SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 10-Q

(Mark One)

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

For the quarter period ended     August 31, 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, St. Louis, MO                    63102-2449
---------------------------------------------              ---------------------
(Address of principal executive offices)                         (Zip Code)

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

                500 N. Broadway, Suite 1200, St. Louis, MO 63102
--------------------------------------------------------------------------------
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
                                 --------------

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

ASSETS:
     Cash                                           $    121,929   $    227,373
     Accounts receivable                                 139,964        106,023
     Prepaid expenses and deposits                        30,081              0
     Investment property, at cost:
         Land                                          1,013,858           --
         Buildings and improvements                   15,145,673           --
                                                    ------------   ------------
                                                      16,159,531           --
     Less accumulated depreciation                     8,502,254           --
                                                    ------------   ------------
                                                       7,657,277           --
     Investment property held for sale                 3,400,000     17,585,000

     Deferred expenses - at amortized cost               114,382              0
                                                    ------------   ------------
                                                    $ 11,463,633   $ 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               356,615        263,459
     Accrued real estate taxes                           121,243              0
     Mortgage notes payable                           13,857,633     13,500,465
     Refundable tenant deposits                           73,077         72,976
                                                    ------------   ------------
                                                      14,408,568     21,046,929

NET LIABILITIES IN LIQUIDATION                                 0   $ (3,128,533)
                                                    ------------   ============
PARTNERS' EQUITY (DEFICIENCY IN ASSETS)               (2,944,935)
                                                    ------------

TOTAL LIABILITIES AND PARTNER'S EQUITY              $ 11,463,633
                                                    ============


                 SEE NOTES TO THE UNAUDITED FINANCIAL STATEMENTS


                                       -2-

<PAGE>



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

                             (A LIMITED PARTNERSHIP)
                             -----------------------

                 STATEMENTS OF OPERATIONS AND PARTNERS' DEFICIT
                 ----------------------------------------------

                                   (UNAUDITED)
                                   -----------

<TABLE>
<CAPTION>

                                                     Three Months Ended          Nine Months Ended
                                                  August 31,    August 31,    August 31,    August 31,
                                                     1999          1998          1999          1998
                                                  ----------    ----------    ----------    ----------

<S>                                              <C>           <C>           <C>           <C>
REVENUES:
     Rental and other income                     $   802,586   $   841,024   $ 2,463,431   $ 2,518,372
     Interest                                              0         1,489            56         2,660
                                                 -----------   -----------   -----------   -----------
                                                     802,586       842,513     2,463,487     2,521,032

EXPENSES:
     Interest                                        277,398       287,796       813,794       863,320
     Depreciation and amortization                   420,403       127,192       445,943       379,059
     Real estate taxes                                88,572       113,773       269,632       329,481
     Property management fees paid to
         American Spectrum Midwest                    43,168        44,350       126,930       133,410
     Reimbursement to American Spectrum Midwest
         for partnership management
         services and indirect expenses               10,000        10,000        30,000        30,000
     Repairs & Maintenance expenses                   61,321        60,764       155,725       154,472
     Payroll expenses                                 93,089        79,154       255,288       221,030
     Insurance expenses                               22,752        22,373        67,049        72,652
     Cleaning expenses                                31,783        19,732        84,602        62,608
     Utility expenses                                 47,990        40,469       119,164       112,476
     Professional fee expenses                       121,367        37,219       250,131        85,939
     Corporate unit expenses                          26,228        16,131        62,247        38,949
     Other operating expenses                         45,463        47,375      (400,615)      172,688
                                                 -----------   -----------   -----------   -----------

                                                   1,289,534       906,328     2,279,889     2,656,084
                                                 -----------   -----------   -----------   -----------
NET (LOSS) INCOME                                $  (486,947)  $   (63,815)  $   183,598   $  (135,052)
                                                 ===========   ===========   ===========   ===========

NET (LOSS) INCOME PER LIMITED
     PARTNERSHIP UNIT                            $    (35.37)  $     (4.64)  $     13.34   $     (9.81)
                                                 ===========   ===========   ===========   ===========

PARTNERS' DEFICIT:
     Beginning of Period                         $(2,457,988)  $(1,759,182)  $(3,128,533)  $(1,687,945)
     Net (Loss) Income                              (486,947)      (63,815)      183,598      (135,052)
                                                 -----------   -----------   -----------   -----------

