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

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

For the quarter period ended         March 31, 2002
                                 ---------------------

                                       OR

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

For the transition period from  __________  To  __________


                        Commission file number 000-13754
                                               ---------

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

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

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

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

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

State the  number of shares  outstanding  of the  Trust's  sole  class of common
equity, $1.00 par value common stock, as of April 30, 2002: 1,222,000 shares.








                                       1
<PAGE>



                                      INDEX


                                                                            Page
PART I -   FINANCIAL INFORMATION

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

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

PART II - OTHER INFORMATION

ITEM 1.    LEGAL PROCEEDINGS                                                  13
ITEM 2.    CHANGES IN SECURITIES                                              13
ITEM 3.    DEFAULTS UPON SENIOR SECURITIES                                    13
ITEM 4.    SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS                13
ITEM 5.    OTHER INFORMATION                                                  13
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.
                          CONSOLIDATED BALANCE SHEETS

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


                                                                                         March 31,      December 31,
                                                                                           2002             2001
                                                                                        (Unaudited)
ASSETS:
Investment property
     Land .........................................................................   $  2,997,000       2,997,000
     Buildings and improvements ...................................................     39,212,000      39,102,000
     Personal property ............................................................      1,405,000       1,363,000
                                                                                       -----------      ----------
                                                                                        43,614,000      43,462,000

     Less accumulated depreciation ................................................     (7,568,000)     (7,173,000)
                                                                                       -----------      ----------
           Total investment property ..............................................     36,046,000      36,289,000

Cash ..............................................................................      1,028,000         884,000
Accounts receivable ...............................................................        437,000         397,000
Prepaid expenses and other assets .................................................        169,000         248,000
Deferred expenses, less accumulated amortization ..................................        613,000         611,000
                                                                                       -----------      ----------
           Total assets ...........................................................   $ 38,293,000      38,429,000
                                                                                       ===========      ==========

LIABILITIES AND SHAREHOLDERS' EQUITY:

Liabilities:
     Mortgage notes payable .......................................................   $ 23,715,000      23,784,000
     Line of credit ...............................................................      1,210,000       1,150,000
     Accounts payable, prepaid rent, and accrued expenses .........................        524,000         643,000
     Real estate taxes payable ....................................................        360,000         201,000
     Refundable tenant deposits ...................................................        244,000         235,000
                                                                                       -----------      ----------
           Total liabilities ......................................................     26,053,000      26,013,000
                                                                                       -----------      ----------

Shareholders' equity:
     Common stock, $1 par value: authorized 5,000,000 shares
       1,222,000 shares issued and outstanding ....................................      1,222,000       1,220,000
     Additional paid-in-capital ...................................................     17,109,000      17,087,000
     Distributions in excess of accumulated earnings ..............................     (6,091,000)     (5,891,000)
                                                                                       -----------      ----------
           Total shareholders' equity .............................................     12,240,000      12,416,000
                                                                                       -----------      ----------
                                                                                     $  38,293,000      38,429,000
                                                                                       ===========      ==========
</TABLE>

See accompanying notes to consolidated financial statements.






                                       3
<PAGE>






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

                                                                                             Three Months Ended
                                                                                         March 31         March 31
                                                                                            2002            2001
Revenues:
     Rental .......................................................................    $ 1,685,000         853,000
     Other ........................................................................        161,000          62,000
                                                                                        ----------       ---------

           Total revenues .........................................................      1,846,000         915,000
                                                                                        ----------       ---------

Expenses:
     Depreciation and amortization ................................................        409,000         215,000
     Repairs and maintenance, including common
           area maintenance .......................................................        238,000         149,000
     Real estate taxes ............................................................        159,000         125,000
     Interest .....................................................................        416,000         141,000
     Professional fees ............................................................         81,000          50,000
     General and administrative ...................................................        141,000          43,000
     Utilities ....................................................................        120,000         110,000
     Property management fees - related party .....................................         79,000          31,000
     Other operating expenses .....................................................         98,000          21,000
                                                                                        ----------       ---------
           Total expenses .........................................................      1,741,000         885,000
                                                                                        ----------       ---------
           Net income .............................................................    $   105,000          30,000
                                                                                        ==========       =========

Per share data:
     Net income - basic and diluted ...............................................    $       .09             .03
                                                                                        ==========       =========

     Distributions paid in current year ...........................................    $       .25             .16
                                                                                        ==========       =========

     Weighted average shares outstanding ..........................................      1,220,000       1,040,000
                                                                                        ==========       =========
</TABLE>




See accompanying notes to consolidated financial statements.





