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 September 30, 1996
                     ------------------
                                       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 consolidated balance sheets at September 30, 1996          
       and December 31, 1995                                               2

  Condensed consolidated statements of income for the three and nine
       months ended September 30, 1996 and 1995                            3

  Condensed consolidated statements of cash flows for the nine
       months ended September 30, 1996 and 1995                            4

  Notes to condensed consolidated financial statements                     5

  Management's discussion and analysis of financial condition
       and results of operations                                         6-8

PART II.  OTHER INFORMATION

 (Items 1 through 5 are not applicable)

  Item 6 - Exhibits and Reports on Form 8-K                                9


<PAGE>
<TABLE>
                              PS PARTNERS IV, LTD.
                      CONDENSED CONSOLIDATED BALANCE SHEETS


<CAPTION>
                                                                           September 30,             December 31,
                                                                               1996                      1995
                                                                       -------------------     --------------------
                                                                           (Unaudited)
                                     ASSETS


<S>                                                                       <C>                      <C>            
   Cash and cash equivalents                                              $       724,000          $       464,000

   Rent and other receivables                                                      92,000                   55,000
                                                                                
   Real estate facilities, at cost:
        Land                                                                   19,957,000               19,957,000
        Buildings and equipment                                                72,290,000               71,328,000
                                                                       -------------------     --------------------
                                                                               92,247,000               91,285,000

        Less accumulated depreciation                                         (33,263,000)             (30,692,000)
                                                                       -------------------     --------------------
                                                                               58,984,000               60,593,000

   Other assets                                                                   215,000                  158,000
                                                                       -------------------     --------------------

                                                                          $    60,015,000           $   61,270,000
                                                                       ===================     ====================


                        LIABILITIES AND PARTNERS' EQUITY


   Accounts payable                                                       $      1,218,000          $    1,128,000

   Advance payments from renters                                                  396,000                  418,000

   Minority interest in general partnerships                                   38,343,000               37,887,000

   Partners' equity:
        Limited partners' equity, $500 per unit, 128,000
             units authorized, issued and outstanding                          19,775,000               21,536,000
        General partner's equity                                                  283,000                  301,000
                                                                       -------------------     --------------------

             Total partners' equity                                            20,058,000               21,837,000
                                                                       -------------------     --------------------

                                                                           $   60,015,000           $   61,270,000
                                                                       ===================     ====================
</TABLE>

                            See accompanying notes.
                                       2

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

<CAPTION>

                                                              Three Months Ended                     Nine Months Ended
                                                                September 30,                          September 30,
                                                      -----------------------------------   ------------------------------------
                                                            1996              1995               1996               1995
                                                      -----------------  ----------------   ----------------  ------------------
       REVENUE:

<S>                                                      <C>                <C>               <C>                  <C>         
       Rental income                                     $   3,819,000      $  3,683,000      $  11,340,000        $ 10,858,000
       Interest income                                           5,000            20,000             14,000              67,000
                                                      -----------------  ----------------   ----------------  ------------------
                                                             3,824,000         3,703,000         11,354,000          10,925,000
                                                      -----------------  ----------------   ----------------  ------------------

       COSTS AND EXPENSES:

       Cost of operations                                    1,513,000         1,431,000          4,420,000           4,201,000
       Management fees                                         221,000           213,000            654,000             628,000
       Depreciation and amortization                           870,000           831,000          2,571,000           2,400,000
       Administrative                                           38,000            33,000            118,000             138,000
                                                      -----------------  ----------------   ----------------  ------------------
                                                             2,642,000         2,508,000          7,763,000           7,367,000
                                                      -----------------  ----------------   ----------------  ------------------

       Income before minority interest                       1,182,000         1,195,000          3,591,000           3,558,000

       Minority interest in income                            (961,000)         (960,000)        (2,871,000)         (2,807,000)
                                                      -----------------  ----------------   ----------------  ------------------

       NET INCOME                                         $    221,000       $   235,000        $   720,000         $   751,000
                                                      =================  ================   ================  ==================

       Limited partners' share of net income
            ($3.63 per unit in 1996 and $2.80
            per unit in 1995)                                                                  $   465,000          $   358,000
                                                                                                   
       General partner's share of net income                                                       255,000              393,000
                                                                                            ----------------  ------------------  

