THE PRUDENTIAL VARIABLE CONTRACT REAL PROPERTY PARTNERSHIP
SCHEDULE III--REAL ESTATE OWNED: PROPERTIES
DECEMBER 31, 2003
INITIAL COSTS TO THE PARTNERSHIP COSTS
------------------------------------ CAPITALIZED
ENCUMBRANCES BUILDING & SUBSEQUENT TO
DESCRIPTION AT 12/31/03 LAND IMPROVEMENTS ACQUISITION
- ----------- ------------- ----- --------------- -------------
PROPERTIES:
Office Building
Lisle, IL ..................... None 1,780,000 15,743,881 5,499,954
Garden Apartments
Atlanta, GA .................. None 3,631,212 11,168,904 981,147 (b)
Retail Shopping Center
Roswell, GA .................. None 9,454,622 21,513,677 2,134,102
Garden Apartments
Raleigh, NC ................... 8,750,000 1,623,146 14,135,553 251,627
Office Building
Brentwood, TN ................. None 1,797,000 6,588,451 2,038,276
Office Park
Oakbrook Terrace, IL .......... None 1,313,310 11,316,883 1,988,927
Office Building
Beaverton, OR ................. None 816,415 9,897,307 1,176,487
Industrial Building
Salt Lake City, UT ........... None 582,457 4,805,676 1,211,349
Industrial Building
Aurora, CO .................... None 1,338,175 7,202,411 2,265,817
Office Complex
Brentwood, TN ................. None 2,425,000 7,063,755 348,727
Retail Shopping Center
Hampton, VA.................... 9,451,819 2,339,100 12,767,956 2,906,012
----------- ----------- ------------ -----------
18,201,819 27,100,437 122,204,454 20,802,425
=========== =========== ============ ===========
GROSS AMOUNT AT WHICH
CARRIED AT CLOSE OF YEAR
- -----------------------------------------------------------------------------------
BUILDING & 2003 YEAR OF DATE
DESCRIPTION LAND IMPROVEMENTS SALES TOTAL (a)(b)(c) CONSTRUCTION
ACQUIRED
- ----------- ---- ----------- ----- -------------- ------------
- --------
PROPERTIES:
Office Building
Lisle, IL ..................... 1,780,000 21,243,835 23,023,835 1985 Apr.,1988
Garden Apartments
Atlanta, GA .................. 3,631,212 12,150,051 15,781,263 1987 Apr.,1988
Retail Shopping Center
Roswell, GA .................. 9,462,951 23,639,450 33,102,401 1988 Jan.,1989
Garden Apartments
Raleigh, NC ................... 1,623,146 14,387,180 16,010,326 1995 Jun.,1995
Office Building
Brentwood, TN ................. 1,797,377 8,626,350 10,423,727 1982 Oct.,1995
Office Park
Oakbrook Terrace, IL .......... 1,313,821 13,305,299 14,619,120 1988 Dec.,1995
Office Building
Beaverton, OR ................. 845,887 11,044,322 11,890,209 1995 Dec.,1996
Industrial Building
Salt Lake City, UT ........... 702,323 5,897,159 (6,599,482) 0 1997 Jul.,1997
Industrial Building
Aurora, CO .................... 1,415,159 9,391,244 10,806,403 1997 Sep.,1997
Office Complex
Brentwood, TN ................. 2,453,117 7,384,365 9,837,482 1987 Oct.,1997
Retail Shopping Center
Hampton, VA.................... 3,276,520 14,736,548 18,013,068 1998 May,2001
------------ ------------ ----------- ------------
28,301,513 141,805,803 (6,599,482) 163,507,834
============ ============ =========== ============
2003 2002 2001
----------- ----------- -----------
(a) Balance at beginning of year.... 150,548,805 158,410,798 154,613,404
Additions:
Acquistions................... 0 0 0
Improvements, etc............. 1,545,443 1,231,735 3,797,394
Conversions from JV to WO..... 18,013,068 0 0
Deletions:
Sale.......................... (6,599,482) (9,093,728) 0
----------- --- ------- -----------
Balance at end of year.............. 163,507,834 150,548,805 158,410,798
=========== =========== ===========
(b) Net of $1,000,000 settlement received from lawsuit.
