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, 1996      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                  
							   
The aggregate market value of the voting stock held by nonaffiliates of the 
Registrant was $14,019,146 based upon the average bid and asked prices on 
January 31, 1997.                                                        
								
Shares of Beneficial Interest, no par value--1,453,939 shares outstanding 
as of  January 31, 1997.                            
								
								
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 nine apartment complexes, two
restaurant properties, two commercial properties, and various
parcels of undeveloped land which are situated adjacent to
rental properties owned by the Trust.  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 rental properties are managed under
agreements with independent property management firms.  The
Trust reimburses the property management firms for compensation
of approximately 35 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 qualified 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 resulting therefrom without having
those 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, 1996:

								
                                      No. of      1996               Net
Apartments           Location          Units    Occupancy          Investment
--------------     --------------    -------  ---------------  -------------- 
Park Plaza         Indianapolis, IN      176       94%           $   699,993
Fontenelle         Kokomo, IN            176       97%             1,287,111
Park Forest        Marion, IN             64       97%               496,014
Chester Heights    Richmond, IN          110       96%               459,719
Driftwood Park     Indianapolis, IN       48       94%             1,076,191
Regency Royale     Mishawaka, IN         132       95%             3,524,922  
Creek Bay          Indianapolis, IN      208       96%             7,081,051
Eagle Creek Park   Indianapolis, IN      188       96%             5,960,032
Fox Run            Indianapolis, IN      256       94%             6,782,569
							   
Total apartments                       1,358                      27,367,601

								
								
                                             Square      1996         Net
Commercial              Location              Feet     Occupancy   Investment
------------------     -------------         -------   ---------   -----------
Office/Warehouse                                                
401 Industrial Dr.       Carmel, IN           38,000      100%       325,593
							    
Office building                                                 
1810 E. 62nd St.         Indianapolis, IN     17,000       98%       400,236
							    
Total Commercial                              55,000                 725,829

								
                                   Square         Lease             Net 
Restaurant      Location             Feet         Expires         Investment    
--------------- --------------    -------         -------       -------------
Fortune House   Indianapolis, IN    5,000           2004             474,934 
Miami Subs      Orlando, FL         3,500           1998             218,630 

Total Restaurants                   8,500                            693,563 
								
All Investment Properties                                        $28,786,993  


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, 1996. 


PART II

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

The Trust's shares of beneficial interest are traded
over-the-counter.  The approximate number of record holders of
the Trust's shares at December 31, 1996, was 3,481. High and low
published bid prices and dividends for the last two years were
as follows:                                                     
			      

                               Bid Price                               
                         ---------------------      Dividends
                          High          Low         Declared     
                         -------       -------     -----------
1996 Quarter Ended:                                             
   March 31               $9.13         $8.63                                
   June 30                 9.13          9.13         $0.40         
   September 30           10.25          9.13         $0.21                   
   December 31            10.63          9.13         $0.21                  
1995 Quarter Ended:                     
   March 31                8.87          8.50           
   June 30                 8.87          8.63         $0.38   
   September 30            9.00          8.63                   
   December 31             9.00          8.63         $0.40                  

								
The Trust expects to continue to operate as a real estate
investment trust and to distribute substantially all of its
otherwise taxable income to its shareholders.  In 1996, the
Trust changed to a quarterly cash distribution schedule.  In
1997, cash distributions are scheduled to be paid in February,
May, August and November.


ITEM 6.  SELECTED FINANCIAL DATA


                       1996         1995       1994        1993         1992
                    ----------  ----------  ----------  ----------  ----------
Rental and other                                                
operating income    $8,384,732  $7,761,464  $6,043,692  $3,921,281  $3,461,259
									      
Gains on sale                                                                  
 of property                --          --          --   1,316,078          --
									       
Net income           1,022,470     832,379     702,978   2,086,384     852,672
									     
Total assets        30,538,467  30,762,083  24,180,718  18,877,126   7,827,074  
									      
Mortgage and                                                    
 other notes                                                                  
 payable            20,437,686  20,448,825  14,606,780  10,014,167     779,986
									      
Per share of                                                    
 beneficial                                                                  
 interest:                                                                    
  Net income              0.70        0.60        0.52        1.66        0.68  
  Cash dividends                                                              
   declared               0.82        0.78        0.75        0.77        0.75  


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

RESULTS OF OPERATIONS -- 1996                                   
							     
The Trust reported increases ofapproximately 8% in income and 9% in 
expenses related to its real estate operations in 1996.  In March, 1995, 
the Trust purchased the Fox Run apartments, a  256-unit property, in
Indianapolis, IN.  Fox Run increased by 23%, the number of apartment units 
in the Trust's investment portfolio since the beginning of 1995.  That 
purchase is described in Note 3 to the financial statements. Apartment 
rental income, as a percentage of total income from operations amounted 
to 96% in both 1996 and 1995. For all apartments owned, economic occupancy 
in 1996 was 95.4%, down from 96.5% in 1995.  

The Fox Run apartments represent 18.8% of the 1,358 units owned
at the end of 1996.  That  property accounted for 70% of the
$612,000 increase in income from real estate operations in 1996.
 Fox Run was also responsible for most of the increases in
rental operating expenses (73%), and depreciation (89%), and for
all of the increase in real estate taxes.  For 1996, the Fox Run
apartments were 94.3% occupied and had an operating expense
ratio, excluding depreciation, of 50.5% of gross possible
income.  For 1995, the 444 apartment units then considered to
have been recently acquired experienced an occupancy rate of
95.3%, and accounted for 86% of the increase in income from real
estate operations from the previous year.

