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 March 31, 1997

                                       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 March 31, 1997
        and December 31, 1996                                               2

   Condensed consolidated statements of income for the three
        months ended March 31, 1997 and 1996                                3

   Condensed consolidated statements of cash flows for the three
        months ended March 31, 1997 and 1996                                4-5

   Notes to condensed consolidated financial statements                     6

   Management's discussion and analysis of financial condition
        and results of operations                                           7-8

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>


                                                                                   March 31,         December 31,
                                                                                     1997               1996
                                                                              --------------------------------------
                                                                                  (Unaudited)
                                   ASSETS


<S>                                                                                 <C>                 <C>     
Cash and cash equivalents                                                           $   404,000         $   453,000

Rent and other receivables                                                              186,000             160,000

Real estate facilities, at cost:
    Land                                                                             16,100,000          25,610,000
    Buildings and equipment                                                          55,747,000          80,098,000
                                                                              --------------------------------------
                                                                                     71,847,000         105,708,000

    Less accumulated depreciation                                                   (24,945,000)        (36,248,000)
                                                                              --------------------------------------
                                                                                     46,902,000          69,460,000

Investment in real estate entity                                                     22,306,000                   -

Other assets                                                                            141,000             283,000
                                                                              --------------------------------------

                                                                                    $69,939,000         $70,356,000
                                                                              ======================================


                      LIABILITIES AND PARTNERS' EQUITY


Accounts payable                                                                    $   529,000         $   806,000

Advance payments from renters                                                           422,000             413,000

Mortgage notes payable                                                                        -                   -

Minority interest in general partnerships                                            31,202,000          31,057,000

Partners' equity:
    Limited partners' equity, $500 per unit, 148,000
      units authorized, issued and outstanding                                       37,312,000          37,603,000
    General partners' equity                                                            474,000             477,000
                                                                              --------------------------------------

    Total partners' equity                                                           37,786,000          38,080,000
                                                                              --------------------------------------

                                                                                    $69,939,000         $70,356,000
                                                                              ======================================
</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
                                                                                                     March 31,
                                                                                        ------------------------------------
                                                                                               1997              1996
                                                                                        ------------------------------------

           REVENUE:
           <S>                                                                                 <C>                <C> 
           Rental income                                                                       $3,285,000         $3,835,000
           Equity in income of real estate entity                                                 179,000                  -
           Interest income                                                                          5,000             25,000
                                                                                        ------------------------------------
                                                                                                3,469,000          3,860,000
                                                                                        ------------------------------------

           COSTS AND EXPENSES:

           Cost of operations                                                                   1,019,000          1,273,000
           Management fees                                                                        197,000            223,000
           Depreciation and amortization                                                          647,000            944,000
           Interest expense                                                                             -             71,000
           Administrative                                                                          21,000             19,000
                                                                                        ------------------------------------
                                                                                                1,884,000          2,530,000
                                                                                        ------------------------------------

           Income before minority interest                                                      1,585,000          1,330,000

           Minority interest in income                                                           (882,000)          (824,000)
                                                                                        ------------------------------------

           NET INCOME                                                                          $  703,000         $  506,000
                                                                                        ====================================

           Limited partners' share of net income
              ($4.03 per unit in 1997 and $2.72
              per unit in 1996)                                                                $  597,000         $  402,000
           General partners' share of net income                                                  106,000            104,000
                                                                                        ------------------------------------
                                                                                               $  703,000         $  506,000
                                                                                        ====================================
</TABLE>
                            See accompanying notes.
                                       3

<PAGE>
<TABLE>


                              PS PARTNERS V, LTD.,
                        a California Limited Partnership
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)


<CAPTION>
                                                                                                 Three Months Ended
                                                                                                      March 31,
                                                                                          ----------------------------------
                                                                                                1997             1996
                                                                                          ----------------------------------

           Cash flows from operating activities:

              <S>                                                                              <C>               <C>     
              Net income                                                                       $  703,000        $ 506,000

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

                  Depreciation and amortization                                                   647,000           944,000
                  (Increase) decrease in rent and other receivables                               (26,000)           18,000
                  Decrease (increase) in other assets                                             142,000            (3,000)
                  Decrease in accounts payable                                                   (277,000)         (116,000)
                  Increase in advance payments from renters                                         9,000            24,000
                  Equity in income of real estate entity                                         (179,000)                -
                  Minority interest in income                                                     882,000           824,000
                                                                                          ----------------------------------

                    Total adjustments                                                           1,198,000         1,691,000
                                                                                          ----------------------------------

                    Net cash provided by operating activities                                   1,901,000         2,197,000
                                                                                          ----------------------------------

           Cash flows from investing activities:

