenues from the residential properties and 6% of
     the gross revenues from the commercial  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.

                                        7
<PAGE>

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

     The Partnership  has incurred  $81,838 and $10,922 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                         $103,839             $117,956
     Administrative                   101,775              124,492
     Property Management              147,625              106,050
     Other                              2,564               15,351
                                     --------             --------
                                     $355,803             $363,849
                                     ========             ========

     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  1,604  Interests in the
     Partnership  for total  consideration  of $425,949,  or an average price of
     $265.55 per Interest.  The Affiliate  paid these  investors a premium above
     the  purchase  price  previously  offered for  Interests  pursuant to prior
     tender  offers  because this  purchase  allowed the Affiliate to purchase a
     substantial number of Interests without incurring the significant  expenses
     involved with a tender offer and multiple transfers.

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 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  V's
     percentage  of  ownership  in the Joint  Venture is 79.45%,  as compared to
     69.23%  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 on  properties  that it may  acquire in the
     future.



                                        8

<PAGE>

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

     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 L/U II Joint Venture  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 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 $52,400 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  $36,300  and  will be  funded  from 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 $158,900  and will be funded
     from cash flows from operations.

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

     The Partnership's  reportable  operating  segments include  residential and
     commercial real estate operations. The residential operations represent the
     Partnership's  ownership  and  operating  results  relative to an apartment
     community  known as The  Willows  of  Plainview  Phase II.  The  commercial
     operations  represent the  Partnership's  ownership  and operating  results
     relative to suburban commercial office space known as Commonwealth Business
     Center Phase II and Lakeshore Business Center Phases I, II and III.



                                        9

<PAGE>

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

     The financial information of the operating segments has been prepared using
     a management  approach,  which is  consistent  with the basis and manner in
     which the Partnership's management internally reports financial information
     for the purposes of assisting in making internal operating  decisions.  The
     Partnership's   management  evaluated   performance  based  on  stand-alone
     operating segment net income.

<TABLE>
                                                Three Months Ended June 30, 2000
                                                --------------------------------

                                              Residential  Commercial      Total
                                              -----------  ----------      -----
<CAPTION>

<S>                                           <C>          <C>          <C>
Rental income                                 $  310,034   $  718,351   $1,028,385
Interest and other income                            845        3,638        4,483
                                              ----------   ----------   ----------
     Total net revenues                       $  310,879   $  721,989   $1,032,868
                                              ----------   ----------   ----------

Operating expenses and operating expenses -
  affiliated                                  $  136,135   $  247,331   $  383,466
Interest expense                                  74,787      130,736      205,523
Management fees                                   15,802       42,910       58,712
Real estate taxes                                 15,095       75,216       90,311
Depreciation and amortization                     49,213      161,244      210,457
                                              ----------   ----------   ----------
     Total expenses                           $  291,032   $  657,437   $  948,469
                                              ----------   ----------   ----------
     Net income                               $   19,847   $   64,552   $   84,399
                                              ==========   ==========   ==========


</TABLE>

<TABLE>
                                               Three Months Ended June 30, 1999
                                               --------------------------------

                                             Residential  Commercial     Total
                                             -----------  ----------     -----
<CAPTION>

<S>                                           <C>         <C>          <C>
Rental income                                 $ 320,256   $ 639,452    $ 959,708
Interest and other income                            --     (17,525)     (17,525)
                                              ----------  ----------   ----------
     Total net revenues                       $ 320,256   $ 621,927    $ 942,183
                                              ----------  ----------   ----------
Operating expenses and operating expenses -
  affiliated                                  $ 106,182   $ 215,063    $ 321,245
Loss on disposal of assets                       15,067          --       15,067
Interest expense                                 78,887     139,484      218,371
Management fees                                  16,758      38,449       55,207
Real estate taxes                                13,028      63,161       76,189
Depreciation and amortization                    48,371     139,820      188,191
                                              ----------  ----------   ----------
     Total expenses                           $ 278,293   $ 595,977    $ 874,270
                                              ----------  ----------   ----------
     Net income                               $  41,963   $  25,950    $  67,913
                                              ==========  ==========   ==========

