Pruco Life Variable Contract Real Property Account POS AM 30 Mar 20 2019 FY Prospectus update (post-effective amendment) Financial data

Document And Entity Information

Document And Entity Information	12 Months Ended
	Dec. 31, 2019
Cover page.
Document Type	S-1
Entity Registrant Name	PRUCO LIFE VARIABLE CONTRACT REAL PROPERTY ACCOUNT
Entity Incorporation, State or Country Code	AZ
Entity Tax Identification Number	22-1944557
Entity Address, Address Line One	213 Washington Street
Entity Address, City or Town	Newark
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07102
City Area Code	973
Local Phone Number	802-6000
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Central Index Key	0000801348

STATEMENTS OF NET ASSETS

STATEMENTS OF NET ASSETS - USD ($)	Dec. 31, 2019	Dec. 31, 2018
ASSETS
Investment in The Prudential Variable Contract Real Property Partnership	$ 119,311,703	$ 116,099,605
Net Assets	119,311,703	116,099,605
NET ASSETS, representing:
Equity of contract owners	76,903,740	79,624,156
Equity of Pruco Life Insurance Company	42,407,963	36,475,449
Net Assets	$ 119,311,703	$ 116,099,605
Portfolio shares held (in shares)	2,295,033	2,295,033
Portfolio net asset value per share (in dollars per share)	$ 51.99	$ 50.59
Contract owner units outstanding (in shares)	18,007,135	19,056,983

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
INVESTMENT INCOME
Net investment income allocated from The Prudential Variable Contract Real Property Partnership	$ 3,225,917	$ 3,596,895	$ 3,548,394
EXPENSES
Charges for mortality and expense risk, and for administration	463,851	481,386	478,481
NET INVESTMENT INCOME	2,762,066	3,115,509	3,069,913
NET RECOGNIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net unrealized appreciation (depreciation) on investments allocated from The Prudential Variable Contract Real Property Partnership	(13,819)	872,569	2,653,031
Net recognized gain (loss) on investments allocated from The Prudential Variable Contract Real Property Partnership	0	0	(711,130)
NET GAIN (LOSS) ON INVESTMENTS	(13,819)	872,569	1,941,901
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$ 2,748,247	$ 3,988,078	$ 5,011,814

STATEMENTS OF CHANGES IN NET AS

STATEMENTS OF CHANGES IN NET ASSETS - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
OPERATIONS
Net investment income	$ 2,762,066	$ 3,115,509	$ 3,069,913
Net unrealized appreciation (depreciation) on investments allocated from The Prudential Variable Contract Real Property Partnership	(13,819)	872,569	2,653,031
Net recognized gain (loss) on investments allocated from The Prudential Variable Contract Real Property Partnership	0	0	(711,130)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	2,748,247	3,988,078	5,011,814
CAPITAL TRANSACTIONS
Net contributions (withdrawals) by contract owners	(4,391,616)	(3,695,445)	(3,812,777)
Net contributions (withdrawals) by Pruco Life Insurance Company	4,855,467	1,217,452	1,307,035
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL TRANSACTIONS	463,851	(2,477,993)	(2,505,742)
TOTAL INCREASE (DECREASE) IN NET ASSETS	3,212,098	1,510,085	2,506,072
NET ASSETS
Beginning of year	116,099,605	114,589,520	112,083,448
End of year	$ 119,311,703	$ 116,099,605	$ 114,589,520

