<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q
                                    ---------
(Mark One)

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

         For the quarterly period ended June 30, 1997
                                        -------------

                                       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. 1-8815
                           --------------------------

                             EQK REALTY INVESTORS I
     ----------------------------------------------------------------------
             (Exact name of Registrant as specified in its Charter)

                Massachusetts                               23-2320360
     ----------------------------------------------------------------------
       (State or other jurisdiction                      (I.R.S. Employer
     of incorporation or organization)                  Identification No.)

          5775 Peachtree Dunwoody Road, Suite 200D, Atlanta, GA  30342
          ------------------------------------------------------------
          (Address of principal executive offices)          (Zip code)

                                 (404) 303-6100
     ----------------------------------------------------------------------
              (Registrant's telephone number, including area code)

Indicate by checkmark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

                            Yes   X      No
                                -----       -----

APPLICABLE TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING
FIVE YEARS:

Indicate by checkmark whether the Registrant has filed all documents and reports
required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act
of 1934 subsequent to the distribution of securities under a plan confirmed by a
court.

                            Yes          No
                                -----       -----

                      APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the last practicable date:
9,264,344 Shares as of August 13, 1997.
---------------------------------------
<PAGE>   2
                             EQK REALTY INVESTORS I


                          QUARTERLY REPORT ON FORM 10-Q
                         FOR QUARTER ENDED JUNE 30, 1997

                                      INDEX


<TABLE>
<CAPTION>
                                                                       Page
                                                                       ----

<S>                                                                     <C>
PART I - FINANCIAL INFORMATION

Item 1.  Balance Sheets as of June 30, 1997                              3
         and December 31, 1996

         Statements of Operations for the three                          4
         and six months ended June 30, 1997 and
         June 30, 1996

         Statements of Cash Flows for the six                            5
         months ended June 30, 1997 and
         June 30, 1996

         Notes to Financial Statements                                   6

Item 2.  Management's Discussion and Analysis
         of Financial Condition and Results
         of Operations                                                  10


PART II - OTHER INFORMATION

Items 1 through 6.                                                      14

SIGNATURES                                                              15
</TABLE>




                                       2
<PAGE>   3
                             EQK REALTY INVESTORS I

                                 BALANCE SHEETS
                        (IN THOUSANDS, EXCEPT SHARE DATA)

<TABLE>
<CAPTION>
                                                                               June 30,   December 31,
                                                                                 1997         1996
                                                                              ---------   ------------
<S>                                                                           <C>         <C>
                                     ASSETS

Investment in Harrisburg East Mall, at cost                                   $  52,564    $  52,228

       Less accumulated depreciation                                             16,276       15,338
                                                                              ---------    ---------

                                                                                 36,288       36,890

Cash and cash equivalents:
    Cash Management Agreement                                                     2,678        2,667
    Other                                                                           917          994

Deferred leasing costs (net of accumulated amortization of                        3,899        4,041
       $1,793 and $1,629, respectively)

Accounts receivable and other assets                                              1,637        2,011
                                                                              ---------    ---------

TOTAL ASSETS                                                                  $  45,419    $  46,603
                                                                              =========    =========


                 LIABILITIES AND DEFICIT IN SHAREHOLDERS' EQUITY

Liabilities:

       Mortgage Note payable                                                  $  43,794    $  43,794

       Term Loan payable to bank                                                  1,585        1,585

       Accounts payable and other liabilities (including amounts due
            affiliates of $3,028 and $2,940, respectively)                        3,914        4,245
                                                                              ---------    ---------



                                                                                 49,293       49,624

Deficit in Shareholders' Equity:

       Shares of beneficial interest, without par value:  10,055,555 shares
            authorized, 9,264,344 shares issued and outstanding                 135,875      135,875

       Accumulated deficit                                                     (139,749)    (138,896)
                                                                              ---------    ---------

                                                                                 (3,874)      (3,021)
                                                                              ---------    ---------

TOTAL LIABILITIES AND DEFICIT IN SHAREHOLDERS' EQUITY                         $  45,419    $  46,603
                                                                              =========    =========
</TABLE>


                 SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS


                                        3
<PAGE>   4
                             EQK REALTY INVESTORS I
                            STATEMENTS OF OPERATIONS
                    (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)


