<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
------------------------------
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarter period ended August 31, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ...................... To ......................
Commission file number 0-10287
NOONEY REAL PROPERTY INVESTORS-TWO, L.P.
...............................................................................
(Exact name of Registrant as specified in its charter)
Missouri 43-1182535
........................................... ..................................
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
7701 Forsyth Boulevard, St. Louis, Missouri 63105
........................................... ..................................
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (314) 863-7700
...............................................................................
Former name, former address and former fiscal year,
if changed since last report.
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 [ ].
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDING DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Sections 12,13, or 15 (d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court. Yes [ ] No [ ]
APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares
outstanding of each of the issuer's classes of common stock, as of the latest
practicable date .....................
Page 1 of 12 Pages
<PAGE> 2
PART I
ITEM 1 - FINANCIAL STATEMENTS:
- ------------------------------
<TABLE>
NOONEY REAL PROPERTY INVESTORS-TWO, L.P.
----------------------------------------
(A LIMITED PARTNERSHIP)
-----------------------
BALANCE SHEETS
--------------
<CAPTION>
August 31, November 30,
1995 1994
(Unaudited)
------------ ------------
<S> <C> <C>
ASSETS:
Cash and cash equivalents $ 765,680 $ 603,039
Accounts receivable 126,889 247,001
Prepaid expenses and deposits 23,207 10,845
Investment property
Land and improvements 2,345,598 2,345,598
Buildings and improvements 13,030,578 13,013,832
------------ ------------
15,376,176 15,359,430
Less accumulated depreciation 7,831,144 7,541,195
------------ ------------
7,545,032 7,818,235
Deferred expenses-At amortized cost 143,893 68,420
------------ ------------
$ 8,604,701 $ 8,747,540
============ ============
LIABILITIES AND PARTNERS' DEFICIT:
Liabilities:
Accounts payable and accrued expenses $ 433,892 $ 389,727
Mortgage notes payable 8,406,231 8,664,475
Refundable tenant deposits 56,123 54,830
------------ ------------
8,896,246 9,109,032
Partners' Deficit (291,545) (361,492)
------------ ------------
$ 8,604,701 $ 8,747,540
============ ============
</TABLE>
<PAGE> 3
<TABLE>
NOONEY REAL PROPERTY INVESTORS-TWO, L.P.
----------------------------------------
(A LIMITED PARTNERSHIP)
-----------------------
STATEMENTS OF OPERATIONS AND PARTNERS' DEFICIT
----------------------------------------------
(UNAUDITED)
-----------
<CAPTION>
Three Months Ended Nine Months Ended
------------------------ ------------------------
August 31, August 31, August 31, August 31,
1995 1994 1995 1994
As Restated As Restated
See Note E See Note E
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
REVENUES:
Rental and other income $ 589,877 $ 569,583 $1,753,545 $1,703,945
Interest 2,088 2,638 7,717 9,407
----------- ----------- ----------- -----------
591,965 572,221 1,761,262 1,713,352
EXPENSES:
Interest 209,453 217,251 633,718 648,362
Depreciation and amortization 115,750 128,031 351,234 384,797
Real estate taxes 102,896 84,129 309,987 258,683
Property management fees paid to
Nooney Krombach Company 29,539 28,469 87,271 85,172
Reimbursement to Nooney Krombach Company for
partnership management services and indirect
expenses 7,500 7,500 22,500 22,500
Other operating expenses 88,945 91,032 286,605 324,485
----------- ----------- ----------- -----------
554,083 556,412 1,691,315 1,723,999
----------- ----------- ----------- -----------
NET INCOME (LOSS) $ 37,882 $ 15,809 $ 69,947 $ (10,647)
=========== =========== =========== ===========
NET INCOME (LOSS) PER LIMITED PARTNERSHIP UNIT $ 3.13 $ 1.30 $ 5.77 $ (0.88)
=========== =========== =========== ===========
PARTNERS' DEFICIT:
Beginning of Period $ (329,427) $ (352,904) $ (361,492) $ (326,448)
Net Income (Loss) 37,882 15,809 69,947 (10,647)
----------- ----------- ----------- -----------
End of Period $ (291,545) $ (337,095) $ (291,545) $ (337,095)
=========== =========== =========== ===========
</TABLE>
<PAGE> 4
<TABLE>
NOONEY REAL PROPERTY INVESTORS-TWO, L.P.
