<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 June 30, 1998
                                       
                                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:

16,074,584 common shares of Beneficial Interest, $.01 par value as
of July 31, 1998.

<PAGE>
<TABLE>
<CAPTION>

                       STORAGE TRUST REALTY
                   CONSOLIDATED BALANCE SHEETS
            AS OF JUNE 30, 1998 AND DECEMBER 31, 1997
       (amounts in thousands, except for share information)
<S>                                         <C>         <C>
                                                                   
                                            June 30,    Dec. 31,   
                                              1998        1997   
ASSETS                                    (unaudited)
Investment in self-storage stores, net     $ 490,170   $ 386,574
Cash and cash equivalents                      2,556       4,909
Accounts receivable, earnest deposits
  and other assets                             1,708       5,201
Notes receivable                               1,706       2,376
Deferred financing costs, net of
  amortization of $330 and $1,085              1,354         951
Investments in joint ventures                    316         284
  Total assets                             $ 497,810   $ 400,295

LIABILITIES AND EQUITY
Liabilities:
  Mortgages and notes payable:
    Revolving line of credit               $  67,780   $      -
    Senior Notes                             100,000     100,000
  Accounts payable and accrued expenses        6,976       5,087
  Accrued interest payable                     3,626       3,457
  Tenant prepayments                           4,036       3,242
  Dividends and distributions payable          7,929          -  
    Total liabilities                        190,347     111,786

Minority interests                            23,597      15,905

Shareholders= equity:
  Common shares, $.01 par value, 
    150,000,000 shares authorized, 
    16,074,299 and 15,446,125 shares 
    issued and outstanding, respectively         161         155
  Additional paid-in capital                 294,708     280,324
  Distributions in excess of net income      (11,003)     (7,875)
    Total shareholders= equity               283,866     272,604
    Total liabilities and shareholders 
      equity                               $ 497,810   $ 400,295

</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 JUNE 30, 1998 AND 1997
       (amounts in thousands, except for share information)
                           (unaudited)

                                             1998        1997   
<S>                                        <C>         <C>
 
Revenues:
  Rental income                            $ 19,158    $ 14,275
  Product sales and other property income       514         269
  Interest income                                92          54
  Management income                              48          48
  Equity in earnings of joint ventures           13          24
    Total revenues                           19,825      14,670  
                        
Expenses:
  Property operations and product sales       4,256       3,022
  Real estate taxes                           2,013       1,377
  General and administrative                  1,070         732
  Interest                                    2,993       1,983
  Depreciation                                3,254       1,998
  Amortization                                   87         153
    Total expenses                           13,673       9,265

Net income before minority interests          6,152       5,405

Minority interests                             (421)       (329)

Net income                                 $  5,731    $  5,076

Net income per share:
  Basic                                    $   0.36    $   0.39
  Diluted                                  $   0.36    $   0.39


Weighted-average number of shares
  outstanding during the period          15,916,647  12,908,032
                                                                
Dividends declared per share 
  during the period                        $  0.460    $  0.435

</TABLE>
                                                                 

The accompanying notes are an integral part of these statements.

<PAGE>
<TABLE>
<CAPTION>

  
                     STORAGE TRUST REALTY
              CONSOLIDATED STATEMENTS OF OPERATIONS
         FOR THE SIX MONTHS ENDED JUNE 30, 1998 AND 1997
       (amounts in thousands, except for share information)
                           (unaudited)

                                             1998        1997   
<S>                                       <C>         <C>
 
Revenues:
  Rental income                            $ 36,007    $ 27,147
  Product sales and other property income       891         455
  Interest income                               200          95
  Management income                             106         112
  Equity in earnings of joint ventures           37          39
    Total revenues                           37,241      27,848  
                        
Expenses:
  Property operations and product sales       7,714       5,738
  Real estate taxes                           3,677       2,427
  General and administrative                  1,928       1,424
  Interest                                    5,346       3,400
  Depreciation                                6,231       4,325
  Amortization                                  174         305
    Total expenses                           25,070      17,619

Net income before minority interests         12,171      10,229

Minority interests                             (795)       (653)

Net income                                 $ 11,376    $  9,576

Net income per share:
  Basic                                    $   0.73    $   0.74
  Diluted                                  $   0.72    $   0.74


Weighted-average number of shares
  outstanding during the period          15,684,130  12,897,195
                                                                
Dividends declared per share 
  during the period                        $  0.920    $  0.870
                                                                 

</TABLE>

The accompanying notes are an integral part of these statements.

<PAGE>
<TABLE>
<CAPTION>


                      STORAGE TRUST REALTY
              CONSOLIDATED STATEMENTS OF CASH FLOWS
         FOR THE SIX MONTHS ENDED JUNE 30, 1998 AND 1997
                      (amounts in thousands)
                           (unaudited)
                                 
                                                1998      1997  
<S>                                         <C>        <C>

Cash flows from operating activities:
  Net income                                 $ 11,376   $ 9,576 
  Adjustments to reconcile net income to
  net cash provided by operating
  activities:
    Depreciation and amortization               6,405     4,670
    Equity in earnings of joint ventures          (37)      (39)
    Distributions from joint ventures               5        -
    Minority interests                            795       653
    Other changes in assets and liabilities     3,091     3,736 
  Net cash provided by operating activities    21,635    18,556 
Cash flows from investing activities:
  Acquisition of self-storage stores          (55,420)  (49,783)
  Other additions to self-storage stores       (9,566)   (1,592)
  Earnest money deposits for acquisitions       3,197        -
  Funding of notes receivable                    (905)       -  
  Net cash used in investing activities       (62,694)  (51,375)
Cash flows from financing activities:
  Borrowings on revolving line of credit       87,630    39,150
  Payments on revolving line of credit        (19,850)  (85,923)
  Principal payments on other notes payable   (35,151)   (4,226)
  Funding of Senior Notes                          -    100,000
  Financing costs paid                           (577)     (975)
  Proceeds from sale of Common Shares          15,000        -
  Offering costs paid                            (833)       -
  Distributions to minority interests paid       (478)     (743)
  Dividends paid                               (7,110)  (11,216)
  Other issuances of Common Shares                 75       118 
  Net cash provided by financing activities    38,706    36,185 

