SECURITIES AND EXCHANGE COMMISSION

                            WASHINGTON,  D.C. 20549

                                   FORM 10-Q



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

For Quarter Ended June 30, 2006                   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 by check mark whether the registrant is a large
accelerated filer, an accelerated filer, or a non-accelerated
filer.  See definition of "accelerated filer and large
accelerated filer" in Rule 12b-2 of the Exchange Act. (Check
one):
Large accelerated filer ___  Accelerated filer ___
Non-accelerated filer  X

Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act). YES     NO  X

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                  1,806,324 shares



Part 1. Financial Information

Century Realty Trust and Subsidiaries
Consolidated Balance Sheets
                                                     June            December
                                                   30, 2006          31, 2005
                                                 ___________       ___________
                                                  Unaudited         See Note 1
Assets
Real estate investments:
  Land                                             $3,026,550       $3,026,550
  Buildings                                        44,940,222       44,811,666
  Equipment                                           830,734          772,275
  Allowances for depreciation                     (16,564,884)     (15,885,283)
                                                  ___________      ___________
                                                   32,232,622       32,725,208

Real estate held for sale, net of
 allowances for depreciation of $41,280                -               126,225
Cash and cash equivalents                           3,960,386        2,790,787
Restricted cash                                     1,057,550        1,580,045
Funds held in escrow for possible
 completion of 1031 exchange                           -             3,234,065
Accounts and accrued income receivable                442,805          525,365
Unamortized management contracts                       92,133          124,651
Unamortized mortgage costs                            222,369          239,644
Undeveloped land                                       99,675           99,675
Other assets                                           62,628          173,882
                                                  ___________      ___________
Total Assets                                      $38,170,168      $41,619,547
                                                  ___________      ___________
                                                  ___________      ___________
Liabilities and shareholders' equity
Liabilities:
  Mortgage notes payable                          $23,630,306      $27,805,711
  Accounts payable and accrued liabilities            415,212          639,845
  Accrued Interest                                    132,955          161,574
  Accrued property taxes                            1,237,759        1,254,768
  Tenants' security deposits and unearned income      543,825          516,695
  Real estate held for sale, other liabilities         -                14,540
                                                  ___________      ___________
Total Liabilities                                  25,960,057       30,393,133

Minority interest in operating partnerships           296,688          264,112

Shareholders' equity:
  Shares of Beneficial Interest, no par
    value - authorized 5,000,000 shares,
    issued 1,809,831 shares (1,806,349 shares
    at December 31, 2005), including 3,507
    shares in treasury                              9,638,230        9,648,572
  Overdistributed income other
   than from gain on the sale of real estate       (1,644,123)      (1,955,471)
  Undistributed net realized gain from the
   sale of real estate                              3,955,541        3,305,426
  Cost of treasury shares                             (36,225)         (36,225)
                                                  ___________      ___________
Total Shareholders' Equity                         11,913,423       10,962,302
                                                  ___________      ___________
Total Liabilities and Shareholders' Equity        $38,170,168      $41,619,547
                                                  ___________      ___________
                                                  ___________      ___________
See accompanying notes.



Century Realty Trust and Subsidiaries
Consolidated Statements of Operations
                                     Three Months               Six Months
                                     Ended June 30            Ended June 30
                               _______________________  _______________________
                                  2006         2005        2006         2005
                               ___________ ___________  ___________ ___________
Income:
Real estate operations:
  Rental income                $2,663,794   $2,611,683  $5,324,578  $5,213,175
  Other income                     64,846       53,621     129,778     104,274
                               ___________ ___________  ___________ ___________
                                2,728,640    2,665,304   5,454,356   5,317,449
  Less:
    Operating expenses          1,198,543    1,208,969   2,384,011   2,410,651
    Depreciation                  356,869      354,490     713,739     708,489
    Real estate taxes             184,838      264,702     408,437     579,000
                               ___________ ___________  ___________ ___________
                                1,740,250    1,828,161   3,506,187   3,698,140
                               ___________ ___________  ___________ ___________
                                  988,390      837,143   1,948,169   1,619,309
Interest                           20,497       16,116      58,830      26,686
                               ___________ ___________  ___________ ___________
                                1,008,887      853,259   2,006,999   1,645,995
Expenses:
Interest                          422,647      506,488     925,223   1,012,266
General and administrative        453,758      208,182     770,305     385,351
                               ___________ ___________  ___________ ___________
                                  876,405      714,670   1,695,528   1,397,617
                               ___________ ___________  ___________ ___________
Income before
 minority interest and
 discontinued operations          132,482      138,589     311,471     248,378

