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 $0.23 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, 2002 was $1,104,086, a 19% increase from the $928,277 for the same period
of the prior year. The General Partner
made a total distribution of $759,779 for the quarter. The remaining $344,307
was added to reserves, which were $3.4 million as of June 30, 2002 (prior to
the distribution).
Property Data: Occupancy rates and average
rents are outlined in the table below:
|
Property |
Sites |
6/02 Occupancy |
6/01 Occupancy |
6/02 Avg. Rent |
6/01 Avg. Rent |
|
Ardmor
Village |
339 |
97% |
99% |
$362 |
$351 |
|
Camelot
Manor |
335 |
83% |
91% |
$360 |
$348 |
|
Country
Roads |
311 |
83% |
84% |
$261 |
$251 |
|
Dutch
Hills |
278 |
95% |
98% |
$356 |
$346 |
|
El
Adobe |
367 |
78% |
85% |
$432 |
$424 |
|
Paradise
Village |
614 |
67% |
73% |
$325 |
$315 |
|
Stonegate
Manor |
308 |
83% |
91% |
$360 |
$352 |
|
Sunshine
Village |
356 |
94% |
93% |
$477 |
$462 |
|
West
Valley |
421 |
86% |
94% |
$486 |
$479 |
|
COMBINED |
3329 |
85% |
90% |
$380 |
$370 |
Consolidated Financial
Results:
For the second quarter ending June 30, 2002 the partnership generated total
Gross Revenues of $3,407,937, compared to $3,697,752 for the second quarter of
2001. Net Operating Income was $1,663,303
or 8% greater, and Net Cash Flow was $1,104,086, 19% higher than the same
period the prior year.
Property |
Revenue |
Net Operating
Income |
Mortgage Interest |
Net Cash Flow |
|
Ardmor
Village |
$545,206 |
$310,540 |
$42,495 |
$254,335 |
|
Camelot
Manor |
306,823 |
135,744 |
53,479 |
70,478 |
|
Country
Roads |
202,124 |
71,783 |
0 |
64,040 |
|
Dutch
Hills |
322,892 |
166,969 |
39,820 |
113,217 |
|
El
Adobe |
351,616 |
157,592 |
85,350 |
65,197 |
|
Paradise
Village |
494,600 |
119,696 |
0 |
102,907 |
|
Stonegate
Manor |
261,348 |
123,807 |
46,533 |
72,205 |
|
Sunshine
Village |
462,616 |
282,561 |
66,211 |
210,100 |
|
West
Valley |
452,433 |
345,186 |
126,713 |
202,182 |
|
Partnership
Mgt. |
8,270 |
(50,575) |
0 |
(50,575) |
|
Total 6/30/02 |
3,407,937 |
1,663,303 |
460,601 |
1,104,086 |
|
Total 6/30/01 |
3,697,752 |
1,536,959 |
469,508 |
928,277 |
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 $162,683 for the quarter the same as the second
quarter of 2001.
Partnership Management
Expenses:
Partnership administrative expense for the quarter was a net $50,575 compared
to $62,663 for 2001. Gross expenses of
$58,845 were offset by interest income of $8,270.
Genesis
Associates, The General Partner,
Paul M. Zlotoff, Its General Partner