-----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, RKnxs3Bd+mzugCj6lOpLkMLJcAubUrmEYN2k79mUfejdazMl2aMJ6AUUROCZmQIq C5wNJCADcdA5s5CUQeIm1g== 0000950148-98-002049.txt : 19980819 0000950148-98-002049.hdr.sgml : 19980819 ACCESSION NUMBER: 0000950148-98-002049 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980630 FILED AS OF DATE: 19980818 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: REAL ESTATE ASSOCIATES LTD V CENTRAL INDEX KEY: 0000702644 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 953768810 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-12438 FILM NUMBER: 98693513 BUSINESS ADDRESS: STREET 1: 9090 WILSHIRE BLVD STREET 2: STE 201 CITY: BEVERLY HILLS STATE: CA ZIP: 90211 BUSINESS PHONE: 3102782191 MAIL ADDRESS: STREET 1: 9090 WILSHIRE BLVD STREET 2: STE 201 CITY: BEVERLY HILLS STATE: CA ZIP: 90211 10-Q 1 10-Q 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Ended JUNE 30, 1998 Commission File Number 0-12438 REAL ESTATE ASSOCIATES LIMITED V (A California Limited Partnership) I.R.S. Employer Identification No. 95-3768810 9090 WILSHIRE BLVD., SUITE 201 BEVERLY HILLS, CALIF. 90211 Registrant's Telephone Number, Including Area Code (310) 278-2191 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 twelve 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____ 2 REAL ESTATE ASSOCIATES LIMITED V (A CALIFORNIA LIMITED PARTNERSHIP) INDEX TO FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 1998 PART I. FINANCIAL INFORMATION Item 1. Financial Statements Balance Sheets, June 30, 1998 and December 31, 1997 ................1 Statements of Operations, Six and Three Months Ended June 30, 1998 and 1997 .............2 Statement of Partners' Equity (Deficiency), Six Months Ended June 30, 1998 ................................3 Statements of Cash Flows, Six Months Ended June 30, 1998 and 1997 .......................4 Notes to Financial Statements ......................................5 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations............................9 PART II. OTHER INFORMATION Item 1. Legal Proceedings ........................................12 Item 6. Exhibits and Reports on Form 8-K ..................................12 Signatures .................................................................13
3 REAL ESTATE ASSOCIATES LIMITED V (A CALIFORNIA LIMITED PARTNERSHIP) BALANCE SHEETS JUNE 30, 1998 AND DECEMBER 31, 1997
ASSETS 1998 (Unaudited) 1997 ----------- ----------- INVESTMENTS IN LIMITED PARTNERSHIPS (Note 2) $ 1,803,267 $ 1,616,811 CASH AND CASH EQUIVALENTS (Note 1) 2,154,276 2,178,637 ----------- ----------- TOTAL ASSETS $ 3,957,543 $ 3,795,448 =========== =========== LIABILITIES AND PARTNERS' EQUITY LIABILITIES: Accounts payable $ 116,558 $ 176,735 ----------- ----------- COMMITMENTS AND CONTINGENCIES (Notes 3 and 4) PARTNERS' EQUITY (DEFICIENCY): General partners (118,935) (121,158) Limited partners 3,959,920 3,739,871 ----------- ----------- 3,840,985 3,618,713 ----------- ----------- TOTAL LIABILITIES AND PARTNERS' EQUITY $ 3,957,543 $ 3,795,448 =========== ===========
The accompanying notes are an integral part of these financial statements. 4 REAL ESTATE ASSOCIATES LIMITED V (A CALIFORNIA LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS SIX AND THREE MONTHS ENDED JUNE 30, 1998 AND 1997 (Unaudited)
Six months Three months Six months Three months ended ended ended ended June 30, 1998 June 30, 1998 June 30, 1997 June 30, 1997 ------------- ------------- ------------- ------------- INTEREST INCOME $ 49,937 $ 23,085 $ 44,802 $ 23,224 --------- --------- --------- --------- OPERATING EXPENSES: Legal and accounting 43,898 25,713 39,252 19,364 Management fees - general partner (Notes 2 and 3) 127,224 63,612 127,224 63,612 Administrative (Note 3) 175,956 93,214 29,031 17,176 --------- --------- --------- --------- Total operating expenses 347,078 182,539 195,507 100,152 --------- --------- --------- --------- LOSS FROM OPERATIONS (297,141) (159,454) (150,705) (76,928) DISTRIBUTIONS FROM LIMITED PARTNERSHIPS RECOGNIZED AS INCOME (Note 2) 277,413 134,903 95,232 30,518 EQUITY IN INCOME OF LIMITED PARTNERSHIP AND AMORTI- ZATION OF ACQUISITION COSTS (Note 2) 242,000 121,000 194,000 97,000 --------- --------- --------- --------- NET INCOME $ 222,272 $ 96,449 $ 138,527 $ 129,701 ========= ========= ========= ========= NET INCOME PER LIMITED PARTNERSHIP INTEREST (Note 1) $ 28 $ 12 $ 18 $ 17 ========= ========= ========= =========
The accompanying notes are an integral part of these financial statements. 5 REAL ESTATE ASSOCIATES LIMITED V (A CALIFORNIA LIMITED PARTNERSHIP) STATEMENTS OF PARTNERS' EQUITY (DEFICIENCY) FOR THE SIX MONTHS ENDED JUNE 30, 1998 (Unaudited)
General Limited Partners Partners Total ---------- ---------- ---------- PARTNERSHIP INTERESTS 7,808 ========== EQUITY (DEFICIENCY), January 1, 1998 $ (121,158) $3,739,871 $3,618,713 Net income for the six months ended June 30, 1998 2,223 220,049 222,272 ---------- ---------- ---------- EQUITY (DEFICIENCY), June 30, 1998 $ (118,935) $3,959,920 $3,840,985 ========== ========== ==========
