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, 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 June 30, 1999
              and December 31, 1998                                        2

         Condensed statements of income for the three
              and six months ended June 30, 1999 and 1998                  3

         Condensed statements of cash flows for the
              six months ended June 30, 1999 and 1998                      4

         Notes to condensed financial statements                           5

         Management's discussion and analysis of financial condition
              and results of operations                                    6-11

PART II.  OTHER INFORMATION

         (Items 1 through 5 are not applicable)

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

<PAGE>

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


<TABLE>
<CAPTION>
                                                                                June 30,         December 31,
                                                                                  1999              1998
                                                                               -------------------------------
                                                                                (Unaudited)
                                     ASSETS
                                     ------

<S>                                                                            <C>                <C>
Cash and cash equivalents                                                       $1,425,000         $2,702,000

Rent and other receivables                                                           2,000              1,000

Real estate facility, at cost:
     Land                                                                          574,000            574,000
     Building and equipment                                                        977,000            973,000
                                                                               -------------------------------
                                                                                 1,551,000          1,547,000

     Less accumulated depreciation                                                (506,000)          (479,000)
                                                                               -------------------------------
                                                                                 1,045,000          1,068,000

Investment in real estate entities                                              32,203,000         33,161,000

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

                                                                               $34,692,000        $36,935,000
                                                                               ===============================


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

Accounts payable                                                                   $66,000            $80,000

Advance payments from renters                                                       10,000              9,000

Partners' equity:
     Limited partners' equity, $500 per unit, 148,000
         units authorized, issued and outstanding                               34,174,000         36,381,000
     General partners' equity                                                      442,000            465,000
                                                                               -------------------------------

Total partners' equity                                                          34,616,000        36,846,000
                                                                               -------------------------------

                                                                               $34,692,000       $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                Six Months Ended
                                                                      June 30,                         June 30,
                                                             -------------------------------------------------------------
                                                                1999            1998            1999             1998
                                                             -------------------------------------------------------------

REVENUE:

<S>                                                            <C>            <C>             <C>             <C>
Rental income                                                   $71,000        $84,000          $142,000        $166,000
Equity in earnings of real estate entities                      937,000        876,000         1,737,000       1,665,000
Interest income                                                  15,000         26,000            46,000          43,000
                                                             -------------------------------------------------------------
                                                              1,023,000        986,000         1,925,000       1,874,000
                                                             -------------------------------------------------------------

COSTS AND EXPENSES:

Cost of operations                                               29,000         27,000            57,000          53,000
Management fees                                                   5,000          5,000             9,000          10,000
Depreciation and amortization                                    13,000         12,000            27,000          24,000
Administrative                                                   43,000         45,000            68,000          67,000
                                                             -------------------------------------------------------------
                                                                 90,000         89,000           161,000         154,000
                                                             -------------------------------------------------------------

NET INCOME                                                     $933,000       $897,000        $1,764,000      $1,720,000
                                                             =============================================================

Limited partners' share of net income
     ($9.13 per unit in 1999 and
     $10.17 per unit in 1998)                                                                 $1,351,000      $1,505,000
General partners' share of net income                                                            413,000         215,000
                                                                                         ---------------------------------
                                                                                              $1,764,000      $1,720,000
                                                                                         =================================
</TABLE>
                            See accompanying notes.
                                       3

<PAGE>

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


<TABLE>
<CAPTION>
                                                                                        Six Months Ended
                                                                                            June 30,
                                                                                 ---------------------------------
                                                                                      1999             1998
                                                                                 ---------------------------------

CASH FLOWS FROM OPERATING ACTIVITIES:

<S>                                                                                 <C>              <C>
     Net income                                                                     $1,764,000       $1,720,000

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

         Depreciation and amortization                                                  27,000           24,000
         Increase in rent and other receivables                                         (1,000)          (2,000)
         Increase in other assets                                                      (14,000)          (3,000)
         Decrease in accounts payable                                                  (14,000)         (27,000)
         Increase in advance payments from renters                                       1,000            2,000
         Equity in earnings of real estate entities                                 (1,737,000)      (1,665,000)
                                                                                 ---------------------------------

             Total adjustments                                                      (1,738,000)      (1,671,000)
                                                                                 ---------------------------------

