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


                NTS-PROPERTIES V, A Maryland Limited Partnership
--------------------------------------------------------------------------------
              (Exact name of registrants 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                            (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 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


                                                                           Pages

                                     PART I

Item 1.   Financial Statements

          Balance Sheets and Statement of Partners' Equity
            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                                     6-12

Item 2.   Management's Discussion and Analysis of Financial
            Condition and Results of Operations                            13-19

Item 3.   Quantitative and Qualitative Disclosures About Market Risk          20


                                     PART II

Item 1.   Legal Proceedings                                                   21

Item 2.   Changes in Securities                                               21

Item 3.   Defaults Upon Senior Securities                                     21

Item 4.   Submission of Matters to a Vote of Security Holders                 21

Item 5.   Other Information                                                   21

Item 6.   Exhibits and Reports on Form 8-K                                    21

Signatures                                                                    22


                                        2

<PAGE>


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

<TABLE>

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

                BALANCE SHEETS AND STATEMENT OF PARTNERS' EQUITY
                ------------------------------------------------


<CAPTION>
                                                       As of               As of
                                                  March 31, 2000     December 31, 1999 *
                                                  --------------     -------------------
                                                    (Unaudited)
ASSETS
------
<S>                                                 <C>                    <C>
Cash and equivalents                                $ 2,553,496            $ 2,807,198
Cash and equivalents - restricted                       149,932                117,220
Accounts receivable                                      97,191                103,245
Land, buildings and amenities, net                   17,193,070             17,008,482
Other assets                                            509,770                439,664
                                                    -----------            -----------
  TOTAL ASSETS                                      $20,503,459            $20,475,809
                                                    ===========            ===========

LIABILITIES AND PARTNERS' EQUITY
--------------------------------
Mortgages payable                                   $11,523,151            $11,726,240
Accounts payable                                        560,985                280,791
Security deposits                                       170,948                159,642
Other liabilities                                       246,052                159,337
                                                    -----------            -----------
  TOTAL LIABILITIES                                  12,501,136             12,326,010

COMMITMENTS AND CONTINGENCIES (Note 9)

Partners' equity                                      8,002,323              8,149,799
                                                    -----------            -----------
  TOTAL LIABILITIES AND PARTNERS' EQUITY            $20,503,459            $20,475,809
                                                    ===========            ===========

</TABLE>

<TABLE>


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

PARTNERS' EQUITY
----------------
<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                  (146,001)           (1,475)         (147,476)
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 March 31, 2000           $  8,105,319      $   (102,996)     $  8,002,323
                                      ============      ============      ============

</TABLE>

* Reference  is made to the  audited  financial  statements  in the Form 10-K as
  filed with the 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
                            ------------------------


<CAPTION>

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

                                                2000                    1999
                                                ----                    ----

REVENUES:
---------
<S>                                        <C>                     <C>
 Rental income                              $   981,701             $   935,185
 Interest and other income                       36,726                  50,048
                                             -----------             -----------
                                              1,018,427                 985,233
                                             -----------             -----------
EXPENSES:
---------
 Operating expenses                             223,880                 208,661
 Operating expenses - affiliated                126,930                 133,756
 Loss on disposal of assets                     146,335                   9,833

 Interest expense                               221,643                 220,531
 Management fees                                 55,607                  52,367
 Real estate taxes                              100,201                  93,050
 Professional and administrative
  expenses                                       34,916                  50,414
 Professional and administrative
  expenses - affiliated                          32,578                  46,150
 Depreciation and amortization .                223,813                 200,080
                                             -----------             -----------
                                              1,165,903               1,014,842
                                             -----------             -----------

Net loss                                    $  (147,476)            $   (29,609)
                                             ===========             ===========

Net loss allocated
 to the Limited Partners                    $  (146,001)            $   (29,313)
                                             ===========             ===========
Net loss per Limited
 Partnership Unit                           $     (4.77)            $     (0.87)
                                             ===========             ===========
Weighted average number of
 Limited Partnership Units                       30,621                  33,674
                                             ===========             ===========
</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
                            ------------------------

