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 March 31, 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:

12,908,001 common shares of Beneficial Interest, $.01 par value as of April
30, 1996. 

<PAGE>
<TABLE>
<CAPTION>

                              STORAGE TRUST REALTY
                           CONSOLIDATED BALANCE SHEET
                    AS OF MARCH 31, 1997 AND DECEMBER 31, 1996
               (amounts in thousands, except for share information)
                                                    
                                                                     
                                                      March 31, Dec. 31,     
                                                        1997     1996   
                                                         (unaudited)
         <S>                                       <C>         <C>

         ASSETS
         Investment in storage facilities, net      $ 330,496   $ 304,114
         Cash and cash equivalents                      2,335       2,317
         Accounts receivable and other assets           1,428       1,550
         Deferred financing costs, net of
             amortization of $615 and $463              1,116         547
         Investments in joint ventures                    212         197
             Total assets                           $ 335,589   $ 308,725

         LIABILITIES AND EQUITY
         Liabilities:
           Mortgages and notes payable:
              Revolving line of credit              $  15,650   $  60,673
              Senior Notes                             75,000         -
              Other                                       -         2,582
           Accounts payable and accrued expenses        5,318       5,135
           Tenant prepayments                           2,556       2,195
           Dividends and distributions payable          5,985       5,974
              Total liabilities                       104,509      76,559

         Minority interest                             15,879      16,470

         Shareholders  equity:
              Common shares, $.01 par value, 
              150,000,000 shares authorized, 
              12,907,001 and 12,874,932 shares 
              issued and outstanding, respectively        129         129
         Additional paid-in capital                   220,488     219,868
         Distributions in excess of net income         (5,416)     (4,301)
              Total shareholders  equity              215,201     215,696
              Total liabilities and shareholders  
              equity                                $ 335,589   $ 308,725

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

<PAGE>
<TABLE>
<CAPTION>

                                  STORAGE TRUST REALTY
                          CONSOLIDATED STATEMENTS OF OPERATIONS
                   FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
                  (amounts in thousands, except for share information)
                                      (unaudited)

                                                       1997      1996  
              <S>                                    <C>        <C>
                                                    
              Revenues:
               Rental income                         $ 12,872   $  7,762
               Management income                           64         61
               Equity in earnings of joint ventures        15         35
               Other income                               227        136
                 Total revenues                        13,178      7,994  
                                                               
             Expenses:
              Property operations                       2,716      1,767
              Real estate taxes                         1,050        716
              General and administrative                  692        485
              Interest                                  1,417        751
              Depreciation                              2,327      1,159
              Amortization                                152         72
                Total expenses                          8,354      4,950

            Net income before minority interest         4,824      3,044

            Minority interest                            (324)      (162)

            Net income                               $  4,500   $  2,882

            Net income per share                     $   0.35   $   0.33

            Weighted-average number of shares
              outstanding during the period        12,886,237  8,734,332
            Dividends declared per share 
              during the period                      $  0.435   $  0.410
                                                                       
</TABLE>
The accompanying notes are an integral part of these statements.

<PAGE>
<TABLE>
<CAPTION>


                                  STORAGE TRUST REALTY
                          CONSOLIDATED STATEMENTS OF CASH FLOWS
                     FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
                                 (amounts in thousands)
                                       (unaudited)

                                                          1997      1996  
       <S>                                              <C>        <C>
       Cash flows from operating activities:            
         Net income                                     $  4,500   $ 2,882
         Adjustments to reconcile net income to
         net cash provided by operating
         activities:
           Depreciation and amortization                   2,479     1,231
           Equity in earnings of joint ventures              (15)      (35)
           Minority interest                                 324       162
           Changes in assets and liabilities:
             Accounts receivable and other assets             97      (118)
             Accounts payable, tenant prepayments
             and accrued expenses                            544      (682) 
               Net cash provided by operating activities   7,929     3,440

       Cash flows from investing activities:
         Acquisition of storage facilities               (26,434)   (3,046)
         Other additions to storage facilities              (633)   (1,679)
         Earnest money deposits for acquisitions              25    (3,360)
           Net cash used in investing activities         (27,042)   (8,085)

       Cash flows from financing activities:
         Borrowings on revolving line of credit           25,250    11,235
         Payments on revolving line of credit            (70,273)      -
         Principal payments on other mortgages  
           and notes payable                              (4,226)   (1,867)
         Funding of Senior Notes                          75,000       -
         Financing costs paid                               (721)      (20)
         Offering costs paid                                 -         (52)
         Distributions to minority interests paid           (373)     (194)
         Dividends paid                                   (5,601)   (3,581)
         Stock options exercised                              75       -  
             Net cash provided by financing activities    19,131     5,521

         Net change in cash and cash equivalents              18       876 
         Cash and cash equivalents at beginning 
           of period                                       2,317     2,356 
         Cash and cash equivalents at end of period     $  2,335   $ 3,232

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

<PAGE>
<TABLE>
<CAPTION>

                               STORAGE TRUST REALTY
                   CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
                  FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
                              (amounts in thousands)
                                     (unaudited)

                                                          1997     1996  
         <S>                                             <C>       <C>
         Supplemental cash flow information:
           Cash paid for interest                        $   473   $   696  

         Schedule of non-cash investing and 
           financing activities:
            Mortgages assumed on acquired facilities     $ 1,644   $    -  
            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 March 31, 1997, the 
     Company owned 180 self-storage facilities in 18 states, and was a partner
     in two joint ventures that owned one operating self-storage facility and
     one self-storage facility under development.

