UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C.  20549
                                Form 10QSB
           QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                      SECURITIES EXCHANGE ACT OF 1934

             For the quarterly period ended September 30, 1996

                                    or

             TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
                      SECURITIES EXCHANGE ACT OF 1934

Commission File Number:  0-25074

                        WELLINGTON PROPERTIES TRUST
          (Exact name of registrant as specified in its charter)

Maryland                                       39-6594066
(State or other jurisdiction of incorporation) I.R.S. Employer Identification
                                               Number)

18650 West Corporate Drive, Brookfield, Wisconsin                53045     
Address of principal executive offices)                          (zip code)

Issuer's telephone number:  414-792-8900     Fax number:  414-792-8930

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

As of September 30, 1996 677,146.264 shares of the issuer's common stock were 
outstanding.

Transitional Small Business Disclosure Format(Check one): Yes ;NoX  (Added by 
Exch Act Rel No. 31905, eff 4/26/93.)

This report contains 13 pages.  There is one exhibit.

<PAGE>

                        WELLINGTON PROPERTIES TRUST
                                FORM 10QSB
                 For the Quarter Ended September 30, 1996

                                   INDEX

PART I.   Financial Information:

Consolidated Balance Sheet - September 30, 1996   Page 3         

Consolidated Statement of Operations - 
nine months ended September 30, 1996 (unaudited)  Page 4

Consolidated Statement of Cash Flows - nine months ended Sept. 30, 1996
(unaudited)                                       Page 5

Notes to Financial Statements                     Page 6

Management's Discussion and Analysis or 
Plan of Operations                                Page 12 

PART II.  Other Information                       Page 13

Other Information                                 Page 13

Exhibits and Reports on Form 8-K                  Page 13

Signatures                                        Page 13

<PAGE> 
<TABLE>
                                         WELLINGTON PROPERTIES TRUST
                                          CONSOLIDATED BALANCE SHEET
                                                  SEPTEMBER 30, 1996
                                                       ASSETS
<CAPTION>
                                              SEPT 30,        SEPT 30, 
                                                 1996            1995
                                              (UNAUDITED)   (UNAUDITED)

<S>                                              <C>             <C>

RENTAL PROPERTY - AT COST
    LAND                                     $3,033,557         $2,258,932
    BUILDING                                 17,432,250          9,026,964
    APPLIANCES AND EQUIPMENT                    728,574            679,539
                                             21,194,381         11,965,435
                                               (585,160)          (205,093)
                                             20,609,222         11,760,342

CASH                                            168,073            449,093
PREPAID EXPENSES                                414,214            220,688
OTHER                                            21,052             28,390
ORGANIZATION COSTS NET OF ACCUMULATED
    AMORTIZATION                                 78,823             96,079
                                                682,162            794,250

TOTAL ASSETS                                 21,291,384        $12,554,592

                                LIABILITIES AND EQUITY

MORTGAGE NOTE PAYABLE                       $16,054,269         $9,242,471
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES        599,915            271,159
ACCOUNTS PAYABLE - RELATED PARTY                158,121            101,454
TENANT SECURITY DEPOSITS                        128,295             78,930

TOTAL LIABILITIES                           $16,940,600          9,694,014

EQUITY
    COMMON STOCK - 100,070,000 AUTHORIZED
      677,828 AND 677,146 SHARES ISSUED AND
      OUTSTANDING, RESPECTIVELY; PAR VALUE
      $0.01                                       6,778              3,965
    PREFERRED STOCK - 500,000 SHARES AUTHORIZED;
      NO SHARES ISSUED OR OUTSTANDING; PAR
      VALUE $0.01                                     0                  0
    ADDITIONAL PAID - IN CAPITAL              6,087,876          3,238,765
    EXCESS OF PURCHASE PRICE OVER
      AFFILIATES'S BASIS IN PROPERTY ACQUIRED  (152,615)          (152,615)
DIVIDEND PAID                                  (727,538)           (31,857)
ACCUMULATED DEFICIT                            (863,718)          (197,680)
                                              4,350,784           2,860,578

TOTAL LIABILITIES AND EQUITY                 21,291,384         $12,554,592

</TABLE>

(SEE ACCOMPANYING NOTES)

<PAGE>
<TABLE>

                                      WELLINGTON PROPERTIES TRUST
                                  CONSOLIDATED STATEMENT OF OPERATIONS
<CAPTION>
                                             NINE                 NINE
                                          MONTHS ENDED          MONTHS ENDED
                                         SEPT. 30, 1996         SEPT. 30, 1996
                                           (UNAUDITED)            (UNAUDITED)  

