| 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 30,2003 |
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June 30,2002 |
June 30, 2003 |
June 30,2002 |
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(unaudited) |
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(unaudited) |
(unaudited) |
(unaudited) |
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| Income: |
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| Rental Income |
$4,220,735 |
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$4,305,356 |
$2,106,898 |
$2,161,519 |
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-- |
| Home Sale Income |
879,656 |
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1,086,112 |
634,921 |
760,192 |
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| Other |
262,361 |
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229,818 |
106,253 |
121,778 |
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| Total Income |
$5,362,752 |
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$5,621,286 |
$2,848,072 |
$3,043,489 |
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| Operating Expenses: |
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| Administrative Expenses |
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| (Including $223,842,
$226,255,$110,471 and $113,284 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, 2003 and 2002, respectively) |
968,483 |
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916,786 |
475,535 |
433,935 |
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| Property Taxes |
461,877 |
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435,102 |
230,937 |
217,533 |
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| Utilities |
275,913 |
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274,538 |
127,063 |
136,509 |
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| Property Operations |
514,311 |
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600,532 |
274,956 |
321,259 |
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| Depreciation And Amortization |
458,894 |
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456,562 |
229,482 |
236,369 |
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| Interest |
1,318,991 |
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1,335,773 |
667,107 |
671,822 |
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| Home Sale Expense |
791,999 |
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1,015,528 |
574,525 |
708,580 |
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| Total Operating Expenses |
$4,790,468 |
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$5,034,821 |
$2,579,605 |
$2,726,007 |
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| Net Income |
$572,284 |
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$586,465 |
$268,467 |
$317,482 |
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| Income Per Limited
Partnership Unit: |
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| Class A |
$9.35 |
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$9.58 |
$4.20 |
$5.33 |
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| Class B |
$27.50 |
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$28.18 |
$13.28 |
$14.96 |
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| Distribution Per Limited
Partnership Unit |
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| Class A |
$6.00 |
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$6.00 |
$3.00 |
$3.00 |
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| Class B |
$6.00 |
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$6.00 |
$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 |
Total |
Total |
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| Beginning Balance of December
31, 2002 |
(3,661,251) |
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(9,421,318) |
944,184 |
(12,138,385) |
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| Net Income |
114,457 |
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189,143 |
268,684 |
572,284 |
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| Distributions |
(342,625) |
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(121,380) |
(58,620) |
(522,625) |
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| Balance as of June 30, 2003 |
(3,889,419) |
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(9,353,555) |
1,154,248 |
(12,088,726) |
0 |
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See Notes to Financial Statements |
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4 |
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