FORM 10-QSB - QUARTERLY OR TRANSITIONAL REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Quarterly or Transitional Report
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-QSB
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended March 31, 2000
[ ] 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 0-13083
CONSOLIDATED CAPITAL PROPERTIES V
(Exact name of small business issuer as specified in its charter)
California 94-2918560
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
55 Beattie Place, PO Box 1089
Greenville, South Carolina 29602
(Address of principal executive offices)
(864) 239-1000
(Issuer's telephone number)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 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
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
a)
CONSOLIDATED CAPITAL PROPERTIES V
CONSOLIDATED BALANCE SHEET
(Unaudited)
(in thousands, except unit data)
March 31, 2000
Assets
Cash and cash equivalents $ 2,054
Receivables and deposits 90
Restricted escrows 78
Other assets 171
Investment properties:
Land $ 1,443
Buildings and related personal property 13,852
15,295
Less accumulated depreciation (11,092) 4,203
$ 6,596
Liabilities and Partners' Deficit
Liabilities
Accounts payable $ 65
Tenant security deposit liabilities 82
Accrued property taxes 388
Other liabilities 161
Mortgage notes payable 8,459
Investment in discontinued operations 944
Partners' Deficit
General partner $ (21)
Special limited partners (48)
Limited partners (179,537.20 units issued and
outstanding) (3,434) (3,503)
$ 6,596
See Accompanying Notes to Consolidated Financial Statements
b)
CONSOLIDATED CAPITAL PROPERTIES V
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except unit data)
Three Months Ended
March 31,
2000 1999
Revenues: (Restated)
Rental income $ 768 $ 780
Other income 59 34
Total revenues 827 814
Expenses:
Operating 335 316
General and administrative 45 53
Depreciation 208 198
Interest 176 177
Property taxes 95 79
Total expenses 859 823
Loss from continuing operations (32) (9)
(Loss) income from discontinued operations (37) 1
Net loss $ (69) $ (8)
Net loss allocated to general partner (.2%) $ -- $ --
Net loss allocated to limited partners (99.8%) (69) (8)
Net loss $ (69) $ (8)
Net loss per limited partnership unit:
Loss from continuing operations $(0.17) $(0.05)
(Loss) income from discontinued operations (0.21) 0.01
Net loss $(0.38) $(0.04)
See Accompanying Notes to Consolidated Financial Statements
c)
CONSOLIDATED CAPITAL PROPERTIES V
CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' DEFICIT
(Unaudited)
(in thousands, except unit data)
<TABLE>
<CAPTION>
Limited Special
Partnership General Limited Limited
Units Partner Partners Partners Total
<S> <C> <C> <C> <C> <C>
Original capital
contributions 180,037 $ 1 $ -- $45,009 $45,010
Partners' deficit at
December 31, 1999 179,537.20 $ (21) $ (48) $(3,365) $(3,434)
Net loss for the three months
ended March 31, 2000 -- -- -- (69) (69)
Partners' deficit
at March 31, 2000 179,537.20 $ (21) $ (48) $(3,434) $(3,503)
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
d)
CONSOLIDATED CAPITAL PROPERTIES V
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
2000 1999
Cash flows from operating activities:
<S> <C> <C>
Net loss $ (69) $ (8)
Adjustments to reconcile net loss to net cash
provided by operating activities:
Depreciation 287 285
Amortization of lease commissions, loan costs, and
debt forgiveness 23 (6)
Change in accounts:
Receivables and deposits 169 1
Other assets (15) (23)
Accounts payable (22) 13
Tenant security deposit liabilities 10 2
Accrued property taxes (25) (7)
Other liabilities (6) 8
Net cash provided by operating activities 352 265
Cash flows from investing activities:
Property improvements and replacements (37) (134)
Lease commissions paid (7) --
Net withdrawals from (deposits to) restricted escrows 31 (11)
Net cash used in investing activities (13) (145)
Cash flows used in financing activities:
Payments on mortgage notes payable (40) (20)
Net increase in cash and cash equivalents 299 100
Cash and cash equivalents at beginning of period 1,755 1,177
Cash and cash equivalents at end of period $2,054 $1,277
Supplemental disclosure of cash flow information:
Cash paid for interest $ 193 $ 192
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
e)
CONSOLIDATED CAPITAL PROPERTIES V
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note A - Basis of Presentation
The accompanying unaudited consolidated financial statements of Consolidated
Capital Properties V (the "Partnership" or "Registrant") have been prepared in
accordance with generally accepted accounting principles for interim financial
information and with the instructions to Form 10-QSB and Item 310(b) of
Regulation S-B. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of ConCap Equities, Inc. (the "General
Partner"), all adjustments (consisting of normal recurring accruals) considered
necessary for a fair presentation have been included. Operating results for the
three month period ended March 31, 2000, are not necessarily indicative of the
results that may be expected for the year ending December 31, 2000. For further
information, refer to the consolidated financial statements and footnotes
thereto included in the Partnership's Annual Report on Form 10-KSB for the year
ended December 31, 1999.
