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, 2000  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 $16,059,982, based upon the
average bid and asked prices on March 12, 2001.

Shares of Beneficial Interest, no par value--1,729,331 shares
outstanding as of March 12, 2001.


PART I

ITEM 1.  BUSINESS

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

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



ITEM 2. PROPERTIES

The following investment properties were owned by the registrant
at December 31, 2000:

                                         Year    No. of     1999      Net
Apartments          Location           Acquired  Units  Occupancy   Investment
----------          --------           --------  ------ ---------   ----------
Park Plaza          Indianapolis, IN     1973     176        90%   $   539,723
Fontenelle          Kokomo, IN           1973     176        94        871,094
Park Forest         Marion, IN           1973      64        97        326,286
Chester Heights     Richmond, IN         1973     110        95        297,584
Driftwood Park      Indianapolis, IN     1989      48        95        932,261
Regency Royale      Mishawaka, IN        1993     132        96      3,228,157
Creek Bay           Indianapolis, IN     1993     208        94      6,394,846
Eagle Creek         Indianapolis, IN     1994     188        94      5,425,264
Fox Run             Indianapolis, IN     1995     256        93      6,280,514
Charter Oaks        Evansville, IN       1997     192        92      4,804,683
Barcelona*          Kokomo, IN           1997      64        98      1,419,337
Beech Grove*        Jeffersonville, IN   1997     182        95      3,953,317
Hampton Court*      Indianapolis, IN     1997      92        94      1,666,250
Sheffield Square*   New Albany, IN       1997     152        98      4,024,663
West Wind Terrace*  Indianapolis, IN     1997      96        84      1,708,797
                                                -----              -----------
Total Apartments                                2,136	       93     41,872,778

* 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      91%   $   273,635
Office Buildings
 1810 E. 62nd St.   Indianapolis, IN     1986    17,000      95        371,133
 3510-20 E. 96th St., Indianapolis, IN   1997    34,000      91      1,488,542
                                                  ------            -----------
Total Commercial                                 89,000              2,133,310

                                         Year    Square    Lease       Net
Restaurants         Location           Acquired   Feet   Expires    Investment
-----------         --------           --------  ------  --------   ----------
Fortune House       Indianapolis, IN     1979     5,000     2004       366,192
Miami Subs          Orlando, FL          1979     3,500     2004       155,711
                                                  -----                -------
Total Restaurants                                 8,500                521,903
                                                                   -----------
ALL INVESTMENT PROPERTIES                                          $44,527,991
                                                                   -----------
                                                                   -----------

ITEM 3. LEGAL PROCEEDINGS

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

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

There were no matters submitted to a vote of security holders
during the fourth quarter of the year ended December 31, 2000.


PART II

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

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

                                           Distributions
2000                High         Low          Declared
----                ----         ----      -------------
1st Quarter        $12.25       $10.75         $0.20
2nd Quarter         13.00         9.56          0.20
3rd Quarter         13.00         9.88          0.21
4th Quarter         12.94        10.75          0.21

1999
----
1st Quarter        $12.75       $12.25         $0.20
2nd Quarter         12.75        12.38          0.20
3rd Quarter         12.63        12.31          0.20
4th Quarter         12.75        11.50          0.20

ITEM 6. SELECTED FINANCIAL DATA

In thousands, except per share data and number of apartments



Years ended December 31,    2000      1999      1998      1997     1996
------------------------    ----      ----      ----      ----     ----
Operating Data:
Rental and other
 operating income         $13,294   $13,227   $12,885   $ 9,364  $ 8,385
Gains on sale of property       -         -         -         -        -
Income before minority
 interest in operating
 partnerships               1,133     1,071       990       832    1,022
Net income                  1,110       934       884       832    1,022

Cash distributions declared 1,408     1,238     1,222     1,307    1,192
Weighted average number
 of shares outstanding      1,717     1,548     1,547     1,515    1,454
Per share:
  Basic earnings          $  0.65   $  0.60   $  0.57   $  0.57  $  0.70
  Diluted earnings           0.65      0.60      0.57      0.56     0.69
  Distributions declared     0.82      0.80      0.79      0.87     0.82


Balance Sheet Data:
Total real estate
 investments(a)           $57,539   $57,429   $57,041   $56,608  $36,261
Allowances for
 depreciation             (13,011)  (11,690)  (10,167)   (8,641)  (7,476)
Total assets               47,821    49,533    50,489    51,528   30,538
Mortgage and other
 notes payable             34,013    35,171    35,767    36,478   20,438
Total liabilities          36,588    37,829    38,439    39,124   22,205
Minority interest in
 operating partnerships     1,149     3,476     3,531     3,536        -
Shareholders' equity       10,084     8,228     8,529     8,868    8,333
Number of shares
 outstanding                1,726     1,548     1,547     1,547    1,454

Other Data:
Cash flow data:
  Cash provided by
   operating activities   $ 3,148   $ 2,711   $ 2,730   $ 2,098  $ 1,977
  Cash (used in)
   investing activities      (498)     (570)   (  637)   (3,299)    (609)
  Cash provided by (used
   in) financing
   activities              (2,752)   (2,002)   (2,130)   (1,668)  (1,242)

Funds from operations(b):
  Income before minority
   interest in operating
   partnerships           $ 1,133   $ 1,071   $   990   $   832  $ 1,022
  Deduct gains on sale
   of property                  -         -         -         -        -
  Add back investment real
   estate depreciation      1,774     1,770     1,741     1,265    1,111
  Deduct funds attributed
   to minority interest      (160)     (492)     (450)        -        -
                          -------   -------   -------   -------  -------
Funds from operations     $ 2,747   $ 2,349   $ 2,281   $ 2,097  $ 2,133
                          -------   -------   -------   -------  -------
                          -------   -------   -------   -------  -------
Apartment units owned(a):
  Owned at December 31      2,136     2,136     2,136     2,136    1,358
  Weighted average number
   of apartments owned
   during the year          2,136     2,136     2,136     1,503    1,358

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



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

OVERVIEW

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

During all of 2000 and 1999 the Trust owned or controlled
fifteen apartment communities containing 2,136 apartment units,
three multi-tenant commercial properties containing 89,000
rentable square feet, and two restaurant properties leased to
operators under net leases.  Five of the apartment properties
containing 586 units are owned by separate partnerships that are
controlled by the Trust through a wholly-owned subsidiary.  A
detailed description of partnership-owned real estate
acquisitions is contained in Note 3 "Real Estate Investment
Transactions" in the financial statements.

