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, 2001

                                       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)

           701 Western Avenue
          Glendale, California                                    91201
-----------------------------------------                ----------------------
(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. [X]

                       DOCUMENTS INCORPORATED BY REFERENCE

                                      NONE

<PAGE>

                                     PART I

ITEM 1.  Business

Forward Looking Statements
--------------------------

         When used within this document, the words "expects," "believes,"
"anticipates," "should," "estimates," and similar expressions are intended to
identify "forward-looking statements" within the meaning of that term in Section
27A of the Securities Exchange Act of 1933, as amended, and in Section 21F of
the Securities Exchange Act of 1934, as amended. Such forward-looking statements
involve known and unknown risks, uncertainties, and other factors, which may
cause the actual results and performance of the Partnership to be materially
different from those expressed or implied in the forward looking statements.
Such factors include the impact of competition from new and existing real estate
facilities which could impact rents and occupancy levels at the real estate
facilities that the Partnership's has an interest in; the Partnership's ability
to effectively compete in the markets that it does business in; the impact of
the regulatory environment as well as national, state, and local laws and
regulations including, without limitation, those governing Partnerships; and the
impact of general economic conditions upon rental rates and occupancy levels at
the real estate facilities that the Partnership has an interest in.

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 ("REIT") organized as a California corporation. In the
PSMI Merger, Storage Equities, Inc. was renamed 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, 2001, the Partnership owned 17 properties in two
states. In May 2000, the Partnership sold excess land adjacent to one of the
operating properties for $305,000. This resulted in a gain of $61,000 being
realized in the second quarter of 2000.

         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.

                                       2

<PAGE>

         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:

     o   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. PSI
         believes that its marketing and advertising programs improve its
         competitive position in the market. PSI's in-house Yellow Pages staff
         designs and places advertisements in approximately 700 directories.
         Commencing in early 1996, PSI began to experiment with a telephone
         reservation system designed to provide added customer service.
         Customers calling either PSI's toll-free telephone referral system,
         (800) 44-STORE, or a mini-warehouse facility are directed to PSI's
         reservation system where a trained representative discusses with the
         customer space requirements, price and location preferences and also
         informs the customer of other products and services provided by PSI.
         The telephone reservation system supports rental activity at all of the
         Partnership's properties. PSI's toll-free telephone referral system
         services approximately 200,000 calls per month from potential customers
         inquiring as to the nearest Public Storage mini-warehouse.

     o   Maintain high occupancy levels and increase annual 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 was 94% in 2000 and 91% 2001. Annual
         realized rents per occupied square foot increased 21% from $11.84 in
         2000 to $14.27 in 2001.

                                       3

<PAGE>

     o   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.

     o   Professional property operation. There are approximately 4,400 persons
         who render services for the Public Storage system, primarily personnel
         engaged in property operations, substantially all of whom are employed
         by a clearing company that provides certain administrative and
         cost-sharing services to PSI and others owners of properties operated
         by PSI.

Property Operator
-----------------

         The Partnership's mini-warehouses are managed by PSI (as
successor-in-interest to PSMI) under a Management Agreement. 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.

         Under the supervision of the Partnership, PSI coordinates the operation
of the facilities, establishes rental policies and rates, directs marketing
activity and directs 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 between the Partnership and PSI provides that
the Management Agreement may be terminated without cause upon 60 days' written
notice by either party.

                                       4

<PAGE>

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 that reinsures policies against losses to goods stored by
tenants in PSI's storage facilities was purchased by PSI from Mr. Hughes and
members of his family (the "Hughes Family") on December 31, 2001. We believe
that the availability of insurance reduces our potential liability to tenants
for losses to their goods from theft or destruction. This corporation receives
the premiums and bears the risks associated with the re-insurance.

         A subsidiary of PSI sells locks and boxes and rents trucks to the
general public and tenants to be used in securing their spaces and moving their
goods. We believe that the availability of locks and boxes for sale and the
rental of trucks promote 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. Some employees may be employed
on a part-time basis and may be employed by other persons, Partnerships, REITs
or other entities owning facilities operated by PSI.

ITEM 1A. Risk Factors

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

PUBLIC STORAGE HAS A SIGNIFICANT DEGREE OF CONTROL OVER THE PARTNERSHIP.

         Public Storage is general partner and owns approximately 33.2% of our
outstanding limited partnership units. In addition, PS Orangeco Partnerships,
Inc., owns 18.2% of our outstanding limited partnership units. (See Item 12 for
more information regarding beneficial ownership.) As a result, Public Storage
has a significant degree of control over matters submitted to a vote of our
unitholders, including amending our organizational documents, dissolving the
Partnership and approving other extraordinary transactions.

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

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

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

     o   changes in general economic or local conditions;

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

     o   the impact of environmental protection laws;

                                       5

<PAGE>

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

     o   changes in tax, real estate and zoning laws.

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

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

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

ITEM 2.  Properties

         The following table sets forth information as of December 31, 2001
about properties owned by the Partnership:

<TABLE>
<CAPTION>
                                                   Net Rentable       Number of
         Location             Size of Parcel           Area             Spaces        Date of Purchase    Completion Date
-------------------------     -------------     ------------------   ------------     -----------------   ---------------
CALIFORNIA
<S>                             <C>              <C>                      <C>           <C>                  <C>
Azusa                           5.85 acres       102,000 sq. ft.          980           July 14, 1978        Nov. 1978

Concord                         2.87 acres        52,000 sq. ft.          522           June 20, 1978        Jan. 1979

Oakland                         1.97 acres        41,000 sq. ft.          368           Oct. 11, 1978        Apr. 1979

Pasadena                        1.82 acres        37,000 sq. ft.          340           July 19, 1978        Nov. 1978

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

Richmond                        1.82 acres        35,000 sq. ft.          350           Aug. 23, 1978        Mar. 1979

Riverside                       2.47 acres        45,000 sq. ft.          388           Jan. 2, 1979         May 1979

Sacramento
   Howe Avenue                  2.36 acres        41,000 sq. ft.          376           Dec. 14, 1978        Aug. 1979
</TABLE>
                                       6

<PAGE>

<TABLE>
<CAPTION>
                                                   Net Rentable       Number of
         Location             Size of Parcel           Area             Spaces        Date of Purchase    Completion Date
-------------------------     -------------     ------------------   ------------     -----------------   ---------------
CALIFORNIA
<S>                             <C>              <C>                      <C>           <C>                  <C>
Sacramento
   West Capitol                 3.38 acres        44,000 sq. ft.          457           Jan. 5, 1979         June 1979

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

Santa Clara                     4.45 acres        75,000 sq. ft.          695           Dec. 22, 1978      June 1979 and
                                                                                                             July 1981

Tustin                          4.40 acres        67,000 sq. ft.          561           July 3, 1978         Dec. 1978

FLORIDA
Miami Airport
   Expressway                   1.70 acres        29,000 sq. ft.          269           Aug. 24, 1978        Jan. 1979

Miami
   Cutler Ridge (1)             2.30 acres        46,000 sq. ft.          483           Sept. 6, 1978        Apr. 1979

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

Ft. Lauderdale
   I95 & 23rd Ave.              2.77 acres        45,000 sq. ft.          503           Nov. 9, 1978        Sept. 1979

Ft. Lauderdale
   I95 & Sunrise                3.32 acres        56,000 sq. ft.          558           Dec. 4, 1979        Sept. 1979
</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 facility was rebuilt
     and recommenced operations in October 1994. In the second quarter of 2000,
     the Partnership sold land adjacent to, and not utilized by, the facility
     (approximately 43% of the entire parcel).

