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, 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:

12,909,201 common shares of Beneficial Interest, $.01 par value
as of July 31, 1996.

<PAGE>

                      STORAGE TRUST REALTY
                  CONSOLIDATED BALANCE SHEETS
           AS OF JUNE 30, 1997 AND DECEMBER 31, 1996
      (amounts in thousands, except for share information)
<TABLE>
<CAPTION>
                                             June 30,    Dec. 31,  
                                              1997        1996   
                                                                                 
                                           (unaudited)
ASSETS
<S>                                        <C>         <C>
Investment in storage facilities, net      $ 353,098   $ 304,114
Cash and cash equivalents                      5,683       2,317
Accounts receivable and other assets           1,772       1,550
Deferred financing costs, net of
  amortization of $765 and $463                1,220         547
Investments in joint ventures                    236         197
  Total assets                             $ 362,009   $ 308,725

LIABILITIES AND EQUITY
Liabilities:
  Mortgages and notes payable:
    Revolving line of credit               $  13,900   $  60,673
    Senior Notes                             100,000          -
    Other                                         -        2,582
  Accounts payable and accrued expenses        5,423       4,964
  Accrued interest payable                     2,944         171
  Tenant prepayments                           2,921       2,195
  Dividends and distributions payable          5,985       5,974
    Total liabilities                        131,173      76,559

Minority interest                             16,131      16,470

Shareholders' equity:
  Common shares, $.01 par value, 
    150,000,000 shares authorized, 
    12,909,201 and 12,874,932 shares 
    issued and outstanding, respectively         129         129
  Additional paid-in capital                 220,531     219,868
  Distributions in excess of net income       (5,955)     (4,301)
    Total shareholders' equity               214,705     215,696
    Total liabilities and shareholders' 
      equity                          $ 362,009        $ 308,725

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

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

                                                1997        1996   
<S>                                            <C>         <C>
Revenues:
  Rental income                            $ 14,275    $  9,965
  Management income                              48          40
  Equity in earnings of joint ventures           24          33
  Other income                                  323         129
    Total revenues                           14,670      10,167  
                        
Expenses:
  Property operations                         3,022       2,321
  Real estate taxes                           1,377         939
  General and administrative                    732         584
  Interest                                    1,983       1,663
  Depreciation                                1,998       1,406
  Amortization                                  153          72
    Total expenses                            9,265       6,985

Net income before minority interest           5,405       3,182

Minority interest                              (329)       (237)

Net income                                 $  5,076    $  2,945

Net income per share                       $   0.39    $   0.34

Weighted-average number of shares
  outstanding during the period          12,908,032   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>

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

<TABLE>
<CAPTION>
                                              1997        1996   
<S>                                         <C>         <C>
Revenues:
  Rental income                            $ 27,147    $ 17,727
  Management income                             112         101
  Equity in earnings of joint ventures           39          68
  Other income                                  550         265
    Total revenues                           27,848      18,161  
                        
Expenses:
  Property operations                         5,738       4,088
  Real estate taxes                           2,427       1,655
  General and administrative                  1,424       1,069
  Interest                                    3,400       2,414
  Depreciation                                4,325       2,565
  Amortization                                  305         144
    Total expenses                           17,619      11,935

Net income before minority interest          10,229       6,226

Minority interest                              (653)       (399)

Net income                                 $  9,576    $  5,827

Net income per share                       $   0.74    $   0.67

Weighted-average number of shares
  outstanding during the period          12,897,195   8,734,332
                                                                
Dividends declared per share 
  during the period                        $  0.870    $  0.820
                                                                 
</TABLE>
The accompanying notes are an integral part of these statements.

