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

                                    FORM 10-Q

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

For the period ended September 30, 2007

                                       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 0-8667

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

        California                                             95-3196921
-------------------------------                          -----------------------
(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.
                                                     --------------

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 whether the registrant is a large accelerated filer, an
accelerated filer or a non-accelerated filer. See definition of "accelerated
filer" and "large accelerated filer" in Rule 12b-2 of the Exchange Act.

  Large Accelerated Filer [ ] Accelerated Filer [ ] Non-accelerated Filer [X]



Indicate by check mark whether the  registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act).

          [ ] Yes                   [X] No


The Registrant is a limited partnership and issues units representing  ownership
of limited partner  interests,  with a par value of $500.00 per unit.  Number of
units outstanding at November 13, 2007: 20,000.


<PAGE>


                         PUBLIC STORAGE PROPERTIES, LTD.

                                      INDEX

                                                                         Pages

PART I.       FINANCIAL INFORMATION (Item 3 not applicable)
              ---------------------

Item 1.       Financial Statements (Unaudited)
              Condensed Balance Sheets at September 30, 2007
              and December 31, 2006                                          1

              Condensed Statements of Income for the Three and Nine
              Months Ended September 30, 2007 and 2006                       2

              Condensed Statement of Partners' Equity for the
              Nine Months Ended September 30, 2007                           3

              Condensed Statements of Cash Flows for the
              Nine Months Ended September 30, 2007 and 2006                  4

              Notes to Condensed Financial Statements                    5 - 9

Item 2.       Management's Discussion and Analysis of
              Financial Condition and Results of Operations            10 - 12

Item 4.       Controls and Procedures                                       13

PART II.      OTHER INFORMATION (Items 2 - 5 not applicable)
              -----------------

Item 1.       Legal Proceedings                                             14

Item 1A.      Risk Factors                                                  14

Item 6.       Exhibits                                                      14



<PAGE>



                         PUBLIC STORAGE PROPERTIES, LTD.
                            CONDENSED BALANCE SHEETS

<TABLE>
<CAPTION>

                                                                  September 30,      December 31,
                                                                      2007              2006
                                                                  -------------      ------------
                                                                   (Unaudited)

                   ASSETS

<S>                                                               <C>                <C>
Cash and cash equivalents                                         $    700,000       $   1,483,000
Rent and other receivables                                              36,000              73,000

Real estate facilities, at cost:
     Building, land improvements and equipment                       9,838,000           9,765,000
     Land                                                            2,476,000           2,476,000
                                                                  -------------      --------------
                                                                    12,314,000          12,241,000
     Less accumulated depreciation                                  (9,268,000)         (9,169,000)
                                                                  -------------      --------------
                                                                     3,046,000           3,072,000

Other assets                                                            77,000              92,000
                                                                  -------------      --------------
Total assets                                                      $  3,859,000       $   4,720,000
                                                                  =============      ==============

                                        LIABILITIES AND PARTNERS' EQUITY


Accounts payable                                                  $    142,000       $      98,000
Deferred revenue                                                       167,000             159,000
                                                                  -------------      --------------
        Total liabilities                                              309,000             257,000

Commitments and contingencies (Note 6)

Partners' equity:
     Limited partners' equity, $500 per unit, 20,000 units
       authorized, issued and outstanding                            2,636,000           3,314,000
     General partners' equity                                          914,000           1,149,000
                                                                  -------------      --------------
     Total partners' equity                                          3,550,000           4,463,000
                                                                  -------------      --------------
Total liabilities and partners' equity                            $  3,859,000       $   4,720,000
                                                                  =============      ==============
</TABLE>



                             See accompanying notes.
                                        1

<PAGE>


                         PUBLIC STORAGE PROPERTIES, LTD.
                         CONDENSED STATEMENTS OF INCOME
                                   (UNAUDITED)

<TABLE>
<CAPTION>

                                                                Three Months Ended                   Nine Months Ended
                                                                   September 30,                       September 30,
                                                            --------------------------            --------------------------
                                                               2007           2006                   2007           2006
                                                            ------------   -----------            ------------   -----------

           REVENUES:

