----

**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) |   |

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| INDEX                          |                                                                             |   |
|--------------------------------|----------------------------------------------------------------------------------|--------|
|                           |                                                                             |   |
|                           |                                                                             | Page   |
| PART                  I -      | FINANCIAL                  INFORMATION                                           |   |
|                           |                                                                             |   |
| ITEM                  1.       | FINANCIAL                  STATEMENTS:                                           |   |
|                           | Consolidated                  Balance Sheets                                     | 3      |
|                           | Consolidated                  Statements of Operations                           | 4      |
|                           | Consolidated                  Statements of Cash Flows                           | 5      |
|                           |                                                                             |   |
| ITEM                  2.       | MANAGEMENT’S                  DISCUSSION AND ANALYSIS OR PLAN OF OPERATION | 11     |
|                           |                                                                             |   |
| ITEM                  3.       | CONTROLS                  AND PROCEDURES                                         | 20     |
|                           |                                                                             |   |
| PART                  II -     | OTHER                  INFORMATION                                               |   |
|                           |                                                                             |   |
| ITEM                  1.       | LEGAL                  PROCEEDINGS                                               | 20     |
| 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                                                                         | 22     |
|                           |                                                                             |   |
| SIGNATURES                     | 23                                                                               |
| EXHIBIT                  INDEX | 24                                                                               |

----

| ITEM                  1. | FINANCIAL                  STATEMENTS |
|--------------------------|---------------------------------------|

