SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 10-Q
(Mark One)
_X_ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarter period ended February 28, 1999
----------------------------------------------------
OR
___ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from To
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Commission file number 0-11023
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NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.
- --------------------------------------------------------------------------------
(Exact name of Registrant as specified in its charter)
Missouri 43-1250566
- ------------------------------- -------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
500 N. Broadway, Suite 1200, St. Louis, Missouri 63102
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (314) 206-4600
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(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
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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
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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
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PART I
ITEM 1 - FINANCIAL STATEMENTS:
NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.
(A LIMITED PARTNERSHIP)
STATEMENTS OF NET LIABILITIES IN LIQUIDATION
(LIQUIDATION BASIS)
February 28, November 30,
1999 1998
(Unaudited)
------------ ------------
ASSETS:
Cash $ 301,628 $ 227,373
Accounts receivable 91,926 106,023
Investment property held for sale 17,607,127 17,585,000
------------ ------------
$ 18,000,681 $ 17,918,396
============ ============
LIABILITIES AND PARTNERS' DEFICIT
Liabilities:
Deferred gain on real estate asset $ 7,200,029 7,200,029
Reserve for estimated costs during the
period of liquidation 10,000 10,000
Accounts payable and accrued expenses 226,919 263,459
Accrued real estate taxes 58,935 0
Mortgage notes payable 13,453,010 13,500,465
Refundable tenant deposits 76,577 72,976
------------ ------------
Total Liabilities 21,025,470 21,046,929
------------ ------------
Net Liabilities in Liquidation $ (3,024,789) $ (3,128,533)
============ ============
SEE NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
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<PAGE>
NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.
(A LIMITED PARTNERSHIP)
STATEMENT OF INCOME IN LIQUIDATION
QUARTER ENDED FEBRUARY 28, 1999 (LIQUIDATION BASIS)
AND STATEMENTS OF OPERATIONS AND PARTNERS' DEFICIT
QUARTER ENDED FEBRUARY 28, 1998 (GOING-CONCERN BASIS)
(UNAUDITED)
Three Months Ended
February 28, February 28,
1999 1998
----------- -----------
REVENUES:
Rental and other income $ 814,606 $ 848,303
Interest 56 434
----------- -----------
814,662 848,737
EXPENSES:
Interest 274,690 287,568
Depreciation and amortization 0 123,592
Real estate taxes 59,096 102,271
Property management fees paid to Nooney, Inc. 39,666 45,207
Reimbursement to Nooney, Inc. for partnership
management services and indirect expenses 10,000 10,000
Cleaning 22,705 14,733
Utilities 29,651 34,775
Repairs & Maintenance 30,714 43,634
Snow Removal 37,704 19,869
Payroll 69,102 54,456
Professional Fees 65,919 16,954
Insurance 0 21,547
Other operating expenses 71,671 71,760
----------- -----------
710,918 846,366
----------- -----------
NET INCOME FROM OPERATIONS $ 103,744 $ 2,371
=========== ===========
DEFICIENCY IN ASSETS/NET LIABILITIES IN
LIQUIDATION-BEGINNING OF PERIOD $(3,128,533) $(1,687,945)
=========== ===========
DEFICIENCY IN ASSETS/NET LIABILITIES IN
LIQUIDATION-END OF PERIOD $(3,024,789) $(1,685,574)
=========== ===========
NET INCOME PER LIMITED PARTNERSHIP UNIT $ 7.54 $ .17
=========== ===========
SEE NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
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<TABLE>
NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.
(A LIMITED PARTNERSHIP)
STATEMENT OF CASH FLOWS IN LIQUIDATION
QUARTER ENDED FEBRUARY 28, 1999 (LIQUIDATION BASIS) AND
STATEMENT OF CASH FLOWS FOR THE
QUARTER ENDED FEBRUARY 28, 1998 (GOING-CONCERN BASIS)
(UNAUDITED)
<CAPTION>
Three Months Ended
February 28, February 28,
1999 1998
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<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income from Operations $ 103,744 $ 2,371
Adjustments to reconcile net income from operations to net cash
provided by operating activities:
Depreciation and amortization 0 123,592
Changes in assets and liabilities:
Accounts receivable 14,097 (17,978)
Prepaid expenses and deposits 0 11,026
Accounts payable and accrued expenses 22,395 18,647
Refundable tenant deposits 3,601 (1,523)
Deferred expenses 0 0
--------- ---------
Total Adjustments 40,093 133,764
--------- ---------
Net cash provided by operating activities 143,837 136,135
--------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to investment property (22,127) (19,609)
Additions using Capital Reserve Program 0 (1,142)
--------- ---------
Net cash used in investing activities (22,127) (20,751)
--------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on mortgage notes payable (47,455) (25,223)
--------- ---------
Net cash used in financing activities (47,455) (25,223)
--------- ---------
NET INCREASE IN CASH 74,255 90,161
CASH, Beginning of period 227,373 327,910
--------- ---------
CASH, End of period $ 301,628 $ 418,071
========= =========
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS
INFORMATION - Cash paid during the period for interest $ 274,690 $ 255,562
========= =========
SEE NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
</TABLE>
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<PAGE>
NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.
