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               February 28, 1999
                            ----------------------------------------------------

                                       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.)

500 N. Broadway, Suite 1200, St. Louis, Missouri                       63102
------------------------------------------------                     ----------
  (Address of principal executive offices)                           (Zip Code)

Registrant's telephone number, including area code       (314) 206-4600
                                                  ------------------------------


--------------------------------------------------------------------------------
(Former  name,  former  address and former  fiscal year,  if changed  since last
report.)

Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  Registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. Yes X  No 
                                      ---   ---

                APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                   PROCEEDING DURING THE PRECEDING FIVE YEARS:

Indicate  by check mark  whether  the  registrant  has filed all  documents  and
reports  required to be filed by  Sections  12,13,  or 15 (d) of the  Securities
Exchange Act of 1934 subsequent to the  distribution of securities  under a plan
confirmed by a court. Yes   No
                         ---  ---

APPLICABLE ONLY TO CORPORATE ISSUERS:  Indicate the number of shares outstanding
of each of the issuer's  classes of common stock,  as of the latest  practicable
date
    -------
                                       -1-

<PAGE>




PART I
ITEM 1 - FINANCIAL STATEMENTS:


                    NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.
                             (A LIMITED PARTNERSHIP)
                  STATEMENTS OF NET LIABILITIES IN LIQUIDATION
                               (LIQUIDATION BASIS)

                                                    February 28,    November 30,
                                                        1999           1998
                                                    (Unaudited)
                                                   ------------    ------------
ASSETS:
     Cash                                          $    301,628    $    227,373
     Accounts receivable                                 91,926         106,023

Investment property held for sale                    17,607,127      17,585,000
                                                   ------------    ------------

                                                   $ 18,000,681    $ 17,918,396
                                                   ============    ============

LIABILITIES AND PARTNERS' DEFICIT

Liabilities:
     Deferred gain on real estate asset            $  7,200,029       7,200,029
     Reserve for estimated costs during the
         period of liquidation                           10,000          10,000
     Accounts payable and accrued expenses              226,919         263,459
     Accrued real estate taxes                           58,935               0
     Mortgage notes payable                          13,453,010      13,500,465
     Refundable tenant deposits                          76,577          72,976
                                                   ------------    ------------

Total Liabilities                                    21,025,470      21,046,929
                                                   ------------    ------------

Net Liabilities in Liquidation                     $ (3,024,789)   $ (3,128,533)
                                                   ============    ============



                 SEE NOTES TO THE UNAUDITED FINANCIAL STATEMENTS


                                       -2-

<PAGE>





                    NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.
                             (A LIMITED PARTNERSHIP)
                       STATEMENT OF INCOME IN LIQUIDATION
               QUARTER ENDED FEBRUARY 28, 1999 (LIQUIDATION BASIS)
               AND STATEMENTS OF OPERATIONS AND PARTNERS' DEFICIT
              QUARTER ENDED FEBRUARY 28, 1998 (GOING-CONCERN BASIS)

                                   (UNAUDITED)

                                                          Three Months Ended
                                                     February 28,   February 28,
                                                         1999           1998
                                                     -----------    -----------
REVENUES:
     Rental and other income                         $   814,606    $   848,303
     Interest                                                 56            434
                                                     -----------    -----------
                                                         814,662        848,737
EXPENSES:
     Interest                                            274,690        287,568
     Depreciation and amortization                             0        123,592
     Real estate taxes                                    59,096        102,271
     Property management fees paid to Nooney, Inc.        39,666         45,207
     Reimbursement to Nooney, Inc. for partnership
         management services and indirect expenses        10,000         10,000
     Cleaning                                             22,705         14,733
     Utilities                                            29,651         34,775
     Repairs & Maintenance                                30,714         43,634
     Snow Removal                                         37,704         19,869
     Payroll                                              69,102         54,456
     Professional Fees                                    65,919         16,954
     Insurance                                                 0         21,547
     Other operating expenses                             71,671         71,760
                                                     -----------    -----------
                                                         710,918        846,366
                                                     -----------    -----------

NET INCOME FROM OPERATIONS                           $   103,744    $     2,371
                                                     ===========    ===========


