<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
[X] Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
For the quarterly period ended June 30, 1999 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 0-21580
---------------------------------
Wells Real Estate Fund V, L.P.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Georgia 58-1936904
------------------------------- -------------------
(State of other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
3885 Holcomb Bridge Road, Norcross, Georgia 30092
--------------------------------------------- ------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (770) 449-7800
--------------
-------------------------------------------------------------------------
(Former name, former address and former fiscal year,
if changed since last report)
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
------ ------
1
<PAGE>
Form 10-Q
---------
Wells Real Estate Fund V, L.P.
------------------------------
INDEX
-----
<TABLE>
<CAPTION>
Page No.
--------
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
<S> <C>
Balance Sheets - June 30, 1999
and December 31, 1998........................ 3
Statements of Income for the Three
Months and Six Months Ended June 30, 1999
and 1998..................................... 4
Statement of Partners' Capital
for the Year Ended December 31, 1998,
and the Six Months Ended June 30, 1999....... 5
Statements of Cash Flows for the Six Months
Ended June 30, 1999 and 1998................. 6
Condensed Notes to Financial Statements....... 7
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of
Operations.................................... 8
PART II. OTHER INFORMATION 16
</TABLE>
2
<PAGE>
WELLS REAL ESTATE FUND V, L.P.
(a Georgia Public Limited Partnership)
BALANCE SHEETS
<TABLE>
<CAPTION>
Assets June 30, 1999 December 31, 1998
------ ------------- -----------------
<S> <C> <C>
Investment in joint ventures (Note 2) $12,439,921 $12,673,831
Cash and cash equivalents 42,604 63,998
Due from affiliates 349,190 300,674
----------- -----------
Total assets $12,831,715 $13,038,503
=========== ===========
Liabilities and Partners' Capital
---------------------------------
Liabilities:
Accounts payable $ 0 $ 4,274
Partnership distributions payable 302,348 273,916
----------- -----------
302,348 278,190
----------- -----------
Partners' capital:
Limited partners
Class A - 1,560,416 units outstanding 12,529,367 12,760,313
Class B - 140,186 units outstanding 0 0
----------- -----------
Total partners' capital 12,529,367 12,760,313
----------- -----------
Total liabilities and partners' $12,831,715 $13,038,503
capital =========== ===========
</TABLE>
See accompanying condensed notes to financial statements.
3
<PAGE>
WELLS REAL ESTATE FUND V, L.P.
(a Georgia Public Limited Partnership)
STATEMENTS OF INCOME
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
------------------ ----------------
June 30, 1999 June 30, 1998 June 30, 1999 June 30, 1998
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Revenues:
Equity in income of joint
ventures (Note 2) $234,312 $238,842 $404,155 $407,432
Interest income 315 1,155 945 2,442
-------- -------- -------- --------
234,627 239,997 405,100 409,874
-------- -------- -------- --------
Expenses:
Legal and accounting 7,992 8,649 13,732 13,420
Computer costs 1,861 1,837 4,681 3,854
Partnership administration 12,805 12,643 31,475 22,936
-------- -------- -------- --------
22,658 23,129 49,888 40,210
-------- -------- -------- --------
Net income $211,969 $216,868 $355,212 $369,664
======== ======== ======== ========
Net income allocated to Class A
Limited Partners $211,969 $216,868 $355,212 $369,664
Net loss allocated to Class B
Limited Partners $0 $0 $0 $0
Net income per Class A Limited
Partner Unit $ 0.14 $0.14 $0.23 $0.24
Net loss per Class B Limited Partner
Unit $.00 $.00 $.00 $.00
Cash distribution per Class A
Limited Partner Unit $0.19 $0.19 $0.38 $0.38
</TABLE>
See accompanying condensed notes to financial statements.
4
<PAGE>
WELLS REAL ESTATE FUND V, L.P.
