Pruco Life Of New Jersey Variable Contract Real Property Acc 10-Q 13 Aug 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - Jun. 30, 2015 - shares	Total
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Entity Registrant Name	PRUCO LIFE OF NEW JERSEY VARIABLE CONTRACT REAL PROPERTY ACC
Entity Central Index Key	829,114
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	0

Statements Of Net Assets

Statements Of Net Assets - USD ($)	Jun. 30, 2015	Dec. 31, 2014
ASSETS
Investment in The Prudential Variable Contract Real Property Partnership	$ 8,516,033	$ 8,485,201
Net Assets	8,516,033	8,485,201
NET ASSETS, representing:
Equity of contract owners	6,921,602	6,879,693
Equity of Pruco Life Insurance Company of New Jersey	1,594,431	1,605,508
Net Assets	$ 8,516,033	$ 8,485,201
Units outstanding (in shares)	2,414,579	2,467,132
Portfolio shares held (in shares)	204,595	209,632
Portfolio net asset value per share (in dollars per share)	$ 41.62	$ 40.48

Statements Of Operations

Statements Of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
INVESTMENT INCOME
Net investment income allocated from The Prudential Variable Contract Real Property Partnership	$ 68,935	$ 75,747	$ 129,410	$ 157,229
EXPENSES
Charges to contract owners for assuming mortality and expense risk and for administration	9,928	9,540	19,644	18,992
NET INVESTMENT INCOME	59,007	66,207	109,766	138,237
NET RECOGNIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net unrealized gain (loss) on investments allocated from The Prudential Variable Contract Real Property Partnership	2,790	76,262	103,422	53,912
Net recognized gain (loss) on investments allocated from The Prudential Variable Contract Real Property Partnership	5,677	0	5,677	0
NET GAIN (LOSS) ON INVESTMENTS	8,467	76,262	109,099	53,912
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$ 67,474	$ 142,469	$ 218,865	$ 192,149

Statements Of Changes In Net As

Statements Of Changes In Net Assets - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
OPERATIONS
Net investment income	$ 59,007	$ 66,207	$ 109,766	$ 138,237
Net unrealized gain (loss) on investments allocated from The Prudential Variable Contract Real Property Partnership	2,790	76,262	103,422	53,912
Net recognized gain (loss) on investments allocated from The Prudential Variable Contract Real Property Partnership	5,677	0	5,677	0
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	67,474	142,469	218,865	192,149
CAPITAL TRANSACTIONS
Net contributions (withdrawals) by contract owners	(70,575)	(108,828)	(131,371)	(146,864)
Net contributions (withdrawals) by Pruco Life Insurance Company of New Jersey	80,503	118,368	(56,662)	(31,726)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL TRANSACTIONS	9,928	9,540	(188,033)	(178,590)
TOTAL INCREASE (DECREASE) IN NET ASSETS	77,402	152,009	30,832	13,559
NET ASSETS
Beginning of period	8,438,631	8,173,316	8,485,201	8,311,766
End of period	$ 8,516,033	$ 8,325,325	$ 8,516,033	$ 8,325,325

General

General	6 Months Ended
	Jun. 30, 2015
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 Pruco Life Variable Contract Real Property Account and The Prudential Variable Contract Real Property Account, are the sole investors in the Partnership. These financial statements should be read in conjunction with the accompanying unaudited 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	6 Months Ended
	Jun. 30, 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 Unaudited Interim Financial Statements as of June 30, 2015 and the statement of net assets as of December 31, 2014 , which has been derived from Audited Financial Statements, have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) on a basis consistent with reporting interim financial information in accordance with instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission. In the opinion of management, all adjustments necessary for a fair statement of the financial position and results of operations have been made. All such adjustments are of a normal, recurring nature. Interim results are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with the Real Property Account’s Audited Financial Statements included in the Real Property Account’s Annual Report on Form 10-K for the year ended December 31, 2014 . 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. 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 June 30, 2015 and December 31, 2014 , the Real Property Account’s share of the general partners' controlling interest of the Partnership was 4.5% or 204,595 shares and 4.5% or 209,632 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 unaudited consolidated financial statements of the Partnership. C. Income Recognition Net investment income or loss, 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. Note 2: Summary of Significant Accounting Policies (continued) 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 six months ended June 30, 2015 and the year ended December 31, 2014 as all of the transactions are settled by Prudential 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 six months ended June 30, 2015 and 2014.

Charges and Expenses

Charges and Expenses	6 Months Ended
	Jun. 30, 2015
Charges And Expenses [Abstract]
Charges and Expenses	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) state premium taxes; (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. 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.

