SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the quarter ended March 31, 1997 Commission file #0-8716
JMB INCOME PROPERTIES, LTD. - V
(Exact name of registrant as specified in its charter)
Illinois 36-2897158
(State of organization) (IRS Employer Identification No.)
900 N. Michigan Ave., Chicago, IL 60611
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code 312/915-1987
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
<PAGE>
TABLE OF CONTENTS
PART I FINANCIAL INFORMATION
Item 1. Financial Statements . . . . . . . . . . . . . . 3
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations. . 11
PART II OTHER INFORMATION
Item 5. Other Information. . . . . . . . . . . . . . . . 12
Item 6. Exhibits and Reports on Form 8-K . . . . . . . . 13
<PAGE>
<TABLE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
JMB INCOME PROPERTIES, LTD. - V
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE
CONSOLIDATED BALANCE SHEETS
MARCH 31, 1997 AND DECEMBER 31, 1996
(UNAUDITED)
ASSETS
------
<CAPTION>
MARCH 31, DECEMBER 31,
1997 1996
------------- ------------
<S> <C> <C>
Current assets:
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . $ 7,988,753 9,717,478
Interest, rents and other receivables . . . . . . . . . . . . . . . 339,335 273,553
Prepaid expenses. . . . . . . . . . . . . . . . . . . . . . . . . . 25,975 62,341
Escrow deposits . . . . . . . . . . . . . . . . . . . . . . . . . . 536,818 1,005,343
------------ ------------
Total current assets. . . . . . . . . . . . . . . . . . . . . 8,890,881 11,058,715
------------ ------------
Investment property, at cost:
Land. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 801,703 801,703
Buildings and improvements. . . . . . . . . . . . . . . . . . . . 25,216,980 22,882,195
------------ ------------
26,018,683 23,683,898
Less accumulated depreciation . . . . . . . . . . . . . . . . . . 12,549,332 12,468,511
------------ ------------
Total investment property, net of accumulated depreciation. . 13,469,351 11,215,387
Property held for sale or disposition . . . . . . . . . . . . . . 7,305,636 7,299,846
------------ ------------
Total investment properties . . . . . . . . . . . . . . . . . 20,774,987 18,515,233
------------ ------------
Deferred expenses . . . . . . . . . . . . . . . . . . . . . . . . . . 335,390 346,713
Accrued rents receivable. . . . . . . . . . . . . . . . . . . . . . . 325,825 337,663
------------ ------------
$ 30,327,083 30,258,324
============ ============
<PAGE>
JMB INCOME PROPERTIES, LTD. - V
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE
CONSOLIDATED BALANCE SHEETS - CONTINUED
LIABILITIES AND PARTNERS' CAPITAL ACCOUNTS (DEFICITS)
-----------------------------------------------------
MARCH 31, DECEMBER 31,
1997 1996
------------- ------------
Current liabilities:
Current portion of long-term debt . . . . . . . . . . . . . . . . . $ 767,122 749,993
Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . 2,661,149 2,659,268
Accrued interest. . . . . . . . . . . . . . . . . . . . . . . . . . 269,396 219,331
Accrued real estate taxes . . . . . . . . . . . . . . . . . . . . . 167,654 480,208
------------ ------------
Total current liabilities . . . . . . . . . . . . . . . . . . 3,865,321 4,108,800
Tenant security deposits. . . . . . . . . . . . . . . . . . . . . . . 24,668 24,668
Construction loan payable . . . . . . . . . . . . . . . . . . . . . . 3,202,109 1,262,281
Long-term debt, less current portion. . . . . . . . . . . . . . . . . 24,741,156 24,939,477
------------ ------------
Commitments and contingencies
Total liabilities . . . . . . . . . . . . . . . . . . . . . . 31,833,254 30,335,226
Venture partner's subordinated equity in venture. . . . . . . . . . . 9,973,546 11,810,336
Partners' capital accounts (deficits):
General partners:
Capital contributions . . . . . . . . . . . . . . . . . . . . . . 1,000 1,000
Cumulative net earnings (loss). . . . . . . . . . . . . . . . . . 1,434,227 1,422,001
Cumulative cash distributions . . . . . . . . . . . . . . . . . . (3,092,059) (3,092,059)
------------ ------------
(1,656,832) (1,669,058)
------------ ------------
Limited partners (38,505 interests):
Capital contributions, net of offering costs. . . . . . . . . . . 34,926,505 34,926,505
Cumulative net earnings (loss). . . . . . . . . . . . . . . . . . 27,452,489 27,057,194
Cumulative cash distributions . . . . . . . . . . . . . . . . . . (72,201,879) (72,201,879)
------------ ------------
(9,822,885) (10,218,180)
------------ ------------
Total partners' capital accounts (deficits) . . . . . . . . . (11,479,717) (11,887,238)
------------ ------------
$ 30,327,083 30,258,324
============ ============
<FN>
See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE>
<TABLE>
JMB INCOME PROPERTIES, LTD. - V
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE
CONSOLIDATED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(UNAUDITED)
<CAPTION>
1997 1996
------------ -----------
<S> <C> <C>
Income:
Rental income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,317,985 2,363,453
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103,380 104,300
----------- ----------
