Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2016 | |
Document And Entity Information [Abstract] | |
Document Type | S1 |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2016 |
Entity Registrant Name | PRUCO LIFE OF NEW JERSEY VARIABLE CONTRACT REAL PROPERTY ACC |
Entity Central Index Key | 829,114 |
Entity Filer Category | Non-accelerated Filer |
STATEMENTS OF NET ASSETS
STATEMENTS OF NET ASSETS - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Investment in The Prudential Variable Contract Real Property Partnership | $ 9,497,031 | $ 9,036,785 |
Net Assets | 9,497,031 | 9,036,785 |
NET ASSETS, representing: | ||
Equity of contract owners | 7,172,574 | 7,184,139 |
Equity of Pruco Life Insurance Company of New Jersey | 2,324,457 | 1,852,646 |
Net Assets | $ 9,497,031 | $ 9,036,785 |
Portfolio shares held (in shares) | 204,595 | 204,595 |
Portfolio net asset value per share (in dollars per share) | $ 46.42 | $ 44.17 |
Contract owner units outstanding (in shares) | 1,834,551 | 1,919,866 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
INVESTMENT INCOME | |||
Net investment income allocated from The Prudential Variable Contract Real Property Partnership | $ 325,505 | $ 273,969 | $ 307,139 |
EXPENSES | |||
Charges to contract owners for assuming mortality and expense risk and for administration | 40,843 | 40,024 | 38,690 |
NET INVESTMENT INCOME | 284,662 | 233,945 | 268,449 |
NET RECOGNIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | |||
Net unrealized gain (loss) on investments allocated from The Prudential Variable Contract Real Property Partnership | 146,348 | 479,615 | 249,204 |
Net recognized gain (loss) on investments allocated from The Prudential Variable Contract Real Property Partnership | (11,607) | 5,677 | 21,434 |
NET GAIN (LOSS) ON INVESTMENTS | 134,741 | 485,292 | 270,638 |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ 419,403 | $ 719,237 | $ 539,087 |
STATEMENTS OF CHANGES IN NET AS
STATEMENTS OF CHANGES IN NET ASSETS - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
OPERATIONS | |||
Net investment income | $ 284,662 | $ 233,945 | $ 268,449 |
Net unrealized gain (loss) on investments allocated from The Prudential Variable Contract Real Property Partnership | 146,348 | 479,615 | 249,204 |
Net recognized gain (loss) on investments allocated from The Prudential Variable Contract Real Property Partnership | (11,607) | 5,677 | 21,434 |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | 419,403 | 719,237 | 539,087 |
CAPITAL TRANSACTIONS | |||
Net contributions (withdrawals) by contract owners | (330,229) | (268,769) | (239,920) |
Net contributions (withdrawals) by Pruco Life Insurance Company of New Jersey | 371,072 | 101,116 | (125,732) |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL TRANSACTIONS | 40,843 | (167,653) | (365,652) |
TOTAL INCREASE (DECREASE) IN NET ASSETS | 460,246 | 551,584 | 173,435 |
NET ASSETS | |||
Beginning of year | 9,036,785 | 8,485,201 | 8,311,766 |
End of year | $ 9,497,031 | $ 9,036,785 | $ 8,485,201 |
General
General | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | General Pruco Life of New Jersey Variable Contract Real Property Account (the “Real Property Account” or the “Registrant”) was established on October 30, 1987 by resolution of the Board of Directors of Pruco Life Insurance Company of New Jersey (“Pruco Life of New Jersey” or the “Company”), as a separate investment account pursuant to New Jersey law and is registered under the Securities Act of 1933, as amended. Pruco Life of New Jersey is a wholly-owned subsidiary of Pruco Life Insurance Company (“Pruco Life”). 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 of New Jersey’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 of New Jersey. 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 Pruco Life Variable Contract Real Property Account and the 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, 2016 | |
