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, 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.)

One Memorial Drive, Suite 1000                                   63102-2449
----------------------------------------                   ---------------------
(Address of principal executive offices)                         (Zip Code)

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

            500 North Broadway, Suite 1200, St. Louis, MO 63102-2124
--------------------------------------------------------------------------------
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 SHEET
                    AS OF MAY 31, 1999 (GOING-CONCERN BASIS)
                   STATEMENT OF NET LIABILITIES IN LIQUIDATION
                   AS OF NOVEMBER 30, 1998 (LIQUIDATION BASIS)


                                                   May 31,      November 30,
                                                    1999           1998
                                                (Unaudited)
                                                -----------     -----------

ASSETS:
     Cash                                      $    160,065     $    227,373
     Accounts receivable                            140,149          106,023
     Prepaid expenses and deposits                   48,055                0
     Investment property, at cost:
         Land                                     2,219,236             --
         Buildings and improvements              19,633,894             --
                                               ------------     ------------
                                                 21,853,130             --
     Less accumulated depreciation               10,776,748             --
                                               ------------     ------------
                                                 11,076,382             --
     Investment property held for sale                    0       17,585,000

     Deferred expenses - at amortized cost          180,615                0
                                               ------------     ------------
                                               $ 11,605,266     $ 17,918,396
                                               ============     ============
LIABILITIES AND PARTNERS' DEFICIT

Liabilities:
     Deferred gain on real estate asset        $          0     $  7,200,029
     Reserve for estimated costs during the
         period of liquidation                            0           10,000
     Accounts payable and accrued expenses          189,830          263,459
     Accrued real estate taxes                       51,888                0
     Mortgage notes payable                      13,747,369       13,500,465
     Refundable tenant deposits                      74,167           72,976
                                               ------------     ------------
                                                 14,063,254       21,046,929

NET LIABILITIES IN LIQUIDATION                            0     $ (3,128,533)
                                               ------------     ============
PARTNERS' EQUITY (DEFICIENCY IN ASSETS)          (2,457,988)
                                               ------------

TOTAL LIABILITIES AND PARTNER'S EQUITY         $ 11,605,266
                                               ============


                 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,
                                              1999           1998           1999           1998
                                              ----           ----           ----           ----
     <S>                                  <C>            <C>            <C>            <C>
     REVENUES:
     Rental and other income              $   845,093    $   829,046    $ 1,659,699    $ 1,677,349
     Interest                                       0            736             56          1,170
                                          -----------    -----------    -----------    -----------
                                              845,093        829,782      1,659,755      1,678,519

     EXPENSES:
     Interest                                 261,705        287,956        536,395        575,524
     Depreciation and amortization             25,540        128,275         25,540        251,868
     Real estate taxes                        121,564        113,437        181,060        215,708
     Property management fees paid to
         Nooney Inc.                           44,095         43,852         83,761         89,060
     Reimbursement to Nooney Inc.
         for partnership management
         services and indirect expenses        10,000         10,000         20,000         20,000
     Repairs & Maintenance expenses            53,679         50,076         84,393         93,709
     Payroll expenses                          93,097         87,421        162,199        141,876
     Insurance expenses                        44,298         24,207         44,298         50,278
     Cleaning expenses                         29,038         22,269         51,743         42,877
     Utility expenses                          44,372         37,233         74,023         72,008
     Professional fee expenses                 43,007         32,194        108,926         48,721
     Snow Removal                               8,825          2,206         46,529         22,075
     Other operating expenses                (500,928)        64,263       (429,657)       126,052
                                          -----------    -----------    -----------    -----------

                                              278,292        903,389        989,210      1,749,756
                                          -----------    -----------    -----------    -----------
NET INCOME (LOSS)                         $   566,801    $   (73,607)   $   670,545    $   (71,237)
                                          ===========    ===========    ===========    ===========

NET INCOME (LOSS) PER LIMITED
 PARTNERSHIP UNIT                         $     41.17    $     (5.35)   $     48.70    $     (5.17)
                                          ===========    ===========    ===========    ===========

