SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                   FORM 10-QSB

                                   (Mark One)

[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934

For the quarter period ended         September 30, 2000

                                       OR

[ ]  TRANSITION  REPORT  PURSUANT  TO  SECTION  13 OR  15(d)  OF THE  SECURITIES
     EXCHANGE ACT OF 1934

For the transition period from _____________________ To ______________________

                         Commission file number 0-13754


                            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 Identification No.)
incorporation or organization)

104 Armour, North Kansas City, Missouri                     64116
(Address of principal executive offices)                  (Zip Code)

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

Indicate by check mark  whether the Trust (1) has filed all reports  required to
be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of 1934 during
the preceding 12 months (or for such shorter  period that the Trust was required
to file such reports),  and (2) has been subject to such filing requirements for
the past 90 days.
Yes [X]  No [ ]


<PAGE>
                                                       INDEX

                                                                       Page
PART I - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS:
         Balance Sheet                                                  3
         Statements of Operations                                       4
         Statements of Cash Flows                                       5

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS
            OF OPERATIONS                                               8

PART II - OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS                                             14
ITEM 2.  CHANGES IN SECURITIES                                         14
ITEM 3.  DEFAULTS UPON SENIOR SECURITIES                               14
ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS           14
ITEM 5.  OTHER INFORMATION                                             14
ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K                              14


SIGNATURES                                                             15
EXHIBIT INDEX                                                          16


                                       2
<PAGE>

PART 1 - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

                            MAXUS REALTY TRUST, INC.
                                  BALANCE SHEET
                                   (UNAUDITED)

                                                              September 30, 2000
ASSETS:
Investment property
   Land                                                         $     2,322,000
   Buildings and improvements                                        16,255,000
                                                                    -----------
                                                                     18,577,000

   Less accumulated depreciation                                     (6,168,000)

                                                                     12,409,000

   Investment property held for sale                                  3,277,000
                                                                    -----------
           Total investment property                                 15,686,000

Cash                                                                    697,000
Accounts receivable                                                     326,000
Prepaid expenses and other assets                                       279,000
Deferred expenses, less accumulated amortization                        493,000
                                                                    -----------
           Total assets                                         $    17,481,000
                                                                    ===========

LIABILITIES AND SHAREHOLDERS' EQUITY:

Liabilities:
   Mortgage notes payable                                       $     6,535,000
   Accounts payable and accrued expenses                                403,000
   Real estate taxes payable                                            228,000
   Refundable tenant deposits                                            89,000
                                                                    -----------
           Total liabilities                                          7,255,000

Shareholders' equity:
   Common stock, $1 par value: authorized 5,000,000 shares
      1,039,624 shares issued and outstanding                         1,040,000
   Additional paid-in-capital                                        15,463,000
   Distributions in excess of accumulated earnings                   (6,277,000)
                                                                    -----------
           Total shareholders' equity                                10,226,000

                                                               $     17,481,000
                                                                    ===========
See accompanying notes to financial statements.


                                       3
<PAGE>
                            MAXUS REALTY TRUST, INC.
                            STATEMENTS OF OPERATIONS
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                         Three Months Ended            Nine Months Ended
                                                     Sept. 30,     Sept. 30,       Sept. 30,     Sept. 30,
                                                       2000          1999            2000          1999
<S>                                                  <C>           <C>             <C>           <C>
Revenues:
   Rental                                          $   743,000      655,000        2,071,000     1,977,000
   Other                                               102,000       87,000          221,000       269,000
                                                     ---------    ---------       ----------    ----------
           Total revenues                              845,000      742,000        2,292,000     2,246,000
                                                     ---------    ---------       ----------    ----------
Expenses:
   Depreciation and amortization                       153,000      161,000          457,000       517,000
   Repairs and maintenance, including common
      area maintenance                                  92,000       84,000          232,000       254,000
   Real estate taxes                                   112,000      146,000          356,000       482,000
   Interest, net                                       116,000       94,000          301,000       281,000
   Professional fees                                    22,000      255,000          211,000       499,000
   General and administrative                           41,000      101,000           86,000       340,000
   Utilities                                            84,000       74,000          222,000       192,000
   Property management fees - related parties           27,000       51,000           76,000       154,000
   Other operating expenses                             21,000       40,000          101,000        79,000
                                                     ---------    ---------       ----------    ----------
           Total expenses                              668,000    1,006,000        2,042,000     2,798,000
                                                     ---------    ---------       ----------    ----------
           Net income/(loss) before
              Extraordinary item                   $   177,000     (264,000)         250,000      (552,000)
           Extraordinary item:
             Prepayment penalty on refinancing         (43,000)         --           (43,000)          --
                                                     ---------    ---------       ----------    ----------

