Analysis of Maxus Realty Trust, Inc.

Analysis ofMaxus Realty Trust, Inc. Analyst: Dan W. French

Maxus Realty Trust, Inc. • REIT with investments in • multifamily housing • light industrial, commercial • Stock symbol: MRTY.PK • Price: $8.55 (2-24-09) • Conclusion: Stock value $6 to $13 range • Recommendation: Hold or buy for investors willing to take on risk

MRTI Property Portfolio

MRTI Significant Events • 10-18-07 – authorized repurchase of 100,000 shares (3-31-08 17,478 had been purchased) • 5-19-2008 – settles for $4.25 million • 7-15-08 – delists stock from Nasdaq • 7-28-08 – begins trading on Pinksheets

Residential Housing Market Outlook • Occupancy: • Renter move-out rate to occupy homes declining • Inventory of unsold housing increasing (possible “shadow rental market”) • Net result: residential rentals fairly stable • Fannie Mae and Freddie Mac • 50% of new mortgage loans for apartments

Ratio Analysis

Common Stock Value • Based on FFO cash flow to investors $1.18 FFO 10.7% required return $10 to $13 per share

Common Stock Value • Based on value of property portfolio 7% revenue increase $5,432 NOI 8.73% cap rate $62,235 property value $6.98 NAV

Analysis of Risk • Beta • .06 vs. CRSP • .09 vs. NAREIT index • Low liquidity - stock thinly traded • High leverage

Conclusion and Recommendation • Solid revenue generation • Below average profitability • Above-average risk • Value $6 to $13 compared to price of $8.55 • For investors willing to accept risk: buy

Analysis of Maxus Realty Trust, Inc.