<PAGE>
 
                 SECURITIES AND EXCHANGE COMMISSION
                       Washington, DC  20549
 

                             FORM 10-Q
                 
                      
[X]            QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
               OF THE SECURITIES EXCHANGE ACT OF 1934
                                      
               For the quarterly period ended September 30, 1997
                                       
                                    OR
                                      
[ ]            TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
               OF THE SECURITIES EXCHANGE ACT OF 1934
                                       
               Commission file number: 1-13462
                                       
     
                        STORAGE TRUST REALTY
       (Exact name of Registrant as specified in its Charter)
                                        
                                        
          MARYLAND                           43-1689825
   (State or other jurisdiction           (I.R.S. employer 
 of incorporation or organization)       identification no.)
                     
     2407 RANGELINE STREET 
       COLUMBIA, MISSOURI                        65202
(Address of principal executive offices)       (Zip Code)

                           (573)499-4799
        (Registrant's telephone number, including area code)


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 the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date:

12,910,357 common shares of Beneficial Interest, $.01 par value as of
October 15, 1997. 

<PAGE>

                        STORAGE TRUST REALTY
                    CONSOLIDATED BALANCE SHEETS
           AS OF SEPTEMBER 30, 1997 AND DECEMBER 31, 1996
        (amounts in thousands, except for share information)
<TABLE>
<CAPTION>
                                           Sept. 30,    Dec. 31,      
                                             1997        1996   
                                          (unaudited)

<S>                                         <C>         <C>
ASSETS
Investment in storage facilities, net      $ 363,427   $ 304,114
Cash and cash equivalents                      2,990       2,317
Accounts receivable and other assets           1,526       1,550
Deferred financing costs, net of
  amortization of $927 and $463                1,109         547
Notes receivable                               2,031          -
Investments in joint ventures                    266         197
  Total assets                             $ 371,349   $ 308,725

LIABILITIES AND EQUITY
Liabilities:
  Mortgages and notes payable:
    Revolving line of credit               $  23,820   $  60,673
    Senior Notes                             100,000          -
    Other                                         -        2,582
  Accounts payable and accrued expenses        6,816       4,964
  Accrued interest payable                     1,621         171
  Tenant prepayments                           2,845       2,195
  Dividends and distributions payable          5,991       5,974
    Total liabilities                        141,093      76,559

Minority interest                             16,114      16,470

Shareholders' equity:
  Common shares, $.01 par value, 
    150,000,000 shares authorized, 
    12,910,357 and 12,874,932 shares 
    issued and outstanding, respectively         129         129
  Additional paid-in capital                 220,556     219,868
  Distributions in excess of net income       (6,543)     (4,301)
    Total shareholders' equity                214,142     215,696
    Total liabilities and shareholders' 
      equity                               $ 371,349        $ 308,725

</TABLE>
The accompanying notes are an integral part of these statements. 

<PAGE>

                       STORAGE TRUST REALTY
               CONSOLIDATED STATEMENTS OF OPERATIONS
       FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
        (amounts in thousands, except for share information)
                            (unaudited)

<TABLE>
<CAPTION>
                                                 1997        1996   
<S>                                            <C>         <C>
 
Revenues:
  Rental income                               $ 15,477    $ 12,055
  Management income                                 80          32
  Equity in earnings of joint ventures              30          17
  Other income                                     377         199
    Total revenues                              15,964      12,303  
                        
Expenses:
  Property operations                            3,286       2,670
  Real estate taxes                              1,568         986
  General and administrative                       879         715
  Interest                                       2,196         827
  Depreciation                                   2,487       1,660
  Amortization                                     161          72
    Total expenses                              10,577       6,930
 
Net income before minority interest              5,387       5,373
 
Minority interest                                (358)       (327)

Net income                                    $  5,029    $  5,046

Net income per share                          $   0.39    $   0.39

Weighted-average number of shares
 outstanding during the period              12,909,775  12,827,375
                                                                
Dividends declared per share 
  during the period                           $  0.435    $  0.410
</TABLE>
                                                                 

The accompanying notes are an integral part of these statements.

<PAGE>

                        STORAGE TRUST REALTY
               CONSOLIDATED STATEMENTS OF OPERATIONS
       FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
        (amounts in thousands, except for share information)
                            (unaudited)
<TABLE>
<CAPTION>
                                          1997        1996   
<S>                                      <C>         <C>
Revenues:
  Rental income                         $ 42,623    $ 29,781
  Management income                          193         134
  Equity in earnings of joint ventures        69          86
  Other income                               927         462
    Total revenues                        43,812      30,463  
                        
Expenses:
  Property operations                      9,025       6,758
  Real estate taxes                        3,995       2,641
  General and administrative               2,302       1,783
  Interest                                 5,596       3,241
  Depreciation                             6,812       4,225
  Amortization                               467         216
    Total expenses                        28,197      18,864

Net income before minority interest       15,615      11,599

Minority interest                        (1,011)       (726)

Net income                              $ 14,604   $  10,873

Net income per share                    $   1.13    $   1.08

Weighted-average number of shares
  outstanding during the period       12,901,434  10,108,639
                                                                
Dividends declared per share 
  during the period                     $  1.305    $  1.230
                                                                 
</TABLE>

The accompanying notes are an integral part of these statements.                
 

