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

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

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

     Notes to condensed consolidated financial statements                   6

     Management's discussion and analysis of financial condition
          and results of operations                                         7-8

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 CONSOLIDATED BALANCE SHEET



<TABLE>
<CAPTION>
                                                                                     March 31,         December 31,
                                                                                       1998               1997
                                                                              --------------------------------------
                                                                                    (Unaudited)

                                   ASSETS


<S>                                                                                 <C>                 <C>        
Cash and cash equivalents                                                           $ 1,645,000         $ 1,238,000

Rent and other receivables                                                               72,000              82,000

Real estate facilities, at cost:
    Land                                                                             16,099,000          16,099,000
    Buildings and equipment                                                          56,517,000          56,486,000
                                                                              --------------------------------------
                                                                                     72,616,000          72,585,000

    Less accumulated depreciation                                                   (27,586,000)        (26,916,000)
                                                                              --------------------------------------
                                                                                     45,030,000          45,669,000

Investment in real estate entity                                                     22,574,000          22,612,000

Other assets                                                                            145,000             137,000
                                                                              --------------------------------------

                                                                                   $ 69,466,000        $ 69,738,000
                                                                              ======================================


                      LIABILITIES AND PARTNERS' EQUITY


Accounts payable                                                                      $ 550,000           $ 786,000

Advance payments from renters                                                           456,000             406,000

Minority interest in general partnerships                                            31,422,000          31,335,000

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

                                                                                   $ 69,466,000       $ 69,738,000
                                                                              ======================================

</TABLE>
                            See accompanying notes.
                                       2
<PAGE>


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


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

REVENUE:

<S>                                                                                <C>                <C>        
Rental income                                                                      $ 3,432,000        $ 3,285,000
Equity in income of real estate entity                                                 252,000            179,000
Interest income                                                                         16,000              5,000
                                                                             ------------------------------------
                                                                                     3,700,000          3,469,000
                                                                             ------------------------------------

COSTS AND EXPENSES:

Cost of operations                                                                   1,070,000          1,019,000
Management fees                                                                        206,000            197,000
Depreciation and amortization                                                          670,000            647,000
Administrative                                                                          22,000             21,000
                                                                             ------------------------------------
                                                                                     1,968,000          1,884,000
                                                                             ------------------------------------

Income before minority interest                                                      1,732,000          1,585,000

Minority interest in income                                                           (909,000)          (882,000)
                                                                             ------------------------------------

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 CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)

<TABLE>
<CAPTION>

                                                                                            Three Months Ended
                                                                                                 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                                                   670,000           647,000
           Decrease (increase) in rent and other receivables                                10,000           (26,000)
           (Increase) decrease in other assets                                              (8,000)          142,000
           Decrease in accounts payable                                                   (236,000)         (277,000)
           Increase in advance payments from renters                                        50,000             9,000
           Equity in income of real estate entity                                         (252,000)         (179,000)
           Minority interest in income                                                     909,000           882,000
                                                                                   ----------------------------------

             Total adjustments                                                           1,143,000         1,198,000
                                                                                   ----------------------------------

             Net cash provided by operating activities                                   1,966,000         1,901,000
                                                                                   ----------------------------------

    CASH FLOWS FROM INVESTING ACTIVITIES:

       Distributions from real estate entity                                               290,000                 -
       Investment in real estate entity                                                          -           (33,000)
       Additions to real estate facilities                                                 (31,000)         (183,000)
                                                                                   ----------------------------------

             Net cash provided by (used in) investing activities                           259,000          (216,000)
                                                                                   ----------------------------------

    CASH FLOWS FROM FINANCING ACTIVITIES:

       Distributions to holder of minority interest                                       (822,000)         (737,000)
       Distributions to partners                                                          (996,000)         (997,000)
                                                                                   ----------------------------------

             Net cash used in financing activities                                      (1,818,000)       (1,734,000)
                                                                                   ----------------------------------

    Net increase (decrease) in cash and cash equivalents                                   407,000           (49,000)

    Cash and cash equivalents at the beginning of the period                             1,238,000           453,000
                                                                                   ----------------------------------

    Cash and cash equivalents at the end of the period                                 $ 1,645,000         $ 404,000
                                                                                   ==================================

</TABLE>
                            See accompanying notes.
                                       4
<PAGE>


                              PS PARTNERS V, LTD.,
                        a California Limited Partnership
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (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 entity                                                      $ -       $ (22,096,000)

    Transfer of real estate facilities for interest in real estate entity, net              -          22,096,000
 
</TABLE>
                            See accompanying notes.
                                       5


<PAGE>


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


1.     The accompanying  unaudited condensed  consolidated  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
       consolidated  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, 1997.

2.     In the  opinion  of  management,  the  accompanying  unaudited  condensed
       consolidated 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  and 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 business parks in exchange
       for a partnership interest in PSBPLP. The general partner of PSBPLP is PS
       Business Parks, Inc.


                                       6
<PAGE>


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


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
attributable  to an increase  in the  Partnership's  mini-warehouse  operations,
partially  offset by an  increase  in  minority  interest  in  income  for those
properties held in joint venture with PSI.

       Rental  income  for  the  Partnership's   mini-warehouse  operations  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  facilities.  The monthly average realized rent per
square foot for the mini-warehouse  facilities 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  facilities 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 Partnership's
mini-warehouse  operations,  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.

       Depreciation and amortization  increased $23,000, or 4%, from $647,000 to
$670,000 for the three months ended March 31, 1997 and 1998, respectively.  This
increase was primarily  attributable to the depreciation of capital expenditures
made during 1997 and 1998.

       Minority  interest in income was $909,000 in 1998 compared to $882,000 in
1997,  representing  an increase of $27,000,  or 3%. This increase was primarily
attributable  to an  increase in  operations  at the  Partnership's  real estate
facilities  owned  jointly  with  PSI,  partially  offset  by an  allocation  of
depreciation and  amortization  expense  (pursuant to the partnership  agreement
with respect to those real estate  facilities  which are jointly owned with PSI)
to PSI of $11,000 for the three months ended March 31, 1998 compared to none for
the same period in 1997.


                                       7
<PAGE>



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
($1,966,000  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  $771,000  of
capital  improvements (of which $314,000  represents PSI's joint venture share).
Total  capital  improvements  were  $31,000 for the three months ended March 31,
1998 of which $16,000 represents the Partnership's share.

       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.


                                       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 13, 1998
                                     PS PARTNERS V, LTD.,
                                     a California Limited Partnership
                             BY:     Public Storage, Inc.
                                     General Partner

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


                                       9