<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarter Ended June 30, 1995 Commission File No. 0-16701
UNIPROP MANUFACTURED HOUSING COMMUNITIES INCOME FUND II,
A MICHIGAN LIMITED PARTNERSHIP
(Exact name of registrant as specified in its charter)
MICHIGAN 38-2702802
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification number)
280 DAINES STREET, BIRMINGHAM, MICHIGAN 48009
(Address of principal executive offices) (Zip Code)
(810) 645-9261
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes [ X ] No [ ]
<PAGE> 2
UNIPROP MANUFACTURED HOUSING COMMUNITIES INCOME FUND II,
A MICHIGAN LIMITED PARTNERSHIP
INDEX
Page
----
PART I FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS 3
Balance Sheets
June 30, 1995 (Unaudited) and
December 31, 1994 3
Statements of Income
Six months ended June 30, 1995
and 1994 and Three months ended
June 30, 1995 and 1994 (Unaudited) 4
Statements of Cash Flows
Six months ended June 30, 1995
and 1994 (Unaudited) 5
Notes to Financial Statements
June 30, 1995 (Unaudited) 6
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS 7
PART II OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K 15
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<PAGE> 3
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
UNIPROP MANUFACTURED HOUSING COMMUNITIES INCOME FUND II,
A MICHIGAN LIMITED PARTNERSHIP
BALANCE SHEETS
ASSETS
<TABLE>
<CAPTION>
June 30, 1995 Dec. 31, 1994
--------------- -----------------
(Unaudited)
<S> <C> <C>
Properties:
Land $11,562,361 $11,562,361
Buildings And Improvements 48,050,259 47,691,900
Furniture And Fixtures 291,485 246,821
Manufactured Homes 2,351,281 2,430,221
--------------- ---------------
62,255,386 61,931,303
Less Accumulated Depreciation 12,685,802 11,834,802
--------------- ---------------
49,569,584 50,096,501
Cash And Cash Equivalents 437,167 1,373,182
Marketable Securities 1,400,000 1,000,000
Mortgage-backed Securities 1,502,250 1,502,250
Unamortized financing costs 975,007 998,958
Investment 500,896 500,896
Other Assets 455,805 622,151
--------------- ---------------
Total Assets $54,840,709 $56,093,938
=============== ===============
LIABILITIES AND PARTNERS' EQUITY
Accounts Payable $92,319 $239,888
Other Liabilities 877,263 816,937
Note Payable 29,839,032 29,786,033
--------------- ---------------
Total Liabilities $30,808,614 $30,842,858
=============== ===============
Partners' Equity
General Partner 210,387 209,153
Unit Holders 23,821,708 25,041,927
--------------- ---------------
Total Partners' Equity 24,032,095 25,251,080
--------------- ---------------
Total Liabilities And
Partners' Equity $54,840,709 $56,093,938
=============== ===============
</TABLE>
See Notes To Financial Statements
3
<PAGE> 4
UNIPROP MANUFACTURED HOUSING COMMUNITIES INCOME FUND II,
A MICHIGAN LIMITED PARTNERSHIP
STATEMENTS OF INCOME
(Unaudited)
<TABLE>
<CAPTION>
Six Months Ended Three Months Ended
June 30, 1995 June 30, 1994 June 30, 1995 June 30, 1994
-------------- -------------- -------------- -------------
<S> <C> <C> <C> <C>
Income:
Rental Income $5,005,306 $4,894,600 $2,500,911 $2,467,239
Other 294,495 508,344 161,113 231,634
-------------- -------------- -------------- ------------
Total Income $5,299,801 $5,402,944 $2,662,024 $2,698,873
============== ============== ============== ============
Operating Expenses:
Administrative Expenses
(Including $261,784, $258,902, $130,907 And
$131,724 In Property Management Fees Paid To
An Affliate For The Six And Three Month Periods
Ended June 30, 1995 And 1994, Respectively) 1,453,122 1,409,883 743,305 653,199
Property Taxes 412,053 430,863 206,049 215,436
Utilities 432,251 427,679 221,560 248,159
Property Operations 554,984 442,583 314,176 211,028
Depreciation And Amortization 938,000 857,922 469,000 428,293
Interest 1,386,004 1,075,059 695,684 556,564
-------------- -------------- -------------- ------------
Total Operating Expenses $5,176,414 $4,643,989 $2,649,774 $2,312,679
-------------- -------------- -------------- ------------
Net Income $123,387 $758,955 $12,250 $386,194
============== ============== ============== ============
Income Per Unit: $0.04 $0.23 $0.00 $0.12
Distribution Per Unit $0.41 $7.19 $0.20 $0.19
Weighted Average Number Of Units Of Beneficial
Assignment Of Limited Partnership Interest
