SECURITIES AND EXCHANGE COMMISSION

                            WASHINGTON,  D.C. 20549

                                    FORM 10Q



               QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

                         THE SECURITIES EXCHANGE ACT OF 1934


For Quarter Ended June 30, 1997                 Commission File Number 0-7716


                            CENTURY REALTY TRUST
            (Exact name of Registrant as specified in its charter)

     INDIANA                                                     35-1284316
(State or other jurisdiction of                             (I.R.S. Employer
Incorporation or organization)                             Identification No.)



823 Chamber of Commerce Building                                  46204
   Indianapolis, Indiana                                        (ZipCode) 
(Address of principal executive offices)

Registrant's telephone number, including area code	           (317)632-5467 

Indicate by check mark whether this 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 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 __.         
                                   

Indicate the number of shares outstanding of each of the issuer's classes 
of common stock as of the latest practicable date.

Shares of Beneficial Interest, no par value                1,535,314 shares



BALANCE SHEETS
Century Realty Trust
                                                       June       December
                                                     30, 1997      31, 1996
                                                    ___________  ___________
                                                     Unaudited            
Assets                                                                       
Real estate investments:                                                    
  Land                                               $2,658,883   $2,068,658
  Buildings                                          38,958,783   32,912,673
  Equipment                                             927,578      838,254
  Allowances for depreciation                        (8,045,767)  (7,476,182)
                                                    ___________  ___________
                                                     34,499,477   28,343,403
  Net investment in direct financing leases             423,562      443,590
                                                    ___________  ___________
                                                     34,923,039   28,786,993
Cash and cash equivalents                               419,077      315,337
Short-term investments                                  590,518      590,993
Accounts and accrued income receivable                  374,919      335,303
Undeveloped land                                         99,675       99,675
Other assets                                            591,716      410,166
                                                    ___________  ___________
                                                     36,998,944   30,538,467
                                                    ___________  ___________
                                                    ___________  ___________
                                                                           
Liabilities and shareholders' equity                                       
Liabilities:                                                               
  Short-term debt                                    $2,000,000            0
  Mortgage notes payable                             23,929,496   20,437,686
  Accounts payable and accrued compensation             718,192      288,474
  Accrued interest                                      152,469      132,578
  State income and property taxes                     1,094,187      952,031
  Tenants' security deposits and unearned rent          382,857      394,507
                                                    ___________  ___________
                                                     28,277,201   22,205,276
                                                                        
Shareholders' equity:                                                    
  Shares of Beneficial Interest, no par value-authorized                
   5,000,000 shares, issued 1,553,528 shares (1,529,353 shares          
   at December 31, 1996) including 18,214 shares in                    
   treasury (75,414 shares at December 31, 1996)      6,710,229    6,249,104
  Undistributed income other than from                                     
   gain on the sale of real estate                      820,064    1,284,028
  Undistributed net realized gain from the                                 
   sale of real estate                                1,316,078    1,316,078
  Cost of treasury shares                              (124,628)    (516,019)
                                                    ___________  ___________ 
                                                      8,721,743    8,333,191
                                                    ___________  ___________
                                                    $36,998,944  $30,538,467
                                                    ___________  ___________
                                                    ___________  ___________

See accompanying notes.


STATEMENTS OF  INCOME
Century Realty Trust
Unaudited
                                       Three Months         Six Months        
                                       Ended June 30,       Ended June 30,   
                                   _____________________ _____________________
                                       1997      1996       1997      1996   
                                   __________ __________ __________ __________
                                                                             
Income                                                                       
Real estate operations:                                                      
  Rental income                    $2,069,603 $2,006,016 $4,115,600 $4,024,335
  Other income                         37,779     39,435     79,996     81,777
  Income from direct financing                                                
   leases                              13,831     15,213     27,662     30,425
                                   __________ __________ __________ __________
                                    2,121,213  2,060,664  4,223,258  4,136,537
  Less:                                                                      
     Real estate operating expenses   769,247    754,629  1,523,350  1,505,566
     Depreciation                     285,096    277,590    569,586    555,180
     Real estate taxes                193,599    196,640    432,099    440,090
                                   __________ __________ __________ __________
                                    1,247,942  1,228,859  2,525,035  2,500,836
                                   __________ __________ __________ __________
                                      873,271    831,805  1,698,223  1,635,701
                                                                             
