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, 1996

                                       or

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

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

Commission File Number 0-8908
                       ------

                        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.
         --------

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, 1996, the Partnership owned 17 properties in two states.

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

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

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

     Mini-warehouses  in which the Partnership has invested generally consist of
three to seven  buildings  containing an aggregate of between 350 to 750 storage
spaces, most of which have between 25 and 400 square feet and an interior height
of approximately 8 to 12 feet.
                                       2
<PAGE>
     The Partnership  experiences  minor seasonal  fluctuations in the occupancy
levels of  mini-warehouses  with occupancies higher in the summer months than in
the winter months. The Partnership  believes that these  fluctuations  result in
part from increased moving activity during the summer.

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

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

Operating Strategies
--------------------

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

     *  CAPITALIZE ON "PUBLIC  STORAGE'S" NAME  RECOGNITION.  PSI, together with
        its predecessor,  has more than 20 years of operating  experience in the
        mini-warehouse business. PSI has informed the Partnership that it is the
        largest  mini-warehouse  facility operator in the United States in terms
        of both number of facilities and rentable space  operated.  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. As of December  31,  1996,  the
        telephone  reservation  system was supporting  rental activity at all of
        the Partnership's properties.  PSI's toll-free telephone referral system
        services  approximately 120,000 calls per month from potential customers
        inquiring as to the nearest Public Storage mini-warehouse.

     *  MAINTAIN HIGH OCCUPANCY LEVELS AND INCREASE  REALIZED RENTS.  Subject to
        market  conditions,  the Partnership  generally seeks to achieve average
        occupancy  levels in excess of 90% and to eliminate  promotions prior to
        increasing  rental  rates.   Average  occupancy  for  the  Partnership's
        mini-warehouses  has  increased  from  85%  in  1995  to 89%  1996.  The
        Partnership  has  increased  rental rates in many  markets  where it has
        achieved high occupancy levels and eliminated or minimized promotions.

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

     *  PROFESSIONAL  PROPERTY  OPERATION.  In addition to the approximately 150
        support  personnel at the Public Storage  corporate  offices,  there are
        approximately   2,700  on-site   personnel  who  manage  the  day-to-day
        operations of the  mini-warehouses  in the Public Storage system.  These
        on-site personnel are supervised by approximately 110 district managers,
        15 regional  managers and three divisional  managers (with an average of
        13 years' experience in the  mini-warehouse  industry) who report to the
        president of the  mini-warehouse  property operator (who has 12 years of
        experience with the Public Storage organization).  PSI carefully selects
        and extensively  trains the operational and support personnel and offers
        them a progressive career path. See "Mini-warehouse Property Operator."
                                       3
<PAGE>

Mini-warehouse 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.

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.

                                       4
<PAGE>
Other Business Activities
-------------------------

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

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

Employees
---------

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


                                       5
<PAGE>

ITEM 2.  PROPERTIES.
         ----------

     The following  table sets forth  information  as of December 31, 1996 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       105,000 sq. ft.           941            July 14, 1978        Nov. 1978

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

Oakland                         1.97 acres        41,000 sq. ft.           370            Oct. 11, 1978        Apr. 1979

Pasadena                        1.82 acres        37,000 sq. ft.           339            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.           352            Aug. 23, 1978        Mar. 1979

Riverside                       2.47 acres        45,000 sq. ft.           393            Jan. 2, 1979          May 1979

Sacramento
   Howe Avenue                  2.36 acres        41,000 sq. ft.           386            Dec. 14, 1978        Aug. 1979
                                     .
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                                                                                                  June 1979 and
                                4.45 acres        75,000 sq. ft.           698            Dec. 22, 1978        July 1981

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

          FLORIDA
Miami Airport
   Expressway                   1.70 acres        29,000 sq. ft.           274            Aug. 24, 1978        Jan. 1979

Miami (1)
   Cutler Ridge                 4.00 acres        46,000 sq. ft.           481            Sept. 6, 1978        Apr. 1979

Pembroke Park (2)               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.           504            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 has been
     rebuilt and recommenced operations in October 1994.
(2)  In 1995, the Partnership sold approximately  4,729 sq. ft. of this property
     to the State of Florida under a condemnation proceeding.

                                       6
<PAGE>

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

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

                                       7
<PAGE>

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 1996.

                                     PART II

ITEM 5.  MARKET FOR THE PARTNERSHIP'S COMMON EQUITY AND RELATED STOCKHOLDER 
         MATTERS.
         ------------------------------------------------------------------

     The Partnership has no common stock.

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

     Exclusive  of the  General  Partners'  interest in the  Partnership,  as of
December 31, 1996, there were approximately 1,506 record holders of Units.

     In March 1997, Hughes commenced a cash tender offer to purchase up to 6,000
of the 40,000 outstanding Units at $447 per Unit.

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

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


                                       8
<PAGE>

                       PUBLIC STORAGE PROPERTIES IV, LTD.


ITEM 6.  SELECTED FINANCIAL DATA.
         -----------------------
<TABLE>

                                              1996              1995              1994              1993              1992
                                          ------------     ------------      ------------      -----------        ------------
For the Year Ended December 31,
<S>                                        <C>              <C>               <C>               <C>               <C>       
Revenues                                   $7,774,000       $7,629,000        $7,085,000        $6,979,000        $6,743,000

Depreciation and amortization                 814,000          742,000           692,000           648,000           617,000

Interest expense                            2,898,000        2,967,000         3,071,000         3,137,000         3,197,000

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

Net income                                  1,698,000        1,724,000         1,208,000         1,099,000           796,000

Limited partners' share                     1,680,000        1,704,000         1,195,000         1,087,000           787,000

General partners' share                        18,000           20,000            13,000            12,000             9,000

Limited partners' per unit data (1)

Net income                                     42.00            42.60             29.88             27.18             19.68

As of December 31,

Cash and cash equivalents                  $2,440,000         $967,000          $551,000        $2,807,000        $1,125,000

Assets                                    $22,742,000      $18,367,000       $16,505,000       $17,548,000       $14,677,000

Mortgage note payable                     $26,338,000      $27,178,000       $28,086,000       $28,754,000       $29,355,000
</TABLE>
---------------
(1) Per unit data is based on the  weighted  average  number of the limited
    partnership units (40,000) outstanding during the period.


