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, 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 0-14475
                       -------

                              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 March 31, 1997
         and December 31, 1996                                             2

    Condensed consolidated statements of income for the three
         months ended March 31, 1997 and 1996                              3

    Condensed consolidated statements of cash flows for the three
         months ended March 31, 1997 and 1996                              4-5

    Notes to condensed consolidated financial statements                   6

    Management's discussion and analysis of financial condition
              and results of operations                                    7-8
PART II.  OTHER INFORMATION

    (Items 1 through 4 are not applicable)

    Item 5 - Other Information                                             9

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




<PAGE>
<TABLE>


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


                                                                                    March 31,        December 31,
                                                                                       1997             1996
                                                                                 -----------------------------------
                                                                                   (Unaudited)
                                     ASSETS

<S>                                                                                  <C>              <C> 
Cash and cash equivalents                                                            $   561,000      $   413,000

Rent and other receivables                                                                61,000          136,000

Real estate facilities, at cost:
    Land                                                                              14,429,000       19,957,000
    Buildings and equipment                                                           45,399,000       73,238,000
                                                                                 -----------------------------------
                                                                                      59,828,000       93,195,000

    Less accumulated depreciation                                                    (20,757,000)     (34,144,000)
                                                                                 -----------------------------------
                                                                                      39,071,000       59,051,000

Investment in real estate entity                                                      19,782,000                -

Other assets                                                                             118,000          232,000
                                                                                 -----------------------------------

                                                                                     $59,593,000      $59,832,000
                                                                                 ===================================


                        LIABILITIES AND PARTNERS' EQUITY


Accounts payable                                                                     $   653,000      $ 1,049,000

Advance payments from renters                                                            411,000          402,000

Minority interest in general partnerships                                             38,839,000       38,611,000

Partners' equity:
    Limited partners' equity, $500 per unit, 128,000
      units authorized, issued and outstanding                                        19,411,000       19,490,000
    General partner's equity                                                             279,000          280,000
                                                                                 -----------------------------------

      Total partners' equity                                                          19,690,000       19,770,000
                                                                                 -----------------------------------

                                                                                     $59,593,000      $59,832,000
                                                                                 ===================================
</TABLE>
                             See accompanying note.
                                       2


<PAGE>
<TABLE>



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

<CAPTION>
                                                                                              Three Months Ended
                                                                                                   March 31,
                                                                                     --------------------------------------
                                                                                            1997               1996
                                                                                     --------------------------------------

           REVENUE:
           <S>                                                                              <C>                <C> 
           Rental income                                                                    $2,916,000         $3,751,000
           Equity in income of real estate entity                                              128,000                  -
           Interest income                                                                       4,000              4,000
                                                                                     --------------------------------------
                                                                                             3,048,000          3,755,000
                                                                                     --------------------------------------

           COSTS AND EXPENSES:

           Cost of operations                                                                1,016,000          1,439,000
           Management fees                                                                     175,000            216,000
           Depreciation and amortization                                                       544,000            848,000
           Administrative                                                                       19,000             17,000
                                                                                     --------------------------------------
                                                                                             1,754,000          2,520,000
                                                                                     --------------------------------------

           Income before minority interest                                                   1,294,000          1,235,000

           Minority interest in income                                                        (874,000)          (954,000)
                                                                                     --------------------------------------

           NET INCOME                                                                       $  420,000         $  281,000
                                                                                     ======================================

           Limited partners' share of net income
              ($2.86 per unit in 1997 and $1.40
              per unit in 1996)                                                             $  366,000         $  179,000
           General partner's share of net income                                                54,000            102,000
                                                                                     --------------------------------------     
                                                                                            $  420,000          $  281,000
                                                                                     ======================================

</TABLE>
                            See accompanying notes.
                                       3



<PAGE>
<TABLE>



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

<CAPTION>

                                                                                                Three Months Ended
                                                                                                     March 31,
                                                                                        ------------------------------------
                                                                                              1997              1996
                                                                                        ------------------------------------

          Cash flows from operating activities:
             <S>                                                                             <C>               <C> 
             Net income                                                                      $  420,000        $ 281,000

