EXHIBIT 99.(b)
THE PRUDENTIAL VARIABLE CONTRACT REAL PROPERTY PARTNERSHIP
SCHEDULE III - REAL ESTATE OWNED: PROPERTIES
DECEMBER 31, 1997
Initial Costs to the Partnership Costs
------------------------------------------ Capitalized
Building & Subsequent to
Description Encumbrances Land Improvements Acquisition Land
----------- ------------ -------- ------------ ------------- ----------
Properties:
Office Building
Lisle, IL None 1,780,000 15,743,881 393,102 1,780,000
Garden Apartments
Atlanta, GA None 3,631,212 11,168,904 646,177 (b) 3,631,212
Warehouse
Pomona, CA None 3,412,636 19,091,210 1,133,203 3,463,515
Retail Shopping Center
Roswell, GA None 9,454,622 21,513,677 889,899 9,462,951
Office Building
Morristown, NJ None 2,868,660 12,958,451 3,104,803 2,868,660
Office/Warehouse
Bolingbrook, IL None 1,373,199 7,302,518 272,311 1,373,199
Garden Apartments
Farmington Hills, MI None 1,550,000 11,744,571 347,400 1,583,320
Garden Apartments
Raleigh, NC None 1,623,146 14,135,553 46,160 1,623,146
Office Building
Nashville, TN None 1,797,000 6,588,451 228,377 1,797,327
Office Park
Oakbrook Terrace, IL None 1,313,310 11,316,883 95,173 1,313,821
Office Building
Beaverton, OR None 816,415 9,897,307 14,563 816,415
Industrial Building
Salt Lake City, UT None 582,457 4,805,676 0 582,457
Industrial Building
Aurora, CO None 1,338,175 7,202,411 0 1,338,175
Office Complex
Brentwood, TN None 2,425,000 7,063,755 0 2,425,000
------------ ----------- ---------- -----------
33,965,832 160,533,248 7,171,168 34,059,198
============ =========== ========== ===========
Gross Amount at Which
Carried at Close of Year
---------------------------------------------------------
Building & Year of Date
Description Improvements Total(a)(b)(c) Construction Acquired
----------- ------------ -------------- ------------ ---------
Properties:
Office Building
Lisle, IL 16,136,983 17,916,983 1985 Apr., 1988
Garden Apartments
Atlanta, GA 11,815,081 15,446,293 1987 Apr., 1988
Warehouse
Pomona, CA 20,173,534 23,637,049 1984 Apr., 1988
Retail Shopping Center
Roswell, GA 22,395,247 31,858,198 1988 Jan., 1989
Office Building
Morristown, NJ 16,063,254 18,931,914 1981 Aug., 1988
Office/Warehouse
Bolingbrook, IL 7,574,829 8,948,028 1989 Feb., 1990
Garden Apartments
Farmington Hills, MI 12,058,651 13,641,971 1988 Jan., 1990
Garden Apartments
Raleigh, NC 14,181,713 15,804,859 1995 Jun., 1995
Office Building
Nashville, TN 6,816,501 8,613,828 1982 Oct., 1995
Office Park
Oakbrook Terrace, IL 11,411,545 12,725,366 1988 Dec., 1995
Office Building
Beaverton, OR 9,911,870 10,728,285 1995 Dec., 1996
Industrial Building
Salt Lake City, UT 4,805,676 5,388,133 1997 Jul., 1997
Industrial Building
Aurora, CO 7,202,411 8,540,586 1997 Sept., 1997
Office Complex
Brentwood, TN 7,063,755 9,488,755 1987 Oct., 1997
------------ ------------
167,611,050 201,670,248
============ ============
1997 1996 1995
------------ ----------- -----------
(a) Balance at beginning of year 177,082,291 191,981,608 154,157,068
Additions:
Acquisitions 23,417,474 10,713,722 36,774,343
Improvements, etc. 1,170,483 550,050 1,050,197
Deletions:
Sale (26,163,089) 0
------------ ----------- -----------
Balance at end of year 201,670,248 177,082,291 191,981,608
============ =========== ===========
(b) Net of $1,000,000 settlement received from lawsuit.
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THE PRUDENTIAL VARIABLE CONTRACT REAL PROPERTY PARTNERSHIP
SCHEDULE III - REAL ESTATE OWNED: INTEREST IN PROPERTIES
DECEMBER 31, 1997
Initial Costs to the Partnership Costs
-------------------------------------- Capitalized
Building & Subsequent to
Description Encumbrances Land Improvements Acquisition Land
----------- ------------ ---- ------------ ------------- ---------
Interest in properties:
Warehouse/Distribution
Jacksonville, FL None $231,119 $1,073,849 $12,485 $231,119
Warehouse/Distribution
Jacksonville, FL None 176,256 818,935 7,257 176,256
Warehouse/Distribution
Jacksonville, FL None 255,545 1,187,335 14 255,545
Warehouse/Distribution
Jacksonville, FL None 415,548 1,930,761 24,053 415,548
---------- ---------- ---------- ----------
$1,078,468 $5,010,880 $43,809 $1,078,468
========== ========== ========== ==========
Gross Amount at Which
Carried at Close of Year
----------------------------------------------------------------------
Building & 1997 Year of Date
Description Improvements Sales Total (a) Construction Acquired
----------- ------------- ------------ --------- ------------ -----------
Interest in properties:
Warehouse/Distribution
Jacksonville, FL $1,086,334 (1,317,453) $0 1988 Jan., 1990
Warehouse/Distribution
Jacksonville, FL 826,192 (1,002,448) 0 1986 Jan., 1990
Warehouse/Distribution
Jacksonville, FL 1,187,349 (1,442,894) 0 1982 Jan., 1990
Warehouse/Distribution
Jacksonville, FL 1,954,814 (2,370,362) 0 1979 Jan., 1990
------------- ------------ ----------
$5,054,689 ($6,133,157) $0
============= ============ ==========
1997 1996 1995
---------- ---------- ----------
Balance at beginning of year $6,133,157 $6,133,157 $6,108,742
Additions:
Acquisitions 0 0 24,415
Improvements, etc. 0 0 0
Deletions:
Sale (6,133,157) 0 0
---------- ---------- ----------
Balance at end of year $0 $6,133,157 $6,133,157
========== ========== ==========
(a) All of these industrial properties were sold at 9/30/97
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