____________________________________________________________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
______________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(b)
of The Securities Exchange Act of 1934
Date of Report September 16, 1996
(Date of Earliest Event Reported)
______________________
STORAGE TRUST REALTY
(Exact name of registrant as specified in its charter)
Maryland 1-13462 43-1689825
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
2407 Rangeline Street
Columbia, Missouri 65202
(Address and zip code of principal executive offices)
Registrant's telephone number, including area code:(573)499-4799
Not Applicable
(Former name or former address, if changed since last report)
<PAGE>
ITEM 5: ACQUISITION OF PROPERTIES
During the period from August 2, 1996 through September 30, 1996,
Storage Trust Realty (the "Company") completed the acquisition of
12 self-storage facilities through Storage Trust Properties L.P.
(the "Operating Partnership"), a limited partnership controlled
by the Company as its sole general partner and in which the
Company holds a 93.75% ownership interest. These facilities,
totaling approximately 829,000 net rentable square feet, are
located in 5 states, and were purchased for consideration, as
described below, with an aggregate value of approximately
$33,518,000.
All of the facilities were acquired in arms-length transactions
and there are no material relationships, except as described
below, between any of the sellers and the Company, the Operating
Partnership, any other affiliate of the Company, any trustee or
officer of the Company or any associate of any trustee or officer
of the Company. The StorGard property in Kansas City, Kansas was
managed by Storage Realty Management Co., an affiliate of the
Company, for one month prior to the acquisition.
The Company's management determined the purchase price through
arms-length negotiations, after taking into consideration such
factors as the geographic location of the properties,
demographics of the market areas, age and condition of the
facilities, the projected amounts of maintenance costs and
capital improvements, the current revenues of the facilities,
comparable facilities competing in the applicable markets, rental
rates and occupancy levels for the facilities and competing
facilities, and the estimated amount of taxes, utility costs,
personnel costs, and other anticipated expenses.
Each of the facilities have been used by the sellers as a
self-storage facility prior to their acquisition by the Company,
and the Company intends to continue the use of all of the
facilities for that purpose.
These properties were acquired as follows:
- Six for cash,
- Four for a combination of cash and units of the
Operating Partnership,
- One for a combination of cash and two facilities in the
Oklahoma City, OK market, and
- One for a combination of cash and a note payable to the
seller.
The cash for the acquisitions were provided from funds available
under the Company's line of credit with The First National Bank
of Boston and other lenders.
<PAGE>
The following two tables provide certain additional information
concerning the facilities acquired:
<TABLE>
<CAPTION>
TABLE I:
Facility and Location Seller Date of Acquisition
<S> <S> <C>
StorGard StorGard
Kansas City, KS Partnership I August 2, 1996
Storage USA SUSA
Jacksonville, FL Partnership, L.P. August 16, 1996
Fort-U-Store-It Alfred and
Denver, CO Melva Leger August 21, 1996
Centennial Blvd. 5055 Centennial
Col. Springs, CO Associates, LLC September 4, 1996
Four Seasons Parkway Investment
Raytown, MO Co., LLC September 6, 1996
Four Seasons Parkway Investment
Mission, KS Co., LLC September 6, 1996
Four Seasons A.A. Self Storage
Shawnee, KS of Shawnee, Inc. September 6, 1996
Four Seasons Four Seasons Self-
Overland Park, KS Storage, L.L.C. September 6, 1996
Four Seasons Four Seasons Self-
Lenexa, KS Storage, L.L.C. September 6, 1996
Kangaroo Self Storage Kangaroo
Denver, CO Equities, L.L.C. September 13, 1996
National Store-All Nashville Mini-
Nashville, TN Storage, L.P. September 16, 1996
National Store-All Nashville Mini-
Madison, TN Storage, L.P. September 16, 1996
</TABLE>
<PAGE>
TABLE II:
<TABLE>
<CAPTION>
Net Percentage
Rentable Occupancy[5]
Facility and Purchase Square # of at Date of
Location Price Footage Units Acquisition
<S> <C> <C> <C> <C>
StorGard
Kansas City, KS $ 1,052,500 [1] 40,125 350 92%
Storage USA
Jacksonville, FL $ 3,783,000 [3] 90,330 777 97%
Fort-U-Store-It
Denver, CO $ 1,300,000 [4] 31,854 334 85%
Centennial Blvd.