The accompanying notes are an integral part of these financial statements. 6 REAL ESTATE ASSOCIATES LIMITED V (A CALIFORNIA LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 1998 AND 1997 (Unaudited)
1998 1997 ----------- ----------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 222,272 $ 138,527 Adjustments to reconcile net income to net cash used in operating activities: Equity in income of limited partnerships and amortization of acquisition costs (242,000) (194,000) Decrease in accounts payable (60,177) (6,831) ----------- ----------- Net cash used in operating activities (79,905) (62,304) CASH FLOWS FROM INVESTING ACTIVITIES: Distributions from limited partnerships recognized as a return of capital 55,544 125,612 ----------- ----------- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (24,361) 63,308 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 2,178,637 1,953,506 ----------- ----------- CASH AND CASH EQUIVALENTS, END OF PERIOD $ 2,154,276 $ 2,016,814 =========== ===========
The accompanying notes are an integral part of these financial statements. 7 REAL ESTATE ASSOCIATES LIMITED V (A CALIFORNIA LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS JUNE 30, 1998 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES GENERAL The information contained in the following notes to the financial statements is condensed from that which would appear in the annual audited financial statements; accordingly, the financial statements included herein should be reviewed in conjunction with the financial statements and related notes thereto contained in the annual report for the year ended December 31, 1997 prepared by Real Estate Associates Limited V (the "Partnership"). Accounting measurements at interim dates inherently involve greater reliance on estimates than at year end. The results of operations for the interim period presented are not necessarily indicative of the results for the entire year. In the opinion of the Partnership, the accompanying unaudited financial statements contain all adjustments (consisting primarily of normal recurring accruals) necessary to present fairly the financial position as of June 30, 1998, and the results of operations for the six and three months ended and changes in cash flows for the six months then ended. The general partners have a 1 percent interest in profits and losses of the Partnership. The limited partners have the remaining 99 percent interest which is allocated in proportion to their respective individual investments. National Partnership Investments Corp. (NAPICO) is the corporate general partner of the Partnership. NAPICO is a wholly owned subsidiary of Casden Investment Corporation, which is wholly owned by Alan I. Casden. USE OF ESTIMATES The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. METHOD OF ACCOUNTING FOR INVESTMENT IN LIMITED PARTNERSHIPS The investment in limited partnerships is accounted for on the equity method. Acquisition, selection and other costs related to the acquisition of the projects are capitalized as part of the investment balance and are being amortized on a straight line basis over the estimated lives of the underlying assets, which is generally 30 years. 5 8 REAL ESTATE ASSOCIATES LIMITED V (A CALIFORNIA LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 1998 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) NET INCOME PER LIMITED PARTNERSHIP INTEREST Net income per limited partnership interest was computed by dividing the limited partners' share of net income by the number of limited partnership interests outstanding during the year. The number of limited partnership interests was 7,808 for the periods presented. CASH AND CASH EQUIVALENTS Cash and cash equivalents consist of cash and bank certificates of deposit with an original maturity of three months or less. The Partnership has its cash and cash equivalents on deposit primarily with two high credit quality financial institutions. Such cash and cash equivalents are in excess of the FDIC insurance limit. INCOME TAXES No provision has been made for income taxes in the accompanying financial statements since such taxes, if any, are the liability of the individual partners. IMPAIRMENT OF LONG-LIVED ASSETS The Partnership reviews long-lived assets to determine if there has been any permanent impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If the sum of the expected future cash flows is less than the carrying amount of the assets, the Partnership recognizes an impairment loss. NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS The Partnership holds limited partnership interests in 19 limited partnerships. The partnerships own residential rental projects consisting of 1,319 apartment units. The mortgage loans of these projects are insured by the United States Department of Housing and Urban Development ("HUD") or state governmental agencies. The Partnership, as a limited partner, is entitled to 75 percent to 99 percent of the profits and losses in these limited partnerships. Equity in losses of limited partnerships is recognized in the financial statements until the limited partnership investment account is reduced to a zero balance. Losses incurred after the limited partnership investment account is reduced to zero are not recognized. Distributions from the limited partnerships are accounted for as a return of capital until the investment balance is reduced to zero or to a negative amount equal to further capital contributions required. Subsequent distributions received are recognized as income. 6 9 REAL ESTATE ASSOCIATES LIMITED V (A CALIFORNIA LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 1998 NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS (CONTINUED) The following is a summary of the investment in limited partnerships for the six months ended June 30, 1998:
