<PAGE> 1

                                   FIRST AMENDMENT TO
                              REVOLVING CREDIT AGREEMENT
                                     AND GUARANTY

               THIS FIRST AMENDMENT TO REVOLVING CREDIT AGREEMENT AND
          GUARANTY (this "Amendment") made this 13th day of December, 1996,
          by and among STORAGE TRUST PROPERTIES, L. P., a Delaware limited
          partnership ("Borrower"), STORAGE TRUST REALTY, a Maryland real
          estate investment trust ( Guarantor ), THE FIRST NATIONAL BANK OF
          BOSTON, individually ("FNBB"), BANK OF AMERICA ILLINOIS ( BOA ),
          DRESDNER BANK AG NEW YORK AND GRAND CAYMAN BRANCHES, as successor
          to Dresdner Bank AG Chicago and Grand Cayman Branches
          ( Dresdner ), NBD BANK ( NBD ), SIGNET BANK ( Signet ) and KEY
          BANK, as successor to Society National Bank ( Key ; FNBB, BOA,
          Dresdner, NBD, Signet and Key are hereinafter referred to
          collectively as the  Banks ), and THE FIRST NATIONAL BANK OF
          BOSTON, as Agent (the "Agent").

                                  W I T N E S E T H:

               WHEREAS, Borrower, Agent and the Banks (or their
          predecessors-in-interest) entered into that certain Revolving
          Credit Agreement dated January 25, 1996 (the "Credit Agreement");
          and

               WHEREAS, Guarantor has executed and delivered to the Agent
          and the Banks that certain Unconditional Guaranty of Payment and
          Performance dated January 25, 1996 (the  Guaranty ); and

               WHEREAS, Borrower has requested that Agent and the Banks
          modify and amend certain terms and provisions of the Credit
          Agreement and the Guaranty;

               NOW, THEREFORE, for and in consideration of the sum of TEN
          and NO/100 DOLLARS ($10.00), and other good and valuable
          consideration, the receipt and sufficiency of which is hereby
          acknowledged, the parties hereto do hereby covenant and agree as
          follows:

               1.   Definitions.  All the terms used herein which are not
          otherwise defined herein shall have the meanings set forth in the
          Credit Agreement.

               2.   Modification of the Credit Agreement.  Borrower, Banks
          and Agent do hereby modify and amend the Credit Agreement as
          follows:

                    (a)  By deleting in their entirety the definitions of
          the following terms appearing in Sect. 1.1 of the Credit Agreement:
          Assignment of Leases and Rents ,  Assignment of Management
          Agreement and Subordination ,  Eligible Real Estate ,  Eligible
          Real Estate Qualification Documents ,  Indemnity Agreement ,
          Management Agreements ,  Mortgaged Property or Mortgaged
<PAGE>
          Properties ,  Secured Asset Value ,  Secured Debt Service
          Coverage Amount ,  Security Deeds ,  Security Documents  and
          Service Agreement ;

                    (b)  By deleting in their entirety the definitions of
          the terms  Applicable Margin ,  Borrowing Base ,  Debt Service ,
          Debt Service Coverage Amount ,  Funds Available for
          Distribution ,  Loan Documents ,  Pro Forma Principal Payments
          and  Rent Roll  appearing in Sect. 1.1 of the Credit Agreement, and
          inserting in lieu thereof the following:

                          Actual Scheduled Principal Payments.  For any
                    period, the sum of all scheduled or mandatory principal
                    payments due and payable during such period with
                    respect to all Indebtedness of the Borrower excluding
                    any balloon payments due upon maturity of any
                    Indebtedness.

                         Applicable Margin.  On any date that the lower of
                    the Implied Ratings issued from time to time by either
                    of the Rating Agencies for the Borrower or the
                    Guarantor is an Investment Grade Rating, the applicable
                    margin set forth below based on the lower of the
                    Implied Ratings issued by either of the Rating Agencies
                    for the Borrower or the Guarantor and the type of the
                    Loan:
<TABLE>
<CAPTION>
               Rating                   Base Rate Loans               LIBOR
          Rate Loans
            <S>                                   <C>                <C>