(a Georgia Public Limited Partnership)
STATEMENTS OF PARTNERS' CAPITAL
FOR THE YEAR ENDED DECEMBER 31, 1998 AND THE SIX MONTHS ENDED
JUNE 30, 1999
<TABLE>
<CAPTION>
Limited Partners
------------------------------------------
Class A Class B Total
------------------------ ---------------- General Partners'
Units Amount Units Amount Partners Capital
--------- ------------- -------- ------ -------- ------------
<S> <C> <C> <C> <C> <C> <C>
BALANCE, December 31, 1997 1,551,416 $13,297,946 149,186 $0 $0 $13,297,946
Net income 0 622,106 0 0 0 622,106
Partnership distributions 0 (1,159,739) 0 0 0 (1,159,739)
Class B conversion elections 7,605 0 (7,605) 0 0 0
--------- ----------- ------- -- -- -----------
BALANCE, December 31, 1998 1,559,021 12,760,313 141,581 0 0 12,760,313
Net income 0 355,212 0 0 0 355,212
Partnership distributions 0 (586,158) 0 0 0 (586,158)
Class B conversion elections 1,395 0 (1,395) 0 0 0
--------- ----------- ------- -- -- -----------
BALANCE, June 30, 1999 1,560,416 $12,529,367 140,186 $0 $0 $12,529,367
========= =========== ======= == == ===========
</TABLE>
See accompanying condensed notes to financial statements.
5
<PAGE>
WELLS REAL ESTATE FUND V, L.P.
(a Georgia Public Limited Partnership)
STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
Six Months Ended
----------------
June 30, 1999 June 30, 1998
------------- -------------
<S> <C> <C>
Cash flow from operating activities:
Net income $ 355,212 $ 369,664
Adjustments to reconcile net income to net
cash used in operating activities:
Equity in income of joint venture (404,155) (407,432)
Changes in assets and liabilities:
Decrease in accounts payable (4,274) 0
--------- ---------
Net cash used in operating
activities (53,217) (37,768)
--------- ---------
Cash flow from investing activities:
Distributions received from
joint ventures 606,906 607,411
Investment in joint ventures (17,357) 0
--------- ---------
Net cash provided by investing
activities 589,549 607,411
--------- ---------
Cash flow from financing activities:
Partnership distributions paid (557,726) (577,542)
--------- ---------
Net decrease in cash
and cash equivalents (21,394) (7,889)
Cash and cash equivalents, beginning of year 63,998 91,678
--------- ---------
Cash and cash equivalents, end of period $ 42,604 $ 83,779
========= =========
</TABLE>
See accompanying condensed notes to financial statements.
6
<PAGE>
WELLS REAL ESTATE FUND V, L.P
(A Georgia Public Limited Partnership)
Condensed Notes to Financial Statements
(1) Summary of Significant Accounting Policies
------------------------------------------
(a) General
-----------
Wells Real Estate Fund V, L.P. ("the partnership") is a Georgia public
limited partnership having Leo F. Wells, III and Wells Partners, L.P., as
General Partners. The Partnership was formed on October 25, 1990, for the
purpose of acquiring, developing, owning, operating, improving, leasing,
and otherwise managing for investment purposes income producing commercial
or industrial properties.
On March 6, 1992, the Partnership commenced an offering of up to
$25,000,000 of Class A or Class B limited partnership units ($10.00 per
unit) pursuant to a Registration Statement on Form S-11 filed under the
Securities Act of 1933. The Partnership did not commence active operations
until it received and accepted subscriptions for a minimum of 125,000 units
on April 27, 1992. The offering was terminated on March 3, 1993, at which
time the Partnership had sold 1,520,967 Class A Units and 179,635 Class B
Units representing $17,006,020 of capital contributions by investors who
were admitted to the Partnership as Limited Partners.
The Partnership owns interests in properties through its equity ownership
in the following joint ventures: (i) Fund IV and Fund V Associates, a joint
venture between the Partnership and Wells Real Estate Fund IV, L.P. (the
"Fund IV - Fund V Joint Venture"); (ii) Fund V and Fund VI Associates, a
joint venture between the Partnership and Wells Real Estate Fund VI, L.P.
(the "Fund V - Fund VI Joint Venture"); and (iii) Fund V, Fund VI, and Fund
VII Associates, a joint venture between the Partnership, Wells Real Estate
Fund VI, L.P. and Wells Real Estate Fund VII, L.P. (the "Fund V-VI-VII
Joint Venture").
