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, 1997

                                       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 0-11186
                       -------

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



         California                                          95-3729108
----------------------------                            -------------------
(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 June 30, 1997
          and December 31, 1996                                             2

    Condensed consolidated statements of income for the three
         and six months ended June 30, 1997 and 1996                        3

    Condensed consolidated statements of cash flows for the
         six months ended June 30, 1997 and 1996                          4-5

    Notes to condensed consolidated financial statements                  6-7

    Management's discussion and analysis of financial condition
         and results of operations                                       8-12

PART II.  OTHER INFORMATION

    (Items 1 through 5 are not applicable)

    Item 6 - Exhibits and Reports on Form 8-K                              13





<PAGE>


                                PS PARTNERS, LTD.
                      CONDENSED CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>

                                                                                            June 30,          December 31,
                                                                                              1997                1996
                                                                                       ---------------------------------------
                                                                                           (Unaudited)
                                     ASSETS


     <S>                                                                                     <C>                 <C>      
     Cash and cash equivalents                                                               $ 500,000           $ 506,000

     Rent and other receivables                                                                 63,000              89,000

     Real estate facilities, at cost:
        Land                                                                                10,659,000          11,855,000
        Buildings and equipment                                                             44,428,000          46,862,000
                                                                                       ---------------------------------------
                                                                                            55,087,000          58,717,000

        Less accumulated depreciation                                                      (24,215,000)        (24,576,000)
                                                                                      ---------------------------------------
                                                                                            30,872,000          34,141,000

     Investment in real estate entity                                                        2,819,000                   -

     Other assets                                                                              141,000             205,000
                                                                                       ---------------------------------------

                                                                                          $ 34,395,000        $ 34,941,000
                                                                                       =======================================


                        LIABILITIES AND PARTNERS' EQUITY


     Accounts payable                                                                        $ 651,000           $ 654,000

     Advance payments from renters                                                             394,000             366,000

     Minority interest in general partnerships                                              20,243,000          20,668,000

     Partners' equity:
        Limited partners' equity, $500 per unit, 66,000
           units authorized, issued and outstanding                                         12,933,000          13,077,000
        General partner's equity                                                               174,000             176,000
                                                                                       ---------------------------------------

              Total partners' equity                                                        13,107,000          13,253,000
                                                                                       ---------------------------------------

                                                                                          $ 34,395,000        $ 34,941,000
                                                                                       =======================================
</TABLE>
                            See accompanying notes.
                                       2

<PAGE>


                                PS PARTNERS, LTD.
                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                                   (UNAUDITED)
<TABLE>
<CAPTION>


                                                                       Three Months Ended               Six Months Ended
                                                                            June 30,                        June 30,
                                                               ----------------------------------------------------------------
                                                                      1997           1996            1997             1996
                                                               ----------------------------------------------------------------

         REVENUE:

         <S>                                                     <C>            <C>              <C>             <C>        
         Rental income                                           $ 2,787,000    $ 2,820,000      $ 5,475,000     $ 5,515,000
         Equity in income of real estate entity                       55,000              -           93,000               -
         Interest income                                               7,000          7,000           14,000          13,000
                                                               ----------------------------------------------------------------
                                                                   2,849,000      2,827,000        5,582,000       5,528,000
                                                               ----------------------------------------------------------------

         COSTS AND EXPENSES:

         Cost of operations                                          867,000        882,000        1,790,000       1,843,000
         Management fees                                             167,000        168,000          328,000         328,000
         Depreciation and amortization                               584,000        598,000        1,161,000       1,189,000
         Administrative                                               28,000         27,000           44,000          42,000
                                                            
                                                               ----------------------------------------------------------------
                                                                   1,646,000      1,675,000        3,323,000       3,402,000
                                                               ----------------------------------------------------------------

         Income before minority interest                           1,203,000      1,152,000        2,259,000       2,126,000

         Minority interest in income                                (434,000)      (520,000)        (805,000)       (996,000)
                                                               ----------------------------------------------------------------

         NET INCOME                                                $ 769,000      $ 632,000      $ 1,454,000     $ 1,130,000
                                                               ================================================================

         Limited partners' share of net income
            ($19.41 per unit in 1997 and $14.55
            per unit in 1996)                                                                    $ 1,281,000       $ 960,000
         General partner's share of net income                                                       173,000         170,000
                                                                                              ---------------------------------

                                                                                                 $ 1,454,000     $ 1,130,000
                                                                                              =================================
</TABLE>
                            See accompanying notes.
                                       3