2,421,365 2,467,753
----------- ----------
Expenses:
Mortgage and other interest . . . . . . . . . . . . . . . . . . . . . . . 539,068 600,570
Depreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,822 219,468
Property operating expenses . . . . . . . . . . . . . . . . . . . . . . . 1,057,678 1,182,053
Professional services . . . . . . . . . . . . . . . . . . . . . . . . . . 29,058 32,774
Amortization of deferred expenses . . . . . . . . . . . . . . . . . . . . 5,272 13,120
General and administrative. . . . . . . . . . . . . . . . . . . . . . . . 26,909 25,181
----------- ----------
1,738,807 2,073,166
----------- ----------
Operating earnings (loss). . . . . . . . . . . . . . . . . . . . . . 682,558 394,587
Venture partner's share of
venture's operations. . . . . . . . . . . . . . . . . . . . . . . . . . . (275,037) (262,063)
----------- ----------
Net earnings (loss). . . . . . . . . . . . . . . . . . . . . . . . . $ 407,521 132,524
=========== ==========
Net earnings (loss) per
limited partnership interest . . . . . . . . . . . . . . . . . . . $ 10.27 3.34
=========== ==========
Cash distributions per
limited partnership
interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ -- --
=========== ==========
<FN>
See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE>
<TABLE>
JMB INCOME PROPERTIES, LTD. - V
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE
CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(UNAUDITED)
<CAPTION>
1997 1996
------------ ------------
<S> <C> <C>
Cash flows from operating activities:
Net earnings (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 407,521 132,524
Items not requiring (providing) cash or cash equivalents:
Depreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,822 219,468
Amortization of deferred expenses . . . . . . . . . . . . . . . . . . . 5,272 13,120
Venture partner's share of venture's operations . . . . . . . . . . . . 275,037 262,063
Changes in:
Interest, rents and other receivables . . . . . . . . . . . . . . . . . (65,782) (125,657)
Prepaid expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,366 (12,879)
Accrued rents receivable. . . . . . . . . . . . . . . . . . . . . . . . 11,838 7,314
Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,099,210) 21,387
Accrued interest . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,065 (1,340)
Accrued real estate taxes . . . . . . . . . . . . . . . . . . . . . . . (312,554) (320,095)
Tenant security deposits. . . . . . . . . . . . . . . . . . . . . . . . -- (260)
------------ -----------
Net cash provided by (used in) operating activities . . . . . . . (610,625) 195,645
Cash flows from investing activities:
Net sales and maturities (purchases) of short-term investments. . . . . . -- (1,777,068)
Additions to investment properties, net of related payables . . . . . . . (1,239,485) (232,356)
Escrow refunds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 468,525 --
------------ -----------
Net cash provided by (used in) investing activities . . . . . . . (770,960) (2,009,424)
------------ -----------
Cash flows from financing activities:
Cash proceeds from construction loan. . . . . . . . . . . . . . . . . . . 1,939,828 --
Principal payments on long-term debt. . . . . . . . . . . . . . . . . . . (181,192) (179,261)
Refund of deferred financing fees . . . . . . . . . . . . . . . . . . . . 6,051 --
Venture partner's contributions to venture. . . . . . . . . . . . . . . . 207,308 197,106
Distributions to venture partners . . . . . . . . . . . . . . . . . . . . (2,319,135) (164,626)
------------ -----------
Net cash provided by (used in) financing activities . . . . . . . (347,140) (146,781)
------------ -----------
<PAGE>
JMB INCOME PROPERTIES, LTD. - V
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE
CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED
1997 1996
------------ ------------
Net increase (decrease) in cash
and cash equivalents. . . . . . . . . . . . . . . . . . . . . . (1,728,725) (1,960,560)
Cash and cash equivalents,
beginning of year . . . . . . . . . . . . . . . . . . . . . . . 9,717,478 11,134,983
------------ -----------
Cash and cash equivalents,
end of period . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,988,753 9,174,423
============ ===========
Supplemental disclosure of cash flow information:
Cash paid for mortgage and other interest,
net of capitalized interest . . . . . . . . . . . . . . . . . . . . . $ 540,438 601,910
============ ===========
Non-cash investing and financing activities . . . . . . . . . . . . . . $ -- --
============ ===========
<FN>
See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE>
JMB INCOME PROPERTIES, LTD. - V
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 1997 AND 1996
(UNAUDITED)
GENERAL
Readers of this quarterly report should refer to the Partnership's
audited financial statements for the year ended December 31, 1996 which are
included in the Partnership's 1996 Annual Report, as certain footnote
disclosures which would substantially duplicate those contained in such
audited financial statements have been omitted from this report.
