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, 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 June 30, 2000
              and December 31, 1999                                          2

         Condensed statements of income for the three
              and six months ended June 30, 2000 and 1999                    3

         Condensed statements of cash flows for the
              six months ended June 30, 2000 and 1999                        4

         Notes to condensed financial statements                             5

         Management's discussion and analysis of financial condition
              and results of operations                                    6-9

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.
                            CONDENSED BALANCE SHEETS


<TABLE>
<CAPTION>
                                                                           June 30,        December 31,
                                                                             2000             1999
                                                                       -----------------------------------
                                                                         (Unaudited)
                                     ASSETS
                                     ------


<S>                                                                        <C>              <C>
Cash and cash equivalents                                                   $3,255,000       $2,295,000

Rent and other receivables                                                           -            1,000

Real estate facility, at cost:
     Land                                                                      574,000          574,000
     Buildings and equipment                                                   981,000          978,000
                                                                       -----------------------------------
                                                                             1,555,000        1,552,000

     Less accumulated depreciation                                            (560,000)        (534,000)
                                                                       -----------------------------------
                                                                               995,000        1,018,000

Investment in real estate entities                                          30,932,000       31,560,000

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

                                                                           $35,184,000      $34,876,000
                                                                       ===================================


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


Accounts payable                                                               $94,000         $120,000

Advance payments from renters                                                   12,000           10,000

Partners' equity:
     Limited partners' equity, $500 per unit, 148,000
         units authorized, issued and outstanding                           34,631,000       34,302,000
     General partner's equity                                                  447,000          444,000
                                                                       -----------------------------------

Total partners' equity                                                      35,078,000       34,746,000
                                                                       -----------------------------------

                                                                           $35,184,000      $34,876,000
                                                                       ===================================
</TABLE>
                            See accompanying notes.
                                       2

<PAGE>

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


<TABLE>
<CAPTION>
                                                               Three Months Ended                  Six Months Ended
                                                                    June 30,                           June 30,
                                                       ----------------------------------------------------------------------
                                                             2000              1999             2000             1999
                                                       ----------------------------------------------------------------------

REVENUE:

<S>                                                         <C>               <C>             <C>              <C>
Rental income                                                 $71,000           $71,000         $140,000         $142,000
Equity in earnings of real estate entities                  1,242,000           937,000        2,287,000        1,737,000
Interest income                                                54,000            15,000           90,000           46,000
                                                       ----------------------------------------------------------------------
                                                            1,367,000         1,023,000        2,517,000        1,925,000
                                                       ----------------------------------------------------------------------

COSTS AND EXPENSES:

Cost of operations                                             25,000            29,000           51,000           57,000
Management fees                                                 4,000             5,000            8,000            9,000
Depreciation and amortization                                  13,000            13,000           26,000           27,000
Administrative                                                 77,000            43,000          107,000           68,000
                                                       ----------------------------------------------------------------------
                                                              119,000            90,000          192,000          161,000
                                                       ----------------------------------------------------------------------

NET INCOME                                                 $1,248,000          $933,000       $2,325,000       $1,764,000
                                                       ======================================================================

Limited partners' share of net income
     ($14.22 per unit in 2000 and
     $9.13 per unit in 1999)                                                                  $2,105,000       $1,351,000
General partner's share of net income                                                            220,000          413,000
                                                                                          -----------------------------------
                                                                                              $2,325,000       $1,764,000
                                                                                          ===================================
</TABLE>
                            See accompanying notes.
                                       3

<PAGE>

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


<TABLE>
<CAPTION>
                                                                                         Six Months Ended
                                                                                             June 30,
                                                                               -------------------------------------
                                                                                      2000              1999
                                                                               -------------------------------------

CASH FLOWS FROM OPERATING ACTIVITIES:

     <S>                                                                            <C>                <C>
     Net income                                                                     $2,325,000         $1,764,000

