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, 2001
                               -------------------------------------------------

                                       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                (I.R.S. Employer Identification No.)
of incorporation or organization)


    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 March 31, 2001 and December 31, 2000       3

           Statement of Partners' Equity as of March 31, 2001              3

           Statements of Operations for the Three Months Ended
                    March 31, 2001 and 2000                                4

           Statements of Cash Flows for the Three Months Ended
                    March 31, 2001 and 2000                                5

           Notes to Financial Statements                                   6-11

Item 2.    Management's Discussion and Analysis of Financial
                    Condition and Results of Operations                    12-17

Item 3.    Quantitative and Qualitative Disclosures About Market Risk      18

                              PART II
                              -------

Item 1.    Legal Proceedings                                               19

Item 2.    Changes in Securities                                           19

Item 3.    Defaults Upon Senior Securities                                 19

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

Item 5.    Other Information                                               19

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

Signatures                                                                 20


                                        2


<PAGE>



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

<TABLE>

                                                          NTS-PROPERTIES V,
                                                          -----------------
                                                   A Maryland Limited Partnership
                                                   ------------------------------
                                                     CONSOLIDATED BALANCE SHEETS
                                                     ---------------------------

<CAPTION>

                                                                             As of                        As of
                                                                         March 31, 2001             December 31, 2000*
                                                                    ------------------------     ------------------------
                                                                          (UNAUDITED)
<S>                                                              <C>                          <C>
ASSETS
------
Cash and equivalents                                             $                 1,100,247  $                 1,096,857
Cash and equivalents - restricted                                                    167,941                       48,389
Accounts receivable                                                                  241,572                      167,429
Land, buildings and amenities, net                                                21,978,558                   22,074,949
Other assets                                                                         889,311                      798,379
                                                                    ------------------------     ------------------------

      TOTAL ASSETS                                               $                24,377,629  $                24,186,003
                                                                    ========================     ========================

LIABILITIES AND PARTNERS' EQUITY
--------------------------------
Mortgages payable                                                $                14,395,008  $                14,436,464
Accounts payable                                                                     598,488                      367,158
Security deposits                                                                    205,911                      227,091
Other liabilities                                                                    297,614                      213,312
                                                                    ------------------------     ------------------------

      TOTAL LIABILITIES                                                           15,497,021                   15,244,025

MINORITY INTEREST                                                                    840,364                      853,386

COMMITMENTS AND CONTINGENCIES (Note 8)

PARTNERS' EQUITY                                                                   8,040,244                    8,088,592
                                                                    ------------------------     ------------------------

TOTAL LIABILITIES AND PARTNERS' EQUITY                           $                24,377,629  $                24,186,003
                                                                    ========================     ========================

</TABLE>

<TABLE>

                                               STATEMENT OF PARTNERS' EQUITY / DEFICIT
                                               ---------------------------------------

<CAPTION>

                                                            Limited                 General
                                                           Partners                 Partner                   Total
                                                      -------------------     --------------------     -------------------
<S>                                                <C>                      <C>                     <C>
PARTNERS' EQUITY/(DEFICIT)
--------------------------
Capital contributions, net of offering costs       $           30,582,037   $                  100  $           30,582,137
Net (loss) income - prior years                                (4,714,737)                  66,174              (4,648,563)
Net loss - current year                                           (47,865)                    (483)                (48,348)
Cash distributions declared to date                           (16,641,480)                (168,177)            (16,809,657)
Repurchase of limited partnership Units                        (1,035,325)                      --              (1,035,325)
                                                      -------------------     --------------------     -------------------

BALANCES AT MARCH 31, 2001                         $            8,142,630   $             (102,386) $            8,040,244
                                                      ===================     ====================     ===================

</TABLE>

*    Reference is made to the audited  financial  statements in the Form 10-K as
     filed with the Securities and Exchange Commission on April 2, 2001.