                                       4
<PAGE>


                            MAXUS REALTY TRUST, INC.
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  (UNAUDITED)
<TABLE>
<C>            <C>    <C>   <C>   <C>    <C>
                                                                                             Three Months Ended
                                                                                         March 31        March 31
                                                                                           2002            2001

Cash flows from operating activities:
   Net income .....................................................................   $   105,000         30,000
   Adjustments to reconcile net income to net
     cash provided by operating activities:
       Depreciation and amortization ..............................................       409,000        215,000
       Changes in accounts affecting operations:
           Accounts receivable ....................................................       (40,000)       (74,000)
           Prepaid expenses, other assets and deferred expenses ...................        72,000        (29,000)
           Accounts payable and other liabilities .................................        49,000        (53,000)
                                                                                        ---------       --------


                        Net cash provided by operating activities .................       595,000         89,000
                                                                                        ---------       --------

Cash flows from investing activities:
       Capital expenditures .......................................................      (153,000)      (353,000)
                                                                                        ---------       --------

Cash flows from financing activities:
       Principal payments on mortgage notes payable ...............................       (69,000)       (12,000)
       Net proceeds from Line of Credit ...........................................        52,000        125,000
       Distributions paid to shareholders .........................................      (305,000)      (166,000)
       Issuance of common stock ...................................................        24,000            ---
                                                                                        ---------       --------

                         Net cash used in financing activities ....................      (298,000)       (53,000)
                                                                                        ---------       --------

                         Net increase in cash .....................................       144,000       (317,000)

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

Cash, end of period ...............................................................   $ 1,028,000        500,000
                                                                                        =========       ========

Supplemental disclosure of cash flow information -
   cash paid during the quarter for interest ......................................   $   416,000         97,000
                                                                                        =========       ========

</TABLE>




See accompanying notes to consolidated financial statements




                                       5
<PAGE>



                            MAXUS REALTY TRUST, INC.
              NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
              THREE MONTHS ENDED MARCH 31, 2002 AND MARCH 31, 2001

(1) Summary of Significant Accounting Policies

Refer to the financial  statements  of Maxus Realty Trust,  Inc. (the "Trust" or
"Registrant")  for the year ended December 31, 2001,  which are contained in the
Trust's  Annual  Report on Form  10-KSB,  for a  description  of the  accounting
policies which have been continued without change.  Also, refer to the footnotes
to those statements for additional  details of the Trust's financial  condition.
The  details  in those  notes  have not  changed  except  as a result  of normal
transactions  in the  interim.  In the opinion of  management,  all  adjustments
(which include only normal  recurring  adjustments)  necessary to present fairly
the financial  position,  results of operations and cash flows at March 31, 2002
and for all periods  presented have been made.  The results for the  three-month
period ended March 31, 2002 are not necessarily  indicative of the results which
may be expected for the entire year.

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

(2) Segment Reporting

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

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

Following is  information  for each segment for the three months ended March 31,
2002 and 2001:
<TABLE>
<S>             <C>             <C>            <C>             <C>   <C>   <C>
                                                  Commercial      Corporate
March 31, 2002                    Apartments       buildings      and other         Total
--------------                    ----------      ----------      ---------       ---------

Total revenues ..............   $  1,300,000         546,000           --         1,846,000
Net income (loss) ...........         97,000         100,000        (92,000)        105,000
Capital expenditures ........         95,000          58,000           --           153,000
Depreciation and amortization        287,000         122,000           --           409,000
Interest expense ............        311,000         105,000           --           416,000
Assets ......................     20,262,000      12,279,000      5,752,000      38,293,000

March 31, 2001
--------------

Total revenues ..............   $    153,000         762,000           --           915,000
Net income (loss) ...........        (39,000)        128,000        (59,000)         30,000
Capital expenditures ........        121,000         232,000           --           353,000
Depreciation and amortization         33,000         178,000          4,000         215,000
Interest expense ............         39,000         102,000           --           141,000
Assets ......................      1,982,000      11,420,000      3,964,000      17,366,000

</TABLE>



                                       6
<PAGE>



(3) Property Acquisitions and Disposition

Reference is made to Note 1 of Notes to  Financial  Statements  incorporated  by
reference  in the  Trust's  Annual  Report on Form 10-KSB for a  description  of
properties acquired and disposed of in 2001. Several properties were acquired in
2001 and one  property  was sold in May 2001.  The table below  presents the pro
forma  results of  operations  of the Trust as if the  acquisitions  and sale of
investment properties had occurred at January 1, 2001 (unaudited):
<TABLE>
<S>           <C>          <C>   <C>   <C>   <C>            <C>
                                                      Three Months Ended:
                                                      March 31,     March 31,
                                                        2002          2001
                                                      (actual)

