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 May 31, 1996
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
- --------------------------------------------------------------------------------
(State or other jurisdiction of incorporation or organization)
43-1182535
- --------------------------------------------------------------------------------
(I.R.S. Employer 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 _____ 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>
PART I
ITEM 1 - FINANCIAL STATEMENTS:
NOONEY REAL PROPERTY INVESTORS-TWO, L.P.
(A LIMITED PARTNERSHIP)
BALANCE SHEETS
May 31, November 30,
1996 1995
(Unaudited)
------------- -------------
ASSETS
Cash .................................. $ 532,043 $ 628,358
Accounts receivable ................... 72,263 118,202
Prepaid expenses and deposits ......... 140,972 38,356
Investment property
Land ................................ 1,886,042 1,886,042
Buildings and improvements .......... 13,695,508 13,572,201
------------ ------------
15,581,550 15,458,243
Less accumulated depreciation ....... (8,142,821) (7,942,832)
------------ ------------
7,438,729 7,515,411
Deferred expenses-At amortized cost ... 120,179 139,838
------------ ------------
$ 8,304,186 $ 8,440,165
============ ============
LIABILITIES AND PARTNERS' DEFICIT
Liabilities
Accounts payable and accrued expenses . $ 443,955 $ 354,307
Refundable tenant deposits ............ 64,926 61,263
Mortgage notes payable ................ 8,169,017 8,331,643
------------ ------------
8,677,898 8,747,213
Partners' Deficit .............................. (373,712) (307,048)
------------ ------------
$ 8,304,186 $ 8,440,165
============ ============
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
<TABLE>
NOONEY REAL PROPERTY INVESTORS-TWO, L.P.
(A LIMITED PARTNERSHIP)
STATEMENTS OF OPERATIONS AND PARTNERS' DEFICIT
(UNAUDITED)
<CAPTION>
Three Months Ended Six Months Ended
------------------------------- -------------------------------
May 31, May 31, May 31, May 31,
1996 1995 1996 1995
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
REVENUES:
Rental and other income ....................... $ 552,677 $ 592,484 $ 1,116,139 $ 1,163,671
Interest ...................................... 2,624 2,648 5,289 5,629
----------- ----------- ----------- -----------
555,301 595,132 1,121,428 1,169,300
----------- ----------- ----------- -----------
EXPENSES:
Interest ...................................... 196,112 211,410 392,770 424,265
Depreciation and amortization ................. 126,140 117,419 248,085 235,484
Real estate taxes ............................. 72,376 104,627 196,468 207,091
Property management fees paid to
Nooney Krombach Company ...................... 27,002 29,683 55,212 57,733
Reimbursement to Nooney Krombach
Company for partnership management
services and indirect expenses ............... 7,500 7,500 15,000 15,000
Other operating expenses ...................... 120,999 89,197 280,557 197,662
----------- ----------- ----------- -----------
550,129 559,836 1,188,092 1,137,235
----------- ----------- ----------- -----------
NET INCOME (LOSS) ...................................... $ 5,172 $ 35,296 $ (66,664) $ 32,065
=========== =========== =========== ===========
NET INCOME (LOSS) PER LIMITED
PARTNERSHIP UNIT ...................................... $ 0.43 $ 2.91 $ (5.50) $ 2.65
=========== =========== =========== ===========
PARTNERS' DEFICIT:
Beginning of Period ........................... $ (378,884) $ (364,723) $ (307,048) (361,492)
Net Income (Loss) ............................. 5,172 35,296 (66,664) 32,065
----------- ----------- ----------- -----------
End of Period ................................. $ (373,712) $ (329,427) $ (373,712) $ (329,427)
=========== =========== =========== ===========
SEE NOTES TO FINANCIAL STATEMENTS
</TABLE>
<PAGE>
<TABLE>
NOONEY REAL PROPERTY INVESTORS-TWO, L.P.
