Consent of Independent Accountants
We hereby consent to the use in this Registration Statement on Form S-1 (the
"Registration Statement") of our report dated March 25, 2003, relating to the
financial statements of the Pruco Life Variable Contract Real Property Account,
which appears in such Registration Statement. We also consent to the use in this
Registration Statement of our reports dated February 18, 2003, relating to the
financial statements and financial statement schedules of The Prudential
Variable Contract Real Property Partnership, which appear in such Registration
Statement. We also consent to the reference to us under the heading "Experts" in
such Registration Statement.
PricewaterhouseCoopers LLP
New York, New York
April 4, 2003
THE PRUDENTIAL VARIABLE CONTRACT REAL PROPERTY PARTNERSHIP
SCHEDULE III - REAL ESTATE OWNED: PROPERTIES
DECEMBER 31, 2002
- --------------------------------------------------------------------------------
Gross Amount at Which
Intial Costs to the Partnership Carried at Close of Year
-------------------------------------- Costs ----------------------------
Capitalized
Building & Subsequent to Building &
Description Encumbrances Land Improvements Acquisition Land Improvements
- ------------------ ------------ --------- ------------ -------------- ---------- --------------
Properties:
Office Building
Lisle, IL None 1,780,000 15,743,881 5,333,355 1,780,000 21,077,236
Garden Apartments
Atlanta, GA None 3,631,212 11,168,904 915,656(b) 3,631,212 12,084,560
Retail Shopping Center
Roswell, GA None 9,454,622 21,513,677 1,926,983 9,462,951 23,432,331
Office/Warehouse
Bolingbrook, IL None 1,373,199 7,302,518 418,011 1,373,199 7,720,529
Garden Apartments
Raleigh, NC None 1,623,146 14,135,553 185,137 1,623,146 14,320,690
Office Building
Brentwood, TN None 1,797,000 6,588,451 1,935,162 1,797,377 8,523,236
Office Park
Oakbrook Terrace, IL None 1,313,310 11,316,883 1,575,203 1,313,821 12,891,575
Office Building
Beaverton, OR None 816,415 9,897,307 1,176,487 845,887 11,044,322
Industrial Building
Salt Lake City, UT None 582,457 4,805,676 1,211,349 702,323 5,897,159
Industrial Building
Aurora, CO None 1,338,175 7,202,411 1,754,198 1,415,159 8,879,625
Office Complex
Brentwood, TN None 2,425,000 7,063,755 337,440 2,453,117 7,373,078
----------- ----------- ----------- ----------- -----------
26,134,536 116,739,016 16,768,981 26,398,192 133,244,341
=========== =========== =========== =========== ===========
Gross Amount at Which
Carried at Close of Year
--------------------------------------------------------------
2002 Year of Date
Description Sales Total (a)(b)(c) Construction Acquired
- ------------------ ------- --------------- ------------- --------
Properties:
Office Building
Lisle, IL 22,857,236 1985 Apr., 1988
Garden Apartments
Atlanta, GA 15,715,772 1987 Apr., 1988
Retail Shopping Center
Roswell, GA 32,895,282 1988 Jan., 1989
Office/Warehouse
Bolingbrook, IL (9,093,728) 0 1989 Feb., 1990
Garden Apartments
Raleigh, NC 15,943,836 1995 Jun., 1995
Office Building
Brentwood, TN 10,320,613 1982 Oct., 1995
Office Park
Oakbrook Terrace, IL 14,205,396 1988 Dec., 1995
Office Building
Beaverton, OR 11,890,209 1995 Dec., 1996
Industrial Building
Salt Lake City, UT 6,599,482 1997 Jul., 1997
Industrial Building
Aurora, CO 10,294,784 1997 Sep., 1997
Office Complex
Brentwood, TN 9,826,195 1987 Oct., 1997
---------- -----------
(9,093,728) 150,548,805
========== ===========
2002 2001 2000
----------- ----------- -----------
(a) Balance at beginning of year 158,410,798 154,613,404 172,606,825
Additions:
Acquistions 0 0 0
Improvements, etc. 1,231,735 3,797,394 2,480,354
Deletions:
Sale (9,093,728) 0 (20,473,775)
------------ ------------- -----------
Balance at end of year 150,548,805 158,410,798 154,613,404
============ ============= ===========
(b) Net of $1,000,000 settlement received from lawsuit.
THE PRUDENTIAL VARIABLE CONTRACT REAL PROPERTY PARTNERSHIP
SCHEDULE III - REAL ESTATE OWNED: INTEREST IN PROPERTIES
DECEMBER 31, 2002
-----------------------------------------------------------------------------------
Gross Amount at Which
Intial Costs to the Partnership Carried at Close of Year
-------------------------------- Costs ----------------------------
Capitalized
Encumbrances Building & Subsequent to Building &
Description at 12/31/02 Land Improvements Acquisition Land Improvements
- --------------------------- --------------- ------------- --------------- -------------- ------------ ------------
Interest in Properties:
Garden Apartments
Jacksonville, FL 9,844,318 2,750,000 14,650,743 2,345,112 2,750,000 16,995,855
Retail Shopping Center
Kansas City MO and KS * 15,016,865 5,710,916 15,211,504 3,053,317 5,710,916 18,264,821
Garden Apartments
Gresham/Salem, OR 8,657,061 3,063,000 15,318,870 456,700 3,063,000 15,775,570
Retail Shopping Center
Hampton, VA 9,804,475 2,339,100 12,767,956 1,339,852 3,276,520 13,170,388
Retail Shopping Center
Ocean City, MD 7,393,254 - 10,012,138 - - 10,012,138
--------------- ------------- -------------- -------------- ------------ -------------
50,715,973 13,863,016 67,961,211 7,194,981 14,800,436 74,218,772
=============== ============= ============== ============== ============ =============
Gross Amount at Which
Carried at Close of Year
----------------------------------------------------------
Year of Date
Description Total (a)(b)(c) Construction Acquired
- --------------------------- ----------------- ----------------- -----------
Interest in Properties:
Garden Apartments
Jacksonville, FL 19,745,855 1973 Sept., 1999
Retail Shopping Center
Kansas City MO and KS * 23,975,737 Various Ranging Sept., 1999
From 1972-1992
Garden Apartments
Gresham/Salem, OR 18,838,570 Various Ranging Feb., 2001
From 1971-1983
Retail Shopping Center
Hampton, VA 16,446,908 1998 May, 2001
Retail Shopping Center 10,012,138 1986 Nov., 2002
Ocean City, MD
----------------
89,019,208
================
2002 2001 2000
------------ ----------- -----------
(a) Balance at beginning of year 60,659,900 25,121,329 22,587,869
Additions:
Acquistions 10,012,138 33,488,926 0
Improvements, etc. 4,097,329 1,674,862 2,162,457
Deletions:
Sale 0 0 0
Encumbrances on Joint Ventures
accounted for by the equity method 205,498 374,783 371,003
------------ ----------- -----------
Balance at end of year 74,974,865 60,659,900 25,121,329
============ =========== ===========
* Partnership interest accounted for by the equity method.
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 18, 2003 appearing in this Annual Report on Form 10-K also
included an audit of the financial statement schedules listed in Item 15(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 18, 2003