In 1999, the Trust registered 286,908 shares of beneficial
interest which were subsequently offered to holders of an equal
number of operating partnership units in the five partnership
entities it has controlled, as General Partner, since November,
1997.  As of January 1, 2001, holders of 192,609 partnership
units, representing 67.1% of outstanding units, had exercised
their exchange options.  Unit holders who have not exercised
their options may do so as of the first day of each calendar
quarter through 2007 (See Note 3 to the financial statements).
Management anticipates that the increase in outstanding shares
and corresponding decrease in the minority interest will not
have a material impact on funds from operations and net income
per share during the next year.

At December 31, 2000 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 account for most of the rental income and expenses
reported.  The 2,136 apartment units in the portfolio throughout
2000 and 1999 contributed 94.3% and 94%, respectively,  of the
total revenue from real estate operations, and 98.6% and 98.5%,
respectively, of the total real estate operating expenses.

RESULTS OF OPERATIONS -- 2000

The Trust experienced increases of approximately .6% in income
and 1.9% in expenses, other than depreciation, related to its
apartment operations in 2000.   The commercial and restaurant
properties experienced a decrease in gross income and a slight
decrease in operating expenses in 2000 compared to the previous
year.

The restaurant property in Orlando, Florida has been, since
early 1999,  operated as a Miami Subs franchised restaurant
under a five-year operating lease with the operator.  The Trust
was notified in late February, 2001,  that the operator had
closed the restaurant and intends to declare bankruptcy.  A
prospective lessee-operator, approved by the franchisor, has
proposed to lease the property from the Trust, either under a
new lease with similar terms, or an assumption of the existing
lease.   A decision with respect to the proposed lease has been
deferred until an independent appraisal of the property is
completed.

The increase in gross income from apartment properties resulted
from the combined effect of 1.9% higher average rental rates and
a 1.3% decrease in overall occupancy rates. Apartment occupancy
rates decreased from an average of 94.3% in 1999 to 93.2% in
2000. At December 31, 2000 the aggregate occupancy rate for the
Trust's apartment properties was 93.5%.  At the end of 1999, the
overall apartment occupancy was 95%. Real estate operating
expenses, including real estate taxes (excluding interest and
depreciation) for the apartment properties increased 1.9%.

Operating expenses amounted to 50.1% of gross possible income
for both 2000 and 1999.  Approximately 89% of the increase in
operating expenses related to property employee costs which
include salaries, payroll taxes and group insurance benefits.
Property employee costs in 2000 increased by 7% from 1999.
Approximately half of the increase resulted from adding
employees to perform certain maintenance, painting and
janitorial services previously provided by outside contractors.
The remainder of the increase represented increased compensation
rates and health insurance costs.   Employee costs, as a percent
of gross possible income, increased from 11.6% in 1999 to 12.3%
in 2000.  The combined costs for maintenance and repairs,
painting and decorating and building services declined from
10.3% in 1999 to 10% in 2000.

The Fox Run apartments, a 256-unit property in Indianapolis,
produced the most impressive operating improvement in 2000 over
1999.  Following two difficult years of sub-par occupancy and
high expense ratios, economic occupancy increased from 88.9% in
1999 to 92.6% in 2000.  Operating expenses, in amount and as a
percent of gross possible income, decreased from the previous
year.  The operating expense ratio in 2000 was 55.2%, down from
60.5% in 1999.

At the opposite extreme, the most disappointing performance was
turned in by the West Wind Terrace Apartments, a
partnership-owned property in which the Trust currently has a
45% equity interest.  The average occupancy rate for West Wind
Terrace during 2000 was 84.3%, down from 92% in 1999.  Its
operating expense ratios also show a negative comparison of
48.4% to 44.2% for 2000 and 1999, respectively.  An occupancy
improvement and resident retention program was implemented
during 2000 that included interior and exterior improvements.
Interior improvements included installing new carpet, appliances
and cabinetry in selected units.  Exterior improvements included
paving and, where necessary, replacing sidewalks and curbs.  By
March 1, 2001, the occupancy rate had recovered to 92%.

Nonresidential properties, which accounted for 5.7% of total
income from operations in 2000, and 6% in 1999,  experienced a
4.7% decrease in gross income.  The decrease resulted primarily
from lower occupancy rates in 2000.   The two office properties
that, in the aggregate, contain  51,000 square feet were the
Trust's most efficient commercial property investments in 2000,
both as to occupancy rate and expense ratio.  Together, they
averaged 95% occupancy during 2000, which resulted in a 1.8%
increase in rental income.  Low turnover of tenants during the
year resulted in a decrease in operating expenses to 28.4% of
gross income in 2000 from 31.6% in 1999.

During 2000, 41% of the $101,000 of interest income earned by
the Trust was earned at money market rates on sweep account
demand deposit funds and 41% was earned at savings account rates
on restricted cash balances.  The balance was received from a
property management firm formerly employed by the Trust whose
services were terminated in 1999.  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 2000, the Trust earned a 5.06%
average rate of return on an average total amount of cash and
short-term investments of $793,000, exclusive of the restricted
cash accounts over which the Trust does not have investment
discretion.  In 1999, 33% of the interest income earned by the
Trust was derived from the day to day investment of excess cash
deposits at money market rates of return that averaged 3.9% on
an average daily balance of $655,000.