<S>                                                          <C>           <C>                    <C>            <C>
           Rental income                                     $ 1,875,000   $ 1,835,000            $ 5,486,000    $ 5,401,000
           Other income                                           30,000        40,000                110,000        110,000
                                                             -----------    ----------            -----------    ------------
                                                               1,905,000     1,875,000              5,596,000      5,511,000

           COSTS AND EXPENSES:

           Cost of operations                                    374,000       378,000              1,162,000      1,204,000
           Management fees paid to affiliate                     112,000       110,000                329,000        324,000
           Depreciation                                           32,000        43,000                 99,000        124,000
           Administrative                                         12,000        48,000                 71,000        117,000
                                                             -----------    ----------            -----------    ------------
                                                                 530,000       579,000              1,661,000      1,769,000

           NET INCOME:                                       $ 1,375,000   $ 1,296,000            $ 3,935,000    $ 3,742,000
                                                            ============   ===========           ============    ============

           Limited partners' share of net income             $ 1,002,000   $   996,000            $ 2,696,000    $ 2,844,000
           General partners' share of net income                 373,000       300,000              1,239,000        898,000
                                                            ------------    ----------            -----------    ------------
                                                             $ 1,375,000   $ 1,296,000            $ 3,935,000    $ 3,742,000
                                                            ============   ===========           ============    ============
           Limited partners' share of net income per
            unit (20,000 units outstanding)                  $     50.10   $     49.80            $    134.80    $    142.20
                                                            ============   ===========           ============    ============
</TABLE>


                             See accompanying notes.
                                        2


<PAGE>


                         PUBLIC STORAGE PROPERTIES, LTD.
                     CONDENSED STATEMENT OF PARTNERS' EQUITY
                                   (UNAUDITED)

<TABLE>
<CAPTION>

                                                                                                      Total
                                                          Limited              General              Partners'
                                                          Partners'            Partners'             Equity
                                                       -------------      --------------         --------------

<S>                 <C> <C>                            <C>                <C>                    <C>
Balance at December 31, 2006                           $   3,314,000      $   1,149,000          $   4,463,000

Net income                                                 2,696,000          1,239,000              3,935,000

Cash distributions                                        (3,600,000)        (1,248,000)            (4,848,000)

Equity transfer                                              226,000           (226,000)                     -
                                                       -------------      --------------         --------------
Balance at September 30, 2007                          $   2,636,000      $     914,000          $   3,550,000
                                                       =============      ==============         ==============

</TABLE>


                             See accompanying notes.


                                        3
<PAGE>


                         PUBLIC STORAGE PROPERTIES, LTD.
                       CONDENSED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)
<TABLE>
<CAPTION>

                                                                                      Nine Months Ended
                                                                                        September 30,
                                                                           ----------------------------------------
                                                                                   2007                 2006
                                                                           -------------------     ----------------
  Cash flows from operating activities:

<S>                                                                          <C>                     <C>
    Net income                                                               $   3,935,000           $    3,742,000

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

         Depreciation                                                               99,000                  124,000
         Decrease (increase) in rent and other receivables                          37,000                  (32,000)
         Decrease (increase) in other assets                                        15,000                  (22,000)
         Increase in accounts payable and accrued liabilities                       44,000                  102,000
         Increase in deferred revenue                                                8,000                   20,000
                                                                            -------------------     ----------------
             Total adjustments                                                     203,000                  192,000
                                                                            -------------------     ----------------
             Net cash provided by operating activities                           4,138,000                3,934,000
                                                                            -------------------     ----------------
  Cash flows from investing activities:

    Additions to real estate facilities                                               (73,000)             (132,000)
                                                                            -------------------     ----------------
             Net cash used in investing activities                                    (73,000)             (132,000)
                                                                            -------------------     ----------------
  Cash flows from financing activities:

    Distributions paid to partners                                                 (4,848,000)           (3,475,000)
                                                                            -------------------     ----------------
             Net cash used in financing activities                                 (4,848,000)           (3,475,000)
                                                                            -------------------     ----------------
  Net (decrease) increase in cash and cash equivalents                               (783,000)              327,000

  Cash and cash equivalents at the beginning of the year                            1,483,000             1,448,000
                                                                            -------------------     ----------------
  Cash and cash equivalents at the end of the period                          $       700,000       $     1,775,000
                                                                            ===================     ================