<PAGE>


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

<TABLE>
<CAPTION>

                                                                                                    Six Months Ended
                                                                                                        June 30,
                                                                                        ---------------------------------------
                                                                                                 1997               1996
                                                                                        ---------------------------------------

         CASH FLOWS FROM OPERATING ACTIVITIES:

            <S>                                                                              <C>                <C>        
            Net income                                                                       $ 1,454,000        $ 1,130,000

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

                Depreciation and amortization                                                  1,161,000          1,189,000
                Decrease in rent and other receivables                                            26,000             64,000
                Decrease (increase) in other assets                                               64,000            (29,000)
                Decrease in accounts payable                                                      (3,000)           (83,000)
                Increase in advance payments from renters                                         28,000             17,000
                Equity in income of real estate entity                                           (93,000)                 -
                Minority interest in income                                                      805,000            996,000
                                                                                        ---------------------------------------

                  Total adjustments                                                            1,988,000          2,154,000
                                                                                        ---------------------------------------

                  Net cash provided by operating activities                                    3,442,000          3,284,000
                                                                                        ---------------------------------------

         CASH FLOWS FROM INVESTING ACTIVITIES:

            Investment in real estate entity                                                      (3,000)                 -
            Additions to real estate facilities                                                 (615,000)          (266,000)
                                                                                        ---------------------------------------

                  Net cash used in investing activities                                         (618,000)          (266,000)
                                                                                        ---------------------------------------

         CASH FLOWS FROM FINANCING ACTIVITIES:

            Distributions to holder of minority interest                                      (1,230,000)        (1,250,000)
            Distributions to partners                                                         (1,600,000)        (1,601,000)
                                                                                        ---------------------------------------

                  Net cash used in financing activities                                       (2,830,000)        (2,851,000)
                                                                                        ---------------------------------------

         Net (decrease) increase in cash and cash equivalents                                     (6,000)           167,000

         Cash and cash equivalents at the beginning of the period                                506,000            511,000
                                                                                        ---------------------------------------

         Cash and cash equivalents at the end of the period                                    $ 500,000          $ 678,000
                                                                                        =======================================
</TABLE>
                            See accompanying notes.
                                       4


<PAGE>


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

<TABLE>
<CAPTION>

                                                                                                    Six Months Ended
                                                                                                        June 30,
                                                                                       ---------------------------------------
                                                                                                1997               1996
                                                                                       ---------------------------------------


         Supplemental schedule of noncash investing and financing activities:


            <S>                                                                               <C>                       <C>
            Investment in real estate entity                                                $ (2,724,000)             $-

            Transfer of real estate facilities for interest in real estate entity              2,724,000               -


</TABLE>
                            See accompanying notes.
                                       5


<PAGE>


                                PS PARTNERS, LTD.
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                  JUNE 30, 1997
                                   (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, 1996.


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 June 30,  1997,  the results of  operations  for the
     three and six months  ended  June 30,  1997 and 1996 and cash flows for the
     six months then ended.


3.   The results of operations  for the three and six months ended June 30, 1997
     are not  necessarily  indicative of the results to be expected for the full
     year.


4.   Effective January 2, 1997, Public Storage,  Inc. ("PSI"), the Partnership's
     general  partner,  formed a new private real estate  investment trust named
     American  Office  Park  Properties,  Inc.  ("AOPP")  which  will  focus its
     investment efforts on the ownership and management of commercial properties
     (also  referred to as business park  facilities).  In  connection  with the
     formation of AOPP, PSI and affiliated  partnerships  transferred commercial
     properties to a newly created  partnership  underlying AOPP in exchange for
     limited  partnership   interests  (AOPP  and  the  underlying   partnership
     collectively  referred to as the "New REIT"). The Partnership  participated
     in the  initial  transaction  by  exchanging  its Signal  Hill,  California
     business park property, which was owned jointly by the Partnership and PSI,
     for 150,000 limited partnership units, which represented approximately 2.2%
     of the  initial  capitalization  of the  partnership  underlying  AOPP.  In
     addition, since January 1997, New REIT manages the commercial operations of
     the Partnership's Webster, Texas property.


                                       6
<PAGE>



4.   (Continued) 

     The number of limited  partnership  units received by the  Partnership  was
     based on the  relative  fair market value of the  Partnership's  commercial
     property  exchanged  compared  to the  aggregate  of all other real  estate
     assets   exchanged  for  limited   partnership   units  in  the  underlying
     partnership.  The Partnership's  limited partnership units, pursuant to the
     terms and  conditions  of the governing  documents,  are  convertible  into
     shares of common stock of AOPP.