         The weighted average occupancy level for the mini-warehouse facilities
was 94% and 91% for 2000 and 2001, respectively.

         As of December 31, 2001, the properties are encumbered, 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 2001.

                                       7

<PAGE>

                                     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 (and their affiliates) 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.

         Exclusive of the General Partners' interest in the Partnership, as of
December 31, 2001, there were approximately 1,003 record holders of 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 pay down its outstanding debt.

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

ITEM 6.  Selected financial data

<TABLE>
<CAPTION>
For the Year Ended December 31,              2001              2000             1999              1998              1997
----------------------------------      --------------    --------------    --------------   --------------    --------------
<S>                                     <C>               <C>               <C>              <C>               <C>
Revenues                                $   12,158,000    $   10,182,000    $    9,886,000   $    9,234,000    $    8,516,000

Depreciation and amortization                  973,000           962,000           991,000          926,000           881,000

Interest expense                               232,000           709,000         1,021,000        2,080,000         2,805,000

Net income (2)                               7,326,000         5,667,000         5,105,000        3,507,000         2,281,000

Limited partners' share                      7,246,000         5,604,000         5,049,000        3,468,000         2,256,000

General partners' share                         80,000            63,000            56,000           39,000            25,000

Limited partners' per unit data (1)
     Net income (2)                           $181.15           $140.10           $126.23           $86.70            $56.40

As of December 31,
----------------------------------
Cash and cash equivalents               $      434,000    $      525,000    $      249,000   $      433,000    $    1,911,000

Total Assets                            $   21,928,000    $   18,675,000    $   18,643,000   $   20,876,000    $   23,818,000

Mortgage note payable                   $            -    $            -    $            -   $            -    $   25,405,000

Note payable to commercial bank         $            -    $    7,750,000    $   14,050,000   $   19,650,000    $            -
</TABLE>
                                       8

<PAGE>

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

(2)  Net income for the year ended December 31, 2000 includes a gain relating to
     the sale of excess land totaling $61,000 ($1.13 per limited partnership
     unit).

ITEM 7.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations

Forward Looking Statements
--------------------------

         When used within this document, the words "expects," "believes,"
"anticipates," "should," "estimates," and similar expressions are intended to
identify "forward-looking statements" within the meaning of that term in Section
27A of the Securities Exchange Act of 1933, as amended, and in Section 21F of
the Securities Exchange Act of 1934, as amended. Such forward-looking statements
involve known and unknown risks, uncertainties, and other factors, which may
cause the actual results and performance of the Partnership to be materially
different from those expressed or implied in the forward looking statements.
Such factors are described in Item 1A, "Risk Factors", and include the impact of
competition from new and existing real estate facilities which could impact
rents and occupancy levels at the real estate facilities that the Partnership's
has an interest in; the Partnership's ability to effectively compete in the
markets that it does business in; the impact of the regulatory environment as
well as national, state, and local laws and regulations including, without
limitation, those governing Partnerships; and the impact of general economic
conditions upon rental rates and occupancy levels at the real estate facilities
that the Partnership has an interest in.

Critical Accounting Policy - Impairment of Long Lived Assets
------------------------------------------------------------

         Substantially all of the Partnership's assets consist of investments in
real estate assets. We annually evaluate our real estate investments for
impairment. This evaluation includes identifying indicators of impairment. When
indicators of impairment are present and the undiscounted future cash flows of
the assets are less than the carrying amount, an impairment charge is recorded.
The Partnership has determined at December 31, 2001 that no such impairments
existed and, accordingly, no impairment charges have been recorded.

         The Financial Accounting Standards Board ("FASB") has recently issued
Statement of Financial Accounting Standards No. 144, "Accounting for the
Impairment and Disposal of Long-Lived Assets" ("SFAS 144"). This Statement
addresses the procedures to be followed in evaluating and recording impairment
losses with respect to long-lived assets. The Partnership will adopt this
Statement in its fiscal year ended December 31, 2002, and expects that there
will be no material impact from these statements with respect to impairment
losses.

         However, future events could cause us to conclude that our real estate
investments are impaired. Any resulting impairment loss could have a material
adverse impact on our financial condition and results of operations.

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

YEAR ENDED DECEMBER 31, 2001 COMPARED TO YEAR ENDED DECEMBER 31, 2000:

         The Partnership's net income was $7,326,000 in 2001 compared to
$5,667,000 in 2000, representing an increase of $1,659,000. This increase is
primarily a result of increased operating results at the Partnership's real
estate facilities and a decrease in interest expense.

         During 2001 property net operating income (rental income less cost of
operations, management fees paid to an affiliate and depreciation expense) was
$6,902,000 in 2001 compared to $5,807,000 in 2000, representing an increase of
$1,095,000 or 19%. This increase is 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 $11,400,000 in 2001 compared to $9,575,000 in 2000,
representing an increase of $1,825,000 or 19%. The increase is attributable to
an increase in rental rates at the Partnership's facilities. The weighted
average occupancy levels at the mini-warehouse facilities were 91% and 94% in
2001 and 2000, respectively. The annual realized rent per occupied square foot
was $14.27 in 2001 compared to $11.84 in 2000 (a 21% increase).

                                       9

<PAGE>

         Cost of operations (including management fees paid to an affiliate)
increased $719,000 or 26% to $3,525,000 in 2001 from $2,806,000 in 2000. This
increase is primarily attributable to increases in management fees and
advertising expenses.

         Interest expense was $232,000 and $709,000 in 2001 and 2000,
respectively, representing a decrease of $477,000 or 67%. The decrease results
from a lower average outstanding loan balance in 2001 compared to 2000. See
Liquidity and Capital Resources for a discussion of the refinancing of the
Partnership's indebtedness.

