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, 2000

                                       OR

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

For the transition period from ____________________ To  ____________________

                         Commission file number 0-13754


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

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

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

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

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

                                       1
<PAGE>

                                      INDEX

                                                                            Page
PART I - FINANCIAL INFORMATION

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

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS
            OF OPERATIONS                                                      7

PART II - OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS                                                    12
ITEM 2.  CHANGES IN SECURITIES                                                12
ITEM 3.  DEFAULTS UPON SENIOR SECURITIES                                      12
ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS                  12
ITEM 5.  OTHER INFORMATION                                                    12
ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K                                     13


SIGNATURES                                                                    14
EXHIBIT INDEX                                                                 15



                                       2
<PAGE>

PART 1 - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

                            MAXUS REALTY TRUST, INC.
                                  BALANCE SHEET
                                   (UNAUDITED)
                                                              June 30, 2000
ASSETS:
Investment property
   Land                                                    $     2,080,000
   Buildings and improvements                                   13,758,000
                                                               -----------
                                                                15,838,000

   Less accumulated depreciation                               (6,046,000)

                                                                 9,792,000

   Investment property held for sale                             3,277,000
                                                               -----------
           Total investment property                            13,069,000

Cash                                                             1,255,000
Accounts receivable                                                293,000
Prepaid expenses and other assets                                  156,000
Deferred expenses, less accumulated amortization                   506,000
                                                               -----------
           Total assets                                    $    15,279,000
                                                               ===========

LIABILITIES AND SHAREHOLDERS' EQUITY:

Liabilities:
   Mortgage notes payable                                  $     4,482,000
   Accounts payable and accrued expenses                           259,000
   Real estate taxes payable                                       212,000
   Refundable tenant deposits                                       67,000
                                                               -----------
           Total liabilities                                     5,020,000
                                                               -----------
Shareholders' equity:
   Common stock, $1 par value: authorized 5,000,000 shares
      1,039,624 shares issued and outstanding                    1,040,000
   Additional paid-in-capital                                   15,463,000
   Distributions in excess of accumulated earnings              (6,244,000)
                                                               -----------
           Total shareholders' equity                           10,259,000
                                                               -----------
                                                           $    15,279,000
                                                               ===========
See accompanying notes to financial statements.

                                       3

<PAGE>


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

<TABLE>
<CAPTION>
<S>                                              <C>          <C>          <C>          <C>
                                                     Three Months Ended       Six Months Ended
                                                   June 30,    June 30,     June 30,      June 30,
                                                    2000         1999         2000         1999
Revenues:
   Rental                                       $  671,000      658,000     1,328,000    1,322,000
   Other                                            51,000      101,000       119,000      182,000
                                                ----------   ----------    ----------   ----------
           Total revenues                          722,000      759,000     1,447,000    1,504,000
                                                ----------   ----------    ----------   ----------
Expenses:
   Depreciation and amortization                   126,000      165,000       304,000      356,000
   Repairs and maintenance, including common
      area maintenance                              52,000       82,000       140,000      170,000
   Real estate taxes                               115,000      190,000       244,000      336,000
   Interest, net                                    90,000       94,000       185,000      187,000
   Professional fees                                86,000       70,000       189,000      244,000
   General and administrative                       14,000      109,000        45,000      239,000
   Utilities                                        70,000       62,000       138,000      118,000
   Property management fees - related parties       24,000       52,000        49,000      103,000
   Other operating expenses                         36,000       19,000        80,000       39,000
                                                ----------   ----------    ----------   ----------
           Total expenses                          613,000      843,000     1,374,000    1,792,000
                                                ----------   ----------    ----------   ----------
           Net income/(loss)                    $  109,000      (84,000)       73,000     (288,000)
                                                ==========   ==========    ==========   ==========
Per share data (basic and diluted):
   Net income/(loss)                            $      .11         (.10)          .08         (.33)
                                                ==========   ==========    ==========   ==========
    Dividends                                   $      .16         --             .16         --
                                                ----------   ----------    ----------   ----------
   Weighted average shares outstanding             961,679      866,624       914,151      866,624
                                                ==========   ==========    ==========   ==========
</TABLE>

See accompanying notes to financial statements.

