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, 2004 were $275,177, compared to $533,229 for the same period of the prior year. The quarterly Partnership Management Distribution to the General Partner was $158,500, calculated as ¼ of 1% of the most recent appraised value of the properties ($63,400,000). 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 $4,177 was added to reserves, which stood at $45,371or $25.00 per home site as of March 31, 2004 (prior to quarterly distribution).
Property Data:
Occupancy rates and average rents are outlined in the table below:
|
Property |
Sites |
3/04 Occupancy |
3/03 Occupancy |
3/04 Avg. Rent |
3/03 Avg. Rent |
|
Aztec
Estates |
645 |
77% |
85% |
$517 |
$505 |
|
Kings
Manor |
314 |
97% |
97% |
$514 |
$495 |
|
Old
Dutch Farms |
293 |
82% |
86% |
$449 |
$441 |
|
Park
of Four Seasons |
572 |
91% |
95% |
$426 |
$406 |
|
COMBINED |
1,824 |
87% |
91% |
$477 |
$462 |
Consolidated Financial Results: For the first quarter ending March 31, 2004 the partnership generated total gross revenues of $2,357,702. Net Operating Income was $1,031,300 and Net Cash Flow was $283,940.
Property |
Revenue |
Net Operating Income |
Mortgage Interest |
Net Cash Flow |
|
Aztec
Estates |
$990,005 |
$336,254 |
$248,459 |
$44,297 |
|
Kings
Manor |
424,504 |
261,971 |
126,201 |
108,273 |
|
Old
Dutch Farms |
322,372 |
151,841 |
112,398 |
13,339 |
|
Park
of Four Seasons |
619,496 |
370,788 |
170,240 |
198,822 |
|
Partnership
Management |
1,325 |
(89,554) |
0 |
(89,554) |
|
COMBINED 3/31/04 |
2,357,702 |
1,031,300 |
657,298 |
275,177 |
|
COMBINED 3/31/03 |
2,514,680 |
1,225,725 |
651,884 |
533,229 |
Net Asset Value: The Net Asset Value is now $745.38 per unit, an increase of 5% from the prior year.
Payments to Affiliates: Property management fees paid to Uniprop, an affiliate, were $106,918 for the quarter, compared to $113,371 for the first quarter of 2003.
Partnership
Management Expenses: Partnership administrative expense for the quarter
was a net
$89,554. Total expenses of $90,879 were offset by interest income of $1,325.
P.I
Associates, The General Partner
Paul
M. Zlotoff, Its General Partner