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         June 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
                                                 ---------------------

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

State the  number of shares  outstanding  of the  Trust's  sole  class of common
equity, $1.00 par value common stock, as of August 14, 2002: 1,224,000.






                                       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

PART II -    OTHER INFORMATION

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


SIGNATURES                                                                   15
EXHIBIT INDEX                                                                16




                                       2
<PAGE>





PART 1 - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

                            MAXUS REALTY TRUST, INC.
                          CONSOLIDATED BALANCE SHEETS

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

                                                                            June 30, 2002         December 31,
                                                                             (Unaudited)              2001
ASSETS:
Investment property
   Land                                                                $       2,997,000           2,997,000
   Buildings and improvements                                                 39,212,000          39,102,000
   Personal property                                                           1,592,000           1,363,000
                                                                            ------------        ------------
                                                                              43,801,000          43,462,000

   Less accumulated depreciation                                              (7,978,000)         (7,173,000)
                                                                            ------------        ------------
           Total investment property                                          35,823,000          36,289,000


Cash                                                                             984,000             884,000
Accounts receivable                                                              436,000             397,000
Prepaid expenses and other assets                                                194,000             248,000
Deferred expenses, less accumulated amortization                                 596,000             611,000
                                                                            ------------        ------------
           Total assets                                                $      38,033,000          38,429,000
                                                                            ============        ============


LIABILITIES AND SHAREHOLDERS' EQUITY:

Liabilities:
   Mortgage notes payable                                              $      23,647,000          23,784,000
   Line of credit                                                              1,385,000           1,150,000
   Accounts payable, prepaid rent, and accrued expenses                          503,000             643,000
   Real estate taxes payable                                                     279,000             201,000
   Refundable tenant deposits                                                    244,000             235,000
                                                                            ------------         -----------
           Total liabilities                                                  26,058,000          26,013,000
                                                                            ------------         -----------

Shareholders' equity:
   Common stock, $1 par value: authorized 5,000,000 shares
      1,224,000 and 1,222,000 shares issued and outstanding
      at June 30, 2002 and December 31, 2001, respectively                     1,224,000           1,220,000
   Additional paid-in-capital                                                 17,138,000          17,087,000
   Distributions in excess of accumulated earnings                            (6,387,000)         (5,891,000)
                                                                             -----------        ------------
           Total shareholders' equity                                         11,975,000          12,416,000
                                                                             -----------        ------------
                                                                       $      38,033,000          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>

                                                       Three Months Ended                  Six Months Ended
                                                     June 30,       June 30,             June 30,      June 30,
                                                       2002           2001                  2002         2001

Income
Revenues:
   Rental                                      $     1,680,000      775,000             3,365,000     1,628,000
   Other                                               134,000       58,000               295,000       120,000
                                                   -----------    ---------            ----------    ----------

           Total revenues                            1,814,000      833,000             3,660,000     1,748,000
                                                   -----------    ---------            ----------    ----------

Expenses:
   Depreciation and amortization                       436,000      181,000               845,000       396,000
   Repairs and maintenance, including common
      area maintenance                                 287,000      138,000               525,000       287,000
   Real estate taxes                                   158,000      106,000               317,000       231,000
   Interest                                            414,000      132,000               829,000       273,000
   Professional fees                                    53,000       38,000               134,000        88,000
   General and administrative                          128,000       52,000               269,000        95,000
   Utilities                                           106,000       83,000               227,000       193,000
   Property management fees - related parties           99,000       31,000               178,000        62,000
   Other operating expenses                            123,000       31,000               221,000        52,000
                                                    ----------    ---------            ----------    ----------

           Total expenses                            1,804,000      792,000             3,545,000     1,677,000
                                                    ----------    ---------            ----------    ----------

           Income before gain on sale                   10,000       41,000               115,000        71,000
   Gain on sale of Franklin Park                           ---    1,138,000                   ---     1,138,000
                                                    ----------    ---------            ----------    ----------

           Net income                          $        10,000    1,179,000               115,000     1,209,000
                                                    ==========    =========            ==========    ==========

Per share data (basic and diluted):
   Net income before gain on sale              $           .01          .04                   .09           .07
   Gain on sale of Franklin Park                           ---         1.09                   ---          1.09
                                                    ----------    ---------            ----------     ---------

           Total                               $           .01         1.13                   .09          1.16
                                                    ==========    =========            ==========     =========

