Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended |
Sep. 30, 2013 | |
Document And Entity Information [Abstract] | ' |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 30-Sep-13 |
Document Fiscal Period Focus | 'Q3 |
Document Fiscal Year Focus | '2013 |
Entity Registrant Name | 'PRUDENTIAL VARIABLE CONTRACT REAL PROPERTY ACCOUNT |
Entity Central Index Key | '0000846581 |
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 $) | Sep. 30, 2013 | Dec. 31, 2012 |
ASSETS | ' | ' |
Investment in The Prudential Variable Contract Real Property Partnership | $76,023,641 | $73,974,319 |
Net Assets | 76,023,641 | 73,974,319 |
NET ASSETS, representing: | ' | ' |
Equity of contract owners | 60,738,860 | 58,481,042 |
Equity of The Prudential Insurance Company of America | 15,284,781 | 15,493,277 |
Net Assets | $76,023,641 | $73,974,319 |
Units outstanding | 28,977,868 | 29,528,827 |
Portfolio shares held | 2,093,659 | 2,145,062 |
Portfolio net asset value per share | $36.31 | $34.49 |
Statements_Of_Operations
Statements Of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
INVESTMENT INCOME | ' | ' | ' | ' |
Net investment income from Partnership operations | $1,118,641 | $977,204 | $2,914,075 | $2,575,539 |
EXPENSES | ' | ' | ' | ' |
Charges to contract owners for assuming mortality risk and expense risk and for administration | 120,822 | 111,226 | 345,807 | 330,580 |
NET INVESTMENT INCOME | 997,819 | 865,978 | 2,568,268 | 2,244,959 |
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS | ' | ' | ' | ' |
Net change in unrealized gain (loss) on investments in Partnership | 352,013 | 610,154 | 774,181 | 540,316 |
Net realized gain (loss) on sale of investments in Partnership | 38 | 57 | 154,905 | 144,195 |
NET (LOSS) GAIN ON INVESTMENTS | 352,051 | 610,211 | 929,086 | 684,511 |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $1,349,870 | $1,476,189 | $3,497,354 | $2,929,470 |
Statements_Of_Changes_In_Net_A
Statements Of Changes In Net Assets (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
OPERATIONS | ' | ' | ' | ' |
Net investment income | $997,819 | $865,978 | $2,568,268 | $2,244,959 |
Net change in unrealized gain (loss) on investments in Partnership | 352,013 | 610,154 | 774,181 | 540,316 |
Net realized gain (loss) on sale of investments in Partnership | 38 | 57 | 154,905 | 144,195 |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | 1,349,870 | 1,476,189 | 3,497,354 | 2,929,470 |
CAPITAL TRANSACTIONS | ' | ' | ' | ' |
Net contributions (withdrawals) by contract owners | -397,460 | -280,782 | -478,168 | -147,547 |
Net contributions (withdrawals) by The Prudential Insurance Company of America | 518,281 | 392,008 | -969,864 | -1,371,120 |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL TRANSACTIONS | 120,821 | 111,226 | -1,448,032 | -1,518,667 |
TOTAL INCREASE (DECREASE) IN NET ASSETS | 1,470,691 | 1,587,415 | 2,049,322 | 1,410,803 |
NET ASSETS | ' | ' | ' | ' |
Beginning of period | 74,552,950 | 70,864,261 | 73,974,319 | 71,040,873 |
End of period | $76,023,641 | $72,451,676 | $76,023,641 | $72,451,676 |
General
General | 9 Months Ended |
Sep. 30, 2013 | |
General [Abstract] | ' |
General | ' |
Note 1: General | |
The Prudential Variable Contract Real Property Account (the “Account”) was established on November 20, 1986 by resolution of the Board of Directors of The Prudential Insurance Company of America (“Prudential” or the “Company”), which is an indirect wholly-owned subsidiary of Prudential Financial, Inc. (“PFI”). The Account was established as a separate investment account pursuant to New Jersey law and is registered under the Securities Act of 1933, as amended (“ the Securities Act”). The assets of the Account are segregated from Prudential's other assets. The 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 and PVAL $100,000+ Face Value”), Discovery Plus (“PDISCO+”), and Variable Investment Plan (“VIP”). | |
The assets of the 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 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 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_Account
Summary Of Significant Accounting Policies And Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
