UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the period ended June 30, 1996
--------------------------------------------------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ______________ to_____________
Commission file number 0-8229
-------
MCNEIL REAL ESTATE FUND V, LTD.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
California 94-6356980
- --------------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
13760 Noel Road, Suite 700, LB70, Dallas, Texas 75240
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (214) 448-5800
------------------------------
Indicate by check mark whether the registrant, (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
--- ---
<PAGE>
MCNEIL REAL ESTATE FUND V, LTD.
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
- ------- --------------------
BALANCE SHEETS
(Unaudited)
<TABLE>
<CAPTION>
June 30, December 31,
1996 1995
--------------- --------------
ASSETS
- ------
<S> <C> <C>
Asset held for sale......................................... $ 13,789,030 $ 13,789,030
Cash and cash equivalents................................... 2,162,076 2,025,005
Cash segregated for security deposits....................... 146,074 144,797
Accounts receivable......................................... - 8,260
Prepaid expenses and other asset............................ 22,341 61,414
Escrow deposits............................................. 929 -
Deferred borrowing costs (net of accumulated
amortization of $33,393 and $29,037 at
June 30, 1996 and December 31, 1995,
respectively)............................................ 227,940 232,296
-------------- -------------
$ 16,348,390 $ 16,260,802
============== =============
LIABILITIES AND PARTNERS' EQUITY
- --------------------------------
Mortgage note payable....................................... $ 11,307,207 $ 11,358,707
Accounts payable............................................ 18,367 33,528
Accrued interest............................................ 69,172 72,090
Accrued expenses............................................ 27,838 48,936
Payable to affiliates - General Partner..................... 16,735 15,734
Security deposits and deferred rental revenue............... 165,641 152,328
-------------- -------------
11,604,960 11,681,323
-------------- -------------
Partners' equity:
Limited partners - 20,000 limited partnership
units authorized; 18,223 limited partnership
units outstanding...................................... 4,726,445 4,562,494
General Partner.......................................... 16,985 16,985
-------------- -------------
4,743,430 4,579,479
-------------- -------------
$ 16,348,390 $ 16,260,802
============== =============
</TABLE>
The financial information included herein has been prepared by management
without audit by independent public accountants.
See accompanying notes to financial statements.
<PAGE>
MCNEIL REAL ESTATE FUND V, LTD.
STATEMENTS OF INCOME
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
--------------------------------- ---------------------------------
1996 1995 1996 1995
-------------- -------------- -------------- --------------
Revenue:
<S> <C> <C> <C> <C>
Rental revenue................ $ 1,009,202 $ 1,014,810 $ 2,033,412 $ 2,050,015
Interest...................... 27,562 27,889 54,793 53,788
Gain on legal settlement...... - 4,398 - 4,398
------------- ------------- ------------- -------------
Total revenue............... 1,036,764 1,047,097 2,088,205 2,108,201
------------- ------------- ------------- -------------
Expenses:
Interest...................... 211,451 216,408 428,309 420,113
Depreciation.................. - 125,361 - 250,722
Property taxes................ 65,249 53,457 126,149 113,643
Personnel expenses............ 78,498 77,413 164,562 168,263
Utilities..................... 53,079 62,661 129,944 144,218
Repairs and maintenance....... 145,373 123,312 254,323 213,067
Property management
fees - affiliates........... 50,254 50,415 101,720 102,192
Other property operating
expenses.................... 76,648 59,721 146,759 118,461
General and administrative.... 45,425 7,394 72,487 14,498
Partnership management
fee......................... - - 25,000 15,000
------------- ------------- ------------- -------------
Total expenses.............. 725,977 776,142 1,449,253 1,560,177
------------- ------------- ------------- -------------
Net income....................... $ 310,787 $ 270,955 $ 638,952 $ 548,024
============= ============= ============= =============
Net income allocable to
limited partners.............. $ 310,787 $ 270,955 $ 638,952 $ 548,024
Net income allocable to
General Partner............... - - - -
------------- ------------- ------------- -------------
Net income....................... $ 310,787 $ 270,955 $ 638,952 $ 548,024
============= ============= ============= =============
Net income per limited
partnership unit.............. $ 17.06 $ 14.87 $ 35.06 $ 30.07
============= ============= ============= =============
Distributions per limited
partnership unit.............. $ - $ - $ 26.06 $ 15.64
============= ============= ============= =============
</TABLE>
The financial information included herein has been prepared by management
without audit by independent public accountants.