<CAPTION>
                                                      Three Months Ended
                                                           March 31,
                                                           ---------
                                                          (Unaudited)

                                                      2000               1999
                                                      ----               ----
CASH FLOWS FROM OPERATING ACTIVITIES
------------------------------------
<S>                                              <C>               <C>
Net loss                                         $  (147,476)      $   (29,609)
Adjustments to reconcile net loss to
 net cash provided by operating activities:
  Loss on disposal of assets                         146,335             9,833
  Depreciation and amortization                      223,813           200,080
  Changes in assets and liabilities:
   Cash and equivalents - restricted                 (90,212)          (69,455)
   Accounts receivable                                 6,054           (43,358)
   Other assets                                      (70,106)          (72,446)
   Accounts payable                                  280,194            98,608
   Security deposits                                  11,306             8,476
   Other liabilities                                  86,714            74,147
                                                  -----------       -----------
  Net cash provided by operating activities          446,622           176,276
                                                  -----------       -----------
CASH FLOWS FROM INVESTING ACTIVITIES
------------------------------------
Additions to land, buildings and amenities          (554,735)          (93,311)
Proceeds from sale of assets                            --             216,649
                                                  -----------       -----------
  Net cash (used in) provided by
   investing activities                             (554,735)          123,338
                                                  -----------       -----------
CASH FLOWS FROM FINANCING ACTIVITIES
------------------------------------
Principal payments on mortgages payable             (203,089)         (171,710)
Cash distributions                                      --          (1,264,925)
Repurchase of Limited Partnership Units                 --            (123,000)
Cash and equivalents - restricted                     57,500           123,000
Distribution payable                                    --              12,649
                                                  -----------       -----------
  Net cash used in financing activities             (145,589)       (1,423,986)
                                                  -----------       -----------
  Net decrease in cash and equivalents              (253,702)       (1,124,372)
                                                  -----------       -----------
CASH AND EQUIVALENTS, beginning of period          2,807,198         4,543,666
                                                  -----------       -----------
CASH AND EQUIVALENTS, end of period              $ 2,553,496       $ 3,419,294
                                                  ===========       ===========
Interest paid on a cash basis                    $   227,481       $   221,821
                                                  ===========       ===========
</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  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 ended March 31, 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 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).   Substantially  all  of  the  tenants  are  local
          businesses or are businesses  which have operations in the location in
          which they  lease  space.  The  Partnership  also has a Joint  Venture
          investment in a residential rental property in Louisville, Kentucky.

3.        Cash and Equivalents - Restricted
          ---------------------------------

          Cash and  equivalents - restricted  represents  1) funds  received for
          residential security deposits,  2) funds which have been escrowed with
          mortgage  companies  for property  taxes in  accordance  with the loan
          agreements with said mortgage companies,  and 3) funds reserved by the
          Partnership for repurchase of Limited  Partnership Units (1999 balance
          only).

4.        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.

                                       6

<PAGE>


4.        Basis of Property and Depreciation - Continued
          ----------------------------------------------

          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 199 did not result in any impairment loss.

5.        Mortgages Payable
          -----------------

          Mortgages payable consist of the following:


                                                  March 31,         December 31,
                                                    2000               1999
                                                    ----               ----

          Mortgage payable with an
          insurance company, bearing
          interest at a fixed rate of
          8.125%, due August 1, 2008,
          secured by land and building.         $  3,805,727        $  3,883,797

          Mortgage payable with an
          insurance company, bearing
          interest at fixed rate of 8.125%,
          due August 1, 2008, secured by
          land and building.                       3,537,273           3,609,836

          Mortgage payable with an
          insurance company, bearing
          interest at a fixed rate of 7.2%,
          due January 5, 2013, secured by
          land, buildings and amenities.           2,617,102           2,649,944

          Mortgage payable with an
          insurance company, bearing
          interest at fixed rate of 7.2%,
          due January 5, 2013, secured by
          land, buildings and amenities.
                                                   1,563,049           1,582,663
                                                ------------        ------------

                                                $ 11,523,151        $ 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 $11,244,000.

