FORM 10-Q
                                                  
                         SECURITIES AND EXCHANGE COMMISSION
                               Washington, D.C.  20549
                                                  
                  [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                         OF THE SECURITIES EXCHANGE ACT OF 1934
                                                 
                   For the quarterly period ended September 30, 1996
                                                 
                                         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:

          12,874,332 common shares of Beneficial Interest, $.01 par value
          as of October 31, 1996.
           
<PAGE>


                                 STORAGE TRUST REALTY
                              CONSOLIDATED BALANCE SHEET
                    AS OF SEPTEMBER 30, 1996 AND DECEMBER 31, 1995
                 (amounts in thousands, except for share information) 




<TABLE>
<CAPTION>
           
                                                                            
                                                     Sept. 30,    Dec. 31,  
                                                        1996        1995  
                                                    (unaudited)
          <S>                                       <C>         <C>

          ASSETS
          Investment in storage facilities, net      $ 301,134   $ 190,019
          Cash and cash equivalents                      2,276       2,356
          Accounts receivable, deferred costs and 
            other assets                                 1,658       1,920
          Investments in joint ventures                     55         360
               Total assets                          $ 305,123   $ 194,655

          LIABILITIES AND EQUITY
          Liabilities:
            Mortgages and notes payable              $  59,774   $  39,285
            Accounts payable and accrued expenses        5,452       3,351
            Tenant prepayments                           2,272       1,562  
            Dividends payable                            5,278       3,581
               Total liabilities                        72,776      47,779

          Minority interest                             15,978       7,837

          Shareholders  equity:
            Common shares, $.01 par value, 
              150,000,000 shares authorized, 
              12,874,332 and 8,734,332 shares 
              issued and outstanding, respectively         129          87
            Additional paid-in capital                 219,856     141,004
            Distributions in excess of net income       (3,616)     (2,052)
               Total shareholders' equity              216,369     139,039
               Total liabilities and shareholders  
               equity                                $ 305,123   $ 194,655

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

                                 STORAGE TRUST REALTY
                        CONSOLIDATED STATEMENTS OF OPERATIONS
                FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
                 (amounts in thousands, except for share information)
                                     (unaudited)
           

<TABLE>
<CAPTION>

                                                        1996        1995 
          <S>                                        <C>         <C>
         
          Revenues:
            Rental income                            $ 29,781    $ 15,642
            Management income                             134         113
            Equity in earnings of joint ventures           86          77
            Other income                                  462         313
              Total revenues                           30,463      16,145 
                                  
          Expenses:
            Property operations                         6,758       3,397
            Real estate taxes                           2,641       1,211
            General and administrative                  1,783       1,032
            Interest                                    3,241         780
            Depreciation                                4,225       2,022
            Amortization                                  216         326
               Total expenses                          18,864       8,768

          Net income before minority interest          11,599       7,377

          Minority interest                              (726)       (333)

          Net income                                 $ 10,873    $  7,044 

          Net income per share                       $   1.08    $   1.03

          Weighted average number of shares
            outstanding during the period          10,108,639   6,848,801
                                                                            
          Dividends declared per share 
            during the period                        $ 1.2300    $ 1.1625
               
</TABLE>
          The accompanying notes are an integral part of these statements.
<PAGE>

                                 STORAGE TRUST REALTY
                        CONSOLIDATED STATEMENTS OF OPERATIONS
                FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
                (amounts in thousands, except for share information)
                                     (unaudited)

<TABLE>
<CAPTION>
                                                        1996        1995 
          <S>                                        <C>         <C>
           
          Revenues:
            Rental income                            $ 12,055    $  6,072
            Management income                              32          39
            Equity in earnings of joint ventures           17          28
            Other income                                  199         199
              Total revenues                           12,303       6,338  
                                  
          Expenses:
            Property operations                         2,670       1,318
            Real estate taxes                             986         489
            General and administrative                    715         422
            Interest                                      827          56
            Depreciation                                1,660         797
            Amortization                                   72         135
               Total expenses                           6,930       3,217

          Net income before minority interest           5,373       3,121

          Minority interest                              (325)       (125)

          Net income                                 $  5,048    $  2,996

          Net income per share                       $   0.39    $   0.34

          Weighted average number of shares
            outstanding during the period          12,827,375   8,713,952
                                                                            
          Dividends declared per share 
            during the period                        $ 0.4100    $ 0.3875
                                                                            
</TABLE>
          The accompanying notes are an integral part of these statements.
<PAGE>

                                 STORAGE TRUST REALTY
                        CONSOLIDATED STATEMENTS OF CASH FLOWS
                FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
                          (amounts in thousands)(unaudited)