|                                                                                                                                                                                                                                         |   | September                  30,2005 |       | December                  31,2004 |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------|------------|-----------------------------------|--------|
|                                                                                                                                                                                                                                         |   | (Unaudited)                        |       |                              |   |
| Assets                                                                                                                                                                                                                                       |   |                               |       |                              |   |   |   |
| Investment                  property                                                                                                                                                                                                         |   |                               |       |                              |   |   |   |
| Land                                                                                                                                                                                                                                         |   | $                                  | 1,668,000  |                              |   | 1,355,000 |   |
| Buildings                  and improvements                                                                                                                                                                                                  |   |                               | 40,340,000 |                              |   | 35,641,000 |   |
| Personal                  property                                                                                                                                                                                                           |   |                               | 3,233,000  |                              |   | 2,606,000 |   |
|                                                                                                                                                                                                                                         |   |                               | 45,241,000 |                              |   | 39,602,000 |   |
|                                                                                                                                                                                                                                         |   |                               |       |                              |   |   |   |
| Less                  accumulated depreciation                                                                                                                                                                                               |   |                               | (5,241,000 | )                                 |   | (4,083,000 | ) |
|                                                                                                                                                                                                                                         |   |                               |       |                              |   |   |   |
| Total                  investment property, net                                                                                                                                                                                              |   |                               | 40,000,000 |                              |   | 35,519,000 |   |
|                                                                                                                                                                                                                                         |   |                               |       |                              |   |   |   |
| Cash                                                                                                                                                                                                                                         |   |                               | 791,000    |                              |   | 3,860,000 |   |
| Escrows                  and cash reserves                                                                                                                                                                                                   |   |                               | 1,345,000  |                              |   | 1,125,000 |   |
| Note                  receivable                                                                                                                                                                                                             |   |                               | 4,102,000  |                              |   | 4,133,000 |   |
| Accounts                  receivable                                                                                                                                                                                                         |   |                               | 18,000     |                              |   | 3,000 |   |
| Insurance                  claims receivable                                                                                                                                                                                                 |   |                               | 5,978,000  |                              |   | --- |   |
| Prepaid                  expenses and other assets                                                                                                                                                                                           |   |                               | 406,000    |                              |   | 242,000 |   |
| Intangible                  assets (net)                                                                                                                                                                                                     |   |                               | 193,000    |                              |   | 94,000 |   |
| Deferred                  expenses, less accumulated amortization                                                                                                                                                                            |   |                               | 394,000    |                              |   | 423,000 |   |
| Total                  assets of continuing operations                                                                                                                                                                                       |   |                               | 53,227,000 |                              |   | 45,399,000 |   |
| Assets                  of discontinued operations - property held for sale                                                                                                                                                                  |   |                               | ---        |                              |   | 4,000 |   |
| Total                  assets                                                                                                                                                                                                                |   | $                                  | 53,227,000 |                              |   | 45,403,000 |   |
|                                                                                                                                                                                                                                         |   |                               |       |                              |   |   |   |
| Liabilities                  and Shareholders’ Equity                                                                                                                                                                                  |   |                               |       |                              |   |   |   |
|                                                                                                                                                                                                                                         |   |                               |       |                              |   |   |   |
| Liabilities:                                                                                                                                                                                                                                 |   |                               |       |                              |   |   |   |
| Mortgage                  notes payable                                                                                                                                                                                                      |   | $                                  | 36,399,000 |                              |   | 27,824,000 |   |
| Note                  payable                                                                                                                                                                                                                |   |                               | 4,102,000  |                              |   | 4,133,000 |   |
| Accounts                  payable, deferred rent and accrued expenses                                                                                                                                                                        |   |                               | 932,000    |                              |   | 623,000 |   |
| Real                  estate taxes payable                                                                                                                                                                                                   |   |                               | 643,000    |                              |   | 394,000 |   |
| Refundable                  tenant deposits                                                                                                                                                                                                  |   |                               | 221,000    |                              |   | 177,000 |   |
| Other                  accrued liabilities                                                                                                                                                                                                   |   |                               | 817,000    |                              |   | 1,047,000 |   |
| Total                  liabilities                                                                                                                                                                                                           |   |                               | 43,114,000 |                              |   | 34,198,000 |   |
|                                                                                                                                                                                                                                         |   |                               |       |                              |   |   |   |
| Minority                  interest                                                                                                                                                                                                           |   |                               | 641,000    |                              |   | 152,000 |   |
| Shareholders’                  equity:                                                                                                                                                                                                 |   |                               |       |                              |   |   |   |
| Common                  stock, $1 par value; Authorized 5,000,000 shares, issued and outstanding                  1,301,000 and 1,294,000 shares at September 30, 2005 and December                  31,                  2004, respectively |   |                               | 1,301,000  |                              |   | 1,294,000 |   |
| Preferred                  Stock, $0.01 par value; Authorized 5,000,000 shares, no shares                  issued and                  outstanding at September 30, 2005                                                                     |   |                               | ---        |                              |   | --- |   |
| Additional                  paid-in capital                                                                                                                                                                                                  |   |                               | 17,980,000 |                              |   | 17,899,000 |   |
| Distributions                  in excess of accumulated earnings                                                                                                                                                                             |   |                               | (9,809,000 | )                                 |   | (8,140,000 | ) |
| Total                  shareholders’ equity                                                                                                                                                                                            |   |                               | 9,472,000  |                              |   | 11,053,000 |   |
|                                                                                                                                                                                                                                         |   | $                                  | 53,227,000 |                              |   | 45,403,000 |   |