General

General	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	General Pruco Life Variable Contract Real Property Account (the “Real Property Account” or the “Registrant”) was established on August 27, 1986 by resolution of the Board of Directors of Pruco Life Insurance Company (“Pruco Life” or the “Company”), as a separate investment account pursuant to Arizona law and is registered under the Securities Act of 1933, as amended. Pruco Life is a wholly-owned subsidiary of The Prudential Insurance Company of America (“Prudential”), which is a wholly-owned subsidiary of Prudential Financial, Inc. (“Prudential Financial”). The assets of the Real Property Account are segregated from Pruco Life’s other assets. The Real Property Account is used to fund benefits under certain variable life insurance and variable annuity contracts issued by Pruco Life. These products are Variable Appreciable Life (“VAL”), Variable Life Insurance (“VLI”), Discovery Plus (“SPVA”), and Discovery Life Plus (“SPVL”). The assets of the Real Property Account are invested in The Prudential Variable Contract Real Property Partnership (the “Partnership”). The Partnership is the investment vehicle for assets allocated to the real estate investment option under certain variable life insurance and variable annuity contracts. The Real Property Account, along with The Prudential Variable Contract Real Property Account and Pruco Life of New Jersey Variable Contract Real Property Account, are the sole investors in the Partnership. These financial statements should be read in conjunction with the accompanying audited consolidated financial statements of the Partnership. The Partnership has a policy of investing at least 65% of its assets in direct ownership interests in income-producing real estate and participating mortgage loans.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies A. Basis of Accounting The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Real Property Account has evaluated subsequent events through the date these financial statements were issued. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates include valuation of the investment in the Partnership. B. Investment in Partnership Interest The investment in the Partnership is based on the Real Property Account’s proportionate interest of the Partnership’s fair value. At December 31, 2019 and 2018 , the Real Property Account’s share of the general partners' controlling interest of the Partnership was 53.0% or 2,295,033 shares and 53.0% or 2,295,033 shares, respectively. Properties owned by the Partnership are illiquid and their fair value is based on estimated fair value as disclosed in the notes to the consolidated financial statements of the Partnership. C. Income Recognition Net investment income or loss and recognized gains and losses are allocated based upon the average daily net assets for the investment in the Partnership. Amounts are based on the Real Property Account’s proportionate interest in the Partnership. All changes in fair value are recorded as net change in unrealized appreciation (depreciation) on investments in the Statement of Operations. D. Equity of Pruco Life Insurance Company Pruco Life maintains a position in the Real Property Account for liquidity purposes, including unit purchases and redemptions, Partnership share transactions, and expense processing. The position does not affect contract owners’ accounts or the related unit values. There were no cash transactions at the Real Property Account level for the years ended December 31, 2019 , 2018 and 2017 as all of the transactions are settled by Pruco Life on behalf of the Real Property Account through a redemption or an issuance of units. Therefore, no statement of cash flows is presented for the years ended December 31, 2019 , 2018 and 2017 .

Taxes

Taxes	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Taxes	Taxes Pruco Life is taxed as a “life insurance company”, as defined by the Internal Revenue Code. The results of operations of the Real Property Account form a part of Prudential Financial’s consolidated federal tax return. Under current federal, state and local law, no federal, state or local income taxes are payable by the Real Property Account. As such, no provision for the tax liability has been recorded in these financial statements. Prudential management will review periodically the status of the policy in the event of changes in the tax law.

Net Contributions (Withdrawals)

Net Contributions (Withdrawals) by Contract Owners	12 Months Ended
	Dec. 31, 2019
Net Contributions Withdrawals By Contract Owners [Abstract]
Net Contributions (Withdrawals) by Contract Owners	Net Contributions (Withdrawals) by Contract Owners Net contributions (withdrawals) by contract owners (1) for the Real Property Account by product for the years ended December 31, 2019 , 2018 and 2017 were as follows: December 31, 2019 VAL VLI SPVA SPVL TOTAL Contract owner net payments $ 2,088,543 $ 149,189 $ — $ — $ 2,237,732 Policy loans (820,743 ) (40,459 ) — (15,185 ) (876,387 ) Policy loan repayments and interest 1,428,976 74,420 — 72,781 1,576,177 Surrenders, withdrawals and death benefits (3,855,790 ) (219,934 ) (186 ) (283,235 ) (4,359,145 ) Net transfers from/(to) other subaccounts or fixed rate option (1,091,672 ) (61,549 ) — (14,520 ) (1,167,741 ) Miscellaneous transactions (3,863 ) (486 ) — (1,598 ) (5,947 ) Administrative and other charges (1,619,926 ) (166,492 ) — (9,887 ) (1,796,305 ) $ (3,874,475 ) $ (265,311 ) $ (186 ) $ (251,644 ) $ (4,391,616 ) December 31, 2018 VAL VLI SPVA SPVL TOTAL Contract owner net payments $ 2,296,578 $ 157,296 $ — $ — $ 2,453,874 Policy loans (891,790 ) (61,152 ) — (11,905 ) (964,847 ) Policy loan repayments and interest 1,523,621 52,640 — 13,437 1,589,698 Surrenders, withdrawals and death benefits (3,484,541 ) (238,698 ) (205 ) (119,713 ) (3,843,157 ) Net transfers from/(to) other subaccounts or fixed rate option (1,013,153 ) (51,437 ) — (13,789 ) (1,078,379 ) Miscellaneous transactions 5,668 (657 ) — 7 5,018 Administrative and other charges (1,675,713 ) (170,977 ) — (10,962 ) (1,857,652 ) $ (3,239,330 ) $ (312,985 ) $ (205 ) $ (142,925 ) $ (3,695,445 ) December 31, 2017 VAL VLI SPVA SPVL TOTAL Contract owner net payments $ 2,211,649 $ 162,995 $ — $ — $ 2,374,644 Policy loans (883,472 ) (55,521 ) — (16,669 ) (955,662 ) Policy loan repayments and interest 1,526,708 56,834 — 80,993 1,664,535 Surrenders, withdrawals and death benefits (3,567,844 ) (189,130 ) (901 ) (201,771 ) (3,959,646 ) Net transfers from/(to) other subaccounts or fixed rate option (956,277 ) (54,342 ) — — (1,010,619 ) Miscellaneous transactions 12,164 (1,245 ) — (1,147 ) 9,772 Administrative and other charges (1,754,899 ) (169,362 ) — (11,540 ) (1,935,801 ) $ (3,411,971 ) $ (249,771 ) $ (901 ) $ (150,134 ) $ (3,812,777 ) (1) 2017 contract owner transaction amounts were reclassified in 2018 to conform to the current presentation.

