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, 1998  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 $16,725,976, based upon the
average bid and asked prices on February 19, 1999.

Shares of Beneficial Interest, no par value--1,547,314 shares
outstanding as of February 19, 1999.


PART 1

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, 1998:

                                         Year    No. of     1998       Net
Apartments          Location           Acquired  Units  Occupancy   Investment
__________          ________           ________  ______ _________   __________
Park Plaza          Indianapolis, IN     1973     176        89%   $   635,335
Fontenelle          Kokomo, IN           1973     176        96      1,087,435
Park Forest         Marion, IN           1973      64        94        392,064
Chester Heights     Richmond, IN         1973     110        93        377,063 
Driftwood Park      Indianapolis, IN     1989      48        91      1,001,104
Regency Royale      Mishawaka, IN        1993     132        92      3,398,810
Creek Bay           Indianapolis, IN     1993     208        94      6,768,036
Eagle Creek         Indianapolis, IN     1994     188        96      5,686,221
Fox Run             Indianapolis, IN     1995     256        84      6,510,751	
Charter Oaks        Evansville, IN       1997     192        97      5,025,468
Barcelona*          Kokomo, IN           1997      64        87      1,459,255
Beech Grove*        Jeffersonville, IN   1997     182        94      4,056,689
Hampton Court*      Indianapolis, IN     1997      92        94      1,704,326
Sheffield Square*   New Albany, IN       1997     152        95      4,220,829
West Wind Terrace*  Indianapolis, IN     1997      96        91      1,731,819
                                                _____       ___    ___________
Total Apartments                                2,136        92     44,055,206

* 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      90%   $   303,533
Office Buildings
 1810 E. 62nd St.   Indianapolis, IN     1986    17,000     100        395,665
 3510-20 E. 96th St.Indianapolis, IN     1997    34,000     100      1,521,039
                                                  ______           ___________
Total Commercial                                 89,000              2,220,237

                                         Year    Square    Lease       Net
Restaurants         Location           Acquired   Feet   Expires    Investment
___________         _________          ________  ______  ________   __________
Fortune House       Indianapolis, IN     1979     5,000     2004       427,909
Miami Subs          Orlando, FL          1979     3,500     2004       170,473
                                                  _____                _______
Total Restaurants                                 8,500                598,382
                                                                   ___________
ALL INVESTMENT PROPERTIES                                          $46,873,825
                                                                   ___________
                                                                   ___________

ITEM 3. LEGAL PROCEEDINGS

There are no material pending legal proceedings against the
trust, and no such proceedings are known to be contemplated,
except that in November, 1998, the Internal Revenue Service
assessed a $151,400 penalty against the Trust for its alleged
failure to correctly and/or timely file information returns
regarding dividends that it paid in 1996.  The Trust's
management believes that the returns in question were submitted
timely, were correct when submitted, and that the assessed
penalty is unjustified.  The Trust is currently pursuing its
administrative appeal rights with the Internal Revenue Service
and intends to vigorously oppose the penalty assessment.  As a
result of the uncertainty concerning the ultimate outcome of
this matter, no liability has been recorded at December 31,
1998.  


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, 1998


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.  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
1998                High         Low          Declared
____               ______       ______     _____________
1st Quarter        $12.13       $11.38         $0.19
2nd Quarter         12.13        11.63          0.20
3rd Quarter         12.63        11.94          0.20
4th Quarter         12.63        12.25          0.20

1997
____
1st Quarter        $11.13       $10.63         $0.21            
2nd Quarter         11.38        11.13          0.22
3rd Quarter         11.63        11.38          0.22
4th Quarter         11.63        11.63          0.22

ITEM 6. SELECTED FINANCIAL DATA

In thousands, except per share data and number of apartments

Years ended December 31,    1998      1997      1996      1995     1994
________________________    ____      ____      ____      ____     ____
Operating Data:
Rental and other
 operating income         $12,885   $ 9,364   $ 8,385   $ 7,761  $ 6,044
Gains on sale of property       -         -         -         -        -
Income before minority
 interest in operating
 partnerships                 990       832     1,022       832      703
Net income                    884       859     1,022       832      703
Cash distributions declared 1,222     1,307     1,192     1,106    1,003   
Weighted average number
 of shares outstanding      1,547     1,515     1,454     1,389    1,346
Per share:
  Basic earnings          $  0.57   $  0.57   $  0.70   $  0.60  $  0.52
  Diluted earnings           0.57      0.56      0.69      0.59     0.51
  Distributions declared     0.79      0.87      0.82      0.78     0.75

Balance Sheet Data:
Total real estate
 investments(a)           $57,041   $56,608   $36,261   $36,096  $29,078
Allowances for
 depreciation             (10,167)   (8,641)   (7,476)   (6,511)  (5,663)
Total assets               50,489    51,528    30,538    30,762   24,181
Mortgage and other
 notes payable             35,767    36,478    20,438    20,449   14,607
Total liabilities          38,439    39,124    22,205    22,277   16,022
Minority interest in
 operating partnerships     3,521     3,536         -         -        -
Shareholders' equity        8,529     8,868     8,333     8,485    8,159
Number of shares
 outstanding                1,547     1,547     1,454     1,452    1,382

Other Data:
Cash flow data:
  Cash provided by
   operating activities   $ 2,730   $ 2,098   $ 1,977   $ 1,831  $ 1,440
  Cash (used in)
   investing activities      (637)   (3,299)     (609)   (6,467)  (1,055)
  Cash provided by (used
   in) financing
   activities              (2,130)    1,668    (1,242)    4,711     (586)
          
Funds from operations(b):
  Income before minority
   interest in operating
   partnerships           $   990   $   832   $ 1,022   $   832  $   703       
  Deduct gains on sale
   of property                  -         -         -         -        -
  Add back investment real
   estate depreciation      1,741     1,265     1,111     1,050      862
                          _______   _______   _______   _______  _______
Funds from operations     $ 2,731   $ 2,097   $ 2,133   $ 1,882  $ 1,565
                          _______   _______   _______   _______  _______
                          _______   _______   _______   _______  _______
Apartment units owned(a):
  Owned at December 31      2,136     2,136     1,358     1,358    1,102
  Weighted average number
   of apartments owned
   during the year          2,136     1,503     1,358     1,294    1,055

(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.  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 believe 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. 
      
At December 31, 1998 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.  No properties were acquired or sold during
1998.  Six of the apartment properties containing 778 units and
one commercial property containing 34,000 rentable square feet
were acquired during 1997.  A detailed description of the real
estate acquisitions is contained in Note 3 "Real Estate
Transactions" in the financial statements.  The properties
acquired in 1997 increased the number of apartment units and
rentable square feet of commercial property in the Trust's
investment real estate portfolio by 57% and 62%, respectively. 
At December 31, 1998 the Trust's net investment in real estate
consisted of apartment properties (94%), commercial properties
(5%) and net-leased restaurant properties (1%).
    