Outstanding During The Periods Ending
June 30, 1995 And 1994 3,303,387 3,303,387 3,303,387 3,303,387
</TABLE>
See Notes To Financial Statements
4
<PAGE> 5
UNIPROP MANUFACTURED HOUSING COMMUNITIES INCOME FUND II,
A MICHIGAN LIMITED PARTNERSHIP
STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
June 30, 1995 June 30, 1994
--------------- ---------------
<S> <C> <C>
Cash Flows From Operations:
Net Income $123,387 $758,955
Adjustments To Reconcile Net Income To Net Cash
Provided By Operating Activities:
Depreciation 860,000 844,000
Amortization 78,000 13,922
(Increase) Decrease In Other Assets 112,297 160,511
Increase (Decrease) In Accounts Payables (94,570) (17,618)
Increase (Decrease) In Other Liabilities 60,326 (670,336)
--------------- ---------------
Total Adjustments 1,016,053 330,479
--------------- ---------------
Net Cash Provided By
Operating Activities 1,139,440 1,089,434
--------------- ---------------
Cash Flows From Investing Activities:
Purchase of Marketable Securities (400,000)
Capital Expenditures 333,083 (73,455)
--------------- ---------------
Net Cash Provided By (Used In)
Investing Activities (733,083) (73,455)
--------------- ---------------
Cash Flows From Financing Activities:
Distributions To Partners (1,342,372) (23,755,628)
--------------- ---------------
Net Cash Provided By (Used In)
Financing Activities (1,342,372) (23,755,628)
--------------- ---------------
Increase (Decrease) In Cash (936,015) (22,739,649)
Cash, Beginning 1,373,182 25,701,460
--------------- ---------------
Cash, Ending $437,167 $2,961,811
=============== ===============
</TABLE>
See Notes To Financial Statements
5
<PAGE> 6
UNIPROP MANUFACTURED HOUSING COMMUNITIES INCOME FUND II,
A MICHIGAN LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
June 30, 1995 (Unaudited)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
Presentation:
The balance sheet as of June 30, 1995, the related statements of income and
statements of cash flow for the periods ended June 30, 1995 and 1994 have been
prepared by management, pursuant to the rules and regulations of the Securities
and Exchange Commission, without audit by independent public accountants. In
the opinion of management, all adjustments (consisting of only normal recurring
accruals) necessary for a fair presentation of such financial statements have
been included.
The financial statements and notes are presented as permitted by the rules and
regulations of the Securities and Exchange Commission for Form 10-Q and do not
contain certain information included in the Company's annual financial
statements and notes, which should be consulted.
2. PAYMENTS TO AFFILIATES
<TABLE>
<CAPTION>
SIX MONTHS ENDED THREE MONTHS ENDED
JUNE 30, 1995 JUNE 30, 1994 June 30, 1995 June 30, 1994
------------- ------------- ------------- --------------
<S> <C> <C> <C> <C>
Property management fee
to Uniprop, Inc.: $261,784 $258,902 $130,907 $131,724
</TABLE>
-6-
<PAGE> 7
ITEM 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Capital Resources
The Partnership's capital resources consist primarily of its nine manufactured
home communities.
Liquidity
Partnership liquidity is based upon its investment strategy. The properties
owned by the Partnership were anticipated to be held for seven to ten years
after their acquisition, although properties may be disposed of earlier or
later, if, in the opinion of the General Partner, it is in the best interest of
the Partnership to do so.
The cash flow generated by the Partnership's operations during the quarter
ending June 30, 1995 amounted to $481,250. The General Partner has decided to
distribute $423,907, or 3.0%, on annualized basis, to the Unit Holders. The
difference between income generated by operations and cash distributed, or
$57,343, has been added to the Partnership's cash reserves. The General
Partner will continue to monitor on-going cash flow generated by the
Partnership's nine properties during the coming quarters.
Results of Operations
Overall, as illustrated in the following table, the Partnership's nine
properties reported a combined occupancy of 87.7% (2,922/3,330 sites), versus
88.6% (2,952/3,330) for June 1994. The average monthly homesite rent as of
June 30, 1995 was approximately $308, versus $302, an increase of 2.0% over
June 30, 1994.
