UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q

[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities  Exchange
Act of 1934

For the period ended September 30, 1996
                     ------------------
                                       or

[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934 [No Fee Required]

For the transition period from         to
                              --------    ---------

Commission File Number 0-14476
                       --------


              PS PARTNERS V, LTD., a California Limited Partnership
              -----------------------------------------------------
             (Exact name of registrant as specified in its charter)


               California                                        95-397972
-----------------------------------                      ----------------------
    (State or other jurisdiction of                          (I.R.S. Employer
     incorporation or organization)                       Identification Number)

           701 Western Avenue
          Glendale, California                                  91201-2394
-----------------------------------                      ----------------------
(Address of principal executive offices)                        (Zip Code)



Registrant's telephone number, including area code: (818) 244-8080
                                                    --------------

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
                                       --   --


<PAGE>
                                      INDEX


PART I.   FINANCIAL INFORMATION

Condensed consolidated balance sheets at September 30, 1996
     and December 31, 1995                                                2

Condensed consolidated statements of income for the three and nine
     months ended September 30, 1996 and 1995                             3

Condensed consolidated statements of cash flows for the nine
     months ended September 30, 1996 and 1995                             4

Notes to condensed consolidated financial statements                      5

Management's discussion and analysis of financial condition
     and results of operations                                          6-8

PART II.  OTHER INFORMATION

(Items 1 through 5 are not applicable)

Item 6 - Exhibits and Reports on Form 8-K                                 9


<PAGE>
<TABLE>
                              PS PARTNERS V, LTD.,
                        a California Limited Partnership
                      CONDENSED CONSOLIDATED BALANCE SHEET


<CAPTION>


                                                                        September 30,            December 31,
                                                                             1996                   1995
                                                                      -------------------    --------------------
                                                                         (Unaudited)
                                     ASSETS


<S>                                                                      <C>                      <C>
   Cash and cash equivalents                                             $       484,000          $    2,059,000

   Rent and other receivables                                                    128,000                  77,000

   Real estate facilities, at cost:
        Land                                                                  25,610,000              25,610,000
        Buildings and equipment                                               79,649,000              79,059,000
                                                                      -------------------    --------------------
                                                                             105,259,000             104,669,000

        Less accumulated depreciation                                        (35,306,000)            (32,455,000)
                                                                      -------------------    --------------------
                                                                              69,953,000              72,214,000

   Other assets                                                                  230,000                 175,000
                                                                      -------------------    --------------------
                                                                            $ 70,795,000            $ 74,525,000
                                                                      ===================    ====================


                        LIABILITIES AND PARTNERS' EQUITY


   Accounts payable                                                      $       948,000         $       832,000

   Advance payments from renters                                                 388,000                 420,000

   Mortgage notes payable                                                              -               2,935,000

   Minority interest in general partnerships                                  31,030,000              30,459,000

   Partners' equity:
        Limited partners' equity, $500 per unit, 148,000
             units authorized, issued and outstanding                         36,063,000              39,384,000
        General partners' equity                                               2,366,000                 495,000
                                                                      -------------------    --------------------

        Total partners' equity                                                38,429,000              39,879,000
                                                                      -------------------    --------------------

                                                                            $ 70,795,000            $ 74,525,000
                                                                      ===================    ====================


</TABLE>
                             See accompanying notes.
                                       2

<PAGE>
<TABLE>
                              PS PARTNERS V, LTD.,
                        a California Limited Partnership
                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                                   (UNAUDITED)


<CAPTION>

                                                             Three Months Ended                     Nine Months Ended
                                                               September 30,                          September 30,
                                                      ---------------------------------   --------------------------------------
                                                           1996              1995               1996                1995
                                                      ----------------  ---------------   -----------------   ------------------

        REVENUE:

<S>                                                       <C>              <C>              <C>                  <C>
        Rental income                                     $ 4,044,000      $ 3,995,000      $   11,823,000       $   11,786,000
        Interest income                                        35,000           39,000              89,000               99,000
                                                      ----------------  ---------------   -----------------   ------------------
                                                            4,079,000        4,034,000          11,912,000           11,885,000
                                                      ----------------  ---------------   -----------------   ------------------
        COSTS AND EXPENSES:

        Cost of operations                                  1,313,000        1,226,000           3,918,000            3,695,000
        Management fees                                       235,000          232,000             687,000              682,000
        Depreciation and amortization                         955,000          932,000           2,851,000            2,689,000
        Interest expense                                       71,000           72,000             214,000              218,000
        Administrative                                         55,000           46,000             115,000              113,000
                                                      ----------------  ---------------   -----------------   ------------------
                                                            2,629,000        2,508,000           7,785,000            7,397,000
                                                      ----------------  ---------------   -----------------   ------------------

