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 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: Total funds provided by operations and available for distributions to all Partners for the third quarter ending September 30, 2001 were $563,145, representing a 0.1% increase from the $562,394 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 ($59,1 million). 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 $302,895 was added to reserves, which stood at $538,678 or $295 per home site as of September 30, 2001 (prior to quarterly distribution).
Property Data:
Occupancy rates and average rents are outlined in the table below:
|
Property |
Sites |
9/01 Occupancy |
9/00 Occupancy |
9/01 Avg. Rent |
9/00 Avg. Rent |
|
Aztec
Estates |
645 |
88% |
93% |
$485 |
$472 |
|
Kings
Manor |
314 |
95% |
94% |
$466 |
$451 |
|
Old
Dutch Farms |
293 |
93% |
96% |
$424 |
$413 |
|
Park
of Four Seasons |
572 |
100% |
100% |
$387 |
$373 |
|
COMBINED |
1,824 |
94% |
96% |
$440 |
$427 |
Consolidated Financial Results: For the third quarter ending September 30, 2001 the partnership generated total gross revenues of $2,254,452 compared to $2,273,105 for the third quarter of 2000. Net Operating Income was $1,297,126 or down 1.3%, and Net Cash Flow was $563,145, 0.1% higher.
Property |
Revenue |
Net Operating Income |
Mortgage Interest |
Non Recurring
|
Net Cash Flow |
|
Aztec
Estates |
$823,087 |
433,115 |
257,769 |
10,189 |
165,157 |
|
Kings
Manor |
399,599 |
259,898 |
130,931 |
18,327 |
110,640 |
|
Old
Dutch Farms |
347,947 |
209,232 |
116,610 |
15,501 |
77,121 |
|
Park
of Four Seasons |
671,346 |
430,325 |
176,620 |
8,034 |
245,671 |
|
Partnership
Management |
12,473 |
(35,444) |
0 |
0 |
(35,444) |
|
COMBINED 9/30/01 |
2,254,452 |
1,297,126 |
681,930 |
52,051 |
563,145 |
|
COMBINED 9/30/00 |
2,273,105 |
1,313,964 |
688,205 |
63,364 |
562,394 |
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 $112,093 for the quarter, compared to $111,883 for the third quarter of 2000.
Partnership Management Expenses: Partnership administrative expense for the quarter was a net $35,444 compared to $22,718 for 2000. Total expenses of $47,917 were offset by interest income of $12,473.
P.I
Associates, The General Partner
Paul
M. Zlotoff, Its General Partner