----

|   | 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                                               | 20     |
| ITEM      2.         | UNREGISTERED      SALES OF EQUITY SECURITIES AND USE OF PROCEEDS     | 21     |
| ITEM      3.         | DEFAULTS      UPON SENIOR SECURITIES                                 | 22     |
| ITEM      4.         | SUBMISSION      OF MATTERS TO A VOTE OF SECURITY HOLDERS             | 22     |
| ITEM      5.         | OTHER      INFORMATION                                               | 22     |
| ITEM      6.         | EXHIBITS                                                             | 22     |
|                 |                                                                 |   |
| SIGNATURES           | 23                                                                   |
| EXHIBIT      INDEX   | 24                                                                   |

----

| ITEM      1.   FINANCIALSTATEMENTS |
|---------------------------------------------------|

|                                                                                                                        |   | March      31, |        |   | December      31, |   |
|-----------------------------------------------------------------------------------------------------------------------------|--------|----------------|-------------|--------|-------------------|--------|
|                                                                                                                        |   | 2008           |        |   | 2007              |   |
| Assets                                                                                                                      |   | (Unaudited)    |        |   |              |   |
| Investment      property:                                                                                                   |   |           |        |   |              |   |
| Land                                                                                                                        |   | $              | 4,327,000   |   |              |   | 4,327,000 |   |
| Buildings and      improvements                                                                                             |   |           | 65,622,000  |   |              |   | 65,170,000 |   |
| Personal    property                                                                                                        |   |           | 4,867,000   |   |              |   | 5,044,000 |   |
|                                                                                                                        |   |           | 74,816,000  |   |              |   | 74,541,000 |   |
|                                                                                                                        |   |           |        |   |              |   |   |   |
| Less accumulated      depreciation                                                                                          |   |           | (10,879,000 | )      |              |   | (10,337,000 | ) |
|                                                                                                                        |   |           |        |   |              |   |   |   |
| Total investment property,      net                                                                                         |   |           | 63,937,000  |   |              |   | 64,204,000 |   |
|                                                                                                                        |   |           |        |   |              |   |   |   |
| Cash      and cash equivalents                                                                                              |   |           | 4,905,000   |   |              |   | 5,537,000 |   |
| Escrows      and reserves                                                                                                   |   |           | 1,121,000   |   |              |   | 1,374,000 |   |
| Accounts      receivable                                                                                                    |   |           | 1,000       |   |              |   | 10,000 |   |
| Prepaid      expenses and other assets                                                                                      |   |           | 214,000     |   |              |   | 323,000 |   |
| Intangible      assets, net                                                                                                 |   |           | 297,000     |   |              |   | 396,000 |   |
| Deferred      expenses, less accumulated amortization                                                                       |   |           | 706,000     |   |              |   | 726,000 |   |
| Assets      of discontinued operations                                                                                      |   |           | 128,000     |   |              |   | 130,000 |   |
| Total assets                                                                                                                |   | $              | 71,309,000  |   |              |   | 72,700,000 |   |
|                                                                                                                        |   |           |        |   |              |   |   |   |
| Liabilities      and Shareholders’ Equity                                                                             |   |           |        |   |              |   |   |   |
| Liabilities:                                                                                                                |   |           |        |   |              |   |   |   |
| Mortgage notes      payable                                                                                                 |   | $              | 59,182,000  |   |              |   | 59,342,000 |   |
| Accounts payable, prepaid rent      and accrued expenses                                                                    |   |           | 898,000     |   |              |   | 1,216,000 |   |
| Real estate taxes      payable                                                                                              |   |           | 505,000     |   |              |   | 593,000 |   |
| Refundable tenant      deposits                                                                                             |   |           | 347,000     |   |              |   | 346,000 |   |
| Other accrued      liabilities                                                                                              |   |           | 432,000     |   |              |   | 387,000 |   |
| Liabilities of discontinued      operations                                                                                 |   |           | 157,000     |   |              |   |  219,000 |   |
| Total    liabilities                                                                                                        |   |           | 61,521,000  |   |              |   | 62,103,000 |   |
|                                                                                                                        |   |           |        |   |              |   |   |   |
| Minority      interest                                                                                                      |   |           | 1,145,000   |   |              |   | 1,174,000 |   |
|                                                                                                                        |   |           |        |   |              |   |   |   |
| Shareholders’      equity:                                                                                            |   |           |        |   |              |   |   |   |
| Preferred      Stock, $0.01 par value; Authorized 5,000,000 shares,                                                         |   |           |        |   |              |   |   |   |
| no shares issued and      outstanding                                                                                       |   |           | ---         |   |              |   | --- |   |
| Common      stock, $1 par value; Authorized 5,000,000 shares,                                                               |   |           |        |   |              |   |   |   |
| Issued 1,413,000 and 1,410,000,      and outstanding 1,395,000                                                              |   |           |        |   |              |   |   |   |
| in 2008 and 2007,      respectively                                                                                         |   |           | 1,413,000   |   |              |   | 1,410,000 |   |
| Treasury      Stock, 17,478 and 15,274 shares at cost,  in 2008      and    2007 respectively |   |           | (177,000    | )      |              |   | (157,000 | ) |
| Additional      paid-in capital                                                                                             |   |           | 19,254,000  |   |              |   | 19,233,000 |   |
| Distributions      in excess of accumulated earnings                                                                        |   |           | (11,847,000 | )      |              |   | (11,063,000 | ) |
| Total shareholders’      equity                                                                                       |   |           | 8,643,000   |   |              |   | 9,423,000 |   |
| Total liabilities and      shareholder’s equity                                                                       |   | $              | 71,309,000  |   |              |   | 72,700,000 |   |