Summary Of Significant Accounting Policies And Pronouncements [Abstract] | ' |
Summary Of Significant Accounting Policies And Pronouncements | ' |
Note 2: Summary of Significant Accounting Policies and Pronouncements | |
A. Basis of Accounting | |
The Unaudited Interim Financial Statements as of September 30, 2013 and the statement of net assets as of December 31, 2012, 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 (“SEC”). | |
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 Account's Audited Financial Statements included in the Account's Annual Report on Form 10-K for the year ended December 31, 2012. | |
The 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. | |
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 Prudential Variable Contract Real Property Partnership.. | |
Adoption of Accounting Pronouncements | |
In June 2013, the Financial Accounting Standards Board (“FASB”) issued updated guidance clarifying the characteristics of an investment company and requiring new disclosures. Under the guidance, all entities regulated under the Investment Company Act of 1940 automatically qualify as investment companies, while all other entities need to consider both the fundamental and typical characteristics of an investment company in determining whether they qualify as investment companies. This new guidance is effective for interim or annual reporting periods that begin after December 15, 2013, and should be applied prospectively. This guidance is not expected to have a significant effect on the Account's financial position, results of operations, and financial statement disclosures. | |
Note 2: Summary of Significant Accounting Policies and Pronouncements (continued) | |
B. Investment in Partnership Interest | |
The investment in the Partnership is based on the Account's proportionate interest of the Partnership's fair value. At September 30, 2013 and December 31, 2012, the Account's interest in the General Partners Controlling Interest was 41.5% or 2,093,659 shares and 41.4% or 2,145,062 shares, respectively. Properties owned by the Partnership are illiquid and their value is based on estimated fair value as discussed in the notes to the Partnership's consolidated financial statements. | |
C. Income Recognition | |
Net investment income, realized and unrealized gains and losses are recognized daily for the investment in the Partnership. Amounts are based on the Account's proportionate interest in the Partnership. | |
D. Equity of The Prudential Insurance Company of America | |
Prudential maintains a position in the 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. | |
For the period ended September 30, 2013 and December 31, 2012, there were no cash transactions at the Account level as all of transactions are settled by Prudential on behalf of the Account through a redemption or an issuance of units. | |
Charges_And_Expenses
Charges And Expenses | 9 Months Ended |
Sep. 30, 2013 | |
Charges And Expenses [Abstract] | ' |
Charges And Expenses | ' |
Note 3: 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 0.2% administrative charge). 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 policies may exceed related charges by Prudential. The mortality and expense risk charges are assessed through 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 Account. The deductions for PVAL and PVAL $100,000 + Face Value are (1) state premium taxes; (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, applicable to PVAL and PVAL $100,000 + Face Value, and not to exceed 50% of the first year's primary annual premium for PVAL contracts, is imposed upon surrenders of certain variable life insurance contracts to compensate Prudential for sales and other marketing expenses. The amount of any sales charge will depend on the number of years that have elapsed since the contract was issued. No sales charge will be imposed after the tenth year of the contract. No sales charge will be imposed on death benefits. Also 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 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 sales charge applicable to that purchase payment generally decreases. No 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. | |
