SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20259

                                   FORM 10-K

                 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2002  Commission file number 0-7716

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

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

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

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

Securities registered pursuant to Section 12(b) of the Act:  None

Securities registered pursuant to Section 12(g) of the Act:

                Shares of Beneficial Interest
                     (Title of Class)

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 by check mark if disclosure of delinquent filers
pursuant to Item 405 of Regulation S-K is not contained herein,
and will not be contained, to the best of registrant's
knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K
 X
---

The aggregate market value of the voting stock held by
nonaffiliates of the Registrant was $16,671,956 based upon the
closing market price on March 10, 2003.

Shares of Beneficial Interest, no par value--1,767,898 shares
outstanding as of March 10, 2003.

Documents incorporated by reference:  Portions of the proxy
statement for the annual meeting of shareholders to be held May
7, 2003 are incorporated by reference into Part III of this
report as specified therein.


PART I

ITEM 1.  BUSINESS

The principal business of Century Realty Trust, an Indiana
business trust, is the ownership of income-producing real
properties, which consist of fifteen apartment complexes, two
restaurant properties, three commercial properties, and various
parcels of undeveloped land which are situated adjacent to
rental properties owned by the Trust.  In 1997, the Trust
expanded its investment options to include the exclusive control
of real estate through the use of operating partnerships.  Five
of the Trust's fifteen apartment properties are owned by
operating partnerships.  Other than long-term leases on the
restaurant properties, the Trust's rental income is derived from
short-term leases of units in its various buildings.  The
residential properties are managed under agreements with
independent property management firms.  The Trust and its
operating partnerships reimburse the management firms for
compensation of approximately 65 persons employed at the
apartment properties.

The Trust has elected to be treated as a real estate investment
trust under the Internal Revenue Code and to distribute
substantially all of its real estate investment trust taxable
income.  A real estate investment trust is an investment vehicle
which permits individuals, by purchasing shares, to invest in
real estate equities and/or mortgage loans, and share in the
profits therefrom without having profits subjected to federal
income taxes at the trust level.


ITEM 2. PROPERTIES

The following investment properties were owned by the registrant
at December 31, 2002:

                                         Year    No. of     2002       Net
Apartments          Location           Acquired  Units  Occupancy   Investment
----------          --------           --------  ------ ---------   ----------
Park Plaza          Indianapolis, IN     1973     176        86%   $   513,761
Fontenelle          Kokomo, IN           1973     176        82        752,029
Park Forest         Marion, IN           1973      64        85        259,846
Chester Heights     Richmond, IN         1973     110        91        244,286
Driftwood Park      Indianapolis, IN     1989      48        92        900,615
Regency Royale      Mishawaka, IN        1993     132        90      3,054,505
Creek Bay           Indianapolis, IN     1993     208        88      6,037,389
Eagle Creek         Indianapolis, IN     1994     188        91      5,177,157
Fox Run	            Indianapolis, IN     1995     256        88      5,963,647
Charter Oaks        Evansville, IN       1997     192        96      4,633,651
Barcelona*          Kokomo, IN           1997      64        85      1,338,424
Beech Grove*        Jeffersonville, IN   1997     182        92      3,858,709
Hampton Court*      Indianapolis, IN     1997      92        86      1,592,563
Sheffield Square*   New Albany, IN       1997     152        91      3,915,315
West Wind Terrace*  Indianapolis, IN     1997      96        86      1,626,151
                                                -----              -----------
Total Apartments                                2,136        89     39,868,048

* Property is owned by a partnership controlled by the Trust.

                                         Year    Square  Currently     Net
Commercial          Location           Acquired   Feet    Leased    Investment
----------          --------           --------  ------  ---------  ----------
Office/Warehouse
 401 Industrial Dr. Carmel, IN           1977    38,000      77%   $   263,181
Office Buildings
 1810 E. 62nd St.   Indianapolis, IN     1986    17,000      79        351,666
 3510-20 E.96th St. Indianapolis, IN     1997    34,000      77      1,516,455
                                                 ------            -----------
Total Commercial                                 89,000              2,131,302

                                         Year    Square    Lease       Net
Restaurants         Location           Acquired   Feet   Expires    Investment
-----------         --------           --------  ------  --------   ----------
Fortune House       Indianapolis, IN     1979     5,000     2004       285,192
Miami Subs          Orlando, FL          1979     3,500     2004       143,917
                                                  -----                -------
Total Restaurants                                 8,500                429,109
                                                                   -----------
ALL INVESTMENT PROPERTIES                                          $42,428,459
                                                                   -----------
                                                                   -----------

ITEM 3. LEGAL PROCEEDINGS

There are no material pending legal proceedings against the
trust, and no such proceedings are known to be contemplated.


ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There were no matters submitted to a vote of security holders
during the fourth quarter of the year ended December 31, 2002.


PART II

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED
STOCKHOLDER MATTERS

The Trust's shares of beneficial interest are traded on the
NASDAQ SmallCap market.  Cash distributions are paid
approximately 45 days after the end of each quarter.  The high
and low published bid prices and distributions for the last two
years were:

                                           Distributions
2002                High         Low          Declared
----                ----         ----      -------------
1st Quarter        $11.95       $11.12         $0.14
2nd Quarter         11.99        11.11          0.14
3rd Quarter         12.20        11.50          0.14
4th Quarter         12.65        11.70          0.14

                                           Distributions
2001                High         Low          Declared
----                ----         ----      -------------
1st Quarter        $12.50       $11.38         $0.21
2nd Quarter         13.00        11.38          0.19
3rd Quarter         11.75        11.25          0.19
4th Quarter         12.00        11.11          0.14


ITEM 6. SELECTED FINANCIAL DATA

In thousands, except per share data and number of apartments



Years ended December 31,    2002      2001      2000      1999     1998
------------------------    ----      ----      ----      ----     ----
Operating Data:
Rental and other
 operating income         $12,844   $13,017   $13,294   $13,227  $12,845
Gains on sale of property       -         -         -         -        -
Income before minority
 interest in operating
 partnerships                 618       706     1,133     1,071      990
Net income                    689       749     1,110       934      884

Cash distributions declared   984     1,269     1,408     1,238    1,222
Weighted average number
 of shares outstanding      1,757     1,740     1,717     1,548    1,547
Per share:
  Basic earnings          $  0.39   $  0.43   $  0.65   $  0.60  $  0.57
  Diluted earnings           0.39      0.43      0.65      0.60     0.57
  Distributions declared     0.56      0.73      0.82      0.80     0.79


Balance Sheet Data:
Total real estate
 investments(a)           $58,413   $58,115   $57,539   $57,429  $57,041
Allowances for
 depreciation             (15,985)  (14,624)  (13,011)  (11,690) (10,167)
Total assets               46,958    47,556    47,821    49,533   50,489
Mortgage and other
 notes payable             34,102    34,482    34,013    35,171   35,777
Total liabilities          36,719    36,934    36,588    37,829   38,439
Minority interest in
 operating partnerships       569       802     1,149     3,476    3,521
Shareholders' equity        9,670     9,819    10,084     8,228    8,529
Number of shares
 outstanding                1,762     1,749     1,726     1,548    1,547

Other Data:
Cash flow data:
  Cash provided by
   operating activities   $ 2,479   $ 2,382   $ 3,148   $ 2,711  $ 2,730
  Cash (used in)
   investing activities      (666)     (702)   (  498)   (  570)    (637)
  Cash provided by (used
   in) financing
   activities              (1,379)   (1,114)   (2,752)   (2,002)  (2,130)

Funds from operations(b):
  Income before minority
   interest in operating
   partnerships           $   618   $   706   $ 1,133   $ 1,071  $   990
  Add back investment real
   estate depreciation      1,796     1,801     1,774     1,770    1,741
  Add back unamortized
   loan costs written off     193         -         -         -        -
  Deduct funds attributed
   to minority interest       (55)      (66)     (160)     (492)    (450)
                          -------   -------   -------   -------  -------
Funds from operations     $ 2,552   $ 2,441   $ 2,747   $ 2,349  $ 2,281
                          -------   -------   -------   -------  -------
                          -------   -------   -------   -------  -------
Apartment units owned(a):
  Owned at December 31      2,136     2,136     2,136     2,136    2,136
  Weighted average number
   of apartments owned
   during the year          2,136     2,136     2,136     2,136    2,136

(a) Real estate owned includes apartments owned by operating partnerships
    created and controlled by the Trust.
(b) Funds from operations (FFO) is defined as income before gains on sale of
    property and minority interest of unitholders in operating partnerships
    created and controlled by the Trust plus investment property depreciation.
    The amount of funds attributed to minority interest is not available to
    shareholders of the Trust and is deducted.  FFO should be considered along
    with, not as an alternative to, net income and cash flows as a measure of
    the Trust's operating performance and liquidity.  FFO does not represent
    cash flow from operating activities and is not necessarily indicative of
    cash available to fund capital expenditures, debt repayment, or other cash
    needs.


ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
        AND RESULTS OF OPERATIONS

OVERVIEW

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

During 2001 the Trust created a wholly owned subsidiary, CRT
Investments, Inc. and a limited partnership, Century Realty
Properties, L.P.  Century Realty Trust is the sole general
partner and CRT Investments, Inc. is the sole limited partner of
Century Realty Properties, L.P.  The accounts of both new
entities are included in the consolidated financial statements
of the Trust.  As of January 1, 2002, titles to most of the
Trust's investment properties and operations had been conveyed
to the new limited partnership.  Management believes that the
new structure will facilitate the acquisition of investment
properties from individuals and partnerships.

During all of 2002 and 2001 the Trust owned or controlled
fifteen apartment communities containing 2,136 apartment units,
three multi-tenant commercial properties containing 89,000
rentable square feet, and two restaurant properties leased to
operators under net leases.  Five of the apartment properties
containing 586 units are owned by separate partnerships that are
controlled by the Trust through a wholly-owned subsidiary.  A
description of partnership-owned real estate acquisitions is
contained in Note 3 to the financial statements.

In 1999, the Trust registered 286,908 shares of beneficial
interest which were subsequently offered to holders of an equal
number of operating partnership units in the five partnership
entities it has controlled, as General Partner, since November,
1997.  As of January 1, 2003, holders of 228,577 partnership
units, representing 79.7% of outstanding units, had exercised
their exchange options.  As of January 1, 2002 holders of
217,390, or 75.8%, of the outstanding partnership units had
exchanged units for shares (See Note 3 to the financial
statements).  Management anticipates that the increase in
outstanding shares and corresponding decrease in the minority
interest will not have a material impact on funds from
operations and net income per share during the next year.

At December 31, 2002 the Trust's net investment in real estate
consisted of apartment properties (94%), commercial properties
(5%) and net-leased restaurant properties (1%).  The 2,136
apartment units in the portfolio throughout 2002 and 2001
contributed 94.4% and 94.6%, respectively,  of the total revenue
from real estate operations, and 98.4% and 98.3%, respectively,
of real estate operating expenses.

CRITICAL ACCOUNTING POLICIES

Amortization of Management Contracts.
In 1997 the Trust paid $650,350 for the general partner interest
and absolute management control over five partnerships.  The
Trust granted to the limited partners in those partnerships
options to exchange their interests for shares of beneficial
interest of the Trust.  Those options will expire in November
2007 at which time the Trust will have the option to issue
shares in exchange for any outstanding limited partnership
interests.  The Trust elected to amortize, on a straight line
method, its cost to acquire its position over the ten year
option period that it granted to the limited partners;
consequently, depreciation expense each year includes $65,035
for amortization of the acquisition costs.

Carpet Replacement Policy.
From its inception in 1973, the Trust has consistently followed
the practice of charging the cost to replace carpets in its
apartment units to expense as incurred.  Real estate operating
expenses include costs to replace carpets of $245,699, $322,994
and $286,453 for 2002, 2001 and 2000 respectively.  An
acceptable alternative method of accounting would be the
capitalization of costs as incurred, followed by charges for
depreciation over the estimated useful life of the carpet.
Management believes that, due to the relatively short useful
life of apartment carpets, the annual expense for replacements
is not materially greater than would be the annual charges for
depreciation had the carpets been capitalized when purchased.

RESULTS OF OPERATIONS -- 2002

The Trust experienced a decrease of approximately 1.4% in income
and a decrease of 2.5% in expenses, other than depreciation,
related to its apartment operations in 2002 compared with the
preceding year.  The commercial properties experienced a 2.7%
increase in gross income and a 4.5% decrease in operating
expenses.

Rental income from the restaurant property in Orlando, Florida
amounted to $50,194 in 2002, up from $29,280 in 2002.  That
Miami Subs franchised restaurant was closed during the first
four months of 2001.  Following the termination of a prior
lease, the Trust re-leased the property in May, 2001 to a new
Miami Subs franchisee-operator. The new lease, which will expire
in 2004, contains terms and conditions similar to the prior
lease.

The decrease in gross income from apartment properties resulted
from the combined effect of 1.2% higher average rental rates and
a 2.6% decrease in overall occupancy rates. Apartment occupancy
rates decreased from an average of 91.2% in 2001 to 88.8% in
2002. In mid-December, 2002 the aggregate occupancy rate for the
Trust's apartment properties was 88.3%.  At the end of 2001, the
overall apartment occupancy was 90.6%. The lower occupancy rates
in 2002 resulted from higher unemployment rates in several
Indiana communities, and lower mortgage loan interest rates that
made home ownership a viable alternative for residents of
higher-rent apartments.

Real estate operating expenses, including real estate taxes
(excluding interest and depreciation) for the apartment
properties decreased 2.5%.  Operating expenses amounted to 49.8%
of gross possible income for 2002, down from 51.7% in 2001.
Approximately 67% of the decrease in operating expenses resulted
from 17.4% lower painting and decorating expense and 20.2% lower
carpet replacement costs.  Such reductions reflect the impact of
fewer move-ins and the availability of an ample number of
rent-ready vacant units.  Maintenance and repairs, including
supplies and contracted services, decreased $69,508, or 6.5%,
due lower occupancy rates and a relatively mild 2001-2002
winter.  Significant expense increases in insurance premium
costs, up $47,321, or 23.8% in 2002, and property taxes, up
$21,260 nearly offset to reduction in maintenance and repairs.
Property employee costs in 2002 were approximately equal to the
previous year.  Employee costs, as a percent of gross possible
income, decreased from 12.9% in 2001 to 12.8% in 2002. While the
Trust's insurance claims history is not unfavorable, management
anticipates that other market forces will result in a
substantial increase in premiums for replacement coverage when
the current policies expire on June 30, 2003.

Rental income from commercial properties in 2002 increased by
$16,507, or 2.7%, from the previous year, due primarily to
higher occupancy rates in 2002.  Lower maintenance and repair
expenses accounted for a 4.5% decrease in operating expenses in
2002 compared with the previous year.

The Trust derives its interest income from sweep account demand
deposit funds at money market rates, and from funds held in
escrow accounts by lenders at savings account rates.  The Trust
earned average rates of return on its invested funds of 1.18%
and 3.14% in 2002 and 2001, respectively.

In January, 2002 the Trust completed a modification of two
mortgage loans that had unpaid balances totaling approximately
$1.4 million at December 31, 2001.  Both loans, from the same
lender, provided for interest at 8 7/8% until maturity in June,
2003.  As modified the loans, with no change in principal amount
borrowed, provide for interest rates adjustable annually on
February 1 to the lender's money market borrowing rate plus
2.75% until maturity in June, 2008.  The initial rate, effective
until February 1, 2003 was 4.875%.

In July, 2002 three of the partnerships controlled by the Trust
refinanced mortgage loans to obtain lower interest rates.  The
total indebtedness represented by the loans that were paid off
amounted to $5,658,466.  Those loans had maturity dates from
January 1, 2027 to May 1, 2030, and provided for interest at
rates from 8.5% to 8.875%.  The total amount borrowed under the
new loans was $5,990,699, an increase of $332,233 in the
aggregate indebtedness.  The excess borrowings were used to pay
the refinancing costs and to fund escrow accounts and
replacement reserves.  The new loans have maturity dates from
August 1, 2032 to August 1, 2037, and provide for interest at
the rate of 6.625%

In connection with refinancing three apartment properties owned
by controlled partnerships in July, 2002, two of the three
partnerships paid prepayment fees in the aggregate amount of
$100,941.  In, addition, the three partnerships had unamortized
loan origination costs in the aggregate amount of $192,543
related to the loans that were paid-off .  The prepayment fees
and the unamortized loan costs were charged to expense as
"Mortgage loan extinguishment costs".  Costs aggregating
$127,094 related to the origination of the new mortgage loans
were recorded as amortizable assets and will be charged to
expense over the terms of the loans.

State income taxes decreased by approximately $64,000 in 2002
because income subject to the Indiana gross income decreased by
approximately $5.4 million.  In 2002 approximately $7.6 million
of gross receipts from rental operations that would have been
taxable if received by the Trust were received by Century Realty
Properties, L.P., an entity not subject to the tax.  In 2001,
approximately $2.2 million of revenue from rental operations was
received by Century Realty Properties, L.P.  Between August 1,
2001 and January 1, 2002, ownership of all of the apartment
properties, two of the three commercial properties and one of
the two restaurant properties formerly owned by the Trust were
transferred to Century Realty Properties, L.P.  The gross income
tax was eliminated from the Indiana State income tax effective
for years after 2002, consequently, the Trust expects to have
little, if any, state income tax expense in 2003.

General and administrative expenses in 2002, which included
approximately $46,000 related to the transfer of rental
operations to Century Realty Properties, L.P. and $62,500 of
real estate appraisal fees, amounted to 5.6% of income from real
estate operations in 2002, compared with 4.5% in 2001.  Officer
and employee compensation costs, which includes payroll taxes
and benefits, that are included in administrative expenses
amounted to $279,900 in 2002, up 6.6% from $262,500 in 2001.

