UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                              Washington, DC 20549

                                   FORM 10-Q
[ X ] Quarterly  Report  Pursuant to Section 13 or 15(d) of the  Securities
      Exchange Act of 1934 For the Quarter Ended September 30, 1999

                                                        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 NUMBER 0-26215

                          PROPERTY CAPITAL TRUST, INC.
             (exact name of Registrant as specified in its charter)

Maryland                                                              04-2452367
------------                                                          ----------
(State or other jurisdiction of                                 (I.R.S. Employer
incorporation or organization)                               Identification No.)

177 Milk St., Boston, Massachusetts                                        02109
-----------------------------------                                   ----------
(Address of principal executive offices)                              (Zip Code)

REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE:   (617) 451-2100

Former name, former address, and former fiscal year, if changed since last year.

Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed  by  Section  13 or 15 (d) of the  Securities  Exchange  Act of 1934
during the preceding 12 months (or for such shorter  period that the  Registrant
was  required  to file such  reports),  and (2) has been  subject to such filing
requirements for the past 90 days. Yes [ X ] No [ ]

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

         Class                            Outstanding at November 1, 1999
  _____________________                   _______________________________

 Common Stock, $.01 par value                         479,226





                                        1


<PAGE>



                          PROPERTY CAPITAL TRUST, INC.

                                      INDEX
<TABLE>
<CAPTION>

                                                                     PAGE NUMBER
<S>          <C>                                                            <C>
PART I.   FINANCIAL INFORMATION

    Item 1.   Financial Statements

              Combined Balance Sheets
              September 30, 1999 (unaudited) and December 31, 1998           3

              Combined Statements of Operations
              Three Months and Nine Months ended September 30, 1999 and 1998
              (unaudited)                                                    4

              Combined Statements of Cash Flows
              Nine Months ended September 30, 1999 and 1998 (unaudited)      5

              Notes to Combined Financial Statements                     6 - 7

    Item 2.   Management's Discussion and Analysis of the Combined
              Financial Condition and Results of Operations             8 - 12

    Item 3.   Quantitative and Qualitative Disclosures About Market Risk    12

PART II.  OTHER INFORMATION:

    Item 6.   Exhibits and Reports on Form 8-K                              12

              Signatures                                                    13
</TABLE>


                                        2


<PAGE>

<TABLE>
PART I.   FINANCIAL INFORMATION

                          PROPERTY CAPITAL TRUST, INC.

                        Combined Balance Sheets (Note 2)
                September 30, 1999 (Unaudited) and December 31, 1998

<CAPTION>
                                    September 30, 1999        DECEMBER 31, 1998
                                    ------------------        -----------------
                                     Assets
<S>                                <C>                        <C>
Rental Property, at cost

  Land                              $       202,500            $       202,500
  Building & Fixtures                     1,243,600                  1,235,600
  Tenant Improvements                       402,114                    402,114
                                    ---------------            ---------------
                                          1,848,214                  1,840,214
  Less Accumulated Depreciation             851,034                    827,866
                                    ---------------            ---------------
                                            997,180                  1,012,348
  Cash and Cash Equivalents                 222,650                    153,094
  Deferred Charges, Net of
   Accumulated Amortization of
   $33,715 in 1999 and 31,657
   in 1998                                   54,857                     28,313
  Deferred Rent                             278,700                    313,538
                                    ---------------            ---------------
                                    $     1,553,387            $     1,507,293
                                    ===============            ===============

             Liabilities and Shareholders' Equity/Partners' Capital

Liabilities:

  Mortgage Payable                  $       994,384            $             -
  Notes Payable                             315,910                          -
  Accounts Payable
   and Accrued Expenses                      54,050                     14,000
  Tenant Security Deposits                   11,453                     11,453
                                    ---------------            ---------------
                                          1,375,797                     25,453

Limited Partners' Interest
  in Operating Partnership                  427,566                          -

Shareholders' Equity/Partners'
 Capital Common stock, $.01 par
 value authorized 30,000,000
 shares issued and outstanding
 479,226                                      4,792                          -

Additional paid in capital                  995,208                          -

Accumulated deficit                      (1,249,976)                         -

Partner's Capital                                 -                  1,481,840
                                    ---------------            ---------------
                                    $     1,553,387            $     1,507,293
                                    ===============            ===============
</TABLE>

    The accompanying notes are an integral part of these financial statements.