</TABLE>


                             See accompanying notes.
                                        4
<PAGE>




                         PUBLIC STORAGE PROPERTIES, LTD.
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (UNAUDITED)


1.   DESCRIPTION OF THE BUSINESS

          Public Storage Properties, Ltd. (the "Partnership") is a publicly held
     limited partnership formed under the California Uniform Limited Partnership
     Act in November 1976. The Partnership  raised $10,000,000 in gross proceeds
     by selling  20,000 units of limited  partnership  interest  ("Units") in an
     interstate  offering,  which  commenced  in October  1977 and  completed in
     January 1978. The general  partners in the  Partnership are Public Storage,
     formerly Public Storage, Inc., ("PS") and B. Wayne Hughes ("Hughes").

          The Partnership was formed to engage in the business of developing and
     operating  self-storage  facilities  for  personal  and  business  use. The
     Partnership owns nine self-storage facilities located in California.

2.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND PARTNERSHIP MATTERS

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

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

     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 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,  as well as
     television, yellow page, and other advertising expenditures are expensed as
     incurred.

     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 (20,000) outstanding during the period.

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

          For financial statement purposes, the Partnership considers all highly
     liquid  financial  instruments  such as short-term  treasury  securities or
     investment grade short-term commercial paper to be cash equivalents.


                                       5
<PAGE>


                        PUBLIC STORAGE PROPERTIES, LTD.
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (UNAUDITED)

     Real Estate Facilities and Evaluation of Asset Impairment:
     ----------------------------------------------------------

          Real estate facilities are recorded at cost. Costs associated with the
     development,  construction,  renovation  and  improvement of properties are
     capitalized.  Interest, property taxes, and other costs associated with the
     development  incurred  during the  construction  period are  capitalized as
     building  cost.  Expenditures  for repairs and  maintenance  are charged to
     expense as  incurred.  Depreciation  is  computed  using the  straight-line
     method over the estimated  useful lives of the buildings and  improvements,
     which are generally  between 5 and 25 years.  At September 30, 2007, all of
     the real estate  facilities have been in service longer than 25 years,  and
     accordingly  the  original  development  cost of such  buildings  are fully
     depreciated at September 30, 2007.

          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 or  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 September 30, 2007.

          Any real estate facility,  which we expect to sell or dispose of prior
     to its  previously  estimated  useful  life is  stated  at the lower of its
     estimated net realizable value, less cost to sell, or its carrying value.

     Deferred revenue:
     -----------------

          Deferred revenue totaling  $167,000 at September 30, 2007 ($159,000 at
     December 31, 2006),  consists of prepaid rents,  which are recognized  when
     earned.

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

          The Partnership's policy is to accrue environmental assessments and/or
     remediation  costs when it is probable  that such  efforts will be required
     and the related costs can be reasonably estimated. Although there can be no
     assurance,  we are not aware of any  environmental  contamination at any of
     our facilities,  which, individually or in the aggregate, would be material
     to our overall business, financial condition or results of operations.

     Income Taxes:
     -------------

          Public  Storage  Properties,  Ltd.  is  treated as a  partnership  for
     Federal and state income tax purposes with the taxable income of the entity
     allocated to each partner in  accordance  with the  partnership  agreement.
     Accordingly  no Federal  or state  income tax  expense is  recorded  by the
     Partnership.

                                       6
<PAGE>

                        PUBLIC STORAGE PROPERTIES, LTD.
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (UNAUDITED)


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

          As of  November  13,  2007,  there  have  been  no  recent  accounting
     pronouncements  and guidance,  which were not effective for  implementation
     prior to  September  30,  2007,  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  improvements)  needs to be  distributed  at least
     quarterly.  For  the  three  months  ended  September  30,  2007,  we  paid
     distributions  to the  limited  and general  partners  totaling  $1,080,000
     ($54.00 per unit) and  $374,000,  respectively.  For the nine months  ended
     September  30,  2007,  we paid  distributions  to the  limited  and general
     partners   totaling   $3,600,000   ($180.00   per  unit)  and   $1,248,000,
     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

          PS 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.  In
     2002,  BWH  Marina   Corporation  II  sold  its  interests  to  H-G  Family
     Corporation.  As such, Mr. Hughes continues to act as a general partner but
     receives  no  direct   compensation   or  other   consideration   from  the
     Partnership.