Total revenue ...................................   $1,846,000      1,825,000

Depreciation and amortization ...................      409,000        422,000
Repairs and maintenance, including
   common area maintenance ......................      238,000        219,000
Real estate taxes ...............................      159,000        148,000
Interest ........................................      416,000        432,000
Property management fees ........................       79,000         79,000
General and administrative ......................      141,000        205,000
Other ...........................................      299,000        319,000
                                                     ---------      ---------
   Total expenses ...............................    1,741,000      1,824,000

Net income ......................................   $  105,000          1,000
                                                     =========      =========

Net income per share ............................   $     0.09           0.00
                                                     =========      =========
</TABLE>

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

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

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

CRITICAL ACCOUNTING POLICIES

Refer to the Financial  Statements of the Trust for the year ended  December 31,
2001,  which  are contained in the Trust's  Annual  Report in Form 10-KSB, for a
description of the accounting policies which have been continued without change,
unless otherwise noted herein.




                                       7
<PAGE>







DESCRIPTION OF BUSINESS

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

                                                 SQUARE
                                                  FEET/
PROPERTY                                        # UNITS          TYPE                   LOCATION                PURCHASE DATE

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

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

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

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

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

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

Barrington Hills Apartments ................        232          Apartments             Little Rock, AR         November, 2001
("Barrington Hills")
</TABLE>


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

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

LIQUIDITY AND CAPITAL RESOURCES

Cash on hand as of March 31, 2002, was $1,028,000,  an increase of $144,000 from
December 31, 2001. Net cash provided by operating  activities increased $506,000
to $595,000 for the  three-month  period ended March 31, 2002 as compared to the
three-month  period ended March 31, 2001. Net cash used in investing  activities
was $153,000 for capital expenditures. Net cash used in financing activities was
$298,000, of which distributions were paid totaling $305,000.




                                       8
<PAGE>




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

                                            Balance at       Interest      Due
                                          March 31, 2002       Rate

The Atrium* ........................       $  1,210,000        4.75%       November, 2002

ACI ................................       $  4,226,000        8.63%       August 1, 2010

Forest Park ........................       $  1,952,000        4.91%       September 1, 2007

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

Chalet I ...........................       $  4,082,000        6.59%       October 1, 2008

Chalet II ..........................       $  1,540,000        6.535%      October 1, 2008

The Landings .......................       $  3,815,000        7.66%       September 1, 2007

Barrington Hills ...................       $  5,891,000        6.035%      July 1, 2029
                                             ----------

Total ..............................       $ 24,925,000
                                             ==========
</TABLE>

* The line of credit  secured by the Atrium is due November  2002. The available
balance on the line of credit is  $340,000.  Management  expects to examine  the
options  available  at the time of  expiration  and  either pay down the line of
credit  before  November  2002 or  extend  the terms of the line of  credit,  as
appropriate. Management does not anticipate difficulty in extending the terms of
the line of credit if appropriate.

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

Management  believes  the Trust's  current  cash  position  and the  properties'
ability  to  provide  operating  cash  flow  should  enable  the  Trust  to fund
anticipated operating and capital expenditures in 2002. At Barrington Hills, the
Trust anticipates capital  expenditures of approximately  $300,000 in connection
with a fire in 2001. This amount will be reimbursed by insurance  proceeds.  The
Atrium was 76% occupied at March 31, 2002.  If occupancy  increases,  or tenants
renew their leases,  which expire in 2002, the Trust could incur material tenant
improvement costs during 2002.  Except for the items mentioned,  management does
not anticipate any material capital operating expenditures in 2002. However, the
Trust will continue to evaluate  opportunities for the acquisition of investment
properties and may incur material capital  expenditures in connection with these
acquisition opportunities.

Effective  January 1, 2002, the lease with the tenant  occupying 100% of the ACI
building was amended and the tenant now provides or contracts  for operation and
management of the premises and is  responsible  for payment of all operating and
utility  expenses.  The  Trust is no  longer  responsible  for  these  expenses,
resulting  in a  decrease  in  expenses.  In  addition,  rental  rates have been
decreased  in an  amount  approximately  equal to the  decrease  in  anticipated
expenses.  (In 2002,  rent from the ACI building will decrease by  approximately
$171,000.)

