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, 1998
                     -------------

                                       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 June 30, 1998
     and December 31, 1997                                                  2

Condensed consolidated statements of income for the three
     and six months ended June 30, 1998 and 1997                            3

Condensed consolidated statements of cash flows for the
     six months ended June 30, 1998 and 1997                                4-5

Notes to condensed consolidated financial statements                        6

Management's discussion and analysis of financial condition
     and results of operations                                              7-9

PART II.  OTHER INFORMATION

(Items 1 through 5 are not applicable)

Item 6 - Exhibits and Reports on Form 8-K                                   10


<PAGE>


                              PS PARTNERS V, LTD.,
                        a California Limited Partnership
                      CONDENSED CONSOLIDATED BALANCE SHEET



<TABLE>
<CAPTION>
                                                                        June 30,          December 31,
                                                                         1998               1997
                                                                    ----------------------------------
                                                                      (Unaudited)

                                     ASSETS


<S>                                                                   <C>                <C>       
Cash and cash equivalents                                              $2,271,000          $1,238,000

Rent and other receivables                                                 88,000              82,000

Real estate facilities, at cost:
    Land                                                               16,099,000          16,099,000
                                                                       56,614,000          56,486,000
                                                                    ----------------------------------
                                                                       72,713,000          72,585,000

    Less accumulated depreciation                                     (28,257,000)        (26,916,000)
                                                                    ----------------------------------
                                                                       44,456,000          45,669,000

Investment in real estate entity                                       22,663,000          22,612,000

Other assets                                                              144,000             137,000
                                                                    ----------------------------------

                                                                      $69,622,000         $69,738,000
                                                                    ==================================


                        LIABILITIES AND PARTNERS' EQUITY


Accounts payable                                                         $732,000            $786,000

Advance payments from renters                                             480,000             406,000

Minority interest in general partnerships                              31,472,000          31,335,000

Partners' equity:
    Limited partners' equity, $500 per unit, 148,000
      units authorized, issued and outstanding                         36,472,000          36,743,000
    General partners' equity                                              466,000             468,000
                                                                    ----------------------------------

         Total partners' equity                                        36,938,000         37,211,000
                                                                    ----------------------------------

                                                                      $69,622,000        $69,738,000
                                                                    ==================================
</TABLE>
                            See accompanying notes.
                                       2


<PAGE>


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


<TABLE>
<CAPTION>
                                                                    Three Months Ended                Six Months Ended
                                                                         June 30,                         June 30,
                                                              --------------------------------------------------------------
                                                                   1998            1997             1998            1997
                                                              --------------------------------------------------------------

       REVENUE:

       <S>                                                     <C>             <C>              <C>              <C>       
       Rental income                                           $3,574,000      $3,368,000       $7,006,000       $6,653,000
       Equity in income of real estate entity                     298,000         253,000          550,000          432,000
       Interest income                                             26,000           7,000           42,000           12,000
                                                              --------------------------------------------------------------
                                                                3,898,000       3,628,000        7,598,000        7,097,000
                                                              --------------------------------------------------------------

       COSTS AND EXPENSES:

       Cost of operations                                       1,110,000         980,000        2,180,000        1,999,000
       Management fees                                            216,000         202,000          422,000          399,000
       Depreciation and amortization                              671,000         651,000        1,341,000        1,298,000
       Administrative                                              45,000          42,000           67,000           63,000
                                                              --------------------------------------------------------------
                                                                2,042,000       1,875,000        4,010,000        3,759,000
                                                              --------------------------------------------------------------

       Income before minority interest                          1,856,000       1,753,000        3,588,000        3,338,000

       Minority interest in income                               (959,000)       (922,000)      (1,868,000)      (1,804,000)
                                                              --------------------------------------------------------------

       NET INCOME                                                $897,000        $831,000       $1,720,000       $1,534,000
                                                              ==============================================================

       Limited partners' share of net income
          ($10.17 per unit in 1998 and
          $8.93 per unit in 1997)                                                               $1,505,000       $1,321,000
       General partners' share of net income                                                       215,000          213,000
                                                                                           ---------------------------------
                                                                                                $1,720,000       $1,534,000
                                                                                           =================================
</TABLE>
                            See accompanying notes.
                                       3


<PAGE>


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


<TABLE>
<CAPTION>
                                                                                                  Six Months Ended
                                                                                                      June 30,
                                                                                          ----------------------------------
                                                                                                1998             1997
                                                                                          ----------------------------------