          The  general  partners  have  a 1%  interest  in the  Partnership.  In
     addition,  the general  partners have an 8% interest in cash  distributions
     attributable to operations (exclusive of distributions attributable to sale
     and  financing  proceeds  until the limited  partners  recover all of their
     initial investment).  Thereafter,  the general partners have a 25% interest
     in all cash distributions (including sale and financing proceeds). In 1985,
     the  limited  partners  recovered  all of  their  initial  investment.  All
     subsequent  cash  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 transfers
     have no effect on the results of operations or distributions to partners.

5.   RELATED PARTY TRANSACTIONS

     Management Agreement and Shared Expenses with PS:
     -------------------------------------------------

          The Partnership  has a Management  Agreement with PS pursuant to which
     PS  operates  the  self-storage  facilities  for a fee  equal  to 6% of the
     facilities' gross revenue (as defined). For the three and nine months ended
     September  30,  2007,  the  Partnership  paid  PS  $112,000  and  $329,000,
     respectively,  and  $110,000  and  $324,000  for the same  periods in 2006,
     respectively, under this management agreement.

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

                                       7
<PAGE>
                        PUBLIC STORAGE PROPERTIES, LTD.
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (UNAUDITED)


          The  Partnership's  facilities,  along with facilities owned by PS and
     its  affiliates,  are managed and  marketed  jointly by PS in order to take
     advantage  of  scale  and  other  efficiencies.  As a  result,  significant
     components of cost of operations,  such as payroll costs,  advertising  and
     promotion,  data processing and insurance expenses are shared and allocated
     among the  properties  using  methodologies  meant to fairly  allocate such
     costs  based  upon the  related  activities.  The  total of such  expenses,
     substantially  all of  which  are  included  in cost of  operations  in our
     accompanying  condensed  statements  of income,  amounted to  $177,000  and
     $218,000  for  the  three  months  ended   September  30,  2007  and  2006,
     respectively.  For the nine months ended  September 30, 2007 and 2006,  the
     total of such expenses were $599,000 and $675,000, respectively.

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

          In addition to the general  partnership  interests outlined in Note 4,
     PS owns 6,169 Limited Partnership Units ("Units"),  as to which PS has sole
     voting and dispositive power.

          Hughes and  members  of his family  (the  "Hughes  Family")  own 6,105
     Units.  Hughes  owns 6,025  Units,  as to which  Hughes has sole voting and
     dispositive  power,  through a wholly-owned  corporation  and Tamara Hughes
     Gustavson,  an adult  daughter of Hughes,  owns 80 Units as to which Tamara
     Hughes Gustavson has sole voting and dispositive power. PS has an option to
     acquire  25 of the  Units  held by Hughes  and the 80 Units  held by Tamara
     Hughes Gustavson.

          In  addition,  there are 196 Units owned by PS Orangeco  Partnerships,
     Inc., a corporation  in which Hughes Family owns  approximately  48% of the
     voting  stock,  PS owns 46% and  members  of PS's  management  and  related
     individuals own approximately 6%.

     Captive Insurance Activities with PS
     ------------------------------------

          The  Partnership  has a 0.9%  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  PS.  The
     Partnership  accounts for its  investment in STOR-Re,  which is included in
     other assets, on the cost method.

          STOR-Re provides limited property and liability  insurance coverage to
     the  Partnership,  PS, and affiliates for losses  occurring before April 1,
     2004.  STOR-Re was succeeded  with respect to these  activities  for losses
     occurring  after  March  31,  2004  by a  wholly  owned  subsidiary  of  PS
     (collectively,  this  entity and STOR-Re  are  referred to as the  "Captive
     Entities").  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 that is a member of the
     American Academy of Actuaries,  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 reviewed quarterly.

     Other Activities with PS
     ------------------------

          PS owns a corporation that reinsures  policies against losses to goods
     stored by tenants in the  Partnership's and PS's storage  facilities.  This
     corporation  receives the premiums and bears the risks  associated with the
     re-insurance.  The Partnership receives an access fee from this corporation
     in return for  providing  tenant  listings.  This fee is based on number of
     spaces  the  Partnership  has to  rent.  Included  in other  income  on our
     accompanying  condensed statements of income for these fees are $14,000 for
     each of the  three  month  periods  ended  September  30,  2007  and  2006,
     respectively.  For each of the nine month periods ended  September 30, 2007
     and 2006, these fees were $43,000.

