Uniprop Manufactured Housing Communities Income Fund Ii Inactive
Company Profile
| Document And Entity Information | 6 Months Ended |
| Jun. 30, 2014 | |
| Document Information [Line Items] | ' |
| Entity Registrant Name | 'UNIPROP MANUFACTURED HOUSING COMMUNITIES INCOME FUND II /MI/ |
| Entity Central Index Key | '0000805993 |
| Current Fiscal Year End Date | '--12-31 |
| Entity Filer Category | 'Smaller Reporting Company |
| Trading Symbol | 'YYLBB |
| Entity Common Stock, Shares Outstanding | 3,303,387 |
| Document Type | '10-Q |
| Amendment Flag | 'false |
| Document Period End Date | 30-Jun-14 |
| Document Fiscal Period Focus | 'Q2 |
| Document Fiscal Year Focus | '2014 |
| BALANCE SHEETS (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
| Properties: | ' | ' |
| Buildings And Improvements | $42,520,704 | $42,431,157 |
| Land | 8,952,937 | 8,952,937 |
| Furniture And Equipment | 684,177 | 678,866 |
| Gross Property and Equipment | 52,157,818 | 52,062,960 |
| Less Accumulated Depreciation | -36,543,714 | -35,774,653 |
| Net Property and Equipment | 15,614,104 | 16,288,307 |
| Cash And Cash Equivalents | 7,999,046 | 8,584,140 |
| Manufactured Homes and Improvements | 4,329,709 | 4,075,639 |
| Unamortized Finance Costs | 970,185 | 1,013,113 |
| Deferred Home Relocation Costs | 468,667 | 605,239 |
| Other Assets | 1,398,507 | 841,522 |
| Total Assets | 30,780,218 | 31,407,960 |
| LIABILITIES & PARTNERS' EQUITY | ' | ' |
| Accounts Payable | 148,666 | 52,932 |
| Other Liabilities | 753,092 | 522,009 |
| Notes Payable | 28,340,103 | 28,674,370 |
| Total Liabilities | 29,241,861 | 29,249,311 |
| Partners' Equity: | ' | ' |
| General Partner | 418,139 | 419,057 |
| Unit Holders | 1,120,218 | 1,739,592 |
| Total Partners' Equity | 1,538,357 | 2,158,649 |
| Total Liabilities And Partners' Equity | $30,780,218 | $31,407,960 |
| STATEMENTS OF OPERATIONS (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
| Income: | ' | ' | ' | ' |
| Rental Income | $1,778,002 | $1,756,301 | $3,571,965 | $3,491,570 |
| Home Sale Income | 72,473 | 7,000 | 211,928 | 47,404 |
| Other | 246,327 | 213,707 | 475,873 | 429,706 |
| Total Income | 2,096,802 | 1,977,008 | 4,259,766 | 3,968,680 |
| Operating Expenses: | ' | ' | ' | ' |
| Administrative Expenses (Including $207,493, $199,065, $103,503 and $98,541, in Property Management Fees Paid to an Affiliate for the Six and Three Month Period Ended June 30, 2014 and 2013, respectively) | 681,487 | 655,372 | 1,366,473 | 1,297,952 |
| Property Taxes | 190,359 | 206,895 | 380,706 | 413,793 |
| Utilities | 149,217 | 146,397 | 303,085 | 300,567 |
| Property Operations | 306,405 | 245,165 | 517,377 | 443,181 |
| Depreciation | 414,075 | 429,742 | 829,062 | 858,721 |
| Interest | 383,648 | 358,647 | 766,738 | 719,328 |
| Home Sale Expense | 78,305 | 8,635 | 188,075 | 56,995 |
| Total Operating Expenses | 2,203,496 | 2,050,853 | 4,351,516 | 4,090,537 |
| Net (Loss) Income | ($106,694) | ($73,845) | ($91,750) | ($121,857) |
| (Loss) Income per Limited Partnership Unit: (in dollars per share) | ($0.03) | ($0.02) | ($0.03) | ($0.04) |
| Distribution Per Unit: (in dollars per share) | $0.08 | $0.08 | $0.16 | $0.16 |
| Weighted Average Number Of Units Of Beneficial Assignment Of Limited Partnership Interest Outstanding During The Six and Three Month Period Ended June 30, 2014 and 2013. (in shares) | 3,303,387 | 3,303,387 | 3,303,387 | 3,303,387 |
| STATEMENTS OF OPERATIONS (Unaudited) [Parenthetical] (USD $) | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
| Property Management Fees To Affiliate | $103,503 | $98,541 | $207,493 | $199,065 |
| STATEMENT OF PARTNERS' EQUITY (Unaudited) (USD $) | Total | General Partner [Member] | Unit Holders [Member] |
| Balance at Dec. 31, 2013 | $2,158,649 | $419,057 | $1,739,592 |
| Distributions | -528,542 | 0 | -528,542 |
| Net Income (Loss) | -91,750 | -918 | -90,832 |
| Balance at Jun. 30, 2014 | $1,538,357 | $418,139 | $1,120,218 |
| STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 6 Months Ended | |
| Jun. 30, 2014 | Jun. 30, 2013 | |
| Cash Flows From Operating Activities: | ' | ' |
| Net Loss | ($91,750) | ($121,857) |
| Adjustments To Reconcile Net Loss To Net Cash Provided By (Used In) Operating Activities: | ' | ' |
| Depreciation | 829,062 | 858,721 |
| Amortization of Financing Costs | 42,929 | 13,876 |