YEAR ENDED DECEMBER 31, 2000 COMPARED TO YEAR ENDED DECEMBER 31, 1999:

         The Partnership's net income was $5,667,000 in 2000 compared to
$5,105,000 in 1999, representing an increase of $562,000. This increase is
primarily a result of increased operating results at the Partnership's real
estate facilities, a gain of $61,000 from the sale of excess land and a decrease
in interest expense.

         During 2000 property net operating income (rental income less cost of
operations, management fees paid to an affiliate and depreciation expense) was
$5,807,000 in 2000 compared to $5,609,000 in 1999, representing an increase of
$198,000 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 $9,575,000 in 2000 compared to $9,293,000 in 1999,
representing an increase of $282,000 or 3%. 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 94% and
93% in 2000 and 1999, respectively. The annual realized rent per occupied square
foot was $11.84 in 2000 compared to $11.30 in 1999.

         Cost of operations (including management fees paid to an affiliate)
increased $113,000 or 4% to $2,806,000 in 2000 from $2,693,000 in 1999. This
increase was primarily attributable to increases in management fees and
advertising expenses.

         Interest expense was $709,000 and $1,021,000 in 2000 and 1999,
respectively, representing a decrease of $312,000 or 31%. The decrease was
primarily a result of a lower average outstanding loan balance in 2000 compared
to 1999. See Liquidity and Capital Resources for a discussion of the refinancing
of the Partnership's indebtedness.

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

         Cash flows from operating activities ($8,142,000 for the year ended
December 31, 2001) have been sufficient to meet all current obligations of the
Partnership. During 2002, the Partnership anticipates approximately $179,000 of
capital improvements compared to $483,000 in 2001 and $311,000 in 2000.

         At December 31, 2001 the Partnership held 381,980 shares of common
stock and 12,412 shares of Equity Stock, Series A (marketable securities) with a
fair value totaling $13,096,000 (cost basis of $6,340,000 at December 31, 2001)
in Public Storage, Inc. (PSI). The Partnership received $676,000 in dividends
during 2001.

DISTRIBUTIONS

         Distributions to the limited and general partners for the years
1978-1991 aggregated $62,032,000 including $29,360,000 distributed to the
partners in 1988 in connection with a financing of the properties. In the third
quarter of 1991, quarterly distributions were discontinued to enable the
Partnership to increase its funds available for debt principal payments. As all
debt service has been repaid as of December 31, 2001, the Partnership expects to
resume with quarterly distributions beginning in the first quarter of 2002.

PARTNERSHIP FINANCINGS

         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.

                                       10

<PAGE>

         On July 1, 1998, the Partnership paid off the mortgage note payable
with cash reserves and with the proceeds of a $22,000,000 loan from Public
Storage, Inc., a general partner of the Partnership. The loan from Public
Storage, Inc. had a fixed interest rate of 7.2% and matured June 30, 1999. The
loan was paid off without penalty with the proceeds of a new loan as described
in the next paragraph.

         During September 1998, the Partnership borrowed $21,000,000 from a
commercial bank. The loan is unsecured and bears interest at the London
Interbank Offering Rate ("LIBOR") plus 0.60% to 1.20%. The loan requires monthly
payments of interest and matures September 2002. Principal may be paid, in whole
or in part, at any time without penalty or premium. During December 2001, the
Partnership paid the loan in full. The loan proceeds were used to pay off the
Partnership's note to Public Storage, Inc.

ITEM 7A. Quantitative and Qualitative Disclosures about Market Risk

         The Partnership's interest expense is sensitive to changes in the
general level of U.S. interest rates. In this regard, changes in U.S. interest
rates affect the interest paid on the Partnership's debt. To mitigate the impact
of fluctuations in U.S. interest rates, the Partnership generally maintains its
debt as fixed rate in nature by borrowing on a long-term basis or entering into
interest swap transactions. As of December 31, 2001, the Partnership had no
outstanding debt.

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 Mini-Warehouse Properties are
managed by PSI pursuant to a Management Agreement. Through 1996, the business
parks owned by the Joint Venture were managed by a predecessor of PSBPLP,
pursuant to a Management Agreement. In January 1997, the Joint Venture
transferred its business parks to PSBPLP in exchange for a partnership interest
in PSBPLP.

                                       11

<PAGE>

         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
Marvin M. Lotz                Senior Vice President and Director
B. Wayne Hughes, Jr.          Vice President and Director
John Reyes                    Senior Vice President and Chief Financial Officer
Carl B. Phelps                Senior Vice President and General Counsel
Bahman Abtahi                 Senior Vice President
W. David Ristig               Senior Vice President
Anthony Grillo                Senior Vice President
A. Timothy Scott              Senior Vice President and Tax Counsel
David P. Singelyn             Vice President and Treasurer
Robert J. Abernethy           Director
Dann V. Angeloff              Director
William C. Baker              Director
Thomas J. Barrack Jr.         Director
Uri P. Harkham                Director
Daniel C. Staton              Director

         B. Wayne Hughes, age 68, 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 active in the real
estate investment field for over 30 years. He is the father of B. Wayne Hughes,
Jr.

         Harvey Lenkin, age 65, has been employed by PSI for 24 years and became
President and a director of PSI in November 1991. Mr. Lenkin has been a director
of PS Business Parks, Inc. ("PSBP"), an affiliated REIT, since March 16, 1998
and was President of PSBP (formerly Public Storage Properties XI, Inc.) from
1990 until March 16, 1998. He is a member of the Board of Governors of the
National Association of Real Estate Investment Trusts (NAREIT).

         Marvin M. Lotz, age 59, became a director of PSI in May 1999. Mr. Lotz
has been a Senior Vice President of the Company since November 1995 and
President of the Property Management Division since 1988 with overall
responsibility for Public Storage's mini-warehouse operations. He had overall
responsibility for the Company's property acquisitions from 1983 until 1988.

         B. Wayne Hughes, Jr., age 42 became a director of PSI in January 1998.
He has been employed by the Company since 1989 and has been a Vice President -
Acquisitions of PSI since 1992. Mr. Hughes, Jr. is involved in the coordination
and direction of PSI's acquisition and development activities and is also the
president of a firm that manufactures and distributes sweets. He is the son of
B. Wayne Hughes.

         John Reyes, age 41, a certified public accountant, joined PSI in 1990
and was Controller of PSI from 1992 until December 1996 when he became Chief
Financial Officer. He became a Vice President of PSI in November 1995 and a
Senior Vice President of PSI in December 1996. From 1983 to 1990, Mr. Reyes was
employed by Ernst & Young.

         Carl B. Phelps, age 63, became a Senior Vice President of PSI in
January 1998 with overall responsibility for property acquisition and
development until April 2001 when he became General Counsel. From June 1991
until joining PSI, he was a partner in the law firm of Andrews & Kurth, L.L.P.,
which performed legal services for PSI. From December 1982 through May 1991, his
professional corporation was a partner in the law firm of Sachs & Phelps, then
counsel to PSI.