<PAGE>

                     STORAGE TRUST REALTY
               CONSOLIDATED STATEMENTS OF CASH FLOWS
       FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
                       (amounts in thousands)
                            (unaudited)
<TABLE>
<CAPTION>
                                                1997       1996   
<S>                                             <C>        <C>

Cash flows from operating activities:
  Net income                                 $ 14,604   $ 10,873
  Adjustments to reconcile net income to net
  cash provided by operating activities:
    Depreciation and amortization               7,279      4,441
    Equity in earnings of joint ventures          (69)       (86)
    Distributions from joint ventures              -          20
    Minority interest                            1,011       726
    Changes in assets and liabilities:
     Accounts receivable and other assets           24        97
      Accounts payable, tenant prepayments
     and accrued expenses                        3,952     2,652 
  Net cash provided by operating activities     26,801    18,723
Cash flows from investing activities:
  Acquisition of storage facilities           (61,831)   (98,844)
  Other additions to storage facilities        (2,360)    (3,622)
  Funding of notes receivable                  (2,031)        -  
  Net cash used in investing activities       (66,222)  (102,466)
Cash flows from financing activities:
  Borrowings on revolving line of credit       53,570    110,234
  Payments on revolving line of credit        (90,423)   (86,156)
  Principal payments on other mortgages  
    and notes payable                          (4,226)    (7,849)
  Funding of Senior Notes                     100,000         -
  Financing costs paid                         (1,026)       (51)
  Proceeds from sale of Common Shares              -      83,835
  Offering costs paid                              -      (4,941)
  Distributions to minority interests paid     (1,113)      (665)
  Dividends paid                              (16,831)   (10,744)
  Stock options exercised                         143         -  
  Net cash provided by financing activities    40,094     83,663

Net change in cash and cash equivalents           673        (80) 
Cash and cash equivalents at beginning 
  of period                                     2,317      2,356 
Cash and cash equivalents at end of period   $  2,990   $  2,276
</TABLE>
The accompanying notes are an integral part of these statements.

<PAGE>
                       STORAGE TRUST REALTY
         CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
       FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
                       (amounts in thousands)
                            (unaudited)
<TABLE>
<CAPTION>

                                                1997     1996  
<S>                                             <C>      <C>

Supplemental cash flow information:
  Cash paid for interest                      $ 4,146  $ 2,919

Schedule of non-cash investing and 
  financing activities:
    Mortgages assumed on acquired facilities  $ 1,644  $ 4,260
    Issuance of Units in connection with the
      acquisition of storage facilities       $    -   $ 8,243
    Storage facilities acquired (10 in 1997
      and one in 1996) in exchange for
      storage facilities (16 in 1997 and
      two in 1996)                            $23,683  $ 2,360
    Issuance of Units in connection with the 
      earnout provisions of contracts on
      previously acquired storage facilities  $   293  $    -    
    Reclassification of investment in 
      joint ventures to investment in
      storage facilities                      $    -   $   364  
    Conversion of Units of the Operating
      Partnership held by minority interests
      to Common Shares of the Company         $   545  $    -  
</TABLE>

The accompanying notes are an integral part of these statements.

<PAGE>

                       STORAGE TRUST REALTY  
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1.   Organization and Basis of Presentation

     Organization 
  Storage Trust Realty (the "Company") was formed as a Maryland
  real estate investment trust ("REIT") on July 12, 1994 to
  continue the self-storage business of Burnam Holding Companies
  Co. ("BHC") and certain of its affiliates (collectively, the
  "Predecessor Company") in owning, operating and managing
  self-storage facilities.  The Company and its subsidiaries
  commenced operations effective with the completion of the
  Company's initial public offering ("IPO") on November 16, 1994.
  As of September 30, 1997, the Company owned 181 self-storage
  facilities in 16 states, and was a partner in two joint ventures
  that owned two operating self-storage facilities.

  Substantially all of the Company's assets and interests in
  self-storage facilities are held by, and all of its operations
  are conducted through, Storage Trust Properties, L.P. (the
  "Operating Partnership").  The Company is the sole general
  partner of, and thereby controls the operations of, the
  Operating Partnership, holding a 93.74% ownership interest
  therein as of September 30, 1997.  The remaining ownership
  interests in the Operating Partnership (the "Units") are held by
  certain owners of the Predecessor Company, including BHC, and
  certain former owners of assets acquired by the Operating
  Partnership subsequent to the IPO.

     Basis of Presentation 
  The financial statements included herein have been prepared
  without audit pursuant to the rules and regulations of the
  Securities and Exchange Commission.  These financial statements
  reflect all adjustments which, in the opinion of management, are
  necessary to fairly present results for the interim periods and
  all such adjustments are of a normal recurring nature. 

  Certain amounts from 1996 have been reclassified to conform to
  the presentation in 1997.

