THE PRUDENTIAL VARIABLE CONTRACT REAL PROPERTY PARTNERS HIP CONSOLIDATED SCHEDULE OF INVESTMENTS Property Name December 31, 2008 Ownership City, State 2008 Total Rentable Square Feet Unless Otherwise Indicated (Unaudited) Cost December 31, 2008 2007 Estimated Fair Value Cost Estimated Fair Value OFFICES 750 Warrenville WO P Lisle, IL 103,193 $25,218,777 $9,542,046 $24,512,521 $11,500,000 Summit @ Cornell Oaks WO P Beaverton , OR 72,109 12,512,985 11,000,000 12,401,252 13,800,000 Westpark WO Nashville, TN 97,199 12,060,981 13,753,954 11,323,885 13,100,000 Financial Plaza WO Brentwood, TN 98,049 12,389,207 12,700,000 12,371,092 13,700,000 Offices % as of 12/31/08 22% 62,181,950 46,996,000 60,608,750 52,100,000 APARTMENTS Brookwood Apartments WO P Atlanta, GA 240 Units 19,810,918 16,100,000 19,548,293 20,200,000 Dunhill Trace Apartments WO P Raleigh, NC 250 Units 16,433,544 16,600,000 16,375,037 19,800,000 Broadstone Crossing WO Austin, TX 225 Units 22,732,363 25,000,000 22,723,849 27,100,000 <strong>The</strong> Reserve At Waterford Lakes WO P Charlotte, NC 140 Units 13,649,938 11,000,000 13,535,450 13,500,000 Apartments % as of 12/31/08 32% 72,626,763 68,700,000 72,182,629 80,600,000 RETAIL King's Market WO P Rosewell, GA 314,358 37,893,595 14,100,000 37,883,222 24,700,000 Hampton Towne Center WO Hampton, VA 174,540 18,110,816 23,400,000 18,050,090 26,500,000 White Marlin Mall CJV Ocean City, MD 186,016 23,271,014 28,600,000 17,016,325 23,900,000 Westminster Crossing East, LLC CJV Westminster, MD 89,890 15,044,721 17,700,000 15,637,841 21,094,053 Kansas City Portfolio EJV Kansas City, KS;MO 487,660 13,595 13,595 140,911 140,911 CARS Preferred Equity PE Various N/A 14,310,609 11,783,121 14,383,023 14,383,023 Harnett Crossing CJV Dunn, NC 193,235 6,366,767 3,900,000 5,958,844 7,200,000 Retail % as of 12/31/08 47% 115,011,117 99,496,716 109,070,256 117,917,987 HOTEL Portland Crown Plaza CJV Portland, OR 161 Rooms 10,312,588 17,800,000 9,128,415 18,300,000 Hotel % as of 12/31/08 8% 10,312,588 17,800,000 9,128,415 18,300,000 Total Real Estate Investments as a Percentage of Net Assets as of 12/31/08 109% $ 260,132,418 $ 232,992,716 $ 250,990,050 $ 268,917,987 WO - Wholly Owned Investment CJV - Consolidated Joint Venture EJV - Joint Venture Investment accounted for under the equity method PE - Preferred equity investments accounted for under the equity method <strong>The</strong> accompanying notes are an integral part of these consolidated financial statements. B-5 Real Property
THE PRUDENTIAL VARIABLE CONTRACT REAL PROPERTY PARTNERS HIP CONSOLIDATED SCHEDULE OF INVESTMENTS December 31, 2008 December 31, 2007 Estimated Estimated Face Amount Cost Fair Value Cost Fair Value CASH AND CASH EQUIVALENTS - Percentage of Net Assets 13.0% 7.4% Federal Home Loan Bank, 0 coupon bond, January, 2009 $1,000,000 $1,000,000 $1,000,000 $2,065,813 $2,065,813 Federal Home Loan Bank, 0 coupon bond, January, 2009 4,446,932 4,446,932 4,446,932 4,998,313 4,998,313 Federal Home Loan Bank, 0 coupon bond, January, 2009 1,999,985 1,999,985 1,999,985 9,997,633 9,997,633 Federal Home Loan Bank, 0 coupon bond, February, 2009 18,831,977 18,831,977 18,831,977 - - Total Cash Equivalents 26,278,894 26,278,894 17,061,759 17,061,759 Cash 1,457,626 1,457,626 1,154,112 1,154,112 Total Cash and Cash Equivalents $27,736,520 $27,736,520 $18,215,871 $18,215,871 <strong>The</strong> accompanying notes are an integral part of these consolidated financial statements. B-6 Real Property