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

|  |   | For      the fiscal year ended December 31,      2009. |
|--|--------|--------------------------------------------------------|

|   | or |
|--------|----|

| [  ] | Transition      Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of      1934 |
|----------------|----------------------------------------------------------------------------------------------------|

|  |   | For      the transition period from   to  . |
|--|--------|-------------------------------------------------------|

|   | Commission      File Number:     0-8908 |
|--------|-------------------------------------------------------------|

|   | PUBLIC STORAGE      PROPERTIES IV, LTD. |
|--------|-----------------------------------------|

|   | (Exact      name of Registrant as specified in itscharter) |
|--------|------------------------------------------------------------|

| California                                    | 95-3192402                  |
|-----------------------------------------------|-----------------------------|
| (State      or other jurisdiction of          | (I.R.S.      Employer       |
| incorporation      or organization)           | Identification      Number) |
| 701      Western Avenue, Glendale, California | 91201-2349                  |
| (Address      of principal executive offices) | (Zip      Code)             |

| Securities      registered pursuant to Section 12(b) of the Act: | NONE |
|------------------------------------------------------------------|------|

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

| Yes      [   ] | No  [X] |
|-------------------------------|-------------------|

| Yes      [   ] | No  [X] |
|-------------------------------|-------------------|

| Yes      [X] | No  [   ] |
|--------------|------------------------------------|

| Yes      [   ] | No      [   ] |
|-------------------------------|------------------------------|

| Yes      [   ] | No  [X] |
|-------------------------------|-------------------|

----

| Large      Accelerated Filer [   ] | Accelerated      Filer [   ] | Non-accelerated      Filer [X] | Smaller      Reporting Company[    ] |
|---------------------------------------------------|---------------------------------------------|--------------------------------|----------------------------------------------------------|

----

----

| ●   | Our      investments consist of 17 self-storage facilities located in the      U.S.  See “Self-Storage Facilities” below and Item 2      “Properties” for further information.  These investments were      acquired both for income and capitalgains. |
|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ●   | There      is no limitation on the amount or percentage of assets, which can be      invested in any specific person. |
|---------------------|-----------------------------------------------------------------------------------------------------------------------|

----

| ·   | Capitalize on recognition of      the “Public Storage” name.  PS has more than 30 years of      operating experience in the self-storage business.  PS has      informed the Partnership that it is the largest self-storage facility      operator in the U.S. in terms of both number of facilities and rentable      space operated.  PS believes that its marketing and advertising      programs improve its competitive position in the market.  The PS      in-house yellow pages staff designs and places advertisements in      directories in virtually all markets in which it      operates.  Customers calling either the PS toll-free telephone      referral system, (800) 44-STORE, or a self-storage facility are      directed to the PS national telephone 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 PS and its subsidiaries.  The national      telephone reservation system supports rental activity at all of the U.S.      facilities operated by PS.  PS also provides customers the      opportunity to review space availability and make reservations online      through the PS website,www.publicstorage.com. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Maintain high occupancy levels      and increase annual realized rents.  Subject to market      conditions, the Partnership generally seeks to maximize revenues through      the appropriate balance between occupancy, rental rates, and promotional      discounting.  Average occupancy for the Partnership’s      self-storage facilities (excluding the Azusa property) was 89.8% in 2009      and 89.7% in 2008.  Annual realized rents per occupied square      foot decreased from $15.75 in 2008 to $15.23 in 2009.  These      amounts exclude the property operated pursuant to the management and      performance agreement (the “Performance Agreement”) with a subsidiary of      PS (the “PS Sub”).  See Item 13 below and Note 5 to the      Partnership’s December 31, 2009 financial statements for additional      information on the PerformanceAgreement. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Systems and      controls.  PS has an organizational structure and a      property operation system which links its corporate office with each of      its self-storage facilities.  This enables PS to obtain daily      information from each facility and to achieve efficiencies in operations      and maintain control over its space inventory, rental rates, promotional      discounts and delinquencies, and to identify changing market conditions      and operating trends as well as analyze customer data, and quickly change      properties’ pricing and promotional mix on an automated      basis.  Expense management is achieved through centralized      payroll and accounts payable systems and a comprehensive property tax      appeals department.  PS also has an extensive internal audit      program designed to ensure adherence to specified policies and procedures,      and thereby ensure proper handling of cash  collections. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Professional property      operations.  There are approximately 4,900 persons who      render services for the Public Storage system in the U.S., primarily      personnel engaged in property operations, substantially all of whom are      employed by a clearing company that provides certain administrative and      cost-sharing services to PS and other owners of properties operated by      PS. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| ·   | lack      of demand for rental spaces or units in a  locale; |
|--------------------|--------------------------------------------------------------|

| ·   | changes      in general economic or localconditions; |
|--------------------|------------------------------------------------------|

| ·   | natural      disasters, such as earthquakes and floods; which could exceed the      aggregate limits of our insurancecoverage; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------|

| ·   | potential      terrorist attacks; |
|--------------------|-----------------------------------|

| ·   | changes      in supply of or demand for similar or competing facilities in an      area; |
|--------------------|------------------------------------------------------------------------------------------|

| ·   | the      impact of environmental protectionlaws; |
|--------------------|--------------------------------------------------|

| ·   | changes      in interest rates and availability of permanent mortgage funds which may      render the sale or financing of a nonstrategic property difficult or      unattractive including the impact of the current turmoil in the credit      markets; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | increases      in insurance premiums, property tax assessments and other operating and      maintenance expenses; |
|--------------------|-------------------------------------------------------------------------------------------------------------------|

| ·   | adverse      changes in tax, real estate and zoning laws and regulations;      and |
|--------------------|------------------------------------------------------------------------------------|

| ·   | tenant      and employment-related claims. |
|--------------------|--------------------------------------------|