           Net income/(loss)                       $   134,000     (264,000)         207,000      (552,000)
                                                     =========    =========       ==========    ==========

Per share data (basic and diluted):
   Net income/(loss) before extraordinary item     $       .17         (.31)             .26          (.64)
   Extraordinary item-prepayment penalty                  (.04)          --             (.04)           --
                                                     ---------    ---------       ----------    ----------
           Total                                           .13         (.31)             .22          (.64)

    Dividends                                      $       .16          ---              .32            --
                                                     ---------    ---------       ----------    ----------

   Weighted average shares outstanding               1,039,624      866,624          956,281       866,624
                                                     =========    =========       ==========    ==========
</TABLE>

See accompanying notes to financial statements.
                                        4

<PAGE>
                            MAXUS REALTY TRUST, INC.
                            STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)

<TABLE>
<CAPTION>
<S>                                                                        <C>             <C>
                                                                               Nine Months Ended
                                                                             Sept. 30,     Sept. 30,
                                                                               2000           1999
Cash flows from operating activities:
   Net income (loss)                                                      $   207,000       (552,000)
   Adjustments to reconcile net income (loss) to net
     cash provided by operating activities:
       Depreciation and amortization                                          457,000        517,000
       Changes in accounts affecting operations:
           Accounts receivable                                                (76,000)       (67,000)
           Prepaid expenses, other assets and deferred expenses              (276,000)        66,000
           Accounts payable and other liabilities                             (82,000)       242,000
           Deferred compensation                                                   --         13,000
                                                                          -----------    -----------

                Net cash provided by operating activities                     230,000        219,000
                                                                          -----------    -----------

Cash flows from investing activities:
       Capital expenditures                                                  (112,000)      (490,000)
       Acquisition of North Winn Apartments, net of
         commission paid ($48,000)                                         (2,677,000)            --
                                                                          -----------    -----------

                Net cash used in investing activities                      (2,789,000)      (490,000)
                                                                          -----------    -----------

Cash flows from financing activities:
       Repayment of mortgage notes payable                                 (4,538,000)       (79,000)
       Proceeds from mortgage notes payable                                 6,286,000             --
       Proceeds from line of credit                                           249,000             --
       Issuance of common stock                                             1,384,000             --
       Dividends paid ($.32 per share)                                       (333,000)            --
                                                                          -----------    -----------

                Net cash provided by (used in) financing activities         3,048,000        (79,000)
                                                                          -----------    -----------

                Net increase (decrease) in cash                               489,000       (350,000)

Cash, beginning of period                                                     208,000        505,000
                                                                          -----------    -----------

Cash, end of period                                                       $   697,000        155,000
                                                                          ===========    ===========
Supplemental disclosure of cash flow information -
   cash paid during the nine months ended September 30, 2000
   for interest                                                           $   311,000        290,000
                                                                          ===========    ===========

</TABLE>

See accompanying notes to financial statements

                                       5
<PAGE>
                            MAXUS REALTY TRUST, INC.
                     NOTES TO UNAUDITED FINANCIAL STATEMENTS
           NINE MONTHS ENDED SEPTEMBER 30, 2000 AND SEPTEMBER 30, 1999

(1) Summary of Significant Accounting Policies

Refer to the financial  statements of Maxus Realty Trust, Inc.  (formerly Nooney
Realty Trust,  Inc.) (the "Trust") for the year ended  December 31, 1999,  which
are contained in the Trust's  Annual Report on Form 10-K,  for a description  of
the accounting policies which have been continued without change except as noted
below.  Also, refer to the footnotes to those statements for additional  details
of the Trust's financial condition.  The details in those notes have not changed
except as a result of normal  transactions  in the interim or as noted below. In
the opinion of management,  all adjustments (which include only normal recurring
adjustments)  necessary to present  fairly the  financial  position,  results of
operations  and changes in financial  position at September 30, 2000 and for all
periods  presented have been made.  The results for the nine-month  period ended
September  30, 2000 are not  necessarily  indicative of the results which may be
expected for the entire year.

Certain  reclassifications have been made to the prior period amounts to conform
to the current period presentation.

(2) Pending Sale of Properties; Purchase of Property

On May 3, 2000,  the Trust entered into a letter of intent to sell Franklin Park
to an unrelated third party,  Chicago Industrial Partners,  L.L.C.  ("CIP"). The
sale  price  was  $4,525,000  payable  in cash at the  closing,  subject  to any
prorations.  The  letter of intent  was  non-binding  and was  subject to a sale
contract  being fully signed by May 22, 2000. As of October 30, 2000 no contract
was signed and negotiations with CIP have been terminated.