                                       9
<PAGE>

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

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

YEAR ENDED DECEMBER 31, 1996 COMPARED TO YEAR ENDED DECEMBER 31, 1995:

     The  Partnership's net income was $1,698,000 in 1996 compared to $1,724,000
in 1995,  representing  a  decrease  of  $26,000.  The  decrease  was  primarily
attributed  to the effects in 1995 of a one-time  gain from  insurance  proceeds
($236,000 gain from reconstruction receipts and $49,000 in business interruption
proceeds)  and the  disposition  of land  in 1995 at a gain of  $125,000.  These
effects were offset by a $234,000 increase in net property income in 1996.

     During 1996,  property net  operating  income  (rental  income less cost of
operations,  management fees paid to an affiliate and depreciation  expense) was
$4,310,000 in 1996 compared to $4,076,000 in 1995,  representing  an increase of
$234,000 or 6%.  This  increase  was  primarily  attributable  to an increase in
rental income at the Partnership's mini-warehouse facilities partially offset by
an increase in cost of operations and depreciation expense.

     Rental  income was  $7,423,000  in 1996  compared  to  $7,045,000  in 1995,
representing  an  increase  of  $378,000  or  5%.  The  increase  was  primarily
attributable to an increase in occupancy level at the Partnership's  facilities.
The weighted average occupancy levels at the mini-warehouse  facilities were 89%
and 85% in 1996 and 1995,  respectively.  The monthly realized rent per occupied
square foot averaged $.79 in 1996 compared to $.78 in 1995.

     Other income  decreased  $248,000 in 1996 compared to 1995. The decrease is
due to the 1995 recognition of a $236,000 gain from reconstruction  proceeds and
the 1995 recognition of $49,000 of business interruption insurance proceeds. The
$236,000 gain is attributable  to actual cost being lower than amounts  received
from insurance  proceeds to reconstruct a real estate facility located in Miami,
Florida, which was damaged by Hurricane Andrew in August 1992 (see Note 8 in the
Notes to Financial  Statements)  included in Item 14(a).  These negative effects
were offset by a $37,000 increase in other income due to increased invested cash
balances.

     Dividend income from marketable  securities of affiliate  increased $15,000
in 1996  compared to 1995.  This increase is primarily due to an increase in the
weighted average number of shares owned in 1996 compared to 1995.

     Cost  of  operations  (including  management  fees  paid  to an  affiliate)
increased  $72,000 or 3% to  $2,299,000 in 1996 from  $2,227,000  in 1995.  This
increase was primarily  attributable to increases in  advertising,  property tax
costs, and repairs and maintenance.

     In 1995, the  Partnership  prepaid eight months of 1996  management fees on
its  mini-warehouse  operations (based on the management fees for the comparable
period during the calendar year immediately preceding the prepayment) discounted
at the rate of 14% per year to compensate for early payment. The Partnership has
expensed  the  prepaid  management fees during 1996.  The amount is included in
management  fees paid to affiliate in the  statements of income.  As a result of
the prepayment,  the Partnership saved approximately $26,000 in management fees,
based on the  management  fees that  would have been  payable  on rental  income
generated during 1996 compared to the amount prepaid.

     Interest   expense  was   $2,898,000  and  $2,967,000  in  1996  and  1995,
respectively,  representing  a  decrease  of $69,000  or 2%.  The  decrease  was
primarily a result of a lower average  outstanding loan balance in 1996 compared
to 1995.


                                       10
<PAGE>
YEAR ENDED DECEMBER 31, 1995 COMPARED TO YEAR ENDED DECEMBER 31, 1994:

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

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

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

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

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

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

     Substantially  all of the  Partnership's  facilities were acquired prior to
the time  that it was  customary  to  conduct  environmental  investigations  in
connection with property  acquisitions.  During 1995, the Partnership  completed
environmental  assessments  of its  properties  to  evaluate  the  environmental
condition of, and potential environmental liabilities of such properties.  These
assessments  were performed by an  independent  environmental  consulting  firm.
Based on the  assessments,  the Partnership  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.

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

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

     Cash  flows  from  operating  activities  ($2,739,000  for the  year  ended
December 31, 1996) have been  sufficient to meet all current  obligations of the
Partnership.  During 1997, the Partnership anticipates approximately $476,000 of
capital improvements. During 1995, the Partnership's property operator commenced
a program to enhance the visual  appearance  of the  mini-warehouse  facilities.
Such   enhancements   will  include  new  signs,   exterior  color  schemes  and
improvements  to the rental  offices.  Included in the 1997 capital  improvement
budget are estimated costs of $86,000 for such enhancements.

     At December 31, 1996, the  Partnership  held 297,130 shares of common stock
(marketable  securities)  with a fair value totaling  $9,211,000  (cost basis of
$3,791,000 at December 31, 1996) in Public Storage, Inc. (PSI). During 1996, the
Partnership recognized $262,000 in dividend income on these shares.
                                       11
<PAGE>

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

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

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


                 1978                               $167,000
                 1979                              1,263,000
                 1980                              2,196,000
                 1981                              2,415,000
                 1982                              2,635,000
                 1983                              2,964,000
                 1984                              3,568,000
                 1985                              4,393,000
                 1986                              4,314,000
                 1987                              4,310,000
                 1988                             32,660,000
                 1989                                641,000
                 1990                                371,000
                 1991                                135,000
                 1992                                      -
                 1993                                      -
                 1994                                      -
                 1995                                      -
                 1996                                      -

     During  1988,  the  Partnership  financed  all  of  its  properties  with a
$30,500,000 loan with fixed interest of 10.47 percent per annum. Net proceeds of
$29,360,000 were distributed to the partners in October 1988 and are included in
the 1988  distribution.  At December 31, 1996,  the  outstanding  balance of the
mortgage note was $26,338,000, which matures on October 1, 1998.


