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, 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 September 30, 2001
              and December 31, 2000                                            2

         Condensed statements of income for the three
              and nine months ended September 30, 2001 and 2000                3

         Condensed statements of cash flows for the
              nine months ended September 30, 2001 and 2000                    4

         Notes to condensed financial statements                               5

         Management's discussion and analysis of financial condition
              and results of operations                                     6-10

PART II.  OTHER INFORMATION

         (Items 1 through 5 are not applicable)

         Item 6 - Exhibits and Reports on Form 8-K                            11

<PAGE>

                               PS PARTNERS V, LTD.
                            CONDENSED BALANCE SHEETS


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


<S>                                                                                   <C>              <C>
Cash and cash equivalents                                                             $2,641,000       $2,300,000

Rent and other receivables                                                               186,000          286,000

Real estate facility, at cost:
     Land                                                                                574,000          574,000
     Buildings and equipment                                                           1,022,000        1,016,000
                                                                                 -----------------------------------
                                                                                       1,596,000        1,590,000

     Less accumulated depreciation                                                      (632,000)        (587,000)
                                                                                 -----------------------------------
                                                                                         964,000        1,003,000

Investment in real estate entities                                                    31,547,000       30,704,000

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

                                                                                     $35,371,000      $34,327,000
                                                                                 ===================================


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


Accounts payable                                                                         $44,000          $78,000

Advance payments from renters                                                              5,000            8,000

Partners' equity:
     Limited partners' equity, $500 per unit, 148,000
         units authorized, issued and outstanding                                     34,873,000       33,802,000
     General partner's equity                                                            449,000          439,000
                                                                                 -----------------------------------

Total partners' equity                                                                35,322,000       34,241,000
                                                                                 -----------------------------------

                                                                                     $35,371,000      $34,327,000
                                                                                 ===================================
</TABLE>
                             See accompanying notes.
                                        2

<PAGE>

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


<TABLE>
<CAPTION>
                                                               Three Months Ended                 Nine Months Ended
                                                                 September 30,                      September 30,
                                                       ----------------------------------------------------------------------
                                                             2001              2000             2001             2000
                                                       ----------------------------------------------------------------------

REVENUE:

<S>                                                           <C>               <C>             <C>              <C>
Rental income                                                 $81,000           $79,000         $231,000         $219,000
Equity in earnings of real estate entities                  1,453,000         1,273,000        4,278,000        3,560,000
Interest income                                                22,000            59,000           68,000          149,000
                                                       ----------------------------------------------------------------------
                                                            1,556,000         1,411,000        4,577,000        3,928,000
                                                       ----------------------------------------------------------------------

COSTS AND EXPENSES:

Cost of operations                                             26,000            24,000           85,000           75,000
Management fees                                                 5,000             5,000           14,000           13,000
Depreciation and amortization                                  16,000            13,000           45,000           39,000
Administrative                                                 27,000            25,000          105,000          132,000
                                                       ----------------------------------------------------------------------
                                                               74,000            67,000          249,000          259,000
                                                       ----------------------------------------------------------------------

NET INCOME                                                 $1,482,000        $1,344,000       $4,328,000       $3,669,000
                                                       ======================================================================

Limited partners' share of net income
     ($26.78 per unit in 2001 and
     $21.43 per unit in 2000)                                                                 $3,963,000       $3,173,000
General partner's share of net income                                                            365,000          496,000
                                                                                          -----------------------------------
                                                                                              $4,328,000       $3,669,000
                                                                                          ===================================
</TABLE>
                            See accompanying notes.
                                       3

<PAGE>

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


<TABLE>
<CAPTION>
                                                                                        Nine Months Ended
                                                                                          September 30,
                                                                               -------------------------------------
                                                                                      2001              2000
                                                                               -------------------------------------

Cash flows from operating activities:

<S>                                                                                 <C>                <C>
     Net income                                                                     $4,328,000         $3,669,000

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

         Depreciation and amortization                                                  45,000             39,000
         Decrease in rent and other receivables                                        100,000                  -
         Decrease (increase) in other assets                                             1,000             (1,000)
         Decrease in accounts payable                                                  (34,000)           (44,000)
         (Decrease) increase in advance payments from renters                           (3,000)             1,000
         Equity in earnings of real estate entities                                 (4,278,000)        (3,560,000)
                                                                               -------------------------------------