Partnership Distributions

Partnership Distributions	12 Months Ended
	Dec. 31, 2019
Partnership Distributions [Abstract]
Partnership Distributions	Partnership Distributions For the year ended December 31, 2019 , the Partnership made no distributions. For the year ended December 31, 2018 , the Partnership distributed a total of $5.0 million , which occurred on December 27, 2018. The Real Property Account’s share of this distribution was $3.0 million . For the year ended December 31, 2017 , the Partnership distributed a total of $5.0 million , which occurred on December 28, 2017. The Real Property Account’s share of this distribution was $3.0 million . For the years ended December 31, 2019 , 2018 and 2017 , there were no purchases of the Partnership by the Real Property Account.

Unit Activity

Unit Activity	12 Months Ended
	Dec. 31, 2019
Unit Activity [Abstract]
Unit Activity	Unit Activity The changes in contract owner units outstanding for the Real Property Account by product for the years ended December 31, 2019 , 2018 and 2017 were as follows: December 31, 2019 VAL VLI SPVA SPVL TOTAL Units issued: 75,275 10,519 — 3,475 89,269 Units redeemed: (993,524 ) (68,528 ) (63 ) (77,002 ) (1,139,117 ) December 31, 2018 VAL VLI SPVA SPVL TOTAL Units issued: 497,036 11,800 — 1,595 510,431 Units redeemed: (1,279,737 ) (81,702 ) (63 ) (44,107 ) (1,405,609 ) December 31, 2017 VAL VLI SPVA SPVL TOTAL Units issued: 57,866 12,157 — 1,509 71,532 Units redeemed: (921,987 ) (70,800 ) (277 ) (47,682 ) (1,040,746 )

