The Prudential Series Fund
The Prudential Series Fund
The Prudential Series Fund
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THE PRUDENTIAL VARIABLE CONTRACT REAL PROPERTY PARTNERS HIP<br />
CONSOLIDATED S TATEMENTS OF CAS H FLOWS<br />
Year Ended December 31,<br />
2008 2007 2006<br />
CASH FLOWS FROM OPERATING ACTIVITIES:<br />
Net increase (decrease) in net assets from operations ($33,095,451) $18,117,175 $29,513,733<br />
Adjustments to reconcile net increase (decrease) in net assets<br />
to net cash from operating activities<br />
Net realized and unrealized loss (gain) 44,233,635 (5,453,595) (18,352,005)<br />
Amortization of deferred financing costs 94,554 193,594 -<br />
Distributions in excess of (less than) equity in income<br />
of real estate partnerships operations 199,730 35,287 (87,396)<br />
Minority interest in consolidated partnerships (510,583) 158,196 223,772<br />
Bad debt expense 1,139,238 101,185 (239,380)<br />
(Increase) decrease in:<br />
Other assets (1,136,791) 166,010 37,951<br />
Increase (decrease) in:<br />
Accounts payable and accrued expenses 740,126 (907,118) 546,878<br />
Due to affiliates (49,776) 111,482 28,963<br />
Other liabilities 57,888 43,967 404,151<br />
Net cash flows from (used in) operating activities 11,672,570 12,566,183 12,076,667<br />
CASH FLOWS FROM INVESTING ACTIVITIES:<br />
Net proceeds from real estate investments sold - 18,353,122 67,770<br />
Acquisition of real estate and improvements - (42,218,143) (14,797,730)<br />
Additions to real estate and improvements (9,936,151) (3,554,451) (3,417,034)<br />
Contributions to real estate partnerships - - (7,289,487)<br />
Return of investment in real estate partnerships - - 3,620,455<br />
Collection of mortgage loan receivable - - 4,277,769<br />
Net cash flows from (used in) investing activities (9,936,151) (27,419,472) (17,538,257)<br />
CASH FLOWS FROM FINANCING ACTIVITIES:<br />
Withdrawals - - (6,000,000)<br />
Proceeds from investment level debt 24,016,161 - -<br />
Principal payments on investment level debt (16,090,046) (588,776) (485,119)<br />
Contributions to minority interest partners 80,000 294,143 -<br />
Distributions to minority interest partners (221,885) (35,739) (121,244)<br />
Net cash flows from (used in) financing activities 7,784,230 (330,372) (6,606,363)<br />
NET CHANGE IN CASH AND CASH<br />
EQUIVALENTS 9,520,649 (15,183,661) (12,067,953)<br />
CASH AND CASH EQUIVALENTS - Beginning of period 18,215,871 33,399,532 45,467,485<br />
CASH AND CASH EQUIVALENTS - End of period $ 27,736,520 $ 18,215,871 $ 33,399,532<br />
<strong>The</strong> accompanying notes are an integral part of these consolidated financial statements.<br />
B-4 Real Property
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