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, 2002
                                 -------------------------------

                                       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 000-13754


                            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
                                                 ---------------------

Check whether the Trust:  (1) filed all reports  required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934 during the past 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
    ------      ------

State the  number of shares  outstanding  of the  Trust's  sole  class of common
equity, $1.00 par value common stock, as of November 14, 2002: 1,227,000.





                                       1
<PAGE>






                                      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 OF RESULTS
             OF OPERATIONS                                                8

ITEM 3.      CONTROLS AND PROCEDURES                                     14

PART II -    OTHER INFORMATION

ITEM 1.      LEGAL PROCEEDINGS                                           15
ITEM 2.      CHANGES IN SECURITIES                                       15
ITEM 3.      DEFAULTS UPON SENIOR SECURITIES                             15
ITEM 4.      SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS         15
ITEM 5.      OTHER INFORMATION                                           15
ITEM 6.      EXHIBITS AND REPORTS ON FORM 8-K                            15

SIGNATURES                                                               16
EXHIBIT INDEX                                                            19







                                       2
<PAGE>




PART I - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

                            MAXUS REALTY TRUST, INC.
                           CONSOLIDATED BALANCE SHEETS

<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

                                                                             September 30,        December 31,
                                                                                 2002                2001
                                                                             (Unaudited)
ASSETS:
Investment property
   Land                                                                $       2,997,000           2,997,000
   Buildings and improvements                                                 39,487,000          39,102,000
   Personal property                                                           1,529,000           1,363,000
                                                                            ------------        ------------
                                                                              44,013,000          43,462,000

   Less accumulated depreciation                                              (8,392,000)         (7,173,000)
                                                                            ------------        ------------
           Total investment property                                          35,621,000          36,289,000


Cash                                                                           1,250,000             884,000
Accounts receivable                                                              415,000             397,000
Prepaid expenses and other assets                                                245,000             248,000
Deferred expenses, less accumulated amortization                                 572,000             611,000
                                                                            ------------        ------------
           Total assets                                                $      38,103,000          38,429,000
                                                                            ============        ============


LIABILITIES AND SHAREHOLDERS' EQUITY:

Liabilities:
   Mortgage notes payable                                              $      23,580,000          23,784,000
   Line of credit                                                              1,385,000           1,150,000
   Accounts payable, prepaid rent, and accrued expenses                          764,000             643,000
   Real estate taxes payable                                                     379,000             201,000
   Refundable tenant deposits                                                    237,000             235,000
                                                                            ------------        ------------
           Total liabilities                                                  26,345,000          26,013,000
                                                                            ------------        ------------

Shareholders' equity:
   Common stock, $1 par value: authorized 5,000,000 shares
      1,227,000 and 1,222,000 shares issued and outstanding
      at September 30, 2002 and December 31, 2001, respectively                1,227,000           1,220,000
   Additional paid-in-capital                                                 17,166,000          17,087,000
   Distributions in excess of accumulated earnings                            (6,635,000)         (5,891,000)
                                                                            ------------        ------------
           Total shareholders' equity                                         11,758,000          12,416,000
                                                                            ------------        ------------
                                                                       $      38,103,000          38,429,000
                                                                            ============        ============
</TABLE>

See accompanying notes to consolidated financial statements.




                                       3
<PAGE>


                            MAXUS REALTY TRUST, INC.
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)

<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

                                                       Three Months Ended                 Nine Months Ended
                                                     Sept. 30,     Sept. 30,            Sept. 30,    Sept. 30,
                                                        2002         2001                  2002         2001

Income
Revenues:
   Rental                                      $     1,665,000      877,000             5,030,000    2,505,000
   Other                                               159,000       98,000               455,000      218,000
                                                    ----------    ---------            ----------    ---------

           Total revenues                            1,824,000      975,000             5,485,000    2,723,000
                                                    ----------    ---------            ----------    ---------

Expenses:
   Depreciation and amortization                       440,000      213,000             1,285,000      609,000
   Repairs and maintenance, including common
      area maintenance                                 237,000      131,000               762,000      418,000
   Real estate taxes                                   155,000      100,000               472,000      331,000
   Interest                                            422,000      124,000             1,251,000      397,000
   General and administrative                           75,000       50,000               222,000      122,000
   Utilities                                           117,000      100,000               344,000      293,000
   Property management fees - related parties           60,000       33,000               238,000       95,000
   Other operating expenses                            262,000       59,000               739,000      222,000
                                                    ----------    ---------            ----------    ---------

           Total expenses                            1,768,000      810,000             5,313,000    2,487,000
                                                    ----------    ---------            ----------    ---------

           Income before gain on sale                   56,000      165,000               172,000      236,000
   Gain on sale of Franklin Park                           ---          ---                   ---    1,138,000
                                                    ----------    ---------            ----------    ---------

           Net income                          $        56,000      165,000               172,000    1,374,000
                                                    ==========    =========            ==========    =========

Per share data (basic and diluted):
   Net income before gain on sale              $           .05          .16                   .14          .23
   Gain on sale of Franklin Park                           ---          ---                   ---         1.09
                                                    ----------    ---------            ----------    ---------

           Total                               $           .05          .16                   .14         1.32
                                                    ==========    =========            ==========    =========

    Distributions paid in current year         $           .25          .20                   .75          .56
                                                    ==========    =========            ==========    =========

   Weighted average shares outstanding               1,224,000    1,040,000             1,222,000    1,040,000
                                                    ==========    =========            ==========    =========
</TABLE>

See accompanying notes to consolidated financial statements.