Net change in cash and cash equivalents        (2,353)    3,366
Cash and cash equivalents at beginning 
  of period                                     4,909     2,317 
Cash and cash equivalents at end of period   $  2,556   $ 5,683

</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 SIX MONTHS ENDED JUNE 30, 1998 AND 1997
                      (amounts in thousands)
                           (unaudited)

                                                1998     1997  
<S>                                          <C>      <C>

Other changes in assets and liabilities:
  Accounts receivable and other assets        $   240  $  (222)
  Accounts payable, tenant prepayments and 
    accrued expenses                            2,851    3,958
  Total                                       $ 3,091  $ 3,736

Supplemental cash flow information:
  Cash paid for interest                      $ 5,380  $   671  

Schedule of non-cash investing and 
  financing activities:
    Mortgages assumed in connection with the
      acquisition of self-storage stores      $35,151  $ 1,644 
    Issuance of Units in connection with the
      acquisition of self-storage stores      $ 8,115  $    -    
    Application of note receivable in
       connection with the acquisition of
       a self-storage store                   $ 1,575  $    -    
    Issuance of Units in connection with the
      earnout provisions of contracts on
      previously acquired self-storage stores $    -   $   293
    Conversion of Units of the Operating
      Partnership held by minority interests
      to Common Shares of the Company         $   204  $   545 

</TABLE>

The accompanying notes are an integral part of these statements.

<PAGE>



                       STORAGE TRUST REALTY  
            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           (unaudited)

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 stores.  The Company and
     its subsidiaries commenced operations effective with the
     completion of the Company's initial public offering ("IPO")
     of common shares of beneficial interest, par value $.01 per
     share ("Common Shares") on November 16, 1994.  As of June 30,
     1998, the Company owned 217 self-storage stores in 16 states,
     and was a partner in two joint ventures that owned two
     operating self-storage stores.

     Substantially all of the Company's assets and interests in
     self-storage stores 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 93.24% ownership interest
     therein as of June 30, 1998.  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.
     
     Storage Realty Management Co. (the "Subsidiary Company")
     manages self-storage stores owned by unrelated third parties
     and conducts other business, such as the sale of locks and
     packaging supplies, the processing of customer property
     insurance and the rental of trucks, at various self-storage
     stores.  At June 30, 1998, 12 self-storage stores were
     managed by the Subsidiary Company, including one of the
     stores owned by a joint venture in which the Company has an
     ownership interest.  Through its ownership of the preferred
     stock of the Subsidiary Company, the Operating Partnership
     receives substantially all of the economic benefit of the
     businesses carried on by the Subsidiary Company.
     

<PAGE>


                       STORAGE TRUST REALTY
            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           (unaudited) 

1.   Organization and Basis of Presentation (continued)

     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 1997 have been reclassified to conform
     to the presentation in 1998.
     
     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, 1997.

     The accompanying consolidated financial statements include
     the accounts of the Company, the Operating Partnership, and
     the Subsidiary Company.   All significant intercompany
     transactions have been eliminated in the consolidated
     presentations.

<PAGE>
     
     
                        STORAGE TRUST REALTY
              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
                           (unaudited)

2.   Summary of Significant Accounting Policies

     Investment in Self-Storage Stores
     Investment in self-storage stores is recorded at cost. 
     Depreciation is computed using straight-line and accelerated
     methods over estimated useful lives ranging from 5 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.  

     The purchase contracts on certain self-storage stores
     acquired included "earnout provisions" that call for
     additional payments to the sellers (in cash or Units) upon
     achievement of specified net operating income amounts.  These
     amounts are recorded when the terms of the purchase contract
     are met.
     
     Accounting for Internal Acquisition Costs
     On March 19, 1998, the Emerging Issues Task Force of the
     Financial Accounting Standards Board reached a consensus on
     Issue Number 97-11, AAccounting for Internal Costs Relating
     to Real Estate Property Acquisitions@(AEITF 97-11@).  EITF
     97-11 states that internal pre-acquisition costs (e.g. costs
     of an internal acquisition department) associated with the
     acquisition of a fully developed self-storage store should be
     expensed as incurred.  Internal costs incurred for non-operating stores 
     being developed or converted can be capitalized in specified circumstances.
     Prior to the issuance of EITF 97-11, the Company capitalized certain
     costs, primarily payroll, directly related to the acquisition
     of operating self-storage stores.  The Company has adopted
     the accounting guidance from EITF 97-11 for the acquisition
     of operating self-storage stores for which contracts were
     entered into after the March 19, 1998 date of the consensus.

<PAGE>

                      STORAGE TRUST REALTY
              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           (unaudited) 
                                 
2.   Summary of Significant Accounting Policies (continued)
     
     Accounting for Internal Acquisition Costs (continued)
     For the three months ended June 30, 1998 and 1997, the
     Company had total acquisition costs of $175,000 and $152,000,
     respectively, and capitalized internal acquisition costs of
     $0 and $101,000, respectively.  For the six months ended June
     30, 1998 and 1997, the Company had total acquisition costs of
     $571,000 and $258,000, respectively, which include
     capitalized internal acquisition costs of $284,000 and
     $146,000, respectively.
     
     Revenue Recognition
     Rental income is recorded when due from tenants under
     operating lease agreements.
     
     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.

<PAGE>
            
                   STORAGE TRUST REALTY
            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           (unaudited) 
                                 
2.   Summary of Significant Accounting Policies (continued)
     
     Notes Receivable
     Interest income is recorded as earned under the terms of the
     notes.  Based on the substantial equity of the borrowers in
     these stores and the Company=s option (at a fair market rate)
     to purchase these stores, the amounts funded are treated as
     notes receivable.
     