Minority interest in
 operating partnerships            (6,501)      (8,700)    (22,234)     (9,279)
                               ___________ ___________  ___________ ___________
Income before
 discontinued operations          125,981      129,889     289,237     239,099

Income from discontinued
 operations, including
 $650,115 gain on sale
 of property in 2006              655,177      101,357     672,226     168,621
                               ___________ ___________  ___________ ___________
Net income                       $781,158     $231,246    $961,463    $407,720
                               ___________ ___________  ___________ ___________
                               ___________ ___________  ___________ ___________
Earnings per share -
 basic and diluted:

  Income before
   discontinued operations          $0.07       $0.07        $0.16       $0.13

  Income from discontinued
   operations                       $0.36       $0.06        $0.37       $0.10

  Net income                        $0.43       $0.13        $0.53       $0.23

See accompanying notes.



Century Realty Trust and Subsidiaries
Consolidated Statements of Cash Flows
                                                             Six Months
                                                            Ended June 30
                                                          2006         2005
                                                      ___________  ___________
Operating Activities
Net income                                              $961,463     $407,720
Adjustments to reconcile net
 income to cash provided by
 operating activities:
   Depreciation and amortization                         731,014      733,718
   Gain on sale of restaurant property                  (650,115)          -
   Minority interest                                      22,234        9,279
   Changes in operating assets
    and liabilities:
     Restricted cash                                     522,495      (29,723)
     Accounts and accrued income receivable               82,560       79,706
     Other assets                                        109,634      108,320
     Accounts payable and accrued liabilities           (276,435)    (172,956)
     Tenants' security deposits and
      unearned income                                     18,764       51,264
                                                      ___________  ___________
Net cash provided by operating activities              1,521,614    1,187,328

Investing Activities:
Proceeds from sale of restaurant property, net           776,340           -
Funds withdrawn from escrow                            3,234,065           -
Purchase of property and improvements                   (187,015)    (156,853)
                                                      ___________  ___________
Net cash provided by (used in) investing activities    3,823,390     (156,853)

Financing Activities:
Mortgage loan balances repaid at maturity             (3,859,027)          -
Principal payments on mortgage notes payable            (316,378)    (383,804)
Exercise of stock option                                      -        32,400
                                                      ___________  ___________
Net cash used in financing activities                 (4,175,405)    (351,404)
                                                      ___________  ___________

Net increase in cash and cash equivalents              1,169,599      679,071
Balance at beginning of period                         2,790,787    3,037,234
                                                      ___________  ___________
Balance at end of period                              $3,960,386   $3,716,305
                                                      ___________  ___________
                                                      ___________  ___________
See accompanying notes.



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
CENTURY REALTY TRUST
June 30, 2006
Unaudited

NOTE 1 - BASIS OF PRESENTATION

     The accompanying unaudited consolidated financial
statements have been prepared in accordance with accounting
principles generally accepted in the United States for interim
financial information and with the instructions to Form 10-Q and
Article 10 of Regulation S-X.  Accordingly, they do not include
information and footnotes required by accounting principles
generally accepted in the United States for complete financial
statements.  In the opinion of management, all adjustments
(consisting of normal recurring accruals) considered necessary
for a fair presentation have been included.  Operating results
for the six months and three months ended June 30, 2006, are not
necessarily indicative of the results that may be expected for
the year ended December 31, 2006.

     The balance sheet at December 31, 2005, except for the
presentation of real estate subsequently designated as Held for
Sale, was derived from the audited financial statements at that
date but does not include all of the information and footnotes
required for complete financial statements. For further information,
refer to the consolidated financial statements and footnotes thereto
included in the Trust's annual report on Form 10-K for the year ended
December 31, 2005.

