<PAGE>



                     SECURITIES AND EXCHANGE COMMISSION
                           Washington, D.C. 20549

                                 FORM 10-Q
(Mark One)

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

          For the quarterly period ended September 30, 1995

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 No. 1-12412

                              ARBOR PROPERTY TRUST
             (Exact name of Registrant as specified in its Charter)

          Delaware                                         23-2740383
(State or other jurisdiction  of                          (I.R.S. Employer
 incorporation or organization)                          Identification No.)

 Suite800, One Tower Bridge, W. Conshohocken, PA        19428
(Address of principal executive offices)               (Zip code)

                                 (610) 941-2933
              (Registrant's telephone number, including area code)


(Former name of registrant if changed since last report)

                                   Indicate by checkmark 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  _______

APPLICABLE TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING
FIVE YEARS:

Indicate by checkmark whether the Registrant has filed all documents and reports
required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act
of 1934 subsequent to the distribution of securities under a plan confirmed by a
court. Yes _______ No _______

APPLI                 CABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the last practicable date: 12,159,134 shares as of November
10, 1995.






                             ARBOR PROPERTY TRUST


                        QUARTERLY REPORT ON FORM 10-Q
                     FOR QUARTER ENDED SEPTEMBER 30, 1995


                                    INDEX


                                                                          Page

   PART I - FINANCIAL INFORMATION

   Item 1.  Condensed Consolidated Balance Sheets as of September 30, 1995
            and December 31, 1994                                              3

            Condensed Consolidated Statements of Operations for the three and
            nine month periods ended September 30, 1995 and September 30, 1994 4

            Condensed Consolidated Statements of Cash Flows for the
            nine month periods
            ended September 30, 1995 and September 30, 1994                    5

            Notes to Condensed Consolidated Financial Statements               6

   Item 2.  Management's Discussion and Analysis
            of Financial Condition and Results
            of Operations                                                      9


   PART II - OTHER INFORMATION

   Items 1 through 6.                                                         11

   SIGNATURES                                                                 12


   EXHIBITS                                                                   13




<PAGE>



                             ARBOR PROPERTY TRUST

                    CONDENSED CONSOLIDATED BALANCE SHEETS
                      (In thousands, except share data)

<TABLE>
<CAPTION>

                                           September 30,  December 31,
                                              1995            1994
                                                     (Unaudited)

                                    ASSETS
<S>                                           <C>          <C>
Investment in property, at cost:
   Land                                       $  30,295     $ 30,295
   Buildings and improvements                   139,842      139,249
   Capitalized lease                              7,125        7,125
   Personal property                              1,172        1,075
   Construction in progress                          56           10
                                                178,490      177,754
   Less accumulated depreciation                 29,809       26,621
                                                148,681      151,133

Tenant security deposits                            317          315
Cash and short-term investments                       -            -
Accounts receivable (net of allowance for doubtful
   accounts of $597 and $898, respectively)       7,993        7,306
Other assets, net                                 4,955        6,068

     TOTAL ASSETS                              $161,946     $164,822


                     LIABILITIES AND SHAREHOLDERS' EQUITY


Liabilities:
   Collateralized floating rate notes (net
     of unamortized discounts of $68 and $86, 
     respectively)                             $117,932     $117,914
   Distributions payable                          2,127        3,321
   Obligation under capitalized lease             7,005        6,994
   Note payable to bank                           5,650        4,300
   Accounts payable and other liabilities         3,746        3,102

                                                136,460      135,631
Commitments and Contingencies:
Shareholders' Equity:
   Shares of beneficial interest, without par value:
      Authorized: 5,000,000 preferred shares,
        45,000,000 common shares, and 50,000,000
        excess shares;
      Issued and outstanding: 12,159,134 and 
       12,074,774 common shares, respectively   117,896      117,209
   Distributions in excess of accumulated
           earnings                             (92,410)     (88,018)
                                                 25,486       29,191
   TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY  $161,946     $164,822

</TABLE>


The accompanying notes are an integral part of these condensed consolidated
financial statements.

