----

**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**FORM      10-QSB**

|   | **MAXUS                REALTY TRUST, INC.**                                      |   |
|--------|----------------------------------------------------------------------------------|--------|
|   | (Exact                name of small business issuer as specified in its charter) |   |

|   | Missouri                                       |   | 43-1339136                            |   |
|--------|------------------------------------------------|--------|---------------------------------------|--------|
|   | (State                or other jurisdiction of |   | (I.R.S.                Employer       |   |
|   | incorporation                or organization)  |   | Identification                Number) |   |

|   | 104                Armour, North Kansas City, Missouri 64116 |   |
|--------|--------------------------------------------------------------|--------|
|   | (Address                of principal executive offices)      |   |

|   | (816)                303-4500                                   |   |
|--------|-----------------------------------------------------------------|--------|
|   | (Issuer's                telephone number, including area code) |   |

----

| INDEX                        |                                                                           |   |
|------------------------------|--------------------------------------------------------------------------------|--------|
|                         |                                                                           |   |
|                         |                                                                           | Page   |
| PART                I -      | FINANCIAL                INFORMATION                                           |   |
|                         |                                                                           |   |
| ITEM                1.       | FINANCIAL                STATEMENTS:                                           |   |
|                         | Condensed                Consolidated Balance Sheets                           | 3      |
|                         | Condensed                Consolidated Statements of Operations                 | 4      |
|                         | Condensed                Consolidated Statements of Cash Flows                 | 5      |
|                         | Notes                to Condensed Consolidated Financial Statements            | 6      |
|                         |                                                                           |   |
| ITEM                2.       | MANAGEMENT’S                DISCUSSION AND ANALYSIS OR PLAN OF OPERATION | 11     |
|                         |                                                                           |   |
| ITEM                3.       | CONTROLS                AND PROCEDURES                                         | 19     |
|                         |                                                                           |   |
| PART                II -     | OTHER                INFORMATION                                               |   |
|                         |                                                                           |   |
| ITEM                1.       | LEGAL                PROCEEDINGS                                               | 19     |
| ITEM                2.       | UNREGISTERED                SALES OF EQUITY SECURITIES AND USE OF PROCEEDS     | 20     |
| ITEM                3.       | DEFAULTS                UPON SENIOR SECURITIES                                 | 20     |
| ITEM                4.       | SUBMISSION                OF MATTERS TO A VOTE OF SECURITY HOLDERS             | 21     |
| ITEM                5.       | OTHER                INFORMATION                                               | 21     |
| ITEM                6.       | EXHIBITS                                                                       | 21     |
|                         |                                                                           |   |
| SIGNATURES                   | 22                                                                             |
| EXHIBIT                INDEX | 23                                                                             |