On August 15, 2000, the Trust entered into a sale contract to sell Franklin Park
to an unrelated third party,  Industrial  Holdings,  L.L.C.,  a Delaware limited
liability company ("Industrial").  The sale price was $4,310,000. On October 23,
2000,  the escrow was  cancelled and the contract was  terminated.

Franklin Park is currently  being  marketed for sale. The property is classified
as held for sale in the accompanying  financial  statements for the period ended
September 30, 2000, as at that time it was under contract for sale. The held for
sale  status  will be  re-evaluated  at  December  31,  2000.  At that time,  if
determined  appropriate,  the  property  may  be  removed  from  held  for  sale
classification  and depreciation may be recorded for the period of time which it
was held for sale.

On July 20, 2000, the Board of Trustees  approved the purchase of the North Winn
Apartments  ("North  Winn") in Kansas City,  Missouri.  North Winn is located at
4523 N.W.  Winn Road in Kansas City,  Missouri.  North Winn was  constructed  in
1972,  and  consists of 110  multi-family  apartment  units.  North Winn was 87%
occupied as of  September  30,  2000.  KelCor,  Inc.,  an  affiliate of David L.
Johnson,  the Trust's  Chairman  and  trustee,  executed an agreement to acquire
North Winn. KelCor,  Inc. assigned it's right to acquire North Winn on August 7,
2000 to North Winn  Acquisition,  L.L.C.,  in which the Trust is the sole member
and manager.  The purchase of North Winn closed on August 15, 2000. The purchase
price was $2,725,000. Funding was provided by a note from Prudential Multifamily
Mortgage,  Inc. for  $1,986,000,  along with cash on hand in the Trust,  and the
unsecured line of credit described in Item 2 - Liquidity and Capital  Resources.
The  loan  term  is  seven  years,  with  monthly  payments  based  on a 30 year
amortization  schedule,  at an  adjustable  interest  rate of 1.32% over the one
month LIBOR.
                                       6
<PAGE>
(3) Dividends

The Trust paid a $.16 per share  dividend  on  September  21,  2000.  Based upon
current  information,  it is expected  that this  dividend  will be treated as a
return of capital for tax purposes.  However,  if results for fiscal 2000 differ
significantly from current projections, the dividend could be treated as taxable
income to the Trust's Shareholders.

(The remainder of this page left blank intentionally)

                                       7
<PAGE>
ITEM 2:      MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS

This  10-QSB  contains  forward-looking  information  (as defined in the Private
Securities  Litigation  Reform Act of 1995) that involves risk and  uncertainty,
including trends in the real estate  investment  market,  projected  leasing and
sales,  and  future  prospects  for  the  Trust.  Actual  results  could  differ
materially from those contemplated by such statements.

DESCRIPTION OF BUSINESS

Maxus Realty Trust, Inc., a Missouri corporation  (formerly Nooney Realty Trust,
Inc.), was formed on June 14, 1984 for the purpose of making equity  investments
in income-producing  real properties,  primarily commercial and light industrial
properties.  The Trust's  portfolio  is  comprised  of Atrium at Alpha  Business
Center,  a  multi-tenant  office  building  located  in  Bloomington,  Minnesota
("Atrium  at  Alpha");   Applied   Communications,   Inc.  Office  Building,   a
single-tenant  office  building  located in Omaha,  Nebraska  ("ACI  Building");
Franklin Park  Distribution  Center,  a warehouse and  distribution  facility in
Franklin  Park,  Illinois  ("Franklin  Park");  and North  Winn  Apartments,  an
apartment  complex  located  in  Kansas  City,  Missouri  ("North  Winn")  These
properties generated 43%, 37%, 11% and 9% of total revenues,  respectively,  for
the quarter ended September 30, 2000.

LIQUIDITY AND CAPITAL RESOURCES

Cash on hand as of September  30, 2000,  was  $697,000,  an increase of $489,000
from December 31, 1999.  The increase in cash is  attributable  primarily to the
Trust issuing 173,000 shares of its common stock,  par value $1.00 per share, at
a price of $8.00 per  share,  solely to  accredited  investors  (as such term is
defined  in Rule  501 of  Regulation  D)  pursuant  to a  private  placement  in
accordance  with Rule 506 of  Regulation D. The increase of $1,384,000 is offset
by the  acquisition  of North Winn,  net of the mortgage  note payable for North
Winn  of  $691,000  and  $333,000  of  dividend  distributions  to  the  Trust's
Shareholders.  Management  believes the Trust's  current  cash  position and the
properties'  ability to provide  operating  cash flow should enable the Trust to
fund anticipated capital expenditures and service debt in 2000. Expenditures for
leasing  capital are dependent on the timing and actual  dollars  negotiated for
leases.  The  anticipated  capital  expenditures  by  property  for  2000 are as
follows:
                                     OTHER         LEASING
                                     CAPITAL       CAPITAL       TOTAL