Financial Highlights

Financial Highlights	12 Months Ended
	Dec. 31, 2019
Financial Highlights [Abstract]
Financial Highlights	Financial Highlights Pruco Life sells a number of variable annuity and variable life insurance products. These products have unique combinations of features and fees that are charged against the contract owner’s account balance. Differences in the fee structures result in a variety of unit values, expense ratios and total returns. In the table below, the contract owner units and net assets, the investment income ratio and the ranges of lowest to highest unit values, expense ratios and total returns are presented for the products offered by Pruco Life and funded through the Real Property Account. Only product designs within the Real Property Account that had contract owner units outstanding during the respective periods were considered when determining the ranges, which exclude Pruco Life’s position in the Real Property Account. The table may not reflect the minimum and maximum contract charges as contract owners may not have selected all available and applicable products offered by Pruco Life as disclosed in Note 1. Units (000’s) Unit Value Lowest- Highest Net Assets (000’s) Investment Income Ratio (1) Expense Ratio (2) Lowest-Highest Total Return (3) Lowest-Highest December 31, 2019 18,007 $ 3.44 — $ 4.63 $ 76,904 2.74 % 0.35% — 1.25% 1.49% — 2.41% December 31, 2018 19,057 $ 3.39 — $ 4.52 $ 79,624 3.06 % 0.35% — 1.25% 2.60% — 3.53% December 31, 2017 19,952 $ 3.31 — $ 4.37 $ 80,712 3.10 % 0.35% — 1.25% 3.60% — 4.53% December 31, 2016 20,921 $ 3.19 — $ 4.18 $ 81,138 3.51 % 0.35% — 1.25% 3.80% — 4.73% December 31, 2015 21,798 $ 3.07 — $ 3.99 $ 80,863 3.16 % 0.35% — 1.25% 7.78% — 8.74% (1) This amount represents the contract owners' proportionate share of net investment income from the underlying Partnership divided by the contract owners' average daily net assets of the Real Property Account. This ratio excludes those expenses, such as mortality and expense risk and administrative expenses that result in direct reductions in the unit values. (2) These amounts represent the annualized contract expenses of the Real Property Account, consisting primarily of mortality and expense risk and administrative charges, for each period indicated. These ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Partnership are excluded. (3) These amounts represent the total return for the periods indicated, including changes in the value of the underlying Partnership, and reflect deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. Note 7: Financial Highlights (continued) Pruco Life also maintains a position in the Real Property Account to provide for property acquisitions and capital expenditure funding needs. The table below reflects information for assets held by Pruco Life. Charges for mortality and expense risk and administrative expenses are used by Pruco Life to purchase additional investments in its account resulting in no impact to its net assets. Net Assets (000’s) December 31, 2019 $42,408 December 31, 2018 $36,475 December 31, 2017 $33,878 December 31, 2016 $30,945 December 31, 2015 $25,788 Charges and Expenses A. Mortality and Expense Risk Charges Mortality and expense risk charges are determined daily using an effective annual rate of 0.6% , 0.35% , 0.9% and 0.9% for VAL, VLI, SPVA and SPVL, respectively. Mortality risk is the risk that life insurance contract owners may not live as long as estimated or annuitants may live longer than estimated, and expense risk is the risk that the cost of issuing and administering the contracts may exceed related charges by Pruco Life. The mortality risk and expense risk charges are assessed through a reduction in unit values. B. Administrative Charges Administrative charges are determined daily using an effective annual rate of 0.35% applied daily against the net assets representing equity of contract owners held in each subaccount for SPVA and SPVL. Administrative charges include costs associated with issuing the contract, establishing and maintaining records, and providing reports to contract owners. The administrative charge is assessed through reduction in unit values. C. Cost of Insurance and Other Related Charges Contract owner contributions are subject to certain deductions prior to being invested in the Real Property Account. The deductions for VAL and VLI are (1) taxes attributable to premiums; (2) sales charges, not to exceed 5% for VAL, which are deducted in order to compensate Pruco Life for the cost of selling the contract; and (3) transaction costs, applicable to VAL, which are deducted from each premium payment to cover premium collection and processing costs. Contracts are subject to charges on each basic premium for assuming a guaranteed minimum death benefit risk. This charge compensates Pruco Life for the risk that an insured may die at a time when the death benefit exceeds the benefit that would have been payable in the absence of a minimum guarantee. These charges are assessed through the redemption of units. D. Deferred Sales Charge For SPVA, there is a deferred sales charge that applies at the time of a full or partial withdrawal, and the amount of the charge (which declines over time) depends on the number of years that have elapsed since the contract was issued. This deferred sales charge is assessed through the redemption of units. E. Partial Withdrawal Charge A charge is imposed by Pruco Life on partial withdrawals of the cash surrender value for VAL. A charge equal to the lesser of $15 or 2% will be made in connection with each partial withdrawal of the cash surrender value of a contract. This charge is assessed through the redemption of units.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Real Property Account has transactions and relationships with Prudential and other affiliates. Due to these relationships, it is possible that the terms of these transactions are not the same as those that would result from transactions among unrelated parties. Prudential and its affiliates perform various services on behalf of the Partnership in which the Real Property Account invests and may receive fees for the services performed. These services include, among other things, shareholder communications, postage, transfer agency and various other record keeping and customer service functions.