6.        Reclassification of 1999 Financial Statements
          ---------------------------------------------

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


                                        7

<PAGE>


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

          Pursuant to an agreement  with the  Partnership,  property  management
          fees of $55,607 and $52,367 for the three  months ended March 31, 2000
          and 1999,  respectively,  were  paid to NTS  Development  Company,  an
          affiliate of the General Partner of the Partnership.  The fee is equal
          to 5% of gross  revenues of the  residential  properties and 6% of the
          gross  revenues of the  commercial  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  incurred  $29,263 and $3,221 as repair
          and  maintenance  fees for 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  which  have  been
          capitalized as other assets or as land, buildings and amenities.


                                                Three Months Ended
                                                      March 31,
                                                      ---------
                                            2000                    1999
                                            ----                    ----
            Administrative               $  49,996               $  55,524
            Leasing                         59,410                  68,600
            Property Management             81,098                  73,288
            Other                              537                  10,049
                                         ---------               ---------

                                         $ 191,041               $ 207,461
                                         =========               =========

          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 a 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  substantial  numbers of Interests
          without  incurring  the  significant  expenses  involved with a tender
          offer and multiple transfers.


                                        8

<PAGE>


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

          On  July 1,  1999,  NTS-Properties  V  contributed  $1,737,000  to the
          Lakeshore/University  II Joint  Venture  (L/U II Joint  Venture).  The
          other Partners in the Joint Venture 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.

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.

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  complex  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 and II.

          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
          operating decisions.  The Partnership  evaluates  performance based on
          stand-alone operating segment net income.

                                        9

<PAGE>


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

<TABLE>
                                       Three Months Ended March 31, 2000
                                       ---------------------------------

                                    Residential      Commercial         Total
                                    -----------      ----------         -----

<CAPTION>

<S>                                 <C>              <C>              <C>
Rental income                       $ 281,155        $ 700,546        $ 981,701
Interest and other income                 863            4,816            5,679
                                    ---------        ---------        ---------
Total net revenues                  $ 282,018        $ 705,362        $ 987,380
                                    ---------        ---------        ---------

Operating expenses and
 operating expenses -
 affiliated                           113,648          237,122          350,770
Loss on disposal of assets             41,855          104,480          146,335
Interest expense                       76,281          145,362          221,643
Management fees                        14,051           41,556           55,607
Real estate taxes                      15,045           85,156          100,201
Depreciation and amortization          48,671          158,522          207,193
                                    ---------        ---------        ---------
Net loss                            $ (27,533)       $ (66,836)       $ (94,369)
                                    =========        =========        =========

</TABLE>

<TABLE>

                                         Three Months Ended March 31, 1999
                                         ---------------------------------
<CAPTION>

                                    Residential       Commercial         Total
                                    -----------       ----------         -----


<S>                                   <C>              <C>              <C>
Rental income                         $317,957         $617,228         $935,185
Interest and other income                1,695           21,622           23,317
                                      --------         --------         --------
Total net revenues                    $319,652         $638,850         $958,502
                                      --------         --------         --------


Operating expenses and
 operating expenses -
 affiliated                            108,553          233,864          342,417
Loss on disposal of assets               9,833             --              9,833
Interest expense                        78,572          141,959          220,531
Management fees                         16,189           36,178           52,367
Real estate taxes                       13,028           73,638           86,666
Depreciation and amortization           47,680          141,195          188,875
                                      --------         --------         --------
Net income                            $ 45,797         $ 12,016         $ 57,813
                                      ========         ========         ========
</TABLE>


                                       10

<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  ended  March 31, 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
                                                            March 31,
                                                            ---------
<CAPTION>

                                                        2000            1999
                                                        ----            ----

NET REVENUES
------------
<S>                                                 <C>             <C>
Total revenues for reportable segments              $   987,380     $   958,502
Other income for Partnership                            (92,814)         59,477
Eliminations                                            123,861         (32,746)
                                                     -----------     -----------
Total consolidated net revenues                     $ 1,018,427     $   985,233
                                                     ===========     ===========

OPERATING EXPENSES
------------------

Total operating expenses for reportable segments    $   350,770     $   342,417
Total operating expenses for Partnership                     40            --
                                                     -----------     -----------
Total operating expenses                            $   350,810     $   342,417
                                                     ===========     ===========