----------------------------------------
(A LIMITED PARTNERSHIP)
-----------------------
STATEMENTS OF CASH FLOWS
------------------------
(UNAUDITED)
<CAPTION>
Three Months Ended Nine Months Ended
------------------------ ------------------------
August 31, August 31, August 31, August 31,
1995 1994 1995 1994
As Restated As Restated
See Note E See Note E
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES:
Net Income (Loss) $ 37,882 $ 15,809 $ 69,947 $ (10,647)
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 115,750 128,031 351,234 384,797
Changes in assets and liabilities:
Decrease (Increase) in accounts receivable 25,487 (4,768) 120,112 (15,858)
(Increase) Decrease in prepaid expenses (896) 0 (12,362) 3
Increase in deferred assets (96,380) (2,894) (100,543) (8,111)
Increase (Decrease) in accounts payable
and accrued expenses 118,312 91,209 44,165 (64,309)
Increase in refundable tenant deposits 239 1,402 1,293 7,102
----------- ----------- ----------- -----------
Total Adjustments 162,512 212,980 403,899 303,624
----------- ----------- ----------- -----------
Net cash provided by operating activities 200,394 228,789 473,846 292,977
CASH FLOWS USED IN INVESTING ACTIVITIES:
Addition to investment property (32,029) (9,045) (52,961) (14,479)
----------- ----------- ----------- -----------
Net cash used in investing activities (32,029) (9,045) (52,961) (14,479)
CASH FLOWS USED IN FINANCING ACTIVITIES:
Payments on mortgage notes payable (70,938) (65,013) (258,244) (241,052)
----------- ----------- ----------- -----------
Net cash used in financing activities (70,938) (65,013) (258,244) (241,052)
----------- ----------- ----------- -----------
NET INCREASE IN CASH AND CASH EQUIVALENTS 97,427 154,731 162,641 37,44
CASH AND CASH EQUIVALENTS,
Beginning of period 668,253 541,035 603,039 658,320
----------- ----------- ----------- -----------
CASH AND CASH EQUIVALENTS,
End of period $ 765,680 $ 695,766 $ 765,680 $ 695,766
=========== =========== =========== ===========
</TABLE>
<PAGE> 5
NOONEY REAL PROPERTY INVESTORS-TWO, L.P.
----------------------------------------
(A LIMITED PARTNERSHIP)
-----------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
THREE AND NINE MONTHS ENDED AUGUST 31, 1995 AND 1994
----------------------------------------------------
NOTE A:
Refer to the Registrant's financial statements for the year ended November 30,
1994, which are contained in the Registrant's Annual Report on Form 10-K, for a
description of the accounting policies which have been continued without change
except as noted below. Also, refer to the footnotes to those statements for
additional details of the Registrant's financial condition. The details in
those notes have not changed except as a result of normal transactions in the
interim or as noted below.
NOTE B:
The financial statements include only those assets, liabilities and results of
operations of the partners which relate to the business of Nooney Real Property
Investors-Two, L.P. The statements do not include assets, liabilities,
revenues or expenses attributable to the partners' individual activities. No
provision has been made for federal and state income taxes since these taxes
are the responsibility of the partners. In the opinion of the general
partners, all adjustments (which include only normal recurring adjustments)
necessary to present fairly the financial position, results of operations and
changes in financial position at August 31, 1995 and for all periods presented
have been made.
NOTE C:
The Registrant's properties are managed by Nooney Krombach Company, a
wholly-owned subsidiary of Nooney Company. Certain individual general partners
of the Registrant are officers and directors of Nooney Company. Nooney
Investors, Inc., a general partner, is a wholly-owned subsidiary of Nooney
Company.
NOTE D:
The income/loss per limited partnership unit for the three and six months ended
August 31, 1995 and 1994 was computed based on 12,000 units, the number of
units outstanding during the periods.
NOTE E:
Subsequent to the filing of the 1994 10-Q's, the Registrant's management
determined that certain adjustments were not properly reflected in the
quarterly financial statements. The adjustments were as follows:
(i) Depreciation expense had previously been overstated as a result of a
computational error. The adjustment results in a reduction of
depreciation expense and an increase in net income of $1,834 per
quarter for the quarters ended February 28, May 31, and August 31,
1994. The aforementioned adjustment was properly reflected in the
November 30, 1994 financial statements.