                                       4

<PAGE>

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

<TABLE>
<CAPTION>
<S>                                                                       <C>          <C>
                                                                            Six Months Ended
                                                                          June 30,      June 30,
                                                                            2000          1999

Cash flows from operating activities:
   Net income (loss)                                                  $    73,000       (288,000)
   Adjustments to reconcile net income (loss) to net
     cash used in operating activities:
       Depreciation and amortization                                      304,000        356,000
       Changes in accounts affecting operations:
           Accounts receivable                                            (43,000)       (41,000)
           Prepaid expenses, other assets and deferred expenses          (136,000)       (32,000)
           Accounts payable and other liabilities                        (264,000)       (80,000)
           Deferred compensation                                             --          123,000
                                                                      -----------    -----------

                Net cash provided by (used in) operating activities       (66,000)        38,000
                                                                      -----------    -----------

Cash flows from investing activities:
       Capital expenditures                                               (49,000)      (373,000)
                                                                      -----------    -----------

Cash flows from financing activities:
       Principal payments on mortgage notes payable                       (56,000)       (52,000)
       Issuance of common stock                                         1,384,000           --
       Dividend paid ($.16 per share)                                    (166,000)          --
                                                                      -----------    -----------

                Net cash provided by (used in) financing activities     1,162,000        (52,000)
                                                                      -----------    -----------

                Net increase (decrease) in cash                         1,047,000       (387,000)

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

Cash, end of period                                                   $ 1,255,000        118,000
                                                                      ===========    ===========
Supplemental disclosure of cash flow information -
   cash paid during the quarter for interest                          $   190,000        194,000
                                                                      ===========    ===========

</TABLE>

See accompanying notes to financial statements

                                       5

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

(1) Summary of Significant Accounting Policies

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

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

(2) Pending Purchase and Sale of Properties

The proceeds of the sale would be used to fund capital  improvements,  dividends
and  potential  future  acquisitions.  On May 3, 2000,  the Trust entered into a
letter of intent to sell  Franklin  Park to an unrelated  third  party,  Chicago
Industrial  Partners,  L.L.C.  ("CIP"). The sale price was $4,525,000 payable in
cash  at the  closing,  subject  to any  prorations.  The  Trust  must  pay  the
independent  real estate broker a commission of four and three quarters  percent
(4.75%) of the total purchase price excluding any prorations or offsets.

The letter of intent is  non-binding  and was subject to a sale  contract  being
fully  signed by May 22,  2000.  As of August 14,  2000,  no  contract  has been
signed.  The  Trust  is  continuing  negotiations  with  CIP,  as well as  other
prospective buyers of the property.  The property is classified as held for sale
in the accompanying financial statements for the period ended June 30, 2000.

On July 20, 2000, the Board of Trustees  approved the purchase of the North Winn
Apartments  ("North  Winn") in Kansas City,  Missouri.  North Winn is located at
4523 N.W.  Winn Road in Kansas City,  Missouri.  North Winn was  constructed  in
1972,  and  consists of 109 multi  family  apartment  units.  North Winn was 91%
occupied as of April 10, 2000.  KelCor,  Inc., an affiliate of David L. Johnson,
the Trust's  Chairman and trustee,  executed an agreement to acquire North Winn.
KelCor,  Inc.  assigned  it's right to  acquire  North Winn on August 7, 2000 to
North  Winn  Acquisition,  L.L.C.,  in which  the Trust is the sole  member  and
manager.  The Sale Contract is subject to certain provisions,  including but not
limited to a thirty  (30) day due  diligence  period.  Although  there can be no
assurance that this transaction  will ultimately be consummated,  the closing is
tentatively scheduled to occur in August 2000. The purchase price is $2,725,000.
Funding will be provided by a note from Prudential  Multifamily  Mortgage,  Inc.
for  $1,986,000,  along  with  cash  on  hand in the  Trust, and potentially the
unsecured line of credit described in Item 2  Liquidity  and Capital  Resources.
The  loan term is seven  years,  with  monthly  payments  based  on  a  30  year
amortization  schedule,  at  an  adjustable  interest rate of 1.32% over the one
month LIBOR.

