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

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

For the quarter period ended         September 30, 2001
                                    --------------------

                                       OR

___ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
AOF 1934

For the transition period from _________ To _________

                         Commission file number 0-13754


                            MAXUS REALTY TRUST, INC.
        (Exact name of small business issuer as specified in its charter)

            Missouri                                  43-1339136
           ----------                                ------------
(State or other jurisdiction of             (I.R.S. Employer Identification No.)
incorporation or organization)

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

Trust's telephone number, including area code        (816) 303-4500
                                                     ---------------
Indicate by check mark  whether the Trust (1) has filed all reports  required to
be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of 1934 during
the preceding 12 months (or for such shorter  period that the Trust was required
to file such reports),  and (2) has been subject to such filing requirements for
the past 90 days. Yes [ X ] No [ ]













                                     -1-
<PAGE>



                                      INDEX


                                                                  Page
PART I - FINANCIAL INFORMATION

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

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

PART II - OTHER INFORMATION

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


SIGNATURES                                                          16
EXHIBIT INDEX                                                       17





                                      -2-
<PAGE>


PART 1 - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

                            MAXUS REALTY TRUST, INC.
                                 BALANCE SHEETS

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

                                                         September 30, 2001   December 31, 2000
                                                              (Unaudited)
ASSETS:
Investment property
   Land ..................................................   $  2,794,000       2,322,000
   Buildings and improvements ............................     33,354,000      16,460,000
                                                               ----------      ----------
                                                               36,148,000      18,782,000

   Less accumulated depreciation .........................     (6,805,000)     (6,324,000)
                                                               ----------      ----------
                                                               29,343,000      12,458,000

   Investment property held for sale .....................             --       3,242,000
                                                               ----------      ----------
           Total investment property .....................     29,343,000      15,700,000

Cash and cash equivalents ................................        616,000         817,000
Accounts receivable ......................................        411,000         367,000
Prepaid expenses and other assets ........................        212,000          88,000
Deferred expenses, less accumulated amortization .........        512,000         470,000
                                                               ----------      ----------
           Total assets ..................................   $ 31,094,000      17,442,000
                                                               ==========      ==========

LIABILITIES AND SHAREHOLDERS' EQUITY:

Liabilities:
   Mortgage notes payable ................................   $ 19,495,000       6,698,000
   Accounts payable and accrued expenses .................        292,000         387,000
   Real estate taxes payable .............................        295,000         212,000
   Refundable tenant deposits ............................        170,000          96,000
                                                               ----------       ---------
           Total liabilities .............................     20,252,000       7,393,000

Shareholders' equity:
   Common stock, $1 par value: authorized 5,000,000 shares
      1,039,624 shares issued and outstanding ............      1,040,000       1,040,000
   Additional paid-in-capital ............................     15,463,000      15,463,000
   Distributions in excess of accumulated earnings .......     (5,661,000)     (6,454,000)
                                                               ----------      ----------
           Total shareholders' equity ....................     10,842,000      10,049,000
                                                               ----------      ----------
                                                             $ 31,094,000      17,442,000
                                                               ==========      ==========
See accompanying notes to financial statements

</TABLE>

                                      - 3 -


<PAGE>



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

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

                                                      Three Months Ended           Nine Months Ended
                                                     Sept. 30,   Sept. 30,        Sept. 30    Sept. 30,
                                                       2001        2000             2001         2000

Revenues:
   Rental .....................................   $  877,000      743,000        2,505,000    2,071,000
   Other ......................................       98,000      106,000          218,000      231,000
                                                   ---------    ---------        ---------    ---------
           Total revenues .....................      975,000      849,000        2,723,000    2,302,000
                                                   ---------    ---------        ---------    ---------
Expenses:
   Depreciation and amortization ..............      213,000      153,000          609,000      457,000
   Repairs and maintenance, including common
      area maintenance ........................      131,000       96,000          418,000      256,000
   Real estate taxes ..........................      100,000      112,000          331,000      356,000
   Interest ...................................      124,000      120,000          397,000      311,000
   Professional fees ..........................       48,000       25,000          136,000      227,000
   General and administrative .................       43,000       84,000          138,000      129,000
   Utilities ..................................      100,000       84,000          293,000      222,000
   Property management fees - related parties .       33,000       27,000           95,000       76,000
   Other operating expenses ...................       18,000       14,000           70,000       61,000
                                                   ---------    ---------        ---------    ---------
           Total expenses .....................      810,000      715,000        2,487,000    2,095,000
                                                   ---------    ---------        ---------    ---------
           Net income before gain on sale .....   $  165,000      134,000          236,000      207,000
   Gain on sale of Franklin Park ..............           --           --        1,138,000           --
                                                   ---------    ---------        ---------    ---------
           Net income .........................   $  165,000      134,000        1,374,000      207,000
                                                   =========    =========        =========    =========
Per share data (basic and diluted):
   Net income before gain on sale .............   $      .16          .13              .23          .22
   Gain on sale of Franklin Park ..............           --           --             1.09           --
                                                   ---------    ---------        ---------    ---------
           Total ..............................          .16          .13             1.32          .22
                                                   ---------    ---------        ---------    ---------
    Dividends .................................   $      .20          .16              .56          .32
                                                   ---------    ---------        ---------    ---------
   Weighted average shares outstanding ........    1,039,624    1,039,624        1,039,624      956,281
                                                   =========    =========        =========    =========

See accompanying notes to financial statements.