Col. Springs, CO $ 3,350,000 [1] 80,200 443 92%
Four Seasons
Raytown, MO $ 3,600,000 [2] 66,165 432 88%
Four Seasons
Mission, KS $ 2,500,000 [2] 78,095 564 94%
Four Seasons
Shawnee, KS $ 1,700,000 [1] 57,000 303 92%
Four Seasons
Overland Park, KS $ 2,800,000 [2] 54,750 371 95%
Four Seasons
Lenexa, KS $ 2,400,000 [2] 51,316 332 93%
Kangaroo Self Storage
Denver, CO $ 2,155,000 [1] 56,150 371 92%
National Store-All
Nashville, TN $ 3,106,950 [1] 85,660 605 90%
National Store-All
Madison, TN $ 5,770,050 [1] 136,899 949 94%
Totals or Average $33,517,500 828,544 5,831 93%
</TABLE>
<PAGE>
Notes to TABLE II:
[1] Acquired for cash.
[2] Acquired for cash of $7,557,000 and 182,503 units of the
Operating Partnership valued at $3,743,000 ($20.5125 per
unit).
[3] Acquired for cash of $1,423,000 and the exchange of two of
the Company s properties in the Oklahoma City, OK market
valued at $2,360,000 (see details below).
[4] Acquired for cash of $300,000 and a note payable to the
seller of $1,000,000. The note is due on January 31, 1997
and requires periodic interest payments at a rate of 5% per
annum.
[5] Determined by dividing net rentable square footage occupied
by total net rentable square footage.
The following two tables provide certain additional information
concerning the facilities exchanged, as described in Note [3]
above:
TABLE III:
<TABLE>
<CAPTION>
Location Buyer Date of Exchange
<S> <C> <S>
Oklahoma City, OK SUSA
Partnership, L.P. August 16, 1996
Edmund, OK SUSA
Partnership, L.P. August 16, 1996
</TABLE>
TABLE IV:
<TABLE>
<CAPTION>
Net Percentage
Rentable Occupancy [1]
Facility and Sales Square # of at Date of
Location Price Footage Units Exchange
<S> <C> <C> <C> <C>
Oklahoma City, OK $1,120,000 40,150 377 87%
Edmund, OK $1,240,000 37,180 350 91%
Totals or Average $2,360,000 77,330 727 89%
</TABLE>
[1] Determined by dividing net rentable square footage occupied
by total net rentable square footage.
<PAGE>
ITEM 7: FINANCIAL STATEMENTS AND EXHIBITS
(a) FINANCIAL STATEMENTS APPLICABLE TO ACQUIRED FACILITIES
* Report of Independent Auditors.
* Acquired 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.
* Notes to Historical Summaries of Combined Gross
Revenue and Direct Operating Expenses.
(b) PRO FORMA FINANCIAL INFORMATION
* Pro Forma Balance Sheet as of June 30, 1996
(Unaudited).
* Pro Forma Statement of Operations for the Six Months
ended June 30, 1996 (Unaudited).
* Pro Forma Statement of Operations for the Year ended
December 31, 1995 (Unaudited).
* Notes to Pro Forma Financial Statements (Unaudited).
(c) EXHIBITS
* See Index to Exhibits, which is hereby incorporated by
reference herein.
<PAGE>
REPORT OF INDEPENDENT AUDITORS
To the Board of Trustees of
Storage Trust Realty
We have audited the accompanying Historical Summaries of Combined
Gross Revenue and Direct Operating Expenses (the "Historical
Summaries") for certain self-storage facilities (the "Acquired
Facilities") described in Note 1 to the Historical Summaries for
the year ended December 31, 1995. These Historical Summaries
are the responsibility of management of the Acquired
Facilities. Our responsibility is to express an opinion on these
Historical Summaries based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether
the Historical Summaries are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the Historical Summaries. An
audit also includes assessing the accounting principles used and
the significant estimates made by management, as well as
evaluating the overall presentation of the Historical Summaries.
We believe that our audits provide a reasonable basis for our
opinion.
The accompanying Historical Summaries were prepared for the
purpose of complying with the Rules and Regulations of the
Securities and Exchange Commission (for inclusion on Form 8-K of
Storage Trust Realty) as described in Note 1 to the Historical
Summaries, and are not intended to be a complete presentation of
the Acquired Facilities' revenues and expenses.
In our opinion, such Historical Summaries present fairly, in all
material respects, the combined gross revenue and direct
operating expenses described in Note 1 of the Acquired Facilities
for the year ended December 31, 1995, in conformity with
generally accepted accounting principles.
