Prudential Variable Contract Real Property Account POS AM 30 Mar 20 2019 FY Prospectus update (post-effective amendment) Financial data

Document And Entity Information

Document And Entity Information	12 Months Ended
	Dec. 31, 2019
Cover page.
Document Type	S-1
Entity Registrant Name	PRUDENTIAL VARIABLE CONTRACT REAL PROPERTY ACCOUNT
Entity Incorporation, State or Country Code	NJ
Entity Tax Identification Number	22-1211670
Entity Address, Address Line One	751 Broad Street
Entity Address, City or Town	Newark
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07102
City Area Code	973
Local Phone Number	802-6000
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Central Index Key	0000846581

STATEMENTS OF NET ASSETS

STATEMENTS OF NET ASSETS - USD ($)	Dec. 31, 2019	Dec. 31, 2018
ASSETS
Investment in The Prudential Variable Contract Real Property Partnership	$ 95,579,179	$ 93,006,006
Net Assets	95,579,179	93,006,006
NET ASSETS, representing:
Equity of contract owners	68,738,863	70,813,085
Equity of The Prudential Insurance Company of America	26,840,316	22,192,921
Net Assets	$ 95,579,179	$ 93,006,006
Portfolio shares held (in shares)	1,838,524	1,838,524
Portfolio net asset value per share (in dollars per share)	$ 51.99	$ 50.59
Contract owner units outstanding (in shares)	19,067,779	20,020,744

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
INVESTMENT INCOME
Net investment income allocated from The Prudential Variable Contract Real Property Partnership	$ 2,584,242	$ 2,864,421	$ 2,807,614
EXPENSES
Charges for mortality and expense risk, and for administration	537,831	553,452	548,820
NET INVESTMENT INCOME	2,046,411	2,310,969	2,258,794
NET RECOGNIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net unrealized appreciation (depreciation) on investments allocated from The Prudential Variable Contract Real Property Partnership	(11,069)	692,575	2,098,833
Net recognized gain (loss) on investments allocated from The Prudential Variable Contract Real Property Partnership	0	0	(562,670)
NET GAIN (LOSS) ON INVESTMENTS	(11,069)	692,575	1,536,163
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$ 2,035,342	$ 3,003,544	$ 3,794,957

STATEMENTS OF CHANGES IN NET AS

STATEMENTS OF CHANGES IN NET ASSETS - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
OPERATIONS
Net investment income	$ 2,046,411	$ 2,310,969	$ 2,258,794
Net unrealized appreciation (depreciation) on investments allocated from The Prudential Variable Contract Real Property Partnership	(11,069)	692,575	2,098,833
Net recognized gain (loss) on investments allocated from The Prudential Variable Contract Real Property Partnership	0	0	(562,670)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	2,035,342	3,003,544	3,794,957
CAPITAL TRANSACTIONS
Net contributions (withdrawals) by contract owners	(3,439,649)	(2,431,405)	(3,264,422)
Net contributions (withdrawals) by The Prudential Insurance Company of America	3,977,480	1,188,050	2,037,750
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL TRANSACTIONS	537,831	(1,243,355)	(1,226,672)
TOTAL INCREASE (DECREASE) IN NET ASSETS	2,573,173	1,760,189	2,568,285
NET ASSETS
Beginning of year	93,006,006	91,245,817	88,677,532
End of year	$ 95,579,179	$ 93,006,006	$ 91,245,817

General

General	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	General The Prudential Variable Contract Real Property Account (the “Real Property Account” or the “Registrant”) was established on November 20, 1986 by resolution of the Board of Directors of The Prudential Insurance Company of America (“Prudential” or the “Company”), as a separate investment account pursuant to New Jersey law and is registered under the Securities Act of 1933, as amended. Prudential is a wholly-owned subsidiary of Prudential Financial, Inc. (“Prudential Financial”). The assets of the Real Property Account are segregated from Prudential’s other assets. The Real Property Account is used to fund benefits under certain variable life insurance and variable annuity contracts issued by Prudential. These products are Variable Appreciable Life (“PVAL”, “PVAL $100,000+ Face Value,” and “CVAL”), Discovery Plus (“PDISCO+”), and Variable Investment Plan (“VIP”). 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 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, 2019
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, 2019 and 2018 , the Real Property Account’s share of the general partners' controlling interest of the Partnership was 42.5% or 1,838,524 shares and 42.5% or 1,838,524 shares, respectively. 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 gains and losses are allocated based upon the average daily net assets for the investment in the Partnership. Amounts are based on the Real Property Account’s proportionate interest in the Partnership. All changes in fair value are recorded as net change in unrealized appreciation (depreciation) on investments in the Statement of Operations. D. Equity of The Prudential Insurance Company of America Prudential 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, 2019 , 2018 , and 2017 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 years ended December 31, 2019 , 2018 , and 2017 .

