UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-K

[X] Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934 [Fee Required]

For the fiscal year ended December 31, 1995

                                       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 0-8908

                       PUBLIC STORAGE PROPERTIES IV, LTD.
              ----------------------------------------------------
             (Exact name of registrant as specified in its charter)

         California                                               95-3192402
-------------------------------                           ---------------------
(State or other jurisdiction of                               (I.R.S. Employer
incorporation or organization)                            Identification Number)

       600 N. Brand Boulevard
       Glendale, California                                          91203   
---------------------------------------                     -------------------
(Address of principal executive offices)                           (Zip Code)

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

Securities registered pursuant to Section 12(b) of the Act:

                                      NONE

Securities registered pursuant to Section 12(g) of the Act:

                      Units of Limited Partnership Interest
                      -------------------------------------
                                (Title of class)

     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
                                        --    ---

     Indicate by check mark if disclosure of delinquent  filers pursuant to Item
     405 of regulation S-K is not contained  herein,  and will not be contained,
     to the best of Registrant's  knowledge,  in definitive proxy or information
     statements  incorporated  by reference in Part III of this Form 10-K of any
     amendment to the form 10-K. [ ]

                       DOCUMENTS INCORPORATED BY REFERENCE

                                      NONE


<PAGE>
                                     PART I

ITEM 1. Business.
        ---------
General
-------

     Public Storage Properties IV, Ltd., (the  "Partnership") is a publicly held
limited  partnership formed under the California Uniform Limited Partnership Act
in December  1977.  The  Partnership  raised  $20,000,000  in gross  proceeds by
selling 40,000 units of limited partnership  interest ("Units") in an interstate
offering, which commenced in May, 1978 and was completed in November, 1978.

     In 1995,  there were a series of mergers among Public  Storage  Management,
Inc. (which was the Partnership's mini-warehouse operator), Public Storage, Inc.
(which was one of the  Partnership's  general  partners)  ("Old  PSI") and their
affiliates (collectively,  "PSMI"),  culminating in the November 16, 1995 merger
(the  "PSMI  Merger")  of  PSMI  into  Storage  Equities,  Inc.,  a real  estate
investment  trust  organized  as a California  corporation.  In the PSMI Merger,
Storage  Equities,  Inc.'s name was changed to Public Storage,  Inc. ("PSI") and
PSI acquired  substantially  all of PSMI's United States real estate  operations
and became a  co-general  partner of the  Partnership  and the  operator  of the
Partnership's mini-warehouse properties.

     The  Partnership's  general partners are PSI and B. Wayne Hughes ("Hughes")
(collectively referred to as the "General Partners").  Hughes has been a general
partner of the Partnership since its inception.  Hughes is chairman of the board
and chief  executive  officer of PSI,  and Hughes and members of his family (the
"Hughes Family") are the major shareholders of PSI.

     The Partnership is managed, and its investment decisions are made by Hughes
and the  executive  officers and  directors of PSI. The limited  partners of the
Partnership  have no right to  participate  in the  operation  or conduct of its
business and affairs.

     The  Partnership's  objectives  are  to  (i)  maximize  the  potential  for
appreciation  in  value  of  the  Partnership's  properties  and  (ii)  generate
sufficient cash flow from operations to pay all expenses,  including the payment
of interest to  Noteholders.  All of the properties  were financed in September,
1988.

     The term of the  Partnership is until all properties have been sold and, in
any event, not later than December 31, 2038.

Investments in Facilities
-------------------------
     At December 31, 1995, the Partnership owned 17 properties in two states.

     The  Partnership  believes that its operating  results have  benefited from
favorable   industry   trends  and  conditions.   Notably,   the  level  of  new
mini-warehouse  construction  has decreased since 1988 while consumer demand has
increased.  In  addition,  in recent  years  consolidation  has  occurred in the
fragmented mini-warehouse industry.

     Mini-warehouses are designed to offer accessible storage space for personal
and business use at a relatively  low cost. A user rents a fully  enclosed space
which is for the user's  exclusive  use and to which only the user has access on
an  unrestricted   basis  during  business  hours.   On-site  operation  is  the
responsibility  of resident  managers who are supervised by area managers.  Some
mini-warehouses  also  include  rentable  uncovered  parking  areas for  vehicle
storage.  Leases for  mini-warehouse  space may be on a long-term or  short-term
basis,  although typically spaces are rented on a month-to-month  basis.  Rental
rates vary according to the location of the property and the size of the storage
space.

     Users of space in  mini-warehouses  include both  individuals and large and
small  businesses.  Individuals  usually employ this space for storage of, among
other  things,  furniture,  household  appliances,  personal  belongings,  motor
vehicles,  boats,  campers,  motorcycles and other household  goods.  Businesses
normally employ this space for storage of excess  inventory,  business  records,
seasonal goods, equipment and fixtures.

     Mini-warehouses  in which the Partnership has invested generally consist of
three to seven  buildings  containing an aggregate of between 350 to 750 storage
spaces, most of which have between 25 and 400 square feet and an interior height
of approximately 8 to 12 feet.

     The Partnership  experiences  minor seasonal  fluctuations in the occupancy
levels of  mini-warehouses  with occupancies higher in the summer months than in
the winter months. The Partnership  believes that these  fluctuations  result in
part from increased moving activity during the summer.

     The Partnership's  mini-warehouses  are geographically  diversified and are
generally  located in heavily  populated  areas and close to  concentrations  of
apartment  complexes,  single family  residences  and  commercial  developments.
However,  there may be  circumstances  in which it may be  appropriate  to own a
property  in a less  populated  area,  for  example,  in an area  that is highly
visible  from a major  thoroughfare  and  close to,  although  not in, a heavily
populated area. Moreover,  in certain population centers,  land costs and zoning
restrictions may create a demand for space in nearby less populated areas.

     As with most other types of real estate,  the conversion of mini-warehouses
to  alternative  uses in  connection  with a sale or otherwise  would  generally
require  substantial  capital  expenditures.  However,  the Partnership does not
intend to convert its mini-warehouses to other uses.

Operating Strategies
--------------------
     The  Partnership's  mini-warehouses  are  operated by PSI under the "Public
Storage" name, which the Partnership believes is the most recognized name in the
mini-warehouse  industry.  The major  elements  of the  Partnership's  operating
strategies are as follows:

     Capitalize on "Public  Storage's" name recognition.  PSI, together with its
predecessor,   has  more  than  20  years  of   operating   experience   in  the
mini-warehouse business. PSI has informed the Partnership that it is the largest
mini-warehouse facility operator in the United States in terms of both number of
facilities and rentable space  operated.  In the past eight years,  in excess of
$56 million has been expended  promoting the "Public Storage" name. PSI believes
that its marketing and advertising  programs improve its competitive position in
the market. PSI believes that it is the only  mini-warehouse  operator regularly
using  television  advertising in several major markets around the country,  and
its  in-house   Yellow  Pages  staff  designs  and  places   advertisements   in
approximately  700  directories.  In addition,  PSI offers a toll-free  referral
system,  800-44-STORE,  which services approximately 100,000 calls per year from
potential customers inquiring as to the nearest Public Storage mini-warehouse.

     Maintain high  occupancy  levels and increase  realized  rents.  Subject to
market conditions,  the Partnership generally seeks to achieve average occupancy
levels in excess of 90% and to eliminate  promotions prior to increasing  rental
rates.  Average  occupancy for the  Partnership's  mini-warehouses  has remained
stable at 85% in 1994 and 1995. The  Partnership  has increased  rental rates in
many markets  where it has achieved  high  occupancy  levels and  eliminated  or
minimized promotions.

     Systems and controls.  PSI has an  organizational  structure and a property
operation system,  "CHAMP"  (Computerized  Help and Management  Program),  which
links its corporate office with each mini-warehouse.  This enables PSI to obtain
daily  information  from each  mini-warehouse  and to  achieve  efficiencies  in
operations  and  maintain  control  over  its  space  inventory,  rental  rates,
promotional discounts and delinquencies.  Expense management is achieved through
centralized  payroll and accounts  payable systems and a comprehensive  property
tax appeals department, and PSI has an extensive internal audit program designed
to ensure proper handling of cash collections.

     Professional  property  operation.  In  addition to the  approximately  120
support   personnel  at  the  Public  Storage  corporate   offices,   there  are
approximately  2,700 on-site  personnel who manage the day-to-day  operations of
the  mini-warehouses  in the Public Storage system.  These on-site personnel are
supervised by 107 district  managers,  14 regional managers and three divisional
managers  (with  an  average  of 12  years'  experience  in  the  mini-warehouse
industry) who report to the president of the  mini-warehouse  property  operator
(who has 11 years of  experience  with the  Public  Storage  organization).  PSI
carefully  selects and extensively  trains the operational and support personnel
and offers them a progressive career path. See "Property Operator."


Property Operator
-----------------
     The    Partnership's    mini-warehouses    are    managed    by   PSI   (as
successor-in-interest  to PSMI) under a Management  Agreement  (as amended,  the
"Management  Agreement",   which  term  shall  include  the  Amended  Management
Agreement dated as of February 21, 1995).

     Under the supervision of the Partnership,  PSI coordinates the operation of
the  facilities,  establishes  rental  policies  and  rates,  directs  marketing
activity and the purchase of equipment and supplies,  maintenance activity,  and
the  selection  and  engagement  of  all  vendors,   supplies  and   independent
contractors.

     PSI engages, at the expense of the Partnership, employees for the operation
of  the  Partnership's  facilities,   including  resident  managers,   assistant
managers, relief managers, and billing and maintenance personnel. Some or all of
these employees may be employed on a part-time basis and may also be employed by
other persons,  partnerships,  real estate  investment  trusts or other entities
owning facilities operated by PSI.