----

|                                                                       |   | Three                  Months Ended |      | Nine                  Months Ended |   |
|----------------------------------------------------------------------------|--------|-------------------------------------|-----------|------------------------------------|--------|
|                                                                       |   | Sept.                  30,2005      |      | Sept.                  302004      |   | Sept.                  30,2005 |   | Sept.                  302004 |   |
| Income                                                                     |   |                                |      |                               |   |   |   |   |   |   |   |   |   |
| Revenues:                                                                  |   |                                |      |                               |   |   |   |   |   |   |   |   |   |
| Rental                                                                     |   |                                | 1,986,000 |                               |   | 1,338,000 |   |   | 5,136,000 |   |   | 3,660,000 |   |
| Other                                                                      |   |                                | 225,000   |                               |   | 197,000 |   |   | 656,000 |   |   | 551,000 |   |
|                                                                       |   |                                |      |                               |   |   |   |   |   |   |   |   |   |
| Total                  revenues                                            |   |                                | 2,211,000 |                               |   | 1,535,000 |   |   | 5,792,000 |   |   | 4,211,000 |   |
| Expenses:                                                                  |   |                                |      |                               |   |   |   |   |   |   |   |   |   |
| Depreciation                  and amortization                             |   |                                | 731,000   |                               |   | 374,000 |   |   | 1,709,000 |   |   | 995,000 |   |
| Repairs                  and maintenance                                   |   |                                | 273,000   |                               |   | 207,000 |   |   | 745,000 |   |   | 564,000 |   |
| Turn                  costs and leasing                                    |   |                                | 151,000   |                               |   | 98,000 |   |   | 366,000 |   |   | 237,000 |   |
| Utilities                                                                  |   |                                | 158,000   |                               |   | 109,000 |   |   | 417,000 |   |   | 284,000 |   |
| Real                  estate taxes                                         |   |                                | 170,000   |                               |   | 99,000 |   |   | 427,000 |   |   | 263,000 |   |
| Insurance                                                                  |   |                                | 98,000    |                               |   | 50,000 |   |   | 271,000 |   |   | 184,000 |   |
| Property                  management fees - related parties                |   |                                | 109,000   |                               |   | 76,000 |   |   | 286,000 |   |   | 206,000 |   |
| Other                  operating expenses                                  |   |                                | 326,000   |                               |   | 203,000 |   |   | 796,000 |   |   | 575,000 |   |
| General                  and administrative                                |   |                                | 126,000   |                               |   | 90,000 |   |   | 357,000 |   |   | 278,000 |   |
| Total                  operating expenses                                  |   |                                | 2,142,000 |                               |   | 1,306,000 |   |   | 5,374,000 |   |   | 3,586,000 |   |
|                                                                       |   |                                |      |                               |   |   |   |   |   |   |   |   |   |
| Net                  operating income                                      |   |                                | 69,000    |                               |   | 229,000 |   |   | 418,000 |   |   | 625,000 |   |
|                                                                       |   |                                |      |                               |   |   |   |   |   |   |   |   |   |
| Interest                  income                                           |   |                                | (153,000  | )                                  |   | (53,000 | ) |   | (461,000 | ) |   | (60,000 | ) |
| Interest                  expense                                          |   |                                | 718,000   |                               |   | 392,000 |   |   | 1,801,000 |   |   | 966,000 |   |
| Loss                  before minority interest and discontinued operations |   |                                | (496,000  | )                                  |   | (110,000 | ) |   | (922,000 | ) |   | (281,000 | ) |
| Income                  from discontinued operations including gain   |   |                                |      |                               |   |   |   |   |   |   |   |   |   |
| on                  disposal of $2,116,000 in 2004                         |   |                                | 118,000   |                               |   | 2,098,000 |   |   | 230,000 |   |   | 2,178,000 |   |
| Minority                  interest                                         |   |                                | (9,000    | )                                  |   | 18,000 |   |   | (12,000 | ) |   | 18,000 |   |
| Net                  income (loss)                                         |   | $                                   | (369,000  | )                                  |   | 1,970,000 |   |   | (680,000 | ) |   | 1,879,000 |   |
|                                                                       |   |                                |      |                               |   |   |   |   |   |   |   |   |   |
| Per                  share data (basic and diluted):                       |   |                                |      |                               |   |   |   |   |   |   |   |   |   |
| Loss                  from continuing operations                           |   | $                                   | (.38      | )                                  |   | (.08 | ) |   | (.71 | ) |   | (.22 | ) |
| Income                  from discontinued operations                       |   |                                | .09       |                               |   | 1.61 |   |   | .18 |   |   | 1.71 |   |
|                                                                       |   |                                |      |                               |   |   |   |   |   |   |   |   |   |
| Net                  income (loss) per share                               |   | $                                   | (.29      | )                                  |   | 1.53 |   |   | (.53 | ) |   | 1.49 |   |
|                                                                       |   |                                |      |                               |   |   |   |   |   |   |   |   |   |
| Distributions                  paid in current year                        |   | $                                   | .25       |                               |   | .25 |   |   | .75 |   |   | .75 |   |
|                                                                       |   |                                |      |                               |   |   |   |   |   |   |   |   |   |
| Weighted                  average shares outstanding                       |   |                                | 1,299,000 |                               |   | 1,289,000 |   |   | 1,297,000 |   |   | 1,261,000 |   |