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Real Property Account values its investment in the Partnership using the net asset value provided by the Partnership as a practical expedient in accordance with the Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value Measurement. Properties owned by the Partnership are illiquid and fair value is based on estimates from property appraisal reports prepared by independent real estate appraisers as discussed in the notes to the Partnership’s audited consolidated financial statements. The purpose of an appraisal is to estimate the fair value of real estate as of a specific date. The estimate of fair value of real estate is based on the conventional approaches to value, all of which require the exercise of subjective judgment. The three approaches are: (1) current cost of reproducing the real estate less deterioration and functional and economic obsolescence; (2) discounting a series of income streams and reversion at a specific yield or by directly capitalizing a single year income estimate by an appropriate factor; and (3) value indicated by recent sales of comparable real estate in the market. In the reconciliation of these three approaches, the independent appraiser uses one or a combination of them, to come up with the approximate value for the type of real estate in the market. The following is a summary of the investment strategy, risks, and redemption provisions of the Partnership: The Partnership has a policy of investing at least 65% of its assets in direct ownership interests in income-producing real estate, such as office buildings, shopping centers, hotels, apartments or industrial properties, and participating mortgage loans. The Partnership is subject to the risks inherent in the ownership of real property such as fluctuations in occupancy rates and operating expenses and variations in rental schedules. The Partnership properties are also subject to the risk of loss due to certain types of damage, which are either uninsurable or not economically insurable. The Partnership enters into loan agreements with certain lenders to finance its real estate investment transactions. Unfavorable economic conditions could increase related borrowing costs, limit access to the capital markets or result in a decision by lenders not to extend credit to the Partnership. Refer to the Partnership’s audited consolidated financial statements for other related risks. The Partnership allows for withdrawal of cash, in any amount up to a partner’s value of the Partnership. Ordinarily payment of the amount requested will be made on the day following the request. The Partnership reserves the right to defer such payments for a period of up to six months if the partners or the investment manager determine that there is insufficient cash available and prompt disposition of investments held by the Partnership cannot be made on commercially reasonable terms. The Real Property Account had no unfunded capital commitments as of December 31, 2019.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On March 11, 2020, the World Health Organization declared COVID-19 a pandemic, and national governments have implemented a range of policies and actions to combat it. The extent of the impact of COVID-19 on world economies, and ultimately on the Partnership in which the Real Property Account invests, is highly uncertain and cannot be predicted at this time. Management will continue to monitor developments, and their impact on the fair value of the Partnership, which may be materially adversely affected if the financial markets and/or the overall economy are impacted for an extended period.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Basis of Accounting	Basis of Accounting The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Real Property Account has evaluated subsequent events through the date these financial statements were issued.
Use of Estimates	The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates include valuation of the investment in the Partnership.
Investment in Partnership Interest	Investment in Partnership Interest The investment in the Partnership is based on the Real Property Account’s proportionate interest of the Partnership’s fair value. At December 31, 2019 and 2018 , the Real Property Account’s share of the general partners' controlling interest of the Partnership was 53.0% or 2,295,033 shares and 53.0% or 2,295,033 shares, respectively. Properties owned by the Partnership are illiquid and their fair value is based on estimated fair value as disclosed in the notes to the consolidated financial statements of the Partnership.
Income Recognition	Income Recognition Net investment income or loss and recognized gains and losses are allocated based upon the average daily net assets for the investment in the Partnership. Amounts are based on the Real Property Account’s proportionate interest in the Partnership. All changes in fair value are recorded as net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.
Equity of Pruco Life Insurance Company	Equity of Pruco Life Insurance Company Pruco Life maintains a position in the Real Property Account for liquidity purposes, including unit purchases and redemptions, Partnership share transactions, and expense processing. The position does not affect contract owners’ accounts or the related unit values. There were no cash transactions at the Real Property Account level for the years ended December 31, 2019 , 2018 and 2017 as all of the transactions are settled by Pruco Life on behalf of the Real Property Account through a redemption or an issuance of units. Therefore, no statement of cash flows is presented for the years ended December 31, 2019 , 2018 and 2017 .