NOTE 2 - INTEREST IN OPERATING PARTNERSHIPS

     The Trust, through its wholly-owned subsidiary, CR
Management, Inc., is the general partner in five limited
partnerships each of which owns, as its principal asset, a
single apartment property.  CR Management, Inc., owns 2,972
partnership units.  Effective January 1, 2000, the Trust granted
to each of the beneficial owners of the remaining 286,908
partnership units the right to exchange their units for an equal
number of shares of the Trust.  Exchanges are exercised
effective on the first day of each calendar quarter.  At
December 31, 2005, the Trust owned, in the aggregate 252,821, or
88.1%, of the limited partnership interests.

     During the six months ended June 30, 2006, the Trust issued
3,482 shares of beneficial interest in exchange for partnership
units.  Including the exchanges exercised in 2006, the Trust, as
of June 30, 2006, owned 256,303, or 89.3%, of the 286,908
limited partnership units. The equity interest that the Trust
does not own is described in the consolidated financial
statements as the minority interest in operating partnerships.

NOTE 3 - MORTGAGE NOTES PAYABLE

     Eleven of the 17 properties owned by the Trust are
encumbered by mortgage loans that are payable in monthly
installments totaling approximately $183,900 including interest
at rates ranging from 4.95% to 8.5% per annum, and which mature
from October 6, 2006, to July 31, 2037.  Scheduled payments
during the six month and three month periods ended June 30, 2006
decreased mortgage loan balances, in the aggregate, by $316,378
and $148,113, respectively.

     On March 31, 2006, the Trust paid $3,314,140 to repay, in
full, the mortgage loan balance on the Charter Oaks apartments
that was scheduled to mature on April 1, 2006.  Substantially
all of the cash used to retire the Charter Oaks mortgage was
derived from the sale of the Fox Run apartments in 2005.  The
Fox Run sale proceeds had been held in escrow by a qualified
intermediary for the possible acquisition of replacement
property to complete a 1031 exchange.  The Trust abandoned its
efforts to acquire replacement property when it entered into a
definitive asset purchase agreement on March 13, 2006, to sell
substantially all of its assets (See Note 8).

     At its maturity on May 15, 2006, the Trust paid $544,887 to
repay, in full, the mortgage loan balance on its Carmel
Industrial property.  Unrestricted cash on hand was used to
repay the balance due.

NOTE 4 - STOCK OPTIONS

     In May 2005, the Trust granted to each of two newly
elected Trustees the option to purchase 5,000 shares of
beneficial interest exercisable on or before May 3, 2008, at a
price of $18.95 per share, the fair market value at the date of
grant.  As of June 30, 2006, none of the options had been exercised.
The Trust adopted SFAS No. 123(R), Accounting for Stock-Based
Compensation, effective January 1, 2006, using the modified
prospective method.  The adoption of SFAS No. 123(R) had no
impact on its results of operations as all options outstanding
at December 31, 2005, were 100% vested.

     In May 2004, the Trust granted to a newly elected Trustee
the option to purchase 5,000 shares of beneficial interest
exercisable on or before May 4, 2007, at a price of $10.80 per
share, the fair market value at the date of the grant.  Pursuant
to that option, the holder purchased 2,000 shares in December
2004 and 3,000 shares in January 2005.

NOTE 5 - REAL ESTATE HELD FOR SALE AND DISCONTINUED OPERATIONS

     On May 1, 2006, the Trust sold its restaurant property
located near Orlando, Florida, to the lessee of the property.  At
the time of its sale, from which the Trust derived net proceeds
of $776,340, the property was operated as a Miami Subs
restaurant.  The Trust realized a gain of approximately $650,000
from the sale, all of which will be recognized for tax purposes
in 2006.

     In July 2005 the Trust sold a restaurant property in
Indianapolis that was formerly operated as the Fortune House.  In
December 2005 the Trust sold the Fox Run apartments, a 256-unit
apartment community in Indianapolis.