         Bahman Abtahi, age 58, joined the Company in July 1996 and was Senior
Vice-President - Construction and Development of the Real Estate Division and a
Vice President of the Company until May 2000 when he became a Senior Vice
President of the Company. Mr. Abtahi had responsibility for all of Public
Storage's construction and maintenance activities until April 2001 when he was
made responsible for special projects. Prior to joining the Company, he was a
management consultant.

                                       12

<PAGE>

         W. David Ristig, age 53, rejoined the Company in August 1995 and was a
Vice President of the Company until May 2000 when he became a Senior Vice
President of the Company. Mr. Ristig is responsible for the Company's land
acquisition and construction program. He was previously employed by the Company
from 1980 until 1984 and from 1986 until 1990 and was involved in property
acquisition and development. From 1990 until August 1995, Mr. Ristig held
positions as a loan officer with three companies in the mortgage banking
industry.

         Anthony Grillo, age 46, became a Senior Vice President of the Company
in November 2001. Mr. Grillo has been employed by the Company or a predecessor
since 1981, and is currently Executive Vice President of the Property Management
Division. Previously, Mr. Grillo held various other management positions in the
Company's property management operations.

         A. Timothy Scott, age 50, became a Senior Vice President and Tax
Counsel of PSI and Vice President and Tax Counsel of the Public Storage REITs in
November 1996. From June 1991 until joining PSI, Mr. Scott practiced tax law as
a shareholder of the law firm of Heller, Ehrman, White & McAuliffe, counsel to
PSI. Prior to June 1991, his professional corporation was a partner in the law
firm of Sachs & Phelps, then counsel to PSI.

         David P. Singelyn, age 40, a certified public accountant, has been
employed by PSI since 1989 and became Vice President and Treasurer of PSI in
November 1995. From 1987 to 1989, Mr. Singelyn was Controller of Winchell's
Donut Houses, L.P.

         Robert J. Abernethy, age 62, has been President of American Standard
Development Company and of Self-Storage Management Company, which develop and
operate mini-warehouses, since 1976 and 1977, respectively. Mr. Abernethy has
been a director of PSI since its organization in 1980. He is a member of the
board of trustees of Johns Hopkins University, a director of Marathon National
Bank and a California Transportation Commissioner. Mr. Abernethy is a former
member of the board of directors of the Los Angeles County Metropolitan
Transportation Authority and the Metropolitan Water District of Southern
California and a former Planning Commissioner and Telecommunications
Commissioner and former Vice-Chairman of the Economic Development Commission of
the City of Los Angeles.

         Dann V. Angeloff, age 66, has been President of the Angeloff Company, a
corporate financial advisory firm, since 1976. 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 in 1980. He is a director of AremisSoft Corporation, Balboa Capital
Corporation, Nicholas/Applegate Growth Equity Fund, ReadyPac Produce, Inc.,
Royce Medical Company and xDimentional Technologies, Inc. He was a director of
SPI from 1989 until June 1996.

         William C. Baker, age 68, became a director of PSI in November 1991.
Since 1970, Mr. Baker has been a partner in Baker & Simpson, a private
investment entity. From August 1998 through April 2000, he was President and
Treasurer of Meditrust Operating Company, a real estate investment trust. From
April 1996 to December 1998, Mr. Baker was Chief Executive Officer of Santa
Anita Companies which then operated the Santa Anita Racetrack. 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. From January 1992 through December 1995 he was Chairman and Chief
Executive Officer of Carolina Restaurant Enterprises, Inc., a franchisee of Red
Robin International, Inc. From 1991 to 1999, he was Chairman of the Board of
Coast Newport Properties, a real estate brokerage company. 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 Callaway Golf Company, Meditrust Operating Company
and Meditrust Corporation.

         Thomas J. Barrack, Jr., age 54, became a director of PSI in February
1998. Mr. Barrack has been the Chairman and Chief Executive Officer of Colony
Capital, Inc. since September, 1991. Colony Capital, Inc. is one of the largest
real estate investors in America, having acquired properties in the U.S., Europe
and Asia. Prior to founding Colony Capital, Inc., from 1987 to 1991, Mr. Barrack
was a principal with the Robert M. Bass Group, Inc., the principal investment
vehicle for Robert M. Bass of Fort Worth, Texas. From 1985 to 1987, Mr. Barrack
was President of Oxford Ventures, Inc., a Canadian-based real estate development
company. From 1984 to 1985 he was a Senior Vice President at E. F. Hutton
Corporate Finance in New York. Mr. Barrack was appointed by President Ronald
Reagan as Deputy Under Secretary at the U.S. Department of the Interior from
1982 to 1983. Mr. Barrack currently is a director of Continental Airlines, Inc.
and Kennedy-Wilson, Inc.

                                       13

<PAGE>

         Uri P. Harkham, age 53, 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.

         Daniel C. Staton, age 49, became a director of PSI on March 12, 1999 in
connection with the merger of Storage Trust Realty, a real estate investment
trust, with PSI. Mr. Staton was Chairman of the Board of Trustees of Storage
Trust Realty from February 1998 until March 12, 1999 and a Trustee of Storage
Trust Realty from November 1994 until March 12, 1999. He is President of Walnut
Capital Partners, an investment and venture capital company. Mr. Staton was the
Chief Operating Officer and Executive Vice President of Duke Realty Investments,
Inc. from 1993 to 1997 and a director of Duke Realty Investments, Inc. from 1993
until August 1999. From 1981 to 1983, Mr. Staton was a principal owner of Duke
Associates, the predecessor of Duke Realty Investments, Inc. Prior to joining
Duke Associates in 1981, he was a partner and general manager of his own moving
company, Gateway Van & Storage, Inc. in St. Louis, Missouri. Form 1986 to 1988,
Mr. Staton served as president of the Greater Cincinnati Chapter of the National
Association of Industrial and Office Parks.

         Pursuant to Articles 16 and 17 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. 2-92009, 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 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.

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 March 15, 2002, the following beneficially owned more than 5% of
the Units:

<TABLE>
<CAPTION>
          Title                           Name and Address                      Beneficial                Percent
        of Class                        of Beneficial Owners                    Ownership                 of Class
----------------------     ------------------------------------------       ----------------              --------
<S>                        <C>                                              <C>                             <C>
Units of Limited           Public Storage, Inc.                             13,271 Units (1)                33.2%
Partnership Interest       701 Western Avenue
                           Glendale, California 91201

Units of Limited           B. Wayne Hughes, Tamara Hughes Gustavson,        13,497 Units (2)                33.7%
Partnership Interest       PS Orangeco Partnerships, Inc.
                           701 Western Avenue
                           Glendale, California 91201
</TABLE>

(1)  Includes (i) 12,965 Units owned by PSI as to which PSI has sole voting and
     dispositive power, and (ii) 306 Units which PSI has an option to acquire
     from Tamara Hughes Gustavson, an adult daughter of Hughes.