(3) Dividends

The Trust paid a $.16 dividend on June 21, 2000. Based upon current information,
it is expected that this dividend will be treated as a return of capital for tax
purposes.  However, if results for fiscal 2000 differ significantly from current
projections,  the  dividend  could be treated as taxable  income to the  Trust's
Shareholders.
                                       6
<PAGE>
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS

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

DESCRIPTION OF BUSINESS

Maxus Realty Trust, Inc., a Missouri corporation  (formerly Nooney Realty Trust,
Inc.), was formed on June 14, 1984 for the purpose of making equity  investments
in income-producing  real properties,  primarily commercial and light industrial
properties.  The Trust's  portfolio  is  comprised  of Atrium at Alpha  Business
Center,  a  multi-tenant  office  building  located  in  Bloomington,  Minnesota
("Atrium  at  Alpha");   Applied   Communications,   Inc.  Office  Building,   a
single-tenant office building located in Omaha,  Nebraska ("ACI Building");  and
Franklin Park  Distribution  Center,  a warehouse and  distribution  facility in
Franklin Park, Illinois ("Franklin Park").  These properties generated 45%, 42%,
and 14% of total revenues, respectively, for the quarter ended June 30, 2000.

LIQUIDITY AND CAPITAL RESOURCES

Cash on hand as of June 30, 2000, was $1,255,000, an increase of $1,047,000 from
December  31,  1999.  The  increase  in cash is  attributable  primarily  to the
issuance of  additional  shares of common stock as described in Part II, Item 2-
Changes in Securities. The increase is offset by a reduction in accounts payable
and other liabilities of $264,000.  Management believes the Trust's current cash
position  and the  properties'  ability to provide  operating  cash flow  should
enable the Trust to fund  anticipated  capital  expenditures and service debt in
2000.  Expenditures  for leasing  capital are dependent on the timing and actual
dollars negotiated for leases. The anticipated capital  expenditures by property
for 2000 are as follows:
                                   OTHER         LEASING
                                  CAPITAL        CAPITAL      TOTAL

  Atrium at Alpha............     $18,000        $282,000    $300,000
  Franklin Park..............         ---         225,000     225,000
  ACI Building...............         ---         350,000     350,000
                                   ------         --------    --------
                                  $18,000        $857,000    $875,000

The leasing capital  expenditures at Atrium at Alpha include tenant  alterations
and lease  commissions  for new and  renewal  tenants.  In  addition,  the Trust
anticipates  spending  capital  funds for HVAC and minor roof  replacements.  At
Franklin Park, leasing capital for tenant alterations and lease commissions upon
the leasing of the vacant space is  budgeted.  At the ACI  Building,  the single
occupant in the building renewed their lease in 1998. The funds to reimburse the
tenant for certain  tenant  alterations  up to a maximum of $350,000 may be paid
during  2000 or  deferred  until 2001  depending  on when the  tenant  elects to
perform the work.

The debt on the Trust's properties matures in the year 2001. Management believes
that the Trust will be able to refinance the debt on similar terms at that time.
In August of 2000,  $1,986,000 of debt was incurred  relative to the acquisition
of a new property,  North Winn (as described in Part I- Item 2.  Description  of
Business).  The interest rate is 1.32% over the one month LIBOR,  with a term of
seven years and  amortization of 30 years.  In addition,  in August of 2000, the
Trust  initiated an unsecured  line of credit with  Missouri  Bank and Trust for
$249,000 at a prime  floating  rate for a term of six  months.  As of August 14,
2000, the Trust has not drawn upon this line of credit.

                                       7
 <PAGE>
CONTINGENCIES

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

RESULTS OF OPERATIONS

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

FUNDS FROM OPERATIONS

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

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

<TABLE>
<CAPTION>
<S>                               <C>                 <C>                         <C>
                                  ATRIUM AT ALPHA     FRANKLIN ACI BUILDING       ACI BUILDING
                                                        (in thousands)
                                         For the three months ended June 30, 2000 and 1999
2000 Revenues                       $ 321.7             $   97.6                 $  302.9
     Expenses                         254.2                 70.1                    201.2
                                     ------                ------                   ------
     Net Income                        67.5                 27.5                    101.7
     Depreciation and Amortization     70.6                  4.0                     44.1
                                     ------               ------                   ------
     Funds from Operations            138.1                 31.5                    145.8
                                     ======               ======                   ======
</TABLE>
                                       8
 <PAGE>
FUNDS FROM OPERATIONS - CONTINUED

