Prudential Variable Contract Real Property Account S-1 IPO registration

THE PRUDENTIAL VARIABLE CONTRACT REAL PROPERTY PARTNERSHIP

SCHEDULE III - REAL ESTATE OWNED: PROPERTIES

DECEMBER 31, 2011

	Initial Costs to the Partnership									Gross Amount at Which Carried at Close of Year
Description	Encumbrances at 12/31/11			Land		Building & Improvements		Costs Capitalized Subsequent to Acquisition		Land		Building & Improvements		Total			Year of construction		Date Acquired
Properties:
Office Building
Lisle, IL		None			1,780,000		15,743,881		8,882,861		1,949,206		24,457,536		26,406,742			1985	Apr., 1988
Garden Apartments
Raleigh, NC		8,995,044	b		1,623,146		14,135,553		1,070,400		1,817,119		15,011,980		16,829,099			1995	Jun., 1995
Hotel
Lake Oswego, OR					1,500,000		6,508,729		2,983,740		1,500,000		9,492,469		10,992,469			1989	Dec., 2003
Office Building
Brentwood, TN		None			1,797,000		6,588,451		6,758,681		1,855,339		13,288,793		15,144,132			1982	Oct., 1995
Office Building
Beaverton , OR		None			816,415		9,897,307		2,774,419		845,887		12,642,254		13,488,141			1995	Dec., 1996
Office Complex
Brentwood, TN		None			2,425,000		7,063,755		3,461,420		2,463,601		10,486,574		12,950,175			1987	Oct., 1997
Retail Shopping Center
Hampton, VA		5,586,902			2,339,100		12,767,956		3,102,905		4,839,418		13,370,543		18,209,961			1998	May, 2001
Retail Shopping Center
Westminster, MD					3,031,735		9,326,605		2,718,785		3,031,735		12,045,390		15,077,125			2005	June, 2006
Retail Shopping Center
Ocean City, MD		18,882,325			1,517,099		8,495,039		13,893,645		1,524,555		22,381,228		23,905,783			1986	Nov., 2002
Garden Apartments
Austin, TX					2,577,097		20,125,169		169,894		2,577,097		20,295,063		22,872,160			2007	May, 2007
Retail Shopping Center
Dunn, NC		None			586,500		5,372,344		470,630		385,559		6,043,915		6,429,474			1984	Aug., 2007
Garden Apartments
Charlotte, NC					1,350,000		12,184,750		457,802		1,356,620		12,635,932		13,992,552			1998	Sep., 2007
		33,464,271			21,343,092		128,209,539		46,745,182		24,146,136		172,151,677		196,297,813	a

		2011		2010			2009
a	Balance at beginning of year		194,140,941		211,091,543			245,808,214
	Improvements, etc.		2,156,872		3,415,791			3,385,840
	Sale		—		(20,366,393	)		(38,102,511	)
	Balance at end of year		196,297,813		194,140,941			211,091,543
b	Net of an unamortized discount of $4,956

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 March 6, 2012 appearing in the Annual Report on Form 10-K also included an audit of the financial statement schedules exhibited 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

March 19, 2012