10-K/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K/A

Amendment No. 1 

(Mark One)

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

For the fiscal year ended December 31, 2011

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 No. 000-53203

AmREIT MONTHLY INCOME & GROWTH FUND IV, L.P.

(Exact Name of Registrant as Specified in Its Charter)

Delaware	20-5685431
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)
8 Greenway Plaza, Suite 1000 Houston, TX	77046
(Address of Principle Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (713) 850-1400

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act:

Units of Limited Partnership Interest

(Title of class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.	Yes ☐   No ☒
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.	Yes ☐   No ☒

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 ☒   No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes ☒   No ☐

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of the registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.   ☒

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large Accelerated Filer ☐		Accelerated Filer ☐
Non-accelerated Filer ☐	(Do not check if a smaller reporting company)	Smaller Reporting Company ☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐   No ☒

As of March 27, 2012, the Registrant had 1,991 Units of limited partnership outstanding. There is no established trading market for such units.

EXPLANATORY NOTE

Our Annual Report on Form 10-K for the year ended December 31, 2011, initially filed on March 30, 2012 (“Form 10-K”), is revised by this Amendment No. 1 on Form 10-K/A to our Form 10-K (“Amendment No. 1”) solely to furnish a complete Interactive Data File furnished as Exhibit 101 to the Form 10-K, as required by Rule 405 of Regulation S-T. In the previously-furnished Interactive Data File, Financial Statement Schedule III – Consolidated Real Estate Owned and Accumulated Depreciation was not included in the Interactive Data File.

Except as described above, no other revisions are being made to the Form 10-K. This Amendment No. 1 does not update or modify the disclosure contained in the Form 10-K in any way other than as required to reflect the exhibit discussed above and does not reflect events occurring after the March 30, 2012 filing of the Form 10-K.

Pursuant to Rule 406T of Regulation S-T, the Interactive Data File on Exhibit 101 is deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise is not subject to liability under those sections.

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ITEM 15.   EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.

1.	Financial Statements. The list of our financial statements filed as part of this Annual Report on Form 10-K is set forth on page F-1.
2.	Financial Statement Schedules. The list of our financial statement schedules filed as part of this Annual Report on Form 10-K is set forth on page F-1.
3.	Exhibits.

It is inappropriate for readers to assume the accuracy of, or rely upon any covenants, representations or warranties that may be contained in agreements or other documents filed as Exhibits to, or incorporated by reference in, this report. Any such covenants, representations or warranties may have been qualified or superseded by disclosures contained in separate schedules or exhibits not filed with or incorporated by reference in this report, may reflect the parties’ negotiated risk allocation in the particular transaction, may be qualified by materiality standards that differ from those applicable for securities law purposes, and may not be true as of the date of this report or any other date and may be subject to waivers by any or all of the parties. Where exhibits and schedules to agreements filed or incorporated by reference as Exhibits hereto are not included in these exhibits, such exhibits and schedules to agreements are not included or incorporated by reference herein.

The following exhibits are filed as part of or incorporated by reference in this Annual Report:

Exhibit No.	Description
3.1	Certificate of Limited Partnership of AmREIT Monthly Income & Growth Fund IV, L.P., dated October 10, 2006 (incorporated herein by reference from Exhibit 3.1 to the Partnership’s Registration Statement on Form 10 dated April 29, 2008).
3.2	Agreement of Limited Partnership of AmREIT Monthly & Income Growth Fund IV, L.P., dated October 10, 2006 (incorporated herein by reference from Exhibit 3.2 to the Partnership’s Registration Statement on Form 10 dated April 29, 2008).
3.2.1	Amendment No. 1 to Agreement of Limited Partnership of AmREIT Monthly Income & Growth Fund IV, L.P., dated December 7, 2006 (incorporated herein by reference from Exhibit 3.3 to the Partnership’s Registration Statement on Form 10 dated April 29, 2008).
10.1	Promissory Note, dated December 8, 2006, between AmREIT Casa Linda, LP and Morgan Stanley Mortgage Capital, Inc. (incorporated herein by reference from Exhibit 10.1 to the Partnership’s Registration Statement on Form 10 dated April 29, 2008)
10.2	Construction Loan Agreement by and between AmREIT Woodlake Pointe I, LP, as Borrower and Prosperity Bank, as Lender, dated November 18, 2011 (incorporated herein by reference from Exhibit 10.1 to the Partnership’s Current Report filed on Form 8-K filed with the Securities and Exchange Commission on November 22, 2011).
31.1+	Certification of the Principal Executive Officer of the Partnership pursuant to Exchange Act Rule 13a-14(a).
31.2+	Certification of the Principal Financial Officer of the Partnership pursuant to Exchange Act Rule 13a-14(a).
32.1+	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2+	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

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101.INS	XBRL Instance Document*
101.SCH	XBRL Taxonomy Extension Schema Document*
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document*
101.LAB	XBRL Taxonomy Extension Label Linkbase Document*
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document*
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document*

+	These exhibits were previously furnished with the Company’s Form 10-K for the year ended December 31, 2012, filed with the Securities and Exchange Commission on March 30, 2012.
*	Attached as Exhibit 101 to this Annual Report on Form 10-K are the following materials, formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets as of December 31, 2011 and 2010, (ii) the Consolidated Statements of Operations for the years ended December 31, 2011, 2010 and 2009, (iii) the Consolidated Statements of Partners’ Capital for the years ended December 31, 2011, 2010 and 2009, (iv) the Consolidated Statements of Cash Flows for the years ended December 31, 2011, 2010 and 2009, (v) the Notes to the Consolidated Financial Statements and (vi) Financial Statement Schedule III.
	Pursuant to Rule 406T of Regulation S-T, the Interactive Data File on Exhibit 101 hereto is deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise is not subject to liability under those sections.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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.

	AmREIT Monthly Income & Growth Fund IV, L.P.
	By:	AmREIT Monthly Income & Growth IV Corporation,   its General Partner
Date: May 18, 2012
	By:	/s/ H. Kerr Taylor
		H. Kerr Taylor President, Chief Executive Officer, and Director

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Summary Of Significant Accounting Policies

12 Months Ended

Dec. 31, 2011

Summary Of Significant Accounting Policies [Abstract]

Summary Of Significant Accounting Policies

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Our financial records are maintained on the accrual basis of accounting whereby revenues are recognized when earned and expenses are recorded when incurred. The consolidated financial statements include our accounts as well as the accounts of any wholly- or majority-owned subsidiaries in which we have a controlling financial interest. Investments in joint ventures and partnerships in which we have the ability to exercise significant influence but do not exercise financial and operating control are accounted for using the equity method (see Note 4). The significant accounting policies of our non-consolidated entities are consistent with those of our subsidiaries in which we have a controlling financial interest. As of December 31, 2011, we do not have any interests in variable interest entities. All significant inter-company accounts and transactions have been eliminated in consolidation.

As discussed further in Notes 4 and 11, we and our affiliated partners sold a 90% interest in the Woodlake Square property to a third-party institutional partner in July 2010. We retained a net 6% non-controlling financial interest in the Woodlake Square property, but such interest provides us with the ability to exercise significant influence. Accordingly, we deconsolidated this property effective on the date of sale and began accounting for the net 6% retained interest in the property on the equity method of accounting. As a result, the operations associated with this entity are reflected in the consolidated statement of operations up to the date on which we disposed of our controlling interest. The conditions for discontinued operations presentation were not met as we will continue to have cash flows from our retained interest and will continue to be involved with the operations of the entity through our position of significant influence.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Revenue Recognition

We lease space to tenants under agreements with varying terms. Our leases are accounted for as operating leases, and, although certain leases of the properties provide for tenant occupancy during periods for which no rent is due and/or for increases or decreases in the minimum lease payments over the terms of the leases, revenue is recognized on a straight-line basis over the terms of the individual leases. Revenue recognition under a lease begins when the lessee takes possession of or controls the physical use of the leased asset. Generally, possession or control occurs on the lease commencement date. In all cases, we have determined that we are the owner of any tenant improvements that we fund pursuant to the lease terms. In cases where significant tenant improvements are made prior to lease commencement, the leased asset is considered to be the finished space, and revenue recognition therefore begins when the improvements are substantially complete. Accrued rents are included in tenant receivables. Revenue from tenant reimbursements of taxes, maintenance expenses and insurance is recognized in the period the related expense is recorded. Additionally, certain of our lease agreements contain provisions that grant additional rents based upon tenants' sales volumes (contingent or percentage rent). Percentage rents are recognized when the tenants achieve the specified targets as defined in their lease agreements. Accrued rents are included in tenant and accounts receivable, net.

