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, 2002
                     --------------

                                       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 0-14475
                       -------

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


               California                                      95-3931619
----------------------------------------                 ----------------------
     (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, 2002
              and December 31, 2001                                           2

         Condensed statements of income for the three
              months ended March 31, 2002 and 2001                            3

         Condensed statements of cash flows for the
              three months ended March 31, 2002 and 2001                      4

         Notes to condensed financial statements                            5-6

         Management's discussion and analysis of financial condition
              and results of operations                                    7-11

PART II.  OTHER INFORMATION

         (Items 1 through 5 are not applicable)

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

<PAGE>

                              PS PARTNERS IV, LTD.
                            CONDENSED BALANCE SHEETS


<TABLE>
<CAPTION>
                                                                                    March 31,       December 31,
                                                                                       2002             2001
                                                                                 -----------------------------------
                                                                                   (Unaudited)
                                     ASSETS


<S>                                                                                   <C>              <C>
Cash and cash equivalents                                                             $2,267,000       $1,741,000

Rent and other receivables                                                                22,000           55,000

Real estate facility, at cost:
     Land                                                                                101,000          101,000
     Buildings and equipment                                                           1,579,000        1,577,000
                                                                                 -----------------------------------
                                                                                       1,680,000        1,678,000

     Less accumulated depreciation                                                      (880,000)        (862,000)
                                                                                 -----------------------------------
                                                                                         800,000          816,000

Investment in real estate entities                                                    13,943,000       14,364,000

Other assets                                                                               3,000            2,000
                                                                                 -----------------------------------

                                                                                     $17,035,000      $16,978,000
                                                                                 ===================================


                        LIABILITIES AND PARTNERS' EQUITY


Accounts payable                                                                         $85,000         $183,000

Advance payments from renters                                                             13,000           10,000

Partners' equity:
     Limited partners' equity, $500 per unit, 128,000
         units authorized, issued and outstanding                                     16,685,000       16,534,000
     General partner's equity                                                            252,000          251,000
                                                                                 -----------------------------------

Total partners' equity                                                                16,937,000       16,785,000
                                                                                 -----------------------------------

                                                                                     $17,035,000      $16,978,000
                                                                                 ===================================
</TABLE>
                             See accompanying notes.
                                        2

<PAGE>

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


<TABLE>
<CAPTION>
                                                               Three Months Ended
                                                                   March 31,
                                                       -----------------------------------
                                                             2002              2001
                                                       -----------------------------------

REVENUE:

<S>                                                           <C>               <C>
Rental income                                                 $78,000           $80,000
Equity in earnings of real estate entities                  1,031,000           878,000
Interest income                                                25,000            56,000
                                                       -----------------------------------
                                                            1,134,000         1,014,000
                                                       -----------------------------------

COSTS AND EXPENSES:

Cost of operations                                             30,000            28,000
Management fees                                                 5,000             5,000
Depreciation and amortization                                  18,000            19,000
Administrative                                                 29,000            26,000
                                                       -----------------------------------
                                                               82,000            78,000
                                                       -----------------------------------

NET INCOME                                                 $1,052,000          $936,000
                                                       ===================================

Limited partners' share of net income
     ($7.44 per unit in 2002 and
     $6.62 per unit in 2001)                                 $952,000          $847,000
General partner's share of net income                         100,000            89,000
                                                       -----------------------------------
                                                           $1,052,000          $936,000
                                                       ===================================
</TABLE>
                             See accompanying notes.
                                        3

<PAGE>

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


<TABLE>
<CAPTION>
                                                                                        Three Months Ended
                                                                                            March 31,
                                                                               -------------------------------------
                                                                                      2002              2001
                                                                               -------------------------------------

Cash flows from operating activities:

<S>                                                                                 <C>                  <C>
     Net income                                                                     $1,052,000           $936,000

