| UNIPROP MANUFACTURED HOUSING COMMUNITIES INCOME FUND II, | |||||||||||||||||
| A MICHIGAN LIMITED PARTNERSHIP | |||||||||||||||||
| STATEMENTS OF OPERATIONS | THREE MONTHS ENDED | ||||||||||||||||
| March 31, 2005 | March 31, 2004 | ||||||||||||||||
| (unaudited) | (unaudited) | ||||||||||||||||
| Income: | |||||||||||||||||
| Rental Income | $2,567,737 | $2,832,398 | -- | ||||||||||||||
| Other | 186,137 | 163,046 | |||||||||||||||
| Home Sale Income | 278,166 | 217,620 | |||||||||||||||
| Total Income | $3,032,040 | $3,213,064 | |||||||||||||||
| Operating Expenses: | |||||||||||||||||
| Administrative Expenses | |||||||||||||||||
| (Including $136,701 and $148,945, in Property Management | |||||||||||||||||
| Fees Paid to an Affiliate for the Three Month Period Ending | |||||||||||||||||
| March 31, 2005 and 2004 Respectively) | 833,135 | 884,732 | |||||||||||||||
| Property Taxes | 275,070 | 278,573 | |||||||||||||||
| Utilities | 168,728 | 182,873 | |||||||||||||||
| Property Operations | 377,479 | 362,296 | |||||||||||||||
| Depreciation And Amortization | 472,886 | 454,126 | |||||||||||||||
| Interest | 434,304 | 446,928 | |||||||||||||||
| Home Sale Expense | 290,498 | 226,391 | |||||||||||||||
| Total Operating Expenses | $2,852,100 | $2,835,919 | |||||||||||||||
| Net Income | $179,940 | $377,145 | |||||||||||||||
| Income Per Unit: | 0.05 | 0.11 | |||||||||||||||
| Distribution Per Unit: | 0.23 | 0.23 | |||||||||||||||
| Weighted Average Number Of Units | |||||||||||||||||
| Of Beneficial Assignment Of Limited Partnership | |||||||||||||||||
| Interest Outstanding During The Period Ending | |||||||||||||||||
| March 31, 2005 and 2004 | 3,303,387 | 3,303,387 | |||||||||||||||
| STATEMENT OF PARTNERS' EQUITY (Unaudited) | |||||||||||||||||
| General Partner | Unit Holders | Total | |||||||||||||||
| Balance, January 1, 2005 | $355,475 | $12,027,993 | $12,383,468 | ||||||||||||||
| Distributions | (759,779) | (759,779) | |||||||||||||||
| Net Income | 1,799 | 178,141 | $179,940 | ||||||||||||||
| Balance as of March 31, 2005 | $357,274 | $11,446,355 | $11,803,629 | ||||||||||||||
| See Notes to Financial Statements | |||||||||||||||||
| 4 | |||||||||||||||||