The apartment communities, which comprise 94% of the Trust's
investment property, also account for most of the rental income
and expenses reported.  The 2,136 apartment units in the
portfolio throughout 1998 represents a 42% increase over the
weighted average number of units reflected in the 1997
operations.  On a weighted average basis, 1,503 apartment units
contributed to the Trust's operations in 1997, up 11% from the
1,358 units in operation during 1996.   

RESULTS OF OPERATIONS -- 1998
     
The Trust experienced increases of approximately 38% in income
and 39% in expenses related to its real estate operations in
1998.  The investment properties acquired in 1997 accounted for
97% of the increase in income and 58% of the increase in
expenses.  For properties owned during all of 1998 and 1997,
rental income increased 1%, representing the net effect of 2.3%
higher rental rates offset by a decrease in occupancy to 91.8%
from 92.1%.  Real estate operating expenses for the same
properties increased  3.8%, an amount comparable to management's 
projected increase of 4%.  For the same apartment properties, 
operating expenses, including real estate taxes (excluding interest 
and depreciation) amounted to 47.3% and 46.6% of gross possible 
income for 1998 and 1997, respectively.  At December 31, 1998 
the occupancy rate for all of the Trust's apartment properties,
combined,  was 94%.  At the end of 1997, the overall apartment 
occupancy was 92%.  The apartment properties owned for all of 1997 
and 1998, with few exceptions, experienced lower turnover rates 
during the year, and ended 1998 with higher occupancy rates.  
Overall apartment occupancy at the end of 1998, was up from the 
average during the year primarily due to an increase at the Fox Run 
apartments, a 256-unit community purchased in 1995.  At year-end 
Fox Run was 91% occupied compared with its average occupancy of 
84% for all of 1998. 
     
The Charter Oaks apartments in Evansville, Indiana, which the
Trust purchased in mid-1997 was the most improved producer in
1998 among the Trust's investment properties.  While still
operating below initial expectations, its 1998 funds from
operations amounted to more than seven percent, a significant
improvement over its 1997 yield of less than one percent of
invested capital.  The 192-unit apartment property, which
experienced an 88.3% occupancy rate during the last half of 1997
averaged 97% in 1998.  Operating expenses amounted to 56.2% of
gross possible income, a small improvement from 57.1% in 1997. 
Management believes that  a normal expense ratio for Charter
Oaks would be 49.5%.  Management is confident that the operating
expense ratio can be improved in 1999 without a negative impact
on occupancy.  In contrast to the Charter Oaks property, the
34,000 square foot office property the Trust purchased in 1997,
exceeded expectations, both as to occupancy rate and expense
ratio in 1997.  Its results in 1998 were less impressive due to
an increase in operating expenses from 32.8% in 1997 to 38.7% in
1998.  The increase resulted primarily from expenses related to
tenant turnover.  On its equity investment in the office
property, the Trust realized a cash return of 7% in 1998
compared with an annualized cash return of 10% in 1997.
      
Nonresidential properties owned during all of 1998 and 1997,
which accounted for 4.6% of total income from operations in
1998, and 3.2% in 1997,  experienced a 7.1% ($23,600) increase
in total rental income.  The increase resulted primarily from
higher occupancy rates in 1998, and represented a recovery from
a decrease of nearly the same amount reported for the prior year.
     
During 1998, 21% of the $70,100 of interest income earned by the
Trust was derived from the a note receivable, 32% was earned at
money market rates on sweep account demand deposit funds and the
balance was earned at savings account rates on restricted cash
balances.  Restricted cash balances consist of tax and insurance
escrow deposits and replacement fund balances held by mortgage
lenders, and tenant security deposit savings accounts.  In 1998,
the Trust earned a 4.3% average rate of return on an average
total amount of cash and short-term investments of $519,000,
exclusive of the restricted cash accounts over which the Trust
does not have investment discretion.  In 1997,  40% of the
interest income earned by the Trust was derived from short-term
investments in certificates of deposit and U.S. government
agency discount notes.  The average rate of return earned in
1997 was 5.2%.  The balance of interest income in 1997 was
derived, primarily, from the day to day investment of excess
cash deposits at money market rates of return that averaged 4.4%.
     
Interest expense applicable to mortgage loans and short-term
borrowings related to the two investment properties purchased
during 1997 increased by $237,500 in 1998, while interest
expense related to seasoned mortgage loans decreased by $48,000.
The balance of the $999,000 increase in interest expense is
attributable to long-term mortgage loans on properties owned by
the controlled partnerships acquired in November, 1997.  During
1998, the Trust obtained a new $6.7 million, ten-year, 6.97%
fixed-rate first mortgage loan on its Creek Bay apartment
property to repay $5.4 million of mortgage loans on that
property with interest rates of 8 7/8% and 9 3/4%.  The $1.3
million net proceeds from the new mortgage loan was used to
reduce short-term borrowings.  For 1998, mortgage interest
expense related to Trust-owned properties averaged 8.43% on
average outstanding balances of $25.3 million.  For 1997, the
overall effective interest rate was 8.88% on average outstanding
mortgage loan balances of $22.6 million.  For partnership-owned
properties, the average effective interest rate was 9.04% on
average outstanding loan balances of $10.0 million.
    
At December 31, 1998, with the exception of one $1.1 million
variable rate loan, the mortgage notes payable provide for fixed
interest rates.  Using discounted cash flow analyses based on
the Trust's current incremental borrowing rates, the aggregate
fair value of those notes at December 31, 1998, was
approximately 3% higher than the carrying amount. (See Note 8 to
the financial statements). 
     
General and administrative expenses amounted to 4.0% of income
from real estate operations in 1998, compared with 4.5% in 1997.
Employee compensation cost, which includes payroll taxes and
benefits, amounted to $248,000 in 1998, up 2.3% from $242,400 in
1997.  

RESULTS OF OPERATIONS -- 1997
     
The Trust experienced increases of approximately 11% in income
and 16% in expenses related to its real estate operations in
1997.  The investment properties acquired in 1997 accounted for
98% of the increase in income and 80% of the increase in
expenses.  For properties owned during all of 1997 and 1996,
rental income increased 2%, representing the net effect of 3.3%
higher rental rates offset by a decrease in occupancy to 92.8%
from 95.4%.  Real estate operating expenses for the same
properties increased 3.2%, an amount comparable to the increase
in rental rates.  For the same apartment properties, operating
expenses, including real estate taxes (excluding interest and
depreciation) amounted to 45.8% and 46.3% of gross possible
income for 1997 and 1996, respectively.  At December 31, 1997
the occupancy rate for all of the Trust's apartment properties,
combined, was 92%.  At the end of 1996, the overall apartment
occupancy was 95%.  The apartment properties owned for all of
1997, with few exceptions, experienced higher turnover rates
during the year, and ended 1997 with lower occupancy rates. 
Management believes that the availability and affordability of
single family homes was primarily responsible for the decline in
its overall apartment occupancy.  
     
