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, 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 0-11023

                    NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.
--------------------------------------------------------------------------------
             (Exact name of Registrant as specified in its charter)

                                    Missouri
--------------------------------------------------------------------------------
         (State or other jurisdiction of incorporation or organization)

                                   43-1250566
--------------------------------------------------------------------------------
                      (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 [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 11 Pages
<PAGE>
                                     PART I

ITEM 1 - FINANCIAL STATEMENTS:
------------------------------

                    NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.
                             (A LIMITED PARTNERSHIP)

                                 BALANCE SHEETS

                                                     August 31,    November 30,
                                                        1996           1995
                                                    (Unaudited)
                                                    ------------   ------------

ASSETS:
         Cash ....................................  $    556,014   $    275,823
         Accounts receivable .....................       114,993        186,369
         Prepaid expenses and deposits ...........        35,158         69,139
         Investment property, at cost:
           Land ..................................     1,013,858      1,013,858
           Buildings and improvements ............    13,024,931     12,904,376
                                                    ------------   ------------
                                                      14,038,789     13,918,234
           Less accumulated depreciation .........     7,014,987      6,702,698
                                                    ------------   ------------
                                                       7,023,802      7,215,536

         Investment property held for sale .......     3,481,124      3,490,426
         Deferred expenses-At amortized cost .....        82,534         85,696
                                                    ------------   ------------
                                                    $ 11,293,626   $ 11,322,989
                                                    ============   ============

LIABILITIES AND PARTNERS' DEFICIT

Liabilities:
         Accounts payable and accrued expenses ...  $    173,903   $     74,635
         Refundable tenant deposits ..............        92,719         95,098
         Mortgage notes payable ..................    12,548,670     12,628,720
                                                    ------------   ------------
                                                      12,815,291     12,798,453
                                                    ------------   ------------

Partners' Deficit ................................    (1,521,665)    (1,475,464)
                                                    ------------   ------------
                                                    $ 11,293,626   $ 11,322,989
                                                    ============   ============

                       SEE NOTES TO FINANCIAL STATEMENTS

                                       -2-
<PAGE>
<TABLE>
                                              NOONEY REAL PROPERTY INVESTORS-FOUR, 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,
                                                                     1996              1995              1996              1995
                                                                -------------     -------------     -------------     -------------
<S>                                                             <C>               <C>               <C>               <C>

REVENUES:
         Rental and other income ...........................    $     846,734     $     817,410     $   2,564,418     $   2,478,776
         Interest ..........................................              440             1,080             2,645             2,798
                                                                -------------     -------------     -------------     -------------
                                                                      847,174           818,490         2,567,063         2,481,574

EXPENSES:
         Interest ..........................................          284,188           288,997           853,362           866,265
         Depreciation and amortization .....................          124,374           148,314           374,906           477,624
         Real estate taxes .................................          106,036            80,573           315,817           340,409
         Property management fees paid to
          Nooney Krombach Company ..........................           44,869            43,605           135,995           132,931
         Reimbursement to Nooney Krombach
          Company for partnership management
          services and indirect expenses ...................           10,000            10,000            30,000            30,000
         Other operating expenses ..........................          292,088           283,671           903,184           803,422
                                                                -------------     -------------     -------------     -------------
                                                                      861,555           855,160         2,613,264         2,650,651
                                                                -------------     -------------     -------------     -------------

NET LOSS ...................................................    $     (14,381)    $     (36,670)    $     (46,201)    $    (169,077)
                                                                =============     =============     =============     =============
NET LOSS PER LIMITED
 PARTNERSHIP UNIT ..........................................    $       (1.04)    $       (2.66)    $       (3.36)    $      (12.28)
                                                                =============     =============     =============     =============

PARTNERS' DEFICIT:
         Beginning of Period ...............................    $  (1,507,284)    $  (1,456,036)    $  (1,475,464)    $  (1,323,629)
         Net Loss ..........................................          (14,381)          (36,670)          (46,201)         (169,077)
                                                                -------------     -------------     -------------     -------------