     The  general  partners  believe  that  the   concentration  of  PSI's,  the
     Partnership's and affiliate entities'  commercial  properties into a single
     entity will create a vehicle which should  facilitate future growth in this
     segment  of  the  real  estate  industry.  PSI,  the  Partnership  and  the
     affiliates transferring real estate assets to the New REIT will participate
     in the growth through their ownership interests in the New REIT.


     The  Partnership  accounts for its  investment in New REIT using the equity
     method of  accounting;  accordingly,  equity  in  earnings  of real  estate
     entity, as reflected on the Partnership's statement of income for the three
     and six months ended June 30, 1997,  reflects  the  Partnership's  pro rata
     share  of the  earnings  of the New  REIT.  The  investment  was  initially
     recorded at the Partnership's net book value of its Signal Hill, California
     property  exchanged  for  limited  partnership  units.  The  investment  is
     subsequently  adjusted for the  Partnership's  pro rata share of income and
     distributions from the underlying partnership of the New REIT.



                                       7
<PAGE>


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


Results of Operations:
---------------------

THREE MONTHS ENDED JUNE 30, 1997 COMPARED TO THREE MONTHS ENDED JUNE 30, 1996:

     The Partnership's net income was $769,000 and $632,000 for the three months
ended  June  30,  1997 and  1996,  respectively,  representing  an  increase  of
$137,000, or 22%. The increase was primarily due to reduced minority interest in
income for those  properties  held  jointly with PSI and an increase in property
operations at the Partnership's real estate facilities.

     Net property  income  (rental income less cost of operations and management
fees and  excluding  depreciation)  for the three  months  ended  June 30,  1997
decreased  $17,000 as rental  income  decreased  $33,000 and cost of  operations
(including  management  fees  and  excluding   depreciation  expense)  decreased
$16,000, or 2%, compared to the same period in 1996. Net property income for the
three months ended June 30, 1997  excludes  property  operations  for the Signal
Hill,  California business park facility,  which was transferred to the New REIT
in January 1997.  Excluding  Signal Hill  operations  for the three months ended
June 30,  1996,  net  property  income for the three  months ended June 30, 1997
increased $46,000, or 3%, as rental income increased $86,000, or 3%, and cost of
operations increased $40,000, or 4%, compared to the three months ended June 30,
1996.

     Rental  income  for  the   Partnership's   mini-warehouse   operations  was
$2,740,000  compared to $2,651,000  for the three months ended June 30, 1997 and
1996, respectively,  representing an increase of $89,000, or 3%. The increase in
rental income was primarily  attributable to increased rental rates. The monthly
average realized rent per square foot for the mini-warehouse facilities was $.63
compared  to  $.60  for  the  three   months  ended  June  30,  1997  and  1996,
respectively.  The  weighted  average  occupancy  levels  at the  mini-warehouse
facilities  remained  stable at 90% for the three months ended June 30, 1997 and
1996. Cost of operations  (including  management  fees) for the  mini-warehouses
increased $42,000, or 4%, to $1,012,000 from $970,000 for the three months ended
June 30, 1997 and 1996,  respectively.  The increase in cost of  operations  was
primarily  attributable to increases in advertising expenses.  Accordingly,  for
the  Partnership's  mini-warehouse  operations,  property net  operating  income
increased  $47,000,  or 3%, from  $1,681,000 to $1,728,000  for the three months
ended June 30, 1996 and 1997, respectively.

     Rental income for the  Partnership's  business-park  operations was $47,000
compared  to  $169,000  for the  three  months  ended  June  30,1997  and  1996,
respectively,  representing  a  decrease  of  $122,000,  or 72%.  Excluding  the
operations of the Signal Hill property,  rental income decreased  $3,000, or 6%,
to $47,000  from  $50,000  for the three  months  ended June 30 , 1997 and 1996,
respectively.  The decrease in rental  income was  primarily  attributable  to a
decrease in occupancy  levels,  partially offset by an increase in rental rates.
The  weighted  average  occupancy  level  at the  Partnership's  Webster,  Texas