<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                                                     Three months ended June 30,            Six months ended June 30,
                                                     ---------------------------            -------------------------
                                                       1997               1996               1997               1996
----------------------------------------------------------------------------------------------------------------------
<S>                                                  <C>                 <C>                <C>                <C>
Revenues from rental operations                       $1,557             $1,412             $2,970             $3,126

Operating expenses, net of tenant
  reimbursements (including property
  management fees earned by an affiliate
  of $73, $68, $148 and $152,
  respectively)                                          201                217                359                531

Other income                                              --                 72                 --                264

Depreciation and amortization                            629                572              1,256              1,196
----------------------------------------------------------------------------------------------------------------------

Income from rental operations                            727                695              1,355              1,663

Interest expense                                       1,012                972              2,022              1,953

Other expenses, net of interest income
  (including portfolio management fees
  earned by an affiliate of $61, $62,
  $124, and $123, respectively)                           90                198                186                378
----------------------------------------------------------------------------------------------------------------------

Net loss                                              $ (375)            $ (475)            $ (853)            $ (668)
======================================================================================================================

Net loss per share                                    $(0.04)            $(0.05)            $(0.09)            $(0.07)
======================================================================================================================
</TABLE>


                 SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS




                                       4
<PAGE>   5
                             EQK REALTY INVESTORS I
                            STATEMENTS OF CASH FLOWS
                                 (IN THOUSANDS)


<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
                                                                             Six months ended June 30,
                                                                              1997               1996
-------------------------------------------------------------------------------------------------------
<S>                                                                          <C>                <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net loss                                                                   $ (853)            $ (668)
  Adjustments to reconcile net loss to net
    cash provided by operating activities:
      Depreciation and amortization                                           1,256              1,196
      Imputed and deferred interest                                              --                157
      Changes in assets and liabilities:
        Decrease in accounts
            payable and other liabilities                                      (331)              (725)
        Decrease in accounts receivable
           and other assets                                                     198                363
-------------------------------------------------------------------------------------------------------
Net cash provided by operating activities                                       270                323
-------------------------------------------------------------------------------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES:
   Additions to real estate investments                                        (336)               (99)
-------------------------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
   Repayments of mortgage debt                                                   --               (162)
-------------------------------------------------------------------------------------------------------
Increase (decrease) in cash and cash equivalents                                (66)                62
CASH AND CASH EQUIVALENTS,
  BEGINNING OF PERIOD                                                         3,661              2,972
-------------------------------------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS,
  END OF PERIOD                                                              $3,595             $3,034
=======================================================================================================


Supplemental disclosure of cash flow information:
   Interest paid                                                             $2,009             $1,949
=======================================================================================================
</TABLE>

                 SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS




                                       5
<PAGE>   6
                             EQK REALTY INVESTORS I

                          NOTES TO FINANCIAL STATEMENTS


NOTE 1:           DESCRIPTION OF BUSINESS

         EQK Realty Investors I, a Massachusetts business trust (the "Trust"),
         was formed pursuant to a Declaration of Trust dated October 8, 1984 to
         acquire certain income-producing real estate investments. Commencing
         with the period beginning April 1, 1985, the Trust qualified for and
         elected real estate investment trust ("REIT") status under the
         provisions of the Internal Revenue Code.

         At June 30, 1997, the Trust's remaining real estate investment is
         Harrisburg East Mall ("Harrisburg" or the "Mall"), a regional shopping
         center located in Harrisburg, Pennsylvania. During 1995, the Trust sold
         its remaining interest in Castleton Park ("Castleton") an office park
         located in Indianapolis, Indiana. During 1993, the Trust sold its two
         remaining office buildings within its office complex located in
         Atlanta, Georgia, formerly known as Peachtree-Dunwoody Pavilion
         ("Peachtree"). Prior to 1993, the Trust sold two office buildings at
         Castleton (1991) and five office buildings at Peachtree (1992).

         The Declaration of Trust currently provides that actual disposition of
         the remaining property, Harrisburg, may occur at any time prior to
         March 1999. The precise timing of this disposition or an alternative
         strategic transaction will be at the discretion of the Trustees,
         depending on both the prevailing conditions in the relevant real estate
         market and the ability of the Trust to extend or refinance its debt
         maturing in June 1998.

