| UNIPROP MANUFACTURED HOUSING COMMUNITIES INCOME FUND II, | |||||||||||||||||
| A MICHIGAN LIMITED PARTNERSHIP | |||||||||||||||||
| STATEMENTS OF INCOME | SIX MONTHS ENDED | THREE MONTHS ENDED | |||||||||||||||
| June 30, 2003 | June 30, 2002 | June 30,2003 | June 30, 2002 | ||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||||
| Income: | |||||||||||||||||
| Rental Income | $5,863,051 | $5,953,389 | 2,938,849 | 2,949,429 | -- | ||||||||||||
| Other | 349,635 | 410,281 | 204,947 | 263,944 | |||||||||||||
| Home Sale Income | 794,101 | 363,000 | 611,800 | 194,564 | |||||||||||||
| Total Income | $7,006,787 | $6,726,670 | 3,755,596 | 3,407,937 | |||||||||||||
| Operating Expenses: | |||||||||||||||||
| Administrative Expenses | |||||||||||||||||
| (Including $309,459, $311,545, $156,528 and $156,921, in Property Management | |||||||||||||||||
| Fees Paid to an Affiliate for the Six and Three Month Period Ending | |||||||||||||||||
| June 30, 2003 and 2002 Respectively) | 1,643,519 | 1,569,913 | 816,345 | 729,171 | |||||||||||||
| Property Taxes | 537,456 | 540,330 | 268,704 | 270,096 | |||||||||||||
| Utilities | 407,117 | 426,073 | 205,704 | 211,258 | |||||||||||||
| Property Operations | 754,994 | 875,055 | 402,767 | 459,383 | |||||||||||||
| Depreciation And Amortization | 884,411 | 880,328 | 443,504 | 449,101 | |||||||||||||
| Interest | 903,291 | 918,647 | 453,997 | 460,601 | |||||||||||||
| Home Sale Expense | 721,918 | 358,437 | 532,811 | 173,342 | |||||||||||||
| Total Operating Expenses | $5,852,706 | $5,568,783 | $3,123,832 | $2,752,952 | |||||||||||||
| Net Income | $1,154,081 | $1,157,887 | $631,764 | $654,985 | |||||||||||||
| Income Per Unit: | 0.35 | 0.35 | 0.19 | 0.20 | |||||||||||||
| Distribution Per Unit: | 0.46 | 0.44 | 0.23 | 0.23 | |||||||||||||
| Weighted Average Number Of Units | |||||||||||||||||
| Of Beneficial Assignment Of Limited Partnership | |||||||||||||||||
| Interest Outstanding During The Period Ending | |||||||||||||||||
| June 30, 2003 and 2002 | 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, 2003 | $320,607 | $14,654,262 | $14,974,869 | ||||||||||||||
| Distributions | 0 | (1,519,558) | (1,519,558) | ||||||||||||||
| Net Income | 11,541 | 1,142,540 | $1,154,081 | ||||||||||||||
| Balance as of June 30, 2003 | $332,148 | $14,277,244 | $14,609,392 | ||||||||||||||
| See Notes to Financial Statements | |||||||||||||||||
| 4 | |||||||||||||||||