     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 93.81% ownership interest therein as of
     March 31, 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 ended March 
     31, 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 three months ended 
     March 31, 1997, limited partners exchanged 27,829 Units in the Operating 
     Partnership for 27,829 Common Shares in the Company.

     At March 31, 1997, minority interest ownership in the Operating Partnership
     was 851,312 units or 6.19%.
                
     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 in 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>
                                        March 31,   December 31,
                                          1997          1996      
                                             (unaudited)   

     <S>                                 <C>           <C>
     Land                                $ 66,112      $ 60,578
     Buildings                            258,064       237,190
     Furniture, fixtures and 
     equipment                             18,849        16,551
                                          343,030       314,319           
     Accumulated depreciation             (12,532)      (10,205)
       Investment in storage 
       facilities, net                   $330,498      $304,114 
                                                                   
</TABLE>

4.   Mortgages and Notes Payable

Mortgages and notes payable consist of the following (column amounts in
thousands): 
<TABLE>
<CAPTION>
                                           March 31,   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
      1.625% per annum (7.223% at 
      March 31, 1997 and 7.267% at
      December 31, 1997, respectively),
      interest only payable monthly 
      and a fee on the unused 
      portion of .25% per annum.  
      Expiration on January 24, 1998, 
      with a one-year extension at  
      the Company s option upon 
      the satisfaction of 
      certain conditions.                     $15,650       $60,673
                   


</TABLE>


<PAGE>

                          STORAGE TRUST REALTY  
               NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

4.   Mortgages and Notes Payable (continued)

<TABLE>
<CAPTION>

                                             March 31,   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,
      principal payments of $11,300,000
      due on January 15, 2002 and 2003, 
      with the remaining principal 
      due January 15, 2004.                 $34,000     $    -

      Series B, bearing interest at a
      fixed rate of 7.66% per annum,
      interest payable semi-annually,
      principal payments of $8,200,000
      due on January 15, 2003, 2004, 
      2005 and 2006, with the remaining 
      principal due January 15, 2007.        41,000          -  

      Total                                 $75,000     $    -  

</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 March 31, 1997 and 
     December 31, 1996 was $624,000 and $645,000, respectively.

<PAGE>

                      Storage Trust Realty  
            Notes to Consolidated Financial Statements  

Mortgages and Notes Payable (continued) 

<TABLE>
<CAPTION>
                                               March 31,   December 31,   
                                                 1997          1996    
                                                    (unaudited)
       <S>                                <C>              <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 March
     31, 1997 are as follows (amounts in thousands):
                  
<TABLE>
<CAPTION>
                 <C>         <C>        <C>         <C>      

                               Revolving
               Year Ending      Line of     Senior
               December 31,     Credit      Notes      Total  
             
                 1997        $     -    $     -     $     -
                 1998          15,650         -      15,650
                 1999              -          -           -
                 2000              -          -           -
                 2001              -          -           -
                 2002              -      11,300      11,300
                 2003              -      19,500      19,500
                 2004              -      19,600      19,600
                 2005              -       8,200       8,200
                 2006              -       8,200       8,200
                 2007              -       8,200       8,200 
               Totals        $ 15,650   $ 75,000    $ 90,650 

</TABLE>

<PAGE>

                           STORAGE TRUST REALTY
                 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

5.    Subsequent Events

     On April 15, 1997, the Company funded an additional $25 million of Senior
     Notes.  The proceeds are being used to repay indebtedness under the  
     Companys revolving line of credit, to finance additional self-storage 
     acquisitions and for general corporate purposes.

     On May 8, 1997, the Company declared a $.435 dividend on each Common Share
     for the second quarter of 1997.  The dividend is payable July 15, 1997 to
     shareholders of record on June 16, 1997.

<PAGE>

                           STORAGE TRUST REALTY
                NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

6.    Acquisitions and Pro Forma Information

     During the first three months of 1997, the Company has acquired 15 
     facilities for consideration, with an aggregate value of $27,670,000.

     The following presents the consolidated results of operations of the 
     Companyfor the three months ended March 31, 1997 on a pro forma basis as if
     (a) these acquisitions during the first quarter 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.

