SEC 1746
(2-98)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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SCHEDULE 13D

Under the Securities Exchange Act of 1934
(Amendment No. ___________)

Century Realty Trust

(Name of Issuer)

Shares of Beneficial Interest

(Title of Class of Securities)

156671-10-9

(CUSIP Number)

Ellyn Roberts

Shartsis, Friese & Ginsburg LLP

One Maritime Plaza, 18^th Floor

San Francisco, CA 94111

(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

May 22, 2002

(Date of Event Which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of sections 240.13d-1(e), 240.13d-1(f) or 140.13d-1(g), check the following box. [ ]

Note:
Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See section 240.13d-7 for other parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

1. Names of Filers. I.R.S. Identification Nos. of above persons (entities only).

Kurt C. McCracken

2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) X
(b)

3. SEC Use Only

4. Source of Funds (See Instructions) AF

5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) ____

6. Citizenship or Place of Organization USA

Number of Shares Beneficially Owned by Each Reporting Person With	7. Sole Voting Power 0
	8. Shared Voting Power 88,700
	9. Sole Dispositive Power 0
	10. Shared Dispositive Power 88,700

11. Aggregate Amount Beneficially Owned by Each Reporting Person 88,700

12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions) ______

13. Percent of Class Represented by Amount in Row (11) 5.1%

14. Type of Reporting Person (See Instructions) IN, HC

1. Names of Filers. I.R.S. Identification Nos. of above persons (entities only).

Neil C. McKinnon

2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) X
(b)

3. SEC Use Only

4. Source of Funds (See Instructions) AF

5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) ____

6. Citizenship or Place of Organization USA

Number of Shares Beneficially Owned by Each Reporting Person With	7. Sole Voting Power 0
	8. Shared Voting Power 88,700
	9. Sole Dispositive Power 0
	10. Shared Dispositive Power 88,700

11. Aggregate Amount Beneficially Owned by Each Reporting Person 88,700

12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions) ______

13. Percent of Class Represented by Amount in Row (11) 5.1%

14. Type of Reporting Person (See Instructions) IN, HC

1. Names of Filers. I.R.S. Identification Nos. of above persons (entities only).

Prana Holding Company, LLC

2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) X
(b)

3. SEC Use Only

4. Source of Funds (See Instructions) AF

5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) ____

6. Citizenship or Place of Organization California

Number of Shares Beneficially Owned by Each Reporting Person With	7. Sole Voting Power 0
	8. Shared Voting Power 88,700
	9. Sole Dispositive Power 0
	10. Shared Dispositive Power 88,700

11. Aggregate Amount Beneficially Owned by Each Reporting Person 88,700

12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions) ______

13. Percent of Class Represented by Amount in Row (11) 5.1%

14. Type of Reporting Person (See Instructions) OO, HC

1. Names of Filers. I.R.S. Identification Nos. of above persons (entities only).

Prana Real Estate Securities, LLC

2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) X
(b)

3. SEC Use Only

4. Source of Funds (See Instructions) AF

5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) ____

6. Citizenship or Place of Organization California

Number of Shares Beneficially Owned by Each Reporting Person With	7. Sole Voting Power 0
	8. Shared Voting Power 88,700
	9. Sole Dispositive Power 0
	10. Shared Dispositive Power 88,700

11. Aggregate Amount Beneficially Owned by Each Reporting Person 88,700

12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions) ______

13. Percent of Class Represented by Amount in Row (11) 5.1%

14. Type of Reporting Person (See Instructions) OO

1. Names of Filers. I.R.S. Identification Nos. of above persons (entities only).

Prana Securities Manager, LLC

2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) X
(b)

3. SEC Use Only

4. Source of Funds (See Instructions) AF

5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) ____

6. Citizenship or Place of Organization Delaware

Number of Shares Beneficially Owned by Each Reporting Person With	7. Sole Voting Power 0
	8. Shared Voting Power 88,700
	9. Sole Dispositive Power 0
	10. Shared Dispositive Power 88,700

11. Aggregate Amount Beneficially Owned by Each Reporting Person 88,700

12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions) ______

13. Percent of Class Represented by Amount in Row (11) 5.1%

14. Type of Reporting Person (See Instructions) 00

1. Names of Filers. I.R.S. Identification Nos. of above persons (entities only).

Prana Securities Adviser, LLC

2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) X
(b)

3. SEC Use Only

4. Source of Funds (See Instructions) AF

5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) ____

6. Citizenship or Place of Organization New York

Number of Shares Beneficially Owned by Each Reporting Person With	7. Sole Voting Power 0
	8. Shared Voting Power 88,700
	9. Sole Dispositive Power 0
	10. Shared Dispositive Power 88,700

11. Aggregate Amount Beneficially Owned by Each Reporting Person 88,700

12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions) ______

13. Percent of Class Represented by Amount in Row (11) 5.1%

14. Type of Reporting Person (See Instructions) OO, IA

1. Names of Filers. I.R.S. Identification Nos. of above persons (entities only).

Prana Securities Fund I, L.P.