                                       12
<PAGE>

ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
         -------------------------------------------

     The  Partnership's  financial  statements  are included  elsewhere  herein.
Reference is made to the Index to Financial  Statements and Financial  Statement
Schedule in Item 14(a).

ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND 
         FINANCIAL DISCLOSURE.
         ---------------------------------------------------------------

     None.


                                    PART III

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

     The Partnership has no directors or executive officers.

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

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


    Name                                Positions with PSI
----------------------       -------------------------------------------------
B. Wayne Hughes              Chairman of the Board and Chief Executive Officer
Harvey Lenkin                President and Director
John Reyes                   Senior Vice President and Chief Financial Officer
Hugh W. Horne                Senior Vice President
Obren B. Gerich              Senior Vice President
Marvin M. Lotz               Senior Vice President
David Goldberg               Senior Vice President and General Counsel
A. Timothy Scott             Senior Vice President and Tax Counsel
Sarah Hass                   Vice President and Secretary
Robert J. Abernethy          Director
Dann V. Angeloff             Director
William C. Baker             Director
Uri P. Harkham               Director

     B. Wayne Hughes,  age 63, 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 was an officer and director
of affiliates of PSMI and a director of PSMI until November 1995. Mr. Hughes has
been  Chairman  of the Board and Chief  Executive  Officer  since 1990 of Public
Storage Properties XI, Inc., Public Storage Properties XIV, Inc., Public Storage
Properties  XV, Inc.,  Public  Storage  Properties  XVI,  Inc.,  Public  Storage
Properties XVII, Inc.,  Public Storage  Properties  XVIII,  Inc., Public Storage
Properties XIX, Inc. and Public Storage Properties XX, Inc.  (collectively , the
"Public Storage  REITs"),  REITs that were organized by affiliates of PSMI. From
1989-90 until the respective  dates of merger,  he was Chairman of the Board and
Chief Executive  Officer of Public Storage  Properties VI, Inc.,  Public Storage
Properties  VII, Inc.,  Public Storage  Properties  VIII,  Inc.,  Public Storage
Properties  IX,  Inc.,  Public  Storage   Properties  X,  Inc.,  Public  Storage
Properties XII Inc., PS Business Parks,  Inc.,  Partners  Preferred Yield, Inc.,
Partners  Preferred  Yield II, Inc.,  Partners  Preferred  Yield III,  Inc., and
Storage  Properties,  Inc.  ("SPI")  (collectively,  the "Merged  Public Storage
REITs"),  affiliated REITs that were merged into PSI between  September 1994 and
December  1996. Mr. Hughes has been active in the real estate  investment  field
for over 25 years.

     Harvey Lenkin,  age 60, became  President and a director of PSI in November
1991.  Mr. Lenkin was an officer and director of PSMI and its  affiliates  until
November  1995. He has been President of the Public Storage REITs since 1990. He
was  President  of the  Merged  Public  Storage  REITs  from  1989-90  until the
respective  dates of merger and was also a director  of SPI from 1989 until June
1996.

                                       13
<PAGE>

     John Reyes, age 36, a certified public accountant,  joined PSMI 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.

     Hugh W. Horne,  age 52, has been a Vice President of PSI since 1980 and was
Secretary of PSI from 1980 until  February 1992 and became Senior Vice President
of PSI in November  1995. He was an officer of PSMI from 1973 to November  1995.
Mr. Horne has been a Vice  President of the Public  Storage REITs since 1993. He
was a Vice  President  of SPI from 1989 until June 1996 and of the other  Merged
Public  Storage  REITs from 1993  until the  respective  dates of merger.  He is
responsible for managing all aspects of property acquisition for PSI.

     Obren B.  Gerich,  age 58, a  certified  public  accountant  and  certified
financial planner, has been a Vice President of PSI since 1980 and became Senior
Vice  President of PSI in November 1995. He was Chief  Financial  Officer of PSI
until  November  1991.  Mr.  Gerich was an officer of PSMI from 1975 to November
1995. He has been Vice President and Secretary of the Public Storage REITs since
1990 and was Chief  Financial  Officer until  November 1995. Mr. Gerich was Vice
President and  Secretary of the Merged  Public  Storage REITs from 1989-90 until
the respective dates of merger.

     Marvin M. Lotz, age 54, has had overall responsibility for Public Storage's
mini-warehouse  operations  since 1988. He became a Senior Vice President of PSI
in  November  1995.  Mr.  Lotz was an  officer of PSMI with  responsibility  for
property acquisitions from 1983 until 1988.

     David Goldberg,  age 47, joined PSMI's legal staff in June 1991,  rendering
services on behalf of the PSI and PSMI.  He became a Senior Vice  President  and
General  Counsel of PSI in November 1995 and Vice President and General  Counsel
of the Public Storage REITs in December 1995. From December 1982 until May 1991,
he was a partner  in the law firm of Sachs &  Phelps,  then  counsel  to PSI and
PSMI.

     A. Timothy Scott, age 45, 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
and PSMI. Prior to June 1991, his professional  corporation was a partner in the
law firm of Sachs & Phelps, then counsel to PSI and PSMI.

     Sarah Hass, age 41, became  Secretary of PSI in February 1992. She became a
Vice President of PSI in November  1995.  She joined PSMI's legal  department in
June 1991,  rendering  services  on behalf of PSI and PSMI.  From 1987 until May
1991,  her  professional  corporation  was a partner  in the law firm of Sachs &
Phelps,  then counsel to PSI and PSMI,  and from April 1986 until June 1987, she
was associated  with that firm,  practicing in the area of securities  law. From
September 1979 until  September  1985, Ms. Hass was associated with the law firm
of Rifkind & Sterling, Incorporated.