The preparation of financial statements in accordance with GAAP
requires the Partnership to make estimates and assumptions that affect the
reported or disclosed amount of 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.
Certain amounts in the 1996 consolidated financial statements have
been reclassified to conform with the 1997 presentation.
The Partnership adopted Statement of Financial Accounting Standards
No. 121 "Accounting for the Impairment of Long-Lived Assets and for Long-
Lived Assets to be Disposed of" ("SFAS 121") as required in the first
quarter of 1996. The Partnership's policy is to consider a property to be
held for sale or disposition when the Partnership has committed to a plan
to sell such property and active marketing activity has commenced or is
expected to commence in the near term. The Partnership has concluded that
it may dispose of a property by no longer funding operating deficits or
debt service requirements thus allowing the lender to realize upon its
security. In accordance with SFAS 121, any properties identified as "held
for sale or disposition" are no longer depreciated. As of July 1, 1996,
the Partnership considered the Wachovia Bank investment property as held
for sale or disposition. The results of operations, net of venture
partners' share, for such property were $510,783 and $486,689,
respectively, for the three months ended March 31, 1997 and 1996.
TRANSACTIONS WITH AFFILIATES
Fees, commissions and other expenses required to be paid by the
Partnership to the General Partners and their affiliates as of March 31,
1997 and for the three months ended March 31, 1997 and 1996 were as
follows:
Unpaid at
March 31,
1997 1996 1997
------- ------- -------------
Property management
and leasing fees . . . . . . $64,187 64,054 1,364,140
Insurance commissions . . . . -- 277 --
Reimbursement (at cost)
for out-of-pocket salary
and salary-related expenses
relating to on-site and
other costs for the Part-
nership and its investment
property, and other out-of-
pocket expenses. . . . . . . 34,626 34,375 --
------- ------- ---------
$98,813 98,706 1,364,140
======= ======= =========
<PAGE>
All amounts deferred or currently payable to the General Partners and
their affiliates do not bear interest. The General Partners and their
affiliates have deferred receipt of property management and leasing fees
pursuant to the venture agreement for the Wachovia Bank Building and
Phillips Building. Prior to 1995, an affiliate of the Managing General
Partner provided management and leasing services. In December 1994, the
affiliate sold all of its assets and assigned its interest in the
management contracts, including the one for the Wachovia Bank Building and
Phillips Building to an unaffiliated third party. In connection with such
sale, an affiliate of the General Partners guaranteed payment to the
unaffiliated third party the portion of the fees currently deferred due to
the provision in the venture agreement for the Wachovia Bank Building and
Phillips Building. Such amounts are deferred until the sale or disposition
of the property and are subordinated to certain distributions of net sale
and refinancing proceeds. As of March 31, 1997, the General Partners and
their affiliates have deferred receipt of approximately $1,325,000
(approximately $33 per interest) of such fees. This amount is reflected in
accounts payable in the accompanying consolidated financial statements.
