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 June 30, 2001
                     -------------

                                       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.
                               -------------------
             (Exact name of registrant as specified in its charter)


                California                                      95-3979727
-------------------------------------------               ----------------------
      (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 balance sheets at June 30, 2001
              and December 31, 2000                                           2

         Condensed statements of income for the three
              and six months ended June 30, 2001 and 2000                     3

         Condensed statements of cash flows for the
              six months ended June 30, 2001 and 2000                         4

         Notes to condensed financial statements                            5-6

         Management's discussion and analysis of financial condition
              and results of operations                                    7-11

PART II.  OTHER INFORMATION

         (Items 1 through 5 are not applicable)

         Item 6 - Exhibits and Reports on Form 8-K                           12

<PAGE>

                               PS PARTNERS V, LTD.
                            CONDENSED BALANCE SHEETS


<TABLE>
<CAPTION>
                                                                                      June 30,       December 31,
                                                                                        2001             2000
                                                                                 -----------------------------------
                                                                                    (Unaudited)
                                     ASSETS
                                     ------


<S>                                                                                   <C>              <C>
Cash and cash equivalents                                                             $1,972,000       $2,300,000

Rent and other receivables                                                               293,000          286,000

Real estate facility, at cost:
     Land                                                                                574,000          574,000
     Buildings and equipment                                                           1,017,000        1,016,000
                                                                                 -----------------------------------
                                                                                       1,591,000        1,590,000

     Less accumulated depreciation                                                      (616,000)        (587,000)
                                                                                 -----------------------------------
                                                                                         975,000        1,003,000

Investment in real estate entities                                                    31,783,000       30,704,000

Other assets                                                                              33,000           34,000
                                                                                 -----------------------------------

                                                                                     $35,056,000      $34,327,000
                                                                                 ===================================


                        LIABILITIES AND PARTNERS' EQUITY
                        --------------------------------


Accounts payable                                                                        $106,000          $78,000

Advance payments from renters                                                              8,000            8,000

Partners' equity:
     Limited partners' equity, $500 per unit, 148,000
         units authorized, issued and outstanding                                     34,496,000       33,802,000
     General partner's equity                                                            446,000          439,000
                                                                                 -----------------------------------

Total partners' equity                                                                34,942,000       34,241,000
                                                                                 -----------------------------------

                                                                                     $35,056,000      $34,327,000
                                                                                 ===================================
</TABLE>
                            See accompanying notes.
                                       2

<PAGE>

                               PS PARTNERS V, LTD.
                         CONDENSED STATEMENTS OF INCOME
                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                               Three Months Ended                  Six Months Ended
                                                                    June 30,                           June 30,
                                                       ----------------------------------------------------------------------
                                                             2001              2000             2001             2000
                                                       ----------------------------------------------------------------------

REVENUE:

<S>                                                           <C>               <C>             <C>              <C>
Rental income                                                 $81,000           $71,000         $150,000         $140,000
Equity in earnings of real estate entities                  1,480,000         1,242,000        2,825,000        2,287,000
Interest income                                                12,000            54,000           46,000           90,000
                                                       ----------------------------------------------------------------------
                                                            1,573,000         1,367,000        3,021,000        2,517,000
                                                       ----------------------------------------------------------------------

COSTS AND EXPENSES:

Cost of operations                                             29,000            25,000           59,000           51,000
Management fees                                                 5,000             4,000            9,000            8,000
Depreciation and amortization                                  15,000            13,000           29,000           26,000
Administrative                                                 51,000            77,000           78,000          107,000
                                                       ----------------------------------------------------------------------
                                                              100,000           119,000          175,000          192,000
                                                       ----------------------------------------------------------------------

NET INCOME                                                 $1,473,000        $1,248,000       $2,846,000       $2,325,000
                                                       ======================================================================

Limited partners' share of net income
     ($17.61 per unit in 2001 and
     $14.22 per unit in 2000)                                                                 $2,606,000       $2,105,000
General partner's share of net income                                                            240,000          220,000
                                                                                          -----------------------------------
                                                                                              $2,846,000       $2,325,000
                                                                                          ===================================
</TABLE>
                            See accompanying notes.
                                       3

<PAGE>

                               PS PARTNERS V, LTD.
                       CONDENSED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                                                         Six Months Ended
                                                                                             June 30,
                                                                               -------------------------------------
                                                                                      2001              2000
                                                                               -------------------------------------

Cash flows from operating activities:

<S>                                                                                 <C>                <C>
     Net income                                                                     $2,846,000         $2,325,000