----

|                                                                                                                               |   | Sept.                  30, |       | Sept.                  30, |   |
|------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------|------------|----------------------------|--------|
| Cash                  flows from operating activities:                                                                             |   |                       | 2005       |                       |   | 2004 |   |
| Net                  income (loss)                                                                                                 |   | $                          | (680,000   | )                          | $      | 1,879,000 |   |
| Adjustments                  to reconcile net loss to net cash provided by operating                                               |   |                       |       |                       |   |   |   |
| activities                  of continuing operations:                                                                              |   |                       |       |                       |   |   |   |
| Income                  from discontinued operations                                                                               |   |                       | (230,000   | )                          |   | (2,178,000 | ) |
| Minority                  interest                                                                                                 |   |                       | (12,000    | )                          |   | 18,000 |   |
| Depreciation                  and amortization                                                                                     |   |                       | 1,709,000  |                       |   | 995,000 |   |
| Changes                  in accounts affecting operations:                                                                         |   |                       |       |                       |   |   |   |
| Accounts                  receivable                                                                                               |   |                       | (11,000    | )                          |   | (21,000 | ) |
| Prepaid                  expenses and other assets                                                                                 |   |                       | (121,000   | )                          |   | (168,000 | ) |
| Escrows                  and reserves                                                                                              |   |                       | (50,000    | )                          |   | (481,000 | ) |
| Accounts                  payable and other liabilities                                                                            |   |                       | 290,000    |                       |   | 388,000 |   |
| Net                  cash provided by operating activities of continuing                  operations                               |   |                       | 895,000    |                       |   | 432,000 |   |
| Net                  cash provided by discontinued operations                                                                      |   |                       | ---        |                       |   | 401,000 |   |
| Net                  cash provided by operating activities                                                                         |   |                       | 895,000    |                       |   | 833,000 |   |
|                                                                                                                               |   |                       |       |                       |   |   |   |
| Cash                  flows from investing activities:                                                                             |   |                       |       |                       |   |   |   |
| Acquisition                  of Bicycle Club                                                                                       |   |                       | (2,765,000 | )                          |   | --- |   |
| Acquisition                  of Terrace Apartments                                                                                 |   |                       | ---        |                       |   | (193,000 | ) |
| Acquisition                  of Waverly and Arbor Gate Escrow-Acquisition                                                          |   |                       | ---        |                       |   | (9,587,000 | ) |
| Escrow-acquisition                                                                                                                 |   |                       | (10,000    | )                          |   | (100,000 | ) |
| Purchase                  of available for sale securities                                                                         |   |                       | (21,000    | )                          |   | --- |   |
| Capital                  expenditures                                                                                              |   |                       | (443,000   | )                          |   | (276,000 | ) |
| Net                  cash used in investing activities of continuing operations                                                    |   |                       | (3,239,000 | )                          |   | (10,156,000 | ) |
| Net                  cash provided by investing activities of discontinued                  operations                             |   |                       | ---        |                       |   | 3,791,000 |   |
| Net                  cash (used in) provided by investing activities                                                               |   |                       | (3,239,000 | )                          |   | (6,365,000 | ) |
| Cash                  flows from financing activities:                                                                             |   |                       |       |                       |   |   |   |
| Principal                  payments on mortgage notes payable                                                                      |   |                       | (2,175,000 | )                          |   | (230,000 | ) |
| Proceeds                  form mortgage notes payable                                                                              |   |                       | 2,400,000  |                       |   | 9,445,000 |   |
| Loan                  fees                                                                                                         |   |                       | (49,000    | )                          |   | --- |   |
| Issuance                  of common stock                                                                                          |   |                       | 88,000     |                       |   | 606,000 |   |
| Distributions                  paid to shareholders                                                                                |   |                       | (989,000   | )                          |   | (949,000 | ) |
| Net                  cash provided by (used in) financing activities of continuing                  operations                     |   |                       | (725,000   | )                          |   | 8,872,000 |   |
| Net                  cash used in activities of discontinued operations                                                            |   |                       | ---        |                       |   | (23,000 | ) |
| Net                  cash provided by (used in) financing activities                                                               |   |                       | (725,000   | )                          |   | 8,849,000 |   |
| Net                  increase (decrease) in cash                                                                                   |   |                       | (3,069,000 | )                          |   | 3,317,000 |   |
| Cash,                  beginning of period                                                                                         |   |                       | 3,860,000  |                       |   | 861,000 |   |
| Cash,                  end of period                                                                                               |   | $                          | 791,000    |                       | $      | 4,178,000 |   |
|                                                                                                                               |   |                       |       |                       |   |   |   |
| Supplemental                  disclosure of cash flow information:                                                                 |   |                       |       |                       |   |   |   |
| Cash                  paid during the nine-month period for interest (includes interest                  paid                  for |   |                       |       |                       |   |   |   |
| discontinued                  operations in 2005 and 2004)                                                                         |   | $                          | 1,783,000  |                       | $      | 1,121,000 |   |
| Schedule                  of Non-Cash Items                                                                                        |   |                       |       |                       |   |   |   |
| Items                  assumed in connection with acquisition of investment                  properties:                           |   |                       |       |                       |   |   |   |
| Investment                  property and other assets (Terrace)                                                                    |   | $                          | ---        |                       | $      | 2,048,000 |   |
| Mortgage                  notes payable and other liabilities (Terrace)                                                            |   | $                          | ---        |                       | $      | 1,739,000 |   |
| Investment                  property and other assets (Bicycle Club)                                                               |   | $                          | 11,928,000 |                       | $      | --- |   |
| Mortgage                  notes payable and other liabilities (Bicycle Club)                                                       |   | $                          | 9,165,000  |                       | $      | --- |   |
| Involuntary                  conversion of investment property to insurance claims                  receivable:                    |   |                       |       |                       |   |   |   |
| Arbor                  Gate Apartments                                                                                             |   | $                          | 928,000    |                       | $      | --- |   |
| Waverly                  Apartments                                                                                                |   | $                          | 5,050,000  |                       | $      | --- |   |
|                                                                                                                               |   |                       |       |                       |   |   |   |
| See                  accompanying notes to unaudited consolidated financial                  statements.                           |   |                       |       |                       |   |   |   |