(A LIMITED PARTNERSHIP)
STATEMENTS OF CASH FLOWS
(UNAUDITED)
<CAPTION>
Three Months Ended Six Months Ended
---------------------------- -----------------------------
May 31, May 31, May 31, May 31,
1996 1995 1996 1995
------------ ------------ ------------- -------------
<S> <C> <C> <C> <C>
CASH FLOWS PROVIDED FROM OPERATING ACTIVITIES:
Net Income (Loss) ......................................... $ 5,172 $ 35,296 $ (66,664) $ 32,065
Adjustments to reconcile net income (Loss)
to net cash provided by
operating activities:
Depreciation and amortization ........................... 126,140 117,419 248,085 235,484
Changes in assets and liabilities:
Decrease (Increase) in accounts receivable ............ 1,522 (14,652) 45,939 94,625
Increase in prepaid expenses an deposits .............. (42,385) (2,801) (102,616) (11,466)
Decrease (Increase) in deferred expenses .............. 1,200 68,459 (2,530) (4,163)
Increase (Decrease) in accounts
payable and accrued expenses ....................... 43,078 (70,580) 89,648 (74,147)
Increase (Decrease) in refundable tenant
deposits ............................................ 1,793 (158) 3,663 1,054
--------- --------- --------- ---------
Total Adjustments ................................... 131,348 97,687 282,189 241,387
--------- --------- --------- ---------
Net cash provided by operating activities ........... 136,520 132,983 215,525 273,452
--------- --------- --------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
Addition to investment property ................................. (112,198) (10,858) (149,214) (20,932)
--------- --------- --------- ---------
Net cash used in investing activities .............. (112,198) (10,858) (149,214) (20,932)
--------- --------- --------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on mortgage notes payable .............................. (82,196) (70,513) (162,626) (187,306)
--------- --------- --------- ---------
Net cash used in financing activities ................. (82,196) (70,513) (162,626) (187,306)
--------- --------- --------- ---------
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS ............... (57,874) 51,612 (96,315) 65,214
CASH AND CASH EQUIVALENTS,
Beginning of period ............................................. 589,917 616,641 628,358 603,039
--------- --------- --------- ---------
CASH AND CASH EQUIVALENTS,
End of period ................................................... $ 532,043 $ 668,253 $ 532,043 $ 668,253
========= ========= ========= =========
CASH PAID FOR INTEREST ............................................. $ 196,112 $ 211,410 $ 392,770 $ 424,265
========= ========= ========= =========
SEE NOTES TO FINANCIAL STATEMENTS
</TABLE>
<PAGE>
NOONEY REAL PROPERTY INVESTORS-TWO, L.P.
(A LIMITED PARTNERSHIP)
NOTES TO FINANCIAL STATEMENTS
THREE AND SIX MONTHS ENDED MAY 31, 1996 AND 1995
NOTE A:
Refer to the Registrant's financial statements for the year ended November 30,
1995, 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 May 31, 1996and 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 loss per limited partnership unit for the three and six months ended May 31,
1996 and 1995 was computed based on 12,000 units, the number of units
outstanding during the periods.
ITEM 7: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Liquidity and Capital Resources
Cash on hand as of May 31, 1996 is $532,043, a decrease of $96,315 from year end
November 30, 1995. The decrease in cash flow can be attributed to the increase
in capital expenditures for the three and six month periods ended May 31, 1996.
The increase in capital expenditures primarily relates to Morenci Professional
Park in order to renovate the suites vacated by the major tenant in December
1995. Though cash on hand has decreased over the past six months, the Registrant
expects the properties to provide adequate cash flow from operations to fund
anticipated capital expenditures. The anticipated capital expenditures by
property are as follows:
Leasing Other
Capital Capital Total
-------- -------- --------
Park Plaza I & II ............................. $ 1,700 $ 92,000 $ 93,700
Maple Tree Shopping Center .................... 5,000 30,000 35,000
Jackson Industrial Park ....................... 0 152,800 152,800
Morenci Professional Park ..................... 76,900 15,000 91,900
-------- -------- --------
$ 83,600 $289,800 $373,400
======== ======== ========
During the remainder of 1996, approximately $373,400 of capital expenditures are
anticipated. Leasing capital at the three properties will fund tenant
alterations and lease commissions. Other capital at Park Plaza I & II will be
for the following items: resurface sections of the rear parking lot, major
concrete repair/replacement and the adjusting of the property's sprinkler system
and sprinkler heads. Maple Tree Shopping Center has scheduled the enclosure of
its waste storage bins in an effort to comply with city ordinances. The
registrant has forecasted for the replacement/repair of certain sections of the
roof and replacement of the skylights at Jackson Industrial. At the remaining
property, Morenci Professional Park, renovations to divide the vacant space into
1,200 to 9,600 square foot units will continue into the third and fourth
quarter.