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

         Depreciation and amortization                                                  18,000             19,000
         Decrease in rent and other receivables                                         33,000              1,000
         Increase in other assets                                                       (1,000)                 -
         Decrease in accounts payable                                                  (98,000)           (55,000)
         Increase (decrease) in advance payments from renters                            3,000             (2,000)
         Equity in earnings of real estate entities                                 (1,031,000)          (878,000)
                                                                               -------------------------------------

             Total adjustments                                                      (1,076,000)          (915,000)
                                                                               -------------------------------------

             Net cash (used in) provided by operating activities                       (24,000)            21,000
                                                                               -------------------------------------

Cash flows from investing activities:

         Distributions from real estate entities                                     1,452,000          1,201,000
         Additions to real estate facility                                              (2,000)                 -
                                                                               -------------------------------------

             Net cash provided by investing activities                               1,450,000          1,201,000
                                                                               -------------------------------------

Cash flows from financing activities:

         Distributions to partners                                                    (900,000)          (801,000)
                                                                               -------------------------------------

             Net cash used in financing activities                                    (900,000)          (801,000)
                                                                               -------------------------------------

Net increase in cash and cash equivalents                                              526,000            421,000

Cash and cash equivalents at the beginning of the period                             1,741,000         3,727,000
                                                                               -------------------------------------

Cash and cash equivalents at the end of the period                                  $2,267,000        $4,148,000
                                                                               =====================================
</TABLE>
                             See accompanying notes.
                                        4

<PAGE>

                              PS PARTNERS IV, LTD.
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                 MARCH 31, 2002
                                   (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, 2001.

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, 2002, the results of operations for the three
         months ended March 31, 2002 and 2001 and cash flows for the three
         months then ended.

3.       The results of operations for the three months ended March 31, 2002 are
         not necessarily indicative of the results to be expected for the full
         year.

4.       In June 2001, the Financial Accounting Standards Board ("FASB") issued
         Statement of Financial Accounting Standard No. 141, "Business
         Combinations," ("SFAS 141") which sets forth revised accounting
         guidance with respect to accounting for acquisitions of business
         enterprises. In accordance with the transition provisions of SFAS 141,
         the Partnership adopted the disclosure and accounting provisions of
         SFAS 141 on June 30, 2001 and the adoption had no effect on Partnership
         financial statements.

5.       In October 2001, the Financial Accounting Standards Board (FASB) issued
         Statement No. 144, "Accounting for the Impairment or Disposal of
         Long-Lived Assets." In June 2001, the FASB issued Statement of
         Financial Accounting Standard No. 142, "Goodwill and Other Intangible
         Assets," ("SFAS 142"). We adopted these statements effective January 1,
         2002.

                                       5

<PAGE>

5.       (Continued)
         We evaluate our long-lived assets on a quarterly basis for indicators
         of impairment. When indicators of impairment are detected, we evaluate
         the recoverability of such long-lived assets. To the extent that the
         estimated future undiscounted cash flows are less than the respective
         book value, an impairment charge is recorded. The Partnership has
         determined at March 31, 2002 that no such impairments existed and,
         accordingly, no impairment charges have been recorded.

6.       Statement No. 144 also addresses the accounting for long-lived assets
         that are likely to be disposed of before the end of their previously
         estimated useful life. Such assets are to be reported at the lower of
         their carrying amount or fair value, less cost to sell. Our evaluations
         have determined that there are no such impairments at March 31, 2002.

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

                                              Three Months Ended March 31,
                                           -----------------------------------
                                               2002                    2001
                                           -----------             -----------
  Total revenues.....................      $54,539,000             $43,044,000
  Minority interest in income........       $8,844,000              $6,423,000
  Net income.........................      $18,490,000             $13,100,000

                                       6

<PAGE>

                              PS PARTNERS IV, 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 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 are described in "Risk Factors" (page 10), and 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's
has an interest in; the risk of terrorist attacks; 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.

CRITICAL ACCOUNTING POLICIES
----------------------------

IMPAIRMENT OF LONG LIVED ASSETS

         Substantially all of the Partnership's assets consist of long-lived
assets, primarily real estate. We evaluate our long-lived assets on a quarterly
basis for indicators of impairment. When indicators of impairment are detected,
we evaluate the recoverability of such long-lived assets. To the extent that the
estimated future undiscounted cash flows are less than the respective book
value, an impairment charge is recorded. The Partnership has determined at March
31, 2002 that no such impairments existed and, accordingly, no impairment
charges have been recorded.

