<PAGE> 1
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, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ...................... To ......................
Commission file number 0-11023
NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.
...............................................................................
(Exact name of Registrant as specified in its charter)
Missouri 43-1250566
........................................... ..................................
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
7701 Forsyth Boulevard, St. Louis, Missouri 63105
........................................... ..................................
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (314) 863-7700
...............................................................................
Former name, former address and former fiscal year,
if changed since last report.
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes [X] No [ ].
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDING DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Sections 12,13, or 15 (d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court. Yes [ ] No [ ]
APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares
outstanding of each of the issuer's classes of common stock, as of the latest
practicable date .....................
Page 1 of 13 Pages
<PAGE> 2
PART I
ITEM 1 - FINANCIAL STATEMENTS:
- ------------------------------
<TABLE>
NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.
-----------------------------------------
(A LIMITED PARTNERSHIP)
-----------------------
BALANCE SHEETS
--------------
<CAPTION>
August 31, November 30,
1995 1994
(Unaudited)
------------ ------------
<S> <C> <C>
ASSETS:
Cash and short-term investments $ 420,810 $ 363,649
Accounts receivable 75,740 122,744
Prepaid expenses and deposits 38,008 35,649
Investment property, at cost:
Land 2,219,236 2,219,236
Buildings and improvements 17,904,613 17,817,235
------------ ------------
20,123,849 20,036,471
Less accumulated depreciation 9,288,883 8,865,810
------------ ------------
10,834,966 11,170,661
Deferred expenses-At amortized cost 101,162 97,291
------------ ------------
$11,470,686 $11,789,994
============ ============
LIABILITIES AND PARTNERS' DEFICIT
Liabilities:
Accounts payable and accrued expenses $ 213,069 $ 299,200
Mortgage notes payable 12,653,980 12,721,302
Refundable tenant deposits 96,343 93,121
------------ ------------
12,963,392 13,113,623
------------ ------------
Partners' Deficit (1,492,706) (1,323,629)
------------ ------------
$11,470,686 $11,789,994
============ ============
</TABLE>
<PAGE> 3
<TABLE>
NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.
-----------------------------------------
(A LIMITED PARTNERSHIP)
-----------------------
STATEMENTS OF OPERATIONS AND PARTNERS' DEFICIT
----------------------------------------------
(UNAUDITED)
-----------
<CAPTION>
Three Months Ended Nine Months Ended
-------------------------- --------------------------
August 31, August 31, August 31, August 31,
1995 1994 1995 1994
As Restated As Restated As Restated As Restated
See Note E See Note E See Note E See Note E
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
REVENUES:
Rental and other income $ 817,410 $ 827,258 $ 2,478,776 $ 2,422,927
Interest 1,080 1,006 2,798 2,553
------------ ------------ ------------ ------------
$ 818,490 $ 828,264 $ 2,481,574 $ 2,425,480
EXPENSES:
Interest 288,997 302,175 866,265 914,815
Depreciation and amortization 148,314 190,260 477,624 578,419
Real estate taxes 80,573 124,642 340,409 382,158
Property management fees paid to
Nooney Krombach Company 43,605 44,318 132,931 129,856
Reimbursement to Nooney Krombach Company for
partnership management services and indirect
expenses 10,000 10,000 30,000 30,000
Other operating expenses 283,671 238,761 803,422 743,979
------------ ------------ ------------ ------------
855,160 910,156 2,650,651 2,779,227
------------ ------------ ------------ ------------
NET LOSS $ (36,670) $ (81,892) $ (169,077) $ (353,747)
============ ============ ============ ============
NET LOSS PER LIMITED PARTNERSHIP UNIT $ (2.66) $ (5.95) $ (12.28) $ (25.69)
============ ============ ============ ============
PARTNERS' DEFICIT:
Beginning of Period $(1,456,036) $(1,190,312) $(1,323,629) $ (918,457)
Net Loss (36,670) (81,892) (169,077) $ (353,747)
------------ ------------ ------------ ------------
End of Period $(1,492,706) $(1,272,204) $(1,492,706) $(1,272,204)
============ ============ ============ ============
</TABLE>
<PAGE> 4
<TABLE>
NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.