     Hedging Transactions
     The Company enters into hedging transactions (the sale of
     Treasury securities) with the objective of reducing its
     exposure to changes in interest rates associated with
     anticipated debt offerings.  The Company follows Statement of
     Financial Standards No. 80, "Accounting for Futures
     Contracts", which permits hedge accounting for anticipatory
     transactions meeting certain criteria.  Gains or losses, if
     any, on these transactions are deferred and amortized over
     the term of the related debt as an adjustment to interest
     expense.  Changes in the fair value of the hedging
     transaction are not recognized in the financial statements.
     In the event that the anticipatory transaction is no longer
     likely to occur, the Company would mark the derivative to
     market and would recognize any adjustment in the consolidated
     statement of operations.  The Company does not enter into
     transactions for trading or speculative purposes.
     
     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.
     
<PAGE>

                        STORAGE TRUST REALTY  
            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           (unaudited) 
                                 
2.   Summary of Significant Accounting Policies (continued)
     
     Investments in Joint Ventures
     Investments in joint ventures represent investments in self-storage stores
     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
     In February 1997, the Financial Accounting Standards Board
     issued Statement No. 128, "Earnings per Share" ("FASB 128"),
     which the Company adopted on December 31, 1997.  FASB 128
     replaced the calculations of primary and fully diluted
     earnings per Common Share with basic and diluted earnings per
     Common Share.  Unlike primary earnings per Common Share,
     basic earnings per Common Share excludes any dilutive effects
     from options, warrants and convertible securities.  Diluted
     earnings per Common Share is very similar to the previous
     fully diluted earnings per Common Share.  The earnings per
     Common Share for the three and six months ended June 30, 1997
     have been restated to conform to requirements of FASB 128.
     
     Capitalized Interest
     Interest is capitalized on accumulated expenditures relating
     to the development or conversion of qualifying self-storage
     stores.  During the three months and six months ended June
     30, 1998, the Company capitalized $138,000 and $203,000,
     respectively, of interest costs for qualifying self-storage
     stores.

<PAGE>

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

     Minority Interests
     The minority interests reflects the ownership interests of
     the limited partners of the Operating Partnership and the
     other shareholder of the Subsidiary 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.
     
     During the six months ended June 30, 1998, 318,432 Units were
     issued in connection with the acquisition of self-storage
     stores.
     
     The 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 six months ended June 30, 1998 and 1997,
     limited partners exchanged 10,566 and 27,829 Units,
     respectively, in the Operating Partnership for an equal
     number of Common Shares in the Company.
     
     At June 30, 1998, minority interest ownership in the
     Operating Partnership was 1,165,550 Units or 6.76%.
     
     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>
<TABLE>


                   STORAGE TRUST REALTY
            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           (unaudited)

3.   Earnings per Share
     
     The following tables set forth the computation of basic and
     diluted earnings per share (amounts in thousands, except for
     share information):

<CAPTION>

                                          Three Months Ended
                                               June 30,        
                                           1998        1997      

    <S>                                 <C>        <C>

     Numerator:
       Net income                       $    5,731  $    5,076
       Effect of dilutive securities:
         Options on Common Shares               -           - 
         Income allocated to Units of 
           the Operating Partnership
           owned by minority interests         416         325
       Numerator for diluted earnings
         per Common Share-net income 
         after assumed conversions      $    6,147  $    5,401

     Denominator:
       Denominator for basic earnings
         per share - weighted-average
         Common Shares outstanding      15,916,647  12,908,032
       Effect of dilutive securities:
         Options on Common Shares          101,114     126,517   
         Weighted-average Units 
           outstanding in the 
           Operating Partnership
           owned by minority interests   1,165,550     851,437   
       Dilutive potential Common Shares  1,266,664     977,954
       Denominator for diluted earnings
         per Common Shares-adjusted
         weighted-average Common Shares
         and assumed conversions        17,183,311  13,885,986

     Basic earnings per Common Share         $0.36       $0.39    
     Diluted earnings per Common Share       $0.36       $0.39

</TABLE>
<PAGE>
<TABLE>

                       STORAGE TRUST REALTY
            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           (unaudited) 

3.   Earnings per Share (continued)

<CAPTION>
     
                                           Six Months Ended
                                               June 30,        
                                           1998        1997      
     <S>                                <C>         <C>

     Numerator:
       Net income                       $   11,376  $    9,576
       Effect of dilutive securities:
         Options on Common Shares               -           - 
         Income allocated to Units of 
           the Operating Partnership
           owned by minority interests         786         647
       Numerator for diluted earnings
         per Common Share-net income 
         after assumed conversions      $   12,162  $   10,223

     Denominator:
       Denominator for basic earnings
         per share - weighted-average
         Common Shares outstanding      15,684,130  12,897,195
       Effect of dilutive securities:
         Options on Common Shares          113,397     129,385   
         Weighted-average Units 
           outstanding in the 
           Operating Partnership
           owned by minority interests   1,077,091     851,437   
       Dilutive potential Common Shares  1,190,488     980,822
       Denominator for diluted earnings
         per Common Shares-adjusted
         weighted-average Common Shares
         and assumed conversions        16,874,618  13,878,017

     Basic earnings per Common Share         $0.73       $0.74    
     Diluted earnings per Common Share       $0.72       $0.74

</TABLE>
<PAGE>
<TABLE>


                     STORAGE TRUST REALTY  
              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           (unaudited) 

4.   Investment in Self-Storage Stores

     The following summarizes investment in self-storage stores (amounts in 
     thousands):
<CAPTION>

                                          June 30,   December 31,  
                                            1998         1997    
                                        (unaudited)
     <S>                                 <C>           <C>

     Land                                $ 96,982      $ 77,620 
     Buildings                            376,114       299,237
     Developments and expansions
       in progress                          7,695         3,107
     Furniture, fixtures and equipment     34,002        25,002 
     Total cost                           514,793       404,966
     Accumulated depreciation             (24,623)      (18,392)
     Investment in self-storage 
       stores, net                       $490,170      $386,574 

</TABLE>

<TABLE>

                                                       
5.   Mortgages and Notes Payable

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


                                          June 30,   December 31,  
                                            1998         1997    
                                        (unaudited)
     <S>                                <C>   

     Revolving line of credit:
     
     Unsecured revolving line of credit
     with an aggregate borrowing limit 
     of $150 million, bearing interest 
     at LIBOR plus 1.10% per annum at
     March 31, 1998 (6.7875%) and LIBOR
     plus 1.20% per annum at December 
     31, 1997, interest only payable 
     monthly and a fee on the unused 
     portion of .15% per annum.             
     Expiration on January 25, 2001.      $ 67,780     $    -     

</TABLE>
       
     During the second quarter of 1998, the interest rate on the
     revolving line of credit decreased from LIBOR plus 1.20% to
     LIBOR plus 1.10% based on the Company receiving ratings from
     two major rating agencies.

