UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-Q/A

[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities  Exchange
Act of 1934

For the period ended March 31, 1998
                     --------------

                                       or

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

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

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

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


              California                                       95-397972
---------------------------------------                  ----------------------
   (State or other jurisdiction of                          (I.R.S. Employer
    incorporation or organization)                       Identification Number)

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


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

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

                                    Yes X No
                                       ---  ---

<PAGE>

                                      INDEX




PART I.   FINANCIAL INFORMATION

         Condensed balance sheets at March 31, 1998
              and December 31, 1997                                          2

         Condensed statements of income for the three
              months ended March 31, 1998 and 1997                           3

         Condensed statements of cash flows for the three
              months ended March 31, 1998 and 1997                           4-5

         Notes to condensed financial statements                             6

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

PART II.  OTHER INFORMATION

         (Items 1 through 5 are not applicable)

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

<PAGE>

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

<TABLE>
<CAPTION>
                                                                                   March 31,         December 31,
                                                                                      1998              1997
                                                                               -------------------------------------
                                                                                  (Unaudited)
                                                                           (Restated - See Note 5)
                                     ASSETS
                                     ------


<S>                                                                                  <C>                <C>       
Cash and cash equivalents                                                             $1,320,000         $1,002,000

Rent and other receivables                                                                 1,000                  -

Real estate facility, at cost:
     Land                                                                                574,000            574,000
     Buildings and equipment                                                             956,000            956,000
                                                                               -------------------------------------
                                                                                       1,530,000          1,530,000

     Less accumulated depreciation                                                      (442,000)          (430,000)
                                                                               -------------------------------------
                                                                                       1,088,000          1,100,000

Investment in real estate entities                                                    34,696,000         35,190,000

Other assets                                                                              17,000             14,000
                                                                               -------------------------------------

                                                                                     $37,122,000        $37,306,000
                                                                               =====================================


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


Accounts payable                                                                         $71,000            $82,000

Advance payments from renters                                                             13,000             13,000

Partners' equity:
     Limited partners' equity, $500 per unit, 148,000
         units authorized, issued and outstanding                                     36,571,000         36,743,000
     General partners' equity                                                            467,000            468,000
                                                                               -------------------------------------

Total partners' equity                                                                37,038,000         37,211,000
                                                                               -------------------------------------

                                                                                     $37,122,000        $37,306,000
                                                                               =====================================
</TABLE>
                            See accompanying notes.
                                       2

<PAGE>

                              PS PARTNERS V, LTD.,
                        a California Limited Partnership
                         CONDENSED STATEMENTS OF INCOME
                             (Restated - See Note 5)
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                      Three Months Ended
                                                                                           March 31,
                                                                              ------------------------------------
                                                                                     1998              1997
                                                                              ------------------------------------

REVENUE:

<S>                                                                                    <C>                <C>    
Rental income                                                                           $82,000            $77,000
Equity in earnings of real estate entities                                              789,000            685,000
Interest income                                                                          17,000              5,000
                                                                              ------------------------------------
                                                                                        888,000            767,000
                                                                              ------------------------------------

COSTS AND EXPENSES:

Cost of operations                                                                       26,000             26,000
Management fees                                                                           5,000              5,000
Depreciation and amortization                                                            12,000             12,000
Administrative                                                                           22,000             21,000
                                                                              ------------------------------------
                                                                                         65,000             64,000
                                                                              ------------------------------------

NET INCOME                                                                             $823,000           $703,000
                                                                              ====================================

Limited partners' share of net income
     ($4.84 per unit in 1998 and
     $4.03 per unit in 1997)                                                           $716,000           $597,000
General partners' share of net income                                                   107,000            106,000
                                                                              ------------------------------------
                                                                                       $823,000           $703,000
                                                                              ====================================
</TABLE>
                            See accompanying notes.
                                       3

<PAGE>

                              PS PARTNERS V, LTD.,
                        a California Limited Partnership
                       CONDENSED STATEMENTS OF CASH FLOWS
                             (Restated - See Note 5)
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                            March 31,
                                                                                ----------------------------------
                                                                                      1998             1997
                                                                                ----------------------------------

CASH FLOWS FROM OPERATING ACTIVITIES:

     <S>                                                                             <C>               <C>     
     Net income                                                                        $823,000          $703,000

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

         Depreciation and amortization                                                   12,000            12,000
         Increase in rent and other receivables                                          (1,000)          (94,000)
         (Increase) decrease in other assets                                             (3,000)           12,000
         (Decrease) increase in accounts payable                                        (11,000)           45,000
         Decrease in advance payments from renters                                            -            (1,000)
         Equity in earnings of real estate entities                                    (789,000)         (685,000)
                                                                                ----------------------------------

             Total adjustments                                                         (792,000)         (711,000)
                                                                                ----------------------------------

             Net cash provided by (used in) operating activities                         31,000            (8,000)
                                                                                ----------------------------------

CASH FLOWS FROM INVESTING ACTIVITIES:

         Distributions from real estate entities                                      1,283,000           947,000
         Investment in real estate entities                                                   -            (2,000)
         Additions to real estate facility                                                    -           (15,000)
                                                                                ----------------------------------

             Net cash provided by investing activities                                1,283,000           930,000
                                                                                ----------------------------------

CASH FLOWS FROM FINANCING ACTIVITIES:

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

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

Net increase (decrease) in cash and cash equivalents                                    318,000           (75,000)

Cash and cash equivalents at the beginning of the period                              1,002,000           194,000
                                                                                ----------------------------------

