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 first quarter ending March 31, 2003 was $963,224. The General Partner made a distribution of $759,779 for the quarter. The remaining $203,445 was added to reserves, which were $2.9 million as of 3/31/03 (prior to quarterly distribution).
|
Property |
Sites |
3/03 Occupancy |
3/02
Occupancy |
3/03 Avg. Rent |
3/02 Avg.
Rent |
|
Ardmor Village |
339 |
92% |
98% |
$378 |
$361 |
|
Camelot Manor |
335 |
78% |
87% |
$366 |
$356 |
|
Country Roads |
311 |
78% |
86% |
$261 |
$251 |
|
Dutch Hills |
278 |
94% |
95% |
$364 |
$354 |
|
El Adobe |
367 |
76% |
79% |
$432 |
$423 |
|
Paradise Village |
614 |
62% |
69% |
$325 |
$315 |
|
Stonegate Manor |
308 |
79% |
85% |
$368 |
$359 |
|
Sunshine Village |
356 |
94% |
93% |
$493 |
$477 |
|
West Valley |
421 |
84% |
88% |
$494 |
$486 |
|
COMBINED |
3329 |
82% |
87% |
$387 |
$376 |
Consolidated Financial Results: For the first quarter ended 3/31/03 the partnership had total revenues of $3,251,191. Net Operating Income was $1,466,004 and Net Cash Flow was $963,224.
Property |
Revenue |
NOI
|
Mortgage Interest
|
Net Cash Flow
|
|
Ardmor Village |
$440,400 |
$177,126 |
$41,739 |
$107,117 |
|
Camelot Manor |
275,746 |
135,949 |
52,129 |
77,701 |
|
Country Roads |
195,992 |
76,784 |
0 |
75,780 |
|
Dutch Hills |
277,199 |
154,274 |
38,815 |
113,624 |
|
El Adobe |
354,625 |
188,987 |
83,196 |
105,791 |
|
Paradise Village |
417,812 |
95,169 |
0 |
81,445 |
|
Stonegate Manor |
296,079 |
132,323 |
45,359 |
86,545 |
|
Sunshine Village |
452,344 |
273,508 |
64,541 |
206,852 |
|
West Valley |
536,386 |
324,691 |
123,515 |
201,176 |
|
Partnership Management |
4,608 |
(92,807)) |
0 |
(92,807) |
|
Total 3/31/03 |
3,251,191 |
1,466,004 |
449,294 |
963,224 |
|
Total
3/31/02 |
3,485,793 |
1,450,685 |
458,046 |
1,104,086 |
Net Asset Value: The Net Asset Value is now $15.00, compared to $15.01 the prior year.
Payments to Affiliates: Property management fees paid to Uniprop, an affiliate, were $152,931 for the first quarter ended March 31, 2003.
Partnership Management Expenses: Partnership Management expense for the quarter was a net $88,199. Total expenses of $92,807 were offset by income of $4,608.
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