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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: MARCH 20, 1998
(Date of earliest event reported: December 12, 1997)
STORAGE TRUST REALTY
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(Exact name of registrant as specified in its charter)
MARYLAND 1-13462 43-1689825
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
2407 RANGELINE STREET
COLUMBIA, MISSOURI 65202
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(Address and zip code of principal executive offices)
Registrant's telephone number, including area code: (573)499-4799
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NOT APPLICABLE
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(Former name or former address, if changed since last report)
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ITEM 5: ACQUISITION OF FACILITIES
During the period from October 1, 1997 to December 31, 1997, Storage Trust
Realty (the "Company") completed the acquisition of six 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 94.74% ownership interest as
of December 31, 1997. These facilities, totaling approximately 344,000 net
rentable square feet, are located in two states, and were purchased for
approximately $21,117,000.
All of the facilities were acquired in arms-length transactions and there are
no material relationships 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.
Management of the Company 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 has 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 those facilities for that purpose.
These facilities were acquired for cash.
The cash for these acquisitions was provided from the net proceeds from the
sale of 2,530,000 shares of the Company's Common Stock that occurred in
October and November 1997.
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The following tables provide certain information concerning the facilities
acquired:
<TABLE>
TABLE I
<CAPTION> DATE OF
FACILITY AND LOCATION SELLER(S) ACQUISITION
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<S> <C> <C>
Storage Solver
Lee Highway Storage Solver II
Centreville, VA Limited Partnership Oct. 23, 1997
Storage Solver
South Sterling Blvd.
Sterling, VA Kafem, Inc. Oct. 23, 1997
Carrollton Self Storage Marsh/Forest Lockers,
Marsh Lane Ltd. and Carrollton
Carrollton, TX Self Storage, L.L.C. Oct. 31, 1997
Forest Central Self Storage
Forest Central Drive Marsh/Forest
Dallas, TX Lockers, Ltd. Oct. 31, 1997
Space Saver
South Cooper Street Space Saver Central
Arlington, TX Joint Venture Nov. 6, 1997
Clear Lake Depot Texas Townhouse &
Highway 3 Condominium Owners
Webster, TX Association, Inc. Dec. 12, 1997
</TABLE>
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<TABLE>
TABLE II
<CAPTION>
NET PERCENTAGE
RENTABLE OCCUPANCY<F3>
PURCHASE SQUARE # OF AT DATE OF
FACILITY AND LOCATION PRICE FOOTAGE UNITS ACQUISITION
- --------------------------- ------------------ ------------ --------- ---------------
<S> <C> <C> <C> <C>
Storage Solver
Lee Highway
Centreville, VA $ 5,000,000 <F1> 52,425 519 78%
Storage Solver
South Sterling Blvd.
Sterling, VA $ 4,100,000 <F1> 33,075 364 93%
Carrollton Self Storage
Marsh Lane
Carrollton, TX $ 4,985,000 <F1> 81,225 715 76%
Forest Central Self Storage
Forest Central Drive
Dallas, TX $ 3,052,000 <F1> 72,125 780 19%
Space Saver
South Cooper Street
Arlington, TX $ 2,213,000 <F1> 57,525 467 97%
Clear Lake Depot
Highway 3
Webster, TX $ 1,767,000 <F1> 47,655 490 95%
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Totals or Average $21,117,000 344,030 3,335 74%
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<FN>
Notes to TABLE II:
<F1> Acquired for cash.
<F2> Determined by dividing net rentable square footage occupied by total
net rentable square footage.
</TABLE>
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ITEM 7: FINANCIAL STATEMENTS AND EXHIBITS
(a) FINANCIAL STATEMENTS APPLICABLE TO REPORTED FACILITIES
It is not possible to provide at the time of filing this Report on
Form 8-K any of the financial statements or the additional
information specified by Rule 3-14 of Regulation S-X, as
required by Item 7(a)(3). The required financial information
and additional information will be filed by amendment within 30
days of the date of this filing.
(b) PRO FORMA CONSOLIDATED FINANCIAL INFORMATION
It is not possible to provide at the time of filing this Report on
Form 8-K any of the pro forma financial information required
pursuant to Article 11 of Regulation S-X, as required by Item
7(b)(1). The required pro forma information will be filed by
amendment within 30 days of the date of this filing.
(c) EXHIBITS
See Index to Exhibits, which is hereby incorporated by reference
herein.
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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
March 20, 1998 /s/ Michael G. Burnam
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(Date) Michael G. Burnam
Chief Executive Officer
March 20, 1998 /s/ Stephen M. Dulle
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(Date) Stephen M. Dulle
Chief Financial Officer
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