----

**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**FORM      10-QSB**

|   | **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       |   |
|   | incorporation                or organization)  |   | Identification                Number) |   |

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

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

----

| INDEX                          |                                                                           |   |
|--------------------------------|--------------------------------------------------------------------------------|--------|
|                           |                                                                           |   |
|                           |                                                                           | Page   |
| PART                I –  | FINANCIAL                INFORMATION                                           |   |
|                           |                                                                           |   |
| ITEM                1.         | FINANCIAL                STATEMENTS:                                           |   |
|                           | Condensed                Consolidated Balance Sheets                           | 3      |
|                           | Condensed                Consolidated Statements of Operations                 | 4      |
|                           | Condensed                Consolidated Statements of Cash Flows                 | 5      |
|                           | Notes                to Condensed Consolidated Financial Statements            | 6      |
|                           |                                                                           |   |
| ITEM                2.         | MANAGEMENT’S                DISCUSSION AND ANALYSIS OR PLAN OF OPERATION | 10     |
|                           |                                                                           |   |
| ITEM                3.         | CONTROLS                AND PROCEDURES                                         | 18     |
|                           |                                                                           |   |
| PART                II – | OTHER                INFORMATION                                               |   |
|                           |                                                                           |   |
| ITEM                1.         | LEGAL                PROCEEDINGS                                               | 18     |
| ITEM                2.         | UNREGISTERED                SALES OF EQUITY SECURITIES AND USE OF PROCEEDS     | 19     |
| ITEM                3.         | DEFAULTS                UPON SENIOR SECURITIES                                 | 19     |
| ITEM                4.         | SUBMISSION                OF MATTERS TO A VOTE OF SECURITY HOLDERS             | 19     |
| ITEM                5.         | OTHER                INFORMATION                                               | 20     |
| ITEM                6.         | EXHIBITS                                                                       | 20     |
|                           |                                                                           |   |
| SIGNATURES                     | 21                                                                             |
| EXHIBIT                INDEX   | 22                                                                             |