----

|                                                                          |   | March                31, |       | December                31, |   |
|-------------------------------------------------------------------------------|--------|--------------------------|------------|-----------------------------|--------|
|                                                                          |   | 2007                     |       | 2006                        |   |
| Assets                                                                        |   | (Unaudited)              |       |                        |   |
| Investment                property:                                           |   |                     |       |                        |   |
| Land                                                                          |   | $                        | 3,101,000  |                        |   | 2,403,000 |   |
| Buildings                and improvements                                     |   |                     | 59,365,000 |                        |   | 44,663,000 |   |
| Personal                property                                              |   |                     | 4,341,000  |                        |   | 3,525,000 |   |
|                                                                          |   |                     | 66,807,000 |                        |   | 50,591,000 |   |
|                                                                          |   |                     |       |                        |   |   |   |
| Less                accumulated depreciation                                  |   |                     | (8,149,000 | )                           |   | (7,491,000 | ) |
|                                                                          |   |                     |       |                        |   |   |   |
| Total                investment property, net                                 |   |                     | 58,658,000 |                        |   | 43,100,000 |   |
|                                                                          |   |                     |       |                        |   |   |   |
| Cash                                                                          |   |                     | 5,096,000  |                        |   | 8,470,000 |   |
| Escrows                and reserves                                           |   |                     | 1,341,000  |                        |   | 1,261,000 |   |
| Accounts                receivable                                            |   |                     | 31,000     |                        |   | 119,000 |   |
| Prepaid                expenses and other assets                              |   |                     | 221,000    |                        |   | 281,000 |   |
| Intangible                assets, net                                         |   |                     | 405,000    |                        |   | 346,000 |   |
| Deferred                expenses, less accumulated amortization               |   |                     | 630,000    |                        |   | 529,000 |   |
| Assets                of discontinued operations                         |   |                     | 128,000    |                        |   | 128,000 |   |
| Total                assets                                                   |   | $                        | 66,510,000 |                        |   | 54,234,000 |   |
|                                                                          |   |                     |       |                        |   |   |   |
| Liabilities                and Shareholders’ Equity                     |   |                     |       |                        |   |   |   |
| Liabilities:                                                                  |   |                     |       |                        |   |   |   |
| Mortgage                notes payable                                         |   | $                        | 52,008,000 |                        |   | 39,132,000 |   |
| Accounts                payable, prepaid rent and accrued expenses            |   |                     | 986,000    |                        |   | 1,190,000 |   |
| Real                estate taxes payable                                      |   |                     | 480,000    |                        |   | 265,000 |   |
| Refundable                tenant deposits                                     |   |                     | 282,000    |                        |   | 244,000 |   |
| Other                accrued liabilities                                      |   |                     | 46,000     |                        |   | 46,000 |   |
| Liabilities                of discontinued operations                         |   |                     | 222,000    |                        |   | 204,000 |   |
| Total                liabilities                                              |   |                     | 54,024,000 |                        |   | 41,081,000 |   |
|                                                                          |   |                     |       |                        |   |   |   |
| Minority                interest                                              |   |                     | 689,000    |                        |   | 702,000 |   |
|                                                                          |   |                     |       |                        |   |   |   |
| Shareholders’                equity:                                    |   |                     |       |                        |   |   |   |
| Common                stock, $1 par value; Authorized 5,000,000 shares,       |   |                     |       |                        |   |   |   |
| issued                and outstanding 1,402,000 and 1,401,000 shares          |   |                     |       |                        |   |   |   |
| in                2007 and 2006, respectively                                 |   |                     | 1,402,000  |                        |   | 1,401,000 |   |
| Preferred                Stock, $0.01 par value; Authorized 5,000,000 shares, |   |                     |       |                        |   |   |   |
| no                shares issued and outstanding                               |   |                     | ---        |                        |   | --- |   |
| Additional                paid-in capital                                     |   |                     | 19,150,000 |                        |   | 19,130,000 |   |
| Distributions                in excess of accumulated earnings                |   |                     | (8,755,000 | )                           |   | (8,080,000 | ) |
| Total                shareholders’ equity                               |   |                     | 11,797,000 |                        |   | 12,451,000 |   |
|                                                                          |   | $                        | 66,510,000 |                        |   | 54,234,000 |   |

