-----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, A8aaaPyzuKIi7cEbNBTpxs95+WNAtAZBtZ5cvS540au4VMYDqvkr6eEwho+J9lsG 6jv+8fLcJ/vYm+FMBlVINw== 0000711642-00-000146.txt : 20000516 0000711642-00-000146.hdr.sgml : 20000516 ACCESSION NUMBER: 0000711642-00-000146 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000331 FILED AS OF DATE: 20000515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CONSOLIDATED CAPITAL PROPERTIES V CENTRAL INDEX KEY: 0000725614 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 942918560 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-13083 FILM NUMBER: 630530 BUSINESS ADDRESS: STREET 1: 1873 SOUTH BELLAIRE STREET STREET 2: 17TH FL CITY: DENVER STATE: CO ZIP: 80222 BUSINESS PHONE: 3037578101 MAIL ADDRESS: STREET 1: 1873 SOUTH BELLAIRE STREET STREET 2: 17TH FL CITY: DENVER STATE: CO ZIP: 80222 10QSB 1 FIRST QUARTER OF 2000 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)
Limited Special Partnership General Limited Limited Units Partner Partners Partners Total 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
d) CONSOLIDATED CAPITAL PROPERTIES V CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands)
Three Months Ended March 31, 2000 1999 Cash flows from operating activities: 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
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).
2000 Residential Commercial Other Totals (discontinued) 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
1999 Residential Commercial Other Totals (discontinued) 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
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 EX-27 2 FIRST QUARTER 10-QSB
5 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. 0000725614 Consolidated Capital Properties V 1,000 3-MOS DEC-31-2000 JAN-01-2000 MAR-31-2000 2,054 0 90 0 0 0 15,295 11,092 6,596 0 8,459 0 0 0 (3,503) 6,596 0 827 0 0 859 0 176 0 0 (32) (37) 0 0 (69) (0.38) 0 Registrant has an unclassified balance sheet. Multiplier is 1.
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