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, 2000

                                       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 March 31, 2000: 96,412


                                  Page 1 of 18
<PAGE>


PART I.             FINANCIAL INFORMATION

Item 1.             Financial Statements

                              RANCON REALTY FUND V,
                        A CALIFORNIA LIMITED PARTNERSHIP

                           Consolidated Balance Sheets
                       (in thousands, except unit amounts)
<TABLE>
<CAPTION>
<S>                                                               <C>                <C>
                                                                    March 31,          December 31,
                                                                      2000                 1999
                                                                   (Unaudited)           (Audited)
                                                                  --------------    ---------------
Assets
------
Investments in real estate:
     Rental property, net of accumulated depreciation of
       $18,599 and $18,199 at March 31, 2000 and December
       31, 1999, respectively                                     $      28,269      $      28,465
     Land held for development                                            2,786              2,757
                                                                  -------------      -------------

         Total real estate investments                                   31,055             31,222
                                                                  -------------      -------------

     Cash and cash equivalents                                            5,524              5,413
     Accounts receivable                                                  1,339              1,327
     Notes receivable                                                     6,090              6,090
     Deferred financing costs and other fees, net of
       accumulated amortization of $2,422 and $2,342
       at March 31, 2000 and December 31, 1999, respectively                932                928
     Prepaid expenses and other assets                                      725                651
                                                                  -------------      -------------

          Total assets                                            $      45,665      $      45,631
                                                                  =============      =============

Liabilities and Partners' Equity (Deficit)
------------------------------------------
Liabilities:
     Notes payable                                                $      13,264      $      13,315
     Accounts payable and other liabilities                                 417                411
     Deferred income                                                      4,148              4,034
                                                                  -------------      -------------

          Total liabilities                                              17,829             17,760
                                                                  -------------      -------------

Commitments and contingent liabilities (see Note 4)                          --                 --

Partners' equity (deficit):
     General partners                                                      (981)              (978)
     Limited partners, 96,412 limited partnership units
       outstanding at March 31, 2000 and December 31, 1999               28,817             28,849
                                                                  -------------      -------------

         Total partners' equity                                          27,836             27,871
                                                                  -------------      -------------

          Total liabilities and partners' equity                  $      45,665      $      45,631
                                                                  =============      =============

          See accompanying notes to consolidated financial statements.
</TABLE>




                                  Page 2 of 18
<PAGE>


                              RANCON REALTY FUND V,
                        A CALIFORNIA LIMITED PARTNERSHIP

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

<TABLE>
<CAPTION>
<S>                                                            <C>                 <C>
                                                                       Three months ended
                                                                           March 31,
                                                               ---------------------------------
                                                                    2000               1999
                                                               ---------------     -------------
 Revenues:
      Rental income                                            $       1,758       $       1,578
      Interest and other income                                           95                 205
                                                               -------------       -------------

      Total revenues                                                   1,853               1,783
                                                               -------------       -------------

 Expenses:
      Operating                                                          717                 797
      Interest expense                                                   306                 318
      Depreciation and amortization                                      467                 424
      Loss on sale of real estate                                         --                   5
      Expenses associated with undeveloped land                           96                 117
      General and administrative                                         284                 299
      Proposed dissolution costs                                          18                  39
                                                               -------------       -------------

      Total expenses                                                   1,888               1,999
                                                               -------------       -------------

 Net loss                                                      $        (35)       $       (216)
                                                               =============       =============

 Net loss per limited partnership unit                         $      (0.36)       $      (2.22)
                                                               =============       =============

 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 loss per limited partnership unit                           96,412             96,443
                                                               =============       ============
</TABLE>










          See accompanying notes to consolidated financial statements.



                                  Page 3 of 18
<PAGE>


                              RANCON REALTY FUND V,
                        A CALIFORNIA LIMITED PARTNERSHIP

              Consolidated Statement of Partners' Equity (Deficit)
                                   For the three months ended March 31, 2000
                                                 (in thousands)

<TABLE>
<CAPTION>
<S>                                       <C>                  <C>                 <C>
                                              General             Limited
                                             Partners             Partners             Total
                                          ----------------     ---------------     ---------------

     Balance at December 31, 1999         $        (978)       $      28,849       $      27,871

     Net loss                                        (3)                 (32)                (35)
                                          ----------------     ---------------     ---------------

     Balance at March 31, 2000            $        (981)       $      28,817       $      27,836
                                          ================     ===============     ===============
</TABLE>





































           See accompanying notes to consolidated financial statements.