----

----

----

----

|  Location                                           |  Size      of Parcel | Net      Rentable Area    |   | Number      of Spaces |   |  Date      of Purchase | CompletionDate           |
|----------------------------------------------------------|---------------------------|---------------------------|--------|-----------------------|--------|-----------------------------|--------------------------|
| · California                                   |                      |                      |   |                  |   |                        |                     |
| Azusa      (a)                                           | 5.85      acres           | 173,000      sq. ft.      |   |                  | 1,699  |                        | July      14, 1978       | Nov.      1978 |
| Concord                                                  | 2.87      acres           | 52,000      sq. ft.       |   |                  | 519    |                        | June      20, 1978       | Jan.      1979 |
| Oakland                                                  | 1.97      acres           | 41,000      sq. ft.       |   |                  | 352    |                        | Oct.      11, 1978       | Apr.      1979 |
| Pasadena                                                 | 1.82      acres           | 37,000      sq. ft.       |   |                  | 338    |                        | July      19, 1978       | Nov.      1978 |
| Redlands                                                 | 3.44      acres           | 63,000      sq. ft.       |   |                  | 575    |                        | Aug.      24, 1978       | Feb.      1979 |
| Richmond                                                 | 1.82      acres           | 35,000      sq. ft.       |   |                  | 350    |                        | Aug.      23, 1978       | Mar.      1979 |
| Riverside                                                | 2.47      acres           | 45,000      sq. ft.       |   |                  | 389    |                        | Jan.      2, 1979        | May      1979 |
| Sacramento        Howe Avenue                  |  2.36      acres     |  41,000      sq. ft. |   |                  | 377    |                        |  Dec.      14, 1978 |  Aug.      1979 |
| Sacramento        West Capitol                 |  3.38      acres     |  44,000      sq. ft. |   |                  | 451    |                        |  Jan.      5, 1979  |  June      1979 |
| San      Carlos                                          | 2.80      acres           | 51,000      sq. ft.       |   |                  | 458    |                        | Jan.      30, 1979       | Oct.      1979 |
| Santa      Clara                                         | 4.45      acres           | 75,000      sq. ft.       |   |                  | 690    |                        | Dec.      22, 1978       | June      1979 andJuly      1981 |
| Tustin                                                   | 4.40      acres           | 67,000      sq. ft.       |   |                  | 561    |                        | July      3, 1978        | Dec.      1978 |
|                                                     |                      |                      |   |                  |   |                        |                     |   |
| · Florida                                      |                      |                      |   |                  |   |                        |                     |   |
| Miami      AirportExpressway                             |  1.70      acres     |  29,000      sq. ft. |   |                  | 269    |                        |  Aug.      24, 1978 |  Jan.      1979 |
| Miami        Cutler Ridge                      |  2.30      acres     |  46,000      sq. ft. |   |                  | 476    |                        |  Sept.      6, 1978 |  Apr.      1979 |
| Pembroke      Park                                       | 2.35      acres           | 49,000      sq. ft.       |   |                  | 444    |                        | Sept.      1, 1978       | July      1979 |
| Ft.      Lauderdale        I95 & 23rd Ave. |  2.77      acres     |  45,000      sq. ft. |   |                  | 501    |                        |  Nov.      9, 1978  |  Sept.      1979 |
| Ft.      Lauderdale        I95 & Sunrise   |  3.32      acres     |  56,000      sq. ft. |   |                  | 558    |                        |  Dec.      4, 1979  |  Sept.      1979 |

| (a)   | This      property is operated by a subsidiary of PS (the “PS Sub”) pursuant to a      Performance Agreement which will expire on December 31,      2015.  See Note 5 to the Partnership’s December 31, 2009      financial statements for further information regarding the terms of the      Performance Agreement.  Prior to the initiation of the      Performance Agreement, this facility had 105,000 net rentable square feet      of storage space, and has been increased to 173,000 net rentable square      feet by the PS Sub. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| ITEM      5. | Market for the      Registrant's Common Equity, Related Stockholder Matters and Issuer      Purchases of EquitySecurities |
|--------------|---------------------------------------------------------------------------------------------------------------------------|

|                                                  |   | For      the Year Ended December 31, |       |
|-------------------------------------------------------|--------|--------------------------------------|------------|
|                                                  |   | 2009                                 |       |   | 2008 |   |   | 2007 |   |   | 2006 |   |   | 2005 |   |
| Revenues                                              |   | $                                    | 12,944,000 |   |   | $ | 13,306,000 |   |   | $ | 12,885,000 |   |   | $ | 12,819,000 |   |   | $ | 12,271,000 |   |
| Depreciation                                          |   |                                 | 433,000    |   |   |   | 422,000 |   |   |   | 421,000 |   |   |   | 383,000 |   |   |   | 356,000 |   |
| Casualty      gain                                    |   |                                 | -          |   |   |   | - |   |   |   | - |   |   |   | 31,000 |   |   |   | 38,000 |   |
| Gain      on disposition of marketable securities (1) |   |                                 |  -    |   |   |   |  - |   |   |   |  - |   |   |   |  134,000 |   |   |   |  15,633,000 |   |
| Net      income                                       |   |                                 | 9,033,000  |   |   |   | 9,250,000 |   |   |   | 8,809,000 |   |   |   | 8,862,000 |   |   |   | 24,190,000 |   |
| Limited      partners’ share                    |   |                                 | 6,516,000  |   |   |   | 6,931,000 |   |   |   | 6,054,000 |   |   |   | 6,613,000 |   |   |   | 16,458,000 |   |
| General      partners’ share                    |   |                                 | 2,517,000  |   |   |   | 2,319,000 |   |   |   | 2,755,000 |   |   |   | 2,249,000 |   |   |   | 7,732,000 |   |
|                                                  |   |                                 |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Limited      Partners’ Per Unit Data (2)        |   |                                 |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      income                                       |   | $                                    | 162.90     |   |   | $ | 173.28 |   |   | $ | 151.35 |   |   | $ | 165.33 |   |   | $ | 411.45 |   |
| Cash      distributions                               |   | $                                    | 182.00     |   |   | $ | 167.00 |   |   | $ | 200.00 |   |   | $ | 162.00 |   |   | $ | 158.68 |   |
|                                                  |   |                                 |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance      Sheet Data:                              |   |                                 |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash      and cash equivalents                        |   | $                                    | 654,000    |   |   | $ | 1,139,000 |   |   | $ | 787,000 |   |   | $ | 2,525,000 |   |   | $ | 2,571,000 |   |
| Total      assets                                     |   | $                                    | 7,569,000  |   |   | $ | 8,074,000 |   |   | $ | 7,752,000 |   |   | $ | 9,725,000 |   |   | $ | 9,721,000 |   |

| (1)   | Amounts      presented for 2005 reflect the Partnership’s distribution of most of its      marketable securities of an affiliate.  In 2006, the Partnership      sold its remainder of such marketable  securities. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Per      unit data is based on the weighted average number of the limited      partnership units (40,000) outstanding during each  period. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