NOTE 2:           BASIS OF PRESENTATION

         The financial statements have been prepared by the Trust, without
         audit, pursuant to the rules and regulations of the Securities and
         Exchange Commission. Certain information and footnote disclosures
         normally included in the financial statements prepared in accordance
         with generally accepted accounting principles have been condensed or
         omitted pursuant to such rules and regulations, although the Trust
         believes that the disclosures are adequate to make the information
         presented not misleading. The financial statements should be read in
         conjunction with the audited financial statements and related notes
         thereto included in the Annual Report on Form 10-K and Amendment No. 1
         to Form 10-K for the year ended December 31, 1996.

         In the opinion of the Trust, all adjustments, which include only normal
         recurring adjustments necessary to present fairly its financial
         position as of June 30, 1997, its results of operations for the three
         and six months ended June 30, 1997 and 1996 and its cash flows for the
         six months ended June 30, 1997 and 1996, have been included in the
         accompanying unaudited financial statements.


                                        6
<PAGE>   7
                             EQK REALTY INVESTORS I

                          NOTES TO FINANCIAL STATEMENTS


NOTE 2:           BASIS OF PRESENTATION (CONTINUED)

         Net loss per share for the three and six months ended June 30, 1997 and
         1996 have been computed on the basis of the 9,264,344 shares
         outstanding during the periods. Stock warrants held by the Trust's
         mortgage lender are considered common stock equivalents for purposes of
         the calculation of net loss per share. However, the warrants have not
         been included in the calculation of net loss per share for the periods
         presented since the effect of such calculation would be antidilutive.

NOTE 3:           CASH MANAGEMENT AGREEMENT

         In connection with the Trust's mortgage agreement (as amended and
         extended), the Trust entered into a Cash Management Agreement with the
         mortgage lender and assigned all lease and rent receipts to the lender
         as additional collateral. Pursuant to this agreement, a third-party
         escrow agent has been appointed to receive all rental payments from
         tenants and to fund monthly operating expenses in accordance with a
         budget approved by the lender. As of June 30, 1997, a balance of
         $738,000 was held by the third-party escrow agent in accordance with
         the Cash Management Agreement. The agreement also provides for the
         establishment of a capital reserve account, which is maintained by the
         escrow agent. Disbursements from this account, which is funded each
         month with any excess operating cash flow, are limited to capital
         expenditures approved by the lender. As of June 30, 1997 the balance of
         the capital reserve account was $1,940,000.

NOTE 4:           ADVISORY AND MANAGEMENT AGREEMENTS

         The Trust has entered into an agreement with Equitable Realty Portfolio
         Management, Inc., a wholly owned subsidiary of Equitable Real Estate
         Investment Management, Inc. ("Equitable Real Estate"), to act as its
         "Advisor". Equitable Real Estate was formerly a wholly owned subsidiary
         of the Equitable Life Assurance Society of the United States
         ("Equitable"). Effective June 10, 1997, Equitable sold its interest in
         Equitable Real Estate to Lend Lease Corporation, a real estate and
         financial services company based in Australia.  Going forward, 
         Equitable Real Estate and certain of its business units, including the
         Advisor, will operate under the name ERE Yarmouth.  The Advisor makes 
         recommendations to the Trust concerning investments, administration 
         and day-to-day operations.

         Under the terms of the advisory agreement, as amended in December 1989,
         the Advisor receives a management fee that is based upon the average
         daily per share price of the Trust's shares plus the average daily
         balance of outstanding mortgage indebtedness. Such fee is calculated
         using a factor of 42.5 basis points (0.425%) and generally has been
         payable monthly without subordination. Commencing with the December
         1995 debt extension of debt and continuing with the December 1996 debt
         extension, the Mortgage Note lender has


                                        7
<PAGE>   8
                             EQK REALTY INVESTORS I

                          NOTES TO FINANCIAL STATEMENTS


NOTE 4:           ADVISORY AND MANAGEMENT AGREEMENTS (CONTINUED)

         requested, and the Advisor has agreed to, a partial deferral of payment
         of its fee. Whereas the fee will continue to be computed as described,
         payments to the Advisor will be limited to $37,500 per quarter. Accrued
         but unpaid fees, which amounted to $211,000 as of June 30, 1997, will
         be eligible for payment upon the repayment of the Mortgage Note.  For
         the six months ended June 30, 1997 and 1996, portfolio management fees
         amounted to $124,000 and $123,000, respectively.