Real Estate Investments

Development Properties - Expenditures related to the development of real estate are carried at cost, which includes capitalized carrying charges, acquisition costs and development costs. Carrying charges, primarily interest, real estate taxes and loan acquisition costs, and direct and indirect development costs related to buildings under construction, are capitalized as part of construction in progress. The capitalization of such costs ceases at the earlier of one year from the date of completion of major construction or when the property, or any completed portion, becomes available for occupancy. We capitalize costs associated with pending acquisitions of raw land as incurred. Such costs are expensed if and when such land acquisition becomes no longer probable. During the years ended December 31, 2011, 2010 and 2009, interest and taxes in the amount of $267,000, $297,000 and $246,000, respectively, were capitalized on properties under development or redevelopment.

Acquired Properties and Acquired Lease Intangibles - We account for operating real estate acquisitions as an acquisition of a business as we believe most operating real estate meets the definition of a "business" under GAAP. Accordingly, we allocate the purchase price of the acquired operating properties to land, building and improvements, identifiable intangible assets and acquired liabilities based on their respective fair values. Identifiable intangibles include amounts allocated to acquired above and below market leases, the value of in-place leases and customer relationship value, if any. We determine fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends and specific market and economic conditions that may affect the property. Factors considered by management in our analysis of determining the as-if-vacant property value include (i) an estimate of carrying costs during the expected lease-up periods considering market conditions and (ii) costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and estimates of lost rentals at market rates during the expected lease-up periods, tenant demand and other economic conditions. Management also estimates costs to execute similar leases including leasing commissions, tenant improvements, legal and other related expenses. Intangibles related to above (and below) market leases and in-place lease value are recorded as acquired lease intangibles (liabilities) and are amortized as an adjustment to rental income or amortization expense, as appropriate, over the remaining terms of the underlying leases. Below-market leases include fixed-rate renewal periods where we believe the renewal is reasonably assured. Premiums or discounts on acquired above and below market debt are amortized to interest expense over the remaining term of such debt. Costs related to acquiring operating properties are expensed as incurred.During the years ended December 31, 2011, 2010 and 2009, we expensed acquisition costs of $0, $0 and $7,000, respectively.

Depreciation - Depreciation is computed using the straight-line method over an estimated useful life of up to 36 years for buildings, up to 11 years for site improvements and over the term of lease for tenant improvements. We re-evaluate the useful lives of our buildings and improvements as warranted by changing conditions at our properties. As part of this re-evaluation, we may also consider whether such changing conditions indicate a potential impairment, and we perform an impairment analysis, as necessary, at the property level. In the case of a property redevelopment, we reassess the useful lives of specific buildings or other improvements to be demolished as part of that redevelopment once the redevelopment is probable of occurring. During 2010, we re-evaluated the useful lives of certain buildings within our Woodlake Square retail center as a result of our decision to redevelop the property and demolish certain buildings. As a result of this change in estimate, depreciation expense was $6.2 million ($3,138.73 per unit) higher in 2010 during the period in which we consolidated the Woodlake Square property than it otherwise would have been.

                Impairment - We review our properties for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets, including acquired lease intangibles and accrued rental income, may not be recoverable through operations. We determine whether an impairment in value occurred by comparing the estimated future cash flows (undiscounted and without interest charges), including the residual value of the property, with the carrying value of the individual property. If impairment is indicated, a loss will be recorded for the amount by which the carrying value of the asset exceeds its fair value. Both the estimated undiscounted cash flow analysis and fair value determination are based upon various factors which require complex and subjective judgments to be made by management. Such assumptions include projecting lease-up periods, holding periods, cap rates, rental rates, operating expenses, lease terms, tenant creditworthiness, tenant improvement allowances, terminal sales value and certain macroeconomic factors among other assumptions to be made for each property. We review our investments in non-consolidated entities for impairment based of a similar review of the properties held by the investee entity.  As further discussed in Notes 4 and 11, we recorded impairments on our Woodlake Square and Cambridge Holcombe properties in 2010.

Gains on Sale of Real Estate

Gains and losses on sales of real estate are not recognized under the full accrual method until certain criteria are met. Gains relating to transactions that do not meet the criteria for full accrual method of accounting are deferred and recognized when the full accrual method of accounting criteria are met or by using the installment or deposit methods of profit recognition, as appropriate under the circumstances.

Cash and Cash Equivalents

We consider all highly-liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents consist of demand deposits at commercial banks and money market funds.

Receivables and Allowance for Uncollectible Accounts

Tenant Receivables - Included in tenant receivables are base rents, tenant reimbursements and adjustments related to recording rents on a straight-line basis. An allowance for the uncollectible portion of accrued rents and accounts receivable is determined based upon customer credit-worthiness (including expected recovery of our claim with respect to any tenants in bankruptcy), historical bad debt levels, and current economic trends. Bad debt expenses and any related recoveries related to tenant receivables are included in property expense. As of December 31, 2011 and 2010, our allowance for uncollectible accounts related to our tenant receivables was $140,000 and $179,000, respectively.

Accounts Receivable - Related Party- Included in accounts receivable - related party are short-term cash advances provided to certain of our affiliated investment entities primarily for their working capital needs. These cash advances are due upon demand.

Deferred Costs

Deferred costs include deferred leasing costs and loan acquisition costs, net of amortization. Loan acquisition costs are incurred in obtaining financing and are amortized to interest expense over the term of the debt agreements using a method that approximates the effective interest method. Deferred leasing costs consist of external commissions associated with leasing our properties and are amortized to depreciation and amortization expense on a straight-line basis over the lease term. If a lease is terminated early, or if a loan is repaid prior to maturity, the remaining costs will be expensed. Accumulated amortization related to loan acquisition costs totaled $16,000 and $11,000 as of December 31, 2011 and December 31, 2010, respectively. Accumulated amortization related to leasing costs totaled $34,000 and $24,000 as of December 31, 2011 and December 31, 2010, respectively.

Income Taxes

No provision for U.S. federal income taxes is included in the accompanying consolidated financial statements. As a partnership, we are not subject to federal income tax, and the federal tax effect of our activities is passed through to our partners.We are, however, subject to taxation under the Texas Margin Tax, which is computed by applying the applicable tax rate (1% for the Partnership) to the profit margin, which, generally, will be determined for us as total revenue less a 30% standard deduction. For the years ended December 31, 2011, 2010 and 2009 we recorded ($4,000), $16,000 and $20,000, respectively for margin tax expense (benefit).

Fair Value Measurements

GAAP emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. GAAP requires the use of observable market data, when available, in making fair value measurements. Observable inputs are inputs that the market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of ours. When market data inputs are unobservable, we utilize inputs that we believe reflect our best estimate of the assumptions market participants would use in pricing the asset or liability. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. As a basis for considering market participant assumptions in fair value measurements, GAAP establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity's own assumptions about market participant assumptions (unobservable inputs classified that are within Level 3 of the hierarchy). The three levels of inputs used to measure fair value are as follows:

·Level 1 Inputs – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Partnership has the ability to access.

·Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.

·Level 3 Inputs – Unobservable inputs for the asset or liability, which are typically based on the Partnership's own assumptions, as there is little, if any, related market activity.