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


                                        3


<PAGE>



<TABLE>

                                                          NTS PROPERTIES V,
                                                          -----------------
                                                   A Maryland Limited Partnership
                                                   ------------------------------
                                                CONSOLIDATED STATEMENTS OF OPERATIONS
                                                -------------------------------------
                                                             (UNAUDITED)
                                                             -----------

<CAPTION>

                                                                                  Three Months Ended
                                                                                      March 31,
                                                                   ------------------------------------------------
                                                                            2001                      2000
                                                                   ----------------------    ----------------------
<S>                                                               <C>                       <C>
REVENUES
--------
Rental income                                                     $             1,263,329   $             1,150,707
Interest and other income                                                          19,803                    41,870
                                                                   ----------------------    ----------------------

     TOTAL REVENUES                                                             1,283,132                 1,192,577
                                                                   ----------------------    ----------------------

EXPENSES
--------
Operating expenses                                                                356,111                   263,081
Operating expenses - affiliated                                                   140,677                   146,450
Loss on disposal of assets                                                          2,518                   177,855
Interest expense                                                                  294,816                   272,999
Management fees                                                                    69,590                    65,434
Real estate taxes                                                                 129,706                   120,865
Professional and administrative expenses                                           25,298                    34,916
Professional and administrative expenses - affiliated                              31,539                    32,578
Depreciation and amortization                                                     293,650                   253,840
                                                                   ----------------------    ----------------------

     TOTAL EXPENSES                                                             1,343,905                 1,368,018
                                                                   ----------------------    ----------------------

Net loss before minority interest                                                 (60,773)                 (175,441)
Minority interest                                                                 (12,425)                  (27,965)
                                                                   ----------------------    ----------------------

Net loss                                                          $               (48,348)  $              (147,476)
                                                                   ======================    ======================

Net loss allocated to the limited partners                        $               (47,865)  $              (146,001)
                                                                   ======================    ======================

Net loss per limited partnership Unit                             $                (1.57)   $                (4.77)
                                                                   ======================    ======================

Weighted average number of limited partnership Units                               30,521                    30,621
                                                                   ======================    ======================

</TABLE>


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


                                        4


<PAGE>



<TABLE>

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

<CAPTION>

                                                                                       Three Months Ended
                                                                                            March 31,
                                                                        -------------------------------------------------
                                                                                 2001                       2000
                                                                        ----------------------     ----------------------
<S>                                                                   <C>                       <C>
CASH FLOWS FROM OPERATING ACTIVITIES
------------------------------------
Net loss                                                              $                (48,348) $                (147,476)
Adjustments to reconcile net loss to net cash provided by
  operating activities:
    Loss on disposal of assets                                                           2,518                    177,855
    Depreciation and amortization                                                      344,430                    287,831
    Changes in assets and liabilities:
      Cash and equivalents - restricted                                               (119,552)                   (53,899)
      Accounts receivable                                                              (74,143)                     4,820
      Other assets                                                                    (145,501)                  (119,715)
      Accounts payable                                                                 231,330                    333,008
      Security deposits                                                                (21,180)                    14,113
      Other liabilities                                                                 84,301                    115,071
      Minority interest loss                                                           (12,425)                   (27,965)
                                                                        ----------------------     ----------------------

     Net cash provided by operating activities                                         241,430                    583,643
                                                                        ----------------------     ----------------------

CASH FLOWS FROM INVESTING ACTIVITIES
------------------------------------
Additions to land, buildings and amenities                                            (194,637)                  (686,379)
Minority interest contributions                                                             --                     14,550
Minority interest distributions                                                           (597)                    (1,604)
                                                                        ----------------------     ----------------------

     Net cash used in investing activities                                            (195,234)                  (673,433)
                                                                        ----------------------     ----------------------

CASH FLOWS FROM FINANCING ACTIVITIES
------------------------------------
Increase in mortgages payable                                                          222,965                         --
Principal payments on mortgages payable                                               (264,421)                  (244,354)
Increase in loan costs                                                                  (1,350)                        --
                                                                        ----------------------     ----------------------

     Net cash used in financing activities                                             (42,806)                  (244,354)
                                                                        ----------------------     ----------------------

     Net increase (decrease) in cash and equivalents                                     3,390                   (334,144)

CASH AND EQUIVALENTS, beginning of period                                            1,096,857                  3,195,728
                                                                        ----------------------     ----------------------

CASH AND EQUIVALENTS, end of period                                   $              1,100,247  $               2,861,584
                                                                        ======================     ======================

Interest paid on a cash basis                                         $                283,020  $                 274,783
                                                                        ======================     ======================

</TABLE>


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


                                        5


<PAGE>



                                NTS-PROPERTIES V,
                                -----------------
                         A Maryland Limited Partnership
                         ------------------------------
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------

The unaudited  consolidated  financial  statements and schedules included herein
should be read in conjunction with NTS-Properties V's (the "Partnership"),  2000
Form 10-K as filed with the Securities and Exchange Commission on April 2, 2001.
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  consolidated  financial  statements for the three months ended
March 31, 2001 and 2000.

