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, 2002 were $468,372 compared to $563,145 the third quarter of 2001. 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 ($58.7 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 $209,122 was added to reserves, which stood at $647,516 or $355 per home site as of September 30, 2002 (prior to quarterly distribution).
Property Data:
Occupancy rates and average rents are outlined in the table below:
|
Property |
Sites |
9/02 Occupancy |
9/01 Occupancy |
9/02 Avg. Rent |
9/01 Avg. Rent |
|
Aztec
Estates |
645 |
87% |
88% |
$493 |
$485 |
|
Kings
Manor |
314 |
97% |
95% |
$479 |
$466 |
|
Old
Dutch Farms |
293 |
89% |
93% |
$437 |
$424 |
|
Park
of Four Seasons |
572 |
99% |
100% |
$401 |
$387 |
|
COMBINED |
1,824 |
93% |
94% |
$453 |
$440 |
Consolidated Financial Results: For the third quarter ending September 30, 2002 the partnership generated total gross revenues of $2,677,896 compared to $2,254,452 for the third quarter of 2001. Net Operating Income was $1,234,767 or down 4.8%, and Net Cash Flow was $468,372, 17% lower.
Property |
Revenue |
Net Operating Income |
Mortgage Interest |
Non Recurring |
Net Cash Flow |
|
Aztec Estates |
$1,016,123 |
$396,110 |
$255,191 |
$30,975 |
$109,944 |
|
Kings Manor |
517,827 |
287,313 |
129,622 |
21,052 |
136,639 |
|
Old Dutch Farms |
408,057 |
189,621 |
115,444 |
18,828 |
55,349 |
|
Park of Four Seasons |
731,842 |
404,959 |
174,854 |
20,429 |
209,676 |
|
Partnership Management |
4,047 |
(43,236) |
0 |
0 |
(43,236) |
|
COMBINED 9/30/02 |
$2,677,896 |
$1,234,767 |
$675,111 |
$91,284 |
$468,372 |
|
COMBINED 9/30/01 |
2,254,452 |
1,297,126 |
681,930 |
52,051 |
563,145 |
Net Asset Value: The Net Asset Value is now $605.22, a decrease of 3.6% from the prior year.
Payments to Affiliates: Property management fees paid to Uniprop, an affiliate, were $111,499 for the quarter, compared to $112,093 for the third quarter of 2001.
Partnership Management Expenses: Partnership administrative expense for the quarter was a net $43,236 compared to $35,444 for 2001. Total expenses of $47,283 were offset by interest income of $4,047.
P.I
Associates, The General Partner
Paul
M. Zlotoff, Its General Partner