If you have any questions, please call 1-800-541-7767 or visit our web-site at www.Uniprop.com and click on “ 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, 2005 were $195,558, compared to $275,177 for the same period of the prior year. The quarterly Partnership Management Distribution to the General Partner was $161,500,
calculated as ¼ of 1% of the most recent appraised value of the properties ($64,600,000). 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 cash reserves stood at $202,514 or $111.03 per home site as of March 31, 2005 (prior to quarterly distribution).
Property Data:
Occupancy rates and average rents are outlined in the table below:
|
Property |
Sites |
3/05 Occupancy |
3/04 Occupancy |
3/05 Avg. Rent |
3/04 Avg. Rent |
|
Aztec
Estates |
645 |
74% |
77% |
$529 |
$517 |
|
Kings
Manor |
314 |
94% |
97% |
$535 |
$514 |
|
Old
Dutch Farms |
293 |
65% |
82% |
$450 |
$449 |
|
Park
of Four Seasons |
572 |
76% |
91% |
$435 |
$426 |
|
COMBINED |
1,824 |
77% |
87% |
$487 |
$477 |
Consolidated Financial Results: For the first quarter ending March 31, 2005 the partnership generated total gross revenues of $2,436,309. Net Operating Income was $984,333 and Net Cash Flow was $195,558.
Property |
Revenue |
Net Operating Income |
Mortgage Interest |
Net Cash Flow |
|
Aztec
Estates |
$966,447 |
$353,356 |
$242,443 |
$70,476 |
|
Kings
Manor |
591,368 |
284,461 |
123,146 |
127,711 |
|
Old
Dutch Farms |
252,693 |
95,708 |
109,677 |
(44,754) |
|
Park
of Four Seasons |
623,630 |
331,718 |
166,118 |
126,035 |
|
Partnership
Management |
2,172 |
(83,910) |
0 |
(83,910) |
|
COMBINED 3/31/05 |
2,436,309 |
981,333 |
641,384 |
195,558 |
|
COMBINED 3/31/04 |
2,357,702 |
1,031,300 |
657,298 |
275,177 |
Net Asset Value: The Net Asset Value is now $786.71 per unit, an increase of 6% from the prior year.
Payments to Affiliates: Property management fees paid to Uniprop, an affiliate, were $101,811 for the quarter, compared to $106,918 for the first quarter of 2004.
Partnership
Management Expenses: Partnership administrative expense for the quarter
was a net
$83,910. Total expenses of $86,082 were offset by interest income of $2,172.
P.I
Associates, The General Partner
Paul
M. Zlotoff, Its General Partner