----

|                                                                                |   | June                30, |       |   | December                31, |   |
|-------------------------------------------------------------------------------------|--------|-------------------------|------------|--------|-----------------------------|--------|
|                                                                                |   | 2007                    |       |   | 2006                        |   |
| Assets                                                                              |   | (Unaudited)             |       |   |                        |   |
| Investment                property:                                                 |   |                    |       |   |                        |   |
| Land                                                                                |   | $                       | 3,101,000  |   |                        |   | 2,403,000 |   |
| Buildings                and                improvements                            |   |                    | 59,457,000 |   |                        |   | 44,663,000 |   |
| Personal                property                                                    |   |                    | 4,492,000  |   |                        |   | 3,525,000 |   |
|                                                                                |   |                    | 67,050,000 |   |                        |   | 50,591,000 |   |
|                                                                                |   |                    |       |   |                        |   |   |   |
| Less                accumulated                depreciation                         |   |                    | (8,863,000 | )      |                        |   | (7,491,000 |  ) |
|                                                                                |   |                    |       |   |                        |   |   |   |
| Total                investment property,                net                        |   |                    | 58,187,000 |   |                        |   | 43,100,000 |   |
|                                                                                |   |                    |       |   |                        |   |   |   |
| Cash                                                                                |   |                    | 4,572,000  |   |                        |   | 8,470,000 |   |
| Escrows                and reserves                                                 |   |                    | 1,217,000  |   |                        |   | 1,261,000 |   |
| Accounts                receivable                                                  |   |                    | 16,000     |   |                        |   | 119,000 |   |
| Prepaid                expenses and other assets                                    |   |                    | 390,000    |   |                        |   | 281,000 |   |
| Intangible                assets, net                                               |   |                    | 306,000    |   |                        |   | 346,000 |   |
| Deferred                expenses, less accumulated amortization                     |   |                    | 623,000    |   |                        |   | 529,000 |   |
| Assets                of discontinued operations                                    |   |                    | 133,000    |   |                        |   | 128,000 |   |
| Total                assets                                                         |   | $                       | 65,444,000 |   |                        |   | 54,234,000 |   |
|                                                                                |   |                    |       |   |                        |   |   |   |
| Liabilities                and Shareholders’ Equity                           |   |                    |       |   |                        |   |   |   |
| Liabilities:                                                                        |   |                    |       |   |                        |   |   |   |
| Mortgage                notes                payable                                |   | $                       | 51,876,000 |   |                        |   | 39,132,000 |   |
| Accounts                payable, prepaid rent                and accrued expenses   |   |                    | 961,000    |   |                        |   | 1,190,000 |   |
| Real                estate taxes                payable                             |   |                    | 517,000    |   |                        |   | 265,000 |   |
| Refundable                tenant                deposits                            |   |                    | 286,000    |   |                        |   | 244,000 |   |
| Other                accrued                liabilities                             |   |                    | 46,000     |   |                        |   | 46,000 |   |
| Liabilities                of discontinued                operations                |   |                    | 191,000    |   |                        |   | 204,000 |   |
| Total                liabilities                                                    |   |                    | 53,877,000 |   |                        |   | 41,081,000 |   |
|                                                                                |   |                    |       |   |                        |   |   |   |
| Minority                interest                                                    |   |                    | 676,000    |   |                        |   | 702,000 |   |
|                                                                                |   |                    |       |   |                        |   |   |   |
| Shareholders’                equity:                                          |   |                    |       |   |                        |   |   |   |
| Common                stock, $1 par value; Authorized 5,000,000 shares,             |   |                    |       |   |                        |   |   |   |
| issued                and outstanding                1,406,000 and 1,401,000 shares |   |                    |       |   |                        |   |   |   |
| in                2007 and 2006,                respectively                        |   |                    | 1,406,000  |   |                        |   | 1,401,000 |   |
| Preferred                Stock, $0.01 par value; Authorized 5,000,000 shares,       |   |                    |       |   |                        |   |   |   |
| no                shares issued and                outstanding                      |   |                    | ---        |   |                        |   | --- |   |
| Additional                paid-in capital                                           |   |                    | 19,191,000 |   |                        |   | 19,130,000 |   |
| Distributions                in excess of accumulated earnings                      |   |                    | (9,706,000 | )      |                        |   | (8,080,000 |  ) |
| Total                shareholders’                equity                      |   |                    | 10,891,000 |   |                        |   | 12,451,000 |   |
|                                                                                |   | $                       | 65,444,000 |   |                        |   | 54,234,000 |   |