Recurring Fair Value Measurements and Financial Instruments - Our consolidated financial instruments consist of cash and cash equivalents, tenant receivables, accounts receivable – related party, notes payable, notes payable – related party, accounts payable – related party, and accounts payable and other liabilities.  The carrying values of all of these financial instruments, except for our notes payable, are representative of the fair values due to the short-term nature of the instruments.

In determining the fair value of our debt instruments, we determine the appropriate Treasury Bill Rate based on the remaining time to maturity for each of the debt instruments.  We then add the appropriate yield spread to the Treasury Bill Rate. The yield spread is a risk premium estimated by investors to account for credit risk involved in debt financing. The spread is typically estimated based on the property type and loan-to-value ratio of the debt instrument. The result is an estimate of the market interest rate a typical investor would expect to receive given the underlying subject asset (property type) and remaining time to maturity. We believe the fair value of our notes payable is classified in Level 2 of the fair value hierarchy. As of December 31, 2011 and December 31, 2010, the carrying value of debt obligations associated with our consolidated entities was approximately $6.2 million and $6.1 million with an estimated fair value of $6.7 million and $6.4 million, respectively.

Non-Recurring Fair Value Measurements, Impairment – We determine whether an impairment in value occurred by comparing the estimated future cash flows (undiscounted and without interest charges), including the residual value of the property, with the carrying value of the individual property. If impairment is indicated, a loss will be recorded for the amount by which the carrying value of the asset exceeds its fair value. Both the estimated undiscounted cash flow analysis and fair value determination are based upon various factors that require complex and subjective judgments to be made by management. Such assumptions include projecting lease-up periods, holding periods, cap rates, rental rates, operating expenses, lease terms, tenant creditworthiness, tenant improvement allowances, terminal sales value and certain macroeconomic factors among other assumptions to be made for each property. For our multi-building retail centers, we consider the entire retail center as the asset group for purposes of our impairment analysis. We review our investments in non-consolidated entities for impairment based on a similar review of the properties held by the investee entity. As further discussed in Notes 4 and 11, we recorded impairments on our Woodlake Square and Cambridge Holcombe properties during the year ended December 31, 2010. We did not record any impairments for the years ended December 31, 2011 and 2009. We have determined that our impairments are non-recurring fair value measurements that fall within Level 3 of the fair value hierarchy.

                The following table presents our assets and liabilities and related valuation inputs within the fair value hierarchy utilized to measure fair value as of December 31, 2011 (in thousands):

			As of December 31, 2011
		Level 1		Level 2		Level 3
Investments in Affiliates	$	-	$	-	$	-
Notes Payable		-		6,704		-

			As of December 31, 2010
		Level 1		Level 2		Level 3
Investments in Affiliates	$	-	$	-	$	225
Notes Payable		-		6,367		-

Interest

Interest is charged to interest expense as it accrues. No interest has been capitalized since inception of the Partnership.

Segments

We determined that we have one reportable segment with activities related to investing in real estate. Our investments in real estate generate rental revenue and other income through the leasing of multi-tenant retail properties, which comprised 100% of our total consolidated revenues for all periods presented. We evaluate operating performance on an individual property level. However, as each of our properties have similar economic characteristics, tenants and products and services, our properties have been aggregated into one reportable segment.

Derivative Financial Instruments

GAAP requires that all derivative instruments, whether designated in hedging relationships or not, be recorded on the balance sheet at their fair value. Gains or losses resulting from changes in the values of those derivatives are accounted for depending on the use of the derivative and whether it qualifies for hedge accounting. Our use of derivative financial instruments to date has been limited to the use of interest rate swaps to mitigate our interest rate risk on variable-rate debt. See Note 7 for further discussion regarding our derivative financial instruments.

Subsequent Events

                We have evaluated all events or transactions as of the date through which the financial statements were made available for issuance.  We did not have any material subsequent events that impacted our consolidated financial statements at December 31, 2011.

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Description Of Business And Nature Of Operations

12 Months Ended

Dec. 31, 2011

Description Of Business And Nature Of Operations [Abstract]

Description Of Business And Nature Of Operations

1.DESCRIPTION OF BUSINESS AND NATURE OF OPERATIONS

We were formed on December 8, 2006, to acquire, develop and operate, directly or indirectly through joint venture arrangements, a portfolio of commercial real estate consisting primarily of multi-tenant shopping centers and mixed-use developments. Our General Partner is a subsidiary of AmREIT, a SEC reporting, non-traded Maryland corporation that has elected to be taxed as a REIT. The General Partner maintains its principal place of business in Houston, Texas. We commenced our principal operations on December 8, 2006 when we acquired our first interest in a property. On January 12, 2007, we accepted subscriptions for the minimum offering of $1.0 million pursuant to the terms of our Offering and issued our initial 40 Units. We closed the Offering on March 31, 2008 when we had received $49.7 million from the sale of 1,991 Units. We invested substantially all of the net proceeds of the Offering in real properties.

As of December 31, 2011, our investments included a wholly-owned property comprising approximately 36,000 square feet of GLA, a property in which we own a controlling interest comprising approximately 82,000 square feet of GLA and four properties in which we own a non-controlling interest through joint ventures comprising approximately 1.1 million square feet of GLA.

Our operating period will continue until November 15, 2013 (our scheduled liquidation date); however, the operating period may be extended to November 15, 2015 with the consent of holders of the majority of our Units held by our Limited Partners. During our operating period, our General Partner intends to hold our properties until such time as sale or other disposition appears to be advantageous to achieve our investment objectives or until it appears that such objectives will not be met. When deciding whether to sell properties during our operating period, our General Partner will consider factors such as potential capital appreciation, cash flow, the availability of other attractive investment opportunities and federal income tax considerations. If we sell properties during our operating period, our General Partner anticipates reinvesting the net sales proceeds generated from the sales.

At the end of our operating period, our General Partner will in good faith actively market for sale all of our properties other than those in the development or redevelopment stage and commence an orderly Partnership liquidation. Properties in the development or redevelopment stage at the end of the operating period will be marketed for sale upon completion. Once our General Partner has marketed for sale all of our properties, it may take months or years for our General Partner to sell all of our properties and wind up our operations. If our General Partner does not take all commercially reasonable efforts to diligently pursue the portfolio sale and liquidation on our behalf as described above, it shall forfeit its $800,000 investment in our Units.

The U.S. economy is still experiencing weakness from recent economic conditions, which resulted in increased unemployment, weakening of tenant financial condition, large-scale business failures and tight credit markets. Our results of operations may be sensitive to changes in overall economic conditions that impact tenant leasing practices. Adverse economic conditions affecting tenant income, such as employment levels, business conditions, interest rates, tax rates, fuel and energy costs and other matters, could reduce overall tenant leasing or cause tenants to shift their leasing practices. In addition, periods of economic slowdown or recession, rising interest rates or declining demand for real estate, could result in a general decline in rents or an increased incidence of defaults under existing leases. Recently, high levels of unemployment have persisted, and rental rates and valuations for retail space have not fully recovered to pre-recession levels and may not for a number of years. Furthermore, the uncertainty surrounding the rapidly increasing national debt of the U.S. and continuing global economic upheaval have kept markets volatile. These unstable conditions could continue for a prolonged period of time. It is difficult to determine the breadth and duration of the financial market problems and the many ways in which they may affect our tenants and our business in general. A significant additional deterioration in the U.S. economy or the bankruptcy or insolvency of one or more of our significant tenants could cause our current plans to meet our projected cash shortfalls to be insufficient.

We face significant liquidity challenges in implementing our investment strategy. Projected cash sources (including cash on hand) and uses for cash indicate periods of cash shortfalls during the year ended December 31, 2012. However, we believe that we will be able to generate sufficient liquidity to satisfy any cash shortfalls through (1) managing the timing of forecasted capital expenditures related to the lease-up of properties, (2) managing the timing of operating expense payments and, to the extent possible, accelerating cash collections, (3) deferral of fees paid to our General Partner and its affiliates, (4) financings of unencumbered properties, and (5) sales of certain of our investments in non-consolidated entities. 