<S>                                           <C>                     <C>
REVENUES
    RENTAL INCOME                         $1,859,590               $730,475   
    INTEREST INCOME AND OTHER                  7,859                  7,683
                                           1,867,449                738,158

EXPENSES 
    PROPERTY OPERATING AND
       MAINTENANCE                           516,784                223,068
     REAL ESTATE TAXES AND
       INSURANCE                             369,485                115,226
     DEPRECIATION AND AMORTIZATION           349,924                138,022 
     INTEREST EXPENSE                        887,519                329,341
     GENERAL AND ADMINISTRATIVE              211,551                103,644
                                           2,335,263                909,301

                                           ($467,814)             ($171,143)

LOSS PER COMMON SHARE:
    NET LOSS                                  ($0.71)                ($0.61)
    WEIGHTED AVERAGE NUMBER OF
      COMMON SHARES OUTSTANDING              656,165                280,799

</TABLE>

(SEE ACCOMPANYING NOTES)

<PAGE>
<TABLE>
                            WELLINGTON PROPERTIES TRUST
                        CONSOLIDATED STATEMENT OF CASH FLOWS
                                     (UNAUDITED)
              FOR THE PERIOD FROM JANUARY 1, 1996 THROUGH SEPTEMBER 30, 1996

<CAPTION>

                                               1996                1995

<S>                                            <C>                  <C> 

CASH FLOW FROM OPERATING ACTIVITIES
 
    NET LOSS                               (467,814)            (171,143)
    ADJUSTMENTS TO RECONCILE NET LOSS
      TO NET CASH PROVIDED BY OPERATING
      ACTIVITIES:
        DEPRECIATION AND AMORTIZATION       349,924              138,022
        CHANGES IN ASSETS AND LIABILITIES NET
        OF EFFECT OF ASSETS AND LIABILITIES ASSUMED
        PREPAID EXPENSES                   (113,498)            (218,573)
        ACCOUNTS PAYABLE AND ACCRUED
           LIABILITIES                      119,832              256,621
        ACCOUNTS PAYABLE - RELATED PARTY     56,416               98,226
        TENANT SECURITY DEPOSITS             42,290               57,060
      
        NET CASH PROVIDED BY OPERATING
          ACTIVITIES                        (12,850)             160,213

CASH FLOWS USED BY INVESTING ACTIVITIES:
  OTHER                                           0             (130,560)
  APPLIANCE AND EQUIPMENT ACQUISITION    (7,243,010)         (10,187,995)
                                         (7,243,010)         (10,318,555)

CASH FLOWS FROM FINANCING ACTIVITIES:
    REPAYMENTS ON MORTGAGE NOTE PAYABLE     (23,105)                  0  
    ISSUANCE OF COMMON STOCK              5,337,462           7,929,478
    DIVIDENDS PAID                        1,929,449           2,215,082
    PROCEEDS FROM MORTGAGE NOTE            (388,517)            (31,857)
         NET CASH PROVIDED BY INVESTING
         ACTIVITIES                       6,855,289          10,112,703

         NET INCREASE IN CASH              (400,571)             45,639

CASH AT BEGINNING OF PERIOD                 568,644             494,732

CASH AT END OF PERIOD                       168,073             449,093

</TABLE>
<PAGE>

                        WELLINGTON PROPERTIES TRUST
                       NOTES TO FINANCIAL STATEMENTS
         For the period January 1, 1996 through September 30, 1996
                              (Unaudited)

NOTE A - GENERAL AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

General

Wellington Properties Trust (Trust) is a real estate investment trust organized
in the state of Maryland.  It was formed on March 15, 1994 to acquire, develop,
own and operate investment real estate.  The Trust's year end is December 31.
During the quarter covered by this report, the Trust owned one 34 unit apartment
complex ("Forest Downs") located in Fitchburg, Wisconsin a 72 unit apartment
complex in Schofield, Wisconsin acquired on January 5, 1996 ("Lake Pointe") and
a property in Madison, Wisconsin with 292 apartments ("Maple Grove")
(collectively the "Properties").  It is the intention of the Trust to continue
to seek properties located primarily in Wisconsin for future acquisitions.