BRISTOL MALL
During 1989, the Partnership entered into a lease with the J.C. Penney
Company ("J.C. Penney") for an 86,000 square foot addition at the Bristol
Mall shopping center. For the lease to commence, an addition and
associated mall enhancement program was required to be completed. This led
to protracted negotiations with J.C. Penney and the property's mortgage
lender to determine how these capital costs would be funded. As a result,
in July 1996, the Partnership and J.C. Penney executed an amendment to the
existing lease and the Partnership began construction of the anchor store
and the mall enhancement.
The estimated cost of the construction of the anchor store, as well as
the mall enhancement and certain anticipated tenant improvement costs is
approximately $14,130,000, of which approximately $6,070,000 (including
pre-development costs) has been funded as of March 31, 1997.
The Partnership expects to utilize a construction loan provided by
J.C. Penney for certain construction costs up to $4,665,200, of which
approximately $3,200,000 has been funded at March 31, 1997. The remaining
costs not scheduled to be funded by the loan (approximately $6,590,000) are
expected to be funded by the Partnership from available cash.
The construction loan bears an interest rate of 10% per annum and
interest accrues on the funds from the date of the advance. The
Partnership is not required to make any payments on the loan until the
first month after the opening date of the new anchor store (currently
expected to be in August 1997). Upon opening of the new anchor store, the
Partnership will be required to make monthly interest only payments for
five years on the total amount advanced under the loan plus any accrued,
but unpaid interest from the construction period. Thereafter, for the
remaining 5-year term of the loan, the Partnership will be required to make
payments of both principal and interest based on a ten-year amortization
schedule with the balance of unpaid principal due upon maturity. All
rental amounts due from the tenant to the Partnership under the terms of
the lease amendment will be applied to offset these debt service payments.
Additionally, in September 1996, the Partnership escrowed $1,000,000 as
required by the loan. The Partnership may begin to withdraw funds from the
escrow account when construction of the anchor store is 50% complete. In
March 1997, the Partnership was able to withdraw approximately $483,000
from the escrow account based on the achievement of such completion points
(as defined). All remaining escrowed funds are expected to be withdrawn
before completion of construction.
Due to the J.C. Penney addition and related mall enhancement, the
Partnership has capitalized $111,211 of the $178,499 of interest expense
incurred by Bristol Mall for the three months ended March 31, 1997. The
balance of capitalized interest as of March 31, 1997 of $218,707 is
reflected in investment property in the accompanying consolidated financial
statements.
<PAGE>
Due to the above, the Partnership is not actively marketing the
property for sale.
WACHOVIA BANK BUILDING AND PHILLIPS BUILDING
The Partnership is currently marketing the remaining space
(approximately 40% of the buildings vacated by Wachovia Bank at the
expiration of one of their leases in December 1995) to prospective
replacement tenants but has not been successful in its efforts due to the
lack of large space users in this market. In the fourth quarter of 1996,
Wachovia Bank notified the venture that it was exercising its option to
extend a lease (approximately 117,000 square feet) until June 1998 upon the
expiration of the current lease in December 1997. Re-leasing the remaining
space in the building or any additional extensions of the Wachovia Bank
lease would likely require major renovation to the building as well as
significant tenant improvements which, in turn, would be contingent upon
the Partnership obtaining financing for these tenant replacement costs.
Unless replacement tenants are secured on acceptable terms for the
remaining space, it is unlikely that the Partnership will commit any
additional funds to the property. This may result in the Partnership no
longer having an ownership interest in the two office buildings. This
action would result in a gain for financial reporting and Federal income
tax purposes with no corresponding distributable proceeds. Additionally,
the Partnership could be required to remit to the state tax authorities
withholding for taxes due as a result of this action. This withholding
amount is currently estimated to be approximately $500,000.
The mortgage loan secured by the property matured in October 1996.
Wachovia reached an agreement with the current mortgage lender to modify
and extend the existing mortgage note effective November 1, 1996. The loan
requires principal and interest payments based on a 22 year amortization at
an interest rate of 9.55% per annum and matures on November 1, 2001, when
all remaining principal and unpaid interest is due. The venture paid loan
commitment fees in 1996 of approximately $105,000 to the lender in
conjunction with the modification and extension.