-----------------------------------------
(A LIMITED PARTNERSHIP)
-----------------------
STATEMENTS OF CASH FLOWS
------------------------
(UNAUDITED)
-----------
<CAPTION>
Three Months Ended Nine Months Ended
-------------------------- --------------------------
August 31, August 31, August 31, August 31,
1995 1994 1995 1994
As Restated As Restated As Restated As Restated
See Note E See Note E See Note E See Note E
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES:
Net Loss $ (36,670) $ (81,892) $(169,077) $(353,747)
Adjustments to reconcile net loss to net cash
provided by operating activities:
Depreciation and amortization 148,314 190,260 477,624 578,419
Changes in assets and liabilities:
Decrease (Increase) in accounts receivable 50,569 (49,800) 47,004 (47,959)
Increase in deferred expenses (10,493) (23,703) (19,234) (29,652)
Decrease (Increase) in prepaid expenses and
deposits 7,582 24,616 (2,359) (21,398)
Increase (Decrease) in accounts payable
and accrued expenses 46,779 88,668 (86,131) 12,327
Increase in refundable tenant deposits 2,311 6,134 3,222 10,160
------------ ------------ ------------ ------------
Total Adjustments 245,062 236,175 420,126 501,897
------------ ------------ ------------ ------------
Net cash provided by operating activities 208,392 154,283 251,049 148,150
------------ ------------ ------------ ------------
CASH FLOWS USED IN INVESTING ACTIVITIES:
Addition to investment property (50,861) (42,294) (126,565) (103,394)
------------ ------------ ------------ ------------
Net cash used in investing activities (50,861) (42,294) (126,565) (103,394)
CASH FLOWS USED IN FINANCING ACTIVITIES:
Payments on mortgage notes payable (16,784) (31,869) (67,323) (106,466)
------------ ------------ ------------ ------------
Net cash used in financing activities (16,784) (31,869) (67,323) (106,466)
------------ ------------ ------------ ------------
NET INCREASE (DECREASE) IN CASH 140,747 80,120 57,161 (61,710)
CASH, Beginning of period 280,063 207,928 363,649 349,758
------------ ------------ ------------ ------------
CASH, End of period $420,810 $288,048 $ 420,810 $ 288,048
============ ============ ============ ============
</TABLE>
<PAGE> 5
NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.
-----------------------------------------
(A LIMITED PARTNERSHIP)
-----------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
THREE AND NINE MONTHS ENDED AUGUST 31, 1995 AND 1994
----------------------------------------------------
NOTE A:
Refer to the Registrant's financial statements for the year ended November 30,
1994, which are contained in the Registrant's Annual Report on Form 10-K, for a
description of the accounting policies which have been continued without change
except as noted below. Also, refer to the footnotes to those statements for
additional details of the Registrant's financial condition. The details in
those notes have not changed except as a result of normal transactions in the
interim or as noted below.
NOTE B:
The financial statements include only those assets, liabilities, and results of
operations of the partners which relate to the business of Nooney Real Property
Investors-Four, L.P. The statements do not include assets, liabilities,
revenues or expenses attributable to the partners' individual activities. No
provision has been made for federal and state income taxes since these taxes
are the responsibility of the partners. In the opinion of the general
partners, all adjustments (which include only normal recurring adjustments)
necessary to present fairly the financial position, results of operations and
changes in financial position at August 31, 1995 and for all periods presented
have been made.
NOTE C:
The Registrant's properties are managed by Nooney Krombach Company, a wholly-
owned subsidiary of Nooney Company. Certain individual general partners of the
Registrant are officers and directors of Nooney Company. Nooney Four Capital
Corp., a general partner, is a 75% owned subsidiary of Nooney Company.
NOTE D:
The loss per limited partnership unit for the three and nine months ended
August 31, 1995 and 1994 was computed based on 13,529 units, the number of
units outstanding during the periods.
NOTE E:
Subsequent to the filing of the 1994 10-Q's, the Registrant's management
determined that certain adjustments were not properly reflected in the
quarterly financial statements. The adjustments were as follows:
(i) Depreciation expense had previously been overstated as a result of a
computational error. The adjustment in 1994 results in a reduction of
depreciation expense and an increase in net income of $8,819 for each
of the quarters ended February 28, 1994, May 31, 1994 and August 31,
1994. The aforementioned adjustment was properly reflected in the
November 30, 1994 financial statements. The adjustment in 1995 results
in a reduction of depreciation expense and an increase in net income
of $4,744 for the quarters ended February 24, 1995, and May 31, 1995.
<PAGE> 6
The aforementioned adjustment was properly reflected in the August 31,
1995 financial statements.
