SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  ------------

                                    FORM 10-Q

(Mark One)
_X_ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
    EXCHANGE ACT OF 1934

For the quarter period ended            May 31, 1997
                             ---------------------------------------------------

                                       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                                            43-1250566
-------------------------------                        -------------------------
(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 _______.

                                       -1-

<PAGE>



PART I
ITEM 1 - FINANCIAL STATEMENTS:


                    NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.

                             (A LIMITED PARTNERSHIP)

                                 BALANCE SHEETS

                                                May 31,     November 30,
                                                 1997            1996
                                             (Unaudited)
                                            ------------    ------------

ASSETS:
    Cash                                    $    449,259    $    211,840
    Accounts receivable                          219,383         199,357
    Prepaid expenses and deposits                 22,110          56,679
    Investment property, at cost:
        Land                                   1,013,858       1,013,858
        Buildings and improvements            13,426,871      13,319,137
                                            ------------    ------------

                                              14,440,729      14,332,995
    Less accumulated depreciation              7,360,467       7,134,674
                                            ------------    ------------
                                               7,080,262       7,198,321
    Investment property held for sale          3,603,066       3,479,887

    Deferred expenses - At amortized cost         61,757          65,549
                                            ------------    ------------
                                            $ 11,435,837    $ 11,211,633
                                            ============    ============

LIABILITIES AND PARTNERS' DEFICIT

Liabilities:
    Accounts payable and accrued expenses   $    276,521    $     86,951
    Mortgage notes payable                    12,648,335      12,529,484
    Refundable tenant deposits                    86,558          89,395
                                            ------------    ------------
                                              13,011,414      12,705,830

Partners' Deficit                             (1,575,577)     (1,494,197)
                                            ------------    ------------

                                            $ 11,435,837    $ 11,211,633
                                            ============    ============




                 SEE NOTES TO THE UNAUDITED 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                 Six Months Ended
                                              May 31,         May 31,           May 31,         May 31,
                                               1997             1996             1997            1996
                                           ------------     -----------       -----------    -----------
<S>                                        <C>              <C>               <C>            <C>
REVENUES:
    Rental and other income                $    842,305     $   862,924       $ 1,696,354    $ 1,717,686
    Interest                                        250           1,909               438          2,204
                                           ------------     -----------       -----------    -----------
                                                842,555         864,833         1,696,792      1,719,890

    EXPENSES:
    Interest                                    281,766         284,771           560,565        569,173
    Depreciation and amortization               117,329         123,185           234,673        250,532
    Real estate taxes                           109,746         110,618           218,824        209,782
    Property management fees paid to
        Nooney Krombach Company                  44,806          45,892            90,265         91,126
    Reimbursement to Nooney Krombach
        Company for partnership management
        services and indirect expenses           10,000          10,000            20,000         20,000
    Repairs & Maintenance expenses               42,817          59,411            87,957         99,203
    Payroll expenses                             59,654          56,310           107,030        103,440
    Insurance expenses                           25,999          27,784            52,786         55,426
    Cleaning expenses                            22,880          14,910            38,467         29,170
    Utility expenses                             37,288          31,727            72,808         65,079
    Professional fee expenses                    28,008          19,172            79,197         50,800
    Other operating expenses                     97,733         102,602           215,600        207,979
                                           ------------     -----------       -----------    -----------

                                                878,026         886,382         1,778,172      1,751,710
                                           ------------     -----------       -----------    -----------
NET LOSS                                   $   (35,471)     $   (21,549)      $   (81,380)   $   (31,820)
                                           ============     ===========       ===========    ===========

NET LOSS PER LIMITED
 PARTNERSHIP UNIT                          $     (2.58)     $    ( 1.57)      $     (5.91)   $     (2.31)
                                           ===========      ===========       ===========    ===========

PARTNERS' DEFICIT:
    Beginning of Period                    $(1,540,106)     $(1,485,735)      $(1,494,197)   $(1,475,464)
    Net Loss                                   (35,471)         (21,549)          (81,380)       (31,820)
                                           ------------     -----------       -----------    -----------

    End of Period                          $(1,575,577)     $(1,507,284)      $(1,575,577)   $(1,507,284)
                                           ============     ===========       ===========    ===========
</TABLE>


                 SEE NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

                                            -3-

<PAGE>




                    NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.

