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 at $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 first quarter ending March 31, 2002 were $489,176, compared to $501,821 for the same period of the prior year. The quarterly Partnership Management Distribution to the General Partner was $146,750, calculated as ¼ of 1% of the most recent appraised value of the properties ($58,700,000). 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 $229,926 was added to reserves, which stood at $903,873 or $496 per home site as of March 31, 2002 (prior to quarterly distribution).
Property Data:
Occupancy rates and average rents are outlined in the table below:
|
Property |
Sites |
3/02 Occupancy |
3/01 Occupancy |
3/02 Avg. Rent |
3/01 Avg. Rent |
|
Aztec
Estates |
645 |
87% |
91% |
$494 |
$485 |
|
Kings
Manor |
314 |
96% |
94% |
$479 |
$466 |
|
Old
Dutch Farms |
293 |
92% |
95% |
$429 |
$416 |
|
Park
of Four Seasons |
572 |
99% |
100% |
$392 |
$379 |
|
COMBINED |
1,824 |
94% |
95% |
$449 |
$437 |
Consolidated Financial Results: For the first quarter ending March 31, 2002 the partnership generated total gross revenues of $2,577,797, 4% higher than the $2,483,874, for the first quarter of 2001. Net Operating Income was $1,231,090 and Net Cash Flow was $489,176.
Property |
Revenue |
Net Operating Income |
Mortgage Interest |
Net Cash Flow |
|
Aztec
Estates |
$1,000,905 |
$411,834 |
$250,975 |
$151,056 |
|
Kings
Manor |
558,829 |
274,388 |
127,478 |
121,517 |
|
Old
Dutch Farms |
359,810 |
206,913 |
113,535 |
74,581 |
|
Park
of Four Seasons |
653,376 |
412,289 |
171,963 |
216,356 |
|
Partnership
Management |
4,877 |
(74,334) |
0 |
(74,334) |
|
COMBINED 3/31/02 |
2,577,797 |
1,231,090 |
663,951 |
489,176 |
|
COMBINED 3/31/01 |
2,483,874 |
1,225,581 |
670,954 |
501,821 |
Net Asset Value: The Net Asset Value is now $605.22 per unit, a decrease of 3.6% from the prior year.
Payments to Affiliates: Property management fees paid to Uniprop, an affiliate, were $113,284 for the quarter, compared to $111,175 for the first quarter of 2001.
Partnership
Management Expenses: Partnership administrative expense for the quarter
was a net
$74,334. Total expenses of $79,211 were offset by interest income of $4,877. This compares to Net Expense of $59,678 for the first quarter of 2001.
P.I
Associates, The General Partner
Paul
M. Zlotoff, Its General Partner