             Total adjustments                                                      (4,169,000)        (3,565,000)
                                                                               -------------------------------------

             Net cash provided by operating activities                                 159,000            104,000
                                                                               -------------------------------------

Cash flows from investing activities:

         Distributions from real estate entities                                     3,435,000          4,476,000
         Additions to real estate facility                                              (6,000)            (4,000)
                                                                               -------------------------------------

             Net cash provided by investing activities                               3,429,000          4,472,000
                                                                               -------------------------------------

Cash flows from financing activities:

         Distributions to partners                                                  (3,247,000)        (4,640,000)
                                                                               -------------------------------------

             Net cash used in financing activities                                  (3,247,000)        (4,640,000)
                                                                               -------------------------------------

Net increase (decrease) in cash and cash equivalents                                   341,000            (64,000)

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                                  $2,641,000        $2,231,000
                                                                               =====================================
</TABLE>
                            See accompanying notes.
                                       4

<PAGE>

                               PS PARTNERS V, LTD.
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                               SEPTEMBER 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 September 30, 2001, the results of operations for the three
         and nine months  ended  September  30, 2001 and 2000 and cash flows for
         the nine months then ended.

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

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

<TABLE>
<CAPTION>
                                                                            Nine Months Ended September 30,
                                                                         -------------------------------------
                                                                             2001                    2000
                                                                         -------------           -------------
  <S>                                                                    <C>                     <C>
  Total revenues...............................................          $137,168,000            $124,198,000
  Minority interest in income..................................           $19,743,000             $18,391,000
  Net income...................................................           $43,471,000             $39,348,000

</TABLE>
                                       5

<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  SEPTEMBER 30, 2001 COMPARED TO THREE MONTHS ENDED  SEPTEMBER
30, 2000:

         Our net  income  for the three  months  ended  September  30,  2001 was
$1,482,000 compared to $1,344,000 for the three months ended September 30, 2000,
representing an increase of $138,000 or 10.3%. The increase was primarily due to
our share of improved  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 $79,000 for the three  months  ended  September  30, 2001 and 2000,
respectively,  representing  an increase of $2,000 or 2.5%.  Cost of  operations
(including  management  fees) increased  $2,000 or 6.9%, to $31,000 from $29,000
for  the  three  months  ended  September  30,  2001  and  2000,   respectively.
Accordingly,   for  our  wholly-owned   mini-warehouse  property,  property  net
operating income remained stable at $50,000 for the three months ended September
30, 2001 and 2000, respectively.

                                       6

<PAGE>

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

         Equity in earnings of real estate  entities was $1,453,000 in the three
months  ended  September  30, 2001 as compared  to  $1,273,000  during the three
months ended September 30, 2000, representing an increase of $180,000, or 14.1%.
This 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 $37,000, from $59,000 for the three months
ended  September  30, 2000 to $22,000 for the three months ended  September  30,
2001, due to lower invested cash balances and lower interest rates.

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

         Depreciation  and  amortization  increased  by $3,000,  from $13,000 to
$16,000 for the three months ended September 30, 2000 and 2001, respectively.

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

         Administrative  expense  increased by $2,000,  to $27,000 for the three
months  ended  September  30, 2001 as compared to $25,000 for the same period in
2000.

NINE MONTHS ENDED SEPTEMBER 30, 2001 COMPARED TO NINE MONTHS ENDED SEPTEMBER 30,
2000:

         Our net  income  for the  nine  months  ended  September  30,  2001 was
$4,328,000  compared to $3,669,000 for the nine months ended September 30, 2000,
representing an increase of $659,000,  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.

                                       7

<PAGE>

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

         Rental income for our wholly-owned mini-warehouse property was $231,000
compared to  $219,000  for the nine months  ended  September  30, 2001 and 2000,
respectively,  representing an increase of $12,000,  or 5.5%. Cost of operations
(including management fees) increased $11,000, or 12.5%, to $99,000 from $88,000
for  the  nine  months  ended   September  30,  2001  and  2000,   respectively.
Accordingly,   for  our  wholly-owned   mini-warehouse  property,  property  net
operating  income increased  $1,000,  or 0.8%, to $132,000 from $131,000 for the
nine months ended September 30, 2001 and 2000, respectively.