</TABLE>






                                       -4-

<PAGE>



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

                                                                         Nine Months Ended
                                                                       Sept. 30,       Sept. 30,
                                                                          2001           2000
Cash flows from operating activities:
   Net income .....................................................  $ 1,374,000        207,000
   Adjustments to reconcile net income to net
     cash provided by operating activities:
       Gain on sale of Franklin Park ..............................   (1,138,000)          --
       Depreciation and amortization ..............................      609,000        457,000
       Changes in accounts affecting operations:
           Accounts receivable ....................................      (44,000)       (76,000)
           Prepaid expenses, other assets and deferred expenses ...       13,000       (276,000)
           Accounts payable and other liabilities .................     (443,000)       (82,000)
           Refundable tenant deposits .............................        2,000           --
                                                                       ---------      ---------
                Net cash provided by operating activities .........      373,000        230,000
                                                                       ---------      ---------
Cash flows from investing activities:
       Capital expenditures .......................................     (726,000)      (112,000)
       Proceeds from sale of Franklin Park, net ...................    4,346,000           --
       Acquisitions, net of escrows received
         Forest Park Apartments ...................................         --       (2,677,000)
         King's Court Apartments ..................................   (1,255,000)          --
         Chalet I & II Apartments .................................   (1,984,000)          --
         The Landings .............................................   (1,464,000)          --
                                                                       ---------      ---------
                Net cash used in investing activities .............   (1,083,000)    (2,789,000)
                                                                       ---------      ---------
Cash flows from financing activities:
       Proceeds from mortgage notes payable .......................         --        6,286,000
       Principal payments on mortgage notes payable ...............      (35,000)    (4,538,000)
       Proceeds from line of credit ...............................    1,126,000        249,000
       Issuance of common stock ...................................         --        1,384,000
       Dividends paid .............................................     (582,000)      (333,000)
                                                                       ---------      ---------
                Net cash provided by financing activities .........      509,000      3,048,000
                                                                       ---------      ---------
                Net increase (decrease) in cash and cash equivalents    (201,000)       489,000

Cash and cash equivalents, beginning of period ....................      817,000        208,000
                                                                       ---------      ---------
Cash and cash equivalents, end of period ..........................  $   616,000        697,000
                                                                       =========      =========
Supplemental disclosure of cash flow information - cash paid
   during the nine months ended September 30, 2001 for interest ...  $   403,000        311,000
                                                                       =========      =========
</TABLE>

See accompanying notes to financial statements.


                                       -5-

<PAGE>



                            MAXUS REALTY TRUST, INC.
                     NOTES TO UNAUDITED FINANCIAL STATEMENTS
           NINE MONTHS ENDED SEPTEMBER 30, 2001 AND SEPTEMBER 30, 2000

(1) Summary of Significant Accounting Policies

Refer to the  financial  statements  of Maxus Realty  Trust,  Inc.  ("MRTI," the
"Trust,"  or  "Registrant")  for the year ended  December  31,  2000,  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
September 30, 2001 and for all periods presented have been made. The results for
the  three-month  and  nine  month  periods  ended  September  30,  2001 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

SFAS  No.  131,   Disclosure   About  Segments  of  an  Enterprise  and  Related
Information,  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 the general and
administrative  expenses,  unusual and  extraordinary  items, and interest.  The
accounting policies of the segments are the same as those of the Trust.

Following is information  for each segment for the three months ended  September
30, 2001 and 2000:
<TABLE>
<S>                                           <C>              <C>             <C>             <C>    <C>    <C>


                                     APARTMENTS   COMMERCIAL     OTHER        TOTAL

                                                    September 30, 2001
Revenues ........................... $ 277,000    $ 665,000   $  33,000    $ 975,000
Interest expense ...................    29,000       95,000        --        124,000
Depreciation and Amortization ......    60,000      149,000       4,000      213,000
Segment income (loss) ..............    56,000      117,000      (8,000)     165,000


                                                    September 30,2000
Revenues ........................... $  73,000    $ 772,000   $   4,000    $ 849,000
Interest expense ...................    21,000       99,000        --        120,000
Depreciation and Amortization ......    13,000      136,000       4,000      153,000
Segment income (loss) ..............    (3,000)     157,000     (20,000)     134,000


</TABLE>





                                       -6-

<PAGE>



(2) Segment Reporting - Continued

Following is  information  for each segment for the nine months ended  September
30, 2001 and 2000:

<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>
                                              APARTMENTS   COMMERCIAL          OTHER     TOTAL

                                                              September 30, 2001
Revenues ..............................  $ 581,000     $ 2,091,000    $    51,000    $  2,723,000
Interest expense ......................    102,000         295,000           --           397,000
Depreciation and Amortization .........    128,000         469,000         12,000         609,000
Segment income (loss)
    before gain on sale ...............    (23,000)        342,000        (83,000)        236,000
Identifiable segment assets ........... 20,378,000      10,581,000        135,000      31,094,000

                                                               September 30, 2000
Revenues ..............................  $  73,000    $  2,220,000   $      9,000    $  2,302,000
Interest expense ......................     21,000         290,000           --           311,000
Depreciation and Amortization .........     13,000         432,000         12,000         457,000
Segment income (loss) .................     (3,000)        458,000       (248,000)        207,000
Identifiable segment assets ...........  3,006,000      14,305,000        170,000      17,481,000
</TABLE>


(3) Property Acquisitions and Dispositions

The Trust acquired three apartment  complexes  during the third quarter 2001 and
disposed of Franklin Park Distribution Center ("Franklin Park") in May 2001.