As of November 1, 1995, the Registrant negotiated an extension of the second
mortgages secured by Park Plaza I & II, Morenci Professional Park and Maple Tree
Shopping Center. The term of the extensions were for a period of one year
maturing October 31, 1996 at a rate of 1.5% over the then published prime rate.
As of May 31, 1996, interest rate on the debt was 9.75%. The balance of the debt
on Park Plaza I & II and Morenci Professional Park as of May 31, 1996 is
$253,259. The balance of the debt on Maple Tree Shopping Center as of May 31,
1996 is $282,812.
The future liquidity of the Registrant is dependent in 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 a profitable sale of the properties is feasible, the Registrant will
continue to manage the properties to achieve its investment objectives.
Results of Property Operations
The results of operations of the Registrant's properties for the quarter ended
May 31, 1996 and 1995 are detailed in the schedule below. Revenues and expenses
of the Registrant are not presented.
Jackson Maple Tree Park Plaza Morenci
Industrial Center I & II Prof. Park
---------- ---------- ---------- ----------
1996
- ------------------
Revenues ......... $ 218,664 $ 139,772 $ 111,215 $ 83,300
Expenses ......... 180,794 126,928 97,261 121,755
--------- --------- --------- ---------
Net Income ....... $ 37,870 $ 12,844 $ 13,954 $ (38,455)
========= ========= ========= =========
1995
- ------------------
Revenues ......... $ 225,357 $ 139,214 $ 109,955 $ 118,117
Expenses ......... 237,810 118,455 79,518 104,257
--------- --------- --------- ---------
Net Income ....... $ (12,453) $ 20,759 $ 30,437 $ 13,860
========= ========= ========= =========
The operating results at Jackson Industrial varied significantly from quarter
ended May 31, 1996 to quarter ended May 31, 1995. The significant increase in
net income relates to a decrease in real estate tax expense. The decrease in
real estate taxes is attributable to a decrease in the tax assessment for 1996
resulting in an accrual adjustment for the period March 1995 through February
1996. Real estate taxes at Jackson Industrial are paid in arrears resulting in
the retroactive accrual adjustment.
At Maple Tree Shopping Center net income decreased due to an increase in
expenses. The increase in expenses is attributable to the write off of certain
receivables relating to an individual tenant that
has been deemed uncollectible by the Registrant.
The operating results at Park Plaza I & II decreased from quarter end May 31,
1995 to quarter end May 31, 1996. The decrease relates primarily to an increase
in operating expenses. The increase in operating expenses can be attributed to
real estate tax expense. The increase in real estate taxes is attributable to an
increase in the tax assessment for 1996 resulting in an accrual adjustment for
the period March 1995 to February 1996. Real estate taxes at Park Plaza I & II
are paid in arrears resulting in the retroactive accrual adjustment.
The results of operations at Morenci Professional Park varied significantly when
comparing quarter ended results from May 31, 1996 to May 31, 1995. The
significant decrease in net income is attributable to both a decrease in
revenues and an increase in expenses. The decrease in revenues and the increase
in expenses can be attributed to the expected move out of the property's major
tenant in December 1995. With approximately 49% of the available space vacated,
rental revenues decreased significantly and vacancy expenses increased. However,
the occupancy at Morenci Professional Park has increased better than what was
previously expected, therefore, the vacancy expenses should decline throughout
the remainder of the year.
The occupancy at three of the Registrant's properties remained at high levels.
The occupancy at Morenci Professional Park, as expected, decreased significantly
due to the vacancy of a major tenant effective December 1995. The occupancy
levels at May 31, 1996, 1995 and 1994 are as follows:
Occupancy levels as of May 31,
------------------------------
Property 1996 1995 1994
-------- ---- ---- ----
Park Plaza I & II ....................... 98% 100% 96%
Morenci Professional Park ............... 61% 98% 97%
Maple Tree Shopping Center .............. 98% 98% 98%
Jackson Industrial ...................... 100% 100% 100%
At Park Plaza I & II occupancy level for the quarter ended May 31, 1996 remained
at 98%. Leasing activity consisted of the renewal of 7,200 square feet to a
single tenant. The property did not have any new leases or move-outs. At Park
Plaza I & II, no tenant occupies more than 10% of the
available space.
The second quarter leasing activity at Morenci Professional Park is as follows:
five (5) new leases were signed with a combined total square feet of 6,000;
three (3) leases were renewed with a total square footage of 4,800, and; one (1)
tenant vacated 1,200 square feet. In summary, occupancy increase approximately
4% during the quarter ended May 31, 1996. Morenci Professional Park has no
tenants that occupy more than 10% of the available space.