     Robert J. Abernethy,  age 57, is President of American Standard Development
Company  and of  Self-Storage  Management  Company,  which  develop  and operate
mini-warehouses. Mr. Abernethy has been a director of PSI since its organization
in 1980.  He is a member of the board of directors of Johns  Hopkins  University
and of the Los  Angeles  County  Metropolitan  Transportation  Authority,  and a
former member of the board of directors of the  Metropolitan  Water  District of
Southern California.

     Dann V. Angeloff, age 61, is President of the Angeloff Company, a corporate
financial  advisory firm. The Angeloff Company has rendered,  and is expected to
continue to render,  financial  advisory and securities  brokerage  services for
PSI. Mr.  Angeloff is the general partner of a limited  partnership  that owns a
mini-warehouse  operated  by PSI and  which  secures  a note  owned by PSI.  Mr.
Angeloff  has been a director  of PSI since its  organization  in 1980.  He is a
director  of  Bonded  Motors  Inc.,  Compensation  Resource  Group,  Datametrics
Corporation,   Nicholas/Applegate   Growth   Equity   Fund,   Nicholas/Applegate
Investment  Trust,  Ready Pac  Produce,  Inc.,  Royce  Medical  Company and Seda
Specialty Packaging Corp. He was a director of SPI from 1989 until June 1996.

     William C. Baker,  age 63, became a director of PSI in November 1991. Since
April 1996,  Mr.  Baker has been  Chairman  of the Board of Santa  Anita  Realty
Enterprises,  Inc.,  a REIT that owns the Santa Anita  Racetrack  and other real
estate  assets.  In  August  1996,  he  became  Chairman  of the Board and Chief
Executive  Officer of Santa Anita  Operating  Company,  which operates the Santa
Anita Racetrack through its subsidiary the Los Angeles Turf Club,  Incorporated.
From  April  1993  through  May  1995,  Mr.  Baker  was  President  of Red Robin

                                       14
<PAGE>

International,  Inc., an operator and franchiser of casual dining restaurants in
the United States and Canada. Since January 1992, he has been Chairman and Chief
Executive Officer of Carolina Restaurant Enterprises,  Inc., a franchisee of Red
Robin International,  Inc. From 1976 to 1988, he was a principal shareholder and
Chairman  and  Chief  Executive  Officer  of Del Taco,  Inc.,  an  operator  and
franchiser of fast food  restaurants in  California.  Mr. Baker is a director of
Callaway Golf Company.

     Uri P. Harkham, age 48, became a director of PSI in March 1993. Mr. Harkham
has been the  President  and Chief  Executive  Officer  of the  Jonathan  Martin
Fashion  Group,  which  specializes  in designing,  manufacturing  and marketing
women's  clothing,  since its  organization in 1976. Since 1978, Mr. Harkham has
been the  Chairman  of the  Board of  Harkham  Properties,  a real  estate  firm
specializing  in buying and  managing  fashion  warehouses  in Los  Angeles  and
Australia.

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

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

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

                                       15
<PAGE>

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

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

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.
         --------------------------------------------------------------
     (a) At February 28, 1997, the following persons beneficially owned more 
         than 5% of the Units:
<TABLE>
<CAPTION>
                                      Name and Address of
        Title of Class                 Beneficial Owners            Beneficial Ownership         Percent of Class
----------------------------     -------------------------     --------------------------     -------------------------
<S>                              <C>                           <C>                            <C>
Units of Limited Partnership     Public Storage, Inc.
Interest                         701 Western Avenue             18,857 Units (1)               47.1%
                                 Glendale, California 91201

Units of Limited Partnership     B. Wayne Hughes
Interest                         701 Western Avenue             6,312 Units (2)                15.8%
                                 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) 5,892 Units which PSI has an option to
          acquire (together with other  securities) from BWH Marina  Corporation
          II (a corporation wholly-owned by Hughes) and as to which PSI has sole
          voting power  (pursuant to an  irrevocable  proxy) and no  dispositive
          power.

(2)       Includes  (i)  420  Units  owned  by  BWH  Marina  Corporation  II,  a
          corporation wholly-owned by Hughes, as to which Hughes has sole voting
          and  dispositive  power  and (ii)  5,892  Units  owned  by BWH  Marina
          Corporation  II as to which Hughes has sole  dispositive  power and no
          voting  power;  PSI  has an  option  to  acquire  these  Units  and an
          irrevocable proxy to vote these Units (see footnote 1 above).

          (b)  The  Partnership  has no  officers  and  directors.  The  General
Partners  contributed $202,000 to the original capital of the Partnership and as
a result  participate in the  distributions  to the limited  partners and in the
Partnership's  profits  and  losses  in the same  proportion  that  the  General
Partners'  capital  contribution  bears  to  the  total  capital   contribution.
Information  regarding  ownership  of  Units  by PSI  and  Hughes,  the  General
Partners,  is set forth under section (a) above. Dann V. Angeloff, a director of
PSI, beneficially owns 9 Units (0.02% of the Units). The directors and executive
officers of PSI (including Hughes), as a group (13 persons), own an aggregate of
6,331  Units,  representing  15.8%  of the  Units  (including  the  6,312  Units
beneficially owned by Hughes as set forth above).

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

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

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

                                       16
<PAGE>

     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 1996, the Partnership paid fees of $154,000
to PSI pursuant to the Management Agreement.

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


                                     PART IV

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

     (a) List of Documents file 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 the last
         quarter of fiscal 1996.

     (c) Exhibits: See Exhibit Index contained below.

