Pruco Life Variable Contract Real Property Account 10-K 10 Mar 16 2015 FY Annual report Financial data

Document And Entity Information

Document And Entity Information	12 Months Ended
	Dec. 31, 2015USD ($)shares
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,015
Entity Registrant Name	PRUCO LIFE VARIABLE CONTRACT REAL PROPERTY ACCOUNT
Entity Central Index Key	801,348
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding | shares	0
Entity Well-known Seasoned Issuer	No
Entity Public Float | $	$ 0
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No

Statements Of Net Assets

Statements Of Net Assets - USD ($)	Dec. 31, 2015	Dec. 31, 2014
ASSETS
Investment in The Prudential Variable Contract Real Property Partnership	$ 106,651,649	$ 100,673,266
Net Assets	106,651,649	100,673,266
NET ASSETS, representing:
Equity of contract owners	80,863,412	77,231,201
Equity of Pruco Life Insurance Company	25,788,237	23,442,065
Net Assets	$ 106,651,649	$ 100,673,266
Units outstanding (in shares)	28,866,793	29,562,144
Portfolio shares held	2,414,615	2,487,198
Portfolio net asset value per share (in dollars per share)	$ 44.17	$ 40.48

Statements Of Operations

Statements Of Operations - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
INVESTMENT INCOME
Net investment income allocated from The Prudential Variable Contract Real Property Partnership	$ 3,237,254	$ 3,663,035	$ 4,929,261
EXPENSES
Charges to contract owners for assuming mortality and expense risk and for administration	470,364	454,070	432,307
NET INVESTMENT INCOME	2,766,890	3,208,965	4,496,954
NET RECOGNIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net unrealized gain (loss) on investments allocated from The Prudential Variable Contract Real Property Partnership	5,666,123	2,968,823	3,987,349
Net recognized gain (loss) on investments allocated from The Prudential Variable Contract Real Property Partnership	67,194	255,627	77,343
NET GAIN (LOSS) ON INVESTMENTS	5,733,317	3,224,450	4,064,692
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$ 8,500,207	$ 6,433,415	$ 8,561,646

Statements Of Changes In Net As

Statements Of Changes In Net Assets - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
OPERATIONS
Net investment income	$ 2,766,890	$ 3,208,965	$ 4,496,954
Net unrealized gain (loss) on investments allocated from The Prudential Variable Contract Real Property Partnership	5,666,123	2,968,823	3,987,349
Net recognized gain (loss) on investments allocated from The Prudential Variable Contract Real Property Partnership	67,194	255,627	77,343
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	8,500,207	6,433,415	8,561,646
CAPITAL TRANSACTIONS
Net contributions (withdrawals) by contract owners	(2,788,759)	(2,664,764)	(2,164,504)
Net contributions (withdrawals) by Pruco Life Insurance Company	266,935	(2,886,417)	(3,422,001)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL TRANSACTIONS	(2,521,824)	(5,551,181)	(5,586,505)
TOTAL INCREASE (DECREASE) IN NET ASSETS	5,978,383	882,234	2,975,141
NET ASSETS
Beginning of year	100,673,266	99,791,032	96,815,891
End of year	$ 106,651,649	$ 100,673,266	$ 99,791,032

General

General	12 Months Ended
	Dec. 31, 2015
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 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, 2015
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 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, 2015 and 2014 , the Real Property Account’s share of the general partners' controlling interest of the Partnership was 53.3% or 2,414,615 shares and 53.5% or 2,487,198 shares, respectively. Properties owned by the Partnership are illiquid and their fair value is based on estimated fair value as discussed in the notes to the consolidated financial statements of the Partnership. C. Income Recognition Net investment income or loss, and recognized and unrealized gains and losses are allocated based upon the monthly average net assets for the investment in the Partnership. Amounts are based on the Real Property Account’s proportionate interest in the Partnership. 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, 2015 , 2014 and 2013 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, 2015 , 2014 and 2013.