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

         Depreciation and amortization                                                  29,000             26,000
         (Increase) decrease in rent and other receivables                              (7,000)             1,000
         Decrease  in other assets                                                       1,000                  -
         Increase (decrease) in accounts payable                                        28,000            (26,000)
         Increase in advance payments from renters                                           -              2,000
         Equity in earnings of real estate entities                                 (2,825,000)        (2,287,000)
                                                                               -------------------------------------

             Total adjustments                                                      (2,774,000)        (2,284,000)
                                                                               -------------------------------------

             Net cash provided by operating activities                                  72,000             41,000
                                                                               -------------------------------------

Cash flows from investing activities:

         Distributions from real estate entities                                     1,746,000          2,915,000
         Additions to real estate facility                                              (1,000)            (3,000)
                                                                               -------------------------------------

             Net cash provided by investing activities                               1,745,000          2,912,000
                                                                               -------------------------------------

Cash flows from financing activities:

         Distributions to partners                                                  (2,145,000)        (1,993,000)
                                                                               -------------------------------------

             Net cash used in financing activities                                  (2,145,000)        (1,993,000)
                                                                               -------------------------------------

Net (decrease) increase in cash and cash equivalents                                  (328,000)           960,000

Cash and cash equivalents at the beginning of the period                             2,300,000         2,295,000
                                                                               -------------------------------------

Cash and cash equivalents at the end of the period                                  $1,972,000        $3,255,000
                                                                               =====================================
</TABLE>
                            See accompanying notes.
                                        4

<PAGE>

                               PS PARTNERS V, LTD.
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                  JUNE 30, 2001
                                   (UNAUDITED)


1.       The accompanying  unaudited  condensed  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
         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, 2000.

2.       In the opinion of  management,  the  accompanying  unaudited  condensed
         financial statements reflect all adjustments, consisting of only normal
         accruals,  necessary  to  present  fairly the  Partnership's  financial
         position at June 30, 2001,  the results of operations for the three and
         six  months  ended  June 30,  2001 and 2000 and cash  flows for the six
         months then ended.

3.       The results of  operations  for the three and six months ended June 30,
         2001 are not  necessarily  indicative of the results to be expected for
         the full year.

4.       In January 1997, the Joint Venture, PSI, and other related partnerships
         transferred  a total of 35  business  parks to PS  Business  Parks,  LP
         ("PSBPLP"), an operating partnership formed to own and operate business
         parks in which  PSI has a  significant  interest.  Included  among  the
         properties  transferred  were the  Joint  Venture's  business  parks in
         exchange for a partnership  interest in PSBPLP.  The general partner of
         PSBPLP is PS Business Parks, Inc.

5.       In June  1998,  the  FASB  issued  Statement  of  Financial  Accounting
         Standards No. 133 ("SFAS 133"),  "Accounting for Derivative Instruments
         and  Hedging  Activities,"  as  amended  in June 2000 by  Statement  of
         Financial  Accounting  Standards No. 138 ("SFAS 138"),  "Accounting for
         Certain Derivative  Instruments and Certain Hedging  Activities," which
         requires  companies to recognize  all  derivatives  as either assets or
         liabilities  in the balance sheet and measure such  instruments at fair
         value.  The  Partnership  adopted  SFAS 133, as amended by SFAS 138, on
         January  1,  2001,  and the  adoption  had no  material  impact  on the
         Partnership's consolidated financial statements.

                                       5

<PAGE>

6.       Summarized  combined  financial  data with  respect to the Real  Estate
         Entities is as follows:

                                                 Six Months Ended June 30,
                                           -----------------------------------
                                              2001                    2000
                                           -----------             -----------

  Total revenues.......................    $88,931,000             $81,650,000
  Minority interest in income..........    $13,152,000             $12,031,000
  Net income...........................    $28,468,000             $25,911,000

                                       6

<PAGE>

                               PS PARTNERS V, LTD.
                      MANAGEMENT'S DISCUSSION AND ANALYSIS
                OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS


FORWARD LOOKING STATEMENTS
--------------------------

         When  used  within  this  document,  the words  "expects,"  "believes,"
"anticipates,"  "should,"  "estimates," and similar  expressions are intended to
identify "forward-looking statements" within the meaning of that term in Section
27A of the  Securities  Act of  1933,  as  amended,  and in  Section  21F of the
Securities  Exchange Act of 1934, as amended.  Such  forward-looking  statements
involve known and unknown risks,  uncertainties,  and other  factors,  which may
cause the actual  results and  performance  of the  Partnership to be materially
different  from those  expressed or implied in the  forward-looking  statements.
Such factors include the impact of competition from new and existing real estate
facilities  which could  impact  rents and  occupancy  levels at the real estate
facilities in which the Partnership has an interest;  the Partnership's  ability
to effectively  compete in the markets in which it does business;  the impact of
the  regulatory  environment  as well as  national,  state,  and local  laws and
regulations including, without limitation, those governing Partnerships; and the
impact of general economic  conditions upon rental rates and occupancy levels at
the real estate facilities in which the Partnership has an interest.

