Distributions: The General Partner is pleased to increase the quarterly distribution to $0.23 per unit from $0.21 per unit, an increase of 9.5%. 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 first quarter ending March 31, 2001 was $934,129. The General Partner made a distribution of $759,779 for the quarter. The remaining $174,350 was added to reserves, which were $3.6 million as of 3/31/02 (prior to quarterly distribution).
|
Property |
Sites |
3/02 Occupancy |
3/01 Occupancy |
3/02 Avg. Rent |
3/01 Avg. Rent |
|
Ardmor Village |
339 |
98% |
99% |
$361 |
$345 |
|
Camelot Manor |
335 |
87% |
93% |
$356 |
$342 |
|
Country Roads |
311 |
86% |
88% |
$251 |
$241 |
|
Dutch Hills |
278 |
95% |
99% |
$354 |
$341 |
|
El Adobe |
367 |
79% |
88% |
$423 |
$419 |
|
Paradise Village |
614 |
69% |
78% |
$315 |
$303 |
|
Stonegate Manor |
308 |
85% |
95% |
$359 |
$348 |
|
Sunshine Village |
356 |
93% |
91% |
$477 |
$446 |
|
West Valley |
421 |
88% |
95% |
$486 |
$479 |
|
COMBINED |
3329 |
87% |
92% |
$376 |
$363 |
Consolidated Financial Results: For the first quarter ended 3/31/02 the partnership had total revenues of $3,240,847. Net Operating Income was $1,450,685 and Net Cash Flow was $934,129.
Property |
Revenue |
NOI
|
Mortgage Interest
|
Net Cash Flow
|
|
Ardmor Village |
$348,684 |
$178,191 |
$44,430 |
$130,725 |
|
Camelot Manor |
348,124 |
152,390 |
52,904 |
89,978 |
|
Country Roads |
200,722 |
71,969 |
0 |
71,344 |
|
Dutch Hills |
266,987 |
143,786 |
39,392 |
99,337 |
|
El Adobe |
370,938 |
206,647 |
84,433 |
110,235 |
|
Paradise Village |
422,298 |
108,916 |
0 |
95,593 |
|
Stonegate Manor |
271,457 |
135,209 |
46,034 |
85,899 |
|
Sunshine Village |
486,783 |
268,572 |
65,501 |
195,546 |
|
West Valley |
515,710 |
299,101 |
125,352 |
169,568 |
|
Partnership Management |
9,174 |
(114,096) |
0 |
(114,096) |
|
Total 3/31/02 |
3,240,847 |
1,450,685 |
458,046 |
934,129 |
|
Total 3/31/01 |
3,292,047 |
1,677,017 |
466,810 |
1,106,905 |
Net Asset Value: The Net Asset Value is now $15.01, a slight decrease from the prior year.
Payments to Affiliates: Property management fees paid to Uniprop, an affiliate, were $156,921 for the first quarter ended March 31, 2002.
Partnership Management Expenses: Partnership Management expense for the quarter was a net $104,922. Total expenses of $114,096 were offset by income of $9,174.
For any questions, please 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