----

----

| Name                         | Positions      with PS                                                               |
|------------------------------|--------------------------------------------------------------------------------------|
| B.      Wayne Hughes         | Chairman      of the Board                                                           |
| Ronald      L. Havner, Jr.   | Vice      Chairman of the Board, Chief Executive Officer, President and      Trustee |
| John      Reyes              | Senior      Vice President and Chief Financial Officer                               |
| Mark      C. Good            | Senior      Vice President and Chief Operating Officer                               |
| David      F. Doll           | Senior      Vice President and President, Real Estate Group                          |
| Candace      N. Krol         | Senior      Vice President of Human Resources                                        |
| Steven      M. Glick         | Senior      Vice President and Chief Legal Officer                                   |
| Dann      V. Angeloff        | Trustee                                                                              |
| William      C. Baker        | Trustee                                                                              |
| John      T. Evans           | Trustee                                                                              |
| Tamara      Hughes Gustavson | Trustee                                                                              |
| Uri      P. Harkham          | Trustee                                                                              |
| B.      Wayne Hughes, Jr.    | Trustee                                                                              |
| Harvey      Lenkin           | Trustee                                                                              |
| Avedick      B. Poladian     | Trustee                                                                              |
| Gary      E. Pruitt          | Trustee                                                                              |
| Ronald      P. Spogli        | Trustee                                                                              |
| Daniel      C. Staton        | Trustee                                                                              |

----

Steven M. Glick, age 53, became Senior Vice President and ChiefLegal Officer of Public Storage on February 23, 2010.  From April 2005until joining Public Storage, Mr. Glick was Senior Vice President andGeneral Counsel, Americas for Technicolor (NYSE:TCH), a services, systems andtechnology company.  Immediately before joining Technicolor (thennamed Thomson), he was an Executive Vice President at Paramount Pictures withresponsibility for, among other things, legal, business development andlicensing for International Home Entertainment.

----

----

| ITEM      12. | Security Ownership of      Certain Beneficial Owners and Management and Related Stockholder      Matters |
|---------------|----------------------------------------------------------------------------------------------------------|

| Titleof      Class                         | Name      and Addressof      Beneficial Owners                                                                 | BeneficialOwnership         | Percentof      Class |
|--------------------------------------------|----------------------------------------------------------------------------------------------------------------|-----------------------------|----------------------|
| Units      of Limited Partnership Interest | Public      Storage701      Western AvenueGlendale,      California 91201                                      | 11,671      Units (1)  | 29.2%           |
|                                       |                                                                                                           |                        |                 |
| Units      of Limited Partnership Interest | B.      Wayne Hughes,PS      Orangeco Partnerships, Inc.701      Western AvenueGlendale,      California 91201 | 13,191      Units (2)       | 33.0%                |

| (1)   | Includes      (i) 11,365 Units owned by PS as to which PS has sole voting and      dispositive power, and (ii) 306 Units which, on January 1, 2009, PS      exercised its option to acquire from Tamara Hughes Gustavson, an adult      daughter of Hughes. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Includes      (i) 5,892 Units owned by BWH Marina Corporation II, a corporation      wholly-owned by Hughes, as to which Hughes has sole voting and dispositive      power and (ii) 7,299 Units owned by PS Orangeco Partnerships, Inc., a      corporation in which Hughes and members of his family own approximately      48% of the voting stock, PS owns 46% and members of PS’s management and      related individuals own approximately6%. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

| ITEM      15. | Exhibits and Financial      Statement Schedules |
|---------------|-------------------------------------------------|

|          (a) | List      of documents filed as part of thisReport. |
|-----------------------------------------------------------|-----------------------------------------------------|

| 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)   | Exhibits:      See Exhibit Index contained below. |
|-----------------|---------------------------------------------------|

| (c)   | Not      applicable. |
|-----------------|----------------------|

----

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

| 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.  Previously filed with the      Securities and Exchange Commission as an exhibit to the Partnership’s      Annual Report on Form 10-K for the year ended December 31, 1996 and      incorporated herein by reference. |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14 | Code      of Ethics for Senior Financial Officers of Public      Storage.  Filed with the Partnership’s Annual Report on      Form  10-K for the year ended December 31, 2003 and incorporated      herein by reference. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 31.1 | Rule      13a – 14(a) Certification.  Filed  herewith. |
|------|------------------------------------------------------------------------|

| 31.2 | Rule      13a – 14(a) Certification.  Filed  herewith. |
|------|------------------------------------------------------------------------|

----

|                                  | PUBLIC      STORAGE PROPERTIES IV, LTD. |
|---------------------------------------|-----------------------------------------|
|                                  | a      California Limited Partnership   |
| Dated:  March      25, 2010 | By:                                     | Public      Storage, General Partner |
|                                  |                                    |   |
|                                  |                                    | By: | /s/      Ronald L. Havner, Jr. |
|                                  |                                    |   | Ronald      L Havner, Jr., Vice Chairman of the Board, Chief Executive Officer and      President of Public Storage, Corporate General Partner |
|                                  |                                    |   |
|                                  | By:                                     | /s/      B. Wayne Hughes |
|                                  |                                    | B.      Wayne Hughes, General Partner and Chairman of the Board of Public      Storage |

