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, 2003 was $1,075,268. The General
Partner made a total distribution of $759,779 for the quarter. The remaining $315,489
was added to reserves, which were $3,245,079 as of June 30, 2003 (prior to the
distribution).
Property Data: Occupancy rates and average
rents are outlined in the table below:
|
Property |
Sites |
6/03 Occupancy |
6/02 Occupancy |
6/03 Avg. Rent |
6/02 Avg. Rent |
|
Ardmor
Village |
339 |
93% |
97% |
$383 |
$362 |
|
Camelot
Manor |
335 |
79% |
83% |
$372 |
$360 |
|
Country
Roads |
312 |
77% |
83% |
$271 |
$261 |
|
Dutch
Hills |
278 |
94% |
95% |
$367 |
$356 |
|
El
Adobe |
367 |
76% |
78% |
$449 |
$432 |
|
Paradise
Village |
614 |
61% |
67% |
$335 |
$325 |
|
Stonegate
Manor |
308 |
79% |
83% |
$370 |
$360 |
|
Sunshine
Village |
356 |
94% |
94% |
$493 |
$477 |
|
West
Valley |
421 |
84% |
86% |
$494 |
$486 |
|
COMBINED |
3330 |
82% |
85% |
$393 |
$380 |
Consolidated Financial
Results:
For the second quarter ending June 30, 2003 the partnership generated total
Gross Revenues of $3,755,596 compared to $3,407,937 for the second quarter of
2002. Net Operating Income was $1,591,190
and Net Cash Flow was $1,075,268.
Property |
Revenue |
Net Operating Income |
Mortgage Interest
|
Net Cash Flow
|
|
Ardmor
Village |
$692,951 |
$209,174 |
$42,138 |
$144,346 |
|
Camelot
Manor |
386,277 |
180,894 |
52,680 |
116,022 |
|
Country
Roads |
248,032 |
85,987 |
0 |
82,577 |
|
Dutch
Hills |
305,638 |
153,124 |
39,224 |
109,252 |
|
El
Adobe |
371,515 |
195,227 |
84,074 |
113,303 |
|
Paradise
Village |
427,806 |
108,535 |
0 |
103,119 |
|
Stonegate
Manor |
271,672 |
117,358 |
45,838 |
64,749 |
|
Sunshine
Village |
455,853 |
275,913 |
65,222 |
201,743 |
|
West
Valley |
591,195 |
345,897 |
124,821 |
221,076 |
|
Partnership
Mgt. |
4,657 |
(80,919) |
0 |
(80,919) |
|
Total 6/30/03 |
3,755,596 |
1,591,190 |
453,997 |
1,075,268 |
|
Total 6/30/02 |
3,407,937 |
1,663,303 |
460,601 |
1,104,086 |
Net Asset Value: The Net Asset Value is now
$15.00, a slight decrease from the prior year.
Payments to Affiliates: Property management fees paid
to Uniprop, an affiliate, were $156,528 for the quarter second quarter ending
June 30, 2003.
Partnership Management
Expenses:
Partnership administrative expense for the quarter was a net $80,919. Total
expenses of $85,576 were offset by income of $4,657.
Genesis
Associates, The General Partner,
Paul M. Zlotoff, Its General Partner