The Trust owned 1,102 apartment units in eight complexes
throughout 1995 and 1996.  Those properties provided 76.5% of
the Trust's total income from operations in 1996, compared with
80% in 1995.  Occupancy rates averaged 95.7% for 1996, down from
96.7% in 1995. The small decline in occupancy in 1996 partially
offset higher rental rates, which were up an average of 3.8%, to
produce a $166,000 (2.7%) increase in gross income from those
properties.  Operating expenses for the same properties,
excluding real estate taxes and depreciation, increased by
approximately $64,000, or 2.9%.  Operating expenses, excluding
depreciation, consumed 45.2% of gross possible income in 1996,
down from 45.9% in 1995.

Nonresidential properties owned by the Trust, which accounted
for 3.8% of total income from operations in 1996, and 3.9% in
1995, provided 3.8% of the increase in total rental income.  The
increased rental income from commercial properties resulted
primarily from higher rental rates in 1996.

During 1996, 75% of the interest income earned by the Trust was
derived from the short term investment of funds in FDIC-insured
certificates of deposit and discount notes issued by agencies of
the U.S government. The balance of interest income was earned at
money market rates on sweep account demand deposit funds. In
1996, the Trust earned an average rate of 4.9% on an average
invested balance of $844,500.  At the end of 1996, funds
invested in U.S. government agency discount notes that mature in
1997, were invested to yield 5.2%. Approximately 20% of interest
income in 1995, was earned at money market rates on funds held
in an escrow account earmarked for investment in an apartment
property (Eagle Creek Park) acquired in 1994.  The balance of
interest income was derived from funds invested in short-term
certificates of deposit and U.S. government securities. 
Interest earned on those investments in 1995 represented an
average yield of 5.6% on an average invested balance of $423,000.

Interest expense applicable to loans related to investment
activities increased by $120,000 in 1996, while interest expense
related to seasoned mortgage loans decreased by $28,000. The
increase in investment activities interest expense included
$124,000 applicable to the long-term fixed rate mortgage loan on
the Fox Run apartments acquired in 1995.  Related to the Fox Run
acquisition, during 1996 the Trust obtained a new 10-year 
amortizing mortgage loan on a non-residential property
and repaid a short-term bank loan. The net effect of the new
mortgage loan to replace the short-term bank loan was a
reduction of $4,000 in interest expense.  For 1996, mortgage
interest expense averaged 9.12% on average outstanding balances
of $20.4 million.  For 1995, the overall effective interest rate
was 9.10% on average outstanding balances of $18.6 million.

At the end of 1995, approximately 90% of the mortgage notes
payable provided for fixed interest rates. During 1996, the
Trust refinanced a $2 million variable rate (prime rate) loan
which matured with a $2.25 million ten year fixed rate
amortizing loan  At December 31, 1996, all of the Trust's
mortgage notes payable provide for fixed interest rates.  Using
discounted cash flow analysis based on the Trust's current
incremental borrowing rates, the aggregate fair value of those
notes at December 31, 1996, was approximately 4% higher than the
carrying amount. (See Note 7 to the financial statements). 


RESULTS OF OPERATIONS -- 1995

In 1995, the Trust reported significant increases of 30% in both
income and expenses related to its real estate operations.  In
March, 1994, the Trust acquired a 188-unit apartment property
and, in March, 1995, purchased a 256-unit apartment property. 
Each of those transactions is described in Note 3 to the
financial statements.  Through those two transactions the Trust
increased by 48% the number of apartment units in its real
estate investment portfolio, which increased apartment rental
income, as a percentage of total income from operations to 96%
in 1995 from 95% in 1994.  For all apartments owned, economic
occupancy in 1995 was 96.5%, up from 95.4% in 1994. 

The two apartment properties with a total of 444 units that were
acquired since the beginning of 1994 comprised 33% of the 1,358
units owned at the end of 1995. Those properties accounted for
30% of the Trust's gross income from real estate operations in
1995, and accounted for 85% of the $1.7 million increase from
1994.  The same two properties were responsible for most of the
increases in rental operating expenses (94%), depreciation (99%)
and real estate taxes (137%).  For 1995, the acquired apartments
were 95.3% occupied and had an average expense ratio, excluding
depreciation, of 49.2%.  For 1994, the 528 units then considered
to have been recently acquired experienced an occupancy rate of
96.4%,  and an aggregate expense ratio of 42.2%.

The Trust owned 914 apartment units in seven complexes
throughout 1994 and 1995.  Those properties provided 70% of the
Trust's income from operations in 1995, compared with 86% in
1994.  Stronger occupancy in 1995, together with higher rental
rates, which were up an average of 3.2%, combined to produce a
$232,000 increase in gross income from those properties. 
Operating expenses for the same properties, including real
estate taxes, increased by $40,000, or 2.2%, over the 1994
levels.  Operating expenses, excluding depreciation, consumed
45.9% of gross possible income in 1995, down from 46.6% in 1994.

Nonresidential properties, which accounted for 4% of total
income from operations in 1995 and 5% in 1994, provided 1.1% of
the increase in total rental income.  The increased rental
income from those properties resulted primarily from higher
occupancy in 1995.

