UNITED STATES
                     SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C. 20549

                              FORM 10-Q/A
(Mark One)

        [X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
                    SECURITIES EXCHANGE ACT OF 1934
              For the quarterly period ended June 30, 2001

                                     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:  001-13807

                                 ElderTrust
          (Exact name of registrant as specified in its charter)



                Maryland                           23-2932973
  (State or other jurisdiction of               (I.R.S. Employer
   incorporation or organization)            Identification Number)


     101 East State Street, Suite 100, Kennett Square, PA     19348
        (Address of principal executive offices)            (Zip Code)



                              (610) 925-4200
             (Registrant's telephone number, including area code)

     Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such
shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days.

                     	Yes    X    	 No
                            ------           ------

     Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date:

        Class                         Outstanding at August 15, 2001
------------------------------       --------------------------------
  Common shares of beneficial                    7,119,000
interest $0.01 par value per share


                              EXPLANATORY NOTE

     This Form 10-Q/A is being filed solely for the purpose of amending
Part I, Item I in our Quarterly Report on Form 10-Q for the quarter
ended June 30, 2001, which was filed with the commission on August 14,
2001, to correct an error on the Condensed Consolidated Statement of
Operations for the loss reported on the impairment of long-lived assets
for the three and six months ended June 30, 2001.  Item I of our Form
10-Q for the quarter ended June 30, 2001 is hereby revised and restated
in its entirety as follows.




 PART I - FINANCIAL INFORMATION

ITEM 1.  Financial Statements

                             ELDERTRUST
                CONDENSED CONSOLIDATED BALANCE SHEETS
         (in thousands, except share and per share amounts)

                                                June 30,  December 31,
                                                  2001        2000
                                              (unaudited)
                                         --------------------------------
                        ASSETS

Assets:
  Real estate properties, at cost                 $160,216     $148,939
  Less - accumulated depreciation                  (16,867)     (14,085)
  Land                                              16,358       14,950
                                               ------------ ------------
    Net real estate properties                     159,707      149,804

  Properties held for sale, net of impairment
    allowance of $1,467 and $1,433, respectively     9,695       11,365
  Real estate loans receivable, net of allowance
    of $39 and $7,087, respectively                 21,659       41,559
  Cash and cash equivalents                          3,936        3,105
  Restricted cash                                    9,309        8,409
  Accounts receivable, net of allowance of $399
    and $1,247, respectively                           834        1,466
  Accounts receivable from unconsolidated entities   1,809        1,905
  Prepaid expenses                                     542          483
  Investment in and advances to unconsolidated
    entities, net of allowance of $1,617 and
    $1,466, respectively                            25,281       18,137
  Other assets, net of accumulated amortization
    and depreciation of $3,159 and $2,840,
    respectively                                       813        1,454
                                               ------------ ------------
                                                  $233,585     $237,687
                                               ============ ============

                    LIABILITIES AND SHAREHOLDERS' EQUITY

Liabilities:
  Bank credit facility                             $36,015      $38,720
  Accounts payable and accrued expenses              1,246        1,613
  Accounts payable to unconsolidated entities           11           12
  Mortgages and bonds payable                      107,338      107,932
  Notes payable to unconsolidated entities             980        1,015
  Other liabilities                                  3,732        3,639
                                                ------------ ------------
       Total liabilities                           149,322      152,931
                                                ------------ ------------

Minority interest                                    4,573        4,657

Shareholders' equity:
  Preferred shares, $.01 par value; 20,000,000
    shares authorized; none outstanding                  -            -
  Common shares, $.01 par value; 100,000,000
  shares authorized; 7,119,000 shares issued
    and outstanding                                     71           71
  Capital in excess of par value                   120,580      120,377
  Deficit                                          (40,961)     (40,349)
                                                ------------ ------------
Total shareholders' equity                          79,690       80,099
                                                ------------ ------------
Total liabilities and shareholders' equity        $233,585     $237,687
                                                ============ ============


                See accompanying notes to unaudited condensed
                    consolidated financial statements.