Principles of Consolidation
The Partnership's consolidated financial statements include the accounts of the
Partnership and its 99% limited partnership interests in the lower tier limited
partnerships Aspen Ridge Associates, Ltd., Sutton Place CCPV, L.P. and 51 North
High Street, L.P. The general partner of these lower tier limited partnerships
are limited liability companies of which the Partnership is the sole member.
Accordingly all entities are consolidated by the Partnership. All significant
interpartnership balances have been eliminated.
Reclassifications
Certain reclassifications have been made to the 1999 information to conform to
the 2000 presentation.
Note B - Transfer of Control
Pursuant to a series of transactions which closed on October 1, 1998 and
February 26, 1999, Insignia Financial Group, Inc. and Insignia Properties Trust
merged into Apartment Investment and Management Company ("AIMCO"), a publicly
traded real estate investment trust, with AIMCO being the surviving corporation
(the "Insignia Merger"). As a result, AIMCO acquired 100% ownership interest in
the General Partner. The General Partner does not believe that this transaction
has had or will have a material effect on the affairs and operations of the
Partnership.
Note C - Investment in Discontinued Operations
The Partnership's commercial property, 51 North High Street Building, located in
Columbus, Ohio, is currently being marketed for sale to an unaffiliated third
party; therefore, this segment has been reported as a discontinued operation.
Revenues of this property were approximately $304,000 and $300,000 for the three
months ended March 31, 2000 and 1999, respectively. (Loss) income from
discontinued operations was approximately $(37,000) and $1,000 for the three
months ended March 31, 2000 and 1999, respectively. The results of operations of
the property have been classified as "(Loss) income from discontinued
operations" for the three months ended March 31, 2000 and 1999. The remaining
net liabilities, which include receivables, deposits, fixed assets, accrued
liabilities, and mortgage debt, are classified as "Investment in discontinued
operations" at March 31, 2000.
Note D - Transactions with Affiliated Partners
The Partnership has no employees and is dependent on the General Partner and its
affiliates for the management and administration of all Partnership activities.
During the three months ended March 31, 2000 and 1999, affiliates of the General
Partner were entitled to receive 5% of gross receipts from both of the
Registrant's residential properties for providing property management services.
The Registrant paid to such affiliates approximately $41,000 for both of the
three month periods ended March 31, 2000 and 1999.
The Partnership Agreement also provides for reimbursement to the General Partner
and its affiliates for costs incurred in connection with the administration of
Partnership activities. An affiliate of the General Partner received
reimbursement of accountable administrative expenses amounting to approximately
$21,000 and $28,000 for the three months ended March 31, 2000 and 1999,
respectively.
AIMCO and its affiliates currently own 81,461.50 limited partnership units in
the Partnership representing 45.373% of the outstanding units. A number of these
units were acquired pursuant to tender offers made by AIMCO or its affiliates.
It is possible that AIMCO or its affiliates will make one or more additional
offers to acquire additional limited partnership interests in the Partnership
for cash or in exchange for units in the operating partnership of AIMCO. Under
the Partnership Agreement, unitholders holding a majority of the Units are
entitled to take action with respect to a variety of matters. As a result of its
ownership of 45.373% of the outstanding units, AIMCO is in a position to
significantly influence all voting decisions with respect to the Registrant.
