UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

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FORM 10-Q

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

For the quarterly period ended June 30, 2002

OR

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

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Commission File Number 0-13400

NTS-PROPERTIES V,
A MARYLAND LIMITED PARTNERSHIP

Incorporated pursuant to the Laws of the State of Maryland

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Internal Revenue Service - Employer Identification No. 61-1051452

10172 Linn Station Road, Louisville, Kentucky 40223

(502) 426-4800

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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 (or for such  shorter  period  that the  registrant  was  required to file such
reports) and (2) has been subject to such filing requirements for the past 90 days.               Yes |X|      No  |   |

TABLE OF CONTENTS

PART I

|        |  |                                                                |  |      
|------- |  | -------------------------------------------------------------- |  | -----
|        |  |                                                                |  | Pages
|       
|Item 1. |  | Financial Statements                                          
|       
|        |  | Consolidated Balance Sheets as of June 30, 2002                |  |      
|        |  | and December 31, 2001                                          |  | 3    
|       
|        |  | Consolidated Statement of Partners' Equity as of June 30, 2002 |  | 3    
|       
|        |  | Consolidated Statements of Operations for the Three Months     |  |      
|        |  | and Six Months Ended June 30, 2002 and 2001                    |  | 4    
|       
|        |  | Consolidated Statements of Cash Flows for the Six Months       |  |      
|        |  | Ended June 30, 2002 and 2001                                   |  | 5    
|       
|        |  | Notes to Consolidated Financial Statements                     |  | 6-14 
|       
|Item 2. |  | Management's Discussion and Analysis of Financial              |  |      
|        |  | Condition and Results of Operations                            |  | 15-22
|       
|Item 3. |  | Quantitative and Qualitative Disclosures About Market Risk     |  | 22   
|       

PART II

|           |  |                                                     |  |   
|---------- |  | --------------------------------------------------- |  | --
|          
|Item 1.    |  | Legal Proceedings                                   |  | 23
|          
|Item 2.    |  | Changes in Securities                               |  | 23
|          
|Item 3.    |  | Defaults Upon Senior Securities                     |  | 23
|          
|Item 4.    |  | Submission of Matters to a Vote of Security Holders |  | 23
|          
|Item 5.    |  | Other Information                                   |  | 23
|          
|Item 6.    |  | Exhibits and Reports on Form 8-K                    |  | 23
|          
|Signatures |  |                                                     |  | 24

2

PART I - FINANCIAL INFORMATION
Item 1 - Financial Statements

NTS-PROPERTIES V,
A MARYLAND LIMITED PARTNERSHIP
CONSOLIDATED BALANCE SHEETS

`As of                       As of
                                                                    June 30,                  December 31,
                                                                      2002                       2001*
                                                              --------------------        --------------------
                                                                   (UNAUDITED)
ASSETS
------
Cash and equivalents                                        $              141,463      $              682,448
Cash and equivalents - restricted                                          286,906                     120,424
Accounts receivable, net of allowance for doubtful
  accounts of $13,841 at June 30, 2002 and $0 at
  December 31, 2001                                                        314,965                     237,700
Land, buildings and amenities, net                                      21,273,579                  21,435,471
Other assets                                                               818,072                     792,410
                                                              --------------------        --------------------

      TOTAL ASSETS                                          $           22,834,985      $           23,268,453
                                                              ====================        ====================

LIABILITIES AND PARTNERS' EQUITY
--------------------------------
Mortgages and notes payable                                 $           13,325,223      $           13,792,816
Accounts payable                                                           522,506                     586,621
Security deposits                                                          204,529                     214,132
Other liabilities                                                          422,131                     117,440
                                                              --------------------        --------------------

      TOTAL LIABILITIES                                                 14,474,389                  14,711,009

MINORITY INTEREST                                                          954,255                     879,371

COMMITMENTS AND CONTINGENCIES (Note 10)

PARTNERS' EQUITY                                                         7,406,341                   7,678,073
                                                              --------------------        --------------------

TOTAL LIABILITIES AND PARTNERS' EQUITY                      $           22,834,985      $           23,268,453
                                                              ====================        ====================`

STATEMENT OF PARTNERS' EQUITY
(UNAUDITED)

`Limited              General
                                                      Partners              Partner                Total
                                                 -------------------   ------------------    -----------------
PARTNERS' EQUITY/(DEFICIT)
--------------------------
Capital contributions, net of offering costs   $          30,582,037  $               100    $      30,582,137
Net (loss) income - prior years                           (5,121,151)              62,069           (5,059,082)
Net loss - current year                                     (269,015)              (2,717)            (271,732)
Cash distributions declared to date                      (16,641,480)            (168,177)         (16,809,657)
Repurchase of limited partnership Interests               (1,035,325)                  --           (1,035,325)
                                                 -------------------    -----------------      ---------------

BALANCES AT JUNE 30, 2002                      $           7,515,066  $          (108,725)   $       7,406,341
                                                 ===================    =================      ===============`

*     Reference is made to the audited financial statements in the Form 10-K as filed with the Securities and Exchange
       Commission on April 1, 2002.

