<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 September 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 November
12, 1997.


<PAGE>   2


                             EQK REALTY INVESTORS I


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

                                     INDEX

<TABLE>
<CAPTION>
                                                                                                      Page      

<S>                                                                                                   <C>
PART I - FINANCIAL INFORMATION                                                                        

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

                 Statements of Operations for the three                                                 4
                 and nine months ended September 30, 1997 and
                 September 30, 1996

                 Statements of Cash Flows for the nine                                                  5
                 months ended September 30, 1997 and
                 September 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.                                                                                     15

SIGNATURES                                                                                             16
</TABLE>


                                       2
<PAGE>   3


                             EQK REALTY INVESTORS I

                                 BALANCE SHEETS
                       (IN THOUSANDS, EXCEPT SHARE DATA)

<TABLE>
<CAPTION>
                                                                            September 30,        December 31,
                                                                                1997                1996
                                                                            -------------       -------------
                               ASSETS

<S>                                                                         <C>                 <C>
Investment in Harrisburg East Mall, at cost                                  $  52,733            $  52,228

      Less accumulated depreciation                                             16,753               15,338
                                                                             ---------            ---------

                                                                                35,980               36,890

Cash and cash equivalents:
    Cash Management Agreement                                                    2,363                2,667
    Other                                                                          642                  994

Deferred leasing costs (net of accumulated amortization of                       3,827                4,041
      $1,865 and $1,629, respectively)

Accounts receivable and other assets                                             2,096                2,011
                                                                             ---------            ---------

TOTAL ASSETS                                                                 $  44,908            $  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 $3,053 and $2,940, respectively)                         3,968                4,245
                                                                             ---------            ---------



                                                                                49,347               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                                                     (140,314)            (138,896)
                                                                             ---------            ---------

                                                                                (4,439)              (3,021)
                                                                             ---------            ---------

TOTAL LIABILITIES AND DEFICIT IN SHAREHOLDERS' EQUITY                        $  44,908            $  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 September 30,   Nine months ended September 30,
                                          -------------------------------    -------------------------------
                                                 1997              1996               1997             1996
------------------------------------------------------------------------------------------------------------
<S>                                       <C>                    <C>         <C>                      <C>
Revenues from rental operations                $1,545            $1,576            $ 4,515            $4,705

Operating expenses, net of tenant
  reimbursements (including property
  management fees earned by an affiliate
  of $72, $77, $220 and $229, 
  respectively)                                   283               123                642               654

Other income                                       --                --                 --               264

Depreciation and amortization                     637               585              1,893             1,781
------------------------------------------------------------------------------------------------------------

Income from rental operations                     625               868              1,980             2,534

Interest expense                                1,011               971              3,033             2,924

Other expenses, net of interest income
  (including portfolio management fees
  earned by an affiliate of $59, $65,
  $183, and $188, respectively)                   179               158                365               539
------------------------------------------------------------------------------------------------------------
Net loss                                       $ (565)           $ (261)           $(1,418)           $ (929)
============================================================================================================

Net loss per share                             $(0.06)           $(0.03)           $ (0.15)           $(0.10)
============================================================================================================
</TABLE>



                 SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS


                                       4


<PAGE>   5


                             EQK REALTY INVESTORS I
                            STATEMENTS OF CASH FLOWS
                                 (IN THOUSANDS)

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------
                                                                Nine months ended September 30,
                                                                       1997               1996   
-----------------------------------------------------------------------------------------------

<S>                                                             <C>                      <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net loss                                                      $     (1,418)            $ (929)  
  Adjustments to reconcile net loss to net
    cash provided by operating activities:
      Depreciation and amortization                                    1,893              1,781   
      Imputed and deferred interest                                       --                236   
      Changes in assets and liabilities:
        Decrease in accounts
            payable and other liabilities                               (277)              (767)  
        (Increase) decrease in accounts receivable
           and other assets                                             (349)               249   
-----------------------------------------------------------------------------------------------
Net cash provided by operating activities                               (151)               570   
-----------------------------------------------------------------------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES:
   Additions to real estate investments                                 (505)              (190)  
-----------------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
   Repayments of mortgage debt                                            --               (246)  
-----------------------------------------------------------------------------------------------
Increase (decrease) in cash and cash equivalents                        (656)               134   
CASH AND CASH EQUIVALENTS,
  BEGINNING OF PERIOD                                                  3,661              2,972   
-----------------------------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS,
  END OF PERIOD                                                 $      3,005             $3,106   
===============================================================================================


Supplemental disclosure of cash flow information:
   Interest paid                                                $      3,015             $2,921
===============================================================================================
</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 September 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 September 30, 1997, its results of operations for the
         three and nine months ended September 30, 1997 and 1996 and its cash
         flows for the nine months ended September 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 nine months ended September 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 September 30, 1997, a balance of
         $498,000 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 September 30, 1997 the
         balance of the capital reserve account was $1,865,000.