     In the  purchasing of services  such as  advertising  (including  broadcast
media advertising) and insurance, PSI attempts to achieve economies by combining
the resources of the various facilities that it operates. Facilities operated by
PSI  have  historically  carried   comprehensive   insurance,   including  fire,
earthquake, liability and extended coverage.

     PSI has  developed  systems for space  inventory,  accounting  and handling
delinquent  accounts,  including a  computerized  network  linking PSI  operated
facilities. Each project manager is furnished with detailed operating procedures
and typically  receives  facilities  management  training from PSI. Form letters
covering a variety of circumstances are also supplied to the project managers. A
record of actions  taken by the project  managers  when  delinquencies  occur is
maintained.

     The Partnership's  facilities are typically advertised via signage,  yellow
pages,  flyers  and  broadcast  media  advertising  (television  and  radio)  in
geographic  areas in which many of the  Partnership's  facilities  are  located.
Broadcast  media and other  advertising  costs are charged to the  Partnership's
facilities located in geographic areas affected by the advertising. From time to
time, PSI adopts  promotional  programs,  such as temporary rent reductions,  in
selected areas or for individual facilities.

     For as long as the Management  Agreement is in effect,  PSI has granted the
Partnership  a  non-exclusive  license to use two PSI service  marks and related
designs,  including the "Public  Storage" name, in  conjunction  with rental and
operation of  facilities  managed  pursuant to the  Management  Agreement.  Upon
termination of the Management  Agreement,  the Partnership  would no longer have
the right to use the  service  marks and  related  designs  except as  described
below.  The  General  Partners  believe  that the  loss of the  right to use the
service marks and related  designs could have a material  adverse  effect on the
Partnership's business.

     The  Management  Agreement  provides that the  Management  Agreement may be
terminated  without cause upon 60 days' written  notice by the  Partnership  and
upon seven years' written  notice by PSI. The  Management  Agreement may also be
terminated at any time by either party for cause, but if terminated for cause by
the Partnership,  the Partnership retains the right to use the service marks and
related designs until a date seven years after such termination.

Competition
-----------
     Competition  in the  market  areas in which  the  Partnership  operates  is
significant  and  affects  the  occupancy  levels,  rental  rates and  operating
expenses  of  certain  of  the  Partnership's  facilities.  Competition  may  be
accelerated  by any increase in  availability  of funds for  investment  in real
estate. Recent increases in plans for development of mini-warehouses is expected
to further  intensify  competition  among  mini-warehouse  operators  in certain
market areas. In addition to competition from  mini-warehouses  operated by PSI,
there are three other national firms and numerous  regional and local operators.
The Partnership believes that the significant operating and financial experience
of PSI, and the "Public Storage" name, should enable the Partnership to continue
to compete effectively with other entities.


Other Business Activities
-------------------------
     A corporation owned by the Hughes Family reinsures  policies against losses
to  goods  stored  by  tenants  in  the   Partnership's   mini-warehouses.   The
Partnershipbelieves  that the  availability  of insurance  reduces the potential
liability of the  Partnership to tenants for losses to their goods from theft or
destruction.  This  corporation  receives  the  premiums  and  bears  the  risks
associated with the insurance.

     A  corporation,  in which PSI has a 95%  economic  interest  and the Hughes
Family has a 5% economic interest,  sells locks, boxes and tape to tenants to be
used in securing  their  spaces and moving their  goods.  PSI believes  that the
availability of locks, boxes and tape for sale promotes the rental of spaces.

Employees
---------
     There are 54 persons  who  render  services  on behalf of the  Partnership.
These persons include resident managers,  assistant  managers,  relief managers,
district managers, and administrative personnel.


ITEM 2.  PROPERTIES.
         ----------
     The following  table sets forth  information  as of December 31, 1995 about
properties owned by the Partnership:

<TABLE>
                                            Net               Number             Date
                            Size of       Rentable              of                of             Completion
  Location                  Parcel          Area              Spaces            Purchase            Date
  --------                  ------          ----              ------            --------            ----

<S>                       <C>             <C>                 <C>               <C>             <C>       
CALIFORNIA
Azusa                      5.85           105,000             941               July 14,         Nov. 1978
                           acres             sq. ft.                              1978

Concord                    2.87           52,000              525               June 20,         Jan. 1979
                           acres             sq. ft.                              1978

Oakland                    1.97           41,000              372               Oct. 11,         Apr. 1979
                           acres             sq. ft.                              1978

Pasadena                   1.82           37,000              338               July 19,         Nov. 1978
                           acres             sq. ft.                              1978

Redlands                   3.44           63,000              580               Aug. 24,         Feb. 1979
                           acres             sq. ft.                              1978

Richmond                   1.82           35,000              352               Aug. 23,         Mar. 1979
                           acres             sq. ft.                              1978

Riverside                  2.47           45,000              392               Jan. 2,           May 1979
                           acres             sq. ft.                              1979

Sacramento                 2.36           41,000              386               Dec. 14,         Aug. 1979
  Howe Avenue              acres             sq. ft.                              1978

Sacramento                 3.38           44,000              463               Jan. 5,          June 1979
  West Capitol             acres             sq. ft.                              1979

San Carlos                 2.80           51,000              458               Jan. 30,         Oct. 1979
                           acres             sq. ft.                              1979

Santa Clara                4.45           75,000              699               Dec. 22,         June 1979
                           acres             sq. ft.                              1978              and
                                                                                                 July 1981

Tustin                     4.40           67,000              559               July 3,          Dec. 1978
                           acres             sq. ft.                              1978

Florida
Miami                      1.70           29,000              278               Aug. 24,         Jan. 1979
  Airport                  acres             sq. ft.                              1978
  Expressway

Miami (1)                  4.00           46,000              477               Sept. 6,         Apr. 1979
  Cutler Ridge             acres             sq. ft.                              1978


Pembroke Park  (2)         2.35           49,000              446               Sept. 1,          July 1979
                           acres             sq. ft.                              1978

Ft. Lauderdale             2.77           45,000              504               Nov. 9,          Sept. 1979
  I95 & 23 rd Ave.         acres             sq. ft.                              1978

Ft. Lauderdale             3.32           56,000              558               Dec. 4,          Sept. 1979
  I95 & Sunrise            acres             sq. ft.                              1978

</TABLE>

     (1) On August 24, 1992, this property was damaged by Hurricane  Andrew and,
as a result,  the  facility  became idle as of this date.  The  Partnership  has
property insurance coverage sufficient to rebuild the facility. In addition, the
Partnership  has business  interruption  insurance  to cover lost rental  income
while  the  facility  is idle.  The  facility  has been  rebuilt  and  commenced
operations in October 1994.  
     (2) In 1995,  the  Partnership  sold  approximately  4,729 sq.  ft. of this
property to the State of Florida under a condemnation proceeding.

     Substantially  all of the  Partnership's  facilities were acquired prior to
the time  that it was  customary  to  conduct  environmental  investigations  in
connection with property  acquisitions.  During 1995, the Partnership  completed
environmental  assessments  of its  properties  to  evaluate  the  environmental
condition of, and potential environmental liabilities of such properties.  These
assessments  were performed by an  independent  environmental  consulting  firm.
Based on the assessments, the Partnership has expensed, as of December 31, 1995,
an estimated $26,000 for known environmental remediation requirements.

     The properties are held subject to encumbrances which are described in this
report under Note 7 of the Notes to the  Financial  Statements  included in Item
14(a).

ITEM 3.  LEGAL PROCEEDINGS.
         -----------------
     No material legal proceeding is pending against the Partnership.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
         ---------------------------------------------------
     No matters were  submitted to a vote of security  holders during the fourth
quarter of 1995.


                                     PART II
ITEM 5.  MARKET FOR THE PARTNERSHIP'S COMMON EQUITY AND RELATED STOCKHOLDER
         MATTERS.
         -------------------------------------------------------------------
     The Partnership has no common stock.

     The Units are not listed on any national  securities  exchange or quoted on
the NASDAQ  System,  and there is no  established  public trading market for the
Units. Secondary sales activity for the Units has been limited and sporadic. The
General Partners monitor transfers of the Units (a) because the admission of the
transferee as a substitute  limited partner  requires the consent of the General
Partners under the Partnership's  Amended and Restated Certificate and Agreement
of  Limited  Partnership,  (b) in order to ensure  compliance  with safe  harbor
provisions  to  avoid  treatment  as a  "publicly  traded  partnership"  for tax
purposes,  and (c) because the General Partners have purchased  Units.  However,
the General Partners do not have  information  regarding the prices at which all
secondary  sale  transactions  in  the  Units  have  been  effectuated.  Various
organizations  offer  to  purchase  and  sell  limited   partnership   interests
(including  securities  of the  type  such  as the  Units)  in  secondary  sales
transactions.  Various  publications  such as The Stanger  Report  summarize and
report  information (on a monthly,  bimonthly or less frequent basis)  regarding
secondary sales transactions in certain limited partnership interests (including
the Units),  including the prices at which such secondary sales transactions are
effectuated.

     In  addition,  Dean  Witter  Reynolds  Inc.,  the  dealer-manager  for  the
Partnership's  initial offering of Units, has certain information with regard to
sale transactions in the Units.

     Exclusive  of the  General  Partners'  interest in the  Partnership,  as of
December 31, 1995, there were approximately 1,543 record holders of Units.

     In April 1995,  Old PSI  completed a cash  tender  offer,  in which Old PSI
acquired 16,292 Units of the 40,000 outstanding limited Partnership Units in the
Partnership  at $250 per Unit  (following  acceptance of the Units in the tender
offer by Old PSI, Old PSI transferred to Hughes 5,892 Units). As a result of the
PSMI  merger,  PSI owns all of the Units that were owned by Old PSI, and PSI has
an option to acquire all of the Units owned by Hughes.  As of February 29, 1996,
PSI and Hughes owned an aggregate of 18,319 Units (45.8% of the Units).