Ernst & Young LLP
Chicago, Illinois
August 29, 1996
<PAGE>
STORAGE TRUST REALTY
ACQUIRED FACILITIES
HISTORICAL SUMMARIES OF COMBINED GROSS
REVENUE AND DIRECT OPERATING EXPENSES
(Amounts in thousands)
<TABLE>
<CAPTION>
Six Months Year
Ended Ended
June 30, December 31,
1996 1995
(Unaudited)
<S> <C> <C>
Gross Revenue:
Rental income $1,771 $2,660
Other income 2 65
Total Gross Revenues 1,773 2,725
Direct Operating Expenses:
Property operations 346 644
Real estate taxes 165 237
Total Direct Operating Expenses 511 881
Gross Revenue in Excess of Direct
Operating Expenses $1,262 $1,844
</TABLE>
The accompanying notes are an integral part of these historical
summaries.
<PAGE>
STORAGE TRUST REALTY
ACQUIRED FACILITIES
NOTES TO HISTORICAL SUMMARIES OF
COMBINED GROSS REVENUE AND DIRECT OPERATING EXPENSES
NOTE 1. BASIS OF PRESENTATION
The Historical Summaries of Combined Gross Revenue and Direct
Operating Expenses (the "Historical Summaries") include the
operations of the self-storage facilities (the Acquired
Facilities") which were acquired by Storage Trust Properties,
L.P. (the "Operating Partnership") from unaffiliated parties in
the third quarter of 1996. The general partner of the Operating
Partnership is Storage Trust Realty (the "Company"). The
Acquired Facilities consist of the following nine self-storage
facilities:
<TABLE>
<CAPTION>
Facility Location Acquisition Date
<S> <C> <C>
Centennial Boulevard Colo. Springs, CO September 4, 1996
Four Seasons Raytown, MO September 6, 1996
Four Seasons Mission, KS September 6, 1996
Four Seasons Shawnee, KS September 6, 1996
Four Seasons Overland Park, KS September 6, 1996
Four Seasons Lenexa, KS September 6, 1996
Kangaroo Self Storage Denver, CO September 13, 1996
National Store-All Nashville, TN September 16, 1996
National Store-All Madison, TN September 16, 1996
</TABLE>
The Historical Summaries have been prepared pursuant to the Rules
and Regulations of the Securities and Exchange Commission for
real estate operations to be acquired.
<PAGE>
STORAGE TRUST REALTY
ACQUIRED FACILITIES
NOTES TO HISTORICAL SUMMARIES OF
COMBINED GROSS REVENUE AND DIRECT OPERATING EXPENSES
NOTE 1. BASIS OF PRESENTATION (Continued)
The Historical Summaries are not representative of the actual
operations for the periods presented, as certain expenses which
may not be comparable to the expenses expected to be incurred by
the Company in the proposed future operations of the Acquired
Facilities have been excluded. Expenses excluded consist of
management fees, interest, depreciation and amortization,
professional fees and other indirect costs not directly related
to the future operations of the Acquired Facilities.
Rental income is recognized when due from occupants. Expenses
are recognized on the accrual basis.
Factors considered by management of the Company in assessing
these acquisitions included geographic locations of the
properties, demographics of the market areas, rental rates and
occupancy levels, competition, expenses such as maintenance and
real estate taxes and projected capital expenditures. After a
review of these factors and others, the Company is not aware of
any material items relating to these properties that would cause
the reported financial information not to be representative
of future operating results.
NOTE 2. INTERIM PERIOD
The unaudited Interim Historical Summaries for the six months
ended June 30, 1996 have been prepared in accordance with
generally accepted accounting principles for interim financial
information. In the opinion of management, all adjustments of a
normal recurring nature considered necessary for a fair
presentation have been included. Operating results for the six
months ended June 30, 1996 are not necessarily indicative of
future operating results.
<PAGE>
STORAGE TRUST REALTY
PRO FORMA FINANCIAL INFORMATION
The following 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 have been prepared to reflect the acquisition of twelve
self-storage facilities during the third quarter of 1996 (the
"Acquired Facilities") and the adjustments described in the
accompanying notes. The pro forma financial information is based
on the historical financial statements of Storage Trust Realty in
the Company's Form 10-Q for the period ended June 30, 1996 and
the other financial information in the Company's 1995 Annual
Report to Shareholders, and should be read in conjunction with
those financial statements and the notes thereto.