(A LIMITED PARTNERSHIP)
NOTES TO UNAUDITED FINANCIAL STATEMENTS
THREE MONTHS ENDED FEBRUARY 28, 1999 AND 1998
NOTE A:
Refer to the Registrant's financial statements for the year ended November 30,
1998, which are contained in the Registrant's Annual Report on Form 10-K, for a
description of the accounting policies which have been continued without change
except as noted below. Also, refer to the footnotes to those statements for
additional details of the Registrant's financial condition. The details in those
notes have not changed except as a result of normal transactions in the interim
or as noted below.
NOTE B:
On January 21, 1999, a plan to sell the Registrant's Woodhollow Apartments
property and the Cobblestone Court Shopping Center property was approved by a
majority of the limited partners by proxy. The Registrant has entered into sales
contracts on both properties with American Spectrum Realty, Inc., an affiliate
of Nooney Capital Corp., which serves as a general partner of the Registrant.
The sales contracts provide that the purchase price will be appraised value and
are subject to a due diligence period. Consummation of the sale will result in
the dissolution of the Registrant and require the General Partners to liquidate
the Registrant and distribute the proceeds therefrom to the Limited Partners.
There is no assurance that the sale will be consummated since the closing is
conditioned upon contingencies beyond the control of the Registrant. The
Registrant anticipated final consummation of the sale to be completed in the
third quarter of 1999.
The Cobblestone sales contract provides for a net sale price of $3,100,000.
Accordingly, the property is recorded at its fair value less costs to sell.
The Woodhollow sales contract provides for a sale price of $14,600,000. Because
the transaction is not closed at this time, the amount of the gain that may
ultimately be realized of $7,200,029, net of sales costs, is included as a
deferred gain as an adjustment in liquidation for both November 30, 1998 and
February 29, 1999.
As a result of the partners approval to sell the properties and liquidate the
Partnership, the Partnership's financial statements as of February 29, 1999 and
November 30, 1998 have been prepared on a liquidation basis. Accordingly, assets
have been valued at estimated net realizable value and liabilities include
estimated costs associated with carrying out the plan of liquidation. The
accompanying February 28, 1998 statements of operations and partners' deficit
has been prepared on a going-concern (historical cost) basis.
If the sale of the properties is consummated, management believes there will be
enough cash to discharge all liabilities and distribute excess proceeds to the
limited partners. The Registrant will continue to manage the properties to
achieve its original investment objectives until the time of sale and
liquidation.
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<PAGE>
NOTE C:
The financial statements include only those assets, liabilities, and results of
operations of the partners which relate to the business of Nooney Real Property
Investors-Four, L.P. The statements do not include assets, liabilities, revenues
or expenses attributable to the partners' individual activities. No provision
has been made for federal and state income taxes since these taxes are the
responsibility of the partners. In the opinion of the general partners, all
adjustments (which include only normal recurring adjustments )necessary to
present fairly the financial position, results of operations and changes in
financial position at February 28, 1999 and for all periods presented have been
made. The results of operations for the three-month period ended February 28,
1999 are not necessarily indicative of the results which may be expected for the
entire year.
NOTE D:
The Registrant's properties are managed by Nooney, Inc., a wholly-owned
subsidiary of CGS Real Estate Company. Nooney Capital Corp., a general partner,
is a 75% owned subsidiary of S-P Properties, Inc. S-P Properties, Inc. is a
wholly-owned subsidiary of CGS Real Estate Company.
NOTE E:
The income per limited partnership unit for the three months ended February 28,
1999 and 1998 was computed based on 13,529 units, the number of units
outstanding during the periods.
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<PAGE>
ITEM 7: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
It should be noted that this 10-Q contains forward-looking information (as
defined in the Private Securities Litigation Reform Act of 1995) that involves
risk and uncertainty, including trends in the real estate investment market,
projected leasing and sales, and the future prospects for the Registrant. Actual
results could differ materially from those contemplated by such statements.
