SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-K
[X] Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934

For the fiscal year ended December 31, 2003 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 its charter)

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

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

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

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

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

Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
                                [ X ] Yes [ ] No

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

Indicate by check mark whether the Registrant is an accelerated filer (as
defined in Rule 12b-2 of the Act)
                                Yes [ ] No [ X ]

The aggregate market value of the voting and non-voting common equity held by
non-affiliates of the Registrant as of June 30, 2003:

Limited Partner Units, $500.00 Par Value - $22,121,000 (computed on the basis of
$1,464.00 per unit which was the highest reported sale price during the quarter
ended June 30, 2003).

The number of units outstanding of the registrant's classes of common equity as
of March 25, 2004:

Units of Limited Partnership Interest, $500.00 Par Value - 40,000 units

                       DOCUMENTS INCORPORATED BY REFERENCE

                                      NONE

                                       1
<PAGE>

                                     PART I

ITEM 1.           Business

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

         When used within this document, the words "expects," "believes,"
"anticipates," "should," "estimates," and similar expressions are intended to
identify "forward-looking statements" within the meaning of that term in Section
27A of the Securities Exchange Act of 1933, as amended, and in Section 21F of
the Securities Exchange Act of 1934, as amended. Such forward-looking statements
involve known and unknown risks, uncertainties, and other factors, which may
cause the actual results and performance of the Partnership to be materially
different from those expressed or implied in the forward looking statements.
Such factors are described in Item 1A, "Risk Factors" and include changes in
general economic conditions and in the markets in which the Partnership operates
and the impact of competition from new and existing storage and commercial
facilities and other storage alternatives, which could impact rents and
occupancy levels at the Partnership's facilities; the impact of the regulatory
environment as well as national, state, and local laws and regulations, which
could increase the Partnership's expense and reduce the Partnership's cash
available for distribution; and economic uncertainty due to the impact of war or
terrorism could adversely affect our business plan. We disclaim any obligation
to publicly release the results of any revisions to these forward-looking
statements reflecting new estimates, events or circumstances after the date of
this report.

General
-------

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

         The Partnership has reported annually to the Securities and Exchange
Commission ("SEC") on form 10-K which includes financial statements certified by
independent public accountants. The Partnership has also reported quarterly to
the SEC on Form 10-Q and includes unaudited financial statements with such
filings. The Partnership expects to continue such reporting. On an annual basis,
the Partnership mails the audited financial statements and related footnotes to
all limited partners.

         The public may read and copy any materials this Partnership files with
the SEC at the SEC's Public Reference Room at 450 Fifth Street, NW, Washington,
DC 20549. The public may obtain information on the operation of the Public
Reference Room by calling the SEC at 1-800-732-0330. The partnership does not
maintain a website. However, the SEC maintains an Internet site that contains
reports, proxy and information statements, and other information regarding
issuers that file electronically with the SEC at http://www.sec.gov.

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

         The Partnership's general partners are PSI and B. Wayne Hughes
("Hughes") (collectively referred to as the "General Partners"). Hughes has been
a general partner of the Partnership since its inception. Hughes is chairman of
the board of PSI, and was its chief executive officer through November 7, 2002,
and Hughes and members of his family (the "Hughes Family") are the major
shareholders of PSI.

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

                                       2
<PAGE>

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

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

Investment Objectives and Policies
----------------------------------

         The Partnership's objectives are to (i) preserve and protect invested
capital, (ii) maximize the potential for appreciation in value of its
investments, (iii) provide Federal income tax deductions so that during the
early years of property operations a portion of cash distributions may be
treated as a return of capital for tax purposes, and therefore, may not
represent taxable income to the limited partners, and (iv) provide for cash
distributions from operations.

         Following are the Partnership's investment practices and policies. The
Partnership does not anticipate making any additional investments other than
maintenance capital expenditures and does not anticipate liquidating the
investments it now holds. While a vote of the limited partners is generally
required to change the Partnership's investment policies, the General Partners
hold a majority of the limited partnership units, and as a result, the General
Partners could change these policies through their vote.

o        Our investments consist of (i) 17 self-storage facilities, (ii) 381,980
         shares of Public Storage, Inc. common stock, and (iii) 12,412 shares of
         Public Storage,  Inc. Series A, Equity Stock. All of these  investments
         are in real estate or real estate entities  holding real estate located
         in  the  United  States.  See  "Self-storage  Facilities"  and  Item  2
         "Properties" for further  information.  These investments were acquired
         both for income and capital gains.

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

         The Partnership does not anticipate, issuing senior securities, making
loans to other persons, investing in the securities of other issuers for the
purpose of exercising control, underwriting the securities of other issuers,
engaging in the purchase and sale of investments, offering securities in
exchange for property, or repurchasing or otherwise reacquiring its outstanding
securities. The partnership may consider borrowing money with the intent of
using the proceeds to distribute to partners.

Self-storage Facilities
-----------------------

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

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

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

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

                                       3
<PAGE>
         The Partnership's self-storage facilities are geographically
diversified and are generally located in heavily populated areas and close to
concentrations of apartment complexes, single family residences and commercial
developments. However, there may be circumstances in which it may be appropriate
to own a property in a less populated area, for example, in an area that is
highly visible from a major thoroughfare and close to, although not in, a
heavily populated area. Moreover, in certain population centers, land costs and
zoning restrictions may create a demand for space in nearby less populated
areas.

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

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

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

o        Capitalize on "Public  Storage's" name recognition.  PSI, together with
         its predecessor,  has more than 20 years of operating experience in the
         self-storage  business. PSI has informed the Partnership that it is the
         largest self-storage facility operator in the United States in terms of
         both number of facilities  and rentable  space  operated.  PSI believes
         that its marketing and  advertising  programs  improve its  competitive
         position in the market.  PSI's in-house  Yellow Pages staff designs and
         places  advertisements  in  approximately  700  directories.  Customers
         calling  either  PSI's  toll-free  telephone  referral  system,   (800)
         44-STORE,  or a self-storage facility are directed to PSI's reservation
         system where a trained representative discusses with the customer space
         requirements,  price and  location  preferences  and also  informs  the
         customer of other products and services  provided by PSI. The telephone
         reservation system supports rental activity at all of the Partnership's
         properties.

o        Maintain high  occupancy  levels and increase  annual  realized  rents.
         Subject  to  market  conditions,  the  Partnership  generally  seeks to
         achieve  average  occupancy  levels in  excess of 90% and to  eliminate
         promotions prior to increasing rental rates.  Average occupancy for the
         Partnership's self-storage facilities was 91% and 86% in 2003 and 2002,
         respectively.  Annual realized rents per occupied square foot increased
         from $13.85 in 2002 to $13.38 in 2003.

o        Systems  and  controls.  PSI  has  an  organizational  structure  and a
         property  operation system,  "CHAMP"  (Computerized Help and Management
         Program),  which  links its  corporate  office  with each  self-storage
         facility.  This  enables  PSI 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.  Expense  management  is  achieved  through  centralized
         payroll and accounts  payable systems and a comprehensive  property tax
         appeals  department,  and PSI has an extensive  internal  audit program
         designed to ensure proper handling of cash collections.

o        Professional property operation.  There are approximately 4,500 persons
         who render services for the Public Storage system,  primarily personnel
         engaged in property operations,  substantially all of whom are employed
         by  a  clearing  company  that  provides  certain   administrative  and
         cost-sharing  services to PSI and others owners of properties  operated
         by PSI.

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

         The Partnership's self-storage facilities are managed by PSI (as
successor to PSMI) pursuant to a Management Agreement.

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

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

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

                                       4
<PAGE>

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

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

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

         The Management Agreement between the Partnership and PSI provides that
the Management Agreement may be terminated without cause upon 60 days written
notice by the Partnership or six months notice by PSI.

         One of the Partnership's real estate facilities is operated pursuant to
a management and performance agreement (the "Performance Agreement") with Public
Storage Pickup and Delivery, LP ("PSPUD"), a subsidiary of PSI. See Item 13
below for more information.

Competition
-----------

         Local market conditions play a significant role in how competition will
affect the Partnership's operations. Competition from other self-storage and
other storage alternatives in the market areas in which the Partnership operates
is significant and affects the occupancy levels, rental rates and operating
expenses of certain of the Partnership's facilities. Any increase in
availability of funds for investment in real estate may accelerate competition.
Further development of self-storage facilities may intensify competition among
self-storage facilities in the market areas in which the Partnership operates.
In addition to competition from self-storage facilities operated by PSI, there
are three other national firms and numerous regional and local operators. The
Partnership believes that the significant operating and financial experience of
PSI, and the "Public Storage" name recognition should enable the Partnership to
continue to compete effectively with other entities.

Other Business Activities
-------------------------

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

         A subsidiary of PSI sells locks and boxes and rents trucks to the
general public and tenants to be used in securing their spaces and moving their
goods. We believe that the availability of locks and boxes for sale and the
rental of trucks promote the rental of spaces.

Federal Income Tax
------------------

         Public  Storage  Properties  IV, Ltd. is treated as a  partnership  for
Federal income tax purposes with the taxable  income of the entity  allocated to
each partner in accordance with the partnership agreement.

Employees
---------

         There are 24 persons who render services on behalf of the Partnership.
These persons include resident managers, assistant managers, relief managers,
district managers, and administrative personnel. Some employees may be employed
on a part-time basis and may be employed by other persons, Partnerships, REITs
or other entities owning facilities operated by PSI.

                                       5
<PAGE>

ITEM 1A. Risk Factors

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

         THE GENERAL  PARTNERS  HAVE A  SIGNIFICANT  DEGREE OF CONTROL  OVER THE
PARTNERSHIP.

         Public Storage is general partner and owns approximately 29.2% of our
outstanding limited partnership units. In addition, B. Wayne Hughes, General
Partner of the Partnership, and Chairman of PSI and members of his family own
33.7% of the Limited Partnership units. As a result, the General Partners have a
significant degree of control over matters submitted to a vote of our
unitholders, including amending our organizational documents, dissolving the
Partnership and other such transactions.

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

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

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

o        changes in general economic or local conditions;

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

o        potential terrorists attacks;

o        the impact of environmental protection laws;

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

o        changes in tax, real estate and zoning laws.