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, 2016 and 2015 , the Real Property Account’s share of the general partners' controlling interest of the Partnership was 4.5% or 204,595 shares for both periods. 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 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 of New Jersey Pruco Life of New Jersey 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, 2016 , 2015 and 2014 as all of the transactions are settled by Pruco Life of New Jersey 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, 2016 , 2015 and 2014 . |
Taxes
Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Taxes | Taxes Pruco Life of New Jersey 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, 2016 | |
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, 2016 , 2015 and 2014 were as follows: December 31, 2016 VAL VLI SPVA SPVL TOTAL Contract owner net payments $ 202,942 $ 32,723 $ — $ — $ 235,665 Policy loans (146,138 ) (11,265 ) — — (157,403 ) Policy loan repayments and interest 199,916 22,762 — — 222,678 Surrenders, withdrawals and death benefits (293,113 ) (74,749 ) — — (367,862 ) Net transfers from/(to) other subaccounts or fixed rate option (70,978 ) 8,092 — — (62,886 ) Administrative and other charges (165,657 ) (34,577 ) — (187 ) (200,421 ) $ (273,028 ) $ (57,014 ) $ — $ (187 ) $ (330,229 ) December 31, 2015 VAL VLI SPVA SPVL TOTAL Contract owner net payments $ 213,205 $ 35,661 $ — $ — $ 248,866 Policy loans (123,429 ) (11,826 ) — — (135,255 ) Policy loan repayments and interest 143,872 19,801 — — 163,673 Surrenders, withdrawals and death benefits (254,325 ) (50,233 ) — (70,216 ) (374,774 ) Net transfers from/(to) other subaccounts or fixed rate option 11,809 10,808 — — 22,617 Administrative and other charges (160,712 ) (32,951 ) — (233 ) (193,896 ) $ (169,580 ) $ (28,740 ) $ — $ (70,449 ) $ (268,769 ) December 31, 2014 VAL VLI SPVA SPVL TOTAL Contract owner net payments $ 199,756 $ 35,897 $ — $ — $ 235,653 Policy loans (86,270 ) (14,257 ) — — (100,527 ) Policy loan repayments and interest 109,003 20,799 — — 129,802 Surrenders, withdrawals and death benefits (122,206 ) (84,488 ) — — (206,694 ) Net transfers from/(to) other subaccounts or fixed rate option (77,993 ) (31,079 ) — — (109,072 ) Administrative and other charges (156,667 ) (31,857 ) — (558 ) (189,082 ) $ (134,377 ) $ (104,985 ) $ — $ (558 ) $ (239,920 ) |
Partnership Distributions
Partnership Distributions | 12 Months Ended |
Dec. 31, 2016 | |
Partnership Distributions [Abstract] | |
Partnership Distributions | Partnership Distributions For the year ended December 31, 2016 , the Partnership made no distribution. 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 $0.2 million . For 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 $0.2 million each or a total of $0.4 million . For the years ended December 31, 2016 , 2015 and 2014 , there were no purchases of the Partnership by the Real Property Account. |
Unit Activity
Unit Activity | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 , 2015 and 2014 were as follows: December 31, 2016 VAL VLI SPVA SPVL TOTAL Units issued: 122,252 20,959 — — 143,211 Units redeemed: (193,877 ) (34,589 ) — (60 ) (228,526 ) December 31, 2015 VAL VLI SPVA SPVL TOTAL Units issued: 117,754 18,993 — — 136,747 Units redeemed: (165,647 ) (26,488 ) — (23,570 ) (215,705 ) December 31, 2014 VAL VLI SPVA SPVL TOTAL Units issued: 117,974 18,349 — — 136,323 Units redeemed: (158,583 ) (48,442 ) — (202 ) (207,227 ) |
Financial Highlights
Financial Highlights | 12 Months Ended |
Dec. 31, 2016 | |
Financial Highlights [Abstract] | |