A summary of the significant accounting policies applied in the preparation of
the accompanying financial statements follows:

1.   Rental Property

Rental property is recorded at cost, less accumulated depreciation. Depreciation
is computed on a straight-line basis over the estimated useful lives of the
assets.  The Properties use a 40-year estimated life for buildings and a ten-
year estimated life for appliances and equipment.  Expenditures for ordinary
maintenance and repairs are expensed to operations a incurred and significant
renovations and improvements that improve and/or extend the useful life of the
asset are capitalized and depreciated over their estimated useful life.  Initial
direct leasing costs are expensed as incurred and such expense approximates the
deferral and amortization of initial direct leasing costs over the lease terms.

2.   Organization Costs

The costs incurred in connection with the formation of the Trust are being
amortized on a straight-line basis over a period of five years.

3.   Financial Investments

Financial investments consisting of cash and mortgage notes payable are recorded
at cost, which approximates fair market value.

4.   Revenue Recognition

Rental income attributable to leases is recorded when due from tenants and
interest income is recorded on an accrual basis.

<PAGE>

                        WELLINGTON PROPERTIES TRUST
                 NOTES TO FINANCIAL STATEMENTS - CONTINUED
               For the period January 1, 1996 through September 30, 1996

NOTE A - GENERAL AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES -    
continued

5.   Income Taxes

The Trust made an election to be taxed as a REIT under Sections 856 through 860
of the Internal Revenue Code of 1986, as amended, commencing with its taxable
year ending December 31, 1995.  If the Trust qualifies for taxation as a REIT,
the Trust generally will not be subject to Federal income tax if it distributes
at least 95% of its REIT taxable income (excluding capital gains) to its
shareholders.  Until the Trust qualifies as a REIT, it will be subject to
Federal tax on its taxable income.

6.   Loss Per Share

Net loss per share is computed based on the weighted average number of shares of
common stock outstanding for the period.  The 70,000 shares of common stock
issued to Wellington Management Corporation (as described in Note B) have been
considered outstanding for the entire period in the computation of the weighted
average number of shares outstanding used to calculate net loss per share.

NOTE B - RELATED PARTY TRANSACTIONS

Acquisition of Forest Downs

Forest Downs was acquired by Wellington Management Corporation on May 19, 1993,
as an operating property.  On March 31, 1994, Wellington Management Corporation
sold Forest Downs to the Trust at a cost of $1,890,000. Wellington Management
Corporation received an 8% note receivable from the Trust for approximately
$407,875.  WMC Realty, Inc. received an 8% note receivable from the Trust for
$162,250 as payment of commissions and reimbursement of acquisition costs on the
sale of the property.  The Trust assumed the mortgage note outstanding on Forest
Downs, subject to certain provisions contained in the note agreement, see
Note C.

The notes payable to Wellington Management Corporation and Wellington Realty,
Inc. were paid in December of 1994.

<PAGE>

                        WELLINGTON PROPERTIES TRUST
                 NOTES TO FINANCIAL STATEMENTS - CONTINUED
               For the period January 1, 1996 through September 30, 1996

NOTE B - RELATED PARTY TRANSACTIONS - Continued

Arnold K. Leas, who was the sole stockholder of the Trust prior to the stock
offering discussed in Note E and is President and Chairman of the Board of
Trustees of the Trust and is the President/CEO and a Director of Wellington
Management Corporation (WMC).  WMC Realty Inc. (Realty) and Wellington
Investment Services Corp. (WISC) are wholly-owned subsidiaries of Wellington
Management Corporation.

Due to the common control, the Trust's basis in Forest Downs is the same as
WMC's basis.  The historical cost basis of the assets purchased from WMC,
including accumulated depreciation of $40,055, are reflected on the balance
sheet of the Trust.  The $152,615 excess of the purchase price over WMC's basis
has been recorded as a reduction of stockholders' equity.



Issuance of Stock

WMC was issued 70,000 shares of common stock of the Trust.  In consideration
thereof, WMC has: 1) assigned, to the Trust, its rights in a certain Acquisition
Property Contract related to the purchase of a 292 unit apartment complex, known
as Maple Grove, located in Madison, Wisconsin; 2) assigned, to the Trust, its
rights in a certain Option Agreement; and 3) agreed to reduce its note
receivable from the Trust, by $300,000.

Management Fees

The Trust has entered into a Property Management Agreement with Realty to serve
as the Property Manager of properties owned by the Trust.  The Property Manager
will manage the day to day operations of properties owned by the Trust, and will
receive a management fee equal to 5% of the gross rental receipts collected in
connection with the operation of each property.  Management fees for the period
January 1, 1996 through September 30, 1996 were $90,915.21.


