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         March 31, 2003
                                    ----------------



___ 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)

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

State the  number of shares  outstanding  of the  Trust's  sole  class of common
equity, $1.00 par value common stock, as of May 5, 2003: 1,233,098.
                                                         ---------













                                       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                                          7
7

ITEM 3.      CONTROLS AND PROCEDURES                                          14

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              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>


                                                                               March 31,          December 31,
                                                                                 2003                 2002
                                                                             (Unaudited)
ASSETS:
Investment property
   Land                                                                   $    2,997,000           2,997,000
   Buildings and improvements                                                 39,341,000          39,295,000
   Personal property                                                           1,827,000           1,795,000
                                                                            ------------        ------------
                                                                              44,165,000          44,087,000
   Less accumulated depreciation                                              (9,215,000)         (8,806,000)
                                                                            ------------        ------------
           Total investment property, net                                     34,950,000          35,281,000


Cash                                                                             303,000             123,000
Escrows and reserves                                                             899,000             885,000
Accounts receivable                                                              434,000             419,000
Prepaid expenses and other assets                                                179,000             224,000
Deferred expenses, less accumulated amortization                                 529,000             551,000
                                                                            ------------        ------------
           Total assets                                                   $   37,294,000          37,483,000
                                                                            ============        ============


LIABILITIES AND SHAREHOLDERS' EQUITY:

Liabilities:
   Mortgage notes payable                                                 $   23,437,000          23,510,000
   Line of credit                                                              1,385,000           1,385,000
   Accounts payable, prepaid rent, and accrued expenses                          633,000             628,000
   Real estate taxes payable                                                     353,000             223,000
   Refundable tenant deposits                                                    226,000             232,000
                                                                            ------------        ------------
           Total liabilities                                                  26,034,000          25,978,000
                                                                            ------------        ------------
Shareholders' equity:
   Common stock, $1 par value: authorized 5,000,000 shares
      1,233,000 and 1,230,000 shares issued and outstanding
      at March 31, 2003 and December 31, 2002, respectively                    1,233,000           1,230,000
   Additional paid-in-capital                                                 17,221,000          17,194,000
   Distributions in excess of accumulated earnings                            (7,194,000)         (6,919,000)
                                                                            ------------         -----------
           Total shareholders' equity                                         11,260,000          11,505,000
                                                                            ------------        ------------
                                                                          $   37,294,000          37,483,000
                                                                            ============        ============
See accompanying notes to consolidated financial statements.


</TABLE>


                                       3
<PAGE>


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


                                                                                     Three Months Ended
                                                                                March 31,          March 31,
                                                                                  2003               2002
Income
   Revenues:
    Rental                                                                 $   1,691,000           1,685,000
    Other                                                                        123,000             161,000
                                                                             -----------         -----------
          Total revenues                                                       1,814,000           1,846,000
                                                                             -----------         -----------
Expenses:
   Depreciation and amortization                                                 430,000             409,000
   Repairs and maintenance, including common
      area maintenance                                                           193,000             238,000
   Real estate taxes                                                             160,000             159,000

   Interest                                                                      412,000             416,000
   General and administrative                                                    107,000              92,000
   Utilities                                                                     113,000             120,000
   Property management fees - related parties                                     80,000              79,000
   Other operating expenses                                                      286,000             228,000
                                                                             -----------         -----------
           Total expenses                                                      1,781,000           1,741,000
                                                                             -----------         -----------
           Net income                                                      $      33,000             105,000
                                                                             ===========         ===========

Per share data:
           Net income - basic and diluted                                  $         .03                 .09
                                                                             ===========         ===========
    Distributions paid in current year                                     $         .25                 .25
                                                                             ===========         ===========
    Weighted average shares outstanding                                        1,230,000           1,220,000
                                                                             ===========         ===========

</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>

                                                                                 Three Months Ended
                                                                            March 31,            March 31,
                                                                              2003                  2002
Cash flows from operating activities:
   Net income                                                           $     33,000              105,000
   Adjustments to reconcile net income to net
     cash provided by operating activities:
       Depreciation and amortization                                         430,000              409,000
       Changes in accounts affecting operations:
           Accounts receivable                                               (15,000)             (40,000)
           Prepaid expenses and other assets                                  45,000               72,000
           Escrows and reserves                                              (14,000)            (246,000)
           Accounts payable and other liabilities                            129,000               49,000
                                                                           ---------            ---------

                Net cash provided by operating activities                    608,000              349,000
                                                                           ---------            ---------

