Results of Operations
OVERALL, as illustrated in the tables below, the four properties enjoyed a
combined average occupancy of 97.9% (1,786/1,824 sites) at the end of
June 1998, versus 97.3% a year ago. The average monthly rent in June 1998
was approximately $395, or 3.1% more than the $383 average monthly rent
in June 1997.
Total Occupied Occupancy Average
Capacity Sites Rate Rent
Aztec Estates 645 625 96.9% $ 441
Kings Manor 314 305 97.1 422
Old Dutch Farms 293 284 96.9 391
Park of the Four Seasons 572 572 100.0 338
--- --- ----- ------
Total on 6/30/98: 1,824 1,786 97.9% $ 395
Total on 6/30/97: 1,824 1,774 97.3% $ 383
GROSS REVENUES NET OPERATING
INCOME
6/30/98 6/30/97 6/30/98 6/30/97
Aztec Estates $ 779,187 $ 811,037 $ 404,992 $ 398,759
Kings Manor 370,797 356,768 228,017 232,116
Old Dutch Farms 346,621 328,828 230,513 223,535
Park of the Four Seasons 589,511 568,801 353,818 345,975
----------- ----------- ----------- -----------
2,086,116 $ 2,065,434 1,217,341 $ 1,200,385
Partnership Management: 9,746 22,219 (59,657) (64,961)
Other Non Recurring expenses:----- ---- (98,101) (47,896)
Debt Service (700,360) (758,797)
Depreciation and Amortization----- ---- (227,800) (217,712)
----------- ----------- ----------- -----------
$ 2,095,862 $ 2,087,653 $ 131,422 $ 111,019
COMPARISON OF QUARTER ENDED JUNE 30, 1998 TO QUARTER ENDED JUNE 30, 1997
Gross revenues increased $8,209, to $2,095,862 in 1998, as compared to
$2,087,653 in 1997. The increase in gross revenues is the result of higher
overall occupancy and higher average rents at the Partnership's four
communities (see table on previous page).
Administrative expenses increased $20,877, or 5.0% to $434,550 in 1998, as
compared to $413,573 in 1997. The increase is the result of higher wages.
Partnership management costs decreased $5,304, or 8.2%, to $59,657 in
1998, as compared to $64,961 in 1997. Property operation costs increased
$14,245, or 5.6%, to $270,223 in 1998, as compared to $255,978 in 1997.
The increase was the result of higher maintenance and marketing expense.
Interest expense associated with the Partnership's mortgage debt
decreased by $58,437, or 7.7%, to $700,360 in 1998, as compared to
$758,797. The decrease is the result of the prepayment of interest in 1997.
As a result of the foregoing factors, net income increased to $131,422
for the quarter ended June 30, 1998 from $111,019 for the quarter ended
June 30, 1997.
MANAGEMENT EXPENSES
Net Partnership management expenses paid during the quarter amounted to
$59,657. Gross expenses of $69,403 (data processing, accounting and legal
expenses, office supplies and wages to employees of the Partnership) were
partially offset by income of $9,746 generated by interest on the
Partnership's reserves and transfer fees. The figures for last year's
second quarter were $64,961, $87,180 and $22,219, respectively.
PART II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS OF FORM 8-K
(a) Exhibits
Exhibit Number Description
-------------- -----------
27 Financial Data Schedule
(b) Reports of Form 8-K
There were no reports filed on Form 8-K
during the three months ended June 30, 1998.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Uniprop Manufactured Housing
Communities Income Fund,
A Michigan Limited Partnership
BY: P.I. Associates Limited
Partnership, A Michigan Limited
Partnership, its General Partner
BY: /s/ Paul M. Zlotoff
----------------------------
Paul M. Zlotoff, General Partner
BY: /s/ Gloria A. Koster
----------------------------
Gloria A. Koster, Principal
Financial Officer
Dated: August 14, 1998