The Charter Oaks apartments in Evansville, Indiana, which the
Trust purchased in mid-1997 fell significantly short of
expectations in its first six months in the portfolio.  On its
equity investment in Charter Oaks, the Trust realized an
annualized cash return of less than one percent in 1997.  The
192-unit apartment property experienced an 88.3% occupancy rate
during the last half of 1997 and ended the year 85% occupied. 
Operating expenses, which included certain nonrecurring start-up
costs, amounted to 57.1% of gross possible income.  Certain
higher-rent units were upgraded and an intensified marketing
program was implemented.  In contrast to the Charter Oaks
property, the 34,000 square foot office property the Trust
purchased in 1997 exceeded expectations, both as to occupancy
rate and expense ratio.  On its equity investment in the office
property, the Trust realized an annualized cash return of 10% in
1997.
     
Nonresidential properties owned during all of 1997 and 1996,
which accounted for 3.2% of total income from operations in
1997, and 3.8% in 1996, experienced a 6.8% ($21,500) decrease in
total rental income.  The decrease in rental income from
commercial properties resulted primarily from lower occupancy
rates in 1997.  In 1996, those properties were 100% leased for
nearly the entire year.
     
During 1997, 40% of the $79,000 of interest income earned by the
Trust was derived from the short term investment of funds in
discount notes issued by agencies of the U.S government, 22% was
earned at money market rates on sweep account demand deposits
funds and the balance was earned at savings account rates on
restricted cash balances.  In 1997, the Trust earned a 4.5%
average rate on an average total amount of cash and short-term
investments of $1,077,000, exclusive of the restricted cash
accounts over which the Trust does not have investment
discretion.  In 1996, 75% of the interest income earned by the
Trust was derived from short-term investments in certificates of
deposit and U.S. government agency discount notes.  The average
rate of return earned in 1996 was 4.9%.  The balance of interest
income in 1996 was derived, primarily, from day to day
investment of excess cash deposits at money market rates of
return.  The Trust does not believe it is subject to market risk.
     
Interest expense applicable to loans related to investment
activities increased by $271,000 in 1997, while interest expense
related to seasoned mortgage loans decreased by $31,000. The
increase in interest expense related to investment activities
included $91,000 applicable to short-term borrowings against the
Trust's credit facility for the property acquisitions in 1997. 
Interest expense applicable to the long-term mortgage loan
assumed with the purchase of the Charter Oaks apartments
amounted to $166,000 in 1997.  The balance of the increase in
interest expense resulted from long-term mortgage loans on two
properties that were refinanced in 1996.  For 1997, mortgage
interest expense averaged 8.88% on average outstanding balances
of $22.6 million.  For 1996, the overall effective interest rate
was 9.12% on average outstanding mortgage loan balances of $20.4
million.

During 1997, all of the mortgage notes payable provided for
fixed interest rates.  Using discounted cash flow analyses based
on the Trust's incremental borrowing rates, the aggregate fair
value of those notes at December 31, 1997, was approximately 5%
higher than the carrying amount.  (See Note 8 to the financial
statements).

General and administrative expenses amounted to 4.5% of income
from real estate operations in 1997, compared with 4.7% in 1996.
Employee compensation cost, which includes payroll taxes and
benefits, amounted to $242,400 in 1997, up 1.3% from $239,300 in
1996.

     
LIQUIDITY AND SOURCES OF CAPITAL
     
On January 7, 1999, the Trust declared a $.20 per share cash
distribution payable February 15, 1999 to holders of its
1,547,314 outstanding shares of beneficial interest.  The cash
requirement for that distribution amounts to $309,000.  Four of
the five partnerships declared surplus cash distributions
aggregating $43,000 payable February 25, 1999 to partners of
record December 31, 1998.  In addition to the cash required for
distributions, the Trust may be liable for a penalty related to
its dividend information returns for 1996 which it submitted on
a computer diskette to the Internal Revenue Service, as
required, in February, 1997.  Due to a programming error which
misplaced the decimal point in a summary record, the Internal
Revenue Service rejected the filing and, in November, 1998,
assessed a penalty of $151,400, claiming that the Trust did not
timely file correct information returns.  This contingency is
described in Note 10 to the financial statements.  Other than
the requirement for declared, but unpaid distributions, and the
contingency described, management is not aware of any
significant transactions or events which would require material
expenditures in 1999.  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
1999.  At December 31, 1998, the Trust had $745,000 in cash
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, 1998, the
Trust had no undistributed earnings and profits.  Distributions
to shareholders during 1998, which totaled $1,222,000  included
all taxable income and earnings and profits for 1998 plus
$145,000 designated as return of capital.  During 1997, the
Trust distributed $1,307,000, of which $315,000 was designated
as a return of capital.  During 1998, the aggregate surplus cash
distributed to the minority interest by the controlled
partnerships totaled $145,000. 
     
Due to differences in depreciation rates and carrying values of
some properties, reported income for 1998 was 15% lower; for
1997, 10% lower; and, for 1996, 9% lower, than income for income
tax purposes.

IMPACT OF INFLATION
     
Inflation has not had a significant impact on the Trust during
1998, 1997 and 1996.
                                 
YEAR 2000 ISSUE

A description of the Trust's state of readiness, evaluation of
risks, and contingency plans is contained in Note 11 to the
financial statements.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The financial statements, which are included on pages 7 through
16 of the annual shareholders report for the year ended December
31, 1998, 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 22, 1999
________________     ___ ____________________ ______________ __________________
John I Bradshaw, Jr.  67 President (1998)      1982 to date  96,294 (6.22%)
Indianapolis, IN         Exec. Vice President      (2000)
                         Century Realty Trust
                         Other Directorships:       
					None
                                                                
             
John W. Adams         50 Vice President        1996 to date   1,700  (.11%)
Indianapolis, IN         Browning Investments, Inc.(2000)
                         Real Estate Development
                         Other Directorships:
                           Brightpoint, Inc.
                                                                
              
John A. Wallace       75 Real estate investor  1973 to date  16,500 (1.07%)
Indianapolis, IN         Self employed             (1999)
                         Other directorships:
                              None

Francis M. Hapak      73 Real estate investor  1987 to date  76,605 (4.95%)
Indianapolis, IN         Self employed             (1999)
                         Other directorships:
                              None
                                                                
              
King R. Traub         74 Retired March, 1999   1973 to date  19,662 (1.27%)
Indianapolis, IN         Sr. Vice Pres. (1998)     (2001)
                         David A. Noyes & Company
                         Securities Brokerage
                         Prior to 1998, President
                         Traub and Company, Inc.
                         Securities Brokerage
                         Other directorships:       
					None
                                                                