                                   1




                               ELDERTRUST
              CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                              (Unaudited)
                 (in thousands, except per share amounts)

                                For the three months For the six months
                                    ended June 30,    ended June 30,
                                     2001     2000     2001     2000
                                -------------------- ------------------
Revenues:
  Rental revenues                   $4,668   $4,686   $9,354   $9,366
  Interest, net of amortization
   of deferred loan origination
   costs                               730      991    1,531    2,310
  Interest from unconsolidated
   equity investees                    930      764    1,796    1,711
  Other income                          64       60      115      118
                                  -------- -------- -------- --------
   Total revenues                    6,392    6,501   12,796   13,505

Expenses:
  Property operating expenses          298      314      590      608
  Interest expense, including
   amortization of deferred
   finance costs                     3,038    3,500    6,405    6,887
  Depreciation                       1,412    1,487    2,792    2,941
  General and administrative           555    1,365    1,930    2,012
  Loss on impairment of long-
   lived assets                          -        -      450        -
  Bad debt expense                      14   20,267       28   20,267
                                   -------- -------- -------- --------
   Total expenses                    5,317   26,933   12,195   32,715
                                   -------- -------- -------- --------

Net income (loss) before equity
 in losses of unconsolidated
 entities and minority interest      1,075  (20,432)     601  (19,210)

Equity in losses of unconsolidated
 entities, net                        (735)  (8,216)  (1,240)  (8,882)
Minority interest                      (21)   1,926       27    1,886
                                   -------- --------- -------- --------

Net income (loss)                     $319 ($26,722)   ($612)($26,206)
                                   ======== ========= ======== ========

Basic weighted average number of
 common shares outstanding           7,119    7,119    7,119    7,119
                                   ======== ========= ======== ========

Net income (loss) per share - basic  $0.04   ($3.75)  ($0.09)  ($3.68)
                                   ======== ========= ======== ========

Diluted weighted average number
 of common shares outstanding        7,537    7,119    7,119    7,119
                                   ======== ========= ======== ========

Net income (loss) per share
 - diluted                           $0.04   ($3.75)  ($0.09)  ($3.68)
                                   ======== ========= ======== ========


              See accompanying notes to unaudited condensed
                   consolidated financial statements.
                                   2


                               ELDERTRUST
             CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                              (Unaudited)
                             (in thousands)

                                                      Six months ended
                                                          June 30,
                                                      -----------------
                                                         2001    2000
                                                      -------- --------
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net loss                                              ($612) ($26,206)
  Adjustments to reconcile net loss to net cash
   provided by operating activities:
     Depreciation and amortization                      3,224     3,377
     Bad debt expense                                      28    20,267
     Loss on impairment of long-lived assets              450         -
     Minority interest and equity in losses from
      unconsolidated entities                           1,213     6,996
     Net changes in assets and liabilities:
        Accounts receivable and prepaid expenses          669      (241)
        Accounts payable and accrued expenses            (368)      (69)
        Other                                             114       476
                                                      -------- --------
          Net cash provided by operating activities     4,718     4,600

CASH FLOWS FROM INVESTING ACTIVITIES:
  Capital expenditures                                    (37)      (93)
  Proceeds from collection on advances to
   unconsolidated entities                                 88       620
  Net increase in reserve funds and deposits -
   restricted cash                                       (900)     (479)
  Other                                                   (30)        -
                                                      -------- --------
          Net cash provided (used) in investing
             activities                                  (879)      48
                                                      -------- --------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Payment of deferred financing fees                        -      (488)
  Principal payments under Bank Credit Facility        (2,362)     (521)
  Principal payments on mortgages and bonds payable      (593)     (545)
  Purchase of partnership units                           (18)        -
  Distributions to shareholders                             -    (4,272)
  Distributions to minority interests                       -      (327)
  Other                                                   (35)      (31)
                                                      -------- --------
          Net cash used in financing activities        (3,008)   (6,184)

Net increase (decrease) in cash and cash equivalents      831    (1,536)
Cash and cash equivalents, beginning of period          3,105     3,605
                                                      -------- --------
Cash and cash equivalents, end of period               $3,936    $2,069
                                                      ======== ========

Supplemental cash flow information:
Cash paid for interest                                 $6,080   $6,738
                                                      ======== ========


             See accompanying notes to unaudited condensed
                   consolidated financial statements.