----

|                                                                                              |   |   |   |  Three                Months Ended |   |
|---------------------------------------------------------------------------------------------------|--------|--------|--------|-----------------------------------------|--------|
|                                                                                              |   |   |   | March                31,                |   | March                31, |   |
| Income                                                                                            |   |   |   | 2007                                    |   | 2006 |   |
| Revenues:                                                                                         |   |   |   |                                    |   |   |   |
| Rental                                                                                            |   |   |   |                                    | $      | 2,482,000 |   |   | 1,801,000 |   |
| Other                                                                                             |   |   |   |                                    |   | 322,000 |   |   | 200,000 |   |
| Total                revenues                                                                     |   |   |   |                                    |   | 2,804,000 |   |   | 2,001,000 |   |
|                                                                                              |   |   |   |                                    |   |   |   |   |   |   |
| Expenses:                                                                                         |   |   |   |                                    |   |   |   |   |   |   |
| Depreciation                and amortization                                                      |   |   |   |                                    |   | 792,000 |   |   | 530,000 |   |
| Repairs                and maintenance                                                            |   |   |   |                                    |   | 300,000 |   |   | 187,000 |   |
| Turn                costs and leasing                                                             |   |   |   |                                    |   | 142,000 |   |   | 95,000 |   |
| Utilities                                                                                         |   |   |   |                                    |   | 261,000 |   |   | 139,000 |   |
| Real                estate taxes                                                                  |   |   |   |                                    |   | 211,000 |   |   | 143,000 |   |
| Insurance                                                                                         |   |   |   |                                    |   | 113,000 |   |   | 75,000 |   |
| Related                party management fee                                                       |   |   |   |                                    |   | 126,000 |   |   | 99,000 |   |
| Other                operating expenses                                                           |   |   |   |                                    |   | 299,000 |   |   | 221,000 |   |
| General                and administrative                                                         |   |   |   |                                    |   | 180,000 |   |   | 66,000 |   |
|                                                                                              |   |   |   |                                    |   |   |   |   |   |   |
| Total                operating expenses                                                           |   |   |   |                                    |   | 2,424,000 |   |   | 1,555,000 |   |
|                                                                                              |   |   |   |                                    |   |   |   |   |   |   |
| Operating                income                                                                   |   |   |   |                                    |   | 380,000 |   |   | 446,000 |   |
|                                                                                              |   |   |   |                                    |   |   |   |   |   |   |
| Interest                income                                                                    |   |   |   |                                    |   | (48,000 | ) |   | (137,000 | ) |
| Interest                expense                                                                   |   |   |   |                                    |   | 810,000 |   |   | 593,000 |   |
| Loss                before minority interest and discontinued operations                          |   |   |   |                                    |   | (382,000 | ) |   | (10,000 | ) |
| Less                minority interest in continuing operations                                    |   |   |   |                                    |   | 12,000 |   |   | --- |   |
| Loss                from continuing operations                                                    |   |   |   |                                    |   | (370,000 | ) |   | (10,000 | ) |
|                                                                                              |   |   |   |                                    |   |   |   |   |   |   |
| Income                (loss) from discontinued operations before minority                interest |   |   |   |                                    |   | (16,000 | ) |   | 46,000 |   |
| Less                minority interest in discontinued operations                                  |   |   |   |                                    |   | 1,000 |   |   | (1,000 | ) |
| Income                (loss) from discontinued operations                                         |   |   |   |                                    |   | (15,000 | ) |   | 45,000 |   |
|                                                                                              |   |   |   |                                    |   |   |   |   |   |   |
| Net                income (loss)                                                                  |   |   |   |                                    | $      | (385,000 | ) |   | 35,000 |   |
|                                                                                              |   |   |   |                                    |   |   |   |   |   |   |
| Per                share data (basic and diluted):                                                |   |   |   |                                    |   |   |   |   |   |   |
| Loss                from continuing operations                                                    |   |   |   |                                    | $      | (0.26 | ) |   | (0.01 | ) |
| Income                from discontinued operations                                                |   |   |   |                                    |   | 0.01 |   |   | 0.03 |   |
| Net                income (loss) per share                                                        |   |   |   |                                    | $      | (.27 | ) |   | 0.02 |   |
|                                                                                              |   |   |   |                                    |   |   |   |   |   |   |
| Distributions:                                                                                    |   |   |   |                                    |   |   |   |   |   |   |
| Paid                year-to-date:                                                                 |   |   |   |                                    |   |   |   |   |   |   |
| Taxable                to Shareholders                                                            |   |   |   |                                    | $      | --- |   |   | --- |   |
| Return                of capital                                                                  |   |   |   |                                    | $      | .20 |   |   | --- |   |
| Total                paid year-to-date                                                            |   |   |   |                                    | $      | .20 |   |   | --- |   |
|                                                                                              |   |   |   |                                    |   |   |   |   |   |   |
| Weighted                average shares outstanding, basic and diluted                             |   |   |   |                                    |   | 1,402,000 |   |   | 1,401,000 |   |

