| UNIPROP MANUFACTURED HOUSING COMMUNITIES INCOME FUND, | |||||||||||||
| A MICHIGAN LIMITED PARTNERSHIP | |||||||||||||
| BALANCE SHEETS | |||||||||||||
| ASSETS | March 31, 2000 | Dec. 31, 1999 | LIABILITIES | March 31, 2000 | Dec. 31, 1999 | ||||||||
| (Unaudited) | (Unaudited) | ||||||||||||
| Properties: | |||||||||||||
| Land | $5,280,000 | $5,280,000 | Line of Credit | $600,000 | $600,000 | ||||||||
| Buildings And Improvements | 24,151,520 | 24,134,260 | Accounts Payable | 147,215 | 197,810 | ||||||||
| Manufactured Homes | 954,101 | 1,002,680 | Mortgage Payable (3) | 32,785,269 | 32,879,105 | ||||||||
| Furniture And Fixtures | 194,427 | 169,741 | Other Liabilities | 1,076,491 | 874,936 | ||||||||
| 30,580,048 | 30,586,681 | Total Liablities | $34,608,975 | $34,551,851 | |||||||||
| Less Accumulated Depreciation | 10,738,658 | 10,521,838 | |||||||||||
| 19,841,390 | 20,064,843 | Partners' Equity: | |||||||||||
| General Partner | (2,141,436) | (2,254,330) | |||||||||||
| Class A Limited Partners | (9,688,825) | (9,656,324) | |||||||||||
| Cash And Cash Equivalents | 1,261,026 | 1,113,061 | Class B Limited Partners | (238,133) | (238,133) | ||||||||
| Unamortized Finance Costs | 603,048 | 624,548 | |||||||||||
| Other Assets | 835,117 | 600,612 | Total Partners' Equity | (12,068,394) | (12,148,787) | ||||||||
| Total Assets | $22,540,581 | $22,403,064 | Total Liabilities And | ||||||||||
| Partners' Equity | $22,540,581 | $22,403,064 | |||||||||||
| See Notes to Financial Statements | |||||||||||||
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| STATEMENTS OF INCOME (Unaudited) | THREE MONTHS ENDED | ||||||||||||
| March 31, 2000 March 31, 1999 |
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| Income: | |||||||||||||
| Rental Income | $2,112,733 | $2,059,783 | |||||||||||
| Other | 153,653 | 131,199 | |||||||||||
| Total Income | $2,266,386 | $2,190,982 | |||||||||||
| Operating Expenses: | |||||||||||||
| Administrative Expenses | |||||||||||||
| (Including $111,883 And $107,844 In Property Management Fees | |||||||||||||
| Paid To An Affiliate For the Three Month Period Ended | |||||||||||||
| March 31, 2000 and 1999, Respectively) | 461,076 | 452,771 | |||||||||||
| Property Taxes | 211,125 | 205,057 | |||||||||||
| Utilities | 132,776 | 124,206 | |||||||||||
| Property Operations | 235,861 | 259,509 | |||||||||||
| Depreciation And Amortization | 238,320 | 234,000 | |||||||||||
| Interest | 668,925 | 672,687 | |||||||||||
| Total Operating Expenses | $1,948,083 | $1,948,230 | |||||||||||
| Net Income | $318,303 | $242,752 | |||||||||||
| Income Per Limited Partnership Unit: | |||||||||||||
| Class A | $0.91 | $0.54 | |||||||||||
| Class B | $2.50 | $2.00 | |||||||||||
| Distribution Per Limited Partnership Unit | |||||||||||||
| Class A | $2.50 | $2.00 | |||||||||||
| Class B | $2.50 | $2.00 | |||||||||||
| Weighted Average Number Of Limited | |||||||||||||
| Partnership Units Outstanding | |||||||||||||
| Class A | 20,230 | 20,230 | |||||||||||
| Class B | 9,770 | 9,770 | |||||||||||
| See Notes to Financial Statements | |||||||||||||
| STATEMENTS OF CASH FLOWS (Unaudited) | THREE MONTHS ENDED | ||||||||||||
| March 31, 2000 March 31, 1999 |
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| Cash Flows From Operating Activities: | |||||||||||||
| Net Income (Loss) | $318,303 | $242,752 | |||||||||||
| Adjustments To Reconcile Net Income | |||||||||||||
| (Loss) To Net Cash Provided By | |||||||||||||
| Operating Activities: | |||||||||||||
| Depreciation | 216,820 | 212,500 | |||||||||||
| Amortization | 21,500 | 21,500 | |||||||||||
| (Increase) Decrease In Other Assets From Operations | (234,505) | 8,241 | |||||||||||
| Increase (Decrease) In Accounts Payables | (50,595) | (65,393) | |||||||||||
| Increase (Decrease) Other Liabilities From Operations | 201,555 | 191,995 | |||||||||||
| Total Adjustments | 154,775 | 368,843 | |||||||||||
| Net Cash Provided By (Used In) | |||||||||||||
| Operating Activities | 473,078 | 611,595 | |||||||||||
| Cash Flows From Investing Activities: | |||||||||||||
| Capital Expenditures | 6,633 | (234,973) | |||||||||||
| Funds From Line of Credit | 0 | 0 | |||||||||||
| Net Cash Provided By (Used In) | |||||||||||||
| Investing Activities | 6,633 | (234,973) | |||||||||||
| Cash Flows From Financing Activities: | |||||||||||||
| Distributions To Partners | (237,910) | (214,500) | |||||||||||
| Principle payments on mortgage | (93,836) | (75,375) | |||||||||||
| Net Cash Provided By (Used In) | |||||||||||||
| Financing Activities | (331,746) | (289,875) | |||||||||||
| Increase (Decrease) In Cash | 147,965 | 86,747 | |||||||||||
| Cash, Beginning | 1,113,061 | 537,777 | |||||||||||
| Cash, Ending | $1,261,026 | $624,524 | |||||||||||
| See Notes to Financial Statements | |||||||||||||