</TABLE>









                                       10

<PAGE>

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

<TABLE>
                                                  Six Months Ended June 30, 2000
                                                  ------------------------------

                                             Residential   Commercial      Total
                                             -----------   ----------      -----
<CAPTION>

<S>                                          <C>           <C>           <C>
Rental income                                $   591,189   $ 1,418,896   $ 2,010,085
Interest and other income                          1,707         8,454        10,161
                                             ------------  ------------  ------------
     Total net revenues                      $   592,896   $ 1,427,350   $ 2,020,246
                                             ------------  ------------  ------------
Operating expenses and operating expenses -
  affiliated                                 $   249,780   $   484,453   $   734,233
Loss on disposal of assets                        41,855       104,480       146,335
Interest expense                                 151,069       276,097       427,166
Management fees                                   29,854        84,465       114,319
Real estate taxes                                 30,140       160,372       190,512
Depreciation and amortization                     97,884       319,766       417,650
                                             ------------  ------------  ------------
     Total expenses                          $   600,582   $ 1,429,633   $ 2,030,215
                                             ------------  ------------  ------------
     Net loss                                $    (7,686)  $    (2,283)  $    (9,969)
                                             ============  ============  ============

</TABLE>


<TABLE>
                                                  Six Months Ended June 30, 1999
                                                  ------------------------------

                                             Residential   Commercial      Total
                                             -----------   ----------      -----
<CAPTION>

<S>                                          <C>           <C>           <C>
Rental income                                $    619,955  $  1,260,539  $  1,880,494
Interest and other income                              --           239           239
                                             ------------  ------------  ------------
     Total net revenues                      $    619,955  $  1,260,778  $  1,880,733
                                             ------------  ------------  ------------
Operating expenses and operating expenses -
  affiliated                                 $    194,784  $    459,425  $    654,209
Loss on disposal of assets                         24,899            --        24,899
Interest expense                                  157,459       281,443       438,902
Management fees                                    32,947        74,627       107,574
Real estate taxes                                  26,055       126,285       152,340
Depreciation and amortization                      96,051       281,015       377,066
                                             ------------  ------------  ------------
     Total expenses                          $    532,195  $  1,222,795  $  1,754,990
                                             ------------  ------------  ------------
     Net income                              $     87,760  $     37,983  $    125,743
                                             ============  ============  ============

</TABLE>







                                       11

<PAGE>

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

     A reconciliation  of the totals reported for the operating  segments to the
     applicable  line items in the  consolidated  financial  statements  for the
     three months and six months ended June 30, 2000 and 1999 is necessary given
     amounts  recorded  at  the  Partnership  level  and  not  allocated  to the
     operating properties for internal reporting purposes.

<TABLE>

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

NET REVENUES
------------
<S>                                                     <C>           <C>
Total revenues for reportable segments                  $ 1,032,868   $   942,183
Other income for Partnership                                130,278       101,135
Eliminations                                                (59,388)      (45,080)
                                                        ------------  ------------
     Total consolidated net revenues                    $ 1,103,758   $   998,238
                                                        ============  ============
OPERATING EXPENSES AND OPERATING
--------------------------------
  EXPENSES -  AFFILIATED
  ----------------------

Total operating expenses and operating expenses -
  affiliated for reportable segments                    $   383,466   $   321,245
Operating expenses and operating expenses - affiliated
  for Partnership                                             8,979         6,852
                                                        ------------  ------------
     Total operating expenses and operating expenses -
       affiliated                                       $   392,445   $   328,097
                                                        ============  ============
REAL ESTATE TAXES
-----------------
Total real estate taxes for reportable segments         $    90,311   $    76,189
Real estate taxes for Partnership                                --         8,512
                                                        ------------  ------------
     Total real estate taxes                            $    90,311   $    84,701
                                                        ============  ============
DEPRECIATION AND AMORTIZATION
-----------------------------
Total depreciation and amortization for reportable
  segments                                              $   210,457   $   188,191
Depreciation and amortization for Partnership                 8,699         3,459
Eliminations                                                  7,746         7,746
                                                        -----------   ------------
     Total depreciation and amortization                $   226,902   $   199,396
                                                        ============  ============
NET INCOME (LOSS)
-----------------
Total net income for reportable segments                $    84,399   $    67,913
Net income (loss) for Partnership                            40,123       (12,630)
Eliminations                                                (67,134)      (52,827)
                                                        ------------  ------------
     Total net income                                   $    57,388   $     2,456
                                                        ============  ============
</TABLE>