----

| Signature                                                                                                                                                                                                                                                                                                                                                            | Capacity                                                                                                                                           | Date                            |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                               |                            |
|   /s/ Ronald L. Havner      Jr.                                                                            |  Vice      Chairman of the Board, Chief Executive Officer and President of Public      Storage, Corporate General Partner                     |   March      25, 2010 |
| Ronald      L. Havner, Jr.                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                               |                            |
|                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                               |                            |
|  /s/ B. Wayne      Hughes                                                                                       |  General      Partner and Chairman of the Board of Public Storage                                                                             |  March      25, 2010       |
| B.      Wayne Hughes                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                               |                            |
|                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                               |                            |
|   /s/ John      Reyes                                                                                      |  Senior      Vice President and Chief Financial Officer of Public Storage (principal      financial officer and principal accounting officer) |   March      25, 2010 |
| John      Reyes                                                                                                                                                                                                                                                                                                                                                      |                                                                                                                                               |                            |
|                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                               |                            |
| /s/ Dann V.      Angeloff                                                                                            | Trustee      of Public Storage                                                                                                                     | March      25, 2010             |
| Dann      V. Angeloff                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                               |                            |
|                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                               |                            |
| /s/ William      Baker                                                                                               | Trustee      of Public Storage                                                                                                                     | March      25, 2010             |
| William      C. Baker                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                               |                            |
|                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                               |                            |
| /s/ John T.      Evans                                                                                               | Trustee      of Public Storage                                                                                                                     | March      25, 2010             |
| John      T. Evans                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                               |                            |
|                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                               |                            |
| /s/ Tamara Hughes      Gustavson                                                       | Trustee      of Public Storage                                                                                                                     | March      25, 2010             |
| Tamara      Hughes Gustavson                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                               |                            |
|                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                               |                            |
| /s/ Uri P.      Harkham                                                                                              | Trustee      of Public Storage                                                                                                                     | March      25, 2010             |
| Uri      P. Harkham                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                               |                            |
|                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                               |                            |
| /s/ B. Wayne Hughes,      Jr.                                                                                        | Trustee      of Public Storage                                                                                                                     | March      25, 2010             |
| B.      Wayne Hughes, Jr.                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                               |                            |
|                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                               |                            |
| /s/ Harvey      Lenkin                                                                                               | Trustee      of Public Storage                                                                                                                     | March      25, 2010             |
| Harvey      Lenkin                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                               |                            |
|                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                               |                            |
| /s/ Gary E.      Pruitt                                                                                              | Trustee      of Public Storage                                                                                                                     | March      25, 2010             |
| Gary      E. Pruitt                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                               |                            |
|                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                               |                            |
| /s/ Daniel C.      Staton                                                                                            | Trustee      of Public Storage                                                                                                                     | March      25, 2010             |
| Daniel      C. Staton                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                               |                            |

----

|                                                                          | PageReference    |
|-------------------------------------------------------------------------------|------------------|
|                                                                          |             |
| Report      of Independent Registered Public Accounting Firm                  | F-1              |
|                                                                          |             |
| Balance      sheets as of December 31, 2009 and 2008                          | F-2              |
|                                                                          |             |
| For      each of the three years ended December 31, 2009, 2008 and      2007: |             |
|                                                                          |             |
| Statements      of income                                                     | F-3              |
|                                                                          |             |
| Statements      of partners' equity                                           | F-4              |
|                                                                          |             |
| Statements      of cash flows                                                 | F-5              |
|                                                                          |             |
| Notes      to financial statements                                            | F-6      - F-12  |
|                                                                          |             |
| Schedule:                                                                     |             |
|                                                                          |             |
| III      - Real estate and accumulated depreciation                           | F-13      - F-14 |

----

----

|                                                                                                    |   | December      31,2009 |        |   | December      31,2008 |   |
|---------------------------------------------------------------------------------------------------------|--------|-----------------------|-------------|--------|-----------------------|--------|
|                                                                                                    |   |                  |        |   |                  |   |
|                                                                                                    |   |                  |        |   |                  |   |
| ASSETS                                                                                                  |   |
|                                                                                                    |   |                  |        |   |                  |   |
| Cash      and cash equivalents                                                                          |   | $                     | 654,000     |   |                  | $      | 1,139,000 |   |
| Rent      and other receivables                                                                         |   |                  | 83,000      |   |                  |   | 74,000 |   |
|                                                                                                    |   |                  |        |   |                  |   |   |   |
| Real      estate facilities, at cost:                                                                   |   |                  |        |   |                  |   |   |   |
| Buildings      and equipment                                                                            |   |                  | 20,785,000  |   |                  |   | 20,358,000 |   |
| Land                                                                                                    |   |                  | 5,021,000   |   |                  |   | 5,021,000 |   |
|                                                                                                    |   |                  | 25,806,000  |   |                  |   | 25,379,000 |   |
| Less      accumulated depreciation                                                                      |   |                  | (19,075,000 | )      |                  |   | (18,642,000 | ) |
|                                                                                                    |   |                  | 6,731,000   |   |                  |   | 6,737,000 |   |
|                                                                                                    |   |                  |        |   |                  |   |   |   |
| Other      assets                                                                                       |   |                  | 101,000     |   |                  |   | 124,000 |   |
|                                                                                                    |   |                  |        |   |                  |   |   |   |
| Total      assets                                                                                       |   | $                     | 7,569,000   |   |                  | $      | 8,074,000 |   |
|                                                                                                    |   |                  |        |   |                  |   |   |   |
| LIABILITIES AND PARTNERS’      EQUITY                                                             |   |
|                                                                                                    |   |                  |        |   |                  |   |   |   |
| Accounts      payable and accrued liabilities                                                           |   | $                     | 214,000     |   |                  | $      | 270,000 |   |
| Due      to affiliate                                                                                   |   |                  | 331,000     |   |                  |   | - |   |
| Deferred      revenue                                                                                   |   |                  | 289,000     |   |                  |   | 297,000 |   |
|          Total      liabilities                            |   |                  | 834,000     |   |                  |   | 567,000 |   |
|                                                                                                    |   |                  |        |   |                  |   |   |   |
| Commitments      and contingencies (Note 8)                                                             |   |                  |        |   |                  |   |   |   |
|                                                                                                    |   |                  |        |   |                  |   |   |   |
| Partners’      equity:                                                                            |   |                  |        |   |                  |   |   |   |
| Limited      partners’ equity, $500 per unit, 40,000 unitsauthorized,      issued and outstanding |   |                  | 5,001,000   |   |                  |   | 5,574,000 |   |
| General      partners’ equity                                                                     |   |                  | 1,734,000   |   |                  |   | 1,933,000 |   |
|                                                                                                    |   |                  |        |   |                  |   |   |   |
| Total      partners’ equity                                                                       |   |                  | 6,735,000   |   |                  |   | 7,507,000 |   |
|                                                                                                    |   |                  |        |   |                  |   |   |   |
| Total      liabilities and partners’ equity                                                       |   | $                     | 7,569,000   |   |                  | $      | 8,074,000 |   |