Interest income                        16,784     11,962     28,596     18,748
                                   __________ __________ __________ __________
                                      890,055    843,767  1,726,819  1,654,449
Expenses                                                                     
Interest                              469,224    462,437    930,582    929,160
State income taxes                     40,459     35,647     81,896     70,508
General and administrative expenses   106,052     94,730    207,487    191,455
                                   __________ __________ __________ __________
                                      615,735    592,814  1,219,965  1,191,123
                                   __________ __________ __________ __________
Net income                           $274,320   $250,953   $506,854   $463,326
                                   __________ __________ __________ __________
                                   __________ __________ __________ __________
                                                                              
Net income per share of                                                      
  Beneficial Interest                   $0.18      $0.17      $0.34      $0.32
                                   __________ __________ __________ __________
                                   __________ __________ __________ __________
                                                                             
Weighted average number                                                     
  of shares outstanding             1,505,911  1,453,716  1,485,615  1,453,494 

See accompanying notes.


STATEMENTS OF CASH FLOW
Century Realty Trust
Unaudited
                                                            Six Months     
                                                           Ended June 30,   
                                                       _____________________
                                                          1997        1996  
                                                      __________  __________

Operating Activities                                                         
Net income                                              $506,854    $463,326 
Adjustments to reconcile net income to net cash                              
 provided by operating activities:                                           
  Depreciation and amortization                          587,177     569,841 
  Changes in operating assets and liabilities:                               
    Increase in accounts and income                                          
      receivable                                         (39,616)    (98,212)
    Increase in prepaid expenses and other assets       (199,142)    (17,746)
    Increase in accounts payable and accrued expenses    162,048      69,113 
    Increase (decrease) in tenants' security deposits                        
     and unearned rents                                   73,904      (7,255)
                                                      __________  __________
Net cash provided by operations                        1,091,225     979,067
                                                                           
                                                                             
Investing Activities                                                         
Short-term investment of funds                        (1,384,734) (1,183,394)
Proceeds from matured short-term investments           1,385,209     986,267
Acquisition of real estate, net of debt assumed       (2,653,009)          0 
Purchase of property improvements and replacemets       (127,375)   (171,082)
Principal payments received under leases                  20,028      20,194 
                                                      __________  __________
Net cash used in investing activities                 (2,759,881)   (348,015)
                                                                             
Financing Activities                                                         
Proceeds from sale of treasury shares                    577,525      17,500 
Short-term bank borrowing                              2,000,000    (700,762)
Proceeds from long-term mortgage loans                         0     730,492 
Principal payments on mortgage notes payable            (178,474)   (129,145)
Dividends paid to shareholders                          (626,655)   (576,883)
                                                      __________  __________
Net cash provided by (used in) financing activities    1,772,396    (658,798)
                                                      __________  __________
Net increase (decrease) in cash and cash equivalents     103,740     (27,746)
Balance at beginning of period                           315,337     189,929
                                                      __________  __________ 
Balance at end of period                                $419,077    $162,183
                                                      __________  __________
                                                      __________  __________ 

See accompanying notes.


NOTES TO FINANCIAL STATEMENTS

CENTURY REALTY TRUST
Unaudited


NOTE 1 - REAL ESTATE INVESTMENT TRANSACTIONS


     On May 29, 1997, the Trust purchased from a partnership, in which one 
of its Trustees is a partner, a 34,000 square-foot multiple-tenant office 
building in Indianapolis, Indiana.  The property, unencumbered, was 
purchased for $1.5 million, an amount approximately equal to its 
independently appraised value.  To complete the purchase, the Trust 
borrowed $1 million against a $2.5 million unsecured line of credit from 
NBD Bank, N.A., and issued 24,175 previously unissued shares of beneficial 
interest valued at $275,000 to the selling partnership. The balance of
the purchase price, net of prorated income and expenses, was paid in cash.  
The Trust expects to obtain a long-term mortgage loan on the property, the 
proceeds from which will be used to repay short-term bank borrowings. The 
property was 100% leased on the date purchased.

     On June 30, 1997, the Trust, through a wholly-owned subsidiary,
Charter Oaks Associates, LLC, purchased from Charter Oaks Associates Limited 
Partnership, an unrelated New Jersey limited partnership, the Charter Oaks 
apartments, a 192-unit property in Evansville, Indiana for $5.1 million.  
The Trust assumed an existing first mortgage loan with a remaining balance 
of $3.67 million and borrowed $1 million against its $2.5 unsecured bank
line of credit to complete the purchase.  Borrowings under the line of 
credit bear interest, currently 8%, based on LIBOR and mature in one year. 
The balance of the purchase price, net of prorated income and expenses, was 
paid in cash.  On the date purchased, more than 95% of the apartments were 
rented.