         End of Period .....................................    $  (1,521,665)    $  (1,492,706)    $  (1,521,665)    $  (1,492,706)
                                                                =============     =============     =============     =============

                                                 SEE NOTES TO FINANCIAL STATEMENTS
</TABLE>
                                       -3-
<PAGE>
<TABLE>
                                              NOONEY REAL PROPERTY INVESTORS-FOUR, 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,
                                                                                      1996         1995         1996         1995
                                                                                  -----------  -----------  -----------  -----------
<S>                                                                               <C>          <C>          <C>          <C>

CASH FLOWS PROVIDED BY OPERATING ACTIVITIES:
         Net Loss ..............................................................  $  (14,381)  $ ( 36,670)  $  (46,201)  $ (169,077)
         Adjustments to reconcile net loss to net cash provided by
           operating activities:
           Depreciation and amortization .......................................     124,374      148,314      374,906      477,624
           Changes in assets and liabilities:
             Decrease in accounts receivable ...................................      41,516       50,569       71,376       47,004
             Increase in deferred expenses .....................................     (22,788)     (10,494)     (49,627)     (19,235)
             Decrease (Increase) in prepaid expenses and deposits ..............      31,653        7,582       33,979       (2,359)
             Increase (Decrease) in accounts payable and accrued expenses ......      71,718       46,780       99,268      (86,130)
             Increase (Decrease) in refundable tenant deposits .................      (4,198)       2,311       (2,379)       3,222
                                                                                  ----------   ----------   ----------   ----------
               Total Adjustments ...............................................     242,275      245,062      527,523      420,126
                                                                                  ----------   ----------   ----------   ----------
               Net cash provided by operating activities .......................     227,894      208,392      481,322      251,049
                                                                                  ----------   ----------   ----------   ----------

CASH FLOWS USED IN INVESTING ACTIVITIES:
   Addition to investment property .............................................     (77,994)     (50,861)    (121,081)    (126,565)
                                                                                  ----------   ----------   ----------   ----------
                Net cash used in investing activities ..........................     (77,994)     (50,861)    (121,081)    (126,565)

CASH FLOWS USED IN FINANCING ACTIVITIES:
   Payments on mortgage notes payable ..........................................     (26,790)     (16,784)     (80,050)     (67,323)
                                                                                  ----------   ----------   ----------   ----------

             Net cash used in financing activities .............................     (26,790)     (16,784)     (80,050)     (67,323)
                                                                                  ----------   ----------   ----------   ----------

NET INCREASE  IN CASH ..........................................................     123,110      140,747      280,191       57,161
CASH, Beginning of period ......................................................     432,904      280,063      275,823      363,649
                                                                                  ----------   ----------   ----------   ----------
CASH, End of period ............................................................  $  556,014   $  420,810   $  556,014   $  420,810
                                                                                  ==========   ==========   ==========   ==========
CASH, Paid for interest ........................................................  $  284,188   $  288,997   $  853,362   $  866,265
                                                                                  ==========   ==========   ==========   ==========

                                                 SEE NOTES TO FINANCIAL STATEMENTS
</TABLE>
                                       -4-
<PAGE>
                    NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.
                             (A LIMITED PARTNERSHIP)

                          NOTES TO FINANCIAL STATEMENTS
              THREE AND NINE MONTHS ENDED AUGUST 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-Four, 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, 1996 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 Four
Capital Corp., a general partner, is a 75% owned subsidiary of Nooney Company.

NOTE D:

The loss per limited partnership unit for the three and nine months ended
August 31, 1996 and 1995 was computed based on 13,529 units, the number of units
outstanding during the periods.

NOTE E:

Subsequent to August 31, 1996, the contract entered into by the Registrant for
the sale of the property has been terminated. Currently the Registrant is not
aware of any potential purchasers for the property. The Registrant is in default
of the first and second mortgages securing the property. At this time the
Registrant is unable to determine the results of any negotiations with the
mortgage lenders.