----

|                                                                                      |   | 2009   |            |   | 2008   |   |            | 2007   |   |
|-------------------------------------------------------------------------------------------|--------|--------|-----------------|--------|--------|--------|-----------------|--------|--------|
| REVENUES:                                                                                 |   |   |            |   |   |   |            |   |   |
|                                                                                      |   |   |            |   |   |   |            |   |   |
| Rental      income                                                                        |   | $      | 11,166,000      |   |   | $      | 11,501,000      |   |   | $ | 11,271,000 |   |
| Other      income                                                                         |   |   | 386,000         |   |   |   | 471,000         |   |   |   | 340,000 |   |
| Revenues      from affiliate under    performance      agreement      |   |   |  1,392,000 |   |   |   |  1,334,000 |   |   |   |  1,274,000 |   |
|                                                                                      |   |   |            |   |   |   |            |   |   |   |   |   |
|                                                                                      |   |   | 12,944,000      |   |   |   | 13,306,000      |   |   |   | 12,885,000 |   |
|                                                                                      |   |   |            |   |   |   |            |   |   |   |   |   |
| COSTS      AND EXPENSES:                                                                  |   |   |            |   |   |   |            |   |   |   |   |   |
|                                                                                      |   |   |            |   |   |   |            |   |   |   |   |   |
| Cost      of operations                                                                   |   |   | 2,700,000       |   |   |   | 2,833,000       |   |   |   | 2,875,000 |   |
| Management      fees paid to affiliate                                                    |   |   | 669,000         |   |   |   | 689,000         |   |   |   | 675,000 |   |
| Depreciation                                                                              |   |   | 433,000         |   |   |   | 422,000         |   |   |   | 421,000 |   |
| Administrative                                                                            |   |   | 109,000         |   |   |   | 112,000         |   |   |   | 105,000 |   |
|                                                                                      |   |   |            |   |   |   |            |   |   |   |   |   |
|                                                                                      |   |   | 3,911,000       |   |   |   | 4,056,000       |   |   |   | 4,076,000 |   |
|                                                                                      |   |   |            |   |   |   |            |   |   |   |   |   |
| NET      INCOME                                                                           |   | $      | 9,033,000       |   |   | $      | 9,250,000       |   |   | $ | 8,809,000 |   |
|                                                                                      |   |   |            |   |   |   |            |   |   |   |   |   |
| Limited      partners’ share of net income                                          |   | $      | 6,516,000       |   |   | $      | 6,931,000       |   |   | $ | 6,054,000 |   |
| General      partners’ share of net income                                          |   |   | 2,517,000       |   |   |   | 2,319,000       |   |   |   | 2,755,000 |   |
|                                                                                      |   |   |            |   |   |   |            |   |   |   |   |   |
|                                                                                      |   | $      | 9,033,000       |   |   | $      | 9,250,000       |   |   | $ | 8,809,000 |   |
|                                                                                      |   |   |            |   |   |   |            |   |   |   |   |   |
|                                                                                      |   |   |            |   |   |   |            |   |   |   |   |   |
| Limited      partners’ share of net income per unit (40,000 units      outstanding) |   | $      |  162.90    |   |   | $      |  173.28    |   |   | $ |  151.35 |   |

----

|                              |   | LimitedPartners’ |       |   | GeneralPartners’ |   |       | Total      Partners’ Equity |   |
|-----------------------------------|--------|------------------------|------------|--------|------------------------|--------|------------|-----------------------------------|--------|
|                              |   |                   |       |   |                   |   |       |                              |   |
|                              |   |                   |       |   |                   |   |       |                              |   |
| Balance      at December 31, 2006 |   | $                      | 6,845,000  |   |                   | $      | 2,374,000  |                              |   | $ | 9,219,000 |   |
|                              |   |                   |       |   |                   |   |       |                              |   |   |   |   |
| Net      income                   |   |                   | 6,054,000  |   |                   |   | 2,755,000  |                              |   |   | 8,809,000 |   |
|                              |   |                   |       |   |                   |   |       |                              |   |   |   |   |
| Cash      distributions           |   |                   | (8,000,000 | )      |                   |   | (2,774,000 | )                                 |   |   | (10,774,000 | ) |
|                              |   |                   |       |   |                   |   |       |                              |   |   |   |   |
| Equity      transfer              |   |                   | 487,000    |   |                   |   | (487,000   | )                                 |   |   | - |   |
|                              |   |                   |       |   |                   |   |       |                              |   |   |   |   |
| Balance      at December 31, 2007 |   |                   | 5,386,000  |   |                   |   | 1,868,000  |                              |   |   | 7,254,000 |   |
|                              |   |                   |       |   |                   |   |       |                              |   |   |   |   |
| Net      income                   |   |                   | 6,931,000  |   |                   |   | 2,319,000  |                              |   |   | 9,250,000 |   |
|                              |   |                   |       |   |                   |   |       |                              |   |   |   |   |
| Cash      distributions           |   |                   | (6,680,000 | )      |                   |   | (2,317,000 | )                                 |   |   | (8,997,000 | ) |
|                              |   |                   |       |   |                   |   |       |                              |   |   |   |   |
| Equity      transfer              |   |                   | (63,000    | )      |                   |   | 63,000     |                              |   |   | - |   |
|                              |   |                   |       |   |                   |   |       |                              |   |   |   |   |
| Balance      at December 31, 2008 |   |                   | 5,574,000  |   |                   |   | 1,933,000  |                              |   |   | 7,507,000 |   |
|                              |   |                   |       |   |                   |   |       |                              |   |   |   |   |
| Net      income                   |   |                   | 6,516,000  |   |                   |   | 2,517,000  |                              |   |   | 9,033,000 |   |
|                              |   |                   |       |   |                   |   |       |                              |   |   |   |   |
| Cash      distributions           |   |                   | (7,280,000 | )      |                   |   | (2,525,000 | )                                 |   |   | (9,805,000 | ) |
|                              |   |                   |       |   |                   |   |       |                              |   |   |   |   |
| Equity      transfer              |   |                   | 191,000    |   |                   |   | (191,000   | )                                 |   |   | - |   |
|                              |   |                   |       |   |                   |   |       |                              |   |   |   |   |
| Balance      at December 31, 2009 |   | $                      | 5,001,000  |   |                   | $      | 1,734,000  |                              |   | $ | 6,735,000 |   |

