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, 2000
                               --------------

                                       or

[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934 [No Fee Required]

          For the transition period from               to
                                        ---------------  ---------------

Commission File Number 0-14476
                       -------

                               PS PARTNERS V, LTD.
                               -------------------
             (Exact name of registrant as specified in its charter)


               California                                       95-3979727
----------------------------------------                  ----------------------
     (State or other jurisdiction of                         (I.R.S. Employer
     incorporation or organization)                       Identification Number)


           701 Western Avenue
          Glendale, California                                  91201-2394
----------------------------------------                  ----------------------
(Address of principal executive offices)                        (Zip Code)

Registrant's telephone number, including area code:  (818) 244-8080
                                                     --------------


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports)  and  (2)  has  been  subject  to such  filing
requirements for the past 90 days.

                                    Yes X No
                                       ---  ---

<PAGE>

                                      INDEX


PART I.   FINANCIAL INFORMATION

         Condensed balance sheets at March 31, 2000
              and December 31, 1999                                            2

         Condensed statements of income for the three
               months ended March 31, 2000 and 1999                            3

         Condensed statements of cash flows for the
              three months ended March 31, 2000 and 1999                       4

         Notes to condensed financial statements                               5

         Management's discussion and analysis of financial condition
              and results of operations                                      6-8

PART II.  OTHER INFORMATION

         (Items 1 through 5 are not applicable)

         Item 6 - Exhibits and Reports on Form 8-K                             9

<PAGE>

                               PS PARTNERS V, LTD.
                            CONDENSED BALANCE SHEETS


<TABLE>
<CAPTION>
                                                                    March 31,        December 31,
                                                                       2000             1999
                                                                 -----------------------------------
                                                                   (Unaudited)
                                     ASSETS
                                     ------


<S>                                                                  <C>              <C>
Cash and cash equivalents                                             $2,613,000       $2,295,000

Rent and other receivables                                                     -            1,000

Real estate facility, at cost:
     Land                                                                574,000          574,000
     Buildings and equipment                                             980,000          978,000
                                                                 -----------------------------------
                                                                       1,554,000        1,552,000

     Less accumulated depreciation                                      (547,000)        (534,000)
                                                                 -----------------------------------
                                                                       1,007,000        1,018,000

Investment in real estate entities                                    31,265,000       31,560,000

Other assets                                                              22,000            2,000
                                                                 -----------------------------------

                                                                     $34,907,000      $34,876,000
                                                                 ===================================


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


Accounts payable                                                         $72,000         $120,000

Advance payments from renters                                              9,000           10,000

Partners' equity:
     Limited partners' equity, $500 per unit, 148,000
         units authorized, issued and outstanding                     34,382,000       34,302,000
     General partner's equity                                            444,000          444,000
                                                                 -----------------------------------

Total partners' equity                                                34,826,000       34,746,000
                                                                 -----------------------------------

                                                                     $34,907,000      $34,876,000
                                                                 ===================================
</TABLE>
                            See accompanying notes.
                                       2

<PAGE>

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


<TABLE>
<CAPTION>
                                                               Three Months Ended
                                                                   March 31,
                                                       -----------------------------------
                                                             2000              1999
                                                       -----------------------------------

REVENUE:

<S>                                                        <C>                 <C>
Rental income                                                 $69,000           $71,000
Equity in earnings of real estate entities                  1,045,000           800,000
Interest income                                                36,000            31,000
                                                       -----------------------------------
                                                            1,150,000           902,000
                                                       -----------------------------------

COSTS AND EXPENSES:

Cost of operations                                             26,000            28,000
Management fees                                                 4,000             4,000
Depreciation and amortization                                  13,000            14,000
Administrative                                                 30,000            25,000
                                                       -----------------------------------
                                                               73,000            71,000
                                                       -----------------------------------

NET INCOME                                                 $1,077,000          $831,000
                                                       ===================================

Limited partners' share of net income
     ($6.54 per unit in 2000 and
     $3.55 per unit in 1999)                                 $968,000          $526,000
General partner's share of net income                         109,000           305,000
                                                       -----------------------------------
                                                           $1,077,000          $831,000
                                                       ===================================
</TABLE>
                            See accompanying notes.
                                       3

