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, 1999
                     --------------

                                       or

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

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

Commission File Number 0-14475
                       -------

                              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                                  91201-2394
----------------------------------------                  ----------------------
(Address of principal executive offices)                        (Zip Code)


Registrant's telephone number, including area code:  (818) 244-8080
                                                     --------------

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports)  and  (2)  has  been  subject  to such  filing
requirements for the past 90 days.

                                    Yes X No
                                       ---  ---

<PAGE>

                                      INDEX



PART I.   FINANCIAL INFORMATION

         Condensed balance sheets at March 31, 1999
              and December 31, 1998                                          2

         Condensed statements of income for the three
              months ended March 31, 1999 and 1998                           3

         Condensed statements of cash flows for the three
              months ended March 31, 1999 and 1998                           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 IV, LTD.
                            CONDENSED BALANCE SHEETS


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


<S>                                                                       <C>            <C>       
Cash and cash equivalents                                                 $770,000       $3,414,000

Rent and other receivables                                                       -            2,000

Real estate facility, at cost:
     Land                                                                  101,000          101,000
     Buildings and equipment                                             1,535,000        1,534,000
                                                                     ---------------- -----------------
                                                                         1,636,000        1,635,000

     Less accumulated depreciation                                        (664,000)        (647,000)
                                                                     ---------------- -----------------
                                                                           972,000          988,000

Investment in real estate entities                                      15,831,000       16,115,000

Other assets                                                                 5,000            5,000
                                                                     ---------------- -----------------

                                                                       $17,578,000      $20,524,000
                                                                     ================ =================


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


Accounts payable                                                          $131,000         $122,000

Advance payments from renters                                               13,000           12,000

Partners' equity:
     Limited partners' equity, $500 per unit, 128,000
         units authorized, issued and outstanding                       17,177,000       20,103,000
     General partner's equity                                              257,000          287,000
                                                                     ---------------- -----------------

Total partners' equity                                                  17,434,000       20,390,000
                                                                     ---------------- -----------------

                                                                       $17,578,000      $20,524,000
                                                                     ================ =================
</TABLE>
                            See accompanying notes.
                                       2

<PAGE>

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



<TABLE>
<CAPTION>
                                                                         Three Months Ended
                                                                             March 31,
                                                                   -------------------------------
                                                                       1999             1998
                                                                   -------------- ----------------

REVENUE:

<S>                                                                    <C>              <C>    
Rental income                                                          $72,000          $67,000
Equity in earnings of real estate entities                             662,000          514,000
Interest income                                                         36,000           21,000
                                                                   -------------- ----------------
                                                                       770,000          602,000
                                                                   -------------- ----------------

COSTS AND EXPENSES:

Cost of operations                                                      31,000           29,000
Management fees                                                          4,000            4,000
Depreciation and amortization                                           17,000           16,000
Administrative                                                          23,000           19,000
                                                                   -------------- ----------------
                                                                        75,000           68,000
                                                                   -------------- ----------------

NET INCOME                                                            $695,000         $534,000
                                                                   ============== ================

Limited partners' share of net income
     ($2.55 per unit in 1999 and
     $3.74 per unit in 1998)                                          $326,000         $479,000
General partner's share of net income                                  369,000           55,000
                                                                   -------------- ----------------

                                                                      $695,000         $534,000
                                                                   ============== ================
</TABLE>
                            See accompanying notes.
                                       3

<PAGE>

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


<TABLE>
<CAPTION>
                                                                           Three Months Ended
                                                                                March 31,
                                                                   ------------------------------------
                                                                         1999               1998
                                                                   ------------------ -----------------

CASH FLOWS FROM OPERATING ACTIVITIES:

     <S>                                                                <C>                <C>     
     Net income                                                         $695,000           $534,000

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

         Depreciation and amortization                                    17,000             16,000
         Decrease (increase) in rent and other receivables                 2,000             (1,000)
         Increase (decrease) in accounts payable                           9,000             (8,000)
         Increase in advance payments from renters                         1,000                  -
         Equity in earnings of real estate entities                     (662,000)          (514,000)
                                                                   ------------------ -----------------