                                  Page 4 of 18
<PAGE>


                              RANCON REALTY FUND V,
                        A CALIFORNIA LIMITED PARTNERSHIP

                      Consolidated Statements of Cash Flows
                                 (in thousands)

<TABLE>
<CAPTION>
<S>                                                               <C>                 <C>
                                                                            Three months ended
                                                                                March 31,
                                                                  -----------------------------------
                                                                        2000                1999
                                                                  ----------------    ---------------
Cash flows from operating activities:
     Net (loss)                                                   $         (35)      $        (216)
     Adjustments  to  reconcile  net loss to net
      cash  provided  by (used for)operating activities:
         Loss on sale of real estate                                         --                   6
         Depreciation and amortization                                      467                 424
         Amortization of loan fees, included in
           interest expense                                                  13                  14
         Changes in certain assets and liabilities:
           Accounts receivable                                              (12)                 25
           Deferred financing costs and other fees                          (84)                  2
           Prepaid expenses and other assets                                (74)              5,556
           Accounts payable and accrued expenses                              6                 101
                                                                  -------------       -------------
        Net cash provided by (used for) operating activities                281               5,912
                                                                  -------------       -------------
Cash flows from investing activities:
     Net proceeds from sale of real estate                                   --               2,121
     Additions to real estate investments                                  (233)               (265)
     Funds released from pledged cash                                        --                 353
     Deferred gain on sale                                                  114                  --
                                                                  -------------       --------------
        Net cash provided by (used for) investing activities               (119)              2,209
                                                                  --------------      --------------
Cash flows from financing activities:
     Notes payable principal payments                                       (51)                (47)
     Retirement of limited partnership units                                 --                  (1)
                                                                  -------------       --------------
        Net cash used for financing activities                              (51)                (48)
                                                                  --------------      --------------

Net increase in cash and cash equivalents                                   111               8,073

Cash and cash equivalents at beginning of period                          5,413               3,073
                                                                  -------------       --------------

Cash and cash equivalents at end of period                        $       5,524       $      11,146
                                                                  =============       ==============

Supplemental disclosure of cash flow information:
       Cash paid for interest                                     $         300       $         305
                                                                  =============       ==============
       Interest Capitalized                                       $           8       $          --
                                                                  =============       ==============

</TABLE>


          See accompanying notes to consolidated financial statements.


                                  Page 5 of 18
<PAGE>


                              RANCON REALTY FUND V,
                        A CALIFORNIA LIMITED PARTNERSHIP

                   Notes to Consolidated Financial Statements

                                 March 31, 2000
                                   (Unaudited)

Note 1.         THE PARTNERSHIP AND ITS SIGNIFICANT ACCOUNTING POLICIES
                -------------------------------------------------------

In the opinion of Rancon Financial Corporation ("RFC") and Daniel Lee Stephenson
(the  "Sponsors"  or  "General  Partner")  and  Glenborough   Corporation,   the
Partnership's  asset and  property  manager  ("Glenborough"),  the  accompanying
unaudited  financial  statements  contain all  adjustments  (consisting  of only
normal  accruals)  necessary to present fairly the financial  position of Rancon
Realty Fund V, A California Limited  Partnership (the "Partnership") as of March
31, 2000 and December 31, 1999,  and the related  statements of  operations  and
cash flows for the three months ended March 31, 2000 and 1999.

Proposed Asset Sale and Dissolution
-----------------------------------
The  Partnership's   business  strategy  has  been  to  focus  on  the  eventual
disposition  of its  assets  at the  optimal  time and  sales  price.  A Consent
Solicitation  Statement (the  "Solicitation") was sent to the holders of limited
partnership  units  ("Unitholders"  or "Limited  Partners") on July 6, 1999. The
Solicitation  (incorporated by reference to the Schedule 14A - Preliminary Proxy
Statement  filed with the  United  States  Securities  and  Exchange  Commission
("Commission")  in the second quarter of 1999)  discussed the General  Partner's
proposal to sell all of the Partnership's  real estate assets ("Asset Sale") and
liquidate  the  Partnership  thereafter  ("Dissolution").  The  General  Partner
currently  intends to sell all of the Partnership's  properties,  distribute the
proceeds and liquidate the Partnership  after all of the properties are sold and
the cash  proceeds  thereof  received.  The General  Partner does not expect the
Dissolution to occur until at least the second half of 2000 (and potentially not
until  2001)  as some of the  properties  may be sold  with the  purchase  price
payable on an installment  basis.  The dissolution  must be completed  within 90
days of the final receipt of cash proceeds from the sale of Partnership propety.
The period over which the sales  transactions  and dissolution are to take place
is not currently known.