     Distributions  to the general and limited  partners of all "Cash  Available
for Distribution"  have been made quarterly.  Cash Available for Distribution is
generally  funds from  operations  of the  Partnership,  without  deduction  for
depreciation,  but after  deducting  funds to pay or establish  reserves for all
other expenses (other than incentive  distributions to the general partners) and
capital  improvements,  plus net  proceeds  from any  sale or  financing  of the
Partnership's  properties. In the third quarter of 1991, quarterly distributions
were  discontinued  to enable the  Partnership  to  increase  its  reserves  for
principal  repayments that commenced in 1990 and will continue  through 1998, at
which time the entire remaining principal balance will be payable.

     Reference is made to Item 6 and 7 hereof for  information  on the amount of
such distributions.


                       PUBLIC STORAGE PROPERTIES IV, LTD.

ITEM 6.  SELECTED FINANCIAL DATA.
         -----------------------
                                                                       
<TABLE>
For the Year               1995                 1994                 1993                 1992                   1991
Ended December 31,                                                                                                        
--------------------------------------------------------------------------------------------------------------------------

<S>                        <C>                  <C>                   <C>                  <C>                  <C>       
Revenues                   $7,629,000           $7,085,000            $6,979,000           $6,743,000           $6,395,000

Depreciation and
  amortization                742,000              692,000               648,000              617,000              577,000

Interest expense            2,967,000            3,071,000             3,137,000            3,197,000            3,256,000

Gain on sale of
  real estate                 125,000              -                     -                     -                   -

Net income                  1,724,000            1,208,000             1,099,000              796,000              441,000

Limited partners'
share                       1,704,000            1,195,000             1,087,000              787,000              403,000

General partners'
share                          20,000               13,000                12,000                9,000               38,000

Limited partners'
  per unit data (1)

    Net income (1)            42.60                29.88                27.18                19.68                10.08

    Cash distributions         -                    -                    -                    -                     2.50
                                                                                                                          
--------------------------------------------------------------------------------
As of December 31,
--------------------------------------------------------------------------------
                                                                                                                         
Cash and cash
  equivalents           $     967,000        $     551,000          $  2,807,000         $  1,125,000         $  1,470,000

Assets                    $18,367,000          $16,505,000           $17,548,000          $14,677,000          $14,788,000

Mortgage note
  payable                 $27,178,000          $28,086,000           $28,754,000          $29,355,000          $28,897,000
</TABLE>

     (1) Per unit data is based on the  weighted  average  number of the limited
partnership units (40,000) outstanding during the period.

ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF OPERATIONS.
         ----------------------------------------------------------------------
Results of Operations
---------------------

YEAR ENDED DECEMBER 31, 1995 COMPARED TO YEAR ENDED DECEMBER 31, 1994:
     The  Partnership's net income was $1,724,000 in 1995 compared to $1,208,000
in 1994,  representing  an increase of  $516,000.  The  increase  was  primarily
attributed to (i) $236,000 of income recognized as a result of actual cost being
lower than amounts  received from insurance  proceeds to reconstruct  the Miami,
Cutler/Ridge  facility  located in Florida which was damaged by Hurricane Andrew
in August 1992 and (ii) $125,000 gain recognized on the sale of a portion of the
Partnership's  Pembroke,   Florida  property  to  the  State  of  Florida  in  a
condemnation  proceeding  during 1995. Also  contributing to the increase in net
income was an increase in property  net  operating  income at the  Partnership's
mini-warehouse facilities combined with decreased interest expense and partially
offset by environmental  costs incurred on the Partnership's  facilities in 1995
(see discussion below).

     During 1995,  property net  operating  income  (rental  income less cost of
operations,  management fees paid to an affiliate and depreciation  expense) was
$4,076,000 in 1995 compared to $3,923,000 in 1994,  representing  an increase of
$153,000 or 4%.  This  increase  was  primarily  attributable  to an increase in
rental income at the Partnership's mini-warehouse facilities partially offset by
an increase in cost of operations and depreciation expense.

     Rental  income was  $7,045,000  in 1995  compared  to  $6,659,000  in 1994,
representing  an  increase  of  $386,000  or  6%.  The  increase  was  primarily
attributable to an increase in rental rates at the Partnership's facilities. The
weighted average occupancy levels at the  mini-warehouse  facilities were 85% in
1995 and 1994. The monthly  realized rent per occupied square foot averaged $.78
in 1995 compared to $.84 in 1994.

     Other income increased  $88,000 in 1995 compared to 1994. This increase was
primarily  attributable  to the  recognition  of  $236,000 in income from unused
insurance  proceeds,  as discussed  above,  offset by a lower amount of business
interruption  income  recognized in 1995 over 1994.  Included in other income is
business  interruption  income of $49,000 in 1995 and  $202,000  (net of certain
costs and expenses of maintaining the Miami facility) in 1994.

     Dividend income from marketable  securities of affiliate  increased $70,000
in 1995 compared to 1994.  This increase was mainly  attributable to an increase
in the number of shares  owned in 1995  compared  to 1994 and an increase in the
dividend rate from $.21 to $.22 per quarter per share.

     Cost  of  operations  (including  management  fees  paid  to an  affiliate)
increased  $183,000 or 9% to  $2,227,000 in 1995 from  $2,044,000 in 1994.  This
increase was  primarily  attributable  to increases  in payroll,  property  tax,
security costs, and repairs and maintenance.

     Substantially  all of the  Partnership's  facilities were acquired prior to
the time  that it was  customary  to  conduct  environmental  investigations  in
connection with property  acquisitions.  During 1995, the Partnership  completed
environmental  assessments  of its  properties  to  evaluate  the  environmental
condition of, and potential environmental liabilities of such properties.  These
assessments  were performed by an  independent  environmental  consulting  firm.
Based on the assessments, the Partnership has expensed, as of December 31, 1995,
an estimated $26,000 for known environmental remediation requirements.  Although
there can be no assurance,  the  Partnership  is not aware of any  environmental
contamination  of  any  of  its  property  sites  which  individually  or in the
aggregate would be material to the  Partnership's  overall  business,  financial
condition, or results of operations.

     Interest   expense  was   $2,967,000  and  $3,071,000  in  1995  and  1994,
respectively,  representing  a decrease  of  $104,000  or 3%. The  decrease  was
primarily a result of a lower outstanding loan balance in 1995 compared to 1994.

YEAR ENDED DECEMBER 31, 1994 COMPARED TO YEAR ENDED DECEMBER 31, 1993:
     The  Partnership's net income was $1,208,000 in 1994 compared to $1,099,000
in 1993, representing an increase of $109,000. The increase was primarily due to
an increase in property net operating income at the Partnership's mini-warehouse
facilities combined with decreased interest expense.

     In 1992, a mini-warehouse  facility located in Miami, Florida (Miami/Cutler
Ridge) was damaged by  Hurricane  Andrew.  In 1993,  the  Partnership  reached a
settlement with its insurance  carrier for the damage  sustained to the property
and for  business  interruption  while  the  facility  was  being  rebuilt.  The
Partnership has received approximately $1,025,000 of insurance proceeds relating
to business  interruption.  This amount is being  recognized  as income over the
period from the time the facility was damaged  through the time  estimated  that
the project will be fully operating at a stabilized occupancy. Included in other
income is business  interruption  insurance  proceeds  (net of certain costs and
expenses of  maintaining  the  facility)  of $202,000  for 1994 and $398,000 for
1993. The facility recommenced operations in October 1994.

     During 1994,  property net  operating  income  (rental  income less cost of
operations,  management fees paid to an affiliate and depreciation  expense) was
$3,923,000 in 1994 compared to $3,801,000 in 1993,  representing  an increase of
$122,000 or 3%.  This  increase  was  primarily  attributable  to an increase in
rental revenue at the Partnership's  mini-warehouse  facilities partially offset
by an increase in cost of operations and depreciation expense.

     Rental  income was  $6,659,000  in 1994  compared  to  $6,477,000  in 1993,
representing  an  increase  of  $182,000  or  3%.  The  increase  was  primarily
attributable to increased  occupancy levels combined with increased rental rates
at the  Partnership's  facilities.  The weighted average occupancy levels at the
mini-warehouse  facilities were 85% in 1994 compared to 81% in 1993. The monthly
realized rent per occupied square foot averaged $.84 in 1994 compared to $.78 in
1993.

     Dividend income from marketable  securities of affiliate increased $106,000
in 1994 compared to 1993.  This increase was mainly  attributable to an increase
in the number of shares owned in 1994 compared to 1993.

     Cost  of  operations  (including  management  fees  paid  to an  affiliate)
increased  $16,000 or 1% to  $2,044,000 in 1994 from  $2,028,000  in 1993.  This
increase was primarily  attributable  to increases in payroll,  property tax and
repairs and maintenance partially offset by a decrease in advertising expense.

     Interest   expense  was   $3,071,000  and  $3,137,000  in  1994  and  1993,
respectively,  representing  a  decrease  of $66,000  or 2%.  The  decrease  was
primarily a result of a lower outstanding loan balance in 1994 compared to 1993.


LIQUIDITY AND CAPITAL RESOURCES
-------------------------------
     Cash  flows  from  operating  activities  ($1,899,000  for the  year  ended
December 31, 1995) have been  sufficient to meet all current  obligations of the
Partnership.  During 1996, the Partnership anticipates approximately $371,000 of
capital improvements. During 1995, the Partnership's property operator commenced
a program to enhance  the visual  appearance  of the  mini-warehouse  facilities
operated  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 $37,000 for such enhancements.