Management  does not  believe  the risk of  changes  in  operations  that  would
adversely  impact cash flow from  operating  activities  is a material  risk. As
leases expire,  they are expected to be replaced or renewed in the normal course
of business over a reasonable  period of time. The Atrium has leases that expire
in 2002 for 19,000 square feet and $327,000 in revenue and leases that expire in
2003 for 24,000 square feet and $451,000 in revenue.



                                       9
<PAGE>

RESULTS OF OPERATIONS

The results of  operations  for the Trust's  properties  for the quarters  ended
March 31, 2002 and 2001 are detailed in the schedule below.

Funds from Operations

The white paper on Funds from  Operations  approved by the board of governors of
NAREIT defines Funds from Operations as net income (loss)(computed in accordance
with  GAAP),   excluding  gains  (or  losses)  from  sales  of  property,   plus
depreciation  and  amortization,   and  after  adjustments  for   unconsolidated
partnerships and joint ventures. Adjustments for unconsolidated partnerships and
joint  ventures are  calculated  to reflect  Funds from  Operations  on the same
basis.  In 1999,  NAREIT  clarified the  definition of Funds from  Operations to
include   non-recurring   events,   except  for  those   that  are   defined  as
"extraordinary  items" under GAAP and gains and losses from sales of depreciable
operating property. In 2002, NAREIT clarified that Funds from Operations related
to assets held for sale,  sold or otherwise  transferred and included in results
of discontinued  operations should continue to be included in consolidated Funds
from Operations.

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

Funds from Operations                                   Three Months Ended
                                                   March 31,           March 31,
                                                      2002                2001
Revenue ................................          $1,846,000          $  915,000
Expenses ...............................           1,649,000             826,000
                                                  ----------          ----------
Net Income .............................             197,000              89,000
Depreciation and Amortization ..........             409,000             211,000
                                                  ----------          ----------
Funds from Operations ..................          $  606,000          $  300,000
                                                  ==========          ==========
</TABLE>

Comparison of Consolidated Results

For the quarter  ended March 31, 2002 the  Trust's  consolidated  revenues  were
$1,846,000  compared to $915,000 for the quarter ended March 31, 2001.  Revenues
increased $931,000 (101.7%).  The increase in consolidated revenues is primarily
due to the additions of King's Court, the Landings, Chalet and Barrington Hills,
contributing  $152,000, $239,000, $358,000 and  $376,000 respectively in revenue
for the first quarter of 2002. This increase in consolidated  revenue was offset
by a  decrease  in revenue of $107,000  due to the sale of Franklin  Park in May
2001 and a net decrease in revenues of $88,000 at  the  ACI building, the Atrium
and Forest  Park;  with $70,000 of  this  net  decrease the  result of the lease
amendment  at  the  ACI  building  in January  of 2002.  Under the new lease the
tenant now  provides  or contracts for operation and  management of the premises
and is responsible  for payment  of  all  operating  and  utility  expenses.  In
addition, rental rates have been decreased in an amount  approximately  equal to
the decrease in anticipated expenses.

                                       10
<PAGE>

For the quarter  ended March 31, 2002,  the Trust's  consolidated  expenses were
$1,741,000  compared to  $885,000  for the quarter  ended  March 31,  2001.  The
increase in expenses of $856,000,  (96.7%) is due  primarily to the additions of
King's Court, the Landings, Chalet and Barrington  Hills, resulting in $142,000,
$245,000,  $323,000 and $334,000  respectively  in expenses in the first quarter
of 2002. This increase was offset by a decrease  of  $98,000  in total  expenses
due to the sale of Franklin Park and a decrease of $124,000 in total expenses at
the  ACI  building,  the  Atrium and Forest Park due primarily to the change in
lease on ACI mentioned above.

The net income for the quarter  ended  March 31,  2002 was  $105,000 or $.09 per
share.  The net income for the quarter  ended March 31, 2001 was $30,000 or $.03
per share.

Cash flow  provided by operating  activities  was $595,000 for the quarter ended
March 31, 2002  compared to $89,000 in 2001.  The increase in cash flow provided
by  operating  activities  was due  primarily  to an  increase  in net income of
$75,000  along  with an  increase  in  non-cash  expenses  of  depreciation  and
amortization  of $194,000.  Cash flow used in investing  activities was $153,000
for the quarter ended March 31, 2002 compared to $353,000 in 2001.  The decrease
in cash flow used in  investing  activities  was due  primarily to a decrease in
capital  expenditures  related to the tenant  improvements  at the ACI building,
which were  completed and paid in 2001.  Cash flow used in financing  activities
was $298,000 for the quarter  ended March 31, 2002  compared to $53,000 in 2001.
The  cash  flow  used  in  financing   activities  primarily  consisted  of  the
distribution of $.25 per share ($305,000) paid in March 2002.