Taxes

Taxes	12 Months Ended
	Dec. 31, 2015
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, 2015
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 for the Real Property Account by product for the years ended December 31, 2015 , 2014 and 2013 were as follows: December 31, 2015 VAL VLI SPVA SPVL TOTAL Contract owner net payments $ 2,378,436 $ 179,650 $ — $ — $ 2,558,086 Policy loans (1,049,046 ) (54,592 ) — (32,732 ) (1,136,370 ) Policy loan repayments and interest 1,906,719 85,486 — 155,308 2,147,513 Surrenders, withdrawals and death benefits (3,459,721 ) (246,562 ) (3,818 ) (341,541 ) (4,051,642 ) Net transfers from/(to) other subaccounts or fixed rate option (301,500 ) (19,143 ) — 387 (320,256 ) Administrative and other charges (1,801,533 ) (170,547 ) — (14,010 ) (1,986,090 ) $ (2,326,645 ) $ (225,708 ) $ (3,818 ) $ (232,588 ) $ (2,788,759 ) December 31, 2014 VAL VLI SPVA SPVL TOTAL Contract owner net payments $ 2,337,323 $ 188,174 $ — $ — $ 2,525,497 Policy loans (977,555 ) (61,239 ) — (52,460 ) (1,091,254 ) Policy loan repayments and interest 1,799,917 130,567 — 37,903 1,968,387 Surrenders, withdrawals and death benefits (2,901,725 ) (257,524 ) (6,537 ) (123,826 ) (3,289,612 ) Net transfers from/(to) other subaccounts or fixed rate option (818,189 ) (34,163 ) — 37,970 (814,382 ) Administrative and other charges (1,784,351 ) (164,272 ) — (14,777 ) (1,963,400 ) $ (2,344,580 ) $ (198,457 ) $ (6,537 ) $ (115,190 ) $ (2,664,764 ) December 31, 2013 VAL VLI SPVA SPVL TOTAL Contract owner net payments $ 2,416,579 $ 195,178 $ — $ (3,501 ) $ 2,608,256 Policy loans (1,306,853 ) (53,677 ) — (27,782 ) (1,388,312 ) Policy loan repayments and interest 1,766,543 76,993 — 72,178 1,915,714 Surrenders, withdrawals and death benefits (2,457,118 ) (122,013 ) (3,443 ) (174,547 ) (2,757,121 ) Net transfers from/(to) other subaccounts or fixed rate option (506,150 ) (10,834 ) — (4,142 ) (521,126 ) Administrative and other charges (1,849,182 ) (158,241 ) — (14,492 ) (2,021,915 ) $ (1,936,181 ) $ (72,594 ) $ (3,443 ) $ (152,286 ) $ (2,164,504 )

Partnership Distributions

Partnership Distributions	12 Months Ended
	Dec. 31, 2015
Partnership Distributions [Abstract]
Partnership Distributions	Partnership Distributions For the year ended December 31, 2015 , the Partnership distributed a total of $5.0 million , which occurred on March 30, 2015. The Real Property Account’s share of this distribution was $3.0 million . During the year ended December 31, 2014 , the Partnership distributed $10.0 million , which occurred on March 26, 2014 and September 26, 2014, for $5.0 million each. The Real Property Account’s share of these distributions was $3.0 million each or a total of $6.0 million . During the year ended December 31, 2013 , the Partnership distributed $10.0 million , which occurred on March 26, 2013 and December 30, 2013, for $5.0 million each. The Real Property Account’s share of these distributions was $3.0 million each or a total of $6.0 million . For the years ended December 31, 2015 , 2014 and 2013 , there were no purchases of the Partnership by the Real Property Account.