         THERE IS SIGNIFICANT COMPETITION AMONG SELF-STORAGE FACILITIES AND FROM
OTHER STORAGE ALTERNATIVES.  All of our properties are self-storage  facilities,
which generated all of our rental revenues.  Local market conditions will play a
significant  part in how competition  will affect us.  Competition in the market
areas in which  many of our  properties  are  located  from  other  self-storage
facilities and other storage  alternatives  is significant  and has affected the
occupancy levels, rental rates and operating expenses of some of our properties.
Any  increase  in  availability  of funds  for  investment  in real  estate  may
accelerate  competition.  Further  development  of  self-storage  facilities may
intensify  competition among operators of self-storage  facilities in the market
areas in which we operate.

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

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

                                       6
<PAGE>

         There has been an increasing number of claims and litigation against
owners and managers of rental properties relating to moisture infiltration,
which can result in mold or other property damage. When we receive a complaint
concerning moisture infiltration, condensation or mold problems and/or become
aware that an air quality concern exists, we implement corrective measures in
accordance with guidelines and protocols we have developed with the assistance
of outside experts. We seek to work proactively with our tenants to resolve
moisture infiltration and mold-related issues, subject to our contractual
limitations on liability for such claims. However, we can provide no assurance
that material legal claims relating to moisture infiltration and the presence
of, or exposure to, mold will not arise in the future.

         PROPERTY   TAXES  CAN  INCREASE  AND  CAUSE  A  DECLINE  IN  YIELDS  ON
INVESTMENTS.  Each of our  properties is subject to real property  taxes.  These
real property  taxes may increase in the future as property tax rates change and
as our properties are assessed or reassessed by tax authorities.  Such increases
could adversely impact the Partnership's profitability.

         WE MUST COMPLY WITH AMERICANS WITH  DISABILITES ACT AND FIRE AND SAFETY
REGULATIONS,  WHICH CAN REQUIRE  SIGNIFICANT  EXPENDITURES..  All our properties
must  comply  with  the  Americans  with   Disabilities  Act  and  with  related
regulations  (the  "ADA").  The ADA has  separate  compliance  requirements  for
"public accommodations" and "commercial facilities," but generally requires that
buildings be made  accessible to persons with  disabilities.  Various state laws
impose similar  requirements.  A failure to comply with the ADA or similar state
laws could result in government  imposed fines on us and the award of damages to
individuals affected by the failure. In addition, we must operate our properties
in compliance with numerous local fire and safety  regulations,  building codes,
and other land use regulations.  Compliance with these  requirements can require
us to spend  substantial  amounts of money,  which would  reduce cash  otherwise
available  for   distribution   to  Partners.   Failure  to  comply  with  these
requirements could also affect the marketability of our real estate facilities.

         TERRORIST  ATTACKS AND THE POSSIBILITY OF WIDER ARMED CONFLICT MAD HAVE
AN ADVERSE  IMPACT ON OUR BUSINESS AND OPERATING  RESULTS AND COULD DECREASE THE
VALUE OF OUR ASSETS.

         Terrorist attacks and other acts of violence or war, such as those that
took place on September 11, 2001, could have a material adverse impact on our
business and operating results. There can be no assurance that there will not be
further terrorist attacks against the United States or its businesses or
interests. Attacks or armed conflicts that directly impact one or more of our
properties could significantly affect our ability to operate those properties
and thereby impair our operating results. Further, we may not have insurance
coverage for losses caused by a terrorist attack. Such insurance may not be
available, or if it is available and we decide to obtain such terrorist
coverage, the cost for the insurance may be significant in relationship to the
risk overall. In addition, the adverse effects that such violent acts and
threats of future attacks could have on the U.S. economy could similarly have a
material adverse effect on our business and results of operations. Finally,
further terrorist acts could cause the United States to enter into a wider armed
conflict, which could further impact our business and operating results.

         DEVELOPMENT  IN CALIFORNIA  MAY HAVE AN ADVERSE  IMPACT ON OUR BUSINESS
AND OPERATING REUSLTS AND COULD DECREASE THE VALUE OF OUR ASSETS.

         Approximately 70% of the Partnership's properties are located in
California. California is facing serious budgetary problems. Action that may be
taken in response to these problems, such as an increase in property taxes on
commercial properties, could adversely impact our business and results of
operations. In addition, the Partnership could be adversely impacted by the
recently enacted legislation mandating, beginning in 2006, medical insurance for
employees of California businesses and members of their families.

         OUR  OWNERSHIP  INTEREST  IN  STOR-RE  MAY  LOSE  VALUE  OR  BECOME  A
LIABILITY.

         The Partnership has a 1.6% ownership interest in STOR-Re Mutual
Insurance Corporation ("STOR-Re"), which was formed in 1994 as an association
captive insurance company, and is controlled by PSI. STOR-Re provides limited
property and liability insurance coverage to the Partnership, PSI, and
affiliates of PSI. Liabilities for losses and loss adjustment expenses include
an amount determined from loss reports and individual cases and an amount, based
on recommendations from an outside actuary using a frequency and severity
method, for losses incurred but not reported. Determining the liability for
unpaid losses and loss adjustment expense is based upon estimates and while we
believe that the amount is adequate, the ultimate loss may be in excess of or
less than the amounts provided, which may result in a reduction in the value of
the Partnership's investment or could result in future payments to STOR-Re if
its reserves were determined to be inadequate. Financial data with respect to
STOR-Re is included in Note 5 to the Partnership's December 31, 2003 financial
statements.

                                       7
<PAGE>

ITEM 2.  Properties

         The following table sets forth information as of December 31, 2003
about properties owned by the Partnership:

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

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

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

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

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

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

Riverside                       2.47 acres        45,000 sq. ft.          389           Jan. 2, 1979         May 1979

Sacramento
   Howe Avenue                  2.36 acres        41,000 sq. ft.          376           Dec. 14, 1978        Aug. 1979

Sacramento
   West Capitol                 3.38 acres        44,000 sq. ft.          457           Jan. 5, 1979         June 1979

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

Santa Clara                     4.45 acres        75,000 sq. ft.          691           Dec. 22, 1978      June 1979 and
                                                                                                             July 1981

Tustin                          4.40 acres        67,000 sq. ft.          560           July 3, 1978         Dec. 1978

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

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

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

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

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

</TABLE>


(1)      On August 24, 1992, this property was damaged by Hurricane  Andrew and,
         as a result, the facility became idle as of this date. The facility was
         rebuilt  and  recommenced  operations  in October  1994.  In the second
         quarter  of 2000,  the  Partnership  sold  land  adjacent  to,  and not
         utilized by, the  facility  (approximately  43% of the entire  parcel).

                                       8
<PAGE>

         The weighted average occupancy level for the self-storage facilities
was 86% and 91% for 2002 and 2003, respectively.

         As of December 31, 2003, the properties were not encumbered. See Note 7
to the Financial Statements included in Item 15(a).

         The Partnership does not have any agreements to buy or sell any real
estate nor does it expect to further develop any of its facilities except for
capital improvements.

ITEM 3.  Legal Proceedings

     Serrao v. Public Storage, Inc. (filed April 2003)
     ------------------------------------------------
      (Superior Court - Orange County)
      --------------------------------

         The plaintiff in this case filed a suit against Public Storage on
behalf of a putative class of renters who rented self-storage units from Public
Storage. Plaintiff alleges that Public Storage misrepresented the size of its
storage units, has brought claims under California statutory and common law
relating to consumer protection, fraud, unfair competition, and negligent
misrepresentation, and is seeking monetary damages, restitution, and declaratory
and injunctive relief.

         The claim in this case is substantially similar to those in Henriquez
v. Public Storage, Inc., which was disclosed in prior reports. In January 2003,
the plaintiff caused the Henriquez action to be dismissed. Based upon the
uncertainty inherent in any putative class action, Public Storage cannot
presently determine the potential damages, if any, or the ultimate outcome of
this litigation. On November 3, 2003, the court granted Public Storage motion to
strike the plaintiff's nationwide class allegations and to limit any putative
class to California residents only. Public Storage is vigorously contesting the
claims upon which this lawsuit is based including class certification efforts.

     Salaam, et al v. Public Storage, Inc. (filed February 2000)
     ----------------------------------------------------------
      (Superior Court - Los Angeles County)
      -------------------------------------

         The plaintiffs in this case are suing Public Storage on behalf of a
putative class of California resident property managers who claim that they were
not compensated for all the hours they worked. The named plaintiffs have
indicated that their claims total less than $20,000 in aggregate. On December 1,
2003, the California Court of Appeals affirmed the Supreme Court's 2002 denial
of plaintiff's motion for class certification. The maximum potential liability
cannot be estimated, but can only be increased if claims are permitted to be
brought on behalf of others under the California Unfair Business Practices Act.
The affirmation of denial of class certification does not address the claim
under the California Unfair Business Practices Act.

         Public Storage is continuing to vigorously contest the claims in this
case and intends to resist any expansion beyond the named plaintiffs, including
by opposing claims on behalf of others under the California Unfair Business
Practices Act. Public Storage cannot presently determine the potential damages,
if any, or the ultimate outcome of this litigation.

     Other Items
     -----------

         Public Storage and the Partnership are a party to various claims,
complaints, and other legal actions that have arisen in the normal course of
business from time to time, that are not described above. We believe that it is
unlikely that the outcome of these other pending legal proceedings including
employment and tenant claims, in the aggregate, will have a material adverse
effect upon the operations or financial position of the Partnership.

ITEM 4.  Submission of Matters to a Vote of Security Holders

         No matters were submitted to a vote of security holders during the
fourth quarter of 2003.

                                       9


<PAGE>

                                     PART II

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

         The Partnership has no common stock.

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

         Exclusive of the General Partners' interest in the Partnership, as of
December 31, 2003, there were approximately 993 recorded Unitholders.

         Distributions to the general and limited partners of all cash available
for distribution (as defined) are made quarterly. Cash available for
distribution is generally funds from operations of the Partnership, without
deduction for depreciation, but after deducting funds to pay or establish
reserves for all other expenses (other than incentive distributions to the
general partner) and capital improvements, plus net proceeds from any sale or
financing of the Partnership's properties.