REAL ESTATE TAXES
-----------------
Total real estate taxes for reportable segments     $   100,201     $    86,666
Total real estate taxes for Partnership                    --             6,384
                                                     -----------     -----------
Total real estate taxes                             $   100,201     $    93,050
                                                     ===========     ===========

DEPRECIATION AND AMORTIZATION
-----------------------------
Total depreciation and amortization for
 reportable segments                                $   207,193     $   188,875
Depreciation and amortization for
 Partnership                                              8,874           3,459
Eliminations                                              7,746           7,746
                                                     -----------     -----------
Total depreciation and amortization                 $   223,813     $   200,080
                                                     ===========     ===========

NET INCOME (LOSS)
-----------------
Total net income (loss) for reportable segments     $   (94,369)    $    57,813
Total net loss for Partnership                         (169,222)        (46,930)
Eliminations                                            116,115         (40,492)
                                                     -----------     -----------
Total net loss                                      $  (147,476)    $   (29,609)
                                                     ===========     ===========
</TABLE>


                                       11

<PAGE>


11.       Subsequent Events
          -----------------

          On April 24, 2000, the  Lakeshore/University 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
          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.



                                       12

<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 principal activity is the leasing and management of commercial
office buildings and an apartment  complex.  If a major  commercial  tenant or a
large number of apartment  lessees  default on their leases,  the  Partnership's
ability to make  payments  due under its debt  agreements,  payment of operating
costs and other  partnership  expenses  would be directly  impacted.  A lessee's
ability to make  payments are subject 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.



                                       13

<PAGE>


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

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

                                                            2000(1)        1999
                                                            -------        ----
  Wholly-owned Properties
  -----------------------

  Commonwealth Business Center Phase II                       88%           79%

  Property Owned in Joint Venture with
  ------------------------------------
  NTS-Properties IV (Ownership % at March 31, 2000)
  -------------------------------------------------

  The Willows of Plainview Phase II (90.30%) (2)              91%           99%

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

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

1)    Current occupancy levels are considered adequate to continue the operation
      of the Partnership's properties.
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 March  31, 2000 and  69.23% as of
      March  31, 1999.   See Notes  to Financial   Statements  "8.  Transactions
      Affecting the Investment in Lakeshore/University II Joint Venture."

The 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
                                                              ----         ----

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

  Commonwealth Business Center Phase II                        87%          79%

  Property Owned in Joint Venture with
  ------------------------------------
  NTS-Properties IV  (Ownership % at March 31, 2000)
  -----------------  -------------------------------

  The Willows of Plainview Phase II (90.30%) (1)               89%          94%

  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 79.45% as  of March 31, 2000  and 69.23%  as of
       March  31, 1999.   See Notes  to Financial  Statements   "8. Transactions
       Affecting the Investment in Lakeshore/University II Joint Venture."

                                       14

<PAGE>


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

Rental and other income generated by the Partnership's  properties for the three
months ended March 31, 2000 and 1999 was as follows:

                                                            Three Months Ended
                                                                 March 31,
                                                                 ---------

                                                            2000           1999
                                                            ----           ----

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

  Commonwealth Business Center Phase II                  $ 164,571      $149,091

  Property Owned in Joint Venture with
  ------------------------------------
  NTS-Properties IV  (Ownership % at March 31, 2000)
  -----------------  -------------------------------

  The Willows of Plainview Phase II (90.30%)             $ 282,018      $319,652

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

  Lakeshore Business Center Phase I (1)                  $ 272,716      $241,076
  Lakeshore Business Center Phase II (1)                 $ 268,075      $230,965

1)    Represents ownership percentage of 79.45% for the three months ended March
      31, 2000  and 69.23% for the three months ended 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.

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 income increased approximately $47,000 or 5% for three months ended March
31, 2000, as compared to the same period in 1999.  The increase is due primarily
to an increase in average occupancy at Commonwealth Business Center Phase II and
an increase in common  area  maintenance  income at  Lakeshore  Business  Center
Phases I and II. A decrease in rental income at Lakeshore Business Center Phases
I and II and The  Willows of  Plainview  Phase II  resulting  from a decrease in
average occupancy partially offsets the increase.