2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a)
(b) X

3. SEC Use Only

4. Source of Funds (See Instructions) WC

5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) ____

6. Citizenship or Place of Organization Delaware

Number of Shares Beneficially Owned by Each Reporting Person With	7. Sole Voting Power 0
	8. Shared Voting Power 88,700
	9. Sole Dispositive Power 0
	10. Shared Dispositive Power 88,700

11. Aggregate Amount Beneficially Owned by Each Reporting Person 88,700

12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions) ______

13. Percent of Class Represented by Amount in Row (11) 5.1%

14. Type of Reporting Person (See Instructions) LP

Item 1. Security and Issuer

This statement relates to Shares of Beneficial Interest (the "Shares") of Century Realty Trust (the "Issuer"). The principal executive office of the Issuer is located at 823 Chamber of Commerce Building, Indianapolis, IN 46204.

Item 2. Identity and Background

The persons filing this statement and the persons enumerated in Instruction C of Schedule 13D and, where applicable, their respective places of organization, general partners, directors, executive officers and controlling persons, and the information regarding them, are as follows:

(a) Kurt C. McCracken, Neil C. McKinnon, Prana Holding Company, LLC ("Prana Holding Company"), Prana Real Estate Securities, LLC ("Real Estate Securities"), Prana Securities Manager, LLC (the "General Partner"), Prana Securities Adviser, LLC (the "Investment Manager") and Prana Securities Fund I, L.P. (the "Fund") (collectively, the "Filers"). The Fund is filing jointly with the other Filers, but not as a member of a group, and expressly disclaims membership in a group.

(b) The business address of all the Filers except Mr. McKinnon is 333 West 52^nd Street, Suite 600, New York, NY 10019. The business address of Mr. McKinnon is 665 Third Street, Suite 450, San Francisco, CA 94107.

(c) The Fund is a Delaware limited partnership that invests primarily, but not solely, in securities issued by real estate investment trusts. The General Partner is the general partner of the Fund and the Investment Manager is the investment adviser to the Fund. Real Estate Securities is the sole member of the General Partner, and Real Estate Securities and Prana Investments, Inc., a California corporation, are its Managers. Prana Holding Company is its Manager. Prana Holding Company is the sole member of Real Estate Securities. Real Estate Securities is the sole member of the Investment Manager. Mr. McCracken is the Chairman and a Manager of Prana Holding Company. Mr. McKinnon is the Manager of Real Estate Securities and the President and a Manager of Prana Holding Company.

(d) During the last five years, none of the Filers has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).

(e) During the last five years, none of the Filers was a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

(f) Please see the cover sheet for each Filer for the citizenship of that Filer.

Item 3. Source and Amount of Funds or Other Consideration

The source and amount of funds used in purchasing the Shares were as follows:

Purchaser	Source of Funds	Amount
The Fund	Working Capital	$1,028,057

Item 4. Purpose of Transaction

The Filers acquired the Shares for investment purposes, and such purchases were made in the Filers' ordinary course of business. In pursuing such investment purposes, the Filers may further purchase, hold, vote, trade, dispose or otherwise deal in the Shares at times, and in such manner, as they deem advisable to benefit from changes in market prices of such Shares, changes in the Issuer's operations, business strategy or prospects, or from sale or merger of the Issuer. To evaluate such alternatives, the Filers routinely will monitor the Issuer's operations, prospects, business development, management, competitive and strategic matters, capital structure, and prevailing market conditions, as well as alternative investment opportunities, liquidity requirements of the Filers and other investment considerations. Consistent with their investment research methods and evaluation criteria, the Filers may discuss such matters with management or directors of the Issuer, other shareholders, industry analysts, existing or potential strategic partners or competitors, investment and financing professionals, sources of credit and other investors. Such factors and discussions may materially affect, and result in, the Filers' modifying their ownership of Shares, exchanging information with the Issuer pursuant to appropriate confidentiality or similar agreements, proposing changes in the Issuer's operations, governance or capitalization, or in proposing one or more of the other actions described in paragraphs (a) through (j) of Item 4 of Schedule 13D. The Filers reserve the right to formulate other plans and/or make other proposals, and take such actions with respect to their investment in the Issuer, including any or all of the actions set forth in paragraphs (a) through (j) of Item 4 of Schedule 13D, or acquire additional Shares or dispose of all the Shares beneficially owned by them, in public market or privately negotiated transactions. The Filers may at any time reconsider and change their plans or proposals relating to the foregoing.