  Atrium at Alpha...................$ 18,000       $282,000   $  300,000
  Franklin Park.....................      --        225,000      225,000
  ACI Building......................      --        350,000      350,000
  North Winn........................$232,500             --      232,500
                                    --------       --------     --------
                                    $250,500       $857,000   $1,107,500

The leasing capital  expenditures at Atrium at Alpha include tenant  alterations
and lease  commissions  for new and  renewal  tenants.  In  addition,  the Trust
anticipates  spending  capital  funds for HVAC and minor roof  replacements.  At
Franklin Park, leasing capital for tenant alterations and lease commissions upon
the leasing of the vacant space is  budgeted.  At the ACI  Building,  the single
occupant in the building renewed their lease in 1998. The funds to reimburse the
tenant for certain  tenant  alterations  up to a maximum of $350,000 may be paid
during  2000 or  deferred  until 2001  depending  on when the  tenant  elects to
perform  the  work.  Capital  expenditures  at  North Winn  reflect  anticipated
expenditures in 2000 for various capital improvement  projects.  Funds for these
improvements have been escrowed with the lender and are included in cash.

                                       8
<PAGE>
In August of 2000, the existing debt  collateralized  by all three properties of
$4,481,000 was paid off and  refinanced  with a note  collateralized  by the ACI
Building of $4,300,000.  The interest rate is 8.63% with a term of ten years and
amortization  of 30  years.  Also in  August  of  2000,  $1,986,000  of debt was
incurred relative to the acquisition of a new property, North Winn (as described
in Part I- Item 2. Description of Business). The interest rate is 1.32% over the
one month LIBOR,  with a term of seven years and  amortization  of 30 years.  In
addition,  in August of 2000,  the Trust  initiated an unsecured  line of credit
with Missouri Bank and Trust for $249,000 at a prime floating rate for a term of
six months.  On August 15, 2000,  the Trust drew $249,000 on the line of credit.
On September 14, 2000,  the Trust  modified the line of credit,  secured it with
the Atrium at Alpha Business Center,  increased the line of credit to $1,000,000
and  increased  the term to one year.  On  October  3,  2000,  the Trust drew an
additional  $150,000 (for a total of $399,000) on the line of credit. Both draws
on the  line of  credit  were  used  to pay  closing  costs  on the  North  Winn
Apartments, including a required escrow deposit of $232,350 for repairs required
by the lender for North Winn Apartments.

CONTINGENCIES

The Trust's  multi-tenant office building located in Bloomington,  Minnesota has
been classified in the Minneapolis Airport Committee's (the "MAC") Safety Zone A
in the future  expansion of the  Minneapolis  Airport.  The expansion  runway is
anticipated to be completed in 2003. The MAC began buying out impacted buildings
during 1999. Safety Zone A is adjacent to the Federal Aviation Authority's noise
buy out  zone.  The MAC has not  indicated  whether  or not it will  buy out the
Trust's building.  The Trust is monitoring  whether the increased noise from the
new runway will have an impact on future  leasing of the building.  If the Trust
determines  there is a negative  impact,  the Trust will petition the MAC to buy
the  building.  If the building  continues to be classified in Safety Zone A, it
will be classified as  nonconforming  use.  Given the  preliminary  state of the
future expansion, management is unable at this time to determine what impact, if
any, this matter will have on the Trust.

RESULTS OF OPERATIONS

The  results of  operations  for the Trust's  properties  for the three and nine
months ended  September  30, 2000 and 1999 are  detailed in the schedule  below.
Administrative expenses, including professional fees, of the Trust are excluded.

FUNDS FROM OPERATIONS

The white paper on Funds from  Operations  approved by the board of governors of
NAREIT in March 1999 defines funds from operations as net income (loss)(computed
in accordance  with GAAP),  excluding  gains (or losses) from sales of property,
plus real estate related  depreciation and  amortization,  and after adjustments
for   unconsolidated   partnerships   and   joint   ventures.   Adjustment   for
unconsolidated  partnerships  and joint ventures are calculated to reflect funds
from operations on the same basis. In 1999,  NAREIT  clarified the definition of
Funds from Operations to include non-recurring events, except for those that are
defined as  "extraordinary  items" under GAAP and gains and losses from sales of
depreciable operating property.

