<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 September 30, 1999

                                       OR

/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934

Commission file number: 0-14271

     PRUDENTIAL-BACHE/EQUITEC REAL ESTATE PARTNERSHIP, A California Limited
                                  Partnership
--------------------------------------------------------------------------------
             (Exact name of Registrant as specified in its charter)

California                                      94-2949474
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(State or other jurisdiction of        (I.R.S. Employer Identification No.)
incorporation or organization)


One Seaport Plaza, New York, N.Y.               10292-0128
--------------------------------------------------------------------------------
(Address of principal executive offices)        (Zip Code)

Registrant's telephone number, including area code: (212) 214-3500

                                      N/A
--------------------------------------------------------------------------------
   Former name, former address and former fiscal year, if changed since last
                                    report.

   Indicate by check CK 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 _CK_  No __

<PAGE>
                         Part I. FINANCIAL INFORMATION
                          ITEM 1. FINANCIAL STATEMENTS
               PRUDENTIAL-BACHE/EQUITEC REAL ESTATE PARTNERSHIP,
                        A California Limited Partnership
                      CONSOLIDATED STATEMENT OF NET ASSETS
                          (in process of liquidation)
                                  (Unaudited)
<TABLE>
<CAPTION>
                                                                                      September 30,
                                                                                          1999
----------------------------------------------------------------------------------------------------
                                                                                     (in thousands,
                                                                                       except for
                                                                                     depository unit
                                                                                         amount)
<S>                                                                                  <C>
ASSETS

Cash and cash equivalents                                                                $ 1,956

Interest receivable                                                                           19
                                                                                     ---------------

Total assets                                                                               1,975
                                                                                     ---------------

LIABILITIES

Due to affiliates                                                                            189

Other liabilities, including estimated liquidation costs                                     129
                                                                                     ---------------

Total liabilities                                                                            318
                                                                                     ---------------

Net assets available to Unitholders and General Partners                                 $ 1,657
                                                                                     ---------------
                                                                                     ---------------

Depository units issued and outstanding                                                   68,795
                                                                                     ---------------
                                                                                     ---------------
</TABLE>
--------------------------------------------------------------------------------

                CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS
                          (in process of liquidation)
                                  (Unaudited)
<TABLE>
<CAPTION>
                                                                                GENERAL
                                                              UNITHOLDERS       PARTNERS      TOTAL
----------------------------------------------------------------------------------------------------
                                                                         (in thousands)
<S>                                                          <C>                <C>          <C>
Net assets--April 1, 1999                                       $  3,199         $ (278)     $ 2,921

Gain on sale of properties                                        16,237            432       16,669

Net income (loss) from liquidating activities                      1,118            (35)       1,083

Distributions                                                    (18,919)           (97)     (19,016)
                                                             --------------     --------     -------

Net assets--September 30, 1999                                  $  1,635         $   22      $ 1,657
                                                             --------------     --------     -------
                                                             --------------     --------     -------
----------------------------------------------------------------------------------------------------
                  The accompanying notes are an integral part of these statements.
</TABLE>
                                       2
<PAGE>
               PRUDENTIAL-BACHE/EQUITEC REAL ESTATE PARTNERSHIP,
                        A California Limited Partnership
                 CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
                             (going concern basis)
                                  (Unaudited)
<TABLE>
<CAPTION>
                                                                                      December 31,
                                                                                          1998
--------------------------------------------------------------------------------------------------
                                                                                          (in
                                                                                       thousands)
<S>                                                                                   <C>
ASSETS
Investment in property:
Land                                                                                    $ 10,842
Buildings, improvements and equipment                                                     42,009
Less: Accumulated depreciation                                                           (23,587)
      Allowance for loss on impairment of assets                                            (500)
                                                                                      ------------
Net investment in property                                                                28,764
Cash and cash equivalents                                                                  1,896
Prepaid expenses and other assets, net                                                     1,019
                                                                                      ------------
Total assets                                                                            $ 31,679
                                                                                      ------------
                                                                                      ------------
LIABILITIES AND PARTNERS' CAPITAL
Liabilities
Notes payable                                                                           $ 26,650
Due to affiliates                                                                            635
Accounts payable and accrued liabilities                                                   1,003
Security deposits and deferred revenue                                                       335
Real estate taxes payable                                                                     68
                                                                                      ------------
Total liabilities                                                                         28,691
                                                                                      ------------
Partners' capital
Unitholders (68,795 depositary units issued and outstanding)                               3,265
General Partners                                                                            (277)
                                                                                      ------------
Total partners' capital                                                                    2,988
                                                                                      ------------
Total liabilities and partners' capital                                                 $ 31,679
                                                                                      ------------
                                                                                      ------------
--------------------------------------------------------------------------------------------------
                  The accompanying notes are an integral part of this statement.
</TABLE>
                                       3
<PAGE>
               PRUDENTIAL-BACHE/EQUITEC REAL ESTATE PARTNERSHIP,
                        A California Limited Partnership
                     CONSOLIDATED STATEMENTS OF OPERATIONS
                             (going-concern basis)
                                  (Unaudited)
<TABLE>
<CAPTION>
                                                         For the
                                                          three         For the nine      For the three
                                                       months ended     months ended      months ended
                                                        March 31,       September 30,     September 30,
                                                           1999             1998              1998
-------------------------------------------------------------------------------------------------------
                                                                    (in thousands, except
                                                                 for depositary unit amounts)
<S>                                                    <C>              <C>               <C>
REVENUES
Operating                                                 $1,747           $ 5,413           $ 1,790
Recovery of expenses                                          96               339               114
                                                       ------------     -------------     -------------
                                                           1,843             5,752             1,904
                                                       ------------     -------------     -------------

