If you have any questions, please call 1-800-541-7767 or visit our web-site at www.Uniprop.com and click on “Latest Results of Public Funds”.
Distributions: The General Partner is pleased to increase the quarterly distribution to $3.00 per unit, a 9% increase from the prior year. Enclosed please find your distribution check. For custodial accounts, a credit was posted to your account and a confirmation notice is enclosed.
Funds From Operations: Total funds provided by operations and available for distributions to all Partners for the first quarter ending March 31, 2001 were $501,821, compared to $556,623 for the same period of the prior year. The quarterly Partnership Management Distribution to the General Partner was $147,750, calculated as ¼ of 1% of the most recent appraised value of the properties ($59,100,000). The General Partner made a total distribution to the partners of $112,500 for the quarter, 80% or $90,000 to the Limited Partners, and 20% or $22,500 to the General Partner. The remaining $241,571 was added to reserves, which stood at $734,569 or $403 per home site as of March 31, 2001 (prior to quarterly distribution).
Property Data:
Occupancy rates and average rents are outlined in the table below:
|
Property |
Sites |
3/01 Occupancy |
3/00 Occupancy |
3/01 Avg. Rent |
3/00 Avg. Rent |
|
Aztec
Estates |
645 |
91% |
94% |
$485 |
$472 |
|
Kings
Manor |
314 |
94% |
95% |
$466 |
$451 |
|
Old
Dutch Farms |
293 |
95% |
95% |
$416 |
$403 |
|
Park
of Four Seasons |
572 |
100% |
100% |
$379 |
$364 |
|
COMBINED |
1,824 |
95% |
96% |
$437 |
$421 |
Consolidated Financial Results: For the first quarter ending March 31, 2001 the partnership generated total gross revenues of $2,237,849, 1.0% lower than the $2,266,386 for the first quarter of 2000. Net Operating Income was $1,225,581 and Net Cash Flow was $501,821.
Property |
Revenue |
Net Operating Income |
Mortgage Interest |
Net Cash Flow |
|
Aztec
Estates |
$829,586 |
$404,775 |
$253,746 |
$126,163 |
|
Kings
Manor |
385,674 |
241,826 |
128,784 |
103,704 |
|
Old
Dutch Farms |
352,858 |
210,078 |
114,699 |
78,366 |
|
Park
of Four Seasons |
655,055 |
428,580 |
173,725 |
253,266 |
|
Partnership
Management |
14,676 |
(59,678) |
0 |
(59,678) |
|
COMBINED 3/31/01 |
2,237,849 |
1,225,581 |
670,954 |
501,821 |
|
COMBINED 3/31/00 |
2,266,386 |
1,225,548 |
668,925 |
556,623 |
Net Asset Value: The Net Asset Value is now $607.38 an increase of 3% over the prior year.
Payments to Affiliates: Property management fees paid to Uniprop, an affiliate, were $111,175 for the quarter, compared to $111,883 for the first quarter of 2000.
Partnership Management Expenses: Partnership administrative expense for the quarter was a net
$59,678. Total expenses of $74,354 were offset by interest income of $14,676. Expenses were higher than the previous quarter due to year end accounting fees, multiple SEC required mailings in response to unsolicited tender offers and the cost of annual property appraisals.
P.I
Associates, The General Partner
Paul
M. Zlotoff, Its General Partner