RESULTS OF OPERATIONS -- 2001

The Trust experienced a decrease of approximately 1.4% in income
and an increase of 4.0% in expenses, other than depreciation,
related to its apartment operations in 2001.  The commercial
properties experienced a 4.6% decrease in gross income and an
11.4% increase in operating expenses in 2001 compared to the
previous year.

The restaurant property in Orlando, Florida that had been, since
early 1999,  operated as a Miami Subs franchised restaurant
under a five-year operating lease with the operator, was closed
during the first four months of 2001.  The Trust terminated that
lease, under its default provisions; and in May, it re-leased
the property to a new Miami Subs franchisee-operator. The new
lease, which will expire in 2004, contains terms and conditions
similar to the terminated lease.  Income lost during the change
in lessees amounted to approximately $16,730.

The decrease in gross income from apartment properties resulted
from the combined effect of .9% higher average rental rates and
a 2.1% decrease in overall occupancy rates. Apartment occupancy
rates decreased from an average of 93.2% in 2000 to 91.2% in
2001. At December 31, 2001 the aggregate occupancy rate for the
Trust's apartment properties was 90.6%.  At the end of 2000, the
overall apartment occupancy was 93.5%. The lower occupancy rates
in 2001 resulted from higher unemployment rates in several
Indiana communities, and lower mortgage loan interest rates that
made home ownership a viable alternative for residents of
higher-rent apartments.

Real estate operating expenses, including real estate taxes
(excluding interest and depreciation) for the apartment
properties increased 4.0%.  Operating expenses amounted to 51.7%
of gross possible income for 2001, up from 50.1% in 2000.
Approximately 39% of the increase in operating expenses related
to property employee costs which include salaries, payroll taxes
and group insurance benefits.  Property employee costs in 2001
increased by 6.5% from 2000.  Approximately half of the increase
resulted from adding employees in June, 2000 to perform certain
maintenance, painting and janitorial services previously
provided by outside contractors.  The remainder of the increase
represented increased compensation rates and health insurance
costs.   Employee costs, as a percent of gross possible income,
increased from 12.3% in 2000 to 12.9% in 2001.

Due to declining occupancy rates, other administrative expenses,
primarily advertising, which amounted to 4.1% of gross possible
income in 2001, were up  13.1% from the previous year.
Declining occupancy rates also resulted in 7.7% higher
decorating expenses.

Insurance premiums for casualty and workers compensation
coverage increased 14.7% in 2001, but accounted for less than
10% of the increase in operating expenses.

Commercial properties accounted for 4.8% of total income from
operations in 2001, and 4.9% in 2000.  The decrease resulted
primarily from lower occupancy rates in 2001.   The two office
properties together averaged 90% occupancy during 2001, down
from 95% for 2000.  Expenses related to the turnover of tenants
during the 2001 resulted in an 11.4% increase in operating
expenses compared with the previous year.

The Trust derives its interest income from sweep account
demand deposit funds at money market rates, and from funds held
in escrow accounts by lenders at savings account rates.  The
Trust earned average rates of return on its invested funds of
3.14% and 5.06% in 2001 and 2000, respectively.

In August, 2001, the Trust obtained a $5,000,000 mortgage
loan on one of its apartment properties.  That loan, which
provides for interest at the rate of 7.04% will mature in
August, 2011 with a scheduled balance at maturity of
approximately $3,950,000.  Proceeds from that loan were used to
repay $2.9 million of short-term debt and to pay off a mortgage
loan balance of $1.08 million on one of the Trust's office
properties.

For 2001, interest expense related to properties wholly owned by
the Trust and its subsidiaries, including the short-term loan
referred to above, averaged 7.64% on average outstanding
balances of $24.6 million.  For 2000, the overall effective
interest rate was 8.26% on average outstanding loan balances of
$25.1 million.  For partnership-owned properties, the average
effective interest rate for 2001 and 2000 was 8.69% on average
outstanding loan balances of $9.6 and $9.7 million, respectively.

State income taxes decreased by approximately $26,000 in 2001
because income subject to the Indiana gross income decreased by
approximately $2.2 million.  Income subject to tax was lower
because gross receipts from rental operations that would have
been taxable if received by the Trust were not taxable when
received by Century Realty Properties, L.P.

General and administrative expenses, which included
approximately $26,000 related to the formation of Century Realty
Properties, L.P., amounted to 4.5% of income from real estate
operations in 2001, compared with 4.3% in 2000.  Employee
compensation costs, which includes payroll taxes and benefits,
that are included in administrative expenses amounted to
$262,500 in 2001, up 4.5% from $251,300 in 2000.

LIQUIDITY AND SOURCES OF CAPITAL

On January 4, 2003, the Trust declared a $.14 per share cash
distribution payable February 19, 2003 to holders of record on
January 26, 2003 on its 1,762,898 outstanding shares of
beneficial interest.  The cash requirement for that distribution
amounts to $246,806.  Three of the five partnerships declared
surplus cash distributions aggregating $25,796 payable February
28, 2003,  including $5,036 payable to minority interest
partners of record January 26, 2003.

Other than the cash required to pay declared distributions,
management is not aware of any significant transactions or
events which will require material expenditures in 2003.  The
Trust has no other obligations, nor has it made any commitments,
which would require expenditures in excess of funds expected to
be provided by operations during 2003.  At December 31, 2002,
the Trust and its controlled partnerships had $1,751,000 in
cash, including $328,000 in controlled partnership accounts,
which management believes is sufficient to meet anticipated
capital requirements.

Management expects to continue to operate the Trust as a real
estate investment trust, and to distribute to shareholders all
of its otherwise taxable income.  At December 31, 2002, the
Trust had no undistributed earnings and profits.  Distributions
to shareholders during 2002, which totaled $983,846,  included
all of the Trust's taxable income and earnings and profits for
2002 plus $132,664 that was designated as return of capital.
During 2001, the Trust distributed $1,269,000, of which $241,800
was designated as return of capital.  The aggregate surplus cash
distributed to the minority interest partners by the controlled
partnerships totaled $16,500 and $20,400 during 2002 and 2001,
respectively.

Due to differences in depreciation rates and carrying values of
some properties, reported income for 2002 was 18% lower; for
2001, 5% lower; and, for 2000, 14% lower, than income for income
tax purposes.

IMPACT OF INFLATION

Inflation has not had a significant impact on the Trust during
2002, 2001 and 2000.


ITEM 7a. QUALITATIVE AND QUANTITATIVE DISCLOSURES ABOUT MARKET RISK

The Trust does not believe it is subject to market risk.


ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The financial statements, which are included on pages 7 through
15 of the annual shareholders report for the year ended December
31, 2002, are included as exhibits under Item 15.

Unaudited summarized consolidated quarterly financial data for
the year ended December 31, 2002 is as follows:

                                                 Three Months Ended
                                 ______________________________________________

                                   March 31    June 30 September 30 December 31
_______________________________________________________________________________

Rental and other operating income $3,244,088  $3,238,846 $3,250,328  $3,110,739
Income before minority interest
  in operating partnerships          236,853     282,899   (118,221)    216,518
Net income                           233,760     288,529    (51,707)    218,657

Earnings per share:
Basic                             $     0.13  $     0.16  $   (0.03) $     0.12
Diluted                           $     0.13  $     0.16  $   (0.03) $     0.12



Unaudited summarized consolidated quarterly financial data for
the year ended December 31, 2001 is as follows:

                                                 Three Months Ended
                                  _____________________________________________

                                  March 31    June 30  September 30 December 31
_______________________________________________________________________________
Rental and other operating income $3,275,174  $3,263,857 $3,249,806  $3,227,828
Income before minority interest
  in operating partnerships          188,504     186,307     52,817     278,313
Net income                           204,038     210,446     69,029     265,079

Earnings per share:
Basic                             $     0.12  $     0.12  $    0.04  $     0.15
Diluted                           $     0.12  $     0.12  $    0.04  $     0.15


ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
        ACCOUNTING AND FINANCIAL DISCLOSURE

No change of accountants or reported disagreements have occurred
which are to be disclosed hereunder.


ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

Information relative to executive officers, members of the Board
of Trustees and nominee(s) for election to the Board of
Trustees, which is included on pages 3 through 5 of the proxy
statement for the annual meeting of shareholders to be held May
7, 2003, is incorporated herein by reference.  The proxy
statement will be filed with the Commission pursuant to
Regulation 14A within 120 days after December 31, 2002.


ITEM 11. EXECUTIVE COMPENSATION

Information relative to management remuneration and transactions
is included on page 6 of the proxy statement for the annual
meeting of shareholders to be held May 7 2003, and is
incorporated herein by reference.


ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

Information relative to security ownership of certain beneficial
owners and management is included on pages 2 through 5 of the
proxy statement for the annual meeting of shareholders to be
held May 7, 2003, and is incorporated herein by reference.


ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

There were no relationships or transactions, as defined under
this item, nor are any contemplated, to be disclosed hereunder.