    Distributions paid in current year         $           .25          .20                   .50           .36
                                                    ==========    =========            ==========     =========

   Weighted average shares outstanding               1,222,000    1,040,000             1,221,000     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>

                                                                                    Six Months Ended
                                                                               June 30,         June 30,
                                                                                 2002             2001

Cash flows from operating activities:
   Net income                                                        $       115,000            1,209,000
   Adjustments to reconcile net income to net
     cash used in operating activities:
       Gain on sale of Franklin Park                                             ---           (1,138,000)
       Depreciation and amortization                                         845,000              396,000
       Changes in accounts affecting operations:
           Accounts receivable                                               (39,000)             (17,000)
           Prepaid expenses, other assets and deferred expenses               54,000               28,000
           Accounts payable and other liabilities                            (80,000)            (329,000)
           Refundable tenant deposits                                          9,000               (6,000)
                                                                            --------           ----------

                Net cash provided by operating activities                    904,000              143,000
                                                                            --------           ----------

Cash flows from investing activities:
       Capital expenditures                                                 (339,000)            (510,000)
       Proceeds from sale of Franklin Park, net                                  ---            4,346,000
                                                                            --------           ----------

                Net cash  provided by (used in) investing activities        (339,000)           3,836,000
                                                                            --------           ----------

Cash flows from financing activities:
       Principal payments on mortgage notes payable                         (137,000)            (446,000)
       Net proceeds from line of credit                                      227,000                  ---
       Issuance of common stock                                               55,000                  ---
       Distributions paid to stockholders                                   (610,000)            (374,000)
                                                                            --------           ----------

                Net cash used in financing activities                       (465,000)            (820,000)
                                                                            --------           ----------

                Net increase in cash                                         100,000            3,159,000

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

Cash, end of period                                                     $    984,000            3,976,000
                                                                           =========           ==========

Supplemental disclosure of cash flow information -
   cash paid during the six-month period for interest                   $    829,000              232,000
                                                                           =========           ==========

</TABLE>

See accompanying notes to consolidated financial statements



                                       5
<PAGE>


                            MAXUS REALTY TRUST, INC.
              NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
                SIX MONTHS ENDED JUNE 30, 2002 AND JUNE 30, 2001

(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 June 30, 2002 and for all periods  presented  have been made. The results for
the  three-month  and six month periods ended June 30, 2002 are not  necessarily
indicative of the results which may be expected for the entire year.

(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 June 30,
2002 and 2001:

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


                                                            Commercial           Corporate
June 30, 2002                         Apartments             buildings           and other                Total
--------------                        ----------             ---------           ---------                ------

                                                                          (in thousands)

Total revenues                      $ 1,230,000              584,000                  ---                 1,814,000
Net income (loss)                       (36,000)             102,000              (56,000)                   10,000
Capital expenditures                    186,000                  ---                  ---                   186,000
Depreciation and amortization           290,000              146,000                  ---                   436,000
Interest expense                        306,000              108,000                  ---                   414,000

June 30, 2001
-------------

Total revenues                    $     152,000              665,000              16,000                    833,000
Net income (loss) before
     gain on sale                      (39,000)               96,000             (16,000)                    41,000
Capital expenditures                    144,000               13,000                 ---                    157,000
Depreciation and amortization            35,000              142,000               4,000                    181,000
Interest expense                         35,000               97,000                 ---                    132,000

</TABLE>



                                       6
<PAGE>


(2) Segment Reporting - Continued

Following is information for each segment for the six months ended June 30, 2002
and 2001:

<TABLE>
<S>                                   <C>                <C>                   <C>                     <C>
                                                             Commercial         Corporate
June 30, 2002                         Apartments             buildings           and other              Total
--------------                        ----------             ---------           ---------              ------

                                                                          (in thousands)

Total revenues                      $ 2,530,000            1,130,000                  ---            3,660,000
Net income (loss)                        61,000              201,000             (147,000)             115,000
Capital expenditures                    289,000               50,000                  ---              339,000
Depreciation and amortization           577,000              268,000                  ---              845,000
Interest expense                        616,000              213,000                  ---              829,000
Assets                               27,610,000           10,415,000                8,000           38,033,000