----

|                                                                                                          |   | 2009   |       |   | 2008   |   |       | 2007   |   |
|---------------------------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|------------|--------|--------|
| Cash      flows from operating activities:                                                                    |   |   |       |   |   |   |       |   |   |
|                                                                                                          |   |   |       |   |   |   |       |   |   |
| Net      income                                                                                               |   | $      | 9,033,000  |   |   | $      | 9,250,000  |   |   | $ | 8,809,000 |   |
| Adjustments      to reconcile net income to net cash provided         by operating activities: |   |   |       |   |   |   |       |   |   |   |   |   |
| Depreciation                                                                                                  |   |   | 433,000    |   |   |   | 422,000    |   |   |   | 421,000 |   |
| (Increase)      decrease in rent and other receivables                                                        |   |   | (9,000     | )      |   |   | 11,000     |   |   |   | 112,000 |   |
| Decrease      in other assets                                                                                 |   |   | 23,000     |   |   |   | 16,000     |   |   |   | 13,000 |   |
| (Decrease)      increase in accounts payable and accrued liabilities                                          |   |   | (56,000    | )      |   |   | 97,000     |   |   |   | (20,000 | ) |
| Increase      in due to affiliate                                                                             |   |   | 331,000    |   |   |   | -          |   |   |   | - |   |
| (Decrease)      increase in deferred revenue                                                                  |   |   | (8,000     | )      |   |   | (28,000    | )      |   |   | 12,000 |   |
| Total      adjustments                                                                                        |   |   | 714,000    |   |   |   | 518,000    |   |   |   | 538,000 |   |
|                                                                                                          |   |   |       |   |   |   |       |   |   |   |   |   |
| Net      cash provided by operating activities                                                                |   |   | 9,747,000  |   |   |   | 9,768,000  |   |   |   | 9,347,000 |   |
|                                                                                                          |   |   |       |   |   |   |       |   |   |   |   |   |
| Cash      flows from investing activities:                                                                    |   |   |       |   |   |   |       |   |   |   |   |   |
|                                                                                                          |   |   |       |   |   |   |       |   |   |   |   |   |
| Additions      to real estate facilities                                                                      |   |   | (427,000   | )      |   |   | (419,000   | )      |   |   | (311,000 | ) |
|                                                                                                          |   |   |       |   |   |   |       |   |   |   |   |   |
| Net      cash used in investing activities                                                                    |   |   | (427,000   | )      |   |   | (419,000   | )      |   |   | (311,000 | ) |
|                                                                                                          |   |   |       |   |   |   |       |   |   |   |   |   |
| Cash      flows from financing activities:                                                                    |   |   |       |   |   |   |       |   |   |   |   |   |
|                                                                                                          |   |   |       |   |   |   |       |   |   |   |   |   |
| Distributions      paid to partners                                                                           |   |   | (9,805,000 | )      |   |   | (8,997,000 | )      |   |   | (10,774,000 | ) |
|                                                                                                          |   |   |       |   |   |   |       |   |   |   |   |   |
| Net      cash used in financing activities                                                                    |   |   | (9,805,000 | )      |   |   | (8,997,000 | )      |   |   | (10,774,000 | ) |
|                                                                                                          |   |   |       |   |   |   |       |   |   |   |   |   |
| Net      (decrease) increase in cash and cash equivalents                                                     |   |   | (485,000   | )      |   |   | 352,000    |   |   |   | (1,738,000 | ) |
|                                                                                                          |   |   |       |   |   |   |       |   |   |   |   |   |
| Cash      and cash equivalents at the beginning of the year                                                   |   |   | 1,139,000  |   |   |   | 787,000    |   |   |   | 2,525,000 |   |
|                                                                                                          |   |   |       |   |   |   |       |   |   |   |   |   |
| Cash      and cash equivalents at the end of  the year                                              |   | $      | 654,000    |   |   | $      | 1,139,000  |   |   | $ | 787,000 |   |
|                                                                                                          |   |   |       |   |   |   |       |   |   |   |   |   |

----

| 1.   | Description      of Partnership |
|----------------|---------------------------------|

| 2.   | Summary      of Significant Accounting Policies and Partnership  Matters |
|----------------|--------------------------------------------------------------------------|

----

----

| 3.   | Cash      Distributions |
|----------------|-------------------------|

| 4. | Partners'      Equity |
|----|-----------------------|

----

----

|                                                     |   | 2009                        |   |   | 2008   |   |
|----------------------------------------------------------|--------|-----------------------------|--------|--------|--------|--------|
|                                                     |   | (Amounts      in thousands) |   |
| For the year ended December      31,                     |   |                        |   |   |   |   |
| Net      investment income                               |   | $                           | 332    |   |   | $      | 675 |   |
| Loss      and loss adjustment benefit (expense)          |   |                        | 444    |   |   |   | (500 | ) |
| Other      expenses                                      |   |                        | (210   | )      |   |   | (258 | ) |
| Net      income (loss)                                   |   | $                           | 566    |   |   | $      | (83 | ) |
|                                                     |   |                        |   |   |   |   |   |   |
| At December 31,                                          |   |                        |   |   |   |   |   |   |
| Total      assets (primarily cash and other investments) |   | $                           | 20,366 |   |   | $      | 20,162 |   |
| Liabilities      for losses and loss adjustment expenses |   |                        | 4,065  |   |   |   | 4,946 |   |
| Other      liabilities                                   |   |                        | 1,095  |   |   |   | 725 |   |
| Member’s      surplus                              |   |                        | 15,206 |   |   |   | 14,491 |   |