AmREIT has agreed to continue to provide financial support to us through and including January 1, 2013 in the form of continued deferral of payment of advisory fees earned and payable to the extent such deferral of fees is necessary for our continued operation. Such fees may include property management, asset management, development fees and reimbursement of certain of AmREIT's general and administrative costs. Additionally, AmREIT has agreed that it will not require us to repay the $2.0 million notes payable – related party we owe to AmREIT as of December 31, 2011 until a date subsequent to January 1, 2013.  AmREIT's agreement to provide such financial support and defer payment is limited to its continued ability to do so.

We may have liquidity demands based upon our requirement to perform under guarantees of certain of our joint ventures to the extent they are unable to fully satisfy certain guaranteed debts. During 2011, the $8.1 million mortgage held by our Cambridge Holcombe joint venture matured unpaid in June 2011. We have guaranteed approximately $4.0 million of this debt. During 2011, our Cambridge Holcombe joint venture executed a forbearance agreement with the lender, which extended the maturity of the note and deferred a portion of the interest payments through March 27, 2012.  The forbearance period has expired, and the joint venture is currently in discussions with the lender to extend the maturity of the loan. Based on a term sheet issued by the lender, we believe that our Cambridge Holcombe joint venture will be successful in extending the loan through March 2013 in exchange for a 10% principal reduction on the note and payment of accrued interest. Our portion of this payment (50%) is approximately $500,000, and AmREIT has committed to provide a loan to us sufficient to fund such payment. We expect the extension to close during the second quarter of 2012; however, no assurance can be given that the extension will ultimately be consummated. Our Cambridge Holcombe joint venture is also in discussions with various developers and joint venture partners to either sell or develop the site. The lender recently had the property appraised, which yielded a value in excess of the loan amount. Therefore, we believe that we would not be required to perform under the guarantee in the event an extension is not obtained.

The above steps may not be sufficient to restore our long term viability and we could incur individual setbacks and possible significant losses. Even with the deferral agreements with AmREIT, we still may incur cash shortfalls, we may be required to perform under certain guarantees of our joint ventures or be unable to refinance certain debt as it comes due that could result in lender repossession of property(ies) owned by us and/or our joint ventures or we may be forced to sell one or more properties at a time when it is disadvantageous to do so, potentially resulting in losses on the disposition of those properties. We continually work to maximize the returns and work for the best interests of our Limited Partners and are examining a range of alternatives, which may include:

·postponement of the liquidation date in order to hold and operate the property for a period of time;

·obtaining additional partner capital through sales/creation of new partnerships and joint ventures;

·dispositions of certain properties, even if at a loss;

·delivery of the property to the lender; or

·a combination of all or certain aspects of the above.

Based on the foregoing, it is possible that investors may not recover all of their original investment. We currently do not expect to distribute net sales proceeds or any net cash flows from operations to our Partners until we enter the liquidation phase. If the real estate market has not sufficiently recovered prior to our liquidation period commencement date of November 2013, we may seek to postpone liquidation if we feel it is in the best interests of our Limited Partners at that time.

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Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2010
ASSETS
Land	$ 12,409	$ 12,381
Buildings	13,002	12,891
Tenant improvements	337	332
Total real estate investments	25,748	25,604
Less accumulated depreciation and amortization	(1,891)	(1,446)
Total real estate investment property	23,857	24,158
Investment in non-consolidated entities	9,373	9,961
Acquired lease intangibles, net	50	80
Net real estate investments	33,280	34,199
Cash and cash equivalents	422	1,309
Tenant and accounts receivables, net	210	269
Accounts receivable - related party	4	112
Deferred costs, net	308	66
Other assets	141	199
TOTAL ASSETS	34,365	36,154
LIABILITIES AND CAPITAL
Notes payable	6,202	6,067
Notes payable - related party	2,026	1,291
Accounts payable and other liabilities	522	576
Accounts payable - related party	285	247
Acquired below-market lease intangibles, net	9	18
Security deposits	43	72
TOTAL LIABILITIES	9,087	8,271
Capital:
General partner	0	0
Limited partners, 1,988 Units outstanding at December 31, 2011 and 2010, respectively	18,481	21,004
TOTAL PARTNERS' CAPITAL	18,481	21,004
Non-controlling interests	6,797	6,879
TOTAL CAPITAL	25,278	27,883
TOTAL LIABILITIES AND CAPITAL	$ 34,365	$ 36,154

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Consolidated Statement Of Capital (Parenthetical) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Consolidated Statement Of Capital [Abstract]
Curative allocations adjustment	$ 25	$ 93	$ 43
Cumulative curative allocation adjustment	$ 251

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Consolidated Statements Of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011		Dec. 31, 2010		Dec. 31, 2009
Cash flows from operating activities:
Net loss, including non-controlling interests	$ (2,742)	[1]	$ (12,366)	[1]	$ (3,986)	[1]
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Impairment	0		618		0
Bad debt expense	31		89		124
Loss from non-consolidated entities	1,306		3,591		1,222
Depreciation and amortization	539		7,483		2,631
Realized gain on derivative	0		(260)		0
(Increase) decrease in tenant receivables	41		(274)		(103)
(Increase) decrease in accounts receivable - related party	75		(139)		444
Increase in deferred costs	(155)		(87)		(56)
(Increase) decrease in other assets	58		(98)		303
(Decrease) increase in accounts payable and other liabilities	(321)		(784)		878
Increase (decrease) in accounts payable - related party	649		704		(103)
Decrease in asset retirement obligations	0		0		(5)
Increase (decrease) in security deposits	(29)		17		(12)
Net cash (used in) provided by operating activities	(548)		(1,506)		1,337
Cash flows from investing activities:
Improvements to real estate	(160)		(344)		(476)
Payments received on notes receivable	2		8		0
Increase in notes receivable - related party	0		0		(763)
Payments received on notes receivable - related party	0		82		181
Investment in non-consolidated entities	(722)		(1,266)		(878)
Distributions from non-consolidated entities	146		280		0
Net proceeds from sale of interest in an investment property	0		3,448		0
Net proceeds applied to land basis	239		135		0
Decrease in preacquisition costs	0		0		1,245
Net cash provided (used in) by investing activities	(495)		2,343		(691)
Cash flows from financing activities:
Proceeds from notes payable	220		0		0
Payments on notes payable	(85)		(82)		(51)
Proceeds from notes payable - related party	0		800		35
Payments on notes payable - related party	0		(200)		0
Limited optional redemptions	0		0		(62)
Loan acquisition costs	(116)		0		0
Distributions	0		0		(880)
Contributions from non-controlling interests	137		249		0
Distributions to non-controlling interests	0		(764)		(230)
Net cash provided by (used in) financing activities	156		3		(1,188)
Net increase (decrease) in cash and cash equivalents	(887)		840		(542)
Cash and cash equivalents, beginning of period	1,309		469		1,011
Cash and cash equivalents, end of period	422		1,309		469
Supplemental schedule of cash flow information:
Interest	337		997		1,777
Taxes	0		40		26
Supplemental schedule of noncash investing and financing activities:
Capitalization of accrued property taxes into the basis of our land at Woodlake Pointe	267		297		0
Reclassification from accounts payable - related party to notes payable - related party	735		461		195
Reclassification from accounts receivable - related party to Investment in Cambridge & Holcombe.	15		9		118
Accrued construction fees for Woodlake Square and Shadow Creek Ranch	$ 127		$ 0		$ 0

[1] The allocation of net loss includes a curative allocation to increase the General Partner's capital account by $25, $93 and $43 for the 2011, 2010 and 2009 periods. The cumulative curative allocation since inception of the Partnership is $251. The Partnership Agreement provides that no Partner shall be required to fund a deficit balance in their capital account.