Unit Activity

Unit Activity	12 Months Ended
	Dec. 31, 2015
Unit Activity [Abstract]
Unit Activity	Unit Activity All products referred to in Note 1 for outstanding units at December 31, 2015 , 2014 and 2013 were as follows: December 31, 2015 Pruco Life Contract Owner VAL VLI SPVA SPVL Contributions: 1,030,511 Contributions: 1,255,793 72,499 — 53,463 Redemptions: (932,711 ) Redemptions: (1,909,609 ) (131,498 ) (1,278 ) (132,521 ) December 31, 2014 Pruco Life Contract Owner VAL VLI SPVA SPVL Contributions: 529,389 Contributions: 1,318,863 91,072 — 34,004 Redemptions: (1,385,535 ) Redemptions: (2,027,393 ) (147,359 ) (2,403 ) (76,001 ) December 31, 2013 Pruco Life Contract Owner VAL VLI SPVA SPVL Contributions: 1,082,780 Contributions: 1,462,035 90,996 89 33,377 Redemptions: (2,138,629 ) Redemptions: (2,102,726 ) (113,412 ) (1,421 ) (92,886 )

Financial Highlights

Financial Highlights	12 Months Ended
	Dec. 31, 2015
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. The following table was developed by determining which products offered by Pruco Life have the lowest and highest total expense ratio and reflects contract owner units only. The table may not reflect the minimum and maximum contract charges offered by Pruco Life as contract owners may not have selected all available and applicable products as discussed 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, 2015 21,798 $ 3.07375 - $ 3.99015 $ 80,863 3.16 % 0.35 % - 1.25 % 7.78 % - 8.74 % December 31, 2014 22,591 $ 2.85193 - $ 3.66932 $ 77,231 3.68 % 0.35 % - 1.25 % 5.82 % - 6.77 % December 31, 2013 23,400 $ 2.69505 - $ 3.43650 $ 75,103 5.04 % 0.35 % - 1.25 % 8.19 % - 9.17 % December 31, 2012(4) 24,124 $ 2.49097 - $ 3.14796 $ 71,085 4.84 % 0.35 % - 1.25 % 5.53 % - 6.48 % December 31, 2011 24,958 $ 2.36048 - $ 2.95634 $ 69,236 4.79 % 0.35 % - 1.25 % 12.33 % - 13.33 % (1) This amount represents the contract owners' proportionate share of the net investment income from the underlying Partnership divided by the contract owners' average net assets of the Real Property Account. This ratio excludes those expenses, such as mortality risk 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 charges, for each period indicated. These ratios include only those expenses that result in a direct reduction to Note 7: Financial Highlights (continued) 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. (4) In the December 31, 2012 financial statements, the Real Property Account revised certain financial statement footnote disclosures due to a typographical error. The range of contract owner unit values in Note 8 to the December 31, 2012 financial statements was presented as $2.30961 to $2.63416 . The correct amounts are shown in the table above. These revisions had no impact on the statements of net assets, operations or changes in net assets. The revisions are not considered material to the previously issued financial statements. 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 units and assets held by Pruco Life. Charges for mortality risk and expense risk and administrative expenses are used by Pruco Life to purchase additional units in its account resulting in no impact to its net assets. Units (000’s) Net Assets (000’s) December 31, 2015 7,069 $25,788 December 31, 2014 6,971 $23,442 December 31, 2013 7,828 $24,688 December 31, 2012 8,883 $25,731 December 31, 2011 8,902 $24,255 Charges and Expenses A. Mortality Risk and Expense Risk Charges Mortality risk 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 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. Note 7: Financial Highlights (continued) 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