The Pro Forma Balance Sheet was prepared as if the Acquired
Facilities were purchased on June 30, 1996 and the Company had
completed the public offering of 4,140,000 Common Shares as of
June 30 1996. The Pro Forma Statements of Operations were
prepared as if a) the Acquired Facilities and other facilities
acquired in 1995 and 1996 were purchased as of January 1, 1995
and b) the Company completed the offerings of Common Shares [in
June 1995 and July 1996] as of January 1, 1995.
The combined pro forma financial information is not necessarily
indicative of the financial position or results of operations
which actually would have occurred if such transactions had been
consummated on the dates described, nor does it purport to
represent the Company's future financial position or results of
operations.
<PAGE>
STORAGE TRUST REALTY
PRO FORMA BALANCE SHEET
JUNE 30, 1996
(Amounts in thousands)
(Unaudited)
<TABLE>
<CAPTION>
Storage Storage
Trust Trust
Realty Pro Forma Realty
Historical Adjustments Pro Forma
(Note 1) (Note 2)
<S> <C> <C> <C>
ASSETS
Investment in storage
facilities, net $269,981 $ 33,843 (a) $301,464
(2,360)(a)
Cash and cash equivalents 2,379 - 2,379
Accounts receivable,
deferred costs and other
assets 1,908 - 1,908
Investment in joint ventures 58 - 58
Total Assets $274,326 $ 31,483 $305,809
LIABILITIES AND EQUITY
Liabilities:
Mortgage and notes payable $114,242 $(79,019)(b) $ 62,963
27,740 (a)
Accounts payable and accrued
expenses 6,661 - 6,661
Dividends payable 3,581 - 3,581
Total Liabilities 124,484 51,279 73,205
Minority Interest 12,268 3,743 (a) 16,011
Shareholders Equity:
Common shares 87 42 (b) 129
Additional paid-in capital 140,879 78,977 (b) 219,856
Distributions in excess of
net income (3,392) - (3,392)
Total Shareholders Equity 137,574 79,019 216,593
Total Liabilities and
Shareholders Equity $274,326 $ 31,483 $305,809
The accompanying notes are an integral part of these statements.
</TABLE>
<PAGE>
STORAGE TRUST REALTY
PRO FORMA STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1996
(Amounts in thousands, except per share data)
(Unaudited)
<TABLE>
<CAPTION>
Storage Certain Storage
Trust of the Trust
Realty Other 1996 Acquired Pro Forma Realty
Historical Acquisitions Facilities Adjustments Pro Forma
(Note 1) (Note 3) (Note 5) (Note 6)
<S> <C> <C> <C> <C> <C>
Revenues:
Rental income $17,726 $ 4,187 $ 1,771 $ 436 (a) $23,950
(170)(b)
Management income 101 (23) - - 78
Equity in earnings of
joint ventures 68 (30) - - 38
Other income 265 - 2 1 (a) 268
Total revenues 18,160 4,134 1,773 (170) 24,334
Expenses:
Property
operations 4,059 963 346 112 (a) 5,437
(43)(b)
Real estate taxes 1,655 377 165 39 (a) 2,231
(5)(b)
General and admin 1,097 45 - - 1,142
Interest 2,414 1,884 - 1,006 (c) 2,410
(2,894)(d)
Depreciation 2,566 621 - (28)(b) 3,497
338 (e)
Amortization 144 - - - 144
Total expenses 11,935 3,890 511 (1,475) 14,861
Net income before
minority interest 6,225 244 1,262 1,742 9,473
Minority interest (401) (81) - (126)(f) (608)
Net income $ 5,824 $ 163 $ 1,262 $1,616 $ 8,865
Net income
per share $ 0.67 $ 0.69
Common shares
outstanding 8,734 12,874
</TABLE>
The accompanying notes are an integral part of these statements.