     In accordance with provisions of FASB Statement No. 144,
Accounting for the Impairment or Disposal of Long Lived Assets,
the property that was sold in 2006 is classified in the balance
sheet at December 31, 2005, as Real Estate Held for Sale.  The
results of operations with respect to that property, and the two
properties that were sold in 2005, have been separately
classified as discontinued operations for the periods presented.

     Following is a summary of the income from discontinued
operations for the three month and six month periods ended
June 30, 2006 and 2005:

                                           Three Months            Six Months
                                           Ended June 30         Ended June 30
                                          _______________       _______________
                                          2006       2005       2006       2005
                                      ________   ________   ________   ________
Rental income                         $  5,992   $336,644   $ 23,041   $708,888
Other income                                 -      8,609          -     18,772
                                      ________   ________   ________   ________
                                         5,992    345,253     23,041    727,660
Less:
   Rental operating expenses               930    198,088        930    405,485
   Depreciation                              -        983          -      2,457
   Real estate taxes                         -    (24,153)         -     35,520
   Interest                                  -     68,978          -    115,576
                                      ________   ________   ________   ________
                                           930    243,896        930    559,039
                                      ________   ________   ________   ________
Income from discontinued operations,
 before gain on sale                     5,062    101,357     22,111    168,621

Gain on sale of restaurant property    650,115          -    650,115          -
                                      ________   ________   ________   ________
Income from discontinued operations   $655,177   $101,357   $672,226   $168,621
                                      ________   ________   ________   ________
                                      ________   ________   ________   ________


NOTE 6 - EARNINGS PER SHARE

     A reconciliation of the numerator and denominator of the
earnings per share computation for the three months and six
months ended June 30, 2006 and 2005 is as follows:

                                                   Period Ended June 30
                                            Three Months           Six Months
                                          2006       2005       2006       2005
Numerator (net income):
  Numerator for basic and diluted
      earnings per share              $781,158   $231,246   $961,463   $407,720
                                      ________   ________   ________   ________
                                      ________   ________   ________   ________
Denominator:
  Denominator for basic earnings per
   share-weighted average shares     1,806,324  1,799,464  1,804,834  1,798,725
    Effect of dilutive securities:
    Stock options                          242          -        202        181
                                     __________________________________________
                                     __________________________________________
Denominator for diluted earnings
 per share - adjusted weighted
 average shares and assumed
 conversions                         1,806,566  1,799,464  1,805,036  1,798,906
                                     __________________________________________
                                     __________________________________________

Basic earnings per share                 $0.43      $0.13      $0.53      $0.23

Diluted earnings per share               $0.43      $0.13      $0.53      $0.23


NOTE 7 - 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.  Realized gains on the sale of investments
are distributed to shareholders if and when recognized for
income tax purposes.

     In July 2006 the Trust declared a special cash
distribution of $.86 per share payable September 5, 2006.  That
amount represents the recognized gain on the sale of the Fox Run
apartments in December 2005.  The Trust intended to use the
proceeds from the sale of the Fox Run apartments to acquire
replacement property in accordance with provisions of Internal
Revenue Code Section 1031.  Consistent with that intent, sale
proceeds of approximately $3,234,000, including approximately
$1,549,000 of deferred gain for tax purposes, were held in
escrow by a qualified intermediary.  That intent was abandoned
when the Trust, in March 2006, entered into a definitive
agreement with Buckingham Properties, Inc., under which
Buckingham agreed to purchase substantially all of the Trust's
assets.  The Trust withdrew the sale proceeds from escrow and
thereby recognized, for tax purposes, the gain realized on the
sale of Fox Run.

     Assuming compliance with other requirements of the Internal
Revenue Code, income, including recognized capital gain, that is
distributed to shareholders will not be taxable to the Trust.
Accordingly, no provision for federal income taxes is made in
the consolidated financial statements.