                                       -5-
<PAGE>

ITEM 7: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS
-------------------------------------------------------------------------------

Liquidity and Capital Resources

Cash on hand as of August 31, 1996 is $556,014, an increase of $280,191 from
year end November 30, 1995. As previously stated in prior quarters financial
information, the increase in cash balances can be attributed to the improved
operations of Woodhollow Apartments. The consistent strengthening of the
multi-family market in west St. Louis County area over the past 21 months has
created excess cash flow from the operations of the apartment community. The
excess cash flow has been deposited into an established capital reserve escrow
to fund new siding, parking lot upgrades and common area renovations. These
improvements to the property have commenced in the third quarter. During the
third quarter the Registrant drew from the capital reserve escrow account
approximately $25,000. The Registrant anticipates drawing an additional $200,000
during the fourth quarter. The remaining capital expenditures by property are as
follows:

                                    Leasing    Operating     Other
                                    Capital     Capital     Capital      Total
                                  ----------  ----------  ----------  ----------

Cobblestone Court ..............  $      -0-  $      -0-  $      -0-  $      -0-
Woodhollow Apartments ..........         -0-      14,200      33,600      47,800
                                  ----------  ----------  ----------  ----------
                                  $      -0-  $   14,200  $   33,600  $   47,800
                                  ==========  ==========  ==========  ==========

Throughout the remainder of 1996 the Registrant approximates capital
expenditures of $47,800. At Woodhollow Apartments, operating capital is
necessary in the fourth quarter of 1996 for appliances and carpet and vinyl
replacement. During the last quarter of 1996 the Registrant anticipates spending
$33,600 on signage and air conditioning units. Due to the pending sale, capital
expenditures for Cobblestone Court have not been projected.

As discussed over the past year, the General Partners have put Cobblestone Court
on the market for sale. The General Partners elected to sell the property at
this time because Cobblestone Court needs to be reconfigured and repositioned to
stay competitive in today's retail environment, and the partnership is not in a
financial position to supply the capital needed for such a project. In addition,
the building will need extensive roof repair/replacement. Subsequent to 
August 3, 1996, the contract entered into by the Registrant for the sale of the
property has been terminated. Currently the Registrant is not aware of any
potential purchasers for the property. The Registrant is in default of the first
and second mortgages securing the property. At this time the Registrant is
unable to determine the results of any negotiations with the mortgage lenders.

The first mortgage debt secured by Cobblestone Court was extended through
September 30, 1996 in order to facilitate a sale. As of September 30, 1996 the
loan matured and the Rgistrant is currently negotiating with the lender.

The holder of the second mortgage debt on Cobblestone Court and Woodhollow
Apartments extended the maturity date through September 30, 1996. These loans
have matured and the Registrant is currently negotiating with the lenders. The
balance of the loans as of August 31, 1996 were $216,439 and $1,438,039,
respectively.

The long term liquidity of the Registrant is dependent on its ability to fund
future capital expenditures and mortgage payments, maintain high occupancy and
negotiate with lenders the renewal and/or refinancing of Cobblestone Courts'
mortgage debt. Until such time as real estate market conditions recocover and a
profitable sale of the Registrant's properties is feasible, the Registrant will
continue to manage the property to achieve its investment objectives.

                                       -6-
<PAGE>

Results of Operations
---------------------

The results of operations for the Registrant's properties for the quarters ended
August 31, 1996 and 1995 are detailed in the schedule below. Revenues and
expenses of the Registrant are excluded.

                                                   Woodhollow      Cobblestone
                                                   Apartments          Court
                                                  ------------     ------------
                      1996
----------------------------------------------

Revenues .....................................    $    595,002     $    251,827
Expenses .....................................         604,465          247,775
                                                  ------------     ------------
Net Income (Loss) ............................    $     (9,463)    $      4,052
                                                  ============     ============

                      1995
----------------------------------------------

Revenues .....................................    $    545,290     $    272,334
Expenses .....................................         554,076          285,816
                                                  ------------     ------------
Net Loss .....................................    $     (8,786)    $    (13,482)
                                                  ============     ============

