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, 1999
                     --------------

                                       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 balance sheets at March 31, 1999
              and December 31, 1998                                         2

         Condensed statements of income for the three
              months ended March 31, 1999 and 1998                          3

         Condensed statements of cash flows for the three
              months ended March 31, 1999 and 1998                          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.,
                        a California Limited Partnership
                             CONDENSED BALANCE SHEET


<TABLE>
<CAPTION>
                                                                       March 31,        December 31,
                                                                         1999               1998
                                                                   ------------------ -----------------
                                                                      (Unaudited)
                                    ASSETS
                                    ------

<S>                                                                      <C>              <C>       
Cash and cash equivalents                                                $921,000         $2,702,000

Rent and other receivables                                                  1,000              1,000

Real estate facility, at cost:
     Land                                                                 574,000            574,000
     Buildings and equipment                                              976,000            973,000
                                                                   ------------------ -----------------
                                                                        1,550,000          1,547,000

     Less accumulated depreciation                                       (493,000)          (479,000)
                                                                   ------------------ -----------------
                                                                        1,057,000          1,068,000

Investment in real estate entities                                     32,779,000         33,161,000

Other assets                                                               17,000              3,000
                                                                   ------------------ -----------------

                                                                      $34,775,000        $36,935,000
                                                                   ================== =================


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


Accounts payable                                                          $86,000            $80,000

Advance payments from renters                                               9,000              9,000

Partners' equity:
     Limited partners' equity, $500 per unit, 148,000
         units authorized, issued and outstanding                      34,237,000         36,381,000
     General partners' equity                                             443,000            465,000
                                                                   ------------------ -----------------

Total partners' equity                                                 34,680,000         36,846,000
                                                                   ------------------ -----------------

                                                                      $34,775,000        $36,935,000
                                                                   ================== =================
</TABLE>
                            See accompanying notes.
                                       2

<PAGE>

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


<TABLE>
<CAPTION>
                                                                          Three Months Ended
                                                                               March 31,
                                                                  ------------------------------------
                                                                        1999               1998
                                                                  ------------------ -----------------

REVENUE:

<S>                                                                      <C>               <C>    
Rental income                                                            $71,000           $82,000
Equity in earnings of real estate entities                               800,000           789,000
Interest income                                                           31,000            17,000
                                                                  ------------------ -----------------
                                                                         902,000           888,000
                                                                  ------------------ -----------------

COSTS AND EXPENSES:

Cost of operations                                                        28,000            26,000
Management fees                                                            4,000             5,000
Depreciation and amortization                                             14,000            12,000
Administrative                                                            25,000            22,000
                                                                  ------------------ -----------------
                                                                          71,000            65,000
                                                                  ------------------ -----------------

NET INCOME                                                              $831,000          $823,000
                                                                  ================== =================

Limited partners' share of net income
     ($3.55 per unit in 1999 and
     $4.84 per unit in 1998)                                            $526,000          $716,000
General partners' share of net income                                    305,000           107,000
                                                                  ------------------ -----------------
                                                                        $831,000          $823,000
                                                                  ================== =================
</TABLE>
                            See accompanying notes.
                                       3

<PAGE>

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


<TABLE>
<CAPTION>
                                                                            Three Months Ended
                                                                                March 31,
                                                                     ---------------------------------
                                                                          1999             1998
                                                                     ---------------- ----------------

CASH FLOWS FROM OPERATING ACTIVITIES:

     <S>                                                                 <C>             <C>     
     Net income                                                          $831,000        $823,000

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

         Depreciation and amortization                                     14,000          12,000
         Increase in rent and other receivables                                 -          (1,000)
         Increase in other assets                                         (14,000)         (3,000)
         Increase (decrease) in accounts payable                            6,000         (11,000)
         Equity in earnings of real estate entities                      (800,000)       (789,000)
                                                                     ---------------- ----------------

             Total adjustments                                           (794,000)       (792,000)
                                                                     ---------------- ----------------

             Net cash provided by operating activities                     37,000          31,000
                                                                     ---------------- ----------------

CASH FLOWS FROM INVESTING ACTIVITIES:

         Distributions from real estate entities                        1,182,000       1,283,000
         Additions to real estate facility                                 (3,000)              -
                                                                     ---------------- ----------------

             Net cash provided by investing activities                  1,179,000       1,283,000
                                                                     ---------------- ----------------

CASH FLOWS FROM FINANCING ACTIVITIES:

         Distributions to partners                                     (2,997,000)       (996,000)
                                                                     ---------------- ----------------

             Net cash used in financing activities                     (2,997,000)       (996,000)
                                                                     ---------------- ----------------

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

Cash and cash equivalents at the beginning of the period                2,702,000       1,002,000
                                                                     ---------------- ----------------

Cash and cash equivalents at the end of the period                       $921,000      $1,320,000
                                                                     ================ ================
</TABLE>
                            See accompanying notes.
                                        4

<PAGE>

                              PS PARTNERS V, LTD.,
                        a California Limited Partnership
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                 MARCH 31, 1999
                                   (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, 1998.

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,  1999,  the results of  operations  for the three
         months  ended  March  31,  1999 and 1998 and cash  flows  for the three
         months then ended.

3.       The results of operations for the three months ended March 31, 1999 are
         not  necessarily  indicative of the results to be expected for the full
         year.