Net Contributions (Withdrawal_2

Net Contributions (Withdrawals) by Contract Owners (Tables)	12 Months Ended
	Dec. 31, 2019
Net Contributions Withdrawals By Contract Owners [Abstract]
Schedule of Net Contributions (Withdrawals) by Contract Owners	Net contributions (withdrawals) by contract owners (1) for the Real Property Account by product for the years ended December 31, 2019 , 2018 and 2017 were as follows: December 31, 2019 VAL VLI SPVA SPVL TOTAL Contract owner net payments $ 2,088,543 $ 149,189 $ — $ — $ 2,237,732 Policy loans (820,743 ) (40,459 ) — (15,185 ) (876,387 ) Policy loan repayments and interest 1,428,976 74,420 — 72,781 1,576,177 Surrenders, withdrawals and death benefits (3,855,790 ) (219,934 ) (186 ) (283,235 ) (4,359,145 ) Net transfers from/(to) other subaccounts or fixed rate option (1,091,672 ) (61,549 ) — (14,520 ) (1,167,741 ) Miscellaneous transactions (3,863 ) (486 ) — (1,598 ) (5,947 ) Administrative and other charges (1,619,926 ) (166,492 ) — (9,887 ) (1,796,305 ) $ (3,874,475 ) $ (265,311 ) $ (186 ) $ (251,644 ) $ (4,391,616 ) December 31, 2018 VAL VLI SPVA SPVL TOTAL Contract owner net payments $ 2,296,578 $ 157,296 $ — $ — $ 2,453,874 Policy loans (891,790 ) (61,152 ) — (11,905 ) (964,847 ) Policy loan repayments and interest 1,523,621 52,640 — 13,437 1,589,698 Surrenders, withdrawals and death benefits (3,484,541 ) (238,698 ) (205 ) (119,713 ) (3,843,157 ) Net transfers from/(to) other subaccounts or fixed rate option (1,013,153 ) (51,437 ) — (13,789 ) (1,078,379 ) Miscellaneous transactions 5,668 (657 ) — 7 5,018 Administrative and other charges (1,675,713 ) (170,977 ) — (10,962 ) (1,857,652 ) $ (3,239,330 ) $ (312,985 ) $ (205 ) $ (142,925 ) $ (3,695,445 ) December 31, 2017 VAL VLI SPVA SPVL TOTAL Contract owner net payments $ 2,211,649 $ 162,995 $ — $ — $ 2,374,644 Policy loans (883,472 ) (55,521 ) — (16,669 ) (955,662 ) Policy loan repayments and interest 1,526,708 56,834 — 80,993 1,664,535 Surrenders, withdrawals and death benefits (3,567,844 ) (189,130 ) (901 ) (201,771 ) (3,959,646 ) Net transfers from/(to) other subaccounts or fixed rate option (956,277 ) (54,342 ) — — (1,010,619 ) Miscellaneous transactions 12,164 (1,245 ) — (1,147 ) 9,772 Administrative and other charges (1,754,899 ) (169,362 ) — (11,540 ) (1,935,801 ) $ (3,411,971 ) $ (249,771 ) $ (901 ) $ (150,134 ) $ (3,812,777 ) (1) 2017 contract owner transaction amounts were reclassified in 2018 to conform to the current presentation.

Unit Activity (Tables)

Unit Activity (Tables)	12 Months Ended
	Dec. 31, 2019
Unit Activity [Abstract]
Schedule of Units of Partnership Interest	The changes in contract owner units outstanding for the Real Property Account by product for the years ended December 31, 2019 , 2018 and 2017 were as follows: December 31, 2019 VAL VLI SPVA SPVL TOTAL Units issued: 75,275 10,519 — 3,475 89,269 Units redeemed: (993,524 ) (68,528 ) (63 ) (77,002 ) (1,139,117 ) December 31, 2018 VAL VLI SPVA SPVL TOTAL Units issued: 497,036 11,800 — 1,595 510,431 Units redeemed: (1,279,737 ) (81,702 ) (63 ) (44,107 ) (1,405,609 ) December 31, 2017 VAL VLI SPVA SPVL TOTAL Units issued: 57,866 12,157 — 1,509 71,532 Units redeemed: (921,987 ) (70,800 ) (277 ) (47,682 ) (1,040,746 )

Financial Highlights (Tables)

Financial Highlights (Tables)	12 Months Ended
	Dec. 31, 2019
Financial Highlights [Abstract]
Schedule of Financial Highlights	In the table below, the contract owner units and net assets, the investment income ratio and the ranges of lowest to highest unit values, expense ratios and total returns are presented for the products offered by Pruco Life and funded through the Real Property Account. Only product designs within the Real Property Account that had contract owner units outstanding during the respective periods were considered when determining the ranges, which exclude Pruco Life’s position in the Real Property Account. The table may not reflect the minimum and maximum contract charges as contract owners may not have selected all available and applicable products offered by Pruco Life as disclosed in Note 1. Units (000’s) Unit Value Lowest- Highest Net Assets (000’s) Investment Income Ratio (1) Expense Ratio (2) Lowest-Highest Total Return (3) Lowest-Highest December 31, 2019 18,007 $ 3.44 — $ 4.63 $ 76,904 2.74 % 0.35% — 1.25% 1.49% — 2.41% December 31, 2018 19,057 $ 3.39 — $ 4.52 $ 79,624 3.06 % 0.35% — 1.25% 2.60% — 3.53% December 31, 2017 19,952 $ 3.31 — $ 4.37 $ 80,712 3.10 % 0.35% — 1.25% 3.60% — 4.53% December 31, 2016 20,921 $ 3.19 — $ 4.18 $ 81,138 3.51 % 0.35% — 1.25% 3.80% — 4.73% December 31, 2015 21,798 $ 3.07 — $ 3.99 $ 80,863 3.16 % 0.35% — 1.25% 7.78% — 8.74% (1) This amount represents the contract owners' proportionate share of net investment income from the underlying Partnership divided by the contract owners' average daily net assets of the Real Property Account. This ratio excludes those expenses, such as mortality and expense risk and administrative expenses that result in direct reductions in the unit values. (2) These amounts represent the annualized contract expenses of the Real Property Account, consisting primarily of mortality and expense risk and administrative charges, for each period indicated. These ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Partnership are excluded. (3) These amounts represent the total return for the periods indicated, including changes in the value of the underlying Partnership, and reflect deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. The table below reflects information for assets held by Pruco Life. Charges for mortality and expense risk and administrative expenses are used by Pruco Life to purchase additional investments in its account resulting in no impact to its net assets. Net Assets (000’s) December 31, 2019 $42,408 December 31, 2018 $36,475 December 31, 2017 $33,878 December 31, 2016 $30,945 December 31, 2015 $25,788