EXPENSES
Property operating                                           717             2,090               791
Interest                                                     570             1,858               626
Depreciation and amortization                                590             1,764               590
General and administrative                                    33               647                95
                                                       ------------     -------------     -------------
                                                           1,910             6,359             2,102
                                                       ------------     -------------     -------------
Net loss                                                  $  (67)          $  (607)          $  (198)
                                                       ------------     -------------     -------------
                                                       ------------     -------------     -------------
ALLOCATION OF NET LOSS
Unitholders                                               $  (66)          $  (601)          $  (196)
                                                       ------------     -------------     -------------
                                                       ------------     -------------     -------------
General Partners                                          $   (1)          $    (6)          $    (2)
                                                       ------------     -------------     -------------
                                                       ------------     -------------     -------------
Net loss per depositary unit                              $(0.96)          $ (8.74)          $ (2.85)
                                                       ------------     -------------     -------------
                                                       ------------     -------------     -------------
-------------------------------------------------------------------------------------------------------
</TABLE>

             CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' CAPITAL
                             (going-concern basis)
                                  (Unaudited)
<TABLE>
<CAPTION>
                                                                                GENERAL
                                                              UNITHOLDERS       PARTNERS      TOTAL
----------------------------------------------------------------------------------------------------
                                                                         (in thousands)
<S>                                                          <C>                <C>          <C>
Partners' capital (deficit)--December 31, 1998                  $  3,265         $ (277)     $ 2,988
Net loss                                                             (66)            (1)         (67)
                                                             --------------     --------     -------
Partners' capital (deficit)--March 31, 1999                     $  3,199         $ (278)     $ 2,921
                                                             --------------     --------     -------
                                                             --------------     --------     -------
----------------------------------------------------------------------------------------------------
                  The accompanying notes are an integral part of these statements.
</TABLE>
                                       4
<PAGE>
               PRUDENTIAL-BACHE/EQUITEC REAL ESTATE PARTNERSHIP,
                        A California Limited Partnership
                      CONSOLIDATED STATEMENT OF CASH FLOWS
                             (going-concern basis)
                                  (Unaudited)

<TABLE>
<CAPTION>
                                                                                     For the nine
                                                                                     months ended
                                                                                     September 30,
                                                                                         1998
<S>                                                                                 <C>
---------------------------------------------------------------------------------------------------
                                                                                     (in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss                                                                                $  (607)
                                                                                    ---------------
Adjustments to reconcile net loss to net cash provided by operating activities:
  Depreciation and amortization                                                           1,764
  Lease concessions-effective rents                                                          42
  Leasing commissions paid                                                                  (74)
  Changes in:
     Prepaid expenses and other assets, net                                                (110)
     Due to affiliates                                                                       28
     Accounts payable and accrued liabilities                                                58
     Real estate taxes payable                                                                2
                                                                                    ---------------
Total adjustments                                                                         1,710
                                                                                    ---------------
Net cash provided by operating activities                                                 1,103
CASH FLOWS FROM INVESTING ACTIVITIES
Building improvements                                                                      (296)
                                                                                    ---------------
CASH FLOWS FROM FINANCING ACTIVITIES
Loan fees                                                                                  (110)
                                                                                    ---------------
Net increase in cash and cash equivalents                                                   697
Cash and cash equivalents at beginning of period                                          1,106
                                                                                    ---------------
Cash and cash equivalents at end of period                                              $ 1,803
                                                                                    ---------------
                                                                                    ---------------
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid                                                                           $ 1,868
                                                                                    ---------------
                                                                                    ---------------
---------------------------------------------------------------------------------------------------
                  The accompanying notes are an integral part of this statement.
</TABLE>
                                       5
<PAGE>
               PRUDENTIAL-BACHE/EQUITEC REAL ESTATE PARTNERSHIP,
                        A California Limited Partnership
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                               SEPTEMBER 30, 1999
                                  (Unaudited)