Note 3: Charges and Expenses (continued) | |
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 fund 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. | |
Taxes
Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Taxes [Abstract] | ' |
Taxes | ' |
Note 4: Taxes | |
Prudential is taxed as a “life insurance company”, as defined by the Internal Revenue Code. The results of operations of the Account form a part of PFI's consolidated federal tax return. Under current federal, state, and local law, no federal, state or local income taxes are payable by the Account. As such, no provision for the tax liability has been recorded in these financial statements. |
Net_Contributions_Withdrawals_
Net Contributions (Withdrawals) By Contract Owners | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Net Contributions Withdrawals By Contract Owners [Abstract] | ' | ||||||
Net Contributions Withdrawals By Contract Owners | ' | ||||||
Note 5: Net Contributions (Withdrawals) by Contract Owners | |||||||
Net contract owner contributions (withdrawals) for the real estate investment option in Prudential’s variable insurance and variable annuity products for the three and nine months ended September 30, 2013 and 2012, were as follows: | |||||||
Three Months Ended September 30, | |||||||
2013 | 2012 | ||||||
PVAL/PVAL $100,000+ face value | ($324,092) | ($258,748) | |||||
PDISCO+/VIP | -73,368 | -22,034 | |||||
TOTAL | ($397,460) | ($280,782) | |||||
Nine Months Ended September 30, | |||||||
2013 | 2012 | ||||||
PVAL/PVAL $100,000+ face value | ($295,009) | ($155,803) | |||||
PDISCO+/VIP | -183,159 | 8,256 | |||||
TOTAL | ($478,168) | ($147,547) |
Partnership_Distributions
Partnership Distributions | 9 Months Ended |
Sep. 30, 2013 | |
Partnership Distributions [Abstract] | ' |
Partnership Distributions | ' |
Note 6: Partnership Distributions | |
For the nine months ended September 30, 2013, the Partnership made one distribution of $5 million on March 26, 2013. The Account's share of this distribution was $1.8 million. During the year ended December 31, 2012, the Partnership made a distribution of $5 million on March 28, 2012. The Account's share of this distribution was $1.8 million. |
Unit_Information
Unit Information | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Unit Information [Abstract] | ' | |||||||||
Schedule of Outstanding Units and Unit Values | ' | |||||||||
Note 7: Unit Information | ||||||||||
All products referred to in Note 1 for outstanding units and unit values at September 30, 2013 and December 31, 2012 were as follows: | ||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||
Units Outstanding: | 28,977,868 | 29,528,827 | ||||||||
Unit Value: | 2.41038 | to | 2.76126 | 2.30961 | to | 2.63416 | ||||
Financial_Highlights
Financial Highlights | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Financial Highlights [Abstract] | ' | |||||||||
Financial Highlights | ' | |||||||||
Note 8: Financial Highlights | ||||||||||
The range of total return for the three and nine months ended September 30, 2013 and 2012 were as follows: | ||||||||||
Three Months Ended September 30, | ||||||||||
2013 | 2012 | |||||||||
Total Return | 1.66% | to | 1.81% | 1.94% | to | 2.09% | ||||
Nine Months Ended September 30, | ||||||||||
2013 | 2012 | |||||||||
Total Return | 4.36% | to | 4.83% | 3.73% | to | 4.19% | ||||
Fair_Value_Disclosure
Fair Value Disclosure | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2013 | Sep. 30, 2013 | ||||||||
Fair Value Disclosure [Abstract] | ' | ' | |||||||
Fair Value Disclosure | ' | ' | |||||||
Changes in Level 3 assets and liabilities | Note 9: Fair Value Disclosure | ||||||||
The table 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 September 30, 2013 and September 30, 2012. | Fair Value Measurement – 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 Account for identical assets or liabilities. These generally provide the most reliable evidence and should be used to measure fair value whenever available. The Account had no Level 1 assets or liabilities. | |||||||||
($ in 000’s) | 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 Account had no Level 2 assets or liabilities. | ||||||||