                                        3
<PAGE>

<TABLE>

                          PROPERTY CAPITAL TRUST, INC.

                  Combined Statements of Operations (Unaudited)
<CAPTION>
                              Three Months                   Nine Months
                           Ended September 30,           Ended September 30,
                            1999        1998              1999         1998
                            ----        ----              ----         ----
<S>                     <C>          <C>               <C>           <C>
Revenues:
 Rental Income          $  77,637    $  81,640         $ 232,912     $ 232,915
 Other Income                 717        2,077            10,451         3,706
                        ---------    ---------         ---------     ---------
                           78,354       83,717           243,363       236,621
                        ---------    ---------         ---------     ---------

Expenses:
 Transaction Costs          2,131            -         1,254,841             -
 Administrative
   and financial
   expenses                 8,325        3,827            17,428        16,899
 Professional
  services expenses        11,250            -            23,750         7,000
 Interest expense          27,472            -            44,732             -
 Depreciation &
  Amortization              9,202        7,771            25,226        23,319
                        ---------    ---------         ---------     ---------
                           58,380       11,598         1,365,977        47,218
                        ---------    ---------         ---------     ---------

Income (loss) before
 limited partners'
 interest in operating
 partnership income        19,974       72,119        (1,122,614)      189,403

Limited partners'
 interest in operating
 partnership  income      (36,636)           -          (127,362)            -
                        ---------    ---------         ---------     ---------

Net (Loss) Income       $ (16,662)  $  72,119       $(1,249,976)    $ 189,403
                        =========    =========       ===========     =========

Basic and diluted
 earnings income
(loss) per share        $    (.03)  $    N/A        $     (2.61)    $     N/A
                        =========    =========       ===========     =========

Dividend per
 common share           $      -     $    N/A        $        -     $      N/A
                        =========    =========       ===========    ==========

Weighted average
 common shares
 outstanding              479,226         N/A           479,226           N/A
                        =========    =========       ===========    ==========

</TABLE>

   The accompanying notes are an integral part of these financial statements.

                                        4


<PAGE>

<TABLE>

                          PROPERTY CAPITAL TRUST, INC.

                  Combined Statements of Cash Flows (Unaudited)
<CAPTION>
                                                     Nine Months Ended
                                                       September 30,

                                                1999                  1998
                                                ----                  ----
<S>                                           <C>                   <C>
Cash Flows from Operating Activities:
 Net (Loss) Income                        ($   1,249,976)     $      189,403
 Limited partners' interest in
  operating partnership income                   127,362                   -
 Adjustments to reconcile net
   (loss) income to net cash
   (used in) provided by
   operating activities:
   Depreciation and amortization                  25,226              23,319
   Decrease in deferred rent                      34,838              10,835
   Increase in accrued expense                    40,050              23,688
                                          --------------      --------------
     Total Adjustments                           227,476              57,842
                                          --------------      --------------

     Net cash (used in) provided by
     operating activities                     (1,022,500)            247,245
                                          --------------      --------------

Cash Flows From Investing Activities:
   Purchase of furniture and fixtures             (8,000)                  -
   Increase in deferred charges                  (28,602)                  -
                                          --------------      --------------
   Net cash used in investing activities         (36,602)                  -
                                          --------------      --------------

Cash Flows From Financing Activities:
 Proceeds from notes payable                     561,352                   -
 Principal paid on notes payable                (245,442)                  -
 Issuance of common stock                      1,000,000                   -
 Proceeds from mortgage payable                1,000,000                   -
 Principal paid on mortgage payable               (5,616)                  -
 Distributions to partners                    (1,181,636)           (217,500)
                                          ---------------     --------------
   Net cash provided by (used in)
   financing activities                        1,128,658            (217,500)
                                          --------------      --------------
Net increase in cash                              69,556              29,745

Cash, beginning of period                        153,094             144,079
                                          --------------      --------------
Cash, end of period                       $      222,650      $      173,824
                                          ==============      ==============

</TABLE>


   The accompanying notes are an integral part of these financial statements.

                                        5


<PAGE>

                          PROPERTY CAPITAL TRUST, INC.

