THE PRUDENTIAL VARIABLE CONTRACT REAL PROPERTY PARTNERSHIP
SCHEDULE III - REAL ESTATE OWNED: PROPERTIES
DECEMBER 31, 2005
Gross Amount at Which
Initial Costs to the Partnership Carried at Close of Year
Costs
Capitalized
Encumbrances Building & Subsequent to Building & Year of Date
Description at 12/31/05 Land Improvements Acquisition Land Improvements Total Construction Acquired
Properties:
Office Building
Lisle, IL None 1,780,000 15,743,881 6,993,510 1,949,206 22,568,185 24,517,391 1985 Apr., 1988
Garden Apartments
Atlanta, GA 8,748,000 3,631,212 11,168,904 4,117,900(b) 4,902,385 14,015,631 18,918,016 1987 Apr., 1988
Retail Shopping Center
Roswell, GA None 9,454,622 21,513,677 6,807,027 11,135,593 26,639,733 37,775,326 1988 Jan., 1989
Garden Apartments
Raleigh, NC 8,750,000 1,623,146 14,135,553 529,068 1,715,699 14,572,068 16,287,767 1995 Jun., 1995
Hotel
Portland, OR - 1,500,000 6,508,729 932,091 1,500,000 7,440,820 8,940,820 1989 Dec., 2003
Office Building
Nashville, TN None 1,797,000 6,588,451 2,648,353 1,855,339 9,178,465 11,033,804 1982 Oct., 1995
Office Building
Beaverton, OR None 816,415 9,897,307 1,377,768 845,887 11,245,603 12,091,490 1995 Dec., 1996
Industrial Building
Aurora, CO None 1,338,175 7,202,411 2,745,974 1,415,159 9,871,401 11,286,560 1997 Sep., 1997
Office Complex
Brentwood, TN None 2,425,000 7,063,755 2,844,397 2,463,601 9,869,551 12,333,152 1987 Oct., 1997
Retail Shopping Center
Hampton, VA 8,239,566 2,339,100 12,767,956 2,935,555 4,839,418 13,203,193 18,042,611 1998 May, 2001
Retail Shopping Center
Westminster, MD - 3,031,735 9,326,605 (0) 3,031,735 9,326,605 12,358,340 2005 June., 2006
Retail Shopping Center
Ocean City, MD 6,972,922 1,517,099 8,495,039 5,526,641 1,517,099 14,021,680 15,538,779 1986 Nov., 2002
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32,710,488 31,253,504 130,412,268 37,458,284 37,171,121 161,952,935 199,124,056
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2006 2005 2004
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(a) Balance at beginning of year 183,767,148 224,584,885 223,943,870
Additions:
Acquisitions 12,358,340 - -
Improvements, etc. 2,998,568 6,187,973 7,502,358
Conversion from JV to WO -
Deletions:
Sale - (47,005,710) (6,861,343)
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Balance at end of year 199,124,056 183,767,148 224,584,885
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(b) Net of $1,000,000 settlement received from lawsuit.
Report of Independent Registered Public Accounting Firm 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 15, 2007 appearing in the Annual Report on Form 10-K also included an audit of the financial statement schedules listed in this Form S-1. 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.
PricewaterhouseCoopers LLP
New York, New York
February 15, 2007