<PAGE>

                       STORAGE TRUST REALTY  
            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
                                  
1.   Organization and Basis of Presentation (continued)

  Basis of Presentation (continued):
  Certain information and footnote disclosures normally included
  in financial statements prepared in accordance with generally
  accepted accounting principles have been condensed or omitted
  pursuant to such rules and regulations, although the Company
  believes that the accompanying disclosures are adequate to make
  the information presented not misleading.  The results for the
  interim periods are not necessarily indicative of the results
  for a full fiscal year.  These financial statements should be
  read in conjunction with the financial statements and notes
  thereto included in the Company's Annual Report on Form 10-K for
  the year ended December 31, 1996.

  The accompanying consolidated financial statements include  the
  accounts of the Company, the Operating Partnership, and Storage
  Realty Management Co. ("Management Company").  All significant
  intercompany transactions have been eliminated in the
  consolidated presentations.

2.   Summary of Significant Accounting Policies

  Investment in Storage Facilities
  Investment in storage facilities is recorded at cost. 
  Depreciation is computed using straight-line and accelerated
  methods over estimated useful lives ranging from 15 to 40 years
  for buildings and improvements, and 3 to 10 years for furniture,
  fixtures and equipment.  Expenditures for significant
  renovations and improvements, which improve and/or extend the
  useful lives of fixed assets, are capitalized.  Maintenance and
  repairs are expensed as incurred.
  
  Revenue Recognition
  Rental income is recorded when due form tenants under operating
  lease agreements.

<PAGE>

                        STORAGE TRUST REALTY
            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
                                  
2.   Summary of Significant Accounting Policies (continued)

  Federal Income Taxes
  No provision has been made for Federal income taxes for the
  Company in the accompanying consolidated financial statements
  because the Company has operated and expects to continue
  operating in a manner to qualify as a REIT.  Under the
  applicable provisions of the Internal Revenue Code for a REIT,
  the Company is allowed to reduce taxable income by all or a
  portion of its distributions to shareholders so long as it
  distributes at least 95% of its taxable income to its
  shareholders and complies with certain other requirements.

  Cash and Cash Equivalents
  The Company considers all demand and money market accounts and
  repurchase agreements with a maturity of three months or less
  when purchased to be cash and cash equivalents.
  
  Deferred Financing Costs
  Fees and related expenses incurred in connection with financing
  transactions are capitalized at cost and are amortized on a
  straight-line basis over the life of the related financing,
  which approximates the interest method.  The unamortized balance
  is expensed upon termination or prepayment of the financing.

  Investments in Joint Ventures
  Investments in joint ventures represent investments in self-storage
  facilities in which the Company does not have a controlling interest.  
  The Company exercises significant influence over the operating and 
  financial policies of the joint ventures.

  The equity method of accounting has been applied in the
  accompanying consolidated financial statements with respect to
  the Company's interests in joint ventures.

  Net Income Per Common Share
  Primary earnings per Common Share are based upon the weighted-average
  number of Common Shares and the equivalent Common Shares
  outstanding during the period.  The assumed exercise price of
  outstanding options for Common Shares and Units of the Operating
  Partnership using the treasury stock method is not materially
  dilutive and such amounts are not presented.

<PAGE>

                         STORAGE TRUST REALTY  
            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
                                  
2.   Summary of Significant Accounting Policies (continued)

  Net Income Per Common Share (continued)
  In February 1997, the Financial Accounting Standards Board
  issued Statement No. 128, "Earnings per Share" ("FASB 128"),
  which is required to be adopted on December 31, 1997.  At that
  time, the Company will be required to change the method
  currently used to compute earnings per Common Share and to
  restate all prior periods.  Under the new requirements for
  calculating primary earnings per Common Share, the dilutive
  effect of stock options will be excluded.  The impact of FASB
  128 on the calculation of primary and fully diluted earnings per
  Common Share for the three months and nine months ended
  September 30, 1997 and 1996 is not expected to be material.

  Minority Interest
  The minority interest reflects the ownership interest of the
  limited partners of the Operating Partnership and the other
  shareholder of the Management Company.  Amounts allocated to
  these interests are reflected as an expense in the statement of
  operations and increase the Company's liability. Distributions
  to these limited partners and the other shareholder reduce this
  liability.  Minority interest of unitholders in the Operating
  Partnership is calculated on the weighted-average Common Shares
  and Units outstanding for the period.
  
  Units in the Operating Partnership held by minority interests
  can be exchanged for Common Shares of the Company on a one-for-one 
  basis or redeemed in cash at the Company's option.  During
  the nine months ended September 30, 1997, limited partners
  exchanged 27,829 Units in the Operating Partnership for 27,829
  Common Shares in the Company.
  
  At September 30, 1997, minority interest ownership in the
  Operating Partnership was 862,684 units or 6.26%.
     
  Use of Estimates
  The preparation of financial statements in conformity with   
  generally accepted accounting principles requires management     
  to make estimates and assumptions that affect the amounts   
  reported on the financial statements and accompanying notes.     
  Actual results could differ from those estimates.