<PAGE>
                      STORAGE TRUST REALTY
             CONSOLIDATED STATEMENTS OF CASH FLOWS
        FOR THE SIX MONTHS ENDED JUNE 30, 1997 AND 1996
                     (amounts in thousands)
                          (unaudited)
<TABLE>
<CAPTION>
                               
<S>                                             <C>        <C>
                                                                                 
                                                1997       1996   
Cash flows from operating activities:
  Net income                                 $  9,576   $  5,827
  Adjustments to reconcile net income to net
  cash provided by operating activities:
    Depreciation and amortization               4,630      2,709
    Equity in earnings of joint ventures          (39)       (68)
    Distributions from joint ventures              -           6
    Minority interest                             653        399
    Changes in assets and liabilities:
      Accounts receivable and other assets       (222)       (81)
      Accounts payable, tenant prepayments
        and accrued expenses                    3,958      1,665 
  Net cash provided by operating activities    18,556     10,457

Cash flows from investing activities:
  Acquisition of storage facilities           (49,783)   (71,808)
  Other additions to storage facilities        (1,592)    (2,596)
  Net cash used in investing activities       (51,375)   (74,404)

Cash flows from financing activities:
  Borrowings on revolving line of credit       39,150     81,528
  Payments on revolving line of credit        (85,923)    (2,001)
  Principal payments on other mortgages  
    and notes payable                          (4,226)    (7,831)
  Funding of Senior Notes                     100,000         -
  Financing costs paid                           (975)       (51)
  Offering costs paid                              -        (125)
  Distributions to minority interests paid       (743)      (388)
  Dividends paid                              (11,216)    (7,162)
  Stock options exercised                         118         -  
  Net cash provided by financing activities    36,185     63,970

Net change in cash and cash equivalents         3,366         23 
Cash and cash equivalents at beginning 
  of period                                     2,317      2,356
Cash and cash equivalents at end of period   $  5,683   $  2,379

</TABLE>

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

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

                                                1997     1996  

<S>                                              <C>      <C>
Supplemental cash flow information:
  Cash paid for interest                      $   671  $ 1,709  

Schedule of non-cash investing and 
  financing activities:
    Mortgages assumed on acquired facilities  $ 1,644  $ 3,260
    Issuance of Units in connection with the
      acquisition of storage facilities       $    -   $ 4,500
    Issuance of Units in connection with the 
      earnout provisions of contracts on
      previously acquired storage facilities  $   293  $    -    
    Reclassification of investment in 
      joint ventures to investment in
      storage facilities                      $    -   $   364  
    Conversion of Units of the Operating
      Partnership held by minority interests
      to Common Shares of the Company         $   545  $    -  

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

                     STORAGE TRUST REALTY  
           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1.   Organization and Basis of Presentation

     Organization 
     Storage Trust Realty (the "Company") was formed as a
     Maryland real estate investment trust ("REIT") on July 12,
     1994 to continue the self-storage business of Burnam Holding
     Companies Co. ("BHC") and certain of its affiliates
     (collectively, the "Predecessor Company") in owning,
     operating and managing self-storage facilities.  The Company
     and its subsidiaries commenced operations effective with the
     completion of the Company's initial public offering ("IPO")
     on November 16, 1994.  As of June 30, 1997, the Company
     owned 183 self-storage facilities in 18 states, and was a
     partner in two joint ventures that owned two operating
     self-storage facilities.

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

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

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

<PAGE>

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

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

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

2.   Summary of Significant Accounting Policies

     Investment in Storage Facilities
     Investment in storage facilities is recorded at cost. 
     Depreciation is computed using straight-line and accelerated
     methods over estimated useful lives ranging from 15 to 40
     years for buildings and improvements, and 3 to 10 years for
     furniture, fixtures and equipment.  Expenditures for
     significant renovations and improvements, which improve
     and/or extend the useful lives of fixed assets, are
     capitalized.  Maintenance and repairs are expensed as
     incurred.
     
     Revenue Recognition
     Rental income is recorded when due form tenants under
     operating lease agreements.
      
