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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 quarterly period ended March 31, 2002

OR



|[   ] |  | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|----- |  | ----------------------------------------------------------------------------------------

Commission file number: 0-16467

RANCON REALTY FUND V,
A CALIFORNIA LIMITED PARTNERSHIP(Exact name of registrant as specified in its charter)

|                                     |  |                    
|------------------------------------ |  | -------------------
|California                           |  | 33-0098488         
|                                     |  |                    
|(State or other jurisdiction of      |  | (I.R.S. Employer   
|incorporation or organization)       |  | Identification No.)
|                                    
|400 South El Camino Real, Suite 1100 |  |                    
|San Mateo, California                |  | 94402-1708         
|                                     |  |                    
|(Address of principal                |  | (Zip Code)         
|executive offices)                   |  |                    

(650) 343-9300(Registrants telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.

Yes [X]   No [   ]

Total number of units outstanding as of May 14, 2002: 93,557

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TABLE OF CONTENTS



|                              |                                                                                               |                                            |  |  |  |  |  | 
|----------------------------- | --------------------------------------------------------------------------------------------- | ------------------------------------------ |  |  |  |  |  | 
|PART I. FINANCIAL INFORMATION
|                              | Item 1. Financial Statements                                                                 
|                              |                                                                                               | Consolidated Balance Sheets               
|                              |                                                                                               | Consolidated Statements of Operations     
|                              |                                                                                               | Consolidated Statement of Partners Equity
|                              |                                                                                               | Consolidated Statements of Cash Flows     
|                              |                                                                                               | Notes to Consolidated Financial Statements
|                              | Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
|Part II. OTHER INFORMATION   
|                              | Item 1. Legal Proceedings                                                                    
|                              | Item 2. Changes in Securities and Use of Proceeds                                            
|                              | Item 3. Defaults Upon Senior Securities                                                      
|                              | Item 4. Submission of Matters to a Vote of Security Holders                                  
|                              | Item 5. Other Information                                                                    
|                              | Item 6. Exhibits and Reports on Form 8-K                                                     
|SIGNATURES                   



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PART I. FINANCIAL INFORMATION




Item 1. Financial Statements

RANCON REALTY FUND V,
A CALIFORNIA LIMITED PARTNERSHIP




Consolidated Balance Sheets
(in thousands, except unit amounts)
(Unaudited)

|                                                |                                                                                                                                                     |                                        |   |           |        |              |   |         |        | 
|----------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------- | - | --------- | ------ | ------------ | - | ------- | ------ | 
|                                                |                                                                                                                                                     |                                        |   | March 31, |        | December 31,
|                                                |                                                                                                                                                     |                                        |   | 2002      |        | 2001        
|                                                |                                                                                                                                                     |                                        |   |           |        |             
|Assets                                          |                                                                                                                                                     |                                        |   |           |        |              |   |        
|Investments in real estate:                     |                                                                                                                                                     |                                        |   |           |        |              |   |        
|                                                | Rental property, gross                                                                                                                              |                                        | $ | 47,651    |        |              | $ | 46,972  |       
|                                                | Accumulated depreciation                                                                                                                            |                                        |   | (20,132   | )      |              |   | (19,773 | )     
|                                                |                                                                                                                                                     |                                        |   |           |        |              |   |        
|                                                | Rental property, net                                                                                                                                |                                        |   | 27,519    |        |              |   | 27,199  |       
|                                                | Land held for development                                                                                                                           |                                        |   | 2,638     |        |              |   | 2,596   |       
|                                                |                                                                                                                                                     |                                        |   |           |        |              |   |        
|                                                |                                                                                                                                                     | Total investments in real estate       |   |           | 30,157 |              |   |         | 29,795 | 
|                                                | Cash and cash equivalents                                                                                                                           |                                        |   | 8,241     |        |              |   | 8,424   |       
|                                                | Accounts receivable                                                                                                                                 |                                        |   | 1,124     |        |              |   | 1,166   |       
|                                                | Deferred financing costs and other fees, net of
accumulated amortization of $2,708 and $2,633
at March 31, 2002 and December 31, 2001, respectively |                                        |   | 794       |        |              |   | 831     |       
|                                                | Prepaid expenses and other assets                                                                                                                   |                                        |   | 875       |        |              |   | 781     |       
|                                                |                                                                                                                                                     |                                        |   |           |        |              |   |        
|                                                |                                                                                                                                                     | Total assets                           |   | $         | 41,191 |              |   | $       | 40,997 | 
|                                                |                                                                                                                                                     |                                        |   |           |        |              |   |        
|Liabilities and Partners Equity                |                                                                                                                                                     |                                        |   |           |        |              |   |        
|Liabilities:                                    |                                                                                                                                                     |                                        |   |           |        |              |   |        
|                                                | Notes payable                                                                                                                                       |                                        | $ | 8,870     |        |              | $ | 8,910   |       
|                                                | Accounts payable and other liabilities                                                                                                              |                                        |   | 455       |        |              |   | 279     |       
|                                                |                                                                                                                                                     |                                        |   |           |        |              |   |        
|                                                |                                                                                                                                                     | Total liabilities                      |   |           | 9,325  |              |   |         | 9,189  | 
|                                                |                                                                                                                                                     |                                        |   |           |        |              |   |        
|Commitments and contingent liabilities (Note 5) |                                                                                                                                                     |                                        |   |           |        |              |   |        
|Partners equity:                               |                                                                                                                                                     |                                        |   |           |        |              |   |        
|                                                | General Partner                                                                                                                                     |                                        |   | (238      | )      |              |   | (248    | )     
|                                                | Limited Partners, 93,731 and 93,861 limited partnership units
outstanding at March 31, 2002 and December 31, 2001,
respectively                     |                                        |   | 32,104    |        |              |   | 32,056  |       
|                                                |                                                                                                                                                     |                                        |   |           |        |              |   |        
|                                                |                                                                                                                                                     | Total partners equity                 |   |           | 31,866 |              |   |         | 31,808 | 
|                                                |                                                                                                                                                     |                                        |   |           |        |              |   |        
|                                                |                                                                                                                                                     | Total liabilities and partners equity |   | $         | 41,191 |              |   | $       | 40,997 | 
|                                                |                                                                                                                                                     |                                        |   |           |        |              |   |        