Taxes

Taxes	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Taxes	Taxes Prudential 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, 2019
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 (1) for the Real Property Account by product for the years ended December 31, 2019 , 2018 and 2017 were as follows: December 31, 2019 VIP & PDISCO+ CVAL, PVAL & PVAL $100,000+ face value TOTAL Contract owner net payments $ 789 $ 2,364,876 $ 2,365,665 Policy loans — (1,663,411 ) (1,663,411 ) Policy loan repayments and interest — 1,276,514 1,276,514 Surrenders, withdrawals and death benefits (152,845 ) (3,179,843 ) (3,332,688 ) Net transfers from/(to) other subaccounts or fixed rate option (25,510 ) (575,622 ) (601,132 ) Miscellaneous transactions 4 (2,762 ) (2,758 ) Administrative and other charges (425 ) (1,481,414 ) (1,481,839 ) $ (177,987 ) $ (3,261,662 ) $ (3,439,649 ) December 31, 2018 VIP & PDISCO+ CVAL, PVAL & PVAL TOTAL Contract owner net payments $ 813 $ 2,608,116 $ 2,608,929 Policy loans — (878,737 ) (878,737 ) Policy loan repayments and interest — 1,440,781 1,440,781 Surrenders, withdrawals and death benefits (165,359 ) (3,435,377 ) (3,600,736 ) Net transfers from/(to) other subaccounts or fixed rate option 62,417 (629,948 ) (567,531 ) Miscellaneous transactions 23 11,351 11,374 Administrative and other charges (345 ) (1,445,140 ) (1,445,485 ) $ (102,451 ) $ (2,328,954 ) $ (2,431,405 ) December 31, 2017 VIP & PDISCO+ CVAL, PVAL & PVAL TOTAL Contract owner net payments $ 636 $ 2,544,753 $ 2,545,389 Policy loans — (974,618 ) (974,618 ) Policy loan repayments and interest — 1,391,042 1,391,042 Surrenders, withdrawals and death benefits (237,974 ) (4,150,301 ) (4,388,275 ) Net transfers from/(to) other subaccounts or fixed rate option (25,448 ) (195,705 ) (221,153 ) Miscellaneous transactions — 256 256 Administrative and other charges (458 ) (1,616,605 ) (1,617,063 ) $ (263,244 ) $ (3,001,178 ) $ (3,264,422 ) (1) 2017 contract owner transaction amounts were reclassified in 2018 to conform to the current presentation.

Partnership Distributions

Partnership Distributions	12 Months Ended
	Dec. 31, 2019
Partnership Distributions [Abstract]
Partnership Distributions	Partnership Distributions For the year ended December 31, 2019 , the Partnership made no distributions. For the year ended December 31, 2018 , the Partnership distributed a total of $5.0 million , which occurred on December 27, 2018. The Real Property Account's share of this distribution was $1.8 million . For the year ended December 31, 2017 , the Partnership distributed a total of $5.0 million which occurred on December 28, 2017. The Real Property Account's share of this distribution was $1.8 million . For the years ended December 31, 2019 , 2018 and 2017 , there were no purchases of the Partnership by the Real Property Account.