<PAGE>
                        
                   STORAGE TRUST REALTY  
          NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
                                
2.   Summary of Significant Accounting Policies (continued)

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

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

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

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

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

<PAGE>

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

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

     Minority Interest
     The minority interest reflects the ownership interest of the
     limited partners of the Operating Partnership and the other
     shareholder of the Management Company.  Amounts allocated to
     these interests are reflected as an expense in the statement
     of operations and increase the Company's liability.
     Distributions to these limited partners and the other
     shareholder reduce this liability.  Minority interest of
     unitholders in the Operating Partnership is calculated on
     the weighted-average Common Shares and Units outstanding for
     the period.
     
     Units in the Operating Partnership held by minority
     interests can be exchanged for Common Shares of the Company
     on a one-for-one basis or redeemed in cash at the Company's
     option.  During the six months ended June 30, 1997, limited
     partners exchanged 27,829 Units in the Operating Partnership
     for 27,829 Common Shares in the Company.
     
     At June 30, 1997, minority interest ownership in the
     Operating Partnership was 862,684 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>
                                  June 30,    December 31,
                                      1997          1996      
                                  (unaudited)   
     <S>                            <C>           <C>

     Land                           $ 70,745      $ 60,578
     Buildings                       275,208       237,190
     Furniture, fixtures and 
       equipment                      21,147        16,551
                                     367,100       314,319        
   Accumulated depreciation         (14,002)      (10,205)
     Investment in storage 
        facilities, net             $353,098      $304,114 
                                                       
</TABLE>

4.   Mortgages and Notes Payable

     Mortgages and notes payable consist of the following        
(column amounts in thousands): 
<TABLE>
<CAPTION>                                             
                                          June 30,   December 31, 
                                            1997         1996    
                                        (unaudited)
     <S>                                <C>           <C>
     Revolving line of credit:
 
     Unsecured revolving line of 
     credit with an aggregate 
     borrowing limit of $100 million,
     bearing interest at LIBOR plus
     1.375% per annum (7.1875%) at 
     June 30, 1997 and LIBOR plus 
     1.625% per annum (7.267%) at
     December 31, 1996, respectively,
     interest only payable monthly 
     and a fee on the unused 
     portion of .25% per annum.  
     Expiration on January 24, 1998, 
     with a one-year extension at  
     the Company's option upon 
     the satisfaction of 
     certain conditions.                  $13,900       $60,673

</TABLE>

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

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

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

     Total                                $100,000      $    -  

</TABLE>

     
     In anticipation of the Senior Notes offering, the Company
     entered into a hedging transaction (the sale of Treasury
     securities) with the objective of reducing its exposure to
     changes in interest rates.  The hedge was closed upon
     receiving the commitments from the institutional investors
     in December 1996.  The Company realized net proceeds of
     $645,000 from this transaction.  This hedging gain is being
     amortized against interest expense over the weighted-average
     term of the Senior Notes.  The balance of the hedging gain,
     which is included in accrued liabilities, at June 30, 1997
     and December 31, 1996 was $601,000 and $645,000,
     respectively.

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

<TABLE>
<CAPTION>

                                          June 30,   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 June 30, 1997 are as follows (amounts in
     thousands):
<TABLE>
<CAPTION>

     
                         Revolving
          Year Ending     Line of    Senior
          December 31,     Credit    Notes      Total  
          <C>            <C>        <C>       <C> 
             1997        $     -    $     -   $     -
             1998          13,900         -     13,900
             1999              -          -         -
             2000              -          -         -
             2001              -          -         -
             2002              -      14,700    14,700
             2003              -      25,900    25,900
             2004              -      25,800    25,800
             2005              -      11,200    11,200
             2006              -      11,200    11,200
             2007              -      11,200    11,200 
           Totals        $ 13,900   $100,000  $113,900 
</TABLE>
<PAGE>

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

     On August 13, 1997, the Company declared a $.435 dividend
     on each Common Share for the third quarter of 1997.  The
     dividend is payable October 15, 1997 to shareholders of
     record on September 15, 1997.