Related Party	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party	Related Party 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, 2015
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 authoritative fair value guidance establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The levels of the fair value hierarchy are as follows: Level 1 – Fair value is based on unadjusted quoted prices in active markets that are accessible to the Real Property Account for identical assets or liabilities. These generally provide the most reliable evidence and should be used to measure fair value whenever available. The Real Property Account had no Level 1 assets or liabilities. Level 2 – Fair value is based on inputs, other than Level 1 inputs, that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability through corroboration with observable market data. The Real Property Account had no Level 2 assets or liabilities. Level 3 – Fair value is based on significant unobservable inputs for the asset or liability. These inputs reflect the entity’s assumptions about how market participants would price the asset or liability. The Real Property Account’s Level 3 assets consist of the investment in the Partnership, which is based on the Real Property Account’s proportionate interest of the Partnership’s fair value, which approximates the Partnership’s net asset value. 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 consolidated financial statements and below. All of the Real Property Account’s assets were classified as Level 3. 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 period 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. During the years ended December 31, 2015 and 2014 , there were no transfers between Level 1, Level 2 and Level 3. Note 9: Fair Value Measurements (continued) In general, the input values in the appraisal process are unobservable, therefore unless indicated otherwise, the underlying investments in the Partnership are classified as Level 3 under the fair value hierarchy. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. Table 1 below summarizes the assets measured at fair value on a recurring basis and their respective level in the fair value hierarchy. ($ in 000’s) Fair value measurements at December 31, 2015 Assets: Total Level 1 Level 2 Level 3 Investment in The Prudential Variable Contract Real Property Partnership $ 106,652 $ — $ — $ 106,652 ($ in 000’s) Fair value measurements at December 31, 2014 Assets: Total Level 1 Level 2 Level 3 Investment in The Prudential Variable Contract Real Property Partnership $ 100,673 $ — $ — $ 100,673 Table 2 below provides a reconciliation of the beginning and ending balances for all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2015 and 2014 . ($ in 000’s) December 31, 2015 Beginning balance, January 1, 2015 $ 100,673 Net recognized and unrealized gains (losses) included in earnings (or changes in net assets) from Partnership operations 5,733 Net investment income from Partnership operations 3,237 Acquisitions, issuances and contributions — Dispositions, settlements and distributions (2,991 ) Ending balance, December 31, 2015 $ 106,652 Unrealized gains (losses) for the year relating to Level 3 assets still held at the reporting date $ 5,666 ($ in 000’s) December 31, 2014 Beginning balance, January 1, 2014 $ 99,791 Net recognized and unrealized gains (losses) included in earnings (or changes in net assets) from Partnership operations 3,224 Net investment income from Partnership operations 3,663 Acquisitions, issuances and contributions — Dispositions, settlements and distributions (6,005 ) Ending balance, December 31, 2014 $ 100,673 Unrealized gains (losses) for the year relating to Level 3 assets still held at the reporting date $ 2,969

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 21, 2016, the Partnership sold an office property in Lisle, Illinois. For further information, see Note 13 of the Partnership's consolidated financial statements. On January 28, 2016, the Partnership leveraged two apartment complexes located in Austin, Texas and Charlotte, North Carolina. For further information, see Note 13 of the Partnership's consolidated financial statements.

Summary of Significant Accoun15

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
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 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, 2015 and 2014 , the Real Property Account’s share of the general partners' controlling interest of the Partnership was 53.3% or 2,414,615 shares and 53.5% or 2,487,198 shares, respectively. Properties owned by the Partnership are illiquid and their fair value is based on estimated fair value as discussed in the notes to the consolidated financial statements of the Partnership.
Income Recognition	Income Recognition Net investment income or loss, and recognized and unrealized gains and losses are allocated based upon the monthly average net assets for the investment in the Partnership. Amounts are based on the Real Property Account’s proportionate interest in the Partnership.
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, 2015 , 2014 and 2013 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, 2015 , 2014 and 2013.

