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 quarterly period ended September 30, 2000
-------------------------------------------------
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 0-13241
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NOONEY INCOME FUND LTD., L.P.
--------------------------------------------------------------------------------
(Exact name of Registrant as specified in its charter)
Missouri 43-1302570
------------------------------- -------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
One Memorial Drive, Suite 1000, St. Louis, MO 63102-2449
----------------------------------------------- -------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (314) 206-4600
-----------------------------
--------------------------------------------------------------------------------
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>
PART I
Item 1 - Financial Statements:
-----------------------------
NOONEY INCOME FUND LTD., L.P.
-----------------------------
(A LIMITED PARTNERSHIP)
-----------------------
BALANCE SHEETS
--------------
Sept. 30, December 31,
2000 1999
ASSETS: (Unaudited)
------------ ------------
Cash and Cash Equivalents $ 1,523,203 $ 1,237,294
Accounts receivable 238,545 171,996
Prepaid expenses and deposits 54,242 14,948
Investment property, at cost:
Land 1,946,169 1,946,169
Buildings and improvements 8,740,173 8,654,403
------------ ------------
10,686,342 10,600,572
Less accumulated depreciation (5,433,976) (5,271,378)
------------ ------------
5,252,366 5,329,194
Deferred expenses - At amortized cost 133,316 118,876
------------ ------------
$ 7,201,672 $ 6,872,308
============ ============
LIABILITIES AND PARTNERS' EQUITY:
Liabilities:
Accounts payable and accrued expenses $ 58,895 $ 79,070
Accrued real estate taxes 187,222 185,415
Mortgage notes payable 1,109,095 1,125,002
Refundable tenant deposits 133,649 145,711
------------ ------------
$ 1,488,861 $ 1,535,198
Partners' Equity 5,712,811 5,337,110
------------ ------------
$ 7,201,672 $ 6,872,308
============ ============
SEE NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
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<PAGE>
NOONEY INCOME FUND LTD., L.P.
-----------------------------
(A LIMITED PARTNERSHIP)
-----------------------
STATEMENTS OF OPERATIONS AND PARTNERS' EQUITY
---------------------------------------------
(UNAUDITED)
-----------
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2000 1999 2000 1999
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
REVENUES:
Rental and other income $ 515,961 $ 499,018 $1,548,875 $1,521,223
Interest 4,702 0 24,646 4
---------- ---------- ---------- ----------
520,663 499,018 1,573,521 1,521,227
EXPENSES:
Interest 28,572 23,869 80,876 69,023
Depreciation and amortization 94,240 104,008 297,699 306,021
Real estate taxes 62,407 61,128 198,794 186,902
Property management fees paid to
American Spectrum Midwest 30,767 29,783 93,734 90,978
Reimbursement to American Spectrum
Midwest for partnership management
services and indirect expenses 6,250 6,250 18,750 18,750
Repairs & maintenance 30,096 22,461 84,019 77,716
Professional services 27,509 79,670 79,796 140,313
Utilities 36,383 40,760 95,162 93,006
Cleaning 12,642 16,232 45,977 42,355
Payroll 20,486 17,598 36,693 49,482
Insurance 12,879 9,633 31,772 33,014
Parking lot/Landscaping 9,755 21,009 33,135 54,122
Vacancy Expense 737 4,797 3,995 14,182
Other operating expenses 25,220 25,163 97,418 96,467
---------- ---------- ---------- ----------
397,943 462,361 1,197,820 1,272,331
---------- ---------- ---------- ----------
NET INCOME $ 122,720 $ 36,657 $ 375,701 $ 248,896
========== ========== ========== ==========
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 6.79 $ 1.59 $ 20.82 $ 13.13
========== ========== ========== ==========
PARTNERS' EQUITY:
Beginning of Period $5,590,091 $5,126,895 $5,337,110 $4,914,656
Net Income 122,720 36,657 375,701 248,896
---------- ---------- ---------- ----------
End of Period $5,712,811 $5,163,552 $5,712,811 $5,163,552
========== ========== ========== ==========
</TABLE>
SEE NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
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<PAGE>
NOONEY INCOME FUND LTD., L.P.