  

                                     17
<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     Loan documents dated September 16, 1988 between the Registrant and The
          Prudential  Insurance  Company of America.  Previously  filed with the
          Securities and Exchange  Commission as an exhibit to the  Registrant's
          Annual  Report on Form 10-K for the year ended  December  31, 1993 and
          incorporated herein by reference.

 27       Financial Data Schedule. Filed herewith.

  


                                     18
<PAGE>
                                   SIGNATURES

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

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

Dated:  March 26, 1997        By:    Public Storage, Inc., General Partner


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

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


     Pursuant to the  requirements of the Securities  Exchange Act of 1934, this
report  has  been  signed  below  by the  following  persons  on  behalf  of the
Partnership in the capacities and on the dates indicated.
<TABLE>
<CAPTION>
Signature                                    Capacity                                           Date
----------------------------                 ------------------------------------------------   ----------------
<S>                                          <C>                                                <C> 
/s/ B Wayne Hughes                           Chairman of the Board and                          March 26, 1997
----------------------------                 Chief Executive Officer of Public Storage, Inc.
B. Wayne Hughes                              and General Partner (principal executive officer)             
               


/s/ Harvey Lenkin                            President and Director                             March 26, 1997
----------------------------                 of Public Storage, Inc.
Harvey Lenkin               

/s/ John Reyes                               Senior Vice President and Chief Financial          March 26, 1997
----------------------------                 Officer of Public Storage, Inc.
John Reyes                                   (principal financial officer and principal
                                             accounting officer)
          

/s/ Robert J. Abernethy                      Director of Public Storage, Inc.                   March 26, 1997
----------------------------
Robert J. Abernethy

/s/ Dann V. Angeloff                         Director of Public Storage, Inc.                   March 26, 1997
----------------------------
Dann V. Angeloff


/s/ William C. Baker                         Director of Public Storage, Inc.                   March 26, 1997
----------------------------
William C. Baker


/s/ Uri P. Harkham                           Director of Public Storage, Inc.                   March 26, 1997
----------------------------
Uri P. Harkham
</TABLE>


                                       19
<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, 1996 and 1995                          F-2


For the years ended December 31, 1996, 1995 and 1994:


 Statements of Income                                                    F-3


 Statements of Partners' Deficit                                         F-4


 Statements of Cash Flows                                             F-5 - F-6


 Notes to Financial Statements                                        F-7 - F-10


Schedule for the years ended December 31, 1996, 1995 and 1994:


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, 1996 and 1995,  and the related  statements  of income,
partners' deficit and cash flows for each of the three years in the period ended
December 31, 1996. Our audits also included the schedule  listed in the index at
item 14(a).  These financial  statements and schedule are the  responsibility of
the  Partnership's  management.  Our  responsibility is to express an opinion on
these financial statements and schedule based on our audits.

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

In our opinion,  the financial  statements  referred to above present fairly, in
all material  respects,  the financial position of Public Storage Properties IV,
Ltd. at December 31, 1996 and 1995,  and the results of its  operations  and its
cash flows for each of the three years in the period ended December 31, 1996, in
conformity with generally accepted accounting principles.  Also, in our opinion,
the related  financial  statement  schedule,  when considered in relation to the
basic  financial  statements  taken as a whole,  presents fairly in all material
respects the information set forth therein.




                                                          ERNST & YOUNG LLP

March 24, 1997
Los Angeles, California
<PAGE>
<TABLE>
<CAPTION>

                       PUBLIC STORAGE PROPERTIES IV, LTD.
                                 BALANCE SHEETS
                           December 31, 1996 and 1995


                                                                               1996                     1995
                                                                          -------------           --------------
                                     ASSETS
                                     ------

<S>                                                                          <C>                     <C>     
Cash and cash equivalents                                                 $  2,440,000            $   967,000
Marketable securities of affiliate (cost of $3,791,000)                      9,211,000              5,645,000
Rent and other receivables                                                     150,000                100,000

Real estate facilities:
     Building and equipment                                                 15,441,000             15,015,000
     Land                                                                    5,244,000              5,244,000
                                                                          -------------           --------------
                                                                            20,685,000             20,259,000

     Less accumulated depreciation                                         (10,017,000)            (9,203,000)
                                                                          -------------           --------------
                                                                            10,668,000             11,056,000
                                                                          -------------           --------------

Other assets                                                                   273,000                599,000
                                                                          -------------           --------------

         Total assets                                                      $22,742,000            $18,367,000
                                                                          =============           ==============


                        LIABILITIES AND PARTNERS' DEFICIT
                        ---------------------------------

Accounts payable                                                            $   52,000            $    81,000
Deferred revenue                                                               224,000                244,000
Mortgage note payable                                                       26,338,000             27,178,000

Partners' deficit:
     Limited partners' deficit, $500 per unit, 40,000 units
     authorized, issued and outstanding                                     (6,892,000)            (8,152,000)
     General partners' deficit                                              (2,400,000)            (2,838,000)
     Unrealized gain on marketable securities                                5,420,000              1,854,000
                                                                          -------------           --------------

         Total partners' deficit                                            (3,872,000)            (9,136,000)
                                                                          -------------           --------------

Total liabilities and partners' deficit                                    $22,742,000            $18,367,000
                                                                          =============           ==============

</TABLE>

                             See accompanying notes.
                                       F-2

<PAGE>
<TABLE>
<CAPTION>
                       PUBLIC STORAGE PROPERTIES IV, LTD.
                              STATEMENTS OF INCOME
              For the years ended December 31, 1996, 1995, and 1994


                                                                1996                     1995                      1994
                                                            ----------               ----------               ----------
REVENUES:

<S>                                                         <C>                      <C>                      <C>       
Rental income                                               $7,423,000               $7,045,000               $6,659,000
Dividends from marketable securities of
affiliate                                                      262,000                  247,000                  177,000
Other income                                                    89,000                  337,000                  249,000
                                                            ----------               ----------               ----------
                                                             7,774,000                7,629,000                7,085,000
                                                            ----------               ----------               ----------