            A/A2 or better                         0%                 1.25%

            BBB+/Baa1 to A-/A3                     0%                 1.30%

            BBB/Baa2                               0%                 1.40%

            BBB-/Baa3                              0%                 1.50%

</TABLE>
<PAGE>
                    provided, however, that on any date that the lower of
                    the Implied Ratings for the Borrower or the Guarantor
                    is not an Investment Grade Rating or neither the
                    Borrower nor the Guarantor has obtained a rating from
                    either of the Rating Agencies, the Applicable Margin
                    for Base Rate Loans shall be 0.00% and the Applicable
                    Margin for LIBOR Rate Loans shall be 1.625%.  In the
                    event of any change in an Implied Rating of either the
                    Borrower or the Guarantor by either of the Rating
                    Agencies or if either the Borrower s or the Guarantor's
                    Implied Rating shall cease at any time to be an
                    Investment Grade Rating by either of the Rating
                    Agencies (but subject to the provisions within the
                    definition of the term "Investment Grade Rating"), such
                    change shall effect a change in the Applicable Margin
                    on the first Business Day after the Rating Notice Date.
                    It is the intention of the parties that if either the
                    Borrower or the Guarantor shall only obtain an
                    Investment Grade Rating from one of the Rating Agencies
                    without seeking an Investment Grade Rating from the
                    other of the Rating Agencies, the Borrower shall be
                    entitled to the benefit of the rate reductions
                    described above (it being the intent of the parties
                    that the Borrower shall be entitled to the benefit of
                    the rate reductions described above if only one of the
                    Borrower or the Guarantor obtains an Investment Grade
                    Rating); provided that if one of the Borrower or the
                    Guarantor shall have obtained an Investment Grade
                    Rating from both of the Rating Agencies, the lower of
                    the two ratings (or the loss of the Investment Grade
                    Rating from one of the Rating Agencies thereafter),
                    shall control; and provided further that if only one of
                    the Borrower or the Guarantor shall have obtained an
                    Investment Grade Rating from one of the Rating
                    Agencies, the loss of the Investment Grade Rating from
                    such Rating Agency shall control.  It is further the
                    intention of the parties that if both the Borrower and
                    the Guarantor shall have obtained an Investment Grade
                    Rating from one or both of the Rating Agencies, the
                    lowest of any of such ratings (or the loss of the
                    Investment Grade Rating from either Rating Agency
                    thereafter as to either the Borrower or the Guarantor),
                    shall control.

                         Borrowing Base.  The Borrowing Base shall be the
                    amount which is the lesser of (a) the maximum amount
                    which, when added to the total outstanding balance of
                    all unsecured Indebtedness of the Borrower and its
                    Subsidiaries (including the Loans), would not exceed
                    forty-five percent (45%) of the aggregate Asset Value
                    of the Unencumbered Operating Properties, and (b) the
                    maximum amount which, when added to the total
                    outstanding balance of all unsecured Indebtedness of
                    the Borrower and its Subsidiaries (including the
                    Loans), would not exceed the Debt Service Coverage
                    Amount for the Unencumbered Operating Properties.

                         Debt Service.  For any period, the sum of all
                    interest (including capitalized interest) and the
                    Actual Scheduled Principal Payments that are due and
                    payable during such period.

<PAGE>
                         Debt Service Coverage Amount.  At any time
                    determined by Agent, an amount equal to the maximum
                    principal loan amount which, when bearing interest at a
                    rate per annum equal to the then-current annual yield
                    on ten (10) year obligations issued by the United
                    States Treasury most recently prior to the date of
                    determination plus two and one-fourth percent (2.25%)
                    and payable based on a twenty year mortgage style
                    amortization schedule (expressed as a mortgage constant
                    percentage), could be paid by the monthly principal and
                    interest payment amount resulting from dividing (x) the
                    quotient obtained by dividing an amount equal to
                    (i) the sum of (A) the aggregate Operating Cash Flow
                    from the Unencumbered Operating Properties for the
                    preceding two (2) fiscal quarters multiplied by two
                    (2), minus (B) the Capital Improvement Reserve, by
                    (ii) 2.00, by (y) 12.  An example of the calculation of
                    the Debt Service Coverage Amount is set forth in
                    Schedule 2 attached hereto.  In the event that the
                    Borrower shall have owned a property within the
                    Unencumbered Operating Properties for less than two (2)
                    consecutive fiscal quarters, then for the purposes of
                    performing such calculation, the Operating Cash Flow
                    with respect to such property shall be annualized in
                    such manner as the Agent shall reasonably determine.