                     Notes to Combined Financial Statements

1.   GENERAL

     The interim combined financial  statements  presented have been prepared by
Property  Capital  Trust,  Inc.  ("PCT")  without  audit and,  in the opinion of
management, reflect all adjustments of a normal recurring nature necessary for a
fair statement of the financial  position at September 30, 1999, and the results
of operations for the three and nine-month  periods ended September 30, 1999 and
1998,  and cash flows for the  nine-month  periods ended  September 30, 1999 and
1998. Interim results are not necessarily indicative of results for a full year.
The combined  financial  statements  represent  the activity of PCT and Property
Capital  Trust  Limited  Partnership  ("PCT  L.P."),  a  Massachusetts   limited
partnership of which PCT is the sole general partner.

     The  historical  results of PCT have been  restated  to solely  reflect the
results of Framingham York Associates Limited  Partnership  ("FYA") prior to May
28,  1999.  FYA has been  deemed  "the  accounting  acquiror"  in a  transaction
described in Note 2.

     The balance  sheet  presented as of December 31, 1998 has been derived from
the  financial  statements  of FYA that have been  audited by FYA's  independent
certified public  accountants.  The combined financial  statements and notes are
presented  as  permitted  by Form 10-Q and do not  contain  certain  information
included  in the annual  financial  statements  and notes of PCT.  The  combined
financial  statements  and notes  included  herein should be read in conjunction
with the financial statements and notes included in PCT's Current Report on Form
8-K/A,  filed with the  Securities  and Exchange  Commission  on August 4, 1999,
relating to the agreement and plan of merger described in Note 2.

2.   Acquisition and Basis of Accounting

     On May 28,  1999,  in  accordance  with the terms of the  merger  agreement
between  Property  Capital Trust ("Trust") and Maryland  Property Capital Trust,
Inc.  ("MPCT"),  the Trust was merged with MPCT and the surviving entity changed
its name to Property Capital Trust, Inc. ("PCT"). At that time, each shareholder
of the Trust  received  one-sixtieth  of a share of common stock of PCT for each
share they owned of the Trust.  A total of 159,737  shares  were issued to these
shareholders.

     In addition,  in connection  with the above  transaction,  FYA  contributed
$1,000,000 of cash to PCT in exchange for 319,489 shares of common stock,  which
shares were then distributed to the existing  partners of FYA, pro rata based on
their  interests  in FYA.  FYA then  merged  with PCT L.P.,  changed its name to
Property Capital Trust Limited Partnership and became the operating  partnership
of PCT.

     FYA has been  treated as the  "accounting  acquiror" as the partners of FYA
own the  larger  portion  of the  voting  rights of PCT as a result of the above
transactions.  Accordingly, the historical financial information of PCT has been
restated to solely reflect the results of FYA prior to May 28, 1999, the date on
which the  partners  of FYA  acquired  a  majority  interest  in PCT.  The costs
incurred in connection with the above transactions, in the amount of $1,254,841,
have been  included in the  statement  of  operations  for the nine months ended
September 30, 1999.


                                        6


<PAGE>



                          PROPERTY CAPITAL TRUST, INC.

                     Notes to Combined Financial Statements
                                   (Continued)

3.   Mortgage Payable

     On April 29, 1999, PCT L.P., formerly FYA, financed a mortgage note payable
in the amount of $1,000,000.  The note requires  monthly  principal and interest
installments of $7,881.  The interest rate on the note is 8.13% through maturity
at May 1, 2004,  at which time the  remaining  balance  of  $926,435  is due and
payable. The mortgage is collateralized by PCT L.P.'s property and an assignment
of all leases.

Principal payments to be made over the next five years are as follows:

                                2000       $13,032
                                2001        14,385
                                2002        15,617
                                2003        16,954
                                2004       932,327
                                          --------
                                          $992,315

4.   Notes Payable

     Officers,  directors and affiliates of PCT funded $561,352 of costs related
to the  transactions  described in Note 2. On May 27, 1999,  PCT L.P.,  formerly
FYA, executed unsecured,  demand promissory notes, with interest accruing at the
prime  rate for the  entire  outstanding balance.  On July 6, 1999, a payment of
$250,352  representing  principal  and  accrued  interest  was repaid.  Interest
expense related to the notes is $6,773 and $10,945 for the three and nine months
ended September 30, 1999, respectively.



























                                        7


<PAGE>



                          PROPERTY CAPITAL TRUST, INC.