1.        Consolidation Policy and Joint Venture Accounting
          -------------------------------------------------

          The  consolidated  financial  statements  included the accounts of all
          wholly-owned    properties   and   majority-owned    joint   ventures.
          Intercompany transactions and balances have been eliminated. Less than
          50% owned joint ventures are accounted for under the equity method.

          From inception,  the Partnership used the proportionate  consolidation
          method of accounting for joint venture  properties.  The Partnership's
          proportionate  interest in the joint  venture's  assets,  liabilities,
          revenues,  expenses  and cash flows were  combined  on a  line-by-line
          basis  with  the  Partnership's  own  assets,  liabilities,  revenues,
          expenses and cash flows.  All  intercompany  accounts and transactions
          were eliminated in consolidation.

          Proportionate consolidation was utilized by the Partnership due to the
          fact that the ownership of joint venture properties, in substance, was
          not subject to joint  control.  The managing  General  Partners of the
          sole  General  Partner of the NTS  sponsored  partnerships  which have
          formed joint ventures are substantially  the same. As such,  decisions
          regarding financing,  development,  sale or operations did not require
          the approval of different  partners.  Additionally,  the joint venture
          properties are in the same business/industry as their respective joint
          venture  partners  and their  asset,  liability,  revenue  and expense
          accounts  correspond  with the  accounts of such  partners.  It is the
          belief of the General  Partner of the  Partnership  that the financial
          statement  disclosures  resulting  from  proportionate   consolidation
          provided  the most  meaningful  presentation  of assets,  liabilities,
          revenues,  expenses  and  cash  flows  given  the  commonality  of the
          Partnership's operations.

          The Emerging  Issues Tasks 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 Notes to Consolidated  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.


                                        6


<PAGE>



1.        Consolidation Policy and Joint Venture Accounting - Continued
          -------------------------------------------------------------

          The consensus is applicable to financial statements for annual periods
          ending after June 15, 2000. The Partnership now uses the equity method
          to  account  for its joint  venture  investment  for the three  months
          ending March 31, 2001.  The  Partnership  has applied the consensus to
          all comparative financial  statements,  restating them to conform with
          the  consensus  for all periods  presented.  The  application  of this
          consensus  did not  result in a  restatement  of  previously  reported
          partners'  equity or net  results of  operations,  but did result in a
          recharacterization    or   reclassification   of   certain   financial
          statements' captions and amounts.

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

          The  preparation  of  financial  statements  in  conformity  with 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.

3.        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 property in Louisville, Kentucky.

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

          Cash and  equivalents  -  restricted  represents  funds  received  for
          residential  security deposits and funds which have been escrowed with
          mortgage  companies  for property  taxes in  accordance  with the loan
          agreements.

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

          Land,  buildings  and  amenities  are stated at  historical  cost less
          accumulated depreciation to the Partnership. Costs directly associated
          with the  acquisition,  development and  construction of a project are
          capitalized.  Depreciation is computed using the straight-line  method
          over the estimated useful lives of the assets which are 5-30 years for
          land  improvements,  3-30 years for  buildings and  improvements,  3-7
          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 $40,569,924.

          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 by  management  during the period ended
          March 31, 2001 and year ended  December  31, 2000 did not result in an
          impairment loss.


                                        7


<PAGE>



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

          Mortgages payable consist of the following:


<TABLE>

                                                                March 31, 2001              December 31, 2000
                                                          --------------------------    --------------------------
          <S>                                                   <C>                          <C>
          Mortgage payable to an insurance company, bearing
          interest at a fixed rate of 8.125%, due August 1,
          2008, secured by land and a building.                  $       4,376,533           $         4,483,083

          Mortgage payable to an insurance company, bearing
          interest at a fixed rate of 8.125%, due August 1,
          2008, secured by land and buildings.                           4,067,815                     4,166,849

          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.                2,771,880                     2,808,716

          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.                1,655,488                     1,677,489

          Mortgage payable to a bank, bearing interest
          at a variable rate based on LIBOR daily rate
          plus 2.3%, currently 7.58%, due on September 8,
          2003, secured by land and a building.                          1,484,988                     1,300,327

          Mortgage payable to a bank, bearing interest
          at a rate of Prime, due March 27, 2003, secured
          by land, buildings and amenities.                                 34,862                            --

          Mortgage payable to a bank, bearing interest
          at a rate of Prime, due March 27, 2003, secured
          by land, buildings and amenities.                                  3,442                            --
                                                          ------------------------         ---------------------

                                                         $              14,395,008        $           14,436,464
                                                          ========================         =====================

</TABLE>

          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 $14,612,000.