              
John I. Bradshaw, Jr. is sole owner of 43,935 shares and shares
voting and investment power with respect to 52,359 shares owned
by trusts for his children and his sister.
                                                                
              
John A. Wallace is the sole owner of 15,000 shares and shares
voting and investment power with respect to 1,500 shares owned
by Brenda L. Wallace, his wife.
                                                                
              
Francis M. Hapak is the sole owner of 38,392 shares and shares
voting and investment power with respect to 38,213 shares owned
by Charlotte H. Hapak, his wife.
                                                                
              
King R. Traub is sole owner of 13,579 shares and shares voting
and investment power with respect to 6,083 shares owned by Jane
C. Traub, his wife.
                                                                
              
                                                                
              
        (b) Identification of officers:

Name                       Age   Office(s) Held
________________________   ___  ________________________________________
Francis M. Hapak            73   Chairman of the Board (since 1998)
John I. Bradshaw, Jr.       67   President (since 1998) 
                                 Executive Vice President (1973 to 1998)
                                 Secretary (1979 to 1998),Treasurer 
                                 (since 1996) and Trustee

John W. Adams               50   Secretary (since 1998) andTrustee

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. 1998   99,000         -         2,307*           -
 President (1998)     1997   99,000         -         1,942*           -
 Exec.. Vice Pres.    1996   99,000         -         1,513*           -
 Chief Exec. Officer
 * Compensation equivalent of club dues paid on behalf of individual.


         (c) Option grants in the last fiscal year:  None       


         (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           None        None       4,300          $15,050


**Value is based on $13.00 per share, the average of the
published over-the-counter bid ($12.25) and asked ($13.75)
prices at December 31, 1998.

The option for 4,300 shares held by John W. Adams will expire
April 30, 1999.  The option is 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     Amount and Nature
                          of Beneficial         of Beneficial   Percent
Title of Class                Owner               Ownership     of Class
___________________  ______________________  _________________  ________
Shares of            John I. Bradshaw, Jr.        96,294          6.2%
Beneficial Interest  320 N. Meridian Street
                     Indianapolis, IN 46204

Shares of            Murray R. Wise               80,812          5.2%
Beneficial Interest  2407 S. Neil Street
                     P.O. Box 3009
                     Champaign, IL 61812

John I. Bradshaw, Jr. is sole owner of 43,935 shares and shares
voting and investment power with respect to 52,359 shares owned
by trusts for his children and his sister.

The source of information regarding beneficial ownership by
Murray R. Wise is a Schedule 13G, dated October 28, 1998.  The
Schedule 13G reflects that Mr. Wise has sole voting power and
sole investment power for all of the shares.


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. 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.

            (3) Listing of Exhibits:
                                                                
                Exhibit 13-Annual report to shareholders

         (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

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


                                    CENTURY REALTY TRUST


Date:  3/25/99                      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:  3/25/99                          S/ DAVID F. WHITE    
                                        Controller


Date:  3/25/99                          S/ JOHN W. ADAMS        
                                        Trustee


Date:  
       _______                          ______________________
                                        King R. Traub, Trustee

Date:  3/29/99                          S/ FRANCIS M. HAPAK
                                        Trustee, Chairman
                                       



Date:  3/29/99                          S/JOHN A. WALLACE
                                        Trustee


ITEM 14(A)(1) AND (2). LIST OF FINANCIAL STATEMENTS AND FINANCIAL STATEMENT
                       SCHEDULES


The following 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,
1998:

     Consolidated balance sheets - December 31, 1998 and 1997

     Consolidated statements of income - Years ended December 31, 
                                         1998, 1997 and 1996

     Consolidated statements of cash flows - Years ended December 31, 
                                             1998, 1997 and 1996

     Consolidated statements of shareholders' equity - Years ended December 
                                                       31, 1998, 1997 and 1996

     Notes to consolidated financial statements

The following financial statement schedule of Century Realty
Trust and Subsidiaries 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 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 17, 1999, included in the 1998 Annual Report to
Shareholders of Century Realty Trust.

Our audits also included the financial statement schedule of
Century Realty Trust 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.

                                            S/ ERNST & YOUNG LLP
Indianapolis, Indiana
February 17, 1999

        

Century Realty Trust and Subsidiaries
Consolidated Balance Sheets
                                                           December 31
                                                       1998          1997
                                                    ___________   ___________
Assets
Real estate investments:
  Land                                               $3,776,383    $3,776,383
  Buildings                                          51,642,208    51,276,043
  Equipment                                           1,273,636     1,154,128
  Allowances for depreciation                       (10,166,811)   (8,641,330)
                                                    ___________   ___________
                                                     46,525,416    47,565,224
  Net investment in direct financing leases             348,409       401,677
                                                    ___________   ___________
                                                     46,873,825    47,966,901
Cash and cash equivalents                               744,901       782,631
Restricted Cash                                       1,052,003     1,028,324
Stort-term investments                                                    
Accounts and accrued interest receivable                474,079       415,182
Unamortized management contracts                        579,895       650,475
Unamortized mortgage costs                              539,979       467,705
Undeveloped land                                         99,675        99,675
Other assets                                            125,048       117,195
                                                    ___________   ___________
                                                    $50,489,405   $51,528,088
                                                    ___________   ___________
                                                    ___________   ___________
Liabilities and shareholders' equity
Liabilities:
  Short-term debt                                      $100,000    $1,650,000
  Mortgage notes payable                             35,667,408    34,828,474
  Accounts payable and accrued liabilities              425,068       465,733
  Accrued Interest                                      264,779       241,679
  Accrued State income and property taxes             1,454,464     1,455,212
  Tenants' security deposits and unearned rent          527,642       483,362
                                                    ___________   ___________
                                                     38,439,361    39,124,460

Minority interest in operating partnerships           3,520,925     3,535,693

Shareholders' equity:
  Shares of Beneficial Interest, no par 
    value - authorized 5,000,000 shares, 
    issued 1,553,528, including
    6,214 shares in treasury                          6,758,619     6,758,619
  Undistributed income other than from
   gain on the sale of real estate                      496,940       835,756
  Undistributed net realized gain from the
   sale of real estate                                1,316,078     1,316,078
  Cost of treasury shares                               (42,518)      (42,518)
                                                    ___________   ___________
                                                      8,529,119     8,867,935
                                                    ___________   ___________
                                                    $50,489,405   $51,528,088
                                                    ___________   ___________
                                                    ___________   ___________
See accompanying notes.

