| UNIPROP MANUFACTURED HOUSING COMMUNITIES INCOME FUND II, | |||||||||||||||||
| A MICHIGAN LIMITED PARTNERSHIP | |||||||||||||||||
| STATEMENTS OF INCOME | SIX MONTHS ENDED | THREE MONTHS ENDED | |||||||||||||||
| June 30, 2002 | June 30, 2001 | June 30,2002 | June 30, 2001 | ||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||||
| Income: | |||||||||||||||||
| Rental Income | $5,953,389 | $6,164,348 | 2,949,429 | 3,064,758 | -- | ||||||||||||
| Other | 410,281 | 365,298 | 263,944 | 172,841 | |||||||||||||
| Home Sale Income | 363,000 | 611,153 | 194,564 | 460,153 | |||||||||||||
| Total Income | $6,726,670 | $7,140,799 | 3,407,937 | 3,697,752 | |||||||||||||
| Operating Expenses: | |||||||||||||||||
| Administrative Expenses | |||||||||||||||||
| (Including $311,545, $323,555, $156,921 and $162,683, in Property Management | |||||||||||||||||
| Fees Paid to an Affiliate for the Six and Three Month Period Ending | |||||||||||||||||
| June 30, 2001 and 2000 Respectively) | 1,569,913 | 1,591,258 | 729,171 | 803,964 | |||||||||||||
| Property Taxes | 540,330 | 498,869 | 270,096 | 257,064 | |||||||||||||
| Utilities | 426,073 | 423,969 | 211,258 | 215,826 | |||||||||||||
| Property Operations | 875,055 | 935,117 | 459,383 | 512,457 | |||||||||||||
| Depreciation And Amortization | 880,328 | 881,487 | 449,101 | 431,250 | |||||||||||||
| Interest | 918,647 | 936,318 | 460,601 | 469,508 | |||||||||||||
| Home Sale Expense | 358,437 | 720,086 | 173,342 | 510,656 | |||||||||||||
| Total Operating Expenses | $5,568,783 | $5,987,104 | $2,752,952 | $3,200,725 | |||||||||||||
| Net Income | $1,157,887 | $1,153,695 | $654,985 | $497,027 | |||||||||||||
| Income Per Unit: | 0.35 | 0.35 | 0.20 | 0.15 | |||||||||||||
| Distribution Per Unit: | 0.44 | 0.40 | 0.23 | 0.21 | |||||||||||||
| Weighted Average Number Of Units | |||||||||||||||||
| Of Beneficial Assignment Of Limited Partnership | |||||||||||||||||
| Interest Outstanding During The Period Ending | |||||||||||||||||
| June 30, 2002 and 2001 | 3,303,387 | 3,303,387 | 3,303,387 | 3,303,387 | |||||||||||||
| STATEMENT OF PARTNERS' EQUITY (Unaudited) | |||||||||||||||||
| General Partner | Unit Holders | Total | |||||||||||||||
| Balance, January 1, 2001 | $299,427 | $15,530,504 | $15,829,931 | ||||||||||||||
| Distributions | 0 | (1,453,490) | (1,453,490) | ||||||||||||||
| Net Income | 11,579 | 1,146,308 | $1,157,887 | ||||||||||||||
| Balance as of June 30, 2002 | $311,006 | $15,223,322 | $15,534,328 | ||||||||||||||
| See Notes to Financial Statements | |||||||||||||||||
| 4 | |||||||||||||||||