                                    8
<PAGE>

business park facilities was 89% compared to 96% for the three months ended June
30, 1997 and 1996,  respectively.  The monthly average  realized rent per square
foot for the Webster  facility  was $.71  compared to $.70 for the three  months
ended  June 30,  1997 and  1996,  respectively.  Cost of  operations  (including
management  fees) for the business parks decreased  $58,000,  or 73%, to $22,000
from $80,000 for the three  months  ended June 30, 1997 and 1996,  respectively.
Excluding  the  operations  of the  Signal  Hill  property,  cost of  operations
decreased $2,000, or 8%, to $22,000 from $24,000 for the three months ended June
30, 1997 and 1996,  respectively.  Accordingly,  for the Partnership's  business
park facilities,  property net operating  income  decreased by $64,000,  or 72%,
from  $89,000  to $25,000  for the three  months  ended June 30,  1996 and 1997,
respectively.  Excluding the operations  for the Signal Hill property,  property
net operating  income  decreased by $1,000 from $26,000 to $25,000 for the three
months ended June 30, 1996 and 1997, respectively.

     Effective January 2, 1997, Public Storage,  Inc. ("PSI"), the Partnership's
general  partner,  formed a new  private  real  estate  investment  trust  named
American Office Park Properties,  Inc.  ("AOPP") which will focus its investment
efforts on the ownership and management of commercial properties.  In connection
with  the  formation  of  AOPP,  PSI  and  affiliated  partnerships  transferred
commercial properties to a newly created partnership underlying AOPP in exchange
for  limited  partnership   interests  (AOPP  and  the  underlying   partnership
collectively referred to as the "New REIT"). The Partnership participated in the
initial  transaction  by exchanging  its Signal Hill,  California  business park
property,  which was owned  jointly  by the  Partnership  and PSI,  for  150,000
limited  partnership units, which represented  approximately 2.2% of the initial
capitalization  of the partnership  underlying AOPP. In addition,  since January
1997, New REIT manages the commercial  operations of the Partnership's  Webster,
Texas property.

      The  Partnership  accounts for its investment in New REIT using the equity
method of accounting. The following table summarizes the Partnership's equity in
earnings from its investment in the New REIT for the three months ended June 30,
1997  compared to the  operation of the Signal Hill,  California  business  park
facility for the three months ended June 30, 1996:


                                                 Three Months Ended June 30,
                                              ---------------------------------
                                                   1997               1996
                                              ---------------   ---------------

Equity in earnings of real estate entity        $  55,000         $         -
Rental income                                           -             119,000
Cost of operations                                      -              56,000
                                              ---------------   ---------------
Net operating income                               55,000              63,000
Depreciation                                            -              42,000
                                              ---------------   ---------------
                                                $  55,000           $  21,000
                                              ===============   ===============

                                       9
<PAGE>


     Minority interest in income decreased $86,000 to $434,000 from $520,000 for
the three months ended June 30, 1997 and 1996,  respectively.  This decrease was
primarily  attributable  to the  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 $315,000  for the three
months  ended June 30, 1997  compared  to $223,000  for the same period in 1996,
partially offset by an increase in operations at the  Partnership's  real estate
facilities owned jointly with PSI.

SIX MONTHS ENDED JUNE 30, 1997 COMPARED TO SIX MONTHS ENDED JUNE 30, 1996:

     The  Partnership's  net income was  $1,454,000  and  $1,130,000 for the six
months ended June 30, 1997 and 1996,  respectively,  representing an increase of
$324,000, or 29%. The increase was primarily due to reduced minority interest in
income for those  properties  held  jointly with PSI and an increase in property
operations at the Partnership's real estate facilities.

     Net property  income  (rental income less cost of operations and management
fees  and  excluding  depreciation)  for the six  months  ended  June  30,  1997
increased  $13,000 as rental  income  decreased  $40,000 and cost of  operations
(including  management  fees  and  excluding   depreciation  expense)  decreased
$53,000, or 2%, compared to the same period in 1996. Net property income for the
six months ended June 30, 1997 excludes property operations for the Signal Hill,
California  business park facility,  which was  transferred to AOPPLP in January
1997.  Excluding  Signal Hill operations for the six months ended June 30, 1996,
net property  income for the six months ended June 30, 1997 increased  $137,000,
or 4%,  as rental  income  increased  $184,000,  or 4%,  and cost of  operations
increased $47,000, or 5%, compared to the six months ended June 30, 1996.

