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 Flow from Operations available for distributions to all Partners for the third quarter ending September 30, 2002 was $874,768, an 8% decrease from the $951,848 for the same period of 2001. The General Partner made a distribution of $759,779 for the quarter. The remaining $114,989 was added to reserves, which were $3,286,624 as of 9/30/02 (prior to the quarterly distribution).
|
Property |
Sites |
9/02 Occupancy |
9/01Occupancy |
9/02 Avg. Rent |
9/01 Avg. Rent |
|
Ardmor Village |
339 |
94% |
98% |
$369 |
$354 |
|
Camelot Manor |
335 |
81% |
89% |
$363 |
$351 |
|
Country Roads |
311 |
82% |
84% |
$261 |
$251 |
|
Dutch Hills |
278 |
94% |
97% |
$358 |
$349 |
|
El Adobe |
367 |
77% |
83% |
$432 |
$422 |
|
Paradise Village |
614 |
65% |
72% |
$325 |
$315 |
|
Stonegate Manor |
308 |
83% |
91% |
$362 |
$354 |
|
Sunshine Village |
356 |
94% |
93% |
$477 |
$462 |
|
West Valley |
421 |
85% |
92% |
$494 |
$486 |
|
COMBINED |
3329 |
84% |
89% |
$382 |
$372 |
Consolidated Financial Results: For the third quarter ending 9/30/02 the partnership had total revenues of $3,502,295, compared to $3,701,730 for the third quarter of 2001. Net Operating Income was $1,452,424, compared to $1,537,008 for the same quarter in 2001, and Net Cash Flow was $874,768, 8% lower than the same quarter of 2001.
Property |
Revenue |
NOI
|
Mortgage Interest
|
Non Recurring |
Net Cash Flow
|
|
Ardmor Village |
$424,075 |
$ 184,097 |
$43,082 |
$27,770 |
$113,245 |
|
Camelot Manor |
308,861 |
122,594 |
53,683 |
6,788 |
62,123 |
|
Country Roads |
203,426 |
90,515 |
0 |
7,969 |
82,546 |
|
Dutch Hills |
352,476 |
129,161 |
39,971 |
10,391 |
78,799 |
|
El Adobe |
387,119 |
182,444 |
85,676 |
13,263 |
83,505 |
|
Paradise Village |
439,567 |
63,642 |
0 |
21,905 |
41,737 |
|
Stonegate Manor |
305,257 |
120,744 |
46,694 |
10,124 |
63,926 |
|
Sunshine Village |
548,944 |
277,063 |
66,465 |
11,385 |
199,213 |
|
West Valley |
524,898 |
325,209 |
127,197 |
5,293 |
192,719 |
|
Partnership Management |
7,672 |
(43,045) |
0 |
0 |
(43,045) |
|
Total 9/30/02 |
$3,502,295 |
$1,452,424 |
$462,768 |
$114,888 |
$874,768 |
|
Total 9/30/01 |
3,226,750 |
1,537,008 |
471,430 |
113,730 |
951,848 |
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 $159,840 for the quarter the same as the third quarter of 2001.
Partnership Management Expenses: Partnership Management Expense for the quarter was a net $43,045 compared to $70,655 for 2001. Total expenses of $51,315 were offset by interest income of $8,270.
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