The Prudential Series Fund

Net Unrealized Gain (Loss) on Real Estate
Investments:
Office properties (6,677,199) 1,967,086
Apartment properties (12,344,133) 3,123,154
Retail properties (23,864,965) (2,716,050)
Hotel property (1,347,338) 2,409,924
Net Unrealized Gain (Loss) on Real Estate Investments
(44,233,635) 4,784,114
Net Realized and Unrealized Gain (Loss) on Real
Estate Investments (44,233,635) $5,453,595
OFFICE PROPERTIES
Year Ended
December 31, 2008
Net Investment
Income/(Loss)
2008
Net Investment
Income/(Loss)
2007
Unrealized
Gain/(Loss)
2008
Unrealized
Gain/(Loss)
2007
Occupancy
2008
Occupancy
2007
Property
Lisle, IL $767,766 $650,916 (2,664,209) $804,870 70% 67%
Brentwood, TN 972,063 1,153,443 (83,142) 9,918 83% 100%
Beaverton, OR 1,090,039 1,093,305 (2,911,733) 990,238 88% 88%
Brentwood, TN 1,063,554 1,047,432 (1,018,115) 162,060 100% 100%
$3,893,422 $3,945,096 (6,677,199 $1,967,086
Net Investment Income
Net investment income for the Partnership’s office properties was approximately $3.9 million for the year ended
December 31, 2008, relatively unchanged from the prior year. The net investment income at the property in Lisle,
Illinois increased $0.1 million due to an increase in occupancy. This increase was offset by a net investment loss of
$0.1 million at a property in Brentwood, Tennessee due to reduced occupancy.
Unrealized Gain/(Loss)
The office properties owned by the Partnership recorded a net unrealized loss of approximately $6.7 million during the
year ended December 31, 2008, compared with a net unrealized gain of approximately $2.0 million for the prior year.
The net unrealized loss of approximately $6.7 million for the year ended December 31, 2008 was primarily due to
increased investment rates across the office sector that caused each property to decline in value. Additionally, at the
office property in Lisle, Illinois notification from the property’s largest tenant to vacate upon lease expiration in January
2009 resulted in decreased projected cash flows, which contributed to its net unrealized loss of $2.7 million.
APARTMENT PROPERTIES
Year Ended
December 31, 2008
Net
Investment
Income/(Loss)
2008
Net
Investment
Income/(Loss)
2007
Unrealized
Gain/(Loss)
2008
20 - Real Property
Realized/
Unrealized
Gain/(Loss)
2007
Occupancy
2008
Occupancy
2007
Property
Atlanta, GA $480,064 $447,290 $(4,362,625) $(530,277) 91% 92%
Raleigh, NC 608,481 613,122 (3,258,506) (687,270) 87% 94%
Jacksonville, FL (1) - 17,342 - - N/A N/A
Austin, TX (2) 1,440,973 860,746 2,108,514 4,376,151 92% 92%
Charlotte, NC (3) 599,939 181,181 (2,614,488) (35,450) 90% 87%
$3,129,457 $2,119,681 $12,344,133 $3,123,154
(1) The Jacksonville, Florida apartment property was sold on November 30, 2005, but certain post-closing
adjustments were recognized in the years ended December 31, 2007.