              (The remainder of this page left blank intentionally)
















                                       -7-

<PAGE>



Pro Forma Results

     The table below  presents the pro-forma  results of operations  with Forest
Park  Apartments  (formerly  North Winn  Apartments),  King's Court  Apartments,
Chalet  Apartments  (Phase I and Phase II),  and The  Landings  Apartments,  and
without Franklin Park for the three and nine months ended September 30, 2001 and
2000.  Forest Park  Apartments  was  purchased  in August,  2000.  King's  Court
Apartments  was  purchased  in August  2001. Chalet  Apartments and The Landings
Apartments  were  purchased in September  2001.  Franklin  Park was sold in May,
2001. These pro forma operating  results are not necessarily  indicative of what
the actual  results  would have been had Forest Park  Apartments,  King's  Court
Apartments,  Chalet Apartments,  and The Landings  Apartments been purchased and
Franklin Park been sold at the beginning of the earliest period presented.

<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>
                                               Three Months Ended       Nine Months Ended
                                              Sept. 30,  Sept. 30,    Sept. 30,    Sept 30,
                                                 2001         2000         2001         2000

Revenues ...............................   $1,665,000    1,576,000    4,731,000    4,552,000
Depreciation and amortization ..........      372,000      336,000    1,073,000    1,001,000
Repairs and maintenance, including
   common area maintenance .............      192,000      197,000      614,000      582,000
Interest ...............................      308,000      334,000      984,000      959,000
General and administrative .............      149,000      198,000      439,000      473,000
Real estates taxes .....................      143,000      130,000      409,000      391,000
Other ..................................      351,000      305,000      988,000    1,048,000
                                            ---------    ---------    ---------    ---------
    Total expenses .....................    1,515,000    1,500,000    4,507,000    4,454,000
                                            ---------    ---------    ---------    ---------
Net income before gain on sale .........   $  150,000       76,000      224,000       98,000
                                            =========    =========    =========    =========
Net income per share before gain on sale   $      .14          .07          .22          .10
                                            =========    =========    =========    =========
</TABLE>


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

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

DESCRIPTION OF BUSINESS

The Trust invests in income-producing real properties,  primarily apartments and
commercial  buildings. The  Trust's portfolio  is  comprised  of Atrium at Alpha
Business  Center,  a  multi-tenant   office  building  located  in  Bloomington,
Minnesota ("Atrium at Alpha");  Applied Communications,  Inc. Office Building, a
single-tenant  office  building  located in Omaha,  Nebraska  ("ACI  Building");
Forest Park Apartments  (formerly North Winn  Apartments),  an apartment complex
located in Kansas City,  Missouri ("Forest Park");  King's Court Apartments,  an
apartment complex located in Olathe, Kansas ("King's Court");  Chalet Apartments
- Phase I and II, an apartment complex located in Topeka, Kansas ("Chalet"); and
The Landings  Apartments,  an apartment complex located in Little Rock, Arkansas
("The  Landings").  These properties  generated 41%, 36%, 19%, 3%, 1%, and 0% of
total rental revenues,  respectively,  for the quarter ended September 30, 2001.
Forest Park, The Landings and Chalet are owned by the Registrant's wholly- owned
limited  liability   companies:   North  Winn  Acquisition,   L.L.C.,   Landings
Acquisition,  L.L.C.,  Chalet I Acquisition,  L.L.C.  and Chalet II Acquisition,
L.L.C.

                                      -8-

<PAGE>



DESCRIPTION OF BUSINESS - Continued

In 2001, the Registrant  sold Franklin Park for  $4,550,000.  The sale closed on
May 2, 2001 and  resulted  in a net book gain of  approximately  $1,138,000  and
provided  approximately  $4,346,000 in net sale proceeds.

King's Court is an 82 unit apartment complex located in Olathe,  Kansas.  King's
Court was purchased for $3,536,000 on August 17, 2001,  from an unrelated  third
party, King's Court Investors Limited  Partnership.  The purchase price included
the assumption of the obligation to repay certain  multifamily  housing  revenue
refunding bonds issued by the City of Olathe,  Kansas in an aggregate  amount of
$2,209,000, which are due and payable on November 1, 2026.

