| UNIPROP MANUFACTURED
HOUSING COMMUNITIES INCOME FUND |
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A MICHIGAN LIMITED PARTNERSHIP |
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| STATEMENTS OF INCOME |
SIX MONTHS ENDED |
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THREE MONTHS ENDED |
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June 30,2002 |
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June 30,2001 |
June 30, 2002 |
June 30,2001 |
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(unaudited) |
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(unaudited) |
(unaudited) |
(unaudited) |
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| Income: |
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| Rental Income |
$4,305,356 |
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$4,235,218 |
$2,161,519 |
$2,121,879 |
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-- |
| Home Sale Income |
$1,086,112 |
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$456,720 |
$760,192 |
$197,720 |
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| Other |
229,818 |
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222,163 |
121,778 |
110,628 |
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| Total Income |
$5,621,286 |
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$4,914,101 |
$3,043,489 |
$2,430,227 |
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| Operating Expenses: |
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| Administrative Expenses |
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| (Including $226.255,
$222,813,$113,284 and $111,175 in Property Management |
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| Fees Paid to An Affiliate for the Six and Three Month Period |
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| Ended June 30, 2002 and 2001, respectively) |
916,786 |
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892,473 |
433,935 |
458,355 |
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| Property Taxes |
435,102 |
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423,489 |
217,533 |
211,308 |
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| Utilities |
274,538 |
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291,043 |
136,509 |
128,976 |
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| Property Operations |
600,532 |
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533,001 |
321,259 |
276,293 |
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| Depreciation And Amortization |
456,562 |
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453,361 |
236,369 |
219,323 |
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| Interest |
1,335,773 |
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1,349,406 |
671,822 |
678,452 |
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| Home Sale Expense |
1,015,528 |
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429,108 |
708,580 |
183,083 |
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| Total Operating Expenses |
$5,034,821 |
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$4,371,881 |
$2,726,007 |
$2,155,790 |
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| Net Income |
$586,465 |
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$542,220 |
$317,482 |
$274,437 |
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| Income Per Limited
Partnership Unit: |
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| Class A |
$9.58 |
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$8.45 |
$5.33 |
$4.41 |
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| Class B |
$28.18 |
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$26.90 |
$14.96 |
$13.34 |
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| Distribution Per Limited
Partnership Unit |
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| Class A |
$6.00 |
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$5.75 |
$3.00 |
$3.00 |
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| Class B |
$6.00 |
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$5.75 |
$3.00 |
$3.00 |
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| Weighted Average Number Of
Limited |
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| Partnership Units Outstanding |
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| Class A |
20,230 |
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20,230 |
20,230 |
20,230 |
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| Class B |
9,770 |
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9,770 |
9,770 |
9,770 |
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| STATEMENT
OF PARTNER'S EQUITY (Unaudited) |
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General Partner |
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Class A Lmited |
Class B Limited |
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Total |
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| Beginning Balance of December
31, 2001 |
(3,183,994) |
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(9,480,901) |
560,794 |
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| Net Income |
117,293 |
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193,813 |
275,359 |
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| Distributions |
(339,500) |
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(121,380) |
(58,620) |
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| Balance as of June 30, 2002 |
(3,406,201) |
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(9,408,468) |
777,533 |
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0 |
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See Notes to Financial Statements |
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4 |
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