Uniprop Manufactured Housing Communities Income Fund Ii 10-Q 11 May 16 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	3 Months Ended
	Mar. 31, 2016shares
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Entity Registrant Name	UNIPROP MANUFACTURED HOUSING COMMUNITIES INCOME FUND II /MI/
Entity Central Index Key	805,993
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding	3,303,387

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Properties:
Land	$ 3,594,573	$ 3,594,573
Buildings And Improvements	16,421,414	16,421,414
Furniture And Equipment	159,658	159,658
Manufactured Homes and Improvements	2,977,998	2,902,342
Real Estate Investment Property, at Cost	23,153,643	23,077,987
Less Accumulated Depreciation	(15,531,155)	(15,351,250)
Net Property and Equipment	7,622,488	7,726,737
Cash And Cash Equivalents	14,238,432	10,789,645
Unamortized Finance Costs	487,753	504,383
Deferred Home Relocation Costs	12,790	54,394
Other Assets	826,671	741,305
Asset Held for Sale	0	2,642,601
Total Assets	23,188,134	22,459,065
LIABILITIES & PARTNERS' EQUITY
Accounts Payable	74,014	23,427
Other Liabilities	336,929	282,049
Notes Payable	18,299,794	18,405,210
Distributions Payable	0	3,501,590
Liabilities of Asset Held for Sale	0	2,656,641
Total Liabilities	18,710,737	24,868,917
Partners' Equity:
General Partner	567,113	496,919
Unit Holders	3,910,284	(2,906,771)
Total Partners' Equity	4,477,397	(2,409,852)
Total Liabilities And Partners' Equity	$ 23,188,134	$ 22,459,065

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income:
Rental Income	$ 1,042,026	$ 962,831
Home Sale Income	1,001	5
Other	112,248	123,055
Total Income	1,155,275	1,085,891
Operating Expenses:
Administrative Expenses (Including $59,271 and $57,259, in Property Management Fees Paid to an Affiliate for the Three Month Period Ended March 31, 2016 and 2015 Respectively)	756,707	378,456
Property Taxes	72,975	72,300
Utilities	52,945	55,586
Property Operations	218,044	114,808
Depreciation	179,905	186,539
Interest	252,812	255,422
Home Sale Expense	351	0
Total Operating Expenses	1,533,739	1,063,111
(Loss) Income from Continuing Operations	(378,464)	22,780
Income from Discontinued Operations	7,397,848	138,546
Net Income	$ 7,019,384	$ 161,326
(Loss) Income Per Unit:
Continuing Operations	$ (0.11)	$ 0.01
Discontinued Operations	2.24	0.04
Total Income Per Unit	2.13	0.05
Distribution Per Unit:	$ 0.04	$ 0.08
Weighted Average Number Of Limited Partnership Units Outstanding	3,303,387	3,303,387

STATEMENTS OF OPERATIONS (Paren

STATEMENTS OF OPERATIONS (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Asset Management Costs	$ 59,271	$ 57,259

STATEMENT OF PARTNERS' EQUITY

STATEMENT OF PARTNERS' EQUITY - 3 months ended Mar. 31, 2016 - USD ($)	Total	General Partner [Member]	Unit Holders [Member]
Balance at Dec. 31, 2015	$ (2,409,852)	$ 496,919	$ 2,906,771
Distributions	(132,135)	0	(132,135)
Net Income	7,019,384	70,194	6,949,190
Balance at Mar. 31, 2016	$ 4,477,397	$ 567,113	$ 3,910,284

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash Flows From Operating Activities:
Net Income	$ 7,019,384	$ 161,326
Adjustments To Reconcile Net Income To Net Cash Provided By Operating Activities:
Depreciation	179,905	367,037
Amortization of Financing Costs	114,629	21,464
Amortization of Home Relocation Costs	41,604	69,050
Gain on Sale of Discontinued Operations	(8,069,909)	0
Gain on Sale of Manufactured Homes	650	5,533
Increase In Other Assets	(85,366)	(190,228)
Increase In Accounts Payable	50,587	71,944
Increase In Other Liabilities	54,880	145,024
Total Adjustments	(7,713,020)	489,824
Net Cash (Used In) Provided By Operating Activities	(693,636)	651,150
Cash Flows Used In Investing Activities:
Investment in Manufactured Homes and Improvements	(96,080)	(273,279)
Purchase of Property and Equipment	0	(19,147)
Proceeds from Sale of Discontinued Operations	10,551,474	0
Proceeds from Sale of Manufactured Homes	1,001	19,798
Net Cash Used In Investing Activities	10,456,395	(272,628)
Cash Flows Used In Financing Activities:
Distributions To Unit Holders	(3,633,725)	(264,271)
Payments On Notes Payable	(2,680,247)	(177,308)
Net Cash Used In Financing Activities	(6,313,972)	(441,579)
Increase (Decrease) In Cash	3,448,787	(63,057)
Cash, Beginning	10,789,645	7,317,400
Cash, Ending	$ 14,238,432	$ 7,254,343

Basis of Presentation and Accou

Basis of Presentation and Accounting Policies	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies [Text Block]	1. Basis of Presentation and Accounting Policies: The accompanying unaudited 2016 financial statements 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, 2015 has been derived from the audited financial statements at that date. Operating results for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016, 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, 2015. 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 March 31, 2016, $12,790 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