----

|                                                                                    |   | Three                Months Ended |      |   | Six                Months Ended |   |
|-----------------------------------------------------------------------------------------|--------|-----------------------------------|-----------|--------|---------------------------------|--------|
|                                                                                    |   | June                30,           |      |   | June                30,         |   |   | June                30, |   |   | June                30, |   |
| Income                                                                                  |   | 2007                              |      |   | 2006                            |   |   | 2007 |   |   | 2006 |   |
| Revenues:                                                                               |   |                              |      |   |                            |   |   |   |   |   |   |   |
| Rental                                                                                  |   | $                                 | 2,519,000 |   |                            |   | 1,768,000 |   |   |   | 5,001,000 |   |   |   | 3,569,000 |   |
| Other                                                                                   |   |                              | 363,000   |   |                            |   | 214,000 |   |   |   | 685,000 |   |   |   | 414,000 |   |
| Total                revenues                                                           |   |                              | 2,882,000 |   |                            |   | 1,982,000 |   |   |   | 5,686,000 |   |   |   | 3,983,000 |   |
|                                                                                    |   |                              |      |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Expenses:                                                                               |   |                              |      |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation                and                amortization                             |   |                              | 815,000   |   |                            |   | 521,000 |   |   |   | 1,607,000 |   |   |   | 1,066,000 |   |
| Repairs                and                maintenance                                   |   |                              | 278,000   |   |                            |   | 296,000 |   |   |   | 578,000 |   |   |   | 483,000 |   |
| Turn                costs and                leasing                                    |   |                              | 151,000   |   |                            |   | 113,000 |   |   |   | 293,000 |   |   |   | 208,000 |   |
| Utilities                                                                               |   |                              | 266,000   |   |                            |   | 122,000 |   |   |   | 527,000 |   |   |   | 261,000 |   |
| Real                estate                taxes                                         |   |                              | 233,000   |   |                            |   | 135,000 |   |   |   | 444,000 |   |   |   | 278,000 |   |
| Insurance                                                                               |   |                              | 127,000   |   |                            |   | 78,000 |   |   |   | 240,000 |   |   |   | 153,000 |   |
| Related                party management                fee                              |   |                              | 139,000   |   |                            |   | 97,000 |   |   |   | 265,000 |   |   |   | 196,000 |   |
| Other                operating                expenses                                  |   |                              | 413,000   |   |                            |   | 310,000 |   |   |   | 714,000 |   |   |   | 531,000 |   |
| General                and                administrative                                |   |                              | 30,000    |   |                            |   | 114,000 |   |   |   | 210,000 |   |   |   | 180,000 |   |
|                                                                                    |   |                              |      |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Total                operating                expenses                                  |   |                              | 2,452,000 |   |                            |   | 1,786,000 |   |   |   | 4,878,000 |   |   |   | 3,356,000 |   |
|                                                                                    |   |                              |      |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Operating                income                                                         |   |                              | 430,000   |   |                            |   | 196,000 |   |   |   | 808,000 |   |   |   | 627,000 |   |
|                                                                                    |   |                              |      |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Interest                income                                                          |   |                              | (58,000   | )      |                            |   | (160,000 | ) |   |   | (106,000 | ) |   |   | (297,000 |  ) |
| Interest                expense                                                         |   |                              | 818,000   |   |                            |   | 581,000 |   |   |   | 1,628,000 |   |   |   | 1,159,000 |   |
| Loss                before minority interest                and discontinued operations |   |                              | (330,000  | )      |                            |   | (225,000 | ) |   |   | (714,000 | ) |   |   | (235,000 |  ) |
| Less                minority interest in                continuing operations           |   |                              | 11,000    |   |                            |   | 7,000 |   |   |   | 24,000 |   |   |   | 8,000 |   |
| Loss                from continuing                operations                           |   |                              | (319,000  | )      |                            |   | (218,000 | ) |   |   | (690,000 | ) |   |   | (227,000 |  ) |
|                                                                                    |   |                              |      |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Income                (loss)  from                discontinued operations     |   |                              |      |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| before                minority                interest                                  |   |                              | (52,000   | )      |                            |   | 130,000 |   |   |   | (68,000 | ) |   |   | 176,000 |   |
| Less                minority interest in                discontinued operations         |   |                              | 1,000     |   |                            |   | (4,000 | ) |   |   | 2,000 |   |   |   | (6,000 |  ) |
| Income                (loss) from                discontinued operations                |   |                              | (51,000   | )      |                            |   | 126,000 |   |   |   | (66,000 | ) |   |   | 170,000 |   |
|                                                                                    |   |                              |      |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Net                income                (loss)                                         |   | $                                 | (370,000  | )      |                            |   | (92,000 | ) |   |   | (756,000 | ) |   |   | (57,000 |  ) |
|                                                                                    |   |                              |      |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Per                share data (basic and diluted):                                      |   |                              |      |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Loss                from continuing                operations                           |   | $                                 | (.23      | )      |                            |   | (0.16 | ) |   |   | (.49 | ) |   |   | (0.16 |  ) |
| Income                (loss) from                discontinued operations                |   |                              | (.04      | )      |                            |   | 0.09 |   |   |   | (.05 | ) |   |   | 0.12 |   |
| Net                income (loss) per                share                               |   | $                                 | (.27      | )      |                            |   | (0.07 | ) |   |   | (.54 | ) |   |   | (0.04 |  ) |
|                                                                                    |   |                              |      |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Distributions:                                                                          |   |                              |      |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Paid                year-to-date:                                                       |   |                              |      |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Taxable                to                Shareholders                                   |   | $                                 | ---       |   |                            |   | --- |   |   |   | --- |   |   |   | --- |   |
| Return                of                capital                                         |   | $                                 | .40       |   |                            |   | --- |   |   |   | .60 |   |   |   | --- |   |
| Distributions                paid in current year                                       |   |                              | .40       |   |                            |   | --- |   |   |   | .60 |   |   |   | --- |   |
| Weighted                average shares outstanding, basic and diluted                   |   |                              | 1,404,000 |   |                            |   | 1,401,000 |   |   |   | 1,403,000 |   |   |   | 1,401,000 |   |

