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, 2001
                     --------------

                                       or

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

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

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

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


                California                                      95-3979727
-----------------------------------------                 ----------------------
      (State or other jurisdiction of                        (I.R.S. Employer
      incorporation or organization)                      Identification Number)


            701 Western Avenue
           Glendale, California                                 91201-2349
-----------------------------------------                 ----------------------
 (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, 2001
              and December 31, 2000                                          2

         Condensed statements of income for the three
               months ended March 31, 2001 and 2000                          3

         Condensed statements of cash flows for the
              three months ended March 31, 2001 and 2000                     4

         Notes to condensed financial statements                           5-6

         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.
                            CONDENSED BALANCE SHEETS


<TABLE>
<CAPTION>
                                                                                    March 31,        December 31,
                                                                                       2001             2000
                                                                                 -----------------------------------
                                                                                   (Unaudited)
                                     ASSETS
                                     ------


<S>                                                                                   <C>              <C>
Cash and cash equivalents                                                             $1,459,000       $2,300,000

Rent and other receivables                                                               246,000          286,000

Real estate facility, at cost:
     Land                                                                                574,000          574,000
     Buildings and equipment                                                           1,016,000        1,016,000
                                                                                 -----------------------------------
                                                                                       1,590,000        1,590,000

     Less accumulated depreciation                                                      (601,000)        (587,000)
                                                                                 -----------------------------------
                                                                                         989,000        1,003,000

Investment in real estate entities                                                    31,850,000       30,704,000

Other assets                                                                              34,000           34,000
                                                                                 -----------------------------------

                                                                                     $34,578,000      $34,327,000
                                                                                 ===================================


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


Accounts payable                                                                          $4,000          $78,000

Advance payments from renters                                                              7,000            8,000

Partners' equity:
     Limited partners' equity, $500 per unit, 148,000
         units authorized, issued and outstanding                                     34,125,000       33,802,000
     General partner's equity                                                            442,000          439,000
                                                                                 -----------------------------------

Total partners' equity                                                                34,567,000       34,241,000
                                                                                 -----------------------------------

                                                                                     $34,578,000      $34,327,000
                                                                                 ===================================
</TABLE>
                            See accompanying notes.
                                       2

<PAGE>

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


<TABLE>
<CAPTION>
                                                               Three Months Ended
                                                                   March 31,
                                                       -----------------------------------
                                                             2001              2000
                                                       -----------------------------------

REVENUE:

<S>                                                           <C>               <C>
Rental income                                                 $69,000           $69,000
Equity in earnings of real estate entities                  1,345,000         1,045,000
Interest income                                                34,000            36,000
                                                       -----------------------------------
                                                            1,448,000         1,150,000
                                                       -----------------------------------

COSTS AND EXPENSES:

Cost of operations                                             30,000            26,000
Management fees                                                 4,000             4,000
Depreciation and amortization                                  14,000            13,000
Administrative                                                 27,000            30,000
                                                       -----------------------------------
                                                               75,000            73,000
                                                       -----------------------------------

NET INCOME                                                 $1,373,000        $1,077,000
                                                       ===================================

Limited partners' share of net income
     ($8.49 per unit in 2001 and
     $6.54 per unit in 2000)                               $1,256,000          $968,000
General partner's share of net income                         117,000           109,000
                                                       -----------------------------------
                                                           $1,373,000        $1,077,000
                                                       ===================================
</TABLE>
                            See accompanying notes.
                                       3

<PAGE>

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


<TABLE>
<CAPTION>
                                                                                        Three Months Ended
                                                                                            March 31,
                                                                               -------------------------------------
                                                                                      2001              2000
                                                                               -------------------------------------

Cash flows from operating activities:


<S>                                                                                 <C>                <C>
     Net income                                                                     $1,373,000         $1,077,000

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

         Depreciation and amortization                                                  14,000             13,000
         Decrease in rent and other receivables                                         40,000              1,000
         Increase in other assets                                                            -            (20,000)
         Decrease in accounts payable                                                  (74,000)           (48,000)
         Decrease in advance payments from renters                                      (1,000)            (1,000)
         Equity in earnings of real estate entities                                 (1,345,000)        (1,045,000)
                                                                               -------------------------------------

             Total adjustments                                                      (1,366,000)        (1,100,000)
                                                                               -------------------------------------

             Net cash provided by (used in) operating activities                         7,000            (23,000)
                                                                               -------------------------------------