                                       4
<PAGE>



                            MAXUS REALTY TRUST, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

                                                                                  Nine Months Ended
                                                                             Sept. 30,          Sept. 30,
                                                                               2002               2001
Cash flows from operating activities:
   Net income                                                           $    172,000            1,374,000
   Adjustments to reconcile net income to net
     cash provided by operating activities:
       Gain on sale of Franklin Park                                             ---           (1,138,000)
       Depreciation and amortization                                       1,285,000              609,000
       Changes in accounts affecting operations:
           Accounts receivable                                               (18,000)             (44,000)
           Prepaid expenses, other assets and deferred expenses              (24,000)              13,000
           Accounts payable and other liabilities                            299,000             (443,000)
           Refundable tenant deposits                                          2,000                2,000
                                                                         -----------          -----------

                Net cash provided by operating activities                  1,716,000              373,000
                                                                         -----------          -----------

Cash flows from investing activities:
       Capital expenditures                                                 (551,000)            (726,000)
       Proceeds from sale of Franklin Park, net                                  ---            4,346,000
       Acquisitions, net of escrows received
           King's Court Apartments                                               ---           (1,255,000)
           Chalet I & II Apartments                                              ---           (1,984,000)
           The Landings                                                          ---           (1,464,000)
                                                                         -----------          -----------

                Net cash used in investing activities                       (551,000)          (1,083,000)
                                                                         -----------          -----------

Cash flows from financing activities:
       Principal payments on mortgage notes payable                         (204,000)             (35,000)
       Net proceeds from line of credit                                      235,000            1,126,000
       Issuance of common stock                                               86,000                  ---
       Distributions paid to stockholders                                   (916,000)            (582,000)
                                                                         -----------          -----------

                Net cash provided by (used in) financing activities         (799,000)             509,000
                                                                         -----------          -----------

                Net increase (decrease) in cash                              366,000             (201,000)

Cash, beginning of period                                                    884,000              817,000
                                                                         -----------          -----------

Cash, end of period                                                     $  1,250,000              616,000
                                                                         ===========          ===========

Supplemental disclosure of cash flow information -
   cash paid during the nine-month period for interest                  $  1,251,000              403,000
                                                                         ===========          ===========
</TABLE>


See accompanying notes to consolidated financial statements


                                       5
<PAGE>



                            MAXUS REALTY TRUST, INC.
              NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
           NINE MONTHS ENDED SEPTEMBER 30, 2002 AND SEPTEMBER 30, 2001
                                   (UNAUDITED)

(1) Summary of Significant Accounting Policies

Refer to the financial  statements  of Maxus Realty Trust,  Inc. (the "Trust" or
"Registrant")  for the year ended December 31, 2001,  which are contained in the
Trust's  Annual  Report on Form  10-KSB,  for a  description  of the  accounting
policies, which have been continued without change. 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.  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, 2002 and for all periods  presented have been made. The results
for the  three-month  and nine month  periods  ended  September 30, 2002 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) Segment Reporting

The Trust has adopted SFAS No. 131,  Disclosure  About Segments of an Enterprise
and Related  Information,  which  establishes  standards for the way that public
business  enterprises  report  information about operating segments in financial
statements,  as  well  as  related  disclosures  about  products  and  services,
geographic areas, and major customers.

The Trust  has two  reportable  operating  segments--apartments  and  commercial
buildings.  The Trust's  management  evaluates the  performance  of each segment
based on  profit  or loss from  operations  before  allocation  of  general  and
administrative  expenses,  unusual and  extraordinary  items, and interest.  The
accounting policies of the segments are the same as those of the Trust.

Following is information  for each segment for the three months ended  September
30, 2002 and 2001:

<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

                                                            Commercial           Corporate
September 30, 2002                    Apartments             buildings           and other                Total
-------------------                   ----------             ---------           ---------                -----
                                                                     (in thousands)

Total revenues                      $ 1,266,000              558,000                   ---             1,824,000
Net income (loss)                        20,000              111,000               (75,000)               56,000
Capital expenditures                    177,000               35,000                   ---               212,000
Depreciation and amortization           294,000              146,000                   ---               440,000
Interest expense                        312,000              110,000                   ---               422,000

September 30, 2001
-------------------

Total revenues                    $     277,000              665,000                33,000               975,000
Net income (loss)                        56,000              117,000                (8,000)              165,000
Capital expenditures                    100,000              350,000                   ---               450,000
Depreciation and amortization            60,000              149,000                 4,000               213,000
Interest expense                         29,000               95,000                   ---               124,000

</TABLE>


                                       6
<PAGE>



(2) Segment Reporting - Continued

Following is information for each segment for the nine months ended September
30, 2002 and 2001:

<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

                                                          Commercial              Corporate
September 30, 2002                    Apartments           buildings              and other             Total
------------------                    ----------           ---------              ---------            ------
                                                                    (in thousands)