Occupancy

The occupancy levels at March 31 were as follows:
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>
                                                  OCCUPANCY LEVELS AT MARCH 31,
                                                      2002          2001

The Atrium .................................           76%           86%
Franklin Park ..............................          N/A            57%
ACI ........................................          100%          100%
Forest Park ................................           94%           92%
King's Court ...............................           96%          N/A
Chalet .....................................           97%          N/A
The Landings ...............................           95%          N/A
Barrington Hills ...........................           93%          N/A
</TABLE>

During  the  quarter  ended  March  31, 2002, the  occupancy level at the Atrium
increased from 74% at December 31, 2001 to 76%. Two tenants renewed their leases
for 2,136 square feet. One tenant moved in which occupied  2,348 square feet. No
tenants vacated during the quarter  ending March 31, 2002.  The property has one
major tenant  occupying 16% of the building. The lease for this  tenant  expires
in December 2003.

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

CONTINGENCIES

The Trust's  multi-tenant office building located in Bloomington,  Minnesota has
been classified in the Minneapolis Airport  Commission's (the "MAC") Safety Zone
A in  the  expansion  of  the  Minneapolis  Airport.  The  expansion  runway  is
anticipated to be completed in 2003. The MAC began buying out impacted buildings
during  1999.  Safety Zone A is adjacent  to the  Federal  Aviation  Authority's
runway  protection zone. The Trust will monitor the increased noise from the new
runway to determine any impact on future  leasing of the building.  If the Trust
determines there is a negative impact,  the Trust intends to petition the MAC to
buy the building.

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

                                       11
<PAGE>


MARKET RISK

The Trust has  considered  the provision of Financial  Reporting  Release No. 48
"Disclosure of Accounting  Policies for  Derivative  Financial  Instruments  and
Derivative Commodity Instruments, and Disclosure of Quantitative and Qualitative
Information  about Market Risk  Inherent in  Derivative  Financial  Instruments,
Other Financial Instruments and Derivative Commodity Instruments". The Trust had
no holdings of derivative financial or commodity instruments at March 31, 2002.

The Trust does not believe  that it has any material  exposure to interest  rate
risk.  The debt on the ACI  building is at a fixed rated of 8.63% and matures in
2010;  the debt on King's Court is at a fixed rate of 5.69% and matures in 2026;
the debt on the  Landings is at a fixed rate of 7.66% and  matures in 2007;  the
debt on  Chalet  is  at fixed rates of 6.59% and 6.535% and matures in 2008; and
the debt on Barrington  Hills is at a fixed rate of 6.035%,  is repriced in 2009
and matures in 2029. The debt on Forest Park  and the  line of  credit  are each
variable.  The current  interest rates on Forest Park and the line of credit are
4.91% and 4.75%,  respectively.  The debt on Forest Park matures in 2007 and the
line of credit  matures in  November  2002.  A 100 basis  point  increase in the
variable  rate debt on an annual basis would impact net income by  approximately
$32,000.

INFLATION

The  effects  of  inflation  did not have a  material  impact  upon the  Trust's
operations in the quarter ended March 31, 2002 or in fiscal 2001.

NEW ACCOUNTING PRONOUNCEMENT

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





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                                       12
<PAGE>




PART II    OTHER INFORMATION

ITEM 1.    LEGAL PROCEEDINGS
           None

ITEM 2.    CHANGES IN SECURITIES
           None

ITEM 3.    DEFAULTS UPON SENIOR SECURITIES
           None

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

ITEM 5.    OTHER INFORMATION
           None

ITEM 6.    EXHIBITS AND REPORTS ON FORM 8-K

           (a) Exhibits

           See Exhibits Index on Page 15

           (b) Reports on Form 8-K

           The following reports on Form 8-K were filed by the Trust during the
           first quarter of 2002:

           On  January 4, 2002, 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 November 15, 2001 of Barrington Hills
           Apartments, a  232-unit  apartment  complex  located  in Little Rock,
           Arkansas.

















                                       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: May 13, 2002                      By: /s/ Danley K. Sheldon
                                            ----------------------
                                            Danley K. Sheldon
                                            Trustee
                                            President

Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been  signed  below on  May 13,  2002, by the following persons on behalf of
the Trust and in the capacities indicated.

                                             /s/ John W. Alvey
                                             ---------------------
                                             John W. Alvey
                                             Trustee
                                             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-QSB for the quarter ended March 31, 2001, as filed
                  pursuant to  Rule  13a-13 under the Securities Exchange Act of
                  1934 (File No. 0013754).



                                       15