As of June 30, 1999, the Partnership owned interests in the following
properties through its ownership in the foregoing joint ventures: (i) a
four-story office building located in Jacksonville, Florida ("IBM
Jacksonville"), which is owned by the Fund IV - Fund V Joint Venture; (ii)
two substantially identical two-story office buildings located in Clayton
County, Georgia (the "Medical Center"), which are owned by the Fund IV -
Fund V Joint Venture; (iii) a four-story office building located in
metropolitan Hartford, Connecticut (the "Hartford Building"), which is
owned by the Fund V - Fund VI Joint Venture; (iv) two retail buildings
located in Clayton County, Georgia ("Stockbridge Village II"), which are
owned by the Fund V - Fund VI Joint Venture; and (v) a three-story office
building located in Appleton, Wisconsin (the "Marathon Building"), which is
owned by the Fund V-VI-VII Joint Venture. All of the foregoing properties
were acquired on an all cash basis. For further information regarding
these joint ventures and properties, refer to the Partnership's Form 10-K
for the year ended December 31, 1998.
7
<PAGE>
(B) Basis of Presentation
-------------------------
The financial statements of the Partnership have been prepared in
accordance with instructions to Form 10-Q and do not include all of the
information and footnotes required by generally accepted accounting
principles for complete financial statements. These quarterly statements
have not been examined by independent accountants, but in the opinion of
the General Partners, the statements for the unaudited interim periods
presented include all adjustments, which are of a normal and recurring
nature, necessary to present a fair presentation of the results for such
periods. For further information, refer to the financial statements and
footnotes included in the Partnership's Form 10-K for year ended December
31, 1998.
(2) Investment in Joint Ventures
----------------------------
The Partnership owns interests in five properties through its investment in
joint ventures of which four are office building properties and one is a
retail property. The Partnership does not have control over the operations
of the joint ventures; however, it does exercise significant influence.
Accordingly, investment in joint ventures is recorded on the equity method.
For further information, refer to the financial statements and footnotes
included in the Partnership's Form 10-K for the year ended December 31,
1998.
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
------------------------------------------------------------------------
RESULTS OF OPERATIONS.
----------------------
The following discussion and analysis should be read in conjunction with
the accompanying financial statements of the Partnership and notes thereto.
This Report contains forward-looking statements, within the meaning of
Section 27A of the Securities Act of 1933 and 21E of the Securities
Exchange Act of 1934, including discussion and analysis of the financial
condition of the Partnership, anticipated capital expenditures required to
complete certain projects, amounts of cash distributions anticipated to be
distributed to Limited Partners in the future and certain other matters.
Readers of this Report should be aware that there are various factors that
could cause actual results to differ materially form any forward-looking
statement made in this Report, which include construction costs which may
exceed estimates, construction delays, lease-up risks, inability to obtain
new tenants upon expiration of existing leases, and the potential need to
fund tenant improvements or other capital expenditures out of operating
cash flow.
Results of Operations and Changes in Financial Conditions
---------------------------------------------------------
General
-------
As of June 30, 1999, the properties owned by the Partnership were 89%
occupied as compared to 95% occupied as of June 30, 1998. Gross revenues
of the Partnership were $405,100 for the six months ended June 30, 1999, as
compared to $409,874 for the six months ended June 30, 1998. Gross revenues
and net income has decreased for the six
8
<PAGE>
months ended June 30, 1999, over 1998 levels due primarily to increased
partnership administrative expenses and decreased interest earned.
Net cash used in operating activities increased from $37,768 for the six
months ended June 30, 1998 to $53,217 for the same period in 1999. The
decrease in cash and cash equivalents from $83,779 for the six months ended
June 30, 1998, to $42,604 for the six months ended June 30, 1999, was due
primarily to an increase in investments in joint ventures and decreased net
income.
The Partnership made cash distributions to the Limited Partners holding
Class A Units of $.19 per Class A Unit for the three months ended June 30,
1999, and for the same period in 1998. No cash distributions were made to
the Limited Partners holding Class B Units or to the General Partners.
The Partnership expects to continue to meet its short-term liquidity
requirements and budget demands generally through net cash provided by
operations which the Partnership believes will continue to be adequate to
meet both operating requirements and distributions to Limited Partners. At
this time, given the nature of the joint ventures in which the Partnership
has invested, there are no known improvements and renovations to the
properties expected to be funded from cash flow from operations.