When voting on matters, AIMCO would in all likelihood vote the Units it acquired
in a manner favorable to the interest of the General Partner because of their
affiliation with the General Partner.
Note E - Commitment
The Partnership is required to maintain working capital reserves for normal
repairs, replacements, working capital and contingencies of not less than 5% of
Net Invested Capital, as defined in the Partnership Agreement. In the event
expenditures are made from these reserves, operating revenue shall be allocated
to such reserves to the extent necessary to maintain the foregoing level. Cash
and cash equivalents, tenant security deposits and investments totaling
approximately $2,142,000, exceed the reserve requirement of approximately
$1,760,000 at March 31, 2000. The working capital requirement must be met prior
to any distributions to the partners. No distributions were made for the three
month periods ended March 31, 2000 or 1999.
Note F - Segment Reporting
Description of the types of products and services from which the reportable
segment derives its revenues:
The Partnership has two reportable segments: residential properties and
commercial property. The Partnership's residential property segment consists of
two apartment complexes, one located in West Chicago, Illinois and the other in
Corpus Christi, Texas. The Partnership rents apartment units to tenants for
terms that are typically twelve months or less. The commercial property segment
consists of an office building located in Columbus, Ohio. This property leases
space to a government agency, a bank, and various other businesses at terms
ranging from 12 months to 10 years. The General Partner is currently marketing
this property for sale and as such, this segment has been reported as a
discontinued operation.
Measurement of segment profit or loss:
The Partnership evaluates performance based on segment profit (loss) before
depreciation. The accounting policies of the reportable segments are the same as
those in the Partnership's Annual Report on Form 10-KSB for the year ended
December 31, 1999.
Factors management used to identify the enterprise's reportable segments:
The Partnership's reportable segments consist of investment properties that
offer different products and services. The reportable segments are each managed
separately because they provide distinct services with different types of
products and customers.
Segment information for the three months ended March 31, 2000 and 1999, is shown
in the tables below. The "Other" column includes partnership administration
related items and income and expense not allocated to the reportable segment (in
thousands).
<TABLE>
<CAPTION>
2000 Residential Commercial Other Totals
(discontinued)
<S> <C> <C> <C> <C>
Rental income $ 768 $ -- $ -- $ 768
Other income 50 -- 9 59
Interest expense 176 -- -- 176
Depreciation 208 -- -- 208
General and administrative
expense -- -- 45 45
Loss from discontinued
operations -- (37) -- (37)
Segment profit (loss) 4 (37) (36) (69)
Total assets 5,631 -- 965 6,596
Capital expenditures for
investment properties 29 8 -- 37
</TABLE>
<TABLE>
<CAPTION>
1999 Residential Commercial Other Totals
(discontinued)
<S> <C> <C> <C> <C>
Rental income $ 780 $ -- $ -- $ 780
Other income 27 -- 7 34
Interest expense 177 -- -- 177
Depreciation 198 -- -- 198
General and administrative
expense -- -- 53 53
Income from discontinued
operations -- 1 -- 1
Segment (loss) profit 37 1 (46) (8)
Total assets 5,590 1,845 927 8,362
Capital expenditures for
investment properties 126 8 -- 134
</TABLE>
Note G - Legal Proceedings
In March 1998, several putative unit holders of limited partnership units of the
Partnership commenced an action entitled Rosalie Nuanes, et al. v. Insignia
Financial Group, Inc., et al. in the Superior Court of the State of California
for the County of San Mateo. The plaintiffs named as defendants, among others,
the Partnership, the General Partner and several of their affiliated
partnerships and corporate entities. The action purports to assert claims on
behalf of a class of limited partners and derivatively on behalf of a number of
limited partnerships (including the Partnership) which are named as nominal
defendants, challenging the acquisition by Insignia Financial Group, Inc.