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

          Pursuant  to  an  agreement  with  the  Partnership,  NTS  Development
          Company,  an  affiliate  of the  General  Partner of the  Partnership,
          receives  property  management  fees on a monthly basis.  The fees are
          paid  in an  amount  equal  to 5%  of  the  gross  revenues  from  the
          residential  property and 6% of the gross revenues from the commercial
          properties.  Also pursuant to an agreement,  NTS  Development  Company
          receives a repair and  maintenance fee equal to 5.9% of costs incurred
          which relate to capital  improvements.  These  repair and  maintenance
          fees are capitalized as part of land, buildings and amenities.


                                        8


<PAGE>



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

          The Partnership was charged the following amounts from NTS Development
          Company for the three  months  ended  March 31,  2001 and 2000.  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.


<TABLE>

                                                                                    Three Months Ended
                                                                                        March 31,
                                                                        ------------------------------------------
                                                                               2001                    2000
                                                                        -------------------     ------------------
<S>                                                                   <C>                    <C>
Property management fees                                              $              69,590  $              65,434
                                                                        -------------------     ------------------

Property management                                                                  88,810                 94,688
Leasing                                                                              29,746                 31,588
Administrative - operating                                                           21,861                 19,619
Other                                                                                   260                    555
                                                                        -------------------     ------------------

     Total operating expenses - affiliated                                          140,677                146,450
                                                                        -------------------     ------------------

Professional and administrative expenses - affiliated                                31,539                 32,578
                                                                        -------------------     ------------------

Repairs and maintenance fee                                                           7,991                 36,704
Leasing commissions                                                                  51,162                 39,113
                                                                        -------------------     ------------------

     Total related party transactions capitalized                                    59,153                 75,817
                                                                        -------------------     ------------------

Total related party transactions                                      $             300,959  $             320,279
                                                                        ===================     ==================

</TABLE>


8.        Commitments and Contingencies
          -----------------------------

          The  Partnership,  as an owner of real  estate,  is subject to various
          environmental laws of federal, state 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.

          As of March 31, 2001,  the L/U II Joint  Venture has a commitment  for
          approximately  $76,000 for tenant improvements on 8,139 square feet at
          Lakeshore  Business  Center Phase I. The tenant  improvements  will be
          funded from cash flows.

          The L/U II Joint  Venture  anticipates  replacing the roofs in 2001 at
          Lakeshore  Business  Center  Phase  I  for  a  cost  of  approximately
          $400,000.


                                        9


<PAGE>


9.        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.

          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 March 31, 2001
                                                       ------------------------------------------------------------

                                                          Residential           Commercial             Total
                                                       ------------------   ------------------   ------------------
<S>                                                   <C>                  <C>                  <C>
Rental income                                         $           319,684  $           943,645  $         1,263,329
Interest and other income                                             274                7,051                7,325
                                                       ------------------   ------------------   ------------------

     Total net revenues                               $           319,958  $           950,696  $         1,270,654
                                                       ==================   ==================   ==================

Operating expenses and operating expenses -
    affiliated                                        $           125,340  $           371,448  $           496,788
Loss on disposal of assets                                          2,518                   --                2,518
Interest expense                                                   80,556              209,169              289,725
Management fees                                                    15,690               53,900               69,590
Real estate taxes                                                  16,425              113,281              129,706
Depreciation and amortization                                      54,930              226,319              281,249
                                                       ------------------   ------------------   ------------------

     Total expenses                                               295,459              974,117            1,269,576
                                                       ==================   ==================   ==================

     Net income (loss)                                $            24,499  $           (23,421) $             1,078
                                                       ==================   ==================   ==================

</TABLE>

<TABLE>

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

                                                          Residential           Commercial             Total
                                                       ------------------   ------------------   ------------------
<S>                                                   <C>                  <C>                  <C>
Rental income                                         $           311,357  $           839,351  $         1,150,708
Interest and other income                                             955                5,889                6,844
                                                       ------------------   ------------------   ------------------