In the second quarter of fiscal year 1996 at Maple Tree Shopping Center
occupancy remained at 98% with the renewal of one (1) lease occupying 800 square
feet, the signing of a new lease with 800 square feet and the move-out of a
single tenant occupying 800 square feet. The tenants that occupy approximately
18% and 42% of the available space have a 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. This
tenant has indicated to the community through a press release that they will be
closing this facility. The Registrant has not received verbal or written notice
that the tenant will be exercising their termination option. The other tenant
occupying 39% of the available space has a lease which expires July 31, 1997.
1996 Comparison
Revenues for the quarter ended May 31, 1996 and 1995 are $555,301 and $595,132,
respectively. For the six month period ended May 31, 1996 and 1995 revenues are
$1,121,428 and $1,169,300, respectively. For the quarter ended revenues
decreased $39,831 when comparing May 31, 1996 to May 31, 1995 and for the six
month period ended, revenues decreased $47,872 for the same periods ended
May 31, 1996 and 1995.
The decrease in consolidated revenues on a quarterly and six month basis can be
attributed to decreases at Morenci Professional Park and Jackson Industrial. The
decrease in revenues at Morenci Professional Park can be attributed to the
expected move-out of a major tenant in December 1995. The tenant occupied
approximately 49% of the available space and on a quarterly basis paid
approximately $105,000 in rent. Offsetting the loss in rental income from the
major tenant is rental revenues received from new and expanding tenants. Since
the move-out of the major tenant in December 1995 occupancy at Morenci
Professional Park has increased approximately 11%. At Jackson Industrial
revenues decreased due to a decrease in tax recovery income. One of the major
tenants renewed in 1995 and received a new base year thus adjusting the amount
of real estate tax expense the Registrant may pass through to the tenant in the
form of real estate tax recovery income.
As of May 31, 1996 and 1995 consolidated expenses for the quarter ended were
$550,129 and $559,836, respectively. For the six month period ended May 31, 1996
and 1995 consolidated expenses were $1,188,092 and $1,137,235, respectively. For
the quarter ended consolidated expenses remained relatively stable, however,
individual expense items varied significantly. For the six month period ended
May 31, 1996 when compared to the same period ended May 31, 1995 consolidated
expenses increased $50,857 or 4.47%.
For the quarter ended May 31, 1996 as compared to the quarter ended May 31,
1995, the following expense categories varied significantly: interest expense
decreased $15,298; real estate taxes decreased $32,251, and; other operating
expenses increased $31,802. Jackson Industrial re-financed its first mortgage
debt effective November 1, 1995 for a period of five years at a rate of 9.31%,
being amortized over 18 years compared to a rate of 10.40% prior to the
refinancing. The decrease in real estate taxes can be attributed to an
assessment change which resulted in changes in the liability accruals at Jackson
Industrial and Park Plaza I & II. At Jackson Industrial the real estate tax
accrual was adjusted for a decrease in the assessed value while at Park Plaza I
& II the real estate tax accrual was adjusted for an increase in the assessed
value. The net difference in the accrual adjustments resulted in an overall
decrease in real estate tax expense. The increase in other operating expenses
relates to increases in parking lot expenditures ($8,355), vacancy expenses
($17,312) and bad debt expenses ($12,028). The increase in the aforementioned
expenses were offset by a decrease in professional services ($4,070).
The increase in expenses for the six month period ended May 31, 1996 when
compared to May 31, 1995 can be attributed to an increase in other operating
expenses offset by a decrease in interest expense. The increase in other
operating expenses is attributable to the following expense categories: parking
lot expenditures ($13,281); snow removal ($16,384); insurance ($6,272);
administrative expenses ($12,799); and bad debt expense ($9,878). These expense
categories were offset by a decrease in professional services ($5,994).The
decrease in interest expense relates to the refinancing of the first mortgage
debt at Jackson Industrial effective November 1, 1995 for a period of five years
at a rate of 9.31%, being amortized over 18 years.
1995 Comparison
As of May 31, 1995, the Registrant's consolidated revenues were $595,132 for the
quarter ended and $1,169,300 for the six month period ended May 31, 1995. The
revenues have increased approximately 2.25% and 2.47% for the quarter and six
month period ended when compared to the
same periods ended May 31, 1994, respectively.