        Income before minority interest                     1,450,000        1,526,000           4,127,000            4,488,000

        Minority interest in income                          (895,000)        (889,000)         (2,587,000)          (2,573,000)
                                                      ----------------  ---------------   -----------------   ------------------

        NET INCOME                                       $    555,000     $    637,000      $   1,540,000       $    1,915,000
                                                      ================  ===============   =================   ==================

        Limited partners' share of net income
             ($8.30 per unit in 1996 and $10.14
             per unit in 1995)                                                              $   1,229,000       $    1,501,000

        General partners' share of net income                                                     311,000              414,000
                                                                                          -----------------   ------------------
                                                                                            $   1,540,000       $    1,915,000
                                                                                          =================   ==================
</TABLE>

                             See accompanying notes.
                                       3
<PAGE>
<TABLE>
                              PS PARTNERS V, LTD.,
                        a California Limited Partnership
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)

<CAPTION>


                                                                                     Nine Months Ended
                                                                                       September 30,
                                                                         ------------------------------------------
                                                                               1996                    1995
                                                                         ------------------     -------------------

   CASH FLOWS FROM OPERATING ACTIVITIES:

<S>                                                                          <C>                    <C>
        Net income                                                           $   1,540,000          $    1,915,000

        Adjustments to reconcile net income to net cash
             provided by operating activities

             Depreciation and amortization                                       2,851,000               2,689,000
             (Increase) decrease in rent and other receivables                     (51,000)                 19,000
             Increase in other assets                                              (55,000)                 (1,000)
             Increase in accounts payable                                          116,000                  96,000
             Decrease in advance payments from renters                             (32,000)                 (6,000)
             Minority interest in income                                         2,587,000               2,573,000
                                                                         ------------------     -------------------

                  Total adjustments                                              5,416,000               5,370,000
                                                                         ------------------     -------------------

                  Net cash provided by operating activities                      6,956,000               7,285,000
                                                                         ------------------     -------------------

   CASH FLOWS FROM INVESTING ACTIVITIES:

        Additions to real estate facilities                                       (590,000)               (482,000)
                                                                         ------------------     -------------------

                  Net cash used in investing activities                           (590,000)               (482,000)
                                                                         ------------------     -------------------

   CASH FLOWS FROM FINANCING ACTIVITIES:

        Principal payments on mortgage notes payable                            (2,935,000)                (30,000)
        Distributions to holder of minority interest                            (2,016,000)             (2,444,000)
        Distributions to partners                                               (2,990,000)             (3,990,000)
                                                                         ------------------     -------------------

                  Net cash used in financing activities                         (7,941,000)             (6,464,000)
                                                                         ------------------     -------------------

   Net (decrease) increase in cash and cash equivalents                         (1,575,000)                339,000

   Cash and cash equivalents at the beginning of the period                      2,059,000               1,794,000
                                                                         ------------------     -------------------

   Cash and cash equivalents at the end of the period                        $     484,000           $   2,133,000
                                                                         ==================     ===================
</TABLE>
                             See accompanying notes.
                                       4

<PAGE>
                              PS PARTNERS V, LTD.,
                        a California Limited Partnership
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                               SEPTEMBER 30, 1996
                                   (UNAUDITED)

 1.  The accompanying unaudited condensed consolidated financial statements have
     been prepared  pursuant to the rules and  regulations of the Securities and
     Exchange Commission.  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   management  believes  that  the
     disclosures contained herein are adequate to make the information presented
     not misleading. These unaudited condensed consolidated financial statements
     should be read in  conjunction  with the financial  statements  and related
     notes appearing in the Partnership's  Form 10-K for the year ended December
     31, 1995.

 2.  In  the  opinion  of  management,   the  accompanying  unaudited  condensed
     consolidated  financial  statements reflect all adjustments,  consisting of
     only  normal  accruals,  necessary  to  present  fairly  the  Partnership's
     financial position at September 30, 1996, the results of operations for the
     three and nine months ended  September 30, 1996 and 1995 and cash flows for
     the nine months then ended.

 3.  The results of operations for the three and nine months ended September 30,
     1996 are not  necessarily  indicative of the results to be expected for the
     full year.


                                       5
<PAGE>
                              PS PARTNERS V, LTD.,
                        a California Limited Partnership
                      MANAGEMENT'S DISCUSSION AND ANALYSIS
                OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS


Results of Operations:
----------------------

THREE MONTHS ENDED  SEPTEMBER 30, 1996 COMPARED TO THREE MONTHS ENDED  SEPTEMBER
30, 1995:

     The Partnership's net income was $555,000 and $637,000 for the three months
ended  September  30, 1996 and 1995,  respectively,  representing  a decrease of
$82,000, or 13%. This decrease was primarily due to decreased property operating
results at the  Partnership's  facilities  combined with increased  depreciation
expense.