The Trust  computes  Funds from  Operations  in accordance  with the  guidelines
established  by the  white  paper  which may  differ  from the  methodology  for
calculating  Funds  from  Operations   utilized  by  other  equity  REITs,  and,
accordingly, may not be comparable to such other REITs. Funds from Operations do
not represent  amounts  available for management's  discretionary use because of
needed capital replacement or expansion, debt service obligations, distributions
or other  commitments and  uncertainties.  Funds from  Operations  should not be
considered as an alternative to net income  (determined in accordance with GAAP)
as an  indication  of the Trust's  financial  performance  or to cash flows from
operating  activities  (determined in accordance  with GAAP) as a measure of the
Trust's  liquidity,  nor is it indicative of funds available to fund the Trust's
cash needs including its ability to make distributions. The Trust believes Funds
from  Operations is helpful to investors as a measure of the  performance of the
Trust because, along with
                                       9
<PAGE>
cash  flows  from  operating  activities,  financing  activities  and  investing
activities,  it provides  investors with an  understanding of the ability of the
Trust to incur and service debt and make capital expenditures.

<TABLE>
<CAPTION>
<S>                                  <C>                     <C>                 <C>               <C>
                                     ATRIUM AT ALPHA         FRANKLIN PARK       ACI BUILDING      NORTH WINN
                                                                   (in thousands)
                                                 For the three months ended September 30, 2000 and 1999

2000   Revenues                           $ 369.1           $    92.1              $ 311.8              72.0
       Expenses                             261.4                54.4                257.2              75.3
                                         --------          ----------            ---------              ----
       Net Income (loss)                    107.7                37.7                 54.6              (3.3)
       Depreciation and Amortization         87.5                 2.7                 46.2              12.8
                                         --------          ----------            ---------              ----
       Funds from Operations                195.2                40.4                100.8               9.5
                                          =======           =========              =======               ===
1999   Revenues                           $ 326.6           $   104.8              $ 310.5             $ --
       Expenses                             293.9               150.1                196.2               --
                                          -------            --------              -------              ----
       Net Income (loss)                     32.7               (45.3)               114.3               --
       Depreciation and Amortization         99.5                36.3                 14.9               --
                                         --------           ---------             --------              ----
       Funds from Operations                132.2                (9.0)               129.2               --
                                          =======             =======              =======              ====
</TABLE>
<TABLE>
<CAPTION>
<S>                                  <C>                     <C>                 <C>               <C>
                                     ATRIUM AT ALPHA         FRANKLIN PARK       ACI BUILDING      NORTH WINN
                                                                    (in thousands)
                                                 For the three months ended September 30, 2000 and 1999

2000   Revenues                         $ 1,003.4          $    303.3              $ 913.6             72.0
       Expenses                             790.5               265.2                662.9             75.3
                                         --------            --------              -------           ------
       Net Income (loss)                    212.9                38.1                250.7             (3.3)
       Depreciation and Amortization        253.5                43.1                135.3             12.8
                                         --------            --------              -------           ------
       Funds from Operations                466.4                81.2                386.0              9.5
                                         --------            --------              -------           ------
1999   Revenues                           $ 995.6           $   340.8              $ 909.5               --
       Expenses                             859.7               495.8                637.4               --
                                         --------            --------              -------           ------
       Net Income (loss)                    135.9             (155.0)                272.1               --
       Depreciation and Amortization        287.5               109.1                101.7               --
                                         --------            --------              -------           ------
       Funds from Operations                423.4              (45.9)                373.8               --
                                         ========            ========              =======           ======
</TABLE>