----

** **

----

** **

|                                       |   |   |       |   |
|--------------------------------------------|--------|--------|------------|--------|
| Current                  assets            |   | $      | 182,000    |   |
| In-place                  lease            |   |   | 322,000    |   |
| Investment                  property       |   |   | 11,424,000 |   |
| Total                  assets acquired     |   |   | 11,928,000 |   |
|                                       |   |   |       |   |
| Current                  liabilities       |   | $      | (311,000   | )      |
| Mortgage                  notes payable    |   |   | (8,350,000 | )      |
| Total                  liabilities assumed |   |   | (8,661,000 | )      |
|                                       |   |   |       |   |
| Net                  assets acquired       |   | $      | 3,267,000  |   |

|                                                                                                                               |   | Sept.                    30, 2005 |    | Dec                    31, 2004 |   |
|------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------|---------|---------------------------------|--------|
| In-place                    leases, net of accumulated amortization of $129,000 and $202,000                     respectively |   | $                                 | 193,000 |                            |   | 94,000 |   |
|                                                                                                                               |   |                              |    |                            |   |   |   |
| Total                    intangible assets, net                                                                                    |   | $                                 | 193,000 |                            |   | 94,000 |   |

----

|                                                     |   | Three                      Months Ended     |      | Nine                      Months Ended |   |
|----------------------------------------------------------|--------|---------------------------------------------|-----------|----------------------------------------|--------|
|                                                     |   |                         Sept. 30, |      | Sept.                      30,         |   | Sept.                      30, |   | Sept.                      30, |   |
|                                                     |   | 2005                                        |      | 2004                                   |   | 2005 |   | 2004 |   |
| Total                      revenue                       |   |                                        | 2,211,000 |                                   |   | 2,255,000 |   |   | 6,753,000 |   |   | 6,790,000 |   |
| Net                      income (loss)                   |   | $                                           | (364,000  | )                                      |   | (655,000 | ) |   | (840,000 | ) |   | 1,621,000 |   |
| Per                      share data (basic and diluted): |   |                                        |      |                                   |   |   |   |   |   |   |   |   |   |
| Net                      income (loss)                   |   | $                                           | (0.28     | )                                      |   | (0.51 | ) |   | (0.65 | ) |   | 1.29 |   |