Unit Activity

Unit Activity	12 Months Ended
	Dec. 31, 2019
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, 2019 , 2018 and 2017 were as follows: December 31, 2019 VIP & PDISCO+ CVAL, PVAL & PVAL $100,000+ face value TOTAL Units issued: 13,604 204,156 217,760 Units redeemed: (69,683 ) (1,101,042 ) (1,170,725 ) December 31, 2018 VIP & PDISCO+ CVAL, PVAL & PVAL TOTAL Units issued: 20,268 245,420 265,688 Units redeemed: (52,830 ) (903,600 ) (956,430 ) December 31, 2017 VIP & PDISCO+ CVAL, PVAL & PVAL TOTAL Units issued: 726 257,536 258,262 Units redeemed: (87,972 ) (1,129,819 ) (1,217,791 )

Financial Highlights

Financial Highlights	12 Months Ended
	Dec. 31, 2019
Financial Highlights [Abstract]
Financial Highlights	Financial Highlights Prudential 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. In the table below, the contract owner units and net assets, the investment income ratio and the ranges of lowest to highest unit values, expense ratios and total returns are presented for the products offered by Prudential and funded through the Real Property Account. Only product designs within the Real Property Account that had contract owner units outstanding during the respective periods were considered when determining the ranges, which exclude Prudential’s position in the Real Property Account. The table may not reflect the minimum and maximum contract charges as contract owners may not have selected all available and applicable products offered by Prudential 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, 2019 19,068 $3.20 — $ 3.81 $ 68,739 2.74 % 0.60% — 1.20 % 1.55% — 2.16 % December 31, 2018 20,021 $3.15 — $ 3.73 $ 70,813 3.06 % 0.60% — 1.20 % 2.65% — 3.27 % December 31, 2017 20,711 $3.07 — $ 3.61 $ 71,067 3.10 % 0.60% — 1.20 % 3.66% — 4.28 % December 31, 2016 21,671 $2.96 — $ 3.46 $ 71,456 3.51 % 0.60% — 1.20 % 3.85% — 4.47 % December 31, 2015 22,072 $2.85 — $ 3.31 $ 69,745 3.16 % 0.60% — 1.20 % 7.83% — 8.48 % (1) This amount represents the contract owners' proportionate share of net investment income from the underlying Partnership divided by the contract owners' average daily net assets of the Real Property Account. This ratio excludes those expenses, such as mortality 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 risk and administrative 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. Note 7: Financial Highlights (continued) (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. Prudential 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 Prudential. Charges for mortality and expense risk and administrative expenses are used by Prudential to purchase additional investments in its account resulting in no impact to its net assets. Net Assets (000’s) December 31, 2019 $26,840 December 31, 2018 $22,193 December 31, 2017 $20,179 December 31, 2016 $17,222 December 31, 2015 $14,635 Charges and Expenses A. Mortality and Expense Risk Charges Mortality and expense risk charges are determined daily using an effective annual rate of 1.2% , 0.9% , 0.6% and 1.2% for PDISCO+, PVAL, PVAL $100,000 + Face Value and VIP, respectively (for PDISCO+, the 1.2% includes a 0.20% administrative charge). CVAL used the same fees and charges as the PVAL $100,000 + Face Value. 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 Prudential. The mortality risk and expense risk charges are assessed through a reduction in unit values. B. 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 PVAL and PVAL $100,000 + Face Value are (1) taxes attributable to premiums; and (2) transaction costs 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 Prudential 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. C. Deferred Sales Charge A deferred sales charge is imposed upon the withdrawals of certain purchase payments to compensate Prudential for sales and other marketing expenses for PDISCO+ and VIP. The amount of any deferred sales charge will depend on the amount withdrawn and the number of contract years that have elapsed since the contract owner or annuitant made the purchase payments deemed to be withdrawn. As the amount of time that has elapsed since a given purchase payment made increases, the deferred sales charge applicable to that purchase payment generally decreases. No deferred sales charge is made against the withdrawal of investment income. No sales charge is imposed upon death benefit payments or upon transfers made between subaccounts. This deferred sales charge is assessed through the redemption of units. D. Partial Withdrawal Charge A charge is imposed by Prudential on partial withdrawals of the cash surrender value for PVAL and PVAL $100,000 + Face Value. 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. E. Annual Maintenance Charge An annual maintenance charge, applicable to PDISCO+ and VIP, of $30 will be deducted if and only if the contract account value is less than $10,000 on a contract anniversary or at the time a full withdrawal is effected, including a withdrawal to effect an annuity. The charge is made by reducing accumulation units credited to a contract owner’s account.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions 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, 2019
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 in accordance with the Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value Measurement. 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, 2019.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On March 11, 2020, the World Health Organization declared COVID-19 a pandemic, and national governments have implemented a range of policies and actions to combat it. The extent of the impact of COVID-19 on world economies, and ultimately on the Partnership in which the Real Property Account invests, is highly uncertain and cannot be predicted at this time. Management will continue to monitor developments, and their impact on the fair value of the Partnership, which may be materially adversely affected if the financial markets and/or the overall economy are impacted for an extended period.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
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, 2019 and 2018 , the Real Property Account’s share of the general partners' controlling interest of the Partnership was 42.5% or 1,838,524 shares and 42.5% or 1,838,524 shares, respectively. 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 gains and losses are allocated based upon the average daily net assets for the investment in the Partnership. Amounts are based on the Real Property Account’s proportionate interest in the Partnership. All changes in fair value are recorded as net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.
Equity of The Prudential Insurance Company of America	Equity of The Prudential Insurance Company of America Prudential 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, 2019 , 2018 , and 2017 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 years ended December 31, 2019 , 2018 , and 2017 .