Net Contributions (Withdrawal16

Net Contributions (Withdrawals) by Contract Owners (Tables)	12 Months Ended
	Dec. 31, 2015
Net Contributions Withdrawals By Contract Owners [Abstract]
Schedule of Net Contributions (Withdrawals) by Contract Owners	Net contributions (withdrawals) by contract owners for the Real Property Account by product for the years ended December 31, 2015 , 2014 and 2013 were as follows: December 31, 2015 VAL VLI SPVA SPVL TOTAL Contract owner net payments $ 2,378,436 $ 179,650 $ — $ — $ 2,558,086 Policy loans (1,049,046 ) (54,592 ) — (32,732 ) (1,136,370 ) Policy loan repayments and interest 1,906,719 85,486 — 155,308 2,147,513 Surrenders, withdrawals and death benefits (3,459,721 ) (246,562 ) (3,818 ) (341,541 ) (4,051,642 ) Net transfers from/(to) other subaccounts or fixed rate option (301,500 ) (19,143 ) — 387 (320,256 ) Administrative and other charges (1,801,533 ) (170,547 ) — (14,010 ) (1,986,090 ) $ (2,326,645 ) $ (225,708 ) $ (3,818 ) $ (232,588 ) $ (2,788,759 ) December 31, 2014 VAL VLI SPVA SPVL TOTAL Contract owner net payments $ 2,337,323 $ 188,174 $ — $ — $ 2,525,497 Policy loans (977,555 ) (61,239 ) — (52,460 ) (1,091,254 ) Policy loan repayments and interest 1,799,917 130,567 — 37,903 1,968,387 Surrenders, withdrawals and death benefits (2,901,725 ) (257,524 ) (6,537 ) (123,826 ) (3,289,612 ) Net transfers from/(to) other subaccounts or fixed rate option (818,189 ) (34,163 ) — 37,970 (814,382 ) Administrative and other charges (1,784,351 ) (164,272 ) — (14,777 ) (1,963,400 ) $ (2,344,580 ) $ (198,457 ) $ (6,537 ) $ (115,190 ) $ (2,664,764 ) December 31, 2013 VAL VLI SPVA SPVL TOTAL Contract owner net payments $ 2,416,579 $ 195,178 $ — $ (3,501 ) $ 2,608,256 Policy loans (1,306,853 ) (53,677 ) — (27,782 ) (1,388,312 ) Policy loan repayments and interest 1,766,543 76,993 — 72,178 1,915,714 Surrenders, withdrawals and death benefits (2,457,118 ) (122,013 ) (3,443 ) (174,547 ) (2,757,121 ) Net transfers from/(to) other subaccounts or fixed rate option (506,150 ) (10,834 ) — (4,142 ) (521,126 ) Administrative and other charges (1,849,182 ) (158,241 ) — (14,492 ) (2,021,915 ) $ (1,936,181 ) $ (72,594 ) $ (3,443 ) $ (152,286 ) $ (2,164,504 )

Unit Activity (Tables)

Unit Activity (Tables)	12 Months Ended
	Dec. 31, 2015
Unit Activity [Abstract]
Schedule Of Units Of Partnership Interest	All products referred to in Note 1 for outstanding units at December 31, 2015 , 2014 and 2013 were as follows: December 31, 2015 Pruco Life Contract Owner VAL VLI SPVA SPVL Contributions: 1,030,511 Contributions: 1,255,793 72,499 — 53,463 Redemptions: (932,711 ) Redemptions: (1,909,609 ) (131,498 ) (1,278 ) (132,521 ) December 31, 2014 Pruco Life Contract Owner VAL VLI SPVA SPVL Contributions: 529,389 Contributions: 1,318,863 91,072 — 34,004 Redemptions: (1,385,535 ) Redemptions: (2,027,393 ) (147,359 ) (2,403 ) (76,001 ) December 31, 2013 Pruco Life Contract Owner VAL VLI SPVA SPVL Contributions: 1,082,780 Contributions: 1,462,035 90,996 89 33,377 Redemptions: (2,138,629 ) Redemptions: (2,102,726 ) (113,412 ) (1,421 ) (92,886 )

Financial Highlights (Tables)