The accompanying notes are an integral part of these consolidated financial statements.

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RANCON REALTY FUND V,
A CALIFORNIA LIMITED PARTNERSHIP




Consolidated Statements of Operations(in thousands, except per unit amounts and units outstanding)
(Unaudited)

|                                                                                                                                                   |                                |                                           |                                                  |   |                    |       |        |   |       |       | 
|-------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------ | ----------------------------------------- | ------------------------------------------------ | - | ------------------ | ----- | ------ | - | ----- | ----- | 
|                                                                                                                                                   |                                |                                           |                                                  |   | Three months ended
|                                                                                                                                                   |                                |                                           |                                                  |   | March 31,         
|                                                                                                                                                   |                                |                                           |                                                  |   |                   
|                                                                                                                                                   |                                |                                           |                                                  |   | 2002               |       | 2001  
|                                                                                                                                                   |                                |                                           |                                                  |   |                    |       |       
|Revenues:                                                                                                                                          |                                |                                           |                                                  |   |                    |       |        |  
|                                                                                                                                                   |                                | Rental income                             |                                                  | $ | 1,783              |       |        | $ | 1,792 |      
|                                                                                                                                                   |                                | Interest and other income                 |                                                  |   | 69                 |       |        |   | 153   |      
|                                                                                                                                                   |                                |                                           |                                                  |   |                    |       |        |  
|                                                                                                                                                   |                                |                                           | Total revenues                                   |   |                    | 1,852 |        |   |       | 1,945 | 
|                                                                                                                                                   |                                |                                           |                                                  |   |                    |       |        |  
|Expenses:                                                                                                                                          |                                |                                           |                                                  |   |                    |       |        |  
|                                                                                                                                                   |                                | Operating                                 |                                                  |   | 747                |       |        |   | 729   |      
|                                                                                                                                                   |                                | Interest expense                          |                                                  |   | 216                |       |        |   | 305   |      
|                                                                                                                                                   |                                | Depreciation and amortization             |                                                  |   | 427                |       |        |   | 423   |      
|                                                                                                                                                   |                                | Expenses associated with undeveloped land |                                                  |   | 99                 |       |        |   | 95    |      
|                                                                                                                                                   |                                | General and administrative                |                                                  |   | 266                |       |        |   | 400   |      
|                                                                                                                                                   |                                |                                           |                                                  |   |                    |       |        |  
|                                                                                                                                                   |                                |                                           | Total expenses                                   |   |                    | 1,755 |        |   |       | 1,952 | 
|                                                                                                                                                   |                                |                                           |                                                  |   |                    |       |        |  
|Net income (loss)                                                                                                                                  |                                | $                                         | 97                                               |   |                    | $     | (7     | )
|                                                                                                                                                   |                                |                                           |                                                  |   |                    |       |        |  
|Net income (loss) per limited partnership unit                                                                                                     |                                | $                                         | 0.93                                             |   |                    | $     | (0.07  | )
|                                                                                                                                                   |                                |                                           |                                                  |   |                    |       |        |  
|Distributions per limited partnership unit:                                                                                                        |                                |                                           |                                                  |   |                    |       |        |  
|                                                                                                                                                   | From net income                |                                           | $                                                |  |                    |       | $      |  |      
|                                                                                                                                                   | Representing return of capital |                                           | $                                                |  |                    |       | $      |  |      
|                                                                                                                                                   |                                |                                           |                                                  |   |                    |       |        |  
|                                                                                                                                                   |                                |                                           | Total distributions per limited partnership unit |   | $                  |      |        |   | $     |      | 
|                                                                                                                                                   |                                |                                           |                                                  |   |                    |       |        |  
|Weighted average number of limited partnership units
outstanding during each period used to compute net income
(loss) per limited partnership unit |                                |                                           | 93,750                                           |   |                    |       | 94,341 |  
|                                                                                                                                                   |                                |                                           |                                                  |   |                    |       |        |  

The accompanying notes are an integral part of these consolidated financial statements.

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RANCON REALTY FUND V,
A CALIFORNIA LIMITED PARTNERSHIP




Consolidated Statement of Partners EquityFor the three months ended March 31, 2002
(in thousands)
(Unaudited)

|                                        |  |          |      |          |  |       |        |   |  |   |        |  
|--------------------------------------- |  | -------- | ---- | -------- |  | ----- | ------ | - |  | - | ------ | -
|                                        |  | General  |      | Limited  |  |       |        |  
|                                        |  | Partners |      | Partners |  | Total
|                                        |  |          |      |          |  |      
|Balance at December 31, 2001            |  | $        | (248 | )        |  | $     | 32,056 |   |  | $ | 31,808 |  
|Retirement of limited partnership units |  |          |     |          |  |       | (39    | ) |  |   | (39    | )
|Net income                              |  |          | 10   |          |  |       | 87     |   |  |   | 97     |  
|                                        |  |          |      |          |  |       |        |   |  |   |        |  
|Balance at March 31, 2002               |  | $        | (238 | )        |  | $     | 32,104 |   |  | $ | 31,866 |  
|                                        |  |          |      |          |  |       |        |   |  |   |        |  

The accompanying notes are an integral part of these consolidated financial statements.