                                       12

<PAGE>

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

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

NET REVENUES
------------
<S>                                                     <C>           <C>
Total revenues for reportable segments                  $ 2,020,246   $ 1,880,733
Other income for Partnership                                 37,465       160,612
Eliminations                                                 64,473       (77,826)
                                                        ------------  ------------
     Total consolidated net revenues                    $ 2,122,184   $ 1,963,519
                                                        ============  ============
OPERATING EXPENSES AND OPERATING
--------------------------------
  EXPENSES - AFFILIATED
  ---------------------
Total operating expenses and operating expenses -
   affiliated for reportable segments                   $   734,233   $   654,209
Operating expenses and operating expenses - affiliated
  for Partnership                                             9,020         6,851
                                                        ------------  ------------
     Total operating expenses and operating expenses -
       affiliated                                       $   743,253   $   661,060
                                                        ============  ============
REAL ESTATE TAXES
-----------------
Total real estate taxes for reportable segments         $   190,512   $   152,340
Real estate taxes for Partnership                                --        14,897
                                                        ------------  ------------
      Total real estate taxes                           $   190,512   $   167,237
                                                        ============  ============
DEPRECIATION AND AMORTIZATION
-----------------------------
Total depreciation and amortization for reportable
  segments                                              $   417,650   $   377,066
Depreciation and amortization for Partnership                17,573         6,917
Eliminations                                                 15,492        15,492
                                                        ------------  ------------
     Total depreciation and amortization                $   450,715   $   399,475
                                                        ============  ============
NET INCOME (LOSS)
-----------------
Total net (loss) income for reportable segments         $    (9,969)  $   125,743
Net loss for Partnership                                   (129,099)      (59,560)
Eliminations                                                 48,981       (93,318)
                                                        ------------  ------------
     Total net loss                                     $   (90,087)  $   (27,135)
                                                        ============  ============

</TABLE>










                                       13

<PAGE>

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  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-Properties  V's  percentage  of ownership in the L/U II Joint
     Venture is 81.19%, as compared to 79.45% prior to July 1, 2000.




















                                       14

<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 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 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  substantial fixed investment costs associated
with  renovations  necessary to obtain new tenants and 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.


                                       15

<PAGE>

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
                                                       --------        ----

Wholly-owned Properties
-----------------------

Commonwealth Business Center Phase II (2)                82%            84%

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

The Willows of Plainview Phase II (90.30%) (2)           94%            95%

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

Lakeshore Business Center Phase I  (3)                   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 Commonwealth Business Center Phase II, The Willows of Plainview Phase II
     and Lakeshore  Business Center Phases I and II.  Lakeshore  Business Center
     Phase III is currently under construction.
(2)  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.
(3)  Ownership  percentage  was 79.45% as of June 30, 2000 and 69.23% as of June
     30, 1999. (See Notes to Financial Statements - Note 8).
(4)  Ownership percentage was 79.45% 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.

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
                                                   ----    ----   ----     ----

Wholly-owned Properties
-----------------------

Commonwealth Business Center  Phase II              86%     79%     86%     79%

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

The Willows of Plainview Phase II (90.30%) (1)      94%     96%     92%     95%

Properties Owned Through
------------------------
Lakeshore/ University II University
-----------------------------------
(L/U II Joint Venture)
----------------------

Lakeshore Business Center Phase I   (2)             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)  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 79.45% for the three months and six months ended
     June 30, 2000 and 69.23% for the three months and six months ended June 30,
     1999. (See Notes to Financial Statements - Note 8).
(3)  Ownership  percentage  was 79.45% for the three months and six months ended
     June 30, 2000. The property was not under construction until December 1999.