1998 ---------- Balance, beginning of period $1,616,811 Cash distributions recognized as a return of capital (55,544) Amortization of acquisition costs (8,000) Equity in income of limited partnerships 250,000 ---------- Balance, end of period $1,803,267 ==========
The following are unaudited combined estimated statements of operations for the six and three months ended June 30, 1998 and 1997 for the limited partnerships in which the Partnership has investments:
Six months Three months Six months Three months ended ended ended ended June 30, 1998 June 30, 1998 June 30, 1997 June 30, 1997 ------------- ------------- ------------- ------------- REVENUES Rental income $6,454,000 $3,227,000 $6,322,000 $3,161,000 ---------- ---------- ---------- ---------- EXPENSES Depreciation 956,000 478,000 952,000 476,000 Interest 2,640,000 1,320,000 2,680,000 1,340,000 Operating 2,724,000 1,362,000 2,720,000 1,360,000 ----------- ------------ ----------- ----------- 6,320,000 3,160,000 6,352,000 3,176,000 ----------- ------------ ----------- ----------- Net loss $ 134,000 $ 67,000 $ (30,000) $ (15,000) =========== ============ =========== ===========
NAPICO, or one of its affiliates, is the general partner and property management agent for certain of the limited partnerships included above. Under recently adopted law and policy, HUD has determined not to renew housing assistance payments contracts ("HAP Contracts") on their existing terms. In connection with renewals of the HAP Contracts under such new law and policy, the amount of rental assistance payments under renewed HAP Contracts will be based on market rentals instead of above market rentals, which was generally the case under existing HAP Contracts. As a result, existing HAP Contracts that are renewed in the future on projects insured by the Federal Housing Administration of HUD ("FHA") will not provide sufficient cash flow to permit owners of properties to meet the debt service requirements of these existing FHA-insured mortgages. 7 10 REAL ESTATE ASSOCIATES LIMITED V (A CALIFORNIA LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 1998 NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS (CONTINUED) In order to address the reduction in payments under HAP Contracts as a result of this new policy, the Multi-family Assisted Housing Reform and Affordability Act of 1997 ("MAHRAA"), which was adopted in October 1997, provides for the restructuring of mortgage loans insured by the FHA with respect to properties subject to HAP Contracts that have been renewed under the new policy. The restructured loans will be held by the current lender or another lender. Under MAHRAA, an FHA-insured mortgage loan can be restructured to reduce the annual debt service on such loan. There can be no assurance that the Partnership will be permitted to restructure its mortgage indebtedness pursuant to the new HUD rules implementing MAHRAA or that the Partnership would choose to restructure such mortgage indebtedness if it were eligible to participate in the MAHRAA program. It should be noted that there are uncertainties as to the economic impact on the Partnership of the combination of the reduced payments under the HAP Contracts and the restructuring of the existing FHA-insured mortgage loans under MAHRAA. Accordingly, the General Partners are unable to predict with certainty their impact on the Partnership's future cash flow. As a result of the foregoing, the Partnership is undergoing an extensive review of the properties in which the limited partnerships have invested that are subject to HUD mortgages and which may be sold to the REIT as set forth below. The Partnership has incurred expenses in connection with this review by various third party professionals, including accounting, legal, valuation, structural review and engineering costs, which amounted to approximately $378,000 through June 30, 1998, including approximately $144,000 for the six months ended June 30, 1998, which are included in general and administrative expenses. A real estate investment trust ("REIT") organized by affiliates of NAPICO has advised the Partnership that it intends to make a proposal to purchase from the Partnership certain of the limited partnership interests held for investment by the Partnership. The REIT proposes to purchase such limited partnership interests for cash, which it plans to raise in connection with a private placement of its equity securities. The purchase is subject to, among other things, (i) consummation of such private placement by the REIT; (ii) the purchase of the general partnership interests