Total revenues                      $ 3,797,000            1,688,000                   ---           5,485,000
Net income (loss)                        81,000              313,000              (222,000)            172,000
Capital expenditures                    466,000               85,000                   ---             551,000
Depreciation and amortization           871,000              413,000                 1,000           1,285,000
Interest expense                        928,000              323,000                   ---           1,251,000
Assets                               27,497,000           10,510,000                96,000          38,103,000


September 30, 2001
------------------

Total revenues                     $    581,000            2,091,000                51,000           2,723,000
Income (loss) before gain on sale       (23,000)             342,000               (83,000)            236,000
Capital expenditures                    356,000              370,000                   ---             726,000
Depreciation and amortization           128,000              469,000                12,000             609,000
Interest expense                        102,000              295,000                   ---             397,000
Assets                               20,378,000           10,581,000               135,000          31,094,000

</TABLE>


(3) Property Acquisitions and Disposition

Reference is made to Note 1 of Notes to  Financial  Statements  incorporated  by
reference  in the  Trust's  Annual  Report on Form 10-KSB for a  description  of
properties acquired and disposed of in 2001. Several properties were acquired in
2001 and one  property  was sold in May 2001.  The table below  presents the pro
forma  results of  operations  of the Trust as if the  acquisitions  and sale of
investment properties had occurred at January 1, 2001 (unaudited):

<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

                                           Three Months Ended:                        Nine Months Ended:
                                       Sept. 30,           Sept. 30,             Sept. 30,           Sept. 30,
                                         2002                2001                  2002                 2001
                                       (actual)                                  (actual)

Total revenue                       $ 1,824,000           1,896,000              5,485,000          5,606,000

Depreciation and amortization           440,000             418,000              1,285,000          1,267,000
Repairs and maintenance, including
   common area maintenance              237,000             198,000                762,000            650,000
Real estate taxes                       155,000             159,000                472,000            458,000
Interest                                422,000             394,000              1,251,000          1,250,000
Property management fees                 60,000              90,000                238,000            249,000
General and administrative               75,000              75,000                222,000            122,000
Other                                   379,000             408,000              1,083,000          1,379,000
                                      ---------         -----------            -----------         ----------
     Total expenses                   1,768,000           1,742,000              5,313,000          5,375,000

Net income                          $    56,000             154,000                172,000            231,000
                                      =========         ===========            ===========         ==========

Net income per share                $       .05                0.15                   0.12               0.22
                                      =========         ===========            ===========         ==========
</TABLE>


This pro forma information does not purport to be indicative of the results that
actually would have been obtained if the transactions  had actually  occurred at
the beginning of 2001, and is not intended to be a projection of future results.


                                       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,  dispositions and acquisitions of real property, and future prospects for
the Trust.  Actual results could differ  materially  from those  contemplated by
such statements.

CRITICAL ACCOUNTING POLICIES

The preparation of financial statements in conformity with accounting principles
generally  accepted in the United States  requires  management to make estimates
and assumptions that affect amounts  reported in the  accompanying  Consolidated
Financial Statements.  The most significant  assumptions and estimates relate to
revenue  recognition,   depreciable  lives  of  investment   property,   capital
expenditures,  and the valuation of investment  property.  Application  of these
assumptions requires the exercise of judgment as to future uncertainties and, as
a result, actual results could differ from these estimates.

Revenue Recognition

Lease  agreements are accounted for as operating  leases,  and rentals from such
leases are  reported  as  revenues  ratably  over the terms of the  leases.  The
recognition  of scheduled  rent  increases on a  straight-line  basis results in
recognition of a receivable.

Investment Property Useful Lives

The Trust is required to make  subjective  assessments as to the useful lives of
its  properties for the purposes of determining  the amount of  depreciation  to
reflect on an annual basis with respect to those  properties.  These assessments
have a direct impact on the Trust's net income.

Buildings and  improvements are depreciated over their estimated useful lives of
27.5 to 35  years  using  the  straight-line  method.  Tenant  improvements  are
depreciated  over  the  term of the  lease on a  straight-line  basis.  Personal
property is depreciated over its estimated useful life ranging from 5 to 7 years
using the straight-line method.

Impairment of Investment Property Values

The Trust is required to make  subjective  assessments  as to whether  there are
impairments in the value of its investment properties. Management's estimates of
impairment  in the value of  investment  properties  have a direct impact on the
Trust's net income.

Effective January 1, 2002, the Trust applied  Statement of Financial  Accounting
Standards  (SFAS)  No.  144,  Accounting  for  the  Impairment  or  Disposal  of
Long-Lived  Assets,  for  the  recognition  and  measurement  of  impairment  of
long-lived  assets to be held and used and assets to be disposed of.  Management
reviews each property for impairment whenever events or changes in circumstances
indicate that the carrying value of a property may not be recoverable.

Capital Expenditures

For reporting  purposes,  the Trust  capitalizes all carpet,  flooring,  blinds,
appliance and HVAC replacements.  The Trust expenses all other expenditures that
total less than $10,000.  Expenditures over $10,000 and expenditures  related to
contracts over $10,000 are evaluated individually for proper treatment.