As of August 25, 1999,  the  expiration  of the voting  period,  96,442  limited
partnership  units ("Units") were outstanding.  Of the total Units  outstanding,
76,475  Unitholders,  or 79%,  have voted  ("Units  Voted") and no response  was
received  from the  remaining  21%.  A final  tabulation  of the  results of the
Solicitation  was made on August 25, 1999, with holders of 67,498 Units, or 88%,
of the Units Voted in favor, holders of 7,271 Units, or 10%, against and holders
of 1,706 Units, or 2%, abstaining.  During the third quarter of 1999, a total of
32  Units  were  repurchased  as a  result  of a  Unitholder's  request  for the
Partnership  to take over such Units.  As of March 31,  2000,  there were 96,412
Units outstanding.

Subsequent  to  obtaining  the consent of the majority of the  Unitholders,  the
General  Partner  grouped the properties into two or more packages of properties
(such  as  separate  packages  of  retail  properties,   office  properties  and
unimproved land) and included  properties in the Tri-City Corporate Centre which
are owned by Rancon Realty Fund IV ("Fund IV"), a partnership  also sponsored by
the General Partner. Bidders for any package of properties containing the


                                  Page 6 of 18
<PAGE>


Partnership's  and Fund IV's  properties  will be  required to specify how their
overall bid is allocated among the individual properties in the package, and the
proceeds  and expenses  from the sales of any such  package will be  apportioned
between  the  Partnership  and Fund IV based upon such  allocation.  The General
Partner hired an  independent  real estate firm to market the  properties and to
prepare  marketing  materials and  informational  brochures.  The  informational
brochures were presented to a number of prospective  buyers and as of the end of
September  1999,  the  General  Partner had  received 39 signed  confidentiality
agreements  requesting  offering  memorandums.  The General  Partner  closed the
bidding  process  with a request for "best and final  offers" and  received  six
final bids on the Tri-City  properties in early November 1999. In November 1999,
the General Partner entered into a due diligence  period with a potential buyer.
In January 2000,  this due diligence  period was  terminated  largely due to the
impact of rising  interest rates on the potential  buyer's  ability to fund. The
General  Partner  subsequently  received three written  offers from  prospective
buyers and has selected one. Currently, this prospective buyer is completing its
due diligence on the Tri-City  properties,  and the  Partnership  is preparing a
Purchase and Sale Agreement for signature.

The Partnership  has not, as of the date of the filing of this Quarterly  Report
on Form 10-Q with the Commission, entered into any agreement for the sale of its
properties, although the Partnership did, in 1997, granted to Glenborough Realty
Trust Incorporated,  a Maryland corporation ("GLB"), a right to match offers for
the purchase of the Partnership's  properties ("GLB Matching Right"). GLB is not
an affiliate of the Partnership.

Pursuant to the GLB Matching Right and the right of first  refusal,  the General
Partner is required to give prompt  written notice to GLB of the price and other
terms and conditions of any offer,  received from an  unaffiliated  third party,
the  General  Partner  is  willing  to accept  to sell all or a  portion  of the
Partnership's  properties.  GLB has ten days after receipt of the  Partnership's
written  notice  to  accept or reject  the  purchase  price and other  terms and
conditions  of the sale.  If GLB  exercises  its  matching  right and  agrees to
purchase all or a portion of the Partnership's properties at the specified price
and on the other terms and  conditions,  the  Partnership  and GLB must promptly
execute a purchase agreement which is to contain a reasonable  feasibility study
period for GLB. If, on the other hand, GLB notifies the Partnership that it does
not intend to exercise its matching right or fails to respond within the ten-day
period,  then the  Partnership  has the  right to sell all or a  portion  of the
Partnership's  properties to the unaffiliated  third party buyer as set forth in
the Partnership's notice to GLB.