PARTNERS' DEFICIT:
     Beginning of Period                  $(3,024,789)   $(1,685,575)   $(3,128,533)   $(1,687,945)
     Net Income (Loss)                        566,801        (73,607)       670,545        (71,237)
                                          -----------    -----------    -----------    -----------

     End of Period                        $(2,457,988)   $(1,759,182)   $(2,457,988)   $(1,759,182)
                                          ===========    ===========    ===========    ===========


                 SEE NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
                                      -3-
</TABLE>


<PAGE>



                    NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.
                             (A LIMITED PARTNERSHIP)
                            STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)

                                                      Six Months Ended
                                                     May 31,      May 31,
                                                      1999         1998
                                                      ----         ----

CASH FLOWS FROM OPERATING ACTIVITIES:
 Net Income (Loss)                                 $ 670,545    $ (71,237)
 Adjustments to reconcile net income (loss) to
 cash provided by operating activities:
   Depreciation and amortization                      25,540      251,868
   Removal of liquidation basis                     (585,461)           0

 Changes in assets and liabilities:
   (Increase) Decrease in accounts receivable        (34,126)      12,427
   Increase in prepaid expenses and deposits         (14,223)     (66,528)
   Increase in deferred expense                       (5,626)           0
   Decrease (Increase) in current liabilities         20,550      (77,890)
                                                   ---------    ---------

     Total Adjustments                              (593,346)     119,877
                                                   ---------    ---------

       Net cash provided by operating activities      77,199       48,640
                                                   ---------    ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
 Additions to investment property                    (52,617)     (58,626)
 Property additions using Capital Reserve Escrow    (338,794)      (1,142)

       Net cash used in investing activities        (391,411)     (59,768)
                                                   ---------    ---------

CASH FLOWS FROM FINANCING ACTIVITIES:
 Payments on mortgage notes payable                  (94,910)     (51,234)
 Capital Reserve Funding                             341,815            0
  (Draws on Undisbursed Loan Proceeds)             ---------    ---------

       Net cash from financing activities            246,904      (51,234)
                                                   ---------    ---------

NET DECREASE IN CASH                                 (67,308)     (62,362)

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

CASH, End of period                                $ 160,065    $ 265,548
                                                   =========    =========

SUPPLEMENTAL DISCLOSURE OF CASH FLOWS
INFORMATION-Cash paid during the period
              for interest                         $ 536,395    $ 608,259
                                                   =========    =========


                 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, 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:

As previously  reported,  the Registrant  entered into contracts on November 13,
1998 to sell both of Registrant's  properties to American Spectrum Realty,  Inc.
("ASR"),  an affiliate of the general partner of the  Registrant.  Pursuant to a
proxy  statement and majority  vote, the limited  partners  approved the sale on
January 21, 1999, at a special meeting held for that purpose.

Under the  terms of the  contracts,  ASR was to have  satisfied  or  waived  all
contingencies  contained  in the  contracts  by April 6,  1999.  Certain  of the
contingencies  were not satisfied or waived by that date and the general partner
agreed to extend the contingency  period for 30 days.  Since the time period for
satisfying  the  contingencies  was extended,  no earnest money was deposited by
ASR. Subsequently, the contingency period was extended for two additional 30-day
periods, the final one expiring July 7, 1999.

On July 7, 1999, certain  contingencies  remained unfulfilled and not waived and
the general  partner  elected not to grant any further  extensions  and the sale
contracts have become null and void. (See Note D)

The general partner is now  re-evaluating  several options regarding the sale of
the properties and liquidation of the partnership.

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 May 31, 1999 and for all periods presented have been made.
The results for the three-month and six-month  period ended May 31, 1999 are not
necessarily indicative of the results which may be expected for the entire year.