                                   3

                               ELDERTRUST
                       NOTES TO UNAUDITED CONDENSED
                    CONSOLIDATED FINANCIAL STATEMENTS

1.  Basis of Presentation

     The accompanying interim unaudited condensed consolidated financial
statements of ElderTrust and its consolidated subsidiaries ("ElderTrust"
or the "Company") do not include all of the footnote disclosures required
for a complete presentation of the financial statements in accordance
with accounting principles generally accepted in the United States of
America.  The December 31, 2000 condensed consolidated balance sheet
was derived from audited financial statements.  In the opinion of
management, all adjustments considered necessary for a fair presentation
of the financial statements for the interim periods presented have been
included.  Operating results for the six months ended June 30, 2001 are
not necessarily indicative of the results that may be expected for the
full fiscal year ending December 31, 2001.

     The accompanying unaudited condensed consolidated financial statements
should be read together with the consolidated financial statements and
notes thereto for the year ended December 31, 2000 included in the
Company's annual report on Form 10-K filed with the Securities and
Exchange Commission.

2.  Certain Significant Risks and Uncertainties

Genesis and Multicare Chapter 11 Bankruptcy Filings; Lease and Loan
Restructurings

     Approximately 71% of the Company's consolidated assets at June 30,
2001 consisted of real estate properties leased to or managed by and
loans on real estate properties made to Genesis Health Ventures, Inc.
("Genesis") or its consolidated subsidiaries or entities in which Genesis
accounts for its investment using the equity method of accounting
("Genesis Equity Investees"), under agreements as manager, tenant or
borrower.  Revenues recorded by the Company in connection with these
leases and borrowings aggregated $4.0 million in the second quarter of
2001 and $8.1 million for the six months ended June 30, 2001.  In addition,
the Company's equity investees have also leased properties to Genesis or
Genesis Equity Investees.  As a result of these relationships, the
Company's revenues and ability to meet its obligations depends, in
significant part, upon the ability of Genesis and Genesis Equity Investees
to meet their lease and loan obligations.  As well as revenues
derived from, and the successful operation of, the facilities leased to
or managed by Genesis or Genesis Equity Investees.

     On June 22, 2000, Genesis, the Company's principal tenant, and The
Multicare Companies, Inc., a 43.6% owned consolidated subsidiary of
Genesis ("Multicare"), filed for protection under Chapter 11 of the
United States Bankruptcy Code.  Both companies are currently operating
as debtors-in-possession subject to the jurisdiction of the U.S.
Bankruptcy Court.  On January 4, 2001, agreements negotiated in the
prior year between the Company, Genesis and Multicare and Genesis and
Multicare's major creditors were approved by the U.S. Bankruptcy Court
and were consummated on January 31, 2001. See "Management's Discussion
and Analysis of Financial Condition and Results of Operations" for a
description of the principal terms of these agreements.

                                   4

                               ELDERTRUST
                       NOTES TO UNAUDITED CONDENSED
             CONSOLIDATED FINANCIAL STATEMENTS (consolidated)

     On June 5, 2001, Genesis and Multicare filed a joint plan of
reorganization with the U.S. Bankruptcy Court.  This plan was revised
and re-filed on July 3, 2001.  The revised plan calls for Multicare to
become a wholly-owned subsidiary of Genesis.  Additionally, the revised
plan provides for the issuance of notes and common and preferred stock.
The revised plan has been endorsed by both Genesis and Multicare's senior
bank lenders and the official statutory committees of unsecured creditors.
Approval of the revised reorganization plan by the U.S. Bankruptcy Court
will be necessary for Genesis and Multicare to be able to emerge from
bankruptcy.