NOTE 8 - PROPOSED SALE OF ALL APARTMENTS AND COMMERCIAL REAL
          ESTATE

     On March 17, 2006, the Trust and its subsidiaries entered
into a definitive asset purchase agreement to sell substantially
all of its assets to Buckingham Properties, Inc.  The purchase
price, as subsequently modified to exclude the Carmel Industrial
property, will be $58.1 million, consisting of approximately
$46.55 million of cash and assumed debt of approximately $11.55
million.  The Trust will use a portion of the cash proceeds to
retire the remaining mortgage debt, estimated to be
approximately $12 million if the close of the transaction occurs
in late September 2006.  An affiliate of Buckingham Properties,
Inc., has, since 2003, managed all of the Trust's apartment
properties.

     The sale is conditioned upon certain regulatory approvals,
buyer obtaining financing and approval by the holders of a
majority of the Trust's outstanding shares.  Accordingly, there
can be no assurance the proposed sale will be completed, or
completed on the same terms and conditions as set forth in the
asset purchase agreement.

     At the annual meeting of shareholders on August 30, 2006,
shareholders will have the opportunity to vote on the sale
proposal and, if that proposal is approved, will have an opportunity
to vote on a proposal to immediately proceed to liquidate the
remaining assets and terminate the Trust.   Management expects
that, if all of the conditions mentioned above are met, the sale
could be completed late in the third quarter or early in the fourth
quarter of 2006.  Fees paid to special counsel and a financial
adivsor retained by the Board of Trustees to assist in the
proposed sale of the Trust's assets and to prepare for the
termination and liquidation of the Trust amounted to approximately
$239,700 and $354,900 in the quarter and six months ended June 30,
2006.



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

OVERVIEW

     Contained in this discussion and elsewhere in this
quarterly report are forward-looking statements which management
believes to be reasonable and informative.  Such statements are
based on assumptions which may not prove to be correct for
reasons management cannot predict.  Consequently, the inclusion
of forward-looking statements should not be considered as
representations by the Trust or its management that expected
results will be achieved or that stated objectives will be
attained.  Several factors that might cause such a difference
are identified at the end of this discussion.

     At June 30, 2006 and 2005, and throughout the quarters and
six month periods then ended, the Trust owned or controlled, as
continuing operations, thirteen apartment communities containing
1,704 apartment units and three multi-tenant commercial
properties containing 89,000 rentable square feet.  A detailed
listing of the investment properties is contained in the Trust's
2005 annual report on Form 10-K, Item 2.  Comparative
information related to income and expenses contained in this
discussion applies to continuing operations, unless otherwise
indicated.

     Five apartment properties containing 586 units are owned by
five separate partnerships that are controlled by the Trust
through CR Management, Inc., a wholly-owned subsidiary.  Holders
of operating partnership units have the option to exchange them,
one for one, for shares of beneficial interest in the Trust at
any time until November 2007.  As of June 30, 2006  and 2005,
holders of 89.3% and 86.9%, respectively of the outstanding
limited partnership units, had exercised their exchange options
(see Note 2 to the financial statements).  Management
anticipates that the increase in outstanding shares and
corresponding decrease in the minority interest will not have a
material impact on  operating results per share during the next
year.

     The apartment communities, which comprise 94% of the
Trust's investment property, also account for most of the rental
income and expenses reported.  Apartment physical and economic
occupancy rates in recent months have remained stable, and
rental discounts offered to new tenants at certain locations
have gradually decreased.  Consequently, management anticipates
little, if any, increase in rental and other income from
apartment operations through the third quarter of 2006.

Real Estate Held for Sale and Discontinued Operations

     In May 2006 the Trust sold its restaurant property located
near Orlando, Florida, to the lessee of the property.  At the
time of its sale, from which the Trust derived net proceeds of
approximately $776,000, the property was operated as a Miami
Subs restaurant.  The Trust realized a gain of approximately
$650,000 from that sale.

     In July 2005, the Trust sold a restaurant property in
Indianapolis, previously operated as the Fortune House, and
in December 2005, sold the 256-unit Fox Run apartments.

     In accordance with provisions of FASB Statement No. 144,
Accounting for the Impairment or Disposal of Long Lived Assets,
the property that was sold in 2006 is classified in the balance
sheet at December 31, 2005, as Real Estate Held for Sale.  The
results of operations with respect to that property, and the two
properties that were sold in 2005, have been separately
classified as discontinued operations for the three and six
month periods ended June 30, 2006 and 2005.

