If you have any questions, please call 1-800-541-7767 or visit our web-site at www.uniprop.com/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 noti.ce is enclosed.
Funds From Operations: Net Cash Flow from Operations and available for distributions to all Partners for the third quarter ending September 30, 2004 were $191,803 compared to $395,427 the third quarter of 2003. 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. Reserves stood at $305,896 or $168 per home site as of September 30, 2004 (prior to quarterly distribution).
Property Data:
Occupancy rates and average rents are outlined in the table below:
|
Property |
Sites |
9/04 Occupancy |
9/03 Occupancy |
9/04 Avg. Rent |
9/03 Avg. Rent |
|
Aztec
Estates |
645 |
75% |
80% |
$517 |
$505 |
|
Kings
Manor |
314 |
96% |
98% |
$514 |
$495 |
|
Old
Dutch Farms |
293 |
73% |
86% |
$450 |
$447 |
|
Park
of Four Seasons |
572 |
83% |
92% |
$432 |
$493 |
|
COMBINED |
1,824 |
82% |
89% |
$478 |
$485 |
Consolidated Financial Results: For the third quarter ending September 30, 2004 the partnership generated total gross revenues of $2,512,162 compared to $2,561,483 for the third quarter of 2003. Net Operating Income was $990,129 and Net Cash Flow was $191,803, $203,624 lower than the same period 2003.
Property |
Revenue |
Net Operating Income |
Mortgage Interest |
Non Recurring
|
Net Cash Flow |
|
Aztec
Estates |
$931,725 |
$320,067 |
$249,406 |
$42,605 |
$28,056 |
|
Kings
Manor |
547,348 |
282,713 |
126,683 |
26,555 |
129,475 |
|
Old
Dutch Farms |
339,227 |
127,408 |
112,826 |
34,176 |
(19,594) |
|
Park
of Four Seasons |
691,856 |
301,272 |
170,131 |
35,944 |
95,197 |
|
Partnership
Management |
2,006 |
(41,331) |
0 |
0 |
(41,331) |
|
COMBINED 9/30/04 |
$2,512,162 |
$990,129 |
$659,046 |
$139,280 |
$191,803 |
|
COMBINED 9/30/03 |
2,561,483 |
1,162,465 |
667,642 |
99,396 |
395,427 |
Net Asset Value: The Net Asset Value is now $745.38 compared to $656.80 the prior year.
Payments to Affiliates: Property management fees paid to Uniprop AM, an affiliate, were $103,692 for the quarter compared to $108,075 for the third quarter of 2003.
Partnership Management Expenses: Partnership administrative expense for the quarter was a net $41,331 compared to $51,834 for 2003. Total expenses of $43,337 were offset by interest income of $2,006.
P.I
Associates, The General Partner
Paul
M. Zlotoff, Its General Partner