Prior to the completion of the sale of all of the  Partnership's  properties and
the  receipt in cash of the  proceeds  thereof,  the General  Partner  currently
intends,  but is not  obligated,  to make interim  distributions  to the Limited
Partners,  from time to time,  of all or a portion of the net proceeds  from the
sale of the  properties.  The  General  Partner  will not receive any of the net
proceeds from the sale of the properties or upon  dissolution of the Partnership
with respect to its general partnership interests.

                                  Page 7 of 18
<PAGE>

The  discussion  above  contains   forward-looking   statements   regarding  the
Partnership's  plans,goals and expectations,  including statements regarding the
Partnership's estimate of the timing of the sale of the Partnership's  remaining
properties, the distribution of proceeds and the liquidation of the Partnership.
Forward-looking  statements  are  necessarily  speculative,  there being certain
risks and  uncertainties  that could  cause  actual  events or results to differ
materially from those referred to in the forward-looking statements. The General
Partners'  current plans are subject to change,  both as of result of changes in
general  business and economic  conditions  as well as changes in the local real
estate markets where the Partnership's  properties are located.  There can be no
assurance  that  regulatory  approval  will be  obtained,  if and  when  consent
solicitation  materials will be mailed to Limited Partners,  that a proposal for
the sale of all of the Partnership's remaining properties and liquidation of the
Partnership  will be approved,  or if and when the properties will be sold, that
the proceeds will be distributed and the Partnership  liquidated.  The timing of
any  sale  of  the  Partnership's  remaining  properties,  the  distribution  of
proceeds,  and the  liquidation  of the  Partnership  are subject to various and
significant  uncertainties,  many of which are beyond the Partnership's  control
and  which  could  delay  any sale of the  Partnership's  remaining  properties,
liquidation  of the  Partnership,  and  distribution  of proceeds  significantly
beyond the time periods estimated above.  Among such  uncertainties are the date
when any consent solicitation  materials are mailed to the Limited partners, the
date when consent of the Limited Partners is obtained (assuming it is obtained),
the  demand  for the  Partnership's  properties  by  potential  purchasers,  the
availability  of  capital  for  potential  purchasers,  the  actual  dates  when
properties  are sold,  and the duration of any  installment  sales of any of the
properties

Allocation of Net Income and Net Loss
-------------------------------------
Allocation  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 partners.

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  partners 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  6%  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
partners  into the  ratio of 4 to 1; and (iv) the  balance,  if any,  80% to the
limited partners and 20% to the general partners.  In no event shall the general
partners be allocated less than 1% of the net


                                  Page 8 of 18
<PAGE>


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  partners.  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. If a partner's  capital account is reduced to zero,  additional net
losses  will be  allocated  entirely to those  partners  with  positive  capital
account  balances until such balances are reduced to zero. In no event shall the
general partners be allocated less than 1% of the net losses for any period.

General Partner and Management Matters
--------------------------------------
Effective  January 1,  1995,  Glenborough  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 the Partnership 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
Glenborough's  responsibility  for  providing  investor  relations  services and
Preferred Partnership Services, Inc., a California Corporation unaffiliated with
the  Partnership,  contracted  to assume these  services.  In August  1998,  the
management agreement was further amended to provide Glenborough with a guarantee
of a specified amount of asset  management and property  management fees through
December 31, 1999,  regardless of whether the Partnership sold any or all of its
properties  prior to such  date.  In  exchange,  Glenborough  waived any and all
claims  related to  liquidated  damages under the agreement to which it may have
otherwise been entitled.

According to the contract, the Partnership will pay Glenborough for its services
as follows:  (i) a specified  asset  administration  fee  ($190,000 in the first
quarter of 2000 and 1999); (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.

Basis of Accounting
-------------------
The accompanying financial statements have been prepared on the accrual basis of
accounting in accordance with generally accepted accounting principles under the
presumption that the Partnership will continue as a going concern.

The  consent  of the  partners  to a proposal  to sell all of the  Partnership's
remaining properties and


                                  Page 9 of 18
<PAGE>


liquidate the Partnership  will not impact the accounting  treatment  applied by
the Partnership in its consolidated  financial statements prepared in accordance
with generally accepted  accounting  principles as the liquidation  proceeds and
the timing thereof are not currently estimable. The Partnership will classify as
"held for use" or "held for  development",  all of its operating and undeveloped
properties  until such time as an acceptable  buyer is  identified  and an offer
which is  reasonably  assured of  consummation  is obtained.  At that time,  the
Partnership will reclassify the appropriate  portions of its assets to "held for
sale" and depreciation of those assets will be discontinued.