Financial Highlights (Tables)	12 Months Ended
	Dec. 31, 2015
Financial Highlights [Abstract]
Schedule of Financial Highlights	The following table was developed by determining which products offered by Pruco Life have the lowest and highest total expense ratio and reflects contract owner units only. The table may not reflect the minimum and maximum contract charges offered by Pruco Life as contract owners may not have selected all available and applicable products as discussed 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, 2015 21,798 $ 3.07375 - $ 3.99015 $ 80,863 3.16 % 0.35 % - 1.25 % 7.78 % - 8.74 % December 31, 2014 22,591 $ 2.85193 - $ 3.66932 $ 77,231 3.68 % 0.35 % - 1.25 % 5.82 % - 6.77 % December 31, 2013 23,400 $ 2.69505 - $ 3.43650 $ 75,103 5.04 % 0.35 % - 1.25 % 8.19 % - 9.17 % December 31, 2012(4) 24,124 $ 2.49097 - $ 3.14796 $ 71,085 4.84 % 0.35 % - 1.25 % 5.53 % - 6.48 % December 31, 2011 24,958 $ 2.36048 - $ 2.95634 $ 69,236 4.79 % 0.35 % - 1.25 % 12.33 % - 13.33 % (1) This amount represents the contract owners' proportionate share of the net investment income from the underlying Partnership divided by the contract owners' average net assets of the Real Property Account. This ratio excludes those expenses, such as mortality risk 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 charges, for each period indicated. These ratios include only those expenses that result in a direct reduction to Note 7: Financial Highlights (continued) 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. (4) In the December 31, 2012 financial statements, the Real Property Account revised certain financial statement footnote disclosures due to a typographical error. The range of contract owner unit values in Note 8 to the December 31, 2012 financial statements was presented as $2.30961 to $2.63416 . The correct amounts are shown in the table above. These revisions had no impact on the statements of net assets, operations or changes in net assets. The revisions are not considered material to the previously issued financial statements. 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 units and assets held by Pruco Life. Charges for mortality risk and expense risk and administrative expenses are used by Pruco Life to purchase additional units in its account resulting in no impact to its net assets. Units (000’s) Net Assets (000’s) December 31, 2015 7,069 $25,788 December 31, 2014 6,971 $23,442 December 31, 2013 7,828 $24,688 December 31, 2012 8,883 $25,731 December 31, 2011 8,902 $24,255

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring Basis	Table 1 below summarizes the assets measured at fair value on a recurring basis and their respective level in the fair value hierarchy. ($ in 000’s) Fair value measurements at December 31, 2015 Assets: Total Level 1 Level 2 Level 3 Investment in The Prudential Variable Contract Real Property Partnership $ 106,652 $ — $ — $ 106,652 ($ in 000’s) Fair value measurements at December 31, 2014 Assets: Total Level 1 Level 2 Level 3 Investment in The Prudential Variable Contract Real Property Partnership $ 100,673 $ — $ — $ 100,673
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	Table 2 below provides a reconciliation of the beginning and ending balances for all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2015 and 2014 . ($ in 000’s) December 31, 2015 Beginning balance, January 1, 2015 $ 100,673 Net recognized and unrealized gains (losses) included in earnings (or changes in net assets) from Partnership operations 5,733 Net investment income from Partnership operations 3,237 Acquisitions, issuances and contributions — Dispositions, settlements and distributions (2,991 ) Ending balance, December 31, 2015 $ 106,652 Unrealized gains (losses) for the year relating to Level 3 assets still held at the reporting date $ 5,666 ($ in 000’s) December 31, 2014 Beginning balance, January 1, 2014 $ 99,791 Net recognized and unrealized gains (losses) included in earnings (or changes in net assets) from Partnership operations 3,224 Net investment income from Partnership operations 3,663 Acquisitions, issuances and contributions — Dispositions, settlements and distributions (6,005 ) Ending balance, December 31, 2014 $ 100,673 Unrealized gains (losses) for the year relating to Level 3 assets still held at the reporting date $ 2,969

General (Details)

General (Details)	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Minimum percent of partnership assets invested in direct ownership interests	65.00%

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Details) - shares	Dec. 31, 2015	Dec. 31, 2014
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Percent of interest in the General Partners Controlling Interest	53.30%	53.50%
Interest in the General Partners Controlling Interest (in shares)	2,414,615	2,487,198