ITEM 14. CONTROLS AND PROCEDURES

(a) Evaluation of disclosure controls and procedures.  The Chief
Executive Officer serves as the principal operating officer and
in such capacity supervises, directly or indirectly, the daily
operation of the Trust and investment properties.  The Chief
Financial Officer serves as the principal accounting officer and
in such capacity supervises, directly or indirectly, the
accounting and financial operations of the Trust and its
subsidiaries.  The centralized and compact management structure
of the registrant provides adequate and effective disclosure
control.

(b) Changes in internal controls.  There have been no changes in
internal controls or in other factors that could significantly
affect internal controls within the past ninety days.
Management has discovered no significant deficiencies or
material weaknesses in internal controls that would warrant
corrective actions.



ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K

         (a)(1) and (2) The response to this portion of Item 15 is submitted
            as a separate section of this report.


         (b) Reports on Form 8-K

             No reports on Form 8-K were filed by the Registrant during the last
             quarter of the period covered by this report.

         (c) Exhibits

             (1) Consent of Independent Auditors

             (2) Exhibit 99.1--Certification of Chief Executive Officer

             (3) Exhibit 99.2--Certification of Chief Finanacial Officer and
                               Principal Accounting Officer



SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the Registrant has duly caused
this report be signed on its behalf by the undersigned,
thereunto duly authorized.


                                    CENTURY REALTY TRUST


Date:  3/27/03                      By: S/ JOHN I. BRADSHAW, JR.
                                        President and Trustee

Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed below by the following persons
on behalf of the registrant and in the capacities and on the
dates indicated.


Date:  3/21/03                          S/ DAVID F. WHITE
                                        Controller


Date:  3/27/03                          S/ FRANCIS M. HAPAK
                                        Trustee, Chairman of the Board


Date:  3/25/03                          S/ JOHN W. ADAMS
                                        Trustee


Date:  3/26/03                          S/JOHN J. DILLON
                                        Trustee


Date:  3/26/03                          S/ MARVIN L. HACKMAN
                                        Trustee


Date:  3/26/03                          S/ JOHN A. WALLACE
                                        Trustee

Date:  3/27/03                          S/MURRAY R. WISE
                                        Trustee


CERTIFICATION

I, John I. Bradshaw, Jr., certify that:

1. I have reviewed this annual report on Form 10-K of Century Realty Trust;

2. Based on my knowledge, this annual report does not contain
any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of
the circumstances under which such statements were made, not
misleading with respect to the period covered by this annual
report;

3. Based on my knowledge, the financial statements, and other
financial information included in this annual report, fairly
present in all material respects the financial condition,
results of operations and cash flows of the registrant as of,
and for, the periods presented in this annual report;

4. The registrant's other certifying officer and I are
responsible for establishing and maintaining disclosure controls
and procedures (as defined in Exchange Act Rules 13a-14 and
15d-14) for the registrant and have:

   a) designed such disclosure controls and procedures to ensure that material
      information relating to the registrant, including its consolidated
      subsidiaries, is made known to us by others within those entities,
      particularly during the period in which this annual report is being
      prepared;

   b) evaluated the effectiveness of the registrant's disclosure controls and
      procedures as of a date within 90 days prior to the filing date of this
      annual report (the "Evaluation Date"); and

   c) presented in this annual report our conclusions about the effectiveness
      of the disclosure controls and procedures based on our evaluation as of
      the Evaluation Date;

5. The registrant's other certifying officer and I have
disclosed, based on our most recent evaluation, to the
registrant's auditors and the audit committee of registrant's
board of trustees (or other persons performing the equivalent
functions):

   a) all significant deficiencies in the design or operation of internal
      controls which could adversely affect the registrant's ability to record,
      process, summarize and report financial data and have identified for the
      registrant's auditors any material weaknesses in internal controls; and

   b) any fraud, whether or not material, that involves management or other
      employees who have a significant role in the registrant's internal
      controls; and

6. The registrant's other certifying officer and I have
indicated in this annual report whether there were significant
changes in internal controls or in other factors that could
significantly affect internal controls subsequent to the date of
our most recent evaluation, including any corrective actions
with regard to significant deficiencies and material weaknesses.


Date: 3/26/03                                 /S/ John I. Bradshaw, Jr.
                                             ---------------------------------
                                             Chief Executive Officer
                                             President and Treasurer

CERTIFICATION

I, David F. White, certify that:

1. I have reviewed this annual report on Form 10-Q of Century Realty Trust;

2. Based on my knowledge, this annual report does not contain
any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of
the circumstances under which such statements were made, not
misleading with respect to the period covered by this annual
report;

3. Based on my knowledge, the financial statements, and other
financial information included in this annual report, fairly
present in all material respects the financial condition,
results of operations and cash flows of the registrant as of,
and for, the periods presented in this annual report;

4. The registrant's other certifying officer and I are
responsible for establishing and maintaining disclosure controls
and procedures (as defined in Exchange Act Rules 13a-14 and
15d-14) for the registrant and have:

   a) designed such disclosure controls and procedures to ensure that
      material information relating to the registrant, including its
      consolidated subsidiaries, is made known to us by others within
      those entities, particularly during the period in which this annual
      report is being prepared;

   b) evaluated the effectiveness of the registrant's disclosure controls and
      procedures as of a date within 90 days prior to the filing date of this
      annual report (the "Evaluation Date"); and

   c) presented in this annual report our conclusions about the effectiveness of
      the disclosure controls and procedures based on our evaluation as of the
      Evaluation Date;

5. The registrant's other certifying officer and I have
disclosed, based on our most recent evaluation, to the
registrant's auditors and the audit committee of registrant's
board of trustees (or other persons performing the equivalent
functions):

   a) all significant deficiencies in the design or operation of internal
      controls which could adversely affect the registrant's ability to record,
      process, summarize and report financial data and have identifiedfor the
      registrant's auditors any material weaknesses in internal controls; and

   b) any fraud, whether or not material, that involves management or other
      employees who have a significant role in the registrant's internal
      controls; and

6. The registrant's other certifying officer and I have
indicated in this annual report whether there were significant
changes in internal controls or in other factors that could
significantly affect internal controls subsequent to the date of
our most recent evaluation, including any corrective actions
with regard to significant deficiencies and material weaknesses.


Date: 3/21/03                             S/ David F. White
                                         ---------------------------------
                                         Controller (chief financial officer
                                         and principal accounting officer)



ITEM 15(a)(1) AND (2). LIST OF FINANCIAL STATEMENTS AND FINANCIAL STATEMENT
                       SCHEDULES

The following consolidated financial statements of Century
Realty Trust and subsidiaries are included herein and in the
annual report of the Registrant to its shareholders for the year
ended December 31, 2002:

     Consolidated balance sheets - December 31, 2002 and 2001

     Consolidated statements of income - Years ended December 31, 2002, 2001
                                         and 2000

     Consolidated statements of shareholders' equity - Years ended December 31,
                                                       2002, 2001 and 2000

     Consolidated statements of cash flows - Years ended December 31, 2002,
                                             2001 and 2000

     Notes to consolidated financial statements

The following financial statement schedule of Century Realty
Trust and Subsidiaries is included in Item 15(d):

     Schedule III - Real estate and accumulated depreciation

All other schedules for which provision is made in the
applicable accounting regulation of the Securities and Exchange
Commission are not required under the related instructions or
are inapplicable, and therefore have been omitted.


ITEM 15(c) EXHIBITS

     CONSENT OF INDEPENDENT AUDITORS

Board of Trustees
Century Realty Trust

We consent to the incorporation by reference in this Annual
Report (Form 10-K) of Century Realty Trust of our report dated
February 15, 2003, included in the 2002 Annual Report to
Shareholders of Century Realty Trust.

Our audits also included the financial statement schedule of
Century Realty Trust listed in Item 15(a).  This schedule is the
responsibility of the Trust's management.  Our responsibility is
to express an opinion based on our audits.  In our opinion, the
financial statement schedule, referred to above, when considered
in relation to the basic financial statements taken as a whole,
presents fairly in all material respects the information set
forth therein.


                                                 ERNST & YOUNG LLP

Indianapolis, Indiana
March 26, 2003








     EXHIBIT 99.1--CERTIFICATION

In connection with the accompanying Annual Report of the Trust
on Form 10-K for the period ending December 31, 2002, I, John I.
Bradshaw, Jr., Chief Executive Officer, President and Treasurer
of the Trust, certify, pursuant to 18 U.S.C Sec. 1350, as
adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002,
that:

     1)  The Report fully complies with the requirements of section 13(a)
of the Securities Exchange Act of 1934; and

     2)  The information contained in the Report fairly presents, in
all material respects, the financial condition and results of
operations of the Trust.