     Total net revenues                               $           312,312  $           845,240  $         1,157,552
                                                       ==================   ==================   ==================

Operating expenses and operating expenses -
    affiliated                                        $           125,854  $           283,677  $           409,531
Loss on disposal of assets                                         46,351              131,504              177,855
Interest expense                                                   84,949              182,959              267,908
Management fees                                                    15,561               49,873               65,434
Real estate taxes                                                  16,662              104,203              120,865
Depreciation and amortization                                      53,426              187,793              241,219
                                                       ------------------   ------------------   ------------------

     Total expenses                                               342,803              940,009            1,282,812
                                                       ==================   ==================   ==================

     Net loss                                         $           (30,491) $           (94,769) $          (125,260)
                                                       ==================   ==================   ==================

</TABLE>


                                       10


<PAGE>



9.        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, 2001 and 2000 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,
                                                              -----------------------------------------------------
                                                                        2001                         2000
                                                              ------------------------     ------------------------
<S>                                                         <C>                          <C>
NET REVENUES
------------
Total revenues for reportable segments                      $                1,270,654   $                1,157,552
Other income for Partnership                                                   (29,290)                     (88,836)
Eliminations                                                                    41,768                      123,861
                                                              ------------------------     ------------------------

     Total consolidated net revenues                        $                1,283,132   $                1,192,577
                                                              ========================     ========================

INTEREST EXPENSE
----------------
Interest expense for reportable segments                    $                  289,725   $                  267,908
Interest expense for Partnership                                                 5,091                        5,091
                                                              ------------------------     ------------------------

     Total interest expense                                 $                  294,816   $                  272,999
                                                              ========================     ========================

DEPRECIATION AND AMORTIZATION
-----------------------------
Total depreciation and amortization for reportable
  segments                                                  $                  281,249   $                  241,219
Depreciation and amortization for Partnership                                    4,655                        4,875
Eliminations                                                                     7,746                        7,746
                                                              ------------------------     ------------------------

     Total depreciation and amortization                    $                  293,650   $                  253,840
                                                              ========================     ========================

NET INCOME (LOSS)
-----------------
Total net income (loss) for reportable segments             $                    1,078   $                 (125,260)
Net loss for Partnership                                                      (106,542)                    (166,296)
Minority interest for Partnership                                               12,425                       27,965
Eliminations                                                                    44,691                      116,115
                                                              ------------------------     ------------------------

     Total net loss                                         $                  (48,348)  $                 (147,476)
                                                              ========================     ========================

</TABLE>


                                       11


<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  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 and joint ventures. 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.   Management's   analysis  should  be  read  in  conjunction  with  the
Consolidated 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 Management's Discussion and Analysis
of Financial  Condition and Results of Operations,  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.


                                       12


<PAGE>



Minority Interest
-----------------

The Emerging Issues Tasks 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 Notes to Consolidated 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. The  Partnership  now uses the equity method to account for
its joint venture  investment  for the three months  ending March 31, 2001.  The
Partnership has applied the consensus to all comparative  financial  statements,
restating  them to conform with the  consensus  for all periods  presented.  The
application  of this  consensus  did not result in a  restatement  of previously
reported  partners'  equity or net  results of  operations,  but did result in a
recharacterization or reclassification of certain financial statements' captions
and amounts.

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

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

<TABLE>

                                                                                    Three Months Ended March 31,
                                                                            --------------------------------------------
                                                                                  2001(1)                   2000
                                                                            --------------------     -------------------
<S>                                                                                 <C>                      <C>
Wholly-Owned Properties
-----------------------

Commonwealth Business Center Phase II (2)                                           73%                      88%

Property Owned in Joint Venture with NTS-Properties IV
------------------------------------------------------
(Ownership % at March 31, 2001)
-------------------------------

The Willows of Plainview Phase II (90.30%) (2)                                      86%                      91%

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

Lakeshore Business Center Phase I (3)                                               85%                      76%
Lakeshore Business Center Phase II (2) (3)                                          78%                      79%
Lakeshore Business Center Phase III (4)                                             28%                      N/A

</TABLE>


(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 without additional financing.
     Construction of Lakeshore Business Center Phase III commenced December 1999
     and occupancy was certified November 2000.
(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 81.19% as of March 31, 2001 and 79.45% as of March
     31, 2000.
(4)  Ownership percentage was 81.19% as of March 31, 2001 and 79.45% as of March
     31, 2000.  Construction  of Lakeshore  Business  Center Phase III commenced
     December 1999 and occupancy was certified November 2000.


