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 second quarter ending June 30, 2004 were $344,454, compared to 497,949 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 $73,454 was added to reserves, which stood at $358,886 or $197.00 per home site as of June 30, 2004 (prior to quarterly distribution).
Property
Data:
Occupancy rates and average rents are outlined in the table below:
|
Property |
Sites |
6/04 Occupancy |
6/03
Occupancy |
6/04 Avg. Rent |
6/03 Avg.
Rent |
|
Aztec
Estates |
645 |
76% |
84% |
$517 |
$505 |
|
Kings
Manor |
314 |
97% |
96% |
$514 |
$495 |
|
Old
Dutch Farms |
293 |
77% |
86% |
$450 |
$444 |
|
Park
of Four Seasons |
572 |
87% |
95% |
$429 |
$412 |
|
COMBINED |
1,824 |
83% |
91% |
$478 |
$464 |
Consolidated Financial Results: For the second quarter ending June 30, 2004 the partnership generated total gross revenues of $2,917,395. Net Operating Income was $1,130,945 and Net Cash Flow was $344,454.
Property |
Revenue |
Net Operating
Income |
Mortgage
Interest |
Net Cash
Flow |
|
Aztec
Estates |
$1,385,031 |
$426,231 |
$248,324 |
$129,925 |
|
Kings
Manor |
614,163 |
270,722 |
126,133 |
124,274 |
|
Old
Dutch Farms |
304,687 |
162,803 |
113,526 |
15,409 |
|
Park
of Four Seasons |
611,378 |
357,349 |
170,148 |
161,006 |
|
Partnership
Management |
2,136 |
(86,160) |
0 |
(86,160) |
|
COMBINED
6/30/04 |
2,917,395 |
1,130,945 |
658,131 |
344,454 |
|
COMBINED
6/30/03 |
2,848,072 |
1,218,766 |
667,107 |
497,949 |
Net Asset Value: The Net Asset Value is now $745.38 per unit compared to $656.80 the prior year.
Payments to Affiliates: Property management fees paid to Uniprop AM, an affiliate, were $106,337 for the quarter, compared to $113,284 for the second quarter of 2003.
Partnership
Management Expenses: Partnership administrative expense for the
quarter
was a net
$86,160. Total expenses of $88,296 were offset by interest income of $2,136.
P.I
Associates, The General Partner
Paul
M. Zlotoff, Its General Partner