<PAGE>
                    STORAGE TRUST REALTY  
            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

3.   Investment in Storage Facilities

     The following summarizes investment in storage facilities 
    (amounts in thousands):
                                                                   
<TABLE>
<CAPTION>
                               Sept. 30,    December 31,
                                   1997          1996      
                               (unaudited)   
  <S>                            <C>           <C>

  Land                           $ 72,795      $ 60,578
  Buildings                       284,181       237,190
  Furniture, fixtures and 
       equipment                   22,287        16,551
                                  379,263       314,319     
  Accumulated depreciation        (15,836)      (10,205)
     Investment in storage 
        facilities, net          $363,427      $304,114 
</TABLE>                                                      
<PAGE>

                       STORAGE TRUST REALTY  
            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

4.   Mortgages and Notes Payable

  Mortgages and notes payable consist of the following 
       (column amounts in thousands): 
<TABLE>
<CAPTION>                                          

                                      Sept. 30,   December 31,     
                                         1997         1996    
                                     (unaudited)
  <S>                                  <C>           <C>


  Revolving line of credit:
  
  Unsecured revolving line of credit 
  with an aggregate borrowing limit 
  of $100 million, bearing interest 
  at LIBOR plus 1.375% per annum 
  (7.075%) at September 30, 1997 
  and LIBOR plus 1.625% per annum 
  (7.267%) at December 31, 1996, 
  respectively, interest only payable 
  monthly and a fee on the unused 
  portion of .25% per annum.  
  Expiration on January 24, 1998.      $23,820       $60,673
</TABLE>
  

  The Company is currently negotiating the terms of a new credit
  agreement with several banks and expects to have such a new
  facility in place in January 1998.  However, there can be no
  assurance that such new facility will be in place at such time. 

<PAGE>
                       STORAGE TRUST REALTY
            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
                                  
4.   Mortgages and Notes Payable (continued)
     
<TABLE>
<CAPTION>                                          
                                      Sept. 30,   December 31,     
                                         1997         1996    
                                     (unaudited)
  <S>                                 <C>           <C> 

  Senior Notes:
  
  Series A, bearing interest at a
  fixed rate of 7.47% per annum,
  interest payable semi-annually 
  on July 15 and January 15,
  principal payments of $14,700,000
  due on January 15, 2002 and 2003, 
  with the remaining principal 
  due January 15, 2004.                $ 44,000      $    -

  Series B, bearing interest at a
  fixed rate of 7.66% per annum,
  interest payable semi-annually
  on July 15 and January 15,
  principal payments of $11,200,000
  due on January 15, 2003, 2004, 
  2005 and 2006, with the remaining 
  principal due January 15, 2007.        56,000           -  

  Total                                $100,000      $    -  

</TABLE>
     
     In anticipation of the Senior Notes offering, the Company
     entered into a hedging transaction (the sale of Treasury
     securities) with the objective of reducing its exposure to
     changes in interest rates.  The hedge was closed upon receiving
     the commitments from the institutional investors in December
     1996.  The Company realized net proceeds of $645,000 from this
     transaction.  This hedging gain is being amortized against
     interest expense over the weighted-average term of the Senior
     Notes.  The balance of the hedging gain, which is included in
     accrued liabilities, at September 30, 1997 and December 31, 1996
     was $577,000 and $645,000, respectively.

<PAGE>
                       STORAGE TRUST REALTY  
            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  
                                  
Mortgages and Notes Payable (continued) 

<TABLE>
<CAPTION>
                                         Sept. 30,   December 31,     
                                           1997         1996    
                                        (unaudited)
     <S>                                 <S>           <C>
     
     Other:
     Mortgage loan secured by one self-
     storage facility, bearing interest 
     at 7.5%, principal and interest of 
     $16,000 payable monthly.  
     Repaid on January 17, 1997.          $    -        $ 1,582       
     Mortgage loan secured by one
     self-storage facility, bearing 
     interest at 5.0%, monthly interest
     payments due. Repaid at maturity 
     on January 31, 1997.                      -          1,000            
                                          $    -        $ 2,582

</TABLE>

     Scheduled Maturities:

     The scheduled maturities of mortgages and notes payable
     subsequent to September 30, 1997 are as follows (amounts in
     thousands):

<TABLE>
<CAPTION>     
                         Revolving
          Year Ending     Line of    Senior
          December 31,     Credit    Notes      Total  
             <C>           <S>       <C>        <S>
 
             1997        $     -    $     -   $     -
             1998          23,820         -     23,820
          1999 to 2001         -          -         -
             2002              -      14,700    14,700
             2003              -      25,900    25,900
             2004              -      25,800    25,800
             2005              -      11,200    11,200
             2006              -      11,200    11,200
             2007              -      11,200    11,200 
           Totals        $ 23,820   $100,000  $123,820
</TABLE>
<PAGE>

                       STORAGE TRUST REALTY
              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
                                  
5.   Subsequent Events

     On October 14, 1997, the Company declared a $.46 dividend on
     each Common Share for the fourth quarter of 1997.  This is an
     increase from the $.435 per Common Share dividend declared for
     the third quarter of 1997.  The dividend is payable December
     29, 1997 to shareholders of record on December 15, 1997.