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

         Depreciation and amortization                                                  26,000             27,000
         Decrease (increase) in rent and other receivables                               1,000             (1,000)
         Increase in other assets                                                            -            (14,000)
         Decrease in accounts payable                                                  (26,000)           (14,000)
         Increase in advance payments from renters                                       2,000              1,000
         Equity in earnings of real estate entities                                 (2,287,000)        (1,737,000)
                                                                               -------------------------------------

             Total adjustments                                                      (2,284,000)        (1,738,000)
                                                                               -------------------------------------

             Net cash (used in) provided by operating activities                        41,000             26,000
                                                                               -------------------------------------

CASH FLOWS FROM INVESTING ACTIVITIES:

         Distributions from real estate entities                                     2,915,000          2,695,000
         Additions to real estate facility                                              (3,000)            (4,000)
                                                                               -------------------------------------

             Net cash provided by investing activities                               2,912,000          2,691,000
                                                                               -------------------------------------

CASH FLOWS FROM FINANCING ACTIVITIES:

         Distributions to partners                                                  (1,993,000)        (3,994,000)
                                                                               -------------------------------------

             Net cash used in financing activities                                  (1,993,000)        (3,994,000)
                                                                               -------------------------------------

Net increase (decrease) in cash and cash equivalents                                   960,000         (1,277,000)

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                                  $3,255,000         $1,425,000
                                                                               =====================================
</TABLE>
                            See accompanying notes.
                                       4

<PAGE>

                               PS PARTNERS V, LTD.
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                  JUNE 30, 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 June 30, 2000,  the results of operations for the three and
         six  months  ended  June 30,  2000 and 1999 and cash  flows for the six
         months then ended.

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

                                                 Six Months Ended June 30,
                                            -----------------------------------
                                               2000                    1999
                                            -----------             -----------
  Total revenues.....................       $81,650,000             $68,053,000
  Minority interest in income........       $12,031,000              $6,400,000
  Net income.........................       $24,392,000             $21,290,000

                                       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 JUNE 30, 2000 COMPARED TO THREE MONTHS ENDED JUNE 30, 1999:

         Our net income for the three months ended June 30, 2000 was  $1,248,000
compared to $933,000 for the three months ended June 30, 1999,  representing  an
increase of $315,000,  or 33.8%.  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 increased interest income.

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

         Rental income for our  wholly-owned  mini-warehouse  property  remained
stable  at  $71,000  for  the  three  months  ended  June  30,  2000  and  1999,
respectively.  Cost of operations  (including management fees) decreased $5,000,
or 14.7%,  to $29,000  from $34,000 for the three months ended June 30, 2000 and
1999, respectively.  Accordingly,  for our wholly-owned mini-warehouse property,
property  net  operating  income  increased  $5,000,  or 13.5%,  to $42,000 from
$37,000 for the three months ended June 30, 2000 and 1999, respectively.

                                       6

<PAGE>

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

         Equity in earnings of real estate  entities was $1,242,000 in the three
months ended June 30, 2000 as compared to $937,000 during the three months ended
June 30,  1999,  representing  an increase of $305,000,  or 32.6%.  This was due
primarily  to our share of  improved  operating  results at the Joint  Venture's
mini-warehouses.

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

         Depreciation and amortization  remained stable at $13,000 for the three
months ended June 30, 1999 and 2000, respectively.

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

         Administrative  expense  increased  $34,000,  to  $77,000  in the three
months  ended June 30,  2000 as  compared to $43,000 in the same period in 1999,
due to timing of investor services related expenses.

SIX MONTHS ENDED JUNE 30, 2000 COMPARED TO SIX MONTHS ENDED JUNE 30, 1999:

         Our net income for the six months  ended June 30,  2000 was  $2,325,000
compared to $1,764,000 for the six months ended June 30, 1999,  representing  an
increase of $561,000,  or 31.8%.  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 increased interest income.

