RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2015

Note 6. RELATED PARTY TRANSACTIONS

Glenborough LLC earns fees from the Partnership as prescribed by the Property Management and Services Agreement (the “Agreement”). The Agreement is in effect until the earlier of December 31, 2015 or the completion of the sale of all real property assets of the Partnership. The terms and conditions of the Agreement are to perform services for the following fees:

	Three Months Ended
	March 31,		March 31,
	2015		2014

(i) property management fees of 2.5% of gross rental revenue which were included in property operating expenses in the accompanying consolidated statements of operations	$	60,000	$	54,000
(ii) construction services fees which were capitalized and included in rental properties on the accompanying consolidated balance sheets		27,000		8,000
(iii) an asset and Partnership management fee which was included in general and administrative expenses in the accompanying consolidated statements of operations		313,000		63,000
(iv) leasing services fees which were included in deferred costs on the accompanying consolidated balance sheets		160,000		7,000
(v) a sales fee of 1% for all properties		768,000		-
(vi) data processing fees which were included in property operating expenses in the accompanying consolidated statements of operations		19,000		30,000
(vii) engineering fees which were included in property operating expenses in the accompanying consolidated statements of operations		-		8,000

On October 1, 2010, Glenborough Holdings, LLC (Glenborough Holdings) transferred all of its interest in the Partnership to Glenborough Investors, LLC, which currently holds those units in its subsidiary, Glenborough Property Partners, LLC (“Glenborough Property Partners”). As part of the same transaction, Glenborough Holdings transferred its ownership of Glenborough LLC to Glenborough Investors, LLC, which currently holds the ownership interests in that entity in its subsidiary, Glenborough Service, LP, the parent of Glenborough Property Partners. As of March 31, 2015, Glenborough Property Partners, an affiliate of Glenborough LLC, held 11,565 or 13.78% of the Units.

In addition, an affiliate of the General Partner, unrelated to Glenborough LLC, earned $371,495 in sales fees during the first quarter of 2015, net in the gain on sale.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References+ Details

RANCON REALTY FUND V 10-Q