Cash flows from investing activities:

         Distributions from real estate entities                                     1,394,000          1,340,000
         Contribution to real estate entities                                       (1,195,000)            (2,000)
                                                                               -------------------------------------

             Net cash provided by investing activities                                 199,000          1,338,000
                                                                               -------------------------------------

Cash flows from financing activities:

         Distributions to partners                                                  (1,047,000)          (997,000)
                                                                               -------------------------------------

             Net cash used in financing activities                                  (1,047,000)          (997,000)
                                                                               -------------------------------------

Net (decrease) increase in cash and cash equivalents                                  (841,000)           318,000

Cash and cash equivalents at the beginning of the period                             2,300,000         2,295,000
                                                                               -------------------------------------

Cash and cash equivalents at the end of the period                                  $1,459,000        $2,613,000
                                                                               =====================================
</TABLE>
                            See accompanying notes.
                                        4

<PAGE>

                               PS PARTNERS V, LTD.
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                 MARCH 31, 2001
                                   (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, 2000.

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,  2001,  the results of  operations  for the three
         months  ended  March  31,  2001 and 2000 and cash  flows  for the three
         months then ended.

3.       The results of operations for the three months ended March 31, 2001 are
         not  necessarily  indicative of the results to be expected for the full
         year.

4.       In January 1997, the Joint Venture, PSI, and other related partnerships
         transferred  a total of 35  business  parks to PS  Business  Parks,  LP
         ("PSBPLP"), an operating partnership formed to own and operate business
         parks in which  PSI has a  significant  interest.  Included  among  the
         properties  transferred  were the  Joint  Venture's  business  parks in
         exchange for a partnership  interest in PSBPLP.  The general partner of
         PSBPLP is PS Business Parks, Inc.

5.       In June  1998,  the  FASB  issued  Statement  of  Financial  Accounting
         Standards No. 133 ("SFAS 133"),  "Accounting for Derivative Instruments
         and  Hedging  Activities,"  as  amended  in June 2000 by  Statement  of
         Financial  Accounting  Standards No. 138 ("SFAS 138"),  "Accounting for
         Certain Derivative  Instruments and Certain Hedging  Activities," which
         requires  companies to recognize  all  derivatives  as either assets or
         liabilities  in the balance sheet and measure such  instruments at fair
         value.  The  Partnership  adopted  SFAS 133, as amended by SFAS 138, on
         January  1,  2001  and  the  adoption  had no  material  impact  on the
         Partnership's consolidated financial statements.

                                       5

<PAGE>

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

                                               Three Months Ended March 31,
                                           -----------------------------------
                                                 2001               2000
                                           ----------------  -----------------
Total revenues.........................    $43,580,000             $39,672,000
Minority interest in income............     $6,423,000              $5,911,000
Net income.............................    $13,452,000             $12,473,000

                                       6

<PAGE>

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


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

         When  used  within  this  document,  the words  "expects,"  "believes,"
"anticipates,"  "should,"  "estimates," and similar  expressions are intended to
identify "forward-looking statements" within the meaning of that term in Section
27A of the  Securities  Act of  1933,  as  amended,  and in  Section  21F of the
Securities  Exchange Act of 1934, as amended.  Such  forward-looking  statements
involve known and unknown risks,  uncertainties,  and other  factors,  which may
cause the actual  results and  performance  of the  Partnership to be materially
different  from those  expressed or implied in the forward  looking  statements.
Such factors include the impact of competition from new and existing real estate
facilities  which could  impact  rents and  occupancy  levels at the real estate
facilities in which the Partnership has an interest;  the Partnership's  ability
to effectively  compete in the markets in which it does business;  the impact of
the  regulatory  environment  as well as  national,  state,  and local  laws and
regulations including, without limitation, those governing Partnerships; and the
impact of general economic  conditions upon rental rates and occupancy levels at
the real estate facilities in which the Partnership has an interest.

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

THREE MONTHS ENDED MARCH 31, 2001 COMPARED TO THREE MONTHS ENDED MARCH 31, 2000:

         Our net income for the three months ended March 31, 2001 was $1,373,000
compared to $1,077,000  for the three months ended March 31, 2000,  representing
an increase of $296,000,  or 27.5%.  The increase was primarily due to our share
of improved  property  operations at the real estate facilities in which we have
an interest  combined with a decrease in depreciation  expense  allocated to the
Partnership with respect to the Joint Venture.