                                       13


<PAGE>


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

The average occupancy levels at the Partnership's  properties and joint ventures
during the three months ended March 31 were as follows:


<TABLE>

                                                                                    Three Months Ended March 31,
                                                                            --------------------------------------------
                                                                                    2001                    2000
                                                                            --------------------     -------------------
<S>                                                                                 <C>                      <C>
Wholly-Owned Properties
-----------------------

Commonwealth Business Center  Phase II (1)                                          59%                      87%

Property Owned in Joint Venture with NTS-Properties IV
------------------------------------------------------
(Ownership % at March 31, 2001)
-------------------------------

The Willows of Plainview Phase II (90.30%) (1)                                      88%                      89%

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

Lakeshore Business Center Phase I  (2)                                              84%                      76%
Lakeshore Business Center Phase II (2)                                              78%                      78%
Lakeshore Business Center Phase III (3)                                             22%                      N/A

</TABLE>

(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 81.19% for the three months ended March 31, 2001
     and 79.45% for the three months ended March 31, 2000.
(3)  Ownership  percentage  was 81.19% for the three months ended March 31, 2001
     and 79.45% for the three  months  ended  March 31,  2000.  Construction  of
     Lakeshore  Business Center Phase III commenced  December 1999 and occupancy
     was certified November 2000.

Rental and other income  generated  by the  Partnership's  properties  and joint
ventures for the three months ended March 31, 2001 and 2000 were as follows:

<TABLE>

                                                                                    Three Months Ended March 31,
                                                                                 ----------------------------------
                                                                                      2001               2000
                                                                                 ---------------   ----------------
<S>                                                                             <C>               <C>
Wholly-Owned Properties
-----------------------

Commonwealth Business Center Phase II                                           $        153,802  $         164,571

Property Owned in Joint Venture with NTS-Properties IV
------------------------------------------------------
(Ownership % at March 31, 2001)
-------------------------------

The Willows of Plainview Phase II (90.30%)                                      $        319,958  $         312,312

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

Lakeshore Business Center Phase I (1)                                           $        391,759  $         343,255
Lakeshore Business Center Phase II (1)                                          $        350,325  $         337,413
Lakeshore Business Center Phase III (2)                                         $         54,811                N/A

</TABLE>

(1)  Represents  ownership percentage of 81.19% for the three months ended March
     31, 2001 and 79.45% for the three months ended March 31, 2000.
(2)  Ownership  percentage  was 81.19% for the three months ended March 31, 2001
     and 79.45% for the three  months  ended  March 31,  2000.  Construction  of
     Lakeshore  Business Center Phase III commenced  December 1999 and occupancy
     was certified November 2000.


                                       14


<PAGE>



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

The following is an analysis of material  changes in results of  operations  for
the periods  ending March 31, 2001 and 2000.  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  $113,000,  or 10%, for the three months
ended March 31,  2001,  as compared to the same period in 2000.  The increase is
primarily a result of increased average  occupancy at Lakeshore  Business Center
Phases I and III.

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.

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
ended  March 31,  2001 or 2000.  As of March 31,  2001 no action is being  taken
against any tenants to collect funds through the remedies discussed above.

Interest and other income decreased approximately $22,000, or 53%, for the three
months ended March 31, 2001,  as compared to the same period in 2000,  primarily
as a result of a decrease in cash reserves  available for investment as a result
of funds used for the construction of Lakeshore Business Center Phase III.

Operating expenses increased approximately $93,000, or 35%, for the three months
ended March 31, 2001,  as compared to the same period in 2000,  primarily as the
result of increased insurance expense and exterior repairs at Lakeshore Business
Center Phases I, II and III. Partially  offsetting the increase is a decrease in
janitorial services at Commonwealth Business Center Phase II.

The 2001 and 2000 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 2001  retirements  are the  result  of  exterior  lighting
replacements at The Willows of Plainview Phase II. The 2000  retirements are the
result of common area improvements at Lakeshore Business Center Phases I and II,
and  exterior  renovations  at The  Willows  of  Plainview  Phase  II.  The loss
represents  the cost to retire  assets which were not fully  depreciated  at the
time of replacement.

