<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 June 30, 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 0-14360
NOONEY INCOME FUND LTD. II, L.P.
...............................................................................
(Exact name of Registrant as specified in its charter)
Missouri 43-1357693
........................................... ..................................
(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 13 Pages
<PAGE> 2
PART I
ITEM 1 - FINANCIAL STATEMENTS:
------------------------------
<TABLE>
NOONEY INCOME FUND LTD. II, L.P.
--------------------------------
(A LIMITED PARTNERSHIP)
-----------------------
BALANCE SHEETS
--------------
<CAPTION>
June 30, December 31,
1995 1994
(Unaudited)
------------ ------------
<S> <C> <C>
ASSETS:
Cash and cash equivalents $ 1,084,766 $ 1,118,033
Accounts receivable 141,390 108,832
Prepaid expenses 115,339 29,472
Investment property, at cost:
Land and improvements 1,674,836 1,674,836
Buildings 10,278,867 10,260,354
------------ ------------
11,953,703 11,935,190
Less accumulated depreciation 4,302,566 4,131,718
------------ ------------
7,651,137 7,803,472
Deferred expenses - At amortized cost 79,140 58,643
------------ ------------
$ 9,071,772 $ 9,118,452
============ ============
LIABILITIES AND PARTNERS' EQUITY:
Liabilities:
Accounts payable and accrued expenses $ 354,265 $ 365,747
Refundable tenant deposits 62,320 63,619
------------ ------------
416,585 429,366
Partners' Equity 8,655,187 8,689,038
------------ ------------
$ 9,071,772 $ 9,118,452
============ ============
</TABLE>
<PAGE> 3
<TABLE>
NOONEY INCOME FUND LTD. II, L.P.
--------------------------------
(A LIMITED PARTNERSHIP)
-----------------------
STATEMENTS OF OPERATIONS AND PARTNERS' EQUITY
---------------------------------------------
(UNAUDITED)
-----------
<CAPTION>
Three Months Ended Six Months Ended
------------------------ ------------------------
June 30, June 30, June 30, June 30,
1995 1994 1995 1994
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
REVENUES:
Rental and other income $ 433,570 $ 455,630 $ 883,701 $ 884,896
Interest 7,588 5,395 17,086 10,019
----------- ----------- ----------- -----------
441,158 461,025 900,787 894,915
EXPENSES:
Depreciation and amortization 105,145 112,485 217,933 221,339
Real estate taxes 69,746 91,973 158,994 190,656
Property management fees paid to
Nooney Krombach Company 26,720 27,278 54,309 53,444
Reimbursement to Nooney Krombach Company for
partnership management services and indirect
expenses 6,250 6,250 12,500 12,500
Other operating expenses 184,551 147,048 363,473 306,175
----------- ----------- ----------- -----------
392,412 385,034 807,209 784,114
----------- ----------- ----------- -----------
NET INCOME $ 48,746 $ 75,991 $ 93,578 $ 110,801
=========== =========== =========== ===========
NET INCOME PER LIMITED PARTNERSHIP UNIT 2.51 $ 3.91 $ 4.37 $ 5.71
=========== =========== =========== ===========
PARTNERS' EQUITY:
Beginning of Period $8,733,918 $8,852,272 $8,689,086 $8,817,462
Net Income 48,746 75,991 93,578 110,801
Cash Distribution to Partners (127,477) 0 (127,477) 0
----------- ----------- ----------- -----------
End of Period $8,655,187 $8,928,263 $8,655,187 $8,928,263
=========== =========== =========== ===========
</TABLE>
<PAGE> 4
<TABLE>
NOONEY INCOME FUND LTD. II, L.P.