                             (A LIMITED PARTNERSHIP)

                            STATEMENTS OF CASH FLOWS

                                   (UNAUDITED)

                                                         Six Months Ended
                                                        May 31,     May 31,
                                                         1997        1996
                                                      ---------   ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
    Net Loss                                          $ (81,380)  $ (31,820)
    Adjustments to reconcile net loss to
    net cash provided by operating activities:
        Depreciation and amortization                   234,673     250,532

    Changes in assets and liabilities:
        (Increase) Decrease in accounts receivable      (20,026)     29,860
        Decrease in prepaid expenses and deposits        34,569       2,325
        Increase in accounts payable and accrued
         expenses                                       189,570      27,550
        Increase (Decrease) in refundable tenant
         deposits                                        (2,837)      1,819
        Increase in deferred expense                     (3,580)    (26,840)

          Total Adjustments                             432,369     285,246
                                                      ---------   ---------

               Net cash provided by operating
                activities                              350,989     253,426
                                                      ---------   ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
    Additions to investment property                   (158,855)    (43,085)
    Additions using Capital Reserve Escrow              (73,566)          0
                                                      ---------   ---------

               Net cash used in investing
                activities                             (232,421)    (43,085)
                                                      ---------   ---------

CASH FLOWS FROM FINANCING ACTIVITIES:
    Payments on mortgage notes payable                   (5,833)    (53,260)
    Funding on mortgage notes payable                   124,684           0
                                                      ---------   ---------

               Net cash from financing
                activities                              118,851     (53,260)
                                                      ---------   ---------

NET INCREASE IN CASH                                    237,419     157,081

CASH, Beginning of period                               211,840     275,823
                                                      ---------   ---------

CASH, End of period                                   $ 449,259   $ 432,904
                                                      =========   =========

SUPPLEMENTAL DISCLOSURE OF CASH FLOWS
INFORMATION - Cash paid during the period
              for interest                            $ 608,259   $ 569,173
                                                      =========   =========


                 SEE NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

                                            -4-

<PAGE>



                    NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.

                             (A LIMITED PARTNERSHIP)

                     NOTES TO UNAUDITED FINANCIAL STATEMENTS

                THREE AND SIX MONTHS ENDED MAY 31, 1997 AND 1996

NOTE A:

Refer to the Registrant's  financial  statements for the year ended November 30,
1996, 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 May 31, 1997 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
and a corporate  general partner 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 six months ended May 31,
1997 and May 31, 1996 was computed  based on 13,529  units,  the number of units
outstanding during the periods.


                                       -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 May 31, 1997 is $449,259,  an increase of $237,419  from year
end November 30, 1996.  The increase in cash  balances can be  attributed  to an
increase in the real estate tax escrow  balances  and an increase in the capital
reserve  escrow  for  Woodhollow  Apartments.  Net cash  provided  by  operating
activities  was $192,724 for the three months ended May 31, 1997 and $37,425 for
the three  months  ended May 31, 1996.  Cash  increased  because the real estate
taxes at Cobblestone  Court Shopping  Center were not paid during May 1997. This
caused an  increase in the cash  balances  and a  corresponding  increase in the
accounts payable and accrued expenses. At Woodhollow  Apartments,  net cash flow
continues to be deposited into the capital  reserve escrow for continuing on the
capital improvement program which includes new siding,  parking lot upgrades and
common area  renovations.  The second phase of these  improvements will continue
throughout 1997. At Cobblestone  Court Shopping  Center,  it was determined that
the property needed a new roof before a successful  sale could be obtained.  The
holder of the first and second  mortgage  debt on  Cobblestone  Court  agreed to
increase the balance of the second mortgages on Cobblestone Court and Woodhollow
Apartments  to fund the new roof.  The first  funding of this new loan  occurred
during the second quarter and was paid to the roofer.  Capital  expenditures  by
property anticipated for the balance of the year are as follows:

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

     Cobblestone Court               $2,500           $249,368      $251,868
     Woodhollow Apartments                0             74,250        74,250
                                    -------           --------      ---------

                                     $2,500           $323,618      $326,118
                                     ======           ========      ========