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

3

NTS PROPERTIES V,
A MARYLAND LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

`Three Months Ended             Six Months Ended
                                                         June 30,                      June 30,
                                               ----------------------------  -----------------------------
                                                   2002           2001           2002            2001
                                               -------------  -------------  -------------   -------------
REVENUES
--------
Rental income                                 $    1,251,855 $    1,243,219 $    2,513,672  $    2,506,548
Interest and other income                              1,691         16,098         21,363          35,900
Gain on sale of assets                                   280             --            280              --
                                               -------------  -------------  -------------   -------------

     TOTAL REVENUES                                1,253,826      1,259,317      2,535,315       2,542,448
                                               -------------  -------------  -------------   -------------

EXPENSES
--------
Operating expenses                                   342,937        401,451        687,295         753,813
Operating expenses - affiliated                      166,688        176,464        349,126         317,141
Loss on disposal of assets                            55,372             --         55,372           2,518
Interest expense                                     258,699        288,342        522,488         583,158
Management fees                                       69,294         72,079        141,975         141,670
Real estate taxes                                    126,416        130,378        252,833         260,083
Professional and administrative expenses              33,936         30,649         77,053          59,696
Professional and administrative expenses -
  affiliated                                          39,305         45,030         81,907          76,569
Depreciation and amortization                        331,304        300,838        668,348         594,487
                                               -------------  -------------  -------------   -------------

     TOTAL EXPENSES                                1,423,951      1,445,231      2,836,397       2,789,135
                                               -------------  -------------  -------------   -------------

Loss before minority interest                       (170,125)      (185,914)      (301,082)       (246,687)
Minority interest                                    (15,663)       (17,911)       (29,350)        (30,336)
                                               -------------  -------------  -------------   -------------

Net loss                                      $     (154,462)$     (168,003)$     (271,732) $     (216,351)
                                               =============  =============  =============   =============

Net loss allocated to the limited partners    $     (152,917)$     (166,323)$     (269,015) $     (214,187)
                                               =============  =============  =============   =============

Net loss per limited partnership Interest     $        (5.01)$        (5.45)$        (8.81) $        (7.02)
                                               =============  =============  =============   =============

Weighted average number of limited
  partnership Interests                               30,521         30,521         30,521          30,521
                                               =============  =============  =============   =============`

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

4

NTS-PROPERTIES V,
A MARYLAND LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)

`Six Months Ended
                                                                                  June 30,
                                                               ----------------------------------------------
                                                                      2002                       2001
                                                               -------------------        -------------------
CASH FLOWS FROM OPERATING ACTIVITIES
------------------------------------
Net loss                                                     $            (271,732)     $            (216,351)
Adjustments to reconcile net loss to net cash
  provided by operating activities:
    Provision for doubtful accounts                                         14,002                         --
    Write-off of uncollectible accounts receivable                            (161)                        --
    Loss on disposal of assets                                              55,372                      2,518
    Gain on sale of assets                                                    (280)                        --
    Depreciation and amortization                                          791,201                    696,627
    Minority interest loss                                                 (29,350)                   (30,336)
    Changes in assets and liabilities:
      Cash and equivalents - restricted                                   (166,482)                  (238,110)
      Accounts receivable                                                  (91,106)                     7,989
      Other assets                                                        (153,551)                  (115,940)
      Accounts payable                                                     (64,115)                    (8,813)
      Security deposits                                                     (9,603)                   (13,004)
      Other liabilities                                                    304,691                    258,615
                                                               -------------------        -------------------

     Net cash provided by operating activities                             378,886                    343,195
                                                               -------------------        -------------------

CASH FLOWS FROM INVESTING ACTIVITIES
------------------------------------
Additions to land, buildings and amenities                                (556,792)                  (386,908)
Proceeds from sale of land, buildings and amenities                            280                         --
Investment in joint ventures by minority partners, net                     104,234                     42,116
                                                               -------------------        -------------------

     Net cash used in investing activities                                (452,278)                  (344,792)
                                                               -------------------        -------------------

CASH FLOWS FROM FINANCING ACTIVITIES
------------------------------------
Proceeds from mortgages and notes payable                                  136,332                  1,702,042
Principal payments on mortgages and notes payable                         (603,925)                (1,862,665)
Additions to loan costs                                                         --                     (1,350)
                                                               -------------------        -------------------

     Net cash used in financing activities                                (467,593)                  (161,973)
                                                               -------------------        -------------------

     Net decrease in cash and equivalents                                 (540,985)                  (163,570)

CASH AND EQUIVALENTS, beginning of period                                  682,448                  1,096,857
                                                               -------------------        -------------------

CASH AND EQUIVALENTS, end of period                          $             141,463      $             933,287
                                                               ===================        ===================

Interest paid on a cash basis                                $             498,798      $             560,468
                                                               ===================        ===================`

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

5

NTS-PROPERTIES V,
A MARYLAND LIMITED PARTNERSHIP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The unaudited consolidated financial statements included herein should be read in conjunction with
NTS-Properties V's (the "Partnership") 2001 Form 10-K as filed with the Securities and Exchange
Commission on April 1, 2002. In the opinion of the General Partner, all adjustments necessary for
a fair presentation have been made to the accompanying consolidated financial statements for the
three months and six months ended June 30, 2002 and 2001.