     During July and August 1997, the Company initiated a series
     of transactions, through an intermediary, for the tax-free
     exchange of several of the Company's facilities.  On July
     22, 1997, the Company transferred ownership of eight
     facilities (three in Gulfport, MS; two in Knoxville, TN;
     and one each in Fayetteville, NC; Wilmington, NC; and
     Odessa, TX) for $11,165,000.  On July 23, 1997 and July 24,
     1997, the Company received ownership of two facilities (one
     each in Fort Worth, TX; and Houston, TX;) from separate
     third-parties for $8,480,000.  The Company anticipates
     obtaining ownership of another facility with a purchase
     price of at least $2,685,000 by September 30, 1997 in order
     to meet the income tax regulations relating to like-kind
     exchanges.

<PAGE>
                        STORAGE TRUST REALTY
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

6.   Acquisitions and Pro Forma Information

     During the first six months of 1997, the Company has
     acquired 26 facilities for consideration, with an aggregate
     value of $62,659,000.  Consideration included cash of
     $50,141,000 and the exchange of eight of the Company's
     facilities valued at $12,518,000.

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

<TABLE>
               <S>                      <C>

               Total revenues           $29,831,000
               Total expenses            19,925,000
               Net income before
                 minority interest        9,906,000
               Minority interest           (631,000)                            N
               Net income               $ 9,275,000
               
               Net income per share     $      0.72
               
               Weighted-average number
                 of shares outstanding   12,897,195
</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, 1997 nor does it purport to      
     represent the results of operations for future periods.

<PAGE>

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

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

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

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

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

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

Rental income increased $4,310,000 (43.3%) in the second quarter
of 1997 compared to the second quarter of 1996 as a result of the
net addition of 12 facilities during the six months ended
December 31, 1996 and 18 facilities during the six months ended
June 30, 1997 ($4,120,000) and increases in the average rent per
square foot and occupancy associated with those facilities owned
for all of the three months ended June 30, 1996 and 1997
($190,000). Average annualized revenue per square foot for the
portfolio increased 2.1% to $7.21 in 1997 from $7.06 in 1996,
while occupancy for the whole portfolio was at 87% at June 30,
1996 and June 30, 1997.  

Other income increased $194,000 (150.4%) primarily from increased
product sales (locks and packaging supplies) and increased
commissions from rental trucks, which are at many of the
Company's facilities.

Revenues on a same store basis increased $229,000 or 2.6%.
Revenues on a same store basis include rental income,
administrative fees, late fees, product sales (locks and
packaging supplies), commissions from rental trucks and other
income. On a same store basis, average annualized revenue per
square foot increased 2.3% to $7.23 in 1997 from $7.07 in 1996,
while occupancy decreased from 87% at June 30, 1996 to 86% at
June 30, 1997.

Property operating expenses increased $701,000 (30.2%) as a
result of acquisitions in 1996 and 1997 ($696,000) and increases
at those facilities owned for all of the three months ended June
30, 1996 and 1997.  Property operating expenses increased on a
same store basis by $5,000 or 0.3%, 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 repairs and
maintenance.  These increases were partially offset by lower
insurance costs and reduced advertising expenses.

Real estate taxes increased $438,000 (46.6%) as a result of
acquisitions in 1996 and 1997.  Real estate taxes on a same store
basis did not increase.

General and administrative expenses increased $148,000 (25.3%). 
The addition of personnel at the Company's headquarters in 1996
and 1997, increased travel costs and higher professional fees
accounted for the majority of this increase.

<PAGE>

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

Interest expense increased $320,000 (19.2%) due to the increase
in borrowings from the issuance of $100,000,000 of the Senior
Notes in January and April 1997.

Depreciation increased $592,000 (42.1%) due to the increased
investment in storage facilities.

Amortization increased $81,000 (112.5%) due to amortization of
the costs of the Senior Notes.

Net income increased $2,131,000 (72.4%) and net income per share
increased $.05 (14.7%) as a result of the factors noted above.   

