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, 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 June 30, 1997
         and December 31, 1996                                                 2

    Condensed consolidated statements of income for the three
         and six months ended June 30, 1997 and 1996                           3

    Condensed consolidated statements of cash flows for the
         six months ended June 30, 1997 and 1996                             4-5

    Notes to condensed consolidated financial statements                     6-7

    Management's discussion and analysis of financial condition
         and results of operations                                          8-11

PART II.  OTHER INFORMATION

    (Items 1 through 4 are not applicable)

    Item 5 - Other Information                                                12

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


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




                                                                                   June 30,          December 31,
                                                                                     1997               1996
                                                                              --------------------------------------
                                                                                  (Unaudited)
                                     ASSETS


<S>                                                                                   <C>                 <C>      
Cash and cash equivalents                                                             $ 587,000           $ 453,000

Rent and other receivables                                                               91,000             160,000

Real estate facilities, at cost:
    Land                                                                             16,100,000          25,610,000
    Buildings and equipment                                                          55,836,000          80,098,000
                                                                              --------------------------------------
                                                                                     71,936,000         105,708,000

    Less accumulated depreciation                                                   (25,596,000)        (36,248,000)
                                                                              --------------------------------------
                                                                                     46,340,000          69,460,000

Investment in real estate entity                                                     22,559,000                   -

Other assets                                                                            148,000             283,000
                                                                              --------------------------------------

                                                                                   $ 69,725,000        $ 70,356,000
                                                                              ======================================


                        LIABILITIES AND PARTNERS' EQUITY


Accounts payable                                                                      $ 424,000           $ 806,000

Advance payments from renters                                                           431,000             413,000

Mortgage notes payable                                                                        -                   -

Minority interest in general partnerships                                            31,250,000          31,057,000

Partners' equity:
    Limited partners' equity, $500 per unit, 148,000
      units authorized, issued and outstanding                                       37,148,000          37,603,000
    General partners' equity                                                            472,000             477,000
                                                                              --------------------------------------

      Total partners' equity                                                         37,620,000          38,080,000
                                                                              --------------------------------------

                                                                                   $ 69,725,000       $ 70,356,000
                                                                              ======================================


</TABLE>
                             See accompanying notes.
                                        2
<PAGE>
<TABLE>
<CAPTION>
                              PS PARTNERS V, LTD.,
                        a California Limited Partnership
                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                                   (UNAUDITED)



                                                                        Three Months Ended                Six Months Ended
                                                                             June 30,                         June 30,
                                                                  -----------------------------------------------------------------
                                                                       1997            1996             1997            1996
                                                                  -----------------------------------------------------------------

       REVENUE:

<S>                                                                  <C>             <C>              <C>              <C>        
       Rental income                                                 $ 3,368,000     $ 3,944,000      $ 6,653,000      $ 7,779,000
       Equity in income of real estate entity                            253,000               -          432,000                -
       Interest income                                                     7,000          29,000           12,000           54,000
                                                                  -----------------------------------------------------------------
                                                                       3,628,000       3,973,000        7,097,000        7,833,000
                                                                  -----------------------------------------------------------------

       COSTS AND EXPENSES:

       Cost of operations                                                980,000       1,332,000        1,999,000        2,605,000
       Management fees                                                   202,000         229,000          399,000          452,000
       Depreciation and amortization                                     651,000         952,000        1,298,000        1,896,000
       Interest expense                                                        -          72,000                -          143,000
       Administrative                                                     42,000          41,000           63,000           60,000
                                                                  -----------------------------------------------------------------
                                                                       1,875,000       2,626,000        3,759,000        5,156,000
                                                                  -----------------------------------------------------------------

       Income before minority interest                                 1,753,000       1,347,000        3,338,000        2,677,000

       Minority interest in income                                      (922,000)       (868,000)      (1,804,000)      (1,692,000)
                                                                  -----------------------------------------------------------------

       NET INCOME                                                      $ 831,000       $ 479,000      $ 1,534,000        $ 985,000
                                                                  =================================================================

       Limited partners' share of net income
          ($8.93 per unit in 1997 and $5.25
          per unit in 1996)                                                                           $ 1,321,000        $ 777,000
       General partners' share of net income                                                              213,000          208,000
                                                                                                  ---------------------------------
                                                                                                      $ 1,534,000        $ 985,000
                                                                                                  =================================