The consolidated financial statements include the accounts of all wholly-owned properties and
majority-owned joint ventures. Intercompany transactions and balances have been eliminated. As
used in this Form 10-Q the terms "we," "us" or "our," as the context requires, may refer to the
Partnership or its interests in this property and joint ventures.  Less than 50% owned joint ventures
are accounted for under the equity method.

The preparation of financial statements in accordance with accounting principles generally accepted
in the United States ("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.

We own and operate or have a joint venture investment in commercial properties in Louisville,
Kentucky and Ft. Lauderdale, Florida. We also have a joint venture investment in a residential
property in Louisville, Kentucky.

Our financial instruments that are exposed to concentrations of credit risk consist of cash and
equivalents.  We maintain our cash accounts primarily with banks located in Kentucky. The total
cash balances are insured by the FDIC up to $100,000 per bank account. We may at times, in certain
accounts, have deposits in excess of $100,000.

Cash and equivalents include cash on hand and short-term, highly liquid investments with initial
maturities of three months or less.  We have a cash management program which provides for the
overnight investment of excess cash balances. Per an agreement with a bank, excess cash is invested
in a repurchase agreement for U.S. government or agency securities on a nightly basis. As of June
30, 2002, approximately $26,000 of said investment was included in cash and cash equivalents.

6

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 with said mortgage companies.

Land, buildings and amenities are stated at historical cost, less accumulated depreciation. 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 our
properties for federal tax purposes is approximately $40,909,000.

Statement of Financial Accounting Standards ("SFAS") No. 144, "Accounting for the Impairment
or Disposal of Long-Lived Assets," became effective January 1, 2002, and specifies circumstances
in which certain long-lived assets must be reviewed for impairment. If such review indicates that 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 June 30, 2002 did not result in an impairment loss.

On May 10, 2002, ORIG, LLC, ("ORIG") an affiliate of ours, filed a tender offer with the Securities
and Exchange Commission, to purchase up to 2,000 of the limited partnership Interests at a price of
$230 per Interest as of the date of the tender offer.  Approximately $470,000 ($460,000 to purchase
2,000 Interests plus approximately $10,000 for expenses associated with the tender offer) is required
to purchase all 2,000 Interests.  If more than 2,000 Interests are tendered, ORIG may choose to
acquire the additional Interests on a pro rata basis.  Interests acquired by ORIG will be held by it.
The tender offer will expire on August 9, 2002 unless extended.  We are not participating in this
tender offer.

7

Mortgages and notes payable consist of the following:

`June 30,                 December 31,
                                                                2002                       2001
                                                         ------------------         ------------------
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.                          $        3,810,194         $        4,043,630

Mortgage payable to an insurance company, bearing
interest at a fixed rate of 8.125%, due August 1, 2008,
secured by land and buildings.                                    3,541,425                  3,758,395

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.                         2,577,446                  2,657,319

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.                         1,539,364                  1,587,068

Mortgage payable to a bank, bearing interest at a
variable rate based on LIBOR daily rate plus 2.3%,
currently 4.17%, due on September 8, 2003, secured
by land and a building.                                           1,840,607                  1,720,475

Note payable to a bank, bearing interest at the Prime
Rate, but not less than 6.0%, due April 5, 2003.  At
June 30, 2002, the interest rate was 6.0%.                           14,732                     23,599

Note payable to a bank, bearing interest at the Prime
Rate, but not less than 6.0%, due April 5, 2003.  At
June 30, 2002, the interests rate was 6.0%.                           1,455                      2,330
                                                          -----------------          -----------------

                                                         $       13,325,223         $       13,792,816
                                                          =================          =================`

As of June 30, 2002, the fair value of long-term debt is approximately $13,600,000, based on the
borrowing rates currently available to us for mortgages and notes with similar terms and average
maturities.

Pursuant to an agreement with us, NTS Development Company, an affiliate of our General Partner,
receives property management fees on a monthly basis. The fees are paid in an amount equal to 5%
of the gross revenues from our residential property and 6% of the gross revenues from our
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

We were charged the following amounts from NTS Development Company for the six months ended
June 30, 2002 and 2001. These charges include items which have been expensed as operating
expenses - affiliated or professional and administrative expenses - affiliated and items which have
been capitalized as other assets or as land, buildings and amenities.

`Six Months Ended
                                                                          June 30,
                                                         -------------------------------------------
                                                                2002                    2001
                                                         ------------------      -------------------

Property management fees                              $             141,975    $             141,670
                                                         ------------------      -------------------

Property management                                                 229,844                  181,603
Leasing                                                              72,813                   90,906
Administrative - operating                                           45,989                   43,912
Other                                                                   480                      720
                                                         ------------------      -------------------

     Total operating expenses - affiliated                          349,126                  317,141
                                                         ------------------      -------------------

Professional and administrative expenses - affiliated                81,907                   76,569
                                                         ------------------      -------------------

Repairs and maintenance fee                                          25,910                   18,579
Leasing commissions                                                  76,151                   62,672
Construction management                                               6,060                       --
                                                         ------------------      -------------------

     Total related party transactions capitalized                   108,121                   81,251
                                                         ------------------      -------------------

Total related party transactions                      $             681,129    $             616,631
                                                         ==================      ===================`

We, as an owner of real estate, are subject to various environmental laws of federal, state and local
governments. Compliance by us with existing laws has not had a material adverse effect on our
financial condition or results of operations. However, we cannot predict the impact of new or
changed laws or regulations on our current properties or properties that we may acquire in the future.