Net Contributions (Withdrawal_2

Net Contributions (Withdrawals) by Contract Owners (Tables)	12 Months Ended
	Dec. 31, 2019
Net Contributions Withdrawals By Contract Owners [Abstract]
Schedule of Net Contributions (Withdrawals) by Contract Owners	Net contributions (withdrawals) by contract owners (1) for the Real Property Account by product for the years ended December 31, 2019 , 2018 and 2017 were as follows: December 31, 2019 VIP & PDISCO+ CVAL, PVAL & PVAL $100,000+ face value TOTAL Contract owner net payments $ 789 $ 2,364,876 $ 2,365,665 Policy loans — (1,663,411 ) (1,663,411 ) Policy loan repayments and interest — 1,276,514 1,276,514 Surrenders, withdrawals and death benefits (152,845 ) (3,179,843 ) (3,332,688 ) Net transfers from/(to) other subaccounts or fixed rate option (25,510 ) (575,622 ) (601,132 ) Miscellaneous transactions 4 (2,762 ) (2,758 ) Administrative and other charges (425 ) (1,481,414 ) (1,481,839 ) $ (177,987 ) $ (3,261,662 ) $ (3,439,649 ) December 31, 2018 VIP & PDISCO+ CVAL, PVAL & PVAL TOTAL Contract owner net payments $ 813 $ 2,608,116 $ 2,608,929 Policy loans — (878,737 ) (878,737 ) Policy loan repayments and interest — 1,440,781 1,440,781 Surrenders, withdrawals and death benefits (165,359 ) (3,435,377 ) (3,600,736 ) Net transfers from/(to) other subaccounts or fixed rate option 62,417 (629,948 ) (567,531 ) Miscellaneous transactions 23 11,351 11,374 Administrative and other charges (345 ) (1,445,140 ) (1,445,485 ) $ (102,451 ) $ (2,328,954 ) $ (2,431,405 ) December 31, 2017 VIP & PDISCO+ CVAL, PVAL & PVAL TOTAL Contract owner net payments $ 636 $ 2,544,753 $ 2,545,389 Policy loans — (974,618 ) (974,618 ) Policy loan repayments and interest — 1,391,042 1,391,042 Surrenders, withdrawals and death benefits (237,974 ) (4,150,301 ) (4,388,275 ) Net transfers from/(to) other subaccounts or fixed rate option (25,448 ) (195,705 ) (221,153 ) Miscellaneous transactions — 256 256 Administrative and other charges (458 ) (1,616,605 ) (1,617,063 ) $ (263,244 ) $ (3,001,178 ) $ (3,264,422 ) (1) 2017 contract owner transaction amounts were reclassified in 2018 to conform to the current presentation.

Unit Activity (Tables)

Unit Activity (Tables)	12 Months Ended
	Dec. 31, 2019
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, 2019 , 2018 and 2017 were as follows: December 31, 2019 VIP & PDISCO+ CVAL, PVAL & PVAL $100,000+ face value TOTAL Units issued: 13,604 204,156 217,760 Units redeemed: (69,683 ) (1,101,042 ) (1,170,725 ) December 31, 2018 VIP & PDISCO+ CVAL, PVAL & PVAL TOTAL Units issued: 20,268 245,420 265,688 Units redeemed: (52,830 ) (903,600 ) (956,430 ) December 31, 2017 VIP & PDISCO+ CVAL, PVAL & PVAL TOTAL Units issued: 726 257,536 258,262 Units redeemed: (87,972 ) (1,129,819 ) (1,217,791 )