                         Funds Available for Distribution.  With respect to
                    any Person for any fiscal period, an amount equal to
                    Funds from Operations minus the Actual Scheduled
                    Principal Payments for such period minus the Capital
                    Improvement Reserve.

                         Loan Documents.  This Agreement, the Notes, the
                    Guaranty and all other documents, instruments or
                    agreements now or hereafter executed or delivered by or
                    on behalf of the Borrower or the Guarantor evidencing
                    or securing the Loans.

                         Rent Roll.   A report prepared by the Borrower
                    showing for each Unencumbered Operating Property its
                    location, Net Rentable Area, occupancy status, rent and
                    other information in substantially the form presented
                    to the Banks prior to the date hereof or in such other
                    form as may have been approved by the Agent, such
                    approval not to be unreasonably withheld. ;

<PAGE>

                    (c)  By deleting the words  Guarantor has an Investment
          Grade Rating from either of the Rating Agencies or a rating of
          BBB- or better from Duff & Phelps Credit Rating Company
          appearing in the seventh (7th) and eighth (8th) lines of Sect. 2.2 of
          the Credit Agreement and inserting in lieu thereof the words
           Borrower or Guarantor has an Investment Grade Rating from either
          of the Rating Agencies ;

                    (d)  By deleting Sect. 2.8(b)(i) of the Credit Agreement in
          its entirety, and inserting in lieu thereof the following:
                       (i) Investment Grade Rating.  The Borrower or the
                    Guarantor shall have obtained an Investment Grade
                    Rating from either or both of the Rating Agencies,
                    which continues in full force and effect as to any such
                    rating obtained prior to the Maturity Date (it being
                    understood that if either the Borrower or the Guarantor
                    shall have obtained an Investment Grade Rating from
                    either or both of the Rating Agencies and any such
                    Implied Rating as to the Borrower or the Guarantor
                    ceases to be an Investment Grade Rating by either of
                    the Rating Agencies at the time required by Sect. 2.8(b),
                    then Borrower shall not be entitled to an extension of
                    the Maturity Date pursuant to Sect. 2.8(b)(i). ;

                    (e)  By deleting the words  (or Mortgaged Properties,
          if applicable)  appearing in the second (2nd) and third (3rd)
          lines of Sect. 7.4(h) of the Credit Agreement;

                    (f)  By renumbering Sect. 7.4(i) of the Credit Agreement as
          Sect. 7.4(j), and inserting the following paragraph as new Sect.
          7.4(i) of the Credit Agreement:

                          (i) Not later than five (5) Business Days after
                    the Borrower receives notice of the same from the
                    Rating Agency or otherwise learns of the same, notice
                    of a Rating Notice as to the Borrower; and ;

                    (g)  By inserting the following sentence at the end of
          Sect. 7.4 of the Credit Agreement:

                     Notwithstanding the foregoing, unless otherwise
                    requested by the Agent or the Majority Banks, Borrower
                    shall not be required to deliver the balance sheets,
                    statements or other matters required by Sect. 7.4(a) or
                    Sect. 7.4(b) to the extent the same are incorporated in the
                    balance sheets, statements and other matters delivered
                    to the Banks by the Guarantor as and when required by
                    the Guaranty. ;

                    (h)  By deleting the word and number  four (4)
          appearing in the sixth (6th) line of Sect. 7.14(b) of the Credit
          Agreement, and inserting in lieu thereof the word and number  two
          (2) ;

                    (i)  By inserting the following as new Sect. 7.16 of the
          Credit Agreement:

<PAGE>

                          7.16.  More Restrictive Agreements. Should the
                    Borrower or the Guarantor or any of their respective
                    Subsidiaries enter into or modify any agreements or
                    documents pertaining to any existing or future
                    Indebtedness permitted by Sect. 8.1(h), which agreements or
                    documents include covenants (whether affirmative or
                    negative), warranties, defaults or events of default
                    (or any other provision which may have the same
                    practical effect as any of the foregoing) which are
                    individually or in the aggregate more restrictive
                    against the Borrower, the Guarantor or their respective
                    Subsidiaries than those set forth herein or in any of
                    the other Loan Documents, the Borrower shall promptly
                    notify the Agent and, if requested by the Agent or the
                    Majority Banks, the Borrower, the Agent, and the Banks
                    shall promptly amend this Agreement and the other Loan
                    Documents to include some or all of such more
                    restrictive provisions as determined by the Agent or
                    the Majority Banks in their sole discretion, and the
                    Borrower shall cause the Guarantor to consent to such
                    amendment. ;