-7-
<PAGE> 8
<TABLE>
<CAPTION>
NAME OF TOTAL OCCUPIED OCCUPANCY AVERAGE
COMMUNITY CAPACITY SITES RATE RENT
<S> <C> <C> <C> <C>
Ardmor Village 339 289 85.3% $300
Camelot
Manor 335 316 94.3 285
Country Roads 312 253 81.1 205
Dutch Hills 278 255 91.7 286
El Adobe 371 342 92.2 347
Paradise
Village 611 446 73.0 256
Stonegate
Manor 308 285 92.5 288
Sunshine
Village 356 337 94.7 367
West Valley 420 399 95.0 412
--- --- ---- ---
Total on
6/30/95 3,330 2,922 87.7% $308
Total on
6/30/94 3,330 2,952 88.6% $302
</TABLE>
During the second quarter of 1995, the Partnership generated gross revenues of
$2,662,024, a 1.4% decrease from the $2,698,873 generated in the second quarter
of 1994. The net operating income generated by the Partnership during the
second quarter was $1,176,934, a 14.2% decrease from the $1,371,051 generated
for the second quarter of 1994. Cash flow for the first quarter, after
mortgage debt service and non-recurring items was $481,250, a 40.9% decrease
from the $814,487 generated during the second quarter 1994.
The decrease in cash flow from 1994 to 1995 was due, in large part, to lower
lease-home occupancy and higher marketing expenses at Paradise Village. In
addition, debt service on the seven financed communities, for the second
quarter, increased by approximately $130,000 over the second quarter 1994 as a
result of increases in interest rate indexes.
-8-
<PAGE> 9
<TABLE>
<CAPTION>
NAME OF GROSS NET OPERATING DEBT CASH
COMMUNITY REVENUES INCOME SERVICE FLOW
<S> <C> <C> <C> <C>
Ardmor Village $ 263,992 $ 143,634 $ 67,844 $ 75,790
Camelot
Manor 266,785 140,652 80,809 59,843
Country Roads 154,625 10,492 0 10,492
Dutch Hills 216,290 122,760 59,739 63,021
El Adobe 350,076 220,610 128,046 92,564
Paradise
Village 309,350 15,992 0 15,992
Stonegate
Manor 237,201 110,312 69,812 40,500
Sunshine
Village 362,893 220,994 99,334 121,660
West Valley 491,786 323,824 190,101 133,724
Partnership
Management 9,026 (77,157) 0 (77,157)
Other Non
Recurring
Expenses -- (55,179) 0 (55,179)
------- -------- ----- --------
Qtr. End
6/30/95 $2,662,024 $1,176,934 $695,685 $481,250
Qtr. End
6/30/94 $2,698,873 $1,371,051 $556,565 $814,487
</TABLE>
The Partnership's operating expenses for the first six months of 1995 compared
to the same period in 1994, reflect increases in wages, marketing expenses,
taxes and mortgage interest.
-9-
<PAGE> 10
ARDMOR VILLAGE, in Lakeville, Minnesota, reported an occupancy of 85.3%
(289/339 sites) as of June 30, 1995, versus 84.7% as of June 30, 1994. The
average rent was approximately $300 per homesite as of June 30, 1995, versus
$293 as of June 30, 1994. For the first quarter Ardmor Village generated gross
revenues of $262,992, versus $258,702 for the same quarter in 1994. Net
operating income for the quarter was $143,634, or slightly lower that the
$151,600 reported for the same quarter in 1994. The The decrease in net
operating income is due to higher operating expenses for the quarter.
Improvement and maintenance actions undertaken during the quarter involved
repairing concrete and tile around the pool, replacing old street posts
throughout the community, and repairing the roof and windows on the community
center building. Additionally, as proposed in the 1995 budget, management
purchased and installed approximately $11,000 of new playgound equipment and
completed $250,000 of asphalt resurfacing on the community streets and R.V.
storage area.
According to the Lakeville Chamber of Commerce, several new service-oriented
businesses, such as restaurants and hotels are planning to move and/or build in
the Lakeville area. This new activity is good news since, for the past several
years, the overall Lakeville economy has been sluggish. Currently, the average
price for a single-family site-built home is approximately $119,000, and the
occupancy rate for rental apartment communities is approximately 90%.