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

                 Depreciation and amortization                                                  544,000           848,000
                 Decrease in rent and other receivables                                          75,000            16,000
                 Decrease (increase) in other assets                                            114,000            (2,000)
                 Decrease in accounts payable                                                  (396,000)         (225,000)
                 Increase in advance payments from renters                                        9,000            14,000
                 Equity in income of real estate entity                                        (128,000)                -
                 Minority interest in income                                                    874,000           954,000
                                                                                        ------------------------------------

                   Total adjustments                                                          1,092,000         1,605,000
                                                                                        ------------------------------------

                   Net cash provided by operating activities                                  1,512,000         1,886,000
                                                                                        ------------------------------------

          Cash flows from investing activities:

             Investment in real estate partnership                                               (1,000)                -
             Additions to real estate facilities                                               (217,000)          (87,000)
                                                                                        ------------------------------------

                   Net cash used in investing activities                                       (218,000)          (87,000)
                                                                                        ------------------------------------

          Cash flows from financing activities:

             Distributions to holder of minority interest                                      (646,000)         (842,000)
             Distributions to partners                                                         (500,000)       (1,000,000)
                                                                                        ------------------------------------

                   Net cash used in financing activities                                     (1,146,000)       (1,842,000)
                                                                                        ------------------------------------

          Net increase (decrease) in cash and cash equivalents                                  148,000           (43,000)

          Cash and cash equivalents at the beginning of the period                              413,000           464,000
                                                                                        ------------------------------------

          Cash and cash equivalents at the end of the period                                 $  561,000        $   421,000
                                                                                        ====================================

</TABLE>
                            See accompanying notes.
                                       4



<PAGE>
<TABLE>


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

<CAPTION>

                                                                                         Three Months Ended
                                                                                              March 31,
                                                                                  ----------------------------------
                                                                                        1997             1996
                                                                                  ----------------------------------


Supplemental schedule of noncash investing and financing activities:

    <S>                                                                              <C>                       <C>
    Investment in real estate entity                                                 $(19,653,000)             $ -

    Transfer of real estate facilities for interest in real estate entity              19,653,000                -


</TABLE>
                            See accompanying notes.
                                       5


<PAGE>


                              PS PARTNERS IV, LTD.
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                 MARCH 31, 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 March 31, 1997,  the results of  operations  for the
     three  months  ended  March 31,  1997 and 1996 and cash flows for the three
     months then ended.

3.   The results of operations for the three months ended March 31, 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 name
     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   intersts  (AOPP  and  the  underlying   partnership
     collectively  referred to as the "New REIT"). The Partnership  participated
     in the initial  transaction by exchanging its three commercial  properties,
     one of which was owned  jointly by the  Partnership  and PSI,  for  500,000
     limited  partnership  units,  which represented  approximately  7.5% of the
     initial capitalization of the partnership underlying AOPP.

     The number of limited  partnership  units received by the Partnership  were
     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 the 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
     month ended March 31, 1997,  reflects the  Partnership's  pro rata share of
     the the earnings of the New REIT. The investment was initially  recorded at
     the  Partnership's  net book value of its properties  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.




                                       6


<PAGE>


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



Results of Operations:
----------------------
   
THREE MONTHS ENDED MARCH 31, 1997 COMPARED TO THREE MONTHS ENDED MARCH 31, 1996:

     The  Partnership's net income for the three months ended March 31, 1997 was
$420,000  compared  to  $281,000  for the three  months  ended  March 31,  1996,
representing an increase of $139,000,  or 50%. Excluding the 1996 operations for
the   Partnership's   business  park  facilities,   the  increase  is  primarily
attributable to a decrease in minority  interest in income for those  properties
held in joint venture with PSI,  combined with an increase in the  Partnership's
mini-warehouse operations.