<PAGE>
<TABLE>

                        STORAGE TRUST REALTY
            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           (unaudited) 
                                 
5.   Mortgages and Notes Payable (continued)
     
<CAPTION>                                             
                                          June 30,   December 31,  
                                            1998         1997    
                                        (unaudited)
     <S>                                <C>           <C>

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

     Series B, bearing interest at a
     fixed rate of 7.66% per annum,
     interest payable semi-annually on
     January 15 and July 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        56,000 

     Total                                $100,000      $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. 

<PAGE>
  

                       STORAGE TRUST REALTY  
           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
                           (unaudited) 

5.   Mortgages and Notes Payable (continued)
     
     Senior Notes: (continued)
     
     The balance of the hedging gain, which is included in accrued
     liabilities, at June 30, 1998 and December 31, 1997 was
     $506,000 and $553,000, respectively.
     
     Proposed Securities Offering:
     
     The Company and the Operating Partnership have filed a shelf
     registration statement on Form S-3 for the issuance of $150
     million in equity securities (either Common Shares or
     preferred shares) by the Company and/or debt securities by
     the Operating Partnership.  
     
     In anticipation of a potential debt offering, the Company has
     entered into several hedging transactions (the sale of
     Treasury securities) with the objective of reducing its
     exposure to changes in interest rates.  At June 30, 1998, the
     unrealized loss on the hedging transaction was $289,000.  

<PAGE>
<TABLE>


                        STORAGE TRUST REALTY  
            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           (unaudited) 
                                 
5.   Mortgages and Notes Payable (continued)
     
     Scheduled Maturities:

     The scheduled maturities of mortgages and notes payable
     subsequent to June 30, 1998 are as follows (amounts in
     thousands):
<CAPTION>

     
                         Revolving
          Year Ending     Line of    Senior
          December 31,     Credit    Notes      Total  
           <S>           <C>        <C>       <C>
 
             1998        $     -    $     -   $     -
             1999              -          -         -
             2000              -          -         -
             2001          67,780         -     67,780
             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        $ 67,780   $100,000  $167,780 

</TABLE>

6.   Sale of Common Shares

     On April 24, 1998, the Company sold 613,811 Common Shares to
     an underwriter as part of the formation of an Unit Investment
     Trust.  The net proceeds of $14.2 million were used to repay
     indebtedness under the Company=s revolving line of credit.

<PAGE>


                     STORAGE TRUST REALTY
            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           (unaudited) 

7.   Subsequent Events
     
     On July 6, 1998, the Company acquired a newly constructed
     self-storage store containing 64,000 net rentable square feet
     in Arvada, CO.  The purchase price of $2,000,000 was funded
     from borrowings on the Company=s revolving line of credit. 
     With the acquisition, the Company entered into a land lease
     with the seller to lease the land at $9,900 per month with an
     option to acquire the land after January 10, 1999 for
     $1,525,000.  The Company expects to acquire the land under
     the terms of the option.

     On July 24, 1998, the Company entered into an agreement to
     lend funds for the conversion of a warehouse into a self-storage store in 
     Dallas, TX.  The total commitment under the note receivable is 
     $5,575,000 and amounts outstanding will bear interest at 9% per annum.  
     The note matures on January 24, 2002.  The Company has an option to 
     purchase the store starting one month after the store receives its 
     certificate of occupancy, with the purchase price based on the net
     operating income of the store and a capitalization rate of
     10%.  The note is collateralized by a first mortgage on the
     store.

     On July 24, 1998, the Company entered into an agreement with
     Gordon Burnam, Chairman Emeritus of the Company, to acquire
     an industrial property containing 13,000 net rentable square
     feet which is adjacent to the Company=s Columbia, MO home
     office.  The purchase price for the property is $275,000
     (which is $75,000 less than the appraised value).  The
     Company expects to close on this property by August 31, 1998.
     
     On July 30, 1998, the Company acquired three operating self-storage stores 
     containing 120,000 net rentable square feet in Cincinnati, OH.  The 
     combined purchase price of $5,750,000 was funded through borrowings on 
     the Company=s revolving line of credit.
     
     On August 10, 1998, the Company declared a $.46 dividend on
     each Common Share for the third quarter of 1998.  The
     dividend is payable October 15, 1998 to shareholders of
     record on September 15, 1998.

<PAGE>
<TABLE>

                        STORAGE TRUST REALTY
            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           (unaudited) 

8.   Acquisitions and Pro Forma Information

     During the first six months of 1998, the Company has acquired
     30 stores containing 1,625,000 net rentable square feet for
     consideration, with an aggregate value of $97,903,000.

     The following presents the consolidated results of operations
     of the Company for the six months ended June 30, 1998 on a
     pro forma basis as if (a) these acquisitions during the first
     six months of 1998 had been completed on January 1, 1998 and
     (b) the sale of Common Shares in April 1998 occurred on
     January 1, 1998 (amounts in thousands, except for share
     information).

          <S>                                <C>


          Total revenues                          $39,315
          Total expenses                           26,864
          Net income before minority interests     12,451
          Minority interests                         (859)
          Net income                              $11,592
          Net income per share-basic              $  0.72
          Net income per share-diluted            $  0.72
          Weighted-average number
            of shares outstanding              16,067,338
</TABLE>
           
     
     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, 1998 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, 1997.