<TABLE>
<CAPTION>

                                                         1996       1995 
          <S>                                          <C>        <C>

          Cash flows from operating activities:
            Net income                                 $ 10,873   $ 7,044
            Adjustments to reconcile net income to
              net cash provided by operating
              activities:
              Depreciation and amortization               4,441     2,348
              Equity in earnings of joint ventures          (86)      (77)
              Distributions from joint ventures              20        24
              Minority interest                             726       333
              Changes in assets and liabilities:
                Accounts receivable, deferred 
                  costs and other assets                     97       (98)
                Accounts payable, tenant prepayments
                  and accrued expenses                    2,811       538 
            Net cash provided by operating activities    18,882    10,112

          Cash flows from investing activities:
            Acquisition of storage facilities           (98,844)  (50,911)
            Other additions to storage facilities        (3,622)   (2,638)
            Net cash used in investing activities      (102,466)  (53,549)

          Cash flows from financing activities:
            Net borrowings (payments) on revolving
              line of credit                             24,078    (6,343)
            Principal payments on mortgages and 
              notes payable                              (7,849)      (51)
            Loan acquisition fees                           (51)     (646)
            Minority interest distributions                (824)     (223)
            Dividends paid                              (10,744)   (5,677)
            Offering costs paid                          (4,941)   (3,840)
            Proceeds from sale of Common Stock           83,835    57,500 
            Net cash provided by financing activities    83,504    40,720
          Net change in cash and cash equivalents           (80)   (2,717) 
          Cash and cash equivalents at beginning 
            of period                                     2,356     3,720 
          Cash and cash equivalents at end of period   $  2,276   $ 1,003

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

                                 STORAGE TRUST REALTY
                  CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
                FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
                                (amounts in thousands)
                                     (unaudited)

<TABLE>
<CAPTION>
                                                          1996     1995 
          <S>                                           <C>      <C>

          Supplemental cash flow information:
            Cash paid for interest                      $ 3,013  $   754  

          Schedule of non-cash investing and 
            financing activities:
              Storage facilities acquired in exchange                 
               for operating partnership units            8,243    3,652 
              Storage facility acquired in exchange for
               two storage facilities                     2,360       -
              Mortgages assumed on acquired facilities    4,260    1,000
              Reclassification of investment in joint
               ventures to investment in storage
               facilities                                   371       -  

</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, "BHC" or the "Predecessor Company") in
               owning, operating and managing self-storage facilities.  As
               of September 30, 1996, the Company owned 163 self-storage
               facilities in 18 states, and was a partner in one joint
               venture which owned one self-storage facility.

               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 93.75% ownership   
               interest therein as of September 30, 1996.  The remaining 
               ownership interests in the Operating Partnership (the  
               "Units") are held by certain owners of the Predecessor 
               Company, including BHC (collectively "Original Investors") 
               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 1995 have been reclassified to conform
               to the presentation in 1996.
<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, 1995.

               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 and combined presentations.

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

          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.

<PAGE>
                                  Storage Trust Realty  
                     Notes to Consolidated Financial Statements 

          2.   Summary of Significant Accounting Policies (continued)

               Long-Lived Assets
               On January 1, 1996, the Company adopted FASB Statement No.
               121, "Accounting for the Impairment of Long-Lived Assets and
               Assets to Be Disposed Of", which requires impairment losses
               to be recorded on long-lived assets used in operations when
               indicators of impairment are present and the undiscounted
               cash flows estimated to be generated by those assets are
               less than the assets' carrying amount.  Statement 121 also
               addresses the accounting for long-lived assets that are
               expected to be disposed of.  Based on current circumstances,
               there is no effect of adoption on the Company's financial
               position or results of operations.

               Revenue Recognition
               Rental income is recorded when due form 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 in a manner
               which it expects to enable it to qualify as a real estate
               investment trust ("REIT").  Under the applicable provisions
               of the Internal Revenue code, a REIT generally will not be
               subject to Federal income taxes on the portion of its REIT
               taxable income it currently distributes to its 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 

          2.   Summary of Significant Accounting Policies (continued)

               Deferred Loan Costs
               Loan fees and related expenses are capitalized at cost and
               are amortized on a straight-line basis over the life of the
               loan, which approximates the interest method.  The
               unamortized balance is expensed upon termination or
               prepayment of the loan.

               Investments in Joint Ventures
               Investments in joint ventures represents investments in
               self-storage facilities in which the Company does not have a
               controlling interest.