DEFICIENCY IN ASSETS/NET LIABILITIES IN
     LIQUIDATION-BEGINNING OF PERIOD                 $(3,128,533)   $(1,687,945)
                                                     ===========    ===========
DEFICIENCY IN ASSETS/NET LIABILITIES IN
     LIQUIDATION-END OF PERIOD                       $(3,024,789)   $(1,685,574)
                                                     ===========    ===========
NET INCOME PER LIMITED PARTNERSHIP UNIT              $      7.54    $       .17
                                                     ===========    ===========


                 SEE NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

                                       -3-

<PAGE>




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

                     STATEMENT OF CASH FLOWS IN LIQUIDATION
             QUARTER ENDED FEBRUARY 28, 1999 (LIQUIDATION BASIS) AND
                         STATEMENT OF CASH FLOWS FOR THE
              QUARTER ENDED FEBRUARY 28, 1998 (GOING-CONCERN BASIS)
                                   (UNAUDITED)

<CAPTION>
                                                                          Three Months Ended
                                                                     February 28,  February 28,
                                                                          1999         1998     
                                                                       ---------    ---------
<S>                                                                    <C>          <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
     Net Income from Operations                                        $ 103,744    $   2,371
     Adjustments to reconcile net income from operations to net cash
     provided by operating activities:
         Depreciation and amortization                                         0      123,592

     Changes in assets and liabilities:
         Accounts receivable                                              14,097      (17,978)
         Prepaid expenses and deposits                                         0       11,026
         Accounts payable and accrued expenses                            22,395       18,647
         Refundable tenant deposits                                        3,601       (1,523)
         Deferred expenses                                                     0            0
                                                                       ---------    ---------

             Total Adjustments                                            40,093      133,764
                                                                       ---------    ---------

                  Net cash provided by operating activities              143,837      136,135
                                                                       ---------    ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
     Additions to investment property                                    (22,127)     (19,609)
     Additions using Capital Reserve Program                                   0       (1,142)
                                                                       ---------    ---------

                  Net cash used in investing activities                  (22,127)     (20,751)
                                                                       ---------    ---------

CASH FLOWS FROM FINANCING ACTIVITIES:
     Payments on mortgage notes payable                                  (47,455)     (25,223)
                                                                       ---------    ---------

                  Net cash used in financing activities                  (47,455)     (25,223)
                                                                       ---------    ---------

NET INCREASE IN CASH                                                      74,255       90,161

CASH, Beginning of period                                                227,373      327,910
                                                                       ---------    ---------

CASH, End of period                                                    $ 301,628    $ 418,071
                                                                       =========    =========


SUPPLEMENTAL DISCLOSURE OF CASH FLOWS
INFORMATION - Cash paid during the period for interest                 $ 274,690    $ 255,562
                                                                       =========    =========




                 SEE NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
</TABLE>
                                       -4-

<PAGE>




                    NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.
                             (A LIMITED PARTNERSHIP)
                     NOTES TO UNAUDITED FINANCIAL STATEMENTS
                  THREE MONTHS ENDED FEBRUARY 28, 1999 AND 1998


NOTE A:

Refer to the Registrant's  financial  statements for the year ended November 30,
1998, 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:

On January  21,  1999,  a plan to sell the  Registrant's  Woodhollow  Apartments
property and the  Cobblestone  Court Shopping  Center property was approved by a
majority of the limited partners by proxy. The Registrant has entered into sales
contracts on both properties with American  Spectrum Realty,  Inc., an affiliate
of Nooney Capital Corp.,  which serves as a general  partner of the  Registrant.
The sales contracts  provide that the purchase price will be appraised value and
are subject to a due diligence  period.  Consummation of the sale will result in
the dissolution of the Registrant and require the General  Partners to liquidate
the Registrant and  distribute the proceeds  therefrom to the Limited  Partners.
There is no  assurance  that the sale will be  consummated  since the closing is
conditioned  upon  contingencies  beyond  the  control  of the  Registrant.  The
Registrant  anticipated  final  consummation  of the sale to be completed in the
third quarter of 1999.

The  Cobblestone  sales  contract  provides for a net sale price of  $3,100,000.
Accordingly, the property is recorded at its fair value less costs to sell.

The Woodhollow sales contract provides for a sale price of $14,600,000.  Because
the  transaction  is not  closed at this  time,  the amount of the gain that may
ultimately  be  realized of  $7,200,029,  net of sales  costs,  is included as a
deferred  gain as an adjustment  in  liquidation  for both November 30, 1998 and
February 29, 1999.