When the  timing  of the last  cash  receipt  from the sale of the  property  is
reasonably determinable, the Partnership will adopt liquidation basis accounting
in that quarter.  At that time, all assets and  liabilities  will be adjusted to
their settlement amounts and an amount to be distributed to the Unitholders upon
liquidation will be estimated.

Consolidation
-------------
In May 1996,  the  Partnership  formed  Rancon  Realty  Fund V Tri-City  Limited
Partnership,  a Delaware limited partnership ("RRF V Tri-City").  As required by
the lender (Bear,  Stearns  Funding,  Inc.) of a $9,600,000 loan obtained by the
Partnership  in  1996,  the  Partnership  contributed  three  of  its  operating
properties  to RRF V Tri-City to provide a  bankruptcy  remote  borrower for the
lender. The loan,  secured by the properties in RRF V Tri-City,  has a principal
balance of  $9,299,000  at March 31, 2000,  and matures on August 1, 2006 with a
9.39% fixed interest rate and a 25 year  amortization of principal.  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 the consolidation.

Reclassifications
-----------------
Certain prior year balances have been  reclassified  to conform with the current
year presentation.

Note 2.      REFERENCE TO 1999 AUDITED FINANCIAL STATEMENTS
             ----------------------------------------------
These unaudited  consolidated financial statements should be read in conjunction
with the notes to consolidated financial statements included in the December 31,
1999 audited consolidated financial statements.


                                 Page 10 of 18
<PAGE>
Note 3.      SALES OF REAL ESTATE
             --------------------

On  January  20,  1999,  the  Partnership  sold  approximately  24 acres of land
(referred to as the Perris- Ethanac land) located in Perris,  Riverside  County,
California,  to an  unaffiliated  third  party  for  $502,200.  The  Partnership
realized a $5,000  loss on the sale  which is  reflected  in the March 31,  1999
consolidated  statement  of  operations.  The sale  generated  net  proceeds  of
$446,000.

On  January  29,  1999,  the  Partnership  sold  approximately  60 acres of land
(referred to as the  Perris-Nuevo  land)  located in Perris,  Riverside  County,
California to an unaffiliated third party for $675,000.  As part of the terms of
the sale, the Partnership  loaned $475,000 to the buyer (the "Nuevo Note").  The
Nuevo Note is  secured by a deed of trust  encumbering  the  Perris-Nuevo  land,
bears interest at 6% per annum and had an original maturity date of November 15,
1999.  In November  1999,  the note was amended to extend the  maturity  date to
April 15, 2000 with a partial principal payment of $100,000.  The remaining note
balance was $375,000.  In April 5, 2000, the note was further  amended to extend
the maturity  date to  September  15, 2000 with a partial  principal  payment of
$75,000. The current remaining note balance is $300,000.  As the sale included a
$475,000  promissory  note from the buyer to the  Partnership,  the  Partnership
deferred  recognition of the $443,000 gain on sale until  collection of the note
is received. During the year ended December 31, 1999, the Partnership recognized
a gain of $104,000  after  receiving the $100,000  principal  payment  discussed
above.  The  Partnership  will recognize a gain on sale in the second quarter of
2000 related to the $75,000 principal  payment.  The sale generated net proceeds
of $213,000, prior to collections on the note.

Also  on  January  29,  1999,  the  Partnership  sold  five  distribution-center
buildings (referred to as Rancon Centre Ontario) located in Ontario,  California
to an unaffiliated third party for $7,650,000. The Partnership loaned $5,715,000
to the  buyer  (the "RCO  Note").  The RCO Note was  secured  by a deed of trust
encumbering the RCO Buildings,  bore interest at 8% and had an original maturity
date of March 1, 2000 with an option  to  extend  the  maturity  date to June 1,
2000. In March 2000,  the buyer  exercised  this option and extended the note to
June 1,  2000.  As the sale of  Rancon  Centre  Ontario  included  a  $5,715,000
promissory  note from the  Partnership to the buyer,  the  Partnership  deferred
recognition  of the  $3,274,000  gain on sale  until  collection  of the note is
received. As of December 31, 1999, the Partnership had collected interest income
totaling  $421,000 from the RCO Note, which was included in the deferred gain in
the  accompanying  consolidated  balance  sheet as of December 31,  1999,  to be
recognized  upon  collection  of the note.  The sale  generated  net proceeds of
$1,529,000, prior to collections on the note.