     On October 15, 1997, the Company announced it had agreed to
     sell 2,200,000 Common Shares to an investment banking firm. 
     The net proceeds of approximately $52 million will be used to
     repay amounts outstanding on the revolving line of credit and
     to fund future acquisition activity.  The transaction is
     expected to close on October 21, 1997.  The Company has granted
     to the investment banking firm a 30-day option to purchase up
     to 330,000 additional Common Shares solely to cover over-allotments.

<PAGE>

                         STORAGE TRUST REALTY
              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

6.   Acquisitions and Pro Forma Information

     During the first nine months of 1997, the Company has acquired
     32 facilities for consideration with an aggregate value of
     $84,479,000.  Consideration included cash of $60,798,000 and
     the exchange of 16 of the Company's facilities valued at
     $23,683,000.

     The following presents the consolidated results of operations
     of the Company for the nine months ended September 30, 1997 on
     a pro forma basis as if (a) these acquisitions and exchanges
     during the first nine months of 1997 had been completed on
     January 1, 1997 and (b) the funding of $100 million of Senior
     Notes had been completed on January 1, 1997:

<TABLE>
<CAPTION>
               <S>                      <C>

               Total revenues           $46,405,000
               Total expenses            31,617,000
               Net income before
                 minority interest       14,788,000
               Minority interest           (956,000) 
               Net income               $13,832,000
               
               Net income per share     $      1.07
               
               Weighted-average number
                 of shares outstanding   12,901,434
</TABLE>
               
     Net income decreased $772,000 (5.2%) for the pro forma nine
     months ended September 30, 1997 as compared to the actual
     results for this time period due primarily to the fact that (a)
     the operations of five facilities acquired in 1997 were in
     their initial lease-up period and (b) one facility acquired in
     1997 was undergoing a significant expansion that opened in June
     1996.
     
     The unaudited pro forma information is not necessarily
     indicative of what actual results of operations of the 
     Company would have been assuming such transactions had been
     completed as of January 1, 1997 nor does it purport to
     represent the results of operations for future periods.

<PAGE>

Item 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
          CONDITION AND RESULTS OF OPERATIONS
                                        
The following discussions should be read in conjunction with the
financial statements and notes thereto appearing elsewhere herein and
in the Company's Annual Report on Form 10-K for the year ended
December 31, 1996.

Storage Trust Realty (the "Company") commenced operations with the
completion of its initial public offering (the "IPO") of common
shares of beneficial interest, par value $.01 per share ("Common
Shares"), on November 16, 1994.  The Company was formed to continue
the self-storage business of Burnam Holding Companies Co. and certain
of its affiliates (collectively, "BHC" or the "Predecessor Company").

Substantially all of the Company's assets and interests in self-
storage facilities are held by, and all of its operations are
conducted through, Storage Trust Properties, L.P. (the "Operating
Partnership").  The Company is the sole general partner of, and
thereby controls the operations of, the Operating Partnership,
holding a 93.74% ownership interest therein as of September 30, 1997.
The remaining ownership interest in the Operating Partnership (the
"Units") are held by certain owners of the Predecessor Company,
including BHC, and certain former owners of assets acquired by the
Operating Partnership subsequent to the IPO. 

The Company derives its revenue principally from the Operating
Partnership, which is generated primarily by (i) the Operating
Partnership's rental of self-storage units at the Company's
facilities, (ii) revenues (for financial reporting purposes) of the
Management Company, and (iii) earnings from joint ventures.  

The following discussion is based on the consolidated financial
statements of Storage Trust Realty.

<PAGE>
     
Results of Operations: Three months ended September 30, 1997
compared to three months ended September 30, 1996

Rental income increased $3,422,000 (28.4%) in the second quarter of
1997 compared to the second quarter of 1996 as a result of the net
addition of 12 facilities during the six months ended December 31,
1996 and 16 facilities during the nine months ended September 30,
1997 ($3,122,000) and increases in the average rent per square foot
and occupancy associated with those facilities owned for all of the
three months ended September 30, 1996 and 1997 ($300,000). Average
annualized revenue per square foot for the portfolio increased 9.1%
to $7.69 in 1997 from $7.05 in 1996, while occupancy for the
portfolio decreased from 87% at September 30, 1996 to 85% at
September 30, 1997.  

Other income increased $178,000 (89.4%) primarily from increased
product sales (locks and packaging supplies) and increased
commissions from rental trucks, which are at many of the Company's
facilities.

Revenues on a same store basis increased $401,000 or 3.7%. Revenues
on a same store basis include rental income, administrative fees,
late fees, product sales (locks and packaging supplies), commissions
from rental trucks and other income. On a same store basis, average
annualized revenue per square foot increased 4.6% to $7.47 in 1997
from $7.14 in 1996, while occupancy decreased from 86% at September
30, 1996 to 84% at September 30, 1997.

Property operating expenses increased $616,000 (23.1%) as a result of
acquisitions in 1996 and 1997 ($696,000) and increases at those
facilities owned for all of the three months ended September 30, 1996
and 1997.  Property operating expenses decreased on a same store
basis by $36,000 or 1.5%, reflecting lower insurance costs and
reduced advertising expenses.  These increases were partially offset
by a) additional payroll costs at the facilities, due to higher base
pay and incentive compensation, and b) higher repairs and
maintenance.