     End of Period                               $(2,944,935)  $(1,822,997)  $(2,944,935)  $(1,822,997)
                                                 ===========   ===========   ===========   ===========

</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)
                                   -----------

                                                           Nine Months Ended
                                                        August 31,   August 31,
                                                          1999          1998
                                                          ----          ----


CASH FLOWS FROM OPERATING ACTIVITIES:
     Net Income (Loss)                                  $ 183,598   $(135,052)
     Adjustments to reconcile net income (loss) to
     net cash provided by operating activities:
         Depreciation and amortization                    445,943     379,059
         Removal of liquidation basis entries            (585,461)          0

     Changes in assets and liabilities:
         Increase in accounts receivable                  (33,941)    (18,099)
         Decrease (Increase) in prepaid expenses
           and deposits                                    44,830     (45,302)
         Increase in deferred expenses                     47,877           0
         Increase in current liabilities                  214,500      36,876
                                                        ---------   ---------

         Total Adjustments                                133,748     352,534
                                                        ---------   ---------

             Net cash provided by operating
               activities                                 317,345     217,482
                                                        ---------   ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
     Additions to investment property                    (280,422)   (166,700)
     Additions using Capital Reserve Escrow              (499,535)    (59,687)
                                                        ---------   ---------

             Net cash used in investing activities       (779,957)   (226,387)
                                                        ---------   ---------

CASH FLOWS FROM FINANCING ACTIVITIES:
     Payments on mortgage notes payable                  (142,367)    (77,632)
     Funding on mortgage notes payable                    499,535           0
                                                        ---------   ---------

             Net cash from financing activities           357,168     (77,632)
                                                        ---------   ---------

NET DECREASE IN CASH                                     (105,444)    (86,537)

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

CASH, End of period                                     $ 121,929   $ 241,373
                                                        =========   =========

SUPPLEMENTAL DISCLOSURE OF CASH FLOWS
INFORMATION - Cash paid during the period for interest  $ 718,998   $ 863,320
                                                        =========   =========


                 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 NINE MONTHS ENDED AUGUST 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 August 31, 1999 and for all periods  presented  have been
made. The results for the  three-month  and  nine-month  period ended August 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
and its general  partner  moved to dismiss  the  complaint  on various  grounds,
including the fact that the sale  transaction did not take place.  Plaintiff has
dismissed its federal  securities law claim and claim for injunction against the
sale. The motion to dismiss  remains  pending  before the court.  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  August 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)  were 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 nine month
period ended August 31, 1999.


NOTE E:

The Registrant's  properties are managed by American  Spectrum Midwest (formerly
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 nine months
ended  August 31, 1999 and August 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 Registrant.  Actual
results could differ materially from those contemplated by such statements.

Liquidity and Capital Resources
-------------------------------

Cash on hand as of August 31, 1999 is $121,929, a decrease of $105,444 from year
ended  November 30, 1998.  Cash  produced from  operating  activity for the nine
months ended August 31, 1999 was $317,345.  Capital  additions  were made in the
amount of $280,422 and payments on mortgage  notes in the amount of $142,367 for
this nine month period were made. Capital  expenditures by property  anticipated
for the fourth quarter of 1999 are as follows:

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

         Cobblestone Court               1,000             -0-          1,000
         Woodhollow Apartments             -0-          43,200         43,200
                                       -------         -------        -------
                                       $ 1,000         $43,200        $44,200
                                       =======         =======        =======

At  Cobblestone  Court  Shopping  Center,  Leasing  Capital  consists  of tenant
alterations for an upcoming lease renewal. At Woodhollow  Apartments,  the Other
Capital  consists of expenditures  for new appliances in turnover units,  tennis
court  resurfacing,  and carpet/tile  replacement in turnover units. The capital
renovation  program at  Woodhollow  Apartments  was  completed  during the third
quarter of 1999.  The  capital  items in this  program  were  funded by the debt
agreement effective in November 1998. The total funded for this renovation phase
was $499,535.  The Registrant  reviews cash reserves on a regular basis prior to
beginning  scheduled  capital  improvements.  In the event there is not adequate
funds, the capital improvement will be postponed until such funds are available.