     At December 31, 1995, the Partnership held 297,130  (including the November
1995 purchase) shares of common stock (marketable  securities) with a fair value
totaling  $5,645,000  (cost basis of  $3,791,000 at December 31, 1995) in Public
Storage,  Inc. (PSI). In November 1995, the Partnership  purchased an additional
22,455  shares  of PSI  common  stock  at a cost of  $399,000.  The  Partnership
recognized $247,000 in dividends during 1995.

     In November 1995, the Management Agreement was amended to provide that upon
demand from PSI or PSMI made prior to December 15, 1995, the Partnership  agreed
to prepay (within 15 days after such demand) up to 12 months of management  fees
(based on the management fees for the comparable period during the calendar year
immediately preceding such prepayment) discounted at the rate of 14% per year to
compensate for early payment. In December 1995, the Partnership prepaid, to PSI,
8 months of 1996 management fees at a cost of $265,000.

     In 1995, the Partnership  sold a portion of its Pembroke,  Florida property
under a  condemnation  proceeding  to the  State  of  Florida.  The  Partnership
received  sales  proceeds  of  $137,000,  which was used to make an  unscheduled
principal payment on its mortgage note payable.

     In the third quarter of 1991, quarterly  distributions were discontinued to
enable the  Partnership  to increase its reserves for  principal  payments  that
commenced in 1990 and increase in  subsequent  years through 1998, at which time
the remaining principal balance is due.

     The  distributions in the aggregate to the Limited and General Partners for
each of the prior years were as follows:

                           1978                               $    167,000
                           1979                                  1,263,000
                           1980                                  2,196,000
                           1981                                  2,415,000
                           1982                                  2,635,000
                           1983                                  2,964,000
                           1984                                  3,568,000
                           1985                                  4,393,000
                           1986                                  4,314,000
                           1987                                  4,310,000
                           1988                                 32,660,000
                           1989                                    641,000
                           1990                                    371,000
                           1991                                    135,000
                           1992                                       -
                           1993                                       -
                           1994                                       -
                           1995                                       -

     During  1988,  the  Partnership  financed  all  of  its  properties  with a
$30,500,000 loan with fixed interest of 10.47 percent per annum. Net proceeds of
$29,360,000 were distributed to the partners in October 1988 and are included in
the 1988  distribution.  At December 31, 1995,  the  outstanding  balance of the
mortgage note was $27,178,000, which matures on October 1, 1998.


ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
         --------------------------------------------
     The  Partnership's  financial  statements  are included  elsewhere  herein.
Reference is made to the Index to Financial  Statements and Financial  Statement
Schedule in Item 14(a).

ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND 
         FINANCIAL DISCLOSURE.
         ---------------------------------------------------------------
     None.
                                    PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE PARTNERSHIP.
         ---------------------------------------------------

     The Partnership has no directors or executive officers.

     The Partnership's general partners are PSI and B. Wayne Hughes. PSI, acting
through its  directors and  executive  officers,  and Mr. Hughes manage and make
investment decisions for the Partnership.

     The names of all directors and executive  officers of PSI, the offices held
by each of them with PSI, and their ages and business experience during the past
five years are as follows:

         Name                            Positions with PSI
-------------------------  ----------------------------------------------------
B. Wayne Hughes            Chairman of the Board and Chief Executive Officer
Harvey Lenkin              President and Director
Ronald L. Havner, Jr.      Senior Vice President and Chief Financial Officer
Hugh W. Horne              Senior Vice President
Obren B. Gerich            Senior Vice President
Marvin M. Lotz             Senior Vice President
Mary Jayne Howard          Senior Vice President
David Goldberg             Senior Vice President
John Reyes                 Vice President and Controller
Sarah Hass                 Vice President and Secretary
Robert J. Abernethy        Director
Dann V. Angeloff           Director
William C. Baker           Director
Uri P. Harkham             Director
Berry Holmes               Director


B.  Wayne  Hughes,  age 62, a general  partner  of the  Partnership,  has been a
director of PSI since its  organization  in 1980, and was President and Co-Chief
Executive  Officer from 1980 until November 1991 when he became  Chairman of the
Board and sole Chief  Executive  Officer.  Mr.  Hughes  has been a  director  of
Storage  Properties,   Inc.  ("SPI"),  a  real  estate  investment  trust  whose
investment  adviser is PSI, since 1989. Since 1990, Mr. Hughes has been Chairman
of the Board of Public Storage Properties X, Inc., Public Storage Properties XI,
Inc., Public Storage  Properties XII, Inc., Public Storage Properties XIV, Inc.,
Public Storage  Properties XV, Inc., Public Storage Properties XVI, Inc., Public
Storage  Properties XVII, Inc., Public Storage  Properties  XVIII,  Inc., Public
Storage  Properties  XIX,  Inc.,  Public Storage  Properties XX, Inc.,  Partners
Preferred Yield, Inc.,  Partners Preferred Yield II, Inc. and Partners Preferred
Yield III, Inc.  (collectively,  the "Public Storage  Properties  REITs"),  real
estate  investment  trusts  organized by affiliates of PSMI. Mr. Hughes has been
active in the real estate investment field for over 25 years.

Harvey Lenkin,  age 59, became President and a director of PSI in November 1991.
He has been President of the Public Storage  Properties REITs since 1990. He was
President  of PSMI  from  January  1978  until  September  1988,  when he became
Chairman of the Board of PSMI, and assumed overall responsibility for investment
banking and investor  relations.  In 1989,  Mr.  Lenkin  became  President and a
director of SPI.

Ronald L. Havner, Jr., age 38, a certified public accountant,  became an officer
of PSI in 1990,  Chief  Financial  Officer in  November  1991,  and Senior  Vice
President of PSI in November  1995. He was an officer of PSMI from 1986 to 1995,
and Chief  Financial  Officer of PSMI and its  affiliates  from 1991 to November
1995.  Mr.  Havner has been an officer of SPI since  1989,  and Chief  Financial
Officer of SPI since  November  1991. He has been a Vice President of the Public
Storage  Properties  REITs since 1990, and was Controller  from 1990 to November
1995 when he became Chief Financial Officer.

Hugh W.  Horne,  age 51,  has been a Vice  President  of PSI since  1980 and was
Secretary of PSI from 1980 until February 1992, and became Senior Vice President
of PSI in November  1995. He was an officer of PSMI from 1973 to November  1995.
He is responsible for managing all aspects of property  acquisition for PSI. Mr.
Horne has been a Vice  President  of SPI since 1989,  and of the Public  Storage
Properties REITs since 1993.

Obren B. Gerich,  age 56, a certified public accountant and certified  financial
planner,  has been a Vice  President of PSI since 1980,  and became  Senior Vice
President of PSI in November 1995. He was Chief  Financial  Officer of PSI until
November 1991. Mr. Gerich was an officer of PSMI from 1975 to November 1995. Mr.
Gerich has been Vice  President and  Secretary of SPI since 1989,  and was Chief
Financial  Officer of SPI until  November  1991. He has been Vice  President and
Secretary  of the Public  Storage  Properties  REITs since  1990,  and was Chief
Financial Officer until November 1995.

Marvin M. Lotz,  age 53, has had  overall  responsibility  for Public  Storage's
mini-warehouse  operations  since 1988. He became a Senior Vice President of PSI
in  November  1995.  Mr.  Lotz was an  officer of PSMI with  responsibility  for
property acquisitions from 1983 until 1988.

Mary Jayne Howard,  age 50, has had overall  responsibility for Public Storage's
commercial  property  operations  since  December 1985. She became a Senior Vice
President of PSI in November 1995.

David  Goldberg,  age 46,  joined  PSMI's  legal  staff in June 1991,  rendering
services on behalf of the Company  and PSMI.  He became a Senior Vice  President
and General  Counsel of PSI in November 1995. From December 1982 until May 1991,
he was a partner  in the law firm of Sachs &  Phelps,  then  counsel  to PSI and
PSMI.

John Reyes, age 35, a certified public accountant,  joined PSMI in 1990, and has
been the  Controller  of PSI since 1992.  He became a Vice  President  of PSI in
November 1995. From 1983 to 1990, Mr. Reyes was employed by Ernst & Young.

Sarah Hass, age 40, became  Secretary of PSI in February 1992. She became a Vice
President of PSI in November  1995.  She joined PSMI's legal  department in June
1991,  rendering  services on behalf of PSI and PSMI.  From 1987 until May 1991,
her  professional  corporation  was a partner in the law firm of Sachs & Phelps,
then  counsel to PSI and PSMI,  and from  April  1986  until June 1987,  she was
associated  with that  firm,  practicing  in the area of  securities  law.  From
September 1979 until  September  1985, Ms. Hass was associated with the law firm
of Rifkind & Sterling, Incorporated.

Robert J.  Abernethy,  age 55, is  President  of American  Standard  Development
Company  and of  Self-Storage  Management  Company,  which  develop  and operate
mini-warehouses.   Mr.   Abernethy   has  been  a  director  of  PSI  since  its
organization.  He is a member of Johns Hopkins University and of the Los Angeles
County Metropolitan  Transportation  Authority, and a former member of the board
of directors of the Metropolitan Water District of Southern California.

Dann V.  Angeloff,  age 60, is President of the  Angeloff  Company,  a corporate
financial  advisory firm. The Angeloff Company has rendered,  and is expected to
continue to render,  financial  advisory and securities  brokerage  services for
PSI. Mr.  Angeloff is the general partner of a limited  partnership  that owns a
mini-warehouse  operated  by PSI,  and which  secures a note  owned by PSI.  Mr.
Angeloff has been a director of PSI since its organization.  He is a director of
Compensation Resource Group, Datametrics Corporation,  Nicholas/Applegate Growth
Equity Fund,  Nicholas/Applegate  Investment Trust, Royce Medical Company,  Seda
Specialty Packaging Corp. and SPI.