Real estate taxes increased $582,000 (59.0%) as a result of
acquisitions in 1996 and 1997 ($525,000) and increases at those
facilities owned for all of the three months ended September 30, 1996
and 1997. Real estate taxes on a same store basis increased by
$57,000 or 6.5%, reflecting higher tax assessments and higher tax
rates on those properties.

<PAGE>

Results of Operations: Three months ended September 30, 1997
compared to three months ended September 30, 1996 (continued)

General and administrative expenses increased $164,000 (22.9%).  The
addition of personnel at the Company's headquarters in 1996 and 1997,
increased travel costs and higher professional fees accounted for the
majority of this increase.

Interest expense increased $1,369,000 (165.5%) due to the increase in
borrowings to finance acquisitions and from the issuance of
$100,000,000 of the Senior Notes in January and April 1997.

Depreciation increased $827,000 (49.8%) due to the increased
investment in storage facilities.

Amortization increased $89,000 (123.6%) due to amortization of the
costs of the Senior Notes.

Net income decreased $17,000 (0.3%) and net income per share was
unchanged as a result of the factors noted above. 

Results of Operations: Nine months ended September 30, 1997
compared to nine months ended September 30, 1996

Rental income increased $12,842,000 (43.1%) in the first nine months
of 1997 compared to the first nine months of 1996 as a result of the
net addition of 44 facilities during the year ended December 31, 1996
and 16 facilities during the nine months ended September 30, 1997
($11,886,000) and increases in the average rent per square foot and
occupancy associated with those facilities owned for all of the nine
months ended September 30, 1996 and 1997 ($956,000). Average
annualized rent per square foot for the portfolio increased 8.3% to
$7.47 in 1997 from $6.90 in 1996, while occupancy for the whole
portfolio decreased from 87% at September 30, 1996 to 85% at
September 30, 1997.  

Other income increased $465,000 (100.6%) primarily from increased
product sales (locks and packaging supplies) and increased
commissions from rental trucks at many of the Company's facilities.

Revenues on a same store basis increased $1,109,000 or 4.8%. Revenues
on a same store basis include rental income, administrative fees,
late fees, product sales (locks and packaging supplies), commissions
from rental trucks and other income.

<PAGE>

Results of Operations: Nine months ended September 30, 1997
compared to nine months ended September 30, 1996 (continued)

On a same store basis, average annualized rent per square foot
increased 4.1% to $7.34 in 1997 from $7.05 in 1996, while
occupancy decreased from 86% at September 30, 1996 to 84% at
September 30, 1997.

Property operating expenses increased $2,267,000 (33.5%) as a
result of acquisitions in 1996 and 1997 ($2,127,000) and increases
at those facilities owned for all of the nine months ended
September 30, 1996 and 1997.

Property operating expenses increased on a same store basis by
$140,000 or 2.8%, reflecting a) additional payroll costs at the
facilities, due to higher base pay and incentive compensation,     
b) additional costs for regional managers, due to more regions, and
c) higher maintenance and snow removal costs.  These increases were
partially offset by lower insurance costs and reduced advertising
expenses.

Real estate taxes increased $1,354,000 (51.3%) as a result of
acquisitions in 1996 and 1997 ($1,288,000) and increases at those
facilities owned for all of the nine months ended September 30, 1996
and 1997. Real estate taxes on a same store basis increased by
$66,000 or 3.4%, reflecting higher tax assessments and higher tax
rates on those properties.

General and administrative expenses increased $519,000 (29.1%).  The
addition of personnel at the Company's headquarters in 1996 and 1997,
increased travel costs and higher professional fees accounted for the
majority of this increase.

Interest expense increased $2,355,000 (72.7%) due to the increase in
borrowings from the issuance of $100,000,000 of the Senior Notes in
January and April 1997 and the use of proceeds from the sale of
4,140,000 Common Shares in July 1996.
 
Depreciation increased $2,587,000 (61.2%) due to the increased
investment in storage facilities.

Amortization increased $251,000 (116.2%) due to amortization of the
costs of the Senior Notes.

Net income increased $3,731,000 (34.3%) and net income per share
increased $.05 (4.6%) as a result of the factors noted above.

<PAGE>    

Funds from Operations

The Company believes that Funds from Operations ("FFO") is helpful to
investors as a measure of the performance of an equity REIT because,
along with cash flows from operating activities, financing activities
and investing activities, it provides investors with an understanding
of the ability of the Company to incur and service debt and to make
capital expenditures.  FFO is defined by NAREIT as income (loss)
before minority interest of the holders of Units (computed in
accordance with GAAP), excluding gains or losses from debt
restructuring and sales of property, provision for losses, and real
estate related depreciation and amortization (excluding amortization
of financing costs).  FFO is not to be considered as an alternative
to net income or any other GAAP measurement as a measure of operating
performance and is not necessarily indicative of cash available to
fund all cash needs. 

