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, 2003 was $902,644, compared to $874,768 for the same period of 2002. The General Partner made a distribution of $759,779 for the quarter. The remaining $142,865 was added to reserves, which were $3,025,734 as of 9/30/03 (prior to the quarterly distribution).
|
Property |
Sites |
9/03 Occupancy |
9/02Occupancy |
9/03 Avg. Rent |
9/02 Avg. Rent |
|
Ardmor Village |
339 |
90% |
94% |
$388 |
$369 |
|
Camelot Manor |
335 |
76% |
81% |
$374 |
$363 |
|
Country Roads |
311 |
74% |
82% |
$271 |
$261 |
|
Dutch Hills |
278 |
90% |
94% |
$372 |
$358 |
|
El Adobe |
367 |
73% |
77% |
$450 |
$432 |
|
Paradise Village |
614 |
59% |
65% |
$335 |
$325 |
|
Stonegate Manor |
308 |
77% |
83% |
$372 |
$362 |
|
Sunshine Village |
356 |
94% |
94% |
$493 |
$477 |
|
West Valley |
421 |
81% |
85% |
$512 |
$494 |
|
COMBINED |
3329 |
80% |
84% |
$397 |
$382 |
Consolidated Financial Results: For the third quarter ending 9/30/03 the partnership had total revenues of $3,674,854, compared to $3,502,295 for the third quarter of 2002. Net Operating Income was $1,463,071, compared to $1,452,424 for the same quarter in 2002, and Net Cash Flow was $902,644, compared to $874,768 the same quarter of 2002.
Property |
Revenue |
NOI
|
Mortgage Interest
|
Non Recurring |
Net Cash Flow
|
|
Ardmor Village |
$489,779 |
$ 206,728 |
$42,243 |
$27,244 |
$137,241 |
|
Camelot Manor |
329,917 |
112,297 |
52,864 |
19,037 |
40,396 |
|
Country Roads |
214,006 |
85,130 |
0 |
2,146 |
82,984 |
|
Dutch Hills |
318,059 |
148,999 |
39,363 |
12,699 |
96,937 |
|
El Adobe |
401,153 |
195,687 |
84,371 |
0 |
109,166 |
|
Paradise Village |
439,015 |
81,409 |
0 |
3,773 |
77,636 |
|
Stonegate Manor |
300,631 |
103,608 |
45,999 |
14,350 |
43,259 |
|
Sunshine Village |
605,727 |
272,019 |
65,452 |
20,618 |
185,949 |
|
West Valley |
573,533 |
327,846 |
125,257 |
2,861 |
199,728 |
|
Partnership Management |
3,034 |
(70,652) |
0 |
0 |
(70,652) |
|
Total 9/30/03 |
$3,674,854 |
$1,463,071 |
$455,549 |
$102,728 |
$902,644 |
|
Total 9/30/02 |
3,502,295 |
1,452,424 |
462,768 |
114,888 |
874,768 |
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 $153,154 for the quarter compared to $152,835 for 2002.
Partnership Management Expenses: Partnership Management Expense for the quarter was a net $67,618 compared to $43,045 for 2002. Total expenses of $70,652 were offset by interest income of $3,034.
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