William C. Baker,  age 62, became a director of PSI in November 1991. From April
1993 through May 1995, Mr. Baker was President of Red Robin International, Inc.,
an operator and franchiser of casual dining restaurants in the United States and
Canada.  Since January 1992, he has been Chairman and Chief Executive Officer of
Carolina Restaurant Enterprises,  Inc., a franchisee of Red Robin International,
Inc.  From 1976 to 1988, he was a principal  shareholder  and Chairman and Chief
Executive  Officer of Del Taco,  Inc.,  an operator and  franchiser of fast food
restaurants  in  California.  Mr.  Baker is a  director  of Santa  Anita  Realty
Enterprises, Inc., Santa Anita Operating Company and Callaway Golf Company.

Uri P. Harkham,  age 47, became a director of PSI in March 1993. Mr. Harkham has
been the President and Chief  Executive  Officer of the Jonathan  Martin Fashion
Group,  which  specializes  in designing,  manufacturing  and marketing  women's
clothing,  since its  organization in 1976. Since 1978, Mr. Harkham has been the
Chairman of the Board of Harkham Properties,  a real estate firm specializing in
buying and managing fashion warehouses in Los Angeles and Australia.

Berry Holmes,  age 65, is a private investor.  Mr. Holmes has been a director of
PSI since  its  organization.  He was  President  and a  director  of  Financial
Corporation  of Santa  Barbara and Santa  Barbara  Savings and Loan  Association
through  1983  and  was  a  consultant  with  Santa  Barbara  Savings  and  Loan
Association during 1984. Mr. Holmes is a director of SPI.

     Pursuant to Articles 16 and 17 of the Partnership's Amended Certificate and
Agreement  of  Limited  Partnership,   a  copy  of  which  is  included  in  the
Partnership's  prospectus included in the Partnership's  Registration  Statement
File No.  2-60530,  each of the General  Partners  continues  to serve until (i)
death, insanity, insolvency, bankruptcy or dissolution, (ii) withdrawal with the
consent  of the  other  general  partner  and a  majority  vote  of the  limited
partners, or (iii) removal by a majority vote of the limited partners.

     Each  director of PSI serves  until he resigns or is removed from office by
the  shareholders  of PSI,  and may resign or be removed from office at any time
with or without cause. Each officer of PSI serves until he resigns or is removed
by the board of directors of PSI. Any such officer may resign or be removed from
office at any time with or without cause.

     There  have  been  no  events  under  any   bankruptcy   act,  no  criminal
proceedings,  and no judgments or injunctions  material to the evaluation of the
ability of any director or executive officer of PSI during the past five years.

     Based  on a  review  of  the  reports  filed  under  Section  16 (a) of the
Securities  and  Exchange  Act of 1934  with  respect  to the  Units  that  were
submitted to the Partnership,  the Partnership believes that with respect to the
fiscal year ended December 31, 1995, Old PSI (a former General Partner and owner
of more than 10% of the Units) and Hughes (a General  Partner  and owner of more
than 10% of the  Units)  each  filed one  report on Form 4 which  disclosed  (in
addition to transactions  that were timely reported) two transactions  that were
not timely reported.

ITEM 11. EXECUTIVE COMPENSATION.
         -----------------------

     The Partnership has no subsidiaries, directors or officers. See Item 13 for
a description of certain  transactions  between the  Partnership and its General
Partners and their affiliates.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.
         ---------------------------------------------------------------

     (a) At February 29, 1996,  the following  persons  beneficially  owned more
than 5% of the Units:
<TABLE>

                           Name and Address
Title of Class             of Beneficial Owners                   Beneficial Ownership           Percent of Class
--------------             --------------------                   --------------------           ----------------

<S>                            <C>                                <C>                           <C>  
Units of Limited               Public Storage, Inc.               18,319 Units (1)               45.8%
Partnership                    600 North Brand Boulevard
Interest                       Glendale, California 91203

Units of Limited               B. Wayne Hughes                      5,892 Units (2)              14.7%
Partnership                    600 North Brand Boulevard
Interest                       Glendale, California 91203

</TABLE>

(1)  Includes  (i) 12,427 Units owned by PSI as to which PSI has sole voting and
     dispositive  power and (ii) 5,892  Units which PSI has an option to acquire
     (together with other  securities) from B. Wayne Hughes as trustee of the B.
     W. Hughes Living Trust and as to which PSI has sole voting power  (pursuant
     to an irrevocable proxy) and no dispositive power.

(2)  Units owned by B. Wayne Hughes as trustee of the B. W. Hughes  Living Trust
     as to which Mr. Hughes has sole dispositive  power and no voting power; PSI
     has an option to acquire these Units and an irrevocable proxy to vote these
     Units (see footnote 1 above).

     (b) The  Partnership  has no officers and directors.  The General  Partners
contributed  $202,000 to the original capital of the Partnership and as a result
participate  in  the   distributions   to  the  limited   partners  and  in  the
Partnership's  profits  and  losses  in the same  proportion  that  the  General
Partners'  capital  contribution  bears  to  the  total  capital   contribution.
Information  regarding  ownership  of  Units  by PSI  and  Hughes,  the  General
Partners,  is set forth under section (a) above. Dann V. Angeloff, a director of
PSI, beneficially owns 9 Units (0.02% of the Units). The directors and executive
officers of PSI (including Hughes), as a group (15 persons), own an aggregate of
5,911  Units,  representing  14.8%  of the  Units  (including  the  5,892  Units
beneficially owned by Hughes as set forth above).

     (c) The Partnership knows of no contractual arrangements,  the operation of
the terms of which may at a subsequent date result in a change in control of the
Partnership,  except for articles 16, 17 and 21.1 of the  Partnership's  Amended
Certificate and Agreement of Limited Partnership (the "Partnership  Agreement"),
a copy of which is  included  in the  Partnership's  prospectus  included in the
Partnership's  Registration  Statement File No. 2-60530. Those articles provide,
in substance,  that the limited partners shall have the right, by majority vote,
to remove a general partner and that a general partner may designate a successor
with the  consent of the other  general  partner  and a majority  of the limited
partners.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.
         ----------------------------------------------

     The  Partnership  Agreement  provides  that the  General  Partners  will be
entitled  to  cash  incentive  distributions  in an  amount  equal  to (i) 8% of
distributions  of cash  flow from  operations  until  the  distributions  to all
partners from all sources equal their capital contributions;  thereafter, 25% of
distributions of cash flow from operations,  and (ii) 25% of distributions  from
net proceeds from sale and financing of the Partnership's  properties  remaining
after  distribution  to all  partners of any portion  thereof  required to cause
distributions to partners from all sources to equal their capital contributions.
During  1986,  the partners  received  cumulative  distributions  equal to their
capital contributions.  The Partnership has not made any distributions since the
third quarter of 1991.

     The    Partnership    has   a   Management    Agreement    with   PSI   (as
successor-in-interest  to PSMI). Under the Management Agreement, the Partnership
pays PSI (and  previously  paid PSMI) a fee of 6% of the gross  revenues  of the
mini-warehouse spaces operated for the Partnership. During 1995, the Partnership
paid or accrued  fees of  $370,000  to PSMI and  $53,000 to PSI  pursuant to the
Management  Agreement with respect to 1995 management  fees (i.e.,  exclusive of
the prepayment described below).

     In November 1995, the Management Agreement was amended to provide that upon
demand from PSI or PSMI made prior to December 15, 1995, the Partnership  agreed
to prepay (within 15 days after such demand) up to 12 months of management  fees
(based on the management fees for the comparable period during the calendar year
immediately preceding such prepayment) discounted at the rate of 14% per year to
compensate for early payment. In December 1995, the Partnership prepaid, to PSI,
8 months of 1996 management fees at a cost of $265,000.

     In November 1995, the Partnership  purchased  22,455 shares of common stock
of PSI from  affiliated  partnerships  for a  purchase  price of  $399,000  (the
purchase  price per share was equal to the closing price of the PSI common stock
on the New York Stock Exchange on the last trading day prior to the sale).


                                     PART IV

ITEM 14. EXHIBITS. FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K.
         ---------------------------------------------------------------

          (a) List of Documents filed as part of the Report.
               1.   Financial Statements.  See Index to Financial Statements and
                    Financial Statement Schedule.
               2.   Financial  Statement  Schedules.   See  Index  to  Financial
                    Statements and Financial Statement Schedule.
               3.   Exhibits: See Exhibit Index contained herein.

          (b) Reports on Form 8-K: No reports on Form 8-K were filed  during the
              last quarter of fiscal 1995.

          (c) Exhibits: See Exhibit Index contained herein.


<PAGE>

                       PUBLIC STORAGE PROPERTIES IV, LTD.

                                  EXHIBIT INDEX
                                  (Item 14 (c))


3.1       Amended Certificate and Agreement of Limited  Partnership.  Previously
          filed with the Securities and Exchange  Commission as Exhibit A to the
          Registrant's Prospectus included in Registration Statement No. 2-60530
          and incorporated herein by references.

3.2       Thirty-fifth Amendment to Amended Certificate and Agreement of Limited
          Partnership.   Previously  filed  with  the  Securities  and  Exchange
          Commission  as an exhibit to the  Registrant's  Annual  Report on Form
          10-K for the year ended December 31, 1993 and  incorporated  herein by
          reference.

10.1      Amended  Management  Agreement dated February 21, 1995 between Storage
          Equities,  Inc. and Public Storage  Management,  Inc. Previously filed
          with the Securities  and Exchange  Commission as an exhibit to Storage
          Equities,  Inc.'s  Annual  Report  on Form  10-K  for the  year  ended
          December 31, 1994 and incorporated herein by reference.