Net Contributions (Withdrawal22

Net Contributions (Withdrawals) by Contract Owners (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net Contributions Withdrawals By Contract Owners [Line Items]
Contract owner net payments	$ 2,558,086	$ 2,525,497	$ 2,608,256
Policy loans	(1,136,370)	(1,091,254)	(1,388,312)
Policy loan repayments and interest	2,147,513	1,968,387	1,915,714
Surrenders, withdrawals and death benefits	(4,051,642)	(3,289,612)	(2,757,121)
Net transfers from/(to) other subaccounts or fixed rate option	(320,256)	(814,382)	(521,126)
Administrative and other charges	(1,986,090)	(1,963,400)	(2,021,915)
Net Contributions (Withdrawals) by Contract Owners	(2,788,759)	(2,664,764)	(2,164,504)
VAL
Net Contributions Withdrawals By Contract Owners [Line Items]
Contract owner net payments	2,378,436	2,337,323	2,416,579
Policy loans	(1,049,046)	(977,555)	(1,306,853)
Policy loan repayments and interest	1,906,719	1,799,917	1,766,543
Surrenders, withdrawals and death benefits	(3,459,721)	(2,901,725)	(2,457,118)
Net transfers from/(to) other subaccounts or fixed rate option	(301,500)	(818,189)	(506,150)
Administrative and other charges	(1,801,533)	(1,784,351)	(1,849,182)
Net Contributions (Withdrawals) by Contract Owners	(2,326,645)	(2,344,580)	(1,936,181)
VLI
Net Contributions Withdrawals By Contract Owners [Line Items]
Contract owner net payments	179,650	188,174	195,178
Policy loans	(54,592)	(61,239)	(53,677)
Policy loan repayments and interest	85,486	130,567	76,993
Surrenders, withdrawals and death benefits	(246,562)	(257,524)	(122,013)
Net transfers from/(to) other subaccounts or fixed rate option	(19,143)	(34,163)	(10,834)
Administrative and other charges	(170,547)	(164,272)	(158,241)
Net Contributions (Withdrawals) by Contract Owners	(225,708)	(198,457)	(72,594)
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	(3,818)	(6,537)	(3,443)
Net transfers from/(to) other subaccounts or fixed rate option	0	0	0
Administrative and other charges	0	0	0
Net Contributions (Withdrawals) by Contract Owners	(3,818)	(6,537)	(3,443)
SPVL
Net Contributions Withdrawals By Contract Owners [Line Items]
Contract owner net payments	0	0	(3,501)
Policy loans	(32,732)	(52,460)	(27,782)
Policy loan repayments and interest	155,308	37,903	72,178
Surrenders, withdrawals and death benefits	(341,541)	(123,826)	(174,547)
Net transfers from/(to) other subaccounts or fixed rate option	387	37,970	(4,142)
Administrative and other charges	(14,010)	(14,777)	(14,492)
Net Contributions (Withdrawals) by Contract Owners	$ (232,588)	$ (115,190)	$ (152,286)

Partnership Distributions (Deta

Partnership Distributions (Details) - USD ($) $ in Millions	Mar. 30, 2015	Sep. 26, 2014	Mar. 26, 2014	Dec. 30, 2013	Mar. 26, 2013	Dec. 31, 2014	Dec. 31, 2013
Partnership Distributions [Abstract]
Partnership distribution made	$ 5	$ 5	$ 5	$ 5	$ 5	$ 10	$ 10
The Account's share of Partnership distribution	$ 3	$ 3	$ 3	$ 3	$ 3	$ 6	$ 6

Unit Activity (Details)

Unit Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Pruco Life
Unit Activity [Line Items]
Contributions:	$ 1,030,511	$ 529,389	$ 1,082,780
Redemptions:	(932,711)	(1,385,535)	(2,138,629)
Contract Owner | VAL
Unit Activity [Line Items]
Contributions:	1,255,793	1,318,863	1,462,035
Redemptions:	(1,909,609)	(2,027,393)	(2,102,726)
Contract Owner | VLI
Unit Activity [Line Items]
Contributions:	72,499	91,072	90,996
Redemptions:	(131,498)	(147,359)	(113,412)
Contract Owner | SPVA
Unit Activity [Line Items]
Contributions:	0	0	89
Redemptions:	(1,278)	(2,403)	(1,421)
Contract Owner | SPVL
Unit Activity [Line Items]
Contributions:	53,463	34,004	33,377
Redemptions:	$ (132,521)	$ (76,001)	$ (92,886)