At  Cobblestone  Court  Shopping  Center,  the  Leasing  Capital  is for  tenant
improvements  anticipated for the renewal of an existing  tenant's lease.  Other
Capital is the balance of the roof replacement cost  anticipated.  At Woodhollow
Apartments,  Other Capital  consists of $74,250 for capital items outside of the
scope of the  capital  renovation  program  which is paid for out of the capital
reserve escrow. These items include patio replacements, new signage, new heating
and air conditioning units, concrete replacement and balcony repairs. The second
phase of the capital  renovation  program at Woodhollow  Apartments began during
the second quarter. The total withdrawals from the capital renovation escrow for
the second  phase is  anticipated  to be  approximately  $252,000.  In addition,
$60,788 was paid during the first quarter for  renovations  completed as part of
the first phase during 1996. During the first six months of 1997,  approximately
$74,000 has been  withdrawn from the capital  renovation  escrow as payments for
work completed to date.

As  previously  indicated,  the  Registrant  decided to list  Cobblestone  Court
Shopping Center with a new  Minneapolis  brokerage firm to handle leasing of the
property and then the ultimate  sale of the property  during 1997.  The approach
taken has been to find a new  mini-anchor  for the east end of the mall.  Once a
new  mini-anchor has been  identified,  the intent is to put the property on the
market for sale with this tenant in place. The Registrant believes this strategy
will bring the maximum  dollars upon a sale.  To date, no  mini-anchor  has been
located, although there are several prospective tenants which the brokerage firm
has contacted.  It is anticipated  that it will take until fall 1997 to identify
and negotiate a lease with such a mini-anchor. The Registrant's goal is still to
sell the property by the end of calendar 1997.

                                       -6-

<PAGE>



The holder of the first and second  mortgage debt on  Cobblestone  Court and the
second  mortgage  debt on  Woodhollow  Apartments  extended  these loans through
October 31, 1997.  The interest  rate on  Cobblestone  Court's  first  mortgage,
second mortgage and the additional borrowing on Woodhollow's second mortgage are
at an interest rate calculated as LIBOR plus 2.75%. As of May 31, 1997, the rate
was 8.5%.  The interest rate on the original  Woodhollow  second  mortgage is at
9.5%. The balance of the second mortgages is being increased to pay for the roof
replacement at Cobblestone  Court.  As of May 31, 1997, the balance of the first
mortgage  debt on  Cobblestone  Court was  $2,603,049.  As of May 31, 1997,  the
balance on the Cobblestone  Court second mortgage was $1,438,039 and the balance
on the second mortgage at Woodhollow  Apartments was $330,286.  Of this balance,
$124,684 had been borrowed to use to pay for the first  installment  of the roof
replacement  at  Cobblestone  Court.  The  partnership's  properties  are  cross
collateralized  and both properties secure the debt with this lender.  The first
mortgage on Woodhollow Apartments had a balance of $8,276,961 as of May 31, 1997
with an interest rate of 9.125%. This loan matures in July 2001.


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 certain  mortgage debt
as it matures.  Until such time as real estate market  conditions  recover and a
profitable  sale of  Woodhollow  Apartments  is feasible,  the  Registrant  will
continue to manage the property to achieve its investment objectives.

Results of Property Operations

The results of operations for the  Registrant's  properties for the three months
ended May 31 are  detailed in the schedule  below.  Revenues and expenses of the
Registrant are excluded.

                                 Woodhollow Apartments     Cobblestone Court
                                 ---------------------     -----------------
             1997
             ----
        Revenues                       $576,669               $266,210
        Expenses                        597,459                280,507
                                       ---------              ---------
        Net Loss                       $(20,790)              $(14,297)
                                       =========              =========

             1996
             ----
        Revenues                       $588,583               $274,389
        Expenses                        602,216                268,296
                                       ---------              ---------
        Net (Loss) Income              $(13,633)              $  6,093
                                       =========              =========

Revenues  at  Woodhollow  Apartments  for the  second  quarter  1997,  decreased
approximately $11,900 from the prior year. This decrease is due to a decrease in
the average occupancy  throughout the quarter.  Early in fiscal year 1997, there
was a fire in one of the  buildings  of the  property.  The  building  had to be
vacated and all units  renovated.  Tenants began moving back into these units in
mid-April. The income lost from these renovated units is the main reason for the
decrease in rental income  comparing the current year to the prior year. Much of
the loss of rents  will be  recovered  from the  insurance  company in the third
quarter. Expenses decreased by $4,757 as a result of a combination of a decrease
in depreciation expense and an increase in operating expenses when comparing the
two periods.  Operating  expenses increased by $14,194 due mainly to an increase
in costs  associated  with the fire as well as an increase in landscaping  costs
connected  to the  renovation  partially  offset by a decrease  in  repairs  and
maintenance expense for the buildings.