(ii) Net loss per limited partnership unit amounts have also been restated
to reflect an error made in the previous per unit calculations.
ITEM 7: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
- ---------------------------------------------------------
Liquidity and Capital Resources
- -------------------------------
Cash on hand as of August 31, 1995 is $420,810 an increase of $57,161 from
year end November 30, 1994. The increase in cash for the nine month period
ended August 31, 1995 is the result of the operations of the Registrant's
properties. Cash flow provided by operating activities is $251,049, an
increase from the prior nine month period of $102,899. The increase in
operational cash flow is attributable to increased rental income and decreases
in interest expense and real estate taxes. These favorable trends were offset
by increases in other operating expenses. The Registrant expects the cash flow
provided by operations to be adequate to fund the anticipated real estate tax
payments and any additional capital expenditures. The anticipated capital
expenditures by property are as follows:
<TABLE>
<CAPTION>
Leasing Other
Capital Capital Total
---------- ---------- ----------
<S> <C> <C> <C>
Woodhollow $ -0- $ 3,900 $ 3,900
Cobblestone 11,000 -0- 11,000
---------- ---------- ----------
$ 11,000 $ 3,900 $ 14,900
========== ========== ==========
</TABLE>
During the last quarter of 1995, approximately $14,900 of capital
expenditures are expected. The capital to be expended at Woodhollow is
necessary to improve the properties' overall appearance (i.e., balcony and
building repairs). At Cobblestone Court, additional leasing capital for lease
commissions and tenant alterations will be necessary.
During 1994, the Registrant successfully negotiated with the first mortgage
lender on Woodhollow Apartments, an extension of the maturity of its note,
which matured August 1, 1994. Under the modification, the note, with a
principal balance of $8,276,961, was extended for an additional seven years
reducing the interest rate from 10-3/8% to 9-1/8%. During the first three
years, the payments are interest only, thereafter the Registrant will pay
principal based on a 15-year amortization schedule. In connection with the
refinancing, the Registrant was required to establish a capital reserve escrow
account to fund certain deferred capital improvements including new siding,
parking lot upgrades and common area renovations estimated to cost
approximately $900,000. The refinancing of the first mortgage of Woodhollow
reduced its annual debt service by approximately $170,000. In addition, rental
rates are increasing as the apartment market continues to strengthen. Due to
<PAGE> 7
the foregoing factors, the Registrant will fund deferred capital improvements
from cash flow from operations over a three-to-five year period if occupancy
and rental rates remain level or improve.
During the third quarter of 1995, the State of Missouri passed a law that
would affect the classification of certain commercial properties. These
certain commercial properties would have their property classification changed
from commercial to residential thus reducing their assessment rate from 32% to
19%. Woodhollow Apartments qualified under the new law, resulting in a real
estate tax reduction of approximately 38%. The savings recognized will be
placed into the property's capital reserve escrow.
During the second quarter of 1995, the Registrant was able to extend the
first mortgage debt through September 1, 1995 upon notification that the
significant tenant who occupies approximately 26% of the available space
exercised their option for an additional five year lease period. During the
third quarter, the Registrant obtained an additional extension through December
31, 1995. The intent of the first mortgage lender is to extend the loan for
short periods of time to allow time for the Registrant to place the first
mortgage debt with another lender. The current first mortgage debt holder has
informed the Registrant that they will not renew the loan due to their
underwriting standards relating to loan size. Since that time, the Registrant
has had unsuccessful negotiations with other potential lenders in an effort to
move the existing debt.
Subsequent to the end of the third quarter the Registrant executed
extensions on the second deeds of trust secured by Cobblestone Court and
Woodhollow Apartments through December 31, 1995. The terms and conditions of
the extension have not changed from those of previous extensions.
The future liquidity of the Registrant is dependent on its ability to fund
future capital expenditures and mortgage payments from operations and cash
reserves, maintain occupancy and negotiate with lenders the refinancing of
mortgage debt as it matures. Until such time as the real estate market
recovers and profitable sale of the properties is feasible, the Registrant will
continue to manage the properties to achieve its investment objectives.
<PAGE> 8
Results of Operations
- ---------------------
The results of operations for the Registrant's properties for the quarters
ended August 31, 1995 and 1994 are detailed in the schedule below. The
information contained in the schedule is the result of operations for each
individual property. Expenses of the Registrant are excluded.
<TABLE>
<CAPTION>
Woodhollow Cobblestone
Apartments Court S.C.