Storage Trust Realty (the ACompany@) was formed as a Maryland real
estate investment trust (AREIT@) on July 12, 1994 to continue the
self-storage business of Burnam Holding Companies Co. (ABHC@) and
certain of its affiliates (collectively, the APredecessor
Company@) in owning, operating and managing self-storage stores. 
The Company and its subsidiaries commenced operations effective
with the completion of the Company=s initial public offering (the
AIPO@) of common shares of beneficial interest, par value $.01 per
share (ACommon Shares@) on November 16, 1994.  As of June 30,
1998, the Company owned 217 self-storage stores in 16 states and
owned an interest in two joint ventures that owned two self-storage stores.

Substantially all of the Company's assets and interests in self-
storage stores are held by, and all of its operations are
conducted through, Storage Trust Properties, L.P. (the AOperating
Partnership@).  The Company is the sole general partner of, and
thereby controls the operations of, the Operating Partnership,
holding a 93.24% ownership interest therein as of June 30, 1998.
The remaining ownership interest in the Operating Partnership (the
AUnits@) 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. 

Storage Realty Management Co. (the ASubsidiary Company@) manages
self-storage stores owned by unrelated third parties and conducts
other business, such as the sale of locks, the processing of
customer property insurance and the rental of trucks, at various
facilities.  At June 30, 1998, 12 self-storage stores were managed
by the Subsidiary Company, including one of the stores owned by a
joint venture in which the Company has an ownership interest. 
Through its ownership of the preferred stock of the Subsidiary
Company, the Operating Partnership receives substantially all of
the economic benefits of the business carried on by the Subsidiary
Company.

<PAGE>

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
stores, (ii) revenues (for financial reporting purposes) of the
Subsidiary Company, and (iii) earnings from joint ventures.  

The following discussion is based on the consolidated financial
statements that include the accounts of the Company, the Operating
Partnership and the Subsidiary Company.  Unless the context
indicates otherwise, references to the Company are to Storage
Trust Realty, Storage Trust Properties, L.P. and Storage Realty
Management Co. on a consolidated basis.

The statements contained in this discussion that are not
historical facts are forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934.  These forward-looking
statements are based on current expectations, estimates and
projections about the industry and markets in which the Company
operates, management=s beliefs, and assumptions by management. 
Words such as Aexpects,@ Aanticipates,@ Aintends,@ Aplans,@
Abelieves,@ Aseeks,@ Aestimates;@ variations of such words and
similar expressions are intended to identify such forward-looking
statements.  These statements are not guarantees of future
performance and involve certain risks, uncertainties and
assumptions (AFuture Factors@) which are difficult to predict. 
Therefore, actual outcomes may differ materially for what is
expressed or forecasted in such forward-looking statements. 
Future Factors include: (a) changes in general economic conditions
in its target markets that could adversely affect demand for the
Company=s facilities, (b) changes in financial markets and
interest rates that could adversely affect the Company=s cost of
capital and its ability to meet its financial needs and
obligations, and (c) those other factors discussed herein.  These
are representations of Future Factors that could affect the
outcome of the forward-looking statements.

<PAGE>


Results of Operations: Three months ended 
June 30, 1998 compared to three months ended June 30, 1997

Rental income increased $4,883,000 (34.2%) in the second quarter
of 1998 compared to the second quarter of 1997 as a result of the
net addition of seven stores during the period from April 1, 1997
to December 31, 1997 and 30 stores during the six months ended
June 30, 1998 ($4,641,000) and increases in the average rent per
square foot associated with those stores owned for all of the
three months ended June 30, 1997 and 1998. Average annualized
revenue per square foot for the portfolio increased 10.8% to $7.98
in 1998 from $7.20 in 1997, while occupancy for the whole
portfolio increased from 86.4% at June 30, 1997 to 86.5% at June
30, 1998.  

Product sales and other property income increased $245,000 (91.1%)
primarily from increased sales of locks and packaging supplies and
increased commissions from truck rentals, which are at many of the
Company=s stores.

Total revenues on a same store basis (164 stores) increased
$514,000 or 3.9%. Revenues on a same store basis include rental
income, administrative fees, late fees, product sales (locks and
packaging supplies), commissions from truck rentals and other
income.  On a same store basis, average annualized revenue per
square foot increased 3.2% to $7.48 in 1998 from $7.25 in 1997,
while occupancy increased from 86.3% at June 30, 1997 to 86.6% at
June 30, 1998.

Property operating expenses and the cost of product sales
increased $1,234,000 (40.8%) as a result of (a) acquisitions in
1997 and 1998 ($1,001,000), (b) increases at those stores owned
for all of the three months ended June 30, 1997 and 1998, (c)
additional costs due to more regional managers ($175,000) and (d)
the expenses of the recently implemented telephone call center
($97,000).  Direct property operating expenses decreased on a same
store basis by $39,000 or 1.5%, reflecting (a) lower insurance
costs, (b) reduced advertising expenses and (c) lower maintenance
costs.  These decreases were partially offset by (a) additional
payroll costs at the stores, due to higher base pay and incentive
compensation and (b) higher costs due to increased product sales
and commissions on truck rentals.

<PAGE>


Results of Operations: Three months ended June 30, 1998
compared to three months ended June 30, 1997 (continued)

Real estate taxes increased $636,000 (46.2%) as a result of
acquisitions in 1997 and 1998 ($534,000) and increases at those
stores owned for all of the three months ended June 30, 1997 and
1998. Real estate taxes on a same store basis increased by
$102,000 or 8.4%, reflecting higher tax assessments and higher tax
rates on those stores, primarily on stores acquired during the
fourth quarter of 1996 and the first quarter of 1997.