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

         Equity in earnings of real estate  entities was  $4,278,000 in the nine
months ended September 30, 2001 as compared to $3,560,000 during the nine months
ended September 30, 2000,  representing an increase of $718,000,  or 20.2%.  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 $81,000, from $149,000 for the nine months
ended September 30, 2000 to $68,000 for the nine months ended September 30, 2001
due to lower invested cash balances and lower interest rates.

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

         Depreciation and amortization increased $6,000, from $39,000 to $45,000
for the nine months ended September 30, 2000 and 2001, respectively.

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

         Administrative  expense  decreased  $27,000,  to  $105,000  in the nine
months  ended  September  30, 2001 as compared to $132,000 in the same period in
2000.

                                       8

<PAGE>

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.

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

         Rental income for the Mini-Warehouse Properties was $4,153,000 compared
to  $3,859,000  for  the  three  months  ended  September  30,  2001  and  2000,
respectively,  representing  an increase of  $294,000 or 7.6%.  The  increase in
rental income was primarily  attributable  to an increase in rental rates at the
Mini-Warehouse  Properties. The annual average realized rent per square foot for
the Mini-Warehouse  Properties was $10.00 compared to $9.30 for the three months
ended September 30, 2001 and 2000, respectively.  The weighted average occupancy
levels at the  Mini-Warehouse  Properties  remained  stable at 91% for the three
months  ended  September  30, 2000 and 2001,  respectively.  Cost of  operations
(including  management  fees)  increased  $45,000 or 3.2%,  to  $1,468,000  from
$1,423,000 for the three months ended September 30, 2001 and 2000, respectively.
This  increase  is  primarily  attributable  to  increases  in  advertising  and
promotion expenses,  offset partially by lower repairs and maintenance expenses.
Accordingly,  for the Mini-Warehouse  Properties,  property net operating income
increased by $249,000 or 10.2%,  from  $2,436,000  to  $2,685,000  for the three
months ended September 30, 2000 and 2001, respectively.

NINE MONTHS ENDED SEPTEMBER 30, 2001 COMPARED TO NINE MONTHS ENDED SEPTEMBER 30,
2000:

         Rental  income  for  the  Mini-Warehouse   Properties  was  $12,063,000
compared to $11,267,000  for the nine months ended  September 30, 2000 and 1999,
respectively,  representing  an increase of  $796,000 or 7.1%.  The  increase in
rental income was primarily  attributable  to an increase in rental rates at the
Mini-Warehouse  Properties. The annual average realized rent per square foot for
the  Mini-Warehouse  Properties  was $9.78 compared to $9.08 for the nine months
ended September 30, 2001 and 2000, respectively.  The weighted average occupancy
levels at the Mini-Warehouse  Properties  decreased from 92% to 90% for the nine
months  ended  September  30, 2000 and 2001,  respectively.  Cost of  operations
(including  management  fees)  increased  $85,000 or 2.0%,  to  $4,292,000  from
$4,207,000 for the nine months ended September 30, 2001 and 2000,  respectively.
This  increase  is  primarily  attributable  to  increases  in  advertising  and
promotion expenses,  offset partially by lower repairs and maintenance expenses.
Accordingly,  for the Mini-Warehouse  Properties,  property net operating income
increased  by $711,000 or 10.1%,  from  $7,060,000  to  $7,771,000  for the nine
months ended September 30, 2000 and 2001, respectively.

                                       9

<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  ($3,594,000 for the nine months ended
September 30, 2001) has been sufficient to meet all our current obligations.

         During  2001,  we do not  anticipate  incurring  significant  costs for
capital improvements for the Partnership's  wholly-owned property. Total capital
improvements  for the nine months ended  September  30, 2001 with respect to our
wholly-owned property was $6,000.

         We paid  distributions  to the limited and  general  partners  totaling
$2,892,000 ($19.54 per unit) and $355,000,  respectively,  during the first nine
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.

                                       10

<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:   November 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)

                                       11