June 30, 2001

Total revenues                     $    305,000            1,426,000               17,000            1,748,000
Income (loss) before gain on sale       (79,000)             225,000              (75,000)              71,000
Capital expenditures                    265,000              245,000                  ---              510,000
Depreciation and amortization            68,000              320,000                8,000              396,000
Interest expense                         73,000              200,000                  ---              273,000
Assets                                3,202,000           10,689,000            3,605,000           17,496,000

</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>


                                                    Three Months Ended:                    Six Months Ended:
                                                June 30,           June 30,           June 30,            June 30,
                                                 2002                2001               2002                 2001
                                               (actual)                               (actual)

Total revenue                               $1,814,000           1,885,000            3,660,000          3,710,000

Depreciation and amortization                  436,000             426,000              845,000            849,000
Repairs and maintenance, including
   common area maintenance                     287,000             234,000              525,000            452,000
Real estate taxes                              158,000             150,000              317,000            299,000
Interest                                       414,000             424,000              829,000            856,000
Property management fees                        99,000              81,000              178,000            160,000
General and administrative                     128,000             205,000              269,000            410,000
Other                                          282,000             289,000              582,000            607,000
                                             ---------          ----------          -----------          ---------
     Total expenses                          1,804,000           1,809,000            3,545,000          3,633,000

Net income                                 $    10,000              76,000              115,000             77,000
                                             =========          ==========          ===========          =========

Net income per share                       $       .01                0.07                 0.09               0.07
                                             =========          ==========          ===========          =========
</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,  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 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 applies  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.

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>
                                      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


                                       8
<PAGE>

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
N/A
("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 June 30, 2002,  was  $984,000,  an increase of $100,000  from
December 31, 2001. Net cash provided by operating  activities increased $761,000
to  $904,000  for the  six-month  period  ended June 30, 2002 as compared to the
six-month  period ended June 30, 2001,  due  principally to higher net income in
2002 which also reflected higher noncash depreciation  expense. Net cash used in
investing  activities  was $339,000 for capital  expenditures.  Net cash used in
financing  activities  was  $465,000,   including  distributions  paid  totaling
$610,000.

Contractual Obligations and Commercial Commitments

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

                              Balance at                Interest                       Due
                             June 30, 2002                Rate


The Atrium*                 $   1,385,000                 4.75%                  November, 2002

ACI                         $   4,219,000                 8.63%                  August 1, 2010

Forest Park                 $   1,941,000                 4.91%                  September 1, 2007

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

Chalet I                    $   4,069,000                 6.59%                  October 1, 2008

Chalet II                   $   1,535,000                 6.535%                 October 1, 2008

</TABLE>

                                       9
<PAGE>
<TABLE>
<S>                            <C>                       <C>                           <C>

The Landings                $   3,803,000                 7.66%                  September 1, 2007

Barrington Hills            $   5,871,000                 6.035%                 July 1, 2029
                              -----------

Total                        $ 25,032,000
                              ===========

</TABLE>

* The line of credit  secured by the Atrium is due November  2002. The available
balance on the line of credit is  $165,000.  Management  expects to examine  the
options  available  at the time of  expiration  and  either pay down the line of
credit  before  November  2002 or  extend  the terms of the line of  credit,  as
appropriate. Management does not anticipate difficulty in extending the terms of
the line of credit 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.  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 in 2002. 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
June 30, 2002. This amount has been reimbursed by insurance proceeds. The Atrium
was 76% occupied at June 30,  2002.  If occupancy  increases,  or tenants  renew
their  leases,  which  expire in 2002,  the Trust  could incur  material  tenant
improvement costs during 2002.  Except for the items mentioned,  management does
not anticipate any material capital operating expenditures in 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.  In 2002,  rent from the ACI building will  decrease by  approximately
$171,000 due to the lease amendment.

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
in 2002 for 17,000 square feet and $298,000 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
subsequently  a listing  agreement  was entered into on the Atrium.  The current
market may not support the listing  price,  and no  guarantee  can be made as to
whether or not the sale of this asset will occur in the near future.

Insurance

Industry wide,  insurance rates continue to rise. The Trust expects increases on
all renewals of insurance  as they come due, due to a continuing  tightening  of
risk underwriting. Upon renewal of their insurance policies in 2002, Forest Park
had an  increase  of 20%,  and  King's  Court had an  increase  of 14%.  Chalet,
Barrington  Hills,  Landings,  Kings  Court and Forest  Park all have  insurance
policies that will be renewed in the third  quarter of 2002.  ACI and the Atrium
have insurance that will be renewed in the fourth quarter of 2002.