Three Months Ended September 30, 2013 | Level 3 – Fair value is based on significant unobservable inputs for the asset or liability. These inputs reflect the Account's own assumptions about the assumptions that market participants would use in pricing the asset or liability. The Account's Level 3 assets consist of the investment in the Partnership which is based on the 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 the Account's assets were classified as Level 3. | ||||||||
Beginning balance @ 07/01/13 | $74,553 | The purpose of an appraisal is to estimate the fair value of real estate as of a specific date. The estimate of fair value of real estate is based on the conventional approaches to value, all of which require the exercise of subjective judgment. The three approaches used are: (1) current cost of reproducing the real estate less deterioration and functional and economic obsolescence; (2) discounting a series of income streams and reversion at a specific yield or by directly capitalizing a single year income estimate by an appropriate factor; and (3) value indicated by recent sales of comparable real estate in the market. In the reconciliation of these three approaches, the independent appraiser uses one or a combination of them, to come up with the approximated value for the type of real estate in the market. | |||||||
Total gains or losses (realized/unrealized) included in earnings (or changes in net assets) from Partnership operations | 352 | ||||||||
Net investment income from Partnership operations | 1,119 | The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. | |||||||
Acquisition/additions | - | ||||||||
Equity income | - | Level 3 Assets by Hierarchy | |||||||
Contributions | - | The table below summarizes the assets measured at fair value on a recurring basis and their respective position in the fair value hierarchy. | |||||||
Disposition/settlements | - | ||||||||
Equity losses | - | Table 1: | ($ in 000’s) | ||||||
Ending balance @ 09/30/13 | $76,024 | Fair Value Measurements at September 30, 2013 | |||||||
Unrealized gains (losses) for the period relating to Level 3 assets still held at the reporting date | $352 | ||||||||
Assets: | Amounts Measured at Fair Value 09/30/2013 | (Level 1) | (Level 2) | (Level 3) | |||||
Investment in The Prudential Variable Contract Real Property Partnership | $76,024 | $ - | $ - | $76,024 | |||||
($ in 000’s) | |||||||||
Three Months Ended September 30, 2012 | |||||||||
Beginning balance @ 07/01/12 | $70,864 | ($ in 000’s) | |||||||
Total gains or losses (realized/unrealized) included in earnings (or changes in net assets) from Partnership operations | 610 | Fair Value Measurements at December 31, 2012 | |||||||
Net investment income from Partnership operations | 978 | ||||||||
Acquisition/additions | - | Assets: | Amounts Measured at Fair Value 12/31/2012 | (Level 1) | (Level 2) | (Level 3) | |||
Equity income | - | Investment in The Prudential Variable Contract Real Property Partnership | $73,974 | $ - | $ - | $73,974 | |||
Contributions | - | ||||||||
Disposition/settlements | - | ||||||||
Equity losses | - | ||||||||
Ending balance @ 09/30/12 | $72,452 | Quantitative Information Regarding Internally-Priced Level 3 Assets | |||||||
Unrealized gains (losses) for the period relating to Level 3 assets still held at the reporting date | $610 | ||||||||
Quantitative information on significant internally priced Level 3 assets are discussed in Note 3 of the Partnership’s unaudited consolidated financial statements. | |||||||||
The table below provides a reconciliation of the beginning and ending balances for all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the nine months ended September 30, 2013 and September 30, 2012. | |||||||||
($ in 000’s) | |||||||||
Nine Months Ended September 30, 2013 | |||||||||
Beginning balance @ 01/01/13 | $73,974 | ||||||||
Total gains or losses (realized/unrealized) included in earnings (or changes in net assets) from Partnership operations | 929 | ||||||||
Net investment income from Partnership operations | 2,914 | ||||||||
Acquisition/additions | - | ||||||||
Equity income | - | ||||||||