                                       8
<PAGE>
                        PUBLIC STORAGE PROPERTIES, LTD.
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (UNAUDITED)


          A  subsidiary  of PS sells  locks and  boxes  and rents  trucks to the
     general  public and tenants to be used in securing  their spaces and moving
     their goods.  The subsidiary of PS receives the revenues and bears the cost
     of the activities.

6.   COMMITMENTS AND CONTINGENCIES

     Legal Proceedings:
     ------------------

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

          The  plaintiff  in this case  filed a suit  against  PS on behalf of a
     putative class of renters who rented  self-storage units from PS. Plaintiff
     alleges that PS  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.

          Based upon the uncertainty  inherent in any putative class action,  PS
     cannot presently  determine the potential damages,  if any, or the ultimate
     outcome of this  litigation.  On  November 3, 2003,  the court  granted PS'
     motion to strike the plaintiff's  nationwide class allegations and to limit
     any putative class to California residents only. In August 2005, PS filed a
     motion to remove the case to federal court,  but the case has been remanded
     to the Superior  Court.  PS is vigorously  contesting the claims upon which
     this lawsuit is based, including class certification efforts.

     Brinkley v. Public Storage, Inc. (filed April 2005) (Superior Court of
     ----------------------------------------------------------------------
     California - Los Angeles County)
     --------------------------------

          The  plaintiff  sued PS on behalf of a purported  class of  California
     non-exempt  employees  based on various  California  wage and hour laws and
     seeking monetary damages and injunctive  relief.  In May 2006, a motion for
     class certification was filed seeking to certify five subclasses. Plaintiff
     sought  certification  for  alleged  meal  period  violations,  rest period
     violations,  failure to pay for  travel  time,  failure to pay for  mileage
     reimbursement,  and for wage  statement  violations.  In October 2006,  the
     Court declined to certify three out of the five subclasses.  The Court did,
     however, certify subclasses based on alleged meal period and wage statement
     violations. Subsequently, PS filed a motion for summary judgment seeking to
     dismiss the matter in its entirety. On June 22, 2007, the Court granted PS'
     summary  judgment  motion  as to  the  causes  of  action  relating  to the
     subclasses  certified and dismissed those claims. The only surviving claims
     are those relating to the named  plaintiff only. The plaintiff has filed an
     appeal to the Court's June 22, 2007 summary judgment ruling.

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

          PS 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.



                                       9
<PAGE>

                        PUBLIC STORAGE PROPERTIES, LTD.
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (UNAUDITED)


ITEM 2. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONs

          The following  should be read in  conjunction  with the  Partnership's
     condensed financial statements and notes thereto.

          Forward  Looking  Statements:  All statements in this document,  other
     than statements of historical  fact, are  forward-looking  statements which
     may  be  identified  by  the  use  of  the  words  "expects,"   "believes,"
     "anticipates," "plans",  "would",  "should," "may", "estimates" and similar
     expressions.  These  forward-looking  statements  are made  pursuant to the
     safe-harbor  provisions  of Section 21E of the  Securities  Exchange Act of
     1934,  as  amended,  and  Section  27A of the  Securities  Act of 1933,  as
     amended.  These forward-looking  statements involve known and unknown risks
     and  uncertainties,  which may cause the  Partnership's  actual results and
     performance to be materially  different from those  expressed or implied in
     the forward-looking  statements.  As a result, you should not rely on these
     forward-looking statements as predictions of future events.

          Factors  and risks  that may impact  future  results  and  performance
     include, but are not limited to, those described in Item 1A, "Risk Factors"
     in the Partnership's Annual Report on Form 10-K for the year ended December
     31,  2006  and in our  other  filings  with  the  Securities  and  Exchange
     Commission.  These risks include the following: 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  caution  you  not  to  place  undue  reliance  on  forward-looking
     statements,  which speak only as the date of this report or as of the dates
     indicated  in  the  statements.  All  of our  forward  looking  statements,
     including  those in this report,  are  qualified in their  entirely by this
     statement.  We assume no obligation to update publicly or otherwise  revise
     any forward-looking statements, whether as a result of new information, new
     estimates, or other factors, events or circumstances after the date of this
     document, except where expressly required by law.