<PAGE>

                        WELLINGTON PROPERTIES TRUST
                 NOTES TO FINANCIAL STATEMENTS - CONTINUED
                  For the period January 1, 1996 through September 30, 1996

NOTE B - RELATED PARTY TRANSACTIONS - Continued

Advisor Fees

On August 2, 1994, the Trust contracted to retain WMC to serve as Advisor to the
Trust.  In payment for these services, the Advisor receives a fee equal to 5% of
the gross proceeds of the public stock offering, which is in process.  Advisor
fees for the period March 15, 1995 through December 31, 1995 were $206,555.82.
Fees for the period January 1, 1996 through September 30, 1996 were $3,316.00.  
In addition, the Advisor is entitled to receive an Incentive Advisory Fee equal 
to 10% of the realized gain with respect to each sale or refinancing of property
owned by the Trust.  In the event a property is sold at a loss, no Incentive
Advisory Fees will be paid until the amount of the loss has been offset by gains
from other sales.  In addition, the Advisor is entitled to recover certain
expenses including travel, legal, accounting, and insurance.  Fees for services,
such as legal and accounting, provided by the Advisor's employees, in the
opinion of the Advisor, may not exceed fees that would have been charged by
independent third parties.  The initial term of the agreement ended on
December 31, 1995 and was renewed automatically each year.  The agreement may be
terminated without cause, by either party, on 60 days written notice and by the
Trust for cause immediately upon written notice.



Commission

WISC is entitled to receive a commission of 5% of the proceeds of the common
stock of the Trust that it sells.  Commissions paid to WISC for the year ended
December 31, 1995 were $179,720.25 and for the period January 1, 1996 through 
September 30, 1996 were $8,224.96.

<PAGE>
                        WELLINGTON PROPERTIES TRUST
                 NOTES TO FINANCIAL STATEMENTS - CONTINUED
                  For the period January 1, 1996 through September 30, 1996

NOTE C - MORTGAGE NOTE PAYABLE

Forest Downs

The mortgage note payable at December 31, 1994 is collateralized by Forest Downs
and an assignment of rents agreement.  The interest rate is fixed at 8% until
June 1, 1998, at which time it may be adjusted semi-annually to 3% over the 
monthly average cost of funds for SAIF insurance institutions from the Federal
Home Loan Bank of Chicago 7th District, but never more than 12% nor less than
6%.  The weighted average interest rate for the period from March 15, 1994 
through December 31, 1994 and the effective rate at December 31, 1994 is 8%.
The rate at September 30, 1996 was 8%.  The mortgage note payable contains a
provision which required that on the date the property was transferred to the
real estate investment trust, the note be paid down to a balance of $887,500.
The Trust obtained a waiver from the bank allowing them to delay the paydown of
the note until December 31, 1996.  In addition, WMC must continue as primary
mortgagor until the loan paydown occurs.  All other terms and conditions of the
note remain unchanged.  Payments are due in monthly installments of $9,759
including interest, with a final balloon payment due June 1, 2003.

Maple Grove

The mortgage payable with respect to the initial 172 units of Maple Grove is
collateralized by 172 units of Maple Grove and an assignment of rents.  The
interest rate is the floating rate of the LIBOR 3 month index plus 2.25%
adjusted quarterly. The loan matures on April 30, 1996 but may be extended for
two six month period upon the payment of 1/4 % of the then outstanding principal
balance.  Payments are interest only.  The Trust has exercised the first option.

The land contract payable is with respect to Buildings 7, 8 and 9, plus land of
Maple Grove and was provided by the Seller.  The interest rate is prime plus
3/4% for six months at which time the rate increases to prime plus 2-3/4%.  The
land contract matures July 1, 1996 at which time the entire outstanding
principal balance is due.  

Lake Pointe

As of January 5, 1996, Wellington Properties Trust was liable on a mortgage
note payable of $1,856,760.  The note requres monthly payments of $13,770
including interest at 7.87%. Beginning July 1998, the monthly payment amount and
interest rate will be adjusted simi-annually to a rate of 3% over prime with a
maximum interest rate of 12% and a minimum interest rate of 6%.  The mortgage is
due July 2003 and is secured by the rental property and an assignment of rents.