Results of Operations: Six months ended June 30, 1997
compared to six months ended June 30, 1996

Rental income increased $9,420,000 (53.1%) in the first six
months of 1997 compared to the first six months of 1996 as a
result of the net addition of 44 facilities during the year ended
December 31, 1996 and 18 facilities during the six months ended
June 30, 1997 ($8,610,000) and increases in the average rent per
square foot and occupancy associated with those facilities owned
for all of the six months ended June 30, 1996 and 1997
($810,000). Average annualized rent per square foot for the
portfolio increased 2.2% to $7.03 in 1997 from $6.88 in 1996,
while occupancy for the whole portfolio decreased from 87% at
June 30, 1996 to 86% at June 30, 1997.  

Other income increased $285,000 (107.5%) primarily from increased
product sales (locks and packaging supplies) and increased
commissions from rental trucks at many of the Company's
facilities.

Revenues on a same store basis increased $882,000 or 5.6%.
Revenues on a same store basis include rental income,
administrative fees, late fees, product sales (locks and
packaging supplies), commissions from rental trucks and other
income.  On a same store basis, average annualized rent per
square foot increased 3.5% to $7.15 in 1997 from $6.90 in 1996,
while occupancy decreased from 87% at June 30, 1996 to 86% at
June 30, 1997.

Property operating expenses increased $1,650,000 (40.4%) as a
result of acquisitions in 1996 and 1997 ($1,458,000) and
increases at those facilities owned for all of the six months
ended June 30, 1996 and 1997.

<PAGE>

Results of Operations: Six months ended June 30, 1997
compared to six months ended June 30, 1996 (continued)

Property operating expenses increased on a same store basis by
$192,000 or 5.7%, 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 $772,000 (46.6%) as a result of
acquisitions in 1996 and 1997 ($715,000) and increases at those
facilities owned for all of the six months ended June 30, 1996
and 1997. Real estate taxes on a same store basis increased by
$57,000 or 4.2%, reflecting higher tax assessments and higher tax
rates on those properties.

General and administrative expenses increased $355,000 (33.2%). 
The addition of personnel at the Company's headquarters in 1996
and 1997, increased travel costs and higher professional fees
accounted for the majority of this increase.

Interest expense increased $986,000 (40.8%) due to the increase
in borrowings from the issuance of $100,000,000 of the Senior
Notes in January and April 1997.
 
Depreciation increased $1,760,000 (68.6%) due to the increased
investment in storage facilities.

Amortization increased $161,000 (111.8%) due to amortization of
the costs of the Senior Notes.

Net income increased $3,749,000 (64.3%) and net income per share
increased $.07 (10.4%) 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 June 30,:
  Net income before minority interest    $ 5,405    $ 3,182
  Depreciation of revenue-producing
    assets                                 1,978      1,406
  Company's share of joint ventures'
    depreciation                               4          9
  Funds from Operations                  $ 7,387    $ 4,592
  Weighted-average number of 
    Common Shares and Units           13,759,469  9,410,104  

Six Months Ended June 30,:
  Net income before minority interest    $10,229    $ 6,226
  Depreciation of revenue-producing
    assets                                 4,285      2,565
  Company's share of joint ventures'
    depreciation                               8         13
  Funds from Operations                  $14,522    $ 8,804
  Weighted-average number of 
    Common Shares and Units           13,757,607  9,308,409  

</TABLE>

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

<PAGE>

Funds from Operations (continued)

FFO increased $2,795,000 (60.9%) in the second quarter of 1997
over 1996 due to the acquisition of facilities in 1997 and 1996
and the increased results from those facilities owned for all of
the three months ended June 30, 1997 and 1996.  Net operating
income, defined as revenues less property operating expenses and
real estate taxes, increased on a same store basis by $224,000 or
3.7%.  These increases were partially offset by increases in
general and administrative expenses and interest expense, as
previously discussed.