----

| 7. | Supplementary      Quarterly Financial Data(unaudited) |
|----|--------------------------------------------------------|

|                                                                                  |   | Three      Months Ended |            |
|---------------------------------------------------------------------------------------|--------|-------------------------|-----------------|
|                                                                                  |   | March      31, 2009     |            |   | June      30, 2009 |   |   | September      30, 2009 |   |   | December      31, 2009 |   |
| Rental      Income                                                                    |   | $                       | 2,786,000       |   |   | $ | 2,786,000 |   |   | $ | 2,775,000 |   |   | $ | 2,819,000 |   |
| Cost      of Operations (including        management fees and depreciation) |   | $                       |  1,001,000 |   |   | $ |  990,000 |   |   | $ |  978,000 |   |   | $ |  833,000 |   |
| Net      Income                                                                       |   | $                       | 2,169,000       |   |   | $ | 2,275,000 |   |   | $ | 2,287,000 |   |   | $ | 2,302,000 |   |
| Net      Income Per Limited Partner Unit                                              |   | $                       | 39.00           |   |   | $ | 43.98 |   |   | $ | 42.60 |   |   | $ | 37.32 |   |
| Cash      Distributions                                                               |   | $                       | 2,370,000       |   |   | $ | 1,993,000 |   |   | $ | 2,263,000 |   |   | $ | 3,179,000 |   |
|                                                                                  |   |                    |            |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                  |   | Three      Months Ended |            |
|                                                                                  |   | March      31, 2008     |            |   | June      30, 2008 |   |   | September      30, 2008 |   |   | December      31, 2008 |   |
| Rental      Income                                                                    |   | $                       | 2,804,000       |   |   | $ | 2,895,000 |   |   | $ | 2,975,000 |   |   | $ | 2,827,000 |   |
| Cost      of Operations (including        management fees and depreciation) |   | $                       |  1,004,000 |   |   | $ |  1,034,000 |   |   | $ |  1,008,000 |   |   | $ |  898,000 |   |
| Net      Income                                                                       |   | $                       | 2,184,000       |   |   | $ | 2,206,000 |   |   | $ | 2,522,000 |   |   | $ | 2,338,000 |   |
| Net      Income Per Limited Partner Unit                                              |   | $                       | 41.05           |   |   | $ | 41.28 |   |   | $ | 47.08 |   |   | $ | 43.87 |   |
| Cash      Distributions                                                               |   | $                       | 2,101,000       |   |   | $ | 2,155,000 |   |   | $ | 2,478,000 |   |   | $ | 2,263,000 |   |
|                                                                                  |   |                    |            |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

| 2010   |   | $      | 1,406,000 |   |
|--------|--------|--------|-----------|--------|
| 2011   |   |   | 1,420,000 |   |
| 2012   |   |   | 1,434,000 |   |
| 2013   |   |   | 1,448,000 |   |
| 2014   |   |   | 1,462,000 |   |
| 2015   |   |   | 1,477,000 |   |
|   |   | $      | 8,647,000 |   |

