Exhibit 99(b)
THE PRUDENTIAL VARIABLE CONTRACT REAL PROPERTY PARTNERSHIP
SCHEDULE III - REAL ESTATE OWNED: PROPERTIES
DECEMBER 31, 2001
--------------------------------------------------------------------------------------
Gross Amount at Which
Intial Costs to the Partnership Carried at Close of Year
----------------------------------- Costs -----------------------------------------------------------
Capitalized
Building & Subsequent to Building & Total Year of Date
Description Encumbrances Land Improvements Acquisition Land Improvements (a)(b)(c) Construction Acquired
- ---------------------- ------------ --------- ------------ ------------- ----------- ------------ ---------- ------------ ----------
Properties:
Office Building
Lisle, IL None 1,780,000 15,743,881 5,037,547 1,780,000 20,781,428 22,561,428 1985 Apr., 1988
Garden Apartments
Atlanta, GA None 3,631,212 11,168,904 896,490(b) 3,631,212 12,065,394 15,696,606 1987 Apr., 1988
Retail Shopping Center
Roswell, GA None 9,454,622 21,513,677 1,910,005 9,462,951 23,415,353 32,878,304 1988 Jan., 1989
Office/Warehouse
Bolingbrook, IL None 1,373,199 7,302,518 363,903 1,373,199 7,666,421 9,039,620 1989 Feb., 1990
Garden Apartments
Raleigh, NC None 1,623,146 14,135,553 182,140 1,623,146 14,317,693 15,940,839 1995 Jun., 1995
Office Building
Brentwood, TN None 1,797,000 6,588,451 1,592,218 1,797,377 8,180,292 9,977,669 1982 Oct., 1995
Office Park
Oakbrook Terrace, IL None 1,313,310 11,316,883 1,385,288 1,313,821 12,701,660 14,015,481 1988 Dec., 1995
Office Building
Beaverton, OR None 816,415 9,897,307 1,275,482 844,751 11,144,453 11,989,204 1995 Dec., 1996
Industrial Building
Salt Lake City, UT None 582,457 4,805,676 1,179,974 702,323 5,865,784 6,568,107 1997 Jul., 1997
Industrial Building
Aurora, CO None 1,338,175 7,202,411 1,590,931 1,415,159 8,716,358 10,131,517 1997 Sep., 1997
Office Complex
Brentwood, TN None 2,425,000 7,063,755 123,268 2,453,117 7,158,906 9,612,023 1987 Oct., 1997
---------- ------------ ------------- ----------- ------------ -----------
26,134,536 116,739,016 15,537,246 26,397,056 132,013,742 158,410,798
========== ============ ============= =========== ============ ===========
2001 2000 1999
------------ ------------ ------------
(a) Balance at beginning of year 154,613,404 172,606,825 170,045,055
Additions:
Acquistions 0 0 0
Improvements, etc 3,797,394 2,480,354 2,561,770
Deletions:
Sale 0 (20,473,775) 0
------------ ------------ ------------
Balance at end of year 158,410,798 154,613,404 172,606,825
============ ============ ============
(b) Net of $1,000,000 settlement received from lawsuit.
F26
THE PRUDENTIAL VARIABLE CONTRACT REAL PROPERTY PARTNERSHIP
SCHEDULE III - REAL ESTATE OWNED: PROPERTIES
DECEMBER 31, 2001
--------------------------------------------------------------------------------------
Gross Amount at Which
Intial Costs to the Partnership Carried at Close of Year
----------------------------------- Costs -----------------------------------------------------------
Capitalized
Building & Subsequent to Building & Total Year of Date
Description Encumbrances Land Improvements Acquisition Land Improvements (a)(b)(c) Construction Acquired
- ---------------------- ------------ --------- ------------ ------------- ----------- ------------ ---------- ------------ ----------
Interest in Properties:
Garden Apartments
Jacksonville, FL 9,996,863 2,750,000 14,650,743 2,310,482 2,750,000 16,961,225 19,711,225 1973 Sept., 1999
Retail Shopping Center
Kansas City MO and KS* 15,222,363 5,710,916 15,211,504 223,293 5,710,916 15,434,797 21,145,713 Various Sept., 1999
Ranging
From
1972-1992
Garden Apartments
Gresham/Salem, OR 8,863,334 3,063,000 15,318,870 433,212 3,063,000 15,752,082 18,815,082 Various Feb., 2001
Ranging
From
1971-1983
Retail Shopping Center
Hampton, VA 10,134,324 2,339,100 12,767,956 0 2,339,100 12,767,956 15,107,056 1998 May, 2001
---------- ---------- ---------- ---------- ---------- ---------- ----------
44,216,884 13,863,016 57,949,073 2,966,987 13,863,016 60,916,060 74,779,076
========== ========== ========== ========== ========== ========== ==========
2001 2000 1999
---------- ---------- -----------
(a) Balance at beginning of year 25,121,329 22,587,869 0
Additions:
Acquistions 33,488,926 0 38,556,018
Improvements, etc 1,674,862 2,162,457 0
Deletions:
Sale 0 0 0
Encumbrances on Joint Ventures
accounted for by the equity method 374,783 371,003 (15,968,149)
---------- ---------- -----------
Balance at end of year 60,659,900 25,121,329 22,587,869
========== ========== ===========
* Partnership interest accounted for by the equity method.
F27
Report of Independent Accountants 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 February 15, 2002 appearing in this Annual Report on Form 10-K also
included an audit of the financial statement schedules listed in Item 14(a)(2)
of this Form 10-K. 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
February 15, 2002