                                       -7-

<PAGE>



Cobblestone Court Shopping Center's revenues  decreased by $8,179 when comparing
the quarter ended 1997 to the quarter ended 1996.  Gross rental income increased
due to increases in common area maintenance and tax  reimbursement  income which
was offset by a $26,462 write-off of rental revenues to bad debt at the time one
of the tenants  vacated their space as of May 30, 1997.  Expenses at Cobblestone
Court  increased  $12,211 when  comparing  the quarter ended May 31, 1997 to the
quarter  ended May 31, 1996.  This increase in expenses is due to an increase in
operating  expenses of $30,568 which includes an increase in cleaning  ($8,529),
professional  services-legal ($6,521) and professional services-other ($14,283).
The legal  expenses were incurred due to lawsuits and  non-payment  of rent from
tenants due to the roof leaking.  These  professional  services were incurred in
negotiating  settlements  with the  tenants as the roof  replacement  proceeded.
Partially  offsetting  the  increase  in  operating  expenses  was a decrease in
amortization expense ($15,512).

The occupancy  levels at the Registrant's  properties  during the second quarter
decreased at both  Cobblestone  Court and Woodhollow  Apartments.  The occupancy
levels at May 31, 1997, 1996 and 1995 are as follows:

                                            Occupancy levels as of May 31,
        Property                            1997          1996         1995
        --------                            ----          ----         ----

Cobblestone Court Shopping Center            74%           84%          98%
Woodhollow Apartments                        93%           94%          96%

At Cobblestone Court Shopping Center, leasing activity during the second quarter
consisted of one of the major  tenants  occupying  10,000  square feet  vacating
their  lease.  The  property  has one  major  tenant  that  occupies  26% of the
available space with a lease that expires in December 2000.

At  Woodhollow  Apartments,  the  occupancy  decreased by 1% when  comparing the
quarter ended May 31, 1997 to May 31, 1996. The Registrant anticipates occupancy
increasing  to  above  95%  during  the  third  quarter  of 1997 as  demand  for
apartments  in the West St.  Louis  County area  continues  to be strong and the
renovation program continues at the property.

1997 Comparisons

For the three and six months ended May 31, 1997, the  Registrant's  consolidated
revenues were $842,555 and $1,696,792,  respectively. Revenues decreased $22,278
and $23,098 for the three and six month  periods  ended May 31, 1997 as compared
to the same  periods  ended  May 31,  1996.  The  decrease  in  revenues  can be
attributable  to the  write-off  to bad debt of rental  revenues  from the major
tenant who vacated at Cobblestone Court Shopping Center.  Consolidated  expenses
for the three  months  ended May 31, 1997 and three  months  ended May 31, 1996,
were $878,026 and $886,382,  respectively. The decrease in consolidated expenses
for the three  months  ended  1997 was $8,356  when  compared  to May 31,  1996.
Expenses that decreased were interest  ($3,005),  depreciation  and amortization
($5,856),  repairs  and  maintenance  expenses  ($16,594),  and other  operating
expenses  ($4,869),  partially offset by increases in cleaning expenses ($7,970)
and professional fee expenses ($8,836).  When comparing the six months ended May
31, 1997 and May 31, 1996, consolidated expenses were $1,778,172 and $1,751,710,
respectively,  an  increase  of  $26,462.  This  increase  in  expenses  can  be
attributed  to an increase  in real estate  taxes  ($9,042),  cleaning  expenses
($9,297),  utility expenses  ($7,729),  professional fee expenses  ($28,397) and
other operating  expenses  ($5,954),  partially  offset by decreases in interest
($8,608),  depreciation and amortization ($15,859),  and repairs and maintenance
expenses ($11,246).