Contributions | - | ||||||||
Disposition/settlements | - | ||||||||
Equity losses | - | ||||||||
Distributions | -1,793 | ||||||||
Ending balance @ 09/30/13 | $76,024 | ||||||||
Unrealized gains (losses) for the period relating to Level 3 assets still held at the reporting date | $774 | ||||||||
($ in 000’s) | |||||||||
Nine Months Ended September 30, 2012 | |||||||||
Beginning balance @ 01/01/12 | $71,041 | ||||||||
Total gains or losses (realized/unrealized) included in earnings (or changes in net assets) from Partnership operations | 685 | ||||||||
Net investment income from Partnership operations | 2,576 | ||||||||
Acquisition/additions | - | ||||||||
Equity income | - | ||||||||
Contributions | - | ||||||||
Disposition/settlements | - | ||||||||
Equity losses | - | ||||||||
Distributions | -1,850 | ||||||||
Ending balance @ 09/30/12 | $72,452 | ||||||||
Unrealized gains (losses) for the period relating to Level 3 assets still held at the reporting date | $540 | ||||||||
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies And Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Summary Of Significant Accounting Policies And Pronouncements [Abstract] | ' |
Basis Of Accounting | ' |
A. Basis of Accounting | |
The Unaudited Interim Financial Statements as of September 30, 2013 and the statement of net assets as of December 31, 2012, 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 (“SEC”). | |
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 Account's Audited Financial Statements included in the Account's Annual Report on Form 10-K for the year ended December 31, 2012. | |
The 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. | |
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 Prudential Variable Contract Real Property Partnership.. | |
Investment In Partnership Interest | ' |
B. Investment in Partnership Interest | |
The investment in the Partnership is based on the Account's proportionate interest of the Partnership's fair value. At September 30, 2013 and December 31, 2012, the Account's interest in the General Partners Controlling Interest was 41.5% or 2,093,659 shares and 41.4% or 2,145,062 shares, respectively. Properties owned by the Partnership are illiquid and their value is based on estimated fair value as discussed in the notes to the Partnership's consolidated financial statements. | |
Income Recognition | ' |
C. Income Recognition | |
Net investment income, realized and unrealized gains and losses are recognized daily for the investment in the Partnership. Amounts are based on the Account's proportionate interest in the Partnership. | |
Equity of Prudential Insurance Company of America | ' |
D. Equity of The Prudential Insurance Company of America | |
Prudential maintains a position in the 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. | |
For the period ended September 30, 2013 and December 31, 2012, there were no cash transactions at the Account level as all of transactions are settled by Prudential on behalf of the Account through a redemption or an issuance of units. | |
Net_Contributions_Withdrawals_1
Net Contributions Withdrawals By Contract Owners (Tables) | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Net Contributions Withdrawals By Contract Owners [Abstract] | ' | ||||||
Schedule of Net Contributions Withdrawals by Contract Owners | ' | ||||||
Note 5: Net Contributions (Withdrawals) by Contract Owners | |||||||
Net contract owner contributions (withdrawals) for the real estate investment option in Prudential’s variable insurance and variable annuity products for the three and nine months ended September 30, 2013 and 2012, were as follows: | |||||||
Three Months Ended September 30, | |||||||
2013 | 2012 | ||||||
PVAL/PVAL $100,000+ face value | ($324,092) | ($258,748) | |||||
PDISCO+/VIP | -73,368 | -22,034 | |||||
TOTAL | ($397,460) | ($280,782) | |||||
Nine Months Ended September 30, | |||||||
2013 | 2012 | ||||||
PVAL/PVAL $100,000+ face value | ($295,009) | ($155,803) | |||||
PDISCO+/VIP | -183,159 | 8,256 | |||||
TOTAL | ($478,168) | ($147,547) |
Unit_Information_Tables
Unit Information (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Unit Information [Abstract] | ' | |||||||||