As a result of the partners  approval to sell the  properties  and liquidate the
Partnership,  the Partnership's financial statements as of February 29, 1999 and
November 30, 1998 have been prepared on a liquidation basis. Accordingly, assets
have been valued at  estimated  net  realizable  value and  liabilities  include
estimated  costs  associated  with  carrying  out the plan of  liquidation.  The
accompanying  February 28, 1998  statements of operations and partners'  deficit
has been prepared on a going-concern (historical cost) basis.

If the sale of the properties is consummated,  management believes there will be
enough cash to discharge all liabilities  and distribute  excess proceeds to the
limited  partners.  The  Registrant  will  continue to manage the  properties to
achieve  its  original  investment   objectives  until  the  time  of  sale  and
liquidation.


                                       -5-

<PAGE>




NOTE C:

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 February 28, 1999 and for all periods presented have been
made.  The results of operations for the  three-month  period ended February 28,
1999 are not necessarily indicative of the results which may be expected for the
entire year.

NOTE D:

The  Registrant's  properties  are  managed  by  Nooney,  Inc.,  a  wholly-owned
subsidiary of CGS Real Estate Company.  Nooney Capital Corp., a general partner,
is a 75% owned  subsidiary of S-P  Properties,  Inc. S-P  Properties,  Inc. is a
wholly-owned subsidiary of CGS Real Estate Company.

NOTE E:

The income per limited  partnership unit for the three months ended February 28,
1999  and  1998  was  computed  based  on  13,529  units,  the  number  of units
outstanding during the periods.



                                       -6-

<PAGE>



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

It should  be noted  that this 10-Q  contains  forward-looking  information  (as
defined in the Private  Securities  Litigation Reform Act of 1995) that involves
risk and  uncertainty,  including trends in the real estate  investment  market,
projected leasing and sales, and the future prospects for the Registrant. Actual
results could differ materially from those contemplated by such statements.

Liquidity and Capital Resources

As a result of the partners  approval to sell the  properties  and liquidate the
Partnership,  the Partnership's financial statements as of February 29, 1999 and
November 30, 1998 have been prepared on a liquidation basis. Accordingly, assets
have been valued at  estimated  net  realizable  value and  liabilities  include
estimated  costs  associated  with  carrying  out the plan of  liquidation.  The
accompanying  February 28, 1998  statements of operations and partners'  deficit
has been prepared on a going-concern (historical cost) basis.

If the sale of the properties is consummated,  management believes there will be
enough cash to discharge all liabilities  and distribute  excess proceeds to the
limited  partners.  The  Registrant  will  continue to manage the  properties to
achieve  its  original  investment   objectives  until  the  time  of  sale  and
liquidation.

Cash on hand as of February  28, 1999 is  $301,628,  an increase of $74,255 from
the year  ended  November  30,  1998.  The  increase  in cash can  primarily  be
attributed to the collection of billed accounts receivable that remained open as
of November  30,  1998.  During the  quarter,  cash flow  provided by  operating
activities was $143,837 and was used to fund capital  additions in the amount of
$22,127  and  payments  were made on  mortgage  notes  payable  in the amount of
$47,455. The Registrant anticipates capital expenditures from operations for the
balance of 1999 to be as follows:

                                   Leasing Capital  Other Capital     Total
                                   ---------------  -------------     -----
   Cobblestone Court                   $  1,000       $      0       $  1,000
   Woodhollow Apartments                      0        170,666        170,666
                                       --------       --------       --------

                                       $  1,000       $170,666       $171,666
                                       ========       ========       ========

At Cobblestone Court, Leasing Capital consists of tenant alteration costs for an
upcoming lease renewal. At Woodhollow Apartments,  the Other Capital consists of
expenditures  for new heating and air  conditioning  units,  new  appliances for
turnover  units,  tennis  court  resurfacing,  and  carpet/tile  replacement  in
turnover  units.  These are  capital  items  outside of the scope of the capital
renovation  program which is funded by draw requests  submitted  monthly per the
new debt agreement  effective  November 30, 1998. The capital renovation program
consists of new siding,  parking lot overlay,  interior hallway renovation,  and
exterior improvements. The total amount anticipated on this phase is $782,300. A
portion of the anticipated  renovation total was distributed at the loan closing
on November 30, 1998.