----

|                                                                                                                   |   | Six                Months Ended |       |
|------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------|------------|
|                                                                                                                   |   | June                30,         |       |   | June                30, |   |
| Cash                flows from operating activities:                                                                   |   | 2007                            |       |   | 2006 |   |
| Net                income (loss)                                                                                       |   | $                               | (756,000   | ) |   |   | (57,000 |  ) |
| Adjustments                to reconcile net income (loss) to net cash provided by operating                activities: |   |                            |       |   |   |   |   |   |
| Minority                interest                                                                                       |   |                            | (26,000    | ) |   |   | (2,000 |  ) |
| Depreciation                and                amortization                                                            |   |                            | 1,607,000  |   |   |   | 1,107,000 |   |
| Amortization                of loan                premium                                                             |   |                            | ---        |   |   |   | (63,000 |  ) |
| Amortization                of loan                costs                                                               |   |                            | 42,000     |   |   |   | --- |   |
| Changes                in accounts affecting                operations:                                                |   |                            |       |   |   |   |   |   |
| Accounts                receivable                                                                                     |   |                            | 103,000    |   |   |   | 187,000 |   |
| Prepaid                expenses and other                assets                                                        |   |                            | (117,000   | ) |   |   | (85,000 |  ) |
| Escrows                and reserves,                net                                                                |   |                            | 155,000    |   |   |   | 312,000 |   |
| Accounts                payable and other                liabilities                                                   |   |                            | 42,000     |   |   |   | (93,000 |  ) |
| Net                cash provided by operating                activities                                                |   |                            | 1,050,000  |   |   |   | 1,306,000 |   |
| Cash                flows from investing activities:                                                                   |   |                            |       |   |   |   |   |   |
| Capital                expenditures                                                                                    |   |                            | (407,000   | ) |   |   | (190,000 |  ) |
| Acquisition                of Highland                Pointe                                                           |   |                            | (3,420,000 | ) |   |   | --- |   |
| Net                cash used in investing                activities                                                    |   |                            | (3,827,000 | ) |   |   | (190,000 |  ) |
| Cash                flows from financing activities:                                                                   |   |                            |       |   |   |   |   |   |
| Principal                payments on mortgage                notes payable                                             |   |                            | (256,000   | ) |   |   | (179,000 |  ) |
| Cash                paid in connection with                refinance of investment property                            |   |                            | (45,000    | ) |   |   | --- |   |
| Payment                of loan                fees                                                                     |   |                            | (16,000    | ) |   |   | (7,000 |  ) |
| Issuance                of common                stock                                                                 |   |                            | 66,000     |   |   |   | --- |   |
| Distributions                paid to                shareholders                                                       |   |                            | (870,000   | ) |   |   | --- |   |
| Net                cash used in financing                activities                                                    |   |                            | (1,121,000 | ) |   |   | (186,000 |  ) |
| Net                increase (decrease) in cash                                                                         |   |                            | (3,898,000 | ) |   |   | 930,000 |   |
| Cash,                beginning of year                                                                                 |   |                            | 8,470,000  |   |   |   | 2,009,000 |   |
| Cash,                end of year                                                                                       |   | $                               | 4,572,000  |   |   |   | 2,939,000 |   |
| Supplemental                disclosure of cash flow information -                                                      |   |                            |       |   |   |   |   |   |
| Cash                paid during the six month period for interest                                                      |   | $                               | 1,634,000  |   |   |   | 1,278,000 |   |
| Supplemental                disclosure of non-cash investing and financing activities:                                 |   |                            |       |   |   |   |   |   |
| Highland                Pointe assets                acquired                                                          |   | $                               | 16,250,000 |   |   |   | --- |   |
| Highland                Pointe mortgage notes                payable and other liabilities assumed                     |   | $                               | 12,830,000 |   |   |   | --- |   |
| Highland                Pointe mortgage debt                extinguished with refinancing                              |   | $                               | 12,700,000 |   |   |   | --- |   |
| Mortgage                note resulting from                refinancing                                                 |   | $                               | 13,000,000 |   |   |   | --- |   |
| Arbor                Gate renovations financed                with accounts payable                                    |   | $                               | ---        |   |   |   | 1,302,000 |   |
| Arbor                Gate renovations paid from                insurance escrow account                                |   | $                               | ---        |   |   |   | 863,000 |   |
| Waverly                mortgage paid from                insurance escrow account                                      |   | $                               | ---        |   |   |   | 4,187,000 |   |
|     Insurance                proceeds deposited to escrows and reserves                            |   | $                               | ---        |   |   |   | 186,000 |   |