At Woodhollow Apartments the operating results for the third quarters ended
August 31, 1996 and 1995 remained relatively stable. However, the revenues and
expenses produced significant changes when comparing quarter ending results from
August 31, 1996 to 1995.The significant increase in revenues relates to
improvement in the multi-family market in the west St. Louis County. The
improving market continues to put upward pressure in the rental rates resulting
in increased revenues. Offsetting the increase in revenues is an increase in
expenses of 9.09% or $50,389 when compared to the quarter ending results of
August 31, 1995. Several operating expenses increased during the third quarter
and they are as follows: real estate tax expense ($18,591), repairs and
maintenance ($13,147), depreciation expense (11,241), corporate unit expenses
($10,456), and cleaning ($4,947). Offsetting the expense increases is a decrease
in professional services ($7,293). The increase in real estate taxes resulted
from an adjustment in the real estate tax accruals during the third quarter of
1995. During that quarter the State of Missouri passed a law that reduced
Woodhollow Apartment's real estate tax assessment rate from 32% to 19%. Due to
the reduction of the property's assessment, the real estate tax accruals were
adjusted to reflect the then current level of real estate taxes to be paid at
year end. The increases in repairs and maintenance and cleaning is a direct
result of higher occupancy and turnover costs. The increase in depreciation
expense is due to significant capital expenditures in 1994 and 1995 along with
the current year. Though several expenses increased professional services
decreased due to timing of certain payments relating to the audit and tax work
performed for the property.

Cobblestone Court net income (loss) for the quarters ended August 31, 1996 and
1995 was $4,052 and ($13,482), respectively. The decrease in net loss is
attributable to larger decreases in revenues than expenses. The decrease in
revenues relates to decreases in rental income and expense pass through income
partially offset by an increase in tax recovery income. The decrease in rental
income relates to a decline in average occupancy for the quarter ended August
31, 1996 when compared to quarter ended August 31, 1995. Expense pass through
income decreased due to a decrease in tenant occupancy as expenses are directly
passed-through. Tax participation income increased due to an increase in real
estate taxes. The decrease in expenses at Cobblestone Court relates primarily to
a decrease in depreciation expense. Under generally accepted accounting
principles when a property is held for sale it may no longer be depreciated.

                                       -7-
<PAGE>

The occupancy levels at the Registrant's properties during the third quarter
decreased at both Cobblestone Court and Woodhollow Apartments. The occupancy
levels at August 31, 1996, 1995 and 1994 are as follows:


                                                   Occupancy Rates at August 31,
                   Property                         1996       1995       1994
-----------------------------------------------    ------     ------     ------

Cobblestone Court .............................       84%        96%        96%
Woodhollow Apartments .........................       98%        92%        99%

At Cobblestone Court the Registrant did not have any leasing activity during the
third quarter of 1996. The property has two major tenants that occupy
approximately 26% and 10% of the available space. Their leases expire in
December 2000 and May 1996, respectively. The tenant whose lease expired in May
1996 is occupying the space on a month-to-month basis until terms can be agreed
upon.

At Woodhollow Apartments the occupancy increased by 4% when comparing May 31,
1996 to August 31, 1996 occupancy levels. With the increase in occupancy during
the third quarter, the property's overall occupancy for the first three quarters
of the year have remained at high levels. The Registrant expects this trend to
continue due to the increase in demand for apartment units in the west St. Louis
County area without corresponding increase in supply.


1996 Comparisons to 1995
------------------------

As of August 31, 1996, the Registrant's consolidated revenues for the quarter
ended are $847,174 and $2,567,063 for the nine month period ended. Revenues
increased $28,684 and $85,489 for the quarter ended and nine month period ended
August 31, 1996 when compared to the same operating results for the period ended
August 31, 1995.