** **
** **
** **

----

|                                                                  |   | Three                  Months Ended: |    | Nine                  Months Ended: |   |
|-----------------------------------------------------------------------|--------|--------------------------------------|---------|-------------------------------------|--------|
|                                                                  |   | Sept.                  30, 2005      |    | Sept.                  30, 2004     |   | Sept.                  30, 2005 |   | Sept.                  30, 2004 |   |
| Total                  revenue                                        |   | $                                    | ---     |                                | $      | 160,000 |   |   | --- |   |   | 628,000 |   |
| Depreciation                  and amortization                        |   |                                 | ---     |                                |   | 40,000 |   |   | --- |   |   | 162,000 |   |
| Real                  estate taxes                                    |   |                                 | ---     |                                |   | 19,000 |   |   | --- |   |   | 75,000 |   |
| Property                  management fees                             |   |                                 | ---     |                                |   | 7,000 |   |   | --- |   |   | 24,000 |   |
| Other                                                                 |   |                                 | ---     |                                |   | 1,000 |   |   | --- |   |   | 12,000 |   |
| Total                  operating expenses                             |   |                                 | ---     |                                |   | 67,000 |   |   | --- |   |   | 273,000 |   |
| Net                  operating income                                 |   |                                 | ---     |                                |   | 93,000 |   |   | --- |   |   | 355,000 |   |
| Interest                  expense                                     |   |                                 | ---     |                                |   | 52,000 |   |   | --- |   |   | 234,000 |   |
| Net                  income before gain (loss) on sale                |   | $                                    | ---     |                                | $      | 41,000 |   |   | --- |   |   | 121,000 |   |
| Gain                  (loss) on sale (1)                              |   |                                 | ---     |                                |   | 2,116,000 |   |   | --- |   |   | 2,116,000 |   |
| Adjustment                  of make whole premium                     |   |                                 | 118,000 |                                |   | (59,000 | ) |   | 230,000 |   |   | (59,000 | ) |
| Income                  from discontinued operations                  |   |                                 | 118,000 |                                |   | 2,098,000 |   |   | 230,000 |   |   | 2,178,000 |   |
| Income                  (loss) from discontinued operations per share |   | $                                    | .09     |                                |   | 1.61 |   |   | .18 |   |   | 1.71 |   |

** **

----

*Accounting        for Certain Investments in Debt and Equity Securities*

**.        **

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|                                    |   | Monthly                  Loan Terms |   |
|-----------------------------------------|--------|-------------------------------------|--------|
|                                    |   | Arbor                  Gate         |   | Waverly |   |
|                                    |   |                                |   |   |   |   |   |
| Principal                  and interest |   | $                                   | 17,600 |   | $ | 24,200 |   |
|                                    |   |                                |   |   |   |   |   |
| Taxes                  and insurance    |   | $                                   | 7,000  |   | $ | 12,000 |   |

| ITEM                  2: | MANAGEMENT'S                  DISCUSSION AND ANALYSIS OR PLAN OF                  OPERATION |
|--------------------------|---------------------------------------------------------------------------------------------|