----

**(1)      Organization**

**(2)      **
**Summary of Significant Accounting      Policies**

**(3)      Segment Reporting**

*Disclosure About Segments of an Enterprise and      Related Information*

----

|                             |   |    |      |   | Net                Income |   |     |       |   |   |         |   |   |     |      |   |         |   |      |                      |
|----------------------------------|--------|---------|-----------|--------|---------------------------|--------|----------|------------|--------|--------|--------------|--------|--------|----------|-----------|--------|--------------|--------|-----------|---------------------------|
|                             |   |    |      |   | (Loss)                    |   |     |       |   |   | Depreciation |   |   |     |      |   |         |   |      |                      |
|                             |   | Total   |      |   | Continuing                |   |     | Investment |   |   | and          |   |   | Interest |      |   | Discontinued |   |      |                      |
|                             |   | Revenue |      |   | Operations                |   |     | Property   |   |   | Amortization |   |   | Expense  |      |   | Operations   |   |      | Assets                (1) |
| Apartments                       |   | $       | 5,042,000 |   |                      |   | (764,000 | )          |   |   | 16,447,000   |   |   |     | 1,505,000 |   |         |   | 1,520,000 |                      |   |   | (68,000 | ) |   |   | 61,886,000 |
| Commercial                Bldg.  |   |    | 644,000   |   |                      |   | 159,000  |       |   |   | 12,000       |   |   |     | 102,000   |   |         |   | 108,000   |                      |   |   | --- |   |   |   | 3,425,000 |
| Parent                           |   |    | ---       |   |                      |   | (109,000 | )          |   |   | ---          |   |   |     | ---       |   |         |   | ---       |                      |   |   | --- |   |   |   | --- |
| Subtotal                         |   |    | 5,686,000 |   |                      |   | (714,000 | )          |   |   | 16,459,000   |   |   |     | 1,607,000 |   |         |   | 1,628,000 |                      |   |   | (68,000 | ) |   |   | 65,311,000 |
| Minority                Interest |   |    | ---       |   |                      |   | 24,000   |       |   |   | ---          |   |   |     | ---       |   |         |   | ---       |                      |   |   | 2,000 |   |   |   | --- |
| Total                            |   | $       | 5,686,000 |   |                      |   | (690,000 | )          |   |   | 16,459,000   |   |   |     | 1,607,000 |   |         |   | 1,628,000 |                      |   |   | (66,000 | ) |   |   | 65,311,000 |

*Business Combinations*

*Business Combinations*

|                                                                                                                |   | June                30, 2007 |    |   | Dec.                31, 2006 |
|---------------------------------------------------------------------------------------------------------------------|--------|------------------------------|---------|--------|------------------------------|
| In-place                leases, net of accumulated amortization of $265,000 and $33,000                respectively |   | $                            | 306,000 |   |                         |   | 346,000 |
|                                                                                                                |   |                         |    |   |                         |   |   |
| Total                intangible assets, net                                                                         |   | $                            | 306,000 |   |                         |   | 346,000 |