     The independent auditors' report on Genesis' 2000 financial statements,
included in Genesis' Form 10-K for the year ended September 30, 2000,
indicated that there is substantial doubt regarding the ability of Genesis
and Multicare to continue as going concerns.  Each company's ability to
continue as a going concern is dependent upon, among other things,
approval of the plan of reorganization, future profitable operations,
the ability to comply with the terms of their debtor-in-possession
financing arrangements and the ability to generate sufficient cash from
operations and financing agreements to meet their obligations.  Although
we are hopeful Genesis and Multicare will emerge from bankruptcy and
continue to make lease and loan payments to us, there can be no assurance
that this will occur.  Any failure of Genesis and Multicare to continue
their operations and/or to continue to make lease and loan payments to
us could have a significant adverse impact on our operations and cash
flows due to the significant portion of our properties leased to and
loans made to Genesis and Multicare.

Liquidity

     The Company has a working capital deficit of $26.2 million at June
30, 2001, resulting primarily from the classification of approximately
$25.5 million of long-term debt as current due to the Company's default
on mortgages for failure to meet certain technical requirements,
including property information requirements and the bankruptcy filing
by Genesis.  If the Company is unable to obtain waivers of the failed
covenants, the lenders could exercise their rights to accelerate the
related indebtedness or foreclose on the underlying collateral
immediately.  Based, in part, on the Company's favorable payment
history, the Company believes that the lenders will take no action in
regard to these technical defaults.

                                   5

                               ELDERTRUST
                       NOTES TO UNAUDITED CONDENSED
             CONSOLIDATED FINANCIAL STATEMENTS (consolidated)

3.  Real Estate Loans Receivable

<TABLE>
The following is a summary of real estate loans receivable (dollars
in thousands):
<CAPTION>

                                 Stated    Scheduled   Balance at  Balance at
                                 Type of    Interest   Maturity     June 30,  December 31,
           Property                Loan        Rate      Date        2001        2000
-------------------------------- --------- -----------------------------------------------
<S>             <C>              <C>           <C>       <C>       <C>        <C>
Harbor Place    Melbourne, FL    Term          10.0%     5/2002    $ 4,828    $ 4,828
Mifflin         Shillington, PA  Term           9.5%     6/2002      2,474      5,164 (1)
Coquina Place   Ormond Beach, FL Term           9.5%     6/2002      1,400      4,577 (1)
Lehigh          Macungie, PA     Term          10.5%     6/2000          -      6,665 (2)
Berkshire       Reading, PA      Term          10.5%     6/2000          -      6,167 (2)
Oaks            Wyncote, PA      Construction   9.0%     6/2002      3,500      5,033 (1)
Montchanin      Wilmington, DE   Construction  10.5%     8/2000      9,496      9,496
Sanatoga        Pottstown, PA    Construction  10.5%     1/2001          -      6,716 (2)
                                                                  ---------  ------------
                                                                    21,698     48,646
Allowance for credit losses                                           (39)     (7,087)
                                                                 ---------  ------------
                                                                  $ 21,659   $ 41,559
                                                                 =========  ============
<FN>
<F1>
(1) Under the terms of the restructuring agreement with Genesis, these loans receivable
    have been reduced.
<F2>
(2) Title of property passed to company affiliates at January 31, 2001 under the
    restructuring with Genesis.
</FN>
</TABLE>

     The Company had one term loan in the amount of $4.8 million, with
an original annual interest rate of 9.5%, secured by the Harbor Place
facility.  On January 31, 2001, under the restructuring of the
relationships between ElderTrust and Genesis, the Company extended the
term of the loan until May 31, 2002, for a fee of $24,000 which was paid
on January 31, 2001.  The Company also increased the interest rate to
10.0% per annum.  Principal payments will be made monthly to the extent
of one half of excess cash flow of the property, if any, after payment
of operating expenses, management fee, interest and an amount to be
agreed upon by the parties for capital expenditures.