The reduction in interest expense from the prior year includes
approximately $55,000 that resulted from the scheduled
conversion, effective in the second quarter of 2000, of a
$5,075,000 mortgage loan balance from a fixed rate of interest
to a variable rate.  The balance of the reduction resulted from
the scheduled debt service payments.

In December, 2000, a mortgage loan with a balance of $3.4
million matured and was paid with a combination of cash on hand
and a short-term bank loan against the Trust's line of credit.
The interest cost incurred in 2000 on the short-term loan was
comparable to the amount that would have been incurred had the
mortgage loan not matured.

For 2000, interest expense related to Trust-owned properties,
including the short-term loan referred to above, averaged 8.26%
on average outstanding balances of $25.1 million.  For 1999, the
overall effective interest rate was 8.27% on average outstanding
mortgage loan balances of $25.6 million.  For partnership-owned
properties, the average effective interest rate for 2000 and
1999 was 8.85% on average outstanding loan balances of $9.8 and
$9.9 million, respectively.

General and administrative expenses amounted to 4.2% of income
from real estate operations in 2000, compared with 4.5% in 1999.
Employee compensation costs, which includes payroll taxes and
benefits, that are included in administrative expenses amounted
to $251,300 in 2000, up .6% from $249,700 in 1999.

RESULTS OF OPERATIONS -- 1999

Income from real estate operations increased by approximately 3%
in 1999, while expenses, other than depreciation, increased by
5% over the prior year.  Apartment properties accounted for 77%
of the increase in gross income and all of the increase in
operating expenses.  Commercial properties accounted for 17% of
the increase in net income.  The balance of the increase in
gross income was contributed by one of the net-leased restaurant
properties.  The property in Orlando, Florida that is operated
as a Miami Subs restaurant was, prior to 1999, accounted for as
a direct financing lease.  The original lease expired in early
1999, and a new five-year operating lease that provides for the
same base rent was executed with the restaurant operator.

The increase in gross income from apartment properties resulted
from the combined effect of 1% higher rental rates and a 2%
improvement in overall occupancy rates. Apartment occupancy
rates increased from an average of 92.7% in 1998 to 94.3% in
1999. At December 31, 1999, the overall occupancy rate for the
Trust's apartment properties was 95%, up from 94% at the end of
1998.  Real estate operating expenses, excluding interest and
depreciation, for the apartment properties increased 5.8% in
1999.  Operating expenses amounted to 50.1% and 47.6% of gross
possible income for 1999 and 1998, respectively.  Severe winter
conditions early in 1999 accounted for $30,000, or 9%, of the
increase in total operating expenses.  Approximately 55% of the
increase in operating expenses related to efforts to improve
occupancy and reduce resident turnover at the Fox Run
apartments.  The economic occupancy rate at Fox Run improved to
89% for the full year of 1999 from 84% for all of 1998.  At the
end of 1999, 94% of the Fox Run apartments were rented.


Nonresidential properties, which accounted for 6% of total
income from operations in 1999, and 5.4% in 1998,  experienced a
23% ($86,151) increase in gross income.  The increase resulted
primarily from higher occupancy rates in 1999.  Low turnover of
tenants during the year resulted in a $22,000 decrease in
operating expenses, from 33.8% of gross income in 1998 to 27.2%
in 1999.

During 1999, interest income earned by the Trust was derived
primarily from money market rates of return on sweep account
demand deposit funds, and from 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 1999, the Trust earned a 3.9% average rate of
return on an average invested balance of $655,000, exclusive of
the restricted cash accounts over which it does not have
investment discretion.  In 1998, the Trust earned an average
return of 4.3% on an average daily invested balance of $519,000.
Interest expense applicable to short-term borrowings related to
investment properties purchased during 1997 decreased by
$120,800 in 1999, while interest expense related to mortgage
loans on properties owned by the Trust increased by $4,300.
Interest expense attributable to long-term mortgage loans on
properties owned by the controlled partnerships acquired in 1997
decreased by $8,000.  Approximately $85,800 of the reduction in
interest expense resulted from refinancing the mortgage debt on
one apartment property in 1998.  The balance of the reduction is
attributable to lower loan balances that resulted from scheduled
debt service payments.  During 1998, the Trust obtained a
$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 1999, mortgage interest expense related to Trust-owned
properties averaged 8.27% on average outstanding balances of
$25.6 million.  For 1998, the overall effective interest rate
was 8.43% on average outstanding mortgage loan balances of $25.3
million.  For partnership-owned properties, the average
effective interest rate for 1999 was 8.85% on average
outstanding loan balances of $9.9 million.

General and administrative expenses amounted to 4.5% of income
from real estate operations in 1999, compared with 4% in 1998.
Costs incurred in 1999, primarily legal and other professional
fees, that related to the registration of shares of beneficial
interest, and offering those shares in exchange for outstanding
operating partnership units, amounted to $89,600.  Nearly all of
those costs were absorbed by the minority interest in operating
partnerships. Employee compensation costs, which include payroll
taxes and benefits, that are included in administrative expenses
amounted to $249,700 in 1999, up .7% from $248,000 in 1998.

LIQUIDITY AND SOURCES OF CAPITAL

On January 4, 2001, the Trust declared a $.21 per share cash
distribution payable February 19, 2001 to holders of record on
January 26, 2001 of its 1,729,331 outstanding shares of
beneficial interest.  The cash requirement for that distribution
amounts to $363,160.  Three of the five partnerships declared
surplus cash distributions aggregating $41,000 payable February
26, 2001, including $12,000 payable to minority interest
partners of record January 26, 2001.