THE PRUDENTIAL VARIABLE CONTRACT REAL PROPERTY PARTNERSHIP
SCHEDULE III - REAL ESTATE OWNED: INTEREST IN PROPERTIES
DECEMBER 31, 2003
INITIAL COSTS TO THE PARTNERSHIP COSTS
------------------------------------------ CAPITALIZED
ENCUMBRANCES BUILDING & SUBSEQUENT TO
DESCRIPTION AT 12/31/03 LAND IMPROVEMENTS ACQUISITION
- ----------- ------------------ ---- ------------ -----------
INTEREST IN PROPERTIES:
Garden Apartments
Jacksonville, FL................ 10,000,000 2,750,000 14,650,743 2,546,177
Retail Shopping Center
Kansas City MO and KS*.......... 13,900,817 5,710,916 15,211,504 2,601,686
Garden Apartments
Gresham/Salem, OR............... 8,433,665 3,063,000 15,318,870 899,868
Retail Shopping Center
Hampton, VA..................... 0 2,339,100 12,767,956 1,339,852
Retail Shopping Center
Ocean City, MD.................. 7,299,010 1,517,099 8,495,039 3,186,511
Hotel
Portland, OR.................... 0 1,500,000 6,508,729 0
------------ ----------- ----------- -----------
39,633,492 16,880,115 72,952,841 10,574,094
============ =========== =========== ===========
GROSS AMOUNT AT WHICH
CARRIED AT CLOSE OF YEAR
- ----------------------------------------------------------------------------------------
BUILDING & CONVERTED TO TOTAL YEAR OF DATE
LAND IMPROVEMENTS WHOLLY OWNED (A)(B)(C) CONSTRUCTION ACQUIRED
---- ------------ ------------ --------- ------------ --------
2,750,000 17,196,920 19,946,920 1973 Sept., 1999
5,710,916 17,813,190 23,524,106 Various Ranging Sept., 1999
From 1972-1992
3,063,000 16,218,738 19,281,738 Various Ranging Feb., 2001
From 1971-1983
3,276,520 13,170,388 (16,446,908) 0 1998 May, 2001
1,517,099 11,681,550 13,198,649 1986 Nov., 2002
1,500,000 6,508,729 8,008,729 1989 Dec., 2003
- ----------- ----------- ------------ ------------
17,817,535 82,589,515 (16,446,908) 83,960,142
=========== =========== ============ ============
2003 2002 2001
----------- ----------- -----------
(a)Balance at beginning of year .......................... 74,974,865 60,659,900 25,121,329
Additions:
Acquistions ........................................ 8,008,729 10,012,138 33,488,926
Improvements, etc .................................. 3,392,575 4,097,329 1,674,862
Deletions:
Sale ............................................... 0 0 0
Conversions from JV to WO .......................... (16,446,908)
Encumbrances on Joint Ventures accounted
for by the equity method .............................. 1,116,048 205,498 374,783
----------- ----------- -----------
Balance at end of year ............................. 71,045,309 74,974,865 60,659,900
=========== =========== ===========
* Partnership interest accounted for by the equity method
Report of Independent Accountants on
Financial Statement Schedules
To the Partners of The Prudential
Variable Contract Real Property Partnership:
Our audits of the consolidated financial statements referred to in our report dated February 17, 2004 appearing in this Annual Report on Form 10-K also included an audit of the financial statement schedules listed in Item 15(a)(2) of this Form 10-K. In our opinion, these financial statement schedules present fairly, in all material respects, the information set forth therein when read in conjunction with the related consolidated financial statements.
/s/
PricewaterhouseCoopers LLP
New York, New York
February 17, 2004