----

|                                                           |    | Three      Months Ended |      |
|----------------------------------------------------------------|---------|-------------------------|-----------|
|                                                           |    | March      31,          |      |   | March      31, |   |
| Income                                                         |    | 2008                    |      |   | 2007 |   |
| Revenues:                                                      |    |                    |      |   |   |   |
| Rental                                                         | $  |                    | 2,911,000 |   |   |   | 2,482,000 |   |
| Other                                                          |    |                    | 460,000   |   |   |   | 322,000 |   |
| Total revenues                                                 |    |                    | 3,371,000 |   |   |   | 2,804,000 |   |
|                                                           |    |                    |      |   |   |   |   |   |
| Expenses:                                                      |    |                    |      |   |   |   |   |   |
| Depreciation and      amortization                             |    |                    | 889,000   |   |   |   | 792,000 |   |
| Repairs and      maintenance                                   |    |                    | 301,000   |   |   |   | 300,000 |   |
| Turn costs and      leasing                                    |    |                    | 125,000   |   |   |   | 142,000 |   |
| Utilities                                                      |    |                    | 362,000   |   |   |   | 261,000 |   |
| Real estate    taxes                                           |    |                    | 328,000   |   |   |   | 211,000 |   |
| Insurance                                                      |    |                    | 126,000   |   |   |   | 113,000 |   |
| Related party management      fee                              |    |                    | 144,000   |   |   |   | 126,000 |   |
| Other operating      expenses                                  |    |                    | 515,000   |   |   |   | 299,000 |   |
| General and      administrative                                |    |                    | 251,000   |   |   |   | 180,000 |   |
|                                                           |    |                    |      |   |   |   |   |   |
| Total operating      expenses                                  |    |                    | 3,041,000 |   |   |   | 2,424,000 |   |
|                                                           |    |                    |      |   |   |   |   |   |
| Net operating      income                                      |    |                    | 330,000   |   |   |   | 380,000 |   |
|                                                           |    |                    |      |   |   |   |   |   |
| Interestincome                                                 |    |                    | 56,000    |   |   |   | 48,000 |   |
| Interest    expense                                            |    |                    | (935,000  | ) |   |   | (810,000 | ) |
| Loss before minority interest      and discontinued operations |    |                    | (549,000  | ) |   |   | (382,000 | ) |
| Less minority interest in      continuing operations           |    |                    | 32,000    |   |   |   | 12,000 |   |
| Loss from continuing      operations                           |    |                    | (517,000  | ) |   |   | (370,000 | ) |
|                                                           |    |                    |      |   |   |   |   |   |
| Income (loss)  from      discontinued operations     |    |                    |      |   |   |   |   |   |
| before minority      interest                                  |    |                    | 31,000    |   |   |   | (16,000 | ) |
| Less minority interest in      discontinued operations         |    |                    | 2,000     |   |   |   | 1,000 |   |
| Income (loss) from      discontinued operations                |    |                    | 29,000    |   |   |   | (15,000 | ) |
|                                                           |    |                    |      |   |   |   |   |   |
| Net loss                                                       | $  |                    | (488,000  | ) |   |   | (385,000 | ) |
|                                                           |    |                    |      |   |   |   |   |   |
| Per      share data (basic and diluted):                       |    |                    |      |   |   |   |   |   |
| Loss from continuing      operations                           | $  |                    | (.39      | ) |   |   | (0.26 | ) |
| Income from discontinued      operations                       |    |                    | .02       |   |   |   | 0.01 |   |
| Net loss per    share                                          | $  |                    | (.37      | ) |   |   | (.27 | ) |
|                                                           |    |                    |      |   |   |   |   |   |
| Distributions:                                                 |    |                    |      |   |   |   |   |   |
| Paid    year-to-date:                                          |    |                    |      |   |   |   |   |   |
| Taxable to      Shareholders                                   | $  |                    | ---       |   |   |   | --- |   |
| Return of    capital                                           | $  |                    | .20       |   |   |   | .20 |   |
| Distributions      paid in current year                        |    |                    | .20       |   |   |   | .20 |   |
| Weighted      average shares outstanding, basic and diluted    |    |                    | 1,394,000 |   |   |   | 1,402,000 |   |