The Partnership's venture partner had agreed to contribute
$10,700,000, before applicable interest, to the venture pursuant to a
payment schedule from the closing date through August 1, 1996, when it
would owe the balance of its obligation (approximately $7,600,000). The
venture partner has continued to make contributions based on the old
payment schedule rather than making the balloon payment in August 1996 as
required. As a result, the venture partner is currently approximately
$7,500,000 in arrears for such contributions as of the date of this report.
The venture partner's obligation to make such payment is secured only by
its interest in the venture. In the fourth quarter of 1996, the
Partnership notified the venture partner of its default effective August
1996. As a result of the extension of the first mortgage loan securing the
property as discussed above, the Partnership is currently negotiating a
possible extension of the payment schedule with the venture partner.
However, there can be no assurance that any such agreement will be reached.
The accompanying consolidated financial statements include
approximately $1,380,000 of undistributed operating cash flow related to
the Wachovia Building Associates. Such funds are distributable to the
Partnership and the unaffiliated joint venture partner in the amounts of
approximately $890,000 and $490,000, respectively. In addition, in January
1997, the venture distributed approximately $2,773,000 and $2,112,000 to
the Partnership and the venture partner, respectively. Such funds did not
secure the venture partner's obligations discussed above and consequently
the venture could not offset such distributions against the venture
partner's unfunded capital commitment.
ADJUSTMENTS
In the opinion of the Managing General Partner, all adjustments
(consisting solely of normal recurring adjustments) necessary for a fair
presentation have been made to the accompanying figures as of March 31,
1997 and for the three months ended March 31, 1997 and 1996.
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Reference is made to the notes to the accompanying financial
statements for additional information concerning the Partnership's
investments.
The General Partners and their affiliates have deferred payment of
certain fees of approximately $1,325,000 (approximately $33 per interest)
as of March 31, 1997 pursuant to the venture agreement for the Wachovia
Bank Building and Phillips Building.
The General Partners of the Partnership expect to be able to conduct
an orderly liquidation of its remaining investment portfolio as quickly as
practicable. Therefore, the affairs of the Partnership are expected to be
wound up no later than December 31, 1999 (sooner, if the properties are
sold or disposed of in the near term), barring unforeseen economic
developments. The Partnership's only remaining real estate assets are its
joint venture interest in the Wachovia Bank and Phillips Buildings, and its
interest in Bristol Mall. The Partnership does not expect to realize any
proceeds from the disposition of the Wachovia Bank and Phillips Buildings.
However, the Partnership does expect to realize net proceeds from the sale
of Bristol Mall.
RESULTS OF OPERATIONS
The increase in building and improvements, construction loan payable
and related decreases in cash and cash equivalents and escrow deposits as
of March 31, 1997 as compared to December 31, 1996 is primarily due to the
continuing construction of the addition and related mall enhancement at the
Bristol Mall.
The decrease in accrued real estate taxes at March 31, 1997 as
compared to December 31, 1996 is due to the timing of payments for real
estate taxes at the Bristol Mall and Wachovia Bank Building.
The decrease in venture partner's share of subordinated equity in
venture at March 31, 1997 as compared to December 31, 1996 is primarily due
to the distribution of approximately $2,112,000 of previously undistributed
operating cash flow to the venture partner related to the Wachovia Bank
Building.
The decrease in mortgage and other interest for the three months ended
March 31, 1997 as compared to the same period in 1996 is primarily due to
the capitalization of approximately $60,000 of interest on certain
construction costs incurred at the Bristol Mall.
The decrease in depreciation for the three months ended March 31, 1997
as compared to the same period in 1996 is primarily due to classification
of the Wachovia Bank Building as assets held for sale or disposition at
July 1, 1996, and therefore not subject to continued depreciation.
The decrease in property operating expenses for the three months ended
March 31, 1997 as compared to the same period in 1996 is due primarily to
additional utility and maintenance costs incurred for space occupied
temporarily by the Wachovia Bank in 1996.
<PAGE>
<TABLE>
PART II. OTHER INFORMATION
ITEM 5. OTHER INFORMATION
OCCUPANCY
The following is a listing of approximate occupancy levels by quarter for the Partnership's investment
properties:
<CAPTION>
1996 1997
-------------------------------------- ------------------------------
At At At At At At At At
3/31 6/30 9/30 12/31 3/31 6/30 9/30 12/31
---- ---- ---- ----- ---- ---- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1. Wachovia Bank Building and
Phillips Building
Winston-Salem,
North Carolina. . . . . . . 67% 69% 65% 63% 63%
2. Bristol Mall
Bristol, Virginia. . . . . . 81% 81% 81% 80% 80%
</TABLE>
<PAGE>
PART IV
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
3-A.* The Prospectus of the Partnership dated August 15,
1977, as supplemented September 20, 1977, filed with the Commission
pursuant to Rules 424(b) and 424(c), is hereby incorporated herein by
reference. Certain pages of the Prospectus are incorporated herein by
reference.