On April 14, 2000, the buyer paid off the entire note amount of $5,715,000 prior
to the note maturity  date of June 1, 2000.  The proceeds have been added to the
Partnership's  cash reserves and the full gain on sale will be recognized in the
second quarter of 2000.


                                 Page 11 of 18
<PAGE>


Note 4.      COMMITMENTS AND CONTINGENT LIABILITIES
             --------------------------------------
The Partnership is contingently  liable for subordinated real estate commissions
payable to the General Partner in the aggregate  amount of $102,000 at March 31,
2000 for sales that transpired 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,  which is not expected to be achieved as a result of the Asset Sale. As
a result,  such  subordinated  real estate  commissions  will not be paid to the
General Partner and will be eliminated.

Note 5.      SUBSEQUENT EVENTS
             -----------------
On March 7, 2000, The Burlington Northern and Santa Fe Railway Company, the sole
tenant at the  Partnership's  Santa Fe  property,  filed a lawsuit  alleging the
Partnership  has  breached  a right of first  refusal  contained  in its  lease.
According to the filing,  the alleged  breach arose in connection  with a letter
dated  November 29, 1999,  whereby the tenant was notified of the  Partnership's
intention to sell the property. The Partnership intends to dispute the claims in
the complaint. It is the Partnership's position that the tenant has only a right
of first  refusal under its lease,  not an option to purchase the property,  and
the terms of the  possible  sale of the  premises  which are  referenced  in the
letter dated November 29, 1999 were never finalized,  and therefore,  the tenant
did not have the right to so purchase the property.







                                 Page 12 of 18
<PAGE>

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



LIQUIDITY AND CAPITAL RESOURCES
-------------------------------
As of March 31, 2000, the Partnership  had cash of $5,524,000.  The remainder of
the  Partnership's  assets  consist  primarily  of its net  investments  in real
estate, totaling approximately  $31,055,000 which includes $28,269,000 in rental
properties and $2,786,000 of land held for development within the Tri-City area.
The  Partnership  also  holds  $6,090,000  in notes  receivable  from  buyers of
Partnership properties.

On  January  20,  1999,  the  Partnership  sold  approximately  24 acres of land
(referred to as the Perris- Ethanac land) located in Perris,  Riverside  County,
California,  to an  unaffiliated  third  party  for  $502,200.  The  Partnership
realized a $5,000  loss on the sale  which is  reflected  in the March 31,  1999
consolidated  statement  of  operations.  The sale  generated  net  proceeds  of
$446,000.

On  January  29,  1999,  the  Partnership  sold  approximately  60 acres of land
(referred to as the  Perris-Nuevo  land)  located in Perris,  Riverside  County,
California to an unaffiliated third party for $675,000.  As part of the terms of
the sale, the Partnership  loaned $475,000 to the buyer (the "Nuevo Note").  The
Nuevo Note is  secured by a deed of trust  encumbering  the  Perris-Nuevo  land,
bears interest at 6% per annum and had an original maturity date of November 15,
1999.  In November  1999,  the note was amended to extend the  maturity  date to
April 15, 2000 with a partial principal payment of $100,000.  The remaining note
balance was $375,000.  In April 5, 2000, the note was further  amended to extend
the maturity  date to  September  15, 2000 with a partial  principal  payment of
$75,000. The current remaining note balance is $300,000.  As the sale included a
$475,000  promissory  note from the buyer to the  Partnership,  the  Partnership
deferred  recognition of the $443,000 gain on sale until  collection of the note
is received. During the year ended December 31, 1999, the Partnership recognized
a gain of $104,000  after  receiving the $100,000  principal  payment  discussed
above.  The Partnership  will recognize a gain on sale tin the second quarter of
2000 related to the $75,000 principal  payment.  The sale generated net proceeds
of $213,000, prior to collections on the note.