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

         Rental income for our  wholly-owned  mini-warehouse  property  remained
stable at $69,000 for the three  months  ended March 31, 2001 and 2000.  Cost of
operations  (including  management fees) increased  $4,000, or 13.3%, to $34,000
from $30,000 for the three  months ended March 31, 2001 and 2000,  respectively.
Accordingly,   for  our  wholly-owned   mini-warehouse  property,  property  net
operating  decreased  $4,000 to $35,000  from $39,000 for the three months ended
March 31, 2001 and 2000, respectively.

                                       7

<PAGE>

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

         Equity in earnings of real estate  entities was $1,345,000 in the three
months  ended March 31, 2001 as compared to  $1,045,000  during the three months
ended  March 31,  2000,  representing  an increase of  $300,000,  or 28.7%.  The
increase was primarily due to our share of improved  property  operations at the
Mini-warehouse Properties owned by the Joint Venture, a decrease in depreciation
expense allocated to the Partnership with respect to the Joint Venture,  and our
share of improved earnings of PSBPLP.

Interest Income
---------------

         Interest  income  decreased by $2,000 from $36,000 for the three months
ended March 31, 2000 to $34,000 for the three months ended March 31, 2001.

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

         Depreciation and amortization  increased  $1,000, or 7.7%, from $13,000
to $14,000 for the three months ended March 31, 2000 and 2001, respectively.

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

         Administrative expense decreased $3,000, to $27,000 in the three months
ended March 31, 2001 compared to $30,000 in the same period in 2000.

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

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

THREE MONTHS ENDED MARCH 31, 2001 COMPARED TO THREE MONTHS ENDED MARCH 31, 2000:

         Rental income for the Mini-Warehouse Properties was $3,867,000 compared
to $3,625,000 for the three months ended March 31, 2001 and 2000,  respectively,
representing an increase of $242,000, or 6.7%. The increase in rental income was
primarily   attributable  to  increased  rental  rates  at  the   Mini-Warehouse
Properties,  partially  offset by a decrease  in average  occupancy  rates.  The
annual average realized rent per square foot for the  Mini-Warehouse  Properties
was $9.54  compared to $8.87 for the three months ended March 31, 2001 and 2000,
respectively.  The  weighted  average  occupancy  levels  at the  Mini-Warehouse
Properties  decreased  from 92% to 89% for the three months ended March 31, 2000

                                       8

<PAGE>

and 2001, respectively. Cost of operations (including management fees) increased
$45,000, or 3.2%, to $1,444,000 from $1,399,000 for the three months ended March
31, 2001 and 2000,  respectively.  This  increase is primarily  attributable  to
higher   advertising   and  property   tax   expenses.   Accordingly,   for  the
Mini-Warehouse Properties,  property net operating income increased by $197,000,
or 8.8%, from $2,226,000 to $2,423,000 for the three months ended March 31, 2000
and 2001, respectively.

Liquidity and Capital Resources
-------------------------------

         We have adequate  sources of cash to finance our operations,  both on a
short-term and long-term  basis,  primarily from internally  generated cash from
property  operations  and cash  reserves.  Cash  generated  from  operations and
distributions  from real estate entities  ($1,401,000 for the three months ended
March 31, 2001) has been sufficient to meet all our current obligations.

         During  2001,  we do not  anticipate  incurring  significant  costs for
capital  improvements  for our  wholly-owned  property.  There  were no  capital
improvements  for the three  months  ended March 31,  2001 with  respect to this
property.  As previously  reported,  during 2000, the Joint Venture expanded its
San Antonio - Hackberry St.  facility for a total cost of $1,794,000.  The Joint
Venture paid these costs to an affiliate  in the first  quarter of 2001.  In the
first quarter of 2001, the Partnership made a capital  contribution to the Joint
Venture in the amount of $1,195,000, representing the Partnership's share of the
construction costs.

         We paid  distributions  to the limited and  general  partners  totaling
$932,000  ($6.30 per unit) and  $115,000,  respectively,  during the first three
months of 2001.  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:

                  None

         (b)      Reports on Form 8-K

                  None


                                   SIGNATURES

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


                          DATED:   May 14, 2001



                                   PS PARTNERS V, LTD.

                          BY:      Public Storage, Inc.
                                   General Partner



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

                                        10