(2)  Includes 5,892 Units owned by BWH Marina Corporation II, a corporation
     wholly-owned by Hughes, as to which Hughes has sole voting and dispositive
     power, (ii) 306 Units owned by Tamara Hughes Gustavson as to which Tamara
     Hughes Gustavson has sole voting and dispositive power; PSI has an option
     to acquire these 306 units, and (iii) 7,299 Units owned by PS Orangeco
     Partnerships, Inc., a corporation in which Hughes and members of his family
     own 51% of the voting stock and PSI the remaining 49%.

                                       14

<PAGE>

         (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 (17 persons), beneficially own an
aggregate of 13,210 Units, representing 33.0% of the Units (including the 5,892
Units owned by Hughes and the 7,299 Units owned by PS Orangeco Partnerships,
Inc.).

         (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 a fee of 6% of the gross revenues of the mini-warehouse properties
operated for the Partnership. During 2001, the Partnership paid fees of $647,000
to PSI pursuant to the Management Agreement.

                                     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 below.

(b)      Reports on Form 8-K:  No reports on Form 8-K were filed during 2001.

(c)      Exhibits: See Exhibit Index contained below.

                                       15

<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     Second Amended and Restated Management Agreement dated November 16,
         1995 between the Partnership and Public Storage, Inc. Previously filed
         with the Securities and Exchange Commission as an exhibit to PS
         Partners, Ltd.'s Annual Report on Form 10-K for the year ended December
         31, 1996 and incorporated herein by reference.

10.2     Credit Agreement dated September 1, 1998 by and between Public Storage
         Properties IV, Ltd. and Wells Fargo Bank, National Association.
         Previously filed with the Securities and Exchange Commission as an
         exhibit to the Partnership's Quarterly Report on Form 10-Q for the
         quarter ended September 30, 1998 and incorporated herein by reference.

10.3     Interest Swap Agreement dated September 18, 1998 by and between Public
         Storage Properties IV, Ltd. and Wells Fargo Bank, National Association.
         Previously filed with the Securities and Exchange Commission as an
         exhibit to the Partnership's Quarterly Report on Form 10-Q for the
         quarter ended September 30, 1998 and incorporated herein by reference.

                                       16

<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 29, 2002           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 Chief Executive                  March 29, 2002
---------------------------------------       Officer of Public Storage, Inc. and General
B. Wayne Hughes                               Partner (principal executive offer)


/s/ Harvey Lenkin                             President and Director of                                  March 29, 2002
---------------------------------------       Public Storage, Inc.
Harvey Lenkin

/s/ Marvin M. Lotz                            Senior Vice President and Director                         March 29, 2002
---------------------------------------
Marvin M. Lotz

/s/ B. Wayne Hughes, Jr.                      Vice President and Director of                             March 29, 2002
---------------------------------------       Public Storage, Inc.
B. Wayne Hughes, Jr.

/s/ John Reyes                                Senior Vice President and Chief Financial Officer          March 29, 2002
---------------------------------------       of Public Storage, Inc. (principal financial
John Reyes                                    officer and principal accounting officer)

/s/ Robert J. Abernethy                       Director of Public Storage, Inc.                           March 29, 2002
---------------------------------------
Robert J. Abernethy

                                              Director of Public Storage, Inc.
---------------------------------------
Dann V. Angeloff

                                              Director of Public Storage, Inc.
---------------------------------------
William C. Baker

                                              Director of Public Storage, Inc.
---------------------------------------
Thomas J. Barrack, Jr.

/s/ Uri P. Harkham                            Director of Public Storage, Inc.                           March 29, 2002
---------------------------------------
Uri P. Harkham

/s/ Daniel C. Staton                          Director of Public Storage, Inc.                           March 29, 2002
---------------------------------------
Daniel C. Staton
</TABLE>
                                       17

<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, 2001 and 2000                           F-2

For the years ended December 31, 2001, 2000 and 1999:

         Statements of Income                                             F-3

         Statements of Partners' Equity                                   F-4

         Statements of Cash Flows                                   F-5 - F-6

Notes to Financial Statements                                      F-7 - F-10

Schedule:

         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, 2001 and 2000, and the related statements of income,
partners' equity and cash flows for each of the three years in the period ended
December 31, 2001. 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 auditing standards generally accepted
in the United States. 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, 2001 and 2000, and the results of its operations and its
cash flows for each of the three years in the period ended December 31, 2001, in
conformity with accounting principles generally accepted in the United States.
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




March 23, 2002
Los Angeles, California

                                       F-1

<PAGE>

                       PUBLIC STORAGE PROPERTIES IV, LTD.
                                 BALANCE SHEETS
                           December 31, 2001 and 2000


<TABLE>
<CAPTION>
                                                                                  2001                    2000
                                                                            -----------------       -----------------
                                ASSETS

<S>                                                                         <C>                     <C>
Cash and cash equivalents                                                   $        434,000        $        525,000
Marketable securities of affiliate (cost of $6,340,000
     as of December 31, 2001 and 2000, respectively)                              13,096,000               9,566,000
Rent and other receivables                                                           495,000                 151,000

Real estate facilities:
     Building and equipment                                                       17,570,000              17,087,000
     Land                                                                          5,021,000               5,021,000
                                                                            -----------------       -----------------
                                                                                  22,591,000              22,108,000

     Less accumulated depreciation                                               (14,750,000)            (13,777,000)
                                                                            -----------------       -----------------
                                                                                   7,841,000               8,331,000

Other assets                                                                          62,000                 102,000
                                                                            -----------------       -----------------
Total assets                                                                $     21,928,000        $     18,675,000
                                                                            =================       =================

                   LIABILITIES AND PARTNERS' EQUITY

Accounts payable                                                            $        354,000        $        169,000
Deferred revenue                                                                     224,000                 262,000
Note payable to commercial bank                                                            -               7,750,000

Partners' equity:
     Limited partners' equity, $500 per unit, 40,000 units authorized,
         issued and outstanding                                                   10,825,000               5,391,000
     General partners' equity                                                      3,769,000               1,877,000
     Other comprehensive income                                                    6,756,000               3,226,000
                                                                            -----------------       -----------------
     Total partners' equity                                                       21,350,000              10,494,000
                                                                            -----------------       -----------------
Total liabilities and partners' equity                                      $     21,928,000        $     18,675,000
                                                                            =================       =================
</TABLE>
                             See accompanying notes.
                                       F-2