     Rental  income  for  the   Partnership's   mini-warehouse   operations  was
$2,916,000  compared to $2,790,000 for the three months ended March 31, 1997 and
1996, respectively, representing an increase of $126,000, or 5%. The increase in
rental  income was  primarily  attributable  to  increased  rental  rates at the
mini-warehouse facilities. The monthly average realized rent per square foot for
the  mini-warehouse  facilities  was $.61  compared to $.58 for the three months
ended March 31, 1997 and 1996,  respectively.  The  weighted  average  occupancy
levels at the mini-warehouse  facilities decreased from 88% to 87% for the three
months  ended  March  31,  1996  and  1997,  respectively.  Cost  of  operations
(including  management  fees)  increased  $90,000,  or 8%,  to  $1,191,000  from
$1,101,000  for the three  months  ended March 31, 1997 and 1996,  respectively.
This increase is primarily  attributable to increases in  advertising,  payroll,
and  office  expenses.   Accordingly,   for  the  Partnership's   mini-warehouse
operations,  property net  operating  income  increased by $36,000,  or 2%, from
$1,689,000  to  $1,725,000  for the three  months ended March 31, 1996 and 1997,
respectively.


                                       7


<PAGE>

     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
collectivley referred to as the "New REIT"). The Partnership participated in the
initial  transaction by exchanging its three commercial  properties,  which were
owned jointly by the Partnership and PSI, for 500,000 limited partnership units,
which  represented  approximately  10.4% of the  initial  capitalization  of the
partnership underlying AOPP.

     The  Partnership  accounts  for its  investment  in the 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 three months ended
March  31,  1997  compared  to the  operation  of the  exchanged  business  park
facilities for three months ended March 31, 1996:

<TABLE>
<CAPTION>

                                                            THREE MONTHS ENDED MARCH 31,
                                                        ------------------------------------
                                                            1997                  1996
                                                        ------------------ -----------------
     <S>                                                    <C>                   <C>
     Equity in earnings of real estate entity               $ 128,000             $       -
     Rental income                                                  -               961,000
     Cost of operations                                             -               554,000
                                                         ----------------      -------------
     Net operating income                                     128,000               407,000
     Depreciation                                                   -               336,000
                                                         ----------------      -------------
                                                            $ 128,000             $  71,000
                                                         ================      =============
</TABLE>


     Depreciation   and   amortization   attributable   to   the   Partnership's
mini-warehouse  facilities  increased  $32,000 from $512,000 to $544,000 for the
three  months  ended March 31, 1996 and 1997,  respectively.  This  increase was
primarily  attributable to the depreciation of capital  expenditures made during
1995 and 1996.

     Minority  interest in income was  $874,000 in 1997  compared to $954,000 in
1996,  representing  a decrease of $80,000,  or 8%. This  decrease was primarily
attributable  to a decrease  in  operations  at the  Partnership's  real  estate
facilities owned jointly with PSI.

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
($1,512,000  for the three months ended March 31, 1997) has been  sufficient  to
meet all current obligations of the Partnership.

     During  1997,  the  Partnership  anticipates  approximately  $1,340,000  of
capital  improvements (of which $663,000  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.  Total  capital  improvements  were $217,000 for the three months ended
March 31, 1997 of which $133,000 represents the Partnership's share.

     The  Partnership  paid  distributions  to the limited and general  partners
totaling $445,000 ($3.48 per unit) and $55,000,  respectively,  during the first
three months of 1997. 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 4 are not applicable.

Item 5   Other Information
         -----------------

         In  February  1997,  PSI  completed  a cash  tender  offer,  which  had
commenced  in December  1996,  pursuant to which PSI  acquired a total of 14,787
additional limited partnership units at $300 per Unit.

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

          The Partnership  filed a Current Report on Form 8-K dated February 19,
     1997 (filed February 25, 1997),  pursuant to Item 1, which stated that as a
     result of PSI's cash tender offer to purchase limited  partnership units in
     the  Partnership  ("Units") which was completed on February 19, 1997, as of
     February 19, 1997 PSI beneficially  owned 69,448 Units,  representing 54.3%
     of the Units,  and is in a position  to control all voting  decisions  with
     respect to the Partnership.

                                   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 13, 1997
                              PS PARTNERS IV, 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)



                                        9