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RANCON REALTY FUND V,
A CALIFORNIA LIMITED PARTNERSHIP




Consolidated Statements of Cash Flows(in thousands)
(Unaudited)

|                                                     |                                                                                          |                        |                                                         |                                           |     |                    |        |      |     |     |      |  
|---------------------------------------------------- | ---------------------------------------------------------------------------------------- | ---------------------- | ------------------------------------------------------- | ----------------------------------------- | --- | ------------------ | ------ | ---- | --- | --- | ---- | -
|                                                     |                                                                                          |                        |                                                         |                                           |     | Three months ended
|                                                     |                                                                                          |                        |                                                         |                                           |     | March 31,         
|                                                     |                                                                                          |                        |                                                         |                                           |     |                   
|                                                     |                                                                                          |                        |                                                         |                                           |     | 2002               |        | 2001
|                                                     |                                                                                          |                        |                                                         |                                           |     |                    |        |     
|Cash flows from operating activities:                |                                                                                          |                        |                                                         |                                           |     |                    |        |     
|                                                     | Net income (loss)                                                                        |                        | $                                                       | 97                                        |     |                    | $      | (7   | )  
|                                                     | Adjustments to reconcile net income (loss) to net
cash provided by operating activities: |                        |                                                         |                                           |     |                    |        |      |    
|                                                     |                                                                                          |                        | Depreciation and amortization                           |                                           |     | 427                |        |      |     | 423 |     
|                                                     |                                                                                          |                        | Amortization of loan fees, included in interest expense |                                           |     | 7                  |        |      |     | 10  |     
|                                                     |                                                                                          |                        | Changes in certain assets and liabilities:              |                                           |     |                    |        |      |     |     |     
|                                                     |                                                                                          |                        |                                                         | Accounts receivable                       |     |                    | 42     |      |     |     | 33   |  
|                                                     |                                                                                          |                        |                                                         | Deferred financing costs and other fees   |     |                    | (38    | )    |     |     |     |  
|                                                     |                                                                                          |                        |                                                         | Prepaid expenses and other assets         |     |                    | (94    | )    |     |     | (91  | )
|                                                     |                                                                                          |                        |                                                         | Accounts payable and accrued expenses     |     |                    | 176    |      |     |     | 184  |  
|                                                     |                                                                                          |                        |                                                         |                                           |     |                    |        |     
|                                                     |                                                                                          |                        |                                                         | Net cash provided by operating activities |     |                    | 617    |      |     |     | 552  |  
|                                                     |                                                                                          |                        |                                                         |                                           |     |                    |        |     
|Cash flows from investing activities:                |                                                                                          |                        |                                                         |                                           |     |                    |        |     
|                                                     | Additions to real estate investments                                                     |                        |                                                         | (721                                      | )   |                    |        | (261 | )  
|                                                     |                                                                                          |                        |                                                         |                                           |     |                    |        |     
|                                                     |                                                                                          |                        |                                                         | Net cash used for investing activities    |     |                    | (721   | )    |     |     | (261 | )
|                                                     |                                                                                          |                        |                                                         |                                           |     |                    |        |     
|Cash flows from financing activities:                |                                                                                          |                        |                                                         |                                           |     |                    |        |     
|                                                     | Notes payable principal payments                                                         |                        |                                                         | (40                                       | )   |                    |        | (62  | )  
|                                                     | Distributions to General Partner                                                         |                        |                                                         |                                          |     |                    |        | (145 | )  
|                                                     | Retirement of limited partnership units                                                  |                        |                                                         | (39                                       | )   |                    |        | (68  | )  
|                                                     |                                                                                          |                        |                                                         |                                           |     |                    |        |     
|                                                     |                                                                                          |                        |                                                         | Net cash used for financing activities    |     |                    | (79    | )    |     |     | (275 | )
|                                                     |                                                                                          |                        |                                                         |                                           |     |                    |        |     
|Net (decrease) increase in cash and cash equivalents |                                                                                          |                        | (183                                                    | )                                         |     |                    | 16     |     
|Cash and cash equivalents at beginning of period     |                                                                                          |                        | 8,424                                                   |                                           |     |                    | 10,395 |     
|                                                     |                                                                                          |                        |                                                         |                                           |     |                    |        |     
|Cash and cash equivalents at end of period           |                                                                                          | $                      | 8,241                                                   |                                           |     | $                  | 10,411 |     
|                                                     |                                                                                          |                        |                                                         |                                           |     |                    |        |     
|Supplemental disclosure of cash flow information:    |                                                                                          |                        |                                                         |                                           |     |                    |        |     
|                                                     |                                                                                          | Cash paid for interest |                                                         | $                                         | 209 |                    |        | $    | 295 |    
|                                                     |                                                                                          |                        |                                                         |                                           |     |                    |        |     

The accompanying notes are an integral part of these consolidated financial statements.