Liquidity and Capital Resources
As a result of the partners approval to sell the properties and liquidate the
Partnership, the Partnership's financial statements as of February 29, 1999 and
November 30, 1998 have been prepared on a liquidation basis. Accordingly, assets
have been valued at estimated net realizable value and liabilities include
estimated costs associated with carrying out the plan of liquidation. The
accompanying February 28, 1998 statements of operations and partners' deficit
has been prepared on a going-concern (historical cost) basis.
If the sale of the properties is consummated, management believes there will be
enough cash to discharge all liabilities and distribute excess proceeds to the
limited partners. The Registrant will continue to manage the properties to
achieve its original investment objectives until the time of sale and
liquidation.
Cash on hand as of February 28, 1999 is $301,628, an increase of $74,255 from
the year ended November 30, 1998. The increase in cash can primarily be
attributed to the collection of billed accounts receivable that remained open as
of November 30, 1998. During the quarter, cash flow provided by operating
activities was $143,837 and was used to fund capital additions in the amount of
$22,127 and payments were made on mortgage notes payable in the amount of
$47,455. The Registrant anticipates capital expenditures from operations for the
balance of 1999 to be as follows:
Leasing Capital Other Capital Total
--------------- ------------- -----
Cobblestone Court $ 1,000 $ 0 $ 1,000
Woodhollow Apartments 0 170,666 170,666
-------- -------- --------
$ 1,000 $170,666 $171,666
======== ======== ========
At Cobblestone Court, Leasing Capital consists of tenant alteration costs for an
upcoming lease renewal. At Woodhollow Apartments, the Other Capital consists of
expenditures for new heating and air conditioning units, new appliances for
turnover units, tennis court resurfacing, and carpet/tile replacement in
turnover units. These are capital items outside of the scope of the capital
renovation program which is funded by draw requests submitted monthly per the
new debt agreement effective November 30, 1998. The capital renovation program
consists of new siding, parking lot overlay, interior hallway renovation, and
exterior improvements. The total amount anticipated on this phase is $782,300. A
portion of the anticipated renovation total was distributed at the loan closing
on November 30, 1998.
On January 21, 1999, a plan to sell the Registrant's Woodhollow Apartments
property and the Cobblestone Court Shopping Center property was approved by a
majority of the limited partners by proxy. The Registrant has entered into sales
contracts on both properties with American Spectrum Realty, Inc., an affiliate
of Nooney Capital Corp., which serves as a general partner of the Registrant.
The sales contracts provide that the purchase price will be appraised value and
are subject to a due diligence period.
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Consummation of the sale will result in the dissolution of the Registrant and
require the General Partners to liquidate the Registrant and distribute the
proceeds therefrom to the Limited Partners. There is no assurance that the sale
will be consummated since the closing is conditioned upon contingencies beyond
the control of the Registrant. The Registrant anticipates final consummation of
the sale to be completed in the third quarter of 1999.
The Cobblestone sales contract provides for a net sale price of $3,100,000.
Accordingly, the property is recorded at its fair value less costs to sell.
The Woodhollow sales contract provides for a sale price of $14,600,000. Because
the transaction is not closed at this time, the amount of the gain that may
ultimately be realized of $7,200,029, net of sales costs, is included as a
deferred gain as an adjustment in liquidation for both November 30, 1998 and
February 29, 1999.
On November 30, 1998, the Registrant refinanced the debt on both of its
properties. A new note with an original balance of $13,500,465 secured by both
Cobblestone Court and Woodhollow Apartments was obtained. There is a balance of
undisbursed loan proceeds available for the capital renovation program at
Woodhollow Apartments in the amount of $499,535. The note is at an interest rate
of LIBOR + 2.75% and calls for monthly principal payments of $15,818. The
interest rate on this loan at February 28, 1999 was 7.689%. The loan matures
November 30, 2001. The balance of this loan at February 28, 1999 was
$13,453,010. A capital draw in the amount of $101,649 was requested in February
1999 and not funded until March 1999. Upon consummation of sale, mentioned in
Liquidity and Capital Resources, the Registrant intends to apply proceeds
towards discharge of above listed debt.
Results of Operations
The results of operations for the Registrant's properties for the quarters ended
February 28, 1999 and 1998 are detailed in the schedule below. Expenses of the
Registrant are excluded.
Woodhollow Apartments Cobblestone Court
1999 --------------------- -----------------
----
Revenues $ 610,843 $ 201,129
Expenses 490,231 290,229
--------- ---------
Net Income (Loss) $ 120,612 $ (89,100)
========= =========
1998
----
Revenues $ 569,686 $ 278,713
Expenses 584,305 262,001
--------- ---------
Net (Loss) Income $ (14,619) $ 16,712
========= =========
At Woodhollow Apartments, revenues increased $41,157 when comparing the first
quarter 1999 to the first quarter of 1998, due primarily to an increase in the
amount of rental income ($44,399). This increase is mainly a result of higher
rental rates in 1999. Expenses decreased $94,074 due mainly to a decrease in
depreciation/amortization ($122,957) and interest expense ($12,065), partially
offset by increases in payroll ($13,874) and other professional fees ($27,678).