<PAGE>

                       PUBLIC STORAGE PROPERTIES IV, LTD.
                              STATEMENTS OF INCOME
              For the years ended December 31, 2001, 2000 and 1999


<TABLE>
<CAPTION>
                                                            2001                   2000                   1999
                                                      ------------------     ------------------     ------------------
REVENUES:

<S>                                                   <C>                    <C>                    <C>
Rental income                                         $      11,400,000      $       9,575,000      $       9,293,000
Dividends from marketable securities
     of affiliate                                               676,000                595,000                585,000
Gain on sale of land                                                  -                 61,000                      -
Other income                                                     82,000                 12,000                  8,000
                                                      ------------------     ------------------     ------------------
                                                             12,158,000             10,243,000              9,886,000
                                                      ------------------     ------------------     ------------------
COSTS AND EXPENSES:

Cost of operations                                            2,878,000              2,232,000              2,135,000
Management fees paid to affiliate                               647,000                574,000                558,000
Depreciation                                                    973,000                962,000                991,000
Administrative                                                  102,000                 99,000                 76,000
Interest expense                                                232,000                709,000              1,021,000
                                                      ------------------     ------------------     ------------------
                                                              4,832,000              4,576,000              4,781,000
                                                      ------------------     ------------------     ------------------

NET INCOME                                            $       7,326,000      $       5,667,000      $       5,105,000
                                                      ==================     ==================     ==================

Limited partners' share of net income ($181.15
     per unit in 2001, $140.10 per unit in 2000
     and $126.23 per unit in 1999)                    $       7,246,000      $       5,604,000      $       5,049,000

General partners' share of net income                            80,000                 63,000                 56,000
                                                      ------------------     ------------------     ------------------
                                                      $       7,326,000      $       5,667,000      $       5,105,000
                                                      ==================     ==================     ==================
</TABLE>
                            See accompanying notes.
                                      F-3

<PAGE>

                       PUBLIC STORAGE PROPERTIES IV, LTD.
                         STATEMENTS OF PARTNERS' EQUITY
              For the years ended December 31, 2001, 2000 and 1999


<TABLE>
<CAPTION>
                                                                                        Other
                                                                                    Comprehensive     Total Partners'
                                            Limited Partners   General Partners        Income        Equity (Deficit)
                                            ----------------   -----------------   ----------------  ----------------
<S>                                         <C>                 <C>                <C>                <C>
Balance at December 31, 1999                $     1,188,000     $       413,000    $     2,575,000    $     4,176,000

Change in unrealized gain on marketable
     securities                                           -                   -            651,000            651,000

Net income                                        5,604,000              63,000                  -          5,667,000

Equity transfer                                  (1,401,000)          1,401,000                  -                  -
                                            ----------------   -----------------   ----------------  ----------------

Balance at December 31, 2000                      5,391,000           1,877,000          3,226,000         10,494,000

Change in unrealized gain on marketable
     securities                                           -                   -          3,530,000          3,530,000

Net income                                        7,246,000              80,000                  -          7,326,000

Equity transfer                                  (1,812,000)          1,812,000                  -                  -
                                            ----------------   -----------------   ----------------  ----------------

Balance at December 31, 2001                $    10,825,000     $     3,769,000    $     6,756,000    $    21,350,000
                                            ================   =================   ================  ================
</TABLE>
                            See accompanying notes.
                                      F-4

<PAGE>

                       PUBLIC STORAGE PROPERTIES IV, LTD.
                            STATEMENTS OF CASH FLOWS
              For the years ended December 31, 2001, 2000 and 1999


<TABLE>
<CAPTION>
                                                                        2001               2000                1999
                                                                   ----------------   ----------------   ----------------
Cash flows from operating activities:

<S>                                                                <C>                <C>                <C>
     Net income                                                    $     7,326,000    $     5,667,000    $     5,105,000

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

         Depreciation                                                      973,000            962,000            991,000
         Gain on sale of land                                                    -            (61,000)                 -
         Increase in rent and other receivables                           (344,000)           (11,000)          (253,000)
         Amortization of prepaid loan fees                                  24,000             13,000             13,000
         Decrease (increase) in other assets                                16,000             (2,000)                 -
         Increase (decrease) in accounts payable                           185,000             (8,000)           (72,000)
         (Decrease) increase in deferred revenue                           (38,000)            22,000              5,000
                                                                   ----------------   ----------------   ----------------
         Total adjustments                                                 816,000            915,000            684,000
                                                                   ----------------   ----------------   ----------------
         Net cash provided by operating activities                       8,142,000          6,582,000          5,789,000
                                                                   ----------------   ----------------   ----------------
Cash flows from investing activities:

     Proceeds from the sale of land                                              -            305,000                  -
     Additions to real estate facilities                                  (483,000)          (311,000)          (373,000)
                                                                   ----------------   ----------------   ----------------
         Net cash used in investing activities                            (483,000)            (6,000)          (373,000)
                                                                   ----------------   ----------------   ----------------
Cash flows from financing activities:

     Principal payments on note payable to commercial bank              (7,750,000)        (6,300,000)        (5,600,000)
                                                                   ----------------   ----------------   ----------------
         Net cash used in financing activities                          (7,750,000)        (6,300,000)        (5,600,000)
                                                                   ----------------   ----------------   ----------------
Net (decrease) increase in cash and cash equivalents                       (91,000)           276,000           (184,000)

Cash and cash equivalents at the beginning of the year                     525,000            249,000            433,000
                                                                   ----------------   ----------------   ----------------
Cash and cash equivalents at the end of the year                   $       434,000    $       525,000    $       249,000
                                                                   ================   ================   ================
</TABLE>
                            See accompanying notes.
                                      F-5

<PAGE>

                       PUBLIC STORAGE PROPERTIES IV, LTD.
                            STATEMENTS OF CASH FLOWS
              For the years ended December 31, 2001, 2000 and 1999
                                   (Continued)


<TABLE>
<CAPTION>
                                                                        2001               2000                1999
                                                                   ----------------   ----------------   ----------------
Supplemental schedule of non-cash investing and financing activities:

<S>                                                                <C>                <C>                <C>
     Receipt of stock dividend:
       Marketable securities                                       $             -    $       249,000    $             -
                                                                   ================   ================   ================
       Rent and other receivables                                  $             -    $      (249,000)   $             -
                                                                   ================   ================   ================

     Increase (decrease) in fair value of marketable securities:
       Marketable securities                                       $     3,530,000    $       651,000    $    (1,671,000)
                                                                   ================   ================   ================
       Other comprehensive income                                  $     3,530,000    $       651,000    $    (1,671,000)
                                                                   ================   ================   ================
</TABLE>
                            See accompanying notes.
                                      F-6

<PAGE>

                       PUBLIC STORAGE PROPERTIES IV, LTD.
                          NOTES TO FINANCIAL STATEMENTS
                                December 31, 2001


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. ("PSI") and B. Wayne Hughes
         ("Hughes"). The Partnership owns 17 mini-warehouse facilities located
         in California and Florida.

