| UNIPROP MANUFACTURED HOUSING COMMUNITIES INCOME FUND II, | |||
| A MICHIGAN LIMITED PARTNERSHIP | |||
|
BALANCE SHEETS | |||
| ASSETS | March 31, 1999 | December 31, 1998 | |
| (Unaudited) | |||
| Properties: | |||
| Land | $11,644,103 | $11,644,103 | |
| Buildings And Improvements | 49,484,313 | 49,421,935 | |
| Furniture And Fixtures | 438,433 | 400,872 | |
| Manufactured Homes | 2,183,035 | 2,100,666 | |
| 63,749,884 | 63,567,576 | ||
| Less Accumulated Depreciation | 19,274,413 | 18,819,413 | |
| 44,475,471 | 44,748,163 | ||
| Cash And Cash Equivalents | 2,301,401 | 2,482,314 | |
| Unamortized Finance Costs | 615,300 | 622,800 | |
| Other Assets | 1,125,727 | 981,346 | |
| Total Assets | $48,517,899 | $48,834,623 | |
| LIABILITIES | March 31, 1999 | December 31, 1998 | |
| (Unaudited) | |||
| Accounts Payable | $289,858 | $322,340 | |
| Other Liabilities | 775,810 | 876,996 | |
| Notes Payable | 29,827,017 | 29,915,975 | |
| Total Liabilities | $30,892,685 | $31,115,311 | |
| Partners' Equity: | |||
| General Partner | 246,852 | 242,012 | |
| Unit Holders | 17,378,362 | 17,477,300 | |
| Total Partners' Equity | 17,625,214 | 17,719,312 | |
| Total Liabilities And |
$48,834,623 | ||
| Partners' Equity | $48,517,899 | ||
| See Notes to Financial Statements | |||
| UNIPROP MANUFACTURED HOUSING COMMUNITIES INCOME FUND
II,
A MICHIGAN LIMITED PARTNERSHIP | |||
|
| |||
| STATEMENTS OF INCOME | THREE MONTHS ENDED | ||
| (unaudited) | March 31, 1999 | March 31, 1998 | |
| Income: | |||
| Rental Income | $2,970,199 | $2,851,408 -- | |
| Other | 227,772 | 187,053 | |
| Total Income | $3,197,971 | $3,038,461 | |
| Operating Expenses: | |||
| Administrative Expenses (Including $156,641 And $150,346 In Property Management Fees Paid To An Affliate For The Three Month Period Ended March 31, 1999 and 1998 Respectively) |
812,070 |
825,691 | |
| Property Taxes | 238,728 | 235,263 | |
| Utilities | 256,116 | 238,136 | |
| Property Operations | 466,884 | 408,014 | |
| Depreciation And Amortization | 462,500 | 460,000 | |
| Interest | 477,675 | 674,358 | |
| Total Operating Expenses | $2,713,973 | $2,841,462 | |
| Net Income | $483,998 | $196,999 | |
| Income Per Unit: | $0.15 | $0.06 | |
| Distribution Per Unit: | $0.18 | $0.17 | |
| Weighted Average Number Of Units | |||
| Of Beneficial Assignment Of Limited | |||
| Interest Outstanding During The Period | |||
| March 31, 1999 And 1998 | 3,303,387 | 3,303,387 | |
| See Notes to Financial Statements | |||
| UNIPROP MANUFACTURED HOUSING
COMMUNITIES INCOME FUND II,
A MICHIGAN LIMITED PARTNERSHIP | |||
|
STATEMENTS OF CASH FLOWS (unaudited) | |||
| THREE MONTHS ENDED | |||
| March 31, | March 31, 1998 | ||
| Cash Flows From Operating Activities: | |||
| Net Income (Loss) | $483,998 | $196,999 | |
| Adjustments To Reconcile Net Income | |||
| (Loss) To Net Cash Provided By | |||
| Operating Activities: | |||
| Depreciation | 455,000 | 448,000 | |
| Amortization | 7,500 | 12,000 | |
| (Increase) Decrease In Other Assets From | (144,381) | 23,736 | |
| Increase (Decrease) In Accounts | (32,482) | 12,779 | |
| Increase (Decrease) Other Liabilities | (101,186) | (359,669) | |
| Total Adjustments | 184,451 | 136,846 | |
| Net Cash Provided By (Used In) | |||
| Operating Activities | 668,449 | 333,845 | |
| Cash Flows From Investing Activities: | |||
| Capital Expenditures | (182,308) | (227,748) | |
| Payment On Mortgage | (88,958) | 0 | |
| Net Cash Provided By (Used In) | |||
| Investing Activities | (271,266) | (227,748) | |
| Cash Flows From Financing Activities: | |||
| Distributions To Partners | (578,096) | (561,576) | |
| Net Cash Provided By (Used In) | |||
| Financing Activities | (578,096) | (561,576) | |
| Increase (Decrease) In Cash | (180,913) | (455,479) | |
| Cash, Beginning | 2,482,314 | 1,630,552 | |
| Cash, Ending | $2,301,401 | $1,175,073 | |
| See Notes to Financial Statements | |||