On January  21,  1999,  a plan to sell the  Registrant's  Woodhollow  Apartments
property and the  Cobblestone  Court Shopping  Center property was approved by a
majority of the limited partners by proxy. The Registrant has entered into sales
contracts on both properties with American  Spectrum Realty,  Inc., an affiliate
of Nooney Capital Corp.,  which serves as a general  partner of the  Registrant.
The sales contracts  provide that the purchase price will be appraised value and
are subject to a due diligence period.

                                       -7-

<PAGE>



Consummation  of the sale will result in the  dissolution  of the Registrant and
require the General  Partners to liquidate the  Registrant  and  distribute  the
proceeds therefrom to the Limited Partners.  There is no assurance that the sale
will be consummated since the closing is conditioned upon  contingencies  beyond
the control of the Registrant.  The Registrant anticipates final consummation of
the sale to be completed in the third quarter of 1999.

The  Cobblestone  sales  contract  provides for a net sale price of  $3,100,000.
Accordingly, the property is recorded at its fair value less costs to sell.

The Woodhollow sales contract provides for a sale price of $14,600,000.  Because
the  transaction  is not  closed at this  time,  the amount of the gain that may
ultimately  be  realized of  $7,200,029,  net of sales  costs,  is included as a
deferred  gain as an adjustment  in  liquidation  for both November 30, 1998 and
February 29, 1999.

On  November  30,  1998,  the  Registrant  refinanced  the  debt  on both of its
properties.  A new note with an original balance of $13,500,465  secured by both
Cobblestone Court and Woodhollow Apartments was obtained.  There is a balance of
undisbursed  loan  proceeds  available  for the  capital  renovation  program at
Woodhollow Apartments in the amount of $499,535. The note is at an interest rate
of LIBOR + 2.75%  and calls for  monthly  principal  payments  of  $15,818.  The
interest  rate on this loan at February  28, 1999 was 7.689%.  The loan  matures
November  30,  2001.  The  balance  of  this  loan  at  February  28,  1999  was
$13,453,010.  A capital draw in the amount of $101,649 was requested in February
1999 and not funded until March 1999. Upon  consummation  of sale,  mentioned in
Liquidity  and  Capital  Resources,  the  Registrant  intends to apply  proceeds
towards discharge of above listed debt.

Results of Operations

The results of operations for the Registrant's properties for the quarters ended
February 28, 1999 and 1998 are detailed in the schedule  below.  Expenses of the
Registrant are excluded.

                                       Woodhollow Apartments  Cobblestone Court
      1999                             ---------------------  -----------------
      ----
   Revenues                                  $ 610,843            $ 201,129
   Expenses                                    490,231              290,229
                                             ---------            ---------
   Net Income (Loss)                         $ 120,612            $ (89,100)
                                             =========            =========

      1998
      ----
   Revenues                                  $ 569,686            $ 278,713
   Expenses                                    584,305              262,001
                                             ---------            ---------
   Net (Loss) Income                         $ (14,619)           $  16,712
                                             =========            =========

At Woodhollow  Apartments,  revenues  increased $41,157 when comparing the first
quarter 1999 to the first  quarter of 1998,  due primarily to an increase in the
amount of rental  income  ($44,399).  This increase is mainly a result of higher
rental  rates in 1999.  Expenses  decreased  $94,074 due mainly to a decrease in
depreciation/amortization  ($122,957) and interest expense ($12,065),  partially
offset by increases in payroll ($13,874) and other  professional fees ($27,678).
The  large  decrease  in  depreciation  and  amortization   expense  is  due  to
liquidation  basis  accounting  effective  November  30,  1998  relating  to the
anticipated  sale of property.  The  decrease in interest  expense is due to the
newly  structured  debt,  which has a lower  interest  rate than was paid on the
previous first mortgage.  The increase in payroll is due to additional  staff at


                                       -8-

<PAGE>



the property  and the  increase in other professional fees is a result  of costs
associated with the impending sale and proxy issued in 1998.