| Amortization of Home Relocation Costs | 138,072 | 90,218 |
| Payment of Home Relocation Costs | -1,500 | -749,101 |
| Increase in Manufactured Homes and Home Improvements | -314,070 | -283,876 |
| Increase In Other Assets | -556,985 | -259,968 |
| Increase In Accounts Payable | 95,734 | 39,260 |
| Increase In Other Liabilities | 231,083 | 143,729 |
| Total Adjustments | 464,325 | -147,141 |
| Net Cash Provided By (Used In) Operating Activities | 372,575 | -268,998 |
| Cash Flows Used In Investing Activities: | ' | ' |
| Purchase of property and equipment | -94,860 | -56,415 |
| Net Cash Used In Investing Activities | -94,860 | -56,415 |
| Cash Flows Used In Financing Activities: | ' | ' |
| Distributions To Unit Holders | -528,542 | -528,542 |
| Payments On Notes Payable | -334,267 | -245,030 |
| Net Cash Used In Financing Activities | -862,809 | -773,572 |
| Net Decrease In Cash | -585,094 | -1,098,985 |
| Cash, Beginning | 8,584,140 | 5,117,789 |
| Cash, Ending | $7,999,046 | $4,018,804 |
| Basis of Presentation and Accounting Policies | 6 Months Ended |
| Jun. 30, 2014 | |
| Accounting Policies [Abstract] | ' |
| Basis of Presentation and Significant Accounting Policies [Text Block] | ' |
| 1. Basis of Presentation and Accounting Policies: | |
| The accompanying unaudited 2014 financial statements of Uniprop Manufactured Housing Communities Income Fund II, a Michigan Limited Partnership (the “Partnership”) have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The balance sheet at December 31, 2013 has been derived from the audited financial statements at that date. Operating results for the three and six months ended June 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014, or for any other interim period. For further information, refer to the consolidated financial statements and footnotes thereto included in the Partnership’s Form 10-K for the year ended December 31, 2013. | |
| During the fourth quarter of 2012, Management initiated the Sunshine Village Paid Home Relocation Program (“Program”). The Program was offered exclusively to residents of Seminole Estates, a 704 site, 55 and over manufactured home community in Hollywood, Florida that announced its closure. The Program expired in the first quarter of 2013. By the end of the first quarter of 2014, all 41 residents have successfully relocated. The Partnership has incurred expenditures of $903,232, of which $816,203 has been capitalized and is being amortized as a reduction of rental revenue over the life of the residents’ three year rental period. The Program is completed and Management estimates no additional relocation costs will be incurred. At June 30, 2014, $468,667 remains unamortized. | |
| The carrying amounts of cash, accounts payable and notes payable approximate their fair values due to their short-term nature. The fair value of mortgage notes payable approximates their carrying amounts based on current borrowing rates. | |
| We have evaluated subsequent events through the date of this filing. We do not believe there are any material subsequent events which would require further disclosure. | |
| Mortgage Payable | 6 Months Ended |
| Jun. 30, 2014 | |
| Mortgage Loans on Real Estate [Abstract] | ' |
| Mortgage Notes Payable Disclosure [Text Block] | ' |
| 2. Mortgage Payable: | |
| During 2008, the Partnership refinanced its existing mortgage note payable and executed seven new mortgages payable with StanCorp Mortgage Investors LLC (“StanCorp”) in the amount of $23,225,000 secured by the seven remaining properties of the Partnership. To pay off the prior mortgage balance of $25,277,523 and the costs of refinancing, the Partnership transferred $2,735,555 from cash reserves. These mortgages were payable in monthly installments of interest and principal through September 2033. The Partnership incurred $693,798 in financing costs as a result of the 2008 refinancing which was being amortized over the original term of the loans. These costs included a 1% fee payable to an affiliate of the General Partner. Unamortized finance costs of $179,395 related to the refinanced mortgage notes payable were written off in 2013 as a result of the refinancing discussed below. | |