----

|                                                                                               |    | Three      Months Ended |      |
|----------------------------------------------------------------------------------------------------|---------|-------------------------|-----------|
|                                                                                               |    | Mar.      31,           |      |   | Mar.      31, |   |
|                                                                                               |    | 2008                    |      |   | 2007 |   |
| Cash      flows from operating activities:                                                         |    |                    |      |   |   |   |
| Net      loss                                                                                      | $  |                    | (488,000  | ) |   |   | (385,000 | ) |
| Adjustments      to reconcile net income (loss) to net cash provided by operating      activities: |    |                    |      |   |   |   |   |   |
| Minorityinterest                                                                                   |    |                    | (29,000   | ) |   |   | (13,000 | ) |
| Depreciation and      amortization                                                                 |    |                    | 889,000   |   |   |   | 792,000 |   |
| Amortization of loan      premium                                                                  |    |                    | 45,000    |   |   |   | --- |   |
| Amortization of loan      costs                                                                    |    |                    | 21,000    |   |   |   | 20,000 |   |
| Retirement of personal      property                                                               |    |                    | 114,000   |   |   |   | --- |   |
| Changes      in accounts affecting operations:                                                     |    |                    |      |   |   |   |   |   |
| Accounts    receivable                                                                             |    |                    | 9,000     |   |   |   | 88,000 |   |
| Prepaid expenses and other      assets                                                             |    |                    | 111,000   |   |   |   | 59,000 |   |
| Escrows and reserves,      net                                                                     |    |                    | 253,000   |   |   |   | 31,000 |   |
| Accounts payable and other      liabilities                                                        |    |                    | (467,000  | ) |   |   | 57,000 |   |
| Net cash provided by operating      activities                                                     |    |                    | 458,000   |   |   |   | 649,000 |   |
| Cash      flows from investing activities:                                                         |    |                    |      |   |   |   |   |   |
| Capital    expenditures                                                                            |    |                    | (638,000  | ) |   |   | (164,000 | ) |
| Acquisition of Highland      Pointe                                                                |    |                    | ---       |   |   |   | (3,420,000 | ) |
| Net cash used in investing      activities                                                         |    |                    | (638,000  | ) |   |   | (3,584,000 | ) |
| Cash      flows from financing activities:                                                         |    |                    |      |   |   |   |   |   |
| Principal payments on mortgage      notes payable                                                  |    |                    | (160,000  | ) |   |   | (124,000 | ) |
| Cash paid in connection with      refinance of investment property                                 |    |                    | ---       |   |   |   | (23,000 | ) |
| Payment of loan    fees                                                                            |    |                    | ---       |   |   |   | (23,000 | ) |
| Purchase of Treasury      Stock                                                                    |    |                    | (20,000   | ) |   |   | --- |   |
| Issuance of common      stock                                                                      |    |                    | 24,000    |   |   |   | 21,000 |   |
| Distributions paid to      shareholders                                                            |    |                    | (296,000  | ) |   |   | 290,000 |   |
| Net cash used in financing      activities                                                         |    |                    | (452,000  | ) |   |   | (439,000 | ) |
| Net decrease in    cash                                                                            |    |                    | (632,000  | ) |   |   | (3,374,000 | ) |
| Cash, beginning of      year                                                                       |    |                    | 5,537,000 |   |   |   | 8,470,000 |   |
| Cash, end of    period                                                                             | $  |                    | 4,905,000 |   |   |   | 5,096,000 |   |
|                                                                                               |    |                    |      |   |   |   |   |   |
| Supplemental      disclosure of cash flow information -                                            |    |                    |      |   |   |   |   |   |
| Cash paid during the three month      period for interest                                          | $  |                    | 869,000   |   |   |   | 726,000 |   |
|                                                                                               |    |                    |      |   |   |   |   |   |
| 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 refinancings                                  | $  |                    | ---       |   |   |   | 12,700,000 |   |
| Mortgage note resulting from      refinancing                                                      | $  |                    | ---       |   |   |   | 13,000,000 |   |
|                                                                                               |    |                    |      |   |   |   |   |   |