Approximately 20% of interest income in 1995, and 40% in 1994,
was earned at money market rates on funds in an escrow account
earmarked for investment in the property (Eagle Creek Park
apartments) acquired in 1994.  The balance was derived from
funds invested in short-term certificates of deposit and U.S.
government securities.  Interest earned on those investments in
1995 represented an average yield of 5.6% on an average invested
balance of $423,000.  In 1994, the Trust earned 3.6% on an
average invested balance of $403,000.

Interest expense applicable to loans related to investment
activities increased by $564,000 in 1995, while interest related
to seasoned amortizing mortgage loans decreased by $12,000.
Interest expense related to a $2 million variable rate mortgage
loan increased by $37,800 in 1995, reflecting an increase in the
average prime rate from 7.05% in 1994 to 8.93% in 1995. Included
in the interest expense applicable to investment activities in
1995, was $91,000 applicable to short-term loans to facilitate
the acquisition of properties in 1994 and 1995.  The balance of
the investment activities interest expense was applicable to
long-term fixed rate mortgage loans on the properties acquired.
For 1995, mortgage interest expense averaged 9.10% on average
outstanding balances of $18.6 million.  For 1994, the overall
effective interest rate was 8.77% on average outstanding
balances of $13.2 million. 

At December 31, 1995, approximately 90% of the Trust's mortgage
notes payable provided for fixed interest rates.  Using
discounted cash flow analysis based on the Trust's incremental
borrowing rates, the aggregate fair value of those notes at
December 31, 1995, was approximately 6% higher than the
carrying amount (See Note 7 to the financial statements).


LIQUIDITY AND SOURCES OF CAPITAL

In November, 1996, the Trust entered into a contract to purchase
a 192-unit apartment property for approximately $5.25 million
and expects to complete that purchase in 1997.  The purchase
contract provides that the Trust will assume an existing
mortgage loan with a balance of approximately $3.7 million, or
borrow a comparable amount under a new mortgage loan.  To
facilitate the purchase, the Trust has arranged a $2.5 million
unsecured standby line of credit with a bank. 

Other than the pending property acquisition, management is not
aware of any significant transactions or events which would
require material expenditures in 1996.  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 1997.  At December 31, 1996, the Trust had
$906,000 in cash and securities which management believes is
sufficient to meet anticipated working 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, 1996, the
Trust had no undistributed taxable income or earnings and
profits.  Distributions during 1996, which totaled $1,192,000 
included all taxable income and earnings and profits for 1996
plus $30,000 designated as return of capital.  During 1995, the
Trust distributed $1,022,000, of which $76,000 was designated as
a return of capital. 

Due to differences in depreciation rates and carrying values of
some properties, reported income  for 1996 was 9% lower; for
1995, 16% lower; and, for 1994, 14% lower than income for income
tax purposes.


IMPACT OF INFLATION

Inflation has not had a significant impact on the Trust during
1996, 1995 and 1994.

		
ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The financial statements, which are included on pages 7 through
12 of the annual shareholders report for the year ended December
31, 1996, are included as exhibits under Item 14.


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
							  
          (a)  Identification of Trustees:                
					   
                                              Period During       
                                              Which He Has   Shares of the   
                                              Served As A    Trust Beneficially
                         Principal Occupation Trustee        Owned as of
Name and Address     Age For Past Five Years  (term expires) March 24, 1997 
-------------------- --- -------------------- -------------- ---------------
John I. Bradshaw, Jr. 65 Exec. Vice President   1982 to date  96,294 (6.53%)
Indianapolis, IN         Century Realty Trust      (1997)                     
                         Other Directorships:
                         None
                                                                              
John A. Wallace       73 Real estate investor   1973 to date  16,500 (1.12%)
Indianapolis, IN         Self employed             (1999)                   
                         Other Directorships:    
                         None             

Francis M. Hapak      71 Real Estate Investor   1987 to date  52,430 (3.56%)
Indianapolis, IN         Self employed             (1999)                   
                         Other Directorships:              
                         None             
							
King R. Traub         72 President              1973 to date  19,662 (1.33%)
Indianapolis, IN         Traub and Co., Inc.       (1998)                    
                         Securities Brokerage    
                         Other Directorships:    
                         None             
							
John W. Adams         48 Vice President         1996 to date   1,700 (0.12%)  
Indianapolis, IN         Browning Investments, Inc. (1997)                    
                         Real Estate Developer   
                         Other Directorships:    
                         Brightpoint, Inc.
						      
John I. Bradshaw, Jr. is sole owner of 43,935 shares and claims
beneficial ownership of 52,359 shares owned by trusts for his
children and his sister.

Francis M. Hapak is sole owner of 26,305 shares and claims
beneficial ownership of 26,125 shares owned by Charlotte H.
Hapak, his wife.

King R. Traub is sole owner of 13,579 shares and claims
beneficial ownership of 6,083 shares owned by Jane C. Traub, his
wife.

John A. Wallace is sole owner of 15,000 shares and claims
beneficial ownership of 1,500 shares owned by Brenda L. Wallace,
his wife. 


          (b)  Identification of officers:                  
						 
								
Name                            Age   Office(s) Held   
--------------------------      ---   ----------------------------------------
King R. Traub                    72   President (since 1973) and Trustee      
John I. Bradshaw, Jr.            65   Executive Vice President (since 1973)
                                      Secretary (since 1979), Treasurer (since 
                                      1996) and Trustee                   

John I. Bradshaw, Jr. is the only salaried officer of the Trust
and serves as its Chief Executive Officer.  The Trust has no
executive officers other than those individuals listed.         
								