----

**(5)      Related Party Transactions**

**(6)      Contingencies**

**(7)  Discontinued      Operations/Involuntary Conversions**

| Assets                                                                           |   | June                30, 2007 |    |   | Dec.                31, 2006 |
|----------------------------------------------------------------------------------|--------|------------------------------|---------|--------|------------------------------|
| Investment                property                                               |   |                         |    |   |                         |
| Land                                                                             |   | $                            | 128,000 |   |                         |   | 128,000 |
| Prepaid                expenses and other                assets                  |   |                         | 5,000   |   |                         |   | --- |
| Assets                of discontinued operations - property held for sale        |   | $                            | 133,000 |   |                         |   | 128,000 |
| Liabilities:                                                                     |   |                         |    |   |                         |   |   |
| Account                payable, prepaid rent                and accrued expenses |   | $                            | 149,000 |   |                         |   | 149,000 |
| Real                estate taxes                payable                          |   |                         | 42,000  |   |                         |   | 55,000 |
| Liabilities                of discontinued operations - property held for sale   |   | $                            | 191,000 |   |                         |   | 204,000 |

----

|                                                            |   | Three                Months Ended |    |   | Six                Months Ended |   |
|-----------------------------------------------------------------|--------|-----------------------------------|---------|--------|---------------------------------|--------|
|                                                            |   | June                30,           |    |   | June                30,         |   |   | June                30, |   |   | June                30, |   |
|                                                            |   | 2007                              |    |   | 2006                            |   |   | 2007 |   |   | 2006 |   |
| Total                revenues                                   |   | $                                 | ---     |   |                            |   | 204,000 |   |   |   | 1,000 |   |   |   | 358,000 |   |
| Operating                Expenses                               |   |                              | (52,000 | )      |                            |   | (130,000 | ) |   |   | (69,000 | ) |   |   | 285,000 |   |
| Net                operating income (loss)                      |   |                              | (52,000 | )      |                            |   | 74,000 |   |   |   | (68,000 | ) |   |   | 73,000 |   |
| Interest                income                                  |   |                              | ---     |   |                            |   | 5,000 |   |   |   | --- |   |   |   | 26,000 |   |
| Interest                expense                                 |   |                              | ---     |   |                            |   | (48,000 | ) |   |   | --- |   |   |   | (137,000 |  ) |
| Loss                from discontinued operations - before ACI   |   | $                                 | (52,000 | )      |                            |   | 31,000 |   |   |   | (68,000 | ) |   |   | (38,000 |  ) |
| Income                from discontinued operations - ACI        |   |                              | ---     |   |                            |   | 99,000 |   |   |   | --- |   |   |   | 214,000 |   |
| Income                (loss) from discontinued operations - ACI |   | $                                 | (52,000 | )      |                            |   | 130,000 |   |   |   | (68,000 | ) |   |   | 176,000 |   |