Funds from Operations is determined as follows (amounts in
thousands):
<TABLE>
<CAPTION>
                                          1997       1996    
<S>                                       <C>        <C>

Three Months Ended September 30:
  Net income before minority interest    $ 5,387    $ 5,373
  Depreciation of revenue-producing
    assets                                 2,462      1,660
  Company's share of joint ventures'
    depreciation                               4          4
  Funds from Operations                  $ 7,853    $ 7,037
  Weighted-average number of 
    Common Shares and Units           13,772,459 13,552,741  

Nine Months Ended September 30:
  Net income before minority interest    $15,615   $ 11,599
  Depreciation of revenue-producing
    assets                                 6,747      4,225
  Company's share of joint ventures'
    depreciation                              12         17
  Funds from Operations                  $22,374    $15,841
  Weighted-average number of 
    Common Shares and Units           13,762,612 10,733,513  

</TABLE>

The Company includes Units in these amounts as Units can be exchanged
for Common Shares of the Company on a one-for-one basis or redeemed
in cash at the Company's option.

<PAGE>

Funds from Operations (continued)

FFO increased $816,000 (11.6%) in the third quarter of 1997 over 1996
due to the acquisition of facilities in 1997 and 1996 and the
increased results from those facilities owned for all of the three
months ended September 30, 1997 and 1996.  Net operating income,
defined as revenues less property operating expenses and real estate
taxes, increased on a same store basis by $381,000 or 5.0%.  These
increases were partially offset by increases in general and
administrative expenses and interest expense, as previously
discussed.

FFO increased $6,533,000 (41.2%) in the first nine months of 1997
over 1996 due to the acquisition of facilities in 1997 and 1996 and
the increased results from those facilities owned for all of the nine
months ended September 30, 1997 and 1996.  Net operating income
increased on a same store basis by $903,000 or 5.7%.  These increases
were partially offset by increases in general and administrative
expenses and interest expense, as previously discussed.

FFO decreased $242,000 (1.1%) for the pro forma nine months ended
September 30, 1997 as compared to the actual results for this time
period due primarily to the fact that (a) the operations of five
facilities acquired in 1997 were in their initial lease-up period and
(b) one facility acquired in 1997 was undergoing a significant
expansion that opened in June 1996.

<PAGE>

Liquidity and Capital Resources

Mortgages and Notes Payable

The Company had outstanding borrowings of $123,820,000 at September
30, 1997.  This indebtedness consists of (a) $100,000,000 of Senior
Notes and (b) $23,820,000 on the Company's revolving line of credit.
The revolving line of credit may be used to fund the acquisition,
development or conversion of additional facilities. The revolving
line of credit expires in January 1998 and bears interest at a
floating rate of LIBOR plus 1.375% (7.075% at September 30, 1997). 

The Company is currently negotiating the terms of a new credit
agreement with several banks and expects to have such a new facility
in place in January 1998.  However, there can be no assurance that
such new facility will be in place at such time.

On October 15, 1997, the Company announced it had agreed to sell
2,200,000 Common Shares to an investment banking firm.  The net
proceeds of approximately $52 million will be used to repay amounts
outstanding on the revolving line of credit and to fund future
acquisition activity.  The transaction is expected to close on
October 21, 1997. The Company has granted to the investment banking
firm a 30-day option to purchase up to 330,000 additional Common
Shares solely to cover over-allotments.

In December 1996, the Company received commitments from various
institutional investors for the private placement of $100 million of
unsecured Senior Notes.  The Company funded $75 million of the Senior
Notes on January 22, 1997 and the remaining $25 million was funded on
April 15, 1997.  The fixed rate debt has two separate series - Series
A Senior Notes totaling $44 million with a final maturity of seven
years, an average maturity of six years and a fixed interest rate of
7.47% per annum (125 basis points over comparable Treasuries at the
date of pricing) and Series B Senior Notes totaling $56 million with
a final maturity of ten years, an average maturity of eight years and
a fixed interest rate of 7.66% per annum (135 basis points over
corresponding Treasuries at the date of pricing).  The proceeds of
the financing are being utilized to repay indebtedness under the
Company's revolving line of credit, to finance additional self-storage
acquisitions and for general corporate purposes.

<PAGE>

Liquidity and Capital Resources (continued)

Mortgages and Notes Payable (continued)

At September 30, 1997, the Company has joint and several liability
but does not guarantee the $3,925,000 indebtedness of a joint venture
in New Orleans, Louisiana in which it has a 15% interest. In 1996,
the Company acquired a 25% interest in a joint venture that is
operating a self-storage facility in Kansas City, Missouri that was
constructed during 1997.  The Company has guaranteed 25% of the joint
venture's construction loan, which is for a total of $2,054,000. The
balance outstanding under this construction loan as of September 30,
1997 was $1,789,000.

Liquidity

The expansion of existing facilities, the acquisition, conversion and
development of additional self-storage facilities and the repayment
of indebtedness, including the Senior Notes and any amounts
outstanding on the revolving line of credit, represent the Company's
principal liquidity requirements.

The Company expects to meet its short-term liquidity requirements by
(a) net cash provided by operating activities and (b) borrowings
under the revolving line of credit.  The Company intends to meet its
long-term liquidity requirements primarily through (a) borrowings
under the revolving line of credit, (b) the issuance of new debt and
(c) the sale of Common Shares.