FFO increased $5,718,000 (64.9%) in the first six months of 1997
over 1996 due to the acquisition of facilities in 1997 and 1996
and the increased results from those facilities owned for all of
the six months ended June 30, 1997 and 1996.  Net operating
income increased on a same store basis by $633,000 or 5.8%. 
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 $113,900,000 at March
31, 1997.  This indebtedness consists of (a) $100,000,000 of
Senior Notes and (b) $13,900,000 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 1.375% (7.1875% at June 30, 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 June 30, 1997, the Company has joint and several liability but
does not guarantee the $3,939,000 indebtedness of a joint venture
in New Orleans, Louisiana in which it has a 15% interest. In
1996, the Company acquired a 25% interest in a joint venture that
is operating a self-storage facility in Kansas City, Missouri
that was constructed during 1997.  The Company has guaranteed 25%
of the joint venture's construction loan, which is for a total of
$2,054,000. The balance outstanding under this construction loan
as of June 30, 1997 was $1,603,000.

<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. During the three months ended June 30, 1997, the
Company spent $131,000 for expansions of existing facilities and
climate-controlled conversions and $832,000 on other capital
expenditures. For the twelve months ending June 30, 1998, the
Company expects to spend $7,800,000 for expansions and climate-controlled
conversions at existing facilities.  For the remaining
six months of 1997, the Company expects to spend $1,350,000 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 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 Pronouncement

In February 1997, the Financial Accounting Standards Board issued
Statement No. 128, "Earnings per Share" ("FASB 128"), which is
required to be adopted on December 31, 1997.  At that time, the
Company will be required to change the method currently used to
compute earnings per Common Share and to restate all prior
periods.  Under the new requirements for calculating primary
earnings per Common Share, the dilutive effect of stock options
will be excluded.  The impact of FASB 128 on the calculation of
primary and fully diluted earnings per Common Share for the three
months and six months ended June 30, 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

          At the annual meeting of shareholders held on May 7,
          1997, the following business was conducted:
          
          A.   Shareholders elected the following Trustees to
               office as Class III Trustees:
<TABLE>
<CAPTION>
                    <S>                      <C>

               Gordon Burnam:
                    Votes for                10,562,989
                    Votes withheld            1,086,794
               Randall K. Rowe:
                    Votes for                10,582,910
                    Votes withheld            1,066,873
               Fredrick W. Petri:
                    Votes for                10,582,910
                    Votes withheld            1,086,873
          
</TABLE>

          B.   Shareholders ratified the appointment of Ernst &
               Young LLP as the Company's independent auditors
               for the year ended December 31, 1997 as follows:
<TABLE>
<CAPTION>
                    <S>                      <C>

                    Votes for                11,600,843
                    Votes against                21,830
                    Votes abstained              27,110
          
          Shareholders approved an amendment and restatement of
               the Storage Trust Realty 1994 Share Incentive Plan
               as follows:
                    Votes for                 7,388,453
                    Votes against             2,256,605
                    Votes abstained              68,680
                    Broker Non votes          1,936,045
</TABLE>          
<PAGE>

Item 5.   Other Information

          None 

Item 6.   Exhibits and Reports on Form 8-K

          (a.) Exhibits  
          
          10.  Second Amendment to the Revolving Credit
               Agreement, dated June 27, 1997.
          
          27.  Financial Data Schedule. 

          (b.) Reports on Form 8-K

          A report on Form 8-K (Items 2 and 7), dated June 16,
          1997, was filed to report that Storage Trust
          Properties, L.P. completed the acquisition of eight
          self-storage facilities and exchange of eight self-storage 
          facilities during the period from April 1, 1997
          and May 20, 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 the facilities acquired.  In addition, an
          unaudited Pro Forma Consolidated Balance Sheet as of
          March 31, 1997 and unaudited Pro Forma Consolidated
          Statements of Operations for the year ended December
          31, 1996 and the three months ended March 31, 1997 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




   August 13, 1997                 /s/ Michael G. Burnam  
      (Date)                       Michael G. Burnam
                                   Chief Executive Officer

   August 13, 1997                 /s/ Stephen M. Dulle   
      (Date)                       Stephen M. Dulle
                                   Chief Financial Officer
<PAGE>