COMPARISONS BY PROPERTY
Revenues  at the  Atrium at Alpha  for the  quarter  ended  September  30,  2000
increased  $42,500  compared to the same period in 1999. The increase in revenue
is primarily due to an increase in rental income due to increased  occupancy and
an early  termination  fee of $25,000.  Operating  expense for the quarter ended
September 30, 2000  decreased  $32,500  compared to the same period in 1999. The
decrease in operating  expense was primarily  due to a decrease in  depreciation
and  amortization  of $12,000  and  management  fees of $8,700.  Revenues at the
Atrium at Alpha for the nine months ended September 30, 2000 increased by $7,800
primarily  due to a net  increase  in  other  income  of  $5,000.  Other  income
increased  by $25,000 due to a lease  termination  fee,  offset by  decreases in
other income of $20,000.  Operating  expense for the nine months ended September
30, 2000 decreased  $69,200 compared to the same period in 1999. The decrease in
operating  expense was primarily  due to a decrease in repairs & maintenance  of
$17,000,  general &  administrative  expenses  of  $19,900,  management  fees of
$27,000 and  depreciation  of $34,000,  offset by an increase in other operating
expenses of $26,000.
                                       10
<PAGE>
At  Franklin  Park,  revenues  for the three  months  ended  September  30, 2000
decreased  $12,700  compared to the same period in 1999. The decrease in revenue
is primarily due to a decrease in CAM income of $19,800.  Operating  expense for
the three months ended September 30, 2000 decreased $95,700 compared to the same
period in 1999.  The  decrease  in  operating  expense  was  primarily  due to a
decrease in real estate taxes of $34,300, decreased depreciation of $33,600, and
a decrease  in  management  fees of  $11,000.  The  decrease  in real estate tax
expense was due to a protest of the tax followed by a reduction in taxable value
of the Franklin Park property due to decreased occupancy.  A Letter of Intent to
sell Franklin Park was executed on May 3, 2000.  That sale was not  consummated,
and on August 15, 2000,  the Trust  entered into a new contract to sell Franklin
Park. Although this contract has been subsequently terminated, it was pending at
September 30, 2000. Therefore, the Franklin Park property has been classified as
held for sale. Accordingly, the assets of Franklin Park were valued at the lower
of  net  book  value  or  estimated  net  realizable  value.  In  addition,   no
depreciation  was recorded for the quarter ended September 30, 2000 for Franklin
Park.  Revenues at Franklin  Park for the nine months ended  September  30, 2000
decreased by $37,500 primarily due to a decrease in CAM income of $60,600 offset
by an increase in rental  income.  Operating  expense for the nine months  ended
September 30, 2000 decreased  $230,600  compared to the same period in 1999. The
decrease in  operating  expense was  primarily  due to a decrease in real estate
taxes of $122,300, management fees of $31,200 and depreciation of $66,000.

Revenues at the ACI Building for the three months  September 30, 2000  increased
$1,300  compared  to the same  period in 1999.  Operating  expense for the three
months ended September 30, 2000 increased $61,000 compared to the same period in
1999.  The  increase in  operating  expense was  primarily  due to a increase in
interest expenses of $19,300,  general & administrative  expenses of $13,900 and
depreciation  of $31,300  offset by a  decrease  in  management  fees of $7,600.
Revenue  at the ACI  building  for the nine  months  ended  September  30,  2000
increased $4,100 compared to the same period in 1999.  Operating expense for the
nine months ended  September  30, 2000  increased  $25,500  compared to the same
period in 1999.  The  increase  in  operating  expense was  primarily  due to an
increase in general &  administrative  expenses of $12,200 and  depreciation  of
$33,600 offset by a decrease in management fees of $23,000.

The occupancy levels at September 30 were as follows:

                                          OCCUPANCY LEVELS AT SEPTEMBER 30,
                                             2000                  1999
 Atrium at Alpha                              88%                   84%
 Franklin Park                                57%                   57%
 ACI Building                                100%                  100%
 North Winn                                   87%                   N/A

During the quarter ended  September 30, 2000,  the occupancy  level at Atrium at
Alpha  increased from 86% at June 30, 2000 to 88% at September 30, 2000. One new
tenant  which  occupied  600 square feet  signed a lease in August of 2000.  One
tenant which  occupied 1,318 square feet bought out the remainder of their lease
for $25,000 and vacated as of September 30, 2000.  Three tenants  leases expired
and were renewed in different suite  configurations  for a total of 5,993 square
feet, a net  increase of 1,766  square  feet.  The property has one major tenant
occupying  16% of the  building.  The lease for this tenant  expires in December
2003.

Franklin Park has one tenant occupying 57% of the building. The lease expires in
December 2004.

The ACI Building has a single tenant  occupying 100% of the building.  The lease
expires in August 2008.

The Trust reviews long-lived assets for impairment whenever events or changes in
circumstances  indicate  that  the  carrying  amount  of a  property  may not be
recoverable. The Trust considers a history of operating losses or a change

                                       11
<PAGE>
in occupancy to be primary indicators of potential  impairment.  The Trust deems
the property to be impaired if a forecast of undiscounted  future operating cash
flows directly related to a property,  including disposal value, if any, is less
than its carrying amount. If the property is determined to be impaired, the loss
is measured as the amount by which the carrying  amount of the property  exceeds
its fair value.  Fair value is based on quoted market prices in active  markets,
if available.  If quoted market  prices are not  available,  an estimate of fair
value is based on the best information  available,  including prices for similar
properties or the results of valuation techniques such as discounting  estimated
future cash flows.  Considerable  management  judgment is  necessary to estimate
fair value.  Accordingly,  actual  results  could vary  significantly  from such
estimates.