Chalet is a 234-unit  apartment  complex located in Topeka,  Kansas.  Chalet was
purchased for  $7,750,000 on September 27, 2001 from  unrelated  third  parties,
Garden Chalet I L.P., a Delaware limited partnership and Chalet II Associates, a
Kansas  general  partnership.  The purchase price included the assumption of the
existing  loans and  related  mortgages  and  security  instruments  in favor of
Eichler,  Fayne & Associates whose interest has been assigned to Fannie Mae, one
of which has a current outstanding balance of approximately  $4,108,000,  is due
and  payable on October 1, 2008,  and bears  interest at a rate of 6.59% and the
second of which has a current outstanding  balance of approximately  $1,550,000,
is due and payable on October 1, 2008, and bears interest at a rate of 6.535%.

The  Landings is a 154-unit  apartment  complex in Little  Rock,  Arkansas.  The
Landings was purchased for  $5,400,000 on September 28, 2001,  from an unrelated
third party,  Waterton  Rock,  Limited,  an Arkansas  limited  partnership.  The
purchase price included the assumption of the existing loan and related mortgage
and  security  instruments  in  favor  of  Berkshire  Mortgage  Finance  Limited
Partnership  with a current  outstanding  balance of  approximately  $3,839,000,
which is due and payable on September 1, 2007, bears interest at a rate of 7.66%
and is secured by a  mortgage.

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 cash  equivalents  on hand as of September 30, 2001,  was  $616,000,  a
decrease of $201,000  from  December 31,  2000.  Operating  activities  provided
$373,000 for the nine months ended  September  30, 2001, an increase of $143,000
over the same period in 2000.  Investing  activities used $1,083,000,  primarily
due to the acquisition of  King's  Court, The Landings and Chalet. This decrease
was partially offset by the proceeds from  the  sale of Franklin Park. Financing
activities provided $509,000,  primarily due to the proceeds from an increase in
borrowings  under the line of credit of $1,126,000.  This increase was partially
offset by dividends paid March 21, 2001, June 21, 2001 and September 21, 2001 in
the  aggregate  amount of $582,000  and  principal  payments  on mortgage  notes
payable.   Management  believes  the  Trust's  current  cash  position  and  the
properties'  ability to provide  operating  cash flow should enable the Trust to
fund anticipated capital expenditures and service debt in 2001. Expenditures for
leasing  capital are dependent on the timing and actual  dollars  negotiated for
leases.

On September 28, 2001,  the Trust  modified the line of credit to increase it to
$1,550,000.  On the same day,  the Trust drew an  additional  $1,400,000  (for a
total of $1,550,000) on the line of credit. The draws on the line of credit were
used to pay closing costs on the new acquisitions.







                                       -9-

<PAGE>



LIQUIDITY AND CAPITAL RESOURCES - Continued

The anticipated capital expenditures by property for 2001 are as follows:
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>
                                                      TOTAL
Atrium at Alpha.................................... $240,000
Applied Communications Inc. Bldg...................  550,000
Forest Park........................................  350,000
King's Court.......................................   35,000
Chalet      .......................................     --
The Landings.......................................   55,000
                                                    --------
                                                  $1,230,000
</TABLE>

The  anticipated  capital  expenditures  at the Atrium at Alpha Business  Center
include tenant  alterations and lease commissions for new and renewal tenants as
well as capital funds for window  replacements.  At the Applied  Communications,
Inc.  Building,  $350,000  had been placed in escrow as of December 31, 2000 for
tenant  improvements.  $350,000 has been paid out as of September  30, 2001.  In
addition,  the  Partnership  anticipates  replacing  the  roof  this  year at an
anticipated  cost of  $200,000.  At the Forest  Park  Apartments,  King's  Court
Apartments and The Landings Apartments, anticipated capital expenditures include
various renovation projects to improve the physical condition of the properties.
A portion  of these  funds are held in escrow  in  conjunction  wth  acquisition
financing of the properties. No major capital expenditures are currently planned
for Chalet in 2001.

RESULTS OF OPERATIONS

The  results of  operations  for the Trust's  properties  for the three and nine
months ended September 30, 2001 and 2000 are detailed below.

Comparison of Consolidated Results

For the three months ended September 30, 2001, the Trust's consolidated revenues
were $975,000.  Revenues  increased $126,000 (14.8%) compared to the same period
in 2000.  The Trust's  consolidated  revenues  for the nine month  period  ended
September 30, 2001 were $2,723,000,  an increase of $421,000 (18.3%) compared to
the  same  period  in 2000.  These  increases  are  primarily  a  result  of the
acquisitions of Forest Park in the third quarter of 2000 and King's Court in the
third quarter of 2001,  offset by the sale of Franklin Park in second quarter of
2001.

For the three months ended September 30, 2001, the Trust's consolidated expenses
were $810,000. Expenses increased $95,000 (13.3%) compared to the same period in
2000. The increase in  consolidated  expenses is due primarily to an increase in
depreciation  and  amortization of $60,000,  repairs and maintenance  expense of
$35,000,  and professional fees of $23,000.  The increases were partially offset
by a decrease in general and administrative  expenses of $41,000.  The increases
were primarily due to the  acquisitions of Forest Park and King's Court. For the
nine months ended  September 30, 2001,  the Trust's  consolidated  expenses were
$2,487,000, an increase of $392,000 (18.7%) compared to the same period in 2000.
The  increase in expenses is due  primarily to an increase in  depreciation  and
amortization of $152,000, repairs and maintenance of $162,000, interest expenses
of $86,000, and utilities of $71,000,  offset by a decrease in professional fees
of $91,000.  These  increases were primarily due to the  acquisitions  of Forest
Park and King's Court.