4.       In January 1997,  the  Partnership,  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  Partnership's  and
         Joint Venture's  business parks in exchange for respective  partnership
         interests  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,
                                            ------------------------------------
                                               1999                     1998
                                            -----------------  -----------------
Total revenues.........................     $32,956,000              $18,334,000
Minority interest in income............      $2,966,000               $2,814,000
Net income.............................     $10,194,000               $5,063,000

                                       5

<PAGE>

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


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

         Management's Discussion and Analysis of Financial Condition and Results
of  Operations  contains  "forward  looking"  statements  that involve risks and
uncertainties  and are based upon a number of  assumptions.  Actual  results and
trends may differ  materially  depending  upon a number of factors.  Information
regarding these factors is contained in the Partnership's  Annual Report on Form
10-K for the fiscal year ended December 31, 1998.

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

THREE MONTHS ENDED MARCH 31, 1999 COMPARED TO THREE MONTHS ENDED MARCH 31, 1998:

         The  Partnership's net income for the three months ended March 31, 1999
was  $831,000  compared to $823,000  for the three  months ended March 31, 1998,
representing an increase of $8,000, or 1%. 

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

         Rental  income  for  the  Partnership's   wholly-owned   mini-warehouse
property  was $71,000  compared to $82,000 for the three  months ended March 31,
1999 and 1998,  respectively,  representing  decrease of $11,000,  or 13%.  This
decrease was  primarily  due to a decrease in average  occupancy  levels,  which
decreased  from 91% to 79% for the three  months  ended March 31, 1998 and 1999,
respectively.  Cost of operations  (including management fees) increased $1,000,
or 3%,  from  $31,000 to $32,000 for the three  months  ended March 31, 1998 and
1999,   respectively.    Accordingly,   for   the   Partnership's   wholly-owned
mini-warehouse property,  property net operating income decreased by $12,000, or
24%, from $51,000 to $39,000 for the three months ended March 31, 1998 and 1999,
respectively.

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

         Equity in earnings of real estate  entities  was  $800,000 in the three
months  ended March 31, 1999 as  compared  to $789,000  during the three  months
ended March 31, 1998,  representing an increase of $11,000,  or 1%. This was due
primarily to the Partnership's  share of improved operating results at the Joint
Venture's mini-warehouse properties.

                                       6

<PAGE>

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

         Depreciation and amortization  increased $2,000, or 17% from $12,000 to
$14,000 for the three months ended March 31, 1998 and 1999,  respectively.  This
increase was primarily  attributable to the depreciation of capital expenditures
made during 1998 and 1999.

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

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

THREE MONTHS ENDED MARCH 31, 1999 COMPARED TO THREE MONTHS ENDED MARCH 31, 1998:

         Rental income for the Mini-Warehouse Properties was $3,548,000 compared
to $3,432,000 for the three months ended March 31, 1999 and 1998,  respectively,
representing  an increase of $116,000,  or 3%. The increase in rental income was
primarily  attributable to increased rental rates, partially offset by decreased
occupancy levels at the Mini-Warehouse  Properties. The monthly average realized
rent per square foot for the Mini-Warehouse Properties was $.73 compared to $.70
for the three months ended March 31, 1999 and 1998,  respectively.  The weighted
average occupancy levels at the Mini-Warehouse  Properties decreased from 92% to
91% for the three  months ended March 31, 1998 and 1999,  respectively.  Cost of
operations  (including management fees) increased $112,000, or 9%, to $1,388,000
from   $1,276,000   for  the  three  months  ended  March  31,  1999  and  1998,
respectively.   This  increase  was  primarily   attributable  to  increases  in
advertising,  property  tax,  payroll,  and  repairs and  maintenance  expenses.
Accordingly,  for the Mini-Warehouse  Properties,  property net operating income
increased by $4,000 from  $2,160,000  to  $2,156,000  for the three months ended
March 31, 1998 and 1999, respectively.

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
and  distributions  from real estate  entities  ($1,219,000 for the three months
ended March 31, 1999) has been sufficient to meet all current obligations of the
Partnership.

                                       7

<PAGE>

         During  1999,  the  Partnership  anticipates  approximately  $5,000  of
capital improvements for the Partnership's  wholly-owned property. Total capital
improvements  were $3,000 for the three months ended March 31, 1999 with respect
to this property.

         The Partnership paid  distributions to the limited and general partners
totaling  $2,670,000  ($18.04 per unit) and $327,000,  respectively,  during the
first  three  months  of 1999.  Included  in these  distributions  were  special
distributions of a portion of the Partnership's operating reserve to the limited
and  general  partners  totaling  $1,782,000  ($12.04  per unit)  and  $218,000,
respectively.  Future  distribution  rates may be adjusted  to levels  which are
supported  by  operating  cash flow  after  capital  improvements  and any other
necessary obligations.

                                       8

<PAGE>

                           PART II. OTHER INFORMATION

ITEMS 1 through 5 are not applicable.

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

         (a)      The following Exhibits are included herein:

                  (27)     Financial Data Schedule

         (b)      Form 8-K

                  None

                                   SIGNATURES

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


                            DATED:  May 14, 1999



                                    PS PARTNERS V, LTD.,
                                    a California Limited Partnership

                            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