RESULTS OF OPERATIONS
---------------------

THREE MONTHS ENDED JUNE 30, 2001 COMPARED TO THREE MONTHS ENDED JUNE 30, 2000:

         Our net income for the three months ended June 30, 2001 was  $1,473,000
compared to $1,248,000 for the three months ended June 30, 2000, representing an
increase of $225,000 or 18.0%.  The increase was  primarily  due to our share of
improved  property  operations at the real estate facilities in which we have an
interest and a decrease in  depreciation  expense  allocated to the  Partnership
with respect to the Joint Venture.

Property Operations
-------------------

         Rental income for our wholly-owned  mini-warehouse property was $81,000
compared  to  $71,000  for the  three  months  ended  June 30,  2001  and  2000,
respectively,  representing an increase of $10,000 or 14.1%.  Cost of operations
(including  management  fees)  increased  by $5,000 or 17.2%,  to  $34,000  from
$29,000  for the  three  months  ended  June 30,  2001 and  2000,  respectively.
Accordingly,   for  our  wholly-owned   mini-warehouse  property,  property  net
operating  income  increased by $5,000 or 11.9%, to $47,000 from $42,000 for the
three months ended June 30, 2001 and 2000, respectively.

                                       7

<PAGE>

Equity in Earnings of Real Estate Entities
------------------------------------------

         Equity in earnings of real estate  entities was $1,480,000 in the three
months  ended June 30, 2001 as compared to  $1,242,000  during the three  months
ended June 30, 2000, representing an increase of $238,000 or 19.2%. The increase
was  primarily  due to our share of  improved  property  operations  at the real
estate  facilities  in which we have an interest and a decrease in  depreciation
expense allocated to the Partnership with respect to the Joint Venture.

Interest Income
---------------

         Interest  income  decreased  by $42,000 or 77.8%,  from $54,000 for the
three  months ended June 30, 2000 to $12,000 for the three months ended June 30,
2001, due to lower cash balances and interest rates.

Depreciation and Amortization
-----------------------------

         Depreciation  and  amortization  increased  by $2,000  or  15.4%,  from
$13,000  to  $15,000  for the  three  months  ended  June  30,  2000  and  2001,
respectively.

Administrative
--------------

         Administrative expense decreased by $26,000 or 33.8%, to $51,000 in the
three  months  ended June 30,  2001 as compared to $77,000 in the same period in
2000, due primarily to the timing of investor services related expenses.

SIX MONTHS ENDED JUNE 30, 2001 COMPARED TO SIX MONTHS ENDED JUNE 30, 2000:

         Our net income for the six months  ended June 30,  2001 was  $2,846,000
compared to $2,325,000 for the six months ended June 30, 2000,  representing  an
increase of $521,000 or 22.4%.  The increase was  primarily  due to our share of
improved  property  operations at the real estate facilities in which we have an
interest and a decrease in  depreciation  expense  allocated to the  Partnership
with respect to the Joint Venture.

Property Operations
-------------------

         Rental income for our wholly-owned mini-warehouse property was $150,000
compared  to  $140,000  for the  six  months  ended  June  30,  2001  and  2000,
respectively,  representing  an increase of $10,000 or 7.1%.  Cost of operations
(including  management  fees)  increased  by $9,000 or 15.3%,  to  $68,000  from

                                       8

<PAGE>

$59,000  for  the six  months  ended  June  30,  2001  and  2000,  respectively.
Accordingly,   for  our  wholly-owned   mini-warehouse  property,  property  net
operating  income  increased by $1,000 or 1.2%,  to $82,000 from $81,000 for the
six months ended June 30, 2001 and 2000, respectively.

Equity in Earnings of Real Estate Entities
------------------------------------------

         Equity in earnings of real estate  entities was  $2,825,000  in the six
months ended June 30, 2001 as compared to $2,287,000 during the six months ended
June 30, 2000,  representing an increase of $538,000 or 23.5%.  The increase was
primarily  due to our share of improved  property  operations at the real estate
facilities in which we have an interest and a decrease in  depreciation  expense
allocated to the Partnership with respect to the Joint Venture.

Interest Income
---------------

         Interest income decreased by $44,000 or 48.9%,  from $90,000 to $46,000
for the six months ended June 30, 2000 and 2001, respectively, due to lower cash
balances and interest rates.

Depreciation and Amortization
-----------------------------

         Depreciation  and  amortization  increased  by $3,000  or  11.5%,  from
$26,000  to  $29,000  for  the  six  months   ended  June  30,  2000  and  2001,
respectively.