                                       8
<PAGE>


DESCRIPTION OF BUSINESS

The Trust invests in income-producing real properties,  primarily apartments and
commercial buildings. The Trust's portfolio is comprised of:

<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

                                      SQUARE
                                      FEET/
PROPERTY                              # UNITS      TYPE                 LOCATION               PURCHASE DATE

Atrium Business Center                89,000       Multi-Tenant         Bloomington, MN        March, 1985
(the "Atrium")                                     Office

Applied Communications, Inc.          70,000       Single Tenant        Omaha, NE              January, 1986
("ACI")                                            Office

Forest Park Apartments                   110       Apartments           Kansas City, MO        August, 2000
("Forest Park")
(f.k.a. North Winn)

King's Court Apartments                   82       Apartments           Olathe, KS             August, 2001
("King's Court")

Chalet Apartments - I and II             234       Apartments           Topeka, KS             September, 2001
("Chalet")

The Landings Apartments                  154       Apartments           Little Rock, AR        September, 2001
(the "Landings")

Barrington Hills Apartments              232       Apartments           Little Rock, AR        November, 2001
("Barrington Hills")

</TABLE>


Forest  Park,  the  Landings,  Chalet  and  Barrington  Hills  are  owned by the
following limited liability companies that are directly owned by the Registrant:
North  Winn  Acquisition,   L.L.C.,  Landings  Acquisition,   L.L.C.,  Chalet  I
Acquisition,   L.L.C.,  Chalet  II  Acquisition,  L.L.C.  and  Barrington  Hills
Acquisition, L.L.C.

Maxus  Properties,  Inc.,  an affiliate  of the  Registrant,  provides  property
management services for each of the Trust's real properties.

LIQUIDITY AND CAPITAL RESOURCES

Cash on hand as of Sept. 30, 2002, was $1,250,000,  an increase of $366,000 from
December  31,  2001.  Net  cash  provided  by  operating   activities  increased
$1,343,000 to $1,716,000 for the nine-month  period ended  September 30, 2002 as
compared to the nine-month period ended September 30, 2001, due principally to a
change in cash  provided by an increase in net income  before  depreciation  and
amortization of $612,000,  and an increase in accounts  payable of $742,000 when
compared to 2001. Net cash used in investing activities was $551,000 for capital
expenditures.  Capital expenditures consisted primarily of $209,000 for painting
Chalet Apartments,  and replacements of carpet,  flooring,  HVAC, appliances and
blinds of $158,000, along with various other property replacements, upgrades and
tenant  improvements.  Net  cash  used in  financing  activities  was  $799,000,
including distributions paid totaling $916,000.



                                       9
<PAGE>


Contractual Obligations and Commercial Commitments

<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>


                              Balance at                Interest                       Due
                            Sept. 30, 2002                Rate

The Atrium*                 $   1,385,000                 4.75%                  November, 2003

ACI                             4,212,000                 8.63%                  August 1, 2010

Forest Park                     1,934,000                 4.91%                  September 1, 2007

King's Court                    2,209,000                 5.69%                  November 1, 2026

Chalet I                        4,057,000                 6.59%                  October 1, 2008

Chalet II                       1,530,000                 6.535%                 October 1, 2008

The Landings                    3,790,000                 7.66%                  September 1, 2007

Barrington Hills                5,848,000                 6.035%                 July 1, 2029
                              -----------

Total                       $  24,965,000
                              ===========
</TABLE>


* The  available  balance on the line of credit is $165,000.  The line of credit
was  extended  in November of 2002 on the same terms and now expires in November
of 2003.

Reference is also made to Note 2 of Notes to Financial  Statements  incorporated
by reference in the Trust's  Annual Report on Form 10-KSB for a  description  of
mortgage  indebtedness  secured by the Trust's real  property  investments.  The
Trust does not utilize any off balance sheet  financing or leasing  transactions
of any kind.

Management  believes  the Trust's  current  cash  position  and the  properties'
ability  to  provide  operating  cash  flow  should  enable  the  Trust  to fund
anticipated  operating and capital  expenditures and make scheduled debt service
payments over the next twelve months. At Barrington Hills, the Trust anticipates
capital  expenditures  of  approximately  $300,000 in connection  with a fire in
2001, and has incurred  substantially all of these costs through Sept. 30, 2002.
This  amount  has been  reimbursed  by  insurance  proceeds.  The Atrium was 76%
occupied at Sept.  30, 2002.  If  occupancy  increases,  or tenants  renew their
leases,  which expire in 2002, the Trust could incur material tenant improvement
costs.  Except  for the items  mentioned,  management  does not  anticipate  any
material capital operating  expenditures in the remainder of 2002. However,  the
Trust will continue to evaluate  opportunities for the acquisition of investment
properties and may incur material capital  expenditures in connection with these
acquisition opportunities.

Effective  January 1, 2002, the lease with the tenant  occupying 100% of the ACI
building was amended and the tenant now provides or contracts  for operation and
management of the premises and is  responsible  for payment of all operating and
utility  expenses.  The  Trust is no  longer  responsible  for  these  expenses,
resulting  in a  decrease  in  expenses.  In  addition,  rental  rates have been
decreased  in an  amount  approximately  equal to the  decrease  in  anticipated
expenses.

