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, 2005 was $652,826. The General Partner made a distribution of $759,779 for the quarter. The cash reserves were $1.4 million as of 3/31/05 (prior to quarterly distribution).
|
Property |
Sites |
3/05 Occupancy |
3/04 Occupancy |
3/05 Avg. Rent |
3/04 Avg. Rent |
|
Ardmor Village |
339 |
74% |
87% |
$419 |
$399 |
|
Camelot Manor |
335 |
61% |
76% |
$366 |
$372 |
|
Country Roads |
312 |
63% |
69% |
$278 |
$272 |
|
Dutch Hills |
278 |
74% |
87% |
$386 |
$377 |
|
El Adobe |
367 |
63% |
72% |
$437 |
$450 |
|
Paradise Village |
614 |
49% |
57% |
$334 |
$335 |
|
Stonegate Manor |
308 |
65% |
74% |
$388 |
$379 |
|
Sunshine Village |
356 |
86% |
90% |
$535 |
$512 |
|
West Valley |
421 |
75% |
76% |
$499 |
$512 |
|
COMBINED |
3330 |
66% |
75% |
$405 |
$401 |
Consolidated Financial Results: For the first quarter ended 3/31/05 the partnership had total revenues of $3,032,040. Net Operating Income was $1,229,252 and Net Cash Flow was $652,826.
Property |
Revenue
|
NOI
|
Mortgage Interest
|
Net Cash Flow
|
|
Ardmor Village |
$386,003 |
$161,784 |
$40,031 |
$113,722 |
|
Camelot Manor |
248,202 |
101,045 |
50,430 |
33,182 |
|
Country Roads |
206,892 |
73,512 |
0 |
68,345 |
|
Dutch Hills |
244,890 |
124,626 |
37,550 |
63,228 |
|
El Adobe |
366,759 |
163,287 |
80,485 |
82,419 |
|
Paradise Village |
317,096 |
94,652 |
0 |
82,722 |
|
Stonegate Manor |
257,334 |
92,200 |
43,881 |
35,289 |
|
Sunshine Village |
441,766 |
245,038 |
62,438 |
132,968 |
|
West Valley |
559,213 |
290,579 |
119,489 |
158,422 |
|
Partnership Management |
3,885 |
(117,471) |
0 |
(117,471) |
|
Total 3/31/05 |
3,032,040 |
1,229,252 |
434,304 |
652,826 |
|
Total 3/31/04 |
3,213,064 |
1,366,673 |
446,928 |
831,271 |
Net Asset Value: The Net Asset Value is now $15.23, compared to $15.25 the prior year.
Payments to Affiliates: Property management fees paid to Uniprop, an affiliate, were $136,701 compared to $148,945 for the first quarter ended March 31, 2004.
Partnership Management Expenses: Partnership Management expense for the quarter was a net $117,471. Total expenses of $121,356 were offset by income of $3,885.
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