     Net property  income  (rental income less cost of operations and management
fees and excluding  depreciation)  for the three months ended September 30, 1996
decreased  $41,000 or 2%, as rental income increased $49,000 or 1%, and costs of
operations  (including  management  fees  and  excluding  depreciation  expense)
increased $90,000 or 6%, compared to the same period in 1995.

     Rental  income  for  the   Partnership's   mini-warehouse   operations  was
$3,269,000  compared to $3,164,000 for the three months ended September 30, 1996
and 1995,  respectively,  representing  an  increase  of  $105,000,  or 3%. This
increase was  primarily  attributable  to increased  rental  rates.  The monthly
average realized rent per square foot for the mini-warehouse facilities was $.66
compared  to $.63 for the  three  months  ended  September  30,  1996 and  1995,
respectively.  The  weighted  average  occupancy  levels  at the  mini-warehouse
facilities  were 93% compared to 94% for the three months  ended  September  30,
1996 and 1995, respectively.  Cost of operations (including management fees) for
the  mini-warehouses  increased $80,000 or 5%, to $1,177,000 from $1,097,000 for
the three months ended September 30, 1996 and 1995, respectively.  This increase
is  primarily  due to increases in  advertising,  property  tax, and repairs and
maintenance  expenses.   Accordingly,   for  the  Partnership's   mini-warehouse
operations,  property  net  operating  income  increased  $25,000,  or 1%,  from
$2,067,000 to $2,092,000 for the three months ended September 30, 1995 and 1996,
respectively.

     Rental  income for the  Partnership's  business park  operations  decreased
$56,000,  or 7%, to $775,000 from $831,000 for the three months ended  September
30, 1996 and 1995,  respectively.  This decrease was primarily attributable to a
decrease in the occupancy  level at the Culver City,  California  business park.
During the first quarter of 1996, a major tenant vacated the facility  following
the  termination  of its  lease.  The  Partnership  is  actively  marketing  the
facility,  and has been able to re-lease a portion of the office  space that was
vacated  by  the  major  tenant.   Rental  rates  on  the  re-leased   space  is
approximately  25% less than was previously  being earned.  The weighted average
occupancy levels at the business park facilities was 92% compared to 95% for the
three  months  ended  September  30,  1996 and 1995,  respectively.  The monthly
average realized rent per square foot for the business park facilities was $1.27
compared  to $1.33  for the nine  months  ended  September  30,  1996 and  1995,
respectively.  Cost of operations  (including  management fees) for the business
parks increased  $10,000,  or 3%, to $371,000 from $361,000 for the three months
ended September 30, 1996 and 1995, respectively.  This increase is primarily due
to increases in property tax expense and lease commissions. Accordingly, for the
Partnership's business park facilities,  property net operating income decreased
by  $66,000  or 14%,  from  $470,000  to  $404,000  for the three  months  ended
September 30, 1995 and 1996, respectively.

     Depreciation and amortization increased $23,000 from $932,000 for the three
months ended  September  30, 1995 to $955,000 for the same period in 1996.  This
increase is principally  due to the  depreciation of capital  expenditures  made
during 1995 and 1996.

     Administrative  expenses increased $9,000 from $46,000 for the three months
ended  September 30, 1995 to $55,000 for the same period in 1996.  This increase
is primarily attributable to an increase in accounting expense.

                                       6
<PAGE>
                              PS PARTNERS V, LTD.,
                        a California Limited Partnership
                      MANAGEMENT'S DISCUSSION AND ANALYSIS
                OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

NINE MONTHS ENDED SEPTEMBER 30, 1996 COMPARED TO NINE MONTHS ENDED SEPTEMBER 30,
1995:

     The  Partnership's  net income was  $1,540,000  and $1,915,000 for the nine
months ended September 30, 1996 and 1995, respectively,  representing a decrease
of $375,000,  or 20%.  This  decrease was  primarily  due to decreased  property
operating  results  at the  Partnership's  facilities  combined  with  increased
depreciation expense.

     Net property  income  (rental income less cost of operations and management
fees and excluding  depreciation)  for the nine months ended  September 30, 1996
decreased  $191,000 or 3%, as rental income increased  $37,000 or .3%, and costs
of operations  (including  management fees and excluding  depreciation  expense)
increased $228,000 or 5% compared to the same period in 1995.