Schedule Of Units Of Partnership Interest [Table Text Block] | ' | |||||||||
Note 7: Unit Information | ||||||||||
All products referred to in Note 1 for outstanding units and unit values at September 30, 2013 and December 31, 2012 were as follows: | ||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||
Units Outstanding: | 28,977,868 | 29,528,827 | ||||||||
Unit Value: | 2.41038 | to | 2.76126 | 2.30961 | to | 2.63416 | ||||
Financial_Highlights_Tables
Financial Highlights (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Financial Highlights [Abstract] | ' | |||||||||
Schedule of Financial Highlights | ' | |||||||||
Note 8: Financial Highlights | ||||||||||
The range of total return for the three and nine months ended September 30, 2013 and 2012 were as follows: | ||||||||||
Three Months Ended September 30, | ||||||||||
2013 | 2012 | |||||||||
Total Return | 1.66% | to | 1.81% | 1.94% | to | 2.09% | ||||
Nine Months Ended September 30, | ||||||||||
2013 | 2012 | |||||||||
Total Return | 4.36% | to | 4.83% | 3.73% | to | 4.19% | ||||
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2013 | Sep. 30, 2013 | ||||||||
Fair Value Disclosure [Abstract] | ' | ' | |||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | ' | ' | |||||||
Changes in Level 3 assets and liabilities | The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. | ||||||||
The table below provides a reconciliation of the beginning and ending balances for all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended September 30, 2013 and September 30, 2012. | |||||||||
Level 3 Assets by Hierarchy | |||||||||
($ in 000’s) | The table below summarizes the assets measured at fair value on a recurring basis and their respective position in the fair value hierarchy. | ||||||||
Three Months Ended September 30, 2013 | |||||||||
Beginning balance @ 07/01/13 | $74,553 | Table 1: | ($ in 000’s) | ||||||
Total gains or losses (realized/unrealized) included in earnings (or changes in net assets) from Partnership operations | 352 | Fair Value Measurements at September 30, 2013 | |||||||
Net investment income from Partnership operations | 1,119 | ||||||||
Acquisition/additions | - | Assets: | Amounts Measured at Fair Value 09/30/2013 | (Level 1) | (Level 2) | (Level 3) | |||
Equity income | - | Investment in The Prudential Variable Contract Real Property Partnership | $76,024 | $ - | $ - | $76,024 | |||
Contributions | - | ||||||||
Disposition/settlements | - | ||||||||
Equity losses | - | ||||||||
Ending balance @ 09/30/13 | $76,024 | ($ in 000’s) | |||||||
Unrealized gains (losses) for the period relating to Level 3 assets still held at the reporting date | $352 | Fair Value Measurements at December 31, 2012 | |||||||
Assets: | Amounts Measured at Fair Value 12/31/2012 | (Level 1) | (Level 2) | (Level 3) | |||||
Investment in The Prudential Variable Contract Real Property Partnership | $73,974 | $ - | $ - | $73,974 | |||||
($ in 000’s) | |||||||||
Three Months Ended September 30, 2012 | |||||||||
Beginning balance @ 07/01/12 | $70,864 | ||||||||
Total gains or losses (realized/unrealized) included in earnings (or changes in net assets) from Partnership operations | 610 | Quantitative Information Regarding Internally-Priced Level 3 Assets | |||||||
Net investment income from Partnership operations | 978 | ||||||||
Acquisition/additions | - | Quantitative information on significant internally priced Level 3 assets are discussed in Note 3 of the Partnership’s unaudited consolidated financial statements. | |||||||
Equity income | - | ||||||||
Contributions | - | ||||||||
Disposition/settlements | - | ||||||||
Equity losses | - | ||||||||
Ending balance @ 09/30/12 | $72,452 | ||||||||
Unrealized gains (losses) for the period relating to Level 3 assets still held at the reporting date | $610 | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | ' | |||||||
The table below provides a reconciliation of the beginning and ending balances for all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the nine months ended September 30, 2013 and September 30, 2012. | |||||||||
($ in 000’s) | |||||||||
Nine Months Ended September 30, 2013 | |||||||||