("Insignia") and entities which were, at one time, affiliates of Insignia
("Insignia Affiliates") of interests in certain general partner entities, past
tender offers by Insignia Affiliates to acquire limited partnership units, the
management of partnerships by Insignia Affiliates and the Insignia Merger (see
"Note B - Transfer of Control"). The plaintiffs seek monetary damages and
equitable relief, including judicial dissolution of the Partnership. On June 25,
1998, the General Partner filed a motion seeking dismissal of the action. In
lieu of responding to the motion, the plaintiffs have filed an amended
complaint. The General Partner filed demurrers to the amended complaint which
were heard February 1999. Pending the ruling on such demurrers, settlement
negotiations commenced. On November 2, 1999, the parties executed and filed a
Stipulation of Settlement, settling claims, subject to final court approval, on
behalf of the Partnership and all limited partners who own units as of November
3, 1999. Preliminary approval of the settlement was obtained on November 3, 1999
from the Superior Court of the State of California, County of San Mateo, at
which time the Court set a final approval hearing for December 10, 1999. Prior
to the December 10, 1999 hearing the Court received various objections to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of class plaintiffs' counsel to enter the
settlement. On December 14, 1999, the General Partner and its affiliates
terminated the proposed settlement. Certain plaintiffs have filed a motion to
disqualify some of the plaintiffs' counsel in the action. The General Partner
does not anticipate that costs associated with this case will be material to the
Partnership's overall operations.
The Partnership is unaware of any other pending or outstanding litigation that
is not of a routine nature arising in the ordinary course of business.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
The matters discussed in this Form 10-QSB contain certain forward-looking
statements and involve risks and uncertainties (including changing market
conditions, competitive and regulatory matters, etc.) detailed in the
disclosures contained in this Form 10-QSB and the other filings with the
Securities and Exchange Commission made by the Registrant from time to time. The
discussions of the Registrant's business and results of operations, including
forward-looking statements pertaining to such matters, does not take into
account the effects of any changes to the Registrant's business and results of
operation. Accordingly, actual results could differ materially from those
projected in the forward-looking statements as a result of a number of factors,
including those identified herein.
The Partnership's investment properties consist of two apartment complexes and
one commercial property. The following table sets forth the average occupancy of
the properties for the three months ended March 31, 2000 and 1999:
Average Occupancy
Property 2000 1999
Aspen Ridge Apartments 93% 95%
West Chicago, Illinois
Sutton Place Apartments (1) 91% 94%
Corpus Christi, Texas
51 North High Street Building (2) 98% 100%
Columbus, Ohio
(1) The General Partner attributes the decrease in occupancy at Sutton Place
Apartments to increased competition in the local market.
(2) The General Partner is currently in negotiations to sell this property to
an unaffiliated third party. There can be no assurance that the General
Partner will be successful in its negotiations or that the property will
ultimately be sold.
Results of Operations
The Registrant's net loss for each of the three month periods ended March 31,
2000 and 1999 was approximately $69,000 and $8,000, respectively. Net loss from
continuing operations for the three months ended March 31, 2000 was
approximately $32,000 compared to a net loss of approximately $9,000 for the
three months ended March 31, 1999. The increase in net loss from continuing
operations for the three months ended March 31, 2000 was due to an increase in
total expenses slightly offset by an increase in total revenues. The increase in
total revenues is the result of an increase in other income. Other income
increased primarily due to increases in tenant charges and miscellaneous income.
Total expenses increased for the three months ended March 31, 2000 as a result
of increases in property tax, operating and depreciation expense. The increase
in property tax expense is attributable to the receipt of a prior year property
tax refund for Sutton Place Apartments during the first quarter of 1999 which
reduced the total expense recorded. Absent this refund property tax expense
would have been comparable for the three month periods ended March 31, 2000 and
1999. Operating expense increased due to an increase in property expenses as a
result of increased utilities expense and salaries expense and related employee
benefits for the three months ended March 31, 2000. Depreciation expense
increased as a result of property additions during the past twelve months.
The increase in total expenses was partially offset by a decrease in general and
administrative expenses. General and administrative expenses decreased due to a
decrease in management reimbursements to the General Partner allowed under the
Partnership Agreement. Also included in general and administrative expenses for
the three months ended March 31, 2000 and 1999 are costs associated with the
quarterly and annual communications with investors and regulatory agencies and
the annual audit required by the Partnership Agreement.
The increase in loss from discontinued operations for the three months ended
March 31, 2000, is primarily the result of accrued legal and other professional
fees of approximately $30,000 associated with the potential sale of the
property.