               As of April 1, 1996, the Company acquired its partner s
               interest in five facilities, previously reflected as joint
               venture investments, which resulted in the Company owning
               100% of these facilities.  Consideration for the purchase
               price of $7,748,000 included 203,390 units in the Operating
               Partnership (at a value of $22.125 per unit), a net
               assumption of liabilities of $3,119,000, and cash paid of
               $129,000.  The Company has accounted for this transaction as
               a purchase under APB 16 and has consolidated the properties
               as of April 1, 1996.

               In August 1996, the Company exchanged its interest in one
               joint venture for an interest in a facility that was
               subsequently acquired by the Company.

               Net Income Per Common Share
               Primary earnings per Common Share is based upon the weighted
               average number of Common Shares and the equivalent Common 
               Shares outstanding during the period.  The assumed exercise 
               price of outstanding Common Share options 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)

               Minority Interest
               The minority interest reflects the ownership interest of the
               limited partners of the Operating Partnership.  Amounts
               allocated to these interests are reflected as an expense in
               the income statement and increases the Company's liability. 
               Distributions to these partners reduce this liability.  At
               September 30, 1996, minority interest ownership was 858,275
               units or 6.25%.
               
               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.

          3.   Investment in Storage Facilities

               The following summarizes investment in storage facilities 
               (amounts in thousands):
                                                                            
<TABLE>
<CAPTION>

                                            September 30, December 31,
                                                1996          1995      
                                            (unaudited)   
               <S>                            <C>           <C>

               Land                           $ 59,700      $ 34,275   
               Buildings                       233,740       151,966
               Furniture, fixtures and 
                 equipment                      16,022         7,975
                                               309,462       194,216        
               Accumulated depreciation         (8,328)       (4,197)
               Investment in storage 
                  facilities, net             $301,134      $190,019 
</TABLE>
<PAGE>

                                Storage Trust Realty  
                     Notes to Consolidated Financial Statements 

          4.   Mortgages and Notes Payable
               
               Mortgages and notes payable consist of the following   
               (amounts in thousands): 
<TABLE>
<CAPTION>                                                       

                                                September 30,  December 31, 
                                                    1996          1995   
                                                 (unaudited)
               <S>                                <C>            <C>

               Unsecured revolving line of 
               credit with an aggregate 
               borrowing limit of $100 million,
               bearing interest at LIBOR plus
               1.75% per annum (7.140% and
               7.575%), interest only payable 
               monthly until expiration on
               January 24, 1998, with a one-year
               extension at the Company s option
               upon the satisfaction of certain
               conditions and a fees on the
               unused portion of .25% per annum.    $57,173       $33,095   

               Mortgage loan secured by one 
               self-storage facility, bearing
               interest at 7.5%, principal and 
               interest of $16 payable monthly,
               and maturing on April 3, 1999.         1,601         1,656   
                                                                           
               Mortgage loan secured by one
               self-storage facility, bearing 
               interest at 5.0%, monthly interest
               payments due until maturity on
               January 31, 1997.                      1,000            -
             
               Mortgage loan secured by 1 
               self-storage facility, bearing
               interest at 7.5%, matured on
               January 10, 1996.                         -            850 
                 
</TABLE>
<PAGE>

                                Storage Trust Realty  
                     Notes to Consolidated Financial Statements  


          4.   Mortgages and Notes Payable (continued)
<TABLE>
<CAPTION>

                                                September 30,  December 31, 
                                                    1996          1995   
                                                 (unaudited)
               <C>                                 <C>           <C>

               Mortgage loan secured by 1 
               self-storage facility, bearing 
               interest at 8%, matured on 
               January 16, 1996.                    $    -        $ 1,000
                
               Mortgage loan secured by 1 
               self-storage facility, bearing 
               interest at 7.75%, matured on 
               April 1, 1996.                            -          2,684   
                                                    $59,774       $39,285   
                                 

</TABLE>
               
               Scheduled Maturities

               The scheduled maturities of mortgages and notes payable
               subsequent to September 30, 1996 are as follows (amounts in
               thousands):

<TABLE>
<CAPTION>
                                  <C>                  <C>
           
                                  1996                 $    19
                                  1997                   1,079
                                  1998                  57,259
                                  1999                   1,417
                                                       $59,774

</TABLE>
<PAGE>

                                Storage Trust Realty  
                     Notes to Consolidated Financial Statements 

          5.   Stock Offering
               
               On July 1, 1996, the Company completed a public offering of
               3,600,000 Common Shares at $20.25 per Common Share.  On July
               9, 1996, the over-allotment of the public offering of  
               540,000 Common Shares was exercised at $20.25 per Common
               Share.  Net of underwriting discounts and offering costs, 
               the Company received $78,894,000 from this offering.  The
               net proceeds have been used to repay indebtedness under the
               line of credit and a short-term acquisition loan which were
               incurred in property acquisitions. 