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

                                       10

<PAGE>


ITEM 6.  Selected Financial Data
<TABLE>
<CAPTION>

For the Year Ended December 31,              2003              2002             2001              2000              1999
--------------------------------        ---------------   --------------    --------------   --------------    --------------
<S>                                     <C>               <C>               <C>              <C>               <C>
Revenues                                $   11,672,000    $   11,165,000    $   11,358,000   $   10,243,000    $    9,886,000

Depreciation and amortization                  942,000           951,000           973,000          962,000           991,000

Interest expense                                     -                 -           232,000          709,000         1,021,000

Net income (2)                               7,537,000         7,311,000         7,326,000        5,667,000         5,105,000

Limited partners' share                      5,648,000         5,345,000         7,246,000        5,604,000         5,049,000

General partners' share                      1,889,000         1,966,000            80,000           63,000            56,000

Limited partners' per unit data (1)
     Net income (2)                           $141.20           $133.63           $181.15          $140.10           $126.23
     Cash Distributions                       $136.00           $142.00              -                -                 -

As of December 31,
--------------------------------
Cash and cash equivalents               $    1,587,000    $      698,000    $      434,000   $      525,000    $      249,000

Total Assets                            $   25,526,000    $   21,012,000    $   21,928,000   $   18,675,000    $   18,643,000

Note payable to commercial bank         $            -    $            -    $            -   $    7,750,000    $   14,050,000

</TABLE>

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

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

                                       11

<PAGE>


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

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

         When used within this document, the words "expects," "believes,"
"anticipates," "should," "estimates," and similar expressions are intended to
identify "forward-looking statements" within the meaning of that term in Section
27A of the Securities Exchange Act of 1933, as amended, and in Section 21F of
the Securities Exchange Act of 1934, as amended. Such forward-looking statements
involve known and unknown risks, uncertainties, and other factors, which may
cause the actual results and performance of the Partnership to be materially
different from those expressed or implied in the forward looking statements.
Such factors are described in Item 1A, "Risk Factors" and include changes in
general economic conditions and in the markets in which the Partnership operates
and the impact of competition from new and existing storage and commercial
facilities and other storage alternatives, which could impact rents and
occupancy levels at the Partnership's facilities; the impact of the regulatory
environment as well as national, state, and local laws and regulations, which
could increase the Partnership's expense and reduce the Partnership's cash
available for distribution; and economic uncertainty due to the impact of war or
terrorism could adversely affect our business plan. We disclaim any obligation
to publicly release the results of any revisions to these forward-looking
statements reflecting new estimates, events or circumstances after the date of
this report.

Critical Accounting Policies
----------------------------

         IMPAIRMENT OF REAL ESTATE

         Substantially all of our assets consist of real estate. On a quarterly
basis, we evaluate our real estate for impairment. The evaluation of real estate
for impairment requires determining whether indicators of impairment exist,
which is a subjective process. When any indicators of impairment are found, the
evaluation then entails projections of future operating cash flows, which also
involves significant judgment. We identified no such impairments at December 31,
2003. However, future events, or facts and circumstances that currently exist
that we have not yet identified, could cause us to conclude in the future that
our real estate is impaired. Any resulting impairment loss could have a
material, adverse impact on our financial condition and results of operations.

         ESTIMATED USEFUL LIVES OF LONG-LIVED ASSETS

         Substantially all of our assets consist of depreciable, long-lived
assets. We record depreciation expense with respect to these assets based upon
their estimated useful lives. Any change in the estimated useful lives of those
assets, caused by functional or economic obsolescence or other factors, could
have a material, adverse impact on our financial condition or results of
operations.

         ACCRUALS FOR CONTINGENCIES

         We are exposed to business and legal liability risks with respect to
events that have occurred, but in accordance with generally accepted accounting
principles in the United States, we have not accrued for such potential
liabilities because the loss is either not probable or not estimable or because
we are not aware of the event. Future events and the result of pending
litigation could result in such potential losses becoming probable and
estimable, which could have a material, adverse impact on our financial
condition or results of operations. Some of these potential losses, which we are
aware of, are described in Notes 5 and 9 to the Partnership's financial
statements.

         ACCRUALS FOR OPERATING EXPENSES

        We accrue for property tax expense and other operating expenses based
upon estimates and historical trends and current and anticipated local and state
government rules and regulations. If these estimates and assumptions are
incorrect, our expenses could be misstated.

                                       12

<PAGE>

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

         YEAR ENDED DECEMBER 31, 2003 COMPARED TO YEAR ENDED DECEMBER 31, 2002:

         The Partnership's net income was $7,537,000 in 2003 compared to
$7,311,000 in 2002, representing a increase of $226,000 or 3%. This increase is
primarily a result of increased operating results at the Partnership's
self-storage facilities.

         During 2003 property net operating income (rental income less cost of
operations, management fees paid to an affiliate and depreciation expense) was
$5,854,000 in 2003 compared to $5,610,000 in 2002, representing an increase of
$244,000 or 4%. This increase is attributable to an increase in rental revenues,
partially offset by increase to cost of operations, at the Partnership's
self-storage facilities.

         Rental income was $9,883,000 in 2003 compared to $9,383,000 in 2002,
representing a increase of $500,000 or 5%. The increase is attributable to an
increase in average occupancy at the Partnership's self-storage facilities. The
weighted average occupancy levels at the self-storage facilities were 91% and
86% in 2003 and 2002, respectively. The annual realized rent per occupied square
foot was $13.38 in 2003 compared to $13.85 in 2002.

         Cost of operations (including management fees paid to an affiliate)
increased $265,000 or 9% to $3,087,000 in 2003 from $2,822,000 in 2002. This
increase is primarily attributable to increases in payroll, property taxes,
management fees (as a result of higher revenues) and insurance expenses.

         Revenues from Affiliate under the Performance Agreement increased
$10,000 or 1% to $991,000 in 2003 from $981,000 in 2002. These amounts include
the pre-depreciation net income of the facility that has self-storage and
containerized storage operations.

         YEAR ENDED DECEMBER 31, 2002 COMPARED TO YEAR ENDED DECEMBER 31, 2001:

         The Partnership's net income was $7,311,000 in 2002 compared to
$7,326,000 in 2001, representing a decrease of $15,000. This decrease is
primarily a result of decreased operating results at the Partnership's
self-storage facilities partially offset by a decrease in interest expense.

         During 2002 property net operating income (rental income less cost of
operations, management fees paid to an affiliate and depreciation expense) was
$5,610,000 in 2002 compared to $6,027,000 in 2001, representing a decrease of
$417,000 or 7%. This decrease is primarily attributable to a decrease in rental
revenues due to reductions in weighted average occupancy levels and annual
realized rent per occupied square foot at the Partnership's self-storage
facilities.

         Rental income was $9,383,000 in 2002 compared to $9,725,000 in 2001,
representing a decrease of $342,000 or 4%. The decrease is attributable to a
decrease in average occupancy at the Partnership's self-storage facilities. The
weighted average occupancy levels at the self-storage facilities were 86% and
91% in 2002 and 2001, respectively. The annual realized rent per occupied square
foot was $13.85 in 2002 compared to $14.27 in 2001.

         Cost of operations (including management fees paid to an affiliate)
increased $97,000 or 4% to $2,822,000 in 2002 from $2,725,000 in 2001.

         Revenues from Affiliate under the Performance Agreement increased
$106,000 or 12% to $981,000 in 2002 from $875,000 in 2001. These amounts include
the pre-depreciation net income of the facility that has self-storage and
containerized storage operations.

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

         Cash flows from operating activities of $8,660,000 for the year ended
December 31, 2003 have been sufficient to meet all current obligations of the
Partnership. During 2004, the Partnership anticipates approximately $622,000 of
capital improvements compared to $444,000 in 2003, $359,000 in 2002 and $483,000
in 2001. Such enhancements will include new signs, exterior color schemes, and
improvements to the rental offices.

                                       13

<PAGE>

         At December 31, 2003 the Partnership held 381,980 shares of common
stock and 12,412 shares of Equity Stock, Series A (marketable securities) with a
fair value totaling $16,945,000 (cost basis of $6,340,000 at December 31, 2003)
in Public Storage, Inc. The Partnership received $718,000, $718,000 and $676,000
in dividends during 2003, 2002 and 2001, respectively.

         During September 1998, the Partnership borrowed $21,000,000 from a
commercial bank to payoff existing notes. Interest on the unsecured loan was
based on the London Interbank Offering Rate ("LIBOR") plus a spread 0.60% to
1.20%. The loan required monthly payments of interest and matured September
2002. During December 2001, the Partnership paid the loan in full without
premium or penalty. The Partnership may borrow in the future with the intent of
using the proceeds to finance distributions to the limited and general partners.

         DISTRIBUTIONS

         Distributions to the limited and general partners for the years
1978-1991 aggregated $62,032,000 including $29,360,000 distributed to the
partners in 1988 in connection with a financing of the properties. In the third
quarter of 1991, quarterly distributions were discontinued to enable the
Partnership to increase its funds available for debt principal payments. As all
debt service was repaid as of December 31, 2001, the Partnership resumed with
quarterly distributions beginning in the first quarter of 2002. We paid
distributions during 2002 to the limited and general partners totaling
$5,680,000 ($142.00 per unit) and $1,970,000, respectively. We paid
distributions during 2003 to the limited and general partners totaling
$5,440,000 ($136.00 per unit) and $1,887,000, respectively. Future distribution
rates may be adjusted to levels which are supported by operating cash flow after
capital improvements and any other necessary obligations.

ITEM 7A. Quantitative and Qualitative Disclosures about Market Risk

         As of December 31, 2003, the Partnership had no outstanding debt.

ITEM 8.  Financial Statements and Supplementary Data

         The Partnership's financial statements are included elsewhere herein.
Reference is made to the Index to Financial Statements and Financial Statement
Schedule in Item 15(a).

ITEM 9. Changes in and  Disagreements  with  Accountants  on Accounting  and
         Financial Disclosure

         Not applicable.

ITEM 9A. Controls and Procedures

         Public Storage, Inc. maintains disclosure controls and procedures that
are designed to ensure that information required to be disclosed in reports the
Partnership files and submits under the Exchange Act, is recorded, processed,
summarized and reported within the time periods specified in accordance with SEC
guidelines and that such information is communicated to the Partnership's
management, including its Chief Executive Officer and Chief Financial Officer,
to allow timely decisions regarding required disclosure based on the definition
of "disclosure controls and procedures" in Rule 13a-15(e) of the Exchange Act.
In designing and evaluating the disclosure controls and procedures, management
recognized that any controls and procedures, no matter how well designed and
operated, can provide only reasonable assurance of achieving the desired control
objectives.

         At the end of the period covered by this report,  Public Storage,  Inc.
carried out an evaluation,  under the supervision and with the  participation of
the Partnership's  management,  including Public Storage, Inc.'s Chief Executive
Officer and Chief  Financial  Officer,  of the  effectiveness  of the design and
operation of the Partnership's  disclosure  controls and procedures.  Based upon
that  evaluation,  the  Chief  Executive  Officer  and Chief  Financial  Officer
concluded  that  the  Partnership's  disclosure  controls  and  procedures  were
effective.  During the fourth quarter of 2003, there were no significant changes
in the  Partnership's  internal  controls  over  financial  reporting  that have
materially  affected,  or  are  reasonably  likely  to  materially  affect,  the
Partnership's internal control over financial reporting.