in the local limited partnerships by the REIT; (iii) the approval of HUD and certain state housing finance agencies; (iv) the consent of the limited partners to the sale of the local limited partnership interests held for investment by REAL V; and (v) the consummation of a minimum number of purchase transactions with other NAPICO affiliated partnerships. As of June 30, 1998, the REIT had completed buy-out negotiations with a majority of the general partners of the local limited partnerships. A consent solicitation statement will be sent to the limited partners setting forth the terms and conditions of the purchase of the limited partners' interests held for investment by the Partnership, together with certain amendments to the Partnership Agreement and other disclosures of various conflicts of interest in connection with the proposed transaction. 8 11 REAL ESTATE ASSOCIATES LIMITED V (A CALIFORNIA LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 1998 NOTE 3 - MANAGEMENT FEES AND EXPENSES DUE TO GENERAL PARTNER Under the terms of the Restated Certificate and Agreement of Limited Partners, the Partnership is obligated to NAPICO for an annual management fee equal to 0.4 percent of the invested assets of the limited partnerships. Invested assets are defined as the costs of acquiring project interests, including the proportionate amount of the mortgage loans related to the Partnership's interests in the capital accounts of the respective partnerships. The fee was approximately $127,000 for the six months ended June 30, 1998 and 1997. The Partnership reimburses NAPICO for certain expenses. The reimbursement paid to NAPICO was approximately $10,500 and $9,800 for the six months ended June 30, 1998 and 1997, respectively, and is included in administrative expenses. NOTE 4 - CONTINGENCIES The corporate general partner of the Partnership is involved in various lawsuits arising from transactions in the ordinary course of business. In the opinion of management and the corporate general partner, the claims will not result in any material liability to the Partnership. The Partnership has assessed the potential impact of the Year 2000 computer systems issue on its operations. The Partnership believes that no significant actions are required to be taken by the Partnership to address the issue and that the impact of the Year 2000 computer systems issue will not materially affect the Partnership's future operating results or financial condition. NOTE 5 - FAIR VALUE OF FINANCIAL INSTRUMENTS Statement of Financial Accounting Standards No. 107, "Disclosure about Fair Value of Financial Instruments," requires disclosure of fair value information about financial instruments. The carrying amount of assets and liabilities reported on the balance sheets that require such disclosure approximates fair value due to their short-term maturity. 9 12 REAL ESTATE ASSOCIATES LIMITED V (A CALIFORNIA LIMITED PARTNERSHIP) JUNE 30, 1998 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS LIQUIDITY AND CAPITAL RESOURCES The Partnership's primary sources of funds include interest income earned from investing available cash and distributions from limited partnerships in which the Partnership has invested. RESULTS OF OPERATIONS Partnership revenues consist primarily of interest income earned on certificates of deposit and other temporary investment of funds not required for investment in local partnerships. Operating expenses consist primarily of recurring general and administrative expenses and professional fees for services rendered to the Partnership. In addition, an annual Partnership management fee in an amount equal to .4 percent of invested assets is payable to the corporate general partner. The Partnership accounts for its investments in the local limited partnerships on the equity method, thereby adjusting its investment balance by its proportionate share of the income or loss of the local limited partnerships. Losses incurred after the limited partnership investment account is reduced to zero are not recognized in accordance with the equity accounting method. Distributions received from limited partnerships are recognized as return of capital until the investment balance has been reduced to zero or to a negative amount equal to future capital contributions required. Subsequent distributions received are recognized as income. Except for certificates of deposit and money market funds, the Partnership's investments are entirely interests in other limited partnerships primarily owning government assisted projects. Available cash is invested in these funds earning interest income as reflected in the statement of operations. These funds can be converted to cash to meet obligations as they arise. The Partnership intends to continue investing available funds in this manner. Under recently adopted law and policy, HUD has determined not to renew housing assistance payments contracts ("HAP Contracts") on their existing terms. In connection with renewals of the HAP Contracts under such new law and policy, the amount of rental assistance payments under renewed HAP Contracts will be based on market rentals instead of above market