--------------------------------
(A LIMITED PARTNERSHIP)
-----------------------
STATEMENTS OF CASH FLOWS
------------------------
(UNAUDITED)
-----------
<CAPTION>
Three Months Ended Six Months Ended
------------------------ ------------------------
June 30, June 30, June 30, June 30,
1995 1994 1995 1994
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES:
Net Income $ 48,746 $ 75,991 $ 93,578 $ 110,801
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 105,145 112,485 217,933 221,339
Changes in assets and liabilities:
(Increase) Decrease in accounts receivable (51,534) 7,651 (32,558) 10,087
Increase in prepaid expenses and deposits (30,868) 0 (92,508) 0
Increase in deferred assets at amortized cost (987) (4,189) (27,567) (20,076)
Increase (Decrease) in accounts payable and
accrued expenses 44,896 35,607 (11,482) (43,275)
(Decrease) Increase in refundable tenant
deposits (1,005) 3,056 (1,299) 3,252
----------- ----------- ----------- -----------
Total Adjustments 65,647 154,610 52,519 171,327
----------- ----------- ----------- -----------
Net cash provided by operating activities 114,393 230,601 146,097 282,128
----------- ----------- ----------- -----------
CASH FLOWS USED IN INVESTING ACTIVITIES:
Additions to investment property (44,903) (85,092) (51,887) (89,421)
----------- ----------- ----------- -----------
Net cash used in investing activities (44,903) (85,092) (51,887) (89,421)
CASH FLOWS USED IN FINANCING ACTIVITIES:
Cash distributions to partners (127,477) 0 (127,477) 0
----------- ----------- ----------- -----------
Net cash used in financing activities (127,477) 0 (127,477) 0
----------- ----------- ----------- -----------
NET INCREASE (DECREASE) IN CASH (57,987) 145,509 (33,267) 192,707
CASH AND CASH EQUIVALENTS, beginning of period 1,142,753 1,093,406 1,118,033 1,046,208
----------- ----------- ----------- -----------
CASH AND CASH EQUIVALENTS, end of period $1,084,766 $1,238,915 $1,084,766 $1,238,915
=========== =========== =========== ===========
</TABLE>
<PAGE> 5
NOONEY INCOME FUND LTD.II, L.P.
-------------------------------
(A LIMITED PARTNERSHIP)
-----------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
THREE AND SIX MONTHS ENDED JUNE 30, 1995 AND 1994
-------------------------------------------------
NOTE A:
Refer to the Registrant's financial statements for the year ended December 31,
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. 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. II, 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 individual 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 June 30, 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 general partners of the Registrant
are officers and directors of Nooney Company. Nooney Income Investments Two,
Inc., a general partner, is a 75% owned subsidiary of Nooney Company.
NOTE D:
The earnings per limited partnership unit for the three and six months ended
June 30, 1995 and 1994 was computed based on 19,221 units, the number of units
outstanding during the periods.
<PAGE> 6
ITEM :7 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
-----------------------------------------------------------
Liquidity and Capital Resources
-------------------------------
Cash on hand as of June 30, 1995 is $1,084,766, a decrease of $33,267 from year
end December 31, 1994. The decrease in cash is the result of cash
distributions to partners and capital investments at the partnership properties
partially offset by cash generated from operating activities of the Registrant.
As part of the operating activities, the Registrant has capitalized costs in
the first and second quarter relating to legal and accounting fees pertaining
to the Consent Proxy. The Consent Proxy is later discussed in this section.
However, the Registrant expects the properties to continue to provide adequate
cash flow from operating activities to fund anticipated capital expenditures
for the remainder of 1995. The Registrant's share of anticipated capital
expenditures by property are as follows:
<TABLE>
<CAPTION>
Other Leasing
Capital Capital Total
-------- -------- --------
<S> <C> <C> <C>
NorthCreek Office Park (45%) 15,000 12,000 27,000
Tower Industrial Bldg. (100%) 0 0 0
Wards Corner (45%) 18,000 0 18,000
Countryside Executive C (50%) 24,000 23,000 47,000
Leawood Fountain Pl. (24%) 6,000 74,000 80,000
-------- -------- --------
63,000 109,000 172,000
</TABLE>
During the remainder of 1995, approximately $172,000 of capital expenditures
are expected. Countryside Executive Center, Leawood Fountain Plaza and
NorthCreek Office Park leasing capital includes floor plan changes to
accommodate tenant's needs, new carpeting and new paint and/or wallcovering,
along with brokerage commissions. Other capital expenditures at Leawood
Fountain Plaza include expenditures to conform the property to ADA requirements
and repair minor structural problems. In addition, Leawood Fountain Plaza has,
along with Countryside Executive Center capital set aside for sidewalk, curbing
and parking lot restoration and repair. At NorthCreek Office Park the
Registrant will have the property's exterior painted. The remaining property,
Wards Corner, has set aside capital to demolish the interior of several vacated
suites.
As previously disclosed, the Registrant owned three properties jointly with
Nooney Income Fund Ltd. III, L.P. ("NIF III"). NIF III was unable to service
its debt, and its percentage interests in the jointly held properties were
transferred to a subsidiary of the mortgage lender, St. Louis Investment
Properties, Inc.("SLIP"), in lieu of foreclosure. The Registrant believes SLIP
could attempt to partition those properties and force their sale at auction for
what the Registrant believes could be a very low price. This would likely
reduce the amount of any cash available for distribution to the partners when
the Registrant is dissolved. The Registrant has successfully negotiated a
contract with SLIP to purchase the partial interests ("Acquisition Interests")
<PAGE> 7
in the jointly held properties (Wards Corner, Countryside, and NorthCreek).