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

         Rental income for our wholly-owned mini-warehouse property was $140,000
compared  to  $142,000  for the  six  months  ended  June  30,  2000  and  1999,
respectively,  representing  a decrease of $2,000,  or 1.4%.  Cost of operations
(including  management fees) decreased $7,000, or 10.6%, to $59,000 from $66,000
for the six months ended June 30, 2000 and 1999, respectively.  Accordingly, for
our  wholly-owned   mini-warehouse  property,   property  net  operating  income
increased $5,000, or 6.6%, to $81,000 from $76,000 for the six months ended June
30, 1999 and 2000, respectively.

                                       7

<PAGE>

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

         Equity in earnings of real estate  entities was  $2,287,000  in the six
months ended June 30, 2000 as compared to $1,737,000 during the six months ended
June 30,  1999,  representing  an increase of $550,000,  or 31.7%.  This was due
primarily  to our share of  improved  operating  results at the Joint  Venture's
mini-warehouses.


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

         Depreciation and amortization  decreased  $1,000, or 3.7%, from $27,000
to $26,000 for the six months ended June 30, 1999 and 2000, respectively.

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

         Administrative expense increased $39,000, to $107,000 in the six months
ended June 30, 2000 as  compared  to $68,000 in the same period in 1999,  due to
timing of investor services related expenses.

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 JUNE 30, 2000 COMPARED TO THREE MONTHS ENDED JUNE 30, 1999:

         Rental income for the Mini-Warehouse Properties was $3,783,000 compared
to $3,647,000  for the three months ended June 30, 2000 and 1999,  respectively,
representing an increase of $136,000, or 3.7%. The increase in rental income was
primarily   attributable  to  increased  rental  rates  at  the   Mini-Warehouse
Properties,  offset partially by decreased  average  occupancy rates. The annual
average  realized  rent per square foot for the  Mini-Warehouse  Properties  was
$9.07  compared  to $8.79 for the three  months  ended  June 30,  2000 and 1999,
respectively.  The  weighted  average  occupancy  levels  at the  Mini-Warehouse
Properties  decreased  from 93% to 92% for the three  months ended June 30, 1999
and 2000, respectively. Cost of operations (including management fees) increased
$33,000,  or 2.5%, to $1,385,000 from $1,352,000 for the three months ended June
30, 2000 and 1999,  respectively.  This  increase is primarily  attributable  to
higher  advertising and payroll expense,  offset partially by lower property tax
and  repairs  and  maintenance  expenses.  Accordingly,  for the  Mini-Warehouse
Properties,  property net operating income increased by $103,000,  or 4.5%, from
$2,295,000  to  $2,398,000  for the three  months  ended June 30, 1999 and 2000,
respectively.
                                       8

<PAGE>

SIX MONTHS ENDED JUNE 30, 2000 COMPARED TO SIX MONTHS ENDED JUNE 30, 1999:

         Rental income for the Mini-Warehouse Properties was $7,408,000 compared
to  $7,195,000  for the six months  ended June 30, 2000 and 1999,  respectively,
representing an increase of $213,000, or 3.0%. The increase in rental income was
primarily   attributable  to  increased  rental  rates  at  the   Mini-Warehouse
Properties.   The  annual  average   realized  rent  per  square  foot  for  the
Mini-Warehouse  Properties  was $8.97 compared to $8.77 for the six months ended
June 30, 2000 and 1999,  respectively.  The weighted average occupancy levels at
the  Mini-Warehouse  Properties  remained stable at 92% for the six months ended
June 30, 1999 and 2000,  respectively.  Cost of operations (including management
fees)  increased  $44,000,  or 1.6%, to $2,784,000  from  $2,740,000 for the six
months ended June 30, 2000 and 1999,  respectively.  This  increase is primarily
attributable to higher  advertising  and payroll  expense,  offset  partially by
lower  property tax and office  expenses.  Accordingly,  for the  Mini-Warehouse
Properties,  property net operating income increased by $169,000,  or 3.7%, from
$4,455,000  to  $4,624,000  for the six  months  ended  June 30,  1999 and 2000,
respectively.

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  ($2,956,000  for the six months ended
June 30, 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 six months ended June 30, 2000 with respect to this property was $3,000.

         We 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 2000.  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)     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:  August 11, 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)

                                       10