                                       -8-

<PAGE>



1996 Comparisons

For the  three and six  month  periods  ended  May 31,  1996,  the  Registrant's
consolidated  revenues  are  $864,833  and  $1,719,890,  respectively.  Revenues
increased  $11,616 and $56,806 for the three and six month periods ended May 31,
1996 when compared to the same periods ended May 31, 1995.

On a consolidated basis when comparing revenues for the second quarter ended May
31, 1996 to 1995 revenues increased less than 1.4%.  However,  for the six month
period ended May 31, 1996 revenues increased by approximately 3.4% when compared
to the six month period ended May 31, 1995. The increase in revenues for the six
month period can be attributed to Woodhollow Apartments where the Registrant saw
an increase in revenues of  $122,791.  The  increase in revenues was offset by a
decrease  at  Cobblestone  Court  of  $61,983.  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  decrease  at
Cobblestone  Court is a function  of a decrease  in  average  occupancy  and the
resulting  decline in rental revenues.  In addition,  tax  participation  income
decreased as a result of tenant  occupancy  changes.  Through  tenant  move-ins,
move-outs and renewals,  their real estate tax base year is adjusted thus either
reducing or eliminating income derived from real estate tax reimbursements.

Consolidated expenses for the three and six month periods ended May 31, 1996 are
$886,382 and $1,751,710,  respectively.  For the same periods ended May 31, 1995
consolidated  expenses  were  $890,411  and  $1,795,491,  respectively.  For the
quarter  ended May 31,  1996  consolidated  expenses  decreased  less than 1% or
$4,029.  However,  though the  consolidated  expenses only  slightly  decreased,
significant  fluctuations  occurred within individual expenses.  Other operating
expenses  increased  $65,663 for the three months ended May 31, 1996 compared to
the similar  period in 1995.  The increase can be  attributed  to the  following
expense  categories:  repairs  and  maintenance  ($17,494),   professional  fees
($15,655),  snow removal  ($12,292),  furniture rental ($10,029),  swimming pool
costs ($8,761),  administrative costs ($6,322) and cleaning ($4,911).  Partially
offsetting the  aforementioned  increases was a significant  decrease in parking
lot expenditures  ($11,717),  depreciation  and amortization  ($39,606) and real
estate taxes ($24,511).  Under generally accepted  accounting  principles when a
property is held for sale it may no longer be depreciated.  The decrease in real
estate taxes  resulted  from a law change in the State of  Missouri.  During the
third  quarter  of 1995,  the  State  of  Missouri  passed  a law  that  reduced
Woodhollow Apartment's assessment rate from 32% to 19%.

For the six month  period  ended May 31, 1996  compared to the same period ended
May 31, 1995 consolidated  expenses decreased  $43,781.The decrease in operating
expenses for the six month period can be attributed to decreases in depreciation
and real estate taxes partially offset by increases in other operating expenses.
The  decrease in  depreciation  and real estate taxes were caused by the factors
previously discussed when analyzing the quarterly results. The increase in other
operating  expenses can be  attributed  to increases in snow removal  ($23,927),
furniture  rental  ($22,466),   repairs  and  maintenance  ($18,120),   cleaning
($9,740),  professional fees ($8,751),  swimming pool costs ($8,552),  insurance
($6,576)  and  vacancy  expense  ($5,858).   Offsetting  the  increases  in  the
aforementioned  expenses  categories was a decrease in parking lot  expenditures
($9,623).

Inflation


The effects of inflation  did not have a material  impact upon the  Registrant's
operation  in  fiscal  1996  and are  not  expected  to  materially  affect  the
Registrant's operations in 1997.

                                       -9-

<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.


Dated:    July 15, 1997               NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.
      ---------------------------

                                      By: /S/ Gregory J. Nooney, Jr.
                                          --------------------------------------
                                          Gregory J. Nooney, Jr.
                                          General Partner


                                      PAN, INC.

                                      By: /S/ Patricia A. Nooney
                                          --------------------------------------
                                          Patricia A. Nooney
                                          President


                                      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

                                      -10-

<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 Securitie
                        Act of 1933 (File No. 2-76046).

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

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