The Prudential Series Fund
The Prudential Series Fund
The Prudential Series Fund
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
<strong>The</strong> table below presents the amounts and related weighted interest rates of the Partnership’s cash equivalents and<br />
short-term investments at December 31, 2008:<br />
Maturity<br />
Estimated Market Value<br />
(in $ millions)<br />
Average<br />
Interest Rate<br />
Cash and Cash equivalents 0-3 months $27.7 1.96%<br />
<strong>The</strong> table below discloses the Partnership’s debt as of December 31, 2008. All of the Partnership’s long-term debt<br />
bears interest at fixed rates and therefore the fair value of these instruments is affected by changes in market interest<br />
rates. <strong>The</strong> following table presents principal cash flows based upon maturity dates of the debt obligations and the<br />
related weighted-average interest rates by expected maturity dates for the fixed rate debt.<br />
Investment level debt (in $ thousands),<br />
including current portion 2009 2010 2011 2012 2013 <strong>The</strong>reafter Total<br />
Estimated<br />
Fair<br />
Value<br />
Average Fixed Interest Rate<br />
6.75% 6.75% 6.75% 6.75% 6.75% 6.75% 6.75%<br />
Fixed Rate $9,277 $566 $604 $646 $463 $4,475 $16,031 $16,332<br />
Variable Rate - $15,043 - - $9,000 $0 $24,043 $24,053<br />
Premium/(Discount) on Mortgage Loans Payable<br />
- - - - - ($26) ($26) -<br />
Total Mortgage Loans Payable $9,277 $15,609 $604 $646 $9,463 $4,449 $40,048 $40,384<br />
<strong>The</strong> Partnership is exposed to market risk from tenants. While the Partnership has not experienced any significant<br />
credit losses, in the event of significant increases in interest rates and/or an economic downturn, delinquencies could<br />
increase and result in losses to the Partnership and the Account that could adversely affect its operating results and<br />
liquidity.<br />
FINANCIAL STATEMENTS<br />
Following are the financial statements and Independent Registered Public Accounting Firm auditor's reports of the<br />
Real Property Account, as well as the financial statements and Independent Registered Public Accounting Firm<br />
auditor's reports of the Partnership.<br />
25 - Real Property