The net income for the quarter ended September 30, 2001 was $165,000 or $.16 per
share. The net income for the quarter ended September 30, 2000 was $134,000 or
$.13 per share.


                                      -10-

<PAGE>



Comparison of Consolidated Results - Continued

Cash flow  provided by  operating  activities  was $373,000 for the period ended
September  30, 2001  compared to the same period in 2000, in which cash provided
by operating activities was $230,000. Cash flow used in investing activities was
$1,083,000  for the period ended  September  30, 2001  compared to $2,789,000 in
2000.  The decrease in cash flow used in investing  activities was due primarily
to the proceeds from the sale of Franklin Park,  offset by the  acquisitions  of
the  following  apartments,  King's Court,  Chalet and The  Landings.  Cash flow
provided by financing activities was $509,000 for the period ended September 30,
2001  compared to the same period in 2000,  in which cash  provided by financing
activities  was  $3,048,000.  The  primary  cause of the  decrease  in cash flow
provided by financing  activities was the $1,384,000 provided by the issuance of
common stock,  combined with the $1,986,000  mortgage  payable on Forest Park in
2000,  compared  to  $1,126,000  in  proceeds  from a line of  credit  offset by
dividends paid of $582,000 in 2001.

Occupancy

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

                              OCCUPANCY LEVELS
                              AT SEPTEMBER 30,

                                2001    2000

Atrium at Alpha .............    77%    88%
Franklin Park ...............   N/A     57%
ACI Building ................   100%   100%
Forest Park .................    96%    87%
King's Court ................    90%   N/A
Chalet ......................    91%   N/A
The Landings ................    94%   N/A
</TABLE>

During the quarter ended  September 30, 2001,  the occupancy  level at Atrium at
Alpha  decreased from 86% at June 30, 2001 to 77% at September 30, 2001. One new
tenant  which  occupied  1,814  square feet signed a lease in September of 2001.
Three tenants  vacated which  occupied  9,553 square feet.  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
expires in August 2008.

Funds from Operations

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

The Trust  computes  Funds from  Operations  in accordance  with the  guidelines
established  by the  white  paper  which may  differ  from the  methodology  for
calculating  Funds  from  Operations   utilized  by  other  equity  REITs,  and,
accordingly, may not be comparable to such other REITs. Funds from Operations do
not represent  amounts  available for management's  discretionary use because of
needed capital replacement or expansion, debt service obligations,

                                      -11-

<PAGE>



Funds from Operations - Continued

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.   Certain  revenues  and  administrative  expenses,
including professional fees, of the Trust are excluded.
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

                                                   Three Months Ended          Nine Months Ended
                                                 Sept. 30,    Sept. 30,      Sept. 30,   Sept. 30,
                                                    2001        2000           2001        2000

Revenue .................................       $ 942,000     845,000       2,672,000   2,293,000
Expenses ................................         769,000     691,000       2,353,000   1,838,000
                                                  -------     -------       ---------   ---------
Net Income ..............................         173,000     154,000         319,000     455,000
Depreciation and Amortization ...........         209,000     149,000         597,000     445,000
                                                  -------     -------       ---------   ---------
Funds from Operations ...................       $ 382,000     303,000         916,000     900,000
                                                  =======     =======       =========   =========
</TABLE>

CONTINGENCIES

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

MARKET RISK

The Trust has  considered  the provision of Financial  Reporting  Release No. 48
"Disclosure of Accounting  Policies for  Derivative  Financial  Instruments  and
Derivative Commodity Instruments, and Disclosure of Quantitative and Qualitative
Information  about Market Risk  Inherent in  Derivative  Financial  Instruments,
Other Financial Instruments and Derivative Commodity Instruments". The Trust had
no holdings of derivative  financial or commodity  instruments  at September 30,
2001.

The Trust does not believe  that it has any material  exposure to interest  rate
risk.  The debt on the ACI  building  ia a fixed  rated of 8.63% and  matures in
2010; King's Court is at a fixed rate of 5.69% and matures in 2026; the Landings
is at a fixed rate of 7.66% and matures in 2007;  and Chalet I and Chalet II are
at fixed rates of 6.590% and 6.535% respectively and mature in 2008. The debt on
Forest Park matures in 2007 and the line of credit  matures in 2001. The debt on
Forest Park and the line of credit are each variable. The current interest rates
on Forest Pan the line of credit are 4.91% and 6.0%,  respectively.  A 100 basis
point  increase in the  variable  rate debt on an annual  basis would impact net
income by approximately $35,000.

                                      -12-

<PAGE>



INFLATION

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

NEW ACCOUNTING PRONOUNCEMENTS

In August 2001, the Financial  Accounting  Standards  Board issued  Statement of
Financial  Accounting  Standards  No.  144  (SFAS  144),   "Accounting  for  the
Impairment  or Disposal of  Long-Lived  Assets."  Among other  things,  SFAS 144
supercedes SFAS 121, "Accounting for the Impairment of Long-Lived Assets and for
Long-Lived Assets to be Disposed Of." For long-lived assets to be held and used,
SFAS 144 retained the  requirements of SFAS 121 to recognize  impairment  losses
only  if  the  carrying  amount  of  the  asset  is  not  recoverable  from  its
undiscounted  cash flows. SFAS 144 is effective for fiscal years beginning after
December  14,  2001,  and will be adopted  by the Trust in the first  quarter of
2002. Although management is currently  evaluating the impact of SFAS 144, it is
not expected to significantly  impact the Trust's financial  position or results
of operations.