Century Realty Trust and Subsidiaries
Consolidated Statements of Income
                                              Year ended December 31
                                           1998         1997         1996
                                       __________   __________   __________
Income:
Real estate operations:
  Rental Income                       $12,470,119   $9,076,399   $8,120,197
  Income from direct 
   financing leases                        50,897       53,466       60,849
  Other income                            253,709      155,179      162,266
                                       __________   __________   __________
                                       12,774,725    9,285,044    8,343,312
  Less:
    Real estate operating expenses      4,966,967    3,528,637    3,012,292
    Depreciation                        1,753,216    1,270,519    1,113,618
    Real estate taxes                   1,267,304      960,150      842,349
                                       __________   __________   __________
                                        7,987,487    5,759,306    4,968,259
                                       __________   __________   __________
                                        4,787,238    3,525,738    3,375,053
Interest income                            70,118       79,253       41,420
                                       __________   __________   __________
                                        4,857,356    3,604,991    3,416,473
Expenses:
Interest                                3,201,369    2,202,376    1,860,759
State income taxes                        150,100      151,395      144,240
General and administrative expenses       515,558      419,152      389,004
                                       __________   __________   __________
                                        3,867,027    2,772,923    2,394,003
                                       __________   __________   __________
Income before minority interest
 in operating partnerships                990,329      832,068    1,022,470

Minority interest in operating
 partnerships                            (106,767)      26,879            -
                                       __________   __________   __________
Net income                               $883,562     $858,947   $1,022,470
                                       __________   __________   __________
                                       __________   __________   __________
Earnings per share:

  Basic earnings per share                  $0.57        $0.57        $0.70

  Diluted earnings per share                $0.57        $0.56        $0.69


See accompanying notes.

<TABLE>

Century Realty Trust and Subsidiaries
Consolidated 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 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
  Net income for 1997                     -           -      858,947           -           -     858,947
  Dividends ($.87 per share)              -           -   (1,307,219)          -           -  (1,307,219)
  Shares issued for real estate                                                                          
   acquisition                       24,175     274,991            -           -           -     274,991 
  Treasury shares sold               48,000     193,560            -           -     328,440     522,000
  Stock options exercised            21,200      40,964            -           -     145,061     186,025
                                  _________  __________   __________  __________  __________  __________
Balance at December 31, 1997      1,547,314   6,758,619      835,756   1,316,078     (42,518)  8,867,935
  Net income for 1998                     -           -      883,562           -           -     883,562
  Dividends ($.79 per share)              -           -   (1,222,378)          -           -  (1,222,378)
                                  _________  __________   __________  __________  __________  __________
Balance at December 31, 1998      1,547,314  $6,758,619     $496,940  $1,316,078    ($42,518) $8,529,119
                                  _________  __________   __________  __________  __________  __________
                                  _________  __________   __________  __________  __________  __________


</TABLE>
See accompanying notes.


Century Realty Trust and Subsidiaries
Consolidated Statements of Cash Flows
                                               Year ended December 31
                                             1998        1997       1996
                                         __________  __________  __________
Operating Activities
Net income                                 $883,562    $858,947  $1,022,470
Adjustments to reconcile net
 income to cash provided by
 operating activities:
   Depreciation and amortization          1,805,010   1,304,744   1,142,300
   Minority interest                        106,767     (26,879)        -  
   Changes in operating assets 
    and liabilities:
     Restricted cash                        (23,680)    (78,045)    (30,719)
     Accounts and accrued income 
      receivable                            (99,945)    (77,165)    (25,430)
     Other assets                             7,880      11,697     (60,547)
     Accounts payable and accrued 
      liabilities                             5,963     147,471     (40,842)
     Tenants' security deposits and 
      unearned rent                          44,280     (42,845)    (30,323)
                                         __________  __________  __________
Net cash provided by operations           2,729,837   2,097,925   1,976,909

Investing Activities:
Investment in short term investments            -    (2,474,313) (2,567,768)
Proceeds from maturities of short term
 investments                                    -     3,065,306   2,270,721
Acquisition of real estate, net of 
 debt assumed                                   -    (2,858,857)        -  
Purchase of property and improvements      (690,672)   (422,483)   (352,450)
Purchase of management contracts                -      (650,475)        -  
Lease principal payments received            53,268      41,913      40,387
                                         __________  __________  __________
Net cash used in investing activities      (637,404) (3,298,909)   (609,110)

Financing Activities:
Net short-term bank 
 borrowings (repayments)                 (1,550,000)  1,650,000    (700,762)
Net proceeds from mortgage 
 notes payable                            6,689,609   1,126,684   2,982,530
Principal payments on mortgage 
 notes payable                           (5,910,838)   (518,152) (2,360,377)
Sale of treasury shares                         -       708,025      17,500
Distribution to minority interest          (145,321)        -           -  
Dividends paid to shareholders           (1,213,613) (1,298,279) (1,181,282)
                                         __________  __________  __________
Net cash provided by (used in)
 financing activities                    (2,130,163)  1,668,278  (1,242,391)
                                         __________  __________  __________
Net increase (decrease) in cash 
 and cash equivalents                       (37,730)    467,294     125,408
Cash and cash equivalents 
 at beginning of year                       782,631     315,337     189,929
                                         __________  __________  __________
Cash and cash equivalents 
 at end of year                            $744,901    $782,631    $315,337
                                         __________  __________  __________
                                         __________  __________  __________
Supplemental Data:
Selected noncash activities related to 
 investing and financing activities
 were as follows:
   Liabilities assumed in connection
    with acquisition of real estate             -   $13,761,000         -  

See accompanying notes.


Century Realty Trust
Notes to Consolidated Financial Statements
December 31, 1998

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.  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, 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 partner to replace the general partner.
 Interests held by limited partners in the five real estate
partnerships are controlled by the Trust and 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 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.

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.

Short-Term Investments:

Short-term investments include certificates of deposit and U.S.
government agency obligations with maturities less than one year.

Unamortized Management Contracts:

Unamortized management contracts represents 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.

Unamortized Mortgage Costs:

Unamortized mortgage costs represents 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.

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 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.

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.

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
1999 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:                                                             
                                                               
                                               1998        1997
                                          ___________   __________
Minimum lease payments receivable            $393,992     $498,157
Estimated unguaranteed residual values        101,484      101,484
Unearned income                              (147,067)    (197,964)
                                          ___________   __________     
Net investment                               $348,409     $401,677
                                          ___________   __________
                                          ___________   __________


At December 31, 1998 future minimum lease payments receivable
from direct financing leases are $69,024 for 1999, $66,095 for
2000 through 2003, and $60,587 for 2004.  Also, at December 31,
1998, future minimum lease payments receivable from
noncancelable operating leases are $20,120 for 1999, $18,905 for
2000 through 2003, and $17,329 for 2004.

3.  Real Estate Investment Transactions

During 1997, the Trust purchased or acquired control of one
commercial property and six apartment properties.  The cash
portions of the acquisitions were funded primarily with proceeds
from the issuance of shares of $275,000, short-term borrowings
under the Trust's Bank Credit Facility of $1,650,000, assumption
of existing mortgage debt and with working capital.