Management plans to apply, during the first quarter of 2001, for
a first mortgage loan to replace the loan which matured and was
paid off in late 2000.  Management believes that, based on
negotiations with prospective lenders, the application will be
approved and that the proceeds will be received in the second
quarter.  The proceeds will be used to repay the short-term bank
loan and replace working capital used to repay the matured
mortgage loan.  To the extent that the new loan amount exceeds
the $3.4 million balance that was repaid in 2000, the additional
funds will be used for investment and/or repayment of other
mortgage debt with higher interest rates and no significant
prepayment penalties.

Other than the cash required to pay declared distributions,
management is not aware of any significant transactions or
events which would require material expenditures in 2001.  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 2001.  At December 31, 2000,
the Trust and its controlled partnerships had $781,000 in cash,
including $251,000 in partnership accounts,  which management
believes is sufficient to meet anticipated capital requirements.

Management expects to continue to operate the Trust as a real
estate investment trust, and to distribute to shareholders all
of its otherwise taxable income.  At December 31, 2000, the
Trust had no undistributed earnings and profits.  Distributions
to shareholders during 2000, which totaled $1,408,000,  included
all of the Trust's taxable income and earnings and profits for
2000 plus $209,000 that was designated as return of capital.
During 1999, the Trust distributed $1,238,000, of which $118,000
was designated as return of capital. During 2000, the aggregate
surplus cash distributed to the minority interest partners by
the controlled partnerships totaled $65,000.

Due to differences in depreciation rates and carrying values of
some properties, reported income for 2000 was 10% lower; for
1999, 14% lower; and, for 1998 15% lower, than income for income
tax purposes.

IMPACT OF INFLATION

Inflation has not had a significant impact on the Trust during
2000, 1999 and 1998.



ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The financial statements, which are included on pages 7 through
15 of the annual shareholders report for the year ended December
31, 2000, are included as exhibits under Item 14.

Unaudited summarized consolidated quarterly financial data for
the year ended December 31, 2000 is as follows:

                                                 Three Months Ended
                                 ______________________________________________

                                   March 31    June 30 September 30 December 31
________________________________________________________________________________
Rental and other operating income $3,271,105  $3,341,487 $3,337,423  $3,242,992
Income before minority interest
  in operating partnerships          278,307     335,798    278,162     240,313
Net income                           263,880     302,780    275,375     268,140

Earnings per share:
Basic                             $     0.15  $     0.18  $    0.16  $     0.16
Diluted                           $     0.15  $     0.18  $    0.16  $     0.16

Unaudited summarized consolidated quarterly financial data for
the year ended December 31, 1999 is as follows:

                                                 Three Months Ended
                                 ______________________________________________

                                  March 31    June 30 September 30 December 31
________________________________________________________________________________
Rental and other operating income $3,287,862  $3,238,353 $3,319,999  $3,303,630
Income before minority interest
  in operating partnerships          272,009     248,341    227,140     323,787
Net income                           221,428     190,930    185,787     335,410

Earnings per share:
Basic                             $     0.14  $     0.12  $    0.12  $     0.22
Diluted                           $     0.14  $     0.12  $    0.12  $     0.22



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

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


ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

Information relative to members of the Board of Trustees and
nominee(s) for election to the Board of Trustees, which is
included in the proxy statement for the annual meeting of
shareholders to be held May 2 2001, is incorporated herein by
reference.  The proxy statement was filed with the Commission
pursuant to Regulation 14A on March 23, 2001.  The Trust has no
executive officers other than those individuals presently
serving as Trustees.

ITEM 11. EXECUTIVE COMPENSATION

Information relative to management remuneration and transactions
is included in the proxy statement for the annual meeting of
shareholders to be held May 2, 2001, and is incorporated herein
by reference.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

Information relative to security ownership of certain beneficial
owners and management is included in the proxy statement for the
annual meeting of shareholders to be held May 2, 2001, and is
incorporated herein by reference.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

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


ITEM 14. 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:  3/29/01                      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:  3/27/01                          S/ DAVID F. WHITE
                                        Controller


Date:  3/30/01                          S/ FRANCIS M. HAPAK
                                        Trustee, Chairman of the Board


Date:  3/30/01                          S/ JOHN W. ADAMS
                                        Trustee


Date:  3/30/01                          S/JOHN J. DILLON
                                        Trustee


Date:  3/30/01                          S/ MARVIN L. HACKMAN
                                        Trustee


Date:  3/30/01                          S/ JOHN A. WALLACE
                                        Trustee


Date:  3/30/01                          S/MURRAY R. WISE
                                        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,
2000:

     Consolidated balance sheets - December 31, 2000 and 1999

     Consolidated statements of income - Years ended December 31, 2000, 1999
                                         and 1998

     Consolidated statements of cash flows - Years ended December 31, 2000,
                                             1999 and 1998

     Consolidated statements of shareholders' equity - Years ended December 31,
                                                       2000, 1999 and 1998

     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 18, 2001, included in the 2000 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
March 26, 2001


Century Realty Trust and Subsidiaries
Consolidated Balance Sheets
                                                            December 31
                                                       2000          1999
                                                     ___________   ___________
Assets
Real estate investments:
  Land                                               $3,776,383    $3,776,383
  Buildings                                          52,231,244    52,085,208
  Equipment                                           1,301,796     1,304,834
  Allowances for depreciation                       (13,011,130)  (11,690,079)
                                                     ___________   ___________
                                                     44,298,293    45,476,346
  Net investment in direct financing leases             229,698       262,651
                                                     ___________   ___________
                                                     44,527,991    45,738,997
Cash and cash equivalents                               781,215       883,730
Restricted cash                                       1,295,266     1,257,705
Stort-term investments
Accounts and accrued interest receivable                130,998       434,583
Unamortized management contracts                        449,826       514,861
Unamortized mortgage costs                              441,906       490,661
Undeveloped land                                         99,675        99,675
Other assets                                             94,259       112,473
                                                     ___________   ___________
                                                    $47,821,136   $49,532,685
                                                     ___________   ___________
                                                     ___________   ___________
Liabilities and shareholders' equity
Liabilities:
  Short-term debt                                    $3,000,000      $100,000
  Mortgage notes payable                             31,013,235    35,071,414
  Accounts payable and accrued liabilities              426,647       516,089
  Accrued Interest                                      251,817       263,795
  Accrued State income and property taxes             1,391,927     1,392,522
  Tenants' security deposits and unearned rent          503,952       485,553
                                                     ___________   ___________
                                                     36,587,578    37,829,373