3-B.* Amended and Restated Agreement of Limited Partnership
set forth as Exhibit A to the Prospectus, which is incorporated herein by
reference and which agreement is hereby incorporated herein by reference.
4-A. Documents relating to the refinancing of the mortgage
loan, dated October 17, 1986, secured by the Wachovia Bank Building and
Phillips Building office buildings in Winston-Salem, North Carolina are
hereby incorporated by reference to the Partnership's report for December
31, 1992 on Form 10-K (File No. 0-8716) dated March 19, 1993.
4-B. Documents relating to the mortgage loan secured by the
Bristol Mall shopping center in Bristol, Virginia are hereby incorporated
by reference to the Partnership's Report on Form 8-K (File No. 0-8716)
dated October 17, 1977.
4-C. Documents relating to the construction loan, dated
July 25, 1996 secured by the Bristol Mall shopping center in Bristol,
Virginia are hereby incorporated by reference to the Partnership's Report
for September 30, 1996 on Form 10-Q (File No. 0-8716) dated November 8,
1996.
4-D. Modification and extension agreement related to the
mortgage loan secured by the Wachovia Bank Building and Phillips Building,
office buildings in Winston Salem, North Carolina, effective November 1,
1996 is hereby incorporated by reference to the Partnership's Report for
December 31, 1996 on Form 10-K (File No. 0-8716) dated March 21, 1997.
10-A. Acquisition documents relating to the purchase by the
Partnership of an interest in the Wachovia Bank Building and Phillips
Building in Winston Salem, North Carolina are hereby incorporated by
reference to the Partnership's Registration Statement on Form S-11 (File
No. 2-58026) dated September 20, 1977.
10-B. Acquisition documents relating to the purchase by the
Partnership of the Bristol Mall shopping center in Bristol, Virginia are
hereby incorporated by reference to the Partnership's report on Form 8-K
(File No. 0-8716) dated October 17, 1977.
27. Financial Data Schedule
--------------------
* Previously filed as Exhibits 3-A and 3-B, respectively, to the
Partnership's Report for December 31, 1992 on Form 10-K of the Securities
Exchange Act of 1934 (File No. 0-8716) filed on March 19, 1993 and hereby
incorporated herein by reference.
(b) No Reports on Form 8-K have been filed during the last quarter
of the period covered by this report.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Company has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
JMB INCOME PROPERTIES, LTD. - V
BY: JMB Realty Corporation
(Managing General Partner)
By: GAILEN J. HULL
Gailen J. Hull, Senior Vice President
Date: May 9, 1997
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following person in the capacity
and on the date indicated.
GAILEN J. HULL
Gailen J. Hull, Principal Accounting Officer
Date: May 9, 1997
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
REGISTRANT'S FORM 10-Q FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
INCLUDED IN SUCH REPORT.
</LEGEND>
<CIK> 0000202240
<NAME> JMB INCOME PROPERTIES, LTD. - V
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> MAR-31-1997
<CASH> 7,988,753
<SECURITIES> 0
<RECEIVABLES> 902,128
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 8,890,881
<PP&E> 26,018,683
<DEPRECIATION> 12,549,332
<TOTAL-ASSETS> 30,327,083
<CURRENT-LIABILITIES> 3,865,321
<BONDS> 24,741,156
<COMMON> 0
0
0
<OTHER-SE> (11,479,717)
<TOTAL-LIABILITY-AND-EQUITY>30,327,083
<SALES> 2,317,985
<TOTAL-REVENUES> 2,421,365
<CGS> 0
<TOTAL-COSTS> 1,143,772
<OTHER-EXPENSES> 55,967
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 539,068
<INCOME-PRETAX> 682,558
<INCOME-TAX> 0
<INCOME-CONTINUING> 407,521
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 407,521
<EPS-PRIMARY> 10.27
<EPS-DILUTED> 10.27
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