         Future events could cause us to conclude that our long-lived assets are
impaired. Any resulting impairment loss could have a material adverse impact on
our financial condition and results of operations.

ESTIMATED USEFUL LIVES OF LONG-LIVED ASSETS

         Substantially all of the Partnership's assets consist of depreciable,
long-lived assets. We record depreciation expense with respect to these assets
based upon their estimated useful lives. Any change in the estimated useful
lives of those assets, caused by functional or economice obsolescense or other
factors, could have a material adverse impact on our financial condition or
results of operations.

                                       7

<PAGE>

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

THREE MONTHS ENDED MARCH 31, 2002 COMPARED TO THREE MONTHS ENDED MARCH 31, 2001:

         Our net income for the three months ended March 31, 2002 was $1,052,000
compared to $936,000 for the three months ended March 31, 2001, representing an
increase of $116,000, or 12.4%. The increase is primarily due to our share
($74,000) of a gain on sale of real estate recorded by PS Business Parks, a
decrease in depreciation expense allocated to the Partnership with respect to
the Joint Venture, and our share of improved operations at the Mini-Warehouse
Properties.

Property Operations

         Rental income for our wholly-owned mini-warehouse property was $78,000
compared to $80,000 for the three months ended March 31, 2002 and 2001,
representing an decrease of $2,000, or 2.5%. Cost of operations (including
management fees) increased $2,000 or 6.1%, to $35,000 from $33,000 for the three
months ended March 31, 2002 and 2001, respectively. Accordingly, for our
wholly-owned mini-warehouse property, property net operating income decreased by
$4,000, or 8.5%, from $47,000 to $43,000 for the three months ended March 31,
2001 and 2002, respectively.

Equity in Earnings of Real Estate Entities

         Equity in earnings of real estate entities was $1,031,000 in the three
months ended March 31, 2002 as compared to $878,000 during the three months
ended March 31, 2001, representing an increase of $153,000, or 17.4%. The
increase is primarily due to our share ($74,000) of a gain on sale of real
estate recorded by PS Business Parks, a decrease in depreciation expense
allocated to the Partnership with respect to the Joint Venture, and our share of
improved operations at the Mini-Warehouse Properties.

Interest Income

         Interest income decreased by $31,000, or 55.4%, from $56,000 for the
three months ended March 31, 2001 to $25,000 for the three months ended March
31, 2001, due to lower invested cash balances and interest rates.

Depreciation and Amortization

         Depreciation and amortization decreased $1,000, or 5.3%, from $19,000
to $18,000 for the three months ended March 31, 2001 and 2002, respectively.

                                       8

<PAGE>

Administrative

         Administrative expense increased $3,000, to $29,000 for the three
months ended March 31, 2002 as compared to $26,000 for the same period in 2001.

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, 2002 COMPARED TO THREE MONTHS ENDED MARCH 31, 2001:

         Rental income for the Mini-Warehouse Properties was $3,389,000 compared
to $3,361,000 for the three months ended March 31, 2002 and 2001, respectively,
representing a increase of $28,000, or 0.8%. The increase in rental income is
primarily attributable to increased rental rates at the Mini-Warehouse
Properties. The annual average realized rent per square foot for the
Mini-Warehouse Properties was $9.04 compared to $8.76 for the three months ended
March 31, 2002 and 2001, respectively. The weighted average occupancy levels at
the Mini-Warehouse Properties decreased from 84% to 82% for the three months
ended March 31, 2001 and 2002, respectively. Cost of operations (including
management fees) decreased $50,000, or 3.7%, to $1,284,000 from $1,334,000 for
the three months ended March 31, 2002 and 2001, respectively. This decrease is
primarily attributable to reductions in advertising, utilities and repairs and
maintenance expenses partially offset by increases in property tax expense and
payroll related expenses. Accordingly, for the Mini-Warehouse Properties,
property net operating income increased by $78,000, or 3.8%, from $2,027,000 to
$2,105,000 for the three months ended March 31, 2001 and 2002, 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 ($1,428,000 for the three months ended
March 31, 2002) has been sufficient to meet all of our current obligations.