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.


                                       15

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

Interest and other income decreased  approximately  $13,000 or 26% for the three
months ended March 31, 2000, as compared to the same period in 1999, as a result
of a decrease in cash reserves  available for  investment  due to the funding of
Lakeshore Business Center Phase III construction.

Operating  expenses increased  approximately  $15,000 or 7% for the three months
ended March 31, 2000,  as compared to the same period in 1999,  due primarily to
increased  landscape  maintenance and janitorial  services at Lakeshore Business
Center Phases I and II and Commonwealth Business Center Phase II.

Operating  expenses -  affiliated  decreased  $6,800 or 5% 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.  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 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  $7,000 or 8% for the three  months
ended March 31, 2000, as compared to the same periods in 1999, as a result of an
increased  assessment at The Willows of Plainview II.  Partially  offsetting the
increase is the sale of 2.4 acres of land owned by the  Lakeshore/University  II
Joint Venture in July 1999.

Professional and administrative  expenses decreased approximately $15,500 or 31%
for the three  months  ended March 31,  2000,  as compared to the same period in
1999, primarily as a result of decreased legal and accounting fees.

Professional and administrative  expenses - affiliated  decreased $13,500 or 29%
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  increased  approximately  $24,000 or 12% for the
three months ended March 31, 2000,  as compared to the same period in 1999, as a
result of an increase in ownership of the  Lakeshore/University II Joint Venture
as described below.

                                       16

<PAGE>


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

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 $30,084,265.

Contributing to all of the increases discussed above is an increase in ownership
of the  Lakeshore/University  II Joint  Venture from 69.23% to 79.45%  effective
July 1, 1999. See Notes to Financial  Statements "8. Transactions  Affecting the
Investment in Lakeshore/University II Joint Venture."

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 flow provided by (used in):


                                        2000                        1999
                                        ----                        ----
     Operating activities          $   446,622                $   176,276
     Investing activities             (554,735)                   123,338
     Financing activities             (145,589)                (1,423,986)
     Net decrease in cash and       -----------                -----------
      equivalents                  $  (253,702)               $(1,124,372)
                                    ===========                ===========


Net cash provided by operating activities increased  approximately  $270,000 for
the three months  ended March 31, 2000,  as compared to the same period in 1999.
The  increase  was  primarily  driven by an increase in accounts  payable and by
changes in other working capital accounts.

Net cash used in investing activities increased  approximately  $678,000 for the
three months ended March 31, 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 $1,278,000 for the
three months ended March 31, 2000,  as compared to the same period in 1999.  The
decrease was primarily the result of a $1,252,000 cash  distribution paid to the
Limited  Partners in March  1999.  No  distributions  were paid during the three
months ended March 31, 2000.


                                       17

<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 Generally  Accepted  Accounting  Principle  basis for the
three months ended March 31, 1999. No  distributions  were made during the three
months ended March 31, 2000.


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

 Limited Partners
      2000                 (146,001)             --                  --
      1999                  (29,313)         1,252,275           1,252,275

 General Partners
      2000                   (1,475)             --                  --
      1999                     (296)            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  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  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.

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 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 the  Lakeshore  Business  Center  Development,  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,  who handle all
on-site visits from potential tenants, make visits to local companies to promote
fully  furnished  units,  negotiate  lease  renewals with current  residents and
coordinate all local advertising with NTS Development Company's marketing staff.


                                       18

<PAGE>


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

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.

Year 2000
---------

During 1999, all divisions of NTS Corporation,  including  NTS-Properties V, 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  $60,000  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.


                                       19

<PAGE>


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  approximately  $469,000  decrease in the fair
value of the debt.


                                       20

<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.


                                       21

<PAGE>


                                   SIGNATURES
                                   ----------

Pursuant  to the  requirements  of the  Securities  Exchange  Act of 1934,  NTS-
Properties V, a Maryland Limited Partnership,  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: May 12, 2000


                                       22