General and administrative expenses increased $338,000 (46.2%). 
Accounting for internal acquisition costs in accordance with the
consensus reached by the Emerging Issues Task Force of the
Financial Accounting Standards Board on Issue Number 97-11,
AAccounting for Internal Costs Relating to Real Estate Property
Acquisitions@ (AEITF 97-11@), the addition of personnel at the
Company's headquarters in 1997, the costs of district managers,
increased travel and higher professional fees accounted for the
majority of this increase.  For the three months ended June 30,
1998 and 1997, the Company recognized expenses related to its
internal acquisitions department of $175,000 and $51,000,
respectively, and capitalized internal acquisition costs of $0 and
$101,000, respectively.  

Interest expense increased $1,010,000 (50.9%) due to (a) the
increase in borrowings under the Company's revolving line of
credit and (b) the effect of the issuance of the Senior Notes in
1997.

Depreciation increased $1,256,000 (62.9%) due to the increased
investment in storage stores.

Amortization decreased $66,000 (43.1%) due to lower costs of the
new revolving line credit entered into during January 1998.

Net income increased $655,000 (12.9%) as a result of the factors
noted above.  Basic net income per share and diluted net income
per share decreased $.03 (7.7%) due to the effect of the offerings
of Common Shares in October 1997 and April 1998. 

<PAGE>


Results of Operations: Six months ended June 30, 1998
compared to six months ended June 30, 1997

Rental income increased $8,860,000 (32.6%) in the first six months
of 1998 compared to the first six months of 1997 as a result of
the net addition of 22 stores during the year ended December 31,
1997 and 30 stores during the six months ended June 30, 1998
($8,439,000) and increases in the average rent per square foot
associated with those stores owned for all of the six months ended
June 30, 1997 and 1998. Average annualized revenue per square foot
for the portfolio increased 10.9% to $7.76 in 1998 from $7.00 in
1997.

Product sales and other property income increased $436,000 (95.8%)
primarily from increased sales of locks and packaging supplies and
increased commissions from truck rentals, which are at many of the
Company=s stores.

Total revenues on a same store basis (149 stores) increased
$823,000 or 3.5%. Revenues on a same store basis include rental
income, administrative fees, late fees, product sales (locks and
packaging supplies), commissions from truck rentals and other
income.  On a same store basis, average annualized revenue per
square foot increased 4.4% to $7.36 in 1998 from $7.05 in 1997,
while occupancy increased from 86.2% at June 30, 1997 to 86.5% at
June 30, 1998.

Property operating expenses and the cost of product sales
increased $1,976,000 (34.4%) as a result of (a) acquisitions in
1997 and 1998 ($1,546,000), (b) increases at those stores owned
for all of the six months ended June 30, 1997 and 1998, (c)
additional costs due to more regional managers ($268,000) and (d)
the expenses of the recently implemented telephone call center
($97,000).  Direct property operating expenses increased on a same
store basis by $65,000 or 1.4%, reflecting (a) additional payroll
costs at the stores, due to higher base pay and incentive
compensation and (b) higher costs due to increased product sales
and commissions on truck rentals.  These decreases were partially
offset by (a) lower insurance costs, (b) reduced advertising
expenses and (c) lower maintenance costs.

<PAGE>


Results of Operations: Six months ended June 30, 1998
compared to six months ended June 30, 1997 (continued)

Real estate taxes increased $1,250,000 (51.5%) as a result of
acquisitions in 1997 and 1998 ($1,108,000) and increases at those
stores owned for all of the six months ended June 30, 1997 and
1998. Real estate taxes on a same store basis increased by
$142,000 or 6.8%, reflecting higher tax assessments and higher tax
rates on those stores, primarily on stores acquired during the
fourth quarter of 1996 and the first quarter of 1997.

General and administrative expenses increased $504,000 (35.4%).
Accounting for internal acquisition costs in accordance with EITF
97-11, the addition of personnel at the Company's headquarters in
1997, the costs of district managers, increased travel and higher
professional fees accounted for the majority of this increase. 
For the six months ended June 30, 1998 and 1997, the Company
recognized expenses related to its internal acquisitions
department of $287,000 and $112,000, respectively, and capitalized
internal acquisition costs of $284,000 and $146,000, respectively. 


Interest expense increased $1,946,000 (57.2%) due to (a) the
increase in borrowings under the Company's revolving line of
credit and (b) the effect of the issuance of the Senior Notes in
1997.

Depreciation increased $1,906,000 (44.1%) due to the increased
investment in storage stores.

Amortization decreased $131,000 (43.0%) due to lower costs of the
new revolving line credit entered into during January 1998.

Net income increased $1,800,000 (18.8%) as a result of the factors
noted above.  Basic net income per share decreased $.01 (1.4%) and
diluted net income per share decreased $.02 (2.7%) due to the
effect of the offerings of Common Shares in October 1997 and April
1998. 

<PAGE>
<TABLE>

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, except for share and unit amounts):

<CAPTION>



                                        1998        1997     
<S>                                     <C>         <C>

Three Months Ended June 30,:
  Net income before minority interest   $ 6,152     $ 5,405
  Depreciation of revenue-producing
    assets                                3,229       1,978
  Company=s share of joint ventures=
    depreciation                              4           4
  Funds from Operations                 $ 9,385     $ 7,387
  Weighted-average number of Common
    Shares and Units:
      Basic                          17,082,197  13,759,469
      Diluted                        17,183,311  13,885,986               
Six Months Ended June 30,:
  Net income before minority interest   $12,171     $10,229
  Depreciation of revenue-producing
    assets                                6,181       4,285
  Company=s share of joint ventures=
    depreciation                              8           8
  Funds from Operations                 $18,360     $14,522
  Weighted-average number of Common
    Shares and Units:
      Basic                          16,761,221  13,757,607
      Diluted                        16,874,618  13,878,017 

</TABLE>

Funds from Operations (continued)

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>


FFO increased $1,998,000 (27.0%) for the three months ended June
30, 1998 over the three months ended June 30, 1997 due (a) to the
acquisition of stores in 1998 and 1997 and the effect of the
issuance of 4,140,000 Common Shares in October and November 1997
($3,106,000) and (b) the increased results from those stores owned
for all of the three months ended June 30, 1998 and 1997. Net
operating income, defined as revenues less direct property
operating expenses and real estate taxes, increased on a same
store basis by $451,000 or 4.8%.  These increases were partially
offset by increases in general and administrative expenses and
interest expense, as previously discussed.