Taxes

Taxes	6 Months Ended
	Jun. 30, 2015
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 a 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	6 Months Ended
	Jun. 30, 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 three and six months ended June 30, 2015 and 2014 were as follows: Six Months Ended June 30, 2015 2014 VAL $ (97,442 ) $ (73,026 ) VLI (11,260 ) (73,566 ) SPVA — — SPVL (22,669 ) (272 ) TOTAL $ (131,371 ) $ (146,864 ) Three Months Ended June 30, 2015 2014 VAL $ (41,354 ) $ (60,359 ) VLI (6,695 ) (48,332 ) SPVA — — SPVL (22,526 ) (137 ) TOTAL $ (70,575 ) $ (108,828 )

Partnership Distributions

Partnership Distributions	6 Months Ended
	Jun. 30, 2015
Partnership Distributions [Abstract]
Partnership Distributions	Partnership Distributions For the six months ended June 30, 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 six months ended June 30, 2014 , the Partnership distributed a total of $5.0 million , which occurred on March 26, 2014. The Real Property Account’s share of this distribution was $0.2 million . For the six months ended June 30, 2015 and 2014, there were no purchases of the Partnership by the Real Property Account.

Unit Information

Unit Information	6 Months Ended
	Jun. 30, 2015
Unit Information [Abstract]
Unit Information	Unit Information All products referred to in Note 1 for outstanding units and unit values at June 30, 2015 and December 31, 2014 were as follows: June 30, 2015 December 31, 2014 Units Outstanding: 2,414,579 2,467,132 Unit Value: $2.91478 to $3.76680 $2.85193 to $3.66932

Financial Highlights

Financial Highlights	6 Months Ended
	Jun. 30, 2015
Financial Highlights [Abstract]
Financial Highlights	Financial Highlights The range of total return for the three and six months ended June 30, 2015 and 2014 were as follows: Six months ended June 30, 2015 2014 Total Return 2.20% to 2.66% 1.96% to 2.41% Three Months Ended June 30, 2015 2014 Total Return 0.60% to 0.83% 1.54% to 1.77%

Related Party

Related Party	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 unaudited consolidated financial statements. 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 six months ended June 30, 2015 and 2014 , there were no transfers between Level 1, Level 2, and Level 3. Note 10: 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. Table 1: ($ in 000’s) Fair value measurements at June 30, 2015 Total Level 1 Level 2 Level 3 Assets: Investment in The Prudential Variable Contract Real Property Partnership $ 8,516 $ — $ — $ 8,516 ($ in 000’s) Fair value measurements at December 31, 2014 Total Level 1 Level 2 Level 3 Assets: Investment in The Prudential Variable Contract Real Property Partnership $ 8,485 $ — $ — $ 8,485 Note 10: Fair Value Measurements (continued) 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 six months ended June 30, 2015 and 2014 . Table 2: ($ in 000’s) 2015 Beginning balance, January 1, 2015 $ 8,485 Net recognized and unrealized gains (losses) included in earnings (or changes in net assets) from Partnership operations 110 Net investment income from Partnership operations 129 Acquisitions, issuances, and contributions — Dispositions, settlements, and distributions (208 ) Ending balance, June 30, 2015 $ 8,516 Unrealized gains (losses) for the period relating to Level 3 assets still held at the reporting date $ 103 ($ in 000’s) 2014 Beginning balance, January 1, 2014 $ 8,312 Net recognized and unrealized gains (losses) included in earnings (or changes in net assets) from Partnership operations 54 Net investment income from Partnership operations 157 Acquisitions, issuances, and contributions — Dispositions, settlements, and distributions (198 ) Ending balance, June 30, 2014 $ 8,325 Unrealized gains (losses) for the period relating to Level 3 assets still held at the reporting date $ 54 Note 10: Fair Value Measurements (continued) Table 3 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 three months ended June 30, 2015 and 2014 . Table 3: ($ in 000’s) 2015 Beginning balance, April 1, 2015 $ 8,439 Net recognized and unrealized gains (losses) included in earnings (or changes in net assets) from Partnership operations 8 Net investment income from Partnership operations 69 Acquisitions, issuances, and contributions — Dispositions, settlements, and distributions — Ending balance, June 30, 2015 $ 8,516 Unrealized gains (losses) for the period relating to Level 3 assets still held at the reporting date $ 3 ($ in 000’s) 2014 Beginning balance, April 1, 2014 $ 8,173 Net recognized and unrealized gains (losses) included in earnings (or changes in net assets) from Partnership operations 76 Net investment income from Partnership operations 76 Acquisitions, issuances, and contributions — Dispositions, settlements, and distributions — Ending balance, June 30, 2014 $ 8,325 Unrealized gains (losses) for the period relating to Level 3 assets still held at the reporting date $ 76