							     
ITEM 11.  EXECUTIVE COMPENSATION
							       
          (b) Summary Compensation Table:                   
								
								      
                                     Annual Compensation                   
                              ---------------------------------            
                                                                   Long-Term
Name and                                             Other        Compensation
Principal                                            Compen-         Awards
Position               Year   Salary($)   Bonus($)   sation($)     Options(#) 
---------------------  ----    ------    ----------  -----------    ---------  
John I. Bradshaw, Jr.  1996    99,000           ---       1,513*          --- 
  Exec. Vice Pres.     1995    99,000           ---       1,860*          ---  
  Chief Exec. Off.     1994    99,000           ---       1,494*        5,000 
								
  * Compensation equivalent of club dues paid on behalf of individual.         
								
          (c)  Option grants in the last fiscal year:       
					 
							       
                                                          Potential Realizable
                       Individual Grants                  Value at Assumed    
         ----------------------------------------------   Annual Rates of Stock
                     % of Total                           Price Appreciation 
                     Options      Exercise                for Option Term
         Options     Granted In   Price per   Expiration  -------------------
Name     Granted(#)  FiscalYear   Share       Date          5%         10%  
-------- ----------  ----------  -----------  ---------   ------    --------
John W.
  Adams      5,000       100         $9.50       4/30/99   $7,485     $15,728

								
The Options are exercisable at any time until the expiration
date.  Upon exercise, shares in treasury, to the extent
available, will be issued.                    

The exercise price per share represents the average of the
published bid and asked prices at the date of grant.            
								
								
          (d)  Option exercises in the last fiscal year and Fiscal Year End 

Option Value:                                     
                                                              Value of
                                                              Unexercised
                                            Unexercised       In the Money
                      Shares                Options at Fiscal Options at Fiscal
                      Acquired on  Value    Year End (#)      Year End**
Name                  Exercise (#) Realized (All Exercisable) (All Exercisable)
--------------------  ------------ -------- ----------------- ----------------
John W. Adams               ---       ---         5,000          $ 6,875    
John I. Bradshaw, Jr.       ---       ---         5,000           10,625    
Francis M. Hapak            ---       ---         5,000           10,625     
Milton Maidenberg         2,000    $1,000         3,000            6,375    
King R. Traub               ---       ---         5,000           10,625     
John A. Wallace             ---       ---         4,000            8,500     

** Values are based on $10.875 per share, the average of the published
over-the-counter bid ($10.625) and asked ($11.125) prices on December 31, 1996.
								
Except for the option for 5,000 shares held by John W. Adams, for which 
the expiration date is 4/30/99, all options expire 3/21/97.  All options 
are exercisable at any time until the expiration date.  Upon exercise, 
shares in treasury, to the extent available, will be issued.


ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS       
       	  AND MANAGEMENT

          (a)  Security ownership of certain beneficial owners: 

                     Name and address of      Amount and nature        Percent
Title of Class       beneficial owner         of beneficial ownership  of class
-------------------  ----------------------   -----------------------  --------
Shares of            John I Bradshaw, Jr.            96,294               6.5%
Beneficial Interest  320 N. Meridian Street                                  
                     Indianapolis, IN                                 
							      
John I. Bradshaw, Jr. is sole owner of 43,935 shares and claims beneficial 
ownership of 52,359 shares owned by trusts for his children and his sister.

								
          (b)  Security ownership of management         
				    
The response to this portion of Item 12, is included in Item 10.

								
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.

PART IV

ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS   
       	  ON FORM 8-K

          (a)(1) and (2) The response to this portion of Item 14 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
                
               The response to this portion of Item 14 is submitted as an
               attachment to this report.
               
          (d)  Financial Statement Schedules
               
               The response to this portion of Item 14 is submitted as a
               separate section of this report.


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 to be 
signed on its behalf by the undersigned, thereunto duly authorized.

								
									      
                                         CENTURY REALTY TRUST   
			  
Date:   3/24/97                             
                                         By:  S/ JOHN I. BRADSHAW, JR.
                                              Executive 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.            
							     
S/ DAVID F. WHITE, Controller      3/24/97                      
S/ JOHN W. ADAMS, Trustee          3/24/97
S/ KING R. TRAUB,Trustee           3/24/97
S/ FRANCIS M. HAPAK, Trustee       3/24/97            
					    
________________________           _______
John A. Wallace, Trustee             Date


ITEM 14(a)(1) AND (2).  LIST OF FINANCIAL STATEMENTS AND FINANCIAL
                        STATEMENT SCHEDULES     
				    
The following financial statements of Century Realty Trust are included in 
the annual report of the Registrant to its shareholders for the year ended 
December 31, 1996:              

      Balance sheets--December 31, 1996 and 1995

      Statements of income--Years ended December 31, 1996, 1995 and 1994   

      Statements of cash flows--Years ended December 31, 1996, 1995 
      and 1994                                

      Statements of shareholders' equity-- Years ended December 31, 1996,
      1995 and 1994

      Notes to financial statements                        
								
The following financial statement schedule of Century Realty Trust is 
included in Item 14(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.


              CONSENT OF ERNST & YOUNG,  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 January 17, 1997, included 
in the 1996 Annual Report to Shareholders of Century Realty Trust.