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.  In the interim,  the Registrant is aggressively
pursuing  options  for the sale of  Cobblestone  Court  Shopping  Center  due to
current market conditions.

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 August 31, 1999
the  principal  balance  due is  $13,857,633.  The  remaining  undisbursed  loan
proceeds available for the capital  renovation program at Woodhollow  Apartments
were  disbursed in the third quarter of 1999. 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 August 31, 1999 was 8.1125%.  The loan matures November 30,
2001.

                                       -7-

<PAGE>



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.

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

                                      Woodhollow Apartments    Cobblestone Court
                                      ---------------------    -----------------
           1999
           ----
         Revenues                          $ 600,573              $ 200,040
         Expenses                            991,492                298,017
                                           ---------              ---------
         Net Loss                          $(390,919)             $ (97,977)
                                           =========              =========

           1998
           ----
         Revenues                          $ 607,235              $ 233,141
         Expenses                            627,330                278,938
                                           ---------              ---------
         Net Loss                          $ (20,095)             $ (45,797)
                                           =========              =========

At  Woodhollow  Apartments,  the  operating  results for the third quarter ended
August 31, 1999,  decreased  significantly  when  compared to the third  quarter
ended August 31, 1998.  Revenues  decreased $6,662 primarily due to decreases in
laundry/vending  and corporate unit revenue.  Expenses  increased  $364,162 when
comparing  the two  quarters.  This  increase is primarily due to an increase in
depreciation entries of $288,939.  Woodhollow  Apartments was held for sale from
the period of December 1998 through June 1999.  The  property's  sale status was
halted  effective July 1, 1999 and  liquidation  basis  accounting was reversed.
Commencing in July 1999,  entries were posted to depreciate all new and existing
assets for the previous held for sale period.  All assets have been  depreciated
through the current  third  quarter  ending date.  Expense  increases  were also
reflected  in general and  administrative  payroll  ($13,086),  office  supplies
($2,704),  water/sewer ($10,904),  roof repairs ($8,898),  landscaping ($2,954),
advertising   ($1,799),   corporate  unit  related  expenses  ($10,097),   other
professional fees ($22,992),  and various other operating expenses ($7,534). The
increase  in  payroll  is  primarily  due to  additional  administrative  staff.
Water/sewer  usage and rates have  increased  from that of prior year.  In third
quarter 1999, several small roof repairs were necessary throughout the property.
Corporate  unit expenses have  increased in relation to the increased  corporate
income.  The increase in  professional  fees can be  attributed to the cost of a
property  appraisal  and  fees  related  to  the  partnership  and  all  pending
litigation issues.

At Cobblestone  Court, the net loss for the third quarters ended August 31, 1999
and 1998 was ($97,977) and ($45,797), respectively. The increase in the net loss
is  attributable  to decreases in revenue and an increase in expenses.  Revenues
decreased  $33,101 when comparing the third quarter of 1999 to the third quarter
of 1998.  The  decrease in revenues is primarily  attributable  to a decrease in
occupancy.  Decreases were reflected in base rental  revenue  ($21,099),  common
area  maintenance   reimbursement   ($9,330),   and  utility  reimbursement  and
miscellaneous rental revenue ($10,366). These decreases were partially offset by
an increase in percentage rent ($6,214).  The decrease in  miscellaneous  rental
revenue  can be  attributed  to  the  lack  of  vacant  space  used  by  outside
organizations on a temporary basis as in 1998.  Expenses  increased  $19,079 for
the  third  quarter  of 1999 as  compared  to the third  quarter  of 1998 due to
increases in  professional  fees ($56,618) and  amortization  expense  ($4,290).
These increases were partially offset by decreases in cleaning  ($4,828),  water
($3,594), gas service ($2,084),  real estate tax expense ($11,854),  tax penalty

                                       -8-

<PAGE>



expense ($13,854),  and interest ($4,652). The increase in professional fees can
be attributed to an appraisal  done at the property,  architect  fees, and costs
related to the pending  sale and  partnership  litigation.  The decrease in real
estate tax is due to a lower 1999  annual tax bill and the  related  decrease in
tax penalties can be attributed to a timely payment of the first  installment of
the 1999 real estate tax.

