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Related Party Transactions
 6 Months Ended
Jun. 30, 2014
Related Party Transactions  
Related Party Transactions

Note 14—Related Party Transactions

 

Primoris has entered into leasing transactions with Stockdale Investment Group, Inc. (“SIGI”).  Brian Pratt, our Chief Executive Officer, President and Chairman of the Board of Directors and our largest stockholder, holds a majority interest and is the chairman, president and chief executive officer and a director of SIGI.  John M. Perisich, our Executive Vice President and General Counsel, is secretary of SIGI.

 

Primoris leases properties from SIGI at the following locations:

 

1.                   Bakersfield, California (lease expires October 2022)

 

2.                   Pittsburg, California (lease expires April 2023)

 

3.                   San Dimas, California (lease expires March 2019)

 

4.                   Pasadena, Texas (leases expire in August 2014)

 

During the six months ended June 30, 2014 and 2013, the Company paid $441 and $471, respectively, in lease payments to SIGI for the use of these properties.

 

Primoris leases a property from Roger Newnham, a former owner and manager of our subsidiary, OnQuest Canada, ULC. The property is located in Calgary, Canada. During the six months ended June 30, 2014 and 2013, Primoris paid $145 and $150, respectively, in lease payments.  The current term of the lease is through December 31, 2014.

 

Primoris leases a property from Lemmie Rockford, one of the Rockford sellers, which commenced November 1, 2011.  The property is located in Toledo, Washington.  During the six months ended June 30, 2014 and 2013, Primoris paid $45 and $45, respectively, in lease payments.  The lease expires in January 2015.

 

Primoris leases a property from Quality RE Partners, owned by three of the Q3C selling shareholders, of whom two are current employees, including Jay Osborn, President of Q3C.  The property is located in Little Canada, Minnesota.  During the six months ended June 30, 2014 and 2013, the Company paid $132 and $132, respectively, in lease payments to Quality RE Partners.  The lease expires in October 2022.

 

As discussed in Note 7— “Equity Method Investments”, the Company owns several non-consolidated investments and has recognized revenues on work performed by the Company for those joint ventures.