                                       14

<PAGE>


                                    PART III

ITEM 10.          Directors and Executive Officers of the Partnership

         The Partnership has no directors or executive officers.

         The Partnership's General Partners are PSI and B. Wayne Hughes. PSI,
acting through its directors and executive officers, and Mr. Hughes manage and
make investment decisions for the Partnership. The self-storage facilities are
managed by PSI pursuant to a Management Agreement.

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

     Name                     Positions with PSI
---------------------    -------------------------------------------------------
B. Wayne Hughes          Chairman of the Board
Ronald L. Havner, Jr.    Chief Executive Officer and Vice Chairman of the Board
Harvey Lenkin            President and Director
John Reyes               Senior Vice President and Chief Financial Officer
John S. Baumann          Senior Vice President and Chief Legal Officer
B. Wayne Hughes, Jr.     Director
Robert J. Abernethy      Director
Dann V. Angeloff         Director
William C. Baker         Director
John T. Evans            Director
Uri P. Harkham           Director
Daniel C. Staton         Director

         B. Wayne Hughes, age 70, a general partner of the Partnership, has been
a director of PSI since its organization in 1980 and was President and Co-Chief
Executive Officer from 1980 until November 1991 when he became Chairman of the
Board and sole Chief Executive Officer. On November 7, 2002, Mr. Hughes resigned
as Chief Executive Officer of PSI. He remains as chairman of the board of
directors, and intends to focus on strategic and marketing initiatives. Mr.
Hughes has been active in the real estate investment field for over 30 years. He
is the father of B. Wayne Hughes, Jr.

         Ronald L. Havner,  Jr., age 46, was  appointed  Vice Chairman and Chief
Executive  Officer of PSI on November 7, 2002.  Mr.  Havner has been employed by
PSI in various  accounting and operational  capacities  since 1986 and served as
Senior Vice  President  and Chief  Financial  Officer from  November  1991 until
December 1996 when be became Chairman,  President and Chief Executive Officer of
PS Business  Parks,  Inc.  (AMEX:  symbol PSB) an  affiliate of the PSI. He is a
member of the National Association of Real Estate Investment Trusts (NAREIT) and
the Urban Land Institute (ULI) and a Director of Business Machine Security, Inc.
and Mobile  Storage  Group,  Inc. Mr. Havner earned a Bachelor of Arts degree in
Economics from the University of California, Los Angeles.

         Harvey Lenkin, age 67, has been employed by PSI for 26 years and became
President and a director of PSI in November 1991. Mr. Lenkin has been a director
of PS Business Parks, Inc. ("PSBP"), an affiliated REIT, since March 16, 1998
and was President of PSBP (formerly Public Storage Properties XI, Inc.) from
1990 until March 16, 1998. He is a director of Paladin Realty Income Properties
I, Inc. and a member of the Board of Governors of the National Association of
Real Estate Investment Trusts (NAREIT).

         John Reyes, age 43, a certified public accountant, joined PSI in 1990
and was Controller of PSI from 1992 until December 1996 when he became Chief
Financial Officer. He became a Vice President of PSI in November 1995 and a
Senior Vice President of PSI in December 1996. From 1983 to 1990, Mr. Reyes was
employed by Ernst & Young.

         John S. Baumann, age 43, became Senior Vice President and Chief Legal
Officer of PSI in June 2003. From 1998 to 2002, Mr. Baumann was Senior Vice
President and General Counsel of Syncor International Corporation, an
international high technology health care services company. From 1995 to 1998,
he was Associate General Counsel of KPMG LLP, an international accounting, tax
and consulting firm.

                                       15
<PAGE>

         B. Wayne Hughes, Jr., age 44 became director of PSI in January 1998. He
has been employed by PSI from 1989 to 2002 serving as Vice President -
Acquisitions of PSI from 1992 to 2002. Mr. Hughes, Jr. is the president of a
firm that manufactures and distributes sweets. He is the son of B. Wayne Hughes.

         Robert J. Abernethy, age 64, has been President of American Standard
Development Company and of Self-Storage Management Company, which develop and
operate self-storage facilities, since 1976 and 1977, respectively. Mr.
Abernethy has been a director of PSI since its organization in 1980. He is a
member of the board of trustees of Johns Hopkins University, a director of
Marathon National Bank and a California Transportation Commissioner. Mr.
Abernethy is a former member of the board of directors of the Los Angeles County
Metropolitan Transportation Authority and the Metropolitan Water District of
Southern California and a former Planning Commissioner and Telecommunications
Commissioner and former Vice-Chairman of the Economic Development Commission of
the City of Los Angeles.

         Dann V. Angeloff, age 68, has been President of the Angeloff Company, a
corporate financial advisory firm, since 1976. Mr. Angeloff is the general
partner of a limited partnership that owns a self-storage facility operated by
PSI and which secures a note owned by PSI. Mr. Angeloff has been a director of
PSI since its organization in 1980. He is a director of AremisSoft Corporation,
Balboa Capital Corporation, Nicholas/Applegate Growth Equity Fund, ReadyPac
Produce, Inc., Royce Medical Company and xDimentional Technologies, Inc. He was
a director of SPI from 1989 until June 1996.

         William C. Baker, age 70, became a director of PSI in November 1991.
Since 1970, Mr. Baker has been a partner in Baker & Simpson, a private
investment entity. From August 1998 through April 2000, he was President and
Treasurer of Meditrust Operating Company, a real estate investment trust. From
April 1996 to December 1998, Mr. Baker was Chief Executive Officer of Santa
Anita Companies which then operated the Santa Anita Racetrack. From April 1993
through May 1995, Mr. Baker was President of Red Robin International, Inc., an
operator and franchiser of casual dining restaurants in the United States and
Canada. From January 1992 through December 1995 he was Chairman and Chief
Executive Officer of Carolina Restaurant Enterprises, Inc., a franchisee of Red
Robin International, Inc. From 1991 to 1999, he was Chairman of the Board of
Coast Newport Properties, a real estate brokerage company. From 1976 to 1988, he
was a principal shareholder and Chairman and Chief Executive Officer of Del
Taco, Inc., an operator and franchiser of fast food restaurants in California.
Mr. Baker is a director of Callaway Golf Company, Meditrust Operating Company
and Meditrust Corporation.

         John T. Evans, age 65, a member of the Audit Committee, became a
director of PSI in August 2003. Mr. Evans has been a partner in the law firm of
Osler, Hoskin & Harcourt LLP, Toronto, Canada from April 1993 to the present and
in the law firm of Blake, Cassels & Graydon LLP, Toronto, Canada from April 1966
to April 1993. Mr. Evans specializes in business law matters, securities,
restructurings, mergers and acquisitions and advising on corporate governance.
Mr. Evans is a director of Apollo Gas Administration Inc., Cara Operations Inc.
and Kubota Metal Corporation. Until August 2003, Mr. Evans was a director of
Canadian Mini-Warehouse Properties Ltd., a Canadian corporation owned by B.
Wayne Hughes and members of his family.

         Uri P. Harkham, age 55, became a director of PSI in March 1993. Mr.
Harkham has been the President and Chief Executive Officer of the Jonathan
Martin Fashion Group, which specializes in designing, manufacturing and
marketing women's clothing, since its organization in 1976. Since 1978, Mr.
Harkham has been the Chairman of the Board of Harkham Properties, a real estate
firm specializing in buying and managing fashion warehouses in Los Angeles.

         Daniel C. Staton, age 51, became a director of PSI on March 12, 1999 in
connection with the merger of Storage Trust Realty, a real estate investment
trust, with PSI. Mr. Staton was Chairman of the Board of Trustees of Storage
Trust Realty from February 1998 until March 12, 1999 and a Trustee of Storage
Trust Realty from November 1994 until March 12, 1999. He is President of Walnut
Capital Partners, an investment and venture capital company. Mr. Staton was the
Chief Operating Officer and Executive Vice President of Duke Realty Investments,
Inc. from 1993 to 1997 and a director of Duke Realty Investments, Inc. from 1993
until August 1999. From 1981 to 1983, Mr. Staton was a principal owner of Duke
Associates, the predecessor of Duke Realty Investments, Inc. Prior to joining
Duke Associates in 1981, he was a partner and general manager of his own moving
company, Gateway Van & Storage, Inc. in St. Louis, Missouri. Form 1986 to 1988,
Mr. Staton served as president of the Greater Cincinnati Chapter of the National
Association of Industrial and Office Parks.

         Pursuant to Articles 16 and 17 of the Partnership's Amended Certificate
and Agreement of Limited Partnership (the "Partnership Agreement"), a copy of
which is included in the Partnership's prospectus included in the Partnership's
Registration Statement, File No. 2-92009, each of the General Partners continues
to serve until (i) death, insanity, insolvency, bankruptcy or dissolution, (ii)
withdrawal with the consent of the other general partner and a majority vote of
the limited partners, or (iii) removal by a majority vote of the limited
partners.

                                       16
<PAGE>

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

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

ITEM 11. Executive Compensation

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

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


         (a) At March 25, 2004, the following beneficially owned more than 5% of
the Units:

<TABLE>
<CAPTION>

          Title                           Name and Address                      Beneficial               Percent
        of Class                        of Beneficial Owners                    Ownership                of Class
---------------------      ------------------------------------------       ----------------            -----------
<S>                         <C>                                             <C>                            <C>
Units of Limited           Public Storage, Inc.                             11,671 Units (1)                29.2%
Partnership Interest       701 Western Avenue
                           Glendale, California 91201

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


(1)      Includes  (i) 11,365 Units owned by PSI as to which PSI has sole voting
         and  dispositive  power,  and (ii) 306 Units which PSI has an option to
         acquire  from Tamara  Hughes  Gustavson,  an adult  daughter of Hughes.

(2)      Includes 5,892 Units owned by BWH Marina Corporation II, a corporation
         wholly-owned by Hughes, as to which Hughes has sole voting and
         dispositive power, (ii) 306 Units owned by Tamara Hughes Gustavson as
         to which Tamara Hughes Gustavson has sole voting and dispositive power;
         PSI has an option to acquire these 306 units, and (iii) 7,299 Units
         owned by PS Orangeco Partnerships, Inc., a corporation in which Hughes
         and members of his family own approximately 48% of the voting stock,
         PSI owns 46% and members of PSI's management and related individuals
         own approximately 6%.