Financial Highlights (Tables)

Financial Highlights (Tables)	12 Months Ended
	Dec. 31, 2019
Financial Highlights [Abstract]
Schedule of Financial Highlights	The table below reflects information for assets held by Prudential. Charges for mortality and expense risk and administrative expenses are used by Prudential to purchase additional investments in its account resulting in no impact to its net assets. Net Assets (000’s) December 31, 2019 $26,840 December 31, 2018 $22,193 December 31, 2017 $20,179 December 31, 2016 $17,222 December 31, 2015 $14,635 In the table below, the contract owner units and net assets, the investment income ratio and the ranges of lowest to highest unit values, expense ratios and total returns are presented for the products offered by Prudential and funded through the Real Property Account. Only product designs within the Real Property Account that had contract owner units outstanding during the respective periods were considered when determining the ranges, which exclude Prudential’s position in the Real Property Account. The table may not reflect the minimum and maximum contract charges as contract owners may not have selected all available and applicable products offered by Prudential 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, 2019 19,068 $3.20 — $ 3.81 $ 68,739 2.74 % 0.60% — 1.20 % 1.55% — 2.16 % December 31, 2018 20,021 $3.15 — $ 3.73 $ 70,813 3.06 % 0.60% — 1.20 % 2.65% — 3.27 % December 31, 2017 20,711 $3.07 — $ 3.61 $ 71,067 3.10 % 0.60% — 1.20 % 3.66% — 4.28 % December 31, 2016 21,671 $2.96 — $ 3.46 $ 71,456 3.51 % 0.60% — 1.20 % 3.85% — 4.47 % December 31, 2015 22,072 $2.85 — $ 3.31 $ 69,745 3.16 % 0.60% — 1.20 % 7.83% — 8.48 % (1) This amount represents the contract owners' proportionate share of net investment income from the underlying Partnership divided by the contract owners' average daily net assets of the Real Property Account. This ratio excludes those expenses, such as mortality 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 risk and administrative 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. Note 7: Financial Highlights (continued) (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 (Narrative) (Details)

General (Narrative) (Details)	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Minimum percent of partnership assets invested in direct ownership interests	65.00%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Percent of interest in the General Partners Controlling Interest	42.50%	42.50%
Interest in the General Partners Controlling Interest (in shares)	1,838,524	1,838,524
Cash transactions	$ 0	$ 0	$ 0

Net Contributions (Withdrawal_3

Net Contributions (Withdrawals) by Contract Owners (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Net Contributions Withdrawals By Contract Owners [Line Items]
Contract owner net payments	$ 2,365,665	$ 2,608,929	$ 2,545,389
Policy loans	(1,663,411)	(878,737)	(974,618)
Policy loan repayments and interest	1,276,514	1,440,781	1,391,042
Surrenders, withdrawals and death benefits	(3,332,688)	(3,600,736)	(4,388,275)
Net transfers from/(to) other subaccounts or fixed rate option	(601,132)	(567,531)	(221,153)
Miscellaneous transactions	(2,758)	11,374	256
Administrative and other charges	(1,481,839)	(1,445,485)	(1,617,063)
Net Contributions (Withdrawals) by Contract Owners	(3,439,649)	(2,431,405)	(3,264,422)
VIP & PDISCO
Net Contributions Withdrawals By Contract Owners [Line Items]
Contract owner net payments	789	813	636
Policy loans	0	0	0
Policy loan repayments and interest	0	0	0
Surrenders, withdrawals and death benefits	(152,845)	(165,359)	(237,974)
Net transfers from/(to) other subaccounts or fixed rate option	(25,510)	62,417	(25,448)
Miscellaneous transactions	4	23	0
Administrative and other charges	(425)	(345)	(458)
Net Contributions (Withdrawals) by Contract Owners	(177,987)	(102,451)	(263,244)
CVAL, PVAL & PVAL $100,000 face value
Net Contributions Withdrawals By Contract Owners [Line Items]
Contract owner net payments	2,364,876	2,608,116	2,544,753
Policy loans	(1,663,411)	(878,737)	(974,618)
Policy loan repayments and interest	1,276,514	1,440,781	1,391,042
Surrenders, withdrawals and death benefits	(3,179,843)	(3,435,377)	(4,150,301)
Net transfers from/(to) other subaccounts or fixed rate option	(575,622)	(629,948)	(195,705)
Miscellaneous transactions	(2,762)	11,351	256
Administrative and other charges	(1,481,414)	(1,445,140)	(1,616,605)
Net Contributions (Withdrawals) by Contract Owners	$ (3,261,662)	$ (2,328,954)	$ (3,001,178)