Cash flows from investing activities:
       Capital expenditures                                                  (78,000)            (153,000)
                                                                           ---------            ---------

                Net cash used in investing activities                        (78,000)            (153,000)
                                                                           ---------            ---------

Cash flows from financing activities:
       Principal payments on mortgage notes payable                          (73,000)             (69,000)
       Net change in line of credit                                              ---               52,000
       Issuance of common stock                                               30,000               24,000
       Distributions paid to shareholders                                   (307,000)            (305,000)
                                                                           ---------            ---------

                Net cash used in financing activities                       (350,000)            (298,000)
                                                                           ---------            ---------

                Net increase (decrease) in cash                              180,000             (102,000)

Cash, beginning of period                                                    123,000              249,000
                                                                           ---------            ---------

Cash, end of period                                                     $    303,000              147,000
                                                                           =========            =========

Supplemental disclosure of cash flow information -
   cash paid during the three-month period for interest                 $    411,000              416,000
                                                                           =========            =========

</TABLE>

See accompanying notes to consolidated financial statements





                                       5
<PAGE>



                            MAXUS REALTY TRUST, INC.
              NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
              THREE MONTHS ENDED MARCH 31, 2003 AND MARCH 31, 2002
                                   (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, 2002,  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 cash flows at March 31, 2003
and for all periods  presented have been made.  The results for the  three-month
period ended March 31, 2003 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 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 March 31,
2003 and 2002:

<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>
                                                           Commercial          Corporate
March 31, 2003                       Apartments            buildings           and other                  Total
---------------                      ----------            ---------           ---------                  -----
                                                                   (in thousands)

Total revenues                      $ 1,290,000              524,000                ---                1,814,000
Net income (loss)                        76,000               64,000           (107,000)                  33,000
Capital expenditures                     66,000               12,000                ---                   78,000
Depreciation and amortization           291,000              139,000                ---                  430,000
Interest expense                        307,000              105,000                ---                  412,000

March 31, 2002
--------------

Total revenues                      $ 1,300,000              546,000                ---                1,846,000
Net income (loss)                        97,000              100,000            (92,000)                 105,000
Capital expenditures                     95,000               58,000                ---                  153,000
Depreciation and amortization           287,000              122,000                ---                  409,000
Interest expense                        311,000              105,000                ---                  416,000

</TABLE>



                                       6
<PAGE>



ITEM 2:  MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS


FORWARD LOOKING STATEMENTS

This section includes "forward-looking statements" within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act
of 1934. All statements,  other than statements of historical facts, included in
this section and located  elsewhere in this Form 10-QSB  regarding the prospects
of our  industry  and our  prospects,  plans,  financial  position  and business
strategy may constitute forward-looking statements. In addition, forward-looking
statements generally can be identified by the use of forward-looking terminology
such as "may," "will," "expect,"  "intend,"  "estimate,"  "anticipate,"  "plan,"
"foresee," "believe" or "continue" or the negatives of these terms or variations
of them or  similar  terminology.  Although  we  believe  that the  expectations
reflected in these  forward-looking  statements are  reasonable,  we can give no
assurance  that these  expectations  will prove to have been  correct.  All such
forward-looking  statements are subject to certain risks and uncertainties  that
could cause actual results to differ  materially from those  contemplated by the
relevant  forward-looking  statement.  Important factors that could cause actual
results to differ materially from our expectations  include,  among others:  (i)
the ability to retain key tenants, (ii) general economic,  business,  market and
social  conditions,  (iii)  trends in the real estate  investment  market,  (iv)
projected  leasing and sales, (v)  competition,  (vi) inflation and (vii) future
prospects for the Trust.  Readers are urged to consider these factors  carefully
in evaluating the forward-looking statements.

All subsequent written and oral forward-looking statements attributable to us or
persons acting on our behalf are expressly  qualified in their entirety by these
cautionary statements.  The forward-looking  statements included herein are made
only as of the date of this Form 10-QSB,  and we do not undertake any obligation
to release publicly any revisions to such forward-looking  statements to reflect
events or  circumstances  after the date hereof or to reflect the  occurrence of
unanticipated events.


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,  properties  held  for  sale,  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. Such receivable was $386,000 at March 31, 2003.

The Trust  believes this  receivable  will be  collectable  over the life of the
lease. If the lease was terminated,  the receivable could become  uncollectible,
but to the extent that the receivable represents future cash earnings, the Trust
believes the risk is immaterial.

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 on a straight-line  basis.  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.

