The Partner's Quarterly has been condensed to reduce printing costs, while still providing relevant property and financial data to our Limited Partners. If you have any questions, or would like additional information, including complete financial statements, please call 1-800-541-7767 or visit our web-site at www.Uniprop.com and click on "Latest Results of Public Funds".
Industry Overview: The manufactured housing industry is adjusting to significantly lower levels of demand for new homes, due to higher interest rates and revised credit standards. To date, the impact on manufactured home communities has been less severe, but we remain cautious and are adding to reserves.
Distributions: The General Partner is pleased to maintain the quarterly distribution of $2.75 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 third quarter ending September 30, 2000 were $562,394, representing a 21.6% increase from the $462,000 for the same period of the prior year. The quarterly Partnership Management Distribution to the General Partner was $146,688, calculated as ¼ of 1% of the most recent appraised value of the properties ($58.675 million). The General Partner made a total distribution to the partners of $103,125 for the quarter, 80% or $82,500 to the Limited Partners, and 20% or $20,625 to the General Partner. The remaining $312,581 was added to reserves, which stood at $1,068,872 or $586 per home site as of September 30, 2000 (prior to quarterly distribution).
Property Data: Occupancy rates and average rents are outlined in the table below:
| Property | Sites | 9/00 Occupancy | 9/99 Occupancy | 9/00 Avg. Rent | 9/99 Avg. Rent |
| Aztec Estates | 645 |
93% |
95% |
$472 | $454 |
| Kings Manor | 314 |
93% |
95% |
$451 | $438 |
| Old Dutch Farms | 293 |
96% |
97% |
$413 | $397 |
| Park of Four Seasons | 572 |
100% |
100% |
$373 | $358 |
| COMBINED | 1,824 |
96% |
97% |
$427 | $410 |
Consolidated Financial Results: For the third quarter ending September 30, 2000 the partnership generated total gross revenues of $2,273,105 1.9% higher than the $2,230,894 for the third quarter of 1999. Net Operating Income was $1,313,964 or 4.4% greater, and Net Cash Flow was $562,394, 21.6% higher as a result of higher revenue, lower expenses and lower non-recurring items.
Property |
Revenue | Net Operating Income | Mortgage Interest | Non Recurring | Net Cash Flow |
| Aztec Estates | $862,422 | $472,757 | $260,141 | $9,430 | $203,186 |
| Kings Manor | 381,500 | 239,765 | 132,136 | 20,940 | 86,689 |
| Old Dutch Farms | 343,127 | 186,460 | 117,683 | 7,980 | 60,796 |
| Park of Four Seasons | 656,363 | 436,700 | 178,245 | 25,014 | 233,441 |
| Partnership Management | 29,693 | (21,718) | 0 | 0 | (21,718) |
| COMBINED 9/30/99 | 2,230,894 |
1,258,545 |
693,490 |
(103,055) | 462,000 |
| COMBINED 9/30/00 | 2,273,105 |
1,313,964 |
688,205 |
63,364 | 562,394 |
Net Asset Value: The Net Asset Value is now $588, an increase of 7.7% over the prior year.
Payments to Affiliates: Property management fees paid to Uniprop, an affiliate, were $111,883 for the quarter, compared to $110,679 for the third quarter of 1999.
Partnership Management Expenses: Partnership administrative expense for the quarter was a net $22,718 compared to $46,637 for 1999. Total expenses of $51,411 were offset by interest income of $29,693
P.I Associates, The General Partner
Paul M. Zlotoff, Its General Partner