Administrative
--------------

         Administrative expense decreased by $29,000 or 27.1%, to $78,000 in the
six months  ended June 30,  2001 as  compared  to $107,000 in the same period in
2000, due primarily to the timing of investor services related expenses.

SUPPLEMENTAL PROPERTY DATA
--------------------------

         Most of the Partnership's net income is from our share of the operating
results of the Mini-Warehouse  Properties.  Therefore,  in order to evaluate our
operating results, the General Partners analyze the operating performance of the
Mini-Warehouse Properties.

                                       9

<PAGE>

THREE MONTHS ENDED JUNE 30, 2001 COMPARED TO THREE MONTHS ENDED JUNE 30, 2000:

         Rental income for the Mini-Warehouse Properties was $4,043,000 compared
to $3,783,000  for the three months ended June 30, 2001 and 2000,  respectively,
representing  an increase of $260,000 or 6.9%. The increase in rental income was
primarily  attributable  to an increase in rental rates,  partially  offset by a
decrease in average occupancy rates at the Mini-Warehouse Properties. The annual
average  realized  rent per square foot for the  Mini-Warehouse  Properties  was
$9.79  compared  to $9.07 for the three  months  ended  June 30,  2001 and 2000,
respectively.  The  weighted  average  occupancy  levels  at the  Mini-Warehouse
Properties  decreased  from 92% to 91% for the three  months ended June 30, 2000
and 2001, respectively. Cost of operations (including management fees) decreased
by $5,000,  or 0.4%, to $1,380,000  from  $1,385,000  for the three months ended
June 30, 2001 and 2000, respectively. This decrease is primarily attributable to
lower repairs and maintenance,  and payroll expense,  offset partially by higher
advertising  and  promotion   expense.   Accordingly,   for  the  Mini-Warehouse
Properties,  property net operating income increased by $265,000 or 11.1%,  from
$2,398,000  to  $2,663,000  for the three  months  ended June 30, 2000 and 2001,
respectively.

SIX MONTHS ENDED JUNE 30, 2001 COMPARED TO SIX MONTHS ENDED JUNE 30, 2000:

         Rental income for the Mini-Warehouse Properties was $7,910,000 compared
to  $7,408,000  for the six months  ended June 30, 2001 and 2000,  respectively,
representing an increase of $502,000, or 6.8%. The increase in rental income was
primarily  attributable to increased  rental rates partially offset by decreased
average  occupancy rates at the  Mini-Warehouse  Properties.  The annual average
realized  rent per  square  foot for the  Mini-Warehouse  Properties  was  $9.66
compared to $8.97 for the six months ended June 30, 2001 and 2000, respectively.
The weighted average occupancy levels at the Mini-Warehouse Properties decreased
from 92% to 90% for the six months  ended June 30, 2000 and 2001,  respectively.
Cost of operations  (including management fees) increased by $40,000 or 1.4%, to
$2,824,000  from  $2,784,000  for the six months  ended June 30,  2001 and 2000,
respectively.  This increase is primarily attributable to higher advertising and
promotion expense. Accordingly, for the Mini-Warehouse Properties,  property net
operating income  increased by $462,000 or 10.0%,  from $4,624,000 to $5,086,000
for the six months ended June 30, 2000 and 2001, respectively.

                                       10

<PAGE>

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

         We have adequate  sources of cash to finance our 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 and
distributions  from real estate  entities  ($1,818,000  for the six months ended
June 30, 2001) has been sufficient to meet all our current obligations.

         During  2001,  we do not  anticipate  incurring  significant  costs for
capital improvements for our wholly-owned  property.  Total capital improvements
for the six months ended June 30, 2001 with respect to this property was $1,000.
As previously reported,  during 2000, the Joint Venture expanded its San Antonio
- Hackberry St. facility for a total cost of $1,794,000.  The Joint Venture paid
these costs to an affiliate in the first  quarter of 2001.  In the first quarter
of 2001, the Partnership made a capital contribution to the Joint Venture in the
amount of $1,195,000,  representing the Partnership's  share of the construction
costs.

         We paid  distributions  to the limited and  general  partners  totaling
$1,912,000  ($12.92 per unit) and $234,000,  respectively,  during the first six
months of 2001.  Future  distribution  rates may be adjusted to levels which are
supported  by  operating  cash flow  after  capital  improvements  and any other
necessary obligations.

                                       11

<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:

                  None

         (b)      Reports on 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: August 13, 2001



                                    PS PARTNERS V, LTD.

                             BY:    Public Storage, Inc.
                                    General Partner



                             BY:    /s/ John Reyes
                                    --------------------------------------------
                                    John Reyes
                                    Senior Vice President and Chief Financial
                                    Officer of Public Storage, Inc.
                                    (principal financial and accounting officer)

                                       12