A NOTE FROM THE GENERAL PARTNER
Dear Unit Holders:
We are pleased to report that the Partnership's first quarter operations were strong, however the General Partner has elected to keep the quarterly distribution amount stable at $.19 per unit, providing an annual yield of 4.4%. The General Partner will continue to monitor the Partnership's cash flow and will adjust future distribution amounts as deemed appropriate. Please find enclosed your distribution check, or for those who have their distributions redirected, a notice is enclosed for your review.
We are pleased to report that the Partnership's first quarter operations were strong, however the General Partner has elected to keep the quarterly distribution amount stable at $.19 per unit, providing an annual yield of 4.4%. The General Partner will continue to monitor the Partnership's cash flow and will adjust future distribution amounts as deemed appropriate. Please find enclosed your distribution check, or for those who have their distributions redirected, a notice is enclosed for your review.
As shown in the chart below and as indicated in our April 17, 2000 letter attached to the 1999 Annual Report, the aggregate value of the Partnership's nine properties is $80,650,000. This is an increase of 44.8% from the original cash purchase price of $55,688,754. This value is based on the March 2000 appraisals conducted by Cushman and Wakefield. As we reported in our letter, the estimated net asset value of each unit, as of March 2000, increased to $14.72. This is an increase of 2.8% over the net asset value of $14.32 per unit reported in April 1999. Of course, the actual appreciation of the communities cannot be known until they are sold. Nevertheless, the annual appraisals do provide an indication of your investment's potential value. The General Partner does not anticipate a sale of any of the Partnership's nine communities until such time that the net asset value is greater than the adjusted capital contribution of $17.11 per unit. Please remember that the adjusted capital contribution is lower than the original capital contribution of $20.00 per unit, as a result of the partial return of capital from the Partnership's 1993 financing.
As always, please feel free to write to us or call us at 1-800-541-7767, if there is anything we can do to help you with your investment.
Sincerely,
Genesis Associates - The General Partner
UNIPROP, Inc. - its managing general partner
Paul M. Zlotoff, President