----

----

|                        |    |    |      |   | Income     |   |     |                  |   |   |         |   |   |     |    |   |         |   |    |            |   |
|-----------------------------|---------|---------|-----------|--------|------------|--------|----------|-----------------------|--------|--------|--------------|--------|--------|----------|---------|--------|--------------|--------|---------|-----------------|--------|
|                        |    |    |      |   | (Loss)     |   |     |                  |   |   | Depreciation |   |   |     |    |   |         |   |    |            |   |
|                        |    | Total   |      |   | Continuing |   |     | Capital               |   |   | and          |   |   | Interest |    |   | Discontinued |   |    |            |   |
|                        |    | Revenue |      |   | Operations |   |     | Expenditures      (1) |   |   | Amortization |   |   | Expense  |    |   | Operations   |   |    | Assets      (2) |   |
| Apartments                  | $  |    | 3,057,000 |   |       |   | (372,000 | )                     |   |   | 638,000      |   |   |     | 838,000 |   |         |   | 880,000 |            |   |   | 31,000 |   |   |   | 66,982,000 |   |
| Commercial      Bldg.       |    |    | 314,000   |   |       |   | 18,000   |                  |   |   | ---          |   |   |     | 51,000  |   |         |   | 55,000  |            |   |   | --- |   |   |   | 3,507,000 |   |
| Parent                      |    |    | ---       |   |       |   | (195,000 | )                     |   |   | ---          |   |   |     | ---     |   |         |   | ---     |            |   |   | --- |   |   |   | --- |   |
| Subtotal                    |    |    | 3,371,000 |   |       |   | (549,000 | )                     |   |   | 638,000      |   |   |     | 889,000 |   |         |   | 935,000 |            |   |   | 31,000 |   |   |   | 70,489,000 |   |
| Less      Minority Interest |    |    |      |   |       |   | 32,000   |                  |   |   | ---          |   |   |     | ---     |   |         |   | ---     |            |   |   | 2,000 |   |   |   | --- |   |
| Total                       | $  |    | 3,371,000 |   |       |   | (517,000 | )                     |   |   | 638,000      |   |   |     | 889,000 |   |         |   | 935,000 |            |   |   | 29,000 |   |   |   | 70,489,000 |   |

|                        |   |    |      |   | 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 |   |
| Less      Minority Interest |   |    |      |   |       |   | 12,000   |         |   |   | ---          |   |   |     | ---     |   |         |   | ---     |            |   |   | 1,000 |   |   |   | --- |   |
| Total                       |   | $       | 2,804,000 |   |       |   | (370,000 | )            |   |   | 16,216,000   |   |   |     | 792,000 |   |         |   | 810,000 |            |   |   | (15,000 | ) |   |   | 66,382,000 |   |

----

|                                                                                            |   | Mar. 31, 2008 |    |   | Dec. 31, 2007 |   |
|-------------------------------------------------------------------------------------------------|--------|---------------|---------|--------|---------------|--------|
| In-place      leases, net of accumulated amortization of $98,000 and $316,000      respectively |   | $             | 297,000 |   |          |   | 396,000 |   |
|                                                                                            |   |          |    |   |          |   |   |   |
| Total      intangible assets, net                                                               |   | $             | 297,000 |   |          |   | 396,000 |   |

----

----

| Assets                                                               |   | Mar. 31, 2008 |    |   | Dec. 31, 2007 |   |
|----------------------------------------------------------------------|--------|---------------|---------|--------|---------------|--------|
|    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              |   | $             | 149,000 |   |          |   | 178,000 |   |
| Real      estate taxes payable                                       |   |          | 8,000   |   |          |   | 41,000 |   |
| Liabilities      of discontinued operations - property held for sale |   | $             | 157,000 |   |          |   | 219,000 |   |

|                                            |   | Three      Months Ended |    |
|-------------------------------------------------|--------|-------------------------|---------|
|                                            |   | Mar. 31, 2008           |    |   |   | Mar. 31, 2007 |   |
|                                            |   |                    |    |   |   |   |   |
| Total      revenues                             |   | $                       | ----    |   |   |   |   | 1,000 |   |
| Operating      expenses                         |   |                    | (31,000 | ) | (1) |   |   | (17,000 | ) |
| Net      operating income (loss)                |   |                    | 31,000  |   |   |   |   | (16,000 | ) |
| Income      (loss) from discontinued operations |   | $                       | 31,000  |   |   |   |   | (16,000 | ) |

