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, 2004 was $831,271. The General Partner made a distribution of $759,779 for the quarter. The remaining $71,492 was added to reserves, which were $2.4 million as of 3/31/04 (prior to quarterly distribution).
|
Property |
Sites |
3/04 Occupancy |
3/03 Occupancy |
3/04 Avg. Rent |
3/03 Avg. Rent |
|
Ardmor Village |
339 |
87% |
92% |
$399 |
$378 |
|
Camelot Manor |
335 |
76% |
78% |
$372 |
$366 |
|
Country Roads |
311 |
69% |
78% |
$272 |
$261 |
|
Dutch Hills |
278 |
87% |
94% |
$377 |
$364 |
|
El Adobe |
367 |
72% |
76% |
$450 |
$432 |
|
Paradise Village |
614 |
57% |
62% |
$335 |
$325 |
|
Stonegate Manor |
308 |
74% |
79% |
$379 |
$368 |
|
Sunshine Village |
356 |
90% |
94% |
$512 |
$493 |
|
West Valley |
421 |
76% |
84% |
$512 |
$494 |
|
COMBINED |
3329 |
77% |
82% |
$401 |
$387 |
Consolidated Financial Results: For the first quarter ended 3/31/04 the partnership had total revenues of $3,213,064. Net Operating Income was $1,366,673 and Net Cash Flow was $831,271.
Property |
Revenue
|
NOI
|
Mortgage Interest
|
Net Cash Flow
|
|
Ardmor Village |
$365,881 |
$203,145 |
$41,365 |
$152,781 |
|
Camelot Manor |
338,936 |
157,015 |
51,874 |
96,091 |
|
Country Roads |
198,947 |
69,343 |
0 |
67,544 |
|
Dutch Hills |
300,327 |
119,234 |
38,625 |
70,092 |
|
El Adobe |
355,023 |
174,911 |
832,789 |
85,259 |
|
Paradise Village |
409,226 |
107,229 |
0 |
90,107 |
|
Stonegate Manor |
298,770 |
128,048 |
45,137 |
75,799 |
|
Sunshine Village |
457,287 |
264,955 |
64,225 |
174,416 |
|
West Valley |
487,127 |
271,888 |
122,913 |
148,277 |
|
Partnership Management |
1,540 |
(129,095) |
0 |
(129,095) |
|
Total 3/31/04 |
3,213,064 |
1,366,673 |
446,928 |
831,271 |
|
Total 3/31/03 |
3,251,191 |
1,466,004 |
449,294 |
963,224 |
Net Asset Value: The Net Asset Value is now $15.25, compared to $15.00 the prior year.
Payments to Affiliates: Property management fees paid to Uniprop, an affiliate, were $148,945 for the first quarter ended March 31, 2004.
Partnership Management Expenses: Partnership Management expense for the quarter was a net $127,555. Total expenses of $129,095 were offset by income of $1,540.
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