Cash and cash equivalents at the end of the period                                   $1,320,000          $119,000
                                                                                ==================================
</TABLE>
                            See accompanying notes.
                                       4

<PAGE>

                              PS PARTNERS V, LTD.,
                        a California Limited Partnership
                       CONDENSED STATEMENTS OF CASH FLOWS
                             (Restated - See Note 5)
                                   (UNAUDITED)
                                   (Continued)

<TABLE>
<CAPTION>
                                                                                          Three Months Ended
                                                                                               March 31,
                                                                                   ----------------------------------
                                                                                         1998             1997
                                                                                   ----------------------------------


Supplemental schedule of noncash investing and financing activities:


     <S>                                                                                   <C>          <C>         
     Investment in real estate entities                                                    $-           $(6,608,000)

     Transfer of real estate facility for interest in real estate entities, net             -             6,608,000

</TABLE>
                            See accompanying notes.
                                       5

<PAGE>

                              PS PARTNERS V, LTD.,
                        a California Limited Partnership
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                 MARCH 31, 1998
                                   (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/A
         for the year ended December 31, 1997.

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,  1998,  the results of  operations  for the three
         months  ended  March  31,  1998 and 1997 and cash  flows  for the three
         months then ended.

3.       The results of operations for the three months ended March 31, 1998 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.       Previously,  the  Partnership  consolidated  the Joint  Venture  in its
         financial statements.  The accompanying  financial statements have been
         restated to de-consolidate  the Joint Venture.  This restatement had no
         impact upon net income or Partner's Equity.

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

                                                   Three Months Ended March 31,
                                                   ----------------------------
                                                      1998             1997
                                                   -----------      ----------- 
  Total revenues...........................        $18,334,000       $9,429,000
  Minority interest in income..............         $2,814,000       $1,813,000
  Net income...............................         $5,063,000       $1,327,000

                                       6
<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/A for the fiscal year ended December 31, 1997.

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

THREE MONTHS ENDED MARCH 31, 1998 COMPARED TO THREE MONTHS ENDED MARCH 31, 1997:

         The  Partnership's net income for the three months ended March 31, 1998
was  $823,000  compared to $703,000  for the three  months ended March 31, 1997,
representing an increase of $120,000,  or 17%. This increase is primarily due to
the  Partnership's  share of  improved  property  operations  at the real estate
facilities  that the Partnership has an interest in combined with an increase in
interest income.

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

         Rental  income  for  the  Partnership's   wholly-owned   mini-warehouse
property  was $82,000  compared to $77,000 for the three  months ended March 31,
1998 and 1997, respectively,  representing an increase of $5,000, or 6%. Cost of
operations  (including management fees) remained stable at $31,000 for the three
months  ended  March  31,  1998 and  1997,  respectively.  Accordingly,  for the
Partnership's  wholly-owned  mini-warehouse  property,  property  net  operating
income increased by $5,000, or 11%, from $46,000 to $51,000 for the three months
ended March 31, 1997 and 1998, respectively.

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

         Equity in earnings of real estate  entities  was  $789,000 in the three
months  ended March 31, 1998 as  compared  to $685,000  during the three  months
ended March 31, 1997, representing an increase of $104,000, or 15%. This was due
primarily to the Partnership's  share of improved operating results at the Joint
Venture's mini-warehouse properties.

                                       7

<PAGE>

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

         Depreciation and amortization  remained stable at $12,000 for the three
months ended March 31, 1997 and 1998, respectively.

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, 1998 COMPARED TO THREE MONTHS ENDED MARCH 31, 1997:

         Rental income for the Mini-Warehouse Properties was $3,432,000 compared
to $3,285,000 for the three months ended March 31, 1998 and 1997,  respectively,
representing  an increase of $147,000,  or 4%. The increase in rental income was
primarily  attributable  to increased  rental rates and occupancy  levels at the
Mini-Warehouse Properties. The monthly average realized rent per square foot for
the  Mini-Warehouse  Properties  was $.70  compared to $.68 for the three months
ended March 31, 1998 and 1997,  respectively.  The  weighted  average  occupancy
levels at the Mini-Warehouse  Properties increased from 91% to 92% for the three
months  ended  March  31,  1997  and  1998,  respectively.  Cost  of  operations
(including  management  fees)  increased  $60,000,  or 5%,  to  $1,276,000  from
$1,216,000  for the three  months  ended March 31, 1998 and 1997,  respectively.
This increase was primarily  attributable to increases in advertising,  property
tax, and repairs and maintenance expenses.  Accordingly,  for the Mini-Warehouse
Properties,  property net  operating  income  increased by $87,000,  or 4%, from
$2,069,000  to  $2,156,000  for the three  months ended March 31, 1997 and 1998,
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  ($1,314,000 for the three months
ended March 31, 1998) has been sufficient to meet all current obligations of the
Partnership.

         During  1998,  the  Partnership  anticipates  approximately  $39,000 of
capital improvements for the Partnership's  wholly-owned  property.  As of March
31, 1998 the Partnership has not made any capital improvements.

                                       8

<PAGE>

         The Partnership paid  distributions to the limited and general partners
totaling $888,000 ($6.00 per unit) and $108,000, respectively,  during the first
three months of 1998. Future  distribution rates may be adjusted to levels which
are supported by operating  cash flow after capital  improvements  and any other
necessary obligations.

                                       9

<PAGE>

                           PART II. OTHER INFORMATION

ITEMS 1 through 5 are not applicable.

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

         (a)      The following Exhibits are included herein:

                  (27)     Financial Data Schedule

         (b)      Form 8-K

                  None

                                   SIGNATURES

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


                             DATED: March 18, 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)

                                       10