Beginning balance @ 01/01/13 | $73,974 | ||||||||
Total gains or losses (realized/unrealized) included in earnings (or changes in net assets) from Partnership operations | 929 | ||||||||
Net investment income from Partnership operations | 2,914 | ||||||||
Acquisition/additions | - | ||||||||
Equity income | - | ||||||||
Contributions | - | ||||||||
Disposition/settlements | - | ||||||||
Equity losses | - | ||||||||
Distributions | -1,793 | ||||||||
Ending balance @ 09/30/13 | $76,024 | ||||||||
Unrealized gains (losses) for the period relating to Level 3 assets still held at the reporting date | $774 | ||||||||
($ in 000’s) | |||||||||
Nine Months Ended September 30, 2012 | |||||||||
Beginning balance @ 01/01/12 | $71,041 | ||||||||
Total gains or losses (realized/unrealized) included in earnings (or changes in net assets) from Partnership operations | 685 | ||||||||
Net investment income from Partnership operations | 2,576 | ||||||||
Acquisition/additions | - | ||||||||
Equity income | - | ||||||||
Contributions | - | ||||||||
Disposition/settlements | - | ||||||||
Equity losses | - | ||||||||
Distributions | -1,850 | ||||||||
Ending balance @ 09/30/12 | $72,452 | ||||||||
Unrealized gains (losses) for the period relating to Level 3 assets still held at the reporting date | $540 | ||||||||
General_Details
General (Details) | Sep. 30, 2013 |
General [Abstract] | ' |
Minimum percent of partnership assets invested in direct ownership interests | 65.00% |
Recovered_Sheet1
Summary of Significant Accounting Policies and Pronouncements (Details) | Sep. 30, 2013 | Dec. 31, 2012 |
Summary Of Significant Accounting Policies And Pronouncements [Abstract] | ' | ' |
Percent of interest in the General Partners Controlling Interest | 41.50% | 41.40% |
Charges_and_Expense_Details
Charges and Expense (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Discovery Plus [Member] | ' |
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 | 10,000 |
Prudential Variable Appreciable Life [Member] | ' |
Effective annual rate used to determine daily the mortality risk and expense risk charges | 0.90% |
Maximum percent of deferred sales charges | 50.00% |
Partial withdrawal charge, amount | 15 |
Partial withdrawal charge, percent | 2.00% |
PVAL $100,000+ Face Value | ' |
Effective annual rate used to determine daily the mortality risk and expense risk charges | 0.60% |
Maximum percent of deferred sales charges | 50.00% |
Partial withdrawal charge, amount | 15 |
Partial withdrawal charge, percent | 2.00% |
Variable Investment Plan [Member] | ' |
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 | $10,000 |
Net_Contributions_Withdrawals_2
Net Contributions Withdrawals by Contract Owners (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Aggregate Variable Appreciable Life [Member] | ' | ' | ' | ' |
Net Contributions Withdrawals By Contract Owners | ($324,092) | ($258,748) | ($295,009) | ($155,803) |
Discovery Plus And Variable Investment Plan [Member] | ' | ' | ' | ' |
Net Contributions Withdrawals By Contract Owners | ($73,368) | ($22,034) | ($183,159) | $8,256 |
Partnership_Distributions_Deta
Partnership Distributions (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Partnership Distributions [Abstract] | ' | ' |
Partnership distribution made | $5 | $5 |
The Account's share of Partnership distribution | $1.80 | $1.80 |
Unit_Information_Details
Unit Information (Details) | Sep. 30, 2013 | Dec. 31, 2012 |
Unit Information [Abstract] | ' | ' |
Unit value, lower range | 2.41038 | 2.30961 |
Unit value, higher range | 2.76126 | 2.63416 |
Financial_Highlights_Details
Financial Highlights (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Financial Highlights [Abstract] | ' | ' | ' | ' |
Minimum rate of return | 1.66% | 1.94% | 4.36% | 3.73% |
Maximum rate of return | 1.81% | 2.09% | 4.83% | 4.19% |
Fair_Value_Disclosures_Details
Fair Value Disclosures (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Investment in The Prudential Variable Contract Real Property Partnership | $76,023,641 | ' | $76,023,641 | ' | $73,974,319 |
Net Investment Income from Partnership operations | ($1,118,641) | ($977,204) | ($2,914,075) | ($2,575,539) | ' |