See accompanying notes to financial statements.
<PAGE>
MCNEIL REAL ESTATE FUND V, LTD.
STATEMENTS OF PARTNERS' EQUITY
(Unaudited)
For the Six Months Ended June 30, 1996 and 1995
<TABLE>
<CAPTION>
Total
General Limited Partners'
Partner Partners Equity
-------------- --------------- ---------------
<S> <C> <C> <C>
Balance at December 31, 1994.............. $ 16,985 $ 4,383,431 $ 4,400,416
Net income................................ - 548,024 548,024
Distributions............................. - (285,008) (285,008)
------------- ------------- -------------
Balance at June 30, 1995.................. $ 16,985 $ 4,646,447 $ 4,663,432
============= ============= =============
Balance at December 31, 1995.............. $ 16,985 $ 4,562,494 $ 4,579,479
Net income................................ - 638,952 638,952
Distributions............................. - (475,001) (475,001)
------------- ------------- -------------
Balance at June 30, 1996.................. $ 16,985 $ 4,726,445 $ 4,743,430
============= ============= =============
</TABLE>
The financial information included herein has been prepared by management
without audit by independent public accountants.
See accompanying notes to financial statements.
<PAGE>
MCNEIL REAL ESTATE FUND V, LTD.
STATEMENTS OF CASH FLOWS
(Unaudited)
Increase (Decrease) in Cash and Cash Equivalents
<TABLE>
<CAPTION>
Six Months Ended
June 30,
-------------------------------------------
1996 1995
------------------- ----------------
Cash flows from operating activities:
<S> <C> <C>
Cash received from tenants........................ $ 2,052,539 $ 2,054,693
Cash received from legal settlement............... - 4,398
Cash paid to suppliers............................ (765,021) (733,718)
Cash paid to affiliates........................... (125,719) (117,890)
Interest received................................. 54,793 53,788
Interest paid..................................... (426,871) (406,933)
Property taxes paid............................... (126,149) (113,643)
----------------- --------------
Net cash provided by operating activities............ 663,572 740,695
----------------- --------------
Net cash used in investing activities:
Additions to real estate investments.............. - (203,017)
----------------- --------------
Cash flows from financing activities:
Principal payments on mortgage note payable....... (51,500) (38,062)
Distributions..................................... (475,001) (285,008)
----------------- --------------
Net cash used in financing activities................ (526,501) (323,070)
----------------- --------------
Net increase in cash and cash equivalents............ 137,071 214,608
Cash and cash equivalents at beginning of
year.............................................. 2,025,005 1,799,590
----------------- --------------
Cash and cash equivalents at end of year............. $ 2,162,076 $ 2,014,198
================= ==============
</TABLE>
The financial information included herein has been prepared by management
without audit by independent public accountants.
See accompanying notes to financial statements.
<PAGE>
MCNEIL REAL ESTATE FUND V, LTD.
STATEMENTS OF CASH FLOWS
(Unaudited)
Reconciliation of Net Income to Net Cash Provided by
Operating Activities
<TABLE>
<CAPTION>
Six Months Ended
June 30,
-----------------------------------------
1996 1995
----------------- ----------------
<S> <C> <C>
Net income........................................... $ 638,952 $ 548,024
--------------- --------------
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation...................................... - 250,722
Amortization of deferred borrowing costs.......... 4,356 4,356
Changes in assets and liabilities:
Cash segregated for security deposits........... (1,277) 1,726
Accounts receivable............................. 8,260 1,931
Prepaid expenses and other assets............... 39,073 (59,885)
Escrow deposits................................. (929) -
Accounts payable................................ (15,161) (27,236)
Accrued interest................................ (2,918) 8,824
Accrued expenses................................ (21,098) 12,214
Payable to affiliates - General Partner......... 1,001 (698)
Security deposits and deferred rental
revenue....................................... 13,313 717
--------------- --------------
Total adjustments............................. 24,620 192,671
--------------- --------------
Net cash provided by operating activities............ $ 663,572 $ 740,695
=============== ==============
</TABLE>
The financial information included herein has been prepared by management
without audit by independent public accountants.
