UNIPROP MANUFACTURED HOUSING COMMUNITIES INCOME FUND,
A MICHIGAN LIMITED PARTNERSHIP
BALANCE SHEETS
ASSETS June 30, 1999 Dec. 31, 1998 LIABILITIES June 30, 1999 Dec. 31, 1998
(Unaudited) (Unaudited)
Properties:
Land $5,280,000 $5,280,000 Line of Credit $600,000 $469,523
Buildings And Improvements 23,957,675 23,934,391 Accounts Payable 63,927 76,588
Manufactured Homes 828,423 748,657 Mortgage Payable (3) 32,984,832 33,119,108
Furniture And Fixtures 154,271 127,800 Other Liabilities 1,246,767 847,840
30,220,369 30,090,848 Total Liablities $34,895,526 $34,513,059
Less Accumulated Depreciation 10,079,556 9,654,556 Partners' Equity:
20,140,813 20,436,292 General Partner (1,711,501) (1,770,028)
Class A Limited Partners (9,703,095) (9,636,980)
Cash And Cash Equivalents 1,091,358 537,777 Class B Limited Partners (597,167) (597,167)
Unamortized Finance Costs 667,547 710,548
Other Assets 984,045 824,267 Total Partners' Equity (12,011,763) (12,004,175)
Total Assets $22,883,763 $22,508,884 Total Liabilities And
Partners' Equity $22,883,763 $22,508,884
See Notes to Financial Statements
                           
STATEMENTS OF INCOME (Unaudited) SIX MONTHS ENDED THREE MONTHS ENDED
June 30, 1999 June 30, 1998 June 30, 1999 June 30, 1998
Income:
Rental Income $4,129,853 $3,988,692 $2,070,070 $1,996,805
Other 236,807 189,037 105,608 99,057
Total Income $4,366,660 $4,177,729 $2,175,678 $2,095,862
Operating Expenses:
Administrative Expenses
(Including $217,117 , $207,999 ,$109,273, And $104,623 In Property Management Fees
Paid To An Affiliate For the Six and Three Month Periods Ended
June 30, 1999 and 1998, Respectively) 882,879 913,938 430,108 434,550
Property Taxes 411,331 414,780 206,274 207,375
Utilities 253,516 236,488 129,310 124,132
Property Operations 547,418 529,856 287,909 270,223
Depreciation And Amortization 468,000 456,300 234,000 227,800
Interest 1,369,004 1,402,860 696,317 700,360
Total Operating Expenses $3,932,148 $3,954,222 $1,983,918 $1,964,440
Net Income $434,512 $223,507 $191,760 $131,422
Income Per Limited Partnership Unit:
Class A $0.98 $0.02 $0.44 $0.02
Class B $4.25 $4.00 $2.25 $2.00
Distribution Per Limited Partnership Unit
Class A $4.25 $4.00 $2.25 $2.00
Class B $4.25 $4.00 $2.25 $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) SIX MONTHS ENDED
June 30, 1999 June 30, 1998
Cash Flows From Operating Activities:
Net Income (Loss) $434,512 $223,507
Adjustments To Reconcile Net Income
(Loss) To Net Cash Provided By
Operating Activities:
Depreciation 425,000 413,300
Amortization 43,000 43,000
(Increase) Decrease In Other Assets From Operations (159,777) (198,456)
Increase (Decrease) In Accounts Payables (12,661) (43,902)
Increase (Decrease) Other Liabilities From Operations 398,927 228,324
Total Adjustments 694,489 442,266
Net Cash Provided By (Used In)
Operating Activities 1,129,001 665,773
Cash Flows From Investing Activities:
Capital Expenditures (129,521) (93,651)
Funds From Line of Credit 130,477 110,607
Net Cash Provided By (Used In)
Investing Activities 956 16,956
Cash Flows From Financing Activities:
Funds From Mortgage 0 0
Distributions To Partners (442,100) (422,500)
Return of Capital 0 0
Principle payments on mortgage (134,276) (121,189)
Net Cash Provided By (Used In)
Financing Activities (576,376) (543,689)
Increase (Decrease) In Cash 553,581 139,040
Cash, Beginning 537,777 649,137
Cash, Ending $1,091,358 $788,177
See Notes to Financial Statements



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