          (b) The Partnership has no officers and directors. The General
Partners contributed $202,020 to the original capital of the Partnership and as
a result participate in the distributions to the limited partners and in the
Partnership's profits and losses in the same proportion that the General
Partners' capital contribution bears to the total capital contribution
(approximately $161,616 was contributed by PSI and $40,404 was contributed by
Mr. Hughes). In 1995, Mr. Hughes contributed his ownership and rights to
distributions from the Partnership to BWH Marina Corporation II, a corporation
wholly-owned by Mr. Hughes. As such, Mr. Hughes continues to act as a general
partner but receives no direct compensation or other consideration from the
Partnership. Information regarding ownership of Units by PSI and Hughes, the
General Partners, is set forth under section (a) above. Dann V. Angeloff, a
director of PSI, beneficially owns 9 Units (0.02% of the Units). The directors
and executive officers of PSI (including Hughes), as a group (17 persons),
beneficially own an aggregate of 13,210 Units, representing 33.0% of the Units
(including the 5,892 Units owned by Hughes and the 7,299 Units owned by PS
Orangeco Partnerships, Inc.).

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

                                       17
<PAGE>

ITEM 13. Certain Relationships and Related Transactions

         The Partnership Agreement provides that the General Partners will be
entitled to cash incentive distributions in an amount equal to (i) 8% of
distributions of cash flow from operations until the distributions to all
partners from all sources equal their capital contributions; thereafter, 25% of
distributions of cash flow from operations, and (ii) 25% of distributions from
net proceeds from sale and financing of the Partnership's properties remaining
after distribution to all partners of any portion thereof required to cause
distributions to partners from all sources to equal their capital contributions.
During 1986, the partners received cumulative distributions equal to their
capital contributions. Mr. Hughes has assigned his ownership and distribution
rights in the Partnership to BWH Marina Corporation II ("BWH Marinas"). In
addition to their distribution rights with respect to their general partner's
interests, PSI and BWH Marinas own 11,365 and 5,892 Units. During 2003, PSI and
BWH Marinas received $1,510,000 and $377,000 in distributions related to their
general partner's ownership interests.

         The Partnership has a Management Agreement with PSI (as
successor-in-interest to PSMI). Under the Management Agreement, the Partnership
pays PSI a fee of 6% of the gross revenues of the self-storage facilities
operated for the Partnership. For as long as the Management Agreement is in
effect, PSI has granted the Partnership a non-exclusive license to use two PSI
service marks and related designs, including the "Public Storage" name, in
conjunction with rental and operation of facilities managed pursuant to the
Management Agreement. Upon termination of the Management Agreement, the
Partnership would no longer have the right to use the service marks and related
designs. The General Partners believe that the loss of the tight to use the
service marks and related designs could have a material adverse effect on the
Partnership's business. The Management Agreement with PSI provides that the
Management Agreement may be terminated without cause upon 60 days written notice
by the Partnership or 6 months notice by PSI. During 2003, 2002 and 2001, the
Partnership paid fees of $606,000, $563,000 and $573,000, respectively, to PSI
pursuant to the Management Agreement.

         A real estate facility owned by the Partnership (the "Azusa Property")
is operated pursuant to a management and performance agreement (the "Performance
Agreement") with Public Storage Pickup and Delivery, LP ("PSPUD"), a subsidiary
of PSI. Following the commencement of the Performance Agreement, the facility
was modified to include self-storage and industrial space, with the cost of
these improvements entirely funded by PSPUD. The industrial space was
constructed for use in PSPUD's containerized storage operations. Under the
Performance Agreement, the Partnership is guaranteed to receive the same net
operating income it received with respect to the Azusa Property prior to the
effective date of the agreement, with an annual increase of the greater of a) 1%
or b) the percentage increase in net operating income achieved at the
self-storage facilities managed by PSI in the market in which this facility is
located (the "Guaranteed Amounts"). Where the net operating income earned by the
Azusa Property is less than these Guaranteed Amounts, PSPUD supplements the
Partnership's income. Where the amount earned by the Azusa Property exceeds the
Guaranteed Amounts, the excess is remitted to PSPUD. The costs of all capital
improvements with respect to the Azusa Property are funded by PSPUD. Included in
the line item "Revenues from Affiliate under Performance Agreement" on the
Partnership's Statements of Income, is the pre-depreciation net operating income
with respect to the Azusa Property. The Partnership recorded a total of
$991,000, $981,000 and $875,000 in revenue with respect to the Performance
Agreement for the years ended December 31, 2003, 2002 and 2001, respectively.

         In addition, the Partnership combines its insurance purchasing power
with PSI through a captive insurance company controlled by PSI, STOR-Re Mutual
Insurance Corporation ("STOR-Re"). STOR-Re provides limited property and
liability insurance to the Partnership at commercially competitive rates. The
Partnership and PSI also utilize unaffiliated insurance carriers to provide
property and liability insurance in excess of STOR-Re's limitations.

ITEM 14. Principal Accountant Fees and Services

         Fees billed to the  Partnership  by Ernst & Young LLP for 2002 and 2003
         as are follows:

         Audit Fees: Audit fees billed (or expected to be billed) to the
         Partnership by Ernst & Young LLP for the audit of the Partnership's
         annual financial statements and reviews of the quarterly financial
         statements included in the Partnership's quarterly reports on Form 10-Q
         totaled $8,000 for 2002 and $9,000 in 2003.

                                       18
<PAGE>

         Tax Fees: Tax fees billed (or expected to be billed) to the Partnership
         by Ernst & Young LLP for tax services (primarily federal and state
         income tax preparation) totaled $7,000 in 2002 and $7,000 in 2003.

         Audit Related Fees and Other Fees: During 2002 and 2003 Ernst & Young
         LLP did not bill the Partnership for audit related services or any
         other services, except audit services and tax services denoted above.

         The Audit Committee of PSI pre-approves all services performed by Ernst
& Young LLP, including those listed above. At this time, the Audit Committee has
not delegated pre-approval authority to any member or members of the Audit
Committee.

                                       19

<PAGE>


                                     PART IV

ITEM 15. Exhibits, Financial Statement Schedules and Reports on Form 8-K

(a)      List of Documents filed as part of the Report.

         1. Financial   Statements.   See  Index  to  Financial  Statements  and
            Financial Statement Schedule.

         2. Financial Statement Schedules. See Index to Financial Statements and
            Financial Statement Schedule.

         3. Exhibits: See Exhibit Index contained below.

(b)      Reports on Form 8-K. No reports on Form 8-K were filed during 2003.

(c)      Exhibits: See Exhibit Index contained below.

                                       20

<PAGE>

                       PUBLIC STORAGE PROPERTIES IV, LTD.

                                  EXHIBIT INDEX

                                  (Item 15 (c))


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

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

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

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

14       Code of Ethics for Senior  Financial  Officers of Public Storage,  Inc.
         Filed herewith.

31.1     Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
         signed and dated by Ronald L. Havner, Jr. Filed herewith.

31.2     Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
         signed and dated by John Reyes. Filed herewith.

32       Certification  pursuant  to Section  906 of the  Sarbanes-Oxley  Act of
         2002. Furnished herewith.

                                       21

<PAGE>

                                   SIGNATURES

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

                                      PUBLIC STORAGE PROPERTIES V, LTD.
                                      a California Limited Partnership
Dated:  March 29, 2004                By:  Public Storage, Inc., General Partner

                                     By:
                                      Ronald L Havner, Jr., Vice Chairman of the
                                      Board and Chief Executive Officer of
                                      Public Storage, Inc. and Corporate General
                                      Partner

                                     By:
                                      B. Wayne Hughes, Chairman of the Board of
                                      Public Storage, Inc. and General Partner

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

<TABLE>
<CAPTION>
              Signature                                            Capacity                                     Date
---------------------------------------         --------------------------------------------------         --------------

<S>                                             <C>                                                        <C>
/s/ Ronald L. Havner, Jr.                        Vice Chairman of the Board and Chief Executive             March 29, 2004
---------------------------------------
Ronald L. Havner, Jr.                            Officer of Public Storage, Inc.

/s/ B. Wayne Hughes                             Chairman of the Board of Public Storage, Inc. and          March 29, 2004
---------------------------------------
B. Wayne Hughes                                 General Partner

/s/ Harvey Lenkin                               President and Director of Public Storage, Inc.             March 29, 2004
---------------------------------------
Harvey Lenkin

/s/ John Reyes                                  Senior Vice President and Chief Financial Officer          March 29, 2004
---------------------------------------
John Reyes                                      of Public Storage, Inc. (principal financial
                                                officer
                                                and principal accounting officer)

/s/ B. Wayne Hughes, Jr.                        Director of Public Storage, Inc.                           March 29, 2004
---------------------------------------
B. Wayne Hughes, Jr.

/s/ Robert J. Abernethy                         Director of Public Storage, Inc.                           March 29, 2004
---------------------------------------
Robert J. Abernethy

/s/ Dann V. Angeloff                            Director of Public Storage, Inc.                           March 29, 2004
---------------------------------------
Dann V. Angeloff

/s/ William C. Baker                            Director of Public Storage, Inc.                           March 29, 2004
---------------------------------------
William C. Baker

/s/ John T. Evans                               Director of Public Storage, Inc.                           March 29, 2004
---------------------------------------
John T. Evans

/s/ Uri P. Harkham                              Director of Public Storage, Inc.                           March 29, 2004
---------------------------------------
Uri P. Harkham

/s/ Daniel C. Staton                            Director of Public Storage, Inc.                           March 29, 2004
---------------------------------------
Daniel C. Staton

</TABLE>

                                       22
<PAGE>


                       PUBLIC STORAGE PROPERTIES IV, LTD.

                                    INDEX TO
                              FINANCIAL STATEMENTS
                                       AND
                          FINANCIAL STATEMENT SCHEDULE
                                  (Item 15 (a))


                                                                          Page
                                                                    References
                                                                 ---------------
Report of Independent Auditors                                             F-1

Financial Statements and Schedule:

Balance Sheets as of December 31, 2003 and 2002                            F-2

For the years ended December 31, 2003, 2002 and 2001:

         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

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


<PAGE>


                         Report of Independent Auditors




The Partners
Public Storage Properties IV, Ltd.


We have audited the accompanying balance sheets of Public Storage Properties IV,
Ltd. (the "Partnership") as of December 31, 2003 and 2002, and the related
statements of income, partners' equity and cash flows for each of the three
years in the period ended December 31, 2003. Our audits also included the
schedule listed in the index at item 15(a). These financial statements and
schedule are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements and
schedule based on our audits.