              Investment in real estate entity                                                    (33,000)                -
              Additions to real estate facilities                                                (183,000)         (136,000)
                                                                                          ----------------------------------

                    Net cash used in investing activities                                        (216,000)         (136,000)
                                                                                          ----------------------------------

           Cash flows from financing activities:

              Principal payments on mortgage notes payable                                              -           (11,000)
              Distributions to holder of minority interest                                       (737,000)         (640,000)
              Distributions to partners                                                          (997,000)         (997,000)
                                                                                          ----------------------------------

                    Net cash used in financing activities                                      (1,734,000)       (1,648,000)
                                                                                          ----------------------------------

           Net (decrease) increase in cash and cash equivalents                                   (49,000)          413,000

           Cash and cash equivalents at the beginning of the period                               453,000         2,059,000
                                                                                          ----------------------------------

           Cash and cash equivalents at the end of the period                                  $  404,000        $2,472,000
                                                                                          ==================================

</TABLE>
                            See accompanying notes.
                                       4

<PAGE>
<TABLE>


                              PS PARTNERS V, LTD.,
                        a California Limited Partnership
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)
                                   (Continued)
<CAPTION>

                                                                                           Three Months Ended
                                                                                               March 31,
                                                                                    ---------------------------------
                                                                                          1997            1996
                                                                                    ---------------------------------


Supplemental schedule of noncash investing and financing activities:


    <S>                                                                                <C>                       <C>
    Investment in real estate entity                                                   $(22,094,000)             $ -

    Transfer of real estate facilities for interest in real estate entity                22,094,000                -

</TABLE>
                            See accompanying notes.
                                       5


<PAGE>



                              PS PARTNERS V, LTD.,
                        a California Limited Partnership
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                 MARCH 31, 1997
                                   (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, 1996.

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 March 31, 1997,  the results of  operations  for the
     three  months  ended  March 31,  1997 and 1996 and cash flows for the three
     months then ended.

3.   The results of operations for the three months ended March 31, 1997 are not
     necessarily indicative of the results to be expected for the full year.

4.   Effective January 2, 1997, Public Storage,  Inc. ("PSI"), the Partnership's
     general  partner,  formed a new private real estate  investment trust named
     American  Office  Park  Properties,  Inc.  ("AOPP")  which  will  focus its
     investment efforts on the ownership and management of commercial properties
     (also  referred to as business park  facilities).  In  connection  with the
     formation of AOPP, PSI and affiliated  partnerships  transferred commercial
     properties to a newly created  partnership  underlying AOPP in exchange for
     limited  partnership   interests  (AOPP  and  the  underlying   partnership
     collectively  referred to as the "New REIT"). The Partnership  participated
     in the initial transaction by exchanging its two commercial properties, one
     of which was owned jointly by the  Partnership and PSI, for 697,000 limited
     partnership  units,  which represented  approximately  10.4% of the initial
     capitalization of the partnership underlying AOPP.

     The number of limited  partnership  units received by the  Partnership  was
     based on the  relative  fair market value of the  Partnership's  commercial
     properties  exchanged  compared to the  aggregate  of all other real estate
     assets   exchanged  for  limited   partnership   units  in  the  underlying
     partnership.  The Partnership's  limited partnership units, pursuant to the
     terms and  conditions  of the governing  documents,  are  convertible  into
     shares of common stock of AOPP.

     The  general  partners  believe  that  the   concentration  of  PSI's,  the
     Partnership's and affiliate entities'  commercial  properties into a single
     entity will create a vehicle which should  facilitate future growth in this
     segment  of  the  real  estate  industry.  PSI,  the  Partnership  and  the
     affiliates transferring real estate assets to the New REIT will participate
     in the growth through their ownership interests in the New REIT.

     The  Partnership  accounts  for its  investment  in the New REIT  using the
     equity method of accounting; accordingly, equity in earnings of real estate
     entity, as reflected on the Partnership's statement of income for the three
     months ended March 31, 1997,  reflects the  Partnership's pro rata share of
     the earnings of the New REIT. The investment was initially  recorded at the
     Partnership's  net  book  value of its  properties  exchanged  for  limited
     partnership  units.  The  investment  is  subsequently   adjusted  for  the
     Partnership's  pro  rata  share  of  income  and  distributions   from  the
     underlying partnership of the New REIT.



                                       6



<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 MARCH 31, 1997 COMPARED TO THREE MONTHS ENDED MARCH 31, 1996:

     The  Partnership's net income for the three months ended March 31, 1997 was
$703,000  compared  to  $506,000  for the three  months  ended  March 31,  1996,
representing an increase of $197,000,  or 39%. Excluding the 1996 operations for
the Partnership's  business park facilities,  the increase is due to an increase
in the  Partnership's  mini-warehouse  operations,  combined  with a decrease in
interest expense, partially offset by an increase in minority interest in income
for those properties held in joint venture with PSI.