----

----

----

----

| PROPERTY                                                      | #      UNITS               | TYPE                                   | LOCATION                        | PURCHASE                   |
|---------------------------------------------------------------|----------------------------|----------------------------------------|---------------------------------|----------------------------|
|                                                          |                       |                                   |                            | DATE                       |
|                                                          |                       |                                   |                            |                       |
| Barrington      Hills Apartments                              | 232                        | Apartments                             | Little      Rock, AR            | November,      2001        |
| (“Barrington      Hills”)                         |                       |                                   |                            |                       |
|                                                          |                       |                                   |                            |                       |
| Bicycle      Club Apartments(“Bicycle      Club”) | 312                   | Apartments                        | North      Kansas City, MO      | July,      2005       |
|                                                          |                       |                                   |                            |                       |
| Chalet      Apartments      (1)                               | 234                        | Apartments                             | Topeka,      KS                 | September,      2001       |
| (“Chalet”)                                        |                       |                                   |                            |                       |
|                                                          |                       |                                   |                            |                       |
| Forest      Park/Valley Forge Apts.                           | 198                        | Apartments                             | Kansas      City, MO            | August,      2000/         |
|  (“Forest      Park/Valley Forge”)           |                       |                                   |                            | November,      2006        |
|                                                          |                       |                                   |                            |                       |
| King’s      Court/Terrace Apts.                         | 166                        | Apartments                             | Olathe,      KS                 | August,      2001/         |
| (“King’s      Court/Terrace”)               |                       |                                   |                            | April,      2004           |
|                                                          |                       |                                   |                            |                       |
| Highland      Pointe Apartments                               | 232                        | Apartments                             | Yukon,      OK                  | January,      2007         |
| (“Highland      Pointe”)                          |                       |                                   |                            |                       |
|                                                          |                       |                                   |                            |                       |
| Northtown      Business Center                           | 240,000      sq. ft. & | Industrial      and related office and | North      Kansas City,MO  | August,      2006     |
|                                                          | 12.44      acres           | mezzanine      space                   |                            |
|                                                          |                       |                                   |                            |                       |
| The      Landings Apartments                                  | 154                        | Apartments                             | Little      Rock, AR            | September,      2001       |
| (the      “Landings”)                             |                       |                                   |                            |                       |
|                                                          |                       |                                   |                            |                       |
| Regency      North Apartments                                 | 180                        | Apartments                             | Kansas      City, MO            | November,      2007        |
| (“Regency      North”)                            |                       |                                   |                            |                       |
|                                                          |                       |                                   |                            |                       |
| Waverly      Apartments (2)(“Waverly”)            | 128                   | Apartments                        | Bay      Saint Louis, MS   | September,      2004  |

----

----

|                       | Balance      at |   | Interest |   | Fixed         |   | Due                    |
|----------------------------|-----------------|--------|----------|--------|---------------|--------|------------------------|
|                       | Mar. 31, 2008   |   | Rate     |   | or (variable) |   | Date                   |
|                       |            |   |     |   |          |   |                   |
| Barrington      Hills      | 5,278,000       |   | 6.04%    |   | Fixed         |   | July      1, 2029      |
|                       |            |   |     |   |          |   |                   |
| Bicycle      Club          | 11,061,000      |   | 6.19%    |   | Fixed         |   | September      1, 2016 |
|                       |            |   |     |   |          |   |                   |
| Chalet      (1)            | 8,030,000       |   | 5.79%    |   | Fixed         |   | October      1, 2017   |
|                       |            |   |     |   |          |   |                   |
| Forest      Park           | 2,317,000       |   | 5.29%    |   | Fixed         |   | September      1, 2015 |
|                       |            |   |     |   |          |   |                   |
| Highland      Pointe       | 13,000,000      |   | 5.67%    |   | Fixed         |   | February      28, 2017 |
|                       |            |   |     |   |          |   |                   |
| Kings      Court           | 2,221000        |   | 5.91%    |   | (variable)    |   | May      1, 2009       |
|                       |            |   |     |   |          |   |                   |
| Northtown      Bus. Center | 3,098,000       |   | 6.87%    |   | Fixed         |   | September      1, 2016 |
|                       |            |   |     |   |          |   |                   |
| Terrace                    | 1,528,000       |   | 6.87%    |   | Fixed         |   | February      1, 2009  |
|                       |            |   |     |   |          |   |                   |
| The      Landings          | 6,146,000       |   | 6.19%    |   | Fixed         |   | September      1, 2016 |
|                       |            |   |     |   |          |   |                   |
| Regency      North         | 4,788,000       |   | 7.22%    |   | Fixed         |   | January      1, 2011   |
|                       |            |   |     |   |          |   |                   |
| Valley      Forge          | 1,715,000       |   | 5.69%    |   | Fixed         |   | December      1, 2015  |
|                       |            |   |     |   |          |   |                   |
| Total                      | $59,182,000     |   |     |   |          |   |                   |