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


                                       7
<PAGE>   8

                             EQK REALTY INVESTORS I

                         NOTES TO FINANCIAL STATEMENTS


NOTE 4:  ADVISORY AND MANAGEMENT AGREEMENTS (CONTINUED)

         and continuing with the December 1996 debt extension, the Mortgage
         Note lender has 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. Deferred fees, which amounted to $195,500 as of
         September 30, 1997, will be eligible for payment upon the repayment of
         the Mortgage Note. For the nine months ended September 30, 1997 and
         1996, portfolio management fees amounted to $183,000 and $188,000,
         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 nine months ended September 30, 1997 and 1996,
         management fee expense attributable to services rendered by Compass
         was $220,000 and $229,000, 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

                                       8
<PAGE>   9
                             EQK REALTY INVESTORS I

                         NOTES TO FINANCIAL STATEMENTS



NOTE 6:  OTHER INCOME (CONTINUED)

         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.



                                       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

Trust Background

As of September 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, an office park in Atlanta, Georgia, 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.

Harrisburg Overview

Over the past several years, the retail industry has experienced a significant
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), respectively.

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

                                      10
<PAGE>   11
                            EQK REALTY INVESTORS I

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


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 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 experienced financial difficulties and, as a result, have either
closed or have been granted rent relief. Tenants on rent relief have led to a
decline in rental revenues of approximately $55,000 per quarter in 1997 from
amounts otherwise contractually due. 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 $721,000
during the nine months ended September 30, 1997 as compared to the nine months
ended September 30, 1996. This decrease in operating cash flows is principally
the result of decreases in Harrisburg's 1997 revenues ($190,000) as described
below coupled with the non-recurrence of accelerated accounts receivable
collections in the prior year ($300,000), as well as increases in both real
estate taxes ($100,000) and interest ($94,000) paid in 1997. Operating cash
flows were also impacted by two 1996 non-recurring events which essentially 
offset one another, the refund of previously paid real estate

                                      11
<PAGE>   12

                            EQK REALTY INVESTORS I

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


taxes at Peachtree Dunwoody Pavilion as discussed in Note 6 to the financial
statements ($264,000) and the repayment of a $300,000 obligation to the Advisor 
in 1996.

Cash flows used in investing activities during the nine months ended September
30, 1997 and 1996 amounted to $505,000 and $190,000, respectively. The 1997
results reflect a parking lot repaving project and the payment of certain
tenant allowances at Harrisburg. The 1996 results also reflect the payment of
certain tenant allowances at Harrisburg. The Trust anticipates capital
expenditure requirements of approximately $350,000 for the remainder of 1997,
which include projected tenant allowances of $315,000.

During the nine months ended September 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 nine months of 1997.

The Trust's liquidity requirements for the remainder of 1997 also will include
debt service payments of approximately $1,005,000 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 flows 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 $4,439,000 at September 30, 1997 is indicative of its current
liquidity or the net distribution that its shareholders would receive upon
liquidation.


                                      12
<PAGE>   13
                            EQK REALTY INVESTORS I

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



RESULTS OF OPERATIONS

For the nine months ended September 30, 1997, the Trust reported a net loss of
$1,418,000 ($.15 per share) compared to a net loss of $929,000 ($.10 per share)
for the nine months ended September 30, 1996. For the third quarter of 1997, a
net loss of $565,000 ($.06 per share) was reported compared to a net loss of
$261,000 ($.03 per share) for the third quarter of 1996.

The Trust's revenues for the three and nine months ended September 30, 1997
were $1,545,000 and $4,515,000, respectively, representing decreases of $31,000
and $190,000 over the comparable 1996 periods. The decrease for the nine month
period was primarily due to non-recurring lease cancellation fees received in
1996 which are partially offset by the cessation of co-tenancy provisions and a
corresponding increase in tenant rent obligations as discussed above.

The Trust's expenses (net of tenant reimbursements) for the three and nine
months ended September 30, 1997 were $283,000 and $642,000, respectively,
representing an increase of $160,000 for the third quarter and a decline of
$12,000 for the nine month period. The increase in net expenses for the third
quarter was primarily attributable to a $78,000 decrease in Harrisburg's common
area maintenance expense recoveries due to a 4% decline in average occupancy
levels in 1997, and to other miscellaneous variances, none of which are
individually significant.

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 nine months ended September
30, 1997.

Interest expense for the three and nine months ended September 30, 1997
increased by $40,000 and $109,000, respectively, over the comparable 1996
periods. 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 $174,000

                                      13
<PAGE>   14
                            EQK REALTY INVESTORS I

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



for the nine months ended September 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). Partially offsetting this decline is the recognition of certain
administrative costs related to management's efforts to wind down the Trust's
business affairs as described above. 


                                      14
<PAGE>   15




                             EQK REALTY INVESTORS I

                          PART II - OTHER INFORMATION

ITEM 1.  Legal Proceedings.

         None

ITEM 2.  Changes in Securities

         None

Items 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.   Included in EDGAR transmission only.

         (b)    Reports on Form 8-K.

                    None


                                      15
<PAGE>   16


                                   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:    November 14, 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)



                                      16