-----------------------------
(A LIMITED PARTNERSHIP)
-----------------------
STATEMENTS OF CASH FLOW
-----------------------
(UNAUDITED)
-----------
Nine Months Ended
Sept.30, Sept.30,
2000 1999
----------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $ 375,701 $ 248,896
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 297,699 306,021
Changes in assets and liabilities:
Increase (decrease) in accounts receivable (66,549) 5,505
Increase in prepaid expenses and deposits (39,294) (4,358)
Increase in deferred expenses (50,564) (35,377)
Decrease in accounts payable and accrued
expenses (20,175) (75,135)
Increase in accrued real estate taxes 1,807 3,023
(Decrease) increase in refundable tenant
deposits (12,062) 6,643
----------- -----------
Total Adjustments 110,862 206,322
----------- -----------
Net cash provided by operating activities 486,563 455,218
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES -
Net additions to investment property (184,747) (74,397)
----------- -----------
Net cash from investing activities (184,747) (74,397)
CASH FLOWS FROM FINANCING ACTIVITIES -
Payments on mortgage notes payable (15,907) (18,999)
----------- -----------
Net cash from financing activities (15,907) (18,999)
----------- -----------
NET INCREASE IN
CASH AND CASH EQUIVALENTS 285,909 361,822
CASH AND CASH EQUIVALENTS, beginning of period 1,237,294 804,739
----------- -----------
CASH AND CASH EQUIVALENTS, end of period $ 1,523,203 $ 1,166,561
=========== ===========
SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION - Cash paid during period for interest $ 80,876 $ 69,023
=========== ===========
SEE NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
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<PAGE>
NOONEY INCOME FUND LTD., L.P.
-----------------------------
(A LIMITED PARTNERSHIP)
-----------------------
NOTES TO UNAUDITED FINANCIAL STATEMENTS
---------------------------------------
THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
-------------------------------------------------------
NOTE A:
Refer to the Registrant's financial statements for the fiscal year ended
December 31, 1999 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 Income Fund
Ltd., 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
responsibilities 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 cash
flows at September 30, 2000 and for all periods presented have been made. The
results of operations for the three and nine month periods ended September 30,
2000 are not necessarily indicative of the results which may be expected for the
entire year.
NOTE C:
The Registrant's properties are managed by American Spectrum Midwest (formerly
Nooney, Inc.), a wholly-owned subsidiary of CGS Real Estate Company. Nooney
Income Investments, Inc., a general partner, is a 75% owned subsidiary of S-P
Properties, Inc. S-P Properties, Inc is a wholly-owned subsidiary of CGS Real
Estate Company.
NOTE D:
The earnings per limited partnership unit for the three and nine months ended
September 30, 2000 and 1999 was computed on 15,180 units, the number of units
outstanding during the periods.
NOTE E:
CGS is continuing the process of developing a plan pursuant to which the
properties owned by the Registrant would be combined with the properties of
other real estate partnerships managed by CGS and its affiliates. These limited
partnerships own office properties, industrial properties, shopping centers, and
residential apartment properties. It is expected that the acquiror would in the
future qualify as a real estate investment trust. Limited partners would receive
shares of common stock in the acquiror which would be listed on a national
securities exchange or the NASDAQ national market system. The transaction is
subject to approval of the limited partners of the Registrant and portions of
the other partnerships. The Registrant has filed a Registration Statement on S-4
relating to the solicitation of consents with the Security and Exchange
Commission.
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<PAGE>
NOTE F:
The Registrant has no items of other comprehensive income, accordingly, net
income and other comprehensive income are the same.
NOTE G:
The Partnership has two reportable operating segments: Leawood Fountain Plaza
and Oak Grove Commons. The Partnership's management evaluates performance of
each segment based on profit or loss from operations, including the allocation
of property write downs, amortization of straight line base rent, general and
administrative expenses, unusual and extraordinary items, and interest.