Minority interest in operating partnerships           1,149,187     3,475,699

Shareholders' equity:
  Shares of Beneficial Interest, no par
    value - authorized 5,000,000 shares,
    issued - 1,743,243 shares in 2000 and
    1,553,528 in 1999, including 16,806
    shares in 2000 and 5,914 shares in 1999,
    in treasury                                       9,043,334     6,759,417
  Undistributed(overdistributed)income other
   than from gain on the sale of real estate           (104,950)      192,584
  Undistributed net realized gain from the
   sale of real estate                                1,316,078     1,316,078
  Cost of treasury shares                              (170,091)      (40,466)
                                                     ___________   ___________
                                                     10,084,371     8,227,613
                                                     ___________   ___________
                                                    $47,821,136   $49,532,685
                                                     ___________   ___________
                                                     ___________   ___________
See accompanying notes.


Century Realty Trust and Subsidiaries
Consolidated Statements of Income
                                                Year ended December 31
                                           2000         1999         1998
                                        __________   __________   __________
Income:
Real estate operations:
  Rental Income                       $12,859,735  $12,854,221  $12,470,119
  Income from direct
   financing leases                        33,142       37,331       50,897
  Other income                            300,130      258,292      253,709
                                        __________   __________   __________
                                       13,193,007   13,149,844   12,774,725
  Less:
    Real estate operating expenses      5,457,880    5,337,115    4,966,967
    Depreciation                        1,781,461    1,800,474    1,753,216
    Real estate taxes                   1,303,226    1,233,153    1,267,304
                                        __________   __________   __________
                                        8,542,567    8,370,742    7,987,487
                                        __________   __________   __________
                                        4,650,440    4,779,102    4,787,238
Interest income                           101,058       77,443       70,118
                                        __________   __________   __________
                                        4,751,498    4,856,545    4,857,356
Expenses:
Interest                                2,953,433    3,070,700    3,201,369
State income taxes                        113,181      119,934      150,100
General and administrative expenses       552,304      594,634      515,558
                                        __________   __________   __________
                                        3,618,918    3,785,268    3,867,027
                                        __________   __________   __________
Income before minority interest
 in operating partnerships              1,132,580    1,071,277      990,329

Minority interest in operating
 partnerships                             (22,405)    (137,722)    (106,767)
                                        __________   __________   __________
Net income                             $1,110,175     $933,555     $883,562
                                        __________   __________   __________
                                        __________   __________   __________
Earnings per share:

  Basic earnings per share                  $0.65        $0.60        $0.57

  Diluted earnings per share                $0.65        $0.60        $0.57


See accompanying notes.

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

<S>                           <C>        <C>        <C>          <C>          <C>        <C>
                                                   Undistributed
                                                 Overdistributed Undistributed
                                                    Income Other           Net
                             Outstanding               Than From      Realized
                               Shares of   Shares of     Gain on     Gain from     Cost of
                               Benefical   Benefical     Sale of       Sale of    Treasury
                                Interest    Interest Real Estate   Real Estate      Shares       Total
                               _________  __________  __________    __________  __________  __________
Balance at 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
  Net income for 1999                  -          -     933,555             -           -     933,555
  Dividends ($.80 per share)           -          -  (1,237,911)            -           -  (1,237,911)
  Stock options exercised           300         798           -             -       2,052       2,850
                               _________  __________  __________    __________  __________  __________
Balance at December 31, 1999  1,547,614   6,759,417     192,584     1,316,078     (40,466)  8,227,613
  Shares issued                 189,715   2,283,917           -             -           -   2,283,917
  Shares purchased
    for treasury                (10,892)                                         (129,625)   (129,625)
  Net income for 2000                  -          -   1,110,175             -           -   1,110,175
  Dividends ($.82 per share)           -          -  (1,407,709)            -           -  (1,407,709)
                               _________  __________  __________    __________  __________  __________
Balance at December 31, 2000  1,726,437  $9,043,334   ($104,950)   $1,316,078   ($170,091)$10,084,371
                               _________  __________  __________    __________  __________  __________
                               _________  __________  __________    __________  __________  __________
See accompanying notes.

</TABLE>

Century Realty Trust and Subsidiaries
Consolidated Statements of Cash Flows
                                               Year ended December 31
                                             2000        1999        1998
                                          __________  __________  __________
Operating Activities
Net income                               $1,110,175    $933,555    $883,562
Adjustments to reconcile net
 income to net cash provided by
 operating activities:
   Depreciation and amortization          1,830,216   1,849,791   1,805,010
   Minority interest                         22,405     137,722     106,767
   Changes in operating assets
    and liabilities:
     Restricted cash                        (37,561)   (205,701)    (23,680)
     Accounts and accrued income
      receivable                            303,585      39,495     (99,945)
     Other assets                            10,810     (17,620)      7,880
     Accounts payable and accrued
      liabilities                          (110,258)     15,947       5,963
     Tenants' security deposits and
      unearned rent                          18,399     (42,089)     44,280
                                          __________  __________  __________
Net cash provided by operations           3,147,771   2,711,100   2,729,837