----------- -----------
<S> <C> <C>
1995
- ----
Revenues $ 545,291 $ 272,334
Expenses 563,565 285,816
----------- -----------
Net Income $ (18,274) $ (13,482)
=========== ===========
1994
- ----
Revenues $ 531,315 $ 295,869
Expenses 623,127 286,610
----------- -----------
Net Income $ (91,812) $ 9,259
=========== ===========
</TABLE>
At Woodhollow Apartments the net loss for the quarter ended August 31, 1995
and 1994 are $18,274 and $91,812, respectively. The improvement in operating
results from quarter ended August 31, 1994 can be attributable to increased
revenues resulting from higher furniture rental income along with decreases in
interest expense due to the first mortgage debt refinancing, decreased real
estate taxes due to the law change in the State of Missouri and decreases in
depreciation and amortization resulting from certain capital expenditures
becoming fully depreciated and/or amortized.
The operating results of Cobblestone Court for the quarter ended August 31,
1995 is a net loss of $13,482 compared to net income of $9,259 for the quarter
ended August 31, 1994. The decrease in net income at Cobblestone Court relates
to the decline in common area maintenance and tax recovery income. Common area
maintenance recovery income decreased due to an overall decrease in expenses
that can be passed through to the tenant. These expenses decreased by
approximately $14,000 from 1993 to 1994. The decrease in tax recovery income
relates to the recovery of a fee paid in 1994 for the reduction of the
property's real estate taxes. In 1994 the property recovered the fee as it was
paid, in 1995 no fee was recovered as a fee was not paid. The fee paid and
recovered in 1994 was approximately $11,000.
<PAGE> 9
The occupancy levels at the Registrant's properties during the third
quarter remained at a relatively high level. The market for the Woodhollow
Apartments remained strong. The occupancy levels at August 31 are as follows:
<TABLE>
<CAPTION>
PROPERTY Occupancy Rates at August 31,
- ------------------------------------------------ -----------------------------
1995 1994 1993
-------- -------- --------
<S> <C> <C> <C>
Woodhollow Apartments 96% 96% 95%
Cobblestone Court S.C. 92% 99% 93%
</TABLE>
At Woodhollow Apartments the occupancy remained constant when comparing
August 31, 1995 to May 31, 1995 and August 31, 1994 statistics. The Registrant
attributes the consistently high occupancy level at Woodhollow Apartments to
increasing demand for apartments without a comparable increase in supply. The
Registrant expects this trend to continue.
As previously disclosed, the Registrant received verbal notification from a
major tenant who occupies approximately 26% of the available space that they
are exercising their option for an additional five years commencing December 1,
1995. Leasing activity in the third quarter netted a decrease in occupancy of
6% or 5,823 square feet. The Registrant renewed 3,167 square feet, obtained no
new leases and one tenant vacated 5,823 square feet during the third quarter.
1995 Comparisons
- ----------------
As of August 31, 1995, the Registrant's consolidated revenues are $818,490
for the quarter ended and $2,481,574 for the nine month period ended. The
revenues have decreased approximately 1.2% for the quarter ended and increased
approximately 2.3% for the nine month period ended compared to the same periods
ended August 31, 1994.
At Woodhollow Apartments revenues have increased by approximately $13,975
and $48,056 for the quarter ended and nine month period ended August 31, 1995
when compared to the same periods in 1994. The cause of the quarterly increase
relates to furniture rental income which had an increase of $10,753 and rental
income with an increase of $3,222. The increase in furniture rental income is
due to a greater demand by corporate users who require furnished units. Rental
income increased due to general strengthening of the apartment market due to
increased demand without the corresponding increase in supply. The revenues
for the nine month period ended August 31, 1995 increased from the same period
in 1994 due to the following: furniture rental income $20,039; rental income
$23,957; remaining income categories $4,060. As previously discussed, the
furniture rental income increased due to greater demand by corporate users and
the same can be said about net rental income. With the demand increasing for
apartment units without the corresponding increase in supply, the Registrant
has been able to increase per unit rental rates and/or reduce rent concessions
over the period from August 31, 1994 to August 31, 1995.