On a consolidated basis when comparing revenues for the three month and nine
month periods ended August 31, 1996 to 1995 revenues increased 3.50% and 3.44%,
respectively. The increase in revenues can be attributed to Woodhollow
Apartments where the Registrant had an increase in revenues of $49,712 and
$163,982 when comparing the quarter ended and nine month periods ended August
31, 1996 to 1995. The increase in revenues were offset by decreases at
Cobblestone Court for both the quarter ended and nine month periods ended August
31, 1996 of $20,507 and $82,489, respectively. The increase in revenues, as
previously stated, at Woodhollow Apartments is a result of an improving
multi-family market in the west St. Louis County area. The operating results at
Cobblestone Court over the three month and nine month periods ended August 31,
1996 when compared to 1995 can be attributed to a decrease in rental income from
a decline in average occupancy. Along with the decline in rental income were
decreases in expense pass through income resulting from tenant occupancy
changes. Tax participation income increased at Cobblestone Court due to an
increase in real estate taxes.

Consolidated expenses for the quarter ended and nine month period ended 
August 31, 1996 are $861,555 and $2,613,264, respectively. For the same periods
ended August 31, 1995 consolidated expenses were $855,160 and $2,650,651,
respectively. For the quarter ended consolidated expenses increased less than 1%
or $6,395. However, though the consolidated expenses on a quarterly basis
slightly increased, individual expenses significantly fluctuated. Real estate
tax expense increased

                                       -8-
<PAGE>

$25,463 due to an adjustment in the real estate tax accruals during the third
quarter of 1995. During that quarter the State of Missouri passed a law that
reduced Woodhollow Apartment's real estate tax assessment rate from 32% to 19%.
Due to the reduction of the property's assessment, the real estate tax accruals
were adjusted to reflect the then current level of real estate taxes to be paid
at year end. Depreciation and amortization decreased $23,940 due to under
generally accepted accounting principles when a property (i.e., Cobblestone
Court) is held for sale it may no longer be depreciated.

For the nine month period ended August 31, 1996 compared to the same period
ended August 31, 1995 consolidated expenses decreased $37,387 or 1.41%.
Contributing to the decrease were decreases in depreciation and real estate
taxes offset by increases in other operating expenses. The decrease in
depreciation were caused by the factors previously discussed when analyzing the
quarterly results. The decrease in real estate taxes relates to a reduction in
Woodhollow Apartment's assessment resulting from a change in the law in the
State of Missouri. The increase in other operating expenses can be attributed to
increases in furniture rental ($32,924), repairs and maintenance ($27,617), snow
removal ($23,927), cleaning ($14,861), insurance ($9,711), swimming pool costs
($8,565), and vacancy expense ($6,190). Offsetting the increases in the
aforementioned expenses categories was a decrease in parking lot expenditures
($14,517).


1995 Comparisons to 1994
------------------------

As of August 31, 1995, the Registrant's consolidated revenues are $818,490 for
the quarter ended and $2,481,574 for the nine month period ended. The revenues
have increased approximately 1.2% for the quarter ended and increased
approximately 2.3% for the nine month period ended compared to the same periods
ended August 31, 1994.

At Woodhollow Apartments revenues have increased by approximately $13,975 and
$48,056 for the quarter ended and nine month period ended August 31, 1995 when
compared to the same periods in 1994. The cause of the quarterly increase
relates to furniture rental income which had an increase of $10,753 and rental
income with an increase of $3,222. The increase in furniture rental income is
due to a greater demand by corporate users who require furnished units. Rental
income increased due to general strengthening of the apartment market due to
increased demand without the corresponding increase in supply. The revenues for
the nine month period ended August 31, 1995 increased from the same period in
1994 due to the following: furniture rental income $20,039; rental income
$23,957; remaining income categories $4,060. As previously discussed, the
furniture rental income increased due to greater demand by corporate users and
the same can be said about net rental income. With the demand increasing for
apartment units without the corresponding increase in supply, the Registrant has
been able to increase per unit rental rates and/or reduce rent concessions over
the period from August 31, 1994 to August 31, 1995.