         During 2002, we do not anticipate incurring significant costs for
capital improvements for the Partnership's wholly-owned property. Total capital
improvements for the three months ended March 31, 2002 with respect to this
property was $2,000.

                                       9

<PAGE>

         We paid distributions to the limited and general partners totaling
$801,000 ($6.26 per unit) and $99,000, respectively, during the first three
months of 2002. Future distribution rates may be adjusted to levels which are
supported by operating cash flow after capital improvements and any other
necessary obligations.

RISK FACTORS
------------

         In addition to the other information in our Form 10-Q, you should
consider the following factors in evaluating the Partnership:

PUBLIC STORAGE CONTROLS US.

         Public Storage owns approximately 58.7% of our outstanding limited
partnership units and is our general partner. Consequently, Public Storage
controls matters submitted to a vote of our unitholders, including amending our
organizational documents, dissolving the Partnership and approving other
extraordinary transactions.

SINCE OUR BUSINESS CONSISTS PRIMARILY OF ACQUIRING AND OPERATING REAL ESTATE, WE
ARE SUBJECT TO REAL ESTATE OPERATING RISKS.

         The value of our investments may be reduced by general risks of real
estate ownership. Since we derive substantially all of our income from real
estate operations, we are subject to the general risks of owning real
estate-related assets, including:

         o    lack of demand for rental spaces or units in a locale;

         o    changes in general economic or local conditions;

         o    changes in supply of or demand for similar or competing facilities
              in an area;

         o    potential terrorist attacks;

         o    the impact of environmental protection laws;

         o    changes in interest rates and availability of permanent mortgage
              funds which may render the sale or financing of a property
              difficult or unattractive; and

         o    changes in tax, real estate and zoning laws.

                                       10

<PAGE>

         There is significant competition among self-storage facilities. All of
the properties the Partnership has an interest in are self-storage facilities.
Competition in the market areas in which many of our properties are located is
significant and has affected the occupancy levels, rental rates and operating
expenses of some of our properties. Any increase in availability of funds for
investment in real estate may accelerate competition. Further development of
self-storage facilities may intensify competition among operators of
self-storage facilities in certain market areas in which we operate.

         We may incur significant environmental costs and liabilities. As an
owner of real properties, under various federal, state and local environmental
laws, we are required to clean up spills or other releases of hazardous or toxic
substances on or from our properties. Certain environmental laws impose
liability whether or not the owner knew of, or was responsible for, the presence
of the hazardous or toxic substances. In some cases, liability may not be
limited to the value of the property. The presence of these substances, or the
failure to properly remediate any resulting contamination, also may adversely
affect the owner's or operator's ability to sell, lease or operate its property
or to borrow using its property as collateral.

         We have conducted preliminary environmental assessments on the
properties the Partnership has an interest in to evaluate the environmental
condition of, and potential environmental liabilities associated with, our
properties. These assessments generally consist of an investigation of
environmental conditions at the property (not including soil or groundwater
sampling or analysis), as well as a review of available information regarding
the site and publicly available data regarding conditions at other sites in the
vicinity. In connection with these property assessments, we have become aware
that prior operations or activities at some facilities or from nearby locations
have or may have resulted in contamination to the soil or groundwater at these
facilities. In this regard, some of our facilities are or may be the subject of
federal or state environment investigations or remedial actions. Although we
cannot provide any assurance, based on the preliminary environmental
assessments, we believe we have funds available to cover any liability from
environmental contamination or potential contamination and we are not aware of
any environmental contamination of our facilities material to our overall
business, financial condition or results of operation.

                                       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:

                  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 15, 2002



                                    PS PARTNERS IV, 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)

                                       12