10-Q/A

                                 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 March 31, 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 Number 1-6613


                          MORTGAGE AND REALTY TRUST          
            ------------------------------------------------------
            (Exact name of registrant as specified in its charter)



            Maryland                                 23-1862664
 -------------------------------           --------------------------------
 (State or other jurisdiction of           (I.R.S. Employer Identification)
  incorporation or organization)


     8380 Old York Road, Suite 300
       Elkins Park, Pennsylvania                     19027-1590     
- ---------------------------------------              ----------
(Address of principal executive offices)             (Zip Code)


Registrant's telephone number, including area code: (215) 881-1525

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 by check mark whether the registrant has filed all documents and
reports required to be filed by Sections 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   X        No          
                                         -----         -----

Number of Common Shares Outstanding at March 31, 1995:

                                  11,226,215




                         MORTGAGE AND REALTY TRUST                     FORM 10Q


                                 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.




                                        MORTGAGE AND REALTY TRUST




                                        By   /s/ Victor H. Schlesinger        
                                            -------------------------------
                                             Victor H. Schlesinger
                                             Chairman


                                        By   /s/ Daniel F. Hennessey       
                                            -------------------------------
                                             Daniel F. Hennessey
                                             Treasurer



DATE:   June 20, 1995



                                      2

EX-27

 

<ARTICLE>           5
<MULTIPLIER>        1,000
       
                                 
<PERIOD-TYPE>                       6-MOS
<FISCAL-YEAR-END>                   SEP-30-1995
<PERIOD-START>                      OCT-01-1994
<PERIOD-END>                        MAR-31-1995
<CASH>                                   73,140
<SECURITIES>                                  0
<RECEIVABLES>                             6,390
<ALLOWANCES>                           (11,031)
<INVENTORY>                                   0
<CURRENT-ASSETS>                              0
<PP&E>                                        0
<DEPRECIATION>                                0
<TOTAL-ASSETS>                          366,948
<CURRENT-LIABILITIES>                         0
<BONDS>                                 307,593
<COMMON>                                 11,226
<PREFERRED-MANDATORY>                         0
<PREFERRED>                                   0
<OTHER-SE>                              (6,910)
<TOTAL-LIABILITY-AND-EQUITY>            366,948
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<INTEREST-EXPENSE>                       19,832
<INCOME-PRETAX>                        (15,717)
<INCOME-TAX>                                  0
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<CHANGES>                                     0
<NET-INCOME>                           (15,717)
<EPS-PRIMARY>                            (1.40)
<EPS-DILUTED>                            (1.40)

        




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