Three Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
---- ---- ---- ----
Revenues:
Leawood Fountain Plaza (76%) $ 275,555 261,301 $ 816,018 $ 796,419
Oak Grove Commons 238,335 235,263 748,993 720,525
---------- ---------- ---------- ----------
513,890 496,564 1,565,011 1,516,944
========== ========== ========== ==========
Operating Profit:
Leawood Fountain
Plaza (76%) $ 76,939 $ 22,491 $ 206,189 $ 111,465
Oak Grove Commons 69,674 67,985 250,370 213,684
---------- ---------- ---------- ----------
146,613 90,476 456,559 325,149
========== ========== ========== ==========
Capital Expenditures:
Leawood Fountain Plaza (76%) $ 7,866 $ 35,306 $ 113,511 $ 56,079
Oak Grove Commons 62,990 0 71,236 18,318
---------- ---------- ---------- ----------
70,856 35,306 184,747 74,397
========== ========== ========== ==========
Depreciation and Amortization:
Leawood Fountain Plaza (76%) $ 49,407 $ 77,989 $ 145,039 $ 226,042
Oak Grove Commons 44,833 57,446 152,660 174,136
---------- ---------- ---------- ----------
94,240 135,435 297,699 400,178
========== ========== ========== ==========
Assets:
As of: September 30, 2000 December 31, 1999
------------------ -----------------
Leawood Fountain Plaza (76%) $ 3,135,828 $ 2,998,208
Oak Grove Commons 3,601,074 3,498,609
--------- ---------
6,736,902 6,496,817
========= =========
Reconciliation of segment data to the Partnerships's consolidated data follow:
Three Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
---- ---- ---- ----
Revenues:
Segments $ 513,890 $ 496,564 $1,565,011 $1,516,944
Corporate and other 6,773 2,454 8,510 4,283
---------- ---------- ---------- ----------
520,663 499,018 1,573,521 1,521,227
========== ========== ========== ==========
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<PAGE>
Three Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
---- ---- ---- ----
Operating Profit:
Segments $ 146,613 $ 90,476 $ 456,559 $ 325,149
Corporate and other income 6,773 2,454 8,510 4,283
General and admin expenses (30,666) (56,273) (89,368) (80,536)
--------- --------- --------- ---------
Net Income 122,720 36,657 375,701 248,896
========= ========= ========= =========
Depreciation and Amortization
Segments $ 94,240 $ 135,435 $ 297,699 $ 400,178
Corporate and other (31,427) 0 (94,157)
--------- --------- --------- ---------
94,240 104,008 297,699 306,021
========= ========= ========= =========
Assets:
As of: September 30, 2000 December 31, 1999
------------------ -----------------
Segments $ 6,736,902 $ 6,496,817
Corporate and other 464,770 375,491
------------ ----------
7,201,672 6,872,308
=========== =========
NOTE H:
In December 1999, the SEC (Security and Exchange Commission) issued Staff
Accounting Bulletin No. 101 (SAB 101), Revenue Recognition in Financial
Statements, which summarizes certain of the SEC staff's views on applying
generally accepted accounting principles to revenue recognition in financial
statements. The Registrant will adopt the accounting provisions of SAB 101 in
the fourth quarter of 2000. Management believes that the implementation of SAB
101 will not have a significant effect on the Registrant's financial condition
or results of operations.
NOTE I:
The Partnership stopped making distributions in 1999 although it had cash
available for distribution. The cash was retained in anticipation of the
consolidation transaction or liquidation of the fund as discussed in Note E.
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<PAGE>
ITEM 7: MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
---------------------------------------------------------------------
OF OPERATIONS
-------------
It should be noted that this 10-Q contains forward-looking information (as
defined in the Private Securities Litigation Reform Act of 1995) that involves
risk and uncertainty, including trends in the real estate investment market,
projected leasing and sales, and the future prospects for Registrant. Actual
results could differ materially from those contemplated by such statements.