At  Cobblestone  Court  Shopping  Center,  revenues  decreased  by $77,584  when
comparing the quarter ended February 28, 1999, to the quarter ended February 28,
1998.  The  decrease in income is  primarily  attributable  to a decrease in the
occupancy level which caused decreases in rental income  ($24,923),  common area
maintenance   reimbursements  ($35,448),  and  real  estate  tax  reimbursements
($13,549).  Overall common area  maintenance  billings for 1999 are lower due to
lower reimbursable expenses in 1998. Expenses increased $28,228 due to increases
in snow removal ($16,699),  other professional fees ($26,949),  partially offset
by  decreases  in real  estate  tax  expense  ($10,206)  and  contract  cleaning
($4,088).  The  increase  in other  professional  fees is due  primarily  to the
expense of costs  related to the  impending  sale and proxy issued in 1998.  The
decrease in real estate tax expense is due to the proposed property tax for 1999
being $44,417 lower than the tax paid in 1998.

The occupancy levels as of February 28, 1999, 1998, and 1997 are as follows:

                                             Occupancy levels as of February 28,
                                             -----------------------------------
   Property                                    1999         1998         1997
   --------                                    ----         ----         ----

   Woodhollow Apartments                        94%          93%          91%
   Cobblestone Court                            59%          67%          84%

At Woodhollow Apartments the occupancy increased 1% when comparing first quarter
of 1999 to first quarter of 1998. The Registrant anticipates that occupancy will
return to the 95% plus level during the second  quarter and will remain high for
the balance of 1999 and the  current  renovation  program  will help the overall
presentation of the property.

At Cobblestone Court, occupancy decreased 8% when comparing the two quarters and
remained  consistent with the level at year end 1998.  Final revisions are being
made on a new ten year  lease  that will  commence  in 1999 and will  occupy 11%
(11,500 square feet) of the current vacant square footage. Cobblestone Court has
two major tenants which occupy 26% and 9% of the available space on leases which
expire  January  2001 and April 2001,  respectively.  The  Registrant  is in the
process of planning a renovation  on the shopping  center that will make it more
marketable to potential tenants.

Year 2000 Issues

Information Technology Systems

The Registrant  utilizes  computer  software for its corporate and real property
accounting  records  and to prepare  its  financial  statements,  as well as for
internal  accounting  purposes.  The  vendor of the  Registrant's  software  has
informed the Registrant that it is Year 2000 compliant.  The Registrant believes
after reasonable  investigation that its information technology hardware is Year
2000  compliant.  However,  in the event that such  systems  should  fail,  as a
contingency plan, the Registrant could prepare all required  accounting  entries
manually, without incurring material additional operating expenses.

                                       -9-

<PAGE>



Non-Information Technology Systems

At the request of the  Registrant,  its property  managers have completed  their
review of the major  datesensitive  non-information  technology  systems such as
elevators,  heating, ventilation, air conditioning and cooling ("HVAC") systems,
locks, and other like systems in the Registrant's properties and have determined
that  such  systems  are  materially  Year  2000  compliant.   In  some  of  the
Registrant's  properties,  its property  managers  have utilized the services of
third-party consultants in making this determination, while in other properties,
the property managers have internally made such  determinations.  The Registrant
does separately track the internal costs incurred for its Year 2000 project. The
Registrant  does not  believe  that the Year 2000  issue  will pose  significant
problems to the Registrant's Information  technology systems and non-Information
technology systems, or that resolution of any potential problems with respect to
such systems will have a material effect on the Registrant's financial condition
or results of operations.

Material Third Parties' Systems Failures

The most reasonable likely worst case scenario facing the Registrant as a result
of the Year 2000 problem  would be the inability of its tenants to pay rent as a
result of a breakdown in such tenants' (or other financial  service  providers')
computer  or the  refusal  of such  tenants to pay their rent as a result of the
Registrant's  inability to provide  services due to  non-Information  technology
systems failure. Failure in a tenant's computer systems may cause delays in such
tenant's  ability to process  its  accounting  records  and to make  timely rent
payments.  However, any such delays in rent payments,  whether caused by systems
failure of tenant, property manager or a combination of the two, should not have
a  materially  adverse  effect  on  the  Registrant's  business  or  results  of
operations.

Risks

While delays  caused by the failure of the  tenants' or the  property  managers'
accounting or supply systems would likely not adversely  affect the Registrant's
business or results of operations, non-Information technology systems failure in
the Registrants's  properties could lead to tenants attempting to withhold their
rent  payments,   which  could  materially  adversely  effect  the  Registrant's
business,  results  of  operations  and  financial  conditions  as a  result  of
increased  legal costs.  The  Registrant  believes that such material  effect is
primarily limited to items of a utility nature furnished by third parties to the
Registrant  and a wide universe of other  customers.  Included are such items as
electricity,  natural gas,  telephone  service,  and water, all of which are not
readily  susceptible to alternate  sources and which in all likelihood should be
available in some form. The Registrant has been unable to obtain assurances from
such  utility  companies as to their Year 2000  compliance,  and does not expect
that such assurances will be forthcoming.