                                       7
<PAGE>


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  capitalization.  Repairs
and  maintenance  are charged to expense as incurred.  Additions and betterments
are capitalized.

Classification of Properties

The Trust is required to make  subjective  assessments  as to whether a property
should be classified  as "Held for Sale" under the  provisions of SFAS 144. SFAS
144  contains  certain  criteria  that must be met in order for a property to be
classified as held for sale, including: management commits to a plan to sell the
asset;  the asset is available for immediate sale in its present  condition;  an
active  program to locate a buyer has been  initiated;  the sale of the asset is
probable and transfer of the asset is expected to qualify for  recognition  as a
sale within one year; the asset is being  actively  marketed for sale at a price
that is reasonable in relation to its current fair value;  and actions  required
to complete the plan indicate that it is unlikely  that  significant  changes to
the plan will be made or that the plan will be withdrawn.

Management  believes that a property should not be classified as "Held for Sale"
until a contract for the sale of a property has been  executed,  all  inspection
periods have passed and any earnest deposit becomes  non-refundable and the only
pending  item to  complete  the sale is the  passage of time.  Until this point,
management believes that there may be actions required to complete the plan that
may result in changes to or  termination of the plan, and therefore the property
should not be classified as "Held for Sale" under SFAS 144.

The classification of a property as held for sale can have a significant impact,
in certain  situations in  determining  whether a property's  carrying  value is
impaired under SFAS 144.

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.

The Trust follows the provisions of Statement of Financial  Accounting Standards
(SFAS) No.  144,  "Accounting  for the  Impairment  or  Disposal  of  Long-Lived
Assets".  The Trust assesses the carrying value of its long-lived asset whenever
events or changes in  circumstances  indicate  that the  carrying  amount of the
underlying  asset may not be  recoverable.  Certain  factors  that may occur and
indicate  that  an  impairment  may  exist  include,  but are  not  limited  to:
significant  underperformance  relative to projected future  operating  results;
significant  changes  in the  manner of the use of the  asset;  and  significant
adverse  industry  or  market  economic  trends.  If an  indicator  of  possible
impairment exists, a property is evaluated for impairment by a comparison of the
carrying  amount of a property to the estimated  undiscounted  future cash flows
expected to be generated by the property.  If the carrying  amount of a property
exceeds its estimated future cash flows on an undiscounted  basis, an impairment
charge is recognized by the amount by which the carrying  amount of the property
exceeds the fair value of the property.  Management  estimates fair value of its
properties  based on  projected  discounted  cash flows  using a  discount  rate
determined by management to be commensurate with the risk inherent in the Trust.



                                       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

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

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 and escrows and reserves as of March 31, 2003 were $1,202,000,  an increase
of $194,000  from the balance of  $1,008,000  at December 31, 2002.  Escrows and
reserves includes $899,000 and $885,000 at March 31, 2003 and December 31, 2002,
respectively,  held in escrow and  reserves  by various  lenders,  which are not
readily  available  for current  disbursement.  Net cash  provided by  operating
activities for the three-month period ended March 31, 2003 was $608,000 compared
to $349,000 for the  three-month  period ended March 31, 2002.  The increase was
primarily due to an increase in escrows and reserves of $246,000 for the quarter
ended March 31, 2002 which lowered cash flows from operating  activities in that
period.  Net cash used in investing  activities was $78,000 and $153,000 for the
quarters  ended  March  31,  2003 and 2002,  and  consisted  solely  of  capital
expenditures.  Capital  expenditures in 2003 consisted  primarily of $42,000 for
replacements  of carpet,  flooring,  HVAC,  appliances  and  blinds,  along with
various other property replacements,  upgrades and tenant improvements. Net cash
used in  financing  activities  was  $350,000  in 2003  and  $298,000  in  2002,
including distributions paid totaling $307,000 in 2003 and $305,000 in 2002.

                                       9
<PAGE>



Contractual Obligations and Commercial Commitments
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

                              Balance at                Interest                       Due
                            March 31, 2003                Rate

The Atrium*                 $   1,385,000                 4.25%                  November, 2003

ACI                             4,194,000                 8.63%                  August 1, 2010

Forest Park                     1,918,000                 4.91%                  September 1, 2007

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

Chalet I                        4,027,000                 6.59%                  October 1, 2008

Chalet II                       1,520,000                 6.535%                 October 1, 2008

The Landings                    3,765,000                 7.66%                  September 1, 2007

Barrington Hills                5,804,000                 6.035%                 July 1, 2029
                              -----------

Total                        $ 24,822,000
                              ===========
</TABLE>

* The  available  balance on the line of credit is $165,000.  The line of credit
expires in November of 2003. Management expects to examine the options available
at the time of  expiration  and either extend the terms of the line of credit or
obtain new financing, as appropriate.  Management does not anticipate difficulty
in extending the terms of the line of credit or obtaining  comparable  terms for
new financing if appropriate.