     The loan secured by the Montchanin facility is in default.  The
Company is charging the borrower the default interest rate of 3% above
the stated interest rate of 10.5%.  This loan matured in August 2000
and has not been re-paid.  The Company has begun collection proceedings.
The Company has the option to purchase this facility for $13.0 million.

     In July 2001, the Company was notified that the primary debtor of
the Montchanin property, Senior Life Choice of Wilmington, LLC ("SLC"),
entered into a purchase and sale agreement, with a third-party, to sell
the Montchanin property for approximately $10.0 million.  If the sale
of the Montchanin property is completed by SLC, the proceeds to the
Company from the repayment of the SLC mortgage loan will be used to pay
down the Company's Bank Credit Facility.  The sale is expected to close
during the third quarter of 2001.

                                   6

                               ELDERTRUST
                       NOTES TO UNAUDITED CONDENSED
             CONSOLIDATED FINANCIAL STATEMENTS (consolidated)

4.  Properties Held for Sale

     In April 2001, the Company executed a letter of intent to sell the
Woodbridge assisted living facility.  The Company owns through ElderTrust
Operating Limited Partnership 100% of the partnership interests in ET
Sub-Woodbridge, L.P., whose sole asset consists of the Woodbridge assisted
living facility, located in Kimberton, Pennsylvania.  During the second
quarter of 2001, the letter of intent was terminated due to the contractual
differences between the Company and the purchaser.  This property is
classified as held for sale.  After adjusting for impairment losses of
$1.5 million, the property has a net carrying value of $9.7 million as
of June 30, 2001.  The Company is currently actively marketing the
Woodbridge assisted living facility for sale.

5.  Investments in Unconsolidated Entities

     The Company's equity investees represent entities in which the
controlling interests are owned by Mr. D. Lee McCreary, Jr., the
Company's President, Chief Executive Officer and Chief Financial
Officer.  As a result, the Company records its investments in, and
results of operations from, these entities using the equity method of
accounting.

     Summary unaudited combined financial information as of and for the
six month period ended June 30, 2001 for these unconsolidated entities
is as follows (dollars in thousands):

                            ET Sub-      ET    ET Sub-    ET Sub-
                           Meridian,  Capital   Cabot    Cleveland
                              LLP      Corp.  Park, LLC Circle, LLC Total
                          -----------------------------------------------
Current assets               $1,113     $185      $92       $141   $1,531
Real estate properties (1)  101,278        -   16,275     13,436  130,989
Notes receivable                  -    4,239        -          -    4,239
Other assets                      -        -      548        519    1,067
Total assets                102,391    4,694   16,916     14,096  138,097
Current liabilities           2,418      385      592        651    4,046
Long-term debt (2)          104,840    9,144   16,606     13,365  143,955
Total deficit                (6,575)  (4,835)    (552)      (146) (12,108)
Rental revenue                4,900        -      833        738    6,471
Interest income                  58      962       14         14    1,048
Interest expense              4,121      260      676        516    5,573
Depreciation/amortization     1,756        -      280        231    2,267
Bad debt expense                 47      743        -          -      790
Net income (loss)            (1,000)    (120)    (125)       (12)  (1,257)
Percent ownership              99%       95%      99%         99%
 _______________
(1)  Includes properties under capital lease.
(2)  Includes capital lease obligations.