                                       16

<PAGE>

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

Rental and other income generated by the Partnership's  properties for the three
months and six months ended June 30, 2000 and 1999 were as follows:


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

                                          2000        1999      2000       1999
                                          ----        ----      ----       ----

Wholly-owned Properties
-----------------------

Commonwealth Business Center Phase II   $162,649   $146,257   $327,220  $295,348

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

The Willows of Plainview Phase II
(90.30%)                                $310,879   $305,190   $592,896  $595,056

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

Lakeshore Business Center Phase I (1)   $276,199  $223,024    $548,915  $464,100
Lakeshore Business Center Phase II (1)  $283,140  $270,173    $551,215  $501,138
Lakeshore Business Center Phase III (2) $      0    N/A       $      0     N/A

(1)  Represents  ownership  percentage  of 79.45%  for the three  months and six
     months  ended June 30, 2000 and 69.23% 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.

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 income increased  approximately  $68,700 or 7% and $129,600 or 7% for the
three months and six months ended June 30, 2000, as compared to the same periods
in 1999.  The increase is primarily a result of increased  average  occupancy at
Commonwealth  Business Center Phase II.  Partially  offsetting the increase is a
decrease in rental  income at The Willows of Plainview  Phase II resulting  from
decreases in average occupancy.

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



                                       17

<PAGE>

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

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 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.

Interest and other income increased  approximately $36,800 or 96% and $29,000 or
35% for the three months and six months ended June 30, 2000,  as compared to the
same  periods in 1999,  primarily  as a result of an increase  in cash  reserves
available for investment.

Operating expenses increased approximately $45,700 or 20% and $70,300 or 17% for
the three  months and six months  ended June 30,  2000,  as compared to the same
periods in 1999,  due  primarily to increased  painting and  wallcovering,  pest
control,  and  advertising at The Willows of Plainview Phase II. The increase is
also the result of increased landscape  maintenance at Lakeshore Business Center
Phase II and The Willows of Plainview Phase II.

Operating  expenses - affiliated  increased $18,700 or 18% and $11,900 or 5% for
the three  months and six months  ended June 30,  2000,  as compared to the same
periods in 1999, due to increased salaries at The Willows of Plainview Phase II.
Partially  offsetting the increase is decreased  overhead costs allocated to the
Partnership  as a result of  personnel  status  changes.  Operating  expenses  -
affiliated  are  expenses  incurred for  services  performed by NTS  Development
Company, an affiliate of the General Partner.

The 2000 and 1999 loss on disposal of assets can be attributed to the retirement
of assets at The Willows of Plainview  Phase II and  Lakeshore  Business  Center
Phases I and II. The retirements are the result of common area  improvements and
new alarm system  installations.  The loss  represents the cost to retire assets
which were not fully depreciated at the time of replacement.

Real estate taxes  increased  approximately  $5,600 or 7% and $23,000 or 14% for
the three  months and six months  ended June 30,  2000,  as compared to the same
periods  in 1999,  as a result of an  increased  assessment  at The  Willows  of
Plainview Phase II.  Partially  offsetting the increase is the sale of 2.4 acres
of land owned by the L/U II Joint Venture in July 1999.

Professional and administrative  expenses decreased approximately $18,000 or 33%
and $33,700 or 32% for the three months and six months  ended June 30, 2000,  as
compared to the same periods in 1999,  primarily as a result of decreased  costs
incurred for legal and accounting fees.

Professional and  administrative  expenses - affiliated  decreased $4,000 or 11%
and $17,800 or 21% 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.  Professional and administrative expenses - affiliated are
expenses  incurred  for  services  performed  by  employees  of NTS  Development
Company, an affiliate of the General Partner.

                                       18

<PAGE>

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

Depreciation and amortization increased approximately $27,500 or 14% and $51,000
or 13% for the three months and six months  ended June 30, 2000,  as compared to
the same periods in 1999,  as a result of an increase in ownership of the L/U II
Joint  Venture as  described  below.  The  aggregate  cost of the  Partnership's
properties for federal tax purposes is approximately $30,084,265.