                                                                                               $   720,000          $   751,000
                                                                                            ================  ==================
</TABLE>
                            See accompanying notes.
                                       3

<PAGE>
<TABLE>
                              PS PARTNERS IV, LTD.
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)

<CAPTION>
                                                                                     Nine Months Ended
                                                                                       September 30,
                                                                         ------------------------------------------
                                                                               1996                   1995
                                                                         ------------------    --------------------

   CASH FLOWS FROM OPERATING ACTIVITIES:

<S>                                                                          <C>                    <C>           
        Net income                                                           $     720,000          $      751,000

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

             Depreciation and amortization                                       2,571,000               2,400,000
             Increase in rent and other receivables                                (37,000)                (22,000)
             Increase in other assets                                              (57,000)                (10,000)
             Increase in accounts payable                                           90,000                 184,000
             Decrease in advance payments from renters                             (22,000)                (35,000)
             Minority interest in income                                         2,871,000               2,807,000
                                                                         ------------------    --------------------

                  Total adjustments                                              5,416,000               5,324,000
                                                                         ------------------    --------------------

                  Net cash provided by operating activities                      6,136,000               6,075,000
                                                                         ------------------    --------------------

   CASH FLOWS FROM INVESTING ACTIVITIES:

        Additions to real estate facilities                                       (962,000)               (648,000)
                                                                         ------------------    --------------------

                  Net cash used in investing activities                           (962,000)               (648,000)
                                                                         ------------------    --------------------

   CASH FLOWS FROM FINANCING ACTIVITIES:

        Distributions to holder of minority interest                            (2,415,000)             (2,595,000)
        Distributions to partners                                               (2,499,000)             (3,897,000)
                                                                         ------------------    --------------------

                  Net cash used in financing activities                         (4,914,000)             (6,492,000)
                                                                         ------------------    --------------------

   Net increase (decrease) in cash and cash equivalents                            260,000              (1,065,000)

   Cash and cash equivalents at the beginning of the period                        464,000               1,712,000
                                                                         ------------------    --------------------

   Cash and cash equivalents at the end of the period                        $     724,000           $     647,000
                                                                         ==================    ====================
</TABLE>
                            See accompanying notes.
                                       4

<PAGE>
                              PS PARTNERS IV, LTD.
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                               SEPTEMBER 30, 1996
                                   (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, 1995.

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 September 30, 1996, the results of operations for the
     three and nine months ended  September 30, 1996 and 1995 and cash flows for
     the nine months then ended.

3.   The results of operations for the three and nine months ended September 30,
     1996 are not  necessarily  indicative of the results to be expected for the
     full year.

                                       5
<PAGE>
                              PS PARTNERS IV, LTD.
                      MANAGEMENT'S DISCUSSION AND ANALYSIS
                OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

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

     THREE  MONTHS  ENDED  SEPTEMBER  30, 1996  COMPARED TO THREE  MONTHS  ENDED
     SEPTEMBER 30, 1995:

     The Partnership's net income was $221,000 and $235,000 for the three months
ended  September  30, 1996 and 1995,  respectively,  representing  a decrease of
$14,000,  or 6%. This decrease was primarily due to an increase in  depreciation
expense,  combined  with a decrease  in  interest  income,  partially  offset by
increases in property operating results.

     Interest  income  decreased  for the three months ended  September 30, 1996
over the same period in 1995 as a result of a decrease in average  invested cash
balances.

     Net property  income  (rental income less cost of operations and management
fees and excluding  depreciation)  for the three months ended September 30, 1996
increased  $46,000  as rental  income  increased  $136,000,  or 4%, and costs of
operations  (including  management  fees  and  excluding  depreciation  expense)
increased $90,000, or 6%, compared to the same period in 1995.

     Rental  income  for  the   Partnership's   mini-warehouse   operations  was
$3,005,000  compared to $2,872,000 for the three months ended September 30, 1996
and 1995,  respectively,  representing  an  increase  of  $133,000,  or 5%. This
increase in rental income was primarily  attributable to increased  rental rates
and weighted average occupancy levels.  The weighted average occupancy levels at
the  mini-warehouse  facilities  were 93%  compared to 90% for the three  months
ended September 30, 1996 and 1995,  respectively.  The monthly average  realized
rent per square foot for the mini-warehouse facilities was $.59 compared to $.58
for the three months ended  September 30, 1996 and 1995,  respectively.  Cost of
operations  (including  management  fees)  for  the  mini-warehouses   increased
$131,000,  or 12%, to  $1,216,000  from  $1,085,000  for the three  months ended
September  30,  1996  and  1995,  respectively.   This  increase  was  primarily
attributable to increases in property tax,  advertising,  and payroll  expenses.
Accordingly,  for the  Partnership's  mini-warehouse  operations,  property  net
operating  income  increased  $2,000 from $1,787,000 to $1,789,000 for the three
months ended September 30, 1995 and 1996, respectively.