Our audits also included the financial statement schedule listed in Item 
14(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
January 17, 1997


Century Realty Trust
Balance Sheets
                                                           December 31
                                                       1996           1995
                                                     ___________   ___________
Assets
Real estate investments:
     Land                                            $2,068,658    $2,068,658
     Buildings                                       32,912,673    32,778,431
     Equipment                                          838,254       765,401
     Allowances for depreciation                     (7,476,182)   (6,511,045)
                                                     ___________   ___________
                                                     28,343,403    29,101,445
     Net investment in direct financing leases          443,590       483,977
                                                     ___________   ___________
                                                     28,786,993    29,585,422
Cash and cash equivalents                               315,337       189,929
Stort-term investments                                  590,993       293,946
Accounts and accrued income receivable                  335,303       309,873
Undeveloped land                                         99,675        99,675
Other assets                                            410,166       283,238
                                                     ___________   ___________
                                                    $30,538,467   $30,762,083
                                                     ___________    __________
                                                     ___________    __________
Liabilities and shareholders' equity
Liabilities:
     Short-term debt                                $       ---      $700,762
     Mortgage notes payable                          20,437,686    19,748,063
     Accounts payable and accrued compensation          288,474       298,553
     Accrued interest                                   132,578       132,056
     State income and property taxes                    952,031       972,368
     Tenants' security deposits and unearned rent       394,507       424,830
                                                     ___________   ___________
                                                     22,205,276    22,276,632
Shareholders' equity:
     Shares of Beneficial Interest, no par 
        value - authorized 5,000,000 shares, 
        issued 1,529,353 including 75,414
        shares in 1996 and 77,414 shares 
        in 1995 in treasury                           6,249,104     6,245,289
     Undistributed income other than from
        gain on the sale of real estate               1,284,028     1,453,788
     Undistributed net realized gain from the
        sale of real estate                           1,316,078     1,316,078
     Cost of treasury shares                           (516,019)     (529,704)
                                                     ___________   ___________
                                                      8,333,191     8,485,451
                                                     ___________   ___________
                                                    $30,538,467   $30,762,083
                                                     ___________   ___________
                                                     ___________   ___________
See accompanying notes.


Century Realty Trust
Statements of Income

                                               Year ended December 31
                                            1996        1995        1994
                                         __________  __________  __________

Income:
Real estate operations:
  Rental Income                          $8,120,197  $7,508,685  $5,874,657
  Income from direct financing leases        60,849      65,708      69,980
  Other income                              162,266     157,063      74,446
                                          __________  __________  __________
                                          8,343,312   7,731,456   6,019,083
  Less:
     Real estate operating expenses       3,012,292   2,760,489   2,091,609
     Provision for depreciation           1,113,618   1,053,170     864,549
     Real estate taxes                      842,349     834,212     723,691
                                          __________  __________  __________
                                          4,968,259   4,647,871   3,679,849
                                          __________  __________  __________
                                          3,375,053   3,083,585   2,339,234
Interest                                     41,420      30,008      24,609
                                          __________  __________  __________
                                          3,416,473   3,113,593   2,363,843
Expenses:
Interest                                  1,860,759   1,768,795   1,179,274
State income taxes                          144,240     131,133     115,714
General and administrative                  389,004     381,286     365,877
                                          __________  __________  __________
                                          2,394,003   2,281,214   1,660,865
                                          __________  __________  __________ 
Net income                               $1,022,470    $832,379    $702,978
                                          __________  __________  __________
                                          __________  __________  __________
Per share data:
     Average number of shares outstanding 1,453,660   1,389,087   1,345,605
     Net income                               $0.70       $0.60       $0.52

See accompanying notes.


Century Realty Trust
Statements of Cash Flows
                                                  Year ended December 31
                                               1996        1995        1994
                                            __________  __________  __________
Operating Activities
Net income                                  $1,022,470    $832,379    $702,978
Adjustments to reconcile net income to net
  cash provided by operating activities:
    Depreciation and amortization            1,142,300   1,080,478     887,684
      Changes in operating assets 
        and liabilities:
          Accounts and accrued income 
            receivable                         (25,430)   (144,888)    (49,172)
          Other assets                         (91,266)    (43,597)    (59,910)
          Accounts payable and accrued 
            expenses                           (40,842)    122,823     (56,349)
          Tenants' security deposits and 
            unearned rent                      (30,323)     40,352      15,241
                                            __________  __________  __________

Net cash provided by operations              1,976,909   1,887,547   1,440,472

Investing Activities:
Investment in short term investments        (2,567,768) (1,974,220) (2,084,112)
Proceeds from maturities of short term
  investments                                2,270,721   1,877,464   2,185,350
Acquisition of real estate, net of 
  debt assumed                                    ---   (6,077,196)   (710,181)
Purchase of property and improvements         (352,450)   (329,038)   (476,844)
Lease principal payments received               40,387      35,528      31,256
                                            __________  __________  __________
									       
Net cash used in investing activities         (609,110) (6,467,462) (1,054,531)
									      
Financing Activities:                                                         
Net short-term bank                                                            
  borrowings (repayments)                     (700,762)    700,762         ---
Net proceeds from mortgage                                                    
  notes payable                              2,982,530   5,368,000   1,087,601
Principal payments on mortgage                                                
  notes payable                             (2,360,377)   (258,717)   (686,183)
Sale of treasury shares                         17,500         ---       8,750
Dividends paid to shareholders              (1,181,282) (1,098,692)   (996,261)
                                            __________  __________  __________
Net cash provided by (used in)                                                 
  financing activities                      (1,242,391)  4,711,353    (586,093)
                                            __________  __________  __________
Net increase (decrease) in cash                                                
  and cash equivalents                         125,408     131,438    (200,152)
Balance at beginning of year                   189,929      58,491     258,643
                                            __________  __________  __________

Balance at end of year                        $315,337    $189,929     $58,491
                                            __________  __________  __________
                                            __________  __________  __________

See accompanying notes.