Also  on  January  29,  1999,  the  Partnership  sold  five  distribution-center
buildings (referred to as Rancon Centre Ontario) located in Ontario,  California
to an unaffiliated third party for $7,650,000. The Partnership loaned $5,715,000
to the  buyer  (the "RCO  Note").  The RCO Note was  secured  by a deed of trust
encumbering the RCO Buildings,  bore interest at 8% and had an original maturity
date of March 1, 2000 with an option  to  extend  the  maturity  date to June 1,
2000. In March 2000,  the buyer  exercised  this option and extended the note to
June 1,  2000.  As the sale of  Rancon  Centre  Ontario  included  a  $5,715,000
promissory  note from the  Partnership to the buyer,  the  Partnership  deferred
recognition  of the  $3,274,000  gain on sale  until  collection  of the note is
received. As of December 31, 1999, the Partnership had collected interest income
totaling  $421,000 from the RCO Note, which was included in the deferred gain in
the  accompanying  consolidated  balance  sheet as of December 31,  1999,  to be
recognized  upon  collection  of the note.  The sale  generated  net proceeds of
$1,529,000, prior to collections on the note.

                                 Page 13 of 18
<PAGE>

On April 14, 2000, the buyer paid off the entire note amount of $5,715,000 prior
to the note maturity  date of June 1, 2000.  The proceeds have been added to the
cash reserves and the full gain on sale will be recognized in the second quarter
of 2000.

The Partnership is contingently  liable for subordinated real estate commissions
payable to the General  Partner in the amount of $102,000 at March 31, 2000, for
sales  that  transpired  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,  which is not expected to be achieved as a result of the Asset Sale. As
a result,  such  subordinated  real estate  commissions  will not be paid to the
General Partner and will be eliminated.

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,  2000,
together with the cash from operations,  sales and financing, 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.

Aside from the  foregoing  and the current plan to  potentially  sell all of the
Partnership's   remaining   properties  and  liquidate  the   Partnership,   the
Partnership knows of no demands,  commitments,  events or  uncertainties,  which
might effect its  liquidity or 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
--------------------
For the  period  ended  March 31,  2000,  the  Partnership's  cash  provided  by
operating activities totaled $281,000.

The $84,000,  or 9%, increase in deferred  financing costs and other fees (prior
to current  period  amortization)  at March 31,  2000,  compared to December 31,
1999, was primarily due to lease commissions paid relative to new leases.

The $74000,  or 11%,  increase in prepaid expenses and other assets at March 31,
2000,  compared to December 31, 1999,  was due primarily to deposits to mortgage
impound accounts for property taxes paid in April 2000.

Investing Activities
--------------------
During  the  period  ended  March  31,  2000,  the  Partnership's  cash used for
investing activities totaled $119,000,  which included $233,000 of cash used for
capital additions to real estate, net with


                                 Page 14 of 18
<PAGE>

$114,000 of interest  income  collected on the RCO Note. The  recognition of the
interest income has been deferred until the full collection of the note.

Financing Activities
--------------------
During  the  period  ended  March  31,  2000,  the  Partnership's  cash used for
financing activities consisted of principal payments on its two notes payable of
$51,000.

Results of Operations
---------------------

Revenues
--------
Rental  income  increased  $180,000 or 11% for the three  months ended March 31,
2000  compared  to the three  months  ended March 31,  1999,  due  primarily  to
increased occupancy at several of the Partnership's properties.

Occupancy rates at the  Partnership's  Tri-City  properties as of March 31, 2000
and 1999 were as follows:

                                                   March 31,
                                      ------------------------------------
                                           2000                1999
                                      ---------------     ----------------

     One Carnegie Plaza                     77%                 50%
     Two Carnegie Plaza                     85%                 79%
     Carnegie Business Center II            62%                 74%
     Lakeside Tower                         96%                 93%
     Santa Fe                              100%                100%
     One Parkside                          100%                 84%
     Bally's Health Club                   100%                100%
     Outback Steakhouse                    100%                100%

As of March 31,  1999,  tenants at Tri-City  occupying  substantial  portions of
leased rental space included:  (i) The Burlington  Northern and Santa Fe Railway
Company;  (ii)  Sterling  Software;  (iii) Chicago  Title;  and (iv) Holiday Spa
Health  Club.  These four  tenants,  in the  aggregate,  occupied  approximately
118,681  square feet of the 478,000 total  leasable  square feet at Tri-City and
accounted for  approximately  31% of the total rental income for the Partnership
during the first quarter of 2000.

The  twenty-seven  percentage point increase in occupancy from March 31, 1999 to
March 31, 2000 at One  Carnegie  Plaza was the result of leasing  18,700  square
feet of previously  vacant office space, and the expansion of an existing tenant
for 13,855 square feet.