On December 12, 2001, three individuals filed an action in the Superior Court of the State of
California for the County of Contra Costa against our General Partner, the general partners of four
public partnerships affiliated with us and several individuals and entities affiliated with us.  The
action purports to bring claims on behalf of a class of limited partners based on, among other things,
tender offers made by the public partnership and an affiliate of our General Partner.  The plaintiffs
allege, among other things, that the prices at which Interests were purchased in these tender offers
were too low.  The plaintiffs are seeking monetary damages and equitable relief, including an order
directing the disposition of the properties owned by the public partnerships and the proceeds
distributed.  Our General Partner believes that this action is without merit, and is vigorously
defending it.  No amounts have been accrued as a liability for this action in our financial statements
at June 30, 2002.  Under an indemnification agreement with our General Partner, we are responsible
for the costs of the defense of this action.  During the six months ended June 30, 2002, our share of
these legal costs was approximately $25,000, which was expensed.

9

We do not believe there is any other litigation threatened against us 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 effect on our financial position or results of operations
except as discussed herein.  However, due to the event on September 11, 2001, affecting the
insurance industry, we are unable to determine at what price we will be able to renew our insurance
coverage when the current policies expire in September 2002, or if the coverage available will be
adequate.

Our reportable operating segments include Residential and Commercial Real Estate Operations. The
residential operations represent our ownership and operating results relative to an apartment
community known as The Willows of Plainview Phase II. The commercial operations represent our
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 our management internally reports financial
information for the purposes of assisting in making internal operating decisions. Our management
evaluates performance based on stand-alone operating segment net income.

10

`Three Months Ended June 30, 2002
                                        ---------------------------------------------------------

                                           Residential         Commercial             Total
                                        ------------------  -----------------   -----------------
Rental income                          $           298,004 $          953,851  $        1,251,855
Interest and other income                              108              1,024               1,132
Gain on sale of assets                                 280                 --                 280
                                        ------------------  -----------------   -----------------

     Total net revenues                $           298,392 $          954,875  $        1,253,267
                                        ==================  =================   =================

Operating expenses and operating
  expenses -affiliated                 $           148,864 $          358,661  $          507,525
Loss on disposal of assets                          55,372                 --              55,372
Interest expense                                    75,262            178,346             253,608
Management fees                                     15,591             53,703              69,294
Real estate taxes                                   16,333            110,083             126,416
Depreciation and amortization                       55,807            270,842             326,649
                                        ------------------  -----------------   -----------------

     Total expenses                                367,229            971,635           1,338,864
                                        ==================  =================   =================

     Net loss                          $           (68,837)$          (16,760) $          (85,597)
                                        ==================  =================   =================`

`Three Months Ended June 30, 2001
                                        ---------------------------------------------------------

                                           Residential         Commercial             Total
                                        ------------------  -----------------   -----------------
Rental income                          $           304,955 $          938,264  $        1,243,219
Interest and other income                            3,509              2,995               6,504
                                        ------------------  -----------------   -----------------

     Total net revenues                $           308,464 $          941,259  $        1,249,723
                                        ==================  =================   =================

Operating expenses and operating
  expenses - affiliated                $           184,540 $          393,375  $          577,915
Interest expense                                    79,894            203,357             283,251
Management fees                                     15,397             56,682              72,079
Real estate taxes                                   16,425            113,953             130,378
Depreciation and amortization                       55,103            241,080             296,183
                                        ------------------  -----------------   -----------------

     Total expenses                                351,359          1,008,447           1,359,806
                                        ==================  =================   =================

     Net loss                          $           (42,895)$          (67,188) $         (110,083)
                                        ==================  =================   =================`

11

`Six Months Ended June 30, 2002
                                        ---------------------------------------------------------

                                           Residential         Commercial             Total
                                        ------------------  -----------------   -----------------
Rental income                          $           582,584 $        1,931,088  $        2,513,672
Interest and other income                              924             18,424              19,348
Gain on sale of assets                                 280                 --                 280
                                        ------------------  -----------------   -----------------

     Total net revenues                $           583,788 $        1,949,512  $        2,533,300
                                        ==================  =================   =================

Operating expenses and operating
  expenses -affiliated                 $           298,612 $          737,709  $        1,036,321
Loss on disposal of assets                          55,372                 --              55,372
Interest expense                                   151,743            360,564             512,307
Management fees                                     30,168            111,807             141,975
Real estate taxes                                   32,667            220,166             252,833
Depreciation and amortization                      111,329            547,711             659,040
                                        ------------------  -----------------   -----------------

     Total expenses                                679,891          1,977,957           2,657,848
                                        ==================  =================   =================

     Net loss                          $           (96,103)$          (28,445) $         (124,548)
                                        ==================  =================   =================`

`Six Months Ended June 30, 2001
                                        ---------------------------------------------------------

