The Prudential Series Fund

PER SHARE INVESTMENT INCOME, CAPITAL CHANGES AND
SELECTED RATIOS
(FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
The following information on per share investment income, capital changes and selected ratios has been
provided for your information. This page should be read in conjunction with the financial statements and notes
thereto of The Prudential Variable Contract Real Property Partnership included in this prospectus.
01/01/2008 01/01/2007 01/01/2006 01/01/2005 01/01/2004
To To To To To
12/31/2008 12/31/2007 12/31/2006 12/31/2005 12/31/2004
Revenue from real estate and improvements $4.55 $4.25 $3.69 $3.80 $3.78
Equity in income of real estate partnership $0.15 $0.17 $0.14 $0.04 $0.09
Dividend income from real estate investment trusts $0.00 $0.00 $0.00 $0.00 $0.00
Interest and equity income on mortgage and other loans $0.00 $0.00 $0.02 $0.04 $0.02
receivable
Income from other real estate investments $0.00 $0.06 $0.03 $0.00 $0.03
Interest on short-term investments $0.06 $0.22 $0.27 $0.14 $0.03
TOTAL INVESTMENT INCOME $4.76 $4.70 $4.15 $4.02 $3.95
Investment Management fee $0.51 $0.50 $0.45 $0.40 $0.36
Real Estate Taxes $0.45 $0.36 $0.30 $0.33 $0.36
Administrative expense $0.88 $0.60 $0.57 $0.62 $0.71
Operation expense $1.07 $1.03 $0.92 $1.04 $1.02
Interest expense $0.29 $0.30 $0.26 $0.30 $0.40
Minority interest in consolidated partnership ($0.08) $0.02 $0.03 $0.02 $0.03
TOTAL INVESTMENT EXPENSES $3.12 $2.81 $2.53 $2.71 $2.89
NET INVESTMENT INCOME $1.64 $1.89 $1.62 $1.29 $1.06
Net realized gain (loss) on real estate investments sold
or converted $0.00 $0.10 $0.01 $0.87 $0.23
Change in unrealized gain (loss) on real estate investments ($6.75) $0.83 $2.94 $1.47 $0.33
Minority interest in unrealized gain (loss) on investments ($0.21) $0.12 $0.29 $0.17 $0.12
Net unrealized gain (loss) on real estate investments ($6.54) $0.71 $2.65 $1.30 $0.21
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS ($6.54) $0.81 $2.66 $2.17 $0.45
Net change in share value ($4.90) $2.68 $4.28 $3.44 $1.49
Share value at beginning of period $36.55 $33.87 $29.59 $26.15 $24.66
Share value at end of period $31.65 $36.55 $33.87 $29.59 $26.15
Ratio of expenses to average net assets (1) 8.57% 7.94% 7.98% 9.78% 11.34%
Ratio of net investment income to average net assets (1) 4.55% 5.28% 5.10% 4.64% 4.16%
Number of weighted shares outstanding at
end of period (000’s) 6,759 6,759 6,893 7,133 7,364
All per share calculations are based on weighted average shares outstanding.
(1) Average net assets are calculated based on an average of ending monthly net assets.
*Per Share amount less than $0.01 (rounded)
1 - Real Property