Summary of Significant Accoun15

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Basis of Accounting	Basis of Accounting The Unaudited Interim Financial Statements as of June 30, 2015 and the statement of net assets as of December 31, 2014 , which has been derived from Audited Financial Statements, have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) on a basis consistent with reporting interim financial information in accordance with instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission. In the opinion of management, all adjustments necessary for a fair statement of the financial position and results of operations have been made. All such adjustments are of a normal, recurring nature. Interim results are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with the Real Property Account’s Audited Financial Statements included in the Real Property Account’s Annual Report on Form 10-K for the year ended December 31, 2014 .
Use of Estimates	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 June 30, 2015 and December 31, 2014 , the Real Property Account’s share of the general partners' controlling interest of the Partnership was 4.5% or 204,595 shares and 4.5% or 209,632 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 unaudited consolidated financial statements of the Partnership.
Income Recognition	Income Recognition Net investment income or loss, 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 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. There were no cash transactions at the Real Property Account level for the six months ended June 30, 2015 and the year ended December 31, 2014 as all of the transactions are settled by Prudential 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 six months ended June 30, 2015 and 2014.

Net Contributions (Withdrawal16

Net Contributions (Withdrawals) by Contract Owners (Tables)	6 Months Ended
	Jun. 30, 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 three and six months ended June 30, 2015 and 2014 were as follows: Six Months Ended June 30, 2015 2014 VAL $ (97,442 ) $ (73,026 ) VLI (11,260 ) (73,566 ) SPVA — — SPVL (22,669 ) (272 ) TOTAL $ (131,371 ) $ (146,864 ) Three Months Ended June 30, 2015 2014 VAL $ (41,354 ) $ (60,359 ) VLI (6,695 ) (48,332 ) SPVA — — SPVL (22,526 ) (137 ) TOTAL $ (70,575 ) $ (108,828 )

Unit Information (Tables)

Unit Information (Tables)	6 Months Ended
	Jun. 30, 2015
Unit Information [Abstract]
Schedule of Units of Partnership Interest	All products referred to in Note 1 for outstanding units and unit values at June 30, 2015 and December 31, 2014 were as follows: June 30, 2015 December 31, 2014 Units Outstanding: 2,414,579 2,467,132 Unit Value: $2.91478 to $3.76680 $2.85193 to $3.66932

Financial Highlights (Tables)

Financial Highlights (Tables)	6 Months Ended
	Jun. 30, 2015
Financial Highlights [Abstract]
Schedule of Financial Highlights	The range of total return for the three and six months ended June 30, 2015 and 2014 were as follows: Six months ended June 30, 2015 2014 Total Return 2.20% to 2.66% 1.96% to 2.41% Three Months Ended June 30, 2015 2014 Total Return 0.60% to 0.83% 1.54% to 1.77%

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Summary of Assets Measured at Fair Value on a 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. Table 1: ($ in 000’s) Fair value measurements at June 30, 2015 Total Level 1 Level 2 Level 3 Assets: Investment in The Prudential Variable Contract Real Property Partnership $ 8,516 $ — $ — $ 8,516 ($ in 000’s) Fair value measurements at December 31, 2014 Total Level 1 Level 2 Level 3 Assets: Investment in The Prudential Variable Contract Real Property Partnership $ 8,485 $ — $ — $ 8,485
Schedule of Reconciliation of Assets Measured at Fair Value on a Recurring Basis using Significant Unobservable Inputs	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 six months ended June 30, 2015 and 2014 . Table 2: ($ in 000’s) 2015 Beginning balance, January 1, 2015 $ 8,485 Net recognized and unrealized gains (losses) included in earnings (or changes in net assets) from Partnership operations 110 Net investment income from Partnership operations 129 Acquisitions, issuances, and contributions — Dispositions, settlements, and distributions (208 ) Ending balance, June 30, 2015 $ 8,516 Unrealized gains (losses) for the period relating to Level 3 assets still held at the reporting date $ 103 ($ in 000’s) 2014 Beginning balance, January 1, 2014 $ 8,312 Net recognized and unrealized gains (losses) included in earnings (or changes in net assets) from Partnership operations 54 Net investment income from Partnership operations 157 Acquisitions, issuances, and contributions — Dispositions, settlements, and distributions (198 ) Ending balance, June 30, 2014 $ 8,325 Unrealized gains (losses) for the period relating to Level 3 assets still held at the reporting date $ 54 Note 10: Fair Value Measurements (continued) Table 3 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 three months ended June 30, 2015 and 2014 . Table 3: ($ in 000’s) 2015 Beginning balance, April 1, 2015 $ 8,439 Net recognized and unrealized gains (losses) included in earnings (or changes in net assets) from Partnership operations 8 Net investment income from Partnership operations 69 Acquisitions, issuances, and contributions — Dispositions, settlements, and distributions — Ending balance, June 30, 2015 $ 8,516 Unrealized gains (losses) for the period relating to Level 3 assets still held at the reporting date $ 3 ($ in 000’s) 2014 Beginning balance, April 1, 2014 $ 8,173 Net recognized and unrealized gains (losses) included in earnings (or changes in net assets) from Partnership operations 76 Net investment income from Partnership operations 76 Acquisitions, issuances, and contributions — Dispositions, settlements, and distributions — Ending balance, June 30, 2014 $ 8,325 Unrealized gains (losses) for the period relating to Level 3 assets still held at the reporting date $ 76