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

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Public Storage Properties IV,
Ltd. at December 31, 2003 and 2002, and the results of its operations and its
cash flows for each of the three years in the period ended December 31, 2003, in
conformity with accounting principles generally accepted in the United States.
Also, in our opinion, the related financial statement schedule, when considered
in relation to the basic financial statements taken as a whole, presents fairly
in all material respects the information set forth therein.



                                                              ERNST & YOUNG LLP

March 25, 2004
Los Angeles, California

                                      F-1
<PAGE>

                       PUBLIC STORAGE PROPERTIES IV, LTD.
                                 BALANCE SHEETS
                           December 31, 2003 and 2002

<TABLE>
<CAPTION>

                                                                                  2003                    2002
                                                                            -----------------       -----------------
                                ASSETS

<S>                                                                         <C>                     <C>
Cash and cash equivalents                                                   $      1,587,000        $        698,000
Marketable securities of affiliate (cost of $6,340,000 as of December
     31, 2003 and 2002, respectively)                                             16,945,000              12,673,000
Rent and other receivables                                                           194,000                 288,000

Real estate facilities:
     Building and equipment                                                       18,373,000              17,929,000
     Land                                                                          5,021,000               5,021,000
                                                                            -----------------       -----------------
                                                                                  23,394,000              22,950,000

     Less accumulated depreciation                                               (16,643,000)            (15,701,000)
                                                                            -----------------       -----------------
                                                                                   6,751,000               7,249,000

Other assets                                                                          49,000                 104,000
                                                                            -----------------       -----------------
Total assets                                                                $     25,526,000        $     21,012,000
                                                                            =================       =================

                   LIABILITIES AND PARTNERS' EQUITY

Accounts payable                                                            $        170,000        $        150,000
Deferred revenue                                                                     286,000                 274,000

Partners' equity:
     Limited partners' equity, $500 per unit, 40,000 units authorized,
         issued and outstanding                                                   10,740,000              10,584,000
     General partners' equity                                                      3,725,000               3,671,000
     Other comprehensive income                                                   10,605,000               6,333,000
                                                                            -----------------       -----------------
     Total partners' equity                                                       25,070,000              20,588,000
                                                                            -----------------       -----------------
Total liabilities and partners' equity                                      $     25,526,000        $     21,012,000
                                                                            =================       =================
</TABLE>
                            See accompanying notes.
                                      F-2
<PAGE>


                       PUBLIC STORAGE PROPERTIES IV, LTD.
                              STATEMENTS OF INCOME
              For the years ended December 31, 2003, 2002 and 2001

<TABLE>
<CAPTION>

                                                               2003                 2002                  2001
                                                         ------------------    ------------------   ------------------
REVENUES:

<S>                                                      <C>                   <C>                  <C>
Rental income                                            $       9,883,000     $       9,383,000    $       9,725,000
Dividends from marketable securities
     of affiliate                                                  718,000               718,000              676,000
Revenues from affiliate under Performance Agreement
     (Note 5)                                                      991,000               981,000              875,000
Other income                                                        80,000                83,000               82,000
                                                         ------------------    ------------------   ------------------
                                                                11,672,000            11,165,000           11,358,000
                                                         ------------------    ------------------   ------------------
COSTS AND EXPENSES:

Cost of operations                                               2,481,000             2,259,000            2,152,000
Management fees paid to affiliate                                  606,000               563,000              573,000
Depreciation                                                       942,000               951,000              973,000
Administrative                                                     106,000                81,000              102,000
Interest expense                                                         -                     -              232,000
                                                         ------------------    ------------------   ------------------
                                                                 4,135,000             3,854,000            4,032,000
                                                         ------------------    ------------------   ------------------
NET INCOME                                               $       7,537,000     $       7,311,000    $       7,326,000
                                                         ==================    ==================   ==================
Limited partners' share of net income ($141.20 per
     unit in 2003, $133.63 per unit in 2002 and
     $181.15 per unit in 2001)                           $       5,648,000     $       5,345,000    $       7,246,000

General partners' share of net income                            1,889,000             1,966,000               80,000
                                                         ------------------    ------------------   ------------------
                                                         $       7,537,000     $       7,311,000    $       7,326,000
                                                         ==================    ==================   ==================

COMPREHENSIVE INCOME:
Net income                                               $       7,537,000     $       7,311,000    $       7,326,000
Other comprehensive income (change in unrealized
   gain (loss) of marketable equity securities)                  4,272,000              (423,000)           3,530,000
                                                         ==================    ==================   ==================
                                                         $      11,809,000     $       6,888,000    $      10,856,000
                                                         ==================    ==================   ==================
</TABLE>

                            See accompanying notes.
                                      F-3

<PAGE>


                       PUBLIC STORAGE PROPERTIES IV, LTD.
                         STATEMENTS OF PARTNERS' EQUITY
              For the years ended December 31, 2003, 2002 and 2001

<TABLE>
<CAPTION>

                                                                                        Other
                                                                                    Comprehensive     Total Partners'
                                            Limited Partners   General Partners        Income             Equity
                                            ----------------   -----------------   ---------------    ---------------

<S>                                         <C>                 <C>                <C>                <C>
Balance at December 31, 2000                $     5,391,000     $     1,877,000    $     3,226,000    $    10,494,000

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

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

Equity transfer                                  (1,812,000)          1,812,000                  -                  -
                                            ----------------   -----------------   ---------------    ---------------
Balance at December 31, 2001                     10,825,000           3,769,000          6,756,000         21,350,000

Change in unrealized gain on marketable
     securities                                           -                   -           (423,000)          (423,000)

Net income                                        5,345,000           1,966,000                  -          7,311,000

Distributions paid to partners                   (5,680,000)         (1,970,000)                 -         (7,650,000)

Equity transfer                                      94,000             (94,000)                 -                  -
                                            ----------------   -----------------   ---------------    ---------------
Balance at December 31, 2002                     10,584,000           3,671,000          6,333,000         20,588,000

Change in unrealized gain on marketable
     securities                                           -                   -          4,272,000          4,272,000

Net income                                        5,648,000           1,889,000                  -          7,537,000

Distributions paid to partners                   (5,440,000)         (1,887,000)                 -         (7,327,000)

Equity transfer                                     (52,000)             52,000                  -                  -
                                            ----------------   -----------------   ---------------    ---------------
Balance at December 31, 2003                $    10,740,000     $     3,725,000    $    10,605,000    $    25,070,000
                                            ================   =================   ===============    ===============
</TABLE>

                            See accompanying notes.
                                      F-4
<PAGE>


                       PUBLIC STORAGE PROPERTIES IV, LTD.
                            STATEMENTS OF CASH FLOWS
              For the years ended December 31, 2003, 2002 and 2001

<TABLE>
<CAPTION>

                                                                        2003               2002                2001
                                                                   ----------------   ----------------   ----------------
Cash flows from operating activities:

<S>                                                                <C>                <C>                <C>
     Net income                                                    $     7,537,000    $     7,311,000    $     7,326,000

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

         Depreciation                                                      942,000            951,000            973,000
         Decrease (increase) in rent and other receivables                  94,000            207,000           (344,000)
         Amortization of prepaid loan fees                                       -                  -             24,000
         Decrease (increase) in other assets                                55,000            (42,000)            16,000
         Increase (decrease) in accounts payable                            20,000           (204,000)           185,000
         Increase (decrease) in deferred revenue                            12,000             50,000            (38,000)
                                                                   ----------------   ----------------   ----------------
         Total adjustments                                               1,123,000            962,000            816,000
                                                                   ----------------   ----------------   ----------------
         Net cash provided by operating activities                       8,660,000          8,273,000          8,142,000
                                                                   ----------------   ----------------   ----------------
Cash flows from investing activities:

     Additions to real estate facilities                                  (444,000)          (359,000)          (483,000)
                                                                   ----------------   ----------------   ----------------
         Net cash used in investing activities                            (444,000)          (359,000)          (483,000)
                                                                   ----------------   ----------------   ----------------
Cash flows from financing activities:

     Distributions paid to partners                                     (7,327,000)        (7,650,000)                 -
     Principal payments on note payable to commercial bank                       -                  -         (7,750,000)
                                                                   ----------------   ----------------   ----------------
         Net cash used in financing activities                          (7,327,000)        (7,650,000)        (7,750,000)
                                                                   ----------------   ----------------   ----------------
Net increase (decrease) in cash and cash equivalents                       889,000            264,000            (91,000)

Cash and cash equivalents at the beginning of the year                     698,000            434,000            525,000
                                                                   ----------------   ----------------   ----------------
Cash and cash equivalents at the end of the year                   $     1,587,000    $       698,000    $       434,000
                                                                   ================   ================   ================

Supplemental schedule of non-cash investing and financing activities:

     Increase (decrease) in fair value of marketable securities:
       Marketable securities                                       $     4,272,000    $      (423,000)   $     3,530,000
                                                                   ================   ================   ================
       Other comprehensive income                                  $     4,272,000    $      (423,000)   $     3,530,000
                                                                   ================   ================   ================
</TABLE>

                            See accompanying notes.
                                      F-5

<PAGE>


                       PUBLIC STORAGE PROPERTIES IV, LTD.
                          NOTES TO FINANCIAL STATEMENTS
                                December 31, 2003


1.       Description of Partnership

                  Public  Storage  Properties IV, Ltd. (the  "Partnership")  was
         formed with the proceeds of a public offering.  The general partners in
         the Partnership are Public  Storage,  Inc.  ("PSI") and B. Wayne Hughes
         ("Hughes").  The Partnership owns 17 self-storage facilities located in
         California and Florida.

2.       Summary of Significant Accounting Policies and Partnership Matters

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

                  Certain amounts previously reported have been reclassified to
         conform to the December 31, 2003 presentation, including amounts
         pursuant to the Performance Agreement (see Note 5).

         Real Estate Facilities:
         -----------------------

                  Cost of land includes appraisal fees and legal fees related to
         acquisition and closing costs. Buildings and equipment reflect costs
         incurred through December 31, 2003 and 2002 to develop primarily
         self-storage facilities which provide self-service storage spaces for
         lease, usually on a month-to-month basis, to the general public. The
         buildings and equipment are depreciated on a straight-line basis over
         estimated useful lives of 25 and 5 years, respectively.

         Revenue and Expense Recognition:
         --------------------------------

                  Rental income, which is generally earned pursuant to
         month-to-month leases for storage space, is recognized as earned.
         Promotional discounts are recognized as a reduction to rental income
         over the promotional period, which is generally during the first month
         of occupancy. Late charges and administrative fees are recognized as
         rental income when collected. Interest income is recognized as earned.