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Consolidated Balance Sheets (Parenthetical)	Dec. 31, 2011	Dec. 31, 2010
Consolidated Balance Sheets [Abstract]
Limited partners, units outstanding	1,988	1,988

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Related Party Transactions

12 Months Ended

Dec. 31, 2011

Related Party Transactions [Abstract]

Related Party Transactions

10.          RELATED PARTY TRANSACTIONS

We have no employees or offices. Additionally, certain of our affiliates receive fees and compensation during the operating stage of the Partnership, including compensation for providing services to us in the areas of asset management, development and acquisitions, property management and leasing, financing, brokerage and administration. We reimburse our General Partner for an allocation of salary and other overhead costs. The following table summarizes the amount of such compensation paid to our affiliates during the years ended December 31, 2011, 2010 and 2009:

Type of Service	Service Description & Compensation	2011	2010	2009
Asset Management	A fee equal to 1.0% of net invested capital under management for accounting related services, investor relations, facilitating the deployment of capital, and other services provided by our General Partner to us.	$  340,333	$  430,407	$  430,407
Acquisition	A fee not to exceed, for any single acquisition, 3% of the contract purchase price up to $20 million, and 2% of the contract purchase price in excess of $20 million.	-	-	-
Development and Redevelopment	Development and redevelopment fees on properties we acquire an interest in and for which we intend to develop, redevelop or substantially renovate. These fees will be based on the total project costs, including the cost of acquiring the property, and will be paid as project costs are incurred. These fees shall not exceed, for any single property, 6% of the project cost up to $10 million, 5% of the project cost between $10 million and $20 million, and 4% of the project cost in excess of $20 million. We will not pay both acquisition fees and development or redevelopment fees on the same property.	-	-	-
Property Management and Leasing	Property management fees not to exceed 4% of the gross revenues (including, without limitation, base rent, percentage rent and expense reimbursement) received from multi-tenant or multi-pad properties, for providing management, operating, maintenance and other services required to maintain a property. Leasing fees not to exceed 4% of base rent on a lease renewal and not to exceed 6% of base rent on an initial lease; provided, however, on leases of over 10,000 square feet, leasing commissions may be paid on the basis of square footage, not to exceed $6.00 per square foot.	192,874	157,436	252,612
Brokerage	A fee not to exceed 6% of the sales price on co-brokered transactions and not to exceed 4% of the sales price on individually brokered transactions. Additionally, our General Partner and its affiliates will not be paid real estate brokerage commissions on the sale of a property if the property being sold has not generated an annual return of at least 8.5% per annum on the equity contributed to such property.	-	-	-
Reimbursement of Operating Expenses	We reimburse the actual expenses incurred by our General Partner for performing acquisition, development, management and administrative functions for us, including construction and construction management fees for development and redevelopment projects.	283,597	319,909	336,698
Total		$  816,804	$  907,752	$ 1,019,717

In addition to the above fees paid by us, the non-consolidated entities in which we have an investment paid a total of $1.2 million, $978,000 and $743,000 in property management, construction management and leasing fees to one of our affiliated entities for the years ended December 31, 2011, 2010 and 2009, respectively. Our Casa Linda Plaza property paid a total of $6.2 million in construction costs to one of our affiliated entities who acted as a general contractor on the redevelopment during 2008 and 2009.

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Document And Entity Information (USD $)

12 Months Ended

Dec. 31, 2011

Document And Entity Information [Abstract]

Document Type

10-K

Amendment Flag

true

Amendment Description

Our Annual Report on Form 10-K for the year ended December 31, 2011, initially filed on March 30, 2012 ("Form 10-K"), is revised by this Amendment No. 1 on Form 10-K/A to our Form 10-K ("Amendment No. 1") solely to furnish a complete Interactive Data File furnished as Exhibit 101 to the Form 10-K, as required by Rule 405 of Regulation S-T. In the previously-furnished Interactive Data File, Financial Statement Schedule III – Consolidated Real Estate Owned and Accumulated Depreciation was not included in the Interactive Data File.

Except as described above, no other revisions are being made to the Form 10-K. This Amendment No. 1 does not update or modify the disclosure contained in the Form 10-K in any way other than as required to reflect the exhibit discussed above and does not reflect events occurring after the March 30, 2012 filing of the Form 10-K.

Pursuant to Rule 406T of Regulation S-T, the Interactive Data File on Exhibit 101 is deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise is not subject to liability under those sections.

Document Period End Date

Dec. 31, 2011

Document Fiscal Period Focus

FY

Document Fiscal Year Focus

2011

Entity Registrant Name

AmREIT Monthly Income & Growth Fund IV LP

Entity Central Index Key

0001382787

Current Fiscal Year End Date

--12-31

Entity Filer Category

Smaller Reporting Company

Entity Common Stock, Shares Outstanding

0

Entity Voluntary Filers

No

Entity Well-known Seasoned Issuer

No

Entity Current Reporting Status

Yes

Entity Public Float

$ 0

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Real Estate Acquisitions And Dispositions

12 Months Ended

Dec. 31, 2011

Real Estate Acquisitions And Dispositions [Abstract]

Real Estate Acquisitions And Dispositions

11.          REAL ESTATE ACQUISITIONS AND DISPOSITIONS

In July 2010, we and our affiliated joint venture partners on our Woodlake Square property, MIG III and ARIC, entered into a joint venture agreement with a third party on our Woodlake Square property.As part of this transaction, we and our affiliates sold 90% of our interest in the property and retained a 10% ownership interest, which carries a promoted interest in cash flows once an 11.65% preferred return threshold is met on the project.  Prior to the transaction, we owned a 60% interest in the property, and we own a 6% interest, post-transaction.  We recorded an impairment of approximately $618,000 on the transaction which has been recorded as impairment in our consolidated statements of operations for the year ended December 31, 2010. The sale generated cash proceeds of approximately $3.4 million (our share was approximately $2.0 million). We, our affiliated partners, and our third party joint venture partner are responsible for funding our pro rata amount of the redevelopment costs on the project, which are currently estimated to be approximately $8.0 million. As part of the transaction, the $23.8 million loan on the property, which was due to mature in September 2010, was paid in full at closing.  The new entity in which we now own a 6% interest, VIF II/AmREIT Woodlake L.P., is the borrower on the new $20.9 million loan, which has a 3-year term with two one-year extension options, provided certain conditions are met.  We, along with our affiliate, MIG III, are joint and several repayment guarantors on the loan.  As a result of our reduced ownership interest and decision-making ability, we no longer have a controlling financial interest in the property.  We deconsolidated this property as of the date of the transaction and began accounting for the property under the equity method of accounting.

See Note 4 for a discussion of our investment activity since our inception with respect to our non-consolidated entities.

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Consolidated Statements Of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2011		Dec. 31, 2010		Dec. 31, 2009
Revenues:
Rental income from operating leases	$ 931		$ 2,496		$ 4,917
Total revenues	931		2,496		4,917
Expenses:
General and administrative	70		85		79
General and administrative - related party	284		320		337
Asset management fees - related party	340		430		430
Property expense	423		987		1,667
Property management fees - related party	44		90		198
Legal and professional	246		223		260
Depreciation and amortization	543		7,652		2,944
Total operating expenses	1,950		9,787		5,915
Operating loss	(1,019)		(7,291)		(998)
Other income (expense):
Impairment	0		(618)		0
Interest and other income	2		4		22
Interest expense	(423)		(854)		(1,768)
Equity in losses from non-consolidated entities	(1,306)		(3,591)		(1,222)
Margin tax expense	4		(16)		(20)
Total other income (expense)	(1,723)		(5,075)		(2,988)
Net loss, including non-controlling interests	(2,742)	[1]	(12,366)	[1]	(3,986)	[1]
Net loss attributable to non-controlling interests	219		3,077		590
Net loss attributable to partners	$ (2,523)		$ (9,289)		$ (3,396)
Weighted average Units outstanding	1,988		1,988		1,988
Net loss per Unit	$ (1,269.11)		$ (4,672.54)		$ (1,708.25)

[1] The allocation of net loss includes a curative allocation to increase the General Partner's capital account by $25, $93 and $43 for the 2011, 2010 and 2009 periods. The cumulative curative allocation since inception of the Partnership is $251. The Partnership Agreement provides that no Partner shall be required to fund a deficit balance in their capital account.

