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 Flow from Operations available for distributions to all Partners for the third quarter ending September 30, 2001 was $951,848, a 7.3% increase from the same period of 2000. The General Partner made a distribution of $693,711 for the quarter. The remaining $258,137 was added to reserves, which were $4,039,190 as of 9/30/01 (prior to the quarterly distribution) .
|
Property |
Sites |
9/01 Occupancy |
9/00Occupancy |
9/01 Avg. Rent |
9/00 Avg. Rent |
|
Ardmor Village |
339 |
98% |
99% |
$354 |
$342 |
|
Camelot Manor |
335 |
89% |
96% |
$351 |
$339 |
|
Country Roads |
311 |
84% |
89% |
$251 |
$241 |
|
Dutch Hills |
278 |
97% |
99% |
$349 |
$338 |
|
El Adobe |
367 |
83% |
90% |
$422 |
$419 |
|
Paradise Village |
614 |
72% |
80% |
$315 |
$303 |
|
Stonegate Manor |
308 |
91% |
96% |
$354 |
$346 |
|
Sunshine Village |
356 |
93% |
91% |
$462 |
$446 |
|
West Valley |
421 |
92% |
96% |
$486 |
$479 |
|
COMBINED |
3329 |
89% |
93% |
$372 |
$361 |
Consolidated Financial Results: For the third quarter ending 9/30/01 the partnership had total revenues of $3,226,750, compared to $3,315,493 for the third quarter of 2000. Net Operating Income was $1,537,008, $2,489 higher than in 2000, and Net Cash Flow was $951,848, 7.3% higher than the same quarter of 2000.
Property |
Revenue |
NOI
|
Mortgage Interest
|
Non Recurring |
Net Cash Flow
|
|
Ardmor Village |
$350,432 |
$ 218,295 |
$45,729 |
$22,728 |
$149,838 |
|
Camelot Manor |
307,391 |
151,471 |
54,450 |
11,700 |
85,321 |
|
Country Roads |
196,666 |
54,865 |
0 |
12,586 |
42,279 |
|
Dutch Hills |
274,630 |
125,872 |
40,543 |
9,135 |
76,194 |
|
El Adobe |
380,335 |
203,879 |
86,901 |
6,148 |
110,830 |
|
Paradise Village |
421,109 |
122,061 |
0 |
24,829 |
97,232 |
|
Stonegate Manor |
282,791 |
145,599 |
47,378 |
20,228 |
77,993 |
|
Sunshine Village |
428,973 |
248,481 |
67,414 |
2,205 |
178,862 |
|
West Valley |
559,596 |
337,140 |
129,015 |
4,171 |
203,954 |
|
Partnership Management |
24,827 |
(70,655) |
0 |
0 |
(70,655) |
|
Total 9/30/01 |
3,226,750 |
1,537,008 |
471,430 |
113,730 |
951,848 |
|
Total 9/30/00 |
3,315,493 |
1,534,519 |
477,977 |
169,881 |
886,661 |
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 $159,840 for the quarter, compared to $163,473 for the third quarter of 2000.
Partnership Management Expenses: Partnership Management Expense for the quarter was a net $70,655 compared to $12,564 for 2000 because of lower interest income due to the decline in interest rates and higher legal fees due to tender offers. Total expenses of $95,482 were offset by interest income of $24,827.
For any questions, call 1-800-541-7767 or visit our web-site at www.Uniprop.com
Genesis Associates, The General Partner, Paul M. Zlotoff, Its General Partner