RESULTS OF OPERATIONS

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


                                       10
<PAGE>

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>
       Funds from Operations
                                                   Three Months Ended                   Six Months Ended
                                              June 30,         June 30,             June 30,           June 30,
                                                2002             2001                 2002              2001
       Revenue                           $  1,814,000          817,000             3,660,000         1,731,000
       Expenses                             1,748,000          760,000             3,398,000         1,585,000
                                            ---------         --------             ---------         ---------
       Net Income before gain on sale          66,000           57,000               262,000           146,000
       Depreciation and Amortization          436,000          177,000               845,000           388,000
                                            ---------         --------             ---------         ---------
       Funds from Operations              $   502,000          234,000             1,107,000           534,000
                                            =========         ========             =========         =========
</TABLE>


Comparison of Consolidated Results

For the three and six month periods ended June 30, 2002 the Trust's consolidated
revenues  were  $1,814,000  and  $3,660,000,  respectively.  Revenues  increased
$981,000  (117.8%) and $1,912,000  (109.4%) for the three and six-month  periods
ended June 30, 2002 as compared to the same  periods  ended June 30,  2001.  The
increase in  consolidated  revenue is  attributable  to the  additions of King's
Court,  the  Landings,  Chalet  and  Barrington  Hills,  contributing  $164,000,
$244,000,  $359,000 and  $279,000,  respectively  in revenue for the three month
period  ending June 30, 2002 and  $316,000,  $484,000,  $717,000  and  $655,000,
respectively  for the six month  period  ended June 30,  2002.  The  increase in
consolidated  revenue  was offset by a decrease in revenue for the three and six
month periods ended June 30, 2002 of $21,000 and $128,000,  respectively, due to
the sale of Franklin  Park in May 2001 and a net decrease in revenues of $30,000
for the three month period and $116,000 for the six month  period,  respectively
at the ACI  building,  the Atrium and Forest Park;  with $68,000 and $137,000 of
this net  decrease for the three and six month  periods  ended June 30, 2002 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.


                                       11
<PAGE>

For the three and six month periods ended June 30, 2002 the Trust's consolidated
expenses  were  $1,804,000  and  $3,545,000,  respectively.  Expenses  increased
$1,012,000  (127.7%) and $1,868,000 (111.4%) for the three and six-month periods
ended June 30, 2002 as compared to the same  periods  ended June 30,  2001.  The
increase in  consolidated  expenses is  attributable  to the additions of King's
Court,  the  Landings,  Chalet and  Barrington  Hills,  resulting  in  $151,000,
$259,000,  $359,000 and $362,000,  respectively  in expenses for the three-month
period  ended June 30,  2002 and  $293,000,  $483,000,  $682,000  and  $696,000,
respectively  in expenses for the six month  periods  ended June 30, 2002.  This
increase  was  offset  by a  decrease  in  expenses  for the three and six month
periods  ended June 30, 2002 of $47,000 and $145,000,  respectively,  due to the
sale of Franklin Park and a decrease of $73,000 for the three month period,  and
$198,000 for the six month period,  in total  expenses at the ACI building,  the
Atrium and Forest  Park due  primarily  to the change in lease on ACI  mentioned
above,  offset by an increase in professional  fees of $53,000 for the six month
period ended June 30, 2002.

The net  income  for the three and six month  periods  ended  June 30,  2002 was
$10,000 or $.01 per share and $115,000 or $.09 per share, respectively.  The net
income for the three and six month periods ended June 30, 2001 was $1,179,000 or
$1.13 per share  and  $1,209,000  or $1.16  per  share,  each of which  included
$1,138,000 or $1.09 per share due to the gain on sale of Franklin Park.

Cash flow provided by operating activities was $904,000 for the six-month period
ended June 30, 2002  compared to  $143,000  in 2001.  The  increase in cash flow
provided by operating  activities was due primarily to an increase in net income
(before gain on sale) of $173,000 along with an increase in non-cash expenses of
depreciation  and  amortization  of  $449,000.   Cash  flow  used  in  investing
activities was $339,000 for the six-month period ended June 30, 2002 compared to
cash provided by investing  activities  of  $3,836,000 in 2001.  The decrease in
cash flow used in investing  activities  was due  primarily to the proceeds from
the sale of  Franklin  Park in May 2001 of  $4,346,000,  offset by a decrease in
capital expenditures of $171,000.  The 2001 capital expenditures were related to
tenant improvements at the ACI building,  which were completed and paid in 2001.
Cash flow used in financing  activities  was $465,000 for the  six-month  period
ended  June 30,  2002  compared  to  $820,000  in 2001.  The cash  flow  used in
financing  activities primarily consisted of the distributions of $.25 per share
($610,000) paid in March and June 2002,  offset by net proceeds from the line of
credit of $227,000.