At Cobblestone Court for the quarter ended August 31, 1995 revenues decreased by
$23,537 and for the nine month period ended August 31, 1995 revenues increased
by $7,951 when compared to the same periods ended August 31, 1994. As previously
stated, the significant decrease in quarterly income can be attributable to a
decline in common area maintenance and real estate tax recovery income. For the
nine month period ended, revenues increased due to increases in rental income
and tax recovery income offset by a decrease in common area maintenance income.
The increases in rental income relates to a strengthening market and the
Registrant's ability to negotiate rent increases on new leases and renewals. The
increase in real estate tax recovery income relates to a corresponding increase
in real estate tax expense. Increases in real estate tax expenses are directly
passed through to the tenants. The decrease in common area maintenance recovery
income relates to an overall decrease in expenses that can be passed through to
the tenant. These expenses decreased by approximately $14,000 from 1993 to 1994.

                                       -9-
<PAGE>

As of August 31, 1995, the Registrant's consolidated expenses for the quarter
ended and nine month period ended are $855,160 and $2,650,651, respectively.
When compared to the same periods ended August 31, 1994 consolidated expenses
decreased $54,996 and $128,576, respectively. Consolidated expenses decreased
due to decreases in interest expense, depreciation and amortization and real
estate taxes offset by increases in other operating expenses.

Interest expense for the quarter ended and nine month period ended August 31,
1995 decreased $13,178 and $48,550, respectively when compared to the same
periods ended August 31, 1994. The decrease in interest expense can be
attributable to the refinancing of the first mortgage debt on Woodhollow
Apartments. To offset the decrease in interest expense due to the refinancing
were increases in interest expense on the Registrant's floating rate debt.

Depreciation and amortization for the quarter ended and nine month period ended
August 31, 1995 decreased $41,946 and $100,795, respectively when compared to
the same periods ended August 31, 1994. The decrease in depreciation and
amortization relates 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
Woodhollow Apartments.

The decrease in real estate tax expense is due to a law passed that affected the
classification of Woodhollow apartments. The apartments changed from a
commercial property classification to a residential property classifications
thus reducing their assessment rate from 32% to 19%. This classification change
resulted in a real estate tax reduction of approximately 38%.

The increase in other operating expenses for the quarter ended August 31, 1995
when compared to the same period ended August 31, 1994 was $44,910. The increase
can be attributed to increases in repairs and maintenance ($12,478), utilities
($9,490), furniture rental expense ($4,995), parking lot expenditures ($4,576)
and expenses at the Registrant level ($6,501). When comparing the nine month
periods ended August 31, 1995 to 1994 other operating expenses increased
$59,443. The overall increase relates to increases in the following expense
categories: professional services ($38,980), parking lot expenses ($24,260),
repairs and maintenance ($17,824) and furniture rental expense ($8,314). The
increases in the aforementioned expense categories were offset by decreases in
expenses at the Registrant level ($29,268).


Inflation
---------

The effects of inflation did not have a material impact upon the Registrant's
operation in fiscal 1995 and are not expected to materially affect the
Registrant's operations in 1996.

                                      -10-
<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-FOUR, L.P.

Dated: October 14, 1996                By: /s/ Gregory J. Nooney, Jr.
                                           -------------------------------------
                                           Gregory J. Nooney, Jr.
                                           General Partner

                                       NOONEY CAPITAL CORPORATION

                                       By: /s/   Gregory J. Nooney, Jr.
                                           -------------------------------------
                                           Gregory J. Nooney, Jr.
                                           Chairman

                                       By: /s/   Patricia A. Nooney
                                           -------------------------------------
                                           Patricia A. Nooney
                                           Senior Vice President and Secretary

                                       BEING A MAJORITY OF DIRECTORS

                                      -11-
<PAGE>
                                 EXHIBIT INDEX

Exhibit Number                           Description
--------------  ----------------------------------------------------------------

3.1             Amended and Restated Agreement and Certificate of Limited
                Partnership dated April 7, 1982, is incorporated by reference to
                the Prospectus contained in the Registration Statement on Form
                S-11 under the Securities Act of 1933 (File No. 2-76046).

27              Financial Data Schedule (provided for the information of the
                Securities and Exchange Commission only)