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Acquired Lease Intangibles

12 Months Ended

Dec. 31, 2011

Acquired Lease Intangibles [Abstract]

Acquired Lease Intangibles

5.             ACQUIRED LEASE INTANGIBLES

We have identified and recorded the value of acquired lease intangibles at the property acquisition date. Such intangibles include the value of acquired in-place leases and above and below market leases. Acquired lease intangible assets (in-place leases and above-market leases) are amortized over the leases' remaining terms, which range from two months to approximately thirteen years. Acquired lease intangible liabilities (below-market leases) are accreted over the leases' remaining non-cancelable lease term, plus any fixed-rate renewal options, if any, which range from 1 year to 14 years. The amortization of above-market leases is recorded as a reduction of rental income, and the amortization of in-place leases is recorded to amortization expense.

Acquired in-place lease and above and below market lease values and their respective accumulated amortization are as follows (in thousands):

	December 31,  2011	December 31, 2010
Acquired lease intangible assets:
In-place leases	$574	$667
In-place leases – accumulated amortization	(524)	(587)
Above-market leases	13	13
Above-market leases – accumulated amortization	(13)	(13)
Acquired leases intangibles, net	$50	$80
Acquired lease intangible liabilities:
Below-market leases	$ (118)	$(150)
Below-market leases – accumulated amortization	109	132
Acquired below-market lease intangibles, net	$ (9)	$(18)

                The table below details our acquired lease intangible activity for the years ended December 31, 2011 and 2010, respectively (in thousands):

		As of December 31,
		2011				2010
Acquired lease intangible assets:
Disposals of in-place leases	$		(93	)	$	(4,000	)
Amortization of in-place leases			(30	)		(332	)
Disposals of accumulated amortization of in-place leases			93			3,000
Disposals of above-market leases			-			(179	)
Amortization of above-market leases			-			(21	)
Disposals of accumulated amortization of above-market leases			-			112
Acquired lease intangible liabilities:
Accretion of below-market leases	$		9		$	233
Disposals of below-market leases			32			2,400
Disposals of accumulated amortization of below-market leases			(32	)		(1,100	)

The estimated aggregate amortization amounts from acquired lease intangibles for each of the next five years are as follows (in thousands):

Year Ending  December 31,	Amortization Expense (in-place lease value)	Rental Income (above and below market leases)
2012	$15	$(3)
2013	15	(3)
2014	15	(3)
2015	5	-
2016	-	-
	$50	$(9)

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Investments In Non-Consolidated Entities

12 Months Ended

Dec. 31, 2011

Investments In Non-Consolidated Entities [Abstract]

Investments In Non-Consolidated Entities

4.             INVESTMENTS IN NON-CONSOLIDATED ENTITIES

Since inception, we have made the following investments in four entities through which we own an interest in four properties:

•      In December 2006, we acquired a 50% interest in AmREIT Casa Linda, LP which owns Casa Linda Plaza, a multi-tenant retail property located in Dallas, Texas with a combined GLA of approximately 325,000 square feet.  The remaining 50% is owned by MIG III. The property is secured by a seven-year mortgage loan that matures in January 2014. The loan was in the amount of $38.0 million, bears an annual interest rate of 5.48% and is interest-only until maturity. During 2009, we completed a substantial renovation to the Casa Linda property that has allowed the property to maintain its historical character and prominence in the community, while updating the property's features. The renovation was completed in April 2009 at a cost of $7.1 million, including tenant improvements and leasing costs.

•      In December 2007, we acquired a 50% interest in Cambridge & Holcombe, LP which owns 2.02 acres of raw land that may be developed, sold or contributed to a joint venture in the future.  The property is located adjacent to the Texas Medical Center in Houston, Texas.The remaining 50% is owned by an unaffiliated third party.  Due to the downturn in the real estate market, in particular for raw land, an impairment test was performed during 2010.We recorded an impairment of approximately $2.6 million on this investment which has been recorded our share of an impairment loss at the property level as a component of equity in losses from non-consolidated subsidiaries in our consolidated statements of operations.  During 2011, the joint venture defaulted on its loan in the amount of $8.1 million, which matured in June 2011.During 2011, we executed a forbearance agreement with the lender, which extended the maturity of the note and deferred a portion of the interest payments through March 27, 2012.  The forbearance period has expired, and our Cambridge Holcombe joint venture is currently in discussions with the lender to extend the maturity of the loan.Based on a term sheet issued by the lender, we believe that our Cambridge Holcombe joint venture will be successful in extending the loan through March 2013 in exchange for a 10% principal reduction on the note and payment of accrued interest. Our portion of this payment (50%) is approximately $500,000, and AmREIT has committed to provide a loan to us sufficient to fund such payment. We expect the extension to close during the second quarter of 2012; however, no assurance can be given that the extension will ultimately be consummated.  Our Cambridge Holcombe joint venture is in discussions with various developers and joint venture partners to either sell or develop the site.  We have guaranteed approximately $4.0 million of this debt.  The lender recently had the property appraised, which yielded a value in excess of the loan amount.  Therefore, we believe that we would not be required to perform under the guarantee in the event an extension is not obtained.

•      In February 2008, we acquired a 10% interest in Shadow Creek Holding Company LLC which owns Shadow Creek Ranch, a multi-tenant retail property located in Pearland, Texas with a combined GLA of approximately 624,000 square feet. The remaining 90% is owned by an unaffiliated third party (80%) and AmREIT (10%). We used proceeds from the Offering and obtained a 7-year mortgage loan from Metropolitan Life Insurance Company to fund our investment in the Shadow Creek Ranch property. The loan was in the amount of $65.0 million and bears an annual interest rate of 5.48% until its maturity in March 2015.

•      Between June 2008 and July 2010, we owned a 60% interest in AmREIT Woodlake, LP (Woodlake LP) which owns Woodlake Square, a grocery-anchored, multi-tenant retail property located at the corner of Westheimer and Gessner in Houston, Texas with a combined GLA of approximately 206,000 square feet. As further discussed in Note 11, we and our affiliated entities sold a 90% interest in Woodlake LP to a third-party institutional partner. We ultimately retained a net 6% interest in the new property owner ("VIF II/AmREIT Woodlake, LP") through our 60% controlling interest in the managing member of the new property owner, and the remaining 94% is owned by the third-party institutional partner (90%), ARIC (1%) and by MIG III (3%), an affiliated AmREIT entity.

During November 2011, Woodlake Pointe obtained a $6.7 million construction loan to fund its redevelopment. We are in the anchor leasing stage of development and currently have a signed lease with a large national fitness tenant to construct a 45,000 square foot building on the unimproved land and are in discussions with another anchor tenant for the existing building. Total costs, including tenant improvements and leasing costs, are expected to approximate the $6.7 million construction loan with completion anticipated later in 2012. Because this property is under redevelopment, and the tenant is temporarily occupying the premises, we recorded rental income as a reduction to the basis of the asset. The Urban Rug Outlet lease expired in February 2012.   

We report our investments in these four entities using the equity method of accounting due to our ability to exercise significant influence over them. Combined condensed financial information for our non-consolidated entities as of December 31, 2011 and 2010 (at 100%) is summarized as follows:

	As of December 31,
Combined Balance Sheets (in thousands)	2011	2010
Assets
Property, net	$   181,120	$   179,461
Cash	3,806	5,484
Other assets	20,554	21,128
Total Assets	$   205,480	$   206,073
Liabilities and partners' capital:
Notes payable	131,288	131,999
Other liabilities	12,710	12,467
Partners capital	61,482	61,607
Total Liabilities and Partners' Capital	$    205,480	$    206,073
MIG IV share of net assets	$     9,373	$     9,961

	Years ended December 31,
Combined Statements of Operations (in thousands)	2011	2010	2009
Revenue
Total Revenue	$   15,714	$  13,920	$  11,854
Expense
Depreciation and amortization	6,684	6,117	5,872
Interest	6,922	6,295	5,793
Other	6,572	9,869	4,883
Total expense	20,178	22,281	16,548
Net loss	$  (4,464)	$  (8,361)	$  (4,694)
MIG IV share of net loss	$   (1,306)	$  (3,591)	$  (1,222)

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Commitments And Contingencies

12 Months Ended

Dec. 31, 2011

Commitments And Contingencies [Abstract]

Commitments And Contingencies

12.          COMMITMENTS AND CONTINGENCIES

Litigation - In the ordinary course of business, we may become subject to litigation or claims. There
are no material pending legal proceedings known to be contemplated against us.