<PAGE>




                             ARBOR PROPERTY TRUST

               CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                 (Unaudited)
             (In thousands, except shares and per share amounts)

<TABLE>
<CAPTION>

                                                      Three months ended               Nine months ended
                                                         September 30,                    September 30,
                                                     1995            1994             1995             1994
<S>                                                 <C>             <C>             <C>           <C>
Revenues from rental operations                    $      5,603   $      5,273   $     16,550   $     15,745

Operating expenses, net of tenant
  reimbursements (including fees to affiliate of
  $106 and $100 for the three months, and $294
  and $378 for the nine months, ending
  September 30, 1995 and 1994, respectively)                416            458          1,240          1,523

Advisory and termination fees paid to
 Advisor, discontinued 3/30/94 (including
 $3,843 as a result of the termination of
 the Advisory Agreement in 1994)                           --             --             --            4,107

Provisions for doubtful accounts                             59            227             69            300

Depreciation and amortization                             1,102          1,057          3,278          3,092

Income from rental operations                             4,026          3,531         11,963          6,723

Interest expense (includes amortization)                  2,741          2,270          8,063          6,069


Other expenses, net of interest income                      543            439          1,918          1,532

Income (loss) before gain on sale of
  real estate                                               742            822          1,982           (878)

Gain on sale of real estate                                --             --             --              839

Net income (loss)                                  $        742   $        822   $      1,982   $        (39)

Income (loss) per weighted average share:

   Income (loss) before gain on sale
     of real estate                                $        .06   $        .07   $        .16    $      (.07)

   Gain on sale of real estate                             --             --             --                       .07

   Net income (loss)                               $        .06   $        .07   $        .16   $       ( -)

Weighted average number
of shares outstanding                                12,156,942     11,990,044     12,135,977     11,559,144

</TABLE>



---------------
The accompanying notes are an integral part of these condensed consolidated
financial statements.

                             ARBOR PROPERTY TRUST

               CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (Unaudited)
                                (In thousands)
<TABLE>
<CAPTION>

                                                      Nine months ended
                                                         September 30,
                                                       1995        1994
<S>                                                   <C>        <C>  
Cash flows from operating activities:
  Net income (loss)                                   $ 1,982    $   (39)
  Adjustments to reconcile net income (loss) to net
    cash provided by operating activities:
      Gain on sale of real estate                        --         (839)
      Depreciation and amortization                     3,278      3,092
      Amortization of deferred financing costs            932        902
      Amortization of floating rate notes discount         18         17
     Termination of advisor agreement                    --        3,843
     Changes in assets and liabilities:
      Increase in accrued rent receivable                (704)      (657)

      Decrease in accounts receivable
        and other assets                                  100      1,234


Increase
 in accounts payable
        and other liabilities                             644       (844)
Net cash provided by operating activities               6,250      6,709

Cash flows from investing activities:
  Proceeds from sale of real estate, net                 --        1,435
  Additions to buildings and improvements
   and personal property                                 (690)      (646)
  Construction expenditures                               (46)      (335)
Net cash provided by (used in) investing activities      (736)       454

Cash flows from financing activities:
  Distributions paid                                   (7,572)    (9,389)
  Proceeds from dividend reinvestment                     708        948
  Borrowing under bank line of credit                   1,350      1,700
Net cash used in financing activities                  (5,514)    (6,741)

Decrease in cash and
   short-term investments                                   0       (422)
Cash and short-term investments,
   beginning of period                                      0        885

Cash and short-term investments,
   end of period                                            0    $ 1,307

Supplemental disclosure of cash flow information:
      Interest paid                                   $ 6,465    $ 4,393

</TABLE>


See Note 1 for disclosure of non-cash investing
and financing activities
---------------
The accompanying notes are an integral part of these condensed consolidated
financial statements.



                            ARBOR PROPERTY TRUST

            NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                (Unaudited)


NOTE 1.    DESCRIPTION OF BUSINESS AND MERGER TRANSACTION

      Arbor Property Trust (the "Trust"), formed on September 8, 1993 as a
      Delaware business trust, has an indefinite life and has elected real
      estate investment trust ("REIT") status under the Internal Revenue Code of
      1986, as amended, with the filing of its Federal Income Tax Return for the
      year ended December 31, 1994. On February 28, 1994, EQK Green Acres, L.P.
      (the "Partnership") merged with and into Green Acres Mall Corp., a
      wholly-owned subsidiary of the Trust (the "Merger"). Prior to February 28,
      1994, the Trust did not have significant operations. The Trust and the
      Partnership are interchangeably referred to herein as the "Company".