Item 5. Interest in Securities of the Issuer

The beneficial ownership of the Shares by each Filer at the date hereof is reflected on that Filer's cover page.

The Filers effected the following transactions in the Shares in open market transactions on the dates indicated, and such transactions are the only transactions in the Shares by the Filers since March 22, 2002:

Name	Purchase or Sale	Date	Number of Shares	Price Per Share
The Fund	Purchase	04/05/02	1,000	$11.12
	Purchase	04/15/02	100	11.12
	Purchase	04/16/02	900	11.12
	Purchase	04/17/02	400	11.30
	Purchase	04/19/02	600	11.30
	Purchase	04/29/02	300	11.25
	Purchase	05/17/02	700	11.30
	Purchase	05/21/02	300	11.30
	Purchase	05/22/02	600	11.30
	Purchase	05/23/02	600	11.30
	Purchase	05/30/02	500	11.50

Item 6. Contracts, Arrangement, Understandings or Relationships with Respect to Securities of the Issuer

The General Partner is the general partner of the Fund pursuant to an Agreement of Limited Partnership and the Investment Manager is the investment adviser to the Fund pursuant to an Investment Management Agreement. Those Agreements provide the General Partner and the Investment Manager the authority, among other things, to invest the funds of the Fund in the Shares, to vote and dispose of the Shares and to file this statement on behalf of the Fund. Pursuant to such Investment Management Agreement the Investment Manager is entitled to fees based on assets under management. Pursuant to such Agreement of Limited Partnership, the General Partner is entitled to allocations based on realized and unrealized gains of the Fund. The Filers disclaim beneficial ownership of the Shares except to the extent of their pecuniary interest therein.

Item 7. Material to Be Filed as Exhibits

Agreement Regarding Joint Filing of Statement on Schedule 13D or 13G.

SIGNATURES

After reasonable inquiry and to the best of my knowledge, I certify that the information set forth in this statement is true, complete and correct.

Dated: May 31, 2002

Prana Holding Company, LLC

By: Neil C. McKinnon
President

Prana Real Estate Securities, LLC

By: Neil C. McKinnon
President

Prana Securities Adviser, LLC

By: Neil C. McKinnon
President

Prana Securities Manager, LLC

By: Neil C. McKinnon
President

Prana Securities Fund I, L.P.

By: Prana Securities Manager, LLC, its General Partner

By: Neil C. McKinnon
President

Neil C. McKinnon

Kurt C. McCracken

EXHIBIT A

AGREEMENT REGARDING JOINT FILING

OF STATEMENT ON SCHEDULE 13D OR 13G

The undersigned agree to file jointly with the Securities and Exchange Commission (the "SEC") any and all statements on Schedule 13D or Schedule 13G (and any amendments or supplements thereto) required under section 13(d) of the Securities Exchange Act of 1934, as amended, in connection with purchases by the undersigned of the securities of Century Realty Trust or any other issuer. For that purpose, the undersigned hereby constitute and appoint Prana Investments, Inc., a California corporation, as their true and lawful agent and attorney-in-fact, with full power and authority for and on behalf of the undersigned to prepare or cause to be prepared, sign, file with the SEC and furnish to any other person all certificates, instruments, agreements and documents necessary to comply with section 13(d) and section 16(a) of the Securities Exchange Act of 1934, as amended, in connection with said purchases, and to do and perform every act necessary and proper to be done incident to the exercise of the foregoing power, as fully as the undersigned might or could do if personally present.

Dated: May 31, 2002

Prana Holding Company, LLC

By: Neil C. McKinnon
President

Prana Real Estate Securities, LLC

By: Neil C. McKinnon
President

Prana Securities Adviser, LLC

By: Neil C. McKinnon
President

Prana Securities Manager, LLC

By: Neil C. McKinnon
President

Prana Securities Fund I, L.P.

By: Prana Securities Manager, LLC, its General Partner

By: Neil C. McKinnon
President

Neil C. McKinnon

Kurt C. McCracken

PRANA HOLDINGS LLC SC 13D