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: Net Cash Flow from Operations and available for distributions to all Partners for the third quarter ending September 30, 2003 were $395,427 compared to $468,372 the third quarter of 2002. 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 $244,552 was added to reserves, which stood at $321,892 or $177 per home site as of September 30, 2003 (prior to quarterly distribution).
Property Data:
Occupancy rates and average rents are outlined in the table below:
|
Property |
Sites |
9/03 Occupancy |
9/02 Occupancy |
9/03 Avg. Rent |
9/02 Avg. Rent |
|
Aztec
Estates |
645 |
80% |
87% |
$505 |
$493 |
|
Kings
Manor |
314 |
98% |
97% |
$495 |
$479 |
|
Old
Dutch Farms |
293 |
86% |
89% |
$447 |
$437 |
|
Park
of Four Seasons |
572 |
92% |
99% |
$493 |
$401 |
|
COMBINED |
1,824 |
89% |
93% |
$485 |
$453 |
Consolidated Financial Results: For the third quarter ending September 30, 2003 the partnership generated total gross revenues of $2,561,483 compared to $2,677,896 for the third quarter of 2002. Net Operating Income was $1,162,465 and Net Cash Flow was $395,427, $72,945 lower than the same period 2002.
Property |
Revenue |
Net Operating Income |
Mortgage Interest |
Non Recurring |
Net Cash Flow |
|
Aztec
Estates |
$890,323 |
$348,807 |
$242,368 |
$43,341 |
$53,098 |
|
Kings
Manor |
535,653 |
286,211 |
128,188 |
21,413 |
136,610 |
|
Old
Dutch Farms |
349,630 |
184,186 |
114,167 |
29,674 |
40,345 |
|
Park
of Four Seasons |
783,923 |
397,049 |
172,919 |
4,968 |
219,162 |
|
Partnership
Management |
1,954 |
(53,788) |
0 |
0 |
(53,788) |
|
COMBINED 9/30/03 |
$2,561,483 |
$1,162,465 |
$667,642 |
$99,396 |
$395,427 |
|
COMBINED 9/30/02 |
2,677,896 |
1,234,767 |
675,111 |
91,284 |
468,372 |
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 $108,075 for the quarter compared to $111,499 for the third quarter of 2002.
Partnership Management Expenses: Partnership administrative expense for the quarter was a net $51,834 compared to $43,236 for 2002. Total expenses of $53,788 were offset by interest income of $1,954.
P.I
Associates, The General Partner
Paul
M. Zlotoff, Its General Partner