The Trust purchased, in separate transactions, 100% ownership of
a 34,000 square-foot multi-tenant office property in
Indianapolis, Indiana in May, 1997 for $1,500,000, and the
192-unit Charter Oaks apartment property in Evansville, Indiana
in June, 1997 for $5,100,000.  The aggregate consideration paid
by the Trust consisted of long-term mortgage loans of
$4,500,000, 24,175 shares of beneficial interest valued at
$275,000 which were issued to a Trustee of the Trust and
approximately $1,500,000 in cash and with working capital.  The
Trustee was a limited partner of the commercial property.

In November, 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 as its
principal asset, a single apartment property.  CR Management,
Inc. paid, in cash, $687,500 for its one percent general partner
interest and management rights to the properties and $245,000
for acquisition and organization.  The acquisition resulted in
creating five new partnerships which issued, in the aggregate,
approximately 286,908 O.P. units to the selling partnerships for
their contribution of net assets to the newly-formed
partnerships.

The acquisition agreement provides that the Trust will 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 would exist for at least
eight years, at which time the Trust could, at its option,
require the exchange of any remaining outstanding O.P. units. 
At the date of acquisition, the market value of the Trust's
shares of beneficial interest was $11.625 per share.  The
share-equivalent value of the 286,908 O.P. units ($3.3 million)
plus the cash investment of $923,500 represents the approximate
purchase price for the exclusive management rights and the real
estate and other assets less assumed mortgage debt and other
liabilities of the operating partnerships.

Due to the level of control that the Trust has over the
activities and operations of each of these partnerships included
in the Porter Portfolio, the financial position and results of
operations of those partnerships are included in the
consolidated financial statements of the Trust from the date of
their acquisition.  The equity interest which the Trust does not
own is described in the consolidated financial statements as the
minority interest in operating partnerships.  The Porter
Portfolio properties consisted of the following:

    Date                                             Number    Year
  Acquired    Property            Location          of Units   Built
  _______ __________________ ______________________ ________  ______
   11/97  Barcelona          Kokomo, Indiana             64     1971
   11/97  Beech Grove        Jeffersonville, Indiana    182     1973
   11/97  Hampton Court      Indianapolis, Indiana       92     1980
   11/97  Sheffield Square   New Albany, Indiana        152     1974
   11/97  West Wind Terrace  Indianapolis, Indiana       96     1967

4.  Short-term Debt

In April 1997, the Trust obtained an unsecured line of credit
for $2,500,000 from a bank.  As of December 31, 1998 and 1997,
the Trust had borrowed $100,000 and $1,650,000, respectively,
which it expects to repay from funds provided by operations. 
The line of credit rate of interest was 7.4% and 7.9% at
December 31, 1998 and 1997, respectively.

At December 31, 1998 and 1997, approximately $539,000 and
$642,000, respectively, in bank deposit accounts represent
collateral for the short-term debt.


5.  Mortgage Notes Payable

Mortgage notes applicable to properties owned by the Trust are
payable in monthly installments, including interest at rates
ranging from 7% to 9 3/4% per annum, and mature from December 1,
2000 to August 1, 2008.  At December 31, 1998 and 1997, mortgage
notes payable by the Trust amounted to $25,805,261 and
$24,868,704 respectively.  The aggregate amount of long-term
debt maturities for each of the five years after December 31,
1998 are:  1999, $495,583; 2000, $3,946,526; 2001, $428,526;
2002, $1,504,969; 2003, $1,692,690 and thereafter, $17,736,967.

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 8 1/8% to
8 7/8% per annum, and mature from June 1, 2006 to May 1, 2030. 
At December 31, 1998 and 1997, mortgage notes payable by
partnerships controlled by the Trust amounted to $9,862,147 and
$9,959,770 respectively.  The aggregate amount of long-term debt
maturities for each of the five years after December 31, 1998
are:  1999, $103,195; 2000, $112,555; 2001, $122,544; 2002,
$110,213; 2003, $113,160; and thereafter $9,300,480.

Cash paid for interest was $3,077,610, $2,093,275, and
$1,860,237 for years ended December 31, 1998, 1997, and 1996,
respectively.

At December 31, 1998, approximately $30,600,000 of the owned
real estate investments, and $13,000,000 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,
1998 there were 1,547,314 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.


7.  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 were 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.  In 1996, options for 2,000 shares were exercised at
$8.75 per share.  In 1997, options for 21,200 shares were
exercised, 20,500 at $8.75 per share and 700 at $9.50 per share.
 Options for 1,500 shares expired unexercised on March 21, 1997.
 Options for 4,300 shares were unexercised at December 31, 1998.


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 Equivalent and Restricted Cash:  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, 1998  
          
                                    Carrying Amount         Fair Value     
                                    ________________     ______________   
Cash and cash equivalents            $    744,901          $   745,000    
Restricted cash                         1,052,003            1,052,000    
Short-term debt	                          100,000              100,000    
Mortgage notes payable                 35,667,408           36,718,000    
                                                               
                                                               
                                              December 31, 1997            

                                    Carrying Amount         Fair Value    
                                    ________________      _____________   
Cash and cash equivalents            $   782,631          $    783,000    
Restricted cash                        1,028,324             1,028,000    
Short-term debt        	               1,650,000             1,650,000    
Mortgage notes payable                34,828,474            36,686,000   
                                                               
                                               
9. Earnings Per Share

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

                                        1998         1997        1996
                                     __________   __________  __________
Numerator:
  Numerator for basic and diluted
   earnings per share                $  883,562   $  858,947  $1,022,470
                                     __________   __________  __________
                                     __________   __________  __________
Denominator:
  Denominator for basic earnings per
   share-weighted average shares      1,547,314    1,515,436   1,453,660   
  Effect of dilutive securities:
     Stock options                        3,335        6,320      23,018
                                     __________  ___________  __________
Denominator for diluted earnings 
  per share-adjusted weighted
  average shares and assumed
  conversions                         1,550,649    1,521,756   1,476,678
                                     __________   __________  __________
                                     __________   __________  __________

Basic earnings per share             $      .57   $      .57   $     .70
                                     __________   __________  __________
                                     __________   __________  __________
Diluted earnings per share           $      .57   $      .56   $     .69
                                     __________   __________  __________
                                     __________   __________  __________  


Shareholder rights have not been included in the earnings per
share calculation because they would be anti-dilutive at
December 31, 1998, 1997 and 1996.

10. Contingent Liability

On November 30, 1998, the Internal Revenue Service assessed a
$151,400 penalty against the Trust for its alleged failure to
correctly and/or timely file information returns regarding
dividends that it paid in 1996.  The Trust's management believes
that the returns in question were submitted timely, were correct
when submitted and that the assessed penalty is unjustified. 
The Trust is currently pursuing its administrative appeal rights
with the Internal Revenue Service and intends to vigorously
oppose the penalty assessment.  As a result of the uncertainty
concerning the ultimate outcome of this matter, no liability has
been recorded at December 31, 1998.