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RANCON REALTY FUND V,
A CALIFORNIA LIMITED PARTNERSHIP




Notes to Consolidated Financial Statements

March 31, 2002
(Unaudited)

Note 1. ORGANIZATION

Rancon Realty Fund V, a California Limited Partnership, (the Partnership),
was organized in accordance with the provisions of the California Revised
Limited Partnership Act for the purpose of acquiring, developing, operating and
disposing of real property. The general partners of the Partnership are Daniel
L. Stephenson and Rancon Financial Corporation (RFC), hereinafter
collectively referred to as the Sponsor or the General Partner. RFC is wholly
owned by Daniel L. Stephenson. The Partnership reached final funding in
February 1989.

In November 2000, the Partnership offered to redeem the units of limited
partnership interest (the Units) in the Partnership held by investors who own
no more than four Units in total under any single registered title (the Small
Investments) at a purchase price of $284 per Unit. In 2001, a total of 590
Units were redeemed. During the three months ended March 31, 2002, a total of
130 Units were repurchased. As of March 31, 2002, there were 93,731 Units
outstanding.

In the opinion of RFC, the General Partner and Glenborough Realty Trust
Incorporated (Glenborough), the Partnerships asset and property manager, the
accompanying unaudited consolidated financial statements contain all
adjustments (consisting of only normal accruals) necessary to present fairly
the consolidated financial position of the Partnership as of March 31, 2002 and
December 31, 2001, and the related consolidated statements of operations and
cash flows for the three months ended March 31, 2002 and 2001.

Allocation of Net Income and Net Loss

Allocations of net income and net losses are made pursuant to the terms of the
Partnership Agreement. Generally, net income and net losses from operations
are allocated 90% to the limited partners and 10% to the General Partner;
however, if the limited partners and the General Partner have, as a result of
an allocation of net loss, a deficit balance in their capital accounts, net
loss shall not be allocated to the limited partners and General Partner in
excess of the positive balance until the balances of the limited partners and
General Partners capital accounts are reduced to zero. Capital accounts shall
be determined after taking into account the other allocations and distributions
for the fiscal year.

Net income other than net income from operations shall be allocated as follows:
(i) first, to the partners who have a deficit balance in their capital account,
provided that, in no event shall the General Partner be allocated more than 5%
of the net income other than net income from operations until the earlier of
sale or disposition of substantially all of the assets or the distribution of
cash (other than cash from operations) equal to the Unitholders original
invested capital; (ii) second, to the limited partners in proportion to and to
the extent of the amounts required to increase their capital accounts to an
amount equal to the sum of the adjusted invested capital of their units plus an
additional cumulative non-compounded 12% return per annum (plus additional
amounts depending on the date Units were purchased); (iii) third, to the
partners in the minimum amount required to first equalize their capital
accounts in proportion to the number of units owned, and then, to bring the sum
of the balances of the capital accounts of the limited partners and the General
Partner into the ratio of 4 to 1; and (iv) the balance, if any, 80% to the
limited partners and 20% to the General Partner. In no event shall the General
Partner be allocated less than 1% of the net income other than net income from
operations for any period.

Net losses other than net losses from operations are allocated 99% to the
limited partners and 1% to the General Partner. Such net losses will be
allocated among limited partners as necessary to equalize their capital
accounts in proportion to their Units, and thereafter will be allocated in
proportion to their Units.

The terms of the Partnership agreement call for the general partner to restore
any deficit that may exist in its capital account after allocation of gains and
losses from the sale of the final property owned by the Partnership, but prior
to any liquidating distributions being made to the partners.

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RANCON REALTY FUND V,
A CALIFORNIA LIMITED PARTNERSHIP

Notes to Consolidated Financial Statements

March 31, 2002
(Unaudited)

General Partner and Management Matters

Effective January 1, 1995, Glenborough Corporation (GC) entered into an
agreement with the Partnership and other related Partnerships (collectively,
the Rancon Partnerships) to perform or contract on the Partnerships behalf for
financial, accounting, data processing, marketing, legal, investor relations,
asset and development management and consulting services for a period of ten
years or until the liquidation of the Partnership, whichever comes first.
Effective January 1, 1998, the agreement was amended to eliminate GCs
responsibilities for providing investor relation services. Preferred
Partnership Services, Inc., a California corporation unaffiliated with the
Partnership, contracted to assume the investor relation services. In October
2001, GC merged into Glenborough.

The Partnership will pay Glenborough for its services as follows: (i) a
specified asset administration fee ($161,000 & $162,000 in the first quarter of
2002 and 2001, respectively); (ii) sales fees of 2% for improved properties and
4% for land; (iii) a refinancing fee of 1% and (iv) a management fee of 5% of
gross rental receipts. As part of this agreement, Glenborough will perform
certain duties for the General Partner of the Rancon Partnerships. RFC agreed
to cooperate with Glenborough, should Glenborough attempt to obtain a majority
vote of the limited partners to substitute itself as the Sponsor for the Rancon
Partnerships. Glenborough is not an affiliate of RFC or the Partnership.

Risks and Uncertainties

The Partnerships ability to (i) achieve positive cash flow from operations,
(ii) meet its debt obligations, (iii) provide distributions either from
operations or the ultimate disposition of the Partnerships properties or (iv)
continue as a going concern may be impacted by changes in interest rates,
property values, local and regional economic conditions, or the entry of other
competitors into the market. The accompanying consolidated financial
statements do not provide for adjustments with regard to these uncertainties.

Note 2. SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting  The accompanying financial statements have been prepared
on the accrual basis of accounting in accordance with accounting principles
generally accepted in the United States. They include the accounts of certain
wholly owned subsidiaries. All significant intercompany transactions and
balances have been eliminated in consolidation.