See accompanying notes to financial statements.
<PAGE>
McNEIL REAL ESTATE FUND V, LTD.
Notes to Financial Statements
(Unaudited)
June 30, 1996
NOTE 1.
- -------
McNeil Real Estate Fund V, Ltd. (the "Partnership") was organized September 12,
1974 as a limited partnership under the provisions of the California Uniform
Limited Partnership Act. The general partner of the Partnership is McNeil
Partners, L.P. (the "General Partner"), a Delaware limited partnership, an
affiliate of Robert A. McNeil. The Partnership is governed by an agreement of
limited partnership dated September 12, 1974 (the "Partnership Agreement"). The
principal place of business for the Partnership and the General Partner is 13760
Noel Road, Suite 700, LB70, Dallas, Texas 75240.
In the opinion of management, the financial statements reflect all adjustments
necessary for a fair presentation of the Partnership's financial position and
results of operations. All adjustments were of a normal recurring nature.
However, the results of operations for the six months ended June 30, 1996 are
not necessarily indicative of the results to be expected for the year ending
December 31, 1996.
NOTE 2.
- -------
The financial statements should be read in conjunction with the financial
statements contained in the Partnership's Annual Report on Form 10-K for the
year ended December 31, 1995, and the notes thereto, as filed with the
Securities and Exchange Commission, which is available upon request by writing
to McNeil Real Estate Fund V, Ltd. c/o McNeil Real Estate Management, Inc.,
Investor Services, 13760 Noel Road, Suite 700, LB70, Dallas, Texas 75240.
NOTE 3.
- -------
The Partnership pays property management fees equal to 5% of gross rental
receipts of Sycamore Valley, the Partnership's residential property, to McNeil
Real Estate Management, Inc. ("McREMI"), an affiliate of the General Partner,
for providing management and leasing services.
As compensation for administering the affairs of the Partnership, the General
Partner receives a partnership management fee equal to 5% of cash from
operations, as defined, but only if the limited partners receive distributions
of cash from operations equal to a 6% per annum non-cumulative return on their
adjusted invested capital.
The Partnership is obligated to pay commissions for real estate brokerage
services to an affiliate of the General Partner in connection with the sale of
the Partnership's property. Such commissions shall not exceed the lesser of (i)
the normal and competitive rate for similar services in the locality where the
services are performed, (ii) 50% of the standard commission or (iii) one-half of
the total acquisition fees which could have been paid to the General Partner
under the terms of the Partnership Agreement.
<PAGE>
Under the terms of the Partnership Agreement, the General Partner is also
entitled to receive a subordinated incentive fee. This fee is an amount equal to
10% of the remaining cash from sales or refinancings, as defined, in excess of
the cost of all partnership properties, as defined. The cash from sales or
refinancing distributed to the limited partners has exceeded the subordination
requirement.
Compensation and reimbursements paid to or accrued for the benefit of the
General Partner and its affiliates are as follows:
Six Months Ended
June 30,
------------------------
1996 1995
--------- ---------
Property management fees........... $ 101,720 $ 102,192
Partnership management fees........ 25,000 15,000
-------- --------
$ 126,720 $ 117,192
======== ========
NOTE 4.
- -------
In 1996, the Partnership adopted the Financial Accounting Standards Board's
Statement of Financial Accounting Standards No. 121, "Accounting for the
Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of."
This statement requires the cessation of depreciation on assets held for sale.
Since Sycamore Valley is currently classified as an asset held for sale, no
depreciation was taken in 1996.
NOTE 5.
- -------
On February 5, 1996, the Partnership executed a purchase agreement dated January
23, 1996 with BRE Properties, Inc. to sell to BRE the Sycamore Valley Apartments
which represents substantially all of the assets of the Partnership. The gross
purchase price for Sycamore Valley is $23,085,000, subject to certain
adjustments. Consummation of the sale is subject to the satisfaction of certain
conditions, including the approval of the limited partners of the Partnership
for the sale of Sycamore Valley. The Partnership filed a 14A Proxy Statement on
August 9, 1996, submitting the sale and the subsequent dissolution and
termination of the Partnership for limited partner approval at a meeting on
September 10, 1996.