The occupancy  levels at the  Registrant's  properties  during the third quarter
remained  consistent at both  Cobblestone  Court and Woodhollow  Apartments from
that of the prior  quarter.  The occupancy  levels at August 31, 1999,  1998 and
1997 are as follows:

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


Cobblestone Court Shopping Center                   54%       63%        69%
Woodhollow Apartments                               91%       93%        96%

At Cobblestone  Court Shopping Center,  there was no leasing activity during the
third  quarter.  The  Registrant is actively  seeking new tenants on a continual
basis even with the current  sale status of the  property.  The property has two
major tenants that occupy  approximately  26% and 9% of the  available  space on
leases that expire January 2001 and April 2001, respectively.

At Woodhollow  Apartments  the occupancy  remained  consistent at 91% during the
quarter. The Registrant  anticipates  occupancy to increase above 95% during the
4th 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 completed.

The  Registrant  reviews  long-lived  assets for impairment  whenever  events or
changes in circumstances indicate that the carrying amount of a property may not
be  recoverable.  The  Registrant  considers a history of operating  losses or a
change in  occupancy  to be primary  indicators  of  potential  impairment.  The
Registrant  deems the  Property to be  impaired  if a forecast  of  undiscounted
future operating cash flows directly related to the Property, including disposal
value, if any, is less than its carrying  amount.  If the Property is determined
to be impaired,  the loss is measured as the amount by which the carrying amount
of the  Property  exceeds its fair value.  Fair value is based on quoted  market
prices  in  active  markets,  if  available.  If quoted  market  prices  are not
available,  an  estimated  of  fair  value  is  based  on the  best  information
available,  including prices for similar  properties or the results of valuation
techniques  such  as  discounting  estimated  future  cash  flows.  Considerable
management  judgement is necessary to estimate fair value.  Accordingly,  actual
results could vary significantly from such estimates.

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

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  August 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)  were 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 nine month
period ended August 31, 1999.

For the three and nine month  periods  ended August 31, 1999,  the  Registrant's
consolidated  revenues  were  $802,586 and  $2,463,487,  respectively.  Revenues
decreased  $39,927  for the three month  period  when  compared to that of prior
year.  This  decrease in revenues can  primarily be  attributed  to decreases in
common area maintenance  reimbursements ($9,330),  miscellaneous rental revenues
($10,366),  base rental revenue ($21,099),  and corporate rent revenue ($6,007).
These decreases were partially  offset by an increase in percentage rent revenue
($6,214).  The  decreases  and  increase in revenues  can be  attributed  to the
reasons  mentioned  previously  in the  property  comparisons.  The  decrease in
revenue of $57,545 for the nine month  period is due to  decreases  in base rent
($65,644),   common   area   maintenance   reimbursement   ($51,938),    utility
reimbursement   ($2,435),   real  estate  tax   reimbursement   ($20,531),   and
miscellaneous  rental revenue  ($6,941) at Cobblestone  Court and  miscellaneous
resident  fees ($4,622) at Woodhollow  Apartments.  The decreased  revenues were
partially offset by increases in percentage rent ($25,169) at Cobblestone  Court
and gross  potential  rent  ($50,466)  and corporate  rent revenue  ($18,931) at
Woodhollow  Apartments.  The decreases in revenue at Cobblestone Court primarily
attributable  to  the  lower  occupancy   level.  The  common  area  maintenance
reimbursement  decrease is due to the amount of 1998 reimbursable  expenses. The
increase in percentage  rent is due to higher reported sales by tenants in 1999.
The  increase in gross  potential  rent is due to  increased  rental rates and a
stronger occupancy level in the first quarter.  The additional corporate revenue
was addressed in the property comparisons.