Year 2000
---------
The Partnership is presently reviewing the potential impact of Year 2000
compliance issues on its information systems and business operations. A
full assessment of Year 2000 compliance issues was begun in late 1997 and
was completed by March 31, 1999. Renovations and replacements of equipment
have been and are being made as warranted as the assessment progresses.
The costs incurred by the Partnership and its affiliates thus far for
renovations and replacements have been immaterial. As of June 30, 1999,
all testing of systems has been completed.
As to the status of the Partnerships' information technology systems, it is
presently believed that all major systems and software packages are Year
2000 compliant. At the present time, it is believed that all major non-
information technology systems are Year 2000 compliant. The cost to
upgrade any noncompliance systems is believed to be immaterial.
The Partnership has confirmed with the Partnership's vendors, including
third-party service providers such as banks, that their systems are Year
2000 compliant.
The Partnership relies on computers and operating systems provided by
equipment manufacturers, and also on application software designed for use
with its accounting, property management and investment portfolio tracking.
The Partnership has preliminary determined that any costs, problems or
uncertainties associated with the potential consequences of Year 2000
issues are not expected to have a material impact on the future operations
or financial condition of the Partnership. The Partnership will perform
due
9
<PAGE>
diligence as to the Year 2000 readiness of each property owned by the
Partnership and each property contemplated for purchase by the Partnership.
The Partnership's reliance on embedded computer systems (i.e.
microcontrollers) is limited to facilities related matters, such as office
security systems and environmental control systems.
The Partnership is currently formulating contingency plans to cover any
areas of concern. Alternate means of operating the business are being
developed in the unlikely circumstance that the computer and phone systems
are rendered inoperable. An off-site facility from which the Partnership
could operate is being sought as well as alternate means of communication
with key third-party vendors. A written plan is being developed for
testing and dispensation to each staff member of the General Partner of the
Partnership.
Management believes that the Partnership's risk of Year 2000 problems is
minimal. In the unlikely event there is a problem, the worst case
scenarios would include the risks that the elevator or security systems
within the Partnership's properties would fail or the key third-party
vendors upon which the Partnership relies would be unable to provide
accurate investor information. In the event that the elevator shuts down,
the Partnership has devised a plan for each building whereby the tenants
will use the stairs until the elevators are fixed. In the event that the
security system shuts down, the Partnership has devised a plan for each
building to hire temporary on-site security guards. In the event that a
third-party vendor has Year 2000 problems relating to investor information,
the Partnership intends to perform a full system back-up of all investor
information as of December 31, 1999, so that the Partnership will have
accurate hard-copy investor information.
10
<PAGE>
Property Operations
-------------------
As of June 30, 1999, the Partnership owned interests in the following
operational properties:
The Marathon Building/Fund V-VI-VII Joint Venture
-------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
------------------------------ -------------------------------
June 30, 1999 June 30, 1998 June 30,1999 June 30, 1998
------------- ------------- ------------ -------------
<S> <C> <C> <C> <C>
Revenues:
Rental Income $242,754 $243,184 $485,508 $485,938
-------- -------- -------- --------
Expenses:
Depreciation 87,647 87,646 175,293 175,292
Management & leasing expenses 6,443 9,890 22,687 19,780
Other operating expenses 2,865 3,099 10,411 6,741
-------- -------- -------- --------
96,955 100,635 208,391 201,813
-------- -------- -------- --------
Net income $145,799 $142,549 $277,117 $284,125
======== ======== ======== ========
Occupied % 100% 100% 100% 100%
Partnership Ownership % in the
Fund V-VI-VII Joint Venture 16.5% 16.5% 16.5% 16.5%
Cash Distribution to Partnership $ 38,780 $ 38,275 $ 75,176 $ 76,389
Net Income Allocated to the
Partnership $ 23,999 $ 23,463 $ 45,614 $ 46,767
</TABLE>
The increase in management and leasing fees was due to an underaccrual of
fees from 1998. The increase in operating expenses for the six month
period ended June 30, 1999, was due primarily to increases in accounting
and administrative fees.
Cash distributions allocated to the Partnership and net income allocated to
the Partnership remained relatively stable for the six months ended June
30, 1999 and 1998.