         As part of the 1989 amendment to the advisory agreement, the Advisor
         forgave one-half, or $2,720,000, of the total amount of fees previously
         deferred pursuant to subordination provisions of the original advisory
         agreement. The remaining deferred fees are to be paid upon the
         disposition of Harrisburg.

         The Trust has also entered into an agreement with Compass Retail, Inc.
         ("Compass"), which operates as a business unit of ERE Yarmouth, for 
         the on-site management of Harrisburg. Management fees paid to Compass 
         are generally based upon a percentage of rents and certain other 
         charges. Such fees and commissions are comparable to those charged by 
         unaffiliated third-party management companies providing comparable 
         services. For the six months ended June 30, 1997 and 1996, management 
         fee expense attributable to services rendered by Compass was $148,000 
         and $152,000, respectively.

NOTE 5:           DEBT MATURITIES

         The Trust's debt instruments mature on June 15, 1998 in the aggregate
         principal amount of $45,379,000. In the event that the Trust does not
         sell Harrisburg before the Mortgage Note and Term Loan mature,
         Management will explore its external financing alternatives, including
         the refinancing of the debt with its existing lenders. However, if the
         Trust is unable to refinance or replace the existing debt at
         commercially reasonable terms or at all, Management's plans with
         respect to liquidating Harrisburg will be accelerated to satisfy its
         debt obligations.

NOTE 6:           OTHER INCOME

         In March 1996, the Trust was notified by the Fulton County (Georgia)
         Tax Commissioner's office of a reduction in the assessed value of the
         real estate underlying Peachtree Dunwoody Pavilion for tax years 1991
         and 1992. As previously disclosed in Note 1, the Trust completed the
         sale of Peachtree Dunwoody Pavilion during the period 1992-1993. Such
         reduction in assessed value resulted in a refund of previously paid
         real estate taxes in the amount of $192,000 which the Trust recognized
         as other income during the first quarter of 1996. In June 1996, the
         Trust was notified by the Fulton County Tax Commissioner's office of an
         additional tax refund of $72,000, which the Trust received in July 1996
         and recognized


                                        8
<PAGE>   9
                             EQK REALTY INVESTORS I

                          NOTES TO FINANCIAL STATEMENTS

NOTE 6:           OTHER INCOME (CONTINUED)

         as other income in the second quarter of 1996.










                                       9
<PAGE>   10
                             EQK REALTY INVESTORS I

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


This discussion should be read in conjunction with the financial statements and
notes that appear on pages 3-9.


FINANCIAL CONDITION

CAPITAL RESOURCES

Background

As of June 30, 1997, the Trust's remaining real estate investment is Harrisburg
East Mall ("Harrisburg"), a regional shopping center located in Harrisburg,
Pennsylvania. During the period 1992 to 1995, the Trust completed the
disposition of its two other real estate investments. Castleton Park
("Castleton"), an office park in Indianapolis, Indiana was sold in 1995, and
Peachtree Dunwoody Pavilion was sold in three separate transactions during 1992
and 1993.

The Declaration of Trust currently provides that the actual disposition of the
remaining property, Harrisburg East Mall, may occur at any time prior to March
1999. The precise timing of this disposition or an alternative strategic
transaction will be at the discretion of the Trustees, depending on both the
prevailing conditions in the relevant real estate market and the ability of the
Trust to extend or refinance its debt maturing in June 1998.

Over the past several years, the retail industry has experienced a large number
of retail store mergers and bankruptcies. Consolidations within the retail
industry and the financial difficulties experienced by individual retailers
have, in turn, led to a high level of unanticipated store closings and requests
for rent relief within regional shopping malls.

At Harrisburg, the current state of the retail industry has impacted both its
department stores and its smaller specialty stores. Two of the department stores
operating in 1994 have since closed, Hess's (November 1994) and John Wanamaker
(October 1995). These department store spaces remained "dark" for substantial
periods of time pending the opening of their replacements, Hecht's (October
1995) and Lord & Taylor (March 1997).