2.       Summary of Significant Accounting Policies and Partnership Matters

         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 a straight-line basis over estimated useful lives of 25
         and 5 years, respectively.

                  In 1995, the Financial Accounting Standards Board issued
         Statement No. 121, "Accounting for the Impairment of Long-Lived Assets
         and for Long-Lived Assets to be Disposed Of" which requires impairment
         losses to be recorded on long-lived assets. We annually evaluate
         long-lived assets (including intangibles), by identifying indicators of
         impairment and, if such indicators exist, by comparing the sum of the
         estimated undiscounted future cash flows for each asset to the asset's
         carrying amount. When indicators of impairment are present and the sum
         of the undiscounted cash flows is less than the carrying value of such
         asset, an impairment loss is recorded equal to the difference between
         the asset's current carrying value and its value based upon discounting
         its estimated future cash flows. Statement No. 121 also addresses the
         accounting for long-lived assets that are expected to be disposed of.
         Such assets are to be reported at the lower of their carrying amount or
         fair value, less cost to sell. Our evaluations have indicated no
         impairment in the carrying amount of our assets.

                  In May 2000, the Partnership sold excess land adjacent to one
         of the operating properties for $305,000. This resulted in a gain of
         $61,000 realized in the second quarter of 2000.

         Revenue Recognition:
         -------------------

                  Property rents are recognized as earned. Advertising costs of
         $420,000, $274,000 and $242,000 in 2001, 2000 and 1999, respectively,
         are expensed as incurred.

         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.

                                      F-7

<PAGE>

2.       Summary of Significant Accounting Policies and Partnership Matters
         (Continued)

         Marketable Securities:
         ---------------------

                  Marketable securities at December 31, 2001 consist of 381,980
         shares of common stock and 12,412 shares of Equity Stock Series A of
         Public Storage, Inc. The Partnership has designated its portfolio of
         marketable securities as being available for sale. Accordingly, at
         December 31, 2001, the Partnership has recorded the marketable
         securities at fair value, based upon the closing quoted price of the
         securities at December 31, 2001, and has recorded a corresponding
         unrealized gain (loss) totaling $3,530,000, $651,000 and $(1,671,000)
         for the years ended December 31, 2001, 2000 and 1999, respectively, as
         an increase (decrease) to Partnership equity. The Partnership
         recognized dividends of $676,000, $595,000 and $585,000 for the years
         ended December 31, 2001, 2000 and 1999, respectively.

         Comprehensive Income:
         --------------------

                  As of January 1, 1998, the Partnership adopted Statement 130,
         Reporting Comprehensive Income. Statement 130 establishes new rules for
         the reporting and display of comprehensive income and its components;
         however, the adoption of this Statement had no impact on the
         Partnership's net income or shareholders' equity. Statement 130
         requires unrealized gains or losses on the Partnership's available-for-
         sale securities, which prior to adoption were reported separately in
         shareholders' equity, to be included in other comprehensive income. The
         primary impact of this statement for the Partnership is to
         recharacterize unrealized gains or losses in shareholders' equity as
         "other comprehensive income."

         Other Assets:
         ------------

                  In 1998, the partnership incurred financing costs of $54,000
         in connection with the note payable from a commercial bank. These costs
         are being amortized over the life of the loan. As of December 31, 2001
         other assets includes no fees relating to these financing costs.

         Use of Estimates:
         ----------------

                  The preparation of the financial statements in conformity with
         accounting principles generally accepted in the United States requires
         management to make estimates and assumptions that affect the amounts
         reported in the financial statements and accompanying notes. Actual
         results could differ from those estimates.

         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.
         Based on the assessments, the Partnership expensed $26,000 in 1995 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.

         Segment Reporting:
         -----------------

                  The Partnership only has one reportable segment as defined
         within Statement of Financial Accounting Standards No. 131 ("SFAS No.
         131"), therefore the adoption of SFAS No. 131 had no effect on the
         Partnership disclosures.

                                      F-8

<PAGE>

2.       Summary of Significant Accounting Policies and Partnership Matters
         (Continued)

         Recent Accounting Pronouncements and Guidance:
         ---------------------------------------------

                  ACCOUNTING FOR BUSINESS COMBINATIONS

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

                  ACCOUNTING FOR GOODWILL AND OTHER INTANGIBLE ASSETS

                  In June 2001, the FASB issued Statement of Financial
         Accounting Standard No. 142, "Goodwill and Other Intangible Assets,"
         ("SFAS 142") which addresses how intangible assets that are acquired
         individually or with a group of other assets (but not those acquired in
         a business combination, which are addresses in SFAS 141) are to be
         accounted for. It also addresses how goodwill and other intangible
         assets should be accounted for after they have been initially
         recognized in the financial statements. In accordance with SFAS 142,
         the Partnership will adopt the provisions of SFAS No. 142 in its
         financial statements beginning with the year ending December 31, 2002.
         The adoption of the SFAS 142 will have no impact upon the Partnership's
         financial position or results of operations.

                  ACCOUNTING FOR THE IMPAIRMENT AND DISPOSAL OF LONG-LIVED
                  ASSETS

                  In August 2001, the FASB issued Statement of Financial
         Accounting Standards No. 144 ("SFAS 144") which addresses financial
         accounting and reporting for the impairment or disposal of long-lived
         assets and supersedes SFAS 121, and the accounting and reporting
         provisions of APB Opinion No. 30, "Reporting the Results of Operations"
         for a disposal of a segment of a business. SFAS 144 is effective for
         fiscal years beginning after December 15, 2001, with earlier
         application encouraged. The Partnership expects to adopt SFAS 144 on
         January 1, 2002, and does not expect that the adoption of the Statement
         will have a material impact upon the Partnership's financial position
         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.

                                      F-9

<PAGE>

5.       Related Party Transactions

                  The Partnership has a Management Agreement with PSI. 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). For 2001, 2000 and 1999, the Partnership paid PSI $647,000
         $574,000 and $558,000, respectively, pursuant to this management
         agreement.

                  The Management Agreement between the Partnership and PSI
         provides that the Management Agreement may be terminated without cause
         upon 60 days' written notice by either party.

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.

                  Unaudited taxable net income was $7,535,000, $5,947,000 and
         $5,408,000 for the years ended December 31, 2001, 2000 and 1999,
         respectively. The difference between taxable net income and net income
         is primarily related to depreciation expense resulting from differences
         in depreciation methods.

