The Prudential Series Fund

THE PRUDENTIAL VARIABLE CONTRACT REAL PROPERTY PARTNERS HIP
CONSOLIDATED S TATEMENTS OF AS S ETS AND LIABILITIES
ASSETS
December 31, 2008 December 31, 2007
REAL ESTATE INVESTMENTS - At estimated fair value:
Real estate and improvements
(cost: 12/31/2008 - $245,808,214; 12/31/2007 -$236,466,116) $221,196,000 $254,394,053
Real estate partnerships and preferred equity investments (cost:
12/31/2008 - $14,324,204; 12/31/2007 - $14,523,934) 11,796,716 14,523,934
Total real estate investments $232,992,716 $268,917,987
CASH AND CASH EQUIVALENTS 27,736,520 18,215,871
OTHER ASSETS, NET 2,936,037 3,033,040
Total assets $263,665,273 $290,166,898
LIABILITIES & PARTNERS ' EQUITY
INVESTMENT LEVEL DEBT (net of unamortized
discount: 12/31/08 $26,480; 12/31/07 $-) $40,047,827 $32,121,712
ACCOUNTS PAYABLE AND ACCRUED EXPENSES 2,924,938 2,184,812
DUE TO AFFILIATES 851,595 901,371
OTHER LIABILITIES 978,342 920,454
MINORITY INTEREST 4,924,263 7,004,790
Total liabilities 49,726,965 43,133,139
COMMITMENTS AND CONTINGENCIES
PARTNERS' EQUITY 213,938,308 247,033,759
Total liabilities and partners' equity $263,665,273 $290,166,898
NUMBER OF SHARES OUTSTANDING AT END OF PERIOD 6,758,960 6,758,960
PER SHARE NET ASSET VALUE AT END OF PERIOD $31.65 $36.55
The accompanying notes are an integral part of these consolidated financial statements.
B-1 Real Property