General (Details)

General (Details)	Jun. 30, 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	Jun. 30, 2015	Dec. 31, 2014
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	209,632

Charges and Expenses (Details)

Charges and Expenses (Details) - 6 months ended Jun. 30, 2015 - USD ($)	Total
VAL
Charges And Expenses [Line Items]
Effective annual rate used to determine daily the mortality risk and expense risk charges	0.60%
Maximum percent of sales charges	5.00%
Partial withdrawal charge, amount	$ 15
Partial withdrawal charge, percent	2.00%
VLI
Charges And Expenses [Line Items]
Effective annual rate used to determine daily the mortality risk and expense risk charges	0.35%
SPVA
Charges And Expenses [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
Charges And Expenses [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%

Net Contributions (Withdrawal23

Net Contributions (Withdrawals) by Contract Owners (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net Contributions Withdrawals By Contract Owners [Line Items]
Net contributions (withdrawals)	$ (70,575)	$ (108,828)	$ (131,371)	$ (146,864)
VAL
Net Contributions Withdrawals By Contract Owners [Line Items]
Net contributions (withdrawals)	(41,354)	(60,359)	(97,442)	(73,026)
VLI
Net Contributions Withdrawals By Contract Owners [Line Items]
Net contributions (withdrawals)	(6,695)	(48,332)	(11,260)	(73,566)
SPVA
Net Contributions Withdrawals By Contract Owners [Line Items]
Net contributions (withdrawals)	0	0	0	0
SPVL
Net Contributions Withdrawals By Contract Owners [Line Items]
Net contributions (withdrawals)	$ (22,526)	$ (137)	$ (22,669)	$ (272)

Partnership Distributions (Deta

Partnership Distributions (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Partnership Distributions [Abstract]
Partnership distribution made	$ 5	$ 5
The Real Property Account's share of Partnership distribution	$ 0.2	$ 0.2

Unit Information (Details)

Unit Information (Details) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Unit Information [Abstract]
Units Outstanding (in shares)	2,414,579	2,467,132
Unit Value, lower range (in dollars per share)	$ 2.91478	$ 2.85193
Unit Value, higher range (in dollars per share)	$ 3.76680	$ 3.66932

Financial Highlights (Details)

Financial Highlights (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Financial Highlights [Abstract]
Minimum rate of return	0.60%	1.54%	2.20%	1.96%
Maximum rate of return	0.83%	1.77%	2.66%	2.41%

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in The Prudential Variable Contract Real Property Partnership	$ 8,516,033		$ 8,516,033		$ 8,485,201
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net investment income from Partnership operations	68,935	$ 75,747	129,410	$ 157,229
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	8,516,000		8,516,000		8,485,000
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		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		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	8,516,000		8,516,000		$ 8,485,000
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	8,439,000	8,173,000	8,485,000	8,312,000
Net recognized and unrealized gains (losses) included in earnings (or changes in net assets) from Partnership operations	8,000	76,000	110,000	54,000
Net investment income from Partnership operations	69,000	76,000	129,000	157,000
Acquisitions, issuances, and contributions	0	0	0	0
Dispositions, settlements, and distributions	0	0	(208,000)	(198,000)
Ending balance	8,516,000	8,325,000	8,516,000	8,325,000
Unrealized gains (losses) for the period relating to Level 3 assets still held at the reporting date	$ 3,000	$ 76,000	$ 103,000	$ 54,000