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 second quarter ending June 30, 2004 was $939,758. The General Partner made a distribution of $759,779 for the quarter. The remaining $179,979 was added to reserves, which were $2.4 million as of 6/30/04 (prior to quarterly distribution).
|
Property |
Sites |
6/04 Occupancy |
6/03
Occupancy |
6/04 Avg. Rent |
6/03 Avg.
Rent |
|
Ardmor Village |
339 |
85% |
93% |
$403 |
$383 |
|
Camelot Manor |
335 |
70% |
79% |
$397 |
$372 |
|
Country Roads |
311 |
66% |
77% |
$277 |
$271 |
|
Dutch Hills |
278 |
84% |
94% |
$380 |
$367 |
|
El Adobe |
367 |
69% |
76% |
$437 |
$449 |
|
Paradise Village |
614 |
55% |
61% |
$340 |
$335 |
|
Stonegate Manor |
308 |
71% |
79% |
$381 |
$370 |
|
Sunshine Village |
356 |
90% |
94% |
$512 |
$493 |
|
West Valley |
421 |
77% |
84% |
$509 |
$494 |
|
COMBINED |
3329 |
74% |
82% |
$404 |
$393 |
Consolidated Financial Results: For the second quarter ended 6/30/04 the partnership had total revenues of $3,234,155 Net Operating Income was $1,473,239 and Net Cash Flow was $939,758.
Property
|
Revenue
|
NOI
|
Mortgage Interest
|
Net Cash Flow
|
|
Ardmor Village |
$414,656 |
$214,757 |
$41,290 |
$166,574 |
|
Camelot Manor |
272,202 |
138,348 |
51,837 |
83,460 |
|
Country Roads |
207,985 |
45,048 |
0 |
32,785 |
|
Dutch Hills |
274,573 |
150,106 |
38,597 |
96,287 |
|
El Adobe |
375,432 |
241,227 |
82,729 |
151,198 |
|
Paradise Village |
368,265 |
114,404 |
0 |
107,974 |
|
Stonegate Manor |
294,506 |
84,660 |
45,105 |
25,866 |
|
Sunshine Village |
514,177 |
271,819 |
64,179 |
195,227 |
|
West Valley |
510,922 |
315,080 |
122,820 |
182,597 |
|
Partnership Management |
1,437 |
(102,210) |
0 |
(102,210) |
|
Total
6/30/04 |
3,234,155 |
1,473,239 |
446,557 |
939,758 |
|
Total
6/3/03 |
3,755,596 |
1,591,190 |
453,997 |
1,075,268 |
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 A.M., an affiliate, were $148,945 for the second quarter ended June 30, 2004.
Partnership Management Expenses: Partnership Management expense for the quarter was a net $102,210. Total expenses of $103,647 were offset by income of $1,437.
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