General (Narrative) (Details)

General (Narrative) (Details)	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Minimum percent of partnership assets invested in direct ownership interests	65.00%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Percent of interest in the General Partners Controlling Interest	53.00%	53.00%
Interest in the General Partners Controlling Interest (in shares)	2,295,033	2,295,033
Cash transactions	$ 0	$ 0	$ 0

Net Contributions (Withdrawal_3

Net Contributions (Withdrawals) by Contract Owners (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Net Contributions Withdrawals By Contract Owners [Line Items]
Contract owner net payments	$ 2,237,732	$ 2,453,874	$ 2,374,644
Policy loans	(876,387)	(964,847)	(955,662)
Policy loan repayments and interest	1,576,177	1,589,698	1,664,535
Surrenders, withdrawals and death benefits	(4,359,145)	(3,843,157)	(3,959,646)
Net transfers from/(to) other subaccounts or fixed rate option	(1,167,741)	(1,078,379)	(1,010,619)
Miscellaneous transactions	(5,947)	5,018	9,772
Administrative and other charges	(1,796,305)	(1,857,652)	(1,935,801)
Net Contributions (Withdrawals) by Contract Owners	(4,391,616)	(3,695,445)	(3,812,777)
VAL
Net Contributions Withdrawals By Contract Owners [Line Items]
Contract owner net payments	2,088,543	2,296,578	2,211,649
Policy loans	(820,743)	(891,790)	(883,472)
Policy loan repayments and interest	1,428,976	1,523,621	1,526,708
Surrenders, withdrawals and death benefits	(3,855,790)	(3,484,541)	(3,567,844)
Net transfers from/(to) other subaccounts or fixed rate option	(1,091,672)	(1,013,153)	(956,277)
Miscellaneous transactions	(3,863)	5,668	12,164
Administrative and other charges	(1,619,926)	(1,675,713)	(1,754,899)
Net Contributions (Withdrawals) by Contract Owners	(3,874,475)	(3,239,330)	(3,411,971)
VLI
Net Contributions Withdrawals By Contract Owners [Line Items]
Contract owner net payments	149,189	157,296	162,995
Policy loans	(40,459)	(61,152)	(55,521)
Policy loan repayments and interest	74,420	52,640	56,834
Surrenders, withdrawals and death benefits	(219,934)	(238,698)	(189,130)
Net transfers from/(to) other subaccounts or fixed rate option	(61,549)	(51,437)	(54,342)
Miscellaneous transactions	(486)	(657)	(1,245)
Administrative and other charges	(166,492)	(170,977)	(169,362)
Net Contributions (Withdrawals) by Contract Owners	(265,311)	(312,985)	(249,771)
SPVA
Net Contributions Withdrawals By Contract Owners [Line Items]
Contract owner net payments	0	0	0
Policy loans	0	0	0
Policy loan repayments and interest	0	0	0
Surrenders, withdrawals and death benefits	(186)	(205)	(901)
Net transfers from/(to) other subaccounts or fixed rate option	0	0	0
Miscellaneous transactions	0	0	0
Administrative and other charges	0	0	0
Net Contributions (Withdrawals) by Contract Owners	(186)	(205)	(901)
SPVL
Net Contributions Withdrawals By Contract Owners [Line Items]
Contract owner net payments	0	0	0
Policy loans	(15,185)	(11,905)	(16,669)
Policy loan repayments and interest	72,781	13,437	80,993
Surrenders, withdrawals and death benefits	(283,235)	(119,713)	(201,771)
Net transfers from/(to) other subaccounts or fixed rate option	(14,520)	(13,789)	0
Miscellaneous transactions	(1,598)	7	(1,147)
Administrative and other charges	(9,887)	(10,962)	(11,540)
Net Contributions (Withdrawals) by Contract Owners	$ (251,644)	$ (142,925)	$ (150,134)