                                      -5-
<PAGE>


NOTE D:

On June 25, 1999, a complaint was filed in the United States  District Court for
the Eastern District of Missouri by Bond Purchase, L.L.C. against the Registrant
and its general partner,  Nooney Capital Corporation (No.  4:99CV01031CEJ).  The
complaint  alleges  that the  defendants  arranged  for the sale of  partnership
assets to American  Spectrum  Realty,  Inc.,  an entity  affiliated  with Nooney
Capital  Corporation,  at a price which is $1 million less than  another  entity
affiliated  with the plaintiff is willing to pay. The complaint  further alleges
that Nooney Capital Corporation, as a general partner of the partnership,  filed
a proxy  statement  relating to the sale of  partnership  assets  which  omitted
certain  unspecified  material  facts and  which  otherwise  failed  to  provide
complete information to the limited partners. In addition, the complaint alleges
that the  defendants  refused  to allow  the  plaintiff  access to the books and
records of the partnership.  The complaint seeks  injunctive  relief against the
proposed sale of the partnership  assets,  damages for alleged violations of the
Securities  Exchange  Act,  damages for  alleged  breaches  of  fiduciary  duty,
appointment of a receiver for the partnership and an accounting.  The Registrant
believes  it has  meritorious  defenses  and intends to  vigorously  oppose this
lawsuit.

The Partnership's  financial statements as of November 30, 1998 were prepared on
a liquidation basis. Accordingly, assets were valued at estimated net realizable
value and liabilities  included estimated costs associated with carrying out the
plan of  liquidation.  The  accompanying  May 31,  1999 and 1998  statements  of
operations  and  partners'   deficit  have  been  prepared  on  a  going-concern
(historical cost) basis due to the change in the properties' status, as the sale
of the properties was not eminent.  The cost of liquidation and various accruals
made when adopting liquidation basis ($585,461) have been reversed in the 2nd of
quarter 1999. The reversal of liquidation basis adjustments are reflected in the
other  operating  expenses on the statement of operations  for the three and six
month period ended May 31, 1999.


NOTE E:

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 F:

The income  (loss)  per  limited  partnership  unit for the three and six months
ended May 31,  1999 and May 31, 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

Cash on hand as of May 31, 1999 is $160,065, a decrease of $67,308 from year end
November 30, 1998.  The decrease in cash balances can primarily be attributed to
timing of payments for insurance  premiums for both  Woodhollow  Apartments  and
Cobblestone Court Shopping Center, in addition to a semi-annual tax payment made
on behalf of  Cobblestone  Court Shopping  Center.  Cash produced from operating
activity for the six months ended May 31, 1999 was  $77,199.  Capital  additions
were made in the amount of $52,617 and payments on mortgage  notes in the amount
of $94,910 for this six month period were made. Capital expenditures by property
anticipated for the balance of the year are as follows:

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

 Cobblestone Court             $  1,000        $      0        $  1,000
 Woodhollow Apartments                0         102,963         102,963
                               --------        --------        --------

                               $  1,000        $102,963        $103,963
                               ========        ========        ========

At  Cobblestone  Court  Shopping  Center,  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.  During the 2nd quarter of 1999 capital  reserve  draws
were funded in the amount of $341,815,  therefore  increasing  outstanding debt.
The amount of capital improvements made during this period with above funds were
$338,794.  The Registrant anticipates this renovation phase will be completed in
3rd quarter 1999.

As previously  reported,  the Registrant entered into agreements on November 13,
1998, to sell both of the Registrant's  properties to American  Spectrum Realty,
Inc., an affiliate of the general partner of the  Registrant.  The proposed sale
was approved by a majority of the limited  partners at a special meeting held on
January 21, 1999. The agreements have terminated in accordance with their terms.

The general partner is currently evaluating the alternatives available to
the Registrant with respect to disposition of the Registrant's properties
and liquidation of the Registrant.

                                      -7-
<PAGE>


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. As of May 31, 1999 the
principal  balance due is  $13,747,369.  There is a balance of undisbursed  loan
proceeds available for the capital  renovation program at Woodhollow  Apartments
in the amount of $157,720.  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 May 31, 1999 was 7.654%.  The loan matures  November 30, 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.