                                    7

                               ELDERTRUST
                       NOTES TO UNAUDITED CONDENSED
             CONSOLIDATED FINANCIAL STATEMENTS (consolidated)

6.  Bank Credit Facility

     Effective January 31, 2001, the Bank Credit Facility was extended
to August 31, 2002 and the covenants amended to cure the then existing
covenant violations.  As a result of this extension the Company is (i)
prohibited from further borrowings under the facility, (ii) required to
make monthly principal payments equal to the cash flow generated by the
Company for the month and (iii) is prevented from paying distributions
to shareholders in excess of 110% of that amount required to maintain
the Company's REIT status under the tax laws.

     The amounts outstanding under the Bank Credit Facility bear interest
at a floating rate 3.25% over one-month LIBOR, or 7.31% at June 30, 2001.

     The Bank Credit Facility contains various financial and other covenants,
including, but not limited to, minimum net asset value, minimum tangible
net worth, a total leverage ratio and minimum interest coverage ratio.
The Company's owned properties and properties underlying loans receivable
with an aggregate cost basis of $63.1 million are included in the Bank
Credit Facility borrowing base and pledged as collateral at June 30, 2001.

      7.  Income (Loss) Per Share

     The following table sets forth the computation of basic and diluted net
income (loss) per share for the periods indicated (in thousands, except
per share data):

                              For the three months   For the six months
                                 ended June 30,        ended June 30,
                              --------------------  --------------------
                                 2001     2000         2001     2000
                              ---------  ---------  ---------  ---------
Basic income (loss) per share:
------------------------------
  Net income (loss)               $319   ($26,722)    ($612)  ($26,206)

  Weighted average common
    shares outstanding           7,119      7,119     7,119      7,119
                               ========= =========  ========= =========

  Basic net income (loss)
    per share                    $0.04     ($3.75)   ($0.09)    ($3.68)
                               ========= =========  ========= =========

Diluted loss per share:
------------------------------
  Net income (loss)               $319   ($26,722)    ($612)  ($26,206)

  Weighted average common
    shares outstanding           7,119      7,119     7,119      7,119

  Common stock equivalents -
    stock options & warrants       418          -         -          -
                               --------- ---------  --------- ---------

  Total weighted average
    number of diluted shares     7,537      7,119      7,119     7,119
                               ========= =========  ========= =========

  Diluted net income (loss)
    per share                    $0.04     ($3.75)    ($0.09)   ($3.68)
                               ========= =========  ========= =========

                                   8

                               ELDERTRUST
                       NOTES TO UNAUDITED CONDENSED
             CONSOLIDATED FINANCIAL STATEMENTS (consolidated)

     Units of ElderTrust Operating Limited Partnership are not included
in the determination of weighted average common shares outstanding for
purposes of computing diluted income per share since they are redeemable
for cash at the Company's discretion.

8.   New York Stock Exchange Listing

     On August 8, 2000, the Company was notified by the New York Stock
Exchange ("NYSE") that it had fallen below the continued listing criteria
relating to total market capitalization and minimum share value.  Under
the market capitalization requirement, the Company's market capitalization
must, on average over the preceding thirty-trading day period, equal or
exceed $15 million.  Under the minimum share value requirement, the
Company's shares must trade at a value exceeding $1 for thirty consecutive
trading days.  Under the NYSE rules, the Company submitted a plan
demonstrating that these criteria could be attained within 18 months.

     On January 12, 2001, the NYSE notified the Company that, based upon
plan accomplishments to date and short-term stock price and market
capitalization improvement through January 11, 2001, the Company met the
continued listing criteria and that the NYSE was prepared to continue
the Company's listing subject to review and continued compliance with
the continued listing criteria and plan performance over an eighteen-
month period ending February 10, 2002.  The Company is in compliance
with the NYSE continued listing criteria as of June 30, 2001.

                                   9



                               SIGNATURES


     Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized on August 15, 2001.


                               ELDERTRUST




                          /s/ D. Lee McCreary, Jr.
                          -------------------------
                          D. Lee McCreary, Jr.
                          President, Chief Executive Officer,
                          Chief Financial Officer, Treasurer and Secretary
                          (Principal Financial and Accounting Officer)


                                  10