If the limited partners approve and the sale of Sycamore Valley is consummated,
the General Partner will commence the dissolution and termination of the
Partnership. In connection with such dissolution and termination, the General
Partner will liquidate any remaining assets, repay creditors, pay to the General
Partner a brokerage fee and subordinated incentive fee (See Note 2), and
authorize distributions to the limited partners of the Partnership, including
distributions of net proceeds from the sale of Sycamore Valley, in accordance
with the terms of the Partnership Agreement of the Partnership. Neither the
amount nor timing of any such distributions has been determined. The financial
statements have not been prepared on the liquidation basis of accounting, as the
sale is subject to limited partner approval.
<PAGE>
NOTE 6.
- -------
The Partnership filed claims with the United States Bankruptcy Court for the
Northern District of Texas, Dallas Division (the "Bankruptcy Court") against
Southmark Corporation ("Southmark"), an affiliate of a previous general partner,
for damages relating to improper overcharges, breach of contract and breach of
fiduciary duty. The Partnership settled these claims in 1991, and such
settlement was approved by the Bankruptcy Court.
An Order Granting Motion to Distribute Funds to Class 8 Claimants dated April
14, 1995 was issued by the Bankruptcy Court. In accordance with the Order, in
May 1995 the Partnership received in full satisfaction of its claims, $3,325 in
cash, and common and preferred stock in the reorganized Southmark, which
represents the Partnership's pro-rata share of Southmark assets available for
Class 8 Claimants. The Partnership sold the Southmark common and preferred stock
in May 1995 for $1,073, which combined with the cash proceeds from Southmark,
resulted in a gain on legal settlement of $4,398.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
- ------- ---------------------------------------------------------------
RESULTS OF OPERATIONS
---------------------
FINANCIAL CONDITION
- -------------------
The Partnership was formed to acquire, operate and ultimately dispose of a
portfolio of income-producing real properties. At June 30, 1996, the Partnership
owned one apartment property which is subject to a mortgage note.
On February 5, 1996, the Partnership executed a purchase agreement dated January
23, 1996 with BRE Properties, Inc. to sell to BRE the Sycamore Valley Apartments
which represents substantially all of the assets of the Partnership. The gross
purchase price for Sycamore Valley is $23,085,000, subject to certain
adjustments. Consummation of the sale is subject to the satisfaction of certain
conditions, including the approval of the limited partners of the Partnership
for the sale of Sycamore Valley. The Partnership filed a 14A Proxy Statement on
August 9, 1996, submitting the sale and the subsequent dissolution and
termination of the Partnership for limited partner approval at a meeting on
September 10, 1996.
If the limited partners approve and the sale of Sycamore Valley is consummated,
the General Partner will commence the dissolution and termination of the
Partnership. In connection with such dissolution and termination, the General
Partner will liquidate any remaining assets, repay creditors, pay to the General
Partner a brokerage fee and subordinated incentive fee (See Note 2), and
authorize distributions to the limited partners of the Partnership, including
distributions of net proceeds from the sale of Sycamore Valley, in accordance
with the terms of the Partnership Agreement of the Partnership. Neither the
amount nor timing of any such distributions has been determined. The financial
statements have not been prepared on the liquidation basis of accounting, as the
sale is subject to limited partner approval.
<PAGE>
RESULTS OF OPERATIONS
- ---------------------
Revenue:
Total Partnership revenues decreased by $19,996 or 1% for the six months ended
June 30, 1996. Rental revenue decreased $16,603 and interest income increased
$1,005.
Rental revenue for the first six months of 1996 was $2,033,412 as compared to
$2,050,015 for the same period in 1995. The decrease in rental revenue for the
six months ended June 30, 1996 is due to a decrease in the occupancy rate of the
property. The occupancy rate decreased from 96% in June of 1995 to 94% in June
of 1996.