Results of Property Operations

The results of operations for the  Registrant's  properties for the three months
ended May 31, 1999 and 1998 are  detailed in the  schedule  below.  Revenues and
expenses of the Registrant are excluded.

                           Woodhollow Apartments      Cobblestone Court
                           ---------------------      -----------------
 1999
 ----
Revenues                        $ 614,023                $ 223,239
Expenses                          544,812                  249,657
                                ---------                ---------
Net Income (Loss)               $  69,211                $ (26,418)
                                =========                =========

 1998
 ----
Revenues                        $ 589,619                $ 239,525
Expenses                          629,942                  273,388
                                ---------                ---------
Net Loss                        $ (40,323)               $ (33,863)
                                =========                =========


At Woodhollow  Apartments,  revenues increased $24,404 when comparing the second
quarter of 1999 to the second  quarter of 1998.  This  increase  in revenue  was
partially  offset by an added  number of rent  concessions  given for  incentive
purposes to both new and renewing  tenants.  Expenses  decreased  $85,130 due to
decreases  in   depreciation/amortization   ($119,311)   and  interest   expense
($18,528).  These  decreases  in expense were  partially  offset by increases in
maintenance  payroll ($6,552) primarily  attributable to additional  maintenance
hours, repairs & maintenance plumbing ($5,515),  pool maintenance ($7,838), snow
removal ($5,259),  turnover related expenses  ($12,465),  corporate unit expense
($8,285),  other  professional  fees  ($4,496),  and  other  operating  expenses
($2,299).  The large decrease in depreciation and amortization expense is due to
liquidation  basis  accounting   effective   November  30,  1998  and  extending
throughout 2nd quarter 1999,  relating to the anticipated sale of the properties
and liquidation of the  partnership.  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 repairs and  maintenance  plumbing and
pool  maintenance  is  due to an  increased  amount  of  repairs  needed  at the
property. The increase in turnover expenses can be attributed to the increase in
updating  vacant  units  prior to  occupancy.  There has been an increase in the
amount of corporate  units at the property,  therefore  increasing the amount of
related  expenses.  The  additional  professional  fees  are a  result  of costs
associated with the prior impending sale and proxy issued in 1998.

                                      -8-
<PAGE>


At  Cobblestone  Court  Shopping  Center,  revenues  decreased  by $16,286  when
comparing the quarter ended May 31, 1999 to the quarter ended May 31, 1998.  The
decrease in income is primarily attributable to the drop in the occupancy level.
The decrease in revenues totaled $37,610 and was partially offset by an increase
in percentage rent of $21,324. This increase in percentage rent is due to higher
reported  sales from  tenants  that were billed  during the 2nd quarter of 1999.
Expenses  decreased  $23,731 due to decreases in real estate tax ($11,936),  tax
penalty expense  ($13,520),  cleaning  expenses  ($4,729),  and interest expense
($7,723).  These  decreases  were  partially  offset by  increases  in repairs &
maintenance building ($2,936),  fire/crime prevention ($3,803), and professional
fees  ($7,614).  The  decrease in real estate tax expense is due to a lower 1999
annual  tax  bill,  and  the  decrease  for  tax  penalties  is due  to the  1st
installment  of the 1999 taxes being paid on time,  unlike the late  payment for
this period in 1998.  The  decrease  in  cleaning is due to a new lower  monthly
contract  cleaning  service and the lower interest  expense can be attributed to
the newly  structured  debt with a lower  interest rate. The increase in repairs
and maintenance  building and fire/crime  prevention is due to additional repair
costs at the  property.  The  increased  professional  fees can be attributed to
costs associated with the prior impending sale and proxy issued.

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, 1999, 1998 and 1997 are as follows:

                                          Occupancy levels as of May 31,
      Property                            1999         1998         1997
      --------                            ----         ----         ----

Cobblestone Court Shopping Center          54%          64%          74%
Woodhollow Apartments                      91%          94%          93%

At Cobblestone Court Shopping Center, leasing activity during the second quarter
consisted of one tenant occupying 3,167 square feet vacating their space and one
tenant renewing their lease for five years. The Registrant is negotiating with a
potential tenant for a five-year lease commencing in 1999 that will occupy 3,242
square feet.  The property has two major  tenants which occupy 26% and 9% of the
available space on leases that expire January 2001 and April 2001, respectively.