     Rental  income  for  the   Partnership's   mini-warehouse   operations  was
$9,561,000  compared to $9,246,000 for the nine months ended  September 30, 1996
and 1995,  respectively,  representing  an  increase  of  $315,000,  or 3%. This
increase is  primarily  attributable  to  increased  rental  rates.  The monthly
average realized rent per square foot for the mini-warehouse facilities was $.65
compared  to $.62  for the nine  months  ended  September  30,  1996  and  1995,
respectively.  The  weighted  average  occupancy  levels  at the  mini-warehouse
facilities was 92% compared to 93% for the nine months ended  September 30, 1996
and 1995,  respectively.  Cost of operations (including management fees) for the
mini-warehouses  increased $212,000 or 6%, to $3,493,000 from $3,281,000 for the
nine months ended  September 30, 1996 and 1995,  respectively.  This increase is
primarily   due  to  increases  in  repairs  and   maintenance,   property  tax,
advertising,   and  payroll   expenses.   Accordingly,   for  the  Partnership's
mini-warehouse  operations,  property net operating income increased $103,000 or
2%, from  $5,965,000 to $6,068,000 for the nine months ended  September 30, 1995
and 1996, respectively.

     Rental  income for the  Partnership's  business park  operations  decreased
$278,000  or 11%,  to  $2,262,000  from  $2,540,000  for the nine  months  ended
September  30, 1996 and 1995,  respectively.  This  decrease in rental income is
primarily  attributable to a decrease in the occupancy level at the Culver City,
California  business park noted above. The weighted average  occupancy levels at
the business park  facilities  was 90% compared to 94% for the nine months ended
September 30, 1996 and 1995, respectively. The monthly average realized rent per
square foot for the business park facilities was $1.26 compared to $1.36 for the
nine months ended September 30, 1996 and 1995, respectively.  Cost of operations
(including  management fees) for the business parks increased  $16,000 or 2%, to
$1,112,000  from  $1,096,000  for the nine months ended  September  30, 1996 and
1995,  respectively.  The  increase is  primarily  attributable  to increases in
tenant  improvement,  repairs and maintenance,  lease  commissions,  and payroll
expenses,  partially  offset  by  decreases  in  management  fees and  utilities
expense.  Accordingly, for the Partnership's business park facilities,  property
net operating income decreased by $294,000 or 20%, from $1,444,000 to $1,150,000
for the nine months ended September 30, 1995 and 1996, respectively.

     Depreciation  and amortization  increased  $162,000 from $2,689,000 for the
nine months ended  September 30, 1995 to $2,851,000 for the same period in 1996.
This increase is principally  due to the  depreciation  of capital  expenditures
made during 1995 and 1996.

                                       7
<PAGE>
                              PS PARTNERS V, LTD.,
                        a California Limited Partnership
                      MANAGEMENT'S DISCUSSION AND ANALYSIS
                OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS


Liquidity and Capital Resources
-------------------------------

     The  Partnership  has adequate  sources of cash to finance its  operations,
both on a short-term and long-term  basis,  primarily from internally  generated
cash from property operations and cash reserves.  Cash generated from operations
($6,956,000 for the nine months ended September 30, 1996) has been sufficient to
meet all current obligations of the Partnership.

     In September 1996, the Partnership repaid early it's mortgage note payable,
utilizing cash reserves.

     During 1996, the Partnership anticipates  approximately $918,000 of capital
improvements (of which $262,000 represents the minority interest's joint venture
share).  During 1995, the Partnership's  property manager commenced a program to
enhance the visual appearance of the  mini-warehouse  facilities  managed by it.
Such  enhancements  will  include  new  signs,   exterior  color  schemes,   and
improvements  to the rental  offices.  Included in the 1996 capital  improvement
budget are  estimated  costs of $176,000 for such  enhancements.  Total  capital
improvements were $590,000 for the nine months ended September 31, 1996 of which
$455,000 represents the Partnership's share.

     The  Partnership  paid  distributions  to the limited and general  partners
totaling  $2,664,000  ($18.00 per unit) and $326,000,  respectively,  during the
first nine months of 1996. Future  distribution  rates may be adjusted to levels
which are supported by operating  cash flow after capital  improvements  and any
other necessary obligations.

                                       8
<PAGE>
                           PART II. OTHER INFORMATION

ITEMS 1 through 5 are not applicable.

Item 6   Exhibits and Reports on Form 8-K

         (a)      The following Exhibits are included herein:

                  (27)     Financial Data Schedule

         (b)      Form 8-K

                  None

                                   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.

                     DATED:   November 12, 1996

                              PS PARTNERS V, LTD.,
                              a California Limited Partnership

                     BY:      Public Storage, Inc.
                              General Partner

                     BY:        /s/ Ronald L. Havner Jr.
                              ----------------------------------------
                              Ronald L. Havner, Jr.
                              Senior Vice President and Chief Financial
                                Officer of Public Storage, Inc.
                                (principal financial officer)

                     BY:        /s/ John Reyes
                              ----------------------------------------
                              John Reyes
                              Vice President and Controller
                                of Public Storage, Inc.
                                (principal accounting officer)