              (The remainder of this page left blank intentionally)



























                                      -13-

<PAGE>



PART II    OTHER INFORMATION

ITEM 1.    LEGAL PROCEEDINGS
           None

ITEM 2.    CHANGES IN SECURITIES
           On September 11, 2001, the Board of  Trustees  approved  the  sale of
           180,376  shares  of  its common stock,  par value $1.00 per share, at
           a  price of $10.00 per share,  solely  to  accredited  investors  (as
           such  term  is  defined  in  Rule  501 of  Regulation  D) pursuant to
           a  private  placement  in  accordance  with Rule 506 of Regulation D.
           Each  investor  will  be required to execute a subscription agreement
           pursuant  to  which  each  investor  will  represent and warrant that
           such investor meets  the  requirements of an accredited investor. The
           shares to  be  sold  pursuant  to  the  private placement will not be
           registered  under the Securities Act of 1933, as amended, and may not
           be offered or sold  in  the  United  States absent registration or an
           applicable exemption from registration.

           The Trust is currently  in the process of raising funds in connection
           with the private placement;  however, at this time, the Trust has not
           closed the  private  placement  and  has not issued any shares of the
           Trust's  common  stock  to  subscribers.  The  Trust has entered into
           binding  agreements  to  issue  approximately  82,000  shares  of the
           Trust's common stock upon closing of the private placement.

ITEM 3.    DEFAULTS UPON SENIOR SECURITIES
           None

ITEM 4.    SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
           None

ITEM 5.    OTHER INFORMATION
           On September 11, 2001, the Board of  Trustees of the Trust declared a
           cash dividend of $0.20 per share  payable to the holders of record on
           November 30, 2001 of the  Trust's $1.00  par value, common stock. The
           Board anticipates  that  the  dividend  will  be paid on December 21,
           2001. The Trust's Board of Trustees has reinstated the quarterly cash
           dividend  and  anticipates  declaring  a $.20 per share cash dividend
           each quarter.

ITEM 6.    EXHIBITS AND REPORTS ON FORM 8-K

           (a) Exhibits

           See Exhibits Index on Page 17

           (b) Reports on Form 8-K

           The  following  reports  on  Form  8-K  were filed by the Trust since
           August 15, 2001.

           On August 21, 2001,  the  Trust  filed a report on Form 8-K (File No.
           00-13754) which reported the Trust's  purchase on August 17, 2001, of
           King's Court  Apartments,  an  82  unit  apartment complex located in
           Olathe, Kansas, for the purchase price of $3,535,000. (Item 2)

           On September 6, 2001,  the  Trust  filed a report on Form 8-K/A (File
           No. 00-13754) amending  the  Form  8-K  filed on August 21, 2001 (the
           "August 21 8-K"), which  reported  that it was impractical to provide
           the  required  audited  financial statements relative to the acquired
           real estate  at  that time and that such audited financial statements
           would be filed by amendment at a later date. (Item 7)

                                      -14-

<PAGE>



ITEM 6.    EXHIBITS AND REPORTS ON FORM 8 - Continued

           On September 14, 2001, the Trust filed a report on Form 8-K (File No.
           000-13754) which reported the Trust's intent to  purchase Landings at
           Rock Creek, a 154-unit apartment complex in Little Rock, Arkansas for
           $5,400,000; Barrington Hills Apartments, a 232-unit apartment complex
           in Little Rock, Arkansas for $7,050,000; and Chalet Apartments, a 234
           -unit apartment complex located in Topeka, Kansas, for $7,750,000.The
           Form 8-K also reported the  Board  of Trustee's authorization to sell
           shares of  the  Trust's  common stock pursuant to a private placement
           and the declaration of a $0.20 per share cash dividend. (Item 5)


            On October 12, 2001, the Trust filed a report on Form 8-K (File  No.
            000-13754) which  reported  the  purchase  on September 27, 2001, of
            Chalet  Apartments by Chalet I  Acquisition,  L.L.C., and  Chalet II
            Acquisition, L.L.C., two newly formed, wholly-owned  subsidiaries of
            the Registrant;and the purchase of Landings at Rock Creek Apartments
            on September  28, 2001,  by Landings  Acquisition,  L.L.C.,  a newly
            formed, wholly-owned subsidiary of the Registrant. (Item 2)

            On October 31,2001, the Trust filed a report on Form 8-K/A (File No.
            000-13754) which  reported  the Trust's audited financial statements
            relative  to  the  purchase on  August  17,  2001, of  King's  Court
            Apartments, an 82 unit apartment  complex located in Olathe, Kansas,
            for the purchase price of $3,536,000. (Item 7)































                                      -15-

<PAGE>



SIGNATURES

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

Date: November 13, 2001             By:  /s/ Daniel W. Pishny
                                         Daniel W. Pishny
                                         President

Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below on November 13, 2001, by  the  following persons on behalf
of the Trust and in the capacities indicated.