As part of the ongoing business plan of the Partnership, the General Partner
monitors the rental market environment of each of its investment properties to
assess the feasibility of increasing rents, maintaining or increasing occupancy
levels and protecting the Partnership from increases in expenses. As part of
this plan, the General Partner attempts to protect the Partnership from the
burden of inflation-related increases in expenses by increasing rents and
maintaining a high overall occupancy level. However, due to changing market
conditions, which can result in the use of rental concessions and rental
reductions to offset softening market conditions, there is no guarantee that the
General Partner will be able to sustain such a plan.
Liquidity and Capital Resources
At March 31, 2000, the Partnership had cash and cash equivalents of
approximately $2,054,000 as compared to approximately $1,277,000 at March 31,
1999. Cash and cash equivalents increased approximately $299,000 during the
three months ended March 31, 2000 from the Partnership's year ended December 31,
1999, primarily due to approximately $352,000 of cash provided by operating
activities, which was partially offset by approximately $40,000 of cash used in
financing activities and approximately $13,000 of cash used in investing
activities. Cash used in financing activities consisted of payments of principal
made on the mortgages encumbering the Partnership's properties. Cash used in
investing activities consisted of property improvements replacements and payment
of lease commissions partially offset by net withdrawals from the escrow
accounts maintained by the mortgage lender. The Partnership invests its working
capital reserves in money market accounts.
The sufficiency of existing liquid assets to meet future liquidity and capital
expenditure requirements is directly related to the level of capital
expenditures required at the properties to adequately maintain the physical
assets and other operating needs of the Partnership and to comply with Federal,
state, and local legal and regulatory requirements. Capital improvements planned
for the year 2000 for each of the Partnership's properties are detailed below.
Aspen Ridge Apartments
The Partnership has budgeted capital improvements of approximately $102,000 for
2000, consisting of floor covering and appliance replacements and parking lot
improvements. As of March 31, 2000, approximately $14,000 has been incurred
consisting primarily of interior building improvements, appliances, and floor
covering replacements. These improvements were funded from operating cash flow.
Sutton Place Apartments
The Partnership has budgeted capital improvements of approximately $63,000 for
2000, consisting of floor covering replacements, HVAC condensing unit, cabinets
and water heater replacements, and appliances. As of March 31, 2000,
approximately $15,000 has been incurred consisting primarily of appliance and
floor covering replacements and lighting improvements. These improvements were
funded from Partnership reserves.
51 North High Building
The Partnership has budgeted capital improvements of approximately $158,000 for
2000, consisting of HVAC unit replacements. As of March 31, 2000, approximately
$8,000 has been incurred consisting primarily of tenant improvements. These
improvements were funded from operations. The General Partner is currently in
negotiations to sell this property to an unaffiliated third party. There can be
no assurance that the General Partner will be successful in its negotiations or
that the property will ultimately be sold.
The additional capital expenditures will be incurred only if cash is available
from operations or from Partnership reserves. To the extent that such budgeted
capital improvements are completed, the Partnership's distributable cash flow,
if any, may be adversely affected at least in the short term.
The Partnership's assets are currently thought to be sufficient for any
near-term needs (exclusive of capital improvements) of the Partnership. The
mortgage indebtedness of approximately $10,792,000 (of which approximately
$2,333,000 is included in investment in discontinued operations) is amortized
over varying periods with required balloon payments ranging from October 1, 2003
to June 1, 2004. The General Partner will attempt to refinance such indebtedness
and/or sell the properties prior to such maturity dates. If the properties
cannot be refinanced or sold for a sufficient amount, the Partnership will risk
losing such properties through foreclosure.
The Partnership is required to maintain working capital reserves for normal
repairs, replacements, working capital and contingencies of not less than 5% of
Net Invested Capital as defined in the Partnership Agreement. In the event
expenditures are made from these reserves, operating revenue shall be allocated
to such reserves to the extent necessary to maintain the foregoing level. Cash
and cash equivalents, tenant security deposits and investments totaling
approximately $2,142,000, exceed the reserve requirement of approximately
$1,760,000 at March 31, 2000.