                    (j)  By deleting Sect. 8.1(h) of the Credit Agreement in its
          entirety, and inserting in lieu thereof the following:

                          (h)   subject to the provisions of Sect. 9, unsecured
                    subordinated debt or senior unsecured long-term debt of
                    the Borrower and its Subsidiaries (which senior
                    unsecured long term debt of the Borrower may rank pari
                    passu with the Obligations), provided that (i) the
                    aggregate outstanding principal amount of such
                    Indebtedness shall not exceed forty-five percent (45%)
                    of Shareholder's Equity, and (ii) at the time such
                    Indebtedness is issued the scheduled maturity date of
                    such Indebtedness is not sooner than 180 days after the
                    Maturity Date (after giving effect to any extension of
                    the Maturity Date which may have been requested by the
                    Borrower prior to the issuance of such Indebtedness or
                    approved by the Banks, whether or not the same has
                    become effective), and provided further that neither
                    the Borrower nor any of its Subsidiaries shall incur
                    any of the Indebtedness described in this Sect. 8.1(h)
                    unless it shall have provided to the Banks (A) prior
                    written notice of the proposed issuance of such
                    Indebtedness, a statement that no Default or Event of
                    Default exists and a certificate that the Borrower will
                    be in compliance with its covenants referred to therein
                    after giving effect to such incurrence, (B) evidence
                    reasonably satisfactory to the Agent that the Rating
                    Agency has been advised of the issuance of such
                    Indebtedness within five (5) days of such issuance, and
                    (C) upon the request of Agent, evidence that the annual
                    rating maintenance fee has been paid to the Rating
                    Agency; and ;

<PAGE>

                    (k)  By deleting Sect. 8.7 of the Credit Agreement in its
          entirety, and inserting in lieu thereof the following:

                         "Sect. 8.7   Distributions.  The Borrower will not pay
                    any Distribution to the partners of the Borrower if
                    such Distribution is in excess of the greater of the
                    amount which, when added to the amount of all other
                    Distributions paid in the same fiscal quarter and the
                    preceding fiscal quarter would exceed (i) ninety
                    percent (90%) of its Funds from Operations for the two
                    (2) consecutive fiscal quarters ending prior to the
                    quarter in which such Distribution is paid, or
                    (ii) ninety-five percent (95%) of its Funds Available
                    for Distribution for the two (2) consecutive fiscal
                    quarters ending prior to the quarter in which such
                    Distribution is paid.  The foregoing limitation on
                    Distributions shall not preclude the Borrower from
                    paying Distributions to the Guarantor in an amount
                    equal to the minimum Distributions required under the
                    Code to maintain the REIT Status of the Guarantor. ;

                    (l)  By deleting the word  four  appearing in the
          twelfth (12th) line of Sect. 8.9 of the Credit Agreement, and
          inserting in lieu thereof the word  two ;

                    (m)  By deleting Sect. 9.1 of the Credit Agreement in its
          entirety, and inserting in lieu thereof the following:

                          Sect. 9.1   Liabilities to Assets Ratio.  The Borrower
                    will not, at the end of any fiscal quarter, permit the
                    ratio of Consolidated Total Liabilities to Consolidated
                    Total Assets of the Borrower to exceed 0.45 to 1. ;

                    (n)  By deleting Sect. 9.2 of the Credit Agreement in its
          entirety, and inserting in lieu thereof the following:

                          Sect. 9.2   Debt Coverage.  The Borrower will not, at
                    the end of any fiscal quarter, permit the Funds from
                    Operations plus interest expense of the Borrower and
                    its Subsidiaries for such quarter and the preceding
                    quarter (treated as a single accounting period) (the
                     Test Period ) to be less than 2.50 times the Debt
                    Service for the Test Period. ;

                    (o)  By deleting Sect. 9.3 of the Credit Agreement in its
          entirety, and inserting in lieu thereof the following:

                          Sect. 9.3   Fixed Charge Coverage.  The Borrower will
                    not, at the end of any fiscal quarter, permit the sum
                    equal to (a) Funds from Operations plus (b) interest
                    expense minus (c) the Capital Improvement Reserve minus
                    (d) the minimum Distributions required under the Code
                    to maintain the REIT Status of the Guarantor minus
                    (e) the Actual Scheduled Principal Payments for the
                    Test Period, to be less than 1.25 times the interest
                    expense of the Borrower and its Subsidiaries (including
                    capitalized interest) for the Test Period. ;

<PAGE>
                    (p)  By deleting Sect. 15(g) of the Credit Agreement in its
          entirety, and by deleting the words  including, without
          limitation, the cost of reviewing the Eligible Real Estate
          Qualification Documents pursuant to Sect. 2.8(b)  appearing in 15(c)
          and in the penultimate sentence of 15;

                    (q)  By deleting Paragraph 2 of Exhibit  D  to the
          Credit Agreement in its entirety, and inserting in lieu thereof
          the following:

                          2.  Investment Grade Rating.  Borrower or
                    Guarantor has obtained an Investment Grade Rating from
                    either of the Rating Agencies, which continues in full
                    force and effect as required by 2.8(b)(i) of the
                    Credit Agreement. ;

                    (r)  By deleting Schedule 2 attached to the Credit
          Agreement in its entirety, and inserting in lieu thereof Schedule
          2 attached to this Amendment; and

                    (s)  By deleting Schedule 3 attached to the Credit
          Agreement in its entirety.

               3.   Modification of the Guaranty.  Guarantor, the Banks and
          the Agent do hereby modify and amend the Guaranty as follows:

                    (a)  By deleting Paragraph 11(b) of the Guaranty in its
          entirety and inserting in lieu thereof the following:

                          (b)  Guarantor will have as its sole business
                    purpose being the sole general partner of the Borrower
                    and will own no assets other than its general
                    partnership interest in the Borrower, Short-term
                    Investments, its ownership of the stock of the
                    corporate general partners of Subsidiaries of the
                    Borrower and other assets (such as prepaid insurance)
                    reasonably necessary for the operation of Guarantor s
                    business in the ordinary course of business consistent
                    with the terms of this Guaranty and the other Loan
                    Documents;  and

                    (b)  By deleting Paragraph 11(o) of the Guaranty in its
          entirety and inserting in lieu thereof the following:

                          (o)  Guarantor shall not pay any Distribution to
                    the shareholders of the Guarantor if such Distribution
                    is in excess of the amount which, when added to the
                    amount of all other Distributions paid in the same
                    fiscal quarter and the preceding fiscal quarter will
                    exceed (i) ninety percent (90%) of its Funds from
                    Operations for the two (2) consecutive fiscal quarters
                    ending prior to the quarter in which such Distribution
                    is paid, or (ii) ninety-five percent (95%) of its Funds
                    Available for Distribution for the two (2) consecutive
                    fiscal quarters ending prior to the quarter in which
                    such Distribution is paid.  The foregoing limitation on
                    Distributions shall not preclude the Guarantor from
                    paying Distributions necessary to maintain its REIT
                    Status; and .
<PAGE>


               4.   Fees.  In consideration of the execution of this
          Amendment by the Banks, the Borrower has contemporaneously with
          the execution hereof paid to Agent for the account of the Banks a
          modification fee in the amount of $75,000.00, which fee is fully
          earned and non-refundable under any circumstances.  Such fee
          shall be allocated among the Banks in accordance with their
          respective Commitment Percentages.

               5.   References to Credit Agreement and Guaranty.  All
          references in the Loan Documents to the Credit Agreement or the
          Guaranty shall be deemed a reference to the Credit Agreement or
          the Guaranty, as applicable, as modified and amended herein.

               6.   Consent of Guarantor.  By execution of this Amendment,
          Guarantor hereby expressly consents to the modifications and
          amendments relating to the Credit Agreement as set forth herein,
          and Guarantor hereby acknowledges, represents and agrees that the
          Guaranty remains in full force and effect and constitutes the
          valid and legally binding obligation of Guarantor, enforceable
          against Guarantor in accordance with its terms, and that the
          execution and delivery of this Amendment does not constitute, and
          shall not be deemed to constitute, a release, waiver or
          satisfaction of Guarantor s obligations under the Guaranty.