      The Partnership had been formed pursuant to an Agreement of Limited
      Partnership dated as of June 30, 1986 (and amended and restated as of
      August 27, 1986) to acquire and operate Green Acres Mall (the "Property"
      or the "Mall"), a regional shopping mall located in Nassau County, Long
      Island, New York. In 1991, the Partnership completed the conversion of a
      leased industrial building, located adjacent to the Property, into a
      convenience shopping center known as the Plaza at Green Acres (the
      "Plaza").

      Pursuant to the Merger, Unitholders of the Partnership received 10,172,639
      Common Shares of Beneficial Interest of the Trust (the "Common Shares") on
      account of their 98.98% percentage interest in the Partnership; the
      General Partners of the Partnership received 104,830 Common Shares on
      account of their 1.02% percentage interest in the Partnership; and the
      Special General Partner of the Partnership received 1,316,251 Common
      Shares in satisfaction of its residual interest in the Partnership.
      Pursuant to the termination of the Partnership's advisory agreement (the
      Advisory Agreement ), Equitable Realty Portfolio Management, Inc. (the
      "Advisor") received 308,933 Common Shares on March 30, 1994 (see Note 3).

      The issuance of 10,277,469 Common Shares to the Unitholders and the
      General Partners on account of their respective percentage interests in
      the Partnership represented a reorganization of entities under common
      control and, accordingly, was accounted for in a manner similar to a
      pooling of interests. The financial statements of the Partnership and the
      Trust have been combined at historical cost retroactive to January 1,
      1994. The issuance of these Common Shares has been reflected as of this
      date at an amount that equals the Unitholders' and General Partners'
      original contributions to the Partnership.

      The issuances of Common Shares to the Special General Partner and the
      Advisor have been reflected in the Company's condensed consolidated
      financial statements as of March 31, 1994. The issuance of Common Shares
      to the Special General Partner has increased the Company's carrying value
      of land and buildings and improvements by $3,024,000 and $13,347,000,
      respectively, representing the value of the Special General Partner's
      residual interest in the Partnership in connection with the Merger. Annual
      depreciation expense has increased by approximately $342,000 as a result
      of the increase in the basis of the Mall. The issuance of Common Shares to
      the Advisor was reflected as a charge to earnings during the first quarter
      of 1994 in the amount of $3,843,000.





NOTE 2.    BASIS OF PRESENTATION

      The condensed consolidated financial statements have been prepared by the
      Company, without audit, pursuant to the rules and regulations of the
      United States Securities and Exchange Commission. Certain information and
      footnote disclosures normally included in financial statements prepared in
      accordance with generally accepted accounting principles have been
      condensed or omitted pursuant to such rules and regulations, although the
      Company believes that the disclosures are adequate to make the information
      presented not misleading. The condensed consolidated financial statements
      should be read in conjunction with the audited consolidated financial
      statements and related notes thereto included in the Company's Annual
      Report on Form 10-K for the year ended December 31, 1994.

      The condensed consolidated financial statements include the accounts of
      the Trust and its wholly-owned subsidiary, Green Acres Mall Corp. All
      significant intercompany transactions and balances have been eliminated.

      In the opinion of the Company all adjustments, which include only normal
      recurring adjustments necessary to present fairly its consolidated
      financial position as of September 30, 1995, its results of condensed
      consolidated operations for the three and nine month periods ended
      September 30, 1995 and 1994 and its condensed consolidated cash flows for
      the nine month periods
       ended September 30,
      1995 and 1994, have been included in the accompanying unaudited condensed
      consolidated financial statements.

      Net income per share for the nine month periods ended September 30, 1995
      and 1994 has been computed on the basis of the 12,136,977
       and 11,559,144 weighted average
      Common Shares

      outstanding during the respective periods. Net income per share for the
      three month periods ended September 30, 1995 and 1994 has been computed
      using 12,156,942 and 11,990,044 weighted average Common Shares,
      respectively.

      Certain reclassifications have been made to the prior years condensed
      consolidated financial statements in order to conform their presentation
      to that used in the current year.

NOTE 3.    ADVISORY AND MANAGEMENT AGREEMENTS

      Prior to the termination of its Advisory Agreement as previously
      discussed, Equitable Realty Portfolio Management, Inc., a wholly owned
      subsidiary of Equitable Real Estate Investment Management, Inc.
      ("Equitable Real Estate"), acted as "Advisor" to the Company. Fees of
      $100,000 were paid to the Advisor in 1994.

