| UNIPROP MANUFACTURED HOUSING COMMUNITIES INCOME FUND, | |||||||||||||
| A MICHIGAN LIMITED PARTNERSHIP | |||||||||||||
| BALANCE SHEETS | |||||||||||||
| ASSETS | Sept. 30, 1998 | Dec. 31, 1997 | LIABILITIES | Sept. 30, 1998 | Dec. 31, 1997 | ||||||||
| (Unaudited) | (Unaudited) | ||||||||||||
| Properties: | |||||||||||||
| Land | $5,280,000 | $5,280,000 | Line of Credit | $469,523 | $358,916 | ||||||||
| Buildings And Improvements | 23,925,558 | 23,862,182 | Accounts Payable | 93,368 | 116,066 | ||||||||
| Manufactured Homes | 688,295 | 668,108 | Mortgage Payable (3) | 33,179,842 | 33,355,940 | ||||||||
| Furniture And Fixtures | 120,945 | 117,847 | Other Liabilities | 1,106,862 | 891,073 | ||||||||
| Total Liablities | $34,849,595 | $34,721,995 | |||||||||||
| 30,014,798 | 29,928,137 | ||||||||||||
| Less Accumulated Depreciation | 9,425,795 | 8,805,795 | Partners' Equity: | ||||||||||
| 20,589,003 | 21,122,342 | General Partner | (1,372,014) | (9,509,936) | |||||||||
| Class A Limited Partners | (9,622,015) | (897,721) | |||||||||||
| Cash And Cash Equivalents | 966,643 | 649,137 | Class B Limited Partners | (897,721) | (1,261,905) | ||||||||
| Unamortized Finance Costs | 732,048 | 796,547 | |||||||||||
| Other Assets | 670,151 | 484,407 | Total Partners' Equity | (11,891,750) | (11,669,562) | ||||||||
| Total Assets | $22,957,845 | $23,052,433 | Total Liabilities And | ||||||||||
| Partners' Equity | $22,957,845 | $23,052,433 | |||||||||||
| See Notes to Financial Statements | |||||||||||||
| STATEMENTS OF INCOME (Unaudited) | NINE MONTHS ENDED | THREE MONTHS ENDED | |||||||||||
| Sept. 30, 1998 | Sept. 30, 1997 | Sept. 30, 1998 | Sept. 30, 1997 | ||||||||||
| Income: | |||||||||||||
| Rental Income | $5,971,994 | $5,863,350 | $1,983,302 | $1,967,425 | |||||||||
| Other | 341,220 | 249,466 | 152,183 | 49,784 | |||||||||
| Total Income | $6,313,214 | $6,112,816 | $2,135,485 | $2,017,209 | |||||||||
| Operating Expenses: | |||||||||||||
| Administrative Expenses | |||||||||||||
| (Including $312,361, $303,058, $104,362, And $101,549 In Property Management Fees | |||||||||||||
| Paid To An Affiliate For the Nine and Three Month Periods Ended | |||||||||||||
| September 30, 1998 and 1997, Respectively) | 1,351,728 | 1,256,942 | 437,790 | 411,116 | |||||||||
| Property Taxes | 622,152 | 622,512 | 207,372 | 206,646 | |||||||||
| Utilities | 352,795 | 342,291 | 116,307 | 105,333 | |||||||||
| Property Operations | 785,211 | 699,210 | 255,355 | 236,862 | |||||||||
| Depreciation And Amortization | 684,500 | 620,847 | 228,200 | 206,949 | |||||||||
| Interest | 2,102,016 | 1,462,857 | 699,156 | 704,060 | |||||||||
| Total Operating Expenses | $5,898,402 | $5,004,659 | $1,944,180 | $1,870,966 | |||||||||
| Net Income | $414,812 | $1,108,157 | $191,305 | $146,243 | |||||||||
| Income Per Limited Partnership Unit: | |||||||||||||
| Class A | $0.46 | $30.00 | $0.02 | $2.00 | |||||||||
| Class B | $6.00 | $50.00 | $2.00 | $2.00 | |||||||||
| Distribution Per Limited Partnership Unit | |||||||||||||
| Class A | $6.00 | $50.00 | $2.00 | $2.00 | |||||||||
| Class B | $6.00 | $50.00 | $2.00 | $2.00 | |||||||||
| Weighted Average Number Of Limited | |||||||||||||
| Partnership Units Outstanding | |||||||||||||
| Class A | 20,230 | 20,230 | 20,230 | 20,230 | |||||||||
| Class B | 9,770 | 9,770 | 9,770 | 9,770 | |||||||||
| See Notes to Financial Statements | |||||||||||||
| STATEMENTS OF CASH FLOWS (Unaudited) | NINE MONTHS ENDED | ||||||||||||
| Sept. 30, 1998 | Sept. 30, 1997 | ||||||||||||
| Cash Flows From Operating Activities: | |||||||||||||
| Net Income (Loss) | $414,812 | $1,108,157 | |||||||||||
| Adjustments To Reconcile Net Income | |||||||||||||
| (Loss) To Net Cash Provided By | |||||||||||||
| Operating Activities: | |||||||||||||
| Depreciation | 620,000 | 588,558 | |||||||||||
| Amortization | 64,500 | 32,289 | |||||||||||
| (Increase) Decrease In Other Assets From Operations | (185,745) | (1,191,028) | |||||||||||
| Increase (Decrease) In Accounts Payables | (22,698) | (11,902) | |||||||||||
| Increase (Decrease) Other Liabilities From Operations | 215,789 | 82,128 | |||||||||||
| Total Adjustments | 691,846 | (499,955) | |||||||||||
| Net Cash Provided By (Used In) | |||||||||||||
| Operating Activities | 1,106,658 | 608,202 | |||||||||||
| Cash Flows From Investing Activities: | |||||||||||||
| Capital Expenditures | (86,661) | (1,758,258) | |||||||||||
| Funds From Line of Credit | 110,607 | (64,818) | |||||||||||
| Net Cash Provided By (Used In) | |||||||||||||
| Investing Activities | 23,946 | (1,823,076) | |||||||||||
| Cash Flows From Financing Activities: | |||||||||||||
| Funds From Mortgage | 0 | 33,500,000 | |||||||||||
| Distributions To Partners | (637,000) | (2,113,400) | |||||||||||
| Return of Capital | 0 | (30,000,000) | |||||||||||
| Principle payments on mortgage | (176,098) | (85,327) | |||||||||||
| Net Cash Provided By (Used In) | |||||||||||||
| Financing Activities | (813,098) | 1,301,273 | |||||||||||
| Increase (Decrease) In Cash | 317,506 | 86,399 | |||||||||||
| Cash, Beginning | 649,137 | 640,086 | |||||||||||
| Cash, Ending | $966,643 | $726,485 | |||||||||||
| See Notes to Financial Statements | |||||||||||||