<PAGE> 6
(ii) Certain net income per limited partnership unit amounts have also been
restated to reflect an error made in the previous per unit
calculations.
ITEM 7: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
- ---------------------------------------------------------
Liquidity and Capital Resources
- -------------------------------
Cash on hand at August 31, 1995 is $765,680, an increase of $162,641 from
year end November 30, 1994. The increase in cash was provided by the
operations of the Registrant's properties. The cash balances are being allowed
to accumulate to establish adequate cash reserves to fund future leasing and
tenant finish costs. These reserves are necessary based on the fact that a
major tenant at one of the Registrant's properties will be vacating in December
1995. However, the Registrant expects the properties to provide adequate cash
flow from operations to fund anticipated capital expenditures for the remainder
of 1995. The anticipated capital expenditures by property are as follows:
<TABLE>
<CAPTION>
Other Leasing
Capital Capital Total
------- ------- --------
<S> <C> <C> <C>
Park Plaza I & II $ -0- $25,000 $ 25,000
Morenci 10,300 -0- 10,300
Maple Tree S.C. 25,000 -0- 25,000
Jackson A -0- 55,000 55,000
------- ------- --------
$35,300 $80,000 $115,300
</TABLE>
During the remainder of 1995, approximately $115,300 of capital
expenditures are expected. Park Plaza I & II leasing capital includes funds for
tenant alterations to their respective suites along with lease commissions for
new leases signed. At Morenci Professional Park, the installation of new
energy efficient light fixtures in an effort to reduce utility costs and
increase the overall safety and security of the property are budgeted for the
last quarter. Maple Tree has scheduled the enclosure of its waste storage bins
in an effort to comply with city ordinances. At Jackson Industrial, a major
tenant renewed their lease and the balance of the improvement allowance will be
spent in the fourth quarter.
On May 1, 1995, the Registrant negotiated an extension of the two second
mortgages on Park Plaza I & II and Morenci Professional Park. The term of the
extensions are for a period of six months at a rate of 150 basis points over
the then published prime rate. As of August 31, 1995 interest rate on the
debts was 10.25%. The balance of the debts at August 31, 1995 is $263,258.
Throughout the second quarter and into the third quarter, the Registrant
has continued to examine its refinancing options on the first mortgage debt on
Park Plaza I & II, Morenci Professional Park and Jackson Industrial. Due to
the properties' proximity to each other, the Registrant had assembled the three
<PAGE> 7
properties and has pursued financing for the combined properties. A previous
application with the assembled properties was rejected due to lease expirations
of two major tenants, one at Morenci Professional Park and the other at Jackson
Industrial. During the third quarter, the major tenant at Jackson Industrial
signed a five year renewal which enabled the Registrant to reapply for a loan
on the assembled properties. This application was not approved. With the
unsuccessful attempts to assemble the properties into a single loan, the
Registrant pursued financing only for Jackson Industrial as this debt matures
in October 1995. Prior to the quarter ended August 31, 1995, the Registrant
received a loan commitment from a third party lender for the refinancing of
Jackson Industrial. The loan will close in October 1995.The first mortgage
debt on Morenci Professional Park and Park Plaza I & II have maturity dates of
October 1, 2005 and January 1, 2004, respectively.
The future liquidity of the Registrant is dependent on its ability to fund
future capital expenditures and mortgage payments from operations and cash
reserves, maintain occupancy and negotiate with lenders the refinancing of
mortgage debt as it matures. Until such time as the real estate market
recovers and profitable sale of the properties is feasible, the Registrant will
continue to manage the properties to achieve its investment objectives.
Results of Operations
- ---------------------
The results of operations for the Registrant's properties for the quarters
ended August 31, 1995 and 1994 are detailed in the schedule below. Expenses of
the Registrant are excluded.
<TABLE>
<CAPTION>
Jackson A Maple Tree Park Plaza Morenci
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
1995
- ----
Revenues $223,545 $131,571 $107,035 $128,625
Expenses 232,004 119,827 81,776 102,654
---------- ---------- ---------- ----------
Net Income (8,459) 11,744 25,259 25,971
========== ========== ========== ==========
1994
- ----
Revenues $208,853 $134,974 $111,314 $114,242
Expenses 217,827 122,360 86,605 113,655
---------- ---------- ---------- ----------
Net Income (8,974) 12,614 24,709 587
========== ========== ========== ==========
</TABLE>
The operations of Jackson Industrial, Maple Tree Shopping Center and Park
Plaza I & II have had similar operating results for the quarter ended
August 31, 1995 when compared to the same period ended August 31, 1994.