             Net cash provided by operating activities                                  26,000           49,000
                                                                                 ---------------------------------

CASH FLOWS FROM INVESTING ACTIVITIES:

         Distributions from real estate entities                                     2,695,000        2,877,000
         Additions to real estate facility                                              (4,000)          (1,000)
                                                                                 ---------------------------------

             Net cash provided by investing activities                               2,691,000        2,876,000
                                                                                 ---------------------------------

CASH FLOWS FROM FINANCING ACTIVITIES:

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

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

Net (decrease) increase in cash and cash equivalents                                (1,277,000)         932,000

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                                  $1,425,000       $1,934,000
                                                                                 =================================
</TABLE>
                            See accompanying notes.
                                       4

<PAGE>

                              PS PARTNERS V, LTD.,
                        a California Limited Partnership
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                  JUNE 30, 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 June 30, 1999,  the results of operations for the three and
         six  months  ended  June 30,  1999 and 1998 and cash  flows for the six
         months then ended.

3.       The results of  operations  for the three and six months ended June 30,
         1999 are not  necessarily  indicative of the results to be expected for
         the full year.

4.       In January 1997, the Partnership, 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  partners  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,
                                             -----------------------------------
                                                1999                    1998
                                             -----------             -----------
  Total revenues......................       $68,053,000             $43,967,000
  Minority interest in income.........        $6,400,000              $5,683,000
  Net income..........................       $21,290,000             $12,919,000

                                       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
--------------------------

         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  Exchange 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 that the Partnership has an interest in; the Partnership's ability to
effectively  compete in the markets that it does  business in; 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 that the Partnership has an interest in.

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

THREE MONTHS ENDED JUNE 30, 1999 COMPARED TO THREE MONTHS ENDED JUNE 30, 1998:

         The  Partnership's  net income for the three months ended June 30, 1999
was  $933,000  compared to $897,000  for the three  months  ended June 30, 1998,
representing  an increase of $36,000,  or 4%. The increase was  primarily due to
the  Partnership's  share of  improved  property  operations  at the real estate
facilities in which the Partnership has an interest.

         Rental  income  for  the  Partnership's   wholly-owned   mini-warehouse
property  was $71,000  compared to $84,000 for the three  months  ended June 30,
1999 and 1998,  respectively,  representing  a decrease of $13,000,  or 16%. The
decrease in rental income was primarily  attributable to decreased rental rates,
combined with decreased average  occupancy levels.  The monthly average realized
rent per square foot was $.62  compared to $.67 for the three  months ended June
30, 1999 and 1998, respectively. The weighted average occupancy levels decreased
from 92% to 86% for the three months ended June 30, 1998 and 1999, respectively.
Cost of operations  (including  management  fees)  increased  $2,000,  or 6%, to
$34,000  from  $32,000  for the  three  months  ended  June 30,  1999 and  1998,
respectively.  Accordingly,  for the Partnership's  wholly-owned  mini-warehouse
property,  property net  operating  income  decreased by $15,000,  or 29%,  from
$52,000  to  $37,000  for the  three  months  ended  June  30,  1998  and  1999,
respectively.

                                       6

<PAGE>

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

         Equity in earnings of real estate  entities  was  $937,000 in the three
months ended June 30, 1999 as compared to $876,000 during the three months ended
June  30,  1998,  representing  an  increase  of  $61,000,  or 7%.  This was due
primarily to the Partnership's  share of improved operating results at the Joint
Venture's mini-warehouses.

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

         Depreciation and amortization  increased $1,000 from $12,000 to $13,000
for the three months ended June 30, 1998 and 1999, respectively.

SIX MONTHS ENDED JUNE 30, 1999 COMPARED TO SIX MONTHS ENDED JUNE 30, 1998:

         The Partnership's net income for the six months ended June 30, 1999 was
$1,764,000  compared  to  $1,720,000  for the six months  ended  June 30,  1998,
representing  an increase of $44,000,  or 3%. The increase was  primarily due to
the  Partnership's  share of  improved  property  operations  at the real estate
facilities in which the Partnership has an interest.