<TABLE>
<CAPTION>
<S>                                                <C>                    <C>                         <C>
                                               ATRIUM AT ALPHA           FRANKLIN PARK              ACI BUILDING
                                                                      (in thousands)
                                                       For the three months ended June 30, 2000 and 1999
1999     Revenues                                  $ 321.7                 $   138.4                   $ 298.7
         Expenses                                    282.2                     192.5                     206.3
                                                   -------                  --------                   -------
         Net Income (loss)                            39.5                    (54.1)                      92.4
         Depreciation and Amortization                92.9                     36.4                       31.0
                                                  --------                 ---------                  --------
         Funds from Operations                       132.4                    (17.7)                     123.4
                                                   =======                  ========                   =======

                                               ATRIUM AT ALPHA           FRANKLIN PARK             ACI BUILDING
                                                                      (in thousands)
                                                       For the six months ended June 30, 2000 and 1999
2000     Revenues                                  $ 634.3                $    211.2                   $ 601.8
         Expenses                                    529.1                     210.8                     405.7
                                                  --------                   -------                    ------
         Net Income (loss)                           104.2                        .4                     196.1
         Depreciation and Amortization               166.0                      40.4                      89.1
                                                  --------                  --------                  --------
         Funds from Operations                       271.2                      40.8                     285.2
                                                  ========                  ========                   =======
1999     Revenues                                  $ 669.0                 $   236.0                   $ 599.0
         Expenses                                    565.8                     345.7                     441.2
                                                  --------                 ---------                  --------
         Net Income (loss)                           103.2                   (109.7)                     157.8
         Depreciation and Amortization               188.0                     72.8                       86.8
                                                 ---------                ----------                 ---------
         Funds from Operations                       291.2                    (36.9)                     244.6
                                                 =========                 =========                  ========
</TABLE>
COMPARISONS BY PROPERTY

Revenues  at the Atrium at Alpha for the quarter  ended June 30,  2000  remained
constant with the same period in 1999.  Operating  expense for the quarter ended
June 30,  2000  decreased  $28,000  compared  to the same  period  in 1999.  The
decrease in  operating  expense was  primarily  due to a decrease in repairs and
maintenance of $11,900 and management fees of $10,300. Revenues at the Atrium at
Alpha for the six months ended June 30, 2000 decreased by $34,700  primarily due
to an increase in vacancy  loss of $43,000,  a decrease in CAM income of $15,000
and a decrease in other income of $10,000 offset by an increase in rental income
of $37,000.

At Franklin  Park,  revenues for the three months ended June 30, 2000  decreased
$40,800  compared  to the same  period  in 1999.  The  decrease  in  revenue  is
primarily due to a decrease in CAM income of $40,000.  Operating expense for the
three months ended June 30, 2000 decreased  $122,400 compared to the same period
in 1999.  The decrease in operating  expense was  primarily due to a decrease in
management fees of $10,200, decreased real estate taxes of $75,300 and decreased
depreciation  of $32,400.  The  decrease in real estate tax expense was due to a
protest of the tax followed by a reduction in taxable value of the Franklin Park
property due to decreased  occupancy.  A Letter of Intent to sell  Franklin Park
was  executed on May 3, 2000.  Therefore,  the Franklin  Park  property has been
classified  as held for sale.  Accordingly,  the  assets of  Franklin  Park were
valued at estimated net  realizable  value.  In addition,  no  depreciation  was
recorded for the quarter ended June 30, 2000 for Franklin Park.
                                       9
<PAGE>
COMPARISONS BY PROPERTY - CONTINUED

Revenues at the ACI Building for the three months June 30, 2000 increased $4,200
compared to the same period in 1999. This increase is primarily due to increased
CAM income. Operating expense for the three months ended June 30, 2000 decreased
$5,100  compared to the same period in 1999.  The decrease in operating  expense
was primarily due to a decrease in management fees of $8,500.  Operating expense
for the six months ended June 30, 2000  decreased  $35,500  compared to the same
period in 1999.  The  decrease  in  operating  expense  was  primarily  due to a
decrease in management fees of $15,500 and a decrease in repairs and maintenance
of $11,400.  The  remainder  of the decrease was due to decreases in a number of
expense categories, none of which was significant.