<PAGE>
STORAGE TRUST REALTY
PRO FORMA STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1995
(Amounts in thousands, except per share data)
(Unaudited)
<TABLE>
<CAPTION>
Storage Certain Storage
Trust of the Trust
Realty 1995 Other 1996 Acquired Pro Forma Realty
Historical Acquisitions Acquisitions Facilities Adjustments Pro Forma
(Note 1) (Note 4) (Note 3) (Note 5) (Note 6)
<S> <C> <C> <C> <C> <C> <C>
Revenues:
Rental
income $22,916 $ 7,409 $10,050 $2,660 $ 627 (g) $43,334
(328)(h)
Management
income 324 - (95) - - 229
Equity in earnings of
joint
ventures 118 - (108) - - 10
Other
income 481 - 564 65 19 (g) 1,129
Total
revenue 23,839 7,409 10,411 2,725 318 44,702
Expenses:
Property
operations 4,805 1,468 1,869 644 150 (g) 8,850
(86)(h)
Real estate
taxes 1,877 594 902 237 63 (g) 3,663
(10)(h)
General and
admin. 1,689 385 100 - - 2,174
Interest 1,334 1,463 5,803 - 2,152 (i) 4,549
(6,203)(j)
Depreciation 3,168 955 1,564 - (55)(h) 6,309
677 (k)
Amortization 938 - - - - 938
Total
expenses 13,811 4,865 10,238 881 (3,312) 26,483
Net income before
minority
interest 10,028 2,544 173 1,844 3,630 18,219
Minority
interest (471) (190) (277) - (220)(l) (1,158)
Net income $ 9,557$ 2,354 $ (104) $1,844 $3,410
Net income
per share $ 1.30 $ 1.33
Common shares
outstanding 7,324 12,874
</TABLE>
The accompanying notes are an integral part of these statements.
<PAGE>
STORAGE TRUST REALTY
NOTES TO PRO FORMA FINANCIAL STATEMENTS
(Unaudited)
NOTE 1. STORAGE TRUST REALTY - HISTORICAL
The consolidated balance sheet as of June 30, 1996 and the consolidated
statement of operations for the six months ended June 30, 1996 and
for the year ended December 31, 1995 include the accounts of
Storage Trust Realty (the "Company"), Storage Trust Properties,
L.P. (the "Operating Partnership") and Storage Realty Management Co.
NOTE 2. PRO FORMA ADJUSTMENTS - BALANCE SHEET
Pro forma adjustments are as follows:
(a) Record the acquisition of the Acquired Facilities from unrelated
parties for an aggregate purchase price of $33,518,000 and estimated
closing costs of $325,000. The acquisition was financed through
(i) the issuance of 182,503 units of the Operating Partnership
valued at $3,743,000 ($20.5125 per unit), (ii) the issuance of a note
payable to a seller for $1,000,000, (iii) the exchange of two
facilities in the Oklahoma City, OK market valued at $2,360,000,
and (iv) draws on the Company s line of credit totaling $26,740,000.
The value of the two exchanged facilities exceeded the net book value
of these facilities at June 30, 1996 by approximately $90,000,
which reduced the Company s basis in the new facility.
(b) Record the completion of the Company s public offering of
4,140,000 Common Shares at $20.25 per Common Share, which
occurred in July 1996 (the "1996 Offering"). Net of
underwriting discounts of $4,430,000 and offering costs of
$511,000, the Company received $78,894,000 from the 1996
Offering, which was used to reduce the balance outstanding
on the line of credit and other borrowings. The adjustment
amount includes $125,000 of offering costs that were paid as
of June 30, 1996.
<PAGE>
STORAGE TRUST REALTY
NOTES TO PRO FORMA FINANCIAL STATEMENTS
(Unaudited)
NOTE 3. OTHER 1996 ACQUISITIONS
These amounts reflect the operations of the 27 facilities
acquired during the first two quarters of 1996 as if they were
acquired as of January 1, 1995.
NOTE 4. 1995 ACQUISITIONS
These amounts reflect the operations of the 47 facilities
acquired in 1995 as if they were acquired as of January 1, 1995.
This also reflects the public offering of 2,875,000 Common Shares
in June 1995 as if it was completed as of January 1, 1995.
NOTE 5. CERTAIN OF THE ACQUIRED FACILITIES
These amounts include the combined gross revenue and direct
operating expenses for nine of the twelve Acquired Facilities for
the six months ended June 30, 1996 and for the year ended
December 31, 1995. The Historical Summaries of Combined Gross
Revenue and Direct Operating Expenses (the "Historical
Summaries") for these nine facilities are included elsewhere
herein.