Morenci Professional Park had a significant increase in net income resulting
<PAGE> 8
from increased revenues and decreased expenses. The increase in revenues for
the third quarter is attributable to slightly increasing rental rates along
with increased occupancy resulting in a rental income increase of $8,849. The
property also had increases in tax recovery income and common area maintenance
recovery income totaling $4,319. The decrease in expenses at Morenci
Professional Park relates to reductions in vacancy expense, interest expense
and depreciation expense.
The occupancy at the Registrant's properties during the third quarter
remained at a high level. However, the Registrant has received notice from a
major tenant that occupies approximately 49% of Morenci Professional Park that
they will be vacating the premises in December 1995. The occupancy levels at
August 31 are as follows:
<TABLE>
<CAPTION>
Occupancy Rates at August 31,
-----------------------------
1995 1994 1993
-------- -------- --------
<S> <C> <C> <C>
Park Plaza I & II 92% 98% 97%
Morenci 99% 94% 99%
Maple Tree S.C. 98% 98% 98%
Jackson A 100% 100% 100%
</TABLE>
At the beginning of the quarter, the Park Plaza I & II occupancy level was
100%. However, during the third quarter, four tenants occupying 17,580 square
feet vacated, representing 18.49% of the total square feet in this facility.
Four new leases were signed by the Registrant during the third quarter for
10,200 square feet. Along with the new leases, the Registrant renewed four
leases with tenants occupying 12,420 square feet. At Park Plaza I & II, no
tenant occupies more than 10% of the total space.
During the third quarter, the occupancy level at Morenci Professional Park
increased from the previous quarter by 1% to end at 99% occupancy. The rental
rates for the new leases have slightly increased from the previous tenants'
rate. At Morenci Professional Park the Registrant signed two new leases
totaling 2,400 square feet, renewed 2,400 square feet and had one tenant vacate
1,200 square feet. As previously stated, a tenant which occupies approximately
49% of the available space has given notice that they will be vacating their
space at the expiration of their lease in December 1995. The remainder of the
property is leased in small sections by various tenants.
Maple Tree Shopping Center experienced no leasing activity during the third
quarter. Maple Tree Shopping Center has two major tenants who occupy 18% and
42% of the available space. The tenants that occupy approximately 18% and 42%
of the available space have lease expirations of April 30, 2000 and July 31,
1999, respectively.
Jackson Industrial currently has two tenants who lease 100% of the
available space. The major tenant who occupies approximately 61% of the
available space renewed its lease for a period of five years commencing
August 1, 1995. The other tenant has a lease expiration of July 31, 1997.
<PAGE> 9
1995 Comparisons
- ----------------
As of August 31, 1995, the Registrant's consolidated revenues are $591,965
for the quarter ended and $1,761,262 for the nine month period ended. The
revenues have increased $19,744 or 3.45% over the same quarter ended August 31,
1994 and $47,910 or 2.80% over same nine month period ended August 31, 1994.
The increase in consolidated revenues for the quarter ended August 31, 1995
relates to Morenci Professional Park and Jackson Industrial offset by decreases
at Park Plaza I & II and Maple Tree Shopping Center of $4,279 and $3,404,
respectively. Increasing revenues at Morenci Professional Park were caused by
slightly increasing rental rates over the past year. At Jackson Industrial
increases in revenues are attributable to slightly increasing rental rates over
the past year along with a significant increase in tax recovery income. The
increase in tax recovery income is in direct correlation with an increase in
real estate taxes. The decreases at Park Plaza I & II and Maple Tree Shopping
Center relate to common area maintenance recovery income.
For the nine month period ended August 31, 1995, the increase in
consolidated revenues relates to increases in rental income at Jackson
Industrial, Park Plaza I & II and Morenci Professional Park, tax recovery
income at Jackson Industrial and percentage rent income at Maple Tree Shopping
Center. Offsetting these increases were reductions in common area maintenance
recovery income at Maple Tree Shopping Center, Morenci Professional Park and
Park Plaza I & II.