CRITICAL ACCOUNTING POLICIES

     Amortization of Management Contracts.  In 1997, the Trust
paid $650,350 for the general partner interest and absolute
management control over five partnerships, each of which owns
one apartment property as its principal asset.  The accounts of
the partnerships are included in the consolidated financial
statements of the Trust.  The Trust elected to amortize, on a
straight line basis, its cost to acquire its position over the
ten-year period during which the holders of limited partnership
units could elect to, or not elect to, exchange those units for
shares of beneficial interest of the Trust;  consequently,
depreciation expense each quarter includes $16,258 for
amortization of the acquisition costs.

     Carpet Replacement Policy.  From its inception in 1973, the
Trust has consistently followed the practice of charging the
cost to replace carpets in its apartment units, as incurred, to
real estate operating expense.  The costs to replace carpets
amounted to $65,992 and $62,154 in the quarters, and $137,508
and $123,366 in the six month periods ended June 30, 2006 and
2005, respectively.  An acceptable alternative method of
accounting would be the capitalization of costs as incurred,
followed by charges for depreciation over the estimated useful
life of the carpet.  Management believes that, due to the
relatively short useful life of apartment carpets, the expense
for replacements is not materially greater than would be the
charges for depreciation had the carpets been capitalized when
purchased.

     Impairment of Long-Lived Assets.  When an event or change
in circumstance indicates that future undiscounted cash flows
from operations and from the ultimate disposition of the
property would be insufficient to recover the carrying value of
a long-lived asset, the asset value is reduced to fair market
value, and an impairment loss is recognized.  No impairment
losses were recognized in the six-month periods ended June 30,
2006 and 2005.

RESULTS OF OPERATIONS

     For the quarter and six months ended June 30, 2006, the
Trust reported increases of 2.4% and 2.6%, respectively,  in
rental and other operating income from continuing real estate
operations from the comparable periods of 2005.  Rental income
from apartment operations for the quarter and six month periods
ended June 30, 2006, increased by .6% and 1.4%, respectively,
from the comparable periods of the prior year, primarily as a
result of higher rental rates.

     Economic apartment occupancy for the second quarter and
first half of 2006 was 90.1% and 90.8%, respectively, down from
90.8% and 90.9% during the comparable periods of 2005.  While
relatively stable during the first half of 2006, the increasing
trend in occupancy rates that commenced in the fourth quarter of
2003 is due primarily to intensive marketing efforts and the use
of rental incentives and discounts.  Rental incentives and
discounts at most locations have been phased out as occupancy
rates increased.

     Rental properties other than apartments accounted for 5.7% and
5.8% of income from rental operations in the second quarter and
first half of 2006, respectively.  Occupancy rates for
commercial properties, exclusive of net-leased restaurant
properties, during the second quarter and first half of 2006
averaged 89.2% and 88.2%, respectively, compared with 86.7% and
83.5% for the comparable periods of 2005.

     Operating expenses of continuing operations, excluding interest
and depreciation, for all of the apartment properties amounted
to 51.7% of gross possible income for both the second quarter and
first half of 2005, down from 52.3% and 52.7% for the comparable
periods of 2005, and amounted to net decreases of $6,500 and
$18,300, in total operating expenses. Decreases in operating
expenses resulted primarily from lower on-site personnel costs,
which decreased by $33,100 and $42,900, while other operating
expenses increased by $26,600 and $24,600, for the quarter and
six month periods.

     Real estate taxes decreased due to the reduction in
assessed values at some locations.  Management filed appeals for
review at most locations following the statewide reassessment of
real estate for taxes payable in 2003 and subsequent years.  The
last two assessment appeals were settled favorably in 2006.  As
a result of reduced assessed values, refunds of taxes overpaid
in prior years reduced real estate tax expense by $108,400 and
$191,000 in the three months and six months ended June 30, 2006,
respectively.