** (8)      Subsequent Events**

----

----

** **
** **

*Business Combinations*

*Fair Value Measurements*

*Establishing the Fair Value      Option for Financial Assets and Liabilities*

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| PROPERTY                                                                                                              | #                UNITS                                         | TYPE                                                                           | LOCATION                             | PURCHASE                DATE   |
|-----------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------|--------------------------------------------------------------------------------|--------------------------------------|--------------------------------|
|                                                                                                                  |                                                           |                                                                           |                                 |                           |
| Barrington                Hills Apartments(“Barrington                Hills”)                             | 232                                                            | Apartments                                                                     | Little                Rock, AR       | November,                2001  |
|                                                                                                                  |                                                           |                                                                           |                                 |                           |
| Bicycle                Club Apartments(“Bicycle                Club”)                                     | 312                                                       | Apartments                                                                | North                Kansas City, MO | July,                2005      |
|                                                                                                                  |                                                           |                                                                           |                                 |                           |
| Chalet                Apartments - I and II(“Chalet”)                                                     | 234                                                            | Apartments                                                                     | Topeka,                KS            | September,                2001 |
|                                                                                                                  |                                                           |                                                                           |                                 |                           |
| Forest                Park Apartments (1)(“Forest                Park”)(f.k.a.                North Winn) | 110                                                            | Apartments                                                                     | Kansas                City, MO       | August,                2000    |
|                                                                                                                  |                                                           |                                                                           |                                 |                           |
| Valley                Forge Apartments (1) (“Valley                Forge”)                           | 88                                                             | Apartments                                                                     | Kansas                City, MO       | November,                2006  |
|                                                                                                                  |                                                           |                                                                           |                                 |                           |
| King’s                Court Apartments (2)(“King’s                Court”)                     | 82                                                             | Apartments                                                                     | Olathe,                KS            | August,                2001    |
|                                                                                                                  |                                                           |                                                                           |                                 |                           |
| Terrace                Apartments (2)(“Terrace”)                                                          | 84                                                             | Apartments                                                                     | Olathe,                KS            | April,                2004     |
|                                                                                                                  |                                                           |                                                                           |                                 |                           |
| Highland                Pointe Apartments (“Highland                  Pointe”)                            | 232                                                            | Apartments                                                                     | Yukon,                OK             | January,                2007   |
|                                                                                                                  |                                                           |                                                                           |                                 |                           |
| Northtown                Business Center                                                                              | 240,000                sq. ft. &12.44                acres | Industrial                and related office andmezzanine                space | North                Kansas City, MO | August,                2006    |
|                                                                                                                  |                                                           |                                                                           |                                 |                           |
| The                Landings Apartments(the                “Landings”)                                     | 154                                                            | Apartments                                                                     | Little                Rock, AR       | September,                2001 |
|                                                                                                                  |                                                           |                                                                           |                                 |                           |
| Waverly                Apartments(“Waverly”)                                                              | 128                                                            | Apartments                                                                     | Bay                Saint Louis, MS   | September,                2004 |

*UPREIT      Structure*

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** **

**$**
** **

**,**

** **
** **
**.**

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|                                 |   | Balance                at    |       | Interest |                Fixed    | Due    |
|--------------------------------------|--------|------------------------------|------------|----------|------------------------------|--------|
|                                 |   | June                30, 2007 |       | Rate     | or                (variable) | Date   |
|                                 |   |                         |       |     |                         |   |
| Barrington                Hills      |   |                         | 5,368,000  |     | 6.04                         | %      | Fixed | July                1, 2029 |
|                                 |   |                         |       |     |                         |   |   |   |
| Bicycle                Club          |   |                         | 11,156,000 |     | 6.19                         | %      | Fixed | September                1, 2016 |
|                                 |   |                         |       |     |                         |   |   |   |
| Chalet                I              |   |                         | 3,759,000  |     | 6.59                         | %      | Fixed | October                1, 2008 |
|                                 |   |                         |       |     |                         |   |   |   |
| Chalet                II             |   |                         | 1,417,000  |     | 6.54                         | %      | Fixed | October                1, 2008 |
|                                 |   |                         |       |     |                         |   |   |   |
| Forest                Park           |   |                         | 2,343,000  |     | 5.29                         | %      | Fixed | September                1, 2015 |
|                                 |   |                         |       |     |                         |   |   |   |
| Highland                Pointe       |   |                         | 13,000,000 |     | 5.67                         | %      | Fixed | February                28, 2017 |
|                                 |   |                         |       |     |                         |   |   |   |
| Kings                Court           |   |                         | 2,246,000  |     | 5.91                         | %      | (variable) | May                1, 2009 |
|                                 |   |                         |       |     |                         |   |   |   |
| Northtown                Bus. Center |   |                         | 3,122,000  |     | 6.87                         | %      | Fixed | September                1, 2016 |
|                                 |   |                         |       |     |                         |   |   |   |
| Terrace                              |   |                         | 1,552,000  |     | 6.87                         | %      | Fixed | February                1, 2009 |
|                                 |   |                         |       |     |                         |   |   |   |
| The                Landings          |   |                         | 6,198,000  |     | 6.19                         | %      | Fixed | September                1, 2016 |
|                                 |   |                         |       |     |                         |   |   |   |
| Valley                Forge          |   |                         | 1,715,000  |     | 5.69                         | %      | Fixed | December                1, 2015 |
|                                 |   |                         |       |     |                         |   |   |   |
| Total                                |   | $                            | 51,876,000 |     |                         |   |   |   |