                                           Residential         Commercial             Total
                                        ------------------  -----------------   -----------------
Rental income                          $           624,639 $        1,881,909  $        2,506,548
Interest and other income                            3,783             10,046              13,829
                                        ------------------  -----------------   -----------------

     Total net revenues                $           628,422 $        1,891,955  $        2,520,377
                                        ==================  =================   =================

Operating expenses and operating
  expenses - affiliated                $           309,883 $          761,071  $        1,070,954
Loss on disposal of assets                           2,518                 --               2,518
Interest expense                                   160,450            412,527             572,977
Management fees                                     31,087            110,583             141,670
Real estate taxes                                   32,850            227,233             260,083
Depreciation and amortization                      110,033            475,146             585,179
                                        ------------------  -----------------   -----------------

     Total expenses                                646,821          1,986,560           2,633,381
                                        ==================  =================   =================

     Net loss                          $           (18,399)$          (94,605) $         (113,004)
                                        ==================  =================   =================`

12

A reconciliation of the totals reported for the operating segments to the applicable line items in the
consolidated financial statements for the three months and six months ended June 30, 2002 and 2001
is necessary given amounts recorded at the Partnership level and not allocated to the operating
properties for internal reporting purposes.

`Three Months Ended
                                                                          June 30,
                                                         -------------------------------------------
                                                                2002                    2001
                                                         ------------------      -------------------
NET REVENUES
------------
Total revenues for reportable segments                $           1,253,267    $           1,249,723
Other income for Partnership                                            559                    9,594
                                                         ------------------      -------------------

     Total consolidated net revenues                  $           1,253,826    $           1,259,317
                                                         ==================      ===================

OPERATING EXPENSES
------------------
Operating expenses for reportable segments            $             507,525    $             577,915
Operating expenses for Partnership                                    2,100                       --
                                                         ------------------      -------------------

     Total operating expenses                         $             509,625    $             577,915
                                                         ==================      ===================

INTEREST EXPENSE
----------------
Interest expense for reportable segments              $             253,608    $             283,251
Interest expense for Partnership                                      5,091                    5,091
                                                         ------------------      -------------------

     Total interest expense                           $             258,699    $             288,342
                                                         ==================      ===================

DEPRECIATION AND AMORTIZATION
-----------------------------
Total depreciation and amortization for
  reportable segments                                 $             326,649    $             296,183
Depreciation and amortization for Partnership                         4,655                    4,655
                                                         ------------------      -------------------

     Total depreciation and amortization              $             331,304    $             300,838
                                                         ==================      ===================

NET LOSS
--------
Total net loss for reportable segments                $             (85,597)   $            (110,083)
Net loss for Partnership                                            (84,528)                 (75,831)
Minority interest                                                    15,663                   17,911
                                                         ------------------      -------------------

     Total net loss                                   $            (154,462)   $            (168,003)
                                                         ==================      ===================`

13

`Six Months Ended
                                                                          June 30,
                                                         -------------------------------------------
                                                                2002                    2001
                                                         ------------------      -------------------
NET REVENUES
------------
Total revenues for reportable segments                $           2,533,300    $           2,520,377
Other income for Partnership                                          2,015                   22,071
                                                         ------------------      -------------------

     Total consolidated net revenues                  $           2,535,315    $           2,542,448
                                                         ==================      ===================

OPERATING EXPENSES
------------------
Operating expenses for reportable segments            $           1,036,321    $           1,070,954
Operating expenses for Partnership                                      100                       --
                                                         ------------------      -------------------

     Total operating expenses                         $           1,036,421    $           1,070,954
                                                         ==================      ===================

INTEREST EXPENSE
----------------
Interest expense for reportable segments              $             512,307    $             572,977
Interest expense for Partnership                                     10,181                   10,181
                                                         ------------------      -------------------

     Total interest expense                           $             522,488    $             583,158
                                                         ==================      ===================

DEPRECIATION AND AMORTIZATION
-----------------------------
Total depreciation and amortization for
  reportable segments                                 $             659,040    $             585,179
Depreciation and amortization for Partnership                         9,308                    9,308
                                                         ------------------      -------------------

     Total depreciation and amortization              $             668,348    $             594,487
                                                         ==================      ===================

NET LOSS
--------
Total net loss for reportable segments                $            (124,548)   $            (113,004)
Net loss for Partnership                                           (176,534)                (133,683)
Minority interest                                                    29,350                   30,336
                                                         ------------------      -------------------

     Total net loss                                   $            (271,732)   $            (216,351)
                                                         ==================      ===================`

On July 16, 2002, we were approved for an $800,000 mortgage payable, bearing interest at a variable
rate based on the one-month LIBOR rate plus 2.75%, secured by Commonwealth Business Center
II.  The proceeds of this loan will be used for capital additions and repairs.

On July 31, 2002, ORIG, LLC, ("ORIG") an affiliate of ours, filed an amendment to the May 10,
2002 tender offer filing.  The amendment extended the tender offer expiration date from August 9,
2002 to September 9, 2002.

14

Management's Discussion and Analysis of Financial Condition and Results of Operations
("MD&A") should be read in conjunction with the Consolidated Financial Statements in Item 1 and
the Cautionary Statements below.