Financial Highlights (Details)

Financial Highlights (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Financial Highlights [Line Items]
Units (in shares)	28,866,793	29,562,144
Net Assets	$ 106,651,649	$ 100,673,266	$ 99,791,032	$ 96,815,891
Company Net Assets
Financial Highlights [Line Items]
Net Assets	$ 25,788,000	$ 23,442,000	$ 24,688,000	$ 25,731,000	$ 24,255,000
Company Units
Financial Highlights [Line Items]
Units (in shares)	7,069,000	6,971,000	7,828,000	8,883,000	8,902,000
Units
Financial Highlights [Line Items]
Units (in shares)	21,798,000	22,591,000	23,400,000	24,124,000	24,958,000
Net Assets
Financial Highlights [Line Items]
Net Assets	$ 80,863,000	$ 77,231,000	$ 75,103,000	$ 71,085,000	$ 69,236,000
Investment Income Ratio
Financial Highlights [Line Items]
Investment Income Ratio	3.16%	3.68%	5.04%	4.84%	4.79%
Minimum | Units
Financial Highlights [Line Items]
Units Value (in dollars per share)	$ 3.07375	$ 2.85193	$ 2.69505	$ 2.49097	$ 2.36048
Minimum | Units | Scenario, Previously Reported
Financial Highlights [Line Items]
Units Value (in dollars per share)				$ 2.30961
Minimum | Expense Ratio
Financial Highlights [Line Items]
Expense Ratio	0.35%	0.35%	0.35%	0.35%	0.35%
Minimum | Total Return
Financial Highlights [Line Items]
Total Return	7.78%	5.82%	8.19%	5.53%	12.33%
Maximum | Units
Financial Highlights [Line Items]
Units Value (in dollars per share)	$ 3.99015	$ 3.66932	$ 3.43650	$ 3.14796	$ 2.95634
Maximum | Units | Scenario, Previously Reported
Financial Highlights [Line Items]
Units Value (in dollars per share)				$ 2.63416
Maximum | Expense Ratio
Financial Highlights [Line Items]
Expense Ratio	1.25%	1.25%	1.25%	1.25%	1.25%
Maximum | Total Return
Financial Highlights [Line Items]
Total Return	8.74%	6.77%	9.17%	6.48%	13.33%

Financial Highlights (Narrative

Financial Highlights (Narrative) (Details)	12 Months Ended
	Dec. 31, 2015USD ($)
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	0.60%
Insurance Contract Annual Maintenance Charge	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 (Detail

Fair Value Measurements (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in The Prudential Variable Contract Real Property Partnership	$ 106,651,649	$ 100,673,266
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net investment income from Partnership operations	3,237,254	3,663,035	$ 4,929,261
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in The Prudential Variable Contract Real Property Partnership	106,652,000	100,673,000
Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in The Prudential Variable Contract Real Property Partnership	0	0
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in The Prudential Variable Contract Real Property Partnership	0	0
Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in The Prudential Variable Contract Real Property Partnership	106,652,000	100,673,000
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	100,673,000	99,791,000
Net recognized and unrealized gains (losses) included in earnings (or changes in net assets) from Partnership operations	5,733,000	3,224,000
Net investment income from Partnership operations	3,237,000	3,663,000
Acquisitions, issuances, and contributions	0	0
Dispositions, settlements, and distributions	(2,991,000)	(6,005,000)
Ending balance	106,652,000	100,673,000	$ 99,791,000
Unrealized gains (losses) for the year relating to Level 3 assets still held at the reporting date	$ 5,666,000	$ 2,969,000

Subsequent Events (Details)

Subsequent Events (Details)	Jan. 28, 2016apartment_complex
Subsequent Event
Subsequent Event [Line Items]
Number of Apartment Complexes Leveraged	2