      Pursuant to the Merger discussed in Note 1, on March 30, 1994, upon the
      expiration of a 30 day transition period, the agreement with the Advisor
      was terminated.

      The Company had entered into a property management agreement with Compass
      Retail, Inc. ("Compass"), a subsidiary of Equitable Real Estate, effective
      January 1, 1991. Pursuant to this agreement, property management fees were
      based on 4% of net rental and service income collected from tenants. In
      connection with the Merger discussed in Note 1, the agreement with Compass
      was amended and restated to extend its termination date by two years to
      August 31, 1998, and to limit Compass' scope of responsibilities primarily
      to accounting and financial services currently provided in connection with
      the operations of the Property. Compass' compensation was reduced on March
      1, 1994 from 4% to 2% of net rental and service income collected from
      tenants. For the nine month periods ended September 30, 1995 and 1994,
      management fees earned by Compass were $294,000 and $378,000,
      respectively. The amount of such fees for the three month periods ended
      September 30, 1995 and 1994 were $106,000 and $100,000, respectively.



NOTE 4.    DISTRIBUTIONS

      On August 14, 1995, the Trust made a distribution of $.175 per Common
      Share (an aggregate of $2,127,000) to its Shareholders. In the second
      quarter, distributions totaling $32,000 were reinvested pursuant to the
      Company s Dividend Reinvestment Plan and 4,481 Common Shares were issued
      under this Plan. In addition, a distribution in the amount of $.175 per
      Common Share has been declared for payment on November 15, 1995 to the
      shareholders of record on September 30, 1995.

NOTE 5.    DEBT REFINANCING

      The Company s floating rate notes are due August 19, 1998 and are
      collateralized by a first mortgage on substantially all of the real
      property comprising Green Acres Mall and a first leasehold mortgage on the
      Plaza. The floating rate notes bear interest at a rate equal to 78 basis
      points in excess of the three-month LIBOR, which is payable on a quarterly
      basis from November 12, 1993. The interest rate is subject to reset on
      such interest payment dates. The initial interest rate, 4.03%, was
      effective for the period August 19, 1993 to November 11, 1993. The
      interest rate at December 31, 1994 was 6.59% and was reset to 7.03% on
      February 12, 1995, 6.84% on May 12, 1995, and 6.66% on August 12, 1995.
      The average interest rate for the nine month periods ended September 30,
      1995 and 1994 was 6.86% and 4.99%, respectively. The average interest rate
      for the three month periods ended September 30, 1995 and 1994 was 6.86%
      and 5.63%, respectively. In connection with the refinancing of the Company
      s outstanding debt obligations in August 1993, the Company acquired an
      interest rate cap which provides that the effective interest rate
      applicable to the $118,000,000 face value of the notes will not exceed 9%
      per annum through their maturity date. Should such debt s interest rate
      rise above 9%, the Company would record amounts receivable from the
      counter-party as a reduction to interest expense. In May 1995, the Company
      entered into a swap transaction with Goldman Sachs Capital Markets, L.P.
      which fixed the interest rate on the floating rate notes for the period of
      August 12, 1995 through August 12, 1996 at 6.87%. This agreement fixed the
      rate for a period of one year and eliminated the risk of increases in the
      LIBOR rate. The Company is exposed to certain losses in the event of
      non-performance by the counterparties to the interest rate cap and the
      interest rate swap. The mortgage and indenture agreement relating to the
      floating rate notes limit additional indebtedness that may be incurred by
      the owner of Green Acres Mall, namely, Green Acres Mall Corp., a wholly
      owned subsidiary of the Company. Those agreements also contain certain
      other covenants which, among other matters, prioritize the payment of debt
      service on the floating rate notes in relation to distributions from Green
      Acres Mall Corp. Management believes it is in compliance with all
      covenants under the indenture and line of credit agreements, discussed
      below, at September 30, 1995.