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.

Management  believes  the Trust's  current  cash  position  and the  properties'
ability  to  provide  operating  cash  flows  should  enable  the  Trust to fund
anticipated  operating  and  capital  expenditures  in 2003.  The Atrium was 71%
occupied at March 31,  2003.  If  occupancy  increases,  or tenants  renew their
leases that expire in 2003,  the Trust could incur material  tenant  improvement
costs during 2003.  Tenant  improvement  costs are currently  anticipated  to be
$80,000 to $90,000 in 2003.  Projected  capital  expenditures  of  approximately
$215,000 are planned at  Barrington  Hills in 2003,  primarily  for painting the
complex,  with the majority of the  expenditures  expected to be reimbursed from
reserves held by lender.  Except for the items  mentioned,  management  does not
anticipate any material  capital  operating  expenditures at any one property in
2003.  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.  The Trust's  ability to
acquire  investment  properties and to incur material  capital  expenditures  if
desirable opportunities arise will be dependent on the Trust's ability to obtain
suitable financing on reasonable terms to fund the acquisitions.

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 which expire
in the  remainder  of 2003 for 30,000  square  feet and  $558,000 in revenue and
leases that expire in 2004 for 12,000 square feet and $209,000 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.  The  current  market  may not  support  the  listing  prices,  and no
guarantee  can be made as to whether or not the sale of these  assets will occur
in the near future.


                                       10
<PAGE>


Insurance

Industry wide,  insurance rates continue to rise. In 2002, the Trust experienced
rate  increases  upon the renewal of  insurance  policies on its  properties  of
approximately  30%  or  $44,000  on an  annualized  basis  due  to a  continuing
tightening of risk  underwriting.  Assuming 2003 insurance rate increases do not
significantly  exceed those experienced in 2002,  management  believes the Trust
will be able to absorb  future  increases  in  insurance  rates  and  eventually
expects to pass these expenses on to tenants through increased rents.

RESULTS OF OPERATIONS

The results of operations for the Trust's  properties for the three months ended
March 31, 2003 and 2002 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.

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

       Funds from Operations
                                                                    Three Months Ended
                                                              March 31,             March 31,
                                                                2003                  2002
       Revenue                                           $   1,814,000             1,846,000
       Expenses                                              1,781,000             1,741,000
                                                            ----------            ----------
       Net Income                                               33,000               105,000
       Depreciation and Amortization                           430,000               409,000
                                                            ----------            ----------
       Funds from Operations                             $     463,000               514,000
                                                            ==========             =========
</TABLE>


Comparison of Consolidated Results

For the  three-month  period  ended  March  31,  2003 the  Trust's  consolidated
revenues were $1,814,000.  Revenues decreased $32,000 (1.7%) for the three-month
period  ended March 31, 2003 as compared to the same period ended March 31 2002.
The decrease in consolidated revenue is attributable  primarily to the insurance
reimbursement  received  in 2002 for  Barrington  Hills of  $49,000,  which  was
classified as other income in 2002.

                                       11
<PAGE>


For the quarter  ended March 31, 2003,  the Trust's  consolidated  expenses were
$1,781,000  compared to  $1,741,000  for the quarter  ended March 31, 2002.  The
increase in expenses of $40,000  (2.3%) is due primarily to an increase in other
operating  expenses of  $58,000,  with  $34,000 of the  increase  reflecting  an
increase in insurance expense.

The net income for the  quarter  ended  March 31,  2003 was  $33,000 or $.03 per
share.  The net income for the quarter ended March 31, 2002 was $105,000 or $.09
per share.

Cash flow  provided by operating  activities  was $608,000 for the quarter ended
March 31,  2003  compared  to  $349,000  in 2002.  Cash  flow used in  investing
activities was $78,000 for the quarter ended March 31, 2003 compared to $153,000
in 2002.  Cash flow used in  financing  activities  was $350,000 for the quarter
ended  March  31,  2002  compared  to  $298,000  in 2002.  The cash flow used in
financing  activities  primarily consisted of the distribution of $.25 per share
($307,000) paid in March 2003.