Expenses:
Total Partnership expenses decreased by $110,924 or 7% the first six months of
1996 as compared to the same period in 1995. The most significant decreases
occurred in depreciation and utilities. The total decrease in expense was offset
by increases in property taxes, repair and maintenance, other property
operating, general and administrative, and partnership management fees.
The Partnership did not recognize any depreciation expense during 1996 as a
result of the adoption of Financial Accounting Standards No. 121, "Accounting
for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed
Of."
Property tax expense for the six and three months ended June 30, 1996 increased
$12,506 or 11% and $11,792 or 22%, respectively, as compared to 1995.
Utility expense decreased $14,274 or 10% and $9,582 or 15% for the six and three
months ended June 30, 1996, respectively, as compared to the same period in
1995. The decrease is related to the installation of newer, more efficient
boilers at the property.
Repair and maintenance expenses increased $41,256 or 19% and $22,061 or 18% for
the six and three months ended 1996, respectively, as compared to the same
period in 1995. The increase is due to the replacement of carpeting and
appliances, which met the Partnership's criteria for capitalization based on the
magnitude of replacements in 1995, but were expensed in 1996.
Other property operating expenses increased $28,298 or 24% for the six months
ended June 30, 1996 as compared to 1995 due to the increase in earthquake
insurance for Sycamore Valley. This increase was partially offset by decreases
in personnel costs and office supplies.
General and administrative expenses increased $57,989 for the six months ended
June 30, 1996 as compared to the same period last year. The increase was due to
proxy costs and professional fees incurred by the Partnership relating to the
proposed sale of Sycamore Valley.
Partnership management fee increased by $10,000 for the six months ended June
30, 1996. These fees are based on distributions made to the limited partners
which increased in 1996 compared to 1995.
<PAGE>
LIQUIDITY AND CAPITAL RESOURCES
- -------------------------------
The Partnership's primary source of cash flows is from operating activities,
which generated $663,572 for the first six months of 1996 as compared to
$740,695 in 1995. This decrease is due to the an increase in the payment of the
property taxes, cash paid to suppliers, and the increase in interest paid.
The Partnership expended $203,017 for capital improvements to Sycamore Valley in
1995.
The Partnership distributed $475,001 and $285,008 to the limited partners in
1996 and 1995, respectively. Principal payments on the mortgage note payable
increased by $13,438 in 1996 as compared to the same period last year.
Liquidity:
At June 30, 1996, the Partnership held $2,162,076 of cash, up $137,071 since
December 31, 1995. This balance provides for the working capital needs of the
Partnership and allows for distributions to the limited partners. As discussed
in Financial Conditions, the General Partner will seek limited partner approval
for the sale of Sycamore Valley and to commence dissolution and termination of
the Partnership. Until such approval is received, management will perform
routine repairs and maintenance on the property to preserve and enhance its
value in the market.
McNeil has established a revolving credit facility not to exceed $5,000,000 in
the aggregate which will be available on a "first-come, first-served" basis to
the Partnership and other affiliated partnerships if certain conditions are met.
Borrowings under the facility may be used to fund deferred maintenance,
refinancing obligations and working capital needs. There is no assurance that
the partnership will receive funds under the facility because no amounts will be
reserved for any particular partnership. As of June 30, 1996, $4,082,159
remained available for borrowing under the facility; however, additional funds
could become available as other partnerships repay existing borrowings. This
commitment will terminate March 30, 1997.
If the proposed sale is not consummated and operations should deteriorate and
present resources not be adequate for current needs, the Partnership has no
established lines of credit on which to draw for its working capital needs other
than any available portion of the $5,000,000 revolving credit facility discussed
above, and thus would require other sources of working capital. No such other
sources have been identified.
Distributions:
During 1996, the limited partners received a cash distribution of $475,001. The
distribution consisted of funds from operations. During the third quarter of
1996, the Partnership anticipates making a distribution totaling $570,000 to the
limited partners of record as of August 1, 1996. If the proposed sale is
consummated, the General Partner currently intends to commence liquidation of
the Partnership. However, the General Partner has not yet determined the precise
timing and actual amount of distributions to the limited partners that would
occur after the consummation of the proposed sale and in connection with the
liquidation of the Partnership.