A critical accounting policy, for our business, is the assumption that our properties' occupancy will
remain at a level which provides for debt payments and adequate working capital, currently and in
the future.  If occupancy were to fall below that level and remain at or below that level for a
significant period of time, then our ability to make payments  due under our debt agreements and to
continue paying daily operational costs would be greatly affected.  This would result in the
impairment of the respective properties' assets in accordance with Statement of Financial
Accounting Standards ("SFAS") No. 144, "Accounting for the Impairment or Disposal of Long-
Lived Assets."

Some of the statements included in this Item 2 may be considered "forward-looking statements"
since such statements relate to matters which have not yet occurred. For example, phrases such as
"we anticipate," "believe" or "expect," indicate that it is possible that the event anticipated, believed
or expected may not occur. Should such event not occur, then the result which we expected also may
not occur or occur in a different manner, which may be more or less favorable to us. We do 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 the MD&A section, 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 us pursuant to the safe harbor established by recent securities legislation
should be evaluated in the context of these factors.

Our liquidity, capital resources and results of operations are subject to a number of risks and
uncertainties including, but not limited to the following:

- our ability to achieve planned revenues;
- our ability to make payments due under our debt agreements;
- our ability 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 our
business strategy;

15

- trends in the economy as a whole which may affect consumer confidence and
demand for the types of rental property held by us;
- our ability to predict the demand for specific rental properties;
- our ability to attract and retain tenants;
- availability and costs of management and labor employed;
- real estate occupancy and development costs, including the substantial fixed
investment costs associated with renovations necessary to obtain new tenants and
retain existing tenants;
- the risk of a major commercial tenant defaulting on its lease due to risks generally
associated with real estate, many of which are beyond our control, including general
or local economic conditions, competition, interest rates, real estate tax rates, other
operating expenses and acts of God; and
- the risk of revised zoning laws, taxes and utilities regulations as well as municipal
mergers of local governmental entities.

The occupancy levels at our properties and joint ventures as of June 30, 2002 and 2001 were as
follows:

`Six Months Ended
                                                                             June 30,
                                                           --------------------------------------------
                                                                  2002                     2001
                                                           -------------------      -------------------
Wholly-Owned Properties
-----------------------

Commonwealth Business Center Phase II (1) (2)                      76%                      81%

Property Owned in Joint Venture with NTS-Properties
---------------------------------------------------
IV (Ownership % at June 30, 2002)
---------------------------------

The Willows of Plainview Phase II (90.30%) (1) (2)                 83%                      85%

Properties Owned through Lakeshore/University II
------------------------------------------------
Joint Venture (L/U II Joint Venture) (Ownership % at
----------------------------------------------------
June 30, 2002)
--------------

Lakeshore Business Center Phase I (81.19%) (1)                     83%                      79%
Lakeshore Business Center Phase II (81.19%) (1)                    87%                      84%
Lakeshore Business Center Phase III (81.19%) (3)                   37%                      28%`

1. Current occupancy levels are considered adequate to continue the operation of our properties.
2. In our opinion, the decrease in period ending occupancy is only a temporary fluctuation and does not represent a
permanent downward occupancy trend.
3. We expect occupancy levels to stabilize near those of Phases I and II over the next two years, as Phase III completes
its lease up phase of operations.

16

The average occupancy levels at our properties and joint ventures during the three months and six
months ended June 30, 2002 and 2001 were as follows:

`Three Months Ended               Six Months Ended
                                                               June 30,                        June 30,
                                                      ---------------------------     ---------------------------
                                                         2002            2001            2002            2001
                                                      -----------     -----------     -----------     -----------
Wholly-Owned Properties
-----------------------

Commonwealth Business Center Phase II                     78%             78%             79%             69%

Properties Owned in Joint Venture with NTS-
-------------------------------------------
Properties IV (Ownership % at June 30, 2002)
--------------------------------------------

The Willows of Plainview Phase II (90.30%) (1)            81%             83%             80%             85%

Properties Owned Through Lakeshore/ University
----------------------------------------------
II  Joint Venture (L/U II Joint Venture)
----------------------------------------
(Ownership % at June 30, 2002)
------------------------------

Lakeshore Business Center Phase I (81.19%)                82%             80%             83%             82%
Lakeshore Business Center Phase II (81.19%)               87%             83%             86%             80%
Lakeshore Business Center Phase III (81.19%) (2)          37%             28%             36%             25%`

1. In our opinion, the decrease in average occupancy is only a temporary fluctuation and does not represent a
permanent downward occupancy trend.
2. We expect occupancy levels to stabilize near those of Phases I and II over the next two years.