Management  does not  believe  the risk of  changes  in  operations  that  would
adversely  impact cash flow from  operating  activities  is a material  risk. As
leases expire,  they are expected to be replaced or renewed in the normal course
of business over a reasonable  period of time. The Atrium has leases that expire
from  September  30,  2002  through  the end of 2002 for 8,000  square  feet and
$163,000 in revenue  and leases  that expire in 2003 for 29,000  square feet and
$536,000 in revenue.

The Board of  Trustees  voted to approve  the  listing of the Atrium and the ACI
building,  and  subsequently  a  listing  agreement  was  entered  into for each
property.  An agreement to sell ACI to an unrelated  third party was executed on
October  15,  2002.   Subsequently,   on  November   11th,  the  Trust  received


                                       10
<PAGE>


notification  from the buyer that they would not proceed to  closing.  The Trust
has renewed its marketing  efforts on the ACI building.  The current  market may
not support the listing  prices,  and no guarantee  can be made as to whether or
not the sale of those assets will occur in the near future.

Insurance

Industry wide,  insurance rates continue to rise. In 2002, the Trust experienced
rate increases upon the renewal of insurance policies on its properties due to a
continuing  tightening  of risk  underwriting.  Upon renewal of their  insurance
policies in 2002,  Chalet,  Barrington Hills,  Landings,  Kings Court and Forest
Park had rate increases of 37%, 42%, 39%, 18%, and 23% respectively. ACI and the
Atrium have insurance  that will be renewed in the fourth quarter of 2002,  with
rate increases anticipated at that time.

RESULTS OF OPERATIONS

The  results of  operations  for the Trust's  properties  for the three and nine
months ended September 30, 2002 and 2001 are detailed in the schedule below.

Funds from Operations

The white paper on Funds from  Operations  approved by the board of governors of
NAREIT  defines  Funds  from  Operations  as  net  income  (loss)  (computed  in
accordance with GAAP), excluding gains (or losses) from sales of property,  plus
depreciation  and  amortization,   and  after  adjustments  for   unconsolidated
partnerships and joint ventures. Adjustments 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. In 2002, NAREIT clarified that Funds from Operations related
to assets held for sale,  sold or otherwise  transferred and included in results
of discontinued  operations should continue to be included in consolidated Funds
from Operations.

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 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. In the table below, revenue, expenses, net income and depreciation
and  amortization  were  determined  in  accordance  with GAAP.  The addition of
depreciation  and  amortization to net income results in Funds from  Operations,
which is not  determined in accordance  with GAAP.  Administrative  expenses and
income of the Parent are excluded.

<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>


       Funds from Operations
                                                Three Months Ended                       Nine Months Ended
                                             Sept. 30,        Sept. 30,            Sept. 30,          Sept. 30,
                                               2002              2001                 2002              2001
       Revenue                           $  1,824,000          942,000             5,485,000         2,672,000
       Expenses                             1,693,000          769,000             5,091,000         2,353,000
                                           ----------         --------             ---------         ---------
       Net Income before gain on sale         131,000          173,000               394,000           319,000
       Depreciation and Amortization          440,000          209,000             1,285,000           597,000
                                           ----------         --------             ---------         ---------
       Funds from Operations            $     571,000          382,000             1,679,000           916,000
                                           ==========         ========             =========         =========
</TABLE>


                                       11
<PAGE>


Comparison of Consolidated Results

For the three and nine  month  periods  ended  September  30,  2002 the  Trust's
consolidated  revenues were  $1,824,000 and $5,485,000,  respectively.  Revenues
increased $849,000 (87.1%) and $2,762,000  (101.4%) for the three and nine-month
periods ended September 30, 2002 as compared to the same periods ended September
30, 2001. The increase in consolidated  revenue is attributable to the additions
of King's  Court,  the  Landings,  Chalet  and  Barrington  Hills,  contributing
$975,000 and $3,146,000 respectively in increased revenue for the three and nine
month periods ending  September 30, 2002. The increase in  consolidated  revenue
was offset by a decrease in revenue for the three and nine month  periods  ended
September 30, 2002 of $0 and $128,000, respectively, due to the sale of Franklin
Park in May 2001,  along with a decrease  in  revenues  at the ACI  building  of
$69,000 and $206,000  respectively  for the three and nine month  periods  ended
September  30, 2002 as the result of the lease  amendment at the ACI building in
January of 2002.  Under the new lease the tenant now provides or  contracts  for
operation and management of the premises and is  responsible  for payment of all
operating and utility expenses. In addition, rental rates have been decreased in
an amount approximately equal to the decrease in anticipated expenses.