The occupancy levels at June 30 were as follows:

                                    OCCUPANCY LEVELS AT JUNE 30,
                                     2000                  1999
      Atrium at Alpha                 86%                   89%
      Franklin Park                   57%                   57%
      ACI Building                   100%                  100%

During the quarter ended June 30, 2000,  the occupancy  level at Atrium at Alpha
increased  from 83% at March 31,  2000 to 86% at June 30,  2000.  One new tenant
which  occupied  2,083  square feet signed a lease in April of 2000.  No tenants
vacated.  Four  tenants  leases  expired  and were  renewed in  different  suite
configurations  for a total of 10,327  square feet, a net increase of 174 square
feet.  Two additional  tenants  renewed their leases for a total of 6,655 square
feet. The property has one major tenant occupying 16% of the building. The lease
for this tenant expires in December 2003.

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

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

The Trust reviews long-lived assets for impairment whenever events or changes in
circumstances  indicate  that  the  carrying  amount  of a  property  may not be
recoverable.  The Trust  considers a history of operating  losses or a change in
occupancy to be primary indicators of potential impairment.  The Trust deems the
property  to be impaired if a forecast of  undiscounted  future  operating  cash
flows directly related to a property,  including disposal value, if any, is less
than its carrying amount. If the property is determined to be impaired, the loss
is measured as the amount by which the carrying  amount of the property  exceeds
its fair value.  Fair value is based on quoted market prices in active  markets,
if available.  If quoted market  prices are not  available,  an estimate of fair
value is based on the best information  available,  including prices for similar
properties or the results of valuation techniques such as discounting  estimated
future cash flows.  Considerable  management  judgment is  necessary to estimate
fair value.  Accordingly,  actual  results  could vary  significantly  from such
estimates.

COMPARISON OF CONSOLIDATED RESULTS

For the three months ended June 30, 2000, the Trust's consolidated revenues were
$722,000. Revenues decreased $37,000 (4.9%) compared to the same period in 1999.
The decrease in consolidated revenues is primarily due to an increase in vacancy
loss at the Atrium at Alpha of $43,000 and a decrease in common area maintenance
reimbursement  at the Atrium at Alpha of $15,000 and  Franklin  Park of $40,000.
This decrease was offset in part by an increase in rental  revenue at the Atrium
at Alpha  building of $37,000  for the same  period.  The  Trust's  consolidated
revenue for the six month period ended June 30, 2000 is  $1,447,000,  a decrease
of $57,000 (3.8%) compared to the same period in 1999. The decrease is primarily
due to the  decreases in income  described  for the quarter ended June 30, 2000,
offset  partially  by an  increase  in  utilities  reimbursement  and  bad  debt
recovery.
                                       10
<PAGE>

COMPARISON OF CONSOLIDATED RESULTS- CONTINUED

For the three months ended June 30, 2000, the Trust's consolidated expenses were
$613,000.  Expenses  decreased  $230,000  (27.3%) compared to the same period in
1999.  The decrease in  consolidated  expenses is due  primarily to decreases in
general and  administrative  expenses of $95,000,  real estate taxes of $75,000,
property management fees- related party of $28,000, and depreciation of $39,000.
The  decrease in general and  administrative  expenses  was  primarily  due to a
reduction in payroll expense from previous management.  Current  management does
not charge payroll expense to the Trust.

The net income for the  quarter  ended June 30,  2000 was  $109,000  or $.11 per
share.  The net loss for the quarter ended June 30, 1999 was $84,000 or $.10 per
share.

