If
you have any questions, or would like additional information, including
complete financial statements, please call 1-800-541-7767 or visit our web-site
at www.Uniprop.com and click on “Latest Results of Public Funds”.
Distributions: The General Partner is
pleased to maintain the quarterly distribution of $0.21 per unit. Enclosed
please find your distribution check.
For custodial accounts, a credit was posted to your account and a
confirmation notice is enclosed.
Funds from Operations: Net Cash from Operations
available for distributions to all Partners for the second quarter ending June
30, 2001 was $928,277, a 5% increase from the $883,294 for the same period of
the prior year. The General Partner
made a total distribution of $693,711 for the quarter. The remaining $234,565
was added to reserves, which were $3.8 million as of June 30, 2001
Property Data: Occupancy rates and average
rents are outlined in the table below:
|
Property |
Sites |
6/01 Occupancy |
6/00 Occupancy |
6/01 Avg. Rent |
6/00 Avg. Rent |
|
Ardmor
Village |
339 |
99% |
99% |
$351 |
$340 |
|
Camelot
Manor |
335 |
91% |
95% |
$348 |
$336 |
|
Country
Roads |
311 |
84% |
90% |
$251 |
$242 |
|
Dutch
Hills |
278 |
98% |
97% |
$346 |
$338 |
|
El
Adobe |
367 |
85% |
90% |
$424 |
$420 |
|
Paradise
Village |
614 |
73% |
82% |
$315 |
$303 |
|
Stonegate
Manor |
308 |
91% |
96% |
$352 |
$342 |
|
Sunshine
Village |
356 |
93% |
91% |
$462 |
$446 |
|
West
Valley |
421 |
94% |
96% |
$479 |
$468 |
|
COMBINED |
3329 |
90% |
92% |
$370 |
$359 |
Consolidated Financial
Results:
For the second quarter ending June 30, 2001 the partnership generated total
Gross Revenues of $3,251,728, basically
the same as the second quarter of 2000.
Net Operating Income was $1,536,959 or 13% greater, and Net Cash Flow
was $928,277, 5% higher.
Property |
Revenue |
Net Operating Income |
Mortgage Interest |
Net Cash Flow
|
|
Ardmor
Village |
$371,432 |
$210,288 |
$45,542 |
$146,652 |
|
Camelot
Manor |
297,570 |
141,586 |
54,229 |
82,134 |
|
Country
Roads |
197,286 |
21,830 |
0 |
12,086 |
|
Dutch
Hills |
256,229 |
117,344 |
40,378 |
62,496 |
|
El
Adobe |
393,503 |
230,487 |
86,546 |
130,891 |
|
Paradise
Village |
423,274 |
131,902 |
0 |
84,413 |
|
Stonegate
Manor |
275,455 |
138,991 |
47,186 |
73,100 |
|
Sunshine
Village |
437,457 |
261,717 |
67,140 |
186,207 |
|
West
Valley |
566,552 |
345,477 |
128,487 |
212,961 |
|
Management
& Other |
32,970 |
(62,663) |
0 |
(62,663) |
|
Total 6/30/01 |
3,251,728 |
1,536,959 |
469,508 |
928,277 |
|
Total 6/00/00 |
3,251,448 |
1,362,732 |
479,438 |
883,294 |
Net Asset Value: The Net Asset Value is now
$15.12, an increase of 3% over the
prior year.
Payments to Affiliates: Property management fees paid
to Uniprop, an affiliate, were $162,683 for the quarter, compared to $160,975
for the second quarter of 2000.
Partnership Management
Expenses:
Partnership administrative expense for the quarter was a net $62,663 compared
to $103,875 for 2000. Gross expenses of
$95,633 were offset by interest income of $32,970.
Genesis
Associates, The General Partner,
Paul M. Zlotoff, Its General Partner