					/S/ John I. Bradshaw, Jr.
                                        ---------------------------------------
                                        Chief Executive Officer, President
				        and Treasurer



     EXHIBIT 99.2--CERTIFICATION

In connection with the accompanying Annual Report of the Trust
on Form 10-K for the period ending December 31, 2002, I, David
F. White, Controller of the Trust, certify, pursuant to 18 U.S.C
Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley
Act of 2002, that:

     1)  The Report fully complies with the requirements of section 13(a)
of the Securities Exchange Act of 1934; and

     2)  The information contained in the Report fairly presents, in
all material respects, the financial condition and results of
operations of the Trust.



 					/S/ David F. White
                                        ---------------------------------------
                                        Controller (chief financial officer
 				        and principal accounting officer)



ITEM 15(a)1--Audited Financial Statements

Century Realty Trust and Subsidiaries
Consolidated Balance Sheets
                                                           December 31
                                                     2002               2001
                                                 ___________        ___________
Assets
Real estate investments:
  Land                                            $3,776,383         $3,776,383
  Buildings                                       53,328,753         52,792,086
  Equipment                                        1,159,609          1,357,386
  Allowances for depreciation                    (15,984,984)       (14,623,791)
                                                 ___________        ___________
                                                  42,279,761         43,302,064
  Net investment in direct financing leases          148,698            191,947
                                                 ___________        ___________
                                                  42,428,459         43,494,011
Cash and cash equivalents                          1,751,051          1,316,299
Restricted cash                                    1,592,035          1,412,694
Accounts and accrued interest receivable             321,571            209,914
Unamortized management contracts                     319,756            384,791
Unamortized mortgage costs                           341,875            487,082
Undeveloped land                                      99,675             99,675
Other assets                                         104,004            151,486
                                                 ___________        ___________
                                                 $46,958,426        $47,555,952
                                                 ___________        ___________
                                                 ___________        ___________
Liabilities and shareholders' equity
Liabilities:
  Short-term debt                               $         -             $92,406
  Mortgage notes payable                          34,101,623         34,389,954
  Accounts payable and accrued liabilities           393,467            244,088
  Accrued Interest                                   196,098            214,811
  Accrued State income and property taxes          1,454,716          1,422,088
  Tenants' security deposits and unearned rent       573,299            571,123
                                                 ___________        ___________
                                                  36,719,203         36,934,470

Minority interest in operating partnerships          569,021            802,403

Shareholders' equity:
  Shares of Beneficial Interest, no par
    value - authorized 5,000,000 shares,
    issued - 1,780,908 shares in 2002 and
    1,768,249 in 2001, including 19,207
    shares in treasury                             9,472,832          9,327,102
  Overdistributed income other than from
    gain on the sale of real estate                 (920,316)          (625,709)
  Undistributed net realized gain from the
   sale of real estate                             1,316,078          1,316,078
  Cost of treasury shares                           (198,392)          (198,392)
                                                 ___________        ___________
                                                   9,670,202          9,819,079
                                                 ___________        ___________
                                                 $46,958,426        $47,555,952
                                                 ___________        ___________
                                                 ___________        ___________
See accompanying notes.


Century Realty Trust and Subsidiaries
Consolidated Statements of Income
                                                 Year ended December 31
                                           2002          2001          2000
                                        __________    __________    __________
Income:
Real estate operations:
  Rental Income                        $12,509,402   $12,652,983   $12,859,735
  Income from direct
   financing leases                         22,846        28,344        33,142
  Other income                             289,678       287,892       300,130
                                        __________    __________    __________
                                        12,821,926     2,969,219    13,193,007
  Less:
    Real estate operating expenses       5,518,359     5,722,545     5,457,880
    Depreciation                         1,804,582     1,810,144     1,781,461
    Real estate taxes                    1,368,105     1,361,841     1,303,226
                                        __________    __________    __________
                                         8,691,046     8,894,530     8,542,567
                                        __________    __________    __________
                                         4,130,880     4,074,689     4,650,440
Interest income                             22,075        47,446       101,058
                                        __________    __________    __________
                                         4,152,955     4,122,135     4,751,498
Expenses:
Interest                                 2,506,779     2,744,801     2,953,433
Mortgage loan extinguishment costs         293,484            -             -
State income taxes                          22,927        87,216       113,181
General and administrative expenses        711,716       584,177       552,304
                                        __________    __________    __________
                                         3,534,906     3,416,194     3,618,918
                                        __________    __________    __________
Income before minority interest
 in operating partnerships                 618,049       705,941     1,132,580

Minority interest in operating
 partnerships                               71,190        42,651       (22,405)
                                        __________    __________    __________
Net income                                $689,239      $748,592    $1,110,175
                                        __________    __________    __________
                                        __________    __________    __________
Earnings per share:

  Basic earnings per share                   $0.39         $0.43         $0.65

  Diluted earnings per share                 $0.39         $0.43         $0.65


See accompanying notes.

<TABLE>
Century Realty Trust and Subsidiaries
Consolidated Statements of Shareholders' Equity

                           <c>       <c>        <c>          <c>            <c>          <c>
                                                    Undistributed
                                                    (OverdistributUndistributed
                                                     Income Other           Net
                               Outstanding              Than From      Realized
                               Shares of  Shares of       Gain on     Gain from     Cost of
                               Benefical  Benefical       Sale of       Sale of    Treasury
                               Interest    Interest   Real Estate   Real Estate      Shares       Total
                              _________  __________    __________    __________  __________  __________
Balance at January 1, 2000    1,547,614  $6,759,417      $192,584    $1,316,078    ($40,466) $8,227,613
  Shares issued                 189,715   2,283,917           -             -             -   2,283,917
  Shares purchased
    for treasury                (10,892)                                           (129,625)   (129,625)
  Net income for 2000                  -          -     1,110,175           -             -   1,110,175
  Dividends ($.82 per share)           -          -    (1,407,709)          -             -  (1,407,709)
                              _________  __________    __________    __________  __________  __________
Balance at December 31, 2000  1,726,437   9,043,334      (104,950)    1,316,078    (170,091) 10,084,371
  Shares issued                  25,006     283,703           -             -             -     283,703
  Shares purchased
    for treasury                 (2,901)                                            (33,361)    (33,361)
  Stock options exercised           500          65           -             -         5,060       5,125
  Net income for 2001                  -          -       748,592           -             -     748,592
  Dividends ($.73 per share)           -          -    (1,269,351)          -             -  (1,269,351)
                              _________  __________    __________    __________  __________  __________
Balance at December 31, 2001  1,749,042   9,327,102      (625,709)    1,316,078    (198,392)  9,819,079
  Shares issued                  12,659     145,730           -             -             -     145,730
  Net income for 2002                  -          -       689,239           -             -     689,239
  Dividends ($.56 per share)           -          -      (983,846)          -             -    (983,846)
                              _________  __________    __________    __________  __________  __________
Balance at December 31, 2002  1,761,701  $9,472,832     ($920,316)   $1,316,078   ($198,392) $9,670,202
                              _________  __________    __________    __________  __________  __________
                              _________  __________    __________    __________  __________  __________

</TABLE>
See accompanying notes.

Century Realty Trust and Subsidiaries
Consolidated Statements of Cash Flows
                                               Year ended December 31
                                             2002        2001        2000
                                         __________  __________  __________
Operating Activities
Net income                                 $689,239    $748,592  $1,110,175
Adjustments to reconcile net
 income to net cash provided by
 operating activities:
   Depreciation and amortization          1,854,553   1,865,684   1,830,216
   Write off unamortized costs of
    mortgage loans extinguished             192,543          -           -
   Minority interest                        (71,190)    (42,651)     22,405
   Changes in operating assets
    and liabilities:
     Restricted cash                       (179,341)      8,295     (37,561)
     Accounts and accrued income
      receivable                           (110,611)    (77,863)    303,585
     Other assets                           (58,032)    (96,752)     10,810
     Accounts payable and accrued
      liabilities                           159,945     (90,918)   (110,258)
     Tenants' security deposits and
      unearned rent                           2,176      67,171      18,399
                                         __________  __________  __________
Net cash provided by operations           2,479,282   2,381,558   3,147,771

Investing Activities:
Purchase of property and improvements      (709,037)   (740,030)   (530,969)
Lease principal payments received            43,249      37,752      32,953
                                         __________  __________  __________
Net cash used in investing activities      (665,788)   (702,278)   (498,016)

Financing Activities:
Net short-term bank
 borrowings (repayments)                    (92,406) (2,907,594)  2,900,000
Net proceeds from mortgage
 notes payable                            5,990,699   4,788,590          -
Mortgage loan balances refinanced        (5,658,466)         -           -
Principal payments on mortgage
 notes payable                             (620,565) (1,623,281) (4,058,179)
Shares purchased for treasury                    -      (33,361)   (129,625)
Sale of treasury shares                          -        5,125         -
Distributions to minority interest          (16,460)    (20,427)    (64,999)
Dividends paid to shareholders             (981,544) (1,353,248) (1,399,467)
                                         __________  __________  __________
Net cash used in
 financing activities                    (1,378,742) (1,144,196) (2,752,270)
                                         __________  __________  __________
Net increase (decrease) in cash
 and cash equivalents                       434,752     535,084    (102,515)
Cash and cash equivalents
 at beginning of year                     1,316,299     781,215     883,730
                                         __________  __________  __________
Cash and cash equivalents
 at end of year                          $1,751,051  $1,316,299    $781,215
                                         __________  __________  __________
                                         __________  __________  __________
Supplemental Data:
Selected noncash activities related to
 investing and financing activities
 were as follows:
   Issued 12,659 shares of beneficial
    interest in 2002 and 26,006
    shares of beneficial interest in
    2001 in exchange for operating
    partnership units (See Note 3)         $145,730    $283,703  $2,283,917


See accompanying notes.