There were no cash distributions to the partners during the three months ended
March 31, 2000 and 1999. Future cash distributions will depend on the levels of
net cash generated from operations, the availability of cash reserves, and the
timing of debt maturities, refinancings, and/or property sales. The
Partnership's distribution policy is reviewed on an annual basis. There can be
no assurance, however that the Partnership will generate sufficient funds from
operations after required capital improvements and working capital reserves to
permit distributions to its partners during the remainder of 2000 or subsequent
periods.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
In March 1998, several putative unit holders of limited partnership units of the
Partnership commenced an action entitled Rosalie Nuanes, et al. v. Insignia
Financial Group, Inc., et al. in the Superior Court of the State of California
for the County of San Mateo. The plaintiffs named as defendants, among others,
the Partnership, the General Partner and several of their affiliated
partnerships and corporate entities. The action purports to assert claims on
behalf of a class of limited partners and derivatively on behalf of a number of
limited partnerships (including the Partnership) which are named as nominal
defendants, challenging the acquisition by Insignia Financial Group, Inc.
("Insignia") and entities which were, at one time, affiliates of Insignia
("Insignia Affiliates") of interests in certain general partner entities, past
tender offers by Insignia Affiliates to acquire limited partnership units, the
management of partnerships by Insignia Affiliates and the Insignia Merger (see
"Part I - Financial Information, Item I. Financial Statements, Note B - Transfer
of Control"). The plaintiffs seek monetary damages and equitable relief,
including judicial dissolution of the Partnership. On June 25, 1998, the General
Partner filed a motion seeking dismissal of the action. In lieu of responding to
the motion, the plaintiffs have filed an amended complaint. The General Partner
filed demurrers to the amended complaint which were heard February 1999. Pending
the ruling on such demurrers, settlement negotiations commenced. On November 2,
1999, the parties executed and filed a Stipulation of Settlement, settling
claims, subject to final court approval, on behalf of the Partnership and all
limited partners who own units as of November 3, 1999. Preliminary approval of
the settlement was obtained on November 3, 1999 from the Superior Court of the
State of California, County of San Mateo, at which time the Court set a final
approval hearing for December 10, 1999. Prior to the December 10, 1999 hearing
the Court received various objections to the settlement, including a challenge
to the Court's preliminary approval based upon the alleged lack of authority of
class plaintiffs' counsel to enter the settlement. On December 14, 1999, the
General Partner and its affiliates terminated the proposed settlement. Certain
plaintiffs have filed a motion to disqualify some of the plaintiffs' counsel in
the action. The General Partner does not anticipate that costs associated with
this case will be material to the Partnership's overall operations.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
a) Exhibits:
Exhibit 27, Financial Data Schedule, is filed as an exhibit to
this report.
b) Reports on Form 8-K:
None filed during the quarter ended March 31, 2000
SIGNATURES
In accordance with the requirements of the Exchange Act, the Partnership caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
CONSOLIDATED CAPITAL PROPERTIES V
By: CONCAP EQUITIES, INC.
Its General Partner
By: /s/Patrick J. Foye
Patrick J. Foye
Executive Vice President
By: /s/Martha L. Long
Martha L. Long
Senior Vice President and
Controller
Date: May 12, 2000
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Consolidated
Capital Properties V 2000 First Quarter 10-QSB and is qualified in its entirety
by reference to such 10-QSB filing.
</LEGEND>
<CIK> 0000725614
<NAME> Consolidated Capital Properties V
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 2,054
<SECURITIES> 0
<RECEIVABLES> 90
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0<F1>
<PP&E> 15,295
<DEPRECIATION> 11,092
<TOTAL-ASSETS> 6,596
<CURRENT-LIABILITIES> 0 <F1>
<BONDS> 8,459
0
0
<COMMON> 0
<OTHER-SE> (3,503)
<TOTAL-LIABILITY-AND-EQUITY> 6,596
<SALES> 0
<TOTAL-REVENUES> 827
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 859
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 176
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> (32)
<DISCONTINUED> (37)
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (69)
<EPS-BASIC> (0.38)<F2>
<EPS-DILUTED> 0
<FN>
<F1> Registrant has an unclassified balance sheet. <F2> Multiplier is 1.
</FN>
</TABLE>