Occupancy

The occupancy levels at June 30 were as follows:
<TABLE>
<S>                                                          <C>                    <C>

                                                              OCCUPANCY LEVELS AT JUNE 30,
                                                              2002                  2001

         The Atrium                                            76%                   86%
         ACI                                                  100%                  100%
         Forest Park                                           99%                   91%
         King's Court                                          96%                   N/A
         Chalet                                                94%                   N/A
         The Landings                                          94%                   N/A
         Barrington Hills                                      87%                   N/A

</TABLE>

During  the  quarter  ended June 30,  2002,  the  occupancy  level at the Atrium
increased from 74% at December 31, 2001 to 76%. No tenants renewed their leases.
One tenant moved in which occupied 2,340 square feet. One tenant occupying 2,774
square feet vacated during the quarter ended June 30, 2002. The property has one
major tenant occupying 16% of the building. The lease for this tenant expires in
December 2003.

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.


                                       12
<PAGE>


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,  new  regulations  should be
available in draft form for review by the Trust in the coming months.

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 June 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 and the
line of credit  matures in  November  2002.  Management  expects to examine  the
options  available  as  November  approaches  with regard to the line of credit.
Management does not anticipate  difficulty in extending the terms of the line of
credit 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 periods ended June 30, 2001, or in fiscal 2000.






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                                       13
<PAGE>


PART II    OTHER INFORMATION

ITEM 1.    LEGAL PROCEEDINGS
           None

ITEM 2.    CHANGES IN SECURITIES
           None

ITEM 3.    DEFAULTS UPON SENIOR SECURITIES
           None

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

           On  May  14, 2002, the Trust held its Annual Meeting of Shareholders.
           At the meeting, the  only matter voted upon was the election of seven
           trustees  to  serve  as  the Trust's Board of Trustees. The following
           individuals were the nominees of management voted upon and elected by
           the shareholders of the Trust at the meeting: David L. Johnson, Monte
           McDowell, Danley  K. Sheldon,  Robert B. Thomson,  Steven  Rosenberg,
           Chris Garlich and  W. Robert  Kohorst. There were 866,424 votes "for"
           Mr. Johnson  and  0 votes "withheld."  There were 866,312 votes "for"
           Mr. McDowell and 0 votes "withheld."  There  were 866,224 votes "for"
           Mr. Sheldon and 0 votes "withheld."  There  were  866,424 votes "for"
           Mr. Thomson and 0 votes "withheld."  There  were  866,424 votes "for"
           Mr. Rosenberg and 0 votes "withheld." There  were 866,424 votes "for"
           Mr. Garlich and 0 votes "withheld."  There  were  866,424 votes "for"
           Mr. Kohorst and 0 votes "withheld."

ITEM 5.    OTHER INFORMATION
           On August 8, 2002,the Board of Trustees of the Trust  declared a cash
           dividend  of  $0.25  per  share  payable  to the holders of record on
           August 31, 2002  of  the  Trust's  $1.00 par value, common stock. The
           Board  anticipates  that  the dividend  will be paid on September 20,
           2002. The Trust's Board of Trustees has reinstated the quarterly cash
           dividend  and  anticipates  declaring  a $.25 per share cash dividend
           each quarter, at least in the near future.

  ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K
           (a)  Exhibits
                See Exhibits Index on Page 16

           (b)  Reports on Form 8-K
                None



                                       14
<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: August 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












                                       15
<PAGE>



EXHIBIT INDEX

Exhibit
Number          Description

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

3.2             Bylaws  of  the  Registrant,  as amended,  are  incorporated  by
                reference  to  Exhibit  3.2,  to  the   Registrant's   Quarterly
                Report  on  Form 10-Q for the quarter  ended  March 31, 2000, as
                filed  pursuant to Rule 13a-13 under the Securities Exchange Act
                of 1934 (File No. 000-13754).

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

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





                                       16