10.2      Loan documents dated September 16, 1988 between the Registrant and The
          Prudential  Insurance  Company of America.  Previously  filed with the
          Securities and Exchange  Commission as an exhibit to the  Registrant's
          Annual  Report on Form 10-K for the year ended  December  31, 1993 and
          incorporated herein by reference.

27        Financial Data Schedule. Filed herewith.


<PAGE>

     SIGNATURES  Pursuant  to the  requirements  of  Section  13 or 15(d) of the
Securities  Exchange Act of 1934, the Partnership has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.

                                         PUBLIC STORAGE PROPERTIES IV, LTD.,
                                         a California Limited Partnership

Dated:  March  26, 1996           By:    Public Storage, Inc., General Partner


                                  By:    /s/ B Wayne Hughes
                                         ------------------------------------
                                        B. Wayne Hughes, Chairman of the Board

                                  By:    /s/ B Wayne Hughes
                                         ------------------------------------
                                         B. Wayne Hughes, General Partner



     Pursuant to the  requirements of the Securities  Exchange Act of 1934, this
report  has  been  signed  below  by the  following  persons  on  behalf  of the
Partnership in the capacities and on the dates indicated.

<TABLE>
<CAPTION>

      Signature                       Capacity                                  Date
---------------------     ----------------------------------------------  -----------------


<S>                      <C>                                               <C> 
/s/B. Wayne Hughes       Chairman of the Board and                         March 26, 1996
--------------------     Chief Executive Officer of Public Storage, Inc.
B. Wayne Hughes          (principal executive officer)
                       

/s/Harvey Lenkin         President and Director                            March 26, 1996
--------------------     of Public Storage, Inc.
Harvey Lenkin          


/s/Ronald L. Havner, Jr. Senior Vice President and Chief Financial         March 26, 1996
--------------------     Officer of Public Storage, Inc.
Ronald L. Havner, Jr.    (principal financial officer)
                     

/s/John Reyes            Vice President and Controller of Public           March 26, 1996
--------------------     Storage, Inc. (principal accounting officer)
John Reyes             


/s/Robert J. Abernethy   Director of Public Storage, Inc.                  March 26,  1996
--------------------
Robert J. Abernethy


/s/Dann V. Angeloff      Director of Public Storage, Inc.                  March 26,  1996
--------------------
Dann V. Angeloff


/s/William C. Baker      Director of Public Storage, Inc.                  March 26,  1996
--------------------
William C. Baker



/s/Uri P. Harkham        Director of Public Storage, Inc.                  March 26,  1996
--------------------
Uri P. Harkham



/s/Berry Holmes          Director of Public Storage, Inc.                  March 26,  1996
--------------------
Berry Holmes

</TABLE>
<PAGE>
                       PUBLIC STORAGE PROPERTIES IV, LTD.

                                    INDEX TO
                              FINANCIAL STATEMENTS
                                       AND
                          FINANCIAL STATEMENT SCHEDULE
                                  (Item 14 (a))



                                                                   Page
                                                                References
                                                                ----------

Report of Independent Auditors                                       F-1


Financial Statements and Schedule:


  Balance Sheets as of December 31, 1995 and 1994                    F-2

  For the years ended December 31, 1995, 1994 and 1993:

    Statements of Income                                             F-3

    Statements of Partners' Deficit                                  F-4

    Statements of Cash Flows                                       F-5 - F-6


    Notes to Financial Statements                                  F-7 - F-10


  Schedule for the years ended December 31, 1995,
    1994 and 1993:

   III - Real Estate and Accumulated Depreciation                 F-11 - F-12


     All other schedules have been omitted since the required information is not
present or not  present  in amounts  sufficient  to  require  submission  of the
schedule,  or because the  information  required  is  included in the  financial
statements or the notes thereto.
<PAGE>

                         Report of Independent Auditors




The Partners
Public Storage Properties IV, Ltd.


We have audited the accompanying balance sheets of Public Storage Properties IV,
Ltd. as of December  31, 1995 and 1994,  and the related  statements  of income,
partners' deficit and cash flows for each of the three years in the period ended
December 31, 1995. Our audits also included the schedule  listed in the index at
item 14(a).  These financial  statements and schedule are the  responsibility of
the  Partnership's  management.  Our  responsibility is to express an opinion on
these financial statements and schedule based on our audits.

We  conducted  our  audits  in  accordance  with  generally   accepted  auditing
standards.  Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the  accounting  principles  used and  significant  estimates  made by
management,  as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material  respects,  the financial position of Public Storage Properties IV,
Ltd. at  December 31, 1995  and 1994,  and the results of its operations and its
cash flows for each of the three years in the period ended December 31, 1995, in
conformity with generally accepted accounting principles.  Also, in our opinion,
the related  financial  statement  schedule,  when considered in relation to the
basic  financial  statements  taken as a whole,  presents fairly in all material
respects the information set forth therein.




                                                       ERNST & YOUNG LLP


February 27, 1996
Los Angeles, California

<PAGE>

                       PUBLIC STORAGE PROPERTIES IV, LTD.
                                 BALANCE SHEETS
                           December 31, 1995 and 1994

                                                     1995             1994   
                                                 -----------      -----------
                                     ASSETS

Cash and cash equivalents                          $ 967,000        $ 551,000
Marketable securities of affiliate
      (cost of $3,791,000 in 1995 and
      $3,392,000 in 1994) (Note 2)                 5,645,000        3,948,000
Rent and other receivables                           100,000           88,000


Real estate facilities:
      Buildings and equipment                     15,015,000       14,703,000
      Land                                         5,244,000        5,256,000
                                                 -----------      -----------
                                                  20,259,000       19,959,000

      Less accumulated depreciation               (9,203,000)      (8,461,000)
                                                 -----------      -----------
                                                  11,056,000       11,498,000
                                                 -----------      -----------

Other assets                                         599,000          420,000
                                                 -----------      -----------

           Total assets                          $18,367,000      $16,505,000
                                                 ===========      ===========


                        LIABILITIES AND PARTNERS' DEFICIT

Accounts payable                                  $   81,000        $  48,000
Advances to reconstruct real estate facility              -           237,000
Deferred revenue                                     244,000          292,000
Mortgage note payable                             27,178,000       28,086,000

Partners' deficit:
      Limited partners' deficit, $500 per
           unit, 40,000 units authorized,
           issued and outstanding                 (8,152,000)      (9,430,000)
      General partners' deficit                   (2,838,000)      (3,284,000)
      Unrealized gain on marketable
           securities (Note 2)                     1,854,000          556,000
                                                 -----------      -----------

      Total partners' deficit                     (9,136,000)     (12,158,000)
                                                 -----------      -----------

      Total liabilities and partners' deficit     $18,367,000     $16,505,000
                                                  ===========     ===========
<PAGE>

                       PUBLIC STORAGE PROPERTIES IV, LTD.
                              STATEMENTS OF INCOME
              For the years ended December 31, 1995, 1994, and 1993

<TABLE>

                                                                  1995              1994                   1993    
                                                             -----------           -----------          -----------

REVENUES:

<S>                                                           <C>                   <C>                  <C>       
Rental income                                                 $7,045,000            $6,659,000           $6,477,000
Dividends from marketable
   securities of affiliate                                       247,000               177,000               71,000
Other income                                                     337,000               249,000              431,000
                                                             -----------           -----------          -----------
                                                               7,629,000             7,085,000            6,979,000
                                                             -----------           -----------          -----------


COSTS AND EXPENSES:

Cost of operations                                             1,804,000             1,626,000            1,639,000
Management fees paid to affiliate                                423,000               418,000              389,000
Depreciation and amortization                                    742,000               692,000              648,000
Administrative                                                    68,000                70,000               67,000
Environmental cost                                                26,000               -                    -
Interest expense                                               2,967,000             3,071,000            3,137,000
                                                             -----------           -----------          -----------

                                                               6,030,000             5,877,000            5,880,000
                                                             -----------           -----------          -----------

Income before gain on sale of land                             1,599,000               -                    -
Gain on sale of land                                             125,000               -                    -  
                                                             -----------           -----------          -----------

NET INCOME                                                    $1,724,000            $1,208,000           $1,099,000
                                                             ===========           ===========          ===========


Limited partners' share of net income
     ($42.60 per unit in 1995, $29.88 per unit
      in 1994, and $27.18 per unit in 1993)                   $1,704,000            $1,195,000           $1,087,000

General partners' share of net income                             20,000                13,000               12,000
                                                             -----------           -----------          -----------

                                                             $ 1,724,000           $ 1,208,000          $ 1,099,000
                                                             ===========           ===========          ===========




</TABLE>
<PAGE>

                       PUBLIC STORAGE PROPERTIES IV, LTD.
                         STATEMENTS OF PARTNERS' DEFICIT
              For the years ended December 31, 1995, 1994, and 1993
<TABLE>


                                                                        Unrealized
                                                                          Gain on              Total
                                         Limited         General        Marketable             Partners
                                         Partners        Partners        Securities            Deficit    
                                         --------        --------        ----------            -------    

<S>                                 <C>              <C>                  <C>             <C>           
Balance at December 31, 1992        $(11,142,000)    $ (3,879,000)         $    -          $ (15,021,000)
Net income                              1,087,000          12,000               -              1,099,000
Equity transfer                          (272,000)        272,000               -                      -
                                    ------------     ------------         -----------      -------------
Balance at December 31, 1993          (10,327,000)     (3,595,000)              -            (13,922,000)
Unrealized gain on
   marketable securities (Note 2)               -               -             556,000            556,000
Net income                              1,195,000          13,000               -              1,208,000
Equity transfer                          (298,000)        298,000               -                      -
                                    ------------     ------------         -----------      -------------
Balance at December 31, 1994           (9,430,000)     (3,284,000)            556,000        (12,158,000)
Unrealized gain on
   marketable securities (Note 2)               -               -           1,298,000          1,298,000
Net income                              1,704,000          20,000               -              1,724,000
Equity transfer                          (426,000)        426,000               -                      -
                                    ------------     ------------         -----------      -------------
Balance at December 31, 1995         $ (8,152,000)    $(2,838,000)         $1,854,000        $(9,136,000)
                                     ============     ===========          ==========        =========== 