11. Year 2000 Readiness (Unaudited)

The Trust completed an assessment of its Year 2000 exposure in
1998 and concluded that it has no significant exposure in
non-information systems.  None of the Trust's investment
properties has centralized or automated utility, communications
or security systems.  None of its properties has elevator or
escalator equipment.  Security lighting is regulated by photo
electric cells and heating systems are regulated by
heat-sensitive thermostats.  Computerized information systems
used in accounting and word processing are all based on personal
computers, either as stand-alone units or in hard-wired
networks.  The Trust has no computer systems that interface with
another entity.  None of the Trust's computer information
systems is considered critical to the conduct of its business.

The principal independent property management firm that manages
most of the Trust's investment properties completed its software
assessment in 1998 and concluded that all software in use is
Year 2000 compliant.  That firm is moving to new offices, and
will reconfigure its computer network in the second quarter of
1999.  It is planning to upgrade some hardware at that time and
have all of its equipment certified to be Year 2000 compliant by
a qualified independent consultant.

Substantially all hardware used in the Trust's operations has
been purchased new within the last five years.  All accounting
and information processing software in use is well-known,
commercially available, and purchased within the last five
years.  The Trust uses custom-written software for its investors
records, distribution payments, and tax reporting.  All custom
software in use was developed within the last three years and
certified by the developer to be Year 2000 compliant.

Due to the use of relatively modern equipment, relatively simple
and readily available software, and the absence of critical
systems, the cost and organizational involvement required to
assess the Trust's state of readiness for the Year 2000 has been
immaterial.  No remediation requirements have been identified to
date and none are expected.

Apartment properties comprise the majority of the Trust's
invested assets and account for most of its revenue.  The
Trust's profitability in the short run and its survival in the
long run, depends upon the ability and willingness of the
residents of its apartments to pay rent when due.  The most
likely worst case scenario related to the Year 2000 for the
Trust is that the residents of its apartments may be unwilling
or unable to pay rent.  Disruption in electric, heat and/or
water service could prompt some residents to temporarily
withhold part or all rent due the Trust.  Lost wages or payroll
delays due to Year 2000 problems encountered by residents'
employers or others upon whom those employers depend could
jeopardize the ability of some residents to pay rent.

In the event that unforeseen Year 2000 problems arise in the
accounting systems used by the Trust and/or its independent
management firms, essential functions will be done manually. 
Non-essential functions will be curtailed until corrective
measures are implemented. Contingency plans with respect to the
"most likely worst case scenario" have not been finalized.  The
objective of such contingency planning is to enable the Trust,
in spite of a substantial temporary decrease in revenue, to meet
its debt service and payroll obligations in January, 2000 and
beyond, if necessary.


Report of Ernst & Young,  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, 1998 and 1997, and the related consolidated
statements of income, shareholders' equity and cash flows for
each of the three years in the period ended December 31, 1998. 
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 consolidated
financial position of Century Realty Trust and Subsidiaries as
of December 31, 1998 and 1997, and the consolidated results of
their operations and their cash flows for each of the three
years in the period ended December 31, 1998, in conformity with
generally accepted accounting principles.

                                                                
                                                     ERNST & YOUNG LLP
                                                
February 17, 1999
Indianapolis, Indiana                                 
                                                       

<TABLE>
                                 
SCHEDULE III--REAL ESTATE AND ACCUMULATED DEPRECIATION
CENTURY REALTY TRUST
December 31, 1998


                                               Col. B        Col. C                     Col. D                
                                                                                   Cost Capitalized          
                                                          Initial Cost to Company    Subsequent to Acquisition
                                                          _________________________  _______________________  
                                                                         Buildings                            
                                                                            and                     Carrying  
                Description                 Encumbrances      Land     Improvements  Improvements    Costs    
_______________________________________ ________________  ___________  _____________ _____________ _________  
<S>                                    <C>               <C>          <C>           <C>           <C>          
Garden apartments (no. of units):
  Chester Heights (110), Richmond, IN       First mortg       $56,700      $852,500      $360,681     ---
  Park Forest (64), Marion, IN              First mortg        57,800       517,200       610,795     ---
  Fontenelle (176), Kokomo, IN                  None          128,000     1,622,000     1,444,949     ---
  Park Plaza I (88), Indianapolis, IN           None           37,655       693,295       336,990     ---
  Park Plaza II (96), Indianapolis, IN          None           47,345       871,705           ---     ---
  Driftwood Park (48), Indianapolis, IN     First mortg       117,000     1,168,308       138,968     ---
  Regency Royale (132), Mishawaka, IN       First mortg       125,000     3,638,499       124,856     ---
  Creek Bay (208), Indianapolis, IN         First mortg       340,940     7,101,480        88,067     ---
  Eagle Creek Park (188), Indianapolis, IN  First mortg       378,000     5,679,172       335,641     ---
  Fox Run (256), Indianapolis, IN           First mortg       398,000     6,446,469       202,905     ---
  Charter Oaks (192), Evansville, IN        First mortg       241,500     4,851,716        52,034     ---
  Barcelona (64), Kokomo, IN                First mortg        59,200     1,350,384        64,189     ---
  Beech Grove (182), Jeffersonville, IN     First mortg       469,000     3,612,360         2,089     ---
  Hampton Court (92), Indianapolis, IN      First mortg       225,600     1,481,900        12,441     ---
  Sheffield Square (152), New Albany, IN    First mortg       227,000     4,020,424        37,690     ---
  West Wind Terrace (96), Indianapolis, IN  First mortg       136,700     1,610,241         4,772     ---
Commercial (square feet):                                                                                
  Office/Warehouse (38,000), Carmel, IN     First mortg        54,000       446,075       138,314     ---
  Office (17,000), Indianapolis, IN             None           71,500       457,818        48,253     ---
  Office (34,000), Indianapolis, IN         First mortg       348,725     1,184,344        39,429     ---
Net leased restaurants (square feet):                                                                    
  Miami Subs (3,500), Longwood, FL              None          113,479          ---           ---      ---
  Fortune House (5,000), Indianapolis, IN       None          136,494          ---           ---      ---
                                                           __________   ___________    __________  _________  
                                                            3,769,638    47,605,890     4,043,063     ---
Equipment--various locations                    None             ---        492,266       781,370     ---
                                                           __________   ___________    __________  _________  
                            TOTAL REAL ESTATE INVESTMENTS  $3,769,638   $48,098,156    $4,824,433     ---
                                                           __________   ___________    __________  _________  
                                                           __________   ___________    __________  _________  
                                                                                                            
Undeveloped land - various locations            None          $99,675          ---           ---      ---
                                                           __________   ___________    __________  _________  
                                                           __________   ___________    __________  _________  