         Rental  income  for  the  Partnership's   wholly-owned   mini-warehouse
property  was  $142,000  compared to $166,000  for the six months ended June 30,
1999 and 1998,  respectively,  representing  a decrease of $24,000,  or 15%. The
decrease in rental income was primarily  attributable to decreased rental rates,
combined with decreased average  occupancy levels.  The monthly average realized
rent per square foot was $.64 compared to $.67 for the six months ended June 30,
1999 and 1998,  respectively.  The weighted  average  occupancy levels decreased
from 92% to 83% for the six months  ended June 30, 1998 and 1999,  respectively.
Cost of operations  (including  management  fees)  increased  $3,000,  or 5%, to
$66,000  from  $63,000  for the  six  months  ended  June  30,  1999  and  1998,
respectively.  Accordingly,  for the Partnership's  wholly-owned  mini-warehouse
property,  property net  operating  income  decreased by $27,000,  or 26%,  from
$103,000  to  $76,000  for  the  six  months  ended  June  30,  1998  and  1999,
respectively.

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

         Equity in earnings of real estate  entities was  $1,737,000  in the six
months ended June 30, 1999 as compared to $1,665,000 during the six months ended
June  30,  1998,  representing  an  increase  of  $72,000,  or 4%.  This was due

                                       7

<PAGE>

primarily to the Partnership's  share of improved operating results at the Joint
Venture's mini-warehouses.

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

         Depreciation and amortization increased $3,000, or 13%, from $24,000 to
$27,000  for the six months  ended  June 30,  1998 and 1999,  respectively.  The
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 JUNE 30, 1999 COMPARED TO THREE MONTHS ENDED JUNE 30, 1998:

         Rental income for the Mini-Warehouse Properties was $3,647,000 compared
to $3,574,000  for the three months ended June 30, 1999 and 1998,  respectively,
representing  an increase of $73,000,  or 2%. The increase in rental  income was
primarily   attributable  to  increased  rental  rates  at  the   Mini-Warehouse
Properties.   The  monthly  average  realized  rent  per  square  foot  for  the
Mini-Warehouse  Properties  was $.73 compared to $.72 for the three months ended
June 30, 1999 and 1998,  respectively.  The weighted average occupancy levels at
the Mini-Warehouse  Properties remained stable at 93% for the three months ended
June 30, 1998 and 1999. Cost of operations (including management fees) increased
$26,000,  or 2%, to $1,352,000  from  $1,326,000 for the three months ended June
30, 1999 and 1998,  respectively.  This increase was primarily  attributable  to
increases  in  repairs  and  maintenance  and  advertising  and  promotion  (due
primarily to the PSI national telephone reservation center) expenses,  partially
offset by a decrease in payroll expenses.  Accordingly,  for the  Mini-Warehouse
Properties,  property net  operating  income  increased by $47,000,  or 2%, from
$2,248,000  to  $2,295,000  for the three  months  ended June 30, 1998 and 1999,
respectively.

SIX MONTHS ENDED JUNE 30, 1999 COMPARED TO SIX MONTHS ENDED JUNE 30, 1998:

         Rental income for the Mini-Warehouse Properties was $7,195,000 compared
to  $7,006,000  for the six months  ended June 30, 1999 and 1998,  respectively,
representing  an increase of $189,000,  or 3%. The increase in rental income was
primarily   attributable  to  increased  rental  rates  at  the   Mini-Warehouse
Properties,  partially offset by decreased  occupancy rates. The monthly average

                                       8

<PAGE>

realized  rent  per  square  foot  for the  Mini-Warehouse  Properties  was $.73
compared to $.71 for the six months ended June 30, 1999 and 1998,  respectively.
The weighted average occupancy levels at the Mini-Warehouse Properties decreased
from 93% to 92% for the six months  ended June 30, 1998 and 1999,  respectively.
Cost of operations  (including  management fees) increased  $138,000,  or 5%, to
$2,2740,000  from  $2,602,000  for the six months  ended June 30, 1999 and 1998,
respectively.   This  increase  was  primarily   attributable  to  increases  in
advertising  and  promotion  (due  primarily  to  the  PSI  national   telephone
reservation  center),   repairs  and  maintenance  and  property  tax  expenses.
Accordingly,  for the Mini-Warehouse  Properties,  property net operating income
increased by $51,000,  or 1%, from  $4,404,000 to $4,455,000  for the six months
ended June 30, 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 ($2,721,000 for the six months ended
June 30,  1999)  has been  sufficient  to meet all  current  obligations  of the
Partnership.