Investing Activities:
Purchase of property and improvements      (530,969)   (602,152)   (690,672)
Lease principal payments received            32,953      31,732      53,268
                                          __________  __________  __________
Net cash used in investing activities      (498,016)   (570,420)   (637,404)

Financing Activities:
Net short-term bank
 borrowings (repayments)                  2,900,000          -   (1,550,000)
Net proceeds from mortgage
 notes payable                                   -           -    6,689,609
Principal payments on mortgage
 notes payable                           (4,058,179)   (595,994) (5,910,838)
Shares purchased for treasury              (129,625)         -           -
Sale of treasury shares                          -        2,850          -
Distributions to minority interest          (64,999)   (182,947)   (145,321)
Dividends paid to shareholders           (1,399,467) (1,225,760) (1,213,613)
                                          __________  __________  __________
Net cash used in
 financing activities                    (2,752,270) (2,001,851) (2,130,163)
                                          __________  __________  __________
Net increase (decrease) in cash
 and cash equivalents                      (102,515)    138,829     (37,730)
Cash and cash equivalents
 at beginning of year                       883,730     744,901     782,631
                                          __________  __________  __________
Cash and cash equivalents
 at end of year                            $781,215    $883,730    $744,901
                                          __________  __________  __________
                                          __________  __________  __________
Supplemental Data:
Selected noncash activities related to
 investing and financing activities
 were as follows:
   Issued 189,715 shares of
    beneficial interest in exchange
    for operating partnership units      $2,283,917          -           -
      (See note 3)

See accompanying notes.



Century Realty Trust
Notes to Consolidated Financial Statements
December 31, 2000

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 partners 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.

Revenue Recognition:

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

Cash and Cash Equivalents:

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

Restricted Cash:

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

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 the majority of its taxable income.  Realized
gains on the sale of investments are distributed to shareholders
if and when recognized for income tax purposes.  Assuming
compliance with other requirements of the Code, income so
distributed will not be taxable to the Trust.  Accordingly, no
provision for federal income taxes is made in the consolidated
financial statements.

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

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

Net Income per Share:

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

Use of Estimates:

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


2.  Real Estate Investments

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

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

                                               2000          1999
                                           ------------   ------------

Minimum lease payments receivable            $258,873      $324,968
Estimated unguaranteed residual values         47,419        47,419
Unearned income                               (76,594)     (109,736)
                                          ------------   ------------
Net investment                               $229,698      $262,651
                                          ------------   ------------
                                          ------------   ------------

At December 31, 2000 future minimum lease payments receivable
from direct financing leases are $66,095 for 2001 through 2003,
and $60,587 for 2004.  Also, at December 31, 2000, future
minimum annual lease payments due from noncancelable operating
leases are $69,099 for 2001 through 2003, and $17,329 for 2004.


3.  Real Estate Investment Transactions

During 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.

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

The acquisition agreement provided that the Trust would use its
best efforts to grant to each beneficial owner of O.P. units,
commencing two years after closing, the right to exchange those
units on a one for one basis for shares of beneficial interest
of the Trust.  Such exchange rights were granted in December,
1999, effective January 1, 2000 and on the first day of each
quarter thereafter, and will exist until November 27, 2007, at
which time the Trust may, at its option, require the exchange of
any remaining outstanding O.P. units.  Holders of 189,715 O.P.
units elected to exchange their units for shares of beneficial
interest during 2000.  The Trust repurchased 10,892 of those
shares, for a total cost of $129,625, from residents of certain
states with which the Trust elected not to register its shares.
As a result of the exchanges, the Trust acquired 66.1% of the
limited partnership interests in the Porter Portfolio
partnerships during 2000.

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.

4.  Short-term Debt

The Trust maintains a line of credit which is renewed
annually, and at December 31, 2000, the maximum borrowing limit
was $3,000,000.  As of December 31, 2000 and 1999, the Trust had
borrowed $3,000,000 and $100,000, respectively.  The Trust
expects to repay the current balance in the first half of 2001
with proceeds from a long-term mortgage loan on one of its
apartment properties.  The line of credit rate of interest was
9.5% and 7.4% and at December 31, 2000 and 1999, respectively.

At December 31, 2000 and 1999, approximately $273,000 and
$614,000, respectively, in bank deposit accounts represent
collateral for the short-term debt.


5.  Mortgage Notes Payable

Mortgage notes applicable to properties wholly owned by the
Trust are payable in monthly installments, including interest at
rates ranging from 7% to 9 1/2% per annum, and mature from
December 1, 2002 to August 1, 2008.  At December 31, 2000 and
1999, mortgage notes payable by the Trust amounted to
$21,368,039 and $25,313,508, respectively.  The aggregate amount
of long-term debt maturities for each of the five years after
December 31, 2000 are:  2001, $419,336; 2002, $1,486,605; 2003,
$1,693,544; 2004, $1,117,937; 2005, $4,979,905 and thereafter,
$11,670,712.

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, 2000 and 1999, mortgage notes payable by
partnerships controlled by the Trust amounted to $9,645,196 and
$9,757,906 respectively.  The aggregate amount of long-term debt
maturities for each of the five years after December 31, 2000
are:  2001, $118,569; 2002, $114,873; 2003, $109,406; 2004,
$119,362; 2005, $134,180 and thereafter $9,048,806.

Cash paid for interest was $2,965,411, $3,071,684, and
$3,077,610 for years ended December 31, 2000, 1999, and 1998,
respectively.

At December 31, 2000, approximately $24,010,000 of the owned
real estate investments, and $12,770,000 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,
2000 there were 1,726,437 Rights outstanding.  Each Right
entitles the holder to purchase from the Trust one share of
beneficial interest at a price of $20 per share, subject to
certain antidilution adjustments.  The Rights are not
exercisable or transferable apart from the shares until certain
events occur relating to the acquisition of shares of the Trust
as defined in the Plan.  The Rights may be redeemed by the Board
of Trustees at a redemption price of $.01 per Right until
certain events relating to the acquisition of shares of the
Trust as defined by the Plan occur.