A. General

   As a result of its pending liquidation, the Partnership changed its method of
accounting from the going-concern basis by adopting the liquidation basis of
accounting effective April 1, 1999. Accordingly, the net assets of the
Partnership at September 30, 1999 are stated at liquidation value, whereby the
assets have been valued at their estimated net realizable values and the
liabilities include estimated amounts to be incurred through the date of
liquidation of the Partnership. Additionally, due to the change to the
liquidation basis of accounting on April 1, 1999, the Partnership ceased
depreciating the properties for financial statement purposes only. The actual
remaining net proceeds from liquidation will depend upon a variety of factors
and are likely to differ from the estimated amounts reflected in the
accompanying financial statements. The Partnership intends to liquidate in 1999
after all liabilities have been resolved and distributions have been paid to the
Unitholders. Prior to April 1, 1999, the books and records of the Partnership
were maintained on a going concern accrual basis of accounting.

   These financial statements have been prepared without audit. In the opinion
of Prudential-Bache Properties, Inc. ('PBP') and Glenborough Corporation and
Robert Batinovich (together, 'Glenborough') (collectively, the 'General
Partners'), the financial statements contain all adjustments necessary to
present fairly such information subject to the effects of any further
liquidation accounting adjustments that would have been required had the current
realized values of assets and the amounts of liabilities been known when
Prudential-Bache/Equitec Real Estate Partnership, A California Limited
Partnership (the 'Partnership') first adopted the liquidation basis of
accounting as of April 1, 1999.

   Certain information and footnote disclosures normally included in annual
financial statements prepared in accordance with generally accepted accounting
principles have been omitted. It is suggested that these financial statements be
read in conjunction with the financial statements and notes thereto included in
the Partnership's Annual Report on Form 10-K filed with the Securities and
Exchange Commission for the year ended December 31, 1998.

   Net assets at September 30, 1999 have been adjusted to properly reflect the
allocation of Unitholders' and General Partners' capital in anticipation of
the liquidation of the Partnership.

   On July 15, 1999, the Partnership sold its Properties to affiliates of the
Glenborough general partners (the 'Purchaser') for gross proceeds of
$47,145,000. The gross proceeds were reduced by the mortgage debt, as well as
certain credits to the Purchaser. The net sales price was in excess of the
carrying amount of the Properties and resulted in a gain of $16,669,000 for
financial reporting purposes. On August 12, 1999, the Partnership made a
distribution of $275 per unit, representing substantially all of the net
proceeds from the sale of the Properties. Prior to December 31, 1999, the
Partnership expects to distribute any cash remaining after resolving all of its
liabilities and then dissolve.

                                       6
<PAGE>
B. Net Income From Liquidating Activities

   Net income from liquidating activities for the six months ended September 30,
1999 consisted of:

<TABLE>
<CAPTION>
                                                                 (in thousands)
<S>                                                              <C>
Operating revenues and recovery of expenses                         $  2,264
                                                                 --------------
Property operating expenses                                              904
Interest expense                                                         659
General and administrative expenses
  (including estimated liquidation expenses)                            (382)
                                                                 --------------
                                                                       1,181
                                                                 --------------
Net income from liquidating activities                              $  1,083
                                                                 --------------
                                                                 --------------
</TABLE>

   The credit balance for general and administrative expenses resulted from the
reversal in the six months ended September 30, 1999 of certain overaccruals
regarding the sale of the Partnership's properties and the anticipated
liquidation of the Partnership.

C. Related Parties

   The General Partners and their affiliates perform services for the
Partnership which include, but are not limited to: accounting and financial
management; registrar, transfer and assignment functions; property management;
investor communications; printing and other administrative services. The General
Partners and their affiliates receive reimbursements for costs incurred in
connection with these services, the amount of which is limited by the provisions
of the Partnership Agreement.

   At September 30, 1999 and December 31, 1998, the total liability outstanding
to PBP was $134,000 and $540,000, respectively, and $55,000 and $95,000 due to
Glenborough, respectively.

   Included in the balance at September 30, 1999 are costs expected to be
payable to PBP and its affiliates during the anticipated remaining liquidation
period. The actual charges to be incurred by the Partnership may differ from the
amounts accrued as of September 30, 1999.