Century Realty Trust


Notes to Consolidated Financial Statements
December 31, 2002

1. Significant Accounting Policies

Organization and Management Agreements:

Century Realty Trust (the Trust) commenced operations under a
Plan of Reorganization as of January 1, 1973, as the successor
in interest to American National Trust and Republic National
Trust.  CRT Investments, Inc. was formed as a wholly owned
subsidiary in 2001.  Century Realty Properties, L.P., an Indiana
limited partnership, was formed in 2001, with Century Realty
Trust as its manager and sole general partner and CRT
Investments, Inc. as its sole limited partner.  During 2001, the
Trust conveyed substantially all of its investment properties to
Century Realty Properties, L.P.  Charter Oaks Associates, LLC
and CR Management, Inc. were formed as wholly-owned subsidiaries
in 1997.  CR Management, Inc. is the manager and sole general
partner of five partnerships (Porter Portfolio), each of which
owns one apartment property as its principal asset.  As the sole
general partner and pursuant to each partnership agreement, the
Trust has full, exclusive and complete responsibility and
discretion in the management and control of each of these five
partnerships.  Control is demonstrated by the ability of the
general partner to manage day-to-day operations, refinance debt
and sell the assets of the partnerships without the consent of
the limited partners and the inability of the limited partners
to replace the general partner.  Interests held by limited
partners other than the Trust in the five real estate
partnerships are reflected as minority interests in operating
partnerships.  Charter Oaks Associates, LLC holds title to the
Charter Oaks apartments in Evansville, Indiana, which the Trust
purchased in 1997.

The Trust owns and operates 15 residential rental properties and
three commercial properties throughout Indiana. The Trust also
owns two restaurant properties in Indiana and Florida.  However,
because each of the residential rental properties and restaurant
and commercial properties has similar economic characteristics,
facilities and services, the investment properties have been
aggregated into a single investment property segment.  All
segment disclosures are included in or can be derived from the
Trust's consolidated financial statements.

The residential rental properties owned and controlled by the
Trust are managed under agreements with independent property
management firms.  The agreements provide for management fees
based generally on gross rental collections.

Principles of Consolidation:

The accompanying consolidated financial statements include the
accounts of the Trust, and its wholly-owned and controlled
subsidiaries, including the five operating partnerships
controlled by CR Management, Inc.  All significant intercompany
balances and transactions have been eliminated in consolidation.

Revenue Recognition:

The revenue of the Trust primarily consists of rental income
associated with short-term leases from apartments with terms
generally of one year or less.  Rental income is recognized when
earned.

Cash and Cash Equivalents:

Cash and cash equivalents include cash and short-term
investments with original maturities of less than 30 days.

Restricted Cash:

Restricted cash includes security deposit savings accounts,
capital and completion replacement reserves, and real estate tax
and insurance escrow accounts held by lenders.

Unamortized Management Contracts:

Unamortized management contracts represent the allocation of the
purchase price related to the Porter Portfolio acquisition
identifiable with obtaining management of those properties (See
Note 3).  Amortization is computed by the straight-line method
for a 10 year period which is the number of years the limited
partners in the five controlled partnerships have to exchange
their operating partnership units (O.P. units) into shares of
beneficial interest of the Trust.  The cumulative amortization
was $330,594 and $265,559 at December 31, 2002 and 2001,
respectively.

Unamortized Mortgage Costs:

Unamortized mortgage costs represent costs incurred to acquire
long-term financing.  Amortization is computed by the
straight-line method based on the terms of the loans which
approximates the effective interest method.  The cumulative
amortization was $219,590 and $250,531 at December 31, 2002 and
2001, respectively.

Real Estate Investments:

Real estate investments are stated on the basis of cost, except
for real estate investments transferred from the predecessor
trusts which are stated at appraised values as of January 1,
1973.  Depreciation is computed by the straight-line method
based on estimated economic lives ranging from 29 to 40 years
for buildings and 3 to 15 years for equipment.

Treasury Shares:

Treasury shares are carried at cost and shares reissued are
removed based on average cost.  The difference between proceeds
received on reissuance and the average cost is credited or
charged to Shares of beneficial interest.

Income Taxes:

The Trust intends to continue to qualify as a real estate
investment trust as defined in the Internal Revenue Code and
will distribute the majority of its taxable income.  Realized
gains on the sale of investments are distributed to shareholders
if and when recognized for income tax purposes.  Assuming
compliance with other requirements of the Code, income so
distributed will not be taxable to the Trust.  Accordingly, no
provision for federal income taxes is made in the consolidated
financial statements.

For income tax purposes, distributions paid to shareholders
consist of ordinary income, capital gains, return of capital or
a combination thereof.  Earnings and profits, which determine
the taxability of dividends to shareholders, differ from
reported net income due to differences for tax purposes in the
estimated useful lives used to compute depreciation and the
carrying values of the depreciable properties.

No provision has been made for income taxes or related credits
of the operating partnerships, as the results of operations are
includable in the tax returns of the partners.

Net Income per Share:

Net income per share is computed in accordance with Statement of
Financial Accounting Standards No. 128.

New Accounting Pronouncements:

The Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 141 and No. 142, Business
Combinations and Goodwill and Other Intangible Assets which
address accounting and reporting for business combinations and
the impairment of Goodwill and Other Intangible Assets effective
for fiscal years beginning after December 15, 2001.  The Trust
adopted FAS 141 and 142 as of January 1, 2002 and does not
expect that either will have a significant impact on the Trust's
financial position and results of operations.

The Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 144, which addresses
accounting and reporting for the impairment or disposal of
long-lived assets effective for fiscal years beginning after
December 15, 2001.  The Trust adopted FAS 144 as of January 1,
2002 and does not expect that it will have a significant impact
on the Trust's financial position and results of operations.

Effective April 1, 2002, the Trust adopted Statement of
Financial Accounting Standard No. 145, which rescinds previous
statements related to the recognition of gains and losses from
the extinguishment of debt, and limits the classification of
such gains and losses as "extraordinary" to unusual and
infrequent occurrences.  The mortgage refinancing transactions
entered into by the Trust during 2002 are not considered to be
unusual or infrequent.  Consequently, unamortized costs of
$192,543 and loan prepayment premiums of $100,941 related to the
loans repaid in 2002 are identified as mortgage loan
extinguishment costs and included in the accompanying
consolidated financial statements as operating expenses.

Use of Estimates:

The preparation of financial statements requires management to
make estimates and assumptions that affect the amounts reported
in the financial statements and accompanying notes.  Actual
results could differ from those estimates.

2.  Real Estate Investments

Real estate investments consist principally of apartments and
commercial properties in Indiana.  In connection with these
properties, the Trust is principally a lessor using short-term
operating leases except for two restaurant properties which it
leases to the operators using long-term agreements expiring in
2004.  In addition to specified minimum payments, the restaurant
leases provide for contingent rentals based upon percentage of
gross receipts derived by the lessees.  The Trust has no
obligation to grant purchase options to the lessees.

The Trust's net investment in direct financing leases consists of:

                                              2002          2001
                                         ------------   ------------

Minimum lease payments receivable            $126,683     $192,778
Estimated unguaranteed residual values         47,419       47,419
Unearned income                               (25,404)     (48,250)
                                          ------------  ------------
Net investment                               $148,698     $191,947
                                          ------------  ------------
                                          ------------  ------------

At December 31, 2002 future minimum lease payments receivable
from direct financing leases are $66,095 for 2003 and $60,587
for 2004.  Also, at December 31, 2002, future minimum annual
lease payments due from noncancelable operating leases are
$69,099 for 2003 and $17,329 for 2004.

3.  Real Estate Investment Transactions

In 1997, the Trust, through its wholly-owned subsidiary, CR
Management, Inc., acquired from a single unrelated seller, the
general partner interest in five limited partnerships (the
"Porter Portfolio") each of which owned a single apartment
property as its principal asset.

The acquisition resulted in creating five new partnerships that
issued, in the aggregate, 286,908 O.P. units to the selling
partnerships for their contribution of net assets to the newly
formed partnerships.  At the date of acquisition, the market
value of the Trust's shares of beneficial interest was $11.625
per share.

The acquisition agreement provided that the Trust would use its
best efforts to grant to each beneficial owner of O.P. units,
commencing two years after closing, the right to exchange those
units on a one for one basis for shares of beneficial interest
of the Trust.