COSTS AND EXPENSES:

Cost of operations                                           1,880,000                1,804,000                1,626,000
Management fees paid to affiliate                              419,000                  423,000                  418,000
Depreciation                                                   814,000                  742,000                  692,000
Administrative                                                  65,000                   68,000                   70,000
Environmental cost                                                   -                   26,000                        -
Interest expense                                             2,898,000                2,967,000                3,071,000
                                                            ----------               ----------               ----------

                                                             6,076,000                6,030,000                5,877,000
                                                            ----------               ----------               ----------

Income before gain on sale of land                           1,698,000                1,599,000                        -
Gain on sale of land                                                 -                  125,000                        -
                                                            ----------               ----------               ----------

NET INCOME                                                  $1,698,000               $1,724,000               $1,208,000
                                                            ==========               ==========               ==========

Limited partners' share of net income ($42.00
  per unit in 1996, $42.60 per unit in 1995, and
  $29.88 per unit in 1994)                                  $1,680,000               $1,704,000               $1,195,000

General partners' share of net income                           18,000                   20,000                   13,000
                                                            ----------               ----------               ----------
                                                            $1,698,000               $1,724,000               $1,208,000
                                                            ==========               ==========               ==========

</TABLE>

                             See accompanying notes.
                                       F-3

<PAGE>
<TABLE>
<CAPTION>

                       PUBLIC STORAGE PROPERTIES IV, LTD.
                         STATEMENTS OF PARTNERS' DEFICIT
              For the years ended December 31, 1996, 1995, and 1994

                                                                                 Unrealized Gain
                                               Limited            General         on Marketable      Total Partners'
                                              Partners           Partners           Securities           Deficit
                                           --------------      ------------     ----------------    ----------------
<S>                                        <C>                 <C>              <C>                  <C>          
Balance at December 31, 1993               $(10,327,000)       $(3,595,000)     $           -        $(13,922,000)
                                                                                            

Unrealized gain on marketable
  securities                                          -                  -            556,000             556,000

Net income                                    1,195,000             13,000                  -           1,208,000

Equity transfer                                (298,000)           298,000                  -                   -
                                           --------------      ------------     ----------------    ----------------

Balance at December 31, 1994                 (9,430,000)        (3,284,000)           556,000         (12,158,000)

Unrealized gain on marketable
securities                                            -                  -          1,298,000           1,298,000

Net income                                    1,704,000             20,000                  -           1,724,000

Equity transfer                                (426,000)           426,000                  -                   -
                                           --------------      ------------     ----------------    ----------------

Balance at December 31, 1995                 (8,152,000)        (2,838,000)         1,854,000          (9,136,000)

Unrealized gain on marketable
securities                                            -                  -          3,566,000           3,566,000

Net income                                    1,680,000             18,000                  -           1,698,000

Equity transfer                                (420,000)           420,000                  -                   -
                                           --------------      ------------     ----------------    ----------------
Balance at December 31, 1996                $(6,892,000)       $(2,400,000)        $5,420,000         $(3,872,000)
                                           ==============      ============     ================    ================
</TABLE>

                             See accompanying notes.
                                       F-4

<PAGE>
<TABLE>
<CAPTION>

                       PUBLIC STORAGE PROPERTIES IV, LTD.
                            STATEMENTS OF CASH FLOWS
              For the years ended December 31, 1996, 1995, and 1994


                                                                      1996               1995                1994
                                                                  --------------     -------------      -------------
Cash flows from operating activities:

<S>                                                                <C>               <C>                <C>       
     Net income                                                   $1,698,000         $1,724,000         $1,208,000

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

     Gain on sale of land                                                  -           (125,000)                 -
     Depreciation                                                    814,000            742,000            692,000
     (Increase) decrease in rent and other receivables               (50,000)           (12,000)            62,000
     Amortization of prepaid loan fees                                92,000             92,000             92,000
     Increase in other assets                                        (31,000)            (6,000)            (6,000)
     Amortization (payment) of prepaid management fees               265,000           (265,000)                 -
     (Decrease) increase  in accounts payable                        (29,000)            33,000           (485,000)
     Decrease in advances to reconstruct real estate
       facility                                                            -           (236,000)                 -
     Decrease in deferred revenue                                    (20,000)           (48,000)          (339,000)
                                                                  --------------     -------------      -------------

         Total adjustments                                         1,041,000            175,000             16,000
                                                                  --------------     -------------      -------------

         Net cash provided by operating activities                 2,739,000          1,899,000          1,224,000
                                                                  --------------     -------------      -------------

Cash flows from investing activities:

     Proceeds from sale of land                                            -            137,000                  -
     Insurance proceeds relating to damaged real estate
     facility                                                              -                  -            837,000
     Purchase of marketable securities of affiliate                        -           (399,000)        (1,907,000)
     Expenditures to reconstruct damaged real estate
     facility                                                              -             (1,000)        (1,415,000)
     Additions to real estate facilities                            (426,000)          (312,000)          (327,000)
                                                                  --------------     -------------      -------------

         Net cash used in investing activities                      (426,000)          (575,000)        (2,812,000)
                                                                  --------------     -------------      -------------

Cash flows from financing activities:

    Principal payments on mortgage note payable                     (840,000)          (908,000)          (668,000)
                                                                  --------------     -------------      -------------

         Net cash used in financing activities                      (840,000)          (908,000)          (668,000)
                                                                  --------------     -------------      -------------

Net increase (decrease) in cash and cash equivalents               1,473,000            416,000         (2,256,000)

Cash and cash equivalents at the beginning of the year               967,000            551,000          2,807,000
                                                                  --------------     -------------      -------------

Cash and cash equivalents at the end of the year                  $2,440,000           $967,000           $551,000
                                                                  ==============     =============      =============
</TABLE>