           CASH FLOWS FROM OPERATING ACTIVITIES:

              <S>                                                                             <C>               <C>       
              Net income                                                                      $1,720,000        $1,534,000

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

                  Depreciation and amortization                                                1,341,000         1,298,000
                  (Increase) decrease in rent and other receivables                               (6,000)           69,000
                  (Increase) decrease in other assets                                             (7,000)          135,000
                  Decrease in accounts payable                                                   (54,000)         (382,000)
                  Increase in advance payments from renters                                       74,000            18,000
                  Equity in income of real estate entity                                        (550,000)         (432,000)
                  Minority interest in income                                                  1,868,000         1,804,000
                                                                                          ----------------------------------

                    Total adjustments                                                          2,666,000         2,510,000
                                                                                          ----------------------------------

                    Net cash provided by operating activities                                  4,386,000         4,044,000
                                                                                          ----------------------------------

           CASH FLOWS FROM INVESTING ACTIVITIES:

              Distributions from real estate entity                                              499,000                 -
              Investment in real estate entity                                                         -           (33,000)
              Additions to real estate facilities                                               (128,000)         (272,000)
                                                                                          ----------------------------------

                    Net cash provided by (used in) investing activities                          371,000          (305,000)
                                                                                          ----------------------------------

           CASH FLOWS FROM FINANCING ACTIVITIES:

              Distributions to holder of minority interest                                    (1,731,000)       (1,611,000)
              Distributions to partners                                                       (1,993,000)       (1,994,000)
                                                                                          ----------------------------------

                    Net cash used in financing activities                                     (3,724,000)       (3,605,000)
                                                                                          ----------------------------------

           Net increase in cash and cash equivalents                                           1,033,000           134,000

           Cash and cash equivalents at the beginning of the period                            1,238,000           453,000
                                                                                          ----------------------------------

           Cash and cash equivalents at the end of the period                                 $2,271,000          $587,000
                                                                                          ==================================
</TABLE>
                            See accompanying notes.
                                       4

<PAGE>


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


<TABLE>
<CAPTION>
                                                                                            Six Months Ended
                                                                                                June 30,
                                                                                    ----------------------------------
                                                                                          1998             1997
                                                                                    ----------------------------------


Supplemental schedule of noncash investing and financing activities:


    <S>                                                                                     <C>         <C>          
    Investment in real estate entity                                                        $-          $(22,096,000)

    Transfer of real estate facilities for interest in real estate entity, net               -            22,096,000

</TABLE>
                            See accompanying notes.
                                       5


<PAGE>


                              PS PARTNERS V, LTD.,
                        a California Limited Partnership
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                  JUNE 30, 1998
                                   (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, 1997.

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 June 30,  1998,  the results of  operations  for the
     three and six months  ended  June 30,  1998 and 1997 and cash flows for the
     six months then ended.

3.   The results of operations  for the three and six months ended June 30, 1998
     are not  necessarily  indicative of the results to be expected for the full
     year.



                                       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 JUNE 30, 1998 COMPARED TO THREE MONTHS ENDED JUNE 30, 1997:

     The  Partnership's  net income for the three months ended June 30, 1998 was
$897,000  compared  to  $831,000  for the  three  months  ended  June 30,  1997,
representing an increase of $66,000, or 8%. The increase was primarily due to an
increase in property  operations at the  Partnership's  real estate  facilities,
combined with increased interest income,  partially offset by increased minority
interest in income for those properties held jointly with PSI.

     Rental  income  for  the   Partnership's   mini-warehouse   operations  was
$3,574,000  compared to $3,368,000  for the three months ended June 30, 1998 and
1997, respectively, representing an increase of $206,000, or 6%. The increase in
rental  income was  primarily  attributable  to  increased  rental  rates at the
Partnership's  facilities,  partially offset by decreased  occupancy levels. The
monthly average realized rent per square foot for the mini-warehouse  facilities
was $.72  compared  to $.67 for the three  months  ended June 30, 1998 and 1997,
respectively.  The  weighted  average  occupancy  levels  at the  mini-warehouse
facilities  decreased  from 94% to 93% for the three  months ended June 30, 1997
and 1998, respectively. Cost of operations (including management fees) increased
$144,000,  or 12%, to $1,326,000 from $1,182,000 for the three months ended June
30, 1998 and 1997,  respectively.  This increase was primarily  attributable  to
increases  in  advertising  and  promotion  (due  primarily  to the PSI national
telephone  reservations  center),  property tax,  payroll,  and office expenses.
Accordingly,  for the  Partnership's  mini-warehouse  operations,  property  net
operating income increased by $62,000,  or 3%, from $2,186,000 to $2,248,000 for
the three months ended June 30, 1997 and 1998, respectively.

