UNIPROP MANUFACTURED HOUSING COMMUNITIES INCOME FUND,
A MICHIGAN LIMITED PARTNERSHIP
BALANCE SHEETS
ASSETS September 30, 1999 Dec. 31, 1998 LIABILITIES September 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 24,026,632 23,934,391 Accounts Payable 61,330 76,588
Manufactured Homes 854,845 748,657 Mortgage Payable (3) 32,924,624 33,119,108
Furniture And Fixtures 160,879 127,800 Other Liabilities 1,330,739 847,840
30,322,356 30,090,848 Total Liablities $34,916,6936 $34,513,059
Less Accumulated Depreciation 10,292,486 9,654,556 Partners' Equity:
20,029,870 20,436,292 General Partner (1,682,801) (1,770,028)
Class A Limited Partners (9,741,224) (9,636,980)
Cash And Cash Equivalents 1,202,892 537,777 Class B Limited Partners (597,167) (597,167)
Unamortized Finance Costs 646,048 710,548
Other Assets 1,016,691 824,267 Total Partners' Equity (12,021,192) (12,004,175)
Total Assets $22,895,501 $22,508,884 Total Liabilities And
Partners' Equity $22,895,501 $22,508,884
See Notes to Financial Statements
                           
STATEMENTS OF INCOME (Unaudited) SIX MONTHS ENDED THREE MONTHS ENDED
Sept. 30, 1999 Sept. 30, 1998 Sept. 30, 1999 Sept. 30, 1998
Income:
Rental Income $6,187,382 $5,971,994 $2,057,529 $1,983,302
Other 410,174 341,220 173,367 152,183
Total Income $6,597,556 $6,313,214 $2,230,896 $2,135,485
Operating Expenses:
Administrative Expenses
(Including $327,796 , $312,361 ,$110,679, And $104,362 In Property Management Fees
Paid To An Affiliate For the Six and Three Month Periods Ended
September 30, 1999 and 1998, Respectively) 1,364,971 1,351,728 482,093 437,790
Property Taxes 617,617 622,152 206,286 207,372
Utilities 376,120 352,795 122,604 116,307
Property Operations 811,841 785,211 264,423 255,355
Depreciation And Amortization 702,430 684,500 234,000 228,200
Interest 2,062,494 2,102,016 693,490 699,156
Total Operating Expenses $5,935,473 $5,898,402 $2,002,896 $1,944,180
Net Income $662,083 $414,812 $228,000 $191,305
Income Per Limited Partnership Unit:
Class A $1.60 $0.46 $0.62 $0.02
Class B $6.75 $6.00 $2.25 $2.00
Distribution Per Limited Partnership Unit
Class A $6.75 $6.00 $2.25 $2.00
Class B $6.75 $6.00 $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) NINE MONTHS ENDED
Sept 30, 1999 Sept 30, 1998
Cash Flows From Operating Activities:
Net Income (Loss) $662,083 $414,812
Adjustments To Reconcile Net Income
(Loss) To Net Cash Provided By
Operating Activities:
Depreciation 637,930 620,000
Amortization 64,500 64,500
(Increase) Decrease In Other Assets From Operations (192,424) (185,745)
Increase (Decrease) In Accounts Payables (15,258) (22,698)
Increase (Decrease) Other Liabilities From Operations 482,899 215,789
Total Adjustments 977,647 691,846
Net Cash Provided By (Used In)
Operating Activities 1,639,730 1,106,658
Cash Flows From Investing Activities:
Capital Expenditures (231,508) (86,661)
Funds From Line of Credit 130,477 110,607
Net Cash Provided By (Used In)
Investing Activities (101,031) 23,946
Cash Flows From Financing Activities:
Funds From Mortgage 0 0
Distributions To Partners (639,100) (637,000)
Return of Capital 0 0
Principle payments on mortgage (194,484) (176,098)
Net Cash Provided By (Used In)
Financing Activities (873,584) (813,098)
Increase (Decrease) In Cash 665,115 317,506
Cash, Beginning 537,777 649,137
Cash, Ending $1,202,892 $966,643
See Notes to Financial Statements



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