Use of Estimates  The preparation of financial statements in conformity with
accounting principles generally accepted in the United States 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 the reported results of operations
during the reporting period. Actual results could differ from those estimates.

New Accounting Pronouncements

In June 2001, the FASB approved for issuance SFAS No. 143, Accounting for
Asset Retirement Obligations. SFAS No. 143 requires that the fair value of a
liability for an asset retirement obligation be recognized in the period in
which it is incurred and that the associated asset retirement costs be
capitalized as part of the carrying value of the related long-lived asset. SFAS
No. 143 will be effective January 1, 2003 for the Partnership. Management does
not expect this standard to have a material impact on the Partnerships
consolidated financial position or results of operations.

In August 2001, the FASB approved for issuance SFAS No. 144, Accounting for
the Impairment or Disposal of Long-Lived Assets. SFAS No. 144 broadens the
presentation of discontinued operations to include more transactions and
eliminates the need to accrue for future operating losses. Additionally, SFAS
No. 144 prohibits the retroactive classification of assets as held for sale and
requires revisions to the depreciable lives of long-lived assets to be
abandoned. SFAS No. 144 was effective January 1, 2002 for the Partnership. This
new standard does

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RANCON REALTY FUND V,
A CALIFORNIA LIMITED PARTNERSHIP

Notes to Consolidated Financial Statements

March 31, 2002
(Unaudited)

not currently have a material impact on the Partnerships
consolidated financial position and results of operations, but may in future
periods.

Consolidation  In May 1996, the Partnership formed Rancon Realty Fund V
Tri-City Limited Partnership, a Delaware limited partnership (RRF V
Tri-City). The limited partner of RRF V Tri-City is the Partnership and the
general partner is Rancon Realty Fund V, Inc. (RRF V, Inc.), a corporation
wholly owned by the Partnership. Since the Partnership owns 100% of RRF V, Inc.
and indirectly owns 100% of RRF V Tri-City, the financial statements of RRF V,
Inc. and RRF V Tri-City have been consolidated with those of the Partnership.
All intercompany balances and transactions have been eliminated in
consolidation.

Rental Property   Rental properties, including the related land, are stated at
depreciated cost unless events or circumstances indicate that depreciated cost
cannot be recovered, in which case, the carrying value of the property is
reduced to its estimated fair value. Estimated fair value: (i) is based upon
the Partnerships plans for the continued operations of each property; and (ii)
is computed using estimated sales price, as determined by prevailing market
values for comparable properties and/or the use of capitalization rates
multiplied by annualized rental income based upon the age, construction and use
of the building. The fulfillment of the Partnerships plans related to each of
its properties is dependent upon, among other things, the presence of economic
conditions which will enable the Partnership to continue to hold and operate
the properties prior to their eventual sale. Due to uncertainties inherent in
the valuation process and in the economy, it is reasonably possible that the
actual results of operating and disposing of the Partnerships properties could
be materially different than current expectations.

Depreciation is provided using the straight line method over five to forty
years of the useful lives of the respective assets.

Land Held for Development  Land held for development is stated at cost, unless
events or circumstances indicate that cost cannot be recovered, in which case
the carrying value is reduced to estimated fair value. Estimated fair value:
(i) is based on the Partnerships plans for the development of each property;
(ii) is computed using estimated sales price, based upon market values for
comparable properties, and (iii) considers the cost to complete and the
estimated fair value of the completed project. The fulfillment of the
Partnerships plans related to each of its properties is dependent upon, among
other things, the presence of economic conditions which will enable the
Partnership to either hold the properties for eventual sale or obtain financing
to further develop the properties.

Cash and Cash Equivalents  The Partnership considers certificates of deposit
and money market funds with original maturities of less than ninety days when
purchased to be cash equivalents.

Fair Value of Financial Instruments  Statement of Financial Accounting
Standards No. 107 requires disclosure about fair value for all financial
instruments. Based on the borrowing rates currently available to the
Partnership, the carrying amount of debt approximates fair value. Cash and
cash equivalents consist of demand deposits, certificates of deposit and
short-term investments with financial institutions. The carrying amount of
cash and cash equivalents approximates fair value.

Deferred Financing Costs and Other Fees  Deferred loan fees are amortized on a
straight-line basis over the life of the related loan and deferred lease
commissions are amortized over the initial fixed term of the related lease
agreement.

Revenues
All leases are classified as operating leases. Rental revenue is recognized as
earned over the terms of the related leases.

Reimbursements from tenants for real estate taxes and other recoverable
operating expenses are recognized as revenue in the period the applicable
expenses are incurred. Differences between estimated and actual amounts are
recognized in the subsequent year.

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RANCON REALTY FUND V,
A CALIFORNIA LIMITED PARTNERSHIP

Notes to Consolidated Financial Statements

March 31, 2002
(Unaudited)

The Partnerships portfolio of leases turns over continuously, with the number
and value of expiring leases varying from year to year. The Partnerships
ability to re-lease the space to existing or new tenants at rates equal to or
greater than those realized historically is impacted by, among other things,
the economic conditions of the market in which a
property is located, the availability of competing space, and the level of
improvements which may be required at the property. No assurance can be given
that the rental rates that the Partnership will obtain in the future will be
equal to or greater than those obtained under existing contractual commitments.

Net Income (Loss) Per Limited Partnership Unit  Net income (loss) per limited
partnership unit is calculated using the weighted average number of limited
partnership units outstanding during the period and the Limited Partners
allocable share of the net income (loss).