Financial Highlights | Financial Highlights Pruco Life of New Jersey 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 of New Jersey 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 of New Jersey as contract owners may not have selected all available and applicable products 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, 2016 1,835 $ 3.19050 — $ 4.17877 $ 7,173 3.51 % 0.35 % — 1.25 % 3.80 % — 4.73 % December 31, 2015 1,920 $ 3.07375 — $ 3.99015 $ 7,184 3.16 % 0.35 % — 1.25 % 7.78 % — 8.74 % December 31, 2014 1,999 $ 2.85193 — $ 3.66932 $ 6,880 3.68 % 0.35 % — 1.25 % 5.82 % — 6.77 % December 31, 2013 2,070 $ 2.69505 — $ 3.43650 $ 6,692 5.04 % 0.35 % — 1.25 % 8.19 % — 9.17 % December 31, 2012 2,089 $ 2.49096 — $ 3.14796 $ 6,201 4.84 % 0.35 % — 1.25 % 5.53 % — 6.48 % (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 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 of New Jersey 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 of New Jersey. Charges for mortality risk and expense risk and administrative expenses are used by Pruco Life of New Jersey to purchase additional investments in its account resulting in no impact to its net assets. Net Assets (000’s) December 31, 2016 $2,324 December 31, 2015 $1,853 December 31, 2014 $1,606 December 31, 2013 $1,619 December 31, 2012 $1,765 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 of New Jersey. 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 of New Jersey 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 of New Jersey 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 of New Jersey 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, 2016 | |
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, 2016 | |
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. Effective January 1, 2016, the Real Property Account adopted Accounting Standards Update (“ASU”) 2015-07 Fair Value Measurement (Topic 820): Disclosure for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) , which removes the requirement to classify the investment in the Partnership in the fair value hierarchy. As a result, certain tables and additional disclosures related to the leveling of assets and liabilities are no longer applicable. ASU 2015-07 was applied retrospectively to all periods presented. 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, 2016. |
Summary of Significant Accoun14
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 , the Real Property Account’s share of the general partners' controlling interest of the Partnership was 4.5% or 204,595 shares for both periods. 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 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 Insurance Company of New Jersey | Equity of Pruco Life Insurance Company of New Jersey Pruco Life of New Jersey 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. |
Net Contributions (Withdrawal15
Net Contributions (Withdrawals) by Contract Owners (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 , 2015 and 2014 were as follows: December 31, 2016 VAL VLI SPVA SPVL TOTAL Contract owner net payments $ 202,942 $ 32,723 $ — $ — $ 235,665 Policy loans (146,138 ) (11,265 ) — — (157,403 ) Policy loan repayments and interest 199,916 22,762 — — 222,678 Surrenders, withdrawals and death benefits (293,113 ) (74,749 ) — — (367,862 ) Net transfers from/(to) other subaccounts or fixed rate option (70,978 ) 8,092 — — (62,886 ) Administrative and other charges (165,657 ) (34,577 ) — (187 ) (200,421 ) $ (273,028 ) $ (57,014 ) $ — $ (187 ) $ (330,229 ) December 31, 2015 VAL VLI SPVA SPVL TOTAL Contract owner net payments $ 213,205 $ 35,661 $ — $ — $ 248,866 Policy loans (123,429 ) (11,826 ) — — (135,255 ) Policy loan repayments and interest 143,872 19,801 — — 163,673 Surrenders, withdrawals and death benefits (254,325 ) (50,233 ) — (70,216 ) (374,774 ) Net transfers from/(to) other subaccounts or fixed rate option 11,809 10,808 — — 22,617 Administrative and other charges (160,712 ) (32,951 ) — (233 ) (193,896 ) $ (169,580 ) $ (28,740 ) $ — $ (70,449 ) $ (268,769 ) December 31, 2014 VAL VLI SPVA SPVL TOTAL Contract owner net payments $ 199,756 $ 35,897 $ — $ — $ 235,653 Policy loans (86,270 ) (14,257 ) — — (100,527 ) Policy loan repayments and interest 109,003 20,799 — — 129,802 Surrenders, withdrawals and death benefits (122,206 ) (84,488 ) — — (206,694 ) Net transfers from/(to) other subaccounts or fixed rate option (77,993 ) (31,079 ) — — (109,072 ) Administrative and other charges (156,667 ) (31,857 ) — (558 ) (189,082 ) $ (134,377 ) $ (104,985 ) $ — $ (558 ) $ (239,920 ) |