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

     This quarterly report contains certain statements that are "forward-looking
statements"  within the meaning of Section 27A of the Securities Act of 1933 and
Section  21E of the  Securities  Exchange  Act of  1934.  The  words  "believe,"
"expect,"  "anticipate,"  "intend,"  "estimate" and other  expressions which are
predictions  of or indicate  future events and trends and which do not relate to
historical   matters  identify   forward-looking   statements.   Forward-looking
statements  involve known and unknown  risks,  uncertainties  and other factors,
which may cause the actual  results,  performance  or  achievements  of Property
Capital  Trust,  Inc.  ("PCT")  to differ  materially  from  anticipated  future
results,   performance   or   achievements   expressed   or   implied   by  such
forward-looking statements.

     The future operating results and performance  trends of PCT may be affected
by a number of factors,  including,  without limitation, the following: (i) real
estate  investment  considerations,  such as the  effect of  economic  and other
conditions in PCT's market area on cash flows and values, (ii) the need to renew
leases or relet space upon the  expiration  of the current lease and (iii) PCT's
ability to generate revenues  sufficient to meet debt service payments and other
operating expenses that are not otherwise paid by the tenant. In addition to the
foregoing,  PCT's  actual  future  results  could differ  materially  from those
projected in the  forward-looking  statements as a result of the factors  listed
under the heading "Risk Factors" in PCT's Registration  Statement on Form S-4 as
amended,  and which was filed with the  Securities  and Exchange  Commission  on
November 20, 1998 and of changes in general  economic  conditions and changes in
the assumptions used in making such forward-looking statements.

Overview

     In accordance with the  agreement and plan of merger,  dated June 18, 1998,
as amended,  between  Property  Capital Trust  ("Trust")  and Maryland  Property
Capital Trust, Inc.  ("MPCT"),  the Trust was merged with MPCT and the surviving
entity  changed  its  name to  Property  Capital  Trust,  Inc.  ("PCT").  At the
effective  time  of  such  merger,   each  shareholder  of  the  Trust  received
one-sixtieth  of a share of common stock of PCT for each share they owned of the
Trust.

     In  addition,  in  connection  with  the  above  transaction,   immediately
following the above  merger,  Framingham  York  Associates  Limited  Partnership
("FYA") contributed  $1,000,000 in cash to PCT in exchange for 319,489 shares of
common stock of PCT, which shares were then distributed to the existing partners
of FYA,  pro rata based on their  percentage  interests  in FYA. FYA then merged
with Property Capital Trust Limited  Partnership,  a Massachusetts  partnership,
and subsequently  changed its name to Property Capital Trust Limited Partnership
("PCT L.P.") and became the operating partnership of PCT.

     The combined financial  statements include the activity of PCT and PCT L.P.
for the nine months ended September 30, 1999 and 1998.

                                        8
<PAGE>

                          PROPERTY CAPITAL TRUST, INC.

     PCT L.P.,  formerly  FYA,  was formed  pursuant  to the  provisions  of the
Uniform Limited Partnership Act of Massachusetts.  Currently,  PCT L.P. owns and
operates 17,250 square feet of laboratory and office space, which is situated on
1.1 acres of land, located at 51 New York Avenue in Framingham, Massachusetts.

     Currently,  Genzyme  Corporation  is the sole tenant of the  property.  The
lease, as amended, is for a term of twenty years that expires in September 2005.
Genzyme has two five-year  options to extend the term of the lease. In addition,
the tenant is also  responsible for direct payment of  substantially  all of the
operating expenses including maintenance, real estate taxes and insurance.

Results of Operations

FOR THE THREE  MONTHS  ENDED SEPTEMBER 30, 1999  COMPARED  WITH THE THREE MONTHS
ENDED SEPTEMBER 30, 1998

Revenues

     Rental income for the three months ended September 30, 1999 totaled $77,637
as compared to $81,640, for the corresponding period last year. Other income for
the three  months  ended  September  30, 1999 and 1998  totaled  $717 and $2,077
respectively.  Other income  consists of interest  earned from  working  capital
reserves.

Expenses

     Transaction  costs for the three  months ended  September  30, 1999 totaled
$2,131.  These  include  other costs related to the issuance of the common stock
certificates to FYA and the shareholders of the Trust. These costs were expensed
as of September 30, 1999.