Consolidated  expenses  for the three months ended August 31, 1999 and the three
months ended August 31, 1998 were  $1,289,534  and $906,328,  respectively.  The
increase of $383,206 for the period can be primarily  attributable  to increases
in depreciation  ($293,211),  payroll ($13,935),  cleaning ($12,051),  utilities
($7,521),  professional  fees  ($84,148),  and corporate  unit related  expenses
($10,097).  These  increases  were  partially  offset by  decreases  in interest
expense ($10,398) and real estate tax ($25,201). The increase in depreciation is
due to recording year to date 1999  depreciation  in third quarter at Woodhollow
Apartments as mentioned in the property comparisons.  The increase in payroll is
due to additional  administrative staff at Woodhollow.  The increase in cleaning
is primarily  attributable to turnover costs, also at Woodhollow.  The increased
professional  fees  can be  attributed  to  additional  costs  incurred  at both
properties for appraisals and pending sale and  partnership  litigation  issues.
The corporate  unit expense  increase has also been  previously  addressed.  The
decreased  interest  expense is due to a more favorable  interest rate with loan
refinancing effective November 1998. The real estate tax expense decrease is due
to a lower  assessment  and tax  billing  in 1999  at  Cobblestone  Court.  When
comparing the nine months ended August 31, 1999 and 1998,  consolidated expenses
were  $2,279,889  and  $2,656,084,  respectively.  The  decrease of $376,195 can
primarily be attributed to the reversal of liquidation basis entries ($585,461),
reflected in other operating expenses. Decreases were also reflected in interest
($49,526),  real estate tax expense ($59,849),  management fee expense ($6,480),
and  insurance  ($5,603).  These  decreased  expenses were  partially  offset by
increases in depreciation  ($66,884),  payroll  ($34,258),  cleaning  ($21,994),
utilities  ($6,688),  professional  fees  ($164,192),  corporate  unit  expenses
($23,298), and  other  operating  expenses ($12,158).  The decrease in  interest

                                      -11-

<PAGE>



expense  is  due  to  lower  interest   rates,  as  mentioned  in  the  property
comparisons.  The  decrease  in real estate tax  expense  and the  increases  in
depreciation,  payroll, cleaning,  professional fees, and corporate unit expense
were  addressed  above in the three  month  comparison.  The  increase  in other
operating  expenses is  primarily  due to  increased  snow  removal in the first
quarter.

1998 Comparisons
----------------

As of August 31, 1998, the  Registrant's  consolidated  revenues for the quarter
ended  are  $842,513  and for the nine  month  period  ended  August  31,  1998,
consolidated revenues are $2,521,032.  Revenues for the corresponding periods in
1997 were $849,036 and  $2,545,827.  Revenues  decreased  $6,523 for the quarter
ended  August 31, 1998 and  decreased  $24,795 for the nine month  period  ended
August 31, 1998 when  compared to the  corresponding  periods of the prior year.
The slight decrease in revenues can be primarily attributable to the decrease in
occupancy at Cobblestone Court Shopping Center.

Consolidated  expenses for the quarter ended August 31, 1998 and August 31, 1997
were $906,328 and $898,992,  respectively,  indicating an increase of $7,336 for
the third quarter 1998 when  compared to that of prior period.  For the quarter,
expenses  increased in  depreciation  ($7,102),  repairs & maintenance  expenses
($6,830),  payroll expenses  ($15,849),  and professional fees ($21,995).  These
increases  were  partially  offset by  decreases  in real estate tax  ($11,243),
insurance  expense  ($3,919),  cleaning expense  ($3,734),  utilities  ($1,764),
corporate  unit expenses  ($1,841),  renovation  expenses  ($12,083),  and other
operating expenses ($10,135).

Consolidated expenses for the nine month period ended August 31, 1998 and August
31, 1997 were $2,656,084 and $2,677,163, respectively,  indicating a decrease of
$21,079  when  compared to prior  period.  For the nine month  period,  expenses
decreased in insurance  ($6,425),  real estate tax ($14,359),  cleaning  expense
($2,527), utilities ($10,149), renovation expense ($23,118), and other operating
expenses  ($52,883).  These  decreases  were  partially  offset by  increases in
interest  expense  ($15,678),  depreciation  ($24,296),  repairs and maintenance
($13,172),   and  payroll  ($33,588).   The  other  operating  expense  decrease
represents  decreases in parking lot expenses ($6,648),  snow removal ($36,993),
and trash removal ($7,632). The increase in payroll expense can be attributed to
additional personnel.

Inflation
---------

The effects of inflation  did not have a material  impact upon the  Registrant's
operation  in  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
and its general  partner  moved to dismiss  the  complaint  on various  grounds,
including the fact that the sale  transaction did not take place.  Plaintiff has
dismissed its federal  securities law claim and claim for injunction against the
sale. The motion to dismiss  remains  pending  before the court.  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 on Page 14

         (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:    October 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)

                                      -14-