7.       Notes Payable

                  During September 1998, the Partnership borrowed $21,000,000
         from a commercial bank. The loan is unsecured and bears interest at the
         London Interbank Offering Rate ("LIBOR") plus 0.60% to 1.20%. The loan
         requires monthly payments of interest and matures September 2002.
         Principal may be paid, in whole or in part, at any time without penalty
         or premium. During December 2001, the Partnership paid the loan in
         full.

                  Interest paid during 2001, 2000 and 1999 was $231,000,
         $656,000 and $938,000, respectively.

8.       Supplementary Quarterly Financial Data (Unaudited)

<TABLE>
<CAPTION>
                                                               Three Months Ended
                               -------------------------------------------------------------------------------
                               March 31, 2001      June 30, 2001     September 30, 2001      December 31, 2001
                               ---------------    --------------     ------------------      -----------------
<S>                            <C>                <C>                 <C>                    <C>
Rental Income                  $    2,566,000     $    2,675,000      $     3,206,000        $     2,953,000
Cost of Operations             $      706,000     $      715,000      $     1,132,000        $       972,000
Net Income                     $    1,575,000     $    1,743,000      $     2,086,000        $     1,922,000
Net Income Per Unit            $        38.95     $        43.08      $         51.57        $         47.55


                                                               Three Months Ended
                               -------------------------------------------------------------------------------
                               March 31, 2000      June 30, 2000     September 30, 2000      December 31, 2000
                               ---------------    --------------     ------------------      -----------------
Rental Income                  $    2,336,000     $    2,356,000      $     2,422,000        $     2,461,000
Cost of Operations             $      669,000     $      714,000      $       685,000        $       738,000
Net Income                     $    1,284,000     $    1,336,000      $     1,640,000        $     1,407,000
Net Income Per Unit            $        31.73     $        33.04      $         40.56        $         34.77
</TABLE>

                                      F-10




<PAGE>

                       Public Storage Properties IV, Ltd.
             Schedule III - Real Estate and Accumulated Depreciation
                      For the year ended December 31, 2001

<TABLE>
<CAPTION>

                                         Initial Cost
                                  -----------------------------
                                                                   Costs Subsequent
                                                 Building, Land     to construction
         Description                Land        Imp & Equipment     (Improvements)
----------------------------      ----------    ---------------    ----------------
<S>                                 <C>              <C>                 <C>
    CALIFORNIA
Concord                             $349,000         $805,000            $271,000
Tustin                               517,000          844,000             342,000
Pasadena                             379,000          496,000             205,000
Azusa                                501,000        1,093,000             250,000
Redlands                             227,000          771,000             196,000
Riverside                             51,000          595,000             298,000
Oakland                              177,000          650,000             249,000
Richmond                             225,000          639,000             349,000
Santa Clara                          633,000        1,156,000             292,000
San Carlos                           396,000          902,000             198,000
Sacramento/Howe                      194,000          666,000             289,000
Sacramento/West Capitol              100,000          719,000             320,000

    FLORIDA
Miami/Airport Expressway             186,000          442,000             251,000
Miami/Cutler Ridge (1)               525,000          901,000             (36,000)
Pembroke Park                        255,000          607,000             412,000
Ft. Lauderdale/I-95 &
   23rd Ave.                         243,000          611,000             402,000
Ft. Lauderdale/I-95 & Sunrise        286,000          690,000             472,000
                                  ----------    ---------------    ----------------
                                  $5,244,000      $12,587,000          $4,760,000
                                  ==========    ===============    ================
</TABLE>

<TABLE>
<CAPTION>
                                              Gross Carrying Amount
                                               at December 31, 2001
                                   ---------------------------------------------

                                                 Building, Land                      Accumulated
         Description                Land        Imp & Equipment         Total        Depreciation     Date Completed
----------------------------       ----------   ---------------      -----------     ------------     ---------------
<S>                                  <C>            <C>               <C>                <C>              <C>
    CALIFORNIA
Concord                              $349,000       $1,076,000        $1,425,000         $864,000         01/79
Tustin                                517,000        1,186,000         1,703,000          999,000         12/78
Pasadena                              379,000          701,000         1,080,000          552,000         11/79
Azusa                                 501,000        1,343,000         1,844,000        1,185,000         11/78
Redlands                              227,000          967,000         1,194,000          808,000         02/79
Riverside                              51,000          893,000           944,000          734,000         05/79
Oakland                               177,000          899,000         1,076,000          762,000         04/79
Richmond                              225,000          988,000         1,213,000          798,000         03/79
Santa Clara                           633,000        1,448,000         2,081,000        1,173,000        6 & 7/79
San Carlos                            396,000        1,100,000         1,496,000          919,000         10/79
Sacramento/Howe                       194,000          955,000         1,149,000          806,000         08/79
Sacramento/West Capitol               100,000        1,039,000         1,139,000          894,000         06/79

    FLORIDA
Miami/Airport Expressway              186,000          693,000           879,000          612,000         01/79
Miami/Cutler Ridge (1)                302,000        1,088,000         1,390,000          939,000         04/79
Pembroke Park                         255,000        1,019,000         1,274,000          884,000         07/79
Ft. Lauderdale/I-95 &
   23rd Ave.                          243,000        1,013,000         1,256,000          838,000         07/79
Ft. Lauderdale/I-95 & Sunrise         286,000        1,162,000         1,448,000          983,000         10/79
                                   ----------   ---------------      -----------     ------------
                                   $5,021,000      $17,570,000       $22,591,000      $14,750,000
                                   ==========   ===============      ===========     ============
</TABLE>

(1)  In the second quarter of 2000, the Partnership sold approximately 43% of
     the land.

                                      F-11

<PAGE>

                       Public Storage Properties IV, Ltd.
             Schedule III - Real Estate and Accumulated Depreciation
                                   (Continued)


           Reconciliation of Real Estate and Accumulated Depreciation


<TABLE>
<CAPTION>
                                                             2001                     2000
                                                      -------------------      -------------------
Investment in Real Estate
<S>                                                   <C>                      <C>
   Balance at the beginning of the year               $       22,108,000       $       22,041,000

   Additions through cash expenditures                           483,000                    6,000
   Sale of Land                                                        -                   61,000
                                                      -------------------      -------------------
Balance at the end of the year                        $       22,591,000       $       22,108,000
                                                      ===================      ===================

Accumulated Depreciation
   Balance at the beginning of the year               $       13,777,000       $       12,815,000

   Additions charged to costs and expenses                       973,000                  962,000
                                                      -------------------      -------------------
                                                      $       14,750,000       $       13,777,000
                                                      ===================      ===================
</TABLE>

(a)  The aggregate depreciable cost of real estate (excluding land) for Federal
     income tax purposes is $16,844,000 (unaudited).

                                      F-12