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|                                                              |   | Three                Months Ended |     |   | Six                Months Ended |   |
|-------------------------------------------------------------------|--------|-----------------------------------|----------|--------|---------------------------------|--------|
|                                                              |   | June                30,           |     |   | June                30,         |   |   | June                30, |   |   | June                30, |   |
|                                                              |   | 2007                              |     |   | 2006                            |   |   | 2007 |   |   | 2006 |   |
| Net                income (loss)                                  |   | $                                 | (370,000 | )      |                            |   | (92,000 | ) |   |   | (756,000 | ) |   |   | (57,000 | ) |
|                                                              |   |                              |     |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Property                related depreciation and amortization (1) |   |                              | 815,000  |   |                            |   | 521,000 |   |   |   | 1,607,000 |   |   |   | 1,066,000 |   |
| Funds                from operations                              |   | $                                 | 445,000  |   |                            |   | 429,000 |   |   |   | 851,000 |   |   |   | 1,009,000 |   |

|                                          | OCCUPANCY                LEVELS  |
|-----------------------------------------------|---------------------------------------|
|                                          |  AT                  JUNE 30,    |
|                                          | 2007                                  |   | 2006 |
| Arbor                  Gate (1)               | n/a                                   |   | 97% |
| Barrington                  Hills             | 86%                                   |   | 86% |
| Bicycle                  Club                 | 91%                                   |   | 91% |
| Chalet                                        | 93%                                   |   | 95% |
| Forest                  Park/Valley Forge (2) | 87%                                   |   | 94% |
| Highland                  Pointe (3)     | 87%                                   |   | n/a |
| King’s                  Court/Terrace   | 90%                                   |   | 93% |
| The                  Landings                 | 92%                                   |   | 95% |
| Northtown Business Center (4)  | 95%                                   |   | n/a |
| Waverly                  (5)                  | 0%                                    |   | 0% |

----

** **
** **

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** **
** **

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|   |                          |   | MAXUS                REALTY TRUST, INC.              |
|--------|-------------------------------|--------|------------------------------------------------------|
|   |                          |   |                                                 |
| Date:  | August                9, 2007 | By:    |  /s/              David L. Johnson              |
|   |                          |   | David                L. Johnson                      |
|   |                          |   | Chairman                of the Board,                |
|   |                          |   | President                and Chief Executive Officer |
|   |                          |   | Trustee                                              |
|   |                          |   |                                                 |
| Date:  | August                9, 2007 | By:    |  /s/              John W. Alvey                 |
|   |                          |   | John                W. Alvey                         |
|   |                          |   | Treasurer                and                         |
|   |                          |   | Principal                Financial Officer           |

----

| Exhibit |   |                                                                                                                                                                                                                                                                                                                                                                                                                     |
|---------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Number  |   | Description                                                                                                                                                                                                                                                                                                                                                                                                              |
|    |   |                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 3.1     |   | Articles                of Incorporation of the Registrant, as amended, are incorporated                by                reference to Exhibit 3.1 to the Registrant's Quarterly Report on                Form                10-QSB for the quarter ended March 31, 2005, 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 May 22, 2006, are incorporated by reference                to Exhibit 3.2, to the Registrant's Quarterly Report on Form 10-QSB                for                the quarter ended September 30, 2006, as filed pursuant to Rule 13a-13                under the Securities Exchange Act of 1934 (File No.                0000-13754)                                |
|    |   |                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 31.1    |   | Certification                of the Chief Executive Officer Pursuant to Section 302 of the                Sarbanes-Oxley Act of 2002                                                                                                                                                                                                                                                                                     |
|    |   |                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 31.2    |   | Certification                of the Chief Financial Officer Pursuant to Section 302 of the                Sarbanes-Oxley Act of 2002                                                                                                                                                                                                                                                                                     |
|    |   |                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 32.1    |   | Certification                of the Chief Executive Officer Pursuant to Section 906 of the                Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                    |
|    |   |                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 32.2    |   | Certification                of the Chief Financial Officer Pursuant to Section 906 of the                Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                    |