                   We accrue for property tax expense based upon estimates and
         historical trends. If these estimates are incorrect, the timing of
         expense recognition could be affected.

                   Cost of operations, general and administrative expense,
         interest expense, as well as television, yellow page, and other
         advertising expenditures are expensed as incurred. Television, yellow
         page, and other advertising expenditures totaled $413,000, $399,000 and
         $420,000 for the years ended December 31, 2003, 2002, and 2001,
         respectively.

         Allocation of Net Income:
         -------------------------

                  The general partners' share of net income consists of amounts
         attributable to their 1% capital contribution and an additional
         percentage of cash flow (as defined) which relates to the general
         partners' share of cash distributions as set forth in the Partnership
         Agreement (Note 4). All remaining net income is allocated to the
         limited partners.

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

         Cash and Cash Equivalents:
         --------------------------

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

                                      F-6

<PAGE>

                      PUBLIC STORAGE PROPERTIES IV, LTD.
                          NOTES TO FINANCIAL STATEMENTS
                                December 31, 2003

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

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

                  Marketable securities at December 31, 2003 consist of 381,980
         shares of common stock and 12,412 shares of Equity Stock Series A of
         Public Storage, Inc. The Partnership has designated its portfolio of
         marketable securities as being available for sale. Accordingly, at
         December 31, 2003, the Partnership has recorded the marketable
         securities at fair value, based upon the closing quoted price of the
         securities at December 31, 2003, and has recorded a corresponding
         unrealized gain (loss) totaling $4,272,000, $(423,000) and $3,530,000
         for the years ended December 31, 2003, 2002 and 2001, respectively, as
         an increase (decrease) to Partnership equity. The Partnership
         recognized dividends of $718,000, $718,000 and $676,000 for the years
         ended December 31, 2003, 2002 and 2001, respectively.

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

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

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

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

         Impairment of Real Estate:
         --------------------------

                  We evaluate our real estate for impairment on a quarterly
         basis. We first evaluate these assets for indicators of impairment such
         as a) a significant decrease in the market price of real estate, b) a
         significant adverse change in the extent or manner in which real estate
         is being used or in its physical condition, c) a significant adverse
         change in legal factors or the business climate that could affect the
         value of the real estate, d) an accumulation of costs significantly in
         excess of the amount originally projected for the acquisition of
         construction of the real estate, or e) a current-period operating or
         cash flow loss combined with a history of operating or cash flow losses
         or a projection or forecast that demonstrates continuing losses
         associated with the use of the real estate. When any such indicators of
         impairment are noted, we compare the carrying value of the real estate
         to the future estimated undiscounted cash flows attributable to the
         real estate. If the real estate's recoverable amount is less than the
         carrying value of the asset, then an impairment charge is booked for
         the excess of carrying value over the real estate's fair value. Our
         evaluations have identified no such impairments at December 31, 2003.

              Any long-lived assets which we expect to sell or dispose of prior
         to their previously estimated useful life are stated at the lower of
         their estimated net realizable value (less cost to sell) or their
         carrying value.

                                      F-7

<PAGE>

                      PUBLIC STORAGE PROPERTIES IV, LTD.
                          NOTES TO FINANCIAL STATEMENTS
                                December 31, 2003

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

         Environmental Cost:
         -------------------

                  Substantially all of the Partnership's facilities were
         acquired prior to the time that it was customary to conduct
         environmental investigations in connection with property acquisitions.
         Based on the assessments, the Partnership expensed $26,000 in 1995 for
         known environmental remediation requirements. Although there can be no
         assurance, the Partnership is not aware of any environmental
         contamination of any of its property sites which individually or in the
         aggregate would be material to the Partnership's overall business,
         financial condition, or results of operations.

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

                  As of March 25, 2004, there have been no recent accounting
         pronouncements and guidance, which were not effective for
         implementation prior to December 31, 2003, that would have a material
         impact upon reporting the operations or financial position of the
         Partnership.

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

                  The  Partnership  only has one  reportable  segment as defined
         within Statement of Financial Accounting Standards No. 131.

3.       Cash Distributions

                  The Partnership Agreement requires that cash available for
         distribution (cash flow from all sources less cash necessary for any
         obligations or capital improvement) needs to be distributed at least
         quarterly. Cash distributions have been suspended since the third
         quarter of 1991 in order to build cash reserves for future debt service
         payments. As all debt service was repaid as of December 31, 2001, the
         Partnership resumed with quarterly distributions beginning in the first
         quarter of 2002. During 2002, we paid distributions to the limited and
         general partners totaling $5,680,000 ($142.00 per unit) and $1,970,000,
         respectively. During 2003, we paid distributions to the limited and
         general partners totaling $5,440,000 ($136.00 per unit) and $1,887,000,
         respectively. Future distribution rates may be adjusted to levels which
         are supported by operating cash flow after capital improvements and any
         other obligations.

4.       Partners' Equity

                  PSI and Hughes are general partners of the Partnership. In
         1995, Hughes contributed his ownership and rights to distributions from
         the Partnership to BWH Marina Corporation II, a corporation
         wholly-owned by Hughes. As such, Hughes continues to act as a general
         partner of the Partnership but does not directly receive any
         compensation, distributions or other consideration from the
         Partnership.

                  The general partners have a 1% interest in the Partnership. In
         addition, the general partners had an 8% interest in cash distributions
         attributable to operations (exclusive of distributions attributable to
         sale and financing proceeds) until the limited partners recovered all
         of their investment. Thereafter, the general partners have a 25%
         interest in all cash distributions (including sale and financing
         proceeds). During 1986, the limited partners recovered all of their
         initial investment. All subsequent distributions are being made 25.75%
         (including the 1% interest) to the general partners and 74.25% to the
         limited partners. Transfers of equity are made periodically to
         reconcile the partners' equity accounts to the provisions of the
         Partnership Agreement. These transactions have no effect on the results
         of operations or distributions to partners.

                                      F-8
<PAGE>

                      PUBLIC STORAGE PROPERTIES IV, LTD.
                          NOTES TO FINANCIAL STATEMENTS
                                December 31, 2003

5.       Related Party Transactions

                  The Partnership has a Management Agreement with PSI pursuant
         to which PSI operates the self-storage facilities for a fee equal to 6%
         of the facilities' monthly gross revenue (as defined). For 2003, 2002
         and 2001, the Partnership paid PSI $606,000, $563,000 and $573,000,
         respectively, under this management agreement.

                  The Management Agreement between the Partnership and PSI
         provides that the Management Agreement may be terminated without cause
         upon 60 days written notice by the Partnership or six months notice by
         PSI.

                  A real estate facility owned by the Partnership (the "Azusa
         Property") is operated pursuant to a management and performance
         agreement (the "Performance Agreement") with Public Storage Pickup and
         Delivery, LP ("PSPUD"), a subsidiary of PSI. Following the commencement
         of the Performance Agreement in March 2001, the facility was modified
         to include self-storage and industrial space, with the cost of these
         improvements entirely funded by PSPUD. The industrial space was
         constructed for use in PSPUD's containerized storage operations. Under
         the Performance Agreement, the Partnership is guaranteed to receive the
         same net operating income it received with respect to the Azusa
         Property prior to the effective date of the agreement, with an annual
         increase of the greater of a) 1% or b) the percentage increase in net
         operating income achieved at the self-storage facilities managed by PSI
         in the market in which this facility is located (the "Guaranteed
         Amounts"). Where the net operating income earned by the Azusa Property
         is less than these Guaranteed Amounts, PSPUD supplements the
         Partnership's income. Where the amount earned by the Azusa Property
         exceeds the Guaranteed Amounts, the excess is remitted to PSPUD. The
         costs of all capital improvements with respect to the Azusa Property
         are funded by PSPUD. Included in the line item "Revenues from Affiliate
         under Performance Agreement" on the Partnership's Statements of Income,
         is the pre-depreciation net operating income with respect to the Azusa
         Property. The Partnership recorded a total of $991,000, $981,000 and
         $875,000 in revenue with respect to the Performance Agreement for the
         years ended December 31, 2003, 2002 and 2001, respectively.

                   The Partnership's facilities, along with facilities owned by
         PSI and its affiliates, are managed jointly by PSI in order to take
         advantage of scale and other efficiencies. Joint costs are allocated on
         a methodology meant to fairly allocate such costs. Such joint costs
         include supervisory, relief, and administrative personnel costs,
         television advertising expenses, yellow page advertising, data
         processing, and insurance. The total of such expenses, which are
         included in Cost of Operations, amounted to $1,069,000, $905,000, and
         $909,000 for the years ended December 31, 2003, 2002, and 2001,
         respectively.

         Ownership Interest by the General Partners
         ------------------------------------------

                  In addition, B. Wayne Hughes, General Partner of the
         "Partnership", and Chairman of PSI and members of his family own 33.7%
         of the Limited Partnership units. PSI and its affiliates own 29.2% of
         the Limited Partnership units.

         Ownership in STOR-Re
         --------------------

                  The Partnership has a 1.6% ownership interest in STOR-Re
         Mutual Insurance Corporation ("STOR-Re"), which was formed in 1994 as
         an association captive insurance company, and is controlled by PSI. The
         Partnership accounts for its investment in STOR-Re, which is included
         in other assets, on the cost method, and has received no distributions
         during the three years ended December 31, 2003.

                  STOR-Re provides limited property and liability insurance
         coverage to the Partnership, PSI, and affiliates. Liabilities for
         losses and loss adjustment expenses include an amount determined from
         loss reports and individual cases and an amount, based on
         recommendations from an outside actuary using a frequency and severity
         method, for losses incurred but not reported. Determining the liability
         for unpaid losses and loss adjustment expense is based upon estimates
         and while we believe that the amount is adequate, the ultimate loss may
         be in excess of or less than the amounts provided. The methods for
         making such estimates and for establishing the resulting liability are
         continually reviewed.