     Rental  income for the  Partnership's  business park  operations  increased
$3,000 to $814,000 from  $811,000 for the three months ended  September 30, 1996
and  1995,   respectively.   This   increase  in  rental  income  was  primarily
attributable to increased rental rates,  partially offset by decreased  weighted
average occupancy levels.  The monthly average realized rent per square foot for
the  business  park  facilities  was $.87  compared to $.85 for the three months
ended September 30, 1996 and 1995, respectively.  The weighted average occupancy
levels at the business  park  facilities  were 95% compared to 97% for the three
months  ended  September  30, 1996 and 1995,  respectively.  Cost of  operations
(including  management fees) for the business parks decreased $41,000, or 7%, to
$518,000 from  $559,000 for the three months ended  September 30, 1996 and 1995,
respectively.  This decrease was primarily  attributable to decreases in repairs
and  maintenance  and utilities  expenses.  Accordingly,  for the  Partnership's
business park facilities,  property net operating income increased  $44,000,  or
18%, to $296,000 from $252,000 for the three months ended September 30, 1996 and
1995, respectively.

     Administrative  expenses increased $5,000 from $33,000 for the three months
ended  September 30, 1995 to $38,000 for the same period in 1996.  This increase
is partially attributable to an increase in accounting expense.

     NINE  MONTHS  ENDED  SEPTEMBER  30,  1996  COMPARED  TO NINE  MONTHS  ENDED
     SEPTEMBER 30, 1995:

     The  Partnership's net income was $720,000 and $751,000 for the nine months
ended  September  30, 1996 and 1995,  respectively,  representing  a decrease of
$31,000,  or 4%. This decrease was  primarily  due to increases in  depreciation

                                       6
<PAGE>

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

expense  and  minority  interest  in income for those  properties  held in joint
venture with Public Storage, Inc. ("PSI"),  combined with a decrease in interest
income,  partially offset by increased property operating results and a decrease
in administrative expenses.

     Interest income decreased for the nine months ended September 30, 1996 over
the same  period in 1995 as a result of a  decrease  in  average  invested  cash
balances.

     Net property  income  (rental income less cost of operations and management
fees and excluding  depreciation)  for the nine months ended  September 30, 1996
increased $237,000, or 4%, as rental income increased $482,000, or 4%, and costs
of operations  (including  management fees and excluding  depreciation  expense)
increased $245,000, or 5%, compared to the same period in 1995.

     Rental  income  for  the   Partnership's   mini-warehouse   operations  was
$8,683,000  compared to $8,330,000 for the nine months ended  September 30, 1996
and 1995,  respectively,  representing  an  increase  of  $353,000,  or 4%. This
increase  was  primarily  attributable  to  increased  rental rates and weighted
average  occupancy  levels.   The  weighted  average  occupancy  levels  at  the
mini-warehouse  facilities  was 91%  compared to 89% for the nine  months  ended
September 30, 1996 and 1995, respectively. The monthly average realized rent per
square foot for the mini-warehouse  facilities was $.58 compared to $.57 for the
nine months ended September 30, 1996 and 1995, respectively. Costs of operations
(including  management fees) for the mini-warehouses  increased $221,000, or 7%,
to $3,474,000  from  $3,253,000 for the nine months ended September 30, 1996 and
1995,  respectively.  This increase was primarily  attributable  to increases in
property tax,  advertising,  management fees, and office expenses.  Accordingly,
for the Partnership's  mini-warehouse operations,  property net operating income
increased  $132,000,  or 3%, from  $5,077,000 to $5,209,000  for the nine months
ended September 30, 1995 and 1996, respectively.