Contributing to all of the increases discussed above is an increase in ownership
of L/U II Joint Venture from 69.23% to 79.45% effective July 1, 1999. (See Notes
to Financial Statements - Note 8).

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 Commonwealth  Business Center
Phase II and 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.  It is  anticipated  that the
cash flow from operations and cash reserves will be sufficient to meet the needs
of the Partnership.

Cash flows provided by (used in):


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

Operating activities                           $   801,345        $   495,159
Investing activities                            (1,518,149)           (34,928)
Financing activities                              (349,350)        (1,803,071)
                                               ------------       ------------
     Net decrease in cash and equivalents      $(1,066,154)       $(1,342,840)
                                               ============       ============

Net cash provided by operating activities increased  approximately  $306,000 for
the six months ended June 30, 2000, as compared to the same period in 1999. This
increase  was  primarily  driven by an  increase in  accounts  payable,  loss on
disposal of assets and a decrease in accounts receivable and is partially offset
by an increase in cash and equivalents restricted.

Net cash used in investing activities increased approximately $1,483,000 for the
six months  ended June 30,  2000,  as compared  to the same period in 1999.  The
increase  is the  result of  increased  capital  expenditures  primarily  at the
Lakeshore Business Center Development.

Net cash used in financing activities decreased approximately $1,454,000 for the
six months  ended June 30,  2000,  as compared  to the same period in 1999.  The
decrease  was  primarily  the  result  of  an   approximately   $1,264,900  cash
distribution  paid to the Limited Partners in March 1999. No distributions  were
paid  during  the six months  ended  June 30,  2000.  Also  contributing  to the
decrease was $123,000 used for the  repurchase of Limited  Partnership  Units in
1999.




                                       19

<PAGE>

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

The table below  presents that portion of the  distributions  which  represent a
return of capital on a GAAP basis for the six  months  ended June 30,  1999.  No
distributions were made during the six months ended June 30, 2000.


                                   Net Loss     Cash Distributions   Return of
                                   Allocated         Declared         Capital
                                   ---------         --------         -------

Limited Partners:
               2000              $   (89,186)       $       --      $       --
               1999                  (26,863)        1,252,275       1,252,275
General Partner:
               2000              $      (901)       $       --      $       --
               1999                     (272)           12,649          12,649

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 below.  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 cost 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  commenced in December 1999 and 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 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  $52,400 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  $36,300 and will be
funded from 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  $158,900  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.



                                       20

<PAGE>

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

The following  describes the efforts being taken by the  Partnership to increase
the occupancy levels at the Partnership's  properties.  At Commonwealth Business
Center  Phase II, the leasing and  renewal  negotiations  are handled by leasing
agents,  who are employees of NTS  Development  Company,  located in Louisville,
Kentucky.  The leasing agents are located in the same city as the property.  All
advertising is coordinated by NTS Development  Company's marketing staff located
in  Louisville,  Kentucky.  A leasing  agent,  an  employee  of NTS  Development
Company,  located at Lakeshore Business Center,  handles the leasing and renewal
negotiations  at Lakeshore  Business Center Phases I, II and III. At The Willows
of Plainview Phase II, the  Partnership  has an on-site  leasing staff,  who are
employees of NTS Development  Company. The staff handles all on-site visits from
potential  tenants,  makes visits to local  companies to promote fully furnished
apartments, negotiates lease renewals with current residents and coordinates all
local advertising with NTS Development  Company's marketing staff. Leases at the
Partnership's commercial properties provide for tenants to contribute toward the
payment of common area  expenses,  insurance and real estate taxes.  These lease
provisions,  along with the fact that  residential  leases are  generally  for a
period of one year, should protect the Partnership's  operations from the impact
of inflation and changing prices.





























                                       21

<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  approximately  $452,000  decrease  in the fair value of the
debt.








































                                       22

<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.















                                       23

<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 V,
                                            A Maryland Limited Partnership
                                      ------------------------------------------
                                                   (Registrant)

                                      BY:      NTS-Properties Associates V,
                                               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

                                       24

<PAGE>