<PAGE>

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


<TABLE>
<CAPTION>
                                                                               Three Months Ended
                                                                                   March 31,
                                                                      -------------------------------------
                                                                             2000              1999
                                                                      -------------------------------------

CASH FLOWS FROM OPERATING ACTIVITIES:

<S>                                                                        <C>                  <C>
     Net income                                                            $1,077,000           $831,000

     Adjustments to reconcile net income to net cash (used in)
         provided by operating activities

         Depreciation and amortization                                         13,000             14,000
         Decrease in rent and other receivables                                 1,000                  -
         Increase in other assets                                             (20,000)           (14,000)
         (Decrease) increase in accounts payable                              (48,000)             6,000
         Decrease in advance payments from renters                             (1,000)                 -
         Equity in earnings of real estate entities                        (1,045,000)          (800,000)
                                                                      -------------------------------------

             Total adjustments                                             (1,100,000)          (794,000)
                                                                      -------------------------------------

             Net cash (used in) provided by operating activities              (23,000)            37,000
                                                                      -------------------------------------

CASH FLOWS FROM INVESTING ACTIVITIES:

         Distributions from real estate entities                            1,340,000          1,182,000
         Additions to real estate facility                                     (2,000)            (3,000)
                                                                      -------------------------------------

             Net cash provided by investing activities                      1,338,000          1,179,000
                                                                      -------------------------------------

CASH FLOWS FROM FINANCING ACTIVITIES:

         Distributions to partners                                           (997,000)        (2,997,000)
                                                                      -------------------------------------

             Net cash used in financing activities                           (997,000)        (2,997,000)
                                                                      -------------------------------------

Net increase (decrease) in cash and cash equivalents                          318,000         (1,781,000)

Cash and cash equivalents at the beginning of the period                    2,295,000          2,702,000
                                                                      -------------------------------------

Cash and cash equivalents at the end of the period                         $2,613,000           $921,000
                                                                      =====================================
</TABLE>
                            See accompanying notes.
                                       4

<PAGE>

                               PS PARTNERS V, LTD.
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                 MARCH 31, 2000
                                   (UNAUDITED)

1.       The accompanying  unaudited  condensed  financial  statements have been
         prepared  pursuant to the rules and  regulations  of the Securities and
         Exchange  Commission.  Certain  information  and  footnote  disclosures
         normally included in financial  statements  prepared in accordance with
         generally accepted accounting principles have been condensed or omitted
         pursuant to such rules and regulations,  although  management  believes
         that  the  disclosures  contained  herein  are  adequate  to  make  the
         information   presented  not  misleading.   These  unaudited  condensed
         financial  statements  should be read in conjunction with the financial
         statements and related notes appearing in the  Partnership's  Form 10-K
         for the year ended December 31, 1999.

2.       In the opinion of  management,  the  accompanying  unaudited  condensed
         financial statements reflect all adjustments, consisting of only normal
         accruals,  necessary  to  present  fairly the  Partnership's  financial
         position at March 31,  2000,  the results of  operations  for the three
         months  ended  March  31,  2000 and 1999 and cash  flows  for the three
         months then ended.

3.       The results of operations for the three months ended March 31, 2000 are
         not  necessarily  indicative of the results to be expected for the full
         year.

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

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

                                                  Three Months Ended March 31,
                                                ------------------------------
                                                   2000                 1999
                                                -----------        -----------
  Total revenues........................        $39,672,000        $32,956,000
  Minority interest in income...........         $5,911,000         $2,966,000
  Net income............................        $11,716,000        $10,194,000

                                       5

<PAGE>

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


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

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

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

THREE MONTHS ENDED MARCH 31, 2000 COMPARED TO THREE MONTHS ENDED MARCH 31, 1999:

         Our net income for the three months ended March 31, 2000 was $1,077,000
compared to $831,000 for the three months ended March 31, 1999,  representing an
increase of $246,000,  or 29.6%.  The increase was primarily due to our share of
improved  property  operations at the real estate facilities in which we have an
interest  combined with a decrease in depreciation  expense allocated to us with
respect to the Joint Venture and increased interest income.