Rental income increases at Jackson Industrial and Park Plaza I & II is
attributable to slightly increasing rental rates. At Morenci Professional Park
rental income increased due to slightly increasing rental rents and increased
occupancy.
Jackson Industrial had the largest increase in revenues for the nine month
period ended August 31, 1995. Revenues were $668,206 and $621,252 for the nine
month period ended August 31,1995 and 1994, respectively. The significant
increase in revenues relates to real estate tax recovery income. The cause of
the increase relates to a reassessment performed by the county taxing authority
in which the taxing authority discovered an error in the method in which the
property was assessed. The reassessment caused a significant increase in real
estate tax expense which can be recovered from the tenants.
Maple Tree Shopping Center revenues increased $6,336 for the nine month
period ended August 31, 1995 when compared to the same period ended August 31,
1994. The increase in revenues relates to percentage rents. In 1994 for the
nine months ended, the property received $6,474 in percentage rent income
compared to $15,775 in 1995. The increase in percentage rent revenues is
attributable to two tenants whose sales significantly exceeded their defined
breakpoint contained in their lease.
As of August 31, 1995, the Registrant's consolidated expenses for the
quarter ended and nine month period ended are $554,083 and $1,691,315,
respectively. Expenses for the quarter ended decreased $2,329 or .42% when
compared to the quarter ended August 31, 1994. For the nine month period ended
August 31, 1995 expenses decreased $32,684 or 1.90% when compared to the same
period ended August 31, 1994.
The decrease in consolidated expenses for the quarter ended and nine month
period ended August 31, 1995 is attributable to decreases in interest expense,
<PAGE> 10
depreciation and amortization and other operating expenses. These decreases
were offset by an increase in real estate taxes. Interest expense decreased
$7,798 and $14,644 for the quarter ended and nine month period ended August 31,
1995, respectively, when compared to the same period ended August 31, 1994.
The decrease in interest expense is caused by principal amortization on the
Registrant's outstanding debts. In addition to monthly principal payments on
the primary debts, the Registrant has paid down in two $50,000 installments the
secondary debt. These installments were made in the first quarter of 1994 and
1995. Offsetting the decrease in interest expense due to principal paydowns
were increases in the interest rates on the Registrant's floating rate debt.
The decrease in depreciation and amortization are attributable to certain
capital expenditures (lease commissions, tenant alterations and building
improvements) at the Registrant's properties becoming fully depreciated and/or
amortized, offset by additional capital expenditures at Jackson Industrial and
Maple Tree Shopping Center. Other operating expenses for the quarter ended and
nine month period ended August 31, 1995 are $88,945 and $286,605, respectively,
a decrease of $2,087 and $37,880 when compared to the same period ended
August 31, 1994. The decrease in other operating expenses for the nine month
period ended August 31, 1995 relates to decreases at Park Plaza I & II and
Morenci Professional Park. At both Park Plaza I & II and Morenci Professional
Park there were decreases in insurance expense, snow removal costs and vacancy
costs accounting for $31,135 of the decrease. The remainder of the decrease is
comprised of changes in several expense categories.
As interest expense, depreciation and amortization and other operating
expenses decreased, real estate tax expense significantly increased at Jackson
Industrial due to a reassessment performed by the county taxing authority in
which the taxing authority discovered an error in the method in which the
property was assessed. The reassessment caused real estate taxes to increase
from $86,545 to $139,120 when comparing the nine month periods ended August 31,
1994 and 1995, respectively.
1994 Comparisons
- ----------------
On a consolidated basis, revenue for the quarter ended August 31, 1994
increased 1% over revenue for the same quarter of 1993. For the nine months
ended August 31, 1994, revenue was up 1% from that of the previous year.
Quarterly revenue at Maple Tree increased 2% while year-to-date income reflects
a decrease of 1%. The quarterly increase is due largely to increased rental
revenues and operating expense recoveries partially offset by a decrease in tax
participation due to lower real estate taxes. The year-to-date decrease is
largely due to a decrease in tax participation and a recovery of bad debts in
the prior year partially offset by higher rental revenue and operating expense
recoveries. Revenues at Park Plaza increased 12% over the same quarter of 1993
and year-to-date revenues increased 7% primarily due to increases in rental
revenues and operating expense recoveries. Third quarter revenues at Morenci
decreased 9% over 1993 with year-to-date revenues reflecting an increase of 2%.