11
<PAGE>
IBM Jacksonville /Fund IV - Fund V Joint Venture
------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
----------------------------- ------------------------------
June 30, 1999 June 30, 1998 June 30,1999 June 30, 1998
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Revenues:
Rental Income $376,096 $365,896 $740,482 $731,888
-------- -------- -------- --------
Expenses:
Depreciation 79,524 79,524 159,048 159,048
Management & leasing expenses 55,114 51,801 104,899 98,477
Other operating expenses 54,045 (7,083) 169,022 98,277
-------- -------- -------- --------
188,683 124,242 432,969 355,802
-------- -------- -------- --------
Net income $187,413 $241,654 $307,513 $376,086
======== ======== ======== ========
Occupied % 94% 100% 94% 100%
Partnership Ownership % in the
Fund IV-V Joint Venture 62.4% 62.4% 62.4% 62.4%
Cash Distribution to Partnership $171,177 $157,264 $307,783 $281,897
Net Income Allocated to the
Partnership $116,994 $150,706 $191,966 $234,544
</TABLE>
Rental income for the IBM Jacksonville Property increased slightly in 1999,
as compared to 1998 figures. Operating expenses increased in 1999, due not
only to the substantial increase in the areas of repairs and maintenance,
but combined with the fact that common area maintenance reimbursements were
drastically reduced for the period. The foregoing was as a result of both
IBM and Siemens reducing their leased space in the building. Tenants are
billed an estimated amount for the current year common area maintenance
which is then reconciled the second quarter of the following year and the
difference billed to the tenant. Customized Transportation Inc. extended
their lease for an additional two years through February 28, 2001. Cash
distributions increased for 1999 and compared to 1998. The Partnership
contributed cash fundings to the Joint Venture for tenant improvement in
proportion to their ownership interests, and therefore, the Partnership's
ownership interest in the Fund IV - Fund V Joint Venture remained the same.
Net income allocated to the Partnership decreased for the six months ended
June 30, 1999, as compared to the same period in 1998, due primarily to
increased repairs and maintenance costs. Cash distributions allocated to
the Partnership increased due to the distribution of amounts previously
held in reserve. These amounts were withheld to cover necessary tenant
improvements which did not materialize.
12
<PAGE>
The Medical Center Property/Fund IV - Fund V Joint Venture
----------------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
------------------------------ -----------------
June 30, 1999 June 30, 1998 June 30,1999 June 30, 1998
------------- ------------- ------------ -------------
<S> <C> <C> <C> <C>
Revenues:
Rental Income $121,106 $118,712 $265,684 $236,039
Interest Income 2,404 2,572 2,979 4,519
-------- -------- -------- --------
123,510 121,284 268,663 240,558
-------- -------- -------- --------
Expenses:
Depreciation 44,524 44,524 89,048 89,048
Management & leasing expenses 14,114 15,874 31,887 30,670
Other operating expenses 31,696 32,795 77,100 80,471
-------- -------- -------- --------
90,334 93,193 198,035 200,189
-------- -------- -------- --------
Net income $ 33,176 $ 28,091 $ 70,628 $ 40,369
======== ======== ======== ========
Occupied % 50% 82% 50% 82%
Partnership Ownership % in the
Fund IV-V Joint Venture 62.4% 62.4% 62.4% 62.4%
Cash Distribution to Partnership $ 46,294 $ 50,138 $ 91,966 $ 90,143
Net Income Allocated to the
Partnership $ 20,710 $ 17,519 $ 44,090 $ 25,176
</TABLE>
Rental income for the Medical Center Property increased in 1999 over 1998,
due primarily to an increase in the occupancy level of the property in the
fourth quarter of 1998. Operating expenses remained relatively stable in
1999, as compared to 1998 figures. Cash distributions allocated to the
Partnership remained relatively stable for the six months ended June 30,
1999 and 1998. One major tenant in the property, Georgia Baptist Healthcare
System did not renew their lease which expired May 31, 1999. That created a
vacancy of 17,847 square feet. A new tenant, On Care Management has
contracted to lease 4,348 rentable square feet of space for a term of 5
years commencing September 1, 1999 and ending August 31, 2004. It is
anticipated that the final cost to complete necessary tenant improvements
for On Care Management will be approximately $43,450, which will be
contributed by Wells Fund IV. All efforts are being made by the Partnership
to find a tenant or tenants to occupy the balance of the space.