Income Taxes  No provision for income taxes is included in the accompanying
consolidated financial statements, as the Partnerships results of operations
are allocated to the partners for inclusion in their respective income tax
returns. Net income (loss) and partners equity for financial reporting
purposes will differ from the Partnership income tax return because of
different accounting methods used for certain items, including depreciation
expense, capitalization of development period interest, income recognition and
provisions for impairment of investments in real estate.

Concentration risk  No single tenant or affiliated group of tenants occupied
more than 10 percent of total rentable square feet or represented more than 10
percent of rental income for the three months ended March 31, 2002 and 2001,
respectively.

Reference to 2001 audited consolidated financial statements  These unaudited
consolidated financial statements should be read in conjunction with the notes
to audited consolidated financial statements included in the December 31, 2001
audited consolidated financial statements on Form 10-K.

Note 3. INVESTMENTS IN REAL ESTATE

Rental property consists of the following at March 31, 2002 and December 31, 2001 (in thousands):

|                                 |  |      |         |      |  |   |         |  
|-------------------------------- |  | ---- | ------- | ---- |  | - | ------- | -
|                                 |  | 2002 |         | 2001
|                                 |  |      |         |     
|Land                             |  | $    | 5,197   |      |  | $ | 5,197   |  
|Buildings                        |  |      | 27,022  |      |  |   | 27,053  |  
|Leasehold and other improvements |  |      | 15,432  |      |  |   | 14,722  |  
|                                 |  |      |         |      |  |   |         |  
|                                 |  |      | 47,651  |      |  |   | 46,972  |  
|Less: accumulated depreciation   |  |      | (20,132 | )    |  |   | (19,773 | )
|                                 |  |      |         |      |  |   |         |  
|Total rental property            |  | $    | 27,519  |      |  | $ | 27,199  |  
|                                 |  |      |         |      |  |   |         |  

The Partnerships rental property includes five office and three retail
projects, aggregating approximately 448,000 rentable square feet, at the
Tri-City Corporate Centre in San Bernardino, California.

Land held for development consists of the following at March 31, 2002 and
December 31, 2001 (in thousands):

|                                                                                                               |  |      |       |      |  |   |       | 
|-------------------------------------------------------------------------------------------------------------- |  | ---- | ----- | ---- |  | - | ----- | 
|                                                                                                               |  | 2002 |       | 2001
|                                                                                                               |  |      |       |     
|Tri-City Corporate Centre, San Bernardino, CA
(14 acres at March 31, 2002 and
December 31, 2001, respectively) |  | $    | 2,638 |      |  | $ | 2,596 | 
|                                                                                                               |  |      |       |      |  |   |       | 

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RANCON REALTY FUND V,
A CALIFORNIA LIMITED PARTNERSHIP

Notes to Consolidated Financial Statements

March 31, 2002
(Unaudited)

Note 4. NOTES PAYABLE

Notes payable as of March 31, 2002 and December 31, 2001, were as follows (in thousands):

|                                                                                                                                                                                                                                                                     |                     |   |       |       |      |   |       |       | 
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------- | - | ----- | ----- | ---- | - | ----- | ----- | 
|                                                                                                                                                                                                                                                                     |                     |   | 2002  |       | 2001
|                                                                                                                                                                                                                                                                     |                     |   |       |       |     
|Note payable, secured by first deed
of trust on Lakeside Tower, One
Parkside and Two Carnegie Plaza
The loan, which matures August 1,
2006, is a 10-year, 9.39% fixed
rate loan with a 25-year
amortization requiring monthly
principal and interest payments of $83 |                     | $ | 8,870 |       |      | $ | 8,910 |      
|                                                                                                                                                                                                                                                                     |                     |   |       |       |      |   |       |      
|                                                                                                                                                                                                                                                                     | Total notes payable |   | $     | 8,870 |      |   | $     | 8,910 | 
|                                                                                                                                                                                                                                                                     |                     |   |       |       |      |   |       |      

Note 5. COMMITMENTS AND CONTINGENT LIABILITIES

Environmental Matters  The Partnership follows a policy of monitoring its
properties for the presence of hazardous or toxic substances. The Partnership
is not aware of any environmental liability with respect to the properties that
would have a material environmental liability does not exist. The existence of
any such material environmental liability could have an adverse effect on the
Partnerships results of operations and cash flows.

General Uninsured Losses  The Partnership carries comprehensive liability,
fire, flood, extended coverage and rental loss insurance with policy
specifications, limits and deductibles customarily carried for similar
properties. There are, however, certain types of extraordinary losses, which
may be either uninsurable, or not economically insurable. Further, certain of
the properties are located in areas that are subject to earthquake activity.
Should a property sustain damage as a result of an earthquake, the Partnership
may incur losses due to insurance deductibles, co-payments on insured losses or
uninsured losses. Should an uninsured loss occur, the Partnership could lose
its investment in, and anticipated profits and cash flows from, a property.

Other Matters  The Partnership is contingently liable for subordinated real
estate commissions payable to the General Partner in the amount of $102,000 at
March 31, 2002 for sales that occurred in previous years. The subordinated
real estate commissions are payable only after the Limited Partners have
received distributions equal to their original invested capital plus a
cumulative non-compounded return of six percent per annum on their adjusted
invested capital. Since the circumstances under which these commissions would
be payable are limited, the liability has not been recognized in the
accompanying consolidated financial statements; however, the amount will be
recorded when and if it becomes payable.