     Property  operating  expenses not paid directly by the tenant for the three
months ended September 30,1999 and 1998 totaled $24,757 and $3,827,respectively.
The $20,930 increase for the three months ended September 30, 1999 is related to
a  $9,680  increase  in  miscellaneous  administrative  costs  that  includes  a
directors and officers  insurance  policy and a $11,250 increase in professional
service fees. Due to the additional  reporting and compliance  requirements  set
forth by the  Securities  and Exchange  Commission,  management  anticipates  an
increase in professional services for the year ended December 31, 1999.

     Interest  expense of $27,472 for the three months ended  September 30, 1999
is primarily related to the monthly debt service payments made on the $1,000,000
loan totaling  $20,699.  Interest for the period also  included  $6,773 that was
incurred on the advances from the officers, directors and affiliates.

                                        9
<PAGE>

                          PROPERTY CAPITAL TRUST, INC.

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999 COMPARED WITH THE NINE MONTHS ENDED
SEPTEMBER 30, 1998

Revenues

     Rental  income  for the  nine  months  ended  September  30,  1999  totaled
$232,912,  as compared to $232,915 for the corresponding period last year. Other
income for the nine months ended September 30, 1999 and 1998 totaled $10,451 and
$3,706,  respectively.  Other  income  consists of interest  earned from working
capital reserves. The $6,745 increase, for the nine month period ended September
30, 1999, is due from the interest  earned on the $1,000,000  mortgage  proceeds
that were  invested  until the costs of the  transactions  described  above were
paid.

Expenses

     Transaction  costs for the nine  month  period  ended  September  30,  1999
totaled  $1,254,841.  These costs  included,  but were not  limited  to,  legal,
accounting,  printing,  insurance and other costs related to the issuance of the
common stock  certificates to FYA and the shareholders of the Trust. These costs
were expensed as of September 30, 1999.

     Property  operating  expenses not paid  directly by the tenant were $41,178
and $23,899 for the nine months ended  September 30, 1999 and the  corresponding
period last year, respectively.  This $17,279 increase for the nine months ended
September  30, 1999 is related to the addition of a new  directors  and officers
insurance  policy and the  increase in  professional  service  fees.  Due to the
additional reporting and compliance requirements set forth by the Securities and
Exchange Commission,  management anticipates a moderate increase in professional
service fees for the year ended December 31, 1999.

     Interest expense of $44,732 for the nine months ended September 30, 1999 is
primarily  related to the monthly  debt service  payment made on the  $1,000,000
loan totaling  $33,787.  Interest for the period also includes  $10,945 that was
incurred on the advances from the directors, officers and affiliates.

Inflation

     The tenant is  responsible  for paying  substantially  all of the operating
costs,  including the real estate taxes. PCT L.P. believes that this reduces the
risk of adverse effects of inflation on the business and operations.

Financial Condition, Liquidity and Capital Resources

     In April of the current year PCT L.P.,  formerly FYA, financed a $1,000,000
mortgage.  The note requires monthly  principal and interest payments of $7,881.
The interest rate on the note is 8.13% through maturity on May 1, 2004, at which
time the remaining  balance is due. The mortgage is collateralized by PCT L.P.'s
property and assignment of all leases.

                                       10
<PAGE>

                          PROPERTY CAPITAL TRUST, INC.

     In  conjunction  with the issuance of common stock the officers,  directors
and affiliates funded $561,352 of transaction  costs. In May of the current year
PCT L.P.,  formerly FYA,  executed  unsecured,  demand  promissory  notes,  with
interest accruing at the prime rate for the entire outstanding balance. In July,
a payment of $250,352  representing  principal and accrued  interest was made to
the holders of the note.

     In accordance  with the agreement and plan of merger approved by the Trust,
each  shareholder of the Trust received  one-sixtieth of a share of common stock
of PCT for each share they  previously  owned.  A total of 159,737  shares  were
issued to these  shareholders at $0.01 par value.  In addition,  FYA contributed
$1,000,000 of cash to PCT in exchange for 319,489 shares of common stock at $.01
par value. Immediately thereafter,  FYA distributed these shares to its partners
as described above.