                             See accompanying notes.
                                       F-5

<PAGE>
<TABLE>
<CAPTION>


                       PUBLIC STORAGE PROPERTIES IV, LTD.
                            STATEMENTS OF CASH FLOWS
              For the years ended December 31, 1996, 1995, and 1994
                                   (Continued)


                                                                     1996                  1995                   1994
                                                                --------------        -------------           ------------
Supplemental schedule of non-cash investing and
 financing activities:

<S>                                                           <C>                      <C>                   <C>
 Increase in fair value of marketable securities of
  affiliate                                                     $(3,566,000)          $(1,298,000)            $(556,000)
                                                                ==============        =============           ============

 Unrealized gain on marketable securities of affiliate           $3,566,000            $1,298,000              $556,000
                                                                ==============        =============           ============


</TABLE>

                             See accompanying notes.
                                       F-6

<PAGE>
                       PUBLIC STORAGE PROPERTIES IV, LTD.
                          NOTES TO FINANCIAL STATEMENTS
                                December 31, 1996

1.       DESCRIPTION OF PARTNERSHIP

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

2.       SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND PARTNERSHIP MATTERS

         Basis of Presentation:
         ----------------------

               Certain  prior years  amounts have been  reclassified  to conform
         with the 1996 presentation.

         Mini-Warehouse Facilities:
         --------------------------

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

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

               In  1995,  the  Financial   Accounting   Standards  Board  issued
         Statement of Financial  Accounting  Standards No. 121,  "Accounting for
         the  Impairment of Long-Lived  Assets and for  Long-Lived  Assets to be
         Disposed of"  ("Statement  121").  Statement  121  requires  impairment
         losses to be recorded on  long-lived  assets  used in  operations  when
         indicators of impairment  are present and the  undiscounted  cash flows
         estimated  to be  generated  by those  assets are less than the assets'
         carrying  amount.  Statement  121 also  addresses  the  accounting  for
         long-lived  assets that are expected to be disposed of. The Partnership
         adopted Statement 121 in 1996 and the adoption had no effect on the
         Partnership's financial Statements.

         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>
                       PUBLIC STORAGE PROPERTIES IV, LTD.
                          NOTES TO FINANCIAL STATEMENTS
                                December 31, 1996

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

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

              Marketable  securities  at December  31, 1996 and 1995  consist of
         297,130 shares of common stock of PSI. The  Partnership  has designated
         its  portfolio of marketable  securities  as being  available for sale.
         Accordingly,  at  December  31,  1996 and  1995,  the  Partnership  has
         recorded  the  marketable  securities  at fair  value,  based  upon the
         closing  quoted price of the  securities at December 31, 1996 and 1995,
         and has recorded a corresponding  unrealized  gain totaling  $3,566,000
         and  $1,298,000  and $556,000  for the years ended  December 31, 1996,
         1995 and 1994, respectively,  as a credit to  Partnership  equity.  The
         Partnership  recognized dividends of $262,000,  $247,000,  and $177,000
         for the years ended December 31, 1996, 1995, and 1994, respectively.

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

               Included in other assets is deferred  financing costs of $160,000
         ($252,000 at December  31,  1995).  Such balance is being  amortized as
         interest  expense using the  straight-line  method over the life of the
         related mortgage note payable.

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

               The  preparation of the financial  statements in conformity  with
         generally accepted  accounting  principles  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.  During 1995,
         the Partnership completed  environmental  assessments of its properties
         to evaluate the environmental condition of, and potential environmental
         liabilities of such properties.  These assessments were performed by an
         independent  environmental  consulting  firm. Based on the assessments,
         the  Partnership  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.

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-8
<PAGE>
                       PUBLIC STORAGE PROPERTIES IV, LTD.
                          NOTES TO FINANCIAL STATEMENTS
                                December 31, 1996

4.       PARTNERS' EQUITY (CONTINUED)

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

5.       RELATED PARTY TRANSACTIONS

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

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

6.       TAXES BASED ON INCOME

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

               Taxable net income was $2,100,000, $1,715,000, and $1,408,000 for
         the years ended December 31, 1996,  1995 and 1994,  respectively.  The
         difference  between  taxable  net income  and net income is  primarily
         related  to  depreciation   expense   resulting  from  differences  in
         depreciation methods.

7.       MORTGAGE NOTE PAYABLE

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

              The Partnership  believes that it is not practical to estimate the
         fair  value of its  long-term  fixed  rate debt at  December  31,  1996
         because there is no public  market for such debt and although  interest
         rates at December 31, 1996, are lower than when such debt was incurred,
         the Partnership does not believe it could obtain financing currently on
         such  favorable  terms.  This is in part due to the reduced  sources of
         real estate  financing  resulting from a variety of factors,  including
         the present condition of financial institutions.

               The principal  repayment  schedule as of December 31, 1996 of the
         note is as follows:

                               1997                  $     933,000
                               1998                     25,405,000
                                                     -------------
                                                       $26,338,000
                                                     =============

               Interest  paid  on  the  note  was  $2,806,000,   $2,876,000  and
         $2,979,000  for the  years  ended  December  31,  1996,  1995 and 1994,
         respectively.

                                      F-9

<PAGE>
                       PUBLIC STORAGE PROPERTIES IV, LTD.
                          NOTES TO FINANCIAL STATEMENTS
                                December 31, 1996

8.       INSURANCE SETTLEMENT ON RECONSTRUCTION OF REAL ESTATE FACILITY

               In 1993, the Partnership  reached a settlement with its insurance
         carrier  for  damage  sustained  to the  Partnerships'  Miami,  Florida
         property  and for  business  interruption  while the facility was being
         reconstructed.  The  settlement  provided for the payment of $2,987,000
         consisting of (i)  reconstruction and related costs of the facility and
         (ii) business  interruption.  The facility  recommenced  operations in
         October 1994 and the  reconstruction  of the facility was  completed in
         the second  quarter of 1995.  During 1995, the  Partnership  recognized
         $236,000  of  income  as a result of  actual  cost to  reconstruct  the
         facility being lower then amounts received from insurance proceeds.