     Real estate taxes on Indiana property are assessed on March
1 each year and are payable in two installments in the following
calendar year.  Real estate tax expense for each quarter should
represent one-fourth of the estimated real estate taxes payable
during the next calendar year.  Estimates are based on actual
tax payments during the preceding year with allowances for
anticipated rate increases comparable with past experience.
Historically, real estate taxes on the Trust's properties have
increased about 4% each year.

     Interest expense is applicable to eleven mortgage loans
outstanding during the quarters and six month periods ended
June 30, 2006 and 2005 and two mortgage loans that were paid off
at maturity during the first half of 2006.  A 9% mortgage loan
on the Charter Oaks apartments with a balance of $3,314,140,
was paid off on March 31, 2006, and a 7.11% mortgage loan on the
Carmel industrial property with a balance of $544,887, was paid
off on May 15, 2006.  The two loans paid off in 2006 accounted for
reductions in interest expense for the three months and six months
ended June 30, 2006, compared with the comparable periods of 2005,
of $81,179 and $90,139, respectively.  Interest expense related to
the eleven mortgage loans outstanding for all of the first half of
2006 and 2005 did not change significantly due to higher interest
rates applicable to certain loans offsetting effect of lower
principal balances.

     Three loans contain provisions to reset rates, based on
lender-determined benchmarks, at intervals of two years or less.
Two of the loans, with unpaid balances that totaled $1.23 million
at June 30, 2006, provide for interest rates to be reset in
February each year.  The current interest rates applicable to
those loans is 7.5%, up from 6% that was in effect for one year
from February 1, 2005.  The third adjustable rate loan, with a
current interest rate of 6.83%, had an unpaid balance at June 30,
2006, of $0.6 million.  The next interest rate reset date for that
loan is October 1, 2006.

     General and administrative expenses amounted to 16.6% and
14.1% of income from continuing real estate operations in the
second quarter and  first half of 2006, respectively, compared
with 7.8% and 7.2% in the comparable periods of 2005.  Officer
and employee compensation costs, including payroll taxes and
benefits that are included in administrative expenses, amounted
to $74,800 and $151,300 in the quarter and six month periods
ended June 30, 2006, respectively, compared with $70,200 and
$143,000 for the same periods of 2005.  Fees paid to special
counsel and a financial advisor retained by the Board of Trustees
to assist in the proposed sale of the Trust's assets and to prepare
for the termination and liquidation of the Trust account for most
of the increase in general and administrative expenses.  Those fees
amounted to $239,700 and $354,900 in the quarter and six months ended
June 30, 2006.

     The changes in income and expenses attributable to
discontinued operations are described in Note 5 to the
consolidated financial statements.  During the three months and
six months ended June 30, 2006 and 2005, the Trust realized
results from the three properties so designated as follows:

                                          Three Months            Six Months
                                          Ended June 30         Ended June 30
                                         _______________       _______________
                                         2006       2005       2006       2005

Miami Subs restaurant                $655,797   $  7,382   $672,846   $ 18,457
Fox Run apartments                       (620)    99,796       (620)   162,022
Fortune House restaurant                    -     (5,821)         -    (11,858)
                                     ________   ________   ________   ________
     Total income                    $655,277   $101,357   $672,226   $168,621

     Income for the Miami Subs restaurant represents the
continuation of net lease amounts  until the property was sold
May 1, 2006.  The lease agreement provided that the lessee was
responsible for all maintenance, insurance and property tax
expenses.

     During the three months and six months ended June 30, 2005,
Fox Run had economic occupancy of 75.3% and 79%, respectively,
and operating expenses of 51.9% and 54.5% of gross possible
income.  Once a property is classified as held for sale,
depreciation is discontinued.  The Fox Run apartment property
was sold in December 2005.

     A 25-year lease of the Fortune House restaurant property
that began in 1979 expired in November, 2004.  The lessee
elected not to renew the lease, and vacated the property.  In
addition to the loss of revenue from the property, the Trust
incurred expenses for utilities, grounds maintenance and real
estate taxes that were formerly absorbed by the lessee.  The
Fortune House restaurant property was sold in July, 2005.