            Total revenues                $14,089,000
            Total expenses                  9,345,000
            Net income before
              minority interest             4,744,000
            Minority interest                (308,000)          
            Net income                    $ 4,436,000
            Net income per share          $       .34
            Weighted-average number
               of shares outstanding       12,886,237
                              
     The unaudited pro forma information is not necessarilyindicative 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 93.81% ownership interest therein as of March
31, 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 March 31, 1997
compared to three months ended March 31, 1996

Rental income increased $5,110,000 (65.8%) in the first quarter of 1997
compared to the first quarter of 1996 as a result of the addition of 46
facilities during the year ended December 31, 1996 and 15 facilities during
the three months ended March 31, 1997 ($4,370,000) and increases in the
average rent per square foot and occupancy associated with those facilities
owned for all of the three months ended March 31, 1996 and 1997. Average
annualized rent per square foot for the portfolio increased 4.0% to $6.96 in
1997 from $6.69 in 1996, while occupancy for the whole portfolio increased
from 82% at March 31, 1996 to 85% at March 31, 1997.  

Rental income on a same store basis increased $740,000 or 9.6%. On a same
store basis, average annualized rent per square foot increased 5.3% to $7.10
in 1997 from $6.74 in 1996, while occupancy increased from 81% at March 31,
1996 to 84% at March 31, 1997.

Property operating expenses increased $949,000 (53.7%) as a result of
acquisitions in 1996 and 1997 ($832,000) and increases at those facilities
owned for all of the three months ended March 31, 1996 and 1997.  Property
operating expenses increased on a same store basis by $117,000 or 6.8%,
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 $334,000 (46.6%) as a result of acquisitions in
1996 and 1997 ($277,000) and increases at those facilities owned for all of
the three months ended March 31, 1996 and 1997. Real estate taxes on a same
store basis increased by $57,000 or 8.3%, reflecting higher tax assessments
and higher tax rates on those properties.

General and administrative expenses increased $207,000 (42.7%).  The addition
of personnel at the Company's headquarters in 1996 and 1997 and higher
professional fees accounted for the majority of this increase.

<PAGE>

Results of Operations: Three months ended March 31, 1997
compared to three months ended March 31, 1996 (continued)

Interest expense increased $666,000 (88.7%) due to a) the increase in
borrowings under the Company's revolving line of credit and b) the effect of
the issuance of $75,000,000 of the Senior Notes in the first quarter of 1997.

Depreciation increased $1,168,000 (100.8%) due to the increased investment in
storage facilities.

Amortization increased $80,000 (111.1%) due to amortization of the costs of
the Senior Notes.

Net income increased $1,618,000 (56.1%) and net income per share increased
$.02 (6.1%) 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 March 31,:
  Net income before minority interest              $ 4,824     $ 3,044
  Depreciation of revenue-producing
    assets                                           2,307       1,159
  Company s share of joint ventures 
    depreciation                                         4           9
  Funds from Operations                            $ 7,135     $ 4,212

</TABLE>
        
The weighted-average number of Common Shares and Units for the three months
ended March 31, 1997 and 1996 were 13,755,724 and 9,206,714, respectively. 
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.

FFO increased $2,923,000 (69.4%) in 1997 over 1996 due to the acquisition of
facilities in 1997 and 1996 ($3,261,000) and the increased results from those
facilities owned for all of the three months ended March 31, 1997 and 1996. 
FFO increased on a same store basis by $566,000 or 10.7%.  These increases
were partially offset by increases in general and administrative expenses and
interest expense, as previously discussed.


<PAGE>


Liquidity and Capital Resources

Mortgages and Notes Payable

The Company had outstanding borrowings of $90,650,000 at March 31, 1997.  This
indebtedness consists of (a) $75,000,000 of Senior Notes and (b) $15,650,000
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, with a one-
year extension at the Company s option upon satisfaction of certain
conditions, and bears interest at a floating rate of LIBOR plus 1.625% (7.223%
at March 31, 1997). 

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.

At March 31, 1997, the Company has joint and several liability but does not
guarantee the $3,964,000 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 developing and constructing a self-storage
facility in Kansas City, Missouri.  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 March 31, 1997 was
$1,064,000.

<PAGE>

Liquidity and Capital Resources (continued)

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, (b) any portion of net cash flow not
distributed currently and (c) borrowings under the revolving line of credit.

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.

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.  For the remaining nine months of
1997, the Company expects to spend $1,130,000 for expansions and climate-
controlled conversions and $1,200,000 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.

<PAGE>

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 during 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.   

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 ended March 31, 1997 and 1996 is not
expected to be material.

<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, dated April 11, 1997, was filed to report that
            Storage Trust Properties, L.P. completed the acquisition of 15 self-
            storage facilities during the three months ended March 31, 1997.
            Historical Summaries of Combined Gross Revenue and Direct Operating
            Expenses for the year ended December 31, 1996 were filed with the
            Form 8-K for 11 of the 15 facilities acquired.  In addition, an 
            unaudited Pro Forma Consolidated Balance Sheet as of December 31,
            1996 and unaudited Pro Forma Consolidated Statement of Operations
            for the year ended December 31, 1996 were presented.

                               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



             May 8, 1997                     /s/ Michael G. Burnam  
                (Date)                       Michael G. Burnam
                                             Chief Executive Officer

             May 8, 1997                     /s/ Stephen M. Dulle   
                (Date)                       Stephen M. Dulle
                                             Chief Financial Officer


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