The six-percentage  point increase in occupancy from March 31, 1999 to March 31,
2000 at Two Carnegie Plaza was  attributable to the leasing of 3,307 square feet
of previously vacant space to two tenants.  Slightly offsetting this increase in
occupancy  was a decrease due to a 1,285 square foot tenant  moving out upon its
lease expiration in May 1999.

The  twelve-percentage  point decrease in occupancy from March 31, 1999 to March
31, 2000 at Carnegie  Business  Center II was due to three  tenants  aggregating
approximately  7,000  square feet


                                 Page 15 of 18
<PAGE>

vacating upon  expiration of their  leases.  Management  continues to market the
space to obtain new tenants.

The sixteen-percentage  point increase in occupancy from March 31, 1999 to March
31, 2000 at One Parkside was the result of a 10,970 square-foot  expansion of an
existing tenant.

Interest and other income decreased $110,000, or 53%, for the three months ended
March 31, 2000  compared to the three months ended March 31, 1999 due  primarily
to a decrease  in  interest  income on a lower  average  invested  cash  balance
resulting from the November 1999 distribution of sale proceeds.

Expenses
--------
Operating expenses  decreased  $79,000,  or 9%, for the three months ended March
31, 2000,  compared to the three  months ended March 31, 1999.  The decrease was
primarily due to the  recognition of prior year bad debt in the first quarter of
1999 and the payment of tax appeal fees in the first quarter of 1999, neither of
which were incurred in the first quarter of 2000.

Interest expense decreased $12,000,  or 4%, for the three months ended March 31,
2000  compared to the three  months  ended March 31, 1999  primarily  due to the
capitalization of interest (beginning  subsequent to March 31, 1999) relative to
development of a pad site at one of the Partnership's properties.

Depreciation and amortization  increased  $43,000,  or 10%, for the three months
ended March 31, 2000  compared to the three  months  ended March 31, 1999 due to
depreciation of additions to rental properties.

The March 31,  1999 loss on sale of real  estate  resulted  from the sale of the
Perris-Ethanac land.

Expenses  associated with  undeveloped land decreased  $21,000,  or 18%, for the
three months  ended March 31, 2000  compared to the three months ended March 31,
1999 primarily due to the elimination of property taxes and association  dues as
a result of the land sales in early 1999.

General and  administrative  expenses  decreased  $15,000,  or 5%, for the three
months ended March 31, 2000 compared to the three months ended March 31,1999 due
primarily to a reduction in investor relation service expenses.

The proposed  dissolution  costs of $18,000 and $39,000  during the three months
ended  March 31, 2000 and 1999,  respectively,  consisted  of expenses  incurred
related to the  Solicitation  and the Asset  Sale and  Dissolution  Proposal  as
discussed in Note 1.


                                 Page 16 of 18
<PAGE>


Part II.          OTHER INFORMATION


Item 1.           Legal Proceedings

                  On March 7, 2000, The Burlington Northern and Santa Fe Railway
                  Company,  the  sole  tenant  at  the  Partnership's  Santa  Fe
                  property,   filed  a  lawsuit  alleging  the  Partnership  has
                  breached  a right of first  refusal  contained  in its  lease.
                  According  to  the  filing,   the  alleged   breach  arose  in
                  connection with a letter dated November 29, 1999,  whereby the
                  tenant was notified of the Partnership's intention to sell the
                  property. The Partnership intends to dispute the claims in the
                  complaint.  It is the  Partnership's  position that the tenant
                  has only a right of first  refusal  under  its  lease,  not an
                  option to purchase the property, and the terms of the possible
                  sale of the premises  which are referenced in the letter dated
                  November 29, 1999 were never  finalized,  and  therefore,  the
                  tenant did not have the right to so purchase the property.

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:

                  #27 - Financial Data Schedule

                  (b)  Reports on Form 8-K:

                     None






                                 Page 17 of 18
<PAGE>


                                   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 12, 2000           By:     /s/  DANIEL L. STEPHENSON
                                        --------------------------
                                        Daniel L. Stephenson, President

Date:    May 12, 2000           By:     /s/  DANIEL L. STEPHENSON
                                        --------------------------
                                        Daniel L. Stephenson, General Partner






                                 Page 18 of 18