----

|                                                                                                                   |   | Three                Months Ended |       |
|------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------|------------|
| Cash                flows from operating activities:                                                                   |   | Mar.                31, 2007      |       | Mar.                31, 2006 |   |
| Net                income (loss)                                                                                       |   | $                                 | (385,000   | ) |   | 35,000 |   |
| Adjustments                to reconcile net income (loss) to net cash provided by operating                activities: |   |                              |       |   |   |   |   |
| Minority                interest                                                                                       |   |                              | (13,000    | ) |   | 1,000 |   |
| Reduction                in ACI Make Whole Premium                                                                     |   |                              | ---        |   |   | (115,000 | ) |
| Depreciation                and amortization                                                                           |   |                              | 792,000    |   |   | 560,000 |   |
| Amortization                of loan premium                                                                            |   |                              | ---        |   |   | (31,000 | ) |
| Amortization                of loan costs                                                                              |   |                              | 20,000     |   |   | 55,000 |   |
| Changes                in accounts affecting operations:                                                               |   |                              |       |   |   |   |   |
| Accounts                receivable                                                                                     |   |                              | 88,000     |   |   | (27,000 | ) |
| Prepaid                expenses and other assets                                                                       |   |                              | 59,000     |   |   | 139,000 |   |
| Escrows                and reserves, net                                                                               |   |                              | 31,000     |   |   | 20,000 |   |
| Accounts                payable and other liabilities                                                                  |   |                              | 57,000     |   |   | (140,000 | ) |
| Net                cash provided by operating activities                                                               |   |                              | 649,000    |   |   | 497,000 |   |
| Cash                flows from investing activities:                                                                   |   |                              |       |   |   |   |   |
| Capital                expenditures                                                                                    |   |                              | (164,000   | ) |   | (79,000 | ) |
| Acquisition                of Highland Pointe                                                                          |   |                              | (3,420,000 | ) |   | --- |   |
| Insurance                proceeds received from escrow for investment property                                         |   |                              | ---        |   |   | 602,000 |   |
| Net                cash (used in) provided by investing activities                                                     |   |                              | (3,584,000 | ) |   | 523,000 |   |
| Cash                flows from financing activities:                                                                   |   |                              |       |   |   |   |   |
| Principal                payments on mortgage notes payable                                                            |   |                              | (124,000   | ) |   | (90,000 | ) |
| Cash                paid in connection with refinance of investment property                                           |   |                              | (23,000    | ) |   | --- |   |
| Payment                of loan fees                                                                                    |   |                              | (23,000    | ) |   | --- |   |
| Issuance                of common stock                                                                                |   |                              | 21,000     |   |   | --- |   |
| Distributions                paid to shareholders                                                                      |   |                              | (290,000   | ) |   | --- |   |
| Net                cash used in financing activities                                                                   |   |                              | (439,000   | ) |   | (90,000 | ) |
| Net                increase (decrease) in cash                                                                         |   |                              | (3,374,000 | ) |   | 930,000 |   |
| Cash,                beginning of year                                                                                 |   |                              | 8,470,000  |   |   | 2,009,000 |   |
| Cash,                end of year                                                                                       |   | $                                 | 5,096,000  |   |   | 2,939,000 |   |
| Supplemental                disclosure of cash flow information -                                                      |   |                              |       |   |   |   |   |
| Cash                paid during the three month period for interest                                                    |   | $                                 | 726,000    |   |   | 730,000 |   |
| Supplemental                disclosure of non-cash investing and financing activities:                                 |   |                              |       |   |   |   |   |
| Highland                Pointe assets acquired                                                                         |   | $                                 | 16,250,000 |   |   | --- |   |
| Highland                Pointe mortgage notes payable and other liabilities                assumed                     |   | $                                 | 12,830,000 |   |   | --- |   |
| Highland                Pointe mortgage debt extinguished with refinancing                                             |   | $                                 | 12,700,000 |   |   | --- |   |
| Mortgage                note resulting from refinancing                                                                |   | $                                 | 13,000,000 |   |   | --- |   |
| Arbor                Gate renovations financed with accounts payable                                                   |   | $                                 | ---        |   |   | 248,000 |   |
| Arbor                Gate renovations paid from insurance escrow account                                               |   | $                                 | ---        |   |   | 863,000 |   |
| Waverly                mortgage paid from insurance escrow account                                                     |   | $                                 | ---        |   |   | 4,187,000 |   |
| Insurance                proceeds deposited to escrows and reserves                                                    |   | $                                 | ---        |   |   | 186,000 |   |

