If you have any questions, or would like additional information, including complete financial statements, 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 maintain the quarterly distribution of $3.00 per unit. 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: Net Cash from Operations available for distributions to all Partners for the second quarter ending June 30, 2001 was $493,760, a 6% increase compared to 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 million). The General Partner made a total distribution of $112,500 for the quarter, 80% or $90,00 to the Limited Partners, and 20% or $22,500 to the General Partner. The remaining $233,510 was added to reserves, which stood at $518,017 or $284 per home site as of June 30, 2001 (prior to quarterly distribution).
Property Data: Occupancy rates and average rents are outlined in the table below:
|
Property |
Sites |
6/01 Occupancy |
6/00 Occupancy |
6/01 Avg. Rent |
6/00 Avg. Rent |
|
Aztec Estates |
645 |
89% |
94% |
$485 |
$472 |
|
Kings Manor |
314 |
94% |
93% |
$466 |
$451 |
|
Old Dutch Farms |
293 |
93% |
93% |
$419 |
$407 |
|
Park of Four Seasons |
572 |
100% |
100% |
$382 |
$369 |
|
COMBINED |
1,824 |
94% |
95% |
$438 |
$425 |
Consolidated Financial Results: For the second quarter ending June 30, 2001 the partnership generated total gross revenues of $2,247,144, compared to $2,243,980 for the second quarter of 2000. Net Operating Income was $1,237,037 or 8% greater, and Net Cash From Operations was $493,760, 6% higher.
Property |
Revenue |
Net Operating Income |
Mortgage Interest |
Net Cash Flow |
|
Aztec
Estates |
$827,600 |
$433,538 |
$256,330 |
$155,083 |
|
Kings
Manor |
400,474 |
262,069 |
130,302 |
116,773 |
|
Old
Dutch Farms |
342,192 |
199,506 |
116,049 |
69,000 |
|
Park
of Four Seasons |
662,590 |
409,286 |
175,771 |
220,266 |
|
Management
and Other |
14,288 |
(67,362) |
0 |
(67,362) |
|
COMBINED 6/30/01 |
2,247,144 |
1,237,037 |
678,452 |
493,760 |
|
COMBINED 6/30/00 |
2,243,980 |
1,150,838 |
684,553 |
466,285 |
Net Asset Value: The Net Asset Value is now $607, 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 second quarter of 2000.
Partnership Management Expenses: Partnership administrative expense for the quarter was a net $67,362 compared to $53,387 for 2000. Gross expenses of $81,650 were offset by interest income of $14,288.
P.I Associates, The General Partner
Paul M. Zlotoff, Its General Partner