The temporary closure of these department stores permitted certain tenants to
exercise co-tenancy provisions pursuant to their leases, which allowed them to
pay a lower amount of rent based on a percentage of sales volumes in lieu of
fixed minimum rents. Additionally, certain other tenants experienced financial
difficulties which led to requests for rent relief and unanticipated store


                                       10
<PAGE>   11
                             EQK REALTY INVESTORS I

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


closings. As a result of these matters, the aggregate decline in rental revenues
from amounts otherwise provided for under the related lease agreements amounted
to approximately $600,000 for both 1995 and 1996, and $80,000 for the first
quarter of 1997.

Upon the opening of Lord & Taylor on March 10, 1997, substantially all of the
in-line tenants' co-tenancy provisions ceased being operable, and such tenants'
rent structures reverted back to fixed minimum rents. However, certain other
tenants have either closed or remained on rent relief, which resulted in a
shortfall of $60,000 for the second quarter of 1997 and will likely continue to
result in rent shortfalls from contractual amounts of approximately $50,000 to 
$100,000 per quarter. Management will continue to seek new tenants to fill 
existing vacancies and to replace such under-performing tenants. No assurances 
can be given, however, that Management will succeed with such efforts, or that 
such adverse effects will not continue beyond 1997 or increase in amount. These
factors, as well as competitive pressures within the retail industry, have 
adversely affected the value and marketability of regional shopping malls in 
general and of Harrisburg in particular.

Debt Maturities

The Trust's Mortgage Note and Term Loan mature on June 15, 1998 in the aggregate
principal amount of $45,379,000. In the event that the Trust does not sell
Harrisburg or complete an alternative strategic transaction before the Mortgage
Note and Term Loan mature on June 15, 1998, Management will explore its external
financing alternatives, including the refinancing of its debt with the existing
lenders. However, if the Trust is unable to refinance or replace the existing
debt at commercially reasonable terms or at all, Management's plans with respect
to liquidating Harrisburg will be accelerated to satisfy its debt obligations.

LIQUIDITY

The Trust's cash flows provided by operating activities decreased by $53,000
during the six months ended June 30, 1997 as compared to the six months ended
June 30, 1996. The decrease in cash flows generated from operations is
principally the result of a 1996 refund of previously-paid real estate taxes at
Peachtree Dunwoody Pavilion as discussed in Note 6 to the financial statements
($264,000) and a decrease in Harrisburg's net operating income during the first
half of 1997 as discussed under Results of Operations ($56,000). Partially
offsetting these decreases was the repayment of a $300,000 loan to the Advisor
in 1996.

Cash flows used in investing activities during the six months ended June 30,
1997 and 1996 amounted to $336,000 and $99,000, respectively. The 1997 results
reflect a parking lot repaving


                                       11
<PAGE>   12
                             EQK REALTY INVESTORS I

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


project and a tenant allowance at Harrisburg. The 1996 results reflect routine
capital additions at Harrisburg. The Trust anticipates capital expenditure
requirements of approximately $865,000 for the remainder of 1997, which include
budgeted tenant allowances of $620,000. Certain of these expenditures are
discretionary in nature and may be deferred into future periods.

During the six months ended June 30, 1996, cash flows used in financing
activities were limited to scheduled principal payments on the Trust's debt.
Pursuant to the mortgage debt extension effective December 15, 1996, the
Mortgage Note and Term Loan generally require monthly payments of interest only.
Accordingly, there were no cash flows used in financing activities during the
first six months of 1997.

The Trust's liquidity requirements for the remainder of 1997 also will include
debt service payments of approximately $2,010,000 pursuant to the existing loan
agreements.

The Trust's cash management agreement stipulates that all rental payments from
tenants are to be made directly to a third party escrow agent who also funds
monthly operating expenses in accordance with a budget approved by the lender.
The Trust believes that its cash flow for 1997 will be sufficient to fund its
various operating requirements, including budgeted capital expenditures and
monthly principal and interest payments, although its discretion with respect to
cash flow will be limited by the terms of the cash management agreement.
Management believes that the Trust's current cash reserves, coupled with
additional cash flow projected to be generated from operations, will permit the
Trust to meet its operating, capital and debt service requirements.

As discussed above and in Note 1 to the financial statements, the Trust records
its investments in real estate in accordance with the historical cost accounting
convention. Accordingly, the Trust has not written up the cost basis of its
investment in Harrisburg to its substantially higher net realizable value.
Therefore, Management does not believe that its deficit in shareholders' equity
of $3,874,000 at June 30, 1997 is indicative of its current liquidity or the net
distribution that its shareholders would receive upon liquidation.