         During  1999,  the  Partnership  anticipates  approximately  $5,000  of
capital improvements for the Partnership's  wholly-owned property. Total capital
improvements were $4,000 for the six months ended June 30, 1999.

         The Partnership paid  distributions to the limited and general partners
totaling  $3,558,000  ($24.04 per unit) and $436,000,  respectively,  during the
first  six  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.

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

         The Partnership  utilizes Public  Storage,  Inc.'s ("PSI")  information
systems in connection with a cost sharing and administrative services agreement.
PSI has completed an assessment of all of its hardware and software applications
to identify  susceptibility  to what is commonly  referred to as the "Y2K Issue"
whereby certain computer programs have been written using two digits rather than
four to define the applicable  year. Any of PSI's computer  programs or hardware

                                       9

<PAGE>

with the Y2K Issue that have  date-sensitive  applications or embedded chips may
recognize  a date  using  "00" as the year  1900  rather  than  the  year  2000,
resulting  in   miscalculations   or  system  failure  causing   disruptions  of
operations.

         PSI has two phases in its process  with respect to each of its systems;
i)  assessment,  whereby PSI  evaluates  whether the system is Y2K compliant and
identifies  the plan of  action  with  respect  to  remediating  any Y2K  issues
identified  and ii)  implementation,  whereby PSI  completes  the plan of action
prepared in the  assessment  phase and  verifies  that Y2K  compliance  has been
achieved.

         Implementations have been completed on PSI's critical applications that
impact the Partnership,  such as the general ledger,  property  operations,  and
related  systems.  Contingency  plans have been  developed for use in case PSI's
assessment  may  have  not  been  able to  identify  all Y2K  issues,  or if the
implementations  were subsequently  determined to not fully remediate Y2K issues
that were  identified.  While PSI presently  believes that the impact of the Y2K
Issue on its  systems can be  mitigated,  if PSI's plan for  ensuring  Year 2000
compliance and the related  contingency plans were to fail, be insufficient,  or
not be implemented on a timely basis, Partnership operations could be materially
impacted.

         Certain  of  PSI's  other  non-computer  related  systems  that  may be
impacted by the Y2K Issue,  such as security systems,  have been evaluated.  PSI
expects the  implementation of the required solutions to be completed in advance
of December 31, 1999.  Based upon its  evaluation,  PSI has no reason to believe
that lack of compliance or failure of required solutions would materially impact
the Partnership's operations.

         The Partnership  exchanges electronic data with certain outside vendors
in the banking and payroll processing areas. The Partnership has been advised by
these  vendors that their  systems are or will be Year 2000  compliant,  but has
requested  a  Year  2000  compliance  certification  from  these  entities.  The
Partnership  is not aware of any other  vendors,  suppliers,  or other  external
agents with a Y2K Issue that would materially impact the  Partnership's  results
of operations,  liquidity, or capital resources. However, the Partnership has no
means of ensuring that external  agents will be Year 2000  compliant,  and there
can be no  assurance  that PSI has  identified  all such  external  agents.  The
inability of external agents to complete their Year 2000 compliance process in a
timely  fashion  could  materially   impact  the  Partnership.   The  effect  of
non-compliance by external agents is not determinable.

         The cost of PSI's  year 2000  compliance  activities  (which  primarily
consists of the costs of new  systems) to be  allocated  to the  Partnership  is
estimated at approximately  $148,000.  These costs are  capitalized.  PSI's year
2000 compliance efforts have not resulted in any significant  deferrals in other
information system projects.

                                       10

<PAGE>

         The costs of the  projects and the date on which PSI expects to achieve
Year 2000  Compliance  are based  upon  management's  best  estimates,  and were
derived  utilizing  numerous  assumptions  of  future  events.  There  can be no
assurance that these estimates will be achieved, and actual results could differ
materially  from  those  anticipated.  There  can be no  assurance  that PSI has
identified all potential Y2K Issues either within the Partnership,  at PSI or at
external  agents.  In  addition,  the  impact of the Y2K  issue on  governmental
entities and utility  providers and the resultant impact on the Partnership,  as
well as  disruptions  in the  general  economy,  may be  material  but cannot be
reasonably determined or quantified.

                                       11

<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: August 12, 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)

                                       12