A NOTE FROM THE GENERAL PARTNER
Dear Limited Partners:
We are happy to report that the Partnership's operations during the third quarter of 1999 have enabled us to maintain our distribution target of $75,000 or $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 of September 30, 1999, the average monthly homesite rent for the Partnership's four communities was $410 per month. As reflected in the graph on the left, this is an increase of 79% from the $229 reported in the first PARTNER'S QUARTERLY report published by the Partnership in May 1986.
This yearly increase average of 5.6% in the average monthly homesite rent is significant when considering that the combined average occupancy of the Partnership's four communities has remained relatively stable at 95% or better. As we report in this PARTNER'S QUARTERLY, the average occupancy as of September 30, 1999 was 97.1%.
Although we cannot guarantee achieving rent increases at these levels in the future, our management team will continue to work very hard to maintain this level of performance.
As always, please feel free to write us or give us a call at 1-800-541-7767, 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