At Woodhollow Apartments,  the occupancy decreased by 3% during the quarter. The
Registrant  anticipates  occupancy  increasing  to above  95%  during  the third
quarter of 1999 as demand  for  apartments  in the West St.  Louis  County  area
continues  to be strong and the  renovation  program at the property is close to
being complete.

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  date-sensitive  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

                                      -10-
<PAGE>


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.

1999 Comparisons

The Partnership's  financial statements as of November 30, 1998 were prepared on
a liquidation basis. Accordingly, assets were valued at estimated net realizable
value and liabilities  included estimated costs associated with carrying out the
plan of  liquidation.  The  accompanying  May 31,  1999 and 1998  statements  of
operations  and  partners'   deficit  have  been  prepared  on  a  going-concern
(historical cost) basis due to the change in the properties' status, as the sale
of the properties was not eminent.  The cost of liquidation and various accruals
made when adopting liquidation basis ($585,461) have been reversed in the 2nd of
quarter 1999. The reversal of liquidation basis adjustments are reflected in the
other  operating  expenses on the statement of operations  for the three and six
month period ended May 31, 1999.

For the  three and six  month  periods  ended  May 31,  1999,  the  Registrant's
consolidated  revenues  were  $845,093 and  $1,659,755,  respectively.  Revenues
increased  $15,311  for the three month  period  when  compared to that of prior
year.  This  increase in revenues can be  attributed  to increases in percentage
rent income ($21,324), gross potential rent income ($23,925), and corporate unit
income  ($7,177).  These  increases were  partially  offset by decreases in base
rental income ($18,425),  common area maintenance  income ($7,162),  real estate
tax income  ($8,613),  and other income  ($2,915).  The  increases in percentage
rent,  gross  potential  rent,  and corporate unit income are due to the reasons
mentioned previously in the property  comparisons.  The decreases in base rental
income,  common area maintenance  income,  and real estate tax income are due to
the lower occupancy level at Cobblestone  Court.  The decrease of $18,764 in for
the six month period is due to decreases in base rental income ($43,347), common
area maintenance income ($42,609), and real estate tax income ($22,163),  again,
also all  attributable  to the lower  occupancy  level at Cobblestone  Court. An
increase in vacancy also contributed to the decrease in income.  These decreases
in income were partially offset by increases in percentage rent ($18,955), gross
potential  rent  ($41,683),  other income  ($2,343),  and corporate  unit income
($13,554).  The increases in percentage  rent income,  gross potential rent, and
corporate  unit  income  have  all been  addressed  separately  in the  property
comparisons.

Consolidated  expenses  for the three  months  ended May 31,  1999 and the three
months ended May 31, 1998 were $278,292 and $903,389, respectively. The decrease
of $625,097 for the period can be attributable to decreases in interest  expense
($26,251),  depreciation  ($102,375),  and other operating expenses  ($564,292).
These decreases were partially offset by increases in payroll ($5,676), cleaning
expense ($6,769), utilities ($7,139),  professional fees ($10,813), snow removal
($6,619),  repairs and maintenance  related expenses  ($3,603),  real estate tax
expense ($8,127),  and insurance ($20,091).  The decrease in interest expense is
due to the newly  acquired  loan  with a more  favorable  interest  rate and the
depreciation  decrease  is due to the "held for sale"  status of the  properties
during 2nd quarter  1999.  The decrease in tax expense is due to the lower taxes
at Cobblestone  Court, as mentioned in the property  comparisons.  As previously
discussed,   the  significant  decrease  in  other  operating  expenses  can  be
attributed to the removal of the  liquidation  costs and various  accruals.  The
increases  reflected  in the various  expense  accounts  were  addressed  in the
property comparisons. When comparing the six months ended May 31, 1999 and 1998,
consolidated expenses were $989,210 and $1,749,756,  respectively.  The decrease
of $760,546  can be  attributed  to  decreases  in interest  expense  ($39,129),