Interest expense increased  approximately  $22,000,  or 8%, for the three months
ended March 31,  2001,  as compared to the same period in 2000,  primarily  as a
result of funds drawn on the Lakeshore  Business  Center Phase III  construction
loan closed  September  8, 2000.  The  increase is  partially  offset by regular
principal  payments  on the  debt  of The  Willows  of  Plainview  Phase  II and
Lakeshore Business Center Phases I and II.


                                       15


<PAGE>



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

Depreciation and amortization  increased  approximately $40,000, or 16%, for the
three  months  ended  March 31,  2001,  as  compared to the same period in 2000,
primarily as a result of the Lakeshore  Business  Center Phase III  construction
completed  in  November  2000  resulting  in  building  and  land   improvements
capitalized in December 2000. The aggregate cost of the Partnership's properties
for federal tax purposes is approximately $40,569,924.

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.  There  may be
significant  demands  on  future  liquidity  due to the  lease  up of  Lakeshore
Business  Center Phase 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):

<TABLE>

                                                                                  Three Months Ended March 31,
                                                                   -----------------------------------------------------------
                                                                              2001                            2000
                                                                   ---------------------------     ---------------------------
<S>                                                             <C>                             <C>
Operating activities                                            $                      241,430  $                      583,643
Investing activities                                                                  (195,234)                       (673,433)
Financing activities                                                                   (42,806)                       (244,354)
                                                                   ---------------------------     ---------------------------

     Net increase (decrease) in cash and equivalents            $                        3,390  $                     (334,144)
                                                                   ===========================     ===========================

</TABLE>


Net cash provided by operating activities decreased  approximately  $342,000, or
59%, for the three  months ended March 31, 2001,  as compared to the same period
in 2000.  This  decrease  was  primarily  driven by a decrease in net  operating
results before  non-cash items and a increase in accounts  receivable  partially
offset by a decrease in accounts payable.

Net cash used in investing activities decreased  approximately  $478,000 for the
three months ended March 31, 2001,  as compared to the same period in 2000.  The
decrease is the result of decreased capital expenditures  primarily at Lakeshore
Business Center Phase III.

Net cash used in financing activities decreased  approximately  $201,000 for the
three  months  ended  March 31,  2001,  as  compared to the same period in 2000,
primarily as a result of funds drawn on the Lakeshore  Business Center Phase III
loan which closed September 8, 2000.

Due to the fact that no  distributions  were paid during the three  months ended
March  31,  2001  or  2000,  the  table  which  presents  that  portion  of  the
distribution  that  represents  a return  of  capital  on a GAAP  basis has been
omitted.


                                       16


<PAGE>



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

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  at the  Partnership's  commercial  properties.
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,   cash  reserves  or  additional  financing  where
necessary.

As  of  March  31,  2001,  the  L/U  II  Joint  Venture  has  a  commitment  for
approximately  $76,000 for tenant improvements on 8,139 square feet at Lakeshore
Business Center Phase I. The tenant improvements will be funded from cash flows.

The L/U II Joint  Venture  anticipates  replacing the roofs in 2001 at Lakeshore
Business Center Phase I for a cost of approximately $400,000.

The  Partnership  has no other material  commitments  for renovations or capital
improvements as of March 31, 2001.

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.


                                       17


<PAGE>



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

Our primary market risk exposure with regard to financial instruments is changes
in interest rates. All of the Partnership's  debt bears interest at a fixed rate
with the  exception of the  $1,484,988  mortgage  payable on Lakeshore  Business
Center Phase III and the $34,862 and $3,442 mortgages  payable on The Willows of
Plainview  Phase II. At March 31, 2001, a hypothetical  100 basis point increase
in interest rates would result in an approximate  $508,000  decrease in the fair
value of the debt and would  increase  interest  expense  on the  variable  rate
mortgages by approximately $15,000 for the year.









                                       18


<PAGE>



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

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

                  Not applicable.

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

                  Not applicable.

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

                  Not applicable.

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

                  Not applicable.

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

                  Not applicable.

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

                  a)       Reports on Form 8-K:

                           Not applicable.


                                       19


<PAGE>


                                   SIGNATURES
                                   ----------

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


                                                    NTS-PROPERTIES 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 15, 2001


                                       20