Rental and other income generated by our properties and joint ventures for the three months and six
months ended June 30, 2002 and 2001 were as follows:

`Three Months Ended             Six Months Ended
                                                                June 30,                      June 30,
                                                        -------------------------    --------------------------
                                                           2002          2001           2002           2001
                                                        -----------   -----------    -----------    -----------
Wholly-Owned Properties
-----------------------

Commonwealth Business Center Phase II                   $   143,077   $   135,367    $   283,718    $    289,169

Property Owned in Joint Venture with NTS-
-----------------------------------------
Properties IV (Ownership % at June 30, 2002)
--------------------------------------------

The Willows of Plainview II (90.30%)                    $   298,392   $   308,464    $   583,788    $   628,422

Property Owned Through Lakeshore/University II
----------------------------------------------
Joint Venture (L/U II Joint Venture) (Ownership % at
----------------------------------------------------
June 30, 2002)
--------------

Lakeshore Business Center Phase I (81.19%)              $   400,985   $   386,108    $   810,002    $   777,867
Lakeshore Business Center Phase II (81.19%)             $   337,040   $   368,605    $   712,657    $   718,929
Lakeshore Business Center Phase III (81.19%)            $    73,773   $    51,179    $   143,135    $   105,990`

17

On June 25, 2002, NTS-Properties Plus Ltd. merged with ORIG, LLC, ("ORIG") an affiliate of our general partner.
ORIG is the surviving entity as a result of this merger.  NTS-Properties V continues to hold a 81.19% interest in
the Lakeshore/University II Joint Venture after the completion of the NTS-Properties Plus, Ltd./ORIG Merger. ORIG
now holds a 7.69% interest in the Lakeshore/University Joint Venture.

If there has not been a material change in an item from June 30, 2001 to June 30, 2002, we
have omitted any discussion concerning that item.

Other income decreased approximately $15,000, or 90%, and $15,000, or 41%, for the three months
and six months ended June 30, 2002, as compared to the same periods in 2001, primarily as a result
of a decrease in cash reserves available for investment as a result of funding the Lakeshore
University II Joint Venture capital contributions.

Operating expenses decreased approximately $59,000, or 15%, and $67,000, or 9%, for the three
months and six months ended June 30, 2002, as compared to the same periods in 2001, primarily as
the result of decreased landscaping expense at all of our properties.

Operating expenses - affiliated increased approximately $32,000, or 10%, for the six months ended
June 30, 2002, as compared to the same periods in 2001, primarily as a result of personnel changes
at Lakeshore Business Center Phases I, II, and III.  Operating expenses - affiliated are expenses for
services performed by employees of NTS Development Company, an affiliate of our General
Partner.  These employee services include property management, leasing, maintenance, security and
other services necessary to manage and operate the properties.

The loss on disposal of assets for 2002 and 2001 can be attributed to the retirement of assets at The
Willows of Plainview Phase II.  The 2002 retirements are primarily the result of clubhouse
renovations and the 2001 retirements are primarily the result of exterior lighting replacements.  The
loss represents the cost to retire assets, which were not fully depreciated at the time of replacement.

18

Interest expense decreased approximately $30,000, or 10%, and $61,000, or 10%, for the three
months and six months ended June 30, 2002, as compared to the same period in 2001.  The decrease
is primarily a result of a decrease in funds drawn on the Lakeshore Business Center Phase III
construction loan and continued principal payments on the debt of The Willows of Plainview Phase
II and Lakeshore Business Center Phases I and II.

Professional and administrative expenses increased approximately $17,000 or 29%, for the six
months ended June 30, 2002, as compared to the same period in 2001, primarily as a result of
increased legal and accounting fees.

Depreciation and amortization increased approximately $30,000, or 10%, and $74,000, or 12%,  for
the three months and six months ended June 30, 2002, as compared to the same periods in 2001,
primarily due to management's change in the estimated useful life of all of the roof assets at
Lakeshore Business Center Phase I.  The  estimated useful life was reduced from 30 years to 16.5
years in anticipation of replacing the roofs in 2002. The aggregate cost of the our properties for
federal tax purposes is approximately $40,909,000.

In the next 12 months, we expect the demand on future liquidity to increase as a result of replacing
the roofs at Lakeshore Business Center Phase I and 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 not certain. It is anticipated that the cash flow from operations and
cash reserves will be sufficient to meet most of our needs, while additional financing may be
required.

Cash flows provided by (used in):

`Six Months Ended
                                                                          June 30,
                                                        --------------------------------------------
                                                               2002                     2001
                                                        ------------------       -------------------
Operating activities                                 $             378,886     $             343,195
Investing activities                                              (452,278)                 (344,792)
Financing activities                                              (467,593)                 (161,973)
                                                        ------------------       -------------------

     Net decrease in cash and equivalents            $            (540,985)    $            (163,570)
                                                        ==================       ===================`

19

Net cash provided by operating activities increased approximately $36,000, or 10%,  for the six
months ended June 30, 2002, as compared to the same period in 2001. This increase was primarily
a result of an increase in depreciation and amortization, as well as the change in other liabilities,
partially offset by an increased net loss.

Net cash used in investing activities increased approximately $107,000, or 31%, for the six months
ended June 30, 2002 as compared to the same period in 2001. The increase is primarily the result of
increased capital expenditures, primarily for tenant improvements and clubhouse renovations at The
Willows of Plainview II.

Net cash used in financing activities increased approximately $306,000 for the six months ended
June 30, 2002, as compared to the same period in 2001, primarily as a result of a decrease of funds
drawn on the Lakeshore Business Center Phase III loan and continued principal payments on the
mortgages at Lakeshore Business Center Phases I and II and The Willows of Plainview Phase II.