NOTE 2 - MORTGAGE NOTES PAYABLE


     Nine of the Trust's fifteen properties, including the two recent 
acquisitions,  are encumbered by mortgage loans that are payable in monthly 
installments totaling approximately $208,000, including interest at fixed 
rates ranging from 8.125% to 9.75% per annum, and which mature from April 15, 
1998 to October 1, 2006. The approximate aggregate amount of scheduled 
mortgage loan repayments for each of the remaining quarters of 1997 are: 
third quarter, $81,000; and, fourth quarter, $82,800.           


NOTE 3 - FEDERAL INCOME TAXES


     The Trust intends to continue as a real estate investment trust as 
defined in the Internal Revenue Code and to distribute its taxable income.  
Assuming compliance with other requirements of the Code, income distributed 
will not be taxable to the Trust.  Accordingly, no provision for federal 
income taxes is made in the financial statements. Distributions, however, 
to the extent that such payments are from earnings and profits of the Trust,
are taxable to the shareholder recipients as dividend income.


MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS


RESULTS OF OPERATIONS

     For the quarter and six months ended June 30, 1997, the Trust reported 
increases over the comparable 1996 periods in both rental income and income 
from real estate operations.  In spite of increases in the provision for 
depreciation, substantially all of which related to property improvements 
and replacements purchased in 1996,  net income increased by $23,367  
($.01 per share) and $43,528 ($.02 per share) for the quarter and six months, 
respectively.  The increase in net income was due to improved results of 
operations from the investment properties owned throughout the first and 
second quarters of 1997 and 1996.  The Trust, in separate and unrelated
transactions,  acquired two investment properties during the second quarter 
of 1997 but they did not materially effect to results of operations through 
June 30.


     On May 29, 1997, the Trust purchased a 34,000 square-foot multiple-tenant 
office building in Indianapolis for $1.5 million, and on June 30, 1997, it 
purchased the Charter Oaks apartments, a 192-unit property, in Evansville, 
Indiana for $5.1 million.  The terms of those transactions are described in 
Note 1 to the financial statements.  The office property was 100% leased and 
the apartment property was 95% rented at the dates of acquisition.  The Trust 
projects that ,combined,  these two investments will increase gross income 
from real estate operations by approximately 16%, net income by 1% and funds 
from operations by 8%.

     The nine apartment properties (1,358 units) that the Trust owned 
throughout the first two quarters of 1997 and 1996 reported average six-month 
economic occupancy rates of 94.1% and 96.5% for the two periods, respectively.
For the second quarters of 1997 and 1996, economic occupancy rates were 93.7%
and 96.0%, respectively.  Average rental rates increased 4.8% for those 
properties over the prior year periods.  The combined effect of lower 
occupancy rates and higher rental rates resulted in increases in gross 
revenue from this core group of apartments by 2.6% and 3.1% for the quarter 
and six month periods, respectively.  Operating expenses, excluding interest 
and depreciation, for the same properties amounted to 43.9% and 44.8% of gross
possible income for the second quarter and six month periods of 1997, down 
from 46.9% and 47.5% for the prior year periods. Those operating expenses, 
compared with 1996, decreased by .9% and .7% for the quarter and six months
ended June 30, 1997, respectively.

     Rental properties other than apartments, which accounted for 4% percent 
of total rental income in each of the first two quarters of 1997,  reported 
decreases in net operating income of 19.8% ($10,600) and 15.3% ($18,300) for 
the second quarter and first six months of 1997 compared with the prior year 
periods. Rental income, due to lower occupancy rates,  was down $11,400, or 
15.3% and $16,200, or 10.1%, for the second quarter and six months.  Operating
expenses during the second quarter decreased by 4.7% and, for the six months,
increased by 7% in comparison with the same periods a year ago.  During the
1996 quarter and six month periods, the commercial properties were 100% 
occupied. 

     Interest expense related to loans outstanding throughout the first two 
quarters of 1997 and 1996 declined by $17,000 and $27,700 for the second 
quarter and six month periods, respectively, due the scheduled reduction of 
loan balances.  Those decreases were more than offset by additional interest
expense related to approximately $240,000 of additional borrowings in 
connection with the refinance of two mortgage loans and a short-term bank 
loan during 1996.  One mortgage loan and the bank loan were refinanced in 
May, 1996 and the other mortgage loan was refinanced in September, 1996.