<TABLE>
<CAPTION>

Century Realty Trust
Statements of Shareholders' Equity

                                                     Undistributed   Unrealized
                                                      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
                                _________  _________  ____________  __________    ____________  __________
<S>                             <C>         <C>         <C>         <C>           <C>           <C>        
Balance at January 1, 1994       1,289,398  $5,492,627  $2,027,030  $1,316,078    ($1,158,893)  $7,676,842
  Net income for 1994                                      702,978                                 702,978
  Dividends ($.77 per share)                            (1,002,910)                             (1,002,910)
  Shares issued for real estate                                                                             
    acquisition                     90,953     150,755                                622,346      773,101 
  Stock options exercised            1,000       1,907                                  6,843        8,750 
                                 _________  __________  __________  __________     __________   __________
													  
Balance at December 31, 1994     1,381,351   5,645,289   1,727,098   1,316,078       (529,7004)  8,158,761
  Net income for 1995                                      832,379                                 832,379
  Dividends ($.78 per share)                            (1,105,689)                             (1,105,689)
  Shares issued for real estate                                                                          0
    acquisition                     70,588     600,000                                             600,000
                                 _________  __________  __________  __________     __________   __________
													   
Balance at December 31, 1995     1,451,939   6,245,289   1,453,788   1,316,078       (529,704)   8,485,451
  Net income for 1996                                    1,022,470                               1,022,470
  Dividends ($.82 per share)                            (1,192,230)                             (1,192,230)
  Stock options exercised            2,000       3,815                                 13,685       17,500
                                 _________  __________  __________  __________     __________   __________
													   
Balance at December 31, 1996     1,453,939  $6,249,104  $1,284,028  $1,316,078      ($516,019)  $8,333,191
                                 _________  __________  __________  __________     __________   __________
                                 _________  __________  __________  __________     __________   __________

See accompanying notes.
</TABLE>

Century Realty Trust
Notes to Financial Statements
December 31, 1996

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.

The Trust's residential rental properties are managed under
agreements with independent property management firms.  The
agreements provide for management fees based generally on gross
rental collections.

Cash and Cash Equivalents:

Cash and cash equivalents include cash and certificates of
deposit with original maturities of 30 days or less.

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 re-issuance 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 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 financial statements.

Net Income per Share:

Net income per share is based on the weighted average number of
shares outstanding during the year.

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
1998 and 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:  
						
                                                1996           1995          
                                             __________    ___________  
Minimum lease payments receivable              $593,536       $694,772
Estimated unguaranteed residual values          101,484        101,484
Unearned income                                (251,430)      (312,279)
                                             __________    ___________
Net investment                                 $443,590       $483,977
                                             __________    ___________
                                             __________    ___________	
 
At December 31, 1996 future minimum lease payments receivable
from direct financing leases for the years 1997 and 1998 are
$101,236 per year,  $66,095 for 1999 through 2001, and $192,778
for all years thereafter.  Also, at December 31, 1996, future
minimum lease payments receivable from noncancellable operating
leases for 1997 and 1998 are $33,489 per year, $18,905 for 1999
through 2001, and $55,139 for all years thereafter.

3.  Real Estate Investment Transactions

In 1993, through a qualified intermediary, the Trust
relinquished the  Greenbriar apartment property in Hammond,
Indiana; and, subsequently acquired the Creek Bay at Meridian
Woods apartments in December 1993 and the Eagle Creek Park
apartments in March 1994. The disposition and acquisitions were
structured as a like-kind exchange pursuant to Section 1031 of
the Internal Revenue Code so that, for tax purposes, the
realized gain from the Greenbriar disposition was not recognized.

In connection with the acquisition of the Eagle Creek Park
apartments for $6.1 million, the Trust issued 90,953 shares of
beneficial interest, assumed an existing first mortgage loan and
other liabilities totaling $4.4 million and paid approximately
$900,000 in cash which included the remaining Greenbriar sale
proceeds held by the qualified intermediary.

In March 1995, the Trust purchased the Fox Run apartments, a
256-unit property in Indianapolis, Indiana, for $6.9 million,
$5.4 million of which was financed by a new ten-year first
mortgage loan.  The Trust also obtained a $1 million one-year
unsecured bank line of credit and borrowed $700,000 which it
repaid in 1996 with proceeds from refinancing other real estate.
Also, related to the financing of Fox Run, the Trust issued
70,588 unregistered shares of beneficial interest valued at
$600,000.

In November 1996, the Trust agreed in principle to purchase for
$5.25 million, a 192 unit apartment property in Evansville,
Indiana, subject to, among other conditions, the Trust's ability
to obtain acceptable first mortgage financing.  If all
conditions are resolved within the time provided by the
agreement, the Trust could acquire the property in February,
1997.

4.  Mortgage Notes Payable

Mortgage notes are payable in monthly installments, including
interest at rates ranging from 8 1/8% to 9 3/4% per annum, and
mature from April 15, 1998 to October 6, 2006.  The aggregate
amount of long-term debt maturities for each of the five years
after December 31, 1996 are:  1997, $362,980; 1998, $5,743,741;
1999, $372,486; 2000, $3,815,308 and 2001, $288,537.