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

                                      F-10
<PAGE>
<TABLE>
<CAPTION>

                       Public Storage Properties IV, Ltd.
             Schedule III - Real Estate and Accumulated Depreciation
                      For the year ended December 31, 1996

                                                                                                      
                                                        Initial Cost                                  
                                                  -----------------------------                       
                                                                                     Costs     
                                                                   Building,      Subsequent to       
                                                                  Land Imp &      construction        
        Description            Encumbrances          Land          Equipment     (Improvements)       
------------------------     ----------------     -----------   --------------   --------------       
Mini-warehouses:
    CALIFORNIA
<S>                                 <C>             <C>             <C>              <C>              
Azusa                                -             $501,000        $1,093,000       $126,000          
Concord                              -              349,000           805,000        144,000          
Oakland                              -              177,000           650,000        118,000          
Pasadena                             -              379,000           496,000         98,000          
Redlands                             -              227,000           771,000        101,000          
Richmond                             -              225,000           639,000        156,000          
Riverside                            -               51,000           595,000        144,000          
Sacramento/Howe                      -              194,000           666,000        158,000          
Sacramento/West Capitol              -              100,000           719,000        201,000          
San Carlos                                          396,000           902,000         98,000          
Santa Clara                                         633,000         1,156,000        141,000          
Tustin                                              517,000           844,000        133,000          
    FLORIDA
Miami/Airport Expressway             -              186,000           442,000        154,000          
Miami/Cutler Ridge                   -              525,000           901,000        149,000          
Pembroke Park                        -              255,000           607,000        317,000          
Ft. Lauderdale/I-95 & 23rd Ave.                     243,000           611,000        276,000          
Ft. Lauderdale/I-95 & Sunrise        -              286,000           690,000        340,000          
                               --------------     -----------   --------------   --------------       
                                $26,338,000(1)   $5,244,000      $12,587,000      $2,854,000         
                               ==============     ===========   ==============   ==============      
</TABLE>
<TABLE>
<CAPTION>

                       Public Storage Properties IV, Ltd.
             Schedule III - Real Estate and Accumulated Depreciation
                      For the year ended December 31, 1996

                                           Gross Carrying Amount
                                            at December 31, 1996
                                     -------------------------------------
                              
                                                    Building,
                                                   Land Imp &                  Accumulated       Date
        Description                    Land         Equipment      Total       Depreciation     Completed
------------------------             --------    -------------   ----------   --------------   -----------
Mini-warehouses:
    CALIFORNIA
<S>                                   <C>          <C>           <C>              <C>           <C>  
Azusa                                $501,000     $1,219,000    $1,720,000       $856,000      11/78
Concord                               349,000        949,000     1,298,000        606,000      01/79
Oakland                               177,000        768,000       945,000        512,000      04/79
Pasadena                              379,000        594,000       973,000        385,000      11/79
Redlands                              227,000        872,000     1,099,000        566,000      02/79
Richmond                              225,000        795,000     1,020,000        510,000      03/79
Riverside                              51,000        739,000       790,000        478,000      05/79
Sacramento/Howe                       194,000        824,000     1,018,000        505,000      08/79
Sacramento/West Capitol               100,000        920,000     1,020,000        607,000      06/79
San Carlos                            396,000      1,000,000     1,396,000        666,000      10/79
Santa Clara                           633,000      1,297,000     1,930,000        823,000   6/79&7/79
Tustin                                517,000        977,000     1,494,000        670,000      12/78
    FLORIDA
Miami/Airport Expressway              186,000        596,000       782,000        395,000      01/79
Miami/Cutler Ridge                    525,000      1,050,000     1,575,000        681,000      04/79
Pembroke Park                         255,000        924,000     1,179,000        551,000      07/79
Ft. Lauderdale/I-95 & 23rd Ave        243,000        887,000     1,130,000        562,000
Ft. Lauderdale/I-95 & Sunrise         286,000      1,030,000     1,316,000        644,000      10/79
                                     --------    -------------   ----------   --------------   -----------
                                   $5,244,000   $15,441,000    $20,685,000   $10,017,000
                                   ==========   ============== ============  ===============              
</TABLE>
(1)  All 17  mini-warehouse  locations are encumbered by a promissory  note. The
     $26,338,000  listed above is the principal balance remaining on the note at
     12/31/96.
(2)  In 1995, the Partnership sold  approximately  4,729 sq. ft. of the facility
     to the State of Florida  under  condemnation  proceeding.  The  Partnership
     adjusted land by $12,000 for the sale.

                                      F-11
<PAGE>
<TABLE>
<CAPTION>

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


           Reconciliation of Real Estate and Accumulated Depreciation

                          Year Ended December 31, 1996

                                                            1996                    1995                     1994
                                                      ------------------      ----------------          ----------------
Investment in Real estate
<S>                                                      <C>                     <C>                      <C>        
   Balance at the beginning of the year                  $20,259,000             $19,959,000              $19,632,000
   Additions through cash expenditures                       426,000                 312,000                  327,000
   Deductions during the period:
   Sale of land                                                    -                 (12,000)                       -
                                                      ------------------      ----------------          ----------------

Balance at the end of the year                           $20,685,000             $20,259,000              $19,959,000
                                                      ==================      ================          ================

Accumulated Depreciation
   Balance at the beginning of the year                   $9,203,000              $8,461,000               $7,769,000
   Additions charged to costs and expenses                   814,000                 742,000                  692,000
                                                      ------------------      ----------------          ----------------

Balance at the end of the year                           $10,017,000              $9,203,000               $8,461,000
                                                      ==================      ================          ================
</TABLE>

                                      F-12