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| PROPERTY                                                                                                                      |   | #                    UNITS |   | TYPE       |   | LOCATION                                 |   | PURCHASE                    DATE   |
|-------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------|--------|------------|--------|------------------------------------------|--------|------------------------------------|
| Forest                    Park Apartments(“Forest                    Park”)(f.k.a.                    North Winn) |   | 110                        |   | Apartments |   | Kansas                    City, MO       |   | August,                    2000    |
|                                                                                                                          |   |                       |   |       |   |                                     |   |                               |
| King’s                    Court Apartments (1)(“King’s                    Court”)                     |   | 82                         |   | Apartments |   | Olathe,                    KS            |   | August,                    2001    |
|                                                                                                                          |   |                       |   |       |   |                                     |   |                               |
| Terrace                    Apartments (1)(“Terrace”)                                                              |   | 84                         |   | Apartments |   | Olathe,                    KS            |   | April,                    2004     |
|                                                                                                                          |   |                       |   |       |   |                                     |   |                               |
| Chalet                    Apartments - I and II(“Chalet”)                                                         |   | 234                        |   | Apartments |   | Topeka,                    KS            |   | September,                    2001 |
|                                                                                                                          |   |                       |   |       |   |                                     |   |                               |
| The                    Landings Apartments(the                    “Landings”)                                     |   | 154                        |   | Apartments |   | Little                    Rock, AR       |   | September,                    2001 |
|                                                                                                                          |   |                       |   |       |   |                                     |   |                               |
| Barrington                    Hills Apartments(“Barrington                    Hills”)                             |   | 232                        |   | Apartments |   | Little                    Rock, AR       |   | November,                    2001  |
|                                                                                                                          |   |                       |   |       |   |                                     |   |                               |
| Arbor                    Gate Apartments(“Arbor                    Gate”)                                         |   | 120                        |   | Apartments |   | Picayune,                    MS          |   | September,                    2004 |
|                                                                                                                          |   |                       |   |       |   |                                     |   |                               |
| Waverly                    Apartments(“Waverly”)                                                                  |   | 128                        |   | Apartments |   | Bay                    Saint Louis, MS   |   | September,                    2004 |
|                                                                                                                          |   |                       |   |       |   |                                     |   |                               |
| Bicycle                    Club Apartments(“Bicycle                    Club”)                                     |   | 312                        |   | Apartments |   | North                    Kansas City, MO |   | July,                    2005      |

*UPREIT        Structure*

** **

----

|                                    |   | Monthly                  Loan Terms |   |
|-----------------------------------------|--------|-------------------------------------|--------|
|                                    |   | Arbor                  Gate         |   | Waverly |   |
|                                    |   |                                |   |   |   |   |   |
| Principal                  and interest |   | $                                   | 17,600 |   | $ | 24,200 |   |
|                                    |   |                                |   |   |   |   |   |
| Taxes                  and insurance    |   | $                                   | 7,000  |   | $ | 12,000 |   |

----

|                                   | Balance                    at     | Interest | Fixed                            | Due                                  |
|----------------------------------------|-----------------------------------|----------|----------------------------------|--------------------------------------|
|                                   | Sept.                    30, 2005 | Rate     | or                    (variable) | Date                                 |
| ACI                                    | 4,102,000                         | 12.63%   |                             | August                    1, 2010    |
|                                   |                              |     |                             |                                 |
| Forest                    Park         | 2,400,000                         | 5.29%    |                             | September                    1, 2007 |
|                                   |                              |     |                             |                                 |
| Kings                    Court/Terrace | 2,300,000                         | 5.52%    | (variable)                       | May                    1, 2009       |
|                                   |                              |     |                             |                                 |
| Terrace                                | 1,604,000                         | 6.87%    |                             | February                    1, 2009  |
|                                   |                              |     |                             |                                 |
| Chalet                    I            | 3,880,000                         | 6.59%    |                             | October                    1, 2008   |
|                                   |                              |     |                             |                                 |
| Chalet                    II           | 1,463,000                         | 6.54%    |                             | October                    1, 2008   |
|                                   |                              |     |                             |                                 |
| The                    Landings        | 3,621,000                         | 7.66%    |                             | September                    1, 2007 |
|                                   |                              |     |                             |                                 |
| Barrington                    Hills    | 5,561,000                         | 6.04%    |                             | July                    1, 2029      |
|                                   |                              |     |                             |                                 |
| Arbor                    Gate          | 3,034,000                         | 5.75%    | (variable)                       | September                    1, 2011 |
|                                   |                              |     |                             |                                 |
| Waverly                                | 4,187,000                         | 5.74%    | (variable)                       | September                    1, 2011 |
|                                   |                              |     |                             |                                 |
| Bicycle                    Club        | 8,350,000                         | 6.91%    |                             | March                    1, 2008     |
|                                   |                              |     |                             |                                 |
| Total                                  | $40,502,000                       |     |                             |                                 |