     OVERVIEW

          The  self-storage  industry  is  highly  fragmented  and  is  composed
     predominantly of numerous local and regional operators.  Competition in the
     markets in which we operate is significant  and has increased over the past
     several years due to additional development of self-storage facilities.  We
     believe that the increase in competition  has had a negative  impact to the
     Partnership's  occupancy levels and rental rates in many markets.  However,
     we believe that the  Partnership's  affiliation  with Public Storage ("PS")
     provides several distinguishing characteristics that enable the Partnership
     to compete effectively with other owners and operators.

          PS is the largest owner and operator of self-storage facilities in the
     United  States.  All of PS'  facilities  in the United  States are operated
     under  the  "Public  Storage"  brand  name,  which we  believe  is the most
     recognized  and  established  name  in the  self-storage  industry.  Market
     concentration   establishes  PS  as  one  of  the  dominant   providers  of
     self-storage  space in most  markets in which PS operates and enables PS to
     use a variety of promotional activities,  such as television advertising as
     well as  targeted  discounting  and  referrals,  which  are  generally  not
     economically viable to most of PS' competitors.

          We will  continue  to focus our growth  strategies  on  improving  the
     operating  performance of our existing  self-storage  properties  primarily
     through  increases in revenues  achieved through the telephone  reservation
     center  and  associated  marketing  efforts.  We  expect  potential  future
     increases in rental  income to come  primarily  from  increases in realized
     rent, although there can be no assurance.

                                       10
<PAGE>
                        PUBLIC STORAGE PROPERTIES, LTD.
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (UNAUDITED)

     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 September 30, 2007.  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 U.S.  generally accepted
     accounting  principles,  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 6 to our condensed 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,  the timing of the  recognition  of our  expenses  could be
     incorrect. Cost of operations,  general and administrative expense, as well
     as television, yellow page, and other advertising expenditures are expensed
     as incurred.

     RESULTS OF OPERATIONS

     Three months ended  September  30, 2007 compared to three months ended
     ----------------------------------------------------------------------
     September 30, 2006:
     -------------------

          Our net income  for the three  months  ended  September  30,  2007 was
     $1,375,000  compared to $1,296,000 for the three months ended September 30,
     2006, representing an increase of $79,000 or 6.1%.

          Rental  income  for the three  months  ended  September  30,  2007 was
     $1,875,000  compared to $1,835,000 for the three months ended September 30,
     2006,  representing  an  increase  of  $40,000  or 2.2%.  Weighted  average
     occupancy  levels  at the  self-storage  facilities  were 90% for the three
     months ended  September  30, 2007 and 2006.  Annual  realized  rent for the
     three  months  ended  September  30, 2007  increased to $16.11 per occupied
     square  foot  compared  to $15.79 per  occupied  square  foot for the three
     months ended September 30, 2006.

          Cost of operations,  including  management  fees paid to an affiliate,
     (see Note 5 to our  condensed  financial  statements)  for the three months
     ended  September  30, 2007 was $486,000  compared to $488,000 for the three
     months ended September 30, 2006, representing a decrease of $2,000.

                                       11
<PAGE>

                        PUBLIC STORAGE PROPERTIES, LTD.
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (UNAUDITED)

          Depreciation  expense was $32,000 for the three months ended September
     30, 2007  compared  to $43,000  for the same period in 2006,  a decrease of
     $11,000 or 25.6%.

     Nine months  ended  September  30, 2007  compared to nine months ended
     ----------------------------------------------------------------------
     September 30, 2006:
     -------------------

          Our net  income  for the nine  months  ended  September  30,  2007 was
     $3,935,000  compared to $3,742,000 for the nine months ended  September 30,
     2006, representing an increase of $193,000 or 5.2%.

          Rental  income  for the  nine  months  ended  September  30,  2007 was
     $5,486,000  compared to $5,401,000 for the nine months ended  September 30,
     2006,  representing  an increase of $85,000 or 1.6%. The increase in rental
     income  was a result of an  increase  in  realized  rent per  square  foot.
     Weighted average  occupancy levels at the self-storage  facilities were 91%
     for each of the nine  month  periods  ended  September  30,  2007 and 2006,
     respectively.  Annual realized rent for the nine months ended September 30,
     2007  increased to $15.71 per occupied  square foot  compared to $15.47 per
     occupied square foot for the nine months ended September 30, 2006.

