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, 2004 was $816,610. The General Partner made a distribution of $759,779 for the quarter. The remaining $56,831 was added to reserve, which were $2.5 million as of 9/30/04 (prior to the quarterly distribution).
|
Property |
Sites |
6/04 Occupancy |
6/03 Occupancy |
6/04 Avg. Rent |
6/03 Avg. Rent |
|
Ardmor Village |
339 |
82% |
90% |
$403 |
$388 |
|
Camelot Manor |
335 |
68% |
76% |
$397 |
$374 |
|
Country Roads |
311 |
63% |
74% |
$277 |
$271 |
|
Dutch Hills |
278 |
81% |
90% |
$380 |
$372 |
|
El Adobe |
367 |
66% |
73% |
$437 |
$450 |
|
Paradise Village |
614 |
53% |
59% |
$340 |
$335 |
|
Stonegate Manor |
308 |
69% |
77% |
$381 |
$372 |
|
Sunshine Village |
356 |
89% |
94% |
$512 |
$493 |
|
West Valley |
421 |
75% |
81% |
$509 |
$512 |
|
COMBINED |
3329 |
72% |
78% |
$404 |
$397 |
Consolidated Financial Results: For the third quarter ended 9/30/04 the partnership had total revenues of $3,293,319 Net Operating Income was $1,417,507 and Net Cash Flow was $816,610.
Property
|
Revenue
|
NOI
|
Mortgage Interest
|
Net Cash Flow
|
|
Ardmor Village |
$473,380 |
$208,208 |
$41,374 |
$150,811 |
|
Camelot Manor |
254,250 |
117,616 |
52,001 |
49,711 |
|
Country Roads |
179,297 |
71,496 |
0 |
59,110 |
|
Dutch Hills |
259,514 |
130,969 |
38,720 |
72,688 |
|
El Adobe |
352,915 |
148,324 |
82,993 |
64,710 |
|
Paradise Village |
487,858 |
123,158 |
0 |
96,104 |
|
Stonegate Manor |
287,595 |
149,814 |
45,248 |
82,416 |
|
Sunshine Village |
508,717 |
267,326 |
64,383 |
171,246 |
|
West Valley |
487,820 |
270,416 |
123,214 |
139,634 |
|
Partnership Management |
1,973 |
(69,820) |
0 |
(69,820) |
|
Total 6/30/04 |
3,293,319 |
1,417,507 |
447,933 |
816,610 |
|
Total 6/3/03 |
3,674,854 |
1,463,071 |
455,549 |
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 $146,939 for the third quarter ended September 30, 2004.
Partnership Management Expenses: Partnership Management expense for the quarter was a net $69,820. Total expenses of $71,793 were offset by income of $1,973.
For any questions, please call 1-800-541-7767 or visit our web-site at www.Uniprop.com/public funds.
Genesis Associates, The General Partner,
Paul M. Zlotoff, Its General Partner