                                                         Col. E                   
                                                    Gross Amount at Which
                                                  Carried at Close of Period      
                                             _____________________________________
                                                         Buildings                
                                                            and                   
                Description                    Land     Improvements      Total   
______________________________________       _________  ___________  _____________
<S>                                        <C>         <C>          <C>              
Garden apartments (no. of units):
  Chester Heights (110), Richmond, IN          $63,445    $1,206,436    $1,269,881
  Park Forest (64), Marion, IN                  57,800     1,127,995     1,185,795
  Fontenelle (176), Kokomo, IN                 128,000     3,066,949     3,194,949
  Park Plaza I (88), Indianapolis, IN           37,655     1,030,285     1,067,940
  Park Plaza II (96), Indianapolis, IN          47,345       871,705       919,050
  Driftwood Park (48), Indianapolis, IN        117,000     1,307,276     1,424,276
  Regency Royale (132), Mishawaka, IN          125,000     3,763,355     3,888,355
  Creek Bay (208), Indianapolis, IN            340,940     7,189,547     7,530,487
  Eagle Creek Park (188), Indianapolis, IN     378,000     6,014,813     6,392,813
  Fox Run (256), Indianapolis, IN              398,000     6,649,374     7,047,374
  Charter Oaks (192), Evansville, IN           241,500     4,903,750     5,145,250
  Barcelona (64), Kokomo, IN                    59,200     1,414,573     1,473,773
  Beech Grove (182), Jeffersonville, IN        469,000     3,614,449     4,083,449
  Hampton Court (92), Indianapolis, IN         225,600     1,494,341     1,719,941
  Sheffield Square (152), New Albany, IN       227,000     4,058,114     4,285,114
  West Wind Terrace (96), Indianapolis, IN     136,700     1,615,013     1,751,713
Commercial (square feet
  Office/Warehouse (38,000), Carmel, IN         54,000       584,389       638,389
  Office (17,000), Indianapolis, IN             71,500       506,071       577,571
  Office (34,000), Indianapolis, IN            348,725     1,223,773     1,572,498
Net leased restaurants (square feet):       
  Miami Subs (3,500), Longwood, FL             113,479          ---        113,479
  Fortune House (5,000), Indianapolis, IN      136,494          ---        136,494
                                            __________   ___________   ___________
                                             3,776,383    51,642,208    55,418,591
Equipment--various locations                      ---      1,273,636     1,273,636
                                            __________   ___________   ___________
               TOTAL REAL ESTATE INVESTMENS $3,776,383   $52,915,844   $56,692,227 (A)
                                            __________   ___________   ___________
                                            __________   ___________   ___________

Undeveloped land - various locations           $99,675  $                  $99,675 (B)
                                            __________   ___________   ___________
                                            __________   ___________   ___________ 




                                              Col. F         Col. G      Col. H        Col.I
                                                                                   
                                                                                     Life on Which
                                                                                     Depreciation in
                                                                                     Latest Income
                                            Accumulated     Date of       Date       Statements
                Description                 Depreciation   Construction  Acquired    Is Computed
___________________________________________ _____________  ___________  __________  _____________
<S>                                        <C>            <C>          <C>         <C>               
Garden apartments (no. of units):
  Chester Heights (110), Richmond, IN       $  912,477          1965    01/73        31 years
  Park Forest (64), Marion, IN                 797,101          1962    01/73        31 years
  Fontenelle (176), Kokomo, IN               2,172,312          1966    01/73        29 years
  Park Plaza I (88), Indianapolis, IN          703,934          1965    01/73        33 years
  Park Plaza II (96), Indianapolis, IN         679,929          1967    01/73        33 years
  Driftwood Park (48), Indianapolis, IN        436,152          1963    09/89        28 years
  Regency Royale (132), Mishawaka, IN          529,235          1983    06/93        40 years
  Creek Bay (208), Indianapolis, IN            913,093          1992    12/93        40 years
  Eagle Creek Park (188), Indianapolis, IN     749,565          1974    03/94        40 years
  Fox Run (256), Indianapolis, IN              637,067          1974    03/95        40 years
  Charter Oaks (192), Evansville, IN           183,761          1984    06/97        40 years
  Barcelona (64), Kokomo, IN                    40,176          1971    11/97        33 years
  Beech Grove (182), Jeffersonville, IN        102,565          1973    11/97        33 years
  Hampton Court (92), Indianapolis, IN          42,358          1980    11/97        33 years
  Sheffield Square (152), New Albany, IN       115,301          1974    11/97        33 years
  West Wind Terrace (96), Indianapolis, IN      45,810          1967    11/97        33 years
Commercial (square feet):                   
  Office/Warehouse (38,000), Carmel, IN        334,856          1972    10/77        33 years
  Office (17,000), Indianapolis, IN            181,906          1966     7/86        33 years
  Office (34,000), Indianapolis, IN             51,459          1975     5/97        40 years
Net leased restaurants (square feet):       
  Miami Subs (3,500), Longwood, FL                ---           1978     1/79          N/A
  Fortune House (5,000), Indianapolis, IN         ---           1979    11/79          N/A
                                            ___________
                                             9,629,057
Equipment--various locations                   537,754        Various  Various      3-15 years
                                            ___________
           TOTAL REAL ESTATE INVESTMENTS   $10,166,811 (A)
                                           ___________
                                           ___________
Undeveloped land - various locations             ---             N/A     1/73          N/A
                                           ___________
                                           ___________



(A) The aggregate carrying value for tax purposes is $41,661,772
(B) The aggregate carrying value for tax purposes is $72,522


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

CENTURY REALTY TRUST

December 31, 1998

                                                           Total Land,
                                               Buildings     Buildings
                                                     and           and                Accumulated  Undeveloped
                                      Land  Improvements  Improvements    Equipment  Depreciation        Land
                                __________  ____________  ____________   __________   ___________  ___________
<S>                            <C>         <C>           <C>           <C>           <C>          <C>          
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
   Additions:
      Acquisitions               1,707,725    18,111,370    19,819,095      245,845          ---         --- 
      Improvements                    ---        317,366       317,366      105,117          ---         --- 
      Depreciation                    ---           ---           ---          ---      1,265,602        --- 
   Deductions:
      Fully amortized costs           ---         65,366        65,366       35,088       100,454        --- 
                                __________   ___________   ___________   __________   ___________    ________
Balance December 31, 1997       $3,776,383   $51,276,043   $55,052,426   $1,154,128    $8,641,330     $99,675
   Additions:
      Improvements                    ---        440,443       440,443      189,934          ---         --- 
      Depreciation                    ---           ---           ---          ---      1,670,185        --- 
   Deductions:
      Fully amortized costs           ---         74,278        74,278       70,426       144,704        --- 
                                __________   ___________   ___________   __________   ___________    ________
Balance December 31, 1998       $3,776,383   $51,642,208   $55,418,591   $1,273,636   $10,166,811     $99,675
                                __________   ___________   ___________   __________   ___________    ________
                                __________   ___________   ___________   __________   ___________    ________

</TABLE>