----

**(1)      Organization **

**(2)**
**Summary      of Significant Accounting Policies **

**(3)      Segment Reporting **

*Disclosure      About Segments of an Enterprise and Related Information*

----

|                             |   |    |      | Net                Income |   |         |   |         |       |     |   |         |   |                      |    |
|----------------------------------|--------|---------|-----------|---------------------------|--------|--------------|--------|--------------|------------|----------|--------|--------------|--------|---------------------------|---------|
|                             |   |    |      | (Loss)                    |   |         |   | Depreciation |       |     |   |         |   |                      |    |
|                             |   | Total   |      | Continuing                |   | Capital      |   | and          |       | Interest |   | Discontinued |   |                      |    |
|                             |   | Revenue |      | Operations                |   | Acquisitions |   | Amortization |       | Expense  |   | Operations   |   | Assets                (1) |    |
| Apartments                       |   | $       | 2,484,000 |                      |   | (329,000     | )      |         | 16,216,000 |     |   | 741,000      |   |                      | 755,000 |   |   | (16,000 | ) |   | 63,008,000 |   |
| Commercial                Bldg.  |   |    | 320,000   |                      |   | 81,000       |   |         | ---        |     |   | 51,000       |   |                      | 55,000  |   |   | --- |   |   | 3,374,000 |   |
| Parent                           |   |    | ---       |                      |   | (134,000     | )      |         | ---        |     |   | ---          |   |                      | ---     |   |   | --- |   |   | --- |   |
| Subtotal                         |   |    | 2,804,000 |                      |   | (382,000     | )      |         | 16,216,000 |     |   | 792,000      |   |                      | 810,000 |   |   | (16,000 | ) |   | 66,382,000 |   |
| Minority                Interest |   |    |      |                      |   | 12,000       |   |         | ---        |     |   | ---          |   |                      | ---     |   |   | 1,000 |   |   | --- |   |
| Total                            |   | $       | 2,804,000 |                      |   | (370,000     | )      |         | 16,216,000 |     |   | 792,000      |   |                      | 810,000 |   |   | (15,000 | ) |   | 66,382,000 |   |

** **

**(4)      Property Acquisition**

| Current                assets            | $      | 6,000      |
|------------------------------------------|--------|------------|
| In-place                lease            |   | 192,000    |
| Investment                property       |   | 15,354,000 |
| Land                                     |   | 698,000    |
| Total                                    | $      | 16,250,000 |
|                                     |   |       |
| Current                liabilities       | $      | 130,000    |
| Mortgage                note payable (2) |   | 12,700,000 |
| Total                liabilities assumed |   | 12,830,000 |
| Net                assets acquired       | $      | 3,420,000  |