     Rental  income for the  Partnership's  business park  operations  increased
$129,000,  or 5%,  to  $2,657,000  from  $2,528,000  for the nine  months  ended
September  30,  1996  and  1995,  respectively.   This  increase  was  primarily
attributable to increased  rental rates.  The monthly average  realized rent per
square foot for the business park  facilities  was $.92 compared to $.89 for the
nine months  ended  September  30,  1996 and 1995,  respectively.  The  weighted
average occupancy levels at the business park facilities  remained stable at 97%
for the nine  months  ended  September  30,  1996 and 1995.  Cost of  operations
(including  management fees) for the business parks increased $24,000, or 2%, to
$1,600,000  from  $1,576,000  for the nine months ended  September  30, 1996 and
1995,  respectively.  This increase was primarily attributable to an increase in
property  tax  expense,  partially  offset by a decrease in leasing  commissions
expense.  Accordingly, for the Partnership's business park facilities,  property
net operating income increased by $105,000,  or 11%, from $952,000 to $1,057,000
for the nine months ended September 30, 1995 and 1996, respectively.

     Administrative  expenses  decreased  from  $138,000  in 1995 to $118,000 in
1996,  or  $20,000.  This  decrease  is  principally  a result of  non-recurring
expenses in 1995,  totaling $30,000,  incurred in connection with  environmental
assessments of the Partnership's facilities.

     Minority interest in income increased $64,000 to $2,871,000 from $2,807,000
for the nine  months  ended  September  30,  1996 and 1995,  respectively.  This
increase was primarily  attributable to improved operations at the Partnership's
real estate  facilities for those properties  owned jointly with PSI,  partially
offset by an allocation of depreciation  and amortization  expense  (pursuant to
the partnership agreement with respect to those real estate facilities which are
jointly  owned with PSI) to PSI of $37,000 for the nine months  ended  September
30, 1996.  There was no allocation of depreciation  and  amortization to PSI for
the nine months ended September 30, 1995.

                                       7
<PAGE>

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

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
($6,136,000 for the nine months ended September 30, 1996) has been sufficient to
meet all current obligations of the Partnership.

     During  1996,  the  Partnership  anticipates  approximately  $1,774,000  of
capital  improvements (of which $723,000  represents PSI's joint venture share).
The  anticipated  increase  in  capital  improvements  in 1996 is mainly  due to
$975,000  of  budgeted   improvements  at  the  Partnership's   business  parks;
specifically  to include  renovations to common areas,  roof  replacements,  and
tenant  improvement on vacated spaces.  During 1995, the Partnership's  property
manager   commenced  a  program  to  enhance  the  visual   appearance   of  the
mini-warehouse  facilities  managed by it. Such  enhancements  will  include new
signs, exterior color schemes, and improvements to the rental offices.  Included
in the 1996 capital  improvement budget are estimated costs of $121,000 for such
enhancements. Total capital improvements were $962,000 for the nine months ended
September 30, 1996 of which $554,000 represents the Partnership's share.

     The  Partnership  paid  distributions  to the limited and general  partners
totaling  $2,227,000  ($17.40 per unit) and $272,000,  respectively,  during the
first  nine  months of 1996.  The  quarterly  distribution  amount  per unit was
reduced to $3.48 per unit in the third quarter of 1996. The reduction  reflected
the Partnership's need to replenish cash reserves that have been depleted due to
the Partnership's making capital expenditures to modernize the appearance of the
mini-warehouse  buildings and facility signage. Future distribution rates may be
adjusted to levels  which are  supported by  operating  cash flow after  capital
improvements and any other necessary obligations.

                                       8

<PAGE>
                           PART II. OTHER INFORMATION

ITEMS 1 through 5 are not applicable.

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

         (a)      The following Exhibits are included herein:

                  (27)     Financial Data Schedule

         (b)      Form 8-K

                  none

                                   SIGNATURES

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


                         DATED:   November 12, 1996

                                  PS PARTNERS IV, LTD.


                         BY:      Public Storage, Inc.
                                  General Partner

                         BY:      /s/ Ronald L. Havner Jr.
                                  ------------------------
                                  Ronald L. Havner, Jr.
                                  Senior Vice President and Chief Financial
                                    Officer of Public Storage, Inc.
                                    (principal financial officer)

                         BY:      /s/ John Reyes
                                  ------------------------
                                  John Reyes
                                  Vice President and Controller
                                    of Public Storage, Inc.
                                    (principal accounting officer)

                                       9