Unit Activity (Tables)
Unit Activity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 , 2015 and 2014 were as follows: December 31, 2016 VAL VLI SPVA SPVL TOTAL Units issued: 122,252 20,959 — — 143,211 Units redeemed: (193,877 ) (34,589 ) — (60 ) (228,526 ) December 31, 2015 VAL VLI SPVA SPVL TOTAL Units issued: 117,754 18,993 — — 136,747 Units redeemed: (165,647 ) (26,488 ) — (23,570 ) (215,705 ) December 31, 2014 VAL VLI SPVA SPVL TOTAL Units issued: 117,974 18,349 — — 136,323 Units redeemed: (158,583 ) (48,442 ) — (202 ) (207,227 ) |
Financial Highlights (Tables)
Financial Highlights (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Financial Highlights [Abstract] | |
Schedule of Financial Highlights | The table below reflects information for assets held by Pruco Life of New Jersey. Charges for mortality risk and expense risk and administrative expenses are used by Pruco Life of New Jersey to purchase additional investments in its account resulting in no impact to its net assets. Net Assets (000’s) December 31, 2016 $2,324 December 31, 2015 $1,853 December 31, 2014 $1,606 December 31, 2013 $1,619 December 31, 2012 $1,765 The following table was developed by determining which products offered by Pruco Life of New Jersey 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 of New Jersey as contract owners may not have selected all available and applicable products 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, 2016 1,835 $ 3.19050 — $ 4.17877 $ 7,173 3.51 % 0.35 % — 1.25 % 3.80 % — 4.73 % December 31, 2015 1,920 $ 3.07375 — $ 3.99015 $ 7,184 3.16 % 0.35 % — 1.25 % 7.78 % — 8.74 % December 31, 2014 1,999 $ 2.85193 — $ 3.66932 $ 6,880 3.68 % 0.35 % — 1.25 % 5.82 % — 6.77 % December 31, 2013 2,070 $ 2.69505 — $ 3.43650 $ 6,692 5.04 % 0.35 % — 1.25 % 8.19 % — 9.17 % December 31, 2012 2,089 $ 2.49096 — $ 3.14796 $ 6,201 4.84 % 0.35 % — 1.25 % 5.53 % — 6.48 % (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 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. |
General (Details)
General (Details) | Dec. 31, 2016 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Minimum percent of partnership assets invested in direct ownership interests | 65.00% |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Details) - shares | Dec. 31, 2016 | Dec. 31, 2015 |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||
Percent of interest in the General Partners Controlling Interest | 4.50% | 4.50% |
Interest in the General Partners Controlling Interest (in shares) | 204,595 | 204,595 |
Net Contributions (Withdrawal20
Net Contributions (Withdrawals) by Contract Owners (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net Contributions Withdrawals By Contract Owners [Line Items] | |||
Contract owner net payments | $ 235,665 | $ 248,866 | $ 235,653 |
Policy loans | (157,403) | (135,255) | (100,527) |
Policy loan repayments and interest | 222,678 | 163,673 | 129,802 |
Surrenders, withdrawals and death benefits | (367,862) | (374,774) | (206,694) |
Net transfers from/(to) other subaccounts or fixed rate option | (62,886) | 22,617 | (109,072) |
Administrative and other charges | (200,421) | (193,896) | (189,082) |
Net Contributions (Withdrawals) by Contract Owners | (330,229) | (268,769) | (239,920) |
VAL | |||
Net Contributions Withdrawals By Contract Owners [Line Items] | |||
Contract owner net payments | 202,942 | 213,205 | 199,756 |
Policy loans | (146,138) | (123,429) | (86,270) |
Policy loan repayments and interest | 199,916 | 143,872 | 109,003 |
Surrenders, withdrawals and death benefits | (293,113) | (254,325) | (122,206) |
Net transfers from/(to) other subaccounts or fixed rate option | (70,978) | 11,809 | (77,993) |