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

         Rental income for our wholly-owned  mini-warehouse property was $69,000
compared  to  $71,000  for the  three  months  ended  March  31,  2000 and 1999,
respectively,  representing  a decrease of $2,000,  or 2.8%.  Cost of operations
(including  management fees) decreased  $2,000, or 6.3%, to $30,000 from $32,000
for the three months ended March 31, 2000 and 1999,  respectively.  Accordingly,
for our  wholly-owned  mini-warehouse  property,  property net operating  income
remained  stable at $39,000 for the three  months ended March 31, 1999 and 2000,
respectively.

                                       6

<PAGE>

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

         Equity in earnings of real estate  entities was $1,045,000 in the three
months  ended March 31, 2000 as  compared  to $800,000  during the three  months
ended March 31, 1999,  representing an increase of $245,000,  or 30.6%. This was
due primarily to our share of improved  operating results at the Joint Venture's
mini-warehouses,  combined with a decrease in depreciation  expense allocated to
us with respect to the Joint Venture.

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

         Depreciation and amortization  decreased  $1,000, or 7.1%, from $14,000
to $13,000 for the three months ended March 31, 1999 and 2000, respectively.

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

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

THREE MONTHS ENDED MARCH 31, 2000 COMPARED TO THREE MONTHS ENDED MARCH 31, 1999:

         Rental income for the Mini-Warehouse Properties was $3,625,000 compared
to $3,548,000 for the three months ended March 31, 2000 and 1999,  respectively,
representing an increase of $77,000,  or 2.2%. The increase in rental income was
primarily   attributable  to  increased  rental  rates  at  the   Mini-Warehouse
Properties,  combined with increased average occupancy rates. The annual average
realized  rent per  square  foot for the  Mini-Warehouse  Properties  was  $8.87
compared  to  $8.76  for the  three  months  ended  March  31,  2000  and  1999,
respectively.  The  weighted  average  occupancy  levels  at the  Mini-Warehouse
Properties  increased  from 91% to 92% for the three months ended March 31, 1999
and 2000, respectively. Cost of operations (including management fees) increased
$11,000, or 0.8%, to $1,399,000 from $1,388,000 for the three months ended March
31, 2000 and 1999,  respectively.  This  increase is primarily  attributable  to
lower property tax expenses.  Accordingly,  for the  Mini-Warehouse  Properties,
property net operating income increased by $66,000,  or 3.1%, from $2,160,000 to
$2,226,000 for the three months ended March 31, 1999 and 2000, respectively.

                                       7

<PAGE>

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

         We have adequate  sources of cash to finance our operations,  both on a
short-term and long-term  basis,  primarily from internally  generated cash from
property  operations  and cash  reserves.  Cash  generated  from  operations and
distributions  from real estate entities  ($1,317,000 for the three months ended
March 31, 2000) has been sufficient to meet all our current obligations.

         During  2000,  we do not  anticipate  incurring  significant  costs for
capital improvements for our wholly-owned  property.  Total capital improvements
for the three  months  ended March 31, 2000 with  respect to this  property  was
$2,000.

         We 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 2000.  Future  distribution  rates may be adjusted to levels which are
supported  by  operating  cash flow  after  capital  improvements  and any other
necessary obligations.

Impact of Year 2000
-------------------

         The Year 2000 Issue arises  because many  computerized  systems use two
digits rather than four to identify a year. Date sensitive systems may recognize
the year 2000 as 1900 or some other date,  resulting in errors when  information
using year 2000 dates is processed.  In addition,  similar problems may arise in
some systems which use certain dates in 1999 to represent something other than a
date. Although the change in date to the year 2000 has occurred and no Year 2000
Issues have been identified,  it is not possible to conclude that all aspects of
the Year 2000  Issue  that may affect the  entity,  including  those  related to
customers, suppliers, or other third parties, have been fully resolved.

                                       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)      Reports on Form 8-K

                  None


                                   SIGNATURES

         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the  Registrant  has duly  caused  this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                            DATED:  May 12, 2000



                                    PS PARTNERS V, LTD.

                            BY:     Public Storage, Inc.
                                    General Partner



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

                                       9