Liquidity and Capital Resources
-------------------------------
Cash on hand as of September 30, 2000 is $1,523,203, an increase of $285,909
from year end December 31, 1999. For the nine month period ended September 30,
2000 net cash provided by operating activities was $486,563. Cash was used for
tenant and capital improvements in the amount of $184,747 and payments on
mortgage notes payable were made in the amount of $15,907. The Registrant
anticipates the properties to adequately fund capital expenditures anticipated
for the remainder of 2000. These capital expenditures are as follows:
Leasing Other
Capital Capital Total
------- ------- -----
Oak Grove Commons $ 0 $29,538 $ 29,538
Leawood Fountain Plaza (76%) 76,572 0 76,572
------- ------- --------
$76,572 $29,538 $106,110
======= ======= ========
At Leawood Fountain Plaza, leasing capital includes funds for tenant alterations
and lease commissions for new and renewal leases. The other capital anticipated
at Oak Grove Commons is for the restoration of mansards and masonry
construction. The Registrant reviews cash on a regular basis, prior to beginning
scheduled capital improvements. In the event there is not adequate funds, the
capital improvement will be postponed until such funds are available.
Results of Property Operations
------------------------------
The results of operations for the Registrant's properties for the quarters ended
September 30, 2000 and 1999 are detailed in the schedule below. Expenses and
revenues of the Registrant are excluded.
Leawood
Oak Grove Fountain
Commons Plaza (76%)
--------- -----------
2000
----
Revenues $238,335 $275,555
Expenses 168,661 198,616
-------- --------
Net Income $ 69,674 $ 76,939
======== ========
1999
----
Revenues $235,263 $261,301
Expenses 167,278 238,810
-------- --------
Net Income $ 67,985 $ 22,491
======== ========
For the quarter ended September 30, 2000 and 1999, Oak Grove Commons had net
income of $69,674 and $67,985, respectively. This represents an increase in net
-8-
<PAGE>
income of $1,689. Revenues increased $3,072 primarily due to an increase in base
rental revenue. Overall expenses remained consistent with only a $1,383 increase
when comparing the two periods. Increases were reflected in interest expense
($4,703), bad debt expense ($5,371), repairs and maintenance related expenses
($7,895), and professional services ($5,987). These increases were partially
offset by decreases in vacancy related expenses ($4,060), landscaping services
($5,427), and depreciation/amortization ($12,613). The increase in repairs and
maintenance expenses can primarily be attributed to air-conditioning services
through the summer months. The decrease in depreciation and amortization can
primarily be attributed to fully amortized tenant alternations and lease
commissions.
For the quarter ended September 30, 2000 and 1999, Leawood Fountain Plaza had
net income of $76,939 and $22,491, respectively. This represents an increase in
net income of $54,448. This can primarily be attributed to an increase in
revenues and a decrease in expenses. The increase in revenues of $14,254 is
primarily due to an increase in escalation revenue ($12,641) and interest income
($2,209). The increased 2000 escalation revenue is attributable to related
higher 1999 escalatable expenses. The decrease in expenses of $39,694 is
primarily due to decreases in depreciation and amortization expense ($28,582),
landscaping expense ($5,292), and contract cleaning ($5,168). The decrease in
depreciation and amortization is due to both fully amortized assets and the
recording of contra-depreciation based on a previously recorded valuation
allowance.
The occupancy levels at the Registrant's properties during the third quarter of
2000 remained high. These high levels can be attributed to the Registrant's
ability to lease space as it becomes available. The occupancy levels at the
Registrant's properties are listed below.
Occupancy Levels at September 30,
---------------------------------
Property 2000 1999 1998
-------- ---- ---- ----
Oak Grove Commons 95% 94% 95%
Leawood Fountain Plaza (76%) 89% 98% 95%
Occupancy at Oak Grove Commons decreased during the third quarter from 98% to
95%. Leasing activity consisted of two new tenants signing leases for 6,813
square feet, one tenant renewing their lease for 4,140 square feet, and one
tenant vacating the property with square footage totaling 11,084. Oak Grove
Commons has no tenant occupying more than 10% of the available space.