RESULTS OF OPERATIONS

For the six months ended June 30, 1997, the Trust reported a net loss of
$853,000 ($.09 per share) compared to a net loss of $668,000 ($.07 per share)
for the six months ended June 30, 1996. For the second quarter of 1997, a net
loss of $375,000 ($.04 per share) was reported compared to a net loss of
$475,000 ($.05 per share) for the second quarter of 1996.


                                       12
<PAGE>   13
                             EQK REALTY INVESTORS I

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

The Trust's revenues for the three and six months ended June 30, 1997 were
$1,557,000 and $2,970,000, respectively, representing an increase of $145,000
for the second quarter and a decline of $156,000 for the six month period.  The
increase for the second quarter of 1997 was largely due to the cessation of
certain tenants' co-tenancy provisions and a corresponding increase in their
rent obligations as discussed above.  For the six month period, these increases
were offset primarily by the non-recurrence of lease cancellation fees received
in the first quarter of 1996.

The Trust's expenses for the three and six months ended June 30, 1997 and 1996
were $201,000 and $359,000, respectively, representing decreases of $16,000 and
$172,000 over the comparable 1996 periods. The decline in expenses for the six
month period was primarily attributable to a $74,000 decrease in Harrisburg's
bad debt expense in 1997 and to the non-recurrence of post-disposition expenses
related to Castleton of $73,000 during the first half of 1996.

In March 1996, the Trust was notified by the Fulton County (Georgia) Tax
Commissioner's office of a reduction in the assessed value of the real estate
underlying Peachtree Dunwoody Pavilion for tax years 1991 and 1992. As
previously disclosed in Note 1, the Trust completed the sale of Peachtree
Dunwoody Pavilion during the period 1992-1993. Such reduction in assessed value
resulted in a refund of previously paid real estate taxes in the amount of
$192,000 which the Trust recognized as other income during the first quarter of
1996. In June 1996, the Trust was notified by the Fulton County Tax
Commissioner's office of an additional tax refund of $72,000, which the Trust
received in July 1996 and recognized as other income in the second quarter of
1996. There were no such similar events during the first half of 1997.

Interest expense for the first six months of 1997 increased by $69,000 from the
first six months of 1996. The increase is primarily the result of an increase in
the mortgage note interest rate to 8.88% from 8.54% effective with the December
15, 1996 mortgage note extension agreement.

Other expenses consist of portfolio management fees, other costs related to the
operation of the Trust, and interest income earned on cash balances. The
decrease in other expenses of $190,000 for the six months ended June 30, 1997 is
primarily attributable to the recognition of imputed interest on deferred
advisory fees in 1996. The imputed interest, which was fully amortized as of
December 31, 1996, relates to the 1989 amendment to the advisory agreement (see
note 4 to the Financial Statements).


                                       13
<PAGE>   14
                             EQK REALTY INVESTORS I

                           PART II - OTHER INFORMATION

ITEM 1.     Legal Proceedings.

            None

ITEM 2.     Changes in Securities.

            None

ITEM 3.     Defaults Upon Senior Securities.

            None


ITEM 4.     Submission of Matters to a Vote of Security Holders.


            None

ITEM 5.     Other Information.

            None


ITEM 6.     Exhibits and Reports on Form 8-K


         (a)      Exhibits:


                      2.   None
                      4.   None
                     10.   None
                     11.   See Note 2 to the Financial Statements.
                     15.   Not Applicable
                     18.   Not Applicable
                     19.   None
                     22.   None
                     23.   Not Applicable
                     24.   None
                     27.   Financial Data Schedule (for SEC use only)

         (b)      Reports on Form 8-K.


                  None




                                       14
<PAGE>   15
                                   SIGNATURES




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


Date: August 13, 1997               EQK REALTY INVESTORS I


                                    By:  /s/Gregory R. Greenfield
                                         -----------------------------
                                         Gregory R. Greenfield
                                         Executive Vice President and Treasurer
                                         (Principal Financial Officer)

                                    By:  /s/William G. Brown, Jr.
                                         -----------------------------
                                         William G. Brown, Jr.
                                         Vice President and Controller
                                         (Principal Accounting Officer)








                                       15