For the three and nine  month  periods  ended  September  30,  2002 the  Trust's
consolidated  expenses were  $1,768,000 and $5,313,000,  respectively.  Expenses
increased $958,000 (118.3%) and $2,826,000 (113.6%) for the three and nine-month
periods ended September 30, 2002 as compared to the same periods ended September
30, 2001. The increase in consolidated expenses is attributable to the additions
of King's  Court,  the  Landings,  Chalet and  Barrington  Hills,  resulting  in
$1,016,000 and $3,168,000  respectively in additional expenses for the three and
nine month  periods  ended  September  30, 2002.  This  increase was offset by a
decrease in expenses for the three and  nine-month  periods ended  September 30,
2002 of $6,000 and $151,000,  respectively, due to the sale of Franklin Park and
a  decrease  of  $76,000  and  $179,000  for the three and nine  month  periods,
respectively,  in total expenses at the ACI building, due to the change in lease
on ACI mentioned above. For the nine-month  period,  general and  administrative
expenses increased by $100,000, primarily due to increased legal, accounting and
professional  fees,  incurred primarily as a result of the increased size of the
REIT, an increase in director and officer insurance  premiums,  and an increased
NASDAQ listing fee.

The net income for the three and nine month periods ended September 30, 2002 was
$56,000 or $.05 per share and $172,000 or $.14 per share, respectively.  The net
income for the three-month  period ended September 30, 2001 was $165,000 or $.16
per share. The net income for the nine-month period ended September 30, 2001 was
$1,374,000 or $1.32 per share including $1,138,000 or $1.09 per share due to the
gain on sale of Franklin Park.

Cash flow provided by operating  activities  was  $1,716,000  for the nine-month
period ended  September 30, 2002  compared to $373,000 in 2001.  The increase in
cash flow provided by operating  activities  was due primarily to an increase in
net income before depreciation and amortization of $612,000 and a change in cash
provided by an increase in accounts  payable of $742,000  when compared to 2001.
Cash used in investing  activities was $551,000 for the nine-month  period ended
September 30, 2002  compared to cash used in investing  activities of $1,083,000
in 2001.  The  increase is due to cash (net of sales  proceeds)  used to acquire
properties  in 2001 of $357,000,  which was not  incurred in 2002,  along with a
decrease in capital expenditures from 2001 to 2002 of $175,000. The 2001 capital
expenditures were primarily related to tenant  improvements at the ACI building,
which were  completed and paid in 2001.  Cash flow used in financing  activities
was $799,000 for the  nine-month  period ended  September  30, 2002  compared to
$509,000  provided  by  financing  activities  in 2001.  The cash  flow  used in
financing  activities in 2002 primarily  consisted of the  distributions of $.25
per share  ($916,000)  paid in March,  June, and September of 2002 and principal
payments of $204,000, offset by an increase in the draw on the line of credit of
$235,000.  In 2001, cash from financing  activities was primarily provided by an
increase  in  borrowing  pursuant to a line of credit of  $1,126,000,  offset by
distributions paid of $582,000.



                                       12
<PAGE>


Occupancy

The occupancy levels at September 30 were as follows:

<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

                                    OCCUPANCY LEVELS AT SEPTEMBER 30,
                                       2002                   2001

         The Atrium                     76%                   77%
         Forest Park                    95%                   96%
         King's Court                   93%                   90%
         Chalet                         99%                   91%
         The Landings                   95%                   94%
         Barrington Hills               94%                   N/A
         ACI                           100%                  100%

</TABLE>

During the quarter ended  September 30, 2002, the occupancy  level at the Atrium
stayed  consistent.  No tenants renewed their leases.  One tenant moved in which
occupied 2,340 square feet. Two tenants, occupying 4,200 square feet, vacated at
the end of their leases on September 30, 2002. The property has one major tenant
occupying  16% of the  building.  The lease for this tenant  expires in December
2003.  Market conditions in the Minneapolis area continue to be challenging with
large  amount of sublease  space  available in the market  negatively  affecting
current market rents and leasing.

The ACI building has a single tenant  occupying 100% of the building.  The lease
was amended effective January 1, 2002 and expires in August 2008.

At Forest Park  occupancy of 95% is slightly  ahead of market.  Northern  Kansas
City, Missouri market conditions show heavy concessions and average occupancy of
93%.  Forest  Park is  expected to have above  market  occupancy  and lower than
market concessions  throughout the remainder of the year. King's Court occupancy
has  improved  since  September  30, 2002 to 96%,  and the  Olathe,  Kansas area
markets continue to be stable.  In Topeka,  Kansas,  newly completed  apartments
built near Chalet compete for the same tenants. Occupancy rates in market are in
the mid 90% range, however, concessions are up and rates are down in the market.
The Landings  and  Barrington  Hills are both located in Little Rock,  Arkansas,
where the market  occupancy rates are currently in the low to mid 90% range. The
Landings is currently  in the low 90% range and is actively  seeking to increase
occupancy in the fourth  quarter.  Barrington is currently 96% occupied,  and is
expected to maintain this occupancy through the end of the year.

CONTINGENCIES

The Trust's  multi-tenant office building located in Bloomington,  Minnesota has
been classified in the Minneapolis Airport  Commission's (the "MAC") Safety Zone
A in  the  expansion  of  the  Minneapolis  Airport.  The  expansion  runway  is
anticipated  to be  completed  in late 2004.  The MAC began  buying out impacted
buildings  during  1999.  Safety  Zone A is  adjacent  to the  Federal  Aviation
Authority's  runway  protection zone. The Trust will monitor the increased noise
from the new runway to determine  any impact on future  leasing of the building.
If the  Trust  determines  there is a  negative  impact,  the Trust  intends  to
petition the MAC to buy the building.