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




                                      -16-

<PAGE>

EXHIBIT INDEX

Exhibit
Number                             Description


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

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

4.1   Deed of Trust, Security  Agreement and  Assignment of Rents dated July 25,
      2000 by and between  ACI  financing  L.L.C.,  Rullell  J.  Kreikmeier,  as
      Trustee, and Principal  Commercial Funding,  L.L.C. (which was assigned to
      and assumed  by North Winn  Acquisition,  L.L.C.  on August  10,  2000) is
      incorporated  by reference  to Exhibit 4.1 to the  Registrant's  Quarterly
      Report on  Form 10-QSB  for  the  quarter  ended  September  30,  as filed
      pursuant  to  Rule  13a-13  under  the  Securities  Exchange  Act  of 1934
      (File No.000-13754).

4.2   Multifamily  Deed  of  Trust,  Assignment of  Rents and Security Agreement
      dated August 10,  2000  by  and  between North Winn  Acquisition,  L.L.C.,
      Assured  Quality  Title Company,  as Trustee,  and Prudential  Multifamily
      Mortgage, Inc. , is  incorporated  by  reference  to  Exhibit  4.2  to the
      Registrant's  Quarterly  Report  on  Form  10-QSB  for the  quarter  ended
      September  30,  as  filed   pursuant to Rule 13a- 13 under the  Securities
      Exchange Act of 1934 (File No. 000-13754).

4.3   Multifamily Mortgage  Assignment  of Rents and  Security  Agreement  dated
      September 11, 2001 by and  between  Garden  Chalet I L.P.  and Eichler and
      Fayne &  Associates is  incorporated  by  reference to Exhibit 10.8 to the
      Registrant's Current  Report on Form 8-K filed  October 12, 2001 (File No.
      000-13754).

4.4   Multifamily Mortgage  Assignment  of Rents and  Security  Agreement  dated
      September 11, 2001 by and  between  Chalet II  Associates  and Eichler and
      Fayne &  Associates  is incorporated  by  reference to Exhibit 10.9 to the
      Registrant's Current  Report on Form 8-K filed  October 12, 2001 (File No.
      000-13754).

4.5   Amendment to  Multifamily  Mortgage,  Assignment  of  Rents  and  Security
      Agreement dated  September 27, 2001 by and between  Chalet I  Acquisition,
      L.L.C. and Fannie Mae is incorporated by reference to Exhibit 10.10 to the
      Registrant's Current  Report on Form 8-K filed  October 12, 2001 (File No.
      000-13754).

4.6   Amendment to  Multifamily  Mortgage,  Assignment  of  Rents  and  Security
      Agreement dated  September 27, 2001 by and between Chalet II  Acquisition,
      L.L.C. and Fannie Mae is incorporated by reference to Exhibit 10.11 to the
      Registrant's  Current Report on Form 8-K filed  October 12, 2001 (File No.
      000-13754).

4.7   Multifamily  Mortgage, Assignment  of Rents and Security  Agreement  dated
      August  15, 1997 by and  between  Waterton  Rock,  Limited  and  Berkshire
      Mortgage  Finance  Limited  Partnership  is incorporated  by  reference to
      Exhibit 10.18 to the Registrant's Current Report on Form 8-K filed October
      12, 2001 (File No. 000-13754).

4.8   Leasehold  Mortgage  and  Security Agreement by and between Security Bank,
      and King's Court Investors Limited Partnership dated  December  1, 1998 is
      incorporated  by reference  to Exhibit  10.2 to the  Registrant's  Current
      Report on Form 8-K filed August 21, 2001 (File No. 000-13754).

10.1  Management Agreement  between  Maxus  Properties,   Inc.  and  North  Winn
      Acquisition, L.L.C.  dated August 16, 2000 is incorporated by reference to
      Exhibit 10.1  to the Registrant's  Quarterly Report on Form 10-QSB for the
      quarter ended September 30, 2000, as filed  pursuant to Rule 13a-13  under
      the Securities Exchange Act of 1934 (File No. 000-13754).

10.2  Agreement for  Purchase  and Sale dated June 25, 2001 by and among  Garden
      Chalet I L.P., Chalet II Associates  and KelCor,  Inc is  incorporated  by
      reference to Exhibit 10.1 to the  Registrant's Current  Report on Form 8-K
      filed October 12, 2001 (File No. 000-13754).

10.3  First  Amendment to Agreement for Purchase and Sale dated July 27, 2001 by
      and among Garden Chalet I L.P., Chalet II Associates  and KelCor,  Inc. is
      incorporated  by  reference  to Exhibit  10.2 to the  Registrant's Current
      Report on Form 8-K filed October 12, 2001 (File No. 000-13754).

                                      -17-
<PAGE>

EXHIBIT INDEX - Continued

10.4  Second Amendment to Agreement  for Purchase and Sale dated August 10, 2001
      by and among Garden Chalet I L.P., Chalet II Associates and KelCor, Inc.is
      incorporated  by  reference  to Exhibit  10.3 to the  Registrant's Current
      Report on Form 8-K filed October 12, 2001 (File No. 000-13754).