Mortgage Payable	3 Months Ended
	Mar. 31, 2016
Mortgage Loans on Real Estate [Abstract]
Mortgage Notes Payable Disclosure [Text Block]	2. Mortgage Payable: The Partnership has two mortgage notes payable with Cantor Commercial Real Estate collateralized by Sunshine Village, located in Davie, Florida and West Valley, located in Las Vegas, Nevada. 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 18,299,794 Future maturities on the notes payable for the next five years and thereafter are as follows: 2016 - $ 319,336 449,922 473,724 498,786 522,749 16,035,277

Discontinued Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	3. Discontinued Operations: As described in the Form 8-K dated February 29, 2016, the Partnership closed on the sale of the Ardmor Village for a sale price of $ 10,587,274 10,551,474 8,070,000 2,559,737 8,742 257,247 50,055 2,775,722 98,000 7,690,000 As described in the Form 8-K dated August 20, 2015, the Partnership closed on the sale of the three manufactured housing communities located in Michigan, namely Camelot Manor, Dutch Hills and Stonegate with Meritus Communities LLC for a purchase price of $ 14,200,000 13,777,650 6,022,387 3,052,889 346,693 116,113 10,108,000 As described in the Form 8-K dated September 28, 2015, the Partnership closed on the sale of the El Adobe manufactured housing community located in Las Vegas, Nevada with Lakeshore Communities Inc. for a purchase price of $ 6,700,000 6,490,120 3,915,288 3,321,049 370,612 126,672 2,458,000 The property sales of Ardmor Village, Camelot Manor, Dutch Hills, El Adobe and Stonegate, constitute a strategic shift of the Partnership and as a result the associated financial results have been classified as “discontinued operations” in the accompanying financial statements for all historical periods. The following is a summary of results of operations of the properties classified as discontinued operations for the periods ended March 31, 2016 and 2015: Total Revenue was $ 170,650 134,096 1,092,919 954,373 Total Cash Flows Used in Operating Activities of the properties classified as discontinued operations for the period ended March 31, 2016 were $ 618,698 506.960 10,552,475 71,779

Basis of Presentation and Acc10

Basis of Presentation and Accounting Policies (Details Textual)	3 Months Ended
	Mar. 31, 2016USD ($)
Basis Of Presentation And Accounting Policies [Line Items]
Expenditure Incurred For Home Relocation Cost	$ 903,232
Amortized Home Relocation Costs	816,203
Unamortized Home Relocation Costs	$ 12,790

Mortgage Payable (Details textu

Mortgage Payable (Details textual) - USD ($)	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Mortgage Loans on Real Estate [Line Items]
Note payable	$ 18,299,794	$ 18,405,210
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year	319,336
Long-term Debt, Maturities, Repayments of Principal in Year Two	449,922
Long-term Debt, Maturities, Repayments of Principal in Year Three	473,724
Long-term Debt, Maturities, Repayments of Principal in Year Four	498,786
Long-term Debt, Maturities, Repayments of Principal in Year Five	522,749
Long-term Debt, Maturities, Repayments of Principal after Year Five	$ 16,035,277
Sunshine Village [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Interest Rate	5.09%

Discontinued Operations (Detail

Discontinued Operations (Details Textual) - USD ($)	1 Months Ended			3 Months Ended
	Feb. 29, 2016	Sep. 28, 2015	Aug. 20, 2015	Mar. 31, 2016	Mar. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Property, Plant, and Equipment				$ 10,551,474	$ 0
Disposal Group, Including Discontinued Operation, Revenue				170,650	1,092,919
Disposal Group, Including Discontinued Operation, Operating Expense				134,096	954,373
Cash Provided by (Used in) Operating Activities, Discontinued Operations				618,698	506.960
Cash Provided by (Used in) Investing Activities, Discontinued Operations				$ 10,552,475	$ 71,779
Three Manufactured Communities [Member] | Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sales of Business, Affiliate and Productive Assets			$ 13,777,650
Disposal Group Including Discontinued Operation Prepayment Penalties			346,693
Disposal Group Including Discontinued Operation Unamortized Deferred Financing Costs Write Off			116,113
Proceeds from Sale of Property, Plant, and Equipment			14,200,000
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property			6,022,387
Proceeds from Other Debt			10,108,000
Participating Mortgage Loans, Mortgage Obligations, Amount			$ 3,052,889
ElAdobe Manufactured Community [Member] | Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sales of Business, Affiliate and Productive Assets		$ 6,490,120
Disposal Group Including Discontinued Operation Prepayment Penalties		370,612
Disposal Group Including Discontinued Operation Unamortized Deferred Financing Costs Write Off		126,672
Proceeds from Sale of Property, Plant, and Equipment		6,700,000
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property		3,915,288
Proceeds from Other Debt		2,458,000
Participating Mortgage Loans, Mortgage Obligations, Amount		$ 3,321,049
Ardmor Village Community [Member] | Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sales of Business, Affiliate and Productive Assets	$ 10,551,474
Disposal Group Including Discontinued Operation Prepayment Penalties	257,247
Disposal Group Including Discontinued Operation Unamortized Deferred Financing Costs Write Off	98,000
Proceeds from Sale of Property, Plant, and Equipment	10,587,274
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property	8,070,000
Proceeds from Other Debt	7,690,000
Participating Mortgage Loans, Mortgage Obligations, Amount	2,559,737
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Noncurrent	2,775,722
Debt Instrument, Periodic Payment, Interest	8,742
Escrow Deposit	$ 50,055