               7.   No Default.  By execution hereof, the Borrower and
          Guarantor certify that the Borrower and Guarantor are and will be
          in compliance with all covenants under the Loan Documents after
          the execution and delivery of this Amendment, and that no Default
          or Event of Default has occurred and is continuing except with
          respect to which a waiver has been obtained in accordance with
          the terms of the Credit Agreement.

               8.   Waiver of Claims. Borrower and Guarantor acknowledge,
          represent and agree that Borrower and Guarantor have no defenses,
          setoffs, claims, counterclaims or causes of action of any kind or
          nature whatsoever with respect to the Loan Documents, the
          administration or funding of the Loans or with respect to any
          acts or omissions of Agent or any of the Banks, or any past or
          present officers, agents or employees of Agent or any of the
          Banks, and each of Borrower and Guarantor does hereby expressly
          waive, release and relinquish any and all such defenses, setoffs,
          claims, counterclaims and causes of action, if any.

               9.   Guaranty of Debt by Guarantor.  Notwithstanding the
          terms of the Guaranty, the Banks hereby consent to the
          indebtedness evidenced by the guaranty by the Guarantor of the
          obligations of the Borrower with respect to the senior notes of
          the Borrower to be issued in a principal amount not exceeding
          $100,000,000.00 within six (6) months of the date hereof pursuant
          to a private debt placement with Lehman Brothers acting as lead
          placement agent.

<PAGE>

               10.  Ratification.  Except as hereinabove set forth, all
          terms, covenants and provisions of the Credit Agreement and the
          Guaranty remain unaltered and in full force and effect, and the
          parties hereto do hereby expressly ratify and confirm the Credit
          Agreement and the Guaranty as modified and amended herein.
          Nothing in this Amendment shall be deemed or construed to
          constitute, and there has not otherwise occurred, a novation,
          cancellation, satisfaction, release, extinguishment or
          substitution of the indebtedness evidenced by the Notes or the
          other obligations of Borrower and Guarantor under the Loan
          Documents.

               11.  Counterparts.  This Amendment may be executed in any
          number of counterparts which shall together constitute but one
          and the same agreement.

               12.  Miscellaneous.  This Amendment shall be construed and
          enforced in accordance with the laws of the Commonwealth of
          Massachusetts.  This Amendment shall be binding upon and shall
          inure to the benefit of the parties hereto and their respective
          permitted successors, successors-in-title and assigns as provided
          in the Credit Agreement and the Guaranty.

               IN WITNESS WHEREOF, the parties hereto have hereto set their
          hands and affixed their seals as of the day and year first above
          written.

                                   BORROWER:

                                   STORAGE TRUST PROPERTIES, L.P., a
                                   Delaware limited partnership, by its
                                   sole general partner

                                   By:  Storage Trust Realty, a Maryland
                                        real estate investment trust


          By:__________________________________
                                                  Name:
                                             Title:

                                                       [SEAL]

<PAGE>


                                   GUARANTOR:

                                   STORAGE TRUST REALTY, a Maryland real
                                   estate investment trust

                                   By:
          _____________________________________
                                         Name:
                                         Title:
                                                       [SEAL]


<PAGE>



                                   THE FIRST NATIONAL BANK OF BOSTON,
                                   individually and as Agent



          By:_______________________________________
                                        Jeffrey L. Warwick, Director


                                             [BANK SEAL]
<PAGE>


                                   BANK OF AMERICA ILLINOIS



          By:_______________________________________
                                        Title:

                                             [BANK SEAL]
<PAGE>



                                DRESDNER BANK, AG New York and Grand
                                   Cayman Branches



          By:_______________________________________
                                        Title:


          Attest:____________________________________
                                        Title:

                                                  [BANK SEAL]

<PAGE>


                                   KEY BANK



          By:_______________________________________
                                        Title:

                                             [BANK SEAL]

<PAGE>

                                   NBD BANK



          By:_______________________________________
                                        Title:

                                             [BANK SEAL]

<PAGE>


                                   SIGNET BANK



          By:_______________________________________
                                        Title:

                                             [BANK SEAL]