The aggregate maturities on the mortgage note payable for the five years and
thereafter following December 31, 1995 are as follows:


<TABLE>
<CAPTION>
       Forest      Lake    Maple     Maple      Maple      Maple       Total
       Downs      Pointe   Grove     Grove      Grove      Grove
                           Phase I   Land 8&9   Land 7&11  Phase III
<S>    <C>         <C>      <C>        <C>        <C>       <C>         <C>
1996  412,971     18,103  6,250,000  1,692,000  1,497,441 3,480,702 13,351,217
1997   47,838     21,292                                                69,129 
1998   51,808     23,029                                                74,837
1999   56,108     24,908                                                81,017
2000   60,765     26,941                                                87,706 
there 670,980  1,742,487                                             2,413,468 
after
    1,300,471  1,856,760  6,250,000   1,692,000 1,497,441 3,480,702 16,054,269

               
</TABLE>

<PAGE>
                        WELLINGTON PROPERTIES TRUST
                 NOTES TO FINANCIAL STATEMENTS - CONTINUED
            For the period January 1, 1996 through September 30, 1996

NOTE D - COMMITMENTS

The Trust has committed to construct the additional 60 units at Maple Grove for
a cost of $3,486,600.  Construction was completed on approximately August 31,
1996.

The Option Agreement referred to in Note B gives the Trust the option to
purchase properties being developed by an affiliate at a capitalization rate of
9.38%. 

NOTE E - COMMON STOCK

On August 2, 1994, the Board of Trustees approved an increase in the number of
shares of authorized common stock of the Trust to 100,070,000 shares.  As of
September 30, 1996 there were 677,146.264 Common Shares outstanding.

<PAGE>

ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

The Company marketed the Common Shares until October 25, 1995 and as offering
proceeds were available it acquired investment real estate.  To date the Company
has acquired 398 apartment units located in three properties (Forest Downs, Lake
Pointe and Maple Grove).  The Company has an option to purchase up to 325 units
(of which only 60 have been built).

On May 1, 1995 the Company acquired 172 apartment units at Maple Grove.  The
property was 96.5% occupied on that date.  On June 30, 1995 the Company acquired
an additional 36 units at Maple Grove.  On October 2, 1995 it acquired an
additional 24 units at Maple Grove, plus land and plans for an additional 60
units.  Construction of the final 60 units at Maple Grove was completed on
approximately August 31, 1996.

The May 1, 1995 closing required the payment of $7,909,000 as the purchase
price.  The Company obtained a first mortgage loan in the amount of $6,250,000
to purchase the 172 units at Maple Grove.  The seller provided land contract
financing with respect to the 36 units, the 24 units and the balance of the
land.  The land contract is in the amount of $3,189,000.    
    
The first mortgage requires monthly payments of interest only and matures on
October 1, 1996.  The interest rate adjusts quarterly and is tied to the LIBOR
Rate.  The loan may be extended for one month periods upon the payment of an
amount equal to 1/4 of one percent of the loan balance.  The extension also
requires that the loan balance be reduced to $5,962,500.

The land contract requires monthly payments of interest only and matures on
October 31, 1996. The interest rate adjusts with variances in the prime interest
rate and provides for an additional adjustment in the seventh month.

The Company has arranged for construction financing with respect to the 60 units
under construction.  The loan requires monthly payments of interest only.
Interest adjusts with the prime rate.  The Company is seeking permanent
financing with respect to Maple Grove.

The Company acquired Lake Pointe Apartments in January 1996 by an assumption of
debt and issuance of its stock to the owners.  Lake Pointe consists of 72 units.

Due to the Company's rapid expansion a comparison with comparable prior periods
is not meaningful.  Occupancy at the properties has remained consistant with
respect to the nine months ended September 30, 1996.  Occupancy at Forest Downs
for the period was 95.1%, Maple Grove (excluding the new 60 units) was 88% and
Lake Pointe was 98.5%.

Until October 25, 1995, the Company offered its Common Shares to the public.
The proceeds of the offering were used: (i) to reduce existing debt; (ii) to
acquire additional properties; and (iii) to establish reserves as deemed
appropriate.

<PAGE>

PART II.  OTHER INFORMATION

ITEM 5.   OTHER INFORMATION

At its regular meeting on June 20, 1996, the Board of Trustees voted to pay
a dividend to Common Shareholders with respect to the quarter ended September
30, 1996 of $.2125 per share.

ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K

There were no Reports filed on Form 8-K during the quarter.

                              EXHIBIT INDEX

FINANCIAL DATA SCHEDULE       EX-27


<PAGE>

                                SIGNATURES



In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.


                                     Wellington Properties Trust


                                     By: Arnold K. Leas
                                         Arnold K. Leas, President

Date:     November 15, 1996          By:  Garret Nakama                  
                                          Garret Nakama
                                          Chief Financial Officer

Signing on behalf of the registrant and as principal financial and accounting
officer.