----

|                                               |   | Three                Months Ended |      |
|----------------------------------------------------|--------|-----------------------------------|-----------|
|                                               |   | March                31,          |      | March                31, |   |
|                                               |   | 2007                              |      | 2006 |   |
| Total                revenue                       |   | $                                 | 2,804,000 |   |   | 2,414,000 |   |
| Net                income (loss)                   |   | $                                 | (385,000  | ) |   | (340,000 | ) |
| Per                share data (basic and diluted): |   |                              |           |   |   |  |   |
| Net                income (loss)                   |   | $                                 | (0.26     | ) |   | (0.24 | ) |

|                                                                                                                      |   |  March                31, 2007  |    |  Dec.                31, 2006 |   |
|---------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------|---------|------------------------------------|--------|
| In-place                leases, net of accumulated amortization of $167,000 and  $33,000                respectively |   | $                                         | 405,000 |                               |   | 346,000 |   |
|                                                                                                                      |   |                                      |    |                               |   |   |   |
| Total                intangible assets, net                                                                               |   | $                                         | 405,000 |                               |   | 346,000 |   |

**(5)      Related Party Transactions **

----

**(6)      Contingencies**

**(7)      Discontinued Operations/Involuntary Conversions**

----

| Assets                                                                           |   | March                  31, 2007 |    | Dec.                  31, 2006 |   |
|----------------------------------------------------------------------------------|--------|---------------------------------|---------|--------------------------------|--------|
| Investment                  property                                             |   |                            |    |                           |   |
| Land                                                                             |   | $                               | 128,000 |                           |   | 128,000 |   |
| Assets                  of discontinued operations - property held for sale      |   | $                               | 128,000 |                           |   | 128,000 |   |
|                                                                             |   |                            |    |                           |   |   |   |
| Liabilities:                                                                     |   |                            |    |                           |   |   |   |
| Account                  payable, prepaid rent and accrued expenses              |   | $                               | 153,000 |                           |   | 149,000 |   |
| Real                  estate taxes payable                                       |   |                            | 69,000  |                           |   | 55,000 |   |
| Liabilities                  of discontinued operations - property held for sale |   | $                               | 222,000 |                           |   | 204,000 |   |

|                                                              |   | Three                  Months Ended |    |
|-------------------------------------------------------------------|--------|-------------------------------------|---------|
|                                                              |   | March                  31, 2007     |    | March                  31, 2006 |   |
| Total                  revenues                                   |   | $                                   | 1,000   |   |   | 153,000 |   |
| Operating                  Expenses                               |   |                                | (17,000 | ) |   | (154,000 | ) |
| Net                  operating income (loss)                      |   |                                | (16,000 | ) |   | (1,000 | ) |
| Interest                  income                                  |   |                                | ---     |   |   | 21,000 |   |
| Interest                  expense                                 |   |                                | ---     |   |   | (89,000 | ) |
| Loss                  from discontinued operations - before ACI   |   | $                                   | (16,000 | ) |   | (69,000 | ) |
| Income                  from discontinued operations - ACI        |   |                                | ---     |   |   | 115,000 |   |
| Income                  (loss) from discontinued operations - ACI |   | $                                   | (16,000 | ) |   | 46,000 |   |