The quarterly decrease in revenue is largely due to a recovery of bad debt in
the prior year and a decease in occupancy. The year-to-date increase is
largely due to an increase in operating expense recoveries from exterior
painting performed in 1993 and billed in 1994 as well as increased average
occupancy in the first quarter partially offset by recovery of bad debts in the
prior year. Third quarter revenues at Jackson Industrial increased 2% over
1993, with year-to-date revenues reflecting a 1% increase primarily due to an
increase in tax participation.
<PAGE> 11
Consolidated expenses for the quarter ended and nine month period ended
August 31, 1994 were $558,246 and $1,729,501, respectively. Consolidated
expenses decreased approximately 1.30% when comparing quarter ended August 31,
1994 to the same period ended August 31,1993, while for the nine month period
ended consolidated expenses increased approximately .5%. Expenses for the
quarter ended had little change when compared to prior year quarter ending
balances. However, for the nine month period ended, interest expense decreased
$20,305 or 3.04% along with a decrease in real estate taxes of $11,183 or 4.14%
offset by increases in depreciation and amortization of $6,046 or 1.57% and
other operating expenses of $32,988 or 11.32%.
The decrease in interest expense is attributable to principal payments
applied to the second mortgage debt in the amount of $100,000 in 1993 and an
additional $50,000 in the first quarter of 1994. The decrease was partially
offset by increases in the interest rates on the Registrant's floating rate
debt. Real estate taxes decreased due to property reassessment at Maple Tree
Shopping Center. The increase in depreciation and amortization is due to
additional capital costs for tenant alterations, lease commissions and building
improvements at Jackson Industrial, Morenci Professional Park and Maple Tree
Shopping Center. At Park Plaza I & II depreciation and amortization decreased
due to previously capitalized assets becoming fully depreciated and/or
amortized. The substantial increase in other operating expenses is
attributable to higher vacancy costs and snow removal costs at
Park Plaza I & II and Morenci Professional Park, higher administrative costs at
Jackson Industrial and Morenci Professional Park, higher repairs and
maintenance costs at Maple Tree Shopping Center and higher parking lot repairs
at Park Plaza I & II.
Inflation
- ---------
The effects of inflation did not have a material impact upon the
Registrant's operation in fiscal 1994, and are not expected to materially
affect the Registrant's operation in 1995.
<PAGE> 12
PART II. OTHER INFORMATION
- ---------------------------
Item 6. Exhibits and Reports on Form 8-K
- ----------------------------------------
(a) Exhibits
Exhibit 27 Financial Data Schedule (provided for the information of
the Securities and Exchange Commission only)
(b) Reports on Form 8-K
None
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.
NOONEY REAL PROPERTY INVESTORS-TWO, L.P.
Dated: October 10, 1995 /S/ Gregory J. Nooney, Jr.
----------------------------------------
Gregory J. Nooney, Jr.
General Partner
NOONEY INVESTORS, INC.
/S/ Gregory J. Nooney, Jr.
----------------------------------------
Gregory J. Nooney, Jr.
Chairman
/S/ Patricia A. Nooney
----------------------------------------
Patricia A. Nooney
Senior Vice President and Secretary
BEING A MAJORITY OF THE DIRECTORS
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS FOR NOONEY REAL PROPERTY INVESTORS-TWO, L.P. AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000312155
<NAME> NOONEY REAL PROPERTY INVESTORS-TWO, L.P.
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> NOV-30-1995
<PERIOD-START> DEC-01-1994
<PERIOD-END> AUG-31-1995
<CASH> 616,641
<SECURITIES> 0
<RECEIVABLES> 137,724
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 754,365
<PP&E> 15,358,797
<DEPRECIATION> 7,638,849
<TOTAL-ASSETS> 8,625,161
<CURRENT-LIABILITIES> 442,202
<BONDS> 8,547,682
<COMMON> 0
0
0
<OTHER-SE> (364,723)
<TOTAL-LIABILITY-AND-EQUITY> 8,625,161
<SALES> 574,168
<TOTAL-REVENUES> 574,168
<CGS> 364,544
<TOTAL-COSTS> 364,544
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 212,855
<INCOME-PRETAX> (3,231)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (3,231)
<EPS-PRIMARY> (.27)
<EPS-DILUTED> 0
</TABLE>