     Rental  income  for  the   Partnership's   mini-warehouse   operations  was
$5,381,000  compared to  $5,190,000  for the six months  ended June 30, 1997 and
1996, respectively, representing an increase of $191,000, or 4%. The increase in
rental income was primarily  attributable to increased  rental rates,  partially
offset by decreased average occupancy levels.  The monthly average realized rent
per square foot for the mini-warehouse  facilities was $.62 compared to $.60 for
the six months ended June 30, 1997 and 1996, respectively.  The weighted average
occupancy levels at the  mini-warehouse  facilities were 88% and 89% for the six
months ended June 30, 1997 and 1996, respectively. Cost of operations (including
management fees) for the  mini-warehouses  increased  $46,000 to $2,068,000 from
$2,022,000  for the six months ended June 30, 1997 and 1996,  respectively.  The
increase in cost of  operations  was  primarily  attributable  to an increase in
advertising   expense.   Accordingly,   for  the  Partnership's   mini-warehouse
operations,  property  net  operating  income  increased  $145,000,  or 5%, from
$3,168,000  to  $3,313,000  for the six  months  ended  June 30,  1996 and 1997,
respectively.


                                       10
<PAGE>

     Rental income for the  Partnership's  business-park  operations was $94,000
compared  to  $325,000  for the  six  months  ended  June  30,  1997  and  1996,
respectively,  representing  a  decrease  of  $231,000,  or 71%.  Excluding  the
operations of the Signal Hill property,  rental income decreased  $7,000, or 7%,
to  $94,000  from  $101,000  for the six months  ended  June 30,  1997 and 1996,
respectively.  The decrease in rental  income was  primarily  attributable  to a
decrease in  occupancy  levels.  The  weighted  average  occupancy  level at the
Partnership's  Webster,  Texas business park  facilities was 90% compared to 97%
for the six  months  ended June 30,  1997 and 1996,  respectively.  The  monthly
average realized rent per square foot for the Webster  facility  remained stable
at $.70 for the six months ended June 30, 1997 and 1996,  respectively.  Cost of
operations (including management fees) for the business parks decreased $99,000,
or 66%,  to $50,000  from  $149,000  for the six months  ended June 30, 1997 and
1996,  respectively.  Excluding the operations of the Signal Hill property, cost
of  operations  increased  $1,000,  or 2%, to $50,000  from  $49,000 for the six
months  ended  June  30,  1997  and  1996,  respectively.  Accordingly,  for the
Partnership's business park facilities,  property net operating income decreased
by $132,000,  or 75%, from $176,000 to $44,000 for the six months ended June 30,
1996 and 1997,  respectively.  Excluding  the  operations  for the  Signal  Hill
property,  property  net  operating  income  decreased by $8,000,  or 15%,  from
$52,000 to $44,000 for the six months ended June 30, 1996 and 1997.

      The following table summarizes the  Partnership's  equity in earnings from
its  investment  in the New REIT for the six months ended June 30, 1997 compared
to the operation of the Signal Hill,  California  business park facility for the
six months ended June 30, 1996:


                                                 Six Months Ended June 30,
                                               -----------------------------
                                                    1997            1996
                                               --------------   ------------
Equity in earnings of real estate entity         $  93,000      $         -
Rental income                                            -          224,000
Cost of operations                                       -          100,000
                                               --------------   ------------
Net operating income                                93,000          124,000
Depreciation                                             -           83,000
                                               --------------   ------------
                                                 $  93,000      $    41,000
                                               ==============   ============

     Minority  interest in income  decreased  $191,000 to $805,000 from $996,000
for the six months ended June 30, 1997 and 1996, respectively. This decrease was
primarily  attributable  to the  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  $626,000  for the six
months  ended June 30, 1997  compared  to $390,000  for the same period in 1996,
partially offset by an increase in operations at the  Partnership's  real estate
facilities owned jointly with PSI.

                                       11
<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
($3,442,000  for the six months ended June 30, 1997) has been sufficient to meet
all current obligations of the Partnership.

     During 1997, the Partnership anticipates  approximately $940,000 of capital
improvements (of which $378,000  represents  PSI's joint venture share).  During
1995,  the  Partnership's  property  manager  commenced a program to enhance the
visual appearance of the mini-warehouse  facilities.  Such enhancements  include
new signs,  exterior color schemes, and improvements to the rental offices. This
program continued in 1997. Total capital  improvements were $615,000 for the six
months ended June 30, 1997 of which $373,000 represents the Partnership's share.

     The  Partnership  paid  distributions  to the limited and general  partners
totaling  $1,426,000  ($21.60 per unit) and $174,000,  respectively,  during the
first six months of 1997.  Future  distribution  rates may be adjusted to levels
which are supported by operating  cash flow after capital  improvements  and any
other obligations.


                                       12
<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 13, 1997
                                 PS PARTNERS, LTD.
                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)
                                   

                                       13