During the third quarter of 2000 occupancy at Leawood Fountain Plaza decreased
9%, to 89% during the quarter. Leasing activity consisted of one new tenant
signing a lease for 1,654 square feet, the Registrant renewing three leases for
4,926 square feet, and five tenants vacating the property with square footage
totaling 9,526 square feet. The property has two major tenants occupying 14% and
10% of the available space on leases which expire in October 2001 and July 2004,
respectively.
The Registrant reviews long-lived assets for impairment whenever events or
changes in circumstances indicate that the carrying amount of a property may not
be recoverable. The Registrant considers a history of operating losses or a
change in occupancy to be primary indicators of potential impairment. The
Registrant deems the Property to be impaired if a forecast of undiscounted
future operating cash flows directly related to the Property, including disposal
value, if any, is less than its carrying amount. If the Property is determined
to be impaired, the loss is measured as the amount by which the carrying amount
of the Property exceeds its fair value. Fair value is based on quoted market
prices in active markets, if available. If quoted market prices are not
available, an estimated of fair value is based on the best information
available, including prices for similar properties or the results of valuation
techniques such as discounting estimated future cash flows. Considerable
management judgement is necessary to estimate fair value. Accordingly, actual
results could vary significantly from such estimates.
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<PAGE>
Results of Consolidated Operations 2000
---------------------------------------
As of September 30, 2000, the Registrant's consolidated revenues for the three
and nine-month periods were $520,663 and $1,573,521, respectively. Revenues for
the same periods in 1999 were $499,018 and $1,521,227. Revenues increased
$21,645 when comparing the three-month periods and $52,294 when comparing the
nine-month periods. The increase in revenues for both the three and nine-month
periods is primarily due to increases in base rental revenues at Oak Grove
Commons and Leawood Fountain Plaza and escalation revenue at Leawood Fountain
Plaza.
Consolidated expenses for the three-month periods ending September 30, 2000 and
1999 were $397,943 and $462,361, respectively, reflecting a decrease of $64,418.
This decrease can primarily be attributed to decreases in depreciation and
amortization expense ($9,768), professional services ($52,161), utility expense
($9,768), professional services ($52,161), utility expense ($4,377), contract
cleaning ($3,590), landscaping expense ($11,254), and vacancy related expenses
($4,060). These decreases were partially offset by increases in interest expense
($4,703), real estate tax expense ($1,279), repairs & maintenance related
expenses ($7,635), payroll ($2,888), and insurance ($3,246). The decrease in
depreciation and amortization has been addressed in the previous property level
comparisons. The decrease in professional services can primarily be attributed
to property appraisals performed in the third quarter of 1999 and not in 2000.
The decrease in landscaping expense can be attributed to decreases reflected at
both of the Registrant's properties in 2000 due to less exterior improvements
than those done in 1999.
Consolidated expenses for the nine-month periods ended September 30, 2000 and
1999 were $1,197,820 and $1,272,331, respectively, reflecting a decrease of
$74,511 when comparing the two periods. This decrease can primarily be
attributed to decreases in depreciation and amortization ($8,322), professional
services ($60,517), payroll ($12,789), landscaping expenses ($20,987), vacancy
related expenses ($10,187), and insurance expense ($1,242). These decreases were
partially offset by increases in interest expense ($11,853), real estate tax
expense ($11,892), management fee expense ($2,756), repairs and maintenance
related expenses ($6,303), utility expense ($2,156), and contract cleaning
expense ($3,622). The decrease in professional services is primarily due to
appraisals performed in 1999 as mentioned above in the three-month period
comparisons. The decrease in payroll is attributable to a change in personnel
with lower wages than that of prior year at the Registrant's properties. The
decrease in landscaping improvements has also been addressed above in the
three-month comparisons. The increase in interest expense can be attributed to a
higher prime interest rate throughout 2000. The increase in real estate tax
expense is due to appeal fees incurred earlier in 2000 by Leawood Fountain Plaza
in an effort to lower the valuation and corresponding annual tax.