                                      F-9


<PAGE>

                      PUBLIC STORAGE PROPERTIES IV, LTD.
                          NOTES TO FINANCIAL STATEMENTS
                                December 31, 2003

                  The following table sets forth certain condensed consolidated
         financial information with respect to STOR-Re (representing 100% of
         this entity's operations and not the Partnership's pro-rata share):
<TABLE>
<CAPTION>

                                                                   2003                    2002
                                                         ------------------        -----------------
                                                                    (Amounts in thousands)
   For the year ended December 31,
   <S>                                                    <C>                       <C>
   Premiums earned.................................       $       14,766            $       12,043
   Net investment income...........................                  721                       784
   Loss and loss adjustment expense................              (14,731)                  (14,509)
   Other expenses..................................                 (298)                     (263)
                                                         ------------------        -----------------
      Net income (loss)............................       $          458            $       (1,945)
                                                         ==================        =================
   At December 31,
   Total assets (primarily cash and other                 $       41,778            $       30,749
      investments).................................
   Liabilities for losses and loss adjustment                     29,634                    23,335
      expenses.....................................
   Other liabilities...............................                4,053                     3,171
   Member's surplus................................                8,091                     4,243

</TABLE>

6.       Taxes Based on Income

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

                  Unaudited taxable net income was $7,698,000, $7,580,000 and
         $7,535,000 for the years ended December 31, 2003, 2002 and 2001
         respectively. The difference between taxable net income and net income
         is primarily related to depreciation expense resulting from differences
         in depreciation methods.

7.       Notes Payable

                  During September 1998, the Partnership borrowed $21,000,000
         from a commercial bank. Interest on the loan was based on the London
         Interbank Offering Rate ("LIBOR") plus a spread 0.60% to 1.20%. The
         loan required monthly payments of interest and matured September 2002.
         During December 2001, the Partnership paid the loan in full without
         premium or penalty.

                  There was no interest paid during 2003 and 2002 as the loan
         was paid off in December 2001. Interest paid during 2001 was $232,000.

                                      F-10

<PAGE>

                      PUBLIC STORAGE PROPERTIES IV, LTD.
                          NOTES TO FINANCIAL STATEMENTS
                                December 31, 2003

8.       Supplementary Quarterly Financial Data (Unaudited)

<TABLE>
<CAPTION>

                                                                           Three Months Ended
                                            --------------------------------------------------------------------------------
                                            March 31, 2003      June 30, 2003      September 30, 2003     December 31, 2003
                                            ----------------    --------------     ------------------     ------------------
<S>                                          <C>                <C>                  <C>                   <C>
Rental Income                                $    2,397,000     $    2,460,000       $     2,535,000       $     2,491,000
 Cost of Operations (including
  management fees and depreciation)          $      953,000     $    1,022,000       $     1,005,000       $     1,049,000
Net Income                                   $    1,845,000     $    1,850,000       $     1,995,000       $     1,847,000
 Net Income Per Unit                         $        34.33     $        34.45       $         38.05       $         34.37
Distributions                                $    1,832,000     $    1,831,000       $     1,832,000       $     1,832,000


                                                                           Three Months Ended
                                            --------------------------------------------------------------------------------
                                            March 31, 2002      June 30, 2002      September 30, 2002     December 31, 2002
                                            ----------------    --------------     ------------------     ------------------
Rental Income                                $    2,348,000     $    2,349,000       $     2,300,000       $     2,386,000
 Cost of Operations(including management
  fees and depreciation)                     $      855,000     $      914,000       $       963,000       $     1,041,000
Net Income                                   $    1,901,000     $    1,857,000       $     1,862,000       $     1,691,000
 Net Income Per Unit                         $        37.00     $        33.93       $         33.40       $         29.30
 Distributions                               $    1,618,000     $    1,941,000       $     2,044,000       $     2,047,000

</TABLE>


9.       Commitments and Contingencies

     Serrao v. Public Storage, Inc. (filed April 2003)
     -------------------------------------------------
      (Superior Court - Orange County)
      --------------------------------

         The plaintiff in this case filed a suit against Public Storage on
behalf of a putative class of renters who rented self-storage units from Public
Storage. Plaintiff alleges that Public Storage misrepresented the size of its
storage units, has brought claims under California statutory and common law
relating to consumer protection, fraud, unfair competition, and negligent
misrepresentation, and is seeking monetary damages, restitution, and declaratory
and injunctive relief.

         The claim in this case is substantially similar to those in Henriquez
v. Public Storage, Inc., which was disclosed in prior reports. In January 2003,
the plaintiff caused the Henriquez action to be dismissed. Based upon the
uncertainty inherent in any putative class action, Public Storage cannot
presently determine the potential damages, if any, or the ultimate outcome of
this litigation. On November 3, 2003, the court granted Public Storage motion to
strike the plaintiff's nationwide class allegations and to limit any putative
class to California residents only. Public Storage is vigorously contesting the
claims upon which this lawsuit is based including class certification efforts.

     Salaam, et al v. Public Storage, Inc. (filed February 2000)
     -----------------------------------------------------------
      (Superior Court - Los Angeles County)
      -------------------------------------

         The plaintiffs in this case are suing Public Storage on behalf of a
putative class of California resident property managers who claim that they were
not compensated for all the hours they worked. The named plaintiffs have
indicated that their claims total less than $20,000 in aggregate. On December 1,
2003, the California Court of Appeals affirmed the Supreme Court's 2002 denial
of plaintiff's motion for class certification. The maximum potential liability
cannot be estimated, but can only be increased if claims are permitted to be
brought on behalf of others under the California Unfair Business Practices Act.
The affirmation of denial of class certification does not address the claim
under the California Unfair Business Practices Act.

         Public Storage is continuing to vigorously contest the claims in this
case and intends to resist any expansion beyond the named plaintiffs, including
by opposing claims on behalf of others under the California Unfair Business
Practices Act. Public Storage cannot presently determine the potential damages,
if any, or the ultimate outcome of this litigation.

                                      F-11
<PAGE>

                      PUBLIC STORAGE PROPERTIES IV, LTD.
                          NOTES TO FINANCIAL STATEMENTS
                                December 31, 2003

     Other Items
     -----------

         Public Storage, Inc. and the Partnership are parties to various claims,
complaints, and other legal actions that have arisen in the normal course of
business from time to time, that are not described above. We believe that it is
unlikely that the outcome of these other pending legal proceedings including
employment and tenant claims, in the aggregate, will have a material adverse
effect upon the operations or financial position of the Partnership.


                                      F-12

<PAGE>



                       Public Storage Properties IV, Ltd.
             Schedule III - Real Estate and Accumulated Depreciation
                      For the year ended December 31, 2003

<TABLE>
<CAPTION>

                                         Initial Cost
                                 -------------------------------
                                                                    Costs Subsequent
                                                 Building, Land      to construction
         Description                Land        Imp & Equipment       (Improvements)
------------------------------   ------------   ----------------    ----------------
    California
<S>                                 <C>              <C>                 <C>
Concord                             $349,000         $805,000            $339,000
Tustin                               517,000          844,000             377,000
Pasadena                             379,000          496,000             278,000
Azusa                                501,000        1,093,000             279,000
Redlands                             227,000          771,000             316,000
Riverside                             51,000          595,000             330,000
Oakland                              177,000          650,000             334,000
Richmond                             225,000          639,000             395,000
Santa Clara                          633,000        1,156,000             347,000
San Carlos                           396,000          902,000             218,000
Sacramento/Howe                      194,000          666,000             312,000
Sacramento/West Capitol              100,000          719,000             341,000

    Florida
Miami/Airport Expressway
                                     186,000          442,000             293,000
Miami/Cutler Ridge (1)               525,000          901,000               3,000
Pembroke Park                        255,000          607,000             431,000
Ft. Lauderdale/I-95 &
   23rd Ave.                         243,000          611,000             437,000
Ft. Lauderdale/I-95 & Sunrise
                                     286,000          690,000             533,000
                                 ------------   ----------------    ----------------
                                  $5,244,000      $12,587,000          $5,563,000
                                 ============   ================    ================
</TABLE>
<TABLE>
<CAPTION>

                                            Gross Carrying Amount
                                             at December 31, 2003
                                 ---------------------------------------------

                                               Building, Land                       Accumulated         Date
         Description                Land      Imp & Equipment          Total        Depreciation      Completed
------------------------------   -----------  ---------------      -----------      ------------      ---------
    California
<S>                                <C>            <C>               <C>                <C>              <C>
Concord                            $349,000       $1,144,000        $1,493,000         $979,000         01/79
Tustin                              517,000        1,221,000         1,738,000        1,144,000         12/78
Pasadena                            379,000          774,000         1,153,000          642,000         11/79
Azusa                               501,000        1,372,000         1,873,000        1,310,000         11/78
Redlands                            227,000        1,087,000         1,314,000          907,000         02/79
Riverside                            51,000          925,000           976,000          851,000         05/79
Oakland                             177,000          984,000         1,161,000          878,000         04/79
Richmond                            225,000        1,034,000         1,259,000          927,000         03/79
Santa Clara                         633,000        1,503,000         2,136,000        1,325,000        6 & 7/79
San Carlos                          396,000        1,120,000         1,516,000        1,029,000         10/79
Sacramento/Howe                     194,000          978,000         1,172,000          914,000         08/79
Sacramento/West Capitol             100,000        1,060,000         1,160,000          987,000         06/79

    Florida
Miami/Airport Expressway
                                    186,000          735,000           921,000          686,000         01/79
Miami/Cutler Ridge (1)              302,000        1,127,000         1,429,000        1,036,000         04/79
Pembroke Park                       255,000        1,038,000         1,293,000          977,000         07/79
Ft. Lauderdale/I-95 &
   23rd Ave.                        243,000        1,048,000         1,291,000          946,000         07/79
Ft. Lauderdale/I-95 & Sunrise
                                    286,000        1,223,000         1,509,000        1,105,000         10/79
                                 -----------  ---------------      -----------      ------------
                                 $5,021,000      $18,373,000       $23,394,000      $16,643,000
                                 ===========  ===============      ===========      ============
</TABLE>


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

                                      F-13
<PAGE>


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


           Reconciliation of Real Estate and Accumulated Depreciation

<TABLE>
<CAPTION>

                                                             2003                     2002
                                                      -------------------      ------------------
Investment in Real Estate
<S>                                                   <C>                      <C>
   Balance at the beginning of the year               $       22,950,000       $       22,591,000

   Additions through cash expenditures                           444,000                  359,000
                                                      -------------------      ------------------
Balance at the end of the year                        $       23,394,000       $       22,950,000
                                                      ===================      ==================

Accumulated Depreciation
   Balance at the beginning of the year               $       15,701,000       $       14,750,000

   Additions charged to costs and expenses                       942,000                  951,000
                                                      -------------------      ------------------
                                                      $       16,643,000       $       15,701,000
                                                      ===================      ==================

</TABLE>

(a)      The  aggregate  depreciable  cost of real estate  (excluding  land) for
         Federal income tax purposes is $17,633,000 (unaudited).

                                      F-14