FINANCIAL CONDITION AND LIQUIDITY

     At June 30, 1997, the Trust held approximately $1,000,000 in cash and 
short term investments.  It invests funds in excess of immediate cash needs 
in securities of the U.S. government, agencies of the U.S government, and 
FDIC-insured certificates of deposit. Except for a pending agreement to 
acquire control, as general partner, of six limited partnerships, the Trust 
has no obligations, nor has it made any commitments, which will require
expenditures in excess of funds anticipated to be provided by operations 
during the remainder of 1997.  

     No transactions or events have occurred to indicate that funds provided 
by operations, except as to the projected impact, previously described,  of 
two investment properties purchased in the second quarter of 1997 and the 
impact which might result from properties not yet acquired, during the second
half of 1997 will differ disproportionately from the first half of the year.

     In July, 1997, the Trust agreed, subject to approval by a majority of 
the limited partners in each partnership and by all of the mortgage holders, 
to purchase the sole general partner position in six limited partnerships.  
The partnerships have an aggregate total asset value of approximately $18.9 
million with mortgage loans and other liabilities of approximately $14.4
million.  Approvals are expected to be solicited in August. If such approvals 
are obtained and all due diligence procedures are satisfactorily completed, 
the transaction could be consummated in the fourth quarter of 1997.  Under 
the agreement, the Trust would invest $550,000 and become, through a 
wholly-owned qualified REIT subsidiary corporation,  a 1% equity owner of, 
and would have full management control over,  all six of the partnerships 
and their respective apartment properties. Each partnership owns one 
apartment property - five  in Indiana and one  in Ohio.  In the aggregate, 
the properties contain 722 apartment units,  the smallest containing 64 
units and the largest containing 182 units.

     The agreement further provides that, within two years after closing,  
the Trust would use its best efforts to offer each limited partner the right 
to exchange his/her limited partnership interest for shares of beneficial 
interest of the Trust based on an agreed exchange ratio. Assuming that such 
an exchange offer is made and that all limited partners eventually accept 
such offer, the Trust could, by issuing approximately 333,000 shares of 
beneficial interest (approximately $3.9 million at current market value), 
become the equity owner of the six apartment properties. 	

     To facilitate the two acquisitions completed in the second quarter, the 
Trust, sold 48,000 shares of beneficial interest previously held as treasury 
shares for a total of $522,000. In addition, the Trust obtained a $2.5 million 
unsecured standby line of credit from a bank.  Through June 30, 1997, the 
Trust has borrowed $2 million against the line of credit.  The remainder of 
line of credit, together with cash and invested funds currently on hand, 
represents sufficient capital to complete the aforementioned partnership 
transaction should it be approved and executed.  

     The Trust intends to continue as a real estate investment trust, and 
to distribute all of its earnings.  Accordingly, no provision has been made 
for federal income taxes.  The Trust, until it adopted a quarterly 
distribution schedule in the third quarter of 1996, followed a practice of
making cash distributions to its shareholders in June and December each year.
Quarterly distributions, each $.21 per share , were paid in September and 
December, 1996. To facilitate the provision of timely quarterly financial 
reports to shareholders, the timing of quarterly distributions was changed
for subsequent distributions.  Commencing in 1997, distributions were 
scheduled for payment in February, May, August and November.  Distributions 
in 1997 of $.21, $.22 and $.22 were declared for payment in February, May 
and August, respectively.                                                   


INFLATION

     Management believes that the direct effects of inflation on the Trust's 
operations have been insignificant.  



                                   PART II


     Item 6(b).  No events occurred during the three months ended June 30, 
1997, which would have necessitated the filing of a report on Form 8K. 


                        MANAGEMENT REPRESENTATIONS


     The information furnished in this report, while not audited, includes 
all adjustments, in the opinion of management, necessary for a fair 
representation of the financial position of Century Realty Trust at June 30, 
1997, and December 31, 1996, and the results of its operations and its cash 
flow for the three months and six months ended June 30, 1997, and June 30,
1996, in accordance with generally accepted accounting principles consistently 
applied.  The interim results reported are not necessarily indicative of 
expected results for the full year, and should be considered in conjunction 
with the audited financial statements contained in the Trust's 1996 annual 
report.                           


                                  SIGNATURES


     Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the 
undersigned thereunto duly authorized.



                                                        CENTURY REALTY TRUST



Date_____________                              By___________________________
                                                 John I. Bradshaw, Jr.
                                                 Executive Vice President,
                                                 Secretary and Treasurer
                                                  
                                                      
Date_____________                              By___________________________
                                                 David F. White
                                                 Controller