</TABLE>
<PAGE>

                       PUBLIC STORAGE PROPERTIES IV, LTD.
                            STATEMENTS OF CASH FLOWS
              For the years ended December 31, 1995, 1994, and 1993

<TABLE>

                                                                 1995                 1994                  1993  
                                                            ------------           -----------          -----------

Cash flows from operating activities:
    <S>                                                       <C>                   <C>                  <C>       
      Net income                                              $1,724,000            $1,208,000           $1,099,000

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

      Gain on sale of land                                      (125,000)              -                    -
      Depreciation and amortization                              742,000               692,000              648,000
      (Increase) decrease in rent and other receivables          (12,000)               62,000             (524,000)
      (Increase) decrease in other assets                       (179,000)               86,000               26,000
      Increase (decrease) in accounts payable                     33,000              (485,000)             (33,000)
      Decrease in advances to reconstruct
        real estate facility                                    (236,000)               -                    -
      Decrease in deferred revenue                               (48,000)             (339,000)              (5,000)
                                                            ------------           -----------          -----------
           Total adjustments                                     175,000                16,000              112,000
                                                            ------------           -----------          -----------
           Net cash provided by operating activities           1,899,000             1,224,000            1,211,000
                                                            ------------           -----------          -----------

Cash flows from investing activities:

      Proceeds from sale of land                                 137,000               -                     -
      Insurance proceeds relating to damaged
          real estate facility                                   -                     837,000            1,934,000
      Purchase of marketable securities of affiliate            (399,000)           (1,907,000)            (283,000)
      Expenditures to reconstruct damaged
          real estate facility                                    (1,000)           (1,415,000)            (282,000)
      Additions to real estate facilities                       (312,000)             (327,000)            (297,000)
                                                            ------------           -----------          -----------
           Net cash (used in) provided by
              investing activities                              (575,000)           (2,812,000)           1,072,000
                                                            ------------           -----------          -----------
Cash flows from financing activities:
      Principal payments on mortgage note payable               (908,000)             (668,000)            (601,000)
                                                            ------------           -----------          -----------
            Net cash used in financing activities                (908,000)             (668,000)            (601,000)
                                                            ------------           -----------          -----------

Net increase (decrease) in cash and cash equivalents             416,000            (2,256,000)           1,682,000

Cash and cash equivalents at the beginning of the year           551,000             2,807,000            1,125,000
                                                            ------------           -----------          -----------
Cash and cash equivalents at the end of the year            $    967,000           $   551,000          $ 2,807,000
                                                            ============           ===========          ===========
</TABLE>
<PAGE>

                       PUBLIC STORAGE PROPERTIES IV, LTD.
                            STATEMENTS OF CASH FLOWS
              For the years ended December 31, 1995, 1994, and 1993
                                   (Continued)
<TABLE>


                                                                  1995                  1994                 1993   
                                                            --------------          ------------        ------------- 

Supplemental schedule of non-cash
    investing and financing activities:

<S>                                                        <C>                      <C>                <C>    
      Increase in fair value of
           marketable securities of affiliate                $(1,298,000)            $(556,000)         $   -
                                                            ==============          ============        =============

      Unrealized gain on
           marketable securities of affiliate                $ 1,298,000             $ 556,000          $   -
                                                            ==============          ============        =============

      Increase in rent and other receivables -
           insurance proceeds                                $         -            $       -           $  (289,000)
                                                            ==============          ============        =============

      Increase in deferred revenue                           $         -            $       -           $   289,000
                                                            ==============          ============        =============

      Increase in accounts payable - purchase of
           marketable securities                             $         -            $       -           $   470,000
                                                            ==============          ============        =============

</TABLE>
<PAGE>

                       PUBLIC STORAGE PROPERTIES IV, LTD.
                          NOTES TO FINANCIAL STATEMENTS
                                December 31, 1995


1. DESCRIPTION OF PARTNERSHIP

     Public Storage Properties IV, Ltd. (the  "Partnership") was formed with the
proceeds of a public  offering.  The general  partners  in the  Partnership  are
Public  Storage,  Inc.,  formerly known as Storage  Equities,  Inc. and B. Wayne
Hughes ("Hughes").  In 1995, there were a series of mergers among Public Storage
Management, Inc. (which was the Partnership's mini-warehouse property operator),
Public Storage,  Inc. (which was one of the Partnership's  general partners) and
their affiliates  (collectively,  "PSMI"),  culminating in the November 16, 1995
merger of PSMI into  Storage  Equities,  Inc.,  a real estate  investment  trust
listed on the New York Stock  Exchange.  In the PSMI merger,  Storage  Equities,
Inc.'s  name was  changed  to Public  Storage,  Inc.  ("PSI")  and PSI  became a
co-general  partner of the  Partnership  and the  operator of the  Partnership's
mini-warehouse properties.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND PARTNERSHIP MATTERS

Basis of Presentation:
----------------------
     Certain prior years amounts have been reclassified to conform with the 1995
presentation.

Mini-Warehouse Facilities:
--------------------------
     Cost of land includes  appraisal fees and legal fees related to acquisition
and closing  costs.  Buildings and equipment  reflect costs  incurred to develop
primarily  mini-warehouse  facilities which provide  self-service storage spaces
for  lease,  usually on a  month-to-month  basis,  to the  general  public.  The
buildings  and  equipment  are  depreciated  on  the  straight-line  basis  over
estimated useful lives of 25 and 5 years, respectively.

     Included in real estate facilities is a facility located in Miami,  Florida
which was damaged by Hurricane  Andrew in August 1992.  The facility which has a
net  carrying  value  of  $933,000  at  December  31,  1995  (including  land of
$525,000),  was idle from August 1992  through  October  1994,  when  operations
recommenced.

     In 1995, the Partnership  sold a portion of its Pembroke,  Florida property
to the State of  Florida  under a  condemnation  proceeding  for  $137,000.  The
Partnership  recognized a gain of $125,000 on the sale.  Proceeds  from the sale
were used to make an unscheduled principal payment on the Partnership's mortgage
note payable.

Allocation of Net Income:
-------------------------
     The general partners' share of net income consists of amounts  attributable
to their  capital  contribution  and an  additional  percentage of cash flow (as
defined) which relates to the general  partners' share of cash  distributions as
set forth in the  Partnership  Agreement  (Note 4). All  remaining net income is
allocated to the limited partners.

     Per unit  data is based  on the  weighted  average  number  of the  limited
partnership units (40,000) outstanding during the period.

Cash and Cash Equivalents:
--------------------------
     For financial  statement  purposes,  the  Partnership  considers all highly
liquid investments  purchased with a maturity of three months or less to be cash
equivalents.

 Marketable Securities:
 ----------------------
     Marketable  securities  at December  31,  1995 and 1994  consist of 297,130
(which  includes the November 1995  purchase) and 274,675 shares of common stock
of PSI, respectively.  In November 1995, the Partnership purchased an additional
22,455  shares of PSI common stock at a cost of $399,000.  The  Partnership  has
designated its portfolio of marketable  securities as being  available for sale.
Accordingly,  at December 31, 1995 and 1994,  the  Partnership  has recorded the
marketable  securities at fair value, based upon the closing quoted price of the
securities  at December  31,  1995 and 1994,  and has  recorded a  corresponding
unrealized gain totaling $1,298,000 and $556,000,  respectively,  as a credit to
Partnership equity. The Partnership recognized dividends of $247,000,  $177,000,
and $71,000 for the years ended December 31, 1995, 1994, and 1993, respectively.

2.  SUMMARY  OF  SIGNIFICANT   ACCOUNTING   POLICIES  AND  PARTNERSHIP   MATTERS
    (CONTINUED)

Other Assets:
-------------
     Included in other assets is deferred  financing costs of $252,000 ($344,000
at December 31, 1994). Such balance is being amortized in interest expense using
the straight-line method over the life of the related mortgage note payable.

Environmental Cost:
-------------------
     Substantially  all of the  Partnership's  facilities were acquired prior to
the time  that it was  customary  to  conduct  environmental  investigations  in
connection with property  acquisitions.  During 1995, the Partnership  completed
environmental  assessments  of its  properties  to  evaluate  the  environmental
condition of, and potential environmental liabilities of such properties.  These
assessments  were performed by an  independent  environmental  consulting  firm.
Based on the assessments, the Partnership has expensed, as of December 31, 1995,
an estimated $26,000 for known environmental remediation requirements.  Although
there can be no assurance,  the  Partnership  is not aware of any  environmental
contamination  of  any  of  its  property  sites  which  individually  or in the
aggregate would be material to the  Partnership's  overall  business,  financial
condition, or results of operations.

3. CASH DISTRIBUTIONS

     The  Partnership  Agreement  requires that cash available for  distribution
(cash flow from all sources less cash  necessary for any  obligations or capital
improvement  needs) be distributed at least quarterly.  Cash  distributions have
been  suspended  since the third quarter of 1991 in order to build cash reserves
for future debt service payments.

4. PARTNERS' EQUITY

     The general partners have a 1.1% interest in the Partnership.  In addition,
the general  partners had an 8% interest in cash  distributions  attributable to
operations  (exclusive  of  distributions  attributable  to sale  and  financing
proceeds)  until  the  limited  partners  recovered  all  of  their  investment.
Thereafter,  the general partners have a 25% interest in all cash  distributions
(including  sale and  financing  proceeds).  During 1986,  the limited  partners
recovered all of their initial  investment.  All  subsequent  distributions  are
being made 25.83%  (including  the 1.1%  interest)  to the general  partners and
74.17% to the limited  partners.  Transfers of equity are made  periodically  to
conform the  partners'  equity  accounts to the  provisions  of the  Partnership
Agreement.  These  transactions  have no effect on the results of  operations or
distributions to partners.