----

|                                                      |   | Initial      Cost |          |   |                           |   |          | Gross      Carrying Amountat      December 31, 2009 |   |   |          |   |   |                           |          |
|-----------------------------------------------------------|--------|-------------------|---------------|--------|--------------------------------|--------|---------------|-----------------------------------------------------|--------|--------|---------------|--------|--------|--------------------------------|---------------|
|    Description                             |   |  Land        |          |   | Buildings      & Equipment |   |          | Costs      Subsequent to Construction(Improvements) |   |   |  Land    |   |   | Buildings      & Equipment |          |   |  Total |   |   | Accumulated      Depreciation |   |   | Date      Completed |   |
| California                                                |   |              |          |   |                           |   |          |                                                |   |   |          |   |   |                           |          |   |   |   |   |   |   |   |   |   |
| Concord                                                   |   | $                 | 349,000       |   |                           | $      | 805,000       |                                                |   | $      | 399,000       |   |   | $                              | 349,000       |   |   | $ | 1,204,000 |   |   | $ | 1,553,000 |   |   | $ | 1,109,000 |   |   |   | 01/79 |   |
| Tustin                                                    |   |              | 517,000       |   |                           |   | 844,000       |                                                |   |   | 550,000       |   |   |                           | 517,000       |   |   |   | 1,394,000 |   |   |   | 1,911,000 |   |   |   | 1,261,000 |   |   |   | 12/78 |   |
| Pasadena                                                  |   |              | 379,000       |   |                           |   | 496,000       |                                                |   |   | 323,000       |   |   |                           | 379,000       |   |   |   | 819,000 |   |   |   | 1,198,000 |   |   |   | 747,000 |   |   |   | 11/79 |   |
| Azusa                                                     |   |              | 501,000       |   |                           |   | 1,093,000     |                                                |   |   | 411,000       |   |   |                           | 501,000       |   |   |   | 1,504,000 |   |   |   | 2,005,000 |   |   |   | 1,427,000 |   |   |   | 11/78 |   |
| Redlands                                                  |   |              | 227,000       |   |                           |   | 771,000       |                                                |   |   | 445,000       |   |   |                           | 227,000       |   |   |   | 1,216,000 |   |   |   | 1,443,000 |   |   |   | 1,098,000 |   |   |   | 02/79 |   |
| Riverside                                                 |   |              | 51,000        |   |                           |   | 595,000       |                                                |   |   | 383,000       |   |   |                           | 51,000        |   |   |   | 978,000 |   |   |   | 1,029,000 |   |   |   | 939,000 |   |   |   | 05/79 |   |
| Oakland                                                   |   |              | 177,000       |   |                           |   | 650,000       |                                                |   |   | 423,000       |   |   |                           | 177,000       |   |   |   | 1,073,000 |   |   |   | 1,250,000 |   |   |   | 1,012,000 |   |   |   | 04/79 |   |
| Richmond                                                  |   |              | 225,000       |   |                           |   | 639,000       |                                                |   |   | 456,000       |   |   |                           | 225,000       |   |   |   | 1,095,000 |   |   |   | 1,320,000 |   |   |   | 1,023,000 |   |   |   | 03/79 |   |
| Santa      Clara                                          |   |              | 633,000       |   |                           |   | 1,156,000     |                                                |   |   | 617,000       |   |   |                           | 633,000       |   |   |   | 1,773,000 |   |   |   | 2,406,000 |   |   |   | 1,651,000 |   |   | 6      & 7/79 |   |
| San      Carlos                                           |   |              | 396,000       |   |                           |   | 902,000       |                                                |   |   | 260,000       |   |   |                           | 396,000       |   |   |   | 1,162,000 |   |   |   | 1,558000 |   |   |   | 1,125,000 |   |   |   | 10/79 |   |
| Sacramento/Howe                                           |   |              | 194,000       |   |                           |   | 666,000       |                                                |   |   | 375,000       |   |   |                           | 194,000       |   |   |   | 1,041,000 |   |   |   | 1,235,000 |   |   |   | 985,000 |   |   |   | 08/79 |   |
| Sacramento/West      Capitol                              |   |              | 100,000       |   |                           |   | 719,000       |                                                |   |   | 701,000       |   |   |                           | 100,000       |   |   |   | 1,420,000 |   |   |   | 1,520,000 |   |   |   | 1,194,000 |   |   |   | 06/79 |   |
|                                                      |   |              |          |   |                           |   |          |                                                |   |   |          |   |   |                           |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Florida                                                   |   |              |          |   |                           |   |          |                                                |   |   |          |   |   |                           |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Miami/Airport      Expressway                             |   |              |  186,000 |   |                           |   |  442,000 |                                                |   |   |  509,000 |   |   |                           |  186,000 |   |   |   |  951,000 |   |   |   |  1,137,000 |   |   |   |  810,000 |   |   |   |  01/79 |   |
| Miami/Cutler      Ridge                                   |   |              | 525,000       |   |                           |   | 901,000       |                                                |   |   | 208,000       |   |   |                           | 302,000       |   |   |   | 1,332,000 |   |   |   | 1,634,000 |   |   |   | 1,199,000 |   |   |   | 04/79 |   |
| Pembroke      Park                                        |   |              | 255,000       |   |                           |   | 607,000       |                                                |   |   | 584,000       |   |   |                           | 255,000       |   |   |   | 1,191,000 |   |   |   | 1,446,000 |   |   |   | 1,121,000 |   |   |   | 07/79 |   |
| Ft.      Lauderdale/I-95 &        23rd Ave. |   |              |  243,000 |   |                           |   |  611,000 |                                                |   |   |  593,000 |   |   |                           |  243,000 |   |   |   |  1,204,000 |   |   |   |  1,447,000 |   |   |   |  1,103,000 |   |   |   |  07/79 |   |
| Ft.      Lauderdale/I-95 & Sunrise                    |   |              |  286,000 |   |                           |   |  690,000 |                                                |   |   |  738,000 |   |   |                           |  286,000 |   |   |   |  1,428,000 |   |   |   |  1,714,000 |   |   |   |  1,271,000 |   |   |   |  10/79 |   |
|                                                      |   |              |          |   |                           |   |          |                                                |   |   |          |   |   |                           |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                      |   | $                 | 5,244,000     |   |                           | $      | 12,587,000    |                                                |   | $      | 7,975,000     |   |   | $                              | 5,021,000     |   |   | $ | 20,785,000 |   |   | $ | 25,806,000 |   |   | $ | 19,075,000 |   |   |   |   |   |

----

| COST      RECONCILIATION                                    |   |
|-------------------------------------------------------------|--------|
|                                                        |   |   |   |   |   |   |
|                                                        |   | 2009 |   |   | 2008 |   |
|                                                        |   |   |   |   |   |   |
|                                                        |   |   |   |   |   |   |
| Balance      at the beginning of the year                   |   | $ | 25,379,000 |   |   | $ | 24,960,000 |   |
|                                                        |   |   |   |   |   |   |   |   |
| Additions      during the year: Improvements                |   |   | 427,000 |   |   |   | 419,000 |   |
|                                                        |   |   |   |   |   |   |   |   |
|     Balance      at the end of the year |   | $ | 25,806,000 |   |   | $ | 25,379,000 |   |
|                                                        |   |   |   |   |   |   |   |   |
|                                                        |   |
| ACCUMULATED      DEPRECIATION RECONCILIATION                |   |
|                                                        |   |   |   |   |   |   |   |   |
|                                                        |   |   |   |   |   |   |   |   |
| Balance      at the beginning of the year                   |   | $ | 18,642,000 |   |   | $ | 18,220,000 |   |
|                                                        |   |   |   |   |   |   |   |   |
| Depreciation      expense                                   |   |   | 433,000 |   |   |   | 422,000 |   |
|                                                        |   |   |   |   |   |   |   |   |
| Balance      at the end of the year                         |   | $ | 19,075,000 |   |   | $ | 18,642,000 |   |

| (a)   | The      aggregate depreciable cost, prior to depreciation, of real estate      (excluding land) for federal income tax purposes is $18,207,000      (unaudited). |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                 | PUBLIC      STORAGE PROPERTIES IV, LTD.                                                                                                                      |
|--------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                 | a      California Limited Partnership                                                                                                                        |
| Date:  March      25, 2010 | By:       Public      Storage, General Partner  By:     /s/ Ronald L. Havner,      Jr. |
|                                 | Ronald      L. Havner, Jr.,Vice-Chairman      of the Board,Chief      Executive Officer and President of Public Storage, Corporate General      Partner      |

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| Exhibit      No. | Exhibit      Index |   |   |
|------------------|--------------------|--------|--------|

| 31.1   | Rule      13a - 14(a) Certification.  Filed  herewith. |
|------------------|------------------------------------------------------------------|

| 31.2   | Rule      13a - 14(a) Certification.  Filed  herewith. |
|------------------|------------------------------------------------------------------|

| 32 | Section      1350 Certifications.  Filedherewith. |
|----|-------------------------------------------------------------|

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