     Rental  income  for  the   Partnership's   mini-warehouse   operations  was
$3,285,000  compared to $3,106,000 for the three months ended March 31, 1997 and
1996, respectively, representing an increase of $179,000, or 6%. The increase in
rental income was primarily attributable to increased rental rates and occupancy
levels at the mini-warehouse  facilities.  The monthly average realized rent per
square foot for the mini-warehouse  facilities was $.68 compared to $.64 for the
three months ended March 31, 1997 and 1996,  respectively.  The weighted average
occupancy levels at the mini-warehouse  facilities increased from 90% to 91% for
the three months ended March 31, 1996 and 1997, respectively. Cost of operations
(including  management  fees)  increased  $45,000,  or 4%,  to  $1,216,000  from
$1,171,000  for the three  months  ended March 31, 1997 and 1996,  respectively.
This increase was primarily  attributable to increases in advertising,  property
tax,  and  office  expenses,  partially  offset by a  decrease  in  repairs  and
maintenance  expenses.   Accordingly,   for  the  Partnership's   mini-warehouse
operations,  property net operating  income  increased by $134,000,  or 7%, from
$1,935,000  to  $2,069,000  for the three  months ended March 31, 1996 and 1997,
respectively.


                                       7
<PAGE>

     Effective January 2, 1997, Public Storage,  Inc. ("PSI"), the Partnership's
general  partner,  formed a new  private  real  estate  investment  trust  named
American Office Park Properties,  Inc.  ("AOPP") which will focus its investment
efforts on the ownership and management of commercial properties.  In connection
with  the  formation  of  AOPP,  PSI  and  affiliated  partnerships  transferred
commercial properties to a newly created partnership underlying AOPP in exchange
for  limited  partnership   interests  (AOPP  and  the  underlying   partnership
collectivley referred to as the "New REIT"). The Partnership participated in the
initial  transaction by exchanging its two commercial  properties,  one of which
was owned jointly by the Partnership  and PSI, for 697,000  limited  partnership
units, which represented  approximately  10.4% of the initial  capitalization of
the partnership underlying AOPP.

     The  Partnership  accounts  for its  investment  in the New REIT  using the
equity method of accounting.  The following table  summarizes the  Partnership's
equity in  earnings  from its  investment  in the New REIT for the three  months
ended March 31, 1997 compared to the  operation of the  exchanged  business park
facilities for the three months ended March 31, 1996:

<TABLE>
<CAPTION>

                                                            Three Months Ended March 31,
                                                        ------------------------------------
                                                            1997                  1996
                                                        ------------------ -----------------
     <S>                                                    <C>                   <C>
     Equity in earnings of real estate entity               $ 179,000             $       -
     Rental income                                                  -               729,000
     Cost of operations                                             -               325,000
                                                         ----------------      -------------
     Net operating income                                     179,000               404,000
     Depreciation                                                   -               320,000
                                                         ----------------      -------------
                                                            $ 179,000              $ 84,000
                                                         ================      =============
</TABLE>


     Depreciation   and   amortization   attributable   to   the   Partnership's
mini-warehouse  facilities  increased  $23,000 from $624,000 to $647,000 for the
three  months  ended March 31, 1996 and 1997,  respectively.  This  increase was
primarily  attributable to the depreciation of capital  expenditures made during
1995 and 1996.

     Minority  interest in income was  $882,000 in 1997  compared to $824,000 in
1996,  representing  an increase of $58,000,  or 7%. This increase was primarily
attributable  to an  increase in  operations  at the  Partnership's  real estate
facilities owned jointly with PSI.

     Interest expense in 1996 represents  interest on the Partnerhsips  mortgage
note payable that was paid off in September 1996.

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
($1,901,000  for the three months ended March 31, 1997) has been  sufficient  to
meet all current obligations of the Partnership.

     During  1997,  the  Partnership  anticipates  approximately  $1,004,000  of
capital  improvements (of which $428,000  represents PSI's joint venture share).
During 1995, the  Partnership's  property manager commenced a program to enhance
the  visual  appearance  of the  mini-warehouse  facilities.  Such  enhancements
include  new signs,  exterior  color  schemes,  and  improvements  to the rental
offices.  Total  capital  improvements  were $183,000 for the three months ended
March 31, 1997 of which $131,000 represents the Partnership's share.

     The  Partnership  paid  distributions  to the limited and general  partners
totaling $888,000 ($6.00 per unit) and $109,000, respectively,  during the first
three months of 1997. 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:           May 13, 1997
                            PS PARTNERS V, LTD.,
                            a California Limited Partnership
           BY:              Public Storage, Inc.
                            General Partner

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




                                        9