Management continues to promote marketing incentives to local home dealers and
new residents moving into the community. Currently, three model homes are
set-up in the community and are being offered for sale. In an effort to
attract new residents to the community and show them what a new manufactured
homes has to offer, management hosted an open house in July. Attendance for
the July open house was better than expected and management reported two new
residents moving into the community as a result.
CAMELOT MANOR, in Grand Rapids, Michigan, reported an occupancy of 94.3%
(316/335 sites) as of June 30, 1995, versus 94.0% as of June 30, 1994. The
current average rent was $285 per homesite as of June 30, 1995, versus $278 as
of June 30, 1994, an increase of 2.5%. For the second quarter, Camelot Manor
generated gross revenues of $266,785, versus $257,522 for the same quarter in
1994. Net operating income for the quarter was $140,652, 11.8% higher than the
$125,787 generated in the same quarter of 1994. The higher income was a result
of lower operating expenses and increased occupancy.
Improvement and maintenance actions undertaken during the quarter involved
painting of the community pool house, planting flowers throughout the community
and preparing older homesites for the new homes that were moved into the
community. Additionally, approximately $11,000 of new playground equipment was
purchased and installed and a new $23,000 maintenance truck/snow plow was
purchased for the community.
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<PAGE> 11
Management further enhanced the incentives offered to home dealers for new
resident referrals. Due to slower than anticipated leasing activity during the
first quarter, management felt the increased incentives may help fill the
remaining vacant homesites during the third and fourth quarters. Management
reported moving eight homes into the community during the second quarter. Of
the eight homes moved in, six were new homes and two were pre-owned homes.
COUNTRY ROADS, in Jacksonville, Florida, reported and occupancy of 81.1%
(253/312 sites) as of June 30, 1995, versus 81.4% as of June 30, 1994. The
average rent was $205 per homesite as of June 30, 1995, which represents no
increase from the same quarter in 1994. For the second quarter of 1995,
Country Roads generated gross revenues of $154,625, versus $154,880 for the
same quarter in 1994. Net operating income for the quarter was $10,492, versus
$31,613 for the second quarter of 1994. The decline in income is a result of
increased marketing expenses.
Improvement and maintenance actions undertaken during the quarter focused
primarily on replacing old street lights throughout the community with new
poles and lights and resurfacing all the community streets and driveways.
Additionally, management continues to sealcoat roofs and replace landscaping on
the community-owned lease homes.
Management continues to offer local home dealers very aggressive cash
incentives for resident referrals. As a result, the community has
significantly increased traffic during the first and second quarters. In
addition, new advertising programs have helped increase occupancy for the 71
community-owned lease homes to 87.0% as of June 30, 1995. Management
anticipates continued improvement in occupancy for both lease homes and
homesites for the remainder of 1995.
DUTCH HILLS, in Haslett, Michigan, reported an occupancy of 91.7% (255/278
sites) as of June 30, 1995 versus 92.1% as of June 30, 1994. The current
average rent was $286 per homesite as of June 30, 1995, versus $276 as of June
30, 1994, an increase of 3.6%. For the second quarter, Dutch Hills generated
gross revenues of $216,290, versus $208,037 for the same quarter in 1994. Net
operating income was $122,760, slightly more than the $116,135 reported for the
same quarter in 1994.
Improvement and maintenance actions undertaken during the quarter involved the
addition of approximately $12,000 of new landscaping around the community
center building, pool area and main entrance. Also scheduled, to be completed
during the third quarter, is approximately $12,000 of additional asphalt
resurfacing work on the community streets.
The Lansing area housing market is stable, but still remains very competitive.
According to on-site management, the community is beginning to report increased
activity from local home dealers. Management attributes the increased dealer
activity to enhanced marketing incentives and new display advertising.
Marketing programs have been tailored to provide cash incentives to the home
dealers sales personnel, as well as rent incentives for the new residents they
place into the community. Furthermore, a local
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<PAGE> 12
advertising company has been hired to assist on-site management in marketing
the remaining vacant homesites.
EL ADOBE, in Las Vegas, Nevada, reported an occupancy of 92.2% (342/371 sites)
as of June 30, 1995 versus 90.3% as of June 30, 1994. The average rent was
$347 per homesite as of June 30, 1995, versus $335 as of June 30, 1994, an
increase of 3.6%. For the second quarter, El Adobe generated gross revenues of
$350,076, versus $324,840 for the same quarter in 1994. Net operating income
for the quarter was $220,610, versus $207,343 in June 1994, an increase of
6.4%.