Partnership Distributions (Narr

Partnership Distributions (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Partnership Distributions [Abstract]
Partnership distribution made	$ 0	$ 5	$ 5
The Account's share of Partnership distribution		1.8	1.8
Purchases of the Partnership by the Real Property Account	$ 0	$ 0	$ 0

Unit Activity (Details)

Unit Activity (Details) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Unit Activity [Line Items]
Units issued	217,760	265,688	258,262
Units redeemed	(1,170,725)	(956,430)	(1,217,791)
VIP & PDISCO
Unit Activity [Line Items]
Units issued	13,604	20,268	726
Units redeemed	(69,683)	(52,830)	(87,972)
CVAL, PVAL & PVAL $100,000 face value
Unit Activity [Line Items]
Units issued	204,156	245,420	257,536
Units redeemed	(1,101,042)	(903,600)	(1,129,819)

Financial Highlights (Details)

Financial Highlights (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Financial Highlights [Line Items]
Units (in shares)	19,067,779	20,020,744
Net Assets	$ 95,579,179	$ 93,006,006	$ 91,245,817	$ 88,677,532
Company Net Assets
Financial Highlights [Line Items]
Net Assets	$ 26,840,000	$ 22,193,000	$ 20,179,000	$ 17,222,000	$ 14,635,000
Units
Financial Highlights [Line Items]
Units (in shares)	19,068,000	20,021,000	20,711,000	21,671,000	22,072,000
Units | Minimum
Financial Highlights [Line Items]
Unit Value (in dollars per share)	$ 3.20	$ 3.15	$ 3.07	$ 2.96	$ 2.85
Units | Maximum
Financial Highlights [Line Items]
Unit Value (in dollars per share)	$ 3.81	$ 3.73	$ 3.61	$ 3.46	$ 3.31
Net Assets
Financial Highlights [Line Items]
Net Assets	$ 68,739,000	$ 70,813,000	$ 71,067,000	$ 71,456,000	$ 69,745,000
Investment Income Ratio
Financial Highlights [Line Items]
Investment Income Ratio	2.74%	3.06%	3.10%	3.51%	3.16%
Expense Ratio | Minimum
Financial Highlights [Line Items]
Expense Ratio	0.60%	0.60%	0.60%	0.60%	0.60%
Expense Ratio | Maximum
Financial Highlights [Line Items]
Expense Ratio	1.20%	1.20%	1.20%	1.20%	1.20%
Total Return | Minimum
Financial Highlights [Line Items]
Total Return	1.55%	2.65%	3.66%	3.85%	7.83%
Total Return | Maximum
Financial Highlights [Line Items]
Total Return	2.16%	3.27%	4.28%	4.47%	8.48%

Financial Highlights (Narrative

Financial Highlights (Narrative) (Details)	12 Months Ended
	Dec. 31, 2019USD ($)
PDISCO
Net Amount at Risk by Product and Guarantee [Line Items]
Effective annual rate used to determine daily the mortality risk and expense risk charges	1.20%
Effective annual rate used to determine daily the administrative charges	0.20%
Annual maintenance charge	$ 30
Minimum contract fund balance required to waive annual maintenance charge (less than)	$ 10,000
PVAL
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%
Partial withdrawal charge, amount	$ 15
Partial withdrawal charge, percent	2.00%
PVAL $100,000 Face Value
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%
Partial withdrawal charge, amount	$ 15
Partial withdrawal charge, percent	2.00%
VIP
Net Amount at Risk by Product and Guarantee [Line Items]
Effective annual rate used to determine daily the mortality risk and expense risk charges	1.20%
Annual maintenance charge	$ 30
Minimum contract fund balance required to waive annual maintenance charge (less than)	$ 10,000

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) $ in Millions	Dec. 31, 2019USD ($)
Fair Value Disclosures [Abstract]
Minimum percent of partnership assets invested in direct ownership interests	65.00%
Unfunded capital commitments	$ 0