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Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations

New Accounting Pronouncements

During 2001, the Financial Accounting Standards Board (FASB) approved for
issuance a number of new accounting standards. Management does not expect
these new accounting standards to have a material impact on the Partnerships
consolidated financial position or results of operations, although they may in
future periods. These new accounting standards are discussed in more detail in
the notes to the accompanying consolidated financial statements.

Liquidity and Capital Resources

The following discussion should be read in conjunction with the Partnerships
December 31, 2001 audited consolidated financial statements and the notes
thereto.

As of March 31, 2002, the Partnership had cash of $8,241,000. The remainder of
the Partnerships assets consist primarily of its net investments in real
estate, totaling approximately $30,157,000 which includes $27,519,000 in rental
properties and $2,638,000 of land held for development within the Tri-City
area.

The Partnerships primary liability is a note payable of approximately
$8,870,000 at March 31, 2002, which consists of a secured fixed rate loan
encumbering properties with an aggregate net book value of approximately
$15,105,000 and with a maturity date of August 1, 2006. This note requires
monthly principal and interest payments of $83,000 and bears a fixed interest
rate of 9.39%.

The Partnership is contingently liable for subordinated real estate commissions
payable to the General Partner in the amount of $102,000 at March 31, 2002 for
sales that occurred in previous years. The subordinated real estate
commissions are payable only after the Limited Partners have received
distributions equal to their original invested capital plus a cumulative
non-compounded return of six percent per annum on their adjusted invested
capital. Since the circumstances under which these commissions would be
payable are limited, the liability has not been recognized in the accompanying
consolidated financial statements; however, the amount will be recorded when
and if it becomes payable.

Operationally, the Partnerships primary source of funds consists of cash
provided by its rental activities. Other sources of funds may include permanent
financing, property sales, interest income on certificates of deposit and other
deposits of funds invested temporarily. Cash generated from property sales is
generally added to the Partnerships cash reserves, pending use in development
of other properties or distribution to the partners.

Management believes that the Partnerships cash balance at March 31, 2002,
together with cash from operations, sales and financings will be sufficient to
finance the Partnerships and the properties continued operations and
development plans on a short-term basis and for the reasonably foreseeable
future. There can be no assurance that the Partnerships results of operations
will not fluctuate in the future and at times affect its ability to meet its
operating requirements.

The Partnership knows of no demands, commitments, events or uncertainties,
which might affect its capital resources in any material respect. In addition,
the Partnership is not subject to any covenants pursuant to its secured debt
that would constrain its ability to obtain additional capital.

Operating Activities

During the three months ended March 31, 2002, the Partnerships cash provided
by operating activities totaled $617,000.

The $42,000 decrease in accounts receivable at March 31, 2002, compared to
December 31, 2001, was primarily due to the collection of a portion of tenant
improvement receivables in 2002.

The $38,000 increase in deferred financing costs and other fees at March 31,
2002, compared to December 31, 2001, was primarily due to lease commissions
paid for new and renewal leases.

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The $94,000 increase in prepaid expenses and other assets at March 31, 2002,
compared to December 31, 2001, was primarily due to prepayment of the second
quarter investor service fees and an increase in mortgage impound reserve
accounts.

The $176,000 increase in accounts payable and other liabilities at March 31,
2002, compared to December 31, 2001, was primarily due to accruals for building
operating expenses and property taxes.

Investing Activities

During the three months ended March 31, 2002, the Partnerships cash used for
investing activities totaled $721,000 used for additions to investments in real
estate.

Financing Activities

During the three months ended March 31, 2002, the Partnerships cash used for
financing activities totaled $79,000, which consisted of $40,000 in principal
payments on the note payable, and $39,000 paid to redeem 130 limited
partnership units (Units).

Results of Operations

Revenues

Rental income varied slightly for the three months ended March 31, 2002,
compared to the three months ended March 31, 2001, primarily due to increases
in occupancy at One Carnegie Plaza, Carnegie Business Center II, and Palm Court
Retail #3, offset by the sale of the Santa Fe property.

Occupancy rates at the Partnerships Tri-City properties were as follows:

|                            |  |           |     |      |  |  |     |  
|--------------------------- |  | --------- | --- | ---- |  |  | --- | -
|                            |  | March 31,
|                            |  |          
|                            |  | 2002      |     | 2001
|                            |  |           |     |     
|One Carnegie Plaza          |  |           | 88  | %    |  |  | 59  | %
|Two Carnegie Plaza          |  |           | 89  | %    |  |  | 85  | %
|Carnegie Business Center II |  |           | 88  | %    |  |  | 77  | %
|Lakeside Tower              |  |           | 95  | %    |  |  | 98  | %
|One Parkside                |  |           | 100 | %    |  |  | 100 | %
|Ballys Health Club         |  |           | 100 | %    |  |  | 100 | %
|Outback Steakhouse          |  |           | 100 | %    |  |  | 100 | %
|Palm Court Retail #3        |  |           | 100 | %    |  |  | N/A |  

As of March 31, 2002, tenants at Tri-City Corporate Centre occupying
substantial portions of leased rental space included: (i) Chicago Title with a
lease through February 2004; (ii) New York Life Insurance with a lease through
May 2004; (iii) Paychex with a lease through July 2004; (iv) Computer
Associates with a lease through November 2005; (v) Lewis, Damato & Brisbois et
al with a lease through November 2005; and (vi) Holiday Spa Health Club with a
lease through December 2010. These six tenants, in the aggregate, occupy
approximately 136,000 square feet of the 448,000 total rentable square feet at
Tri-City and account for approximately 34% of the rental income generated at
Tri-City for the Partnership.