     Interest income increased $19,000,  or 271%, from $7,000 to $26,000 for the
three  months  ended June 30, 1997 and 1998,  respectively.  This  increase  was
primarily attributable to increased average invested cash balances.

     Depreciation and amortization  increased  $20,000,  or 3%, from $651,000 to
$671,000 for the three months ended June 30, 1997 and 1998,  respectively.  This
increase was primarily  attributable to the depreciation of capital expenditures
made during 1997 and 1998.

     Minority  interest in income  increased  $37,000,  or 4%, to $959,000  from
$922,000 for the three months ended June 30, 1998 and 1997,  respectively.  This
increase  was  primarily  attributable  to an  increase  in  operations  at  the
Partnership's real estate facilities owned jointly with PSI.


                                       7


<PAGE>


SIX MONTHS ENDED JUNE 30, 1998 COMPARED TO SIX MONTHS ENDED JUNE 30, 1997:

     The  Partnership's  net income for the six months  ended June 30,  1998 was
$1,720,000  compared  to  $1,534,000  for the six months  ended  June 30,  1997,
representing an increase of $186,000,  or 12%. The increase was primarily due to
an increase in property  operations at the Partnership's real estate facilities,
combined with increased interest income,  partially offset by increased minority
interest in income for those properties held jointly with PSI.

     Rental  income  for  the   Partnership's   mini-warehouse   operations  was
$7,006,000  compared to  $6,653,000  for the six months  ended June 30, 1998 and
1997, respectively, representing an increase of $353,000, or 5%. The increase in
rental  income was  primarily  attributable  to  increased  rental  rates at the
mini-warehouse facilities,  combined with increased occupancy rates. The monthly
average realized rent per square foot for the mini-warehouse facilities was $.71
compared to $.68 for the six months ended June 30, 1998 and 1997,  respectively.
The weighted average occupancy levels at the mini-warehouse facilities increased
from 92% to 93% for the six months  ended June 30, 1997 and 1998,  respectively.
Cost of operations  (including  management fees) increased  $204,000,  or 9%, to
$2,602,000  from  $2,398,000  for the six months  ended June 30,  1998 and 1997,
respectively.   This  increase  was  primarily   attributable  to  increases  in
advertising  and  promotion  (due  primarily  to  the  PSI  national   telephone
reservations  center),  property  tax,  payroll,  and  repairs  and  maintenance
expenses. Accordingly, for the Partnership's mini-warehouse operations, property
net operating income increased by $149,000, or 4%, from $4,255,000 to $4,404,000
for the six months ended June 30, 1997 and 1998, respectively.

     Interest income increased $30,000, or 250%, from $12,000 to $42,000 for the
six  months  ended  June 30,  1997 and 1998,  respectively.  This  increase  was
primarily attributable to increased average invested cash balances.

     Depreciation and amortization  increased $43,000, or 3%, from $1,298,000 to
$1,341,000 for the six months ended June 30, 1997 and 1998,  respectively.  This
increase was primarily  attributable to the depreciation of capital expenditures
made during 1997 and 1998.

     Minority  interest in income was  $1,868,000 in 1998 compared to $1,804,000
in 1997, representing an increase of $64,000, or 4%. This increase was primarily
attributable  to an  increase in  operations  at the  Partnership's  real estate
facilities owned jointly with PSI.


                                       8


<PAGE>


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
($4,386,000  for the six months ended June 30, 1998) has been sufficient to meet
all current obligations of the Partnership.

     During 1998, the Partnership anticipates  approximately $771,000 of capital
improvements  (of which $314,000  represents  PSI's joint venture share).  Total
capital  improvements  were  $128,000  for the six months ended June 30, 1998 of
which $72,000 represents the Partnership's share.

     The  Partnership  paid  distributions  to the limited and general  partners
totaling  $1,776,000  ($12.00 per unit) and $217,000,  respectively,  during the
first six months of 1998.  Future  distribution  rates may be adjusted to levels
which are supported by operating  cash flow after capital  improvements  and any
other necessary obligations.


                                       9


<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:   August 13, 1998

                                      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)


                                       10