   The Partnership maintains an account with the Prudential Institutional
Liquidity Portfolio Fund, an affiliate of PBP, for investment of its available
cash in short-term instruments pursuant to the guidelines established by the
Partnership Agreement.

   Prudential Securities Incorporated, an affiliate of PBP, owns 180 depositary
units at September 30, 1999.

                                       7
<PAGE>
               PRUDENTIAL-BACHE/EQUITEC REAL ESTATE PARTNERSHIP,
                        A California Limited Partnership
      ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                           AND RESULTS OF OPERATIONS

Liquidity and Capital Resources

   On July 15, 1999, the Partnership sold its Properties to affiliates of the
Glenborough general partners (the 'Purchaser') for gross proceeds of
$47,145,000. The gross proceeds were reduced by the mortgage debt, as well as
certain credits to the Purchaser. The net sales price was in excess of the
carrying amount of the Properties and resulted in a gain of $16,669,000 for
financial reporting purposes. On August 12, 1999, the Partnership made a
distribution of $275 per unit, representing substantially all of the net
proceeds from the sale of the Properties. Prior to December 31, 1999, the
Partnership expects to distribute any cash remaining after resolving all of its
liabilities and then dissolve.

Results of Operations

   As a result of the Partnership adopting the liquidation basis of accounting
in accordance with generally accepted accounting principles as of April 1, 1999
and thus not reporting results of operations thereafter, there is no management
discussion comparing the corresponding 1999 and 1998 periods.

Year 2000 Risk

   As the Partnership is expected to be liquidating in 1999 and will not have
operations in the year 2000, the General Partners do not believe it is
appropriate to include a discussion of the Year 2000 Risk.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

   Not applicable.

                                       8
<PAGE>
                           PART II. OTHER INFORMATION

Item 1.     Legal Proceedings--None

Item 2.     Changes in Securities--None

Item 3.     Defaults Upon Senior Securities--None

Item 4.     Submission of Matters to a Vote of Security Holders--None

Item 5.     Other Information--None

Item 6.     Exhibits and Reports on Form 8-K

            (a) Exhibits:

2           Consent Solicitation Statement dated May 28, 1998
            filed on the Registrant's Proxy
            Statement on Schedule 14A and incorporated
            by reference.

3 and 4     Amended and Restated Limited Partnership Agreement
            of Registrant dated February 11, 1985 (incorporated
            by reference to Amendment No. 1 to the Registrant's Form S-11
            Registration Statement filed on February 14, 1985) and
            Amendment No. 1 thereto dated April 18, 1985
            (incorporated by reference to Form 8-A filed on February
            28, 1986), as amended on March 25, 1994 (incorporated
            by reference to Registrant's 1994 Annual
            Report on Form 10-K)

            Amended and Restated Agreement between General Partners
            dated December 28, 1990 (incorporated by reference to
            the Registrant's 1990 Annual Report filed on Form 10-K)

10(k)       Purchase Agreement, dated as of Effective Date,
            by and among the Registrant, Glenborough Realty
            Trust Incorporated and Glenborough Properties, L.P.(1)

10(l)       Amendment to Purchase Agreement, dated December 19, 1997
            by and among the Registrant, Glenborough Realty
            Trust Incorporated and Glenborough Properties, L.P.(1)

10(m)       Second Amendment to Purchase Agreement, dated
            April 27, 1998 by and among the Registrant,
            Glenborough Realty Trust Incorporated and Glenborough
            Properties, L.P.(1)

10(n)       Third Amendment to Purchase Agreement, dated
            November 16, 1998 by and among the Registrant,
            Glenborough Realty Trust Incorporated and Glenborough
            Properties, L.P. (incorporated by reference to the
            Registrant's Quarterly Report for the period ended
            September 30, 1998 filed on Form 10-Q)

27          Financial Data Schedule (filed herewith)
            (b) Reports on Form 8-K--None
            ---------------
            (1) Filed as an exhibit to Registrant's Proxy Statement on
            Schedule 14A dated May 28, 1998 and incorporated by reference.

                                       9
<PAGE>
                                   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, hereunto duly authorized.

Prudential-Bache/Equitec Real Estate Partnership,
A California Limited Partnership

By: Prudential-Bache Properties, Inc.
    A Delaware corporation, General Partner

    By: /s/ Eugene D. Burak                           Date: November 15, 1999
    ----------------------------------------------
    Eugene D. Burak
    Vice President
    Chief Accounting Officer for the Registrant

                                       10