                                      -11-
<PAGE>

depreciation  ($226,328),  real estate tax expense  ($34,648),  management  fees
($5,299),  repairs & maintenance  related  expenses  ($9,316),  other  operating
expenses  ($555,708),  and insurance  expense  ($5,980).  These  decreases  were
partially offset by increases in payroll ($20,323),  cleaning expenses ($8,866),
professional  fees ($60,205),  and snow removal  ($24,454).  All fluctuations in
expenses  have been  explained  in the three month  period  and/or the  property
comparisons.

1998 Comparisons

For the three and six month ended May 31, 1998,  the  Registrant's  consolidated
revenues were $829,782 and $1,678,519,  respectively. Revenues decreased $12,773
and $18,273 for the three and six month  periods  ended May 31, 1998 as compared
to the same  periods  ended  May 31,  1997.  The  decrease  in  revenues  can be
attributable  to the lower occupancy  level at Cobblestone  Court.  Consolidated
expenses  for the three months ended May 31, 1998 and three months ended May 31,
1997 were  $903,389 and  $878,026  respectively.  The  increase in  consolidated
expenses for the three  months  ended 1998 was $25,363 when  compared to May 31,
1997.  Expenses that  increased  were interest  expense  ($6,190),  depreciation
($10,946),   payroll  expenses  ($19,543),   repairs  and  maintenance  expenses
($7,259), and professional fees ($4,186).  These increases were partially offset
by  decreases  in  snow  removal  ($9,866),   renovation  landscaping  ($8,075),
fire/crime prevention ($4,080),  and insurance ($1,792).  When comparing the six
months  ended  May 31,  1998  and  May  31,  1997,  consolidated  expenses  were
$1,749,756 and $1,778,172, respectively, a decrease of $28,416. The decrease can
be attributable  to decreases in snow removal  ($31,216) and  professional  fees
($29,936)  due to legal costs  incurred in the  potential  sale of  Cobblestone.
These decreases were partially offset by increases in interest expense ($14,959)
due to additional borrowings secured by second mortgages in 1997 for Cobblestone
and depreciation/amortization ($17,195).

Inflation

The effects of inflation  did not have a material  impact upon the  Registrant's
operation  is  fiscal  1998  and are  not  expected  to  materially  affect  the
Registrant's operations in 1999.

                                      -12-
<PAGE>


PART II.  OTHER INFORMATION

Item 1: Litigation

On June 25, 1999, a complaint was filed in the United States  District Court for
the Eastern District of Missouri by Bond Purchase, L.L.C. against the Registrant
and its general partner,  Nooney Capital Corporation (No.  4:99CV01031CEJ).  The
complaint  alleges  that the  defendants  arranged  for the sale of  partnership
assets to American  Spectrum  Realty,  Inc.,  an entity  affiliated  with Nooney
Capital  Corporation,  at a price which is $1 million less than  another  entity
affiliated  with the plaintiff is willing to pay. The complaint  further alleges
that Nooney Capital Corporation, as a general partner of the partnership,  filed
a proxy  statement  relating to the sale of  partnership  assets  which  omitted
certain  unspecified  material  facts and  which  otherwise  failed  to  provide
complete information to the limited partners. In addition, the complaint alleges
that the  defendants  refused  to allow  the  plaintiff  access to the books and
records of the partnership.  The complaint seeks  injunctive  relief against the
proposed sale of the partnership  assets,  damages for alleged violations of the
Securities  Exchange  Act,  damages for  alleged  breaches  of  fiduciary  duty,
appointment of a receiver for the partnership and an accounting.  The Registrant
believes  it has  meritorious  defenses  and intends to  vigorously  oppose this
lawsuit.

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, 1999                 NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.
      ----------------------

                                       BY:   NOONEY CAPITAL CORPORATION
                                             General Partner

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

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

                                      -13-
<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)