The Trust used an interest-rate swap agreement in 1995 to
effectively convert a $5.4 million mortgage loan from a floating
interest rate to a fixed rate, thus reducing the impact o
interest rate changes on future income.

At December 31, 1996, approximately $25,259,984 of the real
estate investments, after allowances for depreciation, represent
collateral for the mortgage notes payable.

5.  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,
1996 there were 1,453,939 Rights outstanding.

Each Right entitles the holder to purchase from the Trust one
share of Beneficial Interest at a price of $15 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 October 10, 1999, 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.

6.  Stock Options

In 1994, the Board of Trustees granted each of the then five
members of the Board an option to purchase up to 5,000 shares of
beneficial interest of the Trust.  The options are exercisable
on or before March 21, 1997, at a price of $8.75 per share, the
fair market value at the date of grant.  In 1996, the Board
granted an option to purchase 5,000 shares to a newly-elected
trustee.  That option is exercisable on or before April 30, 1999
at a price of $9.50 per share, the fair market value at the date
of grant.  During 1994, options for 1,000 shares were exercised.
In 1995, no options were exercised.  In 1996 options for 2,000
shares were exercised at $8.75 per share and options for 27,000
shares were unexercised at December 31, 1996.

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

Short-Term Investments:  The carrying amount reported in the
balance sheet for short-term investments 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, 1996
                                 Carrying Amount       Fair Value
                                 _______________     ____________
Cash and cash equivalents           $    315,337     $    315,000        
Short-term investments                   590,993          591,000       
Mortgage notes payable                20,437,686       21,297,000      
								
								
                                         December 31, 1995          
                                 Carrying Amount       Fair Value
                                 _______________     ____________
Cash and cash equivalents           $    189,959     $    190,000
Short-term investments                   293,946          294,000
Short-term debt                          700,762          701,000
Mortgage notes payable                19,748,063       20,942,000

								
						    
Report of Ernst & Young,  Independent Auditors

Board of Trustees
Century Realty Trust

We have audited the accompanying balance sheets of Century
Realty Trust as of December 31, 1996 and 1995, and the related
statements of income, shareholders' equity and cash flows for
each of the three years in the period ended December 31, 1996. 
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 generally accepted
auditing standards.  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 financial position
of Century Realty Trust as of December 31, 1996 and 1995, and
results of its operations and its cash flows for each of the
three years in the period ended December 31, 1996, in conformity
with generally accepted accounting principles.



                                                       ERNST & YOUNG LLP
January 17, 1997                                                
Indianapolis, Indiana                                                         
								
		
<TABLE>
<CAPTION>

SCHEDULE III--REAL ESTATE AND ACCUMULATED DEPRECIATION

Century Realty Trust
December 31, 1996

       Col. A                  Col. B       Col. C                    Col. D                      Col. E                Col. F  
                                                                   Cost Capitalized          Gross Amount at Which              
                                         Initial Cost to Company  Subsequent to Acquisition Carried at Close of Period          
                                        ________________________  _________________________ ___________________________         
                                                                                                                                
                                                    Buildings                              Buildings                            
                                                       and                Carrying           and                     Accumulated
    Description             Encumbrances  Land    Improvements Improvements Costs   Land   Improvements  Total      Depreciation
__________________________  _____________ _________ ___________ __________ ____ __________ ___________ ___________    __________ 
<S>                  			     <C>          <C>       <C>         <C>        <C>   <C>         <C>       <C>            <C>       
Real estate investments:                                                                                                          
Apartments-Richmond, IN      First mortg   $56,700    $852,500   $367,712 $---     $63,445  $1,213,467  $1,276,912      $844,903  
Apartments-Marion, IN        First mortg    57,800     517,200    622,239  ---      57,800   1,139,439   1,197,239       709,382  
Apartments-Kokomo, IN           None       128,000   1,622,000  1,400,310  ---     128,000   3,022,310   3,150,310     1,923,490  
Apartments-Indianapolis, IN     None        37,655     693,295    317,544  ---      37,655   1,010,839   1,048,494       669,660  
Apartments-Indianapolis, IN     None        47,345     871,705             ---      47,345     871,705     919,050       627,627  
Apartments-Indianapolis, IN  First mortg   117,000   1,168,308    114,241  ---     117,000   1,282,549   1,399,549       335,051  
Apartments-Mishawaka, IN     First mortg   125,000   3,638,499     54,898  ---     125,000   3,693,397   3,818,397       332,263  
Apartments-Indianapolis, IN  First mortg   340,940   7,101,480     24,679  ---     340,940   7,126,159   7,467,099       546,762  
Apartments-Indianapolis, IN  First mortg   378,000   5,679,172    264,706  ---     378,000   5,943,878   6,321,878       425,220  
Apartments-Indianapolis, IN  First mortg   398,000   6,446,469    116,270  ---     398,000   6,562,739   6,960,739       289,280  
Warehouse-Carmel, IN         First mortg    54,000     446,075    118,459  ---      54,000     564,534     618,534       292,941  
Restaurant-Longwood, FL         None       113,479        ---        ---   ---     113,479        ---      113,479          ---   
Restaurant-Indianapolis, IN     None       136,494        ---        ---   ---     136,494        ---      136,494          ---   
Office bld-Indianapolis, IN     None        71,500     457,818     19,747  ---      71,500     477,565     549,065       149,140  
                                        __________ ___________ __________ ____ ___________ ___________ ___________    __________  
                                         2,061,913  29,494,521  3,420,804  ---   2,068,658  32,908,580  34,977,238     7,145,719  
Construction in progress                                                                                                          
     various locations                        ---          ---      4,093  ---        ---        4,093       4,093          ---   
                                       __________ ____________ __________ ____ ___________ ___________ ___________    __________  
                                        2,061,913   29,494,521  3,424,897  ---   2,068,658  32,912,673  34,981,331     7,145,719  
Equipment--various locations    None          ---      246,421    591,833  ---        ---      838,254     838,254       330,463  
                                        __________ ___________ __________ ____ ___________ ___________ ___________    __________  
TOTAL REAL ESTATE                       $2,061,913 $29,740,942 $4,016,729 $---  $2,068,658 $33,750,927 $35,819,585(A) $7,476,182(A)
                                        __________ ___________ __________ ____ ___________ ___________ ___________    __________  
                                        __________ ___________ __________ ____ ___________ ___________ ___________    __________  
Undeveloped land                                                                                                                    
     various locations          None       $99,675 $           $          $---     $99,675 $               $99,675(B) $           
                                        __________ ___________ __________ ____ ___________ ___________ ___________    __________  
                                        __________ ___________ __________ ____ ___________ ___________ ___________    __________  