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

7.  Stock Options

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

In May, 2000, the Board of Trustees granted to each of three
newly elected Trustees, an option to purchase up to 5,000 shares
of beneficial interest exercisable on or before April 30, 2003,
a price of $10.25 per share, the fair market value at the date
of grant.

All of the options granted in 1999 and 2000 were unexercised at
December 31, 2000.

8.  Fair Values of Financial Instruments

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

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

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

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

                                             December 31, 2000

                                    Carrying Amount         Fair Value
                                    ----------------      ---------------
Cash and cash equivalents            $    781,215          $    781,000
Restricted cash                         1,295,266             1,295,000
Short-term debt	                      3,000,000             3,000,000
Mortgage notes payable                 31,013,235            31,210,000


                                             December 31, 1999
                                    Carrying Amount          Fair Value
                                    ----------------       --------------
Cash and cash equivalents            $    883,730          $    884,000
Restricted cash                         1,257,705             1,258,000
Short-term debt        	                  100,000               100,000
Mortgage notes payable                 35,071,414            35,100,000


9. Earnings Per Share

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

                                        2000         1999        1998
                                     ----------   ----------  ----------
Numerator:
  Numerator for basic and diluted
   earnings per share                $1,110,175   $  933,555   $ 883,562

                                     ----------   ----------  ----------
                                     ----------   ----------  ----------
Denominator:
  Denominator for basic earnings per
   share-weighted average shares      1,716,560    1,547,516   1,547,314
  Effect of dilutive securities:
     Stock options                          807          341       3,335
                                       ----------  ----------   ----------
Denominator for diluted earnings
  per share-adjusted weighted
  average shares and assumed
  conversions                         1,717,367    1,547,857   1,550,649
                                     ----------   ----------  ----------
                                     ----------   ----------  ----------

Basic earnings per share             $      .65   $      .60   $     .57
                                     ----------   ----------  ----------
                                     ----------   ----------  ----------
Diluted earnings per share           $      .65   $      .60   $     .57
                                     ----------   ----------  ----------
                                     ----------   ----------  ----------

Shareholder rights have not been included in the earnings per
share calculation because they would be anti-dilutive at
December 31, 2000, 1999 and 1998.


Report of Independent Auditors

Board of Trustees
Century Realty Trust

We have audited the accompanying consolidated balance sheets of
Century Realty Trust and Subsidiaries (the "Trust") as of
December 31, 2000 and 1999, and the related consolidated
statements of income, shareholders' equity and cash flows for
each of the three years in the period ended December 31, 2000.
These financial statements are the responsibility of the Trust's
management.  Our responsibility is to express an opinion on
these financial statements based on our audits.

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

In our opinion, the financial statements referred to above
present fairly, in all material respects, the consolidated
financial position of Century Realty Trust and Subsidiaries as
of December 31, 2000 and 1999, and the consolidated results of
their operations and their cash flows for each of the three
years in the period ended December 31, 2000, in conformity with
accounting principles generally accepted in the United States.


                                           S/ ERNST & YOUNG LLP


February 18, 2001
Indianapolis, IN


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

CENTURY REALTY TRUST

December 31, 2000

<S>                                       <C>             <C>          <C>             <C>          <C>
                                               Col. B        Col. C                         Col. D
                                                                                        Cost Capitalized
                                                          Initial Cost to Company    Subsequent to Acquisition
                                                          _________________________  _______________________
                                                                         Buildings
                                                                            and                     Carrying
                Description                 Encumbrances      Land     Improvements  Improvements    Costs
_________________________________________  _______________  ___________  _____________ _____________ _________
Garden apartments (no. of units):
  Chester Heights (110), Richmond, IN       First mortg       $56,700      $852,500      $350,936          ---
  Park Forest (64), Marion, IN              First mortg        57,800       517,200       581,554          ---
  Fontenelle (176), Kokomo, IN                  None          128,000     1,622,000     1,341,228          ---
  Park Plaza I (88), Indianapolis, IN           None           37,655       693,295       349,990          ---
  Park Plaza II (96), Indianapolis, IN          None           47,345       871,705                        ---
  Driftwood Park (48), Indianapolis, IN     First mortg       117,000     1,168,308       177,740          ---
  Regency Royale (132), Mishawaka, IN       First mortg       125,000     3,638,499       155,107          ---
  Creek Bay (208), Indianapolis, IN         First mortg       340,940     7,101,480       105,745          ---
  Eagle Creek Park (188), Indianapolis, IN      None          378,000     5,679,172       397,887          ---
  Fox Run (256), Indianapolis, IN           First mortg       398,000     6,446,469       324,476          ---
  Charter Oaks (192), Evansville, IN        First mortg       241,500     4,851,716       111,753          ---
  Barcelona (64), Kokomo, IN                First mortg        59,200     1,350,384       105,539          ---
  Beech Grove (182), Jeffersonville, IN     First mortg       469,000     3,612,360        99,800          ---
  Hampton Court (92), Indianapolis, IN      First mortg       225,600     1,481,900        52,615          ---
  Sheffield Square (152), New Albany, IN    First mortg       227,000     4,020,424        63,563          ---
  West Wind Terrace (96), Indianapolis, IN  First mortg       136,700     1,610,241        75,390          ---
Commercial (square feet):                                                                                  ---
  Office/Warehouse (38,000), Carmel, IN     First mortg        54,000       446,075       151,481          ---
  Office (17,000), Indianapolis, IN             None           71,500       457,818        57,718          ---
  Office (34,000), Indianapolis, IN         First mortg       348,725     1,184,344        75,551          ---
Net leased restaurants (square feet):                                                                      ---
  Miami Subs (3,500), Longwood, FL              None          113,479        54,026           ---          ---
  Fortune House (5,000), Indianapolis, IN       None          136,494           ---           ---          ---
                                                            __________   ___________    __________   _________
                                                            3,769,638    47,659,916     4,578,073          ---
Equipment--various locations                    None              ---       492,266       809,530          ---
                                                            __________   ___________    __________   _________
                             TOTAL REAL ESTATE INVESTMENTS $3,769,638   $48,152,182    $5,387,603          ---
                                                            __________   ___________    __________   _________
                                                            __________   ___________    __________   _________