Comparison of Results by Segment

For the  quarter  ended March 31,  2003,  revenues  for the  Trust's  Commercial
Buildings  Segment  decreased $22,000 (4.0%) as compared to the same time period
last year. This decrease is primarily due to a $26,000 decrease in rental income
at the Atrium  primarily  as a result of a decrease in  occupancy  from the same
period in 2002.

For the quarter  ended March 31,  2003,  expenses for the  Commercial  Buildings
Segment  increased  $14,000 (3.1%) mainly due to an increase in depreciation and
amortization  expense of $17,000.  Various  other  increases  and  decreases  in
expense categories partially offset this increase.

For the  quarter  ended  March 31,  2003,  revenues for the  Apartments  Segment
remained fairly level, decreasing less than 1.0% from the period ended March 31,
2002.  Due to increased  competitiveness  in the  marketplace,  rental income at
Chalet  decreased by $25,000 but this  decrease  was offset by increased  rental
income  at the  remaining  residential  properties  of  $52,000.  Other  revenue
decreased $35,000 primarily due to insurance  reimbursement received in 2002 for
Barrington Hills of $49,000, which classified as other income in 2002.

For the  quarter  ended  March 31,  2003,  expenses  for the  Apartments Segment
increased  $11,000  (0.9%)  primarily as a result of increased  other  operating
expenses of  $47,000,  of which  $28,000  represents  an  increase in  insurance
expense, offset by a decrease in repairs and maintenance of $39,000.

Occupancy

The occupancy levels at March 31 were as follows:
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>
                                                             OCCUPANCY LEVELS AT MARCH 31,
                                                              2003                  2002

         The Atrium                                            71%                   76%
         ACI                                                  100%                  100%
         Forest Park                                           95%                   94%
         King's Court                                          98%                   96%
         Chalet                                                91%                   97%
         The Landings                                          95%                   95%
         Barrington Hills                                      98%                   93%
</TABLE>


During the  quarter  ended March 31,  2003,  the  occupancy  level at the Atrium
remained  constant  with  December 31, 2002 at 71%.  Four tenants  renewed their
leases for 5,163 square feet. Two tenants  relocated  within the building in the
first  quarter  resulting in a net gain of 919 square feet.  No tenants  vacated
during the quarter ended March 31, 2003. However,  one tenant who occupies 7,899
square  feet gave notice to vacate on May 31,  2003.  A new lease was signed for
4,322  square feet with a move in date of April 1, 2003.  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  due  to  large  amounts  of  available  sublease  space  negatively
affecting current market rents and leasing.

                                       12
<PAGE>


The ACI building has a single tenant  occupying 100% of the building.  The lease
expires  in August  2008.  Recently,  the parent  company  of the single  tenant
restated  its  consolidated   financial  statements.   In  connection  with  the
restatement  of its  financial  statements,  class  action  lawsuits  have  been
publicly  announced  against  the parent  company  and certain of its former and
present  officers and directors  alleging  violations of securities  laws on the
grounds  that  certain of the parent  company's  Exchange  Act reports and press
releases  contained  untrue  statements of material  facts,  or omitted to state
facts necessary to make the statements therein not misleading. Derivative action
lawsuits have also been filed on behalf of the parent  company  against  certain
named  officers and  directors  of the parent  company.  The parent  company has
publicly  reported that if it were to lose any of these lawsuits or if they were
not settled on favorable  terms,  the judgment or settlement may have a material
adverse effect on the parent company's consolidated financial position,  results
of operations and cash flows.  The Trust is monitoring this litigation  closely,
but is unable at this time to determine what impact, if any, these lawsuits will
have on the  tenant's  ability to meet its payment  obligations  under its lease
with the Trust.

At Forest Park, occupancy of 95% on March 31, 2003 is ahead of market.  Northern
Kansas City,  Missouri  market  conditions  show heavy  concessions  and average
occupancy of 93%. Forest Park has experienced  above market  occupancy and lower
than market concessions throughout 2002. King's Court has also experienced above
market occupancy, achieved by offering increased concessions.  Occupancy was 98%
on March 31, 2003. The Olathe,  Kansas area market occupancy rates are averaging
85% with concessions and specials. In Topeka, Kansas, newly completed apartments
built near Chalet  compete for the same tenants.  Occupancy  rates in the market
are in the low 90% range, however,  concessions are up and rates are down in the
market.  Chalet's occupancy at March 31, 2003 of 91% reflects market conditions.
The Landings  and  Barrington  Hills are both located in Little Rock,  Arkansas,
where  the  market  occupancy  rates are  currently  in the mid 90%  range.  The
Landings was 95% occupied,  and  Barrington  Hills was 98% occupied at March 31,
2003.  Both  properties  have  experienced  rental  and other  income  increases
compared to the quarter ended March 31, 2002.