Due to the fact that no distributions were paid during the six months ended June 30, 2002 or 2001,
the table which presents that portion of the distributions that represents a return of capital in
accordance with GAAP basis has been omitted.

We anticipate having to continue to fund the working capital deficit of the L/U II Joint Venture. Due
to the extended time necessary to lease the Lakeshore Business Center Phase III addition, it is
unknown at this time how much working capital we will need to fund the operations of the L/U II
Joint Venture.

Currently, our plans for renovations and other major capital expenditures include tenant
improvements at our properties as required by lease negotiations at our 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 June 30, 2002, we have a commitment for approximately $36,000 for tenant improvements
on 5,247 square feet at Lakeshore Business Center Phase I and approximately $79,000 for tenant
improvements on 29,756 square feet at Lakeshore Business Center Phase II. We also have a
commitment for approximately $57,000 for tenant improvements on 8,071 square feet at
Commonwealth Business Center II.  The tenant improvements will be funded in 2002 from
additional financing and existing working capital.

As of June 30, 2002 we anticipate making certain building improvements during 2002 totaling
approximately $235,000, which will be funded from additional financing and existing working
capital.  These improvements including replacing the roofs at Lakeshore Business Center Phase I
($200,000) and parking lot repairs and  HVAC replacements at Commonwealth Business Center II

20

($35,000).  Management reassessed the useful lives of the existing roofs at Lakeshore Business
Center Phase I and has adjusted them accordingly.

Future liquidity will be affected by increased insurance expense.  We have budgeted for an increase
of approximately 25% upon renewal of our policies in September 2002, as compared to 2001.

We have no other material commitments for renovations or capital improvements as of June 30,
2002.

The following describes the efforts being taken by us to increase the occupancy levels at our
properties. At Commonwealth Business Center Phase II, the leasing and renewal negotiations are
conducted 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,
manages the leasing and renewal negotiations at Lakeshore Business Center Phases I, II and III. At
The Willows of Plainview Phase II, we have an on-site leasing staff, who are employees of NTS
Development Company. The staff facilitates 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 our commercial properties provide for tenants to contribute toward the payment of
common area maintenance 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 our
operations from the impact of inflation and changing prices.

Our General Partner, along with the general partners of four other public limited partnerships
affiliated with us, is investigating a consolidation of us with other entities affiliated with us.  In
addition to these entities, the consolidation would likely involve several private partnerships and
other entities affiliated with us and our General Partner.  The new combined entity would own all
of the properties currently owned by the public limited partnerships, and the limited partners or other
owners of these entities would receive an ownership interest in the combined entity.  The number
of ownership interests to be received by limited partners and the other owners of the entities
participating in the consolidation would likely be determined based on the relative value of the assets
contributed to the combined entity by each public limited partnership, reduced by any indebtedness
assumed by the entity.  The majority of the contributed assets would consist of real estate properties,
whose relative values would be based on appraisals obtained at or near the consolidation date.  The
potential benefits of consolidating the entities include: reducing the administrative costs as a
percentage of assets and revenues by reducing the number of public entities; diversifying limited
partners' investments in real estate to include additional markets and types of properties; and
creating an asset base and capital structure that may enable greater access to the capital markets.
There are, however, also a number of potential adverse consequences such as, the expenses
associated with a consolidation and the fact that the duration of the new entity would likely exceed

21

our anticipated duration, and that the interests of our limited partners in the combined entity would
be smaller on a percentage basis than their interests in us.  Further, the new entity may adopt
investment and management policies that are different from those presently used by our General
Partner for us.  A consolidation also requires approval of our limited partners and owners of the other
proposed participants.  Accordingly, there is no assurance that the consolidation will occur.

Our primary market risk exposure with regard to financial instruments is changes in interest rates.
All of our debt bears interest at a fixed rate with the exception of the $1,840,607 mortgage payable
on Lakeshore Business Center Phase III and the $14,732 and $1,455 notes payable on The Willows
of Plainview Phase II.  At June 30, 2002, a hypothetical 100 basis point increase in interest rates
would result in an approximate $406,000 decrease in the fair value of the debt and would increase
interest expense on the variable rate mortgage and notes by approximately $18,000 annually.

22

Item 1 -  Legal Proceedings
None.

Item 2 -  Changes in Securities
None.

Item 3 -  Defaults Upon Senior Securities
None.

Item 4 -  Submission of Matters to a Vote of Security Holders
None.

Item 5 -  Other Information
None.

Item 6 - Exhibits and Reports on Form 8-K

a)   Exhibits:

99.1     Certification of Chief Executive Officer of the General Partner
      99.2     Certification of Chief Financial Officer of the General Partner

b)   Reports on Form 8-K:

Form 8-K was filed on May 29, 2002 to report in Item 4 that we have elected to change our
      independent public accountant. This Form 8-K was amended on June 12, 2002.

23

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,
|-----------------
|
|
|                 
|By:              
|                 
|                 
|                 
|                 
|                 
|                 
|                 

|/s/ Gregory A. Wells      
|--------------------------
|                          
|Gregory A. Wells          
|Senior Vice President and 
|Chief Financial Officer of
|NTS Capital Corporation   
|                          
|                          
|Date: August 14, 2002     

24