<PAGE>
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
- ------- -----------------
Two class action lawsuits styled Robert Lewis vs. McNeil Partners, L.P., et.
al., filed in the District Court of Dallas County, Texas, and James F.
Schofield, et. al. vs. McNeil Partners, L.P., et. al., filed in the United
States District Court, Southern District of New York, have been voluntarily
dismissed without prejudice by the respective plaintiffs in such actions.
ITEM 5. OTHER INFORMATION
- ------- -----------------
On August 5, 1996, High River Limited Partnership ("High River"), a partnership
controlled by Carl Icahn ("Icahn"), and certain Icahn's affiliates, filed
documents with the Securities and Exchange Commission disclosing that High River
had entered into a letter agreement dated August 2, 1996 with the attorneys for
the plaintiffs in the case styled James F. Schofield, et. al. ("Plaintiffs") v.
McNeil Partners, L.P., et. al. The letter agreement provided, among other
things, that (i) High River will commence, as soon as possible, but in no event
more than six months, a tender offer for any and all of the outstanding Units of
the Partnership and other affiliated partnerships (the "Partnerships") at a
price that is not less than 75% of the estimated liquidation value of the Units
(as determined by utilizing the same methodology that was used to determine the
liquidation values in High River's previous tender offers for the Partnerships,
as previously disclosed), which tender offer may be subject to such other terms
and conditions as High River determines in its sole discretion; (ii) in the
event that High River attains the position of general partner in any of the
Partnerships: (a) High River will take all actions necessary to cause a 25%
reduction of fees of such Partnerships, (b) High River will not cause such
Partnerships to take any action to discontinue the litigation with respect to
receivable claims and (c) High River and Plaintiffs' counsel will in good faith
execute an appropriate Stipulation of Settlement based upon the terms of the
letter agreement, which stipulation shall not include a settlement or provide a
release of the receivable claims; and (iii) from and after the date of the
letter agreement, Plaintiffs' counsel agreed they will not enter into any
settlement of the claims asserted in such litigation that does not provide for
all consideration contained in a demand letter dated June 24, 1996.
On August 9, 1996, the Partnership filed a Schedule 14A Proxy Statement seeking
the approval of the limited partners for the proposed sale of the only remaining
property and the liquidation of the Partnership.
<PAGE>
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
- ------- --------------------------------
(a) Exhibits.
Exhibit
Number Description
------- -----------
4. Partnership Agreement dated September 12,
1974 and amended and restated
January 31, 1975. (1)
11. Statement regarding computation of Net
Income per limited partnership unit: Net
income per limited partnership unit is
computed by dividing net income allocated to
the limited partners by the number of
limited partnership units outstanding. Per
unit information has been computed based on
18,223 limited partnership units outstanding
in 1996 and 1995.
27. Financial Data Schedule for the quarter
ended June 30, 1996.
(1) Incorporated by reference to the Annual Report of McNeil Real
Estate Fund V, Ltd. on Form 10-K for the period ended December
31, 1990, as filed with the Securities and Exchange Commission on
March 29, 1991.
(b) Reports on Form 8-K. There were no reports on Form 8-K filed during
the quarter ended June 30, 1996.
<PAGE>
Mc NEIL REAL ESTATE FUND V, LTD.
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:
McNEIL REAL ESTATE FUND V, LTD.
By: McNeil Partners, L.P., General Partner
By: McNeil Investors, Inc., General Partner
August 14, 1996 By: /s/ Donald K. Reed
- -------------------- ----------------------------------------------
Date Donald K. Reed
President and Chief Executive Officer
August 14, 1996 By: /s/ Ron K. Taylor
- -------------------- ---------------------------------------------
Date Ron K. Taylor
Acting Chief Financial Officer of
McNeil Investors, Inc.
August 14, 1996 By: /s/ Brandon K. Flaming
- --------------------- ---------------------------------------------
Date Brandon K. Flaming
Chief Accounting Officer of McNeil Real
Estate Management, Inc.
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<CASH> 2,162,076
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 16,348,390
<CURRENT-LIABILITIES> 0
<BONDS> 11,307,207
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 16,348,390
<SALES> 2,033,412
<TOTAL-REVENUES> 2,088,205
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,020,944
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 428,309
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 638,952
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 638,952
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