     The financing of the properties (Note 7) provided the Partnership with cash
for a special distribution  without affecting the Partnership's  taxable income.
The majority of the proceeds from the financing, approximately $29,360,000, were
distributed  to the partners in October  1988  resulting in a deficit in limited
and general partners' equity accounts.


5. RELATED PARTY TRANSACTIONS

     The    Partnership    has   a   Management    Agreement    with   PSI   (as
successor-in-interest  to PSMI). Under the terms of the agreement,  PSI operates
the mini-warehouse  facilities for a fee equal to 6% of the facilities'  monthly
gross revenue (as defined).

     In November 1995, the Management Agreement was amended to provide that upon
demand from PSI or PSMI made prior to December 15, 1995, the Partnership  agreed
to prepay (within 15 days after such demand) up to 12 months of management  fees
(based on the management fees for the comparable period during the calendar year
immediately preceding such prepayment) discounted at the rate of 14% per year to
compensate for early payment. In December 1995, the Partnership prepaid, to PSI,
8 months of 1996 management  fees at a cost of $265,000.  The amount is included
in other assets in the Balance  Sheet at December 31, 1995 and will be amortized
as management fee expense in 1996.

6. TAXES BASED ON INCOME

     Taxes based on income are the  responsibility  of the  individual  partners
and,  accordingly,  the  Partnership's  financial  statements  do not  reflect a
provision for such taxes.

     Taxable net income was $1,715,000, $1,408,000, and $1,209,000 for the years
ended December 31, 1995,  1994 and 1993,  respectively.  The difference  between
taxable net income and net income is primarily  related to depreciation  expense
resulting from differences in depreciation methods.

7. MORTGAGE NOTE PAYABLE

     During September 1988, the Partnership  financed all of its properties with
a $30,500,000,  ten-year  nonrecourse mortgage note secured by the Partnership's
properties.  The note  provides for fixed  interest of 10.47  percent per annum.
Loan  payments  for the first  year  consisted  of  interest  only.  Thereafter,
principal  is being  amortized  over a 20 year term  with  monthly  payments  of
principal  and interest of  $303,891.  The note matures on October 1, 1998 and a
balloon  payment is due for accrued  interest  and any unpaid  principal on that
date.

     The principal  repayment schedule as of December 31, 1995 of the note is as
follows:

  1996                                       $   840,000
  1997                                           933,000
  1998                                        25,405,000
                                              ----------
                                             $27,178,000
                                             ===========

     Interest paid on the note was $2,876,000, $2,979,000 and $3,045,000 for the
years ended December 31, 1995, 1994 and 1993, respectively.

8. ADVANCES TO RECONSTRUCT REAL ESTATE FACILITY

     In 1993, the Partnership  reached a settlement  with its insurance  carrier
for the damage  sustained  to the  property  located in Miami,  Florida  and for
business interruption while the facility was being reconstructed. The settlement
provided for the payment of  $2,987,000  consisting  of (i)  reconstruction  and
related  costs of the facility and (ii)  business  interruption.  The  insurance
proceeds  received with respect to  reconstruction  were recorded on the balance
sheet as "Advances to reconstruct  real estate facility" and has been reduced by
the  amount of actual  costs  paid with  respect  to the  reconstruction  of the
facility.   The  facility  recommenced   operations  in  October  1994  and  the
reconstruction  of the facility was completed in the second quarter of 1995. The
balance of the  $236,000 in Advances to  Reconstruct  Real Estate  Facility  was
recognized as income during the second  quarter of 1995 and is included in other
income in the Statements of Income.

     Business  interruption  proceeds were being recognized over the period from
the time the facility was damaged  through the time  estimated  that the project
would be fully operating at a stabilized  occupancy.  Through December 31, 1995,
the Partnership has recognized as income gross business interruption proceeds of
approximately $1,025,000.  Other income includes business interruption insurance
proceeds  (net of certain  costs and expenses of  maintaining  the  facility) of
$49,000,  $202,000,  and $398,000 for the year ended December 31, 1995, 1994 and
1993,  respectively.  During 1995, the remaining business interruption insurance
proceeds of $49,000, included in deferred revenue was recognized as income.


<PAGE>

                       Public Storage Properties IV, Ltd.
             Schedule III - Real Estate and Accumulated Depreciation
                      For the year ended December 31, 1995
<TABLE>
                                                                                                          Gross Carrying Amount
                                                   Initial Cost                                          at December 31, 1995
                                               ------------------------          Costs         -------------------------------------
                                                            Building,        Subsequent                     Building,
                                                            Land Imp &     to construction                  Land Imp &              
Description                Encumbrances        Land        Equipment        (Improvements)     Land         Equipment    Total     
-----------                ------------        ----        ---------        --------------     ----         ---------    -----     
Mini-warehouses:
         CALIFORNIA
<S>                       <C>                  <C>          <C>               <C>              <C>          <C>          <C>        
Azusa                            -             $501,000     $1,093,000        $110,000         $501,000     $1,203,000   $1,704,000 
Concord                          -              349,000        805,000         135,000          349,000        940,000    1,289,000 
Oakland                          -              177,000        650,000         110,000          177,000        760,000      937,000 
Pasadena                         -              379,000        496,000           86,000         379,000        582,000      961,000 
Redlands                         -              227,000        771,000           90,000         227,000        861,000    1,088,000 
Richmond                         -              225,000        639,000          150,000         225,000        789,000    1,014,000 
Riverside                        -               51,000        595,000          98,000           51,000        693,000      744,000 
Sacramento/Howe                  -              194,000        666,000          98,000          194,000        764,000      958,000 
Sacramento/West Capitol          -              100,000        719,000         183,000          100,000        902,000    1,002,000 
San Carlos                       -              396,000        902,000          91,000          396,000        993,000    1,389,000 
Santa Clara                      -              633,000      1,156,000         110,000          633,000      1,266,000    1,899,000 
Tustin                           -              517,000        844,000         108,000          517,000        952,000    1,469,000 

         FLORIDA
Miami/Airport Expressway        -               186,000        442,000         133,000          186,000        575,000      761,000 
Miami/Cutler Ridge              -               525,000        901,000         143,000          525,000      1,044,000    1,569,000 
Pembroke Park  (2)              -               267,000        607,000         191,000          255,000        798,000    1,053,000 
Ft. Lauderdale/I 95 &
         23rd Ave.              -               243,000        611,000         264,000          243,000        875,000    1,118,000 
Ft. Lauderdale/I-95
         Sunrise                -               286,000        690,000         328,000          286,000      1,018,000    1,304,000 
                            -----------      ----------    -----------      ----------       ----------    -----------  ----------- 

                            $27,178,000 (1)  $5,256,000    $12,587,000      $2,428,000       $5,244,000    $15,015,000  $20,259,000 
                            ===========      ==========    ===========      ==========       ==========    ===========  =========== 
</TABLE>
                          Accumulated             Date
Description               Depreciation         Completed
-----------               ------------           ---------
Mini-warehouses:
         CALIFORNIA

Azusa                            $798,000           11/78
Concord                           562,000           01/79
Oakland                           472,000           04/79
Pasadena                          358,000           11/78
Redlands                          526,000           02/79
Richmond                          474,000           03/79
Riverside                         439,000           05/79
Sacramento/Howe                   467,000           08/79
Sacramento/West Capitol           552,000           06/79
San Carlos                        623,000           10/79
Santa Clara                       762,000       6/79&7/79
Tustin                            624,000           12/78

         FLORIDA
Miami/Airport Expressway          355,000           01/79
Miami/Cutler Ridge                636,000           04/79
Pembroke Park  (2)                481,000           07/79
Ft. Lauderdale/I 95 &
         23rd Ave.                503,000           09/79
Ft. Lauderdale/I-95
         Sunrise                  571,000           09/79
                               ----------

                               $9,203,000
                               ==========

(1) All 17  mini-warehouse  locations are encumbered by a promissory  note.
The $27,178,000  listed above is the principal  balance remaining on the note at
12/31/95. 


(2) In  1995,  the  Partnership  sold  approximately  4,729  sq.ft.  of the
facility  to  the  State  of  Florida  under  a  condemnation  proceeding.   The
Partnership adjusted land by $12,000 for the sale.


<PAGE>

                       Public Storage Properties IV, Ltd.

             Schedule III - Real Estate and Accumulated Depreciation
                                   (Continued)


           Reconciliation of Real Estate and Accumulated Depreciation
<TABLE>

                                                                   Year Ended December 31,    

                                                        1995                 1994              1993  
                                                     -----------         -----------       -----------

<S>                                                 <C>                  <C>               <C>    
Investment in Real estate
  Balance at the beginning of the year               $19,959,000         $19,632,000       $19,335,000
  Additions through cash expenditures                    312,000             327,000           297,000
  Deductions during the period:
     Sale of land                                        (12,000)            -                    -
                                                     -----------         -----------       -----------

  Balance at the end of the year                     $20,259,000         $19,959,000       $19,632,000
                                                     ===========         ===========       ===========



Accumulated Depreciation
  Balance at the beginning of the year              $  8,461,000        $  7,769,000      $  7,121,000
  Additions charged to costs and expenses                742,000             692,000           648,000
                                                     -----------         -----------       -----------

  Balance at the end of the year                    $  9,203,000        $  8,461,000      $  7,769,000
                                                    ============        ============      ============


</TABLE>
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