10.5  Third Amendment to Agreement for Purchase and Sale dated August 30,2001 by
      and among Garden Chalet I L.P., Chalet II Associates  and KelCor,  Inc. is
      incorporated  by  reference  to Exhibit  10.4 to the  Registrant's Current
      Report on Form 8-K filed October 12, 2001 (File No. 000-13754).

10.6  Fourth  Amendment to Agreement  for Purchase and Sale dated  September 10,
      2001 by and among Garden Chalet I L.P., Chalet II  Associates  and KelCor,
      Inc, as assignor of its right to purchase Chalet I and Chalet II to Chalet
      I Acquisition, L.L.C. and Chalet II Acquisition,  L.L.C., respectively, is
      incorporated  by  reference to Exhibit  10.5 to the  Registrant's  Current
      Report on Form 8-K filed October 12, 2001 (File No. 000-13754).

10.7  Assumption and Release  Agreement  dated  September  27, 2001 by and among
      Garden Chalet I L.P., American Realty Trust,  Inc.,  Chalet I Acquisition,
      L.L.C., Maxus  Realty  Trust,  Inc.  and  Fannie  Mae is  incorporated  by
      reference to Exhibit 10.6 to the  Registrant's Current  Report on Form 8-K
      filed October 12, 2001 (File No. 000-13754).

10.8  Assumption and Release Agreement for Chalet II dated September 27, 2001 by
      and among  Chalet  II  Associates,  National  Operating,  L.P.,  Chalet II
      Acquisition,  L.L.C.,   Maxus  Realty  Trust,   Inc.  and  Fannie  Mae  is
      incorporated by  reference  to Exhibit  10.7 to the  Registrant's  Current
      Report on Form 8-K filed October 12, 2001 (File No. 000-13754).

10.9  Management  Agreement for  Chalet I and II dated  August  13,  2001 by and
      between Chalet I Acquisition, L.L.C.,  Chalet II Acquisition,  L.L.C.  and
      Maxus  Properties, Inc., is  incorporated by reference to Exhibit 10.12 to
      the Registrant's  Current  Report on Form 8-K filed October 12, 2001 (File
      No. 000-13754).

10.10 Purchase Agreement  dated  July 10,  2001 by and  between  Waterton  Rock,
      Limited and KelCor, Inc. is  incorporated by reference to Exhibit 10.13 to
      the Registrant's  Current  Report on Form 8-K filed October 12, 2001 (File
      No. 000-13754).

10.11 First Amendment to Purchase  Agreement dated August 9, 2001 by and between
      Waterton Rock, Limited and KelCor,  Inc. is  incorporated  by reference to
      Exhibit 10.14 to the Registrant's Current Report on Form 8-K filed October
      12, 2001 (File No. 000-13754).

10.12 Second Amendment  to  Purchase  Agreement  dated  August  28,  2001 by and
      between Waterton Rock Limited and KelCor, Inc.is incorporated by reference
      to Exhibit  10.15 to the  Registrant's  Current  Report  on Form 8-K filed
      October 12, 2001 (File No. 000-13754).

10.13 Assignment of Purchase Agreement  dated  September 21, 2001 by and between
      KelCor, Inc.and Landings Acquisition,  L.L.C. is incorporated by reference
      to Exhibit  10.16 to the  Registrant's  Current  Report  on Form 8-K filed
      October 12, 2001 (File No. 000-13754).

10.14 Assumption and Release Agreement  dated  September 28, 2001 by and between
      Waterton Rock,  Limited,  David  R.  Schwartz,  Peter M.  Vilim,  Landings
      Acquisition,  L.L.C.,   Maxus  Realty  Trust,   Inc.  and  Fannie  Mae  is
      incorporated by reference  to Exhibit  10.17 to the  Registrant's  Current
      Report on Form 8-K filed October 12, 2001 (File No. 000-13754).

10.15 Management Agreement for Landings dated  September 28, 2001 by and between
      Landings Acquisition, L.L.C. and Maxus Properties, Inc. is incorporated by
      reference to Exhibit 10.19 to the Registrant's  Current Report on Form 8-K
      filed October 12, 2001 (File No. 000-13754).

10.16 Assumption Agreement  dated  August 17,  2001 by and among First UNUM Life
      Insurance  Company, successor  in interest to NY Holdings  1994-1,  King's
      Court Investors Limited  Partnership,  Maxus Realty Trust,  Inc., David L.
      Johnson, and Security Bank of Kansas City, as trustee,  is incorporated by
      reference to Exhibit 10.1 to the  Registrant's Current  Report on Form 8-K
      filed August 21, 2001 (File No. 000-13754).

10.17 Lease  Agreement between  the City of  Olathe,  Kansas  and  King's  Court
      Investors Limited Partnership dated as of November 1, 1998 is incorporated
      by reference to Exhibit 10.3 to the Registrant's Current Report on Form
      8-K filed August 21, 2001 (File No. 000-13754).

10.18 Management Agreement for King's Court dated August 17, 2001 by and between
      Maxus Realty Trust, Inc., and Maxus Properties, Inc.

                                      -18-