LIQUIDITY AND SOURCES OF CAPITAL

     At June 30, 2006, the Trust held cash and cash equivalents
of approximately $3,196,000 in its own accounts and $764,000 in
partnership accounts which management believes is sufficient to
meet anticipated working capital requirements and declared, but
unpaid, cash distributions to shareholders.  In July 2006 the
Trust declared a cash distribution of $.86 per share payable
September 5, 2006, to shareholders of record August 18, 2006.
That distribution will require the expenditure of $1,553,000.

     In March 2006, the Trust and its subsidiaries entered into
an agreement to sell its real estate and associated personal
property, except for its restaurant property in Florida, to
Buckingham Properties, Inc., for $60 million consisting of
approximately $48.45 million of cash and assumed debt of
approximately $11.55 million.  Subsequently, the agreement was
modified to exclude the Carmel industrial property from the sale
and the aggregate price was reduced to $58.1 million.
Buckingham Management, LLC, an affiliate of the purchaser, has
managed the Trust's residential properties since 2003.  The
Trust will use a portion of the cash proceeds to retire the
remaining  mortgage debt.  Management expects the sale, which is
conditioned upon certain regulatory approvals, buyer obtaining
financing and approval by shareholders holding a majority of the
Trust's outstanding shares, to be completed in late September
or October 2006.

     If the aforementioned sale is not completed before October 6,
2006, the Trust will need to refinance a mortgage loan on the
132-unit Regency Royale apartments that is scheduled to mature
on that date with a balance due of approximately $1,583,000.
Management believes that the loan balance can be refinanced, if
necessary, on acceptable terms. Further, if the aforementioned
sale is not completed before the end of 2006, it will be
necessary for the Trust, to preclude income tax liability, to
distribute to shareholders before December 31, 2006,
approximately $652,000 of gain recognized on the sale of the
Miami Subs restaurant property and at least 90% of its 2006
earnings and profits.  The earnings and profits distribution
requirement is currently estimated by management to approximate
$600,000.  Management believes that the Trust can obtain a bank
credit facility to finance its distribution requirements, if
necessary.  Management is not aware of any other significant
transactions or events which will require material expenditures
during the remainder of 2006.

INFLATION

     Management believes that the direct effects of inflation on the
Trust's quarterly operations have been insignificant during the
six months ended June 30, 2006 and 2005.



                            CONTROLS AND PROCEDURES

     Evaluation of disclosure controls and procedures.  The Chief
Executive Officer serves as the principal operating officer and
in such capacity supervises, directly or indirectly, the daily
operation of the Trust and its investment properties.  The
Controller serves as the chief financial officer and principal
accounting officer and in such capacity supervises, directly or
indirectly, the accounting and financial operations of the Trust
and its subsidiaries.  The centralized and compact management
structure of the registrant provided, as of June 30, 2006,
adequate and effective disclosure control.

     Changes in internal controls.  During the quarter ended June
30, 2006, there were no changes in the Trust's processes,
systems or personnel that have materially affected, or are
reasonably likely to materially affect, the Trust's internal
control over financial reporting.


                          PART II - OTHER INFORMATION

   Item 1A.  There were no notable changes in risk factors
during the three months ended June 30, 2006, except that a risk
factor previously identified as "Uncertainties Regarding Sale of
Florida Restaurant Property" is no longer applicable.  The
Florida restaurant was sold May 1, 2006.

  Item 6.  Exhibits:

     Rule 13a-14(a)/15d-14(a) Certifications:
         31.1 - Certification by Principal Executive Officer
         31.2 - Certification by Principal financial and
                 accounting officer
     Sec. 906, Sarbanes-Oxley Act, Certifications:
         32.1 - Certification by Chief Executive Officer
         32.2 - Certification by Chief financial and accounting
                 officer


                          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 and subsidiaries at June 30, 2006, and
December 31, 2005, and the results of their operations and their
cash flow for the three months and six months ended June 30,
2006, and June 30, 2005, in accordance with accounting
principles generally accepted in the United States 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 2005 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: August 14, 2006              By /S/John I. Bradshaw, Jr.
                                      President and Treasurer


Date: August 14, 2006              By /S/David F. White
                                      Controller