      As part of its comprehensive debt restructuring in 1993, the Company also
      obtained a $3,400,000 unsecured line of credit facility from a bank.
      Effective August 8, 1994 this line of credit was increased to $5,900,000
      and its maturity extended to April 1995. In April 1995, this line of
      credit was modified to allow the Company to elect an interest rate of
      prime plus 1% or Euro-rate plus 2.5% and increase the amount available to
      $6,900,000 and extend the maturity to December 31, 1995. The average
      interest rate for the nine month periods ended September 1995 and 1994 was
      9.18% and 7.90%,respectively. The average rate for the three month periods
      ended September 30, 1995 and 1994 was 9.15% and 8.46%, respectively.
      Beginning January 1, 1996, $3,000,000 of the outstanding balance of the
      line of credit at maturity is due in seven equal monthly installments. The
      remaining balance is due at the December 31, 1995 maturity date unless the
      Company elects to extend the maturity until July 31, 1996. The line of
      credit agreement also contains certain covenants which, among other
      matters, limit the amount of the Company s annual dividend to an amount
      that does not exceed operating cash flow (as defined), and require the
      Company to maintain a quarterly debt service coverage ratio (as defined).
      At September 30, 1995, the Company had borrowed $5,650,000 under this
      credit facility. Subsequent to September 30, 1995, the Company paid down
      $1,850,000 under this credit facility.

NOTE 6.    SALE OF PROPERTY

      In January 1994, the Company completed the sale to Home Depot of an
      approximate two acre parking lot adjacent to the Property and received the
      final installment of $1,500,000, and recognized an additional gain on sale
      of $839,000, bringing the total gain on the transactions with Home Depot
      to $1,279,000.
            Home Depot opened for business in May 1994.

<PAGE>



                             ARBOR PROPERTY TRUST

              MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                     CONDITION AND RESULTS OF OPERATIONS

                            FINANCIAL CONDITION


Recent Developments

On February 14, 1995, the Company announced that it had retained Goldman Sachs &
Co. in connection with a possible merger of the Company into another REIT or a
sale of the company's real estate. Subsequently, leadership of the majority in
the New York State Senate submitted a bill to repeal the New York State Real
Property Gains Tax which, in its present state, would burden the merger of the
Company or sale of its real estate by approximately $1.20 per share. On May 2,
1995, the Company announced that it postponed consideration of a merger or sale
pending resolution of the possible repeal of the Gains Tax.

On March 21, 1995, the Company announced a reduction in its quarterly dividend
from $.275 to $.175 per Common Share, establishing an annual dividend rate of
$.70 per Common Share. In its announcement of the dividend reduction, the
Company noted that the new dividend represents 90% of projected funds available
for distribution for the period April 1, 1995 through December 31, 1996. That
estimate was based upon (i)
 continuation of the current interest rate on the
Company's collateralized floating rate notes; (ii) currently projected net
income from operation of the Green Acres Mall complex; (iii) estimated overhead
expenses for the Company; and (iv) projected capital expenditures.

Cash Flows from Operating, Investing, and Financing Activities

Cash flows from operating activities for the nine month periods ended September
30, 1995 and 1994 were $6,250,000 and $6,709,000, respectively. This decrease is
primarily a result of a higher interest expense of $1,994,000 in 1995 as
compared to 1994 due to the increase in interest rate on the floating rate
notes. The increase in interest expense in 1995 was partially offset by the
following items: payments of approximately $500,000 in the first quarter of 1994
to certain affiliates for management and advisory fees, an increase in revenue
from rental operations of $805,000 as a result of the remerchandising program
which the Mall commenced in 1992, the purpose of which was to improve the tenant
mix while increasing base rent, and a decrease in nonreimbursable repairs and
maintenance and associated fees to affiliates.

Cash flows from investing activities was $1,190,000 less for the nine month
period ended September 30, 1995 compared to the same period in 1994, primarily
as a result of proceeds from the completion of the sale of approximately two
acres to Home Depot in the first quarter. These proceeds were partially offset
by decreased capital expenditures in 1995 as compared to the same period in
1994.

Cash flows used in financing activities were $5,514,000 and $6,741,000 for the
nine month periods ended September 30, 1995 and 1994, respectively.
Distributions paid by the Company in 1995 decreased by $1,817,000 as a result of
the reduction in the quarterly dividend rate to $.175 per Common Share from
$.275 per Common Share and was partially offset by a decrease in proceeds from
dividend reinvestment of $240,000. This activity was further offset by a
decrease in borrowings of $350,000 from the existing credit line. For the period
May 1994 through February 1995, the dividends from the Common Shares which were
issued in respect of the Special General Partner s residual interest in the
Partnership and the termination of the Advisory Agreement were obligated to be
reinvested in the Company through a dividend reinvestment plan in newly issued
Common Shares. After February 1995, no shareholders were obligated to
participate in the dividend reinvestment program.

