The Prudential Series Fund
The Prudential Series Fund
The Prudential Series Fund
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THE PRUDENTIAL VARIABLE CONTRACT REAL PROPERTY PARTNERSHIP<br />
CONSOLIDATED STATEMENTS OF OPERATIONS<br />
Year Ended December 31,<br />
2008 2007 2006<br />
INVESTMENT INCOME:<br />
Revenue from real estate and improvements $30,723,626 $29,094,968 $25,460,860<br />
Equity in income of real estate partnerships 994,333 1,136,936 1,181,772<br />
Interest and equity income on mortgage<br />
and other loans receivable - - 125,510<br />
Interest on short-term investments 406,431 1,468,159 1,855,345<br />
Total investment income 32,124,390 31,700,063 28,623,487<br />
INVESTMENT EXPENSES:<br />
Operating 7,193,577 6,954,999 6,355,543<br />
Investment management fee 3,447,030 3,380,090 3,075,176<br />
Real estate taxes 2,957,947 2,466,704 2,069,169<br />
Administrative 5,927,773 4,056,557 3,923,413<br />
Interest expense 1,970,462 2,019,937 1,814,686<br />
Minority interest (510,583) 158,196 223,772<br />
Total investment expenses 20,986,206 19,036,483 17,461,759<br />
NET INVESTMENT INCOME 11,138,184 12,663,580 11,161,728<br />
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:<br />
Net proceeds from real estate investments sold - 18,353,122 67,770<br />
Less: Cost of real estate investments sold - 19,063,985 -<br />
Gain (loss) realized from real estate investments sold - (710,863) 67,770<br />
Less: Reversal of prior periods' unrealized<br />
gain (loss) on real estate investments sold - (1,380,344) -<br />
Net gain (loss) recognized on real estate investments sold - 669,481 67,770<br />
Unrealized gain (loss) on investments:<br />
Change in unrealized gain (loss) on real estate investments (45,661,694) 5,620,864 20,294,808<br />
Less: Minority interest in unrealized gain (loss) (1,428,059) 836,750 2,010,573<br />
Net unrealized gain (loss) on real estate investments (44,233,635) 4,784,114 18,284,235<br />
NET REALIZED AND UNREALIZED GAIN (LOSS)<br />
ON REAL ESTATE INVESTMENTS (44,233,635) 5,453,595 18,352,005<br />
INCREASE (DECREASE) IN NET ASSETS RESULTING<br />
FROM OPERATIONS ($33,095,451) $18,117,175 $29,513,733<br />
<strong>The</strong> accompanying notes are an integral part of these consolidated financial statements.<br />
B-2 Real Property