| On July 18, 2013, the Partnership refinanced two of the existing mortgage notes payable and executed two new mortgage notes payable in the amount of $19,320,000 secured by Sunshine Village, located in Davie, Florida and West Valley, located in Las Vegas, Nevada with a new lender, namely Cantor Commercial Real Estate. The mortgages are payable in monthly installments of interest and principal through August, 2023. These refinanced notes bear interest at a fixed rate of 5.09% with principal payments based on a twenty-five year amortization period. As of June 30, 2014 the balance on these notes was $19,005,108. | |
| The Partnership incurred $676,321 in financing costs as a result of the 2013 refinancing which is being amortized over the life of the loans. This included a 1% fee payable to Uniprop AM LLC, an affiliate of the General Partner. Unamortized finance costs of $179,395 related to the refinanced mortgage notes payable were written off in 2013 as a result of the refinancing and reflected in amortization expense. Additionally, the Partnership incurred a fee with StanCorp totaling $72,020 related to the refinancing, which was reflected as part of interest expense on the statement operations for the year ending December 31, 2013. | |
| Effective September 1, 2013, the available interest rate re-set option was accepted on the five remaining mortgage notes with StanCorp. The new rate on these five notes is 5.00% and the amortization period is twenty years. Another rate re-set option is available in five years. As of June 30, 2014 the balance on these five notes was $9,334,995. | |
| Future maturities on the notes payable for the next five years and thereafter are as follows: 2014 - $340,143; 2015 - $709,585; 2016 - $744,498; 2017 - $785,396; 2018 - $826,361 and thereafter - $24,934,120. | |
| Basis of Presentation and Accounting Policies (Details Textual) (USD $) | 6 Months Ended |
| Jun. 30, 2014 | |
| Basis of Presentation and Accounting Policies [Line Items] | ' |
| Expenditure Incurred For Home Relocation Cost | $903,232 |
| Unamortized Home Relocation Costs | 468,667 |
| Amortized Home Relocation Costs | $816,203 |
| Mortgage Payable (Details Textual) (USD $) | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||
| Sep. 30, 2013 | Jul. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2008 | Jul. 18, 2013 | |
| Mortgage Loans on Real Estate [Line Items] | ' | ' | ' | ' | ' | ' | ' |
| Mortgage Loans on Real Estate, Face Amount of Mortgages | ' | ' | ' | ' | ' | $23,225,000 | $19,320,000 |
| Amortization of Financing Costs | ' | ' | 42,929 | 13,876 | ' | ' | ' |
| Unamortized Financing Cost On Mortgage | ' | ' | ' | ' | 179,395 | 179,395 | ' |
| Payments Of Prior Mortgage Note Payable | ' | ' | ' | ' | ' | 25,277,523 | ' |
| Percentage Of Fee Payable To Affiliate | ' | ' | ' | ' | 1.00% | 1.00% | ' |
| Transfer From Cash Reserves To Pay Prior Mortgage Payable | ' | ' | ' | ' | ' | 2,735,555 | ' |
| Mortgage Loans on Real Estate, Interest Rate | 5.00% | 5.09% | ' | ' | ' | ' | ' |
| Interest Expense, Total | ' | ' | ' | ' | 72,020 | ' | ' |
| Mortgage Loans on Real Estate, Periodic Payment Terms | 'five years | 'twenty-five year | ' | ' | ' | ' | ' |
| First Mortgage [Member] | ' | ' | ' | ' | ' | ' | ' |
| Mortgage Loans on Real Estate [Line Items] | ' | ' | ' | ' | ' | ' | ' |
| Mortgage Loans on Real Estate, Carrying Amount of Mortgages | ' | ' | 19,005,108 | ' | ' | ' | ' |
| Second Mortgage [Member] | ' | ' | ' | ' | ' | ' | ' |
| Mortgage Loans on Real Estate [Line Items] | ' | ' | ' | ' | ' | ' | ' |
| Mortgage Loans on Real Estate, Carrying Amount of Mortgages | ' | ' | 9,334,995 | ' | ' | ' | ' |
| Mortgages [Member] | ' | ' | ' | ' | ' | ' | ' |
| Mortgage Loans on Real Estate [Line Items] | ' | ' | ' | ' | ' | ' | ' |
| Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | ' | ' | 340,143 | ' | ' | ' | ' |
| Long-term Debt, Maturities, Repayments of Principal in Year Two | ' | ' | 709,585 | ' | ' | ' | ' |
| Long-term Debt, Maturities, Repayments of Principal in Year Three | ' | ' | 744,498 | ' | ' | ' | ' |
| Long-term Debt, Maturities, Repayments of Principal in Year Four | ' | ' | 785,396 | ' | ' | ' | ' |
| Long-term Debt, Maturities, Repayments of Principal in Year Five | ' | ' | 826,361 | ' | ' | ' | ' |
| Long-term Debt, Maturities, Repayments of Principal after Year Five | ' | ' | 24,934,120 | ' | ' | ' | ' |
| Amortization of Financing Costs | ' | ' | ' | ' | $676,321 | $693,798 | ' |