The large decrease in depreciation and amortization expense is due to
liquidation basis accounting effective November 30, 1998 relating to the
anticipated sale of property. The decrease in interest expense is due to the
newly structured debt, which has a lower interest rate than was paid on the
previous first mortgage. The increase in payroll is due to additional staff at
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<PAGE>
the property and the increase in other professional fees is a result of costs
associated with the impending sale and proxy issued in 1998.
At Cobblestone Court Shopping Center, revenues decreased by $77,584 when
comparing the quarter ended February 28, 1999, to the quarter ended February 28,
1998. The decrease in income is primarily attributable to a decrease in the
occupancy level which caused decreases in rental income ($24,923), common area
maintenance reimbursements ($35,448), and real estate tax reimbursements
($13,549). Overall common area maintenance billings for 1999 are lower due to
lower reimbursable expenses in 1998. Expenses increased $28,228 due to increases
in snow removal ($16,699), other professional fees ($26,949), partially offset
by decreases in real estate tax expense ($10,206) and contract cleaning
($4,088). The increase in other professional fees is due primarily to the
expense of costs related to the impending sale and proxy issued in 1998. The
decrease in real estate tax expense is due to the proposed property tax for 1999
being $44,417 lower than the tax paid in 1998.
The occupancy levels as of February 28, 1999, 1998, and 1997 are as follows:
Occupancy levels as of February 28,
-----------------------------------
Property 1999 1998 1997
-------- ---- ---- ----
Woodhollow Apartments 94% 93% 91%
Cobblestone Court 59% 67% 84%
At Woodhollow Apartments the occupancy increased 1% when comparing first quarter
of 1999 to first quarter of 1998. The Registrant anticipates that occupancy will
return to the 95% plus level during the second quarter and will remain high for
the balance of 1999 and the current renovation program will help the overall
presentation of the property.
At Cobblestone Court, occupancy decreased 8% when comparing the two quarters and
remained consistent with the level at year end 1998. Final revisions are being
made on a new ten year lease that will commence in 1999 and will occupy 11%
(11,500 square feet) of the current vacant square footage. Cobblestone Court has
two major tenants which occupy 26% and 9% of the available space on leases which
expire January 2001 and April 2001, respectively. The Registrant is in the
process of planning a renovation on the shopping center that will make it more
marketable to potential tenants.
Year 2000 Issues
Information Technology Systems
The Registrant utilizes computer software for its corporate and real property
accounting records and to prepare its financial statements, as well as for
internal accounting purposes. The vendor of the Registrant's software has
informed the Registrant that it is Year 2000 compliant. The Registrant believes
after reasonable investigation that its information technology hardware is Year
2000 compliant. However, in the event that such systems should fail, as a
contingency plan, the Registrant could prepare all required accounting entries
manually, without incurring material additional operating expenses.
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<PAGE>
Non-Information Technology Systems
At the request of the Registrant, its property managers have completed their
review of the major datesensitive non-information technology systems such as
elevators, heating, ventilation, air conditioning and cooling ("HVAC") systems,
locks, and other like systems in the Registrant's properties and have determined
that such systems are materially Year 2000 compliant. In some of the
Registrant's properties, its property managers have utilized the services of
third-party consultants in making this determination, while in other properties,
the property managers have internally made such determinations. The Registrant
does separately track the internal costs incurred for its Year 2000 project. The
Registrant does not believe that the Year 2000 issue will pose significant
problems to the Registrant's Information technology systems and non-Information
technology systems, or that resolution of any potential problems with respect to
such systems will have a material effect on the Registrant's financial condition
or results of operations.
Material Third Parties' Systems Failures
The most reasonable likely worst case scenario facing the Registrant as a result
of the Year 2000 problem would be the inability of its tenants to pay rent as a
result of a breakdown in such tenants' (or other financial service providers')
computer or the refusal of such tenants to pay their rent as a result of the
Registrant's inability to provide services due to non-Information technology
systems failure. Failure in a tenant's computer systems may cause delays in such
tenant's ability to process its accounting records and to make timely rent
payments. However, any such delays in rent payments, whether caused by systems
failure of tenant, property manager or a combination of the two, should not have
a materially adverse effect on the Registrant's business or results of
operations.