             Total adjustments                                          (633,000)          (507,000)
                                                                   ------------------ -----------------

             Net cash provided by operating activities                    62,000             27,000
                                                                   ------------------ -----------------

CASH FLOWS FROM INVESTING ACTIVITIES:

         Distributions from real estate entities                         946,000          1,040,000
         Additions to real estate facility                                (1,000)            (3,000)
                                                                   ------------------ -----------------

             Net cash provided by investing activities                   945,000          1,037,000
                                                                   ------------------ -----------------

CASH FLOWS FROM FINANCING ACTIVITIES:

         Distributions to partners                                    (3,651,000)          (500,000)
                                                                   ------------------ -----------------

             Net cash used in financing activities                    (3,651,000)          (500,000)
                                                                   ------------------ -----------------

Net (decrease) increase in cash and cash equivalents                  (2,644,000)           564,000

Cash and cash equivalents at the beginning of the period               3,414,000          1,293,000
                                                                   ------------------ -----------------

Cash and cash equivalents at the end of the period                      $770,000         $1,857,000
                                                                   ================== =================
</TABLE>
                            See accompanying notes.
                                       4

<PAGE>

                              PS PARTNERS IV, LTD.
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                 MARCH 31, 1999
                                 (UNAUDITED)


1.       The accompanying  unaudited condensed financial  statements have been
         prepared  pursuant to the rules and regulations of the Securities and
         Exchange  Commission.  Certain  information and footnote  disclosures
         normally  included in  financial  statements  prepared in  accordance
         with generally accepted accounting  principles have been condensed or
         omitted pursuant to such rules and regulations,  although  management
         believes that the disclosures  contained  herein are adequate to make
         the information  presented not misleading.  These unaudited condensed
         financial   statements   should  be  read  in  conjunction  with  the
         financial   statements   and   related   notes   appearing   in   the
         Partnership's Form 10-K for the year ended December 31, 1998.

2.       In the opinion of  management,  the  accompanying  unaudited  condensed
         financial statements reflect all adjustments, consisting of only normal
         accruals,  necessary  to  present  fairly the  Partnership's  financial
         position at March 31,  1999,  the results of  operations  for the three
         months  ended  March  31,  1999 and 1998 and cash  flows  for the three
         months then ended.

3.       The results of operations for the three months ended March 31, 1999 are
         not  necessarily  indicative of the results to be expected for the full
         year.

4.       In January 1998, 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.       Summarized  combined  financial  data with  respect to the Real  Estate
         Entities is as follows:

                                               Three Months Ended March 31,
                                           -------------------------------------
                                              1999                     1998
                                           -----------------   -----------------
Total revenues.......................      $32,595,000              $17,965,000
Minority interest in income..........       $2,966,000               $2,814,000
Net income...........................      $10,117,000               $4,844,000


6.       The City of  Manchester,  Airport  Authority  ("Airport  Authority") is
         considering  the  acquisition  of a small  parcel  of land at the Joint
         Venture's  Manchester,   New  Hampshire  property  either  through  the
         exercise of its right of eminent  domain or pursuant to a conveyance in
         lieu of an exercise of such power. If acquired,  the Airport  Authority
         intends  to use the  parcel of land for the  widening  of an  adjoining

                                       5

<PAGE>

         road. The Joint Venture is currently in communication  with the Airport
         Authority  concerning  the status of its  decision  with  regard to the
         possible  partial  taking.  

                                       6

<PAGE>

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


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

         Management's Discussion and Analysis of Financial Condition and Results
of  Operations  contains  "forward  looking"  statements  that involve risks and
uncertainties  and are based upon a number of  assumptions.  Actual  results and
trends may differ  materially  depending  upon a number of factors.  Information
regarding these factors is contained in the Partnership's  Annual Report on Form
10-K for the fiscal year ended December 31, 1998.