<PAGE> 10
At Cobblestone Court for the quarter ended August 31, 1995 revenues
decreased by $23,537 and for the nine month period ended August 31, 1995
revenues increased by $7,951 when compared to the same periods ended August 31,
1994. As previously stated, the significant decrease in quarterly income can
be attributable to a decline in common area maintenance and real estate tax
recovery income. For the nine month period ended, revenues increased due to
increases in rental income and tax recovery income offset by a decrease in
common area maintenance income. The increases in rental income relates to a
strengthening market and the Registrant's ability to negotiate rent increases
on new leases and renewals. The increase in real estate tax recovery income
relates to a corresponding increase in real estate tax expense. Increases in
real estate tax expenses are directly passed through to the tenants. The
decrease in common area maintenance recovery income relates to an overall
decrease in expenses that can be passed through to the tenant. These expenses
decreased by approximately $14,000 from 1993 to 1994.
As of August 31, 1995, the Registrant's consolidated expenses for the
quarter ended and nine month period ended are $855,160 and $2,650,651,
respectively. When compared to the same periods ended August 31, 1994
consolidated expenses decreased $54,996 and $128,576, respectively.
Consolidated expenses decreased due to decreases in interest expense,
depreciation and amortization and real estate taxes offset by increases in
other operating expenses.
Interest expense for the quarter ended and nine month period ended
August 31, 1995 decreased $13,178 and $48,550, respectively when compared to
the same periods ended August 31, 1994. The decrease in interest expense can
be attributable to the refinancing of the first mortgage debt on Woodhollow
Apartments. To offset the decrease in interest expense due to the refinancing
were increases in interest expense on the Registrant's floating rate debt.
Depreciation and amortization for the quarter ended and nine month period
ended August 31, 1995 decreased $41,946 and $100,795, respectively when
compared to the same periods ended August 31, 1994. The decrease in
depreciation and amortization relates to certain capital expenditures (lease
commissions, tenant alterations and building improvements) at the Registrant's
properties becoming fully depreciated and/or amortized offset by additional
capital expenditures at Woodhollow Apartments.
The decrease in real estate tax expense is due to a law passed that
affected the classification of Woodhollow apartments. The apartments changed
from a commercial property classification to a residential property
classifications thus reducing their assessment rate from 32% to 19%. This
classification change resulted in a real estate tax reduction of approximately
38%.
The increase in other operating expenses for the quarter ended and nine
month period ended August 31, 1995 when compared to the same periods ended
August 31, 1994 are $44,910 and $59,443, respectively. The following schedule
below outlines the properties and expense categories that cause the
increase/(decrease) in other operating expenses for the quarter ended and nine
month period ended August 31, 1995.
<PAGE> 11
<TABLE>
Quarter Ended Nine month period ended
August 31, 1995 August 31, 1995
------------------------ ------------------------
Cobblestone Woodhollow Cobblestone Woodhollow
Court Apartments Court Apartments
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Administrative (6,976) 3,604 (15,315) 14,325
Advertising --------- (2,897) --------- (1,185)
Cleaning 2,714 614 2,465 2,315
Electric 2,991 4,732 1,585 4,426
Insurance (4,114) 4,114 --------- 1,818
Furniture Expense --------- 4,995 --------- 8,314
Parking Lot Expenses 2,147 2,429 13,927 10,333
Professional Services (3,221) 7,517 3,118 35,862
Repairs & Mainten. 5,504 6,974 2,611 15,213
Trash Removal 1,767 --------- 1,802 ---------
Swimming Pool --------- (1,119) --------- (4,356)
Other Expenses --------- 6,634 --------- (8,547)
Property Totals 812 37,597 10,193 78,518
Decrease in Nooney Real 6,501 (29,268)
Property Investors-Four,
L.P. expenses
Consolidated total 44,910 59,443
</TABLE>
As presented on the financial statements for the quarter ended and nine
month period ended August 31, 1995 the increase in other operating expenses is
$44,910 and $59,443, respectively.
1994 Comparisons
- ----------------
On a consolidated basis, gross revenues for the quarter ended August 31,
1994 decreased from $838,000 to $828,000 when compared to the previous year.
For the nine months ended August 31, gross revenues decreased from $2,546,000
in 1993 to $2,425,000 in 1994. These decreases were largely attributable to
the disposal of Quad I Warehouse during the third quarter of 1993. Quad I's
revenues for the three and nine months ended August 31, 1993 were $60,000 and
$229,000, respectively. Revenues at Cobblestone Court increased from $285,000
in 1993 to $296,000 in 1994 for the quarter ending August 31, 1994. This
increase is mainly a result of an increase in minimum rent due to increased
occupancy. Year-to-date revenues increased from $851,000 to $873,000 due to
increases in minimum rent, percentage rent and tax participation recoveries
partially offset by a decrease in operating expense recoveries. Revenues at
Woodhollow Apartments increased $41,479 and $86,518 for the quarter and nine
month period ended August 31, 1994 when compared to same period ended
August 31, 1993. The quarterly and year-to-date increases are due to fewer
rent concessions given in 1994 and an increase in miscellaneous rental fees.