The purchase price is $7,190,000, of which the mortgage lender will finance
100%. This transaction is subject to the approval of the limited partners. A
preliminary consent statement seeking the limited partners approval of the
purchase was filed with the Securities and Exchange Commission in 1994. The
General Partners subsequently decided to postpone seeking the limited partners'
approval pending completion of the 1994 audited financial statements. It is
now anticipated the consent statement will be sent to the limited partners in
September 1995. The purchase of the Acquisition Interests from SLIP will
enable the Partnership to fully control its own destiny with respect to the
improvement, management and sale of its properties. The General Partners' goal
is to attempt to enhance the value of the Registrant's properties, with the
exception of Countryside, over the next several years in order to increase the
amount of any cash available for distribution to the partners when the
Partnership is dissolved. However, at the current time, it is the opinion of
the General Partners that market conditions exist whereby one of the
Registrant's property, Countryside Executive Center is expected to be sold by
July 1996 if the limited partners vote in favor of the purchase of the
Acquisition Interests. Registrant's management is unable to predict whether
the limited partners will approve the transaction or whether SLIP would be
successful in an attempt to force a partition sale of Countryside Executive
Center, NorthCreek Office Park and Wards Corner.
The future liquidity of the Registrant is dependent on its ability to fund
future capital expenditures from operations and cash reserves, maintain
occupancy and contend with the ownership issues of the jointly held properties.
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.
<PAGE> 8
Results of Operations
---------------------
The results of operations for the Registrant's properties for the quarters
ended June 30, 1995, 1994 and 1993 are detailed in the schedule below. The
information contained in the schedule exclude all partnership expenses. Net
operating cash income (NOCI) represents rental revenue less operating expenses,
excluding depreciation and amortization. The Registrant does not currently
have any debt service requirements. The Registrant's ownership percentage is
represented by the scheduled percentages below.
<TABLE>
<CAPTION>
Tower Ind. Leawood Countryside Wards NorthCreek
Building Fountain Exec.Center Corner Office Park
(100%) (24%) (50%) (45%) (45%)
---------- ---------- ----------- ---------- ----------
<S> <C> <C> <C> <C> <C>
1995
----
Net Operating Cash Income (1) <F1> $33,000 $19,000 $37,000 $14,000 $90,000
Capital Expenditures -0- 1,000 23,000 -0- 2,000
Tenant Alterations 3,000 15,000 -0- -0- 1,000
Lease Commissions -0- -0- -0- -0- 1,000
---------- ---------- ----------- ---------- ----------
Net Property Cash Flow $30,000 $ 3,000 $14,000 $14,000 $86,000
========== ========== =========== ========== ==========
1994
----
Net Operating Cash Income (1) <F1> $33,000 $22,000 $30,000 $23,000 $81,000
Capital Expenditures -0- -0- -0- -0- -0-
Tenant Alterations -0- -0- 39,000 -0- 46,000
Lease Commissions -0- 2,000 3,000 1,000 2,000
---------- ---------- ----------- ---------- ----------
Net Property Cash Flow $33,000 $20,000 $(12,000) $22,000 $33,000
========== ========== =========== ========== ==========
1993
----
Net Operating Cash Income (1) <F1> $31,000 $16,000 $2,000 $36,000 $47,000
Capital Expenditures -0- -0- 33,000 -0- 23,000
Tenant Alterations -0- 1,000 13,000 -0- 3,000
Lease Commissions -0- -0- -0- -0- -0-
---------- ---------- ----------- ---------- ----------
Net Property Cash Flow $31,000 $15,000 $(44,000) $36,000 $21,000
========== ========== =========== ========== ==========
---------------
<FN>
<F1> (1) Net Operating Cash Income represents Rental Revenue less Operating Expenses, excluding
depreciation and amortization and write-down of investment property, less debt service. The
Registrant is not currently servicing any debt. Net Operating Cash Income is presented as an
alternative to Net Income as defined under Generally Accepted Accounting Principles because it
converts the financial information to a cash basis. To properly evaluate a real estate
investment, performance is measured by the property's ability to generate cash in order to meet
its ongoing cash obligations. Therefore, items that do not affect cash, such as depreciation
and amortization, are not normally considered in the evaluation process.