The net increase in consolidated revenues relates to Maple Tree Shopping Center,
Jackson Industrial and Morenci Professional Park. The fourth property, Park
Plaza I & II had revenues remain relatively flat. Morenci Professional Park
decreased approximately $10,000 and $11,000 for the quarter ended and six month
period ended, respectively. The decline in revenues relates to the expense
recovery income. In 1994 for the quarter ended, the property received $16,100
compared to $5,800 in 1995. For the six month period the property recovered
$19,500 and $11,500 in 1994 and 1995, respectively. The cause of the decrease in
expense recovery revenues is attributable to the timing of prior year expense
recovery billings. In 1994, the billing process was completed in the second
quarter while in 1995, this procedure will be completed in the third quarter.
The total billings for prior year expense recovery in 1995 and 1994 remained
relatively stable.
Although the revenues at Morenci Professional Park decreased, the increase in
revenues provided by Maple Tree Shopping Center and Jackson Industrial caused an
overall increase in consolidated revenues. Maple Tree Shopping Center revenues
increased $9,200 for the quarter ended and $9,700 for the six month period
ended. The increase in revenues relates to percentage rents. In 1994 for the
quarter ended, the property received $2,000 compared to $10,300 in 1995. The
cause of the increase in percentage rent revenues is attributable to two tenants
whose sales significantly exceeded their defined breakpoint contained in the
lease.
Jackson Industrial had the largest increase in revenues. For the three month
period ended May 31, 1995 and 1994 property revenues were $225,300 and $206,200.
For the six month period ended May 31, 1995 and 1994 property revenues were
$444,700 and $412,400, respectively. The significant 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.
As of May 31, 1995, the Registrant's consolidated expenses were $559,836 and
$1,137,235 for the three month and six month period, respectively. For the same
periods ended May 31, 1994 consolidated expenses were $556,491 and $1,167,587,
respectively. For the quarter ended consolidated expenses remained relatively
stable increasing $3,345 or less than 1%. For the six month period ended May 31,
1995 when compared to the same period ended May 31, 1994 expenses decreased
$30,352 or 2.67%. The decrease can be attributed to decreases in depreciation
and amortization and other operating expenses offset by an increase in real
estate taxes. The decrease in depreciation and amortization relates to Maple
Tree Shopping Center as certain capital expenditures (i.e., lease commission,
tenant alterations and building improvements) have become fully amortized and/or
depreciated during 1994. The decrease in other operating expenses can be
attributed to decreases in snow removal ($11,170), vacancy expense ($12,331) and
insurance ($6,714). Offsetting the aforementioned decreases was an increase in
real estate taxes. The significant increase in real estate taxes 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 correction of the error resulted in a proper assessment of the property.
Inflation
The effects of inflation did not have material impact upon the Registrant's
operations in fiscal year 1995, and are not expected to materially affect the
Registrant's operations in 1996.
<PAGE>
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
See Exhibit Index
(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: July 15, 1996 /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
<PAGE>
EXHIBIT INDEX
Exhibit Number Description
- -------------- ----------------------------------------------------------------
3.1 Amended and Restated Agreement and Certificate of Limited
Partnership dated November 5, 1979, is incorporated by reference
to the Prospectus contained in Amendment No. 1 to the
Registration Statement on Form S-11 under the Securities Act of
1933 (File No. 2-65006).
27 Financial Data Schedule (provided for the information of the
Securities and Exchange Commission only)
<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> 6-MOS
<FISCAL-YEAR-END> NOV-30-1995
<PERIOD-START> MAR-01-1996
<PERIOD-END> MAY-31-1996
<CASH> 532,043
<SECURITIES> 0
<RECEIVABLES> 72,263
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 745,278
<PP&E> 15,581,550
<DEPRECIATION> 8,142,821
<TOTAL-ASSETS> 8,304,186
<CURRENT-LIABILITIES> 443,955
<BONDS> 8,169,017
0
0
<COMMON> 0
<OTHER-SE> (373,712)
<TOTAL-LIABILITY-AND-EQUITY> 8,304,186
<SALES> 1,116,139
<TOTAL-REVENUES> 1,121,428
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 795,322
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 392,770
<INCOME-PRETAX> (66,664)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (66,664)
<EPS-PRIMARY> (5.50)
<EPS-DILUTED> 0
</TABLE>