Administrative and other charges | (165,657) | (160,712) | (156,667) |
Net Contributions (Withdrawals) by Contract Owners | (273,028) | (169,580) | (134,377) |
VLI | |||
Net Contributions Withdrawals By Contract Owners [Line Items] | |||
Contract owner net payments | 32,723 | 35,661 | 35,897 |
Policy loans | (11,265) | (11,826) | (14,257) |
Policy loan repayments and interest | 22,762 | 19,801 | 20,799 |
Surrenders, withdrawals and death benefits | (74,749) | (50,233) | (84,488) |
Net transfers from/(to) other subaccounts or fixed rate option | 8,092 | 10,808 | (31,079) |
Administrative and other charges | (34,577) | (32,951) | (31,857) |
Net Contributions (Withdrawals) by Contract Owners | (57,014) | (28,740) | (104,985) |
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 | 0 | 0 | 0 |
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 | 0 | 0 | 0 |
SPVL | |||
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 | 0 | (70,216) | 0 |
Net transfers from/(to) other subaccounts or fixed rate option | 0 | 0 | 0 |
Administrative and other charges | (187) | (233) | (558) |
Net Contributions (Withdrawals) by Contract Owners | $ (187) | $ (70,449) | $ (558) |
Partnership Distributions (Deta
Partnership Distributions (Details) - USD ($) | Mar. 30, 2015 | Sep. 26, 2014 | Mar. 26, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Partnership Distributions [Abstract] | ||||||
Partnership distribution made | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 | $ 0 | $ 5,000,000 | $ 10,000,000 |
The Account's share of Partnership distribution | $ 200,000 | $ 200,000 | $ 200,000 | $ 200,000 | $ 400,000 |
Unit Activity (Details)
Unit Activity (Details) - Contract Owner - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Unit Activity [Line Items] | |||
Units issued | 143,211 | 136,747 | 136,323 |
Units redeemed | (228,526) | (215,705) | (207,227) |
VAL | |||
Unit Activity [Line Items] | |||
Units issued | 122,252 | 117,754 | 117,974 |
Units redeemed | (193,877) | (165,647) | (158,583) |
VLI | |||
Unit Activity [Line Items] | |||
Units issued | 20,959 | 18,993 | 18,349 |
Units redeemed | (34,589) | (26,488) | (48,442) |
SPVA | |||
Unit Activity [Line Items] | |||
Units issued | 0 | 0 | 0 |
Units redeemed | 0 | 0 | 0 |
SPVL | |||
Unit Activity [Line Items] | |||
Units issued | 0 | 0 | 0 |
Units redeemed | (60) | (23,570) | (202) |
Financial Highlights (Details)
Financial Highlights (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Financial Highlights [Line Items] | |||||
Units (in shares) | 1,834,551 | 1,919,866 | |||
Net Assets | $ 9,497,031 | $ 9,036,785 | $ 8,485,201 | $ 8,311,766 | |
Company Net Assets | |||||
Financial Highlights [Line Items] | |||||
Net Assets | $ 2,324,000 | $ 1,853,000 | $ 1,606,000 | $ 1,619,000 | $ 1,765,000 |
Units | |||||
Financial Highlights [Line Items] | |||||
Units (in shares) | 1,835,000 | 1,920,000 | 1,999,000 | 2,070,000 | 2,089,000 |
Units | Minimum | |||||
Financial Highlights [Line Items] | |||||
Unit Value (dollars per share) | $ 3.19050 | $ 3.07375 | $ 2.85193 | $ 2.69505 | $ 2.49096 |
Units | Maximum | |||||
Financial Highlights [Line Items] | |||||
Unit Value (dollars per share) | $ 4.17877 | $ 3.99015 | $ 3.66932 | $ 3.43650 | $ 3.14796 |
Net Assets | |||||
Financial Highlights [Line Items] | |||||
Net Assets | $ 7,173,000 | $ 7,184,000 | $ 6,880,000 | $ 6,692,000 | $ 6,201,000 |
Investment Income Ratio | |||||
Financial Highlights [Line Items] | |||||
Investment Income Ratio | 3.51% | 3.16% | 3.68% | 5.04% | 4.84% |
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 | 3.80% | 7.78% | 5.82% | 8.19% | 5.53% |
Total Return | Maximum | |||||
Financial Highlights [Line Items] | |||||
Total Return | 4.73% | 8.74% | 6.77% | 9.17% | 6.48% |
Financial Highlights (Narrative
Financial Highlights (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
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 percent of sales 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% |