<CAPTION>
SCHEDULE III--REAL ESTATE AND ACCUMULATED DEPRECIATION

Century Realty Trust
December 31, 1996

       Col. A                   Col. G        Col. H              Col.I
                                                               Life on Which
                                                               Depreciation in
                                                               Latest Income
                                   Date of        Date         Statements
    Description                 Construction    Acquired       Is Computed
____________________________    ____________   _____________   _______________  
<S>                                <C>         <C>             <C>
Real estate investments:
Apartments--Richmond, IN              1965      January, 1973    31 years
Apartments--Marion, IN                1962      January, 1973    31 years
Apartments--Kokomo, IN                1966      January, 1973    29 years
Apartments--Indianapolis, IN          1965      January, 1973    33 years
Apartments--Indianapolis, IN          1967      January, 1973    33 years
Apartments--Indianapolis, IN          1963    September, 1989    28 years
Apartments--Mishawaka, IN             1983         June, 1993    40 years
Apartments--Indianapolis, IN          1992     December, 1993    40 years
Apartments--Indianapolis, IN          1974        March, 1994    40 years
Apartments--Indianapolis, IN          1974        March, 1995    40 years
Warehouse--Carmel, IN                 1972      October, 1977    33 years
Restaurant--Longwood, FL              1978      January, 1979       N/A
Restaurant--Indianapolis, IN          1979     November, 1979       N/A
Office building--Indianapolis, IN     1966         July, 1986    33 years

				    
Construction in progress
     various locations                                              N/A

				     
Equipment--various locations         Various      Various      3-15 years

TOTAL REAL ESTATE                    

Undeveloped land
     various locations                 N/A      January, 1973       N/A

</TABLE>
(A) The aggregate carrying value for tax purposes is $27,939,607
(B) The aggregate carrying value for tax purposes is $72,522

<TABLE>
<CAPTION>

SCHEDULE III--REAL ESTATE AND ACCUMULATED DEPRECIATION (CONTINUED)
Century Realty Trust
December 31, 1996
                                                        Total Land,
                                            Buildings     Buildings
                                               and          and                  Accumulated Undeveloped
                                 Land     Improvements Improvements  Equipment  Depreciation   Land
                              __________  ____________ _____________ ___________ ___________    ________
<S>                            <C>         <C>          <C>            <C>       <C>            <C>      
Balance December 31, 1993      $1,292,658  $20,118,565  $21,411,223    $687,545  $4,933,916     $99,675
   Additions:
      Acquisitions                378,000    5,675,312    6,053,312      63,000        ---         --- 
      Improvements                   ---       428,641      428,641      48,203        ---         --- 
      Depreciation                   ---          ---          ---         ---      861,844        --- 
   Deductions:
      Fully amortized costs                     69,487       69,487      63,685     133,172        --- 
                               __________  ___________  ___________  __________  __________     _______
Balance December 31, 1994       1,670,658   26,153,031   27,823,689     735,063   5,662,588      99,675
   Additions:
      Acquisitions                398,000    6,446,469    6,844,469      85,000        ---         --- 
      Improvements                   ---       231,494      231,494      94,730        ---         --- 
      Depreciation                   ---          ---          ---         ---    1,050,412        --- 
   Deductions:
      Fully amortized costs          ---        52,563       52,563     149,392     201,955        --- 
                               __________  ___________  ___________  __________  __________     _______
Balance December 31, 1995       2,068,658   32,778,431   34,847,089     765,401   6,511,045      99,675
   Additions:
      Improvements                   ---       251,307      251,307     101,144        ---         --- 
      Depreciation                   ---          ---          ---         ---    1,110,493        --- 
   Deductions:
      Fully amortized costs          ---       117,065      117,065      28,291     145,356        --- 
                               __________  ___________  ___________  __________  __________     _______
Balance December 31, 1996      $2,068,658  $32,912,673  $34,981,331    $838,254  $7,476,182     $99,675
                               __________  ___________  ___________  __________  __________     _______
                               __________  ___________  ___________  __________  __________     _______

</TABLE>