Cash flow used in operating activities was $66,000 for the period ended June 30,
2000  compared to the same period in 1999,  in which cash  provided by operating
activities  was  $69,000.  The  decrease  in cash  flow  provided  by  operating
activities  was due  primarily  to  decreases  in  accounts  payable  and  other
liabilities of $264,000.  Cash flow used in investing activities was $49,000 for
the period  ended June 30, 2000  compared to $373,000 in 1999.  The  decrease in
cash flow used in  investing  activities  was due  primarily  to a  decrease  in
capital expenditures.  Cash flow provided by financing activities was $1,162,000
for the period ended June 30, 2000 compared to the same period in 1999, in which
cash used in financing activities was $52,000. The primary cause of the increase
in cash flow provided by financing activities was the $1,384,000 provided by the
issuance of common  stock.  Reduction of the  principal  balance on the mortgage
note was the sole use of cash from  financing  activities  for the period  ended
June 30, 1999.

MARKET RISK

The Trust has  considered  the provision of Financial  Reporting  Release No. 48
"Disclosure of Accounting  Policies for  Derivative  Financial  Instruments  and
Derivative Commodity Instruments, and Disclosure of Quantitative and Qualitative
Information  about Market Risk  Inherent in  Derivative  Financial  Instruments,
Other Financial Instruments and Derivative Commodity Instruments". The Trust had
no holdings of derivative  financial or commodity  instruments  at June 30, 2000
The Trust does not believe  that it has any material  exposure to interest  rate
risk. The Debt on the Trust's  properties  matures in the year 2001.  Management
believes  that the Trust will be able to refinance  the debt on similar terms at
that time.

INFLATION

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

                                       11
<PAGE>
PART II    OTHER INFORMATION

ITEM 1.    LEGAL PROCEEDINGS

           None

ITEM 2.    CHANGES IN SECURITIES

On May 11, 2000,  the Trust sold 173,000  shares of its common stock,  par value
$1.00 per share, at a price of $8.00 per share,  solely to accredited  investors
(as such term is  defined in Rule 501 of  Regulation  D)  pursuant  to a private
placement in accordance with Rule 506 of Regulation D. Each investor  executed a
subscription agreement pursuant to which each investor represented and warranted
that such investor met the requirements of an accredited investor. The Trust did
not engage in any form of general solicitation or general advertising in selling
the shares.  The shares sold  pursuant  to the private  placement  have not been
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,  and the stock  certificates  representing  such shares  contain a
legend  with this  restriction.

The Trust  intends to use the proceeds of the private  placement to fund capital
improvements,  dividends and potential future  acquisitions.

The Trust  sold the  shares  to  comply  with the  listing  rules of the  Nasdaq
National Market  ("Nasdaq").  Nasdaq had previously  notified the Trust that the
Trust was not in compliance  with two Nasdaq  listing  requirements.  On June 5,
2000,  the Trust was granted a  qualifications  exception by the Nasdaq  Listing
Qualifications  Panel.  The Company has complied with terms of the exception and
therefore the hearing file has been closed by Nasdaq.


ITEM 3.    DEFAULTS UPON SENIOR SECURITIES

           None

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

On May 9, 2000, the Trust held its Annual Meeting of  Shareholders.  The results
of the matters  submitted to a vote of shareholders  were reported on a Form 8-K
(File No. 000-13754) filed by the Trust on May 12, 2000.

ITEM 5.    OTHER INFORMATION

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

                                       12
<PAGE>

ITEM 6.    EXHIBITS AND REPORTS ON FORM 8-K

           (a) Exhibits

           See Exhibits Index on Page 16

           (b) Reports on Form 8-K

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

On May 5, 2000, the Trust filed a report on Form 8-K (File No.  000-13754) which
reported  the  Trust's  execution  of a  letter  of  intent  to sell  one of its
properties (Item 5).

On May 12, 2000, The Trust filed a report on Form 8-K (File No. 000-13754) which
reported  the  consummation  of a private  placement,  the results of the annual
meeting of the shareholders and the declaration of a dividend (Item 5).

On May 12, 2000, the Trust filed a report on Form 8-K (File No. 000-13754) which
reported  the  beneficial  ownership  of the  Trust's  Common  Stock held by the
Trust's management (Item 5).

(The remainder of this page left blank intentionally)

                                       13

<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: August 14, 2000                     By: /s/ Daniel W. Pishny
                                              Daniel W. Pishny
                                              President

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



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


                                       14

<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).

 10.1       Assignment of Real Estate Sale Contract  dated August 7, 2000 by and
            between Kelcor, Inc. and North Winn Acquisition, L.L.C.

 27.1       Financial Data Schedule



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