Improvement and maintenance actions undertaken during the quarter were limited
to upgrading old and damaged electric pedestals and installing new landscaping
around the community center building. Management has scheduled the asphalt
resurfacing for several of the community streets and approximately 30 driveways
for the third quarter of 1995.
The Las Vegas housing market remains very strong. According to the Las Vegas
Chamber of Commerce, apartments are averaging only 7.0% vacancy and the price
of an average single family home has increased to $132,000.
Occupancy at El Adobe has started to stabilize now that the new low-income,
senior citizen Jaycees community is fully occupied. Management has been
offering special marketing incentives to dealers who fill our vacant sites with
new, more modern, multi-section homes. Because many of the home dealership's
are located on the same street as El Adobe, management has been successful in
attracting dealer interest.
PARADISE VILLAGE, in Tampa Florida, reported an occupancy of 73.0% (446/611
sites) as of June 30, 1995, versus 79.1% as of June 30, 1994. The average rent
was $256 per homesite as of June 30, 1995, versus $246 as of June 30, 1994.
For the second quarter, Paradise Village generated gross revenues of $309,350,
versus $375,269 in the same quarter of 1994. Net operating income for the
second quarter was $15,992, significantly less than the $108,036 reported for
the same quarter in 1994. the sharp decline in income from the second quarter
of 1994 was the result of lower occupancy and higher operating expenses
associated with the lease homes.
Improvement and maintenance actions undertaken during the quarter included
repairing electrical pedestals throughout the community, replacing broken and
cracked driveways, and pressure washing lease homes. During the second quarter
management also focused its efforts on upgrading the appearance of the
community-owned lease homes. Many of the lease homes required maintenance to
repair leaking roofs and damage. All repairs are expected to be completed by
the end of the third quarter.
As of June 30, 1995, 51, or 49.0%, of the 104 community-owned lease homes were
occupied or held with deposit. This is a slight decrease from the 55.7%
reported for March 31, 1995. This decrease in occupancy is the result of
ongoing repairs necessary to sell or lease the homes to new residents.
Management has established new, more
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<PAGE> 13
stringent, qualifications for potential residents who apply to lease the
community-owned lease homes. Management believes that these new qualifications
will reduce the level of damage to the lease homes.
Management continues to offer cash incentives to dealers and discounted leases
to new residents that move into the community. Although over-all occupancy
has declined in the past three quarters, many new homes have been moved into
Paradise Village as a result of the dealer incentive program. However, many
older homes continue to be moved out due to repossessions and job transfers.
Management has committed additional resources and marketing personnel to
Paradise Village in order to address the current occupancy decline.
STONEGATE MANOR, in Lansing, Michigan, reported an occupancy of 92.5% (285/308
sites) as of June 30, 1995, versus 92.9% as of June 30, 1994. The average rent
was $288 per homesite as of June 30, 1995, versus $280 as of June 30, 1994, an
increase of 2.9%. For the second quarter, Stonegate Manor generated gross
revenues of $237,201, versus $240,476 for the same quarter in 1994. Net
operating income for the quarter was $110,312, versus $137,548 for the same
quarter in 1994. The decline in income for the second quarter, as compared to
the same quarter in 1994, was the result of increased expenses associated with
marketing and repairs to the community water system.
Improvement and maintenance actions undertaken during the quarter consisted of
repairs to water lines and damaged well pumps. Unfortunately, one well pump
was so severely damaged that it had to be replaced at a cost of approximately
$7,000. In addition, the community maintenance truck, which was previously
leased on a monthly basis, was purchased by the community. It is anticipated
that with the purchase, management will lower vehicle expenses below budged
projections.
The Lansing area economy shows steady growth. the current unemployment rate is
approximately 4.1% Overall, during the past year General Motors, one of the
Lansing area's major employer, has added approximately 1,000 jobs. This
increase in hiring at the local plant is a result of acquiring the new Chevy
Cavalier production contract. the housing market in the Lansing area also
remains stable. Although dealers are reporting higher sales activity than
previous years, many of the new home sales are going to private land.
Management continues to aggressively market vacant homesites to dealers, using
cash incentives and special lease programs.
SUNSHINE VILLAGE, in Davie, Florida, reported an occupancy of 94.7% (337/356
sites) as of June 30, 1995, versus 96.3% as of June 30, 1994. The average rent
was $367 per homesite as of June 30, 1995, versus $357 as of June 30, 1994, an
increase of 2.8%. For the second quarter, Sunshine Village generated gross
revenues of $362,893 versus $364,566 for the same quarter in 1994. Net
operating income was $220,994, slightly lower than the $233,385 reported in the
same quarter in 1994. The decline in income was due primarily to lower
occupancy.
