| UNIPROP MANUFACTURED
HOUSING COMMUNITIES INCOME FUND |
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A MICHIGAN LIMITED PARTNERSHIP |
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STATEMENTS OF |
INCOME |
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SIX MONTHS ENDED |
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THREE MONTHS ENDED |
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June 30,2004 |
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June 30,2003 |
June 30, 2004 |
June 30,2003 |
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(unaudited) |
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(unaudited) |
(unaudited) |
(unaudited) |
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| Income: |
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| Rental Income |
$4,070,732 |
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$4,220,735 |
$2,033,388 |
$2,106,898 |
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-- |
| Home Sale Income |
1,001,925 |
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879,656 |
786,440 |
634,921 |
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| Other |
202,440 |
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262,361 |
97,567 |
106,253 |
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| Total Income |
$5,275,097 |
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$5,362,752 |
$2,917,395 |
$2,848,072 |
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| Operating Expenses: |
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| Administrative Expenses |
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| (Including $213,225,
$223,842,$106,337 and $110,471 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, 2004 and 2003, respectively) |
1,048,171 |
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968,483 |
497,062 |
475,535 |
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| Property Taxes |
487,734 |
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461,877 |
243,867 |
230,937 |
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| Utilities |
279,658 |
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275,913 |
136,776 |
127,063 |
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| Property Operations |
626,178 |
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514,311 |
334,984 |
274,956 |
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| Depreciation And Amortization |
476,874 |
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458,894 |
238,160 |
229,482 |
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| Interest |
1,315,429 |
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1,318,991 |
658,131 |
667,107 |
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| Home Sale Expense |
898,296 |
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791,999 |
702,121 |
574,525 |
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| Total Operating Expenses |
$5,132,340 |
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$4,790,468 |
$2,811,101 |
$2,579,605 |
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| Net Income (Losss) |
$142,757 |
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$572,284 |
$106,294 |
$268,467 |
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| Income (Loss) Per Limited
Partnership Unit: |
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| Class A |
($2.34) |
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$9.35 |
($0.24) |
$4.20 |
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| Class B |
$16.53 |
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$27.50 |
$9.19 |
$13.28 |
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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 PARTNERS' EQUITY (DEFICIT) (Unaudited) |
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General Partner |
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Class A Lmited |
Class B Limited |
Total |
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| Beginning Balance as of
December 31, 2003 |
(4,188,993) |
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(9,473,234) |
1,282,630 |
(12,379,597) |
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| Net Income (Loss) |
28,551 |
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(47,245) |
161,451 |
142,757 |
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| Distributions |
(354,375) |
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(121,380) |
(58,620) |
(534,375) |
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| Balance as of June 30, 2004 |
(4,514,817) |
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(9,641,859) |
1,385,461 |
(12,771,215) |
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See Notes to Financial Statements |
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4 |
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