Such exchange rights were granted in December, 1999, effective
January 1, 2000 and on the first day of each quarter thereafter,
and will exist until November 27, 2007, at which time the Trust
may, at its option, require the exchange of any remaining
outstanding O.P. units.  Through December 31, 2002, holders of
227,380 O.P. units have elected to exchange their units for
shares of beneficial interest.  The Trust repurchased 13,793 of
those shares, for a total cost of $162,986 from residents of
certain states with which the Trust elected not to register its
shares.  As a result of the exchanges, the Trust owned 79.3% of
the limited partnership interests in the Porter Portfolio
partnerships at December 31, 2002.

Due to the level of control that the Trust has over the
activities and operations of each of the partnerships included
in the Porter Portfolio, the financial position and results of
operations of those partnerships are included in the
consolidated financial statements as the minority interest in
operating partnerships.

4.  Short-term Debt

The Trust maintains a line of credit that is renewed annually,
and at December 31, 2002, the maximum borrowing limit was
$3,000,000.  As of December 31, 2002 the Trust had no borrowings
under this line of credit.  At December 31, 2001, the Trust had
borrowed $92,406.  The line of credit rate of interest was 4.75%
at December 31, 2002.

5.  Mortgage Notes Payable

Mortgage notes applicable to properties wholly owned by the
Trust and by Century Realty Properties, L.P. are payable in
monthly installments, including interest at rates ranging from
3.91% to 9% per annum, and mature from October, 2004 to February
1, 2012.  At December 31, 2002 and 2001, mortgage notes payable
by the Trust amounted to $24,352,611 and $24,867,919,
respectively.  The aggregate amount of long-term debt maturities
for each of the five years after December 31, 2002 are:  2003,
$530,881; 2004, $1,290,082; 2005, $4,994,241; 2006, $5,798,576;
2007, $276,261 and thereafter, $11,462,570.

Mortgage notes applicable to properties included in the Porter
Portfolio controlled by the Trust are payable in monthly
installments, including interest at rates ranging from 6.625% to
8.31% per annum, and mature from June 1, 2006 to August 1, 2037.
At December 31, 2002 and 2001, mortgage notes payable by
partnerships controlled by the Trust amounted to $9,749,012 and
$9,522,035, respectively.  The aggregate amount of long-term
debt maturities for each of the five years after December 31,
2002 are:  2003, $115,591; 2004, $124,415; 2005, $133,925; 2006,
$2,547,525 and thereafter $6,723,872.

Cash paid for interest was $2,451,779, $2,781,807, and
$2,965,411 for years ended December 31, 2002, 2001, and 2000,
respectively.

At December 31, 2002, approximately $26,186,400 of the owned
real estate investments, and $12,208,600 of controlled real
estate investments, after allowances for depreciation, represent
collateral for the mortgage notes payable.

6.  Shareholder Rights Plan

In 1989, the Board of Trustees adopted a Shareholder Rights Plan
and distributed as a dividend one purchase right (a "Right") for
each outstanding share of beneficial interest.  At December 31,
2002 there were 1,761,701 Rights outstanding.  Each Right
entitles the holder to purchase from the Trust one share of
beneficial interest at a price of $20 per share, subject to
certain antidilution adjustments.  The Rights are not
exercisable or transferable apart from the shares until certain
events occur relating to the acquisition of shares of the Trust
as defined in the Plan.  The Rights may be redeemed by the Board
of Trustees at a redemption price of $.01 per Right until
certain events relating to the acquisition of shares of the
Trust as defined by the Plan occur.

The Rights will expire December 31, 2004, unless the date is
extended or the Rights are exercised by the holder or redeemed
by the Trust before that date.  Until exercised, the holder of
the Rights, as such, will have no rights as a shareholder of the
Trust, including, without limitation, the right to vote as a
shareholder or receive dividends.

7.  Stock Options

In 1996, the Board of Trustees granted to a newly-elected
trustee, an option to purchase up to 5,000 shares of beneficial
interest exercisable on or before April 30, 1999, at a price of
$9.50 per share, the fair market value at the date of the grant.
Options for 700 shares and 300 shares were exercised in 1997
and 1999, respectively.  The option for the remaining 4,000
shares granted in 1996 expired unexercised on April 30, 1999.
Upon expiration of that option, the Board of Trustees granted
the same trustee a new option to purchase 4,000 shares
exercisable on or before April 30, 2002, at a price of $12.375,
the fair market value at the date of the grant.  That option
expired unexercised.

In May, 2000, the Board of Trustees granted to each of three
newly elected Trustees, an option to purchase up to 5,000 shares
of beneficial interest exercisable on or before May 2, 2003, at a
price of $10.25 per share, the fair market value at the date of
grant.  Options for 500 shares were exercised in February, 2001.

Except for the 500 shares purchased in February, 2001, the
options granted in 2000 were unexercised at December 31, 2002.

8.  Fair Values of Financial Instruments

The following methods and assumptions were used by the Trust in
estimating its fair value disclosures for financial instruments:

Cash, Cash Equivalents and Restricted Cash:  The carrying amount
reported in the balance sheet for cash and cash equivalents
approximates fair value.

Short-term Debt and Mortgage Notes Payable:  The fair values of
the Trust's mortgage notes payable are estimated using
discounted cash flow analyses, based on the Trust's current
incremental borrowing rates for similar types of borrowing
arrangements.

The carrying amounts and fair values of the Trust's financial
instruments are as follows:

                                             December 31, 2002
                                    Carrying Amount         Fair Value
                                    ----------------     ---------------
Cash and cash equivalents            $  1,751,051          $ 1,751,000
Restricted cash                         1,592,035            1,592,000
Mortgage notes payable                 34,101,623           35,000,000


                                             December 31, 2001
                                    Carrying Amount         Fair Value
                                    ----------------      --------------
Cash and cash equivalents            $  1,316,299         $  1,316,000
Restricted cash                         1,412,694            1,412,000
Short-term debt        	                   92,406               92,000
Mortgage notes payable                 34,389,954           35,700,000


9. Earnings Per Share

A reconciliation of the numerator and denominator of the
earnings per share computation is as follows:

                                        2002         2001        2000
                                     ----------   ----------  ----------
Numerator (net income):
  Numerator for basic and diluted
   earnings per share                $  689,239   $  748,592  $1,110,175
                                     ----------   ----------  ----------
                                     ----------   ----------  ----------
Denominator:
  Denominator for basic earnings per
   share-weighted average shares      1,757,079    1,739,882   1,716,560
  Effect of dilutive securities:
     Stock options                        1,621        1,553         807
                                     ----------  ----------   ----------
Denominator for diluted earnings
  per share-adjusted weighted
  average shares and assumed
  conversions                         1,758,700    1,741,435   1,717,367
                                     ----------   ----------  ----------
                                     ----------   ----------  ----------

Basic earnings per share             $      .39   $      .43   $     .65
                                     ----------   ----------  ----------
                                     ----------   ----------  ----------
Diluted earnings per share           $      .39   $      .43   $     .65
                                     ----------   ----------  ----------
                                     ----------   ----------  ----------

Shareholder rights have not been included in the earnings per
share calculation because they would be anti-dilutive at
December 31, 2002, 2001 and 2000.


Report of Independent Auditors

Board of Trustees
Century Realty Trust

We have audited the accompanying consolidated balance sheets of
Century Realty Trust and Subsidiaries (the "Trust") as of
December 31, 2002 and 2001, and the related consolidated
statements of income, shareholders' equity and cash flows for
each of the three years in the period ended December 31, 2002.
These financial statements are the responsibility of the Trust's
management.  Our responsibility is to express an opinion on
these financial statements based on our audits.

We conducted our audits in accordance with auditing standards
generally accepted in the United States.  Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement.  An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements.  An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation.  We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, the financial statements referred to above
present fairly, in all material respects, the consolidated
financial position of Century Realty Trust and Subsidiaries at
December 31, 2002 and 2001, and the consolidated results of
their operations and their cash flows for each of the three
years in the period ended December 31, 2002, in conformity with
accounting principles generally accepted in the United States.