Consolidated operating expenses for the quarter ended and nine month period
ended August 31, 1994 are $918,975 and $2,805,684, respectively. The
<PAGE> 12
consolidated expenses increased $192,859 and $26,955 for the quarter ended and
nine month period ended August 31, 1994 when compared to the same periods ended
August 31, 1993. The increase in consolidated expenses for the quarter ended
can be attributable to the gain recognized in the third quarter of 1993 for the
sale of the Quad I's property. The $267,455 gain reduced 1993's expenses
whereas in 1994 an offset to expenses such as a gain of the sale of an asset
was not completed. Without consideration of the Quad I gain on sale
consolidated expenses decreased $74,596 for the quarter ended and $240,500 for
nine month period ended August 31, 1994 when compared to the same periods ended
August 31, 1993. The quarterly and nine month ended decreases is attributable
to decreases in interest expense, depreciation and amortization and other
operating expenses. Interest expense and depreciation and amortization
expenses decreases relate to the sale of the Quad I property. When Quad I sold
in the third quarter of 1993, the related debt was extinguished thus the
Registrant incurred no interest expense during 1994. With the sale,
depreciation and amortization expense relating to the Quad I assets was no
longer incurred in 1994. Other operating expenses for the quarter ended
decreased due to the Quad I sale offset by an increase at Woodhollow
Apartments. The increases at Woodhollow Apartments are a result of increases
in administrative costs, tenant related expenses, water and sewer expenses
offset by decreases in cleaning and professional services. Other operating
expenses for the nine month period ended decreased due to the Quad I sale
offset by increases at Woodhollow Apartments and Cobblestone Court. The
increase in expenses at Woodhollow Apartments for the nine month period
resulted from similar causes as noted in the quarterly changes. At Cobblestone
Court the increases can be attributable to increases in real estate taxes and
water expenses offset by decreases in snow removal, parking lot expenditures
and electric.
Inflation
- ---------
The effects of inflation did not have a material impact upon the
Registrant's operation in fiscal 1994 and are not expected to materially affect
the Registrant's operation in 1995.
<PAGE> 13
PART II. OTHER INFORMATION
- ---------------------------
Item 6. Exhibits and Reports on Form 8-K
- ----------------------------------------
(a) Exhibits
Exhibit 27 -- Financial Data Schedule (provided for the information
of the Securities and Exchange Commission only)
(b) Reports on Form 8-K
None
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.
Dated: October 13, 1995 By: /s/ Gregory J. Nooney, Jr.
-----------------------------------------
Gregory J. Nooney, Jr.
General Partner
NOONEY CAPITAL CORPORATION
By: /s/ Gregory J. Nooney, Jr.
-----------------------------------------
Gregory J. Nooney, Jr.
Chairman
By: /s/ Patricia A. Nooney
-----------------------------------------
Patricia A. Nooney
Senior Vice President and Secretary
BEING A MAJORITY OF DIRECTORS
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS FOR NOONEY REAL PROPERTY INVESTORS-FOUR, L.P. AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000700720
<NAME> NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> NOV-30-1995
<PERIOD-START> DEC-01-1994
<PERIOD-END> AUG-31-1995
<CASH> 290,138
<SECURITIES> 0
<RECEIVABLES> 106,423
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 396,561
<PP&E> 20,056,914
<DEPRECIATION> 9,027,141
<TOTAL-ASSETS> 11,554,892
<CURRENT-LIABILITIES> 277,679
<BONDS> 12,696,055
<COMMON> 0
0
0
<OTHER-SE> (1,418,842)
<TOTAL-LIABILITY-AND-EQUITY> 11,554,892
<SALES> 809,867
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<CGS> 618,003
<TOTAL-COSTS> 618,003
<OTHER-EXPENSES> 0
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<INTEREST-EXPENSE> 287,079
<INCOME-PRETAX> (95,215)
<INCOME-TAX> 0
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<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (95,215)
<EPS-PRIMARY> (6.92)
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</TABLE>