----

** **

----

|                                                                |   | Three                  Months Ended |     | Nine                  Months Ended |   |
|---------------------------------------------------------------------|--------|-------------------------------------|----------|------------------------------------|--------|
|                                                                |   | Sept.                  30,2005      |     | Sept.                  30,2004     |   | Sept.                  30,2005 |   | Sept.                  30,2004 |   |
| Net                  income (loss)                                  |   |                                | (369,000 | )                                  |   | 1,970,000 |   |   | (680,000 | ) |   | 1,879,000 |   |
|                                                                |   |                                |     |                               |   |   |   |   |   |   |   |   |   |
| Property                  related depreciation and amortization (1) |   |                                | 731,000  |                               |   | 408,000 |   |   | 1,709,000 |   |   | 1,157,000 |   |
| (Gain)                  loss on sale                                |   |                                | ---      |                               |   | (2,116,000 | ) |   | --- |   |   | (2,116,000 | ) |
| Funds                  from operations                              |   | $                                   | 362,000  |                               |   | 262,000 |   |   | 1,029,000 |   |   | 920,000 |   |

|                                        | OCCUPANCY                  LEVELS AT SEPT.                  30, |
|---------------------------------------------|-----------------------------------------------------------------|
|                                        | 2005                                                            |   | 2004 |
| Arbor                  Gate                 | 83%                                                             |   | 90% |
| Barrington                  Hills           | 89%                                                             |   | 94% |
| Chalet                                      | 97%                                                             |   | 100% |
| Forest                  Park                | 92%                                                             |   | 95% |
| King’s                  Court/Terrace | 85%                                                             |   | 92% |
| The                  Landings               | 94%                                                             |   | 97% |
| Waverly                                     | 0%                                                              |   | 88% |
| Bicycle                  Club               | 91%                                                             |   | n/a |

** **
** **

----

** **
**.**

** **
**.**

----

|   | (a) | Evaluation                  of disclosure controls and                  procedures. |
|--------|-----|-------------------------------------------------------------------------------------|

|   | (b) | Changes                  in internal controls |
|--------|-----|-----------------------------------------------|

| PART                  II | OTHER                  INFORMATION |
|--------------------------|------------------------------------|

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

*Ralph        C. and Sandra L. Schmude, et al. v. Maxus Properties, Inc., et        al.*

*Maxus        Realty Trust, Inc. v. Ralph C. and Sandra L. Schmude*

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

** **

| ITEM                  3. | DEFAULTS                  UPON SENIOR SECURITIES |
|--------------------------|--------------------------------------------------|

----

| ITEM                  5. | OTHER                  INFORMATION |
|--------------------------|------------------------------------|

----

| ITEM                  6. | EXHIBITS |
|--------------------------|----------|

----

|                                                      |   |   | MAXUS                  REALTY TRUST, INC.                                |
|-----------------------------------------------------------|--------|--------|--------------------------------------------------------------------------|
|                                                      |   |   |                                                                     |
| Date:                  November                  10, 2005 |   | By:    | /s/                  David L. Johnson                                    |
|                                                      |   |   | David                  L. Johnson                                        |
|                                                      |   |   | Chairman                  of the Board,                                  |
|                                                      |   |   | President                  and Chief Executive Officer                   |
|                                                      |   |   | Trustee                                                                  |
|                                                      |   |   |                                                                     |
| Date:                  November                  10, 2005 |   | By:    | /s/                  John W. Alvey                                       |
|                                                      |   |   | John                  W. Alvey                                           |
|                                                      |   |   | Vice                  President                                          |
|                                                      |   |   | Chief                  Financial and 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, are incorporated by reference to                  Exhibit                  3.2, 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. 0000-13754).                                                    |
|    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 10.1    |   | Management                  Agreement for the Bicycle Club Apartments dated July 5, 2005 by                  and                  between Bicycle Club, L.L.C. and Maxus Properties, Inc.                                                                                                                                                                                                                                                |
|    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 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.                                                                                                                                                                                                                                                                                                |