          6.   Subsequent Event

               On November 14, 1996, the Company declared a $.435 dividend
               on each Common Share for the fourth quarter of 1996.  The
               dividend is payable January 15, 1997 to shareholders of
               record on December 16, 1996.

<PAGE>
                                Storage Trust Realty  
                     Notes to Consolidated Financial Statements 


          7.   Acquisitions and Pro Forma Information

               During the first nine months of 1996, the Company has
               acquired 44 facilities for consideration, with an aggregate
               value of $112,737,000.

               The following presents the results of operations of the
               Company for the nine months ended September 30, 1996 on a
               pro forma basis as if (a) these acquisitions from January 1,
               1996 through September 30, 1996 had been completed as of
               January 1, 1996 and (b) the public offering of Common Shares
               discussed above occurred as of January 1, 1996.

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

                         Revenues                 $37,498,000         
                         Net income               $14,141,000
                         Net income per share     $      1.10

</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, 1996 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, 1995.

          Storage Trust Realty (the "Company") commenced operations with
          the completion of its initial public offering (the "IPO") 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 93.75% ownership interest therein as of September 30,
          1996.  Accordingly, the Operating Partnership has been
          consolidated with the Company for reporting purposes.
          Additionally, subsequent to the IPO the consolidated financial
          statements include the accounts of Storage Realty Management Co.
          (the "Management Company").

          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: Nine months ended September 30, 1996
          compared to nine months ended September 30, 1995

          Rental income increased $14,139,000 (90.4%)in the first nine
          months of 1996 compared to the first nine months of 1995 as a
          result of the addition of 91 facilities between January 1, 1995
          and September 30, 1996 ($13,063,000) and an increase in average
          rent per square foot and occupancy associated with those
          facilities owned for all of the nine months ended September 30,
          1995 and 1996 ($1,076,000).  Average annualized rent per square
          foot increased 6.4% to $6.97 in 1996 from $6.55 in 1995 while
          average occupancy increased to 87% as of September 30, 1996 from
          83% as of September 30, 1995.

          Property operating expenses increased $3,361,000 (98.9%) as a
          result of acquisitions in 1995 and 1996 ($2,940,000) and
          increases at those facilities owned for all of the nine months
          ended September 30, 1995 and 1996 ($421,000), reflecting
          additional payroll costs necessary to retain facility managers
          and increased advertising and marketing efforts.

          Real estate taxes increased $1,430,000 (118.1%) as a result of
          acquisitions in 1995 and 1996 ($1,310,000) and increases at those
          facilities owned for all of the nine months ended September 30,
          1995 and 1996 ($120,000), reflecting higher tax assessments on
          those properties.

          General and administrative expenses increased $751,000 (72.8%)
          due to the acquisition of new facilities.  The addition of
          personnel at the Company's headquarters to handle this growth, as
          well as increased state and local taxes and licenses accounted
          for the majority of this increase.

          Interest expense increased $2,461,000 (315.5%) due to the
          increase in borrowings under the Company's line of credit.

          Depreciation increased $2,203,000 (109.0%) due to the increased
          investment in storage facilities.

          Net income increased $3,829,000 (54.4%) and net income per share
          increased $.05 (4.9%) as a result of the factors noted above.
                              
<PAGE>
          Results of Operations: Three months ended September 30, 1996
          compared to three months ended September 30, 1995

          Rental income increased $5,983,000 (98.5%)in the third quarter of
          1996 compared to the third quarter of 1995 as a result of the
          addition of 70 facilities between July 1, 1995 and September 30,
          1996 ($5,246,000) and an increase in average rent per square foot
          and occupancy associated with those facilities owned for all of
          the three months ended September 30, 1995 and 1996 ($737,000). 
          Average annualized rent per square foot increased 7.3% to $7.10
          in 1996 from $6.62 in 1995.

          Property operating expenses increased $1,352,000 (102.6%) as a
          result of acquisitions in late 1995 and 1996 ($1,158,000) and
          increases at those facilities owned for all of the three months
          ended September 30, 1995 and 1996 ($194,000), reflecting
          additional payroll costs necessary to retain facility managers
          and increased advertising and marketing efforts.

          Real estate taxes increased $497,000 (101.6%) as a result of
          acquisitions in late 1995 and 1996 ($433,000) and increases at
          those facilities owned for all of the three months ended
          September 30, 1995 and 1996 ($64,000), reflecting higher tax
          assessments on those properties.