FFO increased $3,838,000 (26.4%) for the six months ended June 30,
1998 over the six months ended June 30, 1997 due (a) to the
acquisition of stores in 1998 and 1997 and the effect of the
issuance of 4,140,000 Common Shares in October and November 1997
($5,785,000) and (b) the increased results from those stores owned
for all of the six months ended June 30, 1998 and 1997. Net
operating income, defined as revenues less direct property
operating expenses and real estate taxes, increased on a same
store basis by $616,000 or 3.7%.  These increases were partially
offset by increases in general and administrative expenses and
interest expense, as previously discussed.

Dispositions and Exchanges

Management constantly reviews the stores comprising the Company=s
portfolio and may dispose of any of the stores in the future.  Any
decision to dispose of a particular store would be based on a
number of factors, including, but not limited to, (a) the
strategic fit with the rest of the Company=s portfolio, (b) the
potential to continue to increase cash flow and value in the
particular market, (c) the current market value and (d) alternate
uses of capital.

The Company may dispose of stores for cash or other consideration
or may exchange them with other self-storage operators, including
other publicly-held self-storage REITs.


<PAGE>

Liquidity and Capital Resources

Mortgages and Notes Payable

The Company=s formal policy on the incurrence of debt is to limit
Company debt (including the indebtedness of joint ventures) to 50%
of total market capitalization, which is defined as the market
value of the issued and outstanding Common Shares (including Units
exchangeable for Common Shares) plus Company debt.  At June 30,
1998 and December 31, 1997, the Company=s debt-to-total market
capitalization was 30.2% and 19.8%, respectively.  The Company
does not believe that this limit will restrict its operations or
have a material adverse effect on its financial condition or
results of operations, although there can be no assurance that it
will not do so in the future.  The Board of Trustees can change
the policy at any time in light of then current economic
conditions and other relevant factors.

The Company had outstanding borrowings of $167,880,000 at June 30,
1998.  This indebtedness consists of (a) $100,000,000 of Senior
Notes and (b) $67,780,000 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 stores. The
revolving line of credit expires in January 2001 and bears
interest at a floating rate of LIBOR plus 1.10% (6.7875% at June
30, 1998). During the second quarter of 1998, the interest rate on
the revolving line of credit decreased from LIBOR plus 1.20% to
LIBOR plus 1.10% based on the Company receiving ratings from two
major rating agencies.

At June 30, 1998, the Company has joint and several liability but
does not guarantee the new $5,050,000 indebtedness of a joint
venture in New Orleans, LA in which it has a 15% interest.  On
June 15, 1998, the joint venture obtained a new mortgage loan to
replace the former mortgage loan, which had a balance of
$3,879,000 at June 15, 1998.  The additional proceeds from the new
mortgage loan are to be used to complete improvements at the
store.

In 1996, the Company acquired a 25% interest in a joint venture
that is operating a self-storage store in Kansas City, MO that was
constructed in 1997.  The Company has guaranteed 25% of the joint
venture's construction loan, which is for a total of $2,046,000.
The balance outstanding under this construction loan as of June
30, 1998 was $1,877,000.

<PAGE>

Liquidity and Capital Resources (continued)

Proposed Securities Offering

The Company and the Operating Partnership have filed a shelf
registration statement on Form S-3 for the issuance of $150
million in equity securities (either Common Shares or preferred
shares) by the Company and/or debt securities by the Operating
Partnership.  

In anticipation of a potential debt offering, the Operating
Partnership sought a rating from Standard & Poor=s (AS&P@) and
Moody=s Investors Service (AMoody=s).  During the second quarter
of 1998, the Operating Partnership received a rating of ABBB-@
from S&P and a rating of ABaa3@ from Moody=s.

In anticipation of a potential debt offering, the Company has
entered into several hedging transactions (the sale of Treasury
securities) with the objective of reducing its exposure to changes
in interest rates.  At June 30, 1998, the unrealized loss on the
hedging transaction was $289,000. 

Liquidity

The expansion of existing stores, the acquisition, conversion and
development of additional self-storage stores 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.  

<PAGE>

Liquidity (continued)

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 June 30, 1998, the Company spent:
(a) $2,023,000 on new facilities under development or conversion,
(b) $929,000 for expansions of existing stores and climate-controlled 
conversions, (c) $125,000 for equipment used by home
office and regional management and (d) $1,577,000 on other capital
expenditures.  During the six months ended June 30, 1998, the
Company spent: (a) $4,596,000 on new facilities under development
or conversion, (b) $1,850,000 for expansions of existing stores
and climate-controlled conversions, (c) $258,000 for equipment
used by home office and regional management and (d) $2,870,000 on
other capital expenditures.

For the remaining six months of 1998, the Company expects to spend
(a) $1,021,000 on new facilities currently under development or
conversion, (b) $4,686,000 for expansions and climate-controlled
conversions and (c) $3,251,000 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 stores 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.


<PAGE>

Seasonality

The Company=s revenues are expected to be higher during the latter
part of the year because its stores 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.   

New Accounting Pronouncements

In June 1997, the Financial Accounting Standards Board issued
Statement No. 130, "Reporting Comprehensive Income" ("FASB 130"),
which is effective for financial statements for periods beginning
after December 15, 1997.  At that time, the Company will be
required to report comprehensive income and its components in its
financial statements. The Company will implement FASB 130 during
the year ended December 31, 1998. The impact of FASB 130 on the
Company=s financial statements 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 the time of implementation, the Company will be required
to report additional information (both financial and descriptive)
about operating segments in annual and interim reports.  As FASB
131 is not required to be applied to interim financial statements
in the initial year of adoption, the Company is not required to
disclose segment information in accordance with FASB 131 until the
1998 Annual Report, at which time it will restate prior years=
segment disclosures to conform to the FASB 131 segment
presentations.  In the Company=s first quarter 1999 report and in
subsequent quarters, the Company will present the interim
disclosures required by FASB 131 for both 1999 and 1998.