<PAGE>
STORAGE TRUST REALTY
NOTES TO PRO FORMA FINANCIAL STATEMENTS
(Unaudited)
NOTE 6. PRO FORMA ADJUSTMENTS - STATEMENT OF OPERATIONS
The pro forma adjustments are as follows:
<TABLE>
<CAPTION>
Six Months Ended
June 30, 1996
<S> <C>
(a) Record operations of the three other
Acquired Facilities not included in the
Historical Summaries:
Rental income $ 436
Other income $ 1
Property operations $ 112
Real estate taxes $ 39
(b) Remove operations of facilities exchanged:
Rental income $ (170)
Property operations $ (43)
Real estate taxes $ (5)
Depreciation $ (28)
(c) Record interest expense on indebtedness
incurred for the acquisition of the Acquired
Facilities ($26,740,000 on the line of credit
at 7.3375% and $1,000,000 note payable at 5%) $ 1,006
(d) Record reduction in interest expense from use
of net proceeds of the 1996 Offering
($78,894,000 at 7.3375%) $(2,894)
(e) Record additional depreciation expense related
to the Acquired Facilities (based on a 40-year
depreciable life and $27,065,000 allocated to
buildings) $ 338
(f) Adjust minority interest based on the issuance
of units of the Operating Partnership and the
issuance of Common Shares. $ (126)
</TABLE>
<PAGE>
STORAGE TRUST REALTY
NOTES TO PRO FORMA FINANCIAL STATEMENTS
(Unaudited)
NOTE 6. PRO FORMA ADJUSTMENTS - STATEMENT OF OPERATIONS
(Continued)
<TABLE>
<CAPTION>
Year Ended
December 31, 1995
<S> <C>
(g) Record operations of the three other
Acquired Facilities not included in the
Historical Summaries:
Rental income $ 627
Other income $ 19
Property operations $ 150
Real estate taxes $ 63
(h) Remove operations of facilities exchanged:
Rental income $ (328)
Property operations $ (86)
Real estate taxes $ (10)
Depreciation $ (55)
(i) Record interest expense on indebtedness
incurred for the acquisition of the Acquired
Facilities ($26,740,000 on the line of credit
at 7.8621% and $1,000,000 note payable at 5%) $ 2,152
(j) Record reduction in interest expense from use
of net proceeds of the 1996 Offering
($78,894,000 at 7.8621%) $(6,203)
(k) Record additional depreciation expense related
to the Acquired Facilities (based on a 40-year
depreciable life and $27,065,000 allocated to
buildings) $ 677
(l) Adjust minority interest based on the issuance
of units of the Operating Partnership and the
issuance of Common Shares. $ (220)
</TABLE>
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
STORAGE TRUST REALTY
October 29, 1996 /S/ Michael G. Burnam
(Date) Michael G. Burnam
Chief Executive Officer
October 29, 1996 /S/ Stephen M. Dulle
(Date) Stephen M. Dulle
Chief Financial Officer
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Document Description
99 Press Release, dated September 18, 1996
Storage Trust Realty
2407 Rangeline Street For additional information:
Columbia, Missouri 65202 Contact: Steve Dulle
573-499-4799 Chief Financial Officer
PRESS RELEASE
Storage Trust Closes $33.5 Million in Third Quarter Acquisitions
Total Acquisitions for the Year $111 Million
Columbia, Missouri (September 18, 1996) Storage Trust Realty (NYSE:SEA)
announces the acquisition of 12 self storage facilities since August 2, 1996.
These acquisitions comprised approximately 829,000 rentable square feet and
5,831 units. These facilities were purchased for cash of $26.4 million,
seller financing of $1 million, the issuance of 182,503 operating partnership
units and the exchange of two self storage facilities in Oklahoma. With these
recent acquisitions, the Company to date in 1996 has acquired 44 self storage
facilities comprising 2.7 million rentable square feet for approximately $111
million.
The recent acquisitions are located in the following markets:
<TABLE>
<CAPTION>
Total # of SEA
Market Recent Acquisitions Properties in Market
Rentable
# Square Footage
<S> <C> <C> <C>
Denver/Colorado Springs, CO 3 168,204 8
Nashville, TN 2 222,559 6
Kansas City, MO/KS 6 347,451 11
Jacksonville, FL 1 90,330 5
</TABLE>
Mike Burnam, Chief Executive Officer, stated, I am pleased with the
acquisitions especially from a quality standpoint and a follow through of our
acquisitions policy. These self-storage facilities, particularly the Kansas
City properties, are high quality, well located properties. These
acquisitions are in line with our strategy of acquiring in existing markets to
provide for additional market synergies and economies of scale.
Storage Trust Realty is a fully integrated, self managed, and self
administered Real Estate Investment Trust headquartered in Columbia, Missouri,
which owns and operates 172 self storage facilities in 18 states containing
8.7 million rentable square feet.
<PAGE>