13
<PAGE>
The Hartford Building/Fund V - Fund VI Joint Venture
----------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
------------------ ----------------
June 30, 1999 June 30, 1998 June 30,1999 June 30, 1998
-------------- -------------- ------------- -----------------
<S> <C> <C> <C> <C>
Revenues:
Rental Income $179,375 $179,375 $358,750 $358,750
-------- -------- -------- --------
Expenses:
Depreciation 73,008 73,005 146,016 146,010
Management & leasing expenses 7,242 7,242 14,484 12,898
Other operating expenses (456) 4,566 4,863 9,788
-------- -------- -------- --------
79,794 84,813 165,363 168,696
-------- -------- -------- --------
Net income $ 99,581 $ 94,562 $193,387 $190,054
======== ======== ======== ========
Occupied % 100% 100% 100% 100%
Partnership Ownership % in the
Fund V-VI Joint Venture 46.4% 46.5% 46.4% 46.5%
Cash Distribution to Partnership $ 80,922 $ 78,749 $159,235 $157,192
Net Income Allocated to the
Partnership $ 46,242 $ 44,000 $ 89,843 $ 88,432
</TABLE>
Net income increased and expenses decreased for the six months ended June
30, 1999, as compared to 1998, due primarily to a greater insurance
reimbursement from the tenant in 1999, which was recorded in the second
quarter of 1999, in other operating expenses.
The Partnership's ownership interest in the Fund V - Fund VI Joint Venture
decreased due to additional fundings by Wells Fund VI in 1999, which caused
a decrease in the Partnership's ownership interest in the Fund V - Fund VI
Joint Venture.
14
<PAGE>
Stockbridge Village II/Fund V - Fund VI Joint Venture
-----------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
------------------ ----------------
June 30, 1999 June 30, 1998 June 30,1999 June 30, 1998
------------- ------------- ------------ -------------
<S> <C> <C> <C> <C>
Revenues:
Rental Income $95,902 $58,944 $155,310 $117,888
------- ------- -------- --------
Expenses:
Depreciation 25,992 25,425 51,735 51,128
Management & leasing expenses 10,120 7,072 17,009 15,674
Other operating expenses 3,008 19,669 16,283 24,193
------- ------- -------- --------
39,120 52,166 85,027 90,995
------- ------- -------- --------
Net income $56,782 $ 6,778 $ 70,283 $ 26,893
======= ======= ======== ========
Occupied % 100% 72% 100% 72%
Partnership Ownership % in the
Fund V-VI Joint Venture 46.4% 46.5% 46.4% 46.5%
Cash Distribution to Partnership $37,017 $14,171 $ 50,440 $ 34,677
Net Income Allocated to the
Partnership $26,368 $ 3,154 $ 32,643 $ 12,513
</TABLE>
Net income and cash distribution to the Partnership increased in 1999, as
compared to 1998, due primarily to increased occupancy and a reduction in
landscape expenses, parking lot repairs and other operating expenses. The
Partnership's ownership percentage in the Fund V - Fund VI Joint Venture
decreased due to additional fundings by Wells Fund VI which caused a
decrease in the Partnership's ownership interest in the Fund V - Fund VI
Joint Venture.
15
<PAGE>
PART II - OTHER INFORMATION
---------------------------
ITEM 6 (b). No reports on Form 8-K were filed during the second quarter of
1999.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
WELLS REAL ESTATE FUND V, L.P.
Dated: August 10, 1999 By: /s/ Leo F. Wells, III
--------------------------
Leo F. Wells, III, as Individual
General Partner and as President,
Sole Director and Chief Financial
Officer of Wells Capital, Inc., the
General Partner of Wells Partners, L.P.
16
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<CASH> 42,604
<SECURITIES> 12,439,921
<RECEIVABLES> 349,190
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 12,831,715
<CURRENT-LIABILITIES> 302,348
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 12,529,367
<TOTAL-LIABILITY-AND-EQUITY> 12,831,715
<SALES> 0
<TOTAL-REVENUES> 405,100
<CGS> 0
<TOTAL-COSTS> 49,888
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 355,212
<INCOME-TAX> 355,212
<INCOME-CONTINUING> 355,212
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 355,212
<EPS-BASIC> .23
<EPS-DILUTED> 0
</TABLE>