If the building  continues to be classified in Safety Zone A, it would currently
be classified as  nonconforming  use.  However,  the MAC, along with the City of
Bloomington  is  petitioning  the state to lessen the  current  restrictions  in
Safety Zone A. If the MAC is successful,  the Trust's building would continue to
be classified as conforming  use. Given the  preliminary  state of the expansion
and the petition, management is unable at this time to determine what impact, if
any,  this  matter  will have on the Trust.  However,  we are in the  process of
reviewing  the proposed  regulations.  We continue to stay engaged in the public
process regarding amendment of the restrictions.

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


                                       13
<PAGE>


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,
2002.

The Trust does not believe  that it has any material  exposure to interest  rate
risk.  The debt on the ACI  building is at a fixed rated of 8.63% and matures in
2010;  the debt on King's Court is at a fixed rate of 5.69% and matures in 2026;
the debt on the  Landings is at a fixed rate of 7.66% and  matures in 2007;  the
debt on Chalet is at fixed  rates of 6.59% and 6.535% and  matures in 2008;  and
the debt on Barrington  Hills is at a fixed rate of 6.035%,  is repriced in 2009
and  matures  in 2029.  The debt on Forest  Park and the line of credit are each
variable.  The current  interest rates on Forest Park and the line of credit are
4.91% and 4.75%, respectively. The debt on Forest Park matures in 2007. The line
of credit was extended in November,  2002,  on the same terms and now matures in
November,  2003.  A 100 basis  point  increase in the  variable  rate debt on an
annual basis would impact net income by approximately $33,000.

INFLATION

The  effects  of  inflation  did not have a  material  impact  upon the  Trust's
operations in the periods ended September 30, 2002, or in fiscal 2001.

NEW ACCOUNTING PRONOUNCEMENTS

In August 2001, the Financial Accounting Standards Board (FASB) issued Statement
of Financial  Accounting Standard (SFAS) No. 144, "Accounting for the Impairment
or Disposal of Long-Lived Assets". This statement addresses financial accounting
and reporting for the  impairment or disposal of long-lived  assets.  While this
statement  supersedes  SFAS No. 121,  "Accounting  for  Impairment of Long-Lived
Assets  and  Long-Lived  Assets  to be  Disposed  of",  it  retains  many of the
fundamental  provisions of that  statement.  This statement also  supersedes the
accounting  and  reporting  provisions  of APB  Opinion No. 30,  "Reporting  the
Results of  Operations  --  Reporting  the Effects of Disposal of a Segment of a
Business,  and  Extraordinary,  Unusual and  Infrequently  Occurring  Events and
Transactions",  for the disposal of a segment of a business. However, it retains
the requirement in Opinion No. 30 to report separately  discontinued  operations
and extends  that  reporting  to a  component  of an entity that either has been
disposed  of (by  sale,  abandonment,  or in a  distribution  to  owners)  or is
classified as held for sale.  SFAS 144 is effective  for fiscal years  beginning
after  December  15, 2001 and was  adopted by the Trust on January 1, 2002.  The
adoption  of SFAS 144 did not have a material  impact on the  Trust's  financial
position or results of operations.

In April 2002, the FASB issued SFAS 145,  "Rescission of FASB  Statements No. 4,
44, and 64, Amendment of SFAS Statement No. 13, and Technical  Correction." SFAS
145 eliminates  extraordinary accounting treatment for reporting or loss on debt
extinguishments,  and amends other existing authoritative pronouncements to make
various  technical   corrections,   clarifies   meanings,   or  describes  their
applicability  under  changed  conditions.  The  Trust  does  not  anticipate  a
significant impact on their results of operations from adopting SFAS 145.

In July 2002, the FASB issued SFAS 146,  "Accounting  For Costs  Associated With
Exit Or  Disposal  Activities."  SFAS 146  addresses  financial  accounting  and
reporting for costs associated with exit or disposal activities.  Under FAS 146,
a commitment  to an exit or disposal  plan no longer will be a sufficient  basis
for recording a liability for those activities.  The Trust does not anticipate a
significant impact on their results of operations from adopting SFAS 146.


ITEM 3:  CONTROLS AND PROCEDURES.

Under the supervision and with the participation of the management of the Trust,
including the Trust's chief executive officer and chief financial  officer,  the
Trust's  management has evaluated the  effectiveness of the design and operation
of the Trust's  disclosure  controls and procedures within 90 days of the filing
date of this quarterly report, and, based on their evaluation, the Trust's chief
executive officer and chief financial officer have concluded that these controls
and procedures are effective.  There were no significant  changes in the Trust's
internal  controls or in other  factors  that could  significantly  affect these
controls subsequent to the date of their evaluation.



                                       14
<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 November 11, 2002, the  Board  of Trustees of the Trust declared a
           cash  dividend of $0.25 per share payable to the holders of record on
           November 30, 2002  of  the Trust's $1.00 par value, common stock. The
           Board  anticipates  that  the  dividend  will be paid on December 20,
           2002.


  ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

           (a)  Exhibits

                See Exhibits Index on Page 16


           (b) Reports on Form 8-K

                On October 18, 2002, the  Registrant  filed a report on Form 8-K
                (File No. 000-13754) announcing that its wholly owned subsidiary
                had entered into a contract to sell the ACI Building.

                On November 13, 2002, the  Registrant filed a report on Form 8-K
                (File No. 000-13754)  announcing  that  the buyer had terminated
                the contract to purchase the ACI building.




                                       15
<PAGE>


SIGNATURES

In  accordance with the requirements 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, 2002              By:  /s/ Danley K. Sheldon
                                          ------------------------
                                          Danley K. Sheldon
                                          President
                                          Chief Executive Officer


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












                                       16
<PAGE>




                      CERTIFICATION OF THE QUARTERLY REPORT
                                       OF
                            MAXUS REALTY TRUST, INC.

         I, Danley K. Sheldon, certify that:

     1. I have  reviewed  this  quarterly  report on Form 10-QSB of Maxus Realty
Trust, Inc.;

     2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;

     3. Based on my knowledge,  the financial  statements,  and other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

     4. The  registrant's  other  certifying  officer and I are  responsible for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

         a) designed  such  disclosure  controls  and  procedures to ensure that
     material information relating to the registrant, including its consolidated
     subsidiaries,  is  made  known  to  us  by  others  within  those entities,
     particularly  during  the  period  in  which this quarterly report is being
     prepared;

         b) evaluated the  effectiveness of the registrant's disclosure controls
     and procedures as of a date within 90 days prior to the filing date of this
     quarterly report (the "Evaluation Date"); and

         c) presented  in  this  quarterly  report  our  conclusions  about  the
     effectiveness  of  the  disclosure  controls  and  procedures  based on our
     evaluation as of the Evaluation Date;

     5. The registrant's other certifying officer and I have disclosed, based on
our most recent evaluation, to the registrant's auditors and the audit committee
of registrant's board of directors (or persons performing the equivalent
functions):

         a) all significant deficiencies in the design or operation  of internal
     controls which could adversely affect the registrant's  ability  to record,
     process, summarize  and  report  financial data and have identified for the
     registrant's  auditors  any  material  weaknesses in internal controls; and

         b) any  fraud,  whether  or  not  material, that involves management or
     other employees  who  have  a significant role in the registrant's internal
     controls; and

     6. The registrant's  other certifying  officer and I have indicated in this
quarterly  report  whether or not there  were  significant  changes in  internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.


Date: November 14, 2002                 /s/ Danley K. Sheldon
                                        ---------------------------
                                        Danley K. Sheldon
                                        President and Chief Executive Officer of
                                        Maxus Realty Trust, Inc.




                                       17
<PAGE>



                      CERTIFICATION OF THE QUARTERLY REPORT
                                       OF
                            MAXUS REALTY TRUST, INC.

         I, John W. Alvey, certify that:

     1. I have  reviewed  this  quarterly  report on Form 10-QSB of Maxus Realty
Trust, Inc.;

     2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;

     3. Based on my knowledge,  the financial  statements,  and other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

     4. The  registrant's  other  certifying  officer and I are  responsible for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

         a) designed  such  disclosure  controls  and  procedures to ensure that
     material information relating to the registrant, including its consolidated
     subsidiaries,  is  made  known  to  us  by  others  within  those entities,
     particularly  during  the  period  in  which this quarterly report is being
     prepared;

         b) evaluated the effectiveness of  the registrant's disclosure controls
     and procedures as of a date within 90 days prior to the filing date of this
     quarterly report (the "Evaluation Date"); and

         c) presented  in  this  quarterly  report  our  conclusions  about  the
     effectiveness  of  the  disclosure  controls  and  procedures  based on our
     evaluation as of the Evaluation Date;

     5. The registrant's other certifying officer and I have disclosed, based on
our most recent evaluation, to the registrant's auditors and the audit committee
of  registrant's  board of  directors  (or  persons  performing  the  equivalent
functions):

         a) all significant  deficiencies in the design or operation of internal
     controls which  could adversely  affect the registrant's ability to record,
     process, summarize  and  report financial  data and have identified for the
     registrant's auditors any material weaknesses in internal controls; and

         b) any fraud,  whether  or  not  material,  that involves management or
     other employees who have a significant role in  the  registrant's  internal
     controls; and

     6. The registrant's  other certifying  officer and I have indicated in this
quarterly  report  whether or not there  were  significant  changes in  internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.


Date: November 14, 2002                /s/ John W. Alvey
                                       -----------------------
                                       John W. Alvey
                                       Vice President, and
                                       Chief Financial and Accounting Officer of
                                       Maxus Realty Trust, Inc.


                                       18
<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).

99.1 Certification  of Chief  Executive  Officer  Pursuant To 18 U.S.C.  Section
     1350, As Adopted Pursuant To Section 906 of the Sarbanes-Oxley Act of 2002.

99.2 Certification  of Chief  Financial  Officer  Pursuant To 18 U.S.C.  Section
     1350, As Adopted Pursuant To Section 906 of the Sarbanes-Oxley Act of 2002.




                                       19