----

**(8)      Subsequent Events**

** **

----

** **
** **

----

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| PROPERTY                                                                                                               | #                UNITS                                         | TYPE                                                                            | LOCATION                             | PURCHASE                DATE   |
|------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------|---------------------------------------------------------------------------------|--------------------------------------|--------------------------------|
|                                                                                                                   |                                                           |                                                                            |                                 |                           |
| Barrington                Hills Apartments(“Barrington                Hills”)                              | 232                                                            | Apartments                                                                      | Little                Rock, AR       | November,                2001  |
|                                                                                                                   |                                                           |                                                                            |                                 |                           |
| Bicycle                Club Apartments(“Bicycle                Club”)                                      | 312                                                            | Apartments                                                                      | North                Kansas City, MO | July,                2005      |
|                                                                                                                   |                                                           |                                                                            |                                 |                           |
| Chalet                Apartments - I and II (“Chalet”)                                                     | 234                                                            | Apartments                                                                      | Topeka,                KS            | September,                2001 |
|                                                                                                                   |                                                           |                                                                            |                                 |                           |
| Forest                Park Apartments (1)(“Forest                Park”) (f.k.a.                North Winn) | 110                                                            | Apartments                                                                      | Kansas                City, MO       | August,                2000    |
|                                                                                                                   |                                                           |                                                                            |                                 |                           |
| Valley                Forge Apartments (1) (“Valley                Forge”)                            | 88                                                             | Apartments                                                                      | Kansas                City, MO       | November,                2006  |
|                                                                                                                   |                                                           |                                                                            |                                 |                           |
| King’s                Court Apartments (2)(“King’s                Court”)                      | 82                                                             | Apartments                                                                      | Olathe,                KS            | August,                2001    |
|                                                                                                                   |                                                           |                                                                            |                                 |                           |
| Terrace                Apartments (2)(“Terrace”)                                                           | 84                                                             | Apartments                                                                      | Olathe,                KS            | April,                2004     |
|                                                                                                                   |                                                           |                                                                            |                                 |                           |
| Highland                Pointe Apartments                                                                              | 232                                                            | Apartments                                                                      | Yukon,                OK             | January,                2007   |
| (“Highland                Pointe”)                                                                         |                                                           |                                                                            |                                 |                           |
|                                                                                                                   |                                                           |                                                                            |                                 |                           |
| Northtown                Business Center                                                                               | 240,000                sq. ft. &12.44                acres | Industrial                and related office and mezzanine                space | North                Kansas City, MO | August,                2006    |
|                                                                                                                   |                                                           |                                                                            |                                 |                           |
| The                Landings Apartments(the                “Landings”)                                      | 154                                                            | Apartments                                                                      | Little                Rock, AR       | September,                2001 |
|                                                                                                                   |                                                           |                                                                            |                                 |                           |
| Waverly                Apartments(“Waverly”)                                                               | 128                                                            | Apartments                                                                      | Bay                Saint Louis, MS   | September,                2004 |

*UPREIT      Structure*

----

** **

** **

** **
** **
** **
**.**

----

|                                 | Balance                at     | Interest | Fixed                        | Due                              |
|--------------------------------------|-------------------------------|----------|------------------------------|----------------------------------|
|                                 | March                31, 2007 | Rate     | or                (variable) | Date                             |
|                                 |                          |     |                         |                             |
| Barrington                Hills      | 5,397,000                     | 6.04%    | Fixed                        | July                1, 2029      |
|                                 |                          |     |                         |                             |
| Bicycle                Club          | 11,186,000                    | 6.19%    | Fixed                        | September                1, 2016 |
|                                 |                          |     |                         |                             |
| Chalet                I              | 3,776,000                     | 6.59%    | Fixed                        | October                1, 2008   |
|                                 |                          |     |                         |                             |
| Chalet                II             | 1,423,000                     | 6.54%    | Fixed                        | October                1, 2008   |
|                                 |                          |     |                         |                             |
| Forest                Park           | 2,351,000                     | 5.29%    | Fixed                        | September                1, 2015 |
|                                 |                          |     |                         |                             |
| Highland                Pointe       | 13,000,000                    | 5.67     | Fixed                        | February                28, 2017 |
|                                 |                          |     |                         |                             |
| Kings                Court           | 2,254,000                     | 5.91%    | (variable)                   | May                1, 2009       |
|                                 |                          |     |                         |                             |
| Northtown                Bus. Center | 3,131,000                     | 6.87%    | Fixed                        | September                1, 2016 |
|                                 |                          |     |                         |                             |
| Terrace                              | 1,560,000                     | 6.87%    | Fixed                        | February                1, 2009  |
|                                 |                          |     |                         |                             |
| The                Landings          | 6,215,000                     | 6.19%    | Fixed                        | September                1, 2016 |
|                                 |                          |     |                         |                             |
| Valley                Forge          | 1,715,000                     | 5.69%    | Fixed                        | December                1, 2015  |
|                                 |                          |     |                         |                             |
| Total                                | $52,008,000                   |     |                         |                             |