Pro Forma Results
The table below  presents the pro-forma  results of  operations  with North Winn
Apartments  for the three and nine months ended  September,  2000 and September,
1999.  North Winn was  purchased  in  August,  2000.  These pro forma  operating
results are not  necessarily  indicative  of what the actual  results would have
been had North Winn  Apartments  been purchased at the beginning of the earliest
period presented.

<TABLE>
<CAPTION>
<S>                                            <C>           <C>              <C>            <C>
                                                 Three Months Ended              Nine Months Ended
                                               Sept. 30,     Sept. 30,        Sept. 30,      Sept. 30,
                                                 2000          1999             2000           1999

   Revenues                                 $   918,000       891,000        2,657,000      2,695,000
   Depreciation and amortization                155,000       165,000          467,000        530,000
   Repairs and maintenance, including
      common area maintenance                   117,000       119,000          334,000        351,000
   Interest, net                                134,000       125,000          390,000        376,000
   General and administrative                    51,000       121,000          135,000        393,000
   Other                                        292,000       635,000        1,093,000      1,584,000
                                               --------   -----------        ---------    -----------
       Total expenses                           749,000     1,165,000        2,419,000      3,234,000
                                               --------   -----------        ---------    -----------
   Net income (loss) before
     extraordinary item                     $   169,000      (274,000)         238,000       (539,000)
                                               ========   ===========        =========    ===========
   Net income (loss) per share:
     before extraordinary item              $       .16         (.32)              .25           (.62)
                                               ========   ===========        =========    ===========
</TABLE>
                                       12
<PAGE>
COMPARISON OF CONSOLIDATED RESULTS
For the three months ended September 30, 2000, the Trust's consolidated revenues
were $845,000.  Revenues  increased $103,000 (13.9%) compared to the same period
in 1999.  The increases are primarily a result of the  acquisition of North Winn
in the third  quarter of 2000.  The Trust's  consolidated  revenues for the nine
month period ended  September 30, 2000 were  $2,292,000,  an increase of $46,000
(2.0%) compared to the same period in 1999.

For the three months ended September 30, 2000, the Trust's consolidated expenses
were $668,000.  Expenses  decreased $338,000 (33.6%) compared to the same period
in 1999. The decrease in consolidated expenses is due primarily to a decrease in
professional  fees of $233,000,  general &  administrative  expenses of $60,000,
real estate taxes of $34,000,  and  property  management  fees-related  party of
$24,000.  The decrease in professional  fees was primarily due to a reduction in
legal fees related to lawsuit expense  incurred in 1999 and not in 2000. For the
nine months ended  September 30, 2000,  the Trust's  consolidated  expenses were
$2,042,000,  a decrease of $756,000 (27.0%) compared to the same period in 1999.
The decrease in expenses is due primarily to a decrease in professional  fees of
$288,000,  general and administrative expenses of $254,000, real estate taxes of
$126,000 and property management fees of $78,000.

The net income for the quarter ended September 30, 2000 was $134,000 or $.13 per
share.  The net loss for the quarter  ended  September  30, 1999 was $264,000 or
$.31 per  share.  The  extraordinary  item of  $43,000  was due to a  prepayment
penalty on the payoff of the Trust's existing debt  collateralized  by all three
properties as described in Item 2--Liquidity and Capital Resources.

Cash flow  provided by  operating  activities  was $230,000 for the period ended
September  30, 2000  compared to the same period in 1999, in which cash provided
by operating  activities  was  $219,000.  The increase in cash flow  provided by
operating activities was due primarily to an increase in net income, offset by a
decrease in accounts payable and other liabilities.  Cash flow used in investing
activities was  $2,789,000  for the period ended  September 30, 2000 compared to
$490,000 in 1999. The increase in cash flow used in investing activities was due
primarily to the acquisition of North Winn Apartments,  combined with a decrease
in  capital  expenditures.  Cash  flow  provided  by  financing  activities  was
$3,048,000  for the period ended  September 30, 2000 compared to the same period
in 1999,  in which cash used in financing  activities  was $79,000.  The primary
cause of the  increase in cash flow  provided by  financing  activities  was the
$1,384,000  provided  by  the  issuance  of  common  stock,  combined  with  the
$1,986,000 mortgage payable on North Winn. Reduction of the principal balance on
the mortgage  note was the sole use of cash from  financing  activities  for the
period ended September 30, 1999.