Such  non-Information  technology systems failure could force tenants to use the
stairs in such  properties,  rather  than the  elevators.  However,  none of the
properties  owned  by the  Registrant  is a  high-rise  building  where  such an
elevator  failure could cause a material adverse effect to the operations of its
tenants, although such failure could make it impossible for any disabled tenants
or any disabled  customers to access such  properties.  Moreover,  as previously
discussed,  the  Registrant  may  suffer  adverse  effects  in  its  results  of
operations and financial condition as a result of utility or HVAC failures,  for
example.  Such events could lead the tenants of the Registrant to withhold rent,
in the event that the Registrant's  properties are not usable for their intended
purposes.  The Registrant does not believe that rent abatement would be a lawful
tenant remedy for short term obligations unless such failure extend for a period
of 30 consecutive  days.  The Registrant  intends to pursue its remedies for any
such breach of its rent  obligations by a Tenant  expeditiously  and to the full
extend permitted by law.

                                      -10-

<PAGE>




1999 Comparisons

As of  February  28,  1999,  consolidated  revenues  were  $814,662  and for the
three-month period ended February 28, 1998, they were $848,737. This decrease in
revenues of $34,075 is due to the decrease in rental income at Cobblestone Court
as a result of the lower occupancy level. Consolidated expenses for the quarters
ended  February 28, 1999 and 1998,  were  $710,918 and  $846,366,  respectively.
Consolidated expenses decreased $135,448 due to the lack of expenses as a result
of converting to the liquidation basis at November 30, 1998, namely depreciation
and amortization. Other operating expenses increased by $52,955 due to increases
in snow removal  ($17,835),  payroll ($14,646),  cleaning service ($7,972),  and
other  professional  fees ($48,965).  These  increases were partially  offset by
decreases  in repairs  and  maintenance  related  expenses  ($12,920),  interest
expense ($12,878),  management fees ($5,541),  and utility expense ($5,124). The
large  increases  and/or  decreases  for  snow  removal,   payroll,   and  other
professional fees have been explained in the property comparisons.

1998 Comparisons

As of  February  28,  1998,  consolidated  revenues  were  $848,737  and for the
three-month  period ended  February 28, 1997,  they were  $854,236.  This slight
decrease in revenues of $5,499 is due to a decrease in rental  income  mainly at
Cobblestone  Court due to the lower  occupancy.  Consolidated  expenses  for the
quarters  ended  February  28,  1998  and  1997,  were  $846,366  and  $900,145,
respectively.  Consolidated  expenses decreased $53,779 attributable mainly to a
decrease in  professional  fees ($35,903) and snow removal  ($26,780)  partially
offset by an  increase  in  interest  expense  ($8,768).  Professional  services
decreased as the  appraisals  obtained for the fiscal year 1996 and completed in
the first quarter of 1997 were not performed again for fiscal year 1997.

Inflation

The effects of inflation  did not have a material  impact upon the  Registrant's
operation  in  fiscal  l998  and are  not  expected  to  materially  affect  the
Registrant's operation in l998.

                                      -11-

<PAGE>




PART II.  OTHER INFORMATION

Item 6. Exhibits and Reports on Form 8-K


         (a) Exhibits

              See Exhibit Index

         (b) Reports on Form 8-K

              On February  2, 1999,  the  Registrant  filed a report on Form 8-K
              which reported an Item 5, Other Events.

                                   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:   April 14, 1999                NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.
      -----------------------

                                       BY:   NOONEY CAPITAL CORP.
                                             General Partner


                                       BY:     /s/ Gregory J. Nooney, Jr.
                                               ---------------------------------
                                               Gregory J. Nooney, Jr.
                                               Vice Chairman

                                               /s/ Patricia A. Nooney
                                               ---------------------------------
                                               Patricia A. Nooney
                                               President and Secretary


                                      -12-

<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 U.S. Securities and  Exchange
                                    Commission only)

                                      -13-