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

THREE MONTHS ENDED MARCH 31, 1999 COMPARED TO THREE MONTHS ENDED MARCH 31, 1998:

         The  Partnership's net income for the three months ended March 31, 1999
was  $695,000  compared to $534,000  for the three  months ended March 31, 1998,
representing an increase of $161,000,  or 30%. The increase was primarily due to
the  Partnership's  share of  improved  property  operations  at the real estate
facilities  that the Partnership has an interest in, combined with a decrease in
depreciation allocated to the Partnership with respect to the Joint Venture.

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

         Rental  income  for  the  Partnership's   wholly-owned   mini-warehouse
property  was $72,000  compared to $67,000 for the three  months ended March 31,
1999 and 1998, respectively,  representing an increase of $5,000, or 8%. Cost of
operations  (including management fees) increased $2,000, or 6%, to $35,000 from
$33,000  for the  three  months  ended  March 31,  1999 and 1998,  respectively.
Accordingly,   for  the  Partnership's  wholly-owned   mini-warehouse  property,
property  net  operating  income  increased  by $3,000,  or 9%, from  $34,000 to
$37,000 for the three months ended March 31, 1998 and 1999, respectively.

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

         Equity in earnings of real estate  entities  was  $662,000 in the three
months  ended March 31, 1999 as  compared  to $514,000  during the three  months
ended March 31, 1998, representing an increase of $148,000, or 29%. This was due
primarily to the Partnership's  share of improved operating results at the Joint
Venture's mini-warehouse  properties and a decrease in depreciation allocated to
the Partnership with respect to the Joint Venture.

                                       7

<PAGE>

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

         Depreciation and amortization  increased  $1,000, or 6% from $16,000 to
$17,000 for the three months ended March 31, 1998 and 1999,  respectively.  This
increase was primarily  attributable to the depreciation of capital expenditures
made during 1998 and 1999.

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

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

THREE MONTHS ENDED MARCH 31, 1999 COMPARED TO THREE MONTHS ENDED MARCH 31, 1998:

         Rental income for the Mini-Warehouse Properties was $3,206,000 compared
to $3,063,000 for the three months ended March 31, 1999 and 1998,  respectively,
representing  an increase of $143,000,  or 5%. The increase in rental income was
primarily  attributable  to  increases  in  rental  rates at the  Mini-Warehouse
Properties.   The  monthly  average  realized  rent  per  square  foot  for  the
mini-warehouse  facilities  was $.66 compared to $.63 for the three months ended
March 31, 1999 and 1998, respectively.  The weighted average occupancy levels at
the Mini-Warehouse  Properties remained stable at 89% for the three months ended
March  31,  1998  and  1999.  Cost of  operations  (including  management  fees)
increased  $90,000,  or 8%, to $1,263,000  from  $1,173,000 for the three months
ended  March 31,  1999 and  1998,  respectively.  This  increase  was  primarily
attributable to increases in repairs and maintenance,  advertising,  and payroll
expenses. Accordingly, for the Mini-Warehouse Properties, property net operating
income increased by $53,000,  or 3%, from $1,890,000 to $1,943,000 for the three
months ended March 31, 1998 and 1999, respectively.

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

         The Partnership has adequate sources of cash to finance its operations,
both on a short-term and long-term  basis,  primarily from internally  generated
cash from property operations and cash reserves.  Cash generated from operations
and  distributions  from real estate  entities  ($1,008,000 for the three months
ended March 31, 1999) has been sufficient to meet all current obligations of the
Partnership.

                                       8

<PAGE>

         During 1999, the Partnership does not anticipate incurring  significant
costs for capital  improvements to Partnership's  wholly-owned  property.  Total
capital  improvements  for the three months ended March 31, 1999 with respect to
this property was $1,000.

         The Partnership paid  distributions to the limited and general partners
totaling  $3,252,000  ($25.41 per unit) and $399,000,  respectively,  during the
first  three  months  of 1999.  Included  in these  distributions  were  special
distributions of a portion of the Partnership's operating reserve to the limited
and  general  partners  totaling  $2,807,000  ($21.93  per unit)  and  $345,000,
respectively.  Future  distribution  rates may be adjusted  to levels  which are
supported  by  operating  cash flow  after  capital  improvements  and any other
necessary obligations.

                                       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:

                  (27)     Financial Data Schedule

         (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, 1999



                                   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)

                                       10