          Cost of operations,  including  management  fees paid to an affiliate,
     (see Note 5 to our  condensed  financial  statements)  for the nine  months
     ended September 30, 2007 was $1,491,000 compared to $1,528,000 for the nine
     months  ended  September  30, 2006,  representing  a decrease of $37,000 or
     2.4%.  The decrease was  primarily  due to decreases in payroll and repairs
     and maintenance expenses,  partially offset by increases in advertising and
     promotion expenses.

          Depreciation  expense was $99,000 for the nine months ended  September
     30, 2007  compared to $124,000  for the same period in 2006,  a decrease of
     $25,000 or 20.2%. The decrease in depreciation expense is primarily related
     to  past  capital  improvements  on the  buildings  for  the  Partnership's
     self-storage facilities becoming fully depreciated.

     LIQUIDITY AND CAPITAL RESOURCES

          Cash generated from  operations  ($4,138,000 for the nine months ended
     September 30, 2007) has been sufficient to meet all current  obligations of
     the Partnership.  Capital improvements totaled $73,000 and $132,000 for the
     nine months ended September 30, 2007 and 2006, respectively.

          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 for  distribution to
     partners.

          The   Partnership   Agreement   requires   that  cash   available  for
     distribution  (cash  flow  from all  sources  less cash  necessary  for any
     obligations  or  capital   improvement   needs)  be  distributed  at  least
     quarterly.  We paid  distributions  to the  limited  and  general  partners
     totaling $1,080,000 ($54.00 per unit) and $374,000,  respectively,  for the
     three months ended September 30, 2007. We paid distributions to the limited
     and general partners totaling $3,600,000 ($180.00 per unit) and $1,248,000,
     respectively, for the nine months ended September 30, 2007. During 2007, we
     have paid more in  distributions  than what was  generated  from  operating
     activities less capital  expenditures.  This was done to reduce excess cash
     reserves.  Future  distribution  rates will be adjusted to levels which are
     supported by operating cash flow after capital  improvements  and any other
     necessary  obligations.  As a result, we expect future  distributions to be
     less than the amounts paid during 2007.


                                       12
<PAGE>
                        PUBLIC STORAGE PROPERTIES, LTD.
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (UNAUDITED)


ITEM 4.  CONTROLS AND PROCEDURES

          Public Storage 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 Public Storage's 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
     carried out an evaluation, under the supervision and with the participation
     of the Partnership's management, including Public Storage'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 third quarter of 2007, 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.


                                       13
<PAGE>


PART II.  OTHER INFORMATION

     Item 1.  Legal Proceedings
     --------------------------

     The  information  set forth under the heading "Legal  Proceedings"  in
     Note  6 to  our  condensed  financial  statements  in  this  Form  10-Q  is
     incorporated by reference in this Item 1.

     Item 1A.  Risk Factors
     ----------------------

     As of September 30, 2007, no material changes had occurred in our risk
     factors as discussed in Item 1A of our Form 10K for the year ended December
     31, 2006.

     Item 6.  Exhibits
     -----------------

     Exhibits  required  by Item 601 of  Regulation  S-K are  listed in the
     attached  Exhibit Index,  and are filed herewith or incorporated  herein by
     reference.



                                       14
<PAGE>



                                   SIGNATURES

          Pursuant to the  requirements of the Securities  Exchange Act of 1934,
     the  Registrant  has duly  caused this report to be signed on its behalf by
     the undersigned thereunto duly authorized.







                                          DATED: November 13, 2007

                                          PUBLIC STORAGE PROPERTIES, LTD.

                                          BY:  Public Storage
                                               General Partner

                                               BY:    /s/  John Reyes
                                                      ---------------
                                                      John Reyes
                                                      Senior Vice President and
                                                      Chief Financial Officer

                                       15
<PAGE>



                                  Exhibit Index

Exhibit No.


31.1    Rule  13a-14(a)/15d-14(a)  Certification of Chief Executive Officer.
        Filed herewith.

31.2    Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer.
        Filed herewith.

32      Section 1350  Certification  of Chief  Executive  Officer and Chief
        Financial Officer. Filed herewith.






                                       16