Environmental matters - In connection with the ownership and operation of real estate, we may be potentially liable for costs and damages related to environmental matters. We have not been notified by any governmental authority of any non-compliance, liability or other claim.

In conjunction with our acquisition of the Woodlake Square shopping center in August 2007, we identified environmental exposures caused by businesses which were operated on the property prior to our ownership. We recorded an asset retirement obligation on the acquisition date related to these exposures. As of December 31, 2010, we believe that the environmental exposure no longer exists as a result of the property's admittance into the Dry Cleaner Remediation Program.

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Concentrations

12 Months Ended

Dec. 31, 2011

Concentrations [Abstract]

Concentrations

8.             CONCENTRATIONS

As of December 31, 2011 and December 31, 2010, each of our two consolidated properties individually comprises greater than 10% of our consolidated total assets. Consistent with our strategy of investing in areas that we know well, both properties are located in Texas metropolitan areas. These Texas properties represent 100% of our rental income for each of the years ended December 31, 2011 and 2010. Houston is Texas' largest city and the fourth largest city in the United States.

Following are the base rents generated by the top tenants of our consolidated properties during the years ended December 31, 2011, 2010 and 2009 (in thousands):

Tenant	2011	2010	2009
Paesano's	$197	$197	$194
Alamo Heights Pediatrics	71	71	71
Rouse Dental	51	47	47
Café Salsita	37	36	36
The Mutual Fund Store	35	37	37
	$391	$388	$385

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Notes Payable

12 Months Ended

Dec. 31, 2011

Notes Payable [Abstract]

Notes Payable

6.             NOTES PAYABLE

Our outstanding debt at December 31, 2011consisted of a fixed-rate mortgage loan of $6.0 million secured by the Village on the Green property along with a $220,000 construction loan for our Woodlake Pointe property. As of December 31, 2011, the weighted-average interest rate on our fixed-rate debt is 5.3%, and the weighted average remaining life of such debt is 5.3 years.

As of December 31, 2011, scheduled principal repayments on notes payable were as follows (in thousands):

Scheduled Payments by Year	Scheduled Principal Payments	Term-Loan Maturities	Total Payments
2012	$     90	-	$   90
2013	96	-	96
2014	102	-	102
2015	108	-	108
2016	113	-	113
Thereafter	30	5,663	5,693
Total	$   539	$    5,663	$  6,202

We serve as the guarantor of debt in the amount of $45.0 million that is the primary obligation of our non-consolidated joint ventures. During 2011, one of those joint ventures defaulted on its loan in the amount of $8.1 million, which matured in June 2011.  During 2011, we executed a forbearance agreement with the lender, which extended the maturity of the note and deferred a portion of the interest payments through March 27, 2012.  The forbearance period has expired, and our Cambridge Holcombe joint venture is currently in discussions with the lender to extend the maturity of the loan. Based on a term sheet issued by the lender, we believe that our Cambridge Holcombe joint venture will be successful in extending the loan through March 2013 in exchange for a 10% principal reduction on the note and payment of accrued interest. Our portion of this payment (50%) is approximately $500,000, and AmREIT has committed to provide a loan to us sufficient to fund such payment. We expect the extension to close during the second quarter of 2012; however, no assurance can be given that the extension will ultimately be consummated. We have guaranteed approximately $4.0 million of this debt. The lender recently had the property appraised, which yielded a value of approximately $10.6 million, which we believe is sufficient to satisfy the obligation to the lender and not require our performance under the guarantee in the event an extension is not obtained.

The remaining debt for which we serve as guarantor matures in 2014 and 2015. We have not accrued any liability with respect to these guarantees as we believe it is unlikely we would be required to perform and, therefore, the fair value of any obligation would be insignificant.

Notes Payable – Related Party - As of December 31, 2011 and December 31, 2010, the balance of our notes payable – related party was $2.0 million and $1.3 million, respectively. During 2010, we borrowed $800,000 from an affiliate of our General Partner. In August 2010, we repaid $200,000 of the balance due to the affiliate. The note accrues interest monthly at LIBOR plus a spread of 3.5% with a floor of 5.0% and is secured by our investment interest in the Woodlake Pointe property.

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Derivative Financial Instruments

12 Months Ended

Dec. 31, 2011

Derivative Financial Instruments [Abstract]

Derivative Financial Instruments

7.             DERIVATIVE FINANCIAL INSTRUMENTS

We use derivative instruments primarily to manage exposures to interest rate risks.  In order to manage the volatility relating to interest rate risk, we may enter into interest rate swaps from time to time.  We do not use derivative financial instruments for trading or speculative purposes.  GAAP requires that changes in fair value of derivatives that qualify as cash flow hedges be recognized in OCI while the ineffective portion of the derivative's change in fair value be recognized in the statement of operations as interest expense. Upon the settlement of a hedge, gains and losses associated with the transaction are recorded in OCI and amortized over the underlying term of the hedge transaction. We assess, both at inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the cash flows of the hedged items. In assessing the fair value of the hedge, we use standard market conventions and techniques such as discounted cash flow analysis, option pricing models and termination costs at each balance sheet date. All methods of assessing fair value result in a general approximation of value, and such value may never actually be realized.

In December 2007, Woodlake Square entered into an interest rate swap with a notional amount of $23.8 million and a fixed rate of 5.465% to hedge the interest rate risk on the $23.8 million variable-rate loan that was placed in conjunction with the 2007 acquisition of the Woodlake Square shopping center. The swap settled monthly with an amount paid to or received from our counterparty upon settlement being recorded as an adjustment to interest expense. We designated our interest rate swap as a hedge for financial reporting purposes. Accordingly, gains or losses resulting from changes in the value of our derivatives have been recorded as an adjustment to our partners' capital through AOCI.In conjunction with the refinancing of the underlying mortgage during 2010, we terminated this hedge. Accordingly, we reclassified into earnings the gain that had been deferred in accumulated other comprehensive income to appropriately offset the earnings impact of the remaining hedged forecasted interest payments and recognized the remainder as a result of the fact that some of the hedged forecasted transactions were probable not to occur. As such, we recorded $260,000 as a reduction of interest expense in July 2010. For the years ended December 31, 2011, 2010 and 2009, we paid $0, $461,000 and $954,000, respectively, related to this swap which is included in interest expense.

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Partners' Capital And Non-Controlling Interest

12 Months Ended

Dec. 31, 2011

Partners' Capital And Non-Controlling Interest [Abstract]

Partners' Capital And Non-Controlling Interest

9.             PARTNERS' CAPITAL AND NON-CONTROLLING INTEREST

The General Partner invested $800,000 as a limited partner and $1,000 as a general partner in MIG IV. We began raising capital in December 2006. We closed the offering on March 31, 2008 when we had raised approximately $49.7 million. The General Partner's $800,000 investment represents a 1.6% limited partner interest in the Partnership.

