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, 2003 was $497,949, compared to $553,851 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 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 $234,574 was added to reserves, which stood at $456,011 or $250 per home site as of June 30, 2003 (prior to quarterly distribution).
Property Data: Occupancy rates and average rents are outlined in the table below:
|
Property |
Sites |
6/03 Occupancy |
6/02 Occupancy |
6/03 Avg. Rent |
6/02 Avg. Rent |
|
Aztec Estates |
645 |
84% |
89% |
$505 |
$493 |
|
Kings Manor |
314 |
96% |
97% |
$495 |
$479 |
|
Old Dutch Farms |
293 |
86% |
89% |
$444 |
$432 |
|
Park of Four Seasons |
572 |
95% |
99% |
$412 |
$397 |
|
COMBINED |
1,824 |
91% |
94% |
$464 |
$450 |
Consolidated Financial Results: For the second quarter ending June 30, 2003 the partnership generated total gross revenues of $2,848,072 compared to $3,043,489 for the second quarter of 2002. Net Operating Income was $1,218,766 or 9% lower, and Net Cash from Operations was $497,949 or 10% lower.
Property |
Revenue |
Net Operating Income |
Mortgage Interest |
Net Cash Flow |
|
Aztec
Estates |
$1,030,617 |
$402,291 |
$252,167 |
$131,945 |
|
Kings
Manor |
586,982 |
296,637 |
128,084 |
140,266 |
|
Old
Dutch Farms |
366,754 |
167,830 |
114,075 |
51,659 |
|
Park
of Four Seasons |
861,627 |
424,576 |
172,781 |
246,647 |
|
Management
and Other |
2,092 |
(72,568) |
0 |
(72,568) |
|
COMBINED 6/30/03 |
2,848,072 |
1,218,766 |
667,107 |
497,949 |
|
COMBINED 6/30/02 |
3,043,489 |
1,339,725 |
671,822 |
553,851 |
Net Asset Value: The Net Asset Value is now $656.80, an increase of 8.5% from the prior year.
Payments to Affiliates: Property management fees paid to Uniprop, an affiliate, were $110,471 for the quarter, compared to $112,971 for the second quarter of 2002.
Partnership Management Expenses: Partnership administrative expense for the quarter was a net $70,476 compared to $48,989 for 2002. Gross expenses of $72,568 were offset by interest income of $2,092.
P.I Associates, The General Partner
Paul M. Zlotoff, Its General Partner