-13-
<PAGE> 14
Improvement and maintenance actions undertaken during the quarter consisted of
ongoing upgrading of electrical pedestals throughout the community, pressure
washing of older homes, and refinishing the bottom of the community pool.
Additionally, management started the capital improvements to the community
center building. During the next few months, management will replace the roof,
treat the building for termites and replace the ceiling.
Management now has in place marketing programs offering new model homes set up
within the community. Brokers have started to generate traffic on the homes.
In fact, several new homes were sold into the community during the second
quarter and, as a result, more model homes are being ordered. Additionally,
rent incentives are being offered to new residents moving into the community
from other home dealers.
WEST VALLEY, in Las Vegas, Nevada, reported an occupancy of 95.0% (399/420
sites) as of June 30, 1995, versus 93.6% as of June 30, 1994. The average rent
was $412 per homesite as of June 30, 1995, versus $396 as of June 30, 1994, an
increase of 4.0%. For the second quarter, West Valley generated gross revenues
of $491,786, versus $457,517 for the same quarter in 1994. Net operating
income was $323,824, versus $312,939 for the same quarter in 1994.
Improvement and maintenance actions undertaken during the quarter consisted of
enlarging/refinishing the basketball court as well as replacing landscaping and
the sprinkler system around the pool/playground area. Also started during the
second quarter were interior renovations to the community center building.
Renovations on the building were extensive and required old paneling to be
removed and replaced with new drywall. The walls will be painted and new
carpeting and tile installed to complete the work. All renovations should be
complete by the end of the third quarter.
Overall, occupancy at West Valley has shown a steady increase from June 1994 to
June 1995, increasing approximately six homesites, or 1.4%. This steady upward
trend is a result of the strong Las Vegas market as well as management's
marketing efforts with home dealers. Current marketing programs at the
community consist of cash incentives to local dealers and modest rent
incentives for new residents moving into the community. Management anticipates
reaching stabilized occupancy of 97.0% by the first quarter of 1996.
MANAGEMENT EXPENSES
Net partnership management expenses paid for the quarter amounted to $77,157.
Gross expenses of $86,183 (data processing, accounting and legal expenses,
appraisals and wages to employees of the Partnership) were partially offset by
income of $9,026 generated by interest on the Partnership's reserves and
transfer fees. The equivalent figures for the second quarter of 1994 were
$18,654, $75,719 and $57,065, respectively. The increase in partnership
management expenses from 1994 to 1995, resulted from the timing of payments to
outside vendors.
-14-
<PAGE> 15
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
Exhibit Number Description
-------------- -----------
27 Financial Data Schedule
(b) Reports on Form 8-K
There were no reports filed on Form 8-K during the three
months ended June 30, 1995.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Uniprop Manufactured Housing Communities
Income Fund II, a Michigan Limited Partnership
BY: Genesis Associates Limited Partnership,
General Partner
BY: Uniprop, Inc.,
its Managing General Partner
/s/ Paul M. Zlotoff
By: ________________________________________
Paul M. Zlotoff, President
/s/ Gloria A. Koster
By: _______________________________________
Gloria A. Koster, Principal Financial Officer
Dated: August 15, 1995
-15-
<PAGE> 16
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit
No. Description Page
------- ----------- ----
<S> <C> <C>
27 Financial Data Schedule
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
<EXCHANGE-RATE> 1
<CASH> 437167
<SECURITIES> 2902250
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 2292972
<PP&E> 62255386
<DEPRECIATION> 12685802
<TOTAL-ASSETS> 54840709
<CURRENT-LIABILITIES> 969582
<BONDS> 29839032
<COMMON> 0
0
0
<OTHER-SE> 24032095
<TOTAL-LIABILITY-AND-EQUITY> 54840709
<SALES> 0
<TOTAL-REVENUES> 5299801
<CGS> 0
<TOTAL-COSTS> 2852410
<OTHER-EXPENSES> 860000
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1464004
<INCOME-PRETAX> 123387
<INCOME-TAX> 0
<INCOME-CONTINUING> 123387
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 123387
<EPS-PRIMARY> .04
<EPS-DILUTED> 0
<FN>
<F1>EPS Primary - In this Real Estate Limited Partnership the earnings per share
indicates income per Limited Partnership Unit.
</FN>
</TABLE>