</TABLE>
<PAGE> 9
The changes in occupancy levels at the Registrant's properties were mixed
during the second quarter. An analysis of each property's particular change in
occupancy will be further analyzed later in this document. The occupancy
levels at June 30 are as follows:
<TABLE>
<CAPTION>
PROPERTY Occupancy Levels at June 30,
--------------------------------------------- ----------------------------
1995 1994 1993
-------- -------- --------
<S> <C> <C> <C>
Tower Ind. Bldg. 100% 100% 100%
Leawood Fountain Pl. 93% 91% 91%
Countryside Exec. Center 81% 89% 82%
Wards Corner 56% 95% 52%
NorthCreek Office Park 93% 91% 90%
</TABLE>
Leasing activity during the second quarter of 1995 at NorthCreek Office Park
resulted in the renewal of two tenants totaling 3,169 square feet and the
vacating by two tenants with a combined 3,464 square feet. Rental rates
remained relatively flat for the quarter. The office park has one major
tenant, with two leases that comprise 36% of the available space. These two
leases expire in December 1998 and December 2003.
Tower Industrial Building is leased by a single tenant whose lease expires on
April 30, 2000.
At Wards Corner, there was no leasing activity during the second quarter.
Although no leasing activity has been achieved, the Registrant is actively
marketing and preparing the unoccupied space for immediate occupancy. Wards
Corner has one major tenant who occupies 50% of the available space. This
lease expires December 1996.
At Countryside Executive Center, the Registrant leased and renewed 2,382 square
feet to four tenants. Rental rates of the four tenants have slightly increased
when compared to existing tenant rental rates. However, offsetting the
renewals and new leases was a 3,658 square foot tenant who vacated their space
effective May 31, 1995. The property has no major tenants who occupy more than
10% of the available space. As expected, during the second quarter, a tenant
who occupies 8,751 square feet vacated their space at the expiration of their
lease.
During the second quarter the occupancy at Leawood Fountain Plaza increased
from the previous quarter through the completion of a new lease. The new
tenant will occupy 749 square feet. The property has one major tenant that
leases approximately 10% of the available space. Their lease expires in July
1999.
<PAGE> 10
1995 Comparisons
----------------
As of June 30, 1995, the Registrant consolidated revenues are $441,158 for the
quarter ended and $900,787 for the six month period ended. For the quarter
ended revenues decreased approximately 4.31% while for the six month period
ended revenues remained relatively stable increasing less than 1% when compared
to the same period ended June 30, 1994.
For the quarter ended June 30, 1995 rental revenues decreased approximately
4.85% or $22,060. The decrease in rental revenues relates to the loss of a
major tenant at Wards Corner effective September 30, 1994. Offsetting the
approximately $50,000 in lost quarterly rental revenues generated from this
tenant were increases in rental revenues at Leawood Fountain Plaza and
NorthCreek Office Park. However, for the six month period ended June 30, 1995
rental revenues remained relatively stable. This occurrence is attributable to
the receipt of a termination fee received in the first quarter of 1995 from a
tenant at Countryside Executive Center. The termination fee offset the rental
revenues lost due to the tenant that vacated Wards Corner. Interest income
significantly increased when compared to the same six month period ended June
30, 1994. The increase is attributable to higher cash balances in the
Registrant's short term investment vehicles.
As of June 30, 1995, the Registrant's consolidated expenses for the quarter
ended June 30, 1995 are $392,412 and for the six month period ended the
expenses are $807,209. For the quarter ended and six month period ended June
30, 1994 expenses were $385,034 and $784,114, respectively. The expenses have
increased approximately 1.92% and 2.95% for the quarter ended and six month
period ended June 30, 1995, respectively, when compared with the quarter ended
and six month period ended June 30, 1994.
The increase in consolidated expenses relates to increases in operating
expenses offset by decreases in real estate taxes and depreciation and
amortization. The decrease in real estate taxes is comprised of decreases at
both Countryside Executive Center and Wards Corner. The changes in real estate
taxes are attributable to rate changes and/or property reassessments. Real
estate taxes at the remaining three properties remained relatively stable.
Depreciation and amortization decreases are attributable to certain capital
expenditures (lease commissions and tenant alterations) at the Registrant's
properties becoming fully depreciated and/or amortized, offset by additional
capital expenditures at Tower Industrial, Countryside Executive Center and
Leawood Fountain Plaza.
For the quarter ended and six month period ended June 30, 1995, the operating
expenses are $184,551 and $363,473, respectively, compared to $147,048 and
$306,175 for the quarter ended and six month period ended June 30, 1994. The
increases of $37,503 and $57,298 for the quarter and six month period ended
relates primarily to increased professional fees pertaining to the Consent
Proxy. In addition, at Leawood Fountain Plaza and Countryside Executive Center
increases in vacancy expenses, parking lot expenses and repairs and maintenance
added to the overall increase in expenses.