The Company believes that its future net cash flow will be adequate
to meet operating requirements and provide for payment of
distributions by the Company in accordance with tax requirements
relating to a REIT in the short-term and in the long-term.  In order
to maintain its status as a REIT, the Company will be required to
make distributions to its shareholders of at least 95% of its taxable
income, which is expected to consist primarily of its share of the
income of the Operating Partnership.  Differences in timing between
the recognition of taxable income and receipt of cash which would be
available for distribution could require the Company to borrow to
meet the 95% distribution requirement, although the Company does not
currently anticipate the need to borrow as a result of any such
differences in timing.

<PAGE>

Capital Expenditures

During the three months ended March 31, 1997, the Company spent
$187,000 for expansions of existing facilities and climate-controlled
conversions and $446,000 on other capital expenditures. During the
three months ended June 30, 1997, the Company spent $131,000 for
expansions of existing facilities and climate-controlled conversions
and $832,000 on other capital expenditures.  During the three months
ended September 30, 1997, the Company spent $437,000 for expansions
of existing facilities and climate-controlled conversions and
$327,000 on other capital expenditures.  

For the twelve months ending September 30, 1998, the Company expects
to spend $7,050,000 for expansions and climate-controlled conversions
at existing facilities.  For the remaining six months of 1997, the
Company expects to spend $400,000 on other capital expenditures.  The
Company believes that it can fund any necessary capital expenditures
through its operations or from the revolving line of credit.

Inflation 

Substantially all of the leases at the facilities have one-month
terms, which thereby provide the Company with the opportunity to
achieve increases in rental income as each lease matures.  Such types
of leases generally minimize the risk of inflation to the Company.

Seasonality

The Company's revenues are expected to be higher during the latter
part of the year because its facilities experience greater occupancy
from May through September (due to higher levels of residential moves
during that period) and increases in rental rates, which occur
throughout the year.  The Company does not expect seasonality to
materially affect distributions to shareholders.  The Company
believes that its geographic diversity, tenant mix, and rental and
expense structures provide adequate protection against significant
fluctuations in cash flow and net income due to seasonality.   

<PAGE>

New Accounting Pronouncements

In February 1997, the Financial Accounting Standards Board issued
Statement No. 128, "Earnings per Share" ("FASB 128"), which is
required to be adopted on December 31, 1997.  At that time, the
Company will be required to change the method currently used to
compute earnings per Common Share and to restate all prior periods. 
Under the new requirements for calculating primary earnings per
Common Share, the dilutive effect of stock options will be excluded.
The impact of FASB 128 on the calculation of primary and fully
diluted earnings per Common Share for the three months and nine
months ended September 30, 1997 and 1996 is not expected to be
material.

In June 1997, the Financial Accounting Standards Board issued
Statement No. 131, "Disclosures about Segments of an Enterprise and
Related Information" ("FASB 131"), which is effective for financial
statements for periods beginning after December 15, 1997.  At that
time, the Company will be required to report additional information
(both financial and descriptive) about operating segments in annual
and interim reports.  The Company will implement FASB 131 during the
year ending December 31, 1998.

<PAGE>
                                   Part II
                                        
                               OTHER INFORMATION

Item 1.   Legal Proceedings

          None

Item 2.   Changes in Securities

          None

Item 3.   Defaults Upon Senior Securities

          None

Item 4.   Submission of Matters to a Vote of Security Holders

          None
          
Item 5.   Other Information

          None 

<PAGE>

Item 6.   Exhibits and Reports on Form 8-K

          (a.) Exhibits  
          
          27.  Financial Data Schedule. 

          (b.) Reports on Form 8-K

          A report on Form 8-K (Items 5 and 7), dated October 14,
          1997, was filed to report that Storage Trust Properties,
          L.P. completed the acquisition of nine self-storage
          facilities and exchange of eight self-storage facilities
          during the period from May 21, 1997 and September 30, 1997.
          Historical Summaries of Combined Gross Revenue and Direct
          Operating Expenses for the year ended December 31, 1996 and
          for the six months ended June 30, 1997 (unaudited) were
          filed with the Form 8-K for six of the nine facilities
          acquired.  In addition, an unaudited Pro Forma Consolidated
          Balance Sheet as of June 30, 1997 and unaudited Pro Forma
          Consolidated Statements of Operations for the year ended
          December 31, 1996 and the six months ended June 30, 1997
          were presented.
                                  
          A report on Form 8-K (Item 5), dated October 15, 1997, was
          filed to report the press release issued by the Company on
          October 14, 1997 that disclosed earnings information for
          the three and nine months ended September 30, 1997 and the
          declaration of the dividend for the fourth quarter of 1997.

<PAGE>          
                             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.

                        STORAGE TRUST REALTY




   October 17, 1997                /s/ Michael G. Burnam  
      (Date)                       Michael G. Burnam
                                   Chief Executive Officer

   October 17, 1997                /s/ Stephen M. Dulle   
      (Date)                       Stephen M. Dulle
                                   Chief Financial Officer

</PAGE>