The 29% increase in occupancy from March 31, 2001 to March 31, 2002 at One
Carnegie Plaza was due to leasing 10,124 square feet to a new tenant, and
expansion of 21,927 square feet for three existing tenants.

The 11% increase in occupancy from March 31, 2001 to March 31, 2002 at Carnegie
Business Center II was due to leasing 9,966 square feet to two new tenants.
This increase was slightly offset by a decrease of 4,183 square feet due to a
tenant moving out upon its lease expiration.

Palm Court Retail #3 was placed in service in April 2001 and 6,004 square feet
was leased to three tenants in the second and third quarters of 2001.

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Interest and other income decreased $84,000 for the three months ended March
31, 2002, compared to the three months ended March 31, 2001, primarily due to a
lower invested cash balance resulting from the distributions to Limited
Partners in November 2001.

Expenses

Operating expenses of $747,000 for the three months ended March 31, 2002 varied
slightly from $729,000 for the three months ended March 31, 2001 primarily due
to an increase in utility costs.

Interest expense decreased $89,000, or 29%, during the three months ended March
31, 2002, compared to the three months ended March 31, 2001, primarily due to a
decrease in the average debt balance upon the payoff of a $4 million loan in
November 2001.

General and administrative expenses decreased $134,000, or 34%, for the three
months ended March 31, 2002, compared to the three months ended March 31, 2001,
primarily due to a decrease in legal expenses and investor service expenses
related to the redemption program. Legal expenses in 2001 were related to
litigation with the sole tenant at the Santa Fe property which was settled with
the sale of the property in August 2001.

Critical Accounting Policies

Revenue recognized on a straight-line basis

The Partnership recognizes rental revenue on a straight-line basis at amounts
that it believes it will collect on a tenant by tenant basis. The estimation
process may result in higher or lower levels from period to period as the
Partnerships collection experience and the credit quality of the Partnerships
tenants changes. Actual amounts collected could be lower or higher than the
amounts recognized on a straight-line basis if specific tenants are unable to
pay rent that the Partnership has previously recognized as revenue, or if other
tenants remain whom the Partnership previously believed would not.

Carrying value of rental properties and land held for development

The Partnerships rental properties, including the related land, are stated at
depreciated cost unless events or circumstances indicate that depreciated cost
cannot be recovered, in which case, the carrying value of the property is
reduced to its estimated fair value. Estimated fair value is based upon (i)
the Partnerships plans for the continued operations of each property, and (ii)
is computed using estimated sales price, as determined by prevailing market
values for comparable properties and/or the use of capitalization rates
multiplied by annualized rental income based upon the age, construction and use
of the building. The fulfillment of the Partnerships plans related to each of
its properties is dependent upon, among other things, the presence of economic
conditions which will enable the Partnership to continue to hold and operate
the properties prior to their eventual sale. Due to uncertainties inherent in
the valuation process and in the economy, it is reasonably possible that the
actual results of operating and disposing of the Partnerships properties could
be materially different than current expectations.

Land held for development is stated at cost unless events or circumstances
indicate that cost cannot be recovered, in which case, the carrying value is
reduced to estimated fair value. Estimated fair value: (i) is based on the
Partnerships plans for the development of each property; (ii) is computed
using estimated sales price, based upon market values for comparable
properties; and (iii) considers the cost to complete and the estimated fair
value of the completed project. The fulfillment of the Partnerships plans
related to each of its properties is dependent upon, among other things, the
presence of economic conditions which will enable the Partnership to either
hold the properties for eventual sale or obtain financing to further develop
the properties.

The actual value of the Partnerships portfolio of properties and land held for
development could be significantly higher or lower than their carrying amounts.

Provision for income taxes

No provision for income taxes is included in the consolidated financial
statements as the Partnerships results of operations are allocated to the
partners for inclusion in their respective income tax returns. Net income
(loss) and partners equity (deficit) for financial reporting purposes will
differ from the Partnership income tax return because of different accounting
methods used for certain items, including depreciation expense, provisions for
impairment of investments in real estate, capitalization of development period
interest, and rental income and loss recognition.

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The Partnerships tax returns, the qualification of the Partnership as a
partnership for federal income tax purposes, and the amount of income or loss
are subject to examination by federal and state taxing authorities. If such
examinations result in changes to the Partnerships taxable income or loss, the
tax liability of the partners could change accordingly.

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Part II. OTHER INFORMATION




Item 1. Legal Proceedings

Not applicable.




Item 2. Changes in Securities and Use of Proceeds

Not applicable.




Item 3. Defaults Upon Senior Securities

Not applicable.




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:           
| |  | --------------------------
|
| |  | None                      
|
| |  | (b)   Reports on Form 8-K:
|
| |  | None                      

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SIGNATURES

Pursuant to the requirements of Section 13 or Section 15(d) of the Securities
Exchange Act of 1934, the Partnership has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.

|                   |  |                                                        |  |                                                                           
|------------------ |  | ------------------------------------------------------ |  | --------------------------------------------------------------------------
|                   |  | RANCON REALTY FUND V,
a California limited partnership
|                  
|                   |  | By                                                     |  | Rancon Financial Corporation
a California corporation,
its General Partner
|                  
|Date: May 14, 2002 |  | By:                                                    |  | /s/ DANIEL L. STEPHENSON
Daniel L. Stephenson, President                  
|                  
|Date: May 14, 2002 |  | By:                                                    |  | /s/ DANIEL L. STEPHENSON
Daniel L. Stephenson, General Partner            

16