----

|                                                |   | Three      Months Ended |
|-----------------------------------------------------|--------|-------------------------|
|                                                |   | Mar.      31,           |   | Mar.      31, |
|                                                |   | 2008                    |   | 2007 |
| Net      loss                                       | $      | (488,000)               |   | (385,000) |
| Property      related depreciation and amortization |   | 889,000                 |   | 792,000 |
| Funds      from Operations                          | $      | 401,000                 |   | 407,000 |

|                                         | OCCUPANCY      LEVELS |
|----------------------------------------------|-----------------------|
|                                         | Mar. 31, 2008         |   | Dec. 31, 2007 |
| Barrington      Hills                        | 73%                   |   | 84% |
| Bicycle      Club                            | 93%                   |   | 92% |
| Chalet                                       | 97%                   |   | 96% |
| Forest      Park/Valley Forge (1)            | 94%                   |   | 89% |
| Highland      Pointe (2)                | 94%                   |   | 94% |
| King’s      Court/Terrace              | 94%                   |   | 92% |
| The      Landings                            | 99%                   |   | 99% |
| Northtown Business Center (3) | 96%                   |   | 95% |
| Regency      North (4)                  | 92%                   |   | 94% |
| Waverly      (5)                             | 0%                    |   | 0% |

----

----

----

| ITEM      1. | LEGAL      PROCEEDINGS |
|--------------|------------------------|

|   | Maxus      Realty Trust, Inc. v. FF Park Lane Associates, L.P., et  al. |
|--------|-------------------------------------------------------------------------|

----

|                   |                 |                    |                            |                     |
|------------------------|----------------------|-------------------------|---------------------------------|--------------------------|
|                   |                 |                    | Total      Number of Shares     | Maximum      Number of   |
|                   | Total      Number    |                    |  Purchased      as Part of | Shares      that May Yet |
|                   |  of      Shares | Average      Price Paid |  Publicly      Announced   | Be      Purchased Under  |
| Period                 |  Purchased      |  per      Share    |  Program                   | the      Program         |
| 1/1/08      to 1/31/08 | 1,925      (1)       | $9.92                   | 17,199                          | 82,960                   |
| 2/1/08      to 2/29/08 | 279                  | $10.00                  | 17,478                          | 82,681                   |
| 3/1/08      to 3/31/08 | ---                  | ---                     | 17,478                          | 82,681                   |
|                   |                 |                    |                            |                     |
| Total                  | 2,204                |                    | 17,478                          | 82,681                   |

----

----

|   |              |   | MAXUS      REALTY TRUST, INC.              |
|--------|-------------------|--------|--------------------------------------------|
|   |              |   |                                       |
| Date:  | May      13, 2008 | By:    | /s/      David L. Johnson                  |
|   |              |   | David      L. Johnson                      |
|   |              |   | Chairman      of the Board,                |
|   |              |   | President      and Chief Executive Officer |
|   |              |   | Trustee                                    |
|   |              |   |                                       |
| Date:  | May      13, 2008 | By:    | /s/      John W. Alvey                     |
|   |              |   | John      W. Alvey                         |
|   |              |   | Treasurer      and                         |
|   |              |   | Principal      Financial Officer           |
|   |              |   |                                       |
| Date:  | May      13, 2008 | By:    | /s/      DeAnn M. Totta                    |
|   |              |   | DeAnn      M. Totta                        |
|   |              |   | Corporate      Secretary and               |
|   |              |   | Principal      Accounting 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.                                                                                                                                                                                                         |