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, 2003 were $533,229, compared to $489,176 for the same period of the prior year. The quarterly Partnership Management Distribution to the General Partner was $150,875, calculated as ¼ of 1% of the most recent appraised value of the properties ($60,350,000). 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 $289,854 was added to reserves, which stood at $753,459 or $413 per home site as of March 31, 2003 (prior to quarterly distribution).
Property
Data:
Occupancy rates and average rents are outlined in the table below:
|
Property |
Sites |
3/03 Occupancy |
3/02
Occupancy |
3/03 Avg. Rent |
3/02 Avg.
Rent |
|
Aztec
Estates |
645 |
85% |
87% |
$505 |
$494 |
|
Kings
Manor |
314 |
97% |
96% |
$495 |
$479 |
|
Old
Dutch Farms |
293 |
86% |
92% |
$441 |
$429 |
|
Park
of Four Seasons |
572 |
95% |
99% |
$406 |
$392 |
|
COMBINED |
1,824 |
91% |
94% |
$462 |
$449 |
Consolidated Financial Results: For the first quarter ending March 31, 2003 the partnership generated total gross revenues of $2,514,680. Net Operating Income was $1,225,725 and Net Cash Flow was $533,229.
Property |
Revenue |
Net Operating
Income |
Mortgage
Interest |
Net Cash
Flow |
|
Aztec
Estates |
$879,073 |
$399,320 |
$246,412 |
$130,812 |
|
Kings
Manor |
598,064 |
298,794 |
125,162 |
168,124 |
|
Old
Dutch Farms |
392,455 |
237,706 |
111,472 |
117,626 |
|
Park
of Four Seasons |
643,363 |
365,723 |
168,838 |
192,485 |
|
Partnership
Management |
1,725 |
(75,818) |
0 |
(75,818) |
|
COMBINED
3/31/03 |
2,514,680 |
1,225,725 |
651,884 |
533,229 |
|
COMBINED
3/31/02 |
2,577,797 |
1,231,090 |
663,951 |
489,176 |
Net Asset Value: The Net Asset Value is now $656.80 per unit, an increase of 8.5% from the prior year.
Payments to Affiliates: Property management fees paid to Uniprop, an affiliate, were $113,371 for the quarter, compared to $113,284 for the first quarter of 2002.
Partnership
Management Expenses: Partnership administrative expense for the quarter
was a net
$74,093. Total expenses of $75,818 were offset by interest income of $1,725.
P.I
Associates, The General Partner
Paul
M. Zlotoff, Its General Partner