rentals, which was generally the case under existing HAP Contracts. As a result, existing HAP Contracts that are renewed in the future on projects insured by the Federal Housing Administration of HUD ("FHA") will not provide sufficient cash flow to permit owners of properties to meet the debt service requirements of these existing FHA-insured mortgages. In order to address the reduction in payments under HAP Contracts as a result of this new policy, the Multi-family Assisted Housing Reform and Affordability Act of 1997 ("MAHRAA"), which was adopted in October 1997, provides for the restructuring of mortgage loans insured by the FHA with 10 13 REAL ESTATE ASSOCIATES LIMITED V (A CALIFORNIA LIMITED PARTNERSHIP) JUNE 30, 1998 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED) RESULTS OF OPERATIONS (CONTINUED) respect to properties subject to HAP Contracts that have been renewed under the new policy. The restructured loans will be held by the current lender or another lender. Under MAHRAA, an FHA-insured mortgage loan can be restructured to reduce the annual debt service on such loan. There can be no assurance that the Partnership will be permitted to restructure its mortgage indebtedness pursuant to the new HUD rules implementing MAHRAA or that the Partnership would choose to restructure such mortgage indebtedness if it were eligible to participate in the MAHRAA program. It should be noted that there are uncertainties as to the economic impact on the Partnership of the combination of the reduced payments under the HAP Contracts and the restructuring of the existing FHA-insured mortgage loans under MAHRAA. Accordingly, the General Partners are unable to predict with certainty their impact on the Partnership's future cash flow. As a result of the foregoing, the Partnership is undergoing an extensive review of the properties in which the limited partnerships have invested that are subject to HUD mortgages and which may be sold to the REIT as set forth below. The Partnership has incurred expenses in connection with this review by various third party professionals, including accounting, legal, valuation, structural review and engineering costs, which amounted to approximately $378,000 through June 30, 1998, including approximately $144,000 for the six months ended June 30, 1998, which are included in general and administrative expenses. A real estate investment trust ("REIT") organized by affiliates of NAPICO has advised the Partnership that it intends to make a proposal to purchase from the Partnership certain of the limited partnership interests held for investment by the Partnership. The REIT proposes to purchase such limited partnership interests for cash, which it plans to raise in connection with a private placement of its equity securities. The purchase is subject to, among other things, (i) consummation of such private placement by the REIT; (ii) the purchase of the general partnership interests in the local limited partnerships by the REIT; (iii) the approval of HUD and certain state housing finance agencies; (iv) the consent of the limited partners to the sale of the local limited partnership interests held for investment by REAL V; and (v) the consummation of a minimum number of purchase transactions with other NAPICO affiliated partnerships. As of June 30, 1998, the REIT had completed buy-out negotiations with a majority of the general partners of the local limited partnerships. A consent solicitation statement will be sent to the limited partners setting forth the terms and conditions of the purchase of the limited partners' interests held for investment by the Partnership, together with certain amendments to the Partnership Agreement and other disclosures of various conflicts of interest in connection with the proposed transaction. 11 14 REAL ESTATE ASSOCIATES LIMITED V (A CALIFORNIA LIMITED PARTNERSHIP) JUNE 30, 1998 PART II. OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS The corporate general partner is involved in various lawsuits. None of these are related to REAL V. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) No exhibits are required per the provision of Item 7 of regulation S-K. 12 15 REAL ESTATE ASSOCIATES LIMITED V (A CALIFORNIA LIMITED PARTNERSHIP) JUNE 30, 1998 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. REAL ESTATE ASSOCIATES LIMITED V (a California limited partnership) By: National Partnership Investments Corp. General Partner /s/ BRUCE NELSON ---------------------------------------- Bruce Nelson President Date: 8/14/98 ------------------------------------------ /s/ CHARLES H. BOXENBAUM ---------------------------------------- Charles H. Boxenbaum Chief Executive Officer Date: 8/14/98 ------------------------------------------ 13 EX-27 2 EXHIBIT 27
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE PARTNERSHIP'S STATEMENT OF EARNINGS AND BALANCE SHEETS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 6-MOS DEC-31-1998 JAN-01-1998 JUN-30-1998 2,154,276 0 0 0 0 2,154,276 0 0 3,957,543 116,558 0 0 0 0 3,840,985 3,957,543 0 569,350 0 0 347,078 0 0 222,272 0 222,272 0 0 0 222,272 0 0
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