** **

----

|                                                              |   | Three                Months Ended |     |
|-------------------------------------------------------------------|--------|-----------------------------------|----------|
|                                                              |   | March                31,          |     | March                31, |   |
|                                                              |   | 2007                              |     | 2006 |   |
| Net                income (loss)                                  |   | $                                 | (385,000 | ) |   | 35,000 |   |
|                                                              |   |                              |     |   |   |   |   |
| Property                related depreciation and amortization (1) |   |                              | 792,000  |   |   | 530,000 |   |
| Funds                from operations                              |   | $                                 | 407,000  |   |   | 565,000 |   |

|                                         | OCCUPANCY                LEVELS |
|----------------------------------------------|---------------------------------|
|                                         | AT                MARCH 31,     |
|                                         | 2007                            |   | 2006 |
| Arbor                Gate (1)                | n/a                             |   | 81% |
| Barrington                Hills              | 88%                             |   | 91% |
| Bicycle                Club                  | 93%                             |   | 94% |
| Chalet                                       | 95%                             |   | 96% |
| Forest                Park/Valley Forge (2)  | 91%                             |   | 94% |
| Highland                Pointe               | 83%                             |   | n/a |
| King’s                Court/Terrace    | 93%                             |   | 96% |
| The                Landings                  | 90%                             |   | 99% |
| Northtown                Business Center (3) | 95%                             |   | n/a |
| Waverly                (4)                   | 0%                              |   | 0% |

----

** **
** **

----

----

** **
** **

| ITEM                2. | UNREGISTERED                SALES OF EQUITY SECURTIES AND USE OF                PROCEEDS |
|------------------------|------------------------------------------------------------------------------------------|

|   | See                Note 6 of the Notes to Unaudited Condensed consolidated Financial                Statements with respect to the sale of the ACI                Building. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

** **

----

|   |                          |   | MAXUS                REALTY TRUST, INC.              |
|--------|-------------------------------|--------|------------------------------------------------------|
|   |                          |   |                                                 |
| Date:  | March                14, 2007 | By:    | /s/              David L. Johnson               |
|   |                          |   | David                L. Johnson                      |
|   |                          |   | Chairman                of the Board,                |
|   |                          |   | President                and Chief Executive Officer |
|   |                          |   | Trustee                                              |
|   |                          |   |                                                 |
| Date:  | March                14, 2007 | By:    | /s/              John W. Alvey                  |
|   |                          |   | John                W. Alvey                         |
|   |                          |   | Treasurer                and                         |
|   |                          |   | Principal                Financial Officer           |

----

| Exhibit |   |                                                                                                                                                                                                                                                                                                                                                                                                                     |
|---------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Number  |   | Description                                                                                                                                                                                                                                                                                                                                                                                                              |
|    |   |                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 3.1     |   | Articles                of Incorporation of the Registrant, as amended, are incorporated                by                reference to Exhibit 3.1 to the Registrant's Quarterly Report on                Form                10-QSB for the quarter ended March 31, 2005, as filed pursuant to                Rule                13a-13 under the Securities Exchange Act of 1934 (File No.                000-13754). |
|    |   |                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 3.2     |   | Bylaws                of the Registrant, as amended May 22, 2006, are incorporated by reference                to Exhibit 3.2, to the Registrant's Quarterly Report on Form 10-QSB                for                the quarter ended September 30, 2006, as filed pursuant to Rule 13a-13                under the Securities Exchange Act of 1934 (File No.                0000-13754)                                |
|    |   |                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 31.1    |   | Certification                of the Chief Executive Officer Pursuant to Section 302 of the                Sarbanes-Oxley Act of 2002                                                                                                                                                                                                                                                                                     |
|    |   |                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 31.2    |   | Certification                of the Chief Financial Officer Pursuant to Section 302 of the                Sarbanes-Oxley Act of 2002                                                                                                                                                                                                                                                                                     |
|    |   |                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 32.1    |   | Certification                of the Chief Executive Officer Pursuant to Section 906 of the                Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                    |
|    |   |                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 32.2    |   | Certification                of the Chief Financial Officer Pursuant to Section 906 of the                Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                    |