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


                                                                                                  Six Months Ended
                                                                                                      June 30,
                                                                                          ----------------------------------
                                                                                                1997             1996
                                                                                          ----------------------------------

           Cash flows from operating activities:
<S>                                                                                          <C>                 <C>      
              Net income                                                                     $ 1,534,000         $ 985,000

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

                  Depreciation and amortization                                                1,298,000         1,896,000
                  Decrease (increase) in rent and other receivables                               69,000            (8,000)
                  Decrease (increase) in other assets                                            135,000           (33,000)
                  Decrease in accounts payable                                                  (382,000)         (167,000)
                  Increase in advance payments from renters                                       18,000             4,000
                  Equity in income of real estate entity                                        (432,000)                -
                  Minority interest in income                                                  1,804,000         1,692,000
                                                                                          ----------------------------------

                    Total adjustments                                                          2,510,000         3,384,000
                                                                                          ----------------------------------

                    Net cash provided by operating activities                                  4,044,000         4,369,000
                                                                                          ----------------------------------

           Cash flows from investing activities:

              Investment in real estate entity                                                   (33,000)                -
              Additions to real estate facilities                                               (272,000)         (407,000)
                                                                                          ----------------------------------

                    Net cash used in investing activities                                       (305,000)         (407,000)
                                                                                          ----------------------------------

           Cash flows from financing activities:

              Principal payments on mortgage notes payable                                             -           (23,000)
              Distributions to holder of minority interest                                    (1,611,000)       (1,474,000)
              Distributions to partners                                                       (1,994,000)       (1,994,000)
                                                                                          ----------------------------------

                    Net cash used in financing activities                                     (3,605,000)       (3,491,000)
                                                                                          ----------------------------------

           Net increase in cash and cash equivalents                                             134,000           471,000

           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                                  $ 587,000       $ 2,530,000
                                                                                          ==================================
</TABLE>
                             See accompanying notes.
                                        4

<PAGE>
<TABLE>
<CAPTION>

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


                                                                                            Six Months Ended
                                                                                                June 30,
                                                                                    ---------------------------------
                                                                                          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
                                  JUNE 30, 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 June 30, 1997, the results of operations for the
          three and six months  ended June 30,  1997 and 1996 and cash flows for
          the six months then ended.

 3.       The results of operations  for the three and six months ended June 30,
          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

                                       6

<PAGE>
                              PS PARTNERS V, LTD.,
                        a California Limited Partnership
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                  JUNE 30, 1997
                                   (UNAUDITED)



          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.

 4.       (Continued)
          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 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  and six  months  ended  June  30,  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.


<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, 1997 COMPARED TO THREE MONTHS ENDED JUNE 30, 1996:

     The  Partnership's  net income for the three months ended June 30, 1997 was
$831,000  compared  to  $479,000  for the  three  months  ended  June 30,  1996,
representing an increase of $352,000,  or 73%. Excluding the 1996 operations for
the  Partnership's  business  park  facilities as compared to the 1997 equity in
income  of  real  estate  entity,  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
$3,368,000  compared to $3,186,000  for the three months ended June 30, 1997 and
1996, respectively, representing an increase of $182,000, 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 $.67 compared to $.64 for the
three months ended June 30, 1997 and 1996,  respectively.  The weighted  average
occupancy levels at the mini-warehouse  facilities increased from 93% to 94% for
the three months ended June 30, 1996 and 1997, respectively.  Cost of operations
(including  management  fees)  increased  $37,000,  or 3%,  to  $1,182,000  from
$1,145,000 for the three months ended June 30, 1997 and 1996, respectively. This
increase  was  primarily  attributable  to an increase in property  tax expense.
Accordingly,  for the  Partnership's  mini-warehouse  operations,  property  net
operating income increased by $145,000, or 7%, from $2,041,000 to $2,186,000 for
the three months ended June 30, 1996 and 1997, respectively.

     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
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.

                                       8
<PAGE>
                              PS PARTNERS V, LTD.,
                        a California Limited Partnership
                      MANAGEMENT'S DISCUSSION AND ANALYSIS
                OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

     The  Partnership  accounts for its  investment in 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 June 30,
1997 compared to the operation of the exchanged business park facilities for the
three months ended June 30, 1996:



                                                    Three Months Ended June 30,
                                                   ----------------------------
                                                       1997           1996
                                                   -----------     ------------
   Equity in earnings of real estate entity        $  253,000       $   -
   Rental income                                         -           758,000
   Cost of operations                                    -           416,000
                                                   -----------     ------------
   Net operating income                               253,000        342,000
   Depreciation                                          -           309,000
                                                   -----------     ------------
                                                    $  253,000      $ 33,000
                                                   ===========     ============



     Depreciation   and   amortization   attributable   to   the   Partnership's
mini-warehouse  facilities  increased  $8,000 from  $643,000 to $651,000 for the
three  months  ended June 30, 1996 and 1997,  respectively.  This  increase  was
primarily  attributable to the depreciation of capital  expenditures made during
1996 and 1997.

