UNITED INVESTORS REALTY TRUST
4, 1998-04-09
REAL ESTATE INVESTMENT TRUSTS
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FORM 4                                                     OMB APPROVAL
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/ / Check this box if no                            OMB Number:       3235-0287
    longer subject to                               Expires: September 30, 1998
    Section 16. Form 4                              Estimated average burden
    or Form 5 obligations                           hours per response .... 0.5
    may continue. See                               ---------------------------
    Instruction 1(b).

(Print or Type Responses)
                                        
                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549
                                        
                  STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
                                                                             
    Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f)
                     of the Investment Company Act of 1940

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<S>                             <C>            <C>                        <C>                <C>          <C>            <C>   
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 1. Name and Address of Reporting Person*      2. Issuer Name and Ticker or Trading Symbol   6. Relationship of Reporting Person(s) 
Brooks             William           C.             United Investors Realty Trust/UIRT          to Issuer (Check all applicable)
- ---------------------------------------------------------------------------------------------       Director         10% Owner
  (Last)          (First)          (Middle)    3. IRS Identification      4. Statement for      ----              ---
                                                  Number of Reporting        Month/Year             Officer (give  X Other (specify
8191 Muirhead Circle                              Person, if an entity     March/1998           ----        title ---       below)
- ---------------------------------------------     (Voluntary)             -------------------               below)
                 (Street)                                                 5. If Amendment, 
                                                                             Date of Original             Trust Manager
                                                                             (Month/Year)              ------------------------
Boynton Beach          FL          33437            ###-##-####                              7. Individual or Joint/Group Filing
                                                                                                (Check Applicable Line)
                                                                                              X  Form filed by One Reporting Person
                                                                                             --- 
                                                                                                 Form filed by More than One
                                                                                                Reporting Person
                                                                                             ---
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  (City)           (State)           (Zip)     TABLE 1 -- NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
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 1. Title of Security           2. Trans-   3. Transac-  4. Securities Acquired (A)  5.  Amount of        6. Owner-      7. Nature  
  (Instr. 3)                       action      tion         or Disposed of (D)           Securities          ship           of In-  
                                   Date        Code         (Instr. 3, 4 and 5)          Beneficially        Form:          direct  
                                               (Instr. 8)                                Owned at            Direct         Benefi-
                                  (Month/                                                End of Month        (D) or         cial
                                   Day/   ---------------------------------------        (Instr. 3 and 4)    Indirect       Owner- 
                                   Year)  Code    V      Amount   (A) or    Price                            (I)            ship   
                                                                  (D)                                        (Instr. 4)     (Instr.
                                                                                                                            4)     

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Common Shares of Beneficial 
Interest                        3/13/98    A            5,000      A        $10.00         8,600                D
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.                   
*If the form is filed by more than one reporting person, see Instruction 4(b)(v).
                                               POTENTIAL PERSONS WHO ARE TO RESPOND TO THE COLLECTION OF INFORMATION          (Over)
                                               CONTAINED IN THIS FORM ARE NOT REQUIRED TO RESPOND UNLESS THE FORM
                                               DISPLAYS A CURRENTLY VALID OMB CONTROL NUMBER.                        SEC 1474 (7-97)
 
</TABLE>
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<TABLE>
<CAPTION>
                                                                                                                                
 
FORM 4 (CONTINUED)        TABLE II -- DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
                                  (E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)

<S>                       <C>          <C>        <C>         <C>              <C>             <C>                   <C>          
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1. Title of Derivative    2. Conver-   3. Trans-  4. Trans-   5. Number of     6. Date Exer-   7. Title and Amount   8. Price     
   Security                  sion or      action     action      Derivative       cisable and     of Underlying         of        
   (Instr. 3)                Exercise     Date       Code        Securities Ac-   Expiration      Securities            Deriv-    
                             Price of     (Month/    (Instr. 8)  quired (A) or    Date            (Instr. 3 and 4)      ative     
                             Deriv-       Day/                   Disposed of (D)  (Month/Day/                           Secur-    
                             ative        Year)                  (Instr. 3, 4,    Year)                                 ity       
                             Security                            and 5)                                                 (Instr. 5)
                                                                               -----------------------------------             
                                                                               Date    Expira-            Amount or            
                                                    -------------------------- Exer-   tion       Title   Number of            
                                                    Code  V     (A)     (D)    cisable Date               Shares               
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<S>                   <C>                        <C>
9. Number of           10. Ownership               11. Nature of                              
   Derivative              Form of                     Indirect                     
   Securities              Derivative                  Beneficial                   
   Beneficially            Security:                   Ownership                    
   Owned at End            Direct (D)                  (Instr. 4)                   
   of Month                or Indirect (I)                                          
   (Instr. 4)              (Instr. 4)                                               
                                                    
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Explanation of Responses:
 
**Intentional misstatements or omissions of facts constitute Federal Criminal Violations.     /s/ WILLIAM C. BROOKS          3/28/98
  See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).                                                  ------------------------------- -------
                                                                                             **Signature of Reporting Person   Date
                                         

Note. File three copies of this Form, one of which must be manually signed.                                               Page 2   
  If space is insufficient, see Instruction 6 for procedure.                                                         SEC 1474 (7-97)


Potential persons who are to respond to the collection of information contained 
in this form are not required to respond unless the form displays a currently
valid OMB Number.
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