-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, P0jLi9CO6kvZbSnnmumtVI/jjRN5GlSIBKYLDUWKR9PuK9h1eRi8F+5WBYrL8n/Z /mXposoakICZaIH0tUjMBA== 0000064310-96-000008.txt : 19960816 0000064310-96-000008.hdr.sgml : 19960816 ACCESSION NUMBER: 0000064310-96-000008 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960814 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MCNEIL REAL ESTATE FUND V LTD CENTRAL INDEX KEY: 0000064310 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF NONRESIDENTIAL BUILDINGS [6512] IRS NUMBER: 946356980 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-08229 FILM NUMBER: 96612469 BUSINESS ADDRESS: STREET 1: 13760 NOEL ROAD STE 700 STREET 2: LB70 CITY: DALLAS STATE: TX ZIP: 75240 BUSINESS PHONE: 2144485800 MAIL ADDRESS: STREET 1: 13760 NOEL ROAD SUITE 700 LB 70 CITY: DALLAS STATE: TX ZIP: 75240 10-Q 1 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 --- --- MCNEIL REAL ESTATE FUND V, LTD. PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS - ------- -------------------- BALANCE SHEETS (Unaudited)
June 30, December 31, 1996 1995 --------------- -------------- ASSETS - ------ 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 ============== =============
The financial information included herein has been prepared by management without audit by independent public accountants. See accompanying notes to financial statements. MCNEIL REAL ESTATE FUND V, LTD. STATEMENTS OF INCOME (Unaudited)
Three Months Ended Six Months Ended June 30, June 30, --------------------------------- --------------------------------- 1996 1995 1996 1995 -------------- -------------- -------------- -------------- Revenue: 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 ============= ============= ============= =============
The financial information included herein has been prepared by management without audit by independent public accountants. See accompanying notes to financial statements. MCNEIL REAL ESTATE FUND V, LTD. STATEMENTS OF PARTNERS' EQUITY (Unaudited) For the Six Months Ended June 30, 1996 and 1995
Total General Limited Partners' Partner Partners Equity -------------- --------------- --------------- 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 ============= ============= =============
The financial information included herein has been prepared by management without audit by independent public accountants. See accompanying notes to financial statements. MCNEIL REAL ESTATE FUND V, LTD. STATEMENTS OF CASH FLOWS (Unaudited) Increase (Decrease) in Cash and Cash Equivalents
Six Months Ended June 30, ------------------------------------------- 1996 1995 ------------------- ---------------- Cash flows from operating activities: 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 ================= ==============
The financial information included herein has been prepared by management without audit by independent public accountants. See accompanying notes to financial statements. MCNEIL REAL ESTATE FUND V, LTD. STATEMENTS OF CASH FLOWS (Unaudited) Reconciliation of Net Income to Net Cash Provided by Operating Activities
Six Months Ended June 30, ----------------------------------------- 1996 1995 ----------------- ---------------- 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 =============== ==============
The financial information included herein has been prepared by management without audit by independent public accountants. See accompanying notes to financial statements. 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. 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. 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. 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. 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. 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. 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. 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. EX-27 2
5 6-MOS DEC-31-1996 JUN-30-1996 2,162,076 0 0 0 0 0 0 0 16,348,390 0 11,307,207 0 0 0 0 16,348,390 2,033,412 2,088,205 0 0 1,020,944 0 428,309 0 0 638,952 0 0 0 638,952 0 0
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