Each quarter, the General Partners assess the properties for impairment. If
conclusive evidence of an impairment is found in any particular quarter,
further valuation procedures would be performed. Additionally, as a matter of
policy, the Registrant has each of its properties appraised on an annual basis
by an independent appraisal firm. It is difficult to pinpoint an exact time or
event to which impairment of a real estate can be attributed. Reductions in
<PAGE> 11
value are usually recognized on an annual basis at the time the appraisals are
completed.
1994 Comparisons
----------------
The Registrant generated revenues of $461,025 during the second quarter of
1994 compared to $449,832 in 1993. Year-to-date gross revenues totaled
$894,915 for 1994 and $924,848 for 1993. The 2% second quarter increase in
revenues is primarily due to an increase in rental revenues at Leawood Fountain
Plaza, an increase in operating expense recoveries at Countryside Executive
Center, increased occupancy at Wards Corner partially offset by prior quarter
recoveries of bad debts at Wards Corner and increases in rental income and
operating expense recoveries at NorthCreek. The 3% year-to-date decrease in
revenues is due to a large bad debt recovery in the prior year at Wards Corner
and a termination fee received in the prior year by Countryside. The decreases
are partially offset by the current quarter's increases from above.
Second quarter operating expenses excluding depreciation and amortization
decreased from $287,487 in 1993 to $272,549 in 1994. The 5% quarterly decrease
in expenses is due to a decrease in real estate taxes at Leawood Fountain Plaza
and Countryside Executive Center. The 7% year-to-date decrease in expenses is
primarily due to a decrease in real estate taxes at Leawood Fountain Plaza and
Countryside Executive Center partially offset by an increase in real estate
taxes at Wards Corner.
1993 Comparisons
----------------
On a consolidated basis, the Registrant generated revenues of $449,832 for
the second quarter of 1993, compared to $499,413 in 1992. Consolidated year-
to-date gross revenues totaled $924,848 for 1993 and $994,216 for 1992. Both
quarterly and year-to-date reductions in revenue are due primarily to the
departure of a major tenant at Wards Corner. Quarterly gross revenues for 1993
were lower by a termination fee received by Countryside in 1992, and a drop in
expense recoveries. These quarterly decreases were offset by increased
occupancy at NorthCreek. Year-to-date revenues at countryside remain higher
than the previous year due to increased leasing, but is offset by lower year-
to-date revenues at NorthCreek due to the significant drop in year-to-date
expense recoveries.
Consolidated operating expenses were comparable for the second quarter of 1993.
Year-to date expenses increased from $586,045 in 1992 to $604,932 in 1993. The
quarterly expense is attributable to lower administrative costs at Wards Corner
and NorthCreek but is offset by higher real estate tax expenses at Countryside.
In addition to the above, year-to-date expenses increased due to higher
maintenance and repairs at Countryside and higher snow removal and utility
costs at Leawood.
Inflation
---------
The effects of inflation did not have a material impact upon the Registrant's
operations in fiscal 1994, and are not expected to materially affect the
Registrant's operations 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 INCOME FUND LTD. II, L.P.
Dated: 8/14/95 By: /s/ Gregory J. Nooney, Jr.
-------------------------------------
Gregory J. Nooney, Jr.
General Partner
Nooney Income Investments Two, Inc.
By: /s/ Gregory J. Nooney, Jr.
-------------------------------------
Gregory J. Nooney, Jr.
Chairman of the Board and
Chief Executive Officer
By: /s/ Patricia A. Nooney
-------------------------------------
Patricia A. Nooney - Director
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 INCOME FUND LTD. II, L.P. AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000757764
<NAME> NOONEY INCOME FUND LTD. II, L.P.
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
<CASH> 1,142,753
<SECURITIES> 0
<RECEIVABLES> 89,856
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 1,232,609
<PP&E> 11,936,434
<DEPRECIATION> 4,232,123
<TOTAL-ASSETS> 9,106,611
<CURRENT-LIABILITIES> 372,694
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 8,733,918
<TOTAL-LIABILITY-AND-EQUITY> 9,106,611
<SALES> 459,629
<TOTAL-REVENUES> 459,629
<CGS> 414,797
<TOTAL-COSTS> 414,797
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 44,832
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 44,832
<EPS-PRIMARY> 2.31
<EPS-DILUTED> 0
</TABLE>