Results of Consolidated Operations 1999
---------------------------------------
As of September 30, 1999, the Registrant's consolidated revenues for the three
and nine month periods were $499,018 and $1,521,227, respectively. Revenues for
the same periods in prior year were $479,435 and $1,358,248. Revenues increased
$19,583 when comparing the three month periods and increased $162,979 when
comparing the nine month periods. The increase in revenues for the three month
period can be attributable to increases in base rental revenue, escalation and
common area maintenance reimbursements at both Leawood Fountain Plaza and Oak
Grove Commons, partially offset by a decrease in interest income. The increase
in revenues for the nine month period can primarily be attributed to increases
in both base rental revenues and escalation at Leawood Fountain Plaza ($102,159)
and an increase in base rental revenue and common area maintenance
reimbursements at Oak Grove Commons ($79,485). These property level increases
were partially offset by a decrease in interest income at the corporate level
($16,059).
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<PAGE>
Consolidated expenses for the three month period ending September 30, 1999 and
1998 were $462,361 and $416,498, reflecting an increase of $45,863 when
comparing to prior year. The increase in consolidated expenses is primarily due
to increases in repairs and maintenance related expenses ($2,095), professional
services ($59,554), and utilities ($7,659). These increases were partially
offset by decreases in depreciation/amortization ($4,585), insurance ($7,659),
and vacancy related expenses ($9,179). The increase in professional services is
primarily due to appraisals performed at both Leawood Fountain Plaza and Oak
Grove Commons, in addition to legal fees. The decrease in vacancy expense has
been addressed at the property level. Consolidated expenses for the nine month
period ended September 30, 1999 and 1998 were $1,272,331 and $1,156,869,
respectively. Operating expenses increased $115,462 when comparing the current
nine month period to that of prior year. The increase in expenses can be
attributed to increases in management fees ($10,053), repairs and maintenance
related expenses ($29,387), professional services ($84,887), utilities ($3,546),
payroll ($10,424), parking lot ($20,360), and other operating expenses
($15,009). These increases were partially offset by decreases in interest
($12,787), depreciation/amortization ($23,476), real estate tax ($5,118),
insurance ($1,451), and vacancy expenses ($15,365). The increase in management
fees is due to the higher amount of revenues reflected in 1999. The repairs and
maintenance increase can be attributed to roof and masonry repairs and Leawood
Fountain Plaza during the second quarter of 1999. The increase in payroll is due
additional office personnel in 1999. The increase in parking lot is primarily
due to sealing work at Leawood Fountain Plaza, also during the second quarter of
1999. Other operating expenses increased for the nine month period primarily due
to increased snow removal as a result of harsh weather conditions. The decrease
in interest expense is due to favorable interest rates and declining principal
balance. Depreciation/amortization has decreased when comparing the two nine
month periods as a result of fully amortized assets.
Inflation
---------
The effects of inflation did not have a material impact upon the Registrant's
operations.
-11-
<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 INCOME FUND LTD., L.P.
Dated: November 14, 2000 By: Nooney Income Investments, Inc.
------------------ General Partner
By: /s/ Gregory J. Nooney, Jr.
----------------------
Gregory J. Nooney, Jr.
Vice Chairman
By: /s/ Patricia A. Nooney
----------------------
Patricia A. Nooney
President and Secretary
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<PAGE>
EXHIBIT INDEX
Exhibit Number Description
-------------- -----------
3 Amended and Restated Agreement and Certificate of
Limited Partnership, dated November 7, 1983, is
incorporated by reference to the Prospectus contained in
Post-Effective Amendment No. 1 to the Registration
Statement on Form S-11 under the Securities Act of 1933
(File No. 2-85683)
27 Financial Data Schedule (provided for the information of
U.S. Securities and Exchange Commission only)
-13-