          General and administrative expenses increased $293,000 (69.4%)
          due to the acquisition of new facilities.  The addition of
          personnel at the Company's headquarters to handle this growth
          accounted for the majority of this increase.

          Interest expense increased $771,000 (1376.8%) due to the increase
          in mortgages and borrowings under the Company's line of credit.

          Depreciation increased $863,000 (108.3%) due to the increased
          investment in storage facilities.

          Net income increased $2,052,000 (68.5%) and net income per share
          increased $.05 (14.7%) 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>
                                                    1996      1995   
          <S>                                     <C>       <C>

          Nine Months Ended:
            Net income before minority interest   $11,599   $ 7,377
            Depreciation                            4,225     2,022
            Company s share of joint ventures 
              depreciation                             17        28
            Funds from Operations                 $15,841   $ 9,427

          Three Months Ended:
            Net income before minority interest   $ 5,373   $ 3,121
            Depreciation                            1,660       797
            Company s share of joint ventures 
              depreciation                              4         4
            Funds from Operations                 $ 7,037   $ 3,922
</TABLE>
<PAGE>
          Liquidity and Capital Resources

          The Company had outstanding borrowings of $59,774,000 at
          September 30, 1996.  This indebtedness consists of (a) $1,601,000
          of mortgage indebtedness relating to the facility located in
          Hilton Head, South Carolina, (b) $1,000,000 of mortgage
          indebtedness relating to the facility located in Denver, Colorado
          and (c) $57,173,000 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
          1.75% (7.14% at September 30, 1996). 

          The Company used the $78,894,000 of net proceeds of the offering
          of 4,140,000 Common Shares (including 540,000 Common Shares in
          connection with the over-allotment option) in July 1996 to repay
          an acquisition loan and a portion of the amount outstanding under
          the revolving line of credit. 

          At September 30, 1996, the Company is also obligated with respect
          to $3,992,000 of indebtedness, which is guaranteed by the
          Company, incurred in connection with the one facility in which
          the Company has a joint venture interest.  The joint venture
          indebtedness, which is secured by a first mortgage lien on the
          joint venture facility, is a joint and several liability of each
          of the joint venture participants, requires monthly principal and
          interest payments, bearing interest at a fixed rate of 9.5% per
          annum (through June 2001) and maturing in June 2006.

          Expansion of existing facilities, acquisition and development of
          additional self-storage facilities and the repayment of principal
          on mortgage indebtedness, including Company debt or any amounts
          that may be outstanding under the credit line, 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 credit line.
<PAGE>
          Liquidity and Capital Resources (continued)

          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 real estate investment trust 
          (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

          The Company expects to spend approximately $635,000 during the
          remainder of 1996 on primarily nonrecurring repairs and
          refurbishment of the facilities and approximately $40,000 on
          expansion of existing facilities.  The Company believes that it
          can fund any necessary capital expenditures through its
          operations or from the credit line.

          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.
<PAGE>
         Seasonality

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

                                             Part II
                                                  
                                         OTHER INFORMATION

          Item 1.   Legal Proceedings

                    None

          Item 2.   Changes in Securities

                    None

          Item 3.   Defaults Upon Senior Securities

                    None

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

                    None

          Item 5.   Other Information

                    None 
<PAGE>

          Item 6.   Exhibits and Reports on Form 8-K

                    (a.) Exhibits  

                    10.  First Amendment to Storage Trust Properties, L.P.
                         Amended and Restated Agreement of Limited
                         Partnership, dated November 12, 1996.               
     
                    27.  Financial Data Schedule 

                    (b.) Reports on Form 8-K

                    A report on Form 8-K, dated September 16, 1996, was
                    filed to report that Storage Trust Properties, L.P.
                    consummated the purchase of 12 self-storage facilities. 
                    Historical Summaries of Combined Gross Revenue and
                    Direct Operating Expenses for the six months ended June
                    30, 1996 (Unaudited) and for the year ended December
                    31, 1995 (Audited) were filed with the Form 8-K for
                    nine of the 12 facilities acquired.  In addition, an
                    unaudited Pro Forma Balance Sheet as of June 30, 1996
                    and unaudited Pro Forma Statements of Operations for
                    the six months ended June 30, 1996 and for the year
                    ended December 31, 1995 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




          November 14, 1996                  /S/ Michael G. Burnam  
          (Date)                             Michael G. Burnam
                                             Chief Executive Officer

          November 14, 1996                  /S/ Stephen M. Dulle   
          (Date)                             Stephen M. Dulle
                                             Chief Financial Officer