Risks
While delays caused by the failure of the tenants' or the property managers'
accounting or supply systems would likely not adversely affect the Registrant's
business or results of operations, non-Information technology systems failure in
the Registrants's properties could lead to tenants attempting to withhold their
rent payments, which could materially adversely effect the Registrant's
business, results of operations and financial conditions as a result of
increased legal costs. The Registrant believes that such material effect is
primarily limited to items of a utility nature furnished by third parties to the
Registrant and a wide universe of other customers. Included are such items as
electricity, natural gas, telephone service, and water, all of which are not
readily susceptible to alternate sources and which in all likelihood should be
available in some form. The Registrant has been unable to obtain assurances from
such utility companies as to their Year 2000 compliance, and does not expect
that such assurances will be forthcoming.
Such non-Information technology systems failure could force tenants to use the
stairs in such properties, rather than the elevators. However, none of the
properties owned by the Registrant is a high-rise building where such an
elevator failure could cause a material adverse effect to the operations of its
tenants, although such failure could make it impossible for any disabled tenants
or any disabled customers to access such properties. Moreover, as previously
discussed, the Registrant may suffer adverse effects in its results of
operations and financial condition as a result of utility or HVAC failures, for
example. Such events could lead the tenants of the Registrant to withhold rent,
in the event that the Registrant's properties are not usable for their intended
purposes. The Registrant does not believe that rent abatement would be a lawful
tenant remedy for short term obligations unless such failure extend for a period
of 30 consecutive days. The Registrant intends to pursue its remedies for any
such breach of its rent obligations by a Tenant expeditiously and to the full
extend permitted by law.
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<PAGE>
1999 Comparisons
As of February 28, 1999, consolidated revenues were $814,662 and for the
three-month period ended February 28, 1998, they were $848,737. This decrease in
revenues of $34,075 is due to the decrease in rental income at Cobblestone Court
as a result of the lower occupancy level. Consolidated expenses for the quarters
ended February 28, 1999 and 1998, were $710,918 and $846,366, respectively.
Consolidated expenses decreased $135,448 due to the lack of expenses as a result
of converting to the liquidation basis at November 30, 1998, namely depreciation
and amortization. Other operating expenses increased by $52,955 due to increases
in snow removal ($17,835), payroll ($14,646), cleaning service ($7,972), and
other professional fees ($48,965). These increases were partially offset by
decreases in repairs and maintenance related expenses ($12,920), interest
expense ($12,878), management fees ($5,541), and utility expense ($5,124). The
large increases and/or decreases for snow removal, payroll, and other
professional fees have been explained in the property comparisons.
1998 Comparisons
As of February 28, 1998, consolidated revenues were $848,737 and for the
three-month period ended February 28, 1997, they were $854,236. This slight
decrease in revenues of $5,499 is due to a decrease in rental income mainly at
Cobblestone Court due to the lower occupancy. Consolidated expenses for the
quarters ended February 28, 1998 and 1997, were $846,366 and $900,145,
respectively. Consolidated expenses decreased $53,779 attributable mainly to a
decrease in professional fees ($35,903) and snow removal ($26,780) partially
offset by an increase in interest expense ($8,768). Professional services
decreased as the appraisals obtained for the fiscal year 1996 and completed in
the first quarter of 1997 were not performed again for fiscal year 1997.
Inflation
The effects of inflation did not have a material impact upon the Registrant's
operation in fiscal l998 and are not expected to materially affect the
Registrant's operation in l998.
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<PAGE>
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
See Exhibit Index
(b) Reports on Form 8-K
On February 2, 1999, the Registrant filed a report on Form 8-K
which reported an Item 5, Other Events.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: April 14, 1999 NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.
-----------------------
BY: NOONEY CAPITAL CORP.
General Partner
BY: /s/ Gregory J. Nooney, Jr.
---------------------------------
Gregory J. Nooney, Jr.
Vice Chairman
/s/ Patricia A. Nooney
---------------------------------
Patricia A. Nooney
President and Secretary
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<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)
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<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> 3-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-START> DEC-01-1998
<PERIOD-END> FEB-28-1999
<CASH> 301,628
<SECURITIES> 0
<RECEIVABLES> 91,926
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 393,554
<PP&E> 17,607,127
<DEPRECIATION> 0
<TOTAL-ASSETS> 18,000,681
<CURRENT-LIABILITIES> 285,854
<BONDS> 13,453,010
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 18,000,681
<SALES> 814,606
<TOTAL-REVENUES> 814,662
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 436,228
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 274,690
<INCOME-PRETAX> 103,744
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 103,744
<EPS-PRIMARY> 7.54
<EPS-DILUTED> 0
</TABLE>
