This report accompanies the quarterly distribution to the Limited Partners of Uniprop Manufactured Housing Communities Income Fund ("UMHCIF" or the "Partnership") for the period ending March 31, 2000.
A NOTE FROM THE GENERAL PARTNER
Dear Limited Partners:
We are pleased to report that based upon Partnership operations during 1999, along with a strong first quarter, the General Partner has elected to increase quarterly distributions to Limited Partners. The distribution for the first quarter of 2000 has been increased to $2.75 per unit held, or $82,500. The new distribution amount represents a 10% increase from the previous distribution amount of $2.50 per unit held. Please find attached your quarterly distribution checks. For custodial accounts, a credit was posted to your account and a confirmation notice is enclosed.
As shown in the chart below and as indicated in our April 17, 2000 letter attached to the 1999 Annual Report, the aggregate value of the Partnership's four properties has increased 122.3% from the original cash purchase price of $26,400,000. This value is based on the March 2000 appraisals done by Cushman and Wakefield. As we reported in our letter, the estimated net asset value of each unit as of March 2000 is now $588. This is an increase of 2.4% over the net asset value of $546 per unit reported in May 1999. Of course, the actual appreciation of the communities cannot be known until they are sold. Nevertheless, the appraisals do provide an indication of the potential appreciation of the Partnership's properties.
As always, please feel free to write us or give us a call at 18005417767, if there is anything we can do to help you with your investment in UMHCIF.
Sincerely,
P.I. Associates Limited Partnership
The General Partner
Paul M. Zlotoff
its general partner