MARKET RISK
The Trust has  considered  the provision of Financial  Reporting  Release No. 48
"Disclosure of Accounting  Policies for  Derivative  Financial  Instruments  and
Derivative Commodity Instruments, and Disclosure of Quantitative and Qualitative
Information  about Market Risk  Inherent in  Derivative  Financial  Instruments,
Other Financial Instruments and Derivative Commodity Instruments". The Trust had
no holdings of derivative  financial or commodity  instruments  at September 30,
2000 The Trust does not believe  that it has any  material  exposure to interest
rate risk. The debt on the ACI building  matures in 2010, the debt on North Winn
matures in 2007,  and the line of credit  matures  in 2001.  The debt on the ACI
building  is at a fixed  rated of 8.63%.  The debt on North Winn and the line of
credit are each variable.  The current  interest rates on the line of credit and
North Winn are 9.5% and 7.941%,  respectively. A 100 basis point increase in the
variable  rate debt on an annual basis would impact net income by  approximately
$24,000.

INFLATION
The  effects  of  inflation  did not have a  material  impact  upon the  Trust's
operations in the periods ended September 30, 2000.

                                       13
<PAGE>
PART II    OTHER INFORMATION

ITEM 1.    LEGAL PROCEEDINGS

           None

ITEM 2.    CHANGES IN SECURITIES

           None

ITEM 3.    DEFAULTS UPON SENIOR SECURITIES

           None

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

           None

ITEM 5.    OTHER INFORMATION

On July 20, 2000,  the Board of Directors of the Trust  declared a cash dividend
of $0.16 per share  payable to the  holders of record on August 31,  2000 of the
Trust's $1.00 par value,  common  stock.  The dividend was paid on September 21,
2000. The Trust's Board of Director's has reinstated the quarterly cash dividend
and anticipates declaring a $.16 per share cash dividend each quarter.

ITEM 6.    EXHIBITS AND REPORTS ON FORM 8-K

           (a) Exhibits

           See Exhibits Index on Page 16

           (b) Reports on Form 8-K

The  following  reports  on Form 8-K were  filed by the Trust  during  the third
quarter of 2000:

On August 29,  2000,  the Trust  filed a report on Form 8-K (File No.  00-13457)
which reported the Trust's execution of a contract to sell one of its properties
(Item 5).

On  October 4, 2000,  the Trust  filed a report on Form 8-K (File No.  00-13457)
which  reported  the Trust's  Board of Trustees  appointment  of two  additional
Trustees to fill the  vacancies  created  when the Board  increase the number of
Trustees from five to seven members (Item 5).


                                       14

<PAGE>

                                   SIGNATURES

Pursuant to the  requirements of Section 13 or 15(d) of the Securities  Exchange
Act of 1934, the Trust has duly caused this report to be signed on its behalf by
the undersigned, there unto duly authorized.

                                               MAXUS REALTY TRUST, INC.

Date: November 14, 2000                        By: /s/ Daniel W. Pishny
                                                    Daniel W. Pishny
                                                    President

Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below on November  14,  2000, by the following persons on behalf
of the Trust and in the capacities indicated.


                                               /s/ John W. Alvey
                                               John W. Alvey
                                               Vice President
                                               Chief Financial and Accounting
                                               Officer

                                       15

<PAGE>

EXHIBIT INDEX

Exhibit
Number                     Description

  3.1       Articles of  Incorporation  dated June 12,  1984,  as  amended,  are
            incorporated  by  reference  to  Exhibit  3.1  to  the  Registrant's
            Quarterly  Report on Form 10-Q for the quarter ended March 31, 2000,
            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-Q
            for the quarter  ended  March 31,  2000,  as filed  pursuant to Rule
            13a-13  under  the  Securities   Exchange  Act  of  1934  (File  No.
            000-13754).

  4.1       Deed of Trust, Security Agreement and Assignment of Rents dated July
            25, 2000 by and between ACI Financing L.L.C., Russell J. Kreikmeier,
            as Trustee,  and Principal  Commercial  Funding,  L.L.C.  (which was
            assigned to and assumed by North Winn Acquisition,  L.L.C. on August
            10, 2000)

  4.2       Multifamily  Deed  of  Trust,   Assignment  of  Rents  and  Security
            Agreement   dated  August  10,  2000  by  and  between   North  Winn
            Acquisition,  L.L.C., Assured Quality Title Company, as Trustee, and
            Prudential Multifamily Mortgage, Inc.

  10.1      Management  Agreement between Maxus Properties,  Inc. and North Winn
            Acquisition, L.L.C. dated August 16, 2000.

  27.1      Financial Data Schedule

                                       16