CONTINGENCIES

The Atrium 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 2005.  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
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 March 31, 2003.

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 4.25%, 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.  Management  expects  to  examine  the options
available  at  the  time  of  expiration  and  either  extend  the  terms of the

                                       13
<PAGE>


line of credit or obtain new financing,  as  appropriate.  Management  does  not
anticipate  difficulty in extending the terms of the line of credit or obtaining
comparable terms for new financing  if  appropriate.  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 quarter ended March 31, 2003, or in fiscal 2002.

NEW ACCOUNTING PRONOUNCEMENTS

In June 2001, the  Financial  Accounting Standards Board (FASB) issued Statement
of Financial Accounting Standard (SFAS) No. 143, Accounting for Asset Retirement
Obligations. SFAS No. 143  requires  the  Trust  to  record the fair value of an
asset  retirement  obligation  as a liability in the period in which it incurs a
legal  obligation  associated  with the retirement of tangible long-lived assets
that  result  from the acquisition, construction, development, and/or normal use
of the  assets. The Trust also records a corresponding asset that is depreciated
over  the  life of the asset. Subsequent to the initial measurement of the asset
retirement obligation, the obligation will be adjusted at the end of each period
to  reflect  the  passage of time and changes in the estimated future cash flows
underlying  the  obligation.  The Trust adopted SFAS No. 143 on January 1, 2003.
The  adoption  of  SFAS  No. 143  did  not have a material effect on the Trust's
consolidated financial statements.

OFF-BALANCE SHEET ARRANGEMENTS

The Partnership does not have any "off-balance sheet arrangements" as defined in
Item 303 (c) of Regulations S-B promulgated under the Securities Exchange Act of
1934, as amended.

ITEM 3:  CONTROLS AND PROCEDURES.

Under  the  supervision  and  with  the participation of the management of Maxus
Realty  Trust,  Inc.,  including  the  Trust's Chief Executive Officer and Chief
Financial  Officer,  the  Trust  has  established a system of controls and other
procedures  designed  to ensure that information required to be disclosed in its
periodic reports filed under the Securities Exchange Act of 1934, as amended, is
recorded,  processed,  summarized and reported within the time periods specified
in  the  Securities  and Exchange Commission's rules and forms. These disclosure
controls  and  procedures  have  been evaluated under the direction of the Chief
Executive  Officer and Chief Financial Officer within the last 90 days. Based on
such  evaluations,  the Chief Executive Officer and Chief Financial Officer have
concluded  that the disclosure controls and procedures are effective. There have
been  no  significant  changes  in  the  system of internal controls or in other
factors  that  could  significantly  affect  internal controls subsequent to the
evaluation by the Chief Executive Officer and Chief Financial Officer.


PART II    OTHER INFORMATION


ITEM 1.    LEGAL PROCEEDINGS

           None


ITEM 2.    CHANGES IN SECURITIES

           None


ITEM 3.    DEFAULTS UPON SENIOR SECURITIES

           None


                                       14
<PAGE>




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

           None


ITEM 5.    OTHER INFORMATION

           None


ITEM 6.    EXHIBITS AND REPORTS ON FORM 8-K

           (a)  Exhibits

                See Exhibits Index on Page 19

           (b)  Reports on Form 8-K

                On  March  14,  2003,  the Registrant filed a report on Form 8-K
                (File No. 000-13754),  which  included  Item 7.  Exhibits 99.1 &
                99.2,  Certifications  of  the  President  and  Chief  Executive
                Officer  and  the Chief Financial Officer and Accounting Officer
                pursuant  to  Section  906 of the Sarbanes-Oxley Act and Item 9.
                Regulation FD Disclosure relating to these certifications.

                                       15
<PAGE>


SIGNATURES

In accordance with the requirements of the Securities Exchange Act of 1934, the
Registrant caused this report to be signed on its behalf by the undersigned,
there unto duly authorized.

                                          MAXUS REALTY TRUST, INC.

Date: May 6, 2003                  By:    /s/ Danley K. Sheldon
                                          ---------------------
                                          Danley K. Sheldon
                                          President and Chief Executive
                                          Officer

Date: May 6, 2003                  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: May 6, 2003                       /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: May 6, 2003

                                       /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