<PAGE>




                             ARBOR PROPERTY TRUST

              MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                     CONDITION AND RESULTS OF OPERATIONS

                           RESULTS OF OPERATIONS

Comparison of the Nine Month and Three Month Periods Ended 
September 30, 1995 and 1994

For the nine month period ended September 30, 1995, the Company reported net
income of $1,982,000 or $.16 per weighted average Common Share, compared with a
net loss of $39,000 or less than one cent per weighted average Common Share for
the comparable period in 1994. For the three months ended September 30, 1995,
net income was $742,000 or $.06 per weighted average Common Share, compared to
net income of $822,000 or $.07 per weighted average Common Share, for the third
quarter of 1994. The 1994 results were impacted by the termination of the
Advisory Agreement which resulted in the issuance of 308,933 Common Shares to
the Advisor. The issuance of these Common Shares was reflected as a charge to
earnings of $3,843,000 during the first quarter of 1994. This charge was
partially offset by the gain on the sale to Home Depot of an approximate two
acre parking lot. The final payment relating to the sale was $1,500,000, and the
gain realized amounted to $839,000.

For the nine and three month periods ended September 30, 1995, revenues from
rental operations were $805,000, or 5%, and $330,000, or 6%, higher than the
comparable periods in 1994. This increase is a direct result of the
remerchandising program the Mall commenced in 1992. The significant amount of
lease rollovers in 1993 and 1994 enabled management to develop a remerchandising
plan aimed at achieving an improved tenant mix while increasing base rents.

Net operating expenses decreased $283,000 and $42,000 for the nine and three
month periods ended September 30, 1995, respectively, as compared to the same
periods in 1994. This decrease is attributable to a reduction in management fees
as described in Note 3 and a reduction in nonreimbursable repairs and
maintenance expenses that were a result of the severe weather in 1994.

Interest expense increased in the third quarter of 1995 compared with the
comparable period in 1994. The floating rate notes had a weighted average
interest rate during the third quarter of 1995 of 6.86% as compared to 5.63% for
the third quarter of 1994. The notes have a floating interest rate equal to 78
basis points in excess of three-month LIBOR.

Liquidity and Capital Resources

The Company s commitment to an annual dividend rate of $.70 per Common Share,
and the general concern that interest rates could continue to rise, lead to the
Company fixing the interest rate on the floating rate notes at an all-in cost of
6.87% for a one year period ending August 12, 1996. With the stabilization of
the interest rate, as well as the anticipated improvement in the operating
performance resulting from the remerchandising program, the Company anticipates
more than adequate funds from operations to support such dividend distributions.

The Company s cash position fluctuates considerably during the course of the
year, particularly as a consequence of the periodic expenditures for quarterly
real estate taxes, quarterly interest payments and quarterly dividend
distributions, all of which occur during the months of February, May, August and
November. To accommodate such peak cash requirements, the Company has a
revolving credit facility with a maximum of $6.9 million available. As of
November 10, 1995, the outstanding balance on this facility was $3,800,000.
Management believes the revolving credit facility is adequate to provide the
Company with its working capital needs.


<PAGE>



                             ARBOR PROPERTY TRUST


                        PART II - OTHER INFORMATION


Item 1. Legal Proceedings.
        None.

Item 2. Changes in Securities.
        None.

Item 3. Defaults upon Senior Securities.
        None.

Item 4. Submission of Matters to a Vote of Security Holders.
        None.

Item 5. Other Information.
        None.

Item 6. Exhibits and Reports on Form 8-K

        (a)   Exhibits:

                     Exhibit 27 - Financial Data Schedule

        (b)   Reports on Form 8-K:
                     None




<PAGE>


                                   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.



Date: November
13,
 1995                         ARBOR PROPERTY TRUST

                              By:
                                  Myles H. Tanenbaum
                                  President
                                  (Principal Executive and
                                  Financial Officer)


                              By: _____________________________
                                  Dennis J. Harkins
                                  Treasurer and Controller