Partnership Distributions (Narr

Partnership Distributions (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Partnership Distributions [Abstract]
Partnership distribution made	$ 0	$ 5	$ 5
The Account's share of Partnership distribution		3	3
Purchases of the Partnership by the Real Property Account	$ 0	$ 0	$ 0

Unit Activity (Details)

Unit Activity (Details) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Unit Activity [Line Items]
Units issued	89,269	510,431	71,532
Units redeemed	(1,139,117)	(1,405,609)	(1,040,746)
VAL
Unit Activity [Line Items]
Units issued	75,275	497,036	57,866
Units redeemed	(993,524)	(1,279,737)	(921,987)
VLI
Unit Activity [Line Items]
Units issued	10,519	11,800	12,157
Units redeemed	(68,528)	(81,702)	(70,800)
SPVA
Unit Activity [Line Items]
Units issued	0	0	0
Units redeemed	(63)	(63)	(277)
SPVL
Unit Activity [Line Items]
Units issued	3,475	1,595	1,509
Units redeemed	(77,002)	(44,107)	(47,682)

Financial Highlights (Details)

Financial Highlights (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Financial Highlights [Line Items]
Units (in shares)	18,007,135	19,056,983
Net Assets	$ 119,311,703	$ 116,099,605	$ 114,589,520	$ 112,083,448
Company Net Assets
Financial Highlights [Line Items]
Net Assets	$ 42,408,000	$ 36,475,000	$ 33,878,000	$ 30,945,000	$ 25,788,000
Units
Financial Highlights [Line Items]
Units (in shares)	18,007,000	19,057,000	19,952,000	20,921,000	21,798,000
Units | Minimum
Financial Highlights [Line Items]
Units Value (in dollars per share)	$ 3.44	$ 3.39	$ 3.31	$ 3.19	$ 3.07
Units | Maximum
Financial Highlights [Line Items]
Units Value (in dollars per share)	$ 4.63	$ 4.52	$ 4.37	$ 4.18	$ 3.99
Net Assets
Financial Highlights [Line Items]
Net Assets	$ 76,904,000	$ 79,624,000	$ 80,712,000	$ 81,138,000	$ 80,863,000
Investment Income Ratio
Financial Highlights [Line Items]
Investment Income Ratio	2.74%	3.06%	3.10%	3.51%	3.16%
Expense Ratio | Minimum
Financial Highlights [Line Items]
Expense Ratio	0.35%	0.35%	0.35%	0.35%	0.35%
Expense Ratio | Maximum
Financial Highlights [Line Items]
Expense Ratio	1.25%	1.25%	1.25%	1.25%	1.25%
Total Return | Minimum
Financial Highlights [Line Items]
Total Return	1.49%	2.60%	3.60%	3.80%	7.78%
Total Return | Maximum
Financial Highlights [Line Items]
Total Return	2.41%	3.53%	4.53%	4.73%	8.74%

Financial Highlights (Narrative

Financial Highlights (Narrative) (Details)	12 Months Ended
	Dec. 31, 2019USD ($)
VAL
Net Amount at Risk by Product and Guarantee [Line Items]
Effective annual rate used to determine daily the mortality risk and expense risk charges	0.60%
Maximum sales charge percent	5.00%
Partial withdrawal charge, amount	$ 15
Partial withdrawal charge, percent	2.00%
VLI
Net Amount at Risk by Product and Guarantee [Line Items]
Effective annual rate used to determine daily the mortality risk and expense risk charges	0.35%
SPVA
Net Amount at Risk by Product and Guarantee [Line Items]
Effective annual rate used to determine daily the mortality risk and expense risk charges	0.90%
Effective annual rate used to determine daily the administrative charges	0.35%
SPVL
Net Amount at Risk by Product and Guarantee [Line Items]
Effective annual rate used to determine daily the mortality risk and expense risk charges	0.90%
Effective annual rate used to determine daily the administrative charges	0.35%

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) $ in Millions	Dec. 31, 2019USD ($)
Fair Value Disclosures [Abstract]
Minimum percent of partnership assets invested in direct ownership interests	65.00%
Unfunded capital commitments	$ 0