Limited Optional Redemption— Our Units were sold pursuant to exemptions from registration under the Securities Act and are not currently listed on a national exchange or otherwise traded in an organized securities market. These Units may be transferred only with the consent of the General Partner after the delivery of required documents, and in any event, only if we register the offer and sale of the Units under applicable securities laws or if an exemption from such registration is available. We do not expect to register the offer and sale of Units. Moreover, we do not anticipate that any public market for the Units will develop. In order to provide Limited Partners with the possibility of liquidity, at any time after November 15, 2009 and prior to November 15, 2013, Limited Partners who have held their Units for at least three years may receive the benefit of interim liquidity by presenting all of those Units to the Partnership for redemption. At that time, we may, in our sole discretion and subject to the conditions and limitations described below, redeem the Units presented for cash to the extent that we have sufficient funds available to us to fund such redemption. The redemption price to be paid will be 92% of the limited partner's unreturned invested capital. At no time during a 12-month period, however, may the number of Units redeemed by us exceed 2% of the number of Units outstanding at the beginning of that 12-month period. We did not receive any redemption requests during the year ended December 31, 2011. We received one redemption request which was denied in the amount of $150,000 during the year ended December 31, 2010. During the year ended December 31, 2009, we received five redemption requests, three of which were denied in the aggregate amount of $253,000 and two of which were granted in the amount of $62,000, despite the restriction on redemptions until November 15, 2009. All redemption requests that have been granted represent a return of capital. We suspended the optional redemption program during the second quarter of 2009 due to macroeconomic conditions and the need to preserve cash.

Distributions — During the operating stage of the Partnership, net cash flow, as defined, will be distributed 99% to the limited partners and 1% to the General Partner. We paid a distribution of 7.5% per annum on invested capital through December 2008. Beginning in January 2009 through June 2009, we paid a distribution of 3.0% per annum on invested capital. Effective July 15, 2009 we suspended payment of all distributions, and we do not plan to resume the payment of distributions until improvements in the real estate and liquidity markets warrant such payment. All distributions to date have been a return of capital. During the liquidation stage of the Partnership (anticipated to commence in November 2013, unless extended), net cash flow, as defined, will be distributed among the limited partners and the General Partner in the following manner:

·first - 100% to the Limited Partners (in proportion to their unreturned actual invested capital) until such time as the Limited Partners have received cumulative distributions from all sources equal to 100% of their actual invested capital (calculated using the actual purchase price per unit);

·second - 100% to the General Partner until it has received cumulative distributions from all sources equal to 100% of its actual invested capital of $1,000;

·third - 1% to the General Partner and 99% to the limited partners on a per unit basis until such time as the limited partners have received cumulative distributions from all sources equal to 8.5% per annum, cumulative, uncompounded return on their unreturned deemed capital contributions (which will be equal to (i) the product of $25,000 per unit (regardless of the purchase price paid for a unit) multiplied by the number of units owned by a partner, reduced by (ii) the aggregate amount of any distributions received that constitute a return of capital contributions);

·fourth – 100% to the General Partner until it has received cumulative distributions from all sources (other than with respect to the Units it purchased) in an amount equal to 40% of the net cash flow paid to date to the Limited Partners in excess of their actual invested capital; and

·thereafter - 60% to the limited partners on a per unit basis and 40% to the General Partner.

Non-controlling Interests – Non-controlling interests represent a 40% ownership interest that our affiliates have in a real estate partnership that we consolidate as a result of our 60% controlling financial interest in such partnership.

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Consolidated Statement Of Capital (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011		Dec. 31, 2010		Dec. 31, 2009
Balance	$ 27,883		$ 40,501		$ 45,080
Redemptions					(62)
Net loss	(2,742)	[1]	(12,366)	[1]	(3,986)	[1]
Contributions from non-controlling interests			249
Distributions					(880)
Distributions to non-controlling interests	137		(764)		(230)
Decrease in fair value of derivative liability			523		579
Reclassification of gain into income			(260)
Balance	25,278		27,883		40,501
General Partner [Member]
Balance	0		0		0
Redemptions					0
Net loss	0	[1]	0	[1]	9	[1]
Contributions from non-controlling interests			0
Distributions					(9)
Distributions to non-controlling interests	0		0		0
Decrease in fair value of derivative liability			0		0
Reclassification of gain into income			0
Balance	0		0		0
Limited Partners [Member]
Balance	21,004		30,293		34,631
Redemptions					(62)
Net loss	(2,523)	[1]	(9,289)	[1]	(3,405)	[1]
Contributions from non-controlling interests			0
Distributions					(871)
Distributions to non-controlling interests	0		0		0
Decrease in fair value of derivative liability			0		0
Reclassification of gain into income			0
Balance	18,481		21,004		30,293
AOCI Gain (Loss) [Member]
Balance	0		(263)		(842)
Redemptions					0
Net loss	0	[1]	0	[1]	0	[1]
Contributions from non-controlling interests			0
Distributions					0
Distributions to non-controlling interests	0		0		0
Decrease in fair value of derivative liability			523		579
Reclassification of gain into income			(260)
Balance	0		0		(263)
Non-Controlling Interest [Member]
Balance	6,879		10,471		11,291
Redemptions					0
Net loss	(219)	[1]	(3,077)	[1]	(590)	[1]
Contributions from non-controlling interests			249
Distributions					0
Distributions to non-controlling interests	137		(764)		(230)
Decrease in fair value of derivative liability			0		0
Reclassification of gain into income			0
Balance	$ 6,797		$ 6,879		$ 10,471

[1] The allocation of net loss includes a curative allocation to increase the General Partner's capital account by $25, $93 and $43 for the 2011, 2010 and 2009 periods. The cumulative curative allocation since inception of the Partnership is $251. The Partnership Agreement provides that no Partner shall be required to fund a deficit balance in their capital account.

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Operating Leases

12 Months Ended

Dec. 31, 2011

Operating Leases [Abstract]

Operating Leases

3.             OPERATING LEASES

Our operating leases range from one month to twenty-five years and generally include one or more five year renewal options. A summary of minimum future base rentals to be received, exclusive of any renewals, under non-cancelable operating leases in existence at December 31, 2011 is as follows (in thousands):

2012	$   620
2013	557
2014	478
2015	220
2016	81
Thereafter	-
	$ 1,956

Future minimum rental revenue excludes amounts that may be received from tenants for reimbursements of operating costs, real estate taxes and insurance. Expense reimbursements recognized as revenue totaled $258,000, $606,000 and $1.1 million during the years ended December 31, 2011, 2010 and 2009, respectively.

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Schedule III - Consolidated Real Estate Owned And Accumulated Depreciation

12 Months Ended

Dec. 31, 2011

Schedule III - Consolidated Real Estate Owned And Accumulated Depreciation [Abstract]

Schedule III - Consolidated Real Estate Owned And Accumulated Depreciation

AmREIT MONTHLY INCOME & GROWTH FUND IV, L.P. AND SUBSIDIARIES SCHEDULE III - Consolidated Real Estate Owned and Accumulated Depreciation For the year ended December 31, 2011

		Initial Cost								Total Cost
						Cost Capitalized
		Building and				Subsequent to		Building and						Accumulated		Date
Property Description		Improvements		Land		Acquisition		Improvements		Land		Total		Depreciation		Acquired		Encumbrances
Woodlake Pointe		7,617,318		8,845,089		467,009		7,653,967		9,275,449		16,929,416		(1,073,909	)	11/21/2007		220,431
Village on the Green		5,468,698		3,133,574		216,272		5,684,970		3,133,574		8,818,544		(817,169	)	3/25/2008		5,981,368
Total	$	13,086,016	$	11,978,663	$	683,281	$	13,338,937	$	12,409,023	$	25,747,960	$	(1,891,078	)		$	6,201,799

Activity within real estate and accumulated depreciation during the three years ended December 31, 2011 are as follows:

					Accumulated
		Cost			Depreciation
Balance at December 31, 2008	$	63,064,471		$	1,914,346
Acquisitions / additions		475,886			-
Disposals		(41,733	)		(41,733	)
Depreciation expense		-			1,545,919
Balance at December 31, 2009	$	63,498,624		$	3,418,532
Acquisitions / additions		501,756			-
Disposals		(38,396,880	)		(9,234,155	)
Depreciation expense		-			7,261,838
Balance at December 31, 2010	$	25,603,500		$	1,446,215
Acquisitions / additions		359,965			-
Disposals		(215,505	)		(37,295	)
Depreciation expense		-			482,158
Balance at December 31, 2011	$	25,747,960		$	1,891,078