If
you have any questions or would like to request a hard copy of the form 10-K
(available April 15th), please call 800-541-7767 or visit our
web-site at www.uniprop.com and
click on “Latest Results of Public Funds”.
Distributions: The General Partner is
pleased to have maintained distributions of $12.00 per unit for 2003 the same
as in 2002. The annual Partnership
Management Distribution paid to the General Partner for 2003 was $603,500,
calculated as 1% of the appraised value of the properties. Cash reserves stood
at $258,422 or $142 per home site as of December 31, 2003, compared to
$607,207, $332 per home site at the end of 2002.
Property Data: Occupancy rates and average
rents are outlined in the table below:
|
Property |
Sites |
12/03 Occupancy |
12/02 Occupancy |
12/03 Avg. Rent |
12/02 Avg. Rent |
|
Aztec
Estates |
645 |
77% |
86% |
$505 |
$493 |
|
Kings
Manor |
314 |
97% |
97% |
$495 |
$479 |
|
Old
Dutch Farms |
293 |
86% |
87% |
$448 |
$440 |
|
Park
of Four Seasons |
572 |
92% |
97% |
$423 |
$405 |
|
COMBINED |
1,824 |
88% |
91% |
$468 |
$455 |
Consolidated Financial
Results:
For the fiscal year ending December 31, 2003 the partnership generated total
gross revenues of $10,713,194 compared to $10,797,708 in 2002 a decrease of
$84,514. Net Income for 2003 was
$808,163 compared to $1,003,716 for 2002.
Payments to Affiliates: Property management fees
paid to Uniprop, an affiliate, were $435,846 for the year 2003, compared to
$449,867 in 2002.
Partnership Management
Expenses: Partnership Management expense for 2003 was
$258,551 compared to $237,141 for 2002.
P.I
Associates, The General Partner
Paul
M. Zlotoff, Its General Partner