     Cash and cash  equivalents  were $222,650 at September 30, 1999 as compared
to $153,094 at December 31, 1998.  Management has considered the liquidity needs
of PCT and the adequacy of expected  liquidity  sources to meet these needs.  As
long as the  tenant  continues  to pay  the  rent  obligation  to PCT  L.P.  and
substantially  all of the  operating  costs,  as provided for under the existing
lease  agreement,  management  believes the level of working capital provided by
operating  activities  will be  sufficient  to pay  the  monthly  debt  service,
operating  expenses not paid directly by the tenant,  the minimum  distributions
required to maintain PCT's REIT qualification under the Internal Revenue Code of
1986,  as  amended,  and the  quarterly  distributions  as  required  under  the
partnership agreement of PCT L.P.

     For the nine  months  ended  September  30,  1999 cash  distributed  to the
partners of PCT L.P.  totaled  $181,636,  as  compared to $217,500  for the nine
months ended September 30, 1998. In addition PCT L.P. distributed the $1,000,000
of common stock of PCT to its partners in May 1999. In October of 1999, PCT L.P.
distributed an additional $36,636 to its limited partners.

Year 2000 Readiness Disclosure

     The "Year 2000 Issue" has arisen  because  existing  computer  programs use
only the last two digits to refer to a year,  rather  than four  digits.  If not
corrected, many computer applications could fail or create erroneous results. As
required by recent  guidance from the  Securities and Exchange  Commission,  the
following disclosure provides more detail regarding PCT's assessment of the Year
2000 Issue.

     PCT has reviewed its financial  and computer  systems,  communications  and
building operating systems and has followed the progress of its major vendors to
assess  the  potential  risk of a Year 2000  problem.  Based  upon the  research
compiled,  management  believes that there should be no significant  problems in
dealing with the Year 2000 Issue. PCT's business is not substantially  dependent
upon its data  processing  and software and hardware  systems and thus, PCT does
not  anticipate  Year 2000  Issues to have any  material  adverse  effect on its
operations.  In addition,  PCT does not anticipate that it shall incur more than
$10,000 of costs to address the Year 2000 Issue.  As a contingency  plan PCT has
purchased  other  Year  2000  compliant  software  that it can  use if its  main
financial  systems are  adversely  impacted by the year 2000  problem.  However,
there is no guarantee that any such efforts will be completely successful.

                                       11
<PAGE>

                          PROPERTY CAPITAL TRUST, INC.

     The  preceding   "Year  2000   Readiness   Disclosure"   contains   various
forward-looking  statements  within the meaning of Section 21E of the Securities
Exchange  Act of 1934 and  Section  27A of the  Securities  Act of  1933.  These
forward-looking  statements  represent PCT's beliefs or  expectations  regarding
future  events.  When used in the "Year 2000  Readiness  Disclosure",  the words
"believes,"  "expects,"  "estimates"  and similar  expressions  are  intended to
identify forward-looking statements. Forward-looking statements include, without
limitation,  PCT's expectations as to when it will complete the modification and
testing phases of its Year 2000 plan as well as its Year 2000 contingency plans,
its estimated cost of achieving Year 2000  readiness,  and PCT's belief that its
internal  systems  will  be  year  2000  compliant  in  a  timely  manner.   All
forward-looking  statements  involve a number of risks  and  uncertainties  that
could cause the actual results to differ materially from the projected  results.
Factors that may cause these  differences  include,  but are not limited to, the
availability of qualified personnel and other information  technology resources,
the ability to identify and remediate all date sensitive  lines of computer code
or to replace embedded computer chips in affected systems or equipment,  and the
actions of  governmental  agencies or other third  parties  with respect to Year
2000.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

         None

Part II - Other Information

Item 6.  Exhibits and Reports on Form 8-K

(a)  Exhibits

     27.1     Financial Data Schedule

(b)  Reports on Form 8-K

     On August 4,  1999,  PCT filed a current  report on Form  8-K/A  filing the
financial  statements  required as a result of the consummation of the merger of
the Trust with PCT and the other transactions related to such merger.


                                       12


<PAGE>



                          PROPERTY CAPITAL TRUST, INC.

                                   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 as of the 3rd day of November 1999.

                          PROPERTY CAPITAL TRUST, INC.

                                           /S/ Bruce A. Beal

                                           Bruce A. Beal
                                           President

                                           /S/ Michael A. Manzo

                                           Michael A. Manzo
                                           Treasurer
                                           [Principal Financial Officer]


                                       14