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

</TABLE>

<TABLE>
<S>                                      <C>        <C>           <C>            <C>           <C>            <C>        <C>
                                                     Col. E                        Col. F         Col. G     Col. H        Col.I
                                                Gross Amount at Which
                                              Carried at Close of Period                                               Life on Which
                                          _____________________________________                                      Depreciation in
                                                     Buildings                                                         Latest Income
                                                        and                      Accumulated     Date of       Date      Statements
                Description                Land     Improvements      Total      Depreciation   Construction  Acquired   Is Computed
_________________________________________ ________  _____________ _____________  _____________  ___________  __________  ___________
Garden apartments (no. of units):
  Chester Heights (110), Richmond, IN      $63,445    $1,196,691     1,260,136       $977,218       1965       01/73        31 years
  Park Forest (64), Marion, IN              57,800     1,098,754     1,156,554        833,548       1962       01/73        31 years
  Fontenelle (176), Kokomo, IN             128,000     2,963,228     3,091,228      2,292,797       1966       01/73        29 years
  Park Plaza I (88), Indianapolis, IN       37,655     1,043,285     1,080,940        765,765       1965       01/73        33 years
  Park Plaza II (96), Indianapolis, IN      47,345       871,705       919,050        732,231       1967       01/73        33 years
  Driftwood Park (48), Indianapolis, IN    117,000     1,346,048     1,463,048        541,361       1963       09/89        28 years
  Regency Royale (132), Mishawaka, IN      125,000     3,793,606     3,918,606        732,442       1983       06/93        40 years
  Creek Bay (208), Indianapolis, IN        340,940     7,207,225     7,548,165      1,284,748       1992       12/93        40 years
  Eagle Creek Park (188), Indianapolis, IN 378,000     6,077,059     6,455,059      1,085,666       1974       03/94        40 years
  Fox Run (256), Indianapolis, IN          398,000     6,770,945     7,168,945        999,447       1974       03/95        40 years
  Charter Oaks (192), Evansville, IN       241,500     4,963,469     5,204,969        438,234       1984       06/97        40 years
  Barcelona (64), Kokomo, IN                59,200     1,455,923     1,515,123        117,174       1971       11/97        33 years
  Beech Grove (182), Jeffersonville, IN    469,000     3,712,160     4,181,160        292,378       1973       11/97        33 years
  Hampton Court (92), Indianapolis, IN     225,600     1,534,515     1,760,115        119,052       1980       11/97        33 years
  Sheffield Square (152), New Albany, IN   227,000     4,083,987     4,310,987        323,903       1974       11/97        33 years
  West Wind Terrace (96), Indianapolis, IN 136,700     1,685,631     1,822,331        130,783       1967       11/97        33 years
Commercial (square feet):
  Office/Warehouse (38,000), Carmel, IN     54,000       597,556       651,556        377,921       1972       10/77        33 years
  Office (17,000), Indianapolis, IN         71,500       515,536       587,036        215,903       1966       07/86        33 years
  Office (34,000), Indianapolis, IN        348,725     1,259,895     1,608,620        120,078       1975       05/97        40 years
Net leased restaurants (square feet):
  Miami Subs (3,500), Longwood, FL         113,479        54,026       167,505         11,794       1978       01/79          N/A
  Fortune House (5,000), Indianapolis, IN  136,494           ---       136,494            ---       1979       11/79          N/A
                                        __________   ___________   ___________    ___________
                                         3,776,383    52,231,244    56,007,627     12,392,443
Equipment--various locations                   ---     1,301,796     1,301,796        618,687     Various     Various     3-15 years
                                        __________   ___________   ___________    ___________
          TOTAL REAL ESTATE INVESTMENTS $3,776,383   $53,533,040   $57,309,423 (A $13,011,130 (A)
                                        __________   ___________   ___________    ___________
                                        __________   ___________   ___________    ___________

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

(A) The aggregate carrying value for tax purposes is $39,254,980
(B) The aggregate carrying value for tax purposes is $72,522
</TABLE>


<TABLE>
<CAPTION>
SCHEDULE III--REAL ESTATE AND ACCUMULATED DEPRECIATION (CONTINUED)

CENTURY REALTY TRUST

December 31, 2000
<S>                             <C>        <C>            <C>           <C>            <C>          <C>

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

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
   Additions:
      Improvements                     ---       514,380       514,380      141,799           ---         ---
      Depreciation                     ---           ---           ---          ---     1,705,249         ---
   Deductions:
      Fully amortized costs            ---        71,380        71,380      110,601       181,981         ---
                                 __________   ___________   ___________   __________   ___________    ________
Balance December 31, 1999        3,776,383    52,085,208    55,861,591    1,304,834    11,690,079      99,675
   Additions:
      Improvements                     ---       369,866       369,866      161,103           ---         ---
      Depreciation                     ---           ---           ---          ---     1,709,022         ---
   Deductions:
      Fully amortized costs            ---       223,830       223,830      164,141       387,971         ---
                                 __________   ___________   ___________   __________   ___________    ________
Balance December 31, 2000       $3,776,383   $52,231,244   $56,007,627   $1,301,796   $13,011,130     $99,675
                                 __________   ___________   ___________   __________   ___________    ________
                                 __________   ___________   ___________   __________   ___________    ________
</TABLE>