     Minority  interest in income  increased  $54,000,  or 6%, to $922,000  from
$868,000 for the three months ended June 30, 1997 and 1996,  respectively.  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 Partnership's  mortgage
note payable that was paid off in September 1996.

SIX MONTHS ENDED JUNE 30, 1997 COMPARED TO SIX MONTHS ENDED JUNE 30, 1996:

     The  Partnership's  net income for the six months  ended June 30,  1997 was
$1,534,000  compared  to  $985,000  for the six  months  ended  June  30,  1996,
representing an increase of $549,000,  or 56%. Excluding the 1996 operations for
the  Partnership's  business  park  facilities as compared to the 1997 equity in
income  of  real  estate  entity,  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
$6,653,000  compared to  $6,292,000  for the six months  ended June 30, 1997 and
1996, respectively, representing an increase of $361,000, or 6%. The increase in

                                       9
<PAGE>
                              PS PARTNERS V, LTD.,
                        a California Limited Partnership
                      MANAGEMENT'S DISCUSSION AND ANALYSIS
                OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

rental  income was  primarily  attributable  to  increased  rental  rates 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 six months ended
June 30, 1997 and 1996,  respectively.  The weighted average occupancy levels at
the  mini-warehouse  facilities  remained stable at 92% for the six months ended
June 30, 1996 and 1997. Cost of operations (including management fees) increased
$82,000,  or 4%, to $2,398,000 from $2,316,000 for the six months ended June 30,
1997 and  1996,  respectively.  This  increase  was  primarily  attributable  to
increases in property tax, advertising,  and management fee 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 $279,000,  or 7%, from $3,976,000 to $4,255,000 for the six months ended June
30, 1996 and 1997, respectively.

     The following table  summarizes the  Partnership's  equity in earnings from
its  investment  in the New REIT for the six months ended June 30, 1997 compared
to the operation of the exchanged  business park  facilities  for the six months
ended June 30, 1996:



                                                      Six Months Ended June 30,
                                                     ---------------------------
                                                         1997             1996
                                                     -----------      ----------
     Equity in earnings of real estate entity        $  432,000      $     -
     Rental income                                        -           1,487,000
     Cost of operations                                   -             741,000
                                                     -----------      ----------
     Net operating income                               432,000         746,000
     Depreciation                                         -             629,000
                                                     -----------      ----------
                                                     $  432,000       $ 117,000
                                                     -----------      ----------

     Depreciation   and   amortization   attributable   to   the   Partnership's
mini-warehouse  facilities  increased  $31,000 from $1,267,000 to $1,298,000 for
the six months  ended June 30, 1996 and 1997,  respectively.  This  increase was
primarily  attributable to the depreciation of capital  expenditures made during
1996 and 1997.

     Minority  interest in income was  $1,804,000 in 1997 compared to $1,692,000
in 1996,  representing  an  increase  of  $112,000,  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 Partnership's  mortgage
note payable that was paid off in September 1996.

                                       10
<PAGE>

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

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

     The  Partnership  has adequate  sources of cash to finance its  operations,
both on a short-term and long-term  basis,  primarily from internally  generated
cash from property operations and cash reserves.  Cash generated from operations
($4,044,000  for the six months ended June 30, 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.  This  program  continued  in 1997.  Total  capital  improvements  were
$272,000 for the six months ended June 30, 1997 of which $187,000 represents the
Partnership's share.

     The  Partnership  paid  distributions  to the limited and general  partners
totaling  $1,776,000  ($12.00 per unit) and $218,000,  respectively,  during the
first six 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.

                                       11
<PAGE>
                           PART II. OTHER INFORMATION

ITEMS 1 through 4 are not applicable.

Item 5   Other Information

     In August 1997,  PSI completed a cash tender offer,  which had commenced in
June 1997,  pursuant to which PSI acquired a total of 13,847 additional  limited
partnership units at $355 per Unit.

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, 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)
  
           
                                       12