<PAGE>


New Accounting Pronouncements (continued)

In February 1998, the American Institute of Certified Public
Accountants= Accounting Standards Executive Committee issued
Statement of Position 98-1, AAccounting for the Costs of Computer
Software Developed or Obtained for Internal Use@(ASOP 98-1@),
which is effective for financial statements for periods beginning
after December 15, 1998.  SOP 98-1 sets guidelines for the
capitalization of costs related to internal-use software.  The
Company will adopt SOP 98-1 during the year ending December 31,
1998.  The adoption of SOP 98-1 is not expected to have a material
impact on the financial statements of the Company.

On March 19, 1998, the Emerging Issues Task Force of the Financial
Accounting Standards Board reached a consensus on Issue Number 97-11, 
Accounting for Internal Costs Relating to Real Estate
Property Acquisitions@ (AEITF 97-11@). Internal pre-acquisition
costs (e.g. costs of an internal acquisitions departments)
associated with the acquisition of a fully developed self-storage
store should be expensed as incurred.  Internal costs incurred for
non-operating stores being developed or converted can be
capitalized in specified circumstances.  The Company will be
adopting the accounting guidance for acquisitions of operating
self-storage stores for which contracts were entered into after
the March 19, 1998 date of the consensus.  For the three months
ended June 30, 1998 and 1997, the Company recognized expenses from
its internal acquisition department of $175,000 and $51,000,
respectively, and capitalized internal acquisition costs of $0 and
$101,000, respectively.  For the six months ended June 30, 1998
and 1997, the Company recognized expenses from its internal
acquisition department of $287,000 and $112,000, respectively, and
capitalized internal acquisition costs of $284,000 and $146,000,
respectively.

<PAGE>


New Accounting Pronouncements (continued)

In April 1998, the American Institute of Certified Public
Accountants= Accounting Standards Executive Committee issued
Statement of Position 98-5, AAccounting for the Costs of Start-Up
Activities@(ASOP 98-5@), which is effective for financial
statements for periods beginning after December 15, 1998.  
SOP 98-5 requires that all costs of start-up activities be expensed as
incurred.  The Company will adopt SOP 98-5 during the year ending
December 31, 1999.  The adoption of SOP 98-5 is not expected to
have a material impact on the financial statements of the Company.

In June 1998, the Financial Accounting Standards Board issued
Statement No. 133, AAccounting for Derivative Instruments and
Hedging Activities@ (AFASB 133@), which is effective for fiscal
years beginning after June 15, 1999.   FASB 133 establishes
accounting and financial reporting standards for derivative
instruments, including certain derivative instruments embedded in
other contracts (collectively, referred to as Aderivatives@), and
for hedging activities.  FASB 133 requires that the Company
recognize all derivatives as either assets or liabilities in the
balance sheet and measure those instruments at fair value.  The
accounting for changes in fair value of the derivative depends on
the intended use of the derivative and the resulting designation.
The Company will adopt FASB 133 during the year ending December
31, 1999.  The adoption of FASB 133 is not expected to have a
material impact on the financial statements of the Company.

<PAGE>


Information Systems and Year 2000 Compliance

The Company uses individual computers at each facility for the
management of the facilities and a network of computers at the
home office for centralized management and accounting functions.
The Company uses software for these computers that was developed
by third-party vendors and, based on the Company=s knowledge of
the software and discussions with the third-party vendors, none of
the software is fully Year 2000 compliant.  The vendors have
stated that they will be making modifications (at no cost to the
Company) during 1998 in order that their software will be Year
2000 compliant.

The Company uses a local bank for its normal banking services. 
Based on discussions with local bank, they are working on making
the necessary modifications to their systems to be Year 2000
compliant by the end of 1998.

The Company uses a national truck rental company for the
scheduling of equipment to be rented at the Company=s stores and
for the purchasing of boxes and packaging supplies.  Based on
discussion with the national truck rental company, their systems
are Year 2000 compliant.

Based on these factors, management believes that the Company will
not incur significant costs in order that all computer systems to
be Year 2000 compliant.  However, there are no guarantees that the
work to be performed by third-party vendors or the local bank will
be completed on a timely basis and would not have an adverse
effect on the Company=s systems.

<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

          At the annual meeting of shareholders held on May 12,
          1998, the following business was conducted:
          
          Shareholders elected the following Trustees to the
               office as Class I Trustees:
                 P. Crismon Burnam:
                    Votes for           12,009,757
                    Votes withheld       1,057,146
                 Blake Eagle:
                    Votes for           12,030,208
                    Votes withheld       1,036,695
          
          Shareholders ratified the appointment of Ernst & Young
               LLP as the Company=s independent auditors for the
               year ending December 31, 1998 as follows:
                    Votes for           13,024,602
                    Votes against           14,967
                    Votes abstained         27,334

Item 5.   Other Information

          None 

<PAGE>


Item 6.   Exhibits and Reports on Form 8-K

          (a.) Exhibits  
          
          27   Financial Data Schedules for the three months and
               six months ended June 30, 1998. 
          
          (b.) Reports on Form 8-K

          A report on Form 8-K dated June 15, 1998, was filed to
          report that Storage Trust Properties, L.P. completed the
          acquisition of 15 self-storage stores during the period
          from March 30, 1998 to June 1, 1998.  An amendment to
          the Form 8-K will be filed by August 15, 1998 to file
          the required historical and pro forma financial
          statements.

<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




August 11, 1998                 /s/ Michael G. Burnam  
(Date)                          Michael G. Burnam
                                Chief Executive Officer

August 11, 1998                 /s/ Stephen M. Dulle   
(Date)                          Stephen M. Dulle
                                Chief Financial Officer