                                          /s/  ERNST & YOUNG LLP


February 15, 2003
Indianapolis, IN

<TABLE>

                                   SCHEDULE III--REAL ESTATE AND ACCUMULATED DEPRECIATION

                                                  CENTURY REALTY TRUST

                                                    December 31, 2002


                                           <c>              <c>            <c>             <c>           <c>
                                                     Col. B         Col. C                       Col. D
                                                                                             Cost Capitalized
                                                                Initial Cost to Company       Subsequent to Acquisition
                                                                _________________________     _______________________
                                                                                 Buildings
                                                                                    and                      Carrying
                   Description                    Encumbrances       Land       Improvements  Improvements    Costs
___________________________________________      _____________   ___________   _____________  _____________ _________
Garden apartments (no. of units):
  Chester Heights (110), Richmond, IN             First mortg         $56,700       $852,500      $350,659          ---
  Park Forest (64), Marion, IN                    First mortg          57,800        517,200       585,454          ---
  Fontenelle (176), Kokomo, IN                        None            128,000      1,622,000     1,457,683          ---
  Park Plaza I (88), Indianapolis, IN                 None             37,655        693,295       447,355          ---
  Park Plaza II (96), Indianapolis, IN                None             47,345        871,705                        ---
  Driftwood Park (48), Indianapolis, IN           First mortg         117,000      1,168,308       249,328          ---
  Regency Royale (132), Mishawaka, IN             First mortg         125,000      3,638,499       186,872          ---
  Creek Bay (208), Indianapolis, IN               First mortg         340,940      7,101,480       171,563          ---
  Eagle Creek Park (188), Indianapolis, IN        First mortg         378,000      5,679,172       504,310          ---
  Fox Run (256), Indianapolis, IN                 First mortg         398,000      6,446,469       393,922          ---
  Charter Oaks (192), Evansville, IN              First mortg         241,500      4,851,716       222,250          ---
  Barcelona (64), Kokomo, IN                      First mortg          59,200      1,350,384       113,230          ---
  Beech Grove (182), Jeffersonville, IN           First mortg         469,000      3,612,360       218,553          ---
  Hampton Court (92), Indianapolis, IN            First mortg         225,600      1,481,900        70,448          ---
  Sheffield Square (152), New Albany, IN          First mortg         227,000      4,020,424       176,847          ---
  West Wind Terrace (96), Indianapolis, IN        First mortg         136,700      1,610,241        93,011          ---
Commercial (square feet):                                                                                           ---
  Office/Warehouse (38,000), Carmel, IN           First mortg          54,000        446,075       179,769          ---
  Office (17,000), Indianapolis, IN                   None             71,500        457,818        73,847          ---
  Office (34,000), Indianapolis, IN                   None            348,725      1,184,344       180,481          ---
Net leased restaurants (square feet):                                                                               ---
  Miami Subs (3,500), Longwood, FL                    None            113,479         54,026          ---           ---
  Fortune House (5,000), Indianapolis, IN             None            136,494           ---           ---           ---
                                                                   __________    ___________    __________  _________
                                                                    3,769,638     47,659,916     5,675,582          ---
Equipment--various locations                          None               ---         492,266       667,343          ---
                                                                   __________    ___________    __________  _________
                                                 TOTAL REAL ESTA   $3,769,638    $48,152,182    $6,342,925          ---
                                                                   __________    ___________    __________  _________
                                                                   __________    ___________    __________  _________

Undeveloped land - various locations                  None            $99,675  $              $                     ---
                                                                   __________    ___________    __________  _________
                                                                   __________    ___________    __________  _________


(A) The aggregate carrying value for tax purposes is $37,514,734
(B) The aggregate carrying value for tax purposes is $72,522




                                                         SCHEDULE III--REAL ESTATE AND ACCUMULATED DEPRECIATION

                                                                           CENTURY REALTY TRUST

                                                                             December 31, 2002


                                          <c>         <c>          <c>            <c>            <c>       <c>      <c>
                                                             Col. E                      Col. F    Col. G      Col. H        Col.I
                                                    Gross Amount at Which
                                                  Carried at Close of Period                                           Life on Which
                                             ______________________________________                                  Depreciation in
                                                          Buildings                                                    Latest Income
                                                             and                      Accumulated   Date of      Date    Statements
                   Description                 Land      Improvements      Total     Depreciation Construction Acquired  Is Computed
__________________________________________   __________   ___________  ____________   ____________   _______  ________  ____________
Garden apartments (no. of units):
  Chester Heights (110), Richmond, IN           $63,445    $1,196,414     1,259,859     $1,025,967     1965      01/73     31 years
  Park Forest (64), Marion, IN                   57,800     1,102,654     1,160,454        908,024     1962      01/73     31 years
  Fontenelle (176), Kokomo, IN                  128,000     3,079,683     3,207,683      2,511,748     1966      01/73     29 years
  Park Plaza I (88), Indianapolis, IN            37,655     1,140,650     1,178,305        838,916     1965      01/73     33 years
  Park Plaza II (96), Indianapolis, IN           47,345       871,705       919,050        784,533     1967      01/73     33 years
  Driftwood Park (48), Indianapolis, IN         117,000     1,417,636     1,534,636        648,183     1963      09/89     28 years
  Regency Royale (132), Mishawaka, IN           125,000     3,825,371     3,950,371        939,192     1983      06/93     40 years
  Creek Bay (208), Indianapolis, IN             340,940     7,273,043     7,613,983      1,662,609     1992      12/93     40 years
  Eagle Creek Park (188), Indianapolis, IN      378,000     6,183,482     6,561,482      1,433,833     1974      03/94     40 years
  Fox Run (256), Indianapolis, IN               398,000     6,840,391     7,238,391      1,372,759     1974      03/95     40 years
  Charter Oaks (192), Evansville, IN            241,500     5,073,966     5,315,466        705,142     1984      06/97     40 years
  Barcelona (64), Kokomo, IN                     59,200     1,463,614     1,522,814        197,715     1971      11/97     33 years
  Beech Grove (182), Jeffersonville, IN         469,000     3,830,913     4,299,913        494,345     1973      11/97     33 years
  Hampton Court (92), Indianapolis, IN          225,600     1,552,348     1,777,948        200,922     1980      11/97     33 years
  Sheffield Square (152), New Albany, IN        227,000     4,197,271     4,424,271        541,205     1974      11/97     33 years
  West Wind Terrace (96), Indianapolis, IN      136,700     1,703,252     1,839,952        222,109     1967      11/97     33 years
Commercial (square feet):
  Office/Warehouse (38,000), Carmel, IN          54,000       625,844       679,844        416,663     1972      10/77     33 years
  Office (17,000), Indianapolis, IN              71,500       531,665       603,165        252,120     1966      07/86     33 years
  Office (34,000), Indianapolis, IN             348,725     1,364,825     1,713,550        197,715     1975      05/97     40 years
Net leased restaurants (square feet):
  Miami Subs (3,500), Longwood, FL              113,479        54,026       167,505         23,589     1978      01/79          N/A
  Fortune House (5,000), Indianapolis, IN       136,494          ---        136,494           ---      1979      11/79          N/A
                                             __________    __________   ___________    ___________
                                              3,776,383    53,328,753    57,105,136     15,377,289
Equipment--various locations                       ---      1,159,609     1,159,609        607,695  Various    Various   3-15 years
                                             __________   ___________   ___________    ___________
                                             $3,776,383   $54,488,362   $58,264,745 (A $15,984,984 (A)
                                             __________   ___________   ___________    ___________
                                             __________   ___________   ___________    ___________

Undeveloped land - various locations            $99,675 $                   $99,675 (B   $             N/A       01/73          N/A
                                             __________   ___________   ___________    ___________
                                             __________   ___________   ___________    ___________


(A) The aggregate carrying value for tax purposes is $37,514,734
(B) The aggregate carrying value for tax purposes is $72,522




                                     SCHEDULE III--REAL ESTATE AND ACCUMULATED DEPRECIATION (CONTINUED)

                                                          CENTURY REALTY TRUST

                                                            December 31, 2002


                               <c>          <c>            <c>            <c>            <c>           <c>
                                                               Total Land,
                                                  Buildings      Buildings
                                                        and            and                   Accumulated  Undeveloped
                                        Land   Improvements   Improvements      Equipment   Depreciation        Land
                                  __________   ____________   ____________     __________    ___________  ___________

Balance January 1, 2000           $3,776,383    $52,085,208    $55,861,591     $1,304,834    $11,690,079     $99,675
   Additions:
      Improvements                      ---         369,866        369,866        161,103           ---         ---
      Depreciation                      ---            ---            ---            ---       1,709,022        ---
   Deductions:
      Fully amortized costs             ---         223,830        223,830        164,141        387,971        ---
                                  __________    ___________    ___________     __________    ___________    ________
Balance December 31, 2000          3,776,383     52,231,244     56,007,627      1,301,796     13,011,130      99,675
   Additions:
      Improvements                      ---         627,448        627,448        112,582           ---         ---
      Depreciation                      ---            ---            ---            ---       1,736,259        ---
   Deductions:
      Fully amortized costs             ---          66,606         66,606         56,992        123,598        ---
                                  __________    ___________    ___________     __________    ___________    ________
Balance December 31, 2001          3,776,383     52,792,086     56,568,469      1,357,386     14,623,791      99,675
   Additions:
      Improvements                      ---         610,912        610,912         98,125           ---         ---
      Depreciation                      ---            ---            ---            ---       1,731,340        ---
   Deductions:
      Fully amortized costs             ---          74,245         74,245        295,902        370,147        ---
                                  __________    ___________    ___________     __________    ___________    ________
Balance December 31, 2002         $3,776,383    $53,328,753    $57,105,136     $1,159,609    $15,984,984     $99,675
                                  __________    ___________    ___________     __________    ___________    ________
                                  __________    ___________    ___________     __________    ___________    ________
</TABLE>