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, 2001

                                       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 Ave.
         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.

                                    Yes X No
                                       ---  ---

<PAGE>

                                      INDEX

PART I.   FINANCIAL INFORMATION

Condensed balance sheets at September 30, 2001
     and December 31, 2000                                                     2

Condensed statements of income for the three and
     nine months ended September 30, 2001 and 2000                             3

Condensed statement of partners' equity for the
     nine months ended September 30, 2001                                      4

Condensed statements of cash flows for the
     nine months ended September 30, 2001 and 2000                             5

Notes to condensed financial statements                                      6-7

Management's discussion and analysis of
     financial condition and results of operations                           8-9

PART II.  OTHER INFORMATION

Item 6  Exhibits and Reports on Form 8-K                                      10

<PAGE>

                         PUBLIC STORAGE PROPERTIES, LTD.
                            CONDENSED BALANCE SHEETS


<TABLE>
<CAPTION>
                                                                             September 30,         December 31,
                                                                                 2001                  2000
                                                                            ---------------      ----------------
                                                                             (Unaudited)

                                     ASSETS
                                     ------

<S>                                                                         <C>                  <C>
Cash and cash equivalents                                                   $      260,000       $       324,000
Rent and other receivables                                                         103,000                74,000

Real estate facilities, at cost:
     Building, land improvements and equipment                                   8,977,000             8,814,000
     Land                                                                        2,476,000             2,476,000
                                                                            ---------------      ----------------
                                                                                11,453,000            11,290,000

     Less accumulated depreciation                                              (7,503,000)           (7,103,000)
                                                                            ---------------      ----------------
                                                                                 3,950,000             4,187,000

Other assets                                                                        52,000                79,000
                                                                            ---------------      ----------------
Total assets                                                                $    4,365,000       $     4,664,000
                                                                            ===============      ================


                   LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
                   ------------------------------------------


Accounts payable                                                            $      163,000       $        77,000
Deferred revenue                                                                   121,000               151,000
Note payable to commercial bank                                                  3,025,000             6,025,000

Partners' equity (deficit):
     Limited partners' equity (deficit), $500 per unit, 20,000 units
       authorized, issued and outstanding                                          784,000            (1,180,000)
     General partners' equity (deficit)                                            272,000              (409,000)
                                                                            ---------------      ----------------

     Total partners' equity (deficit)                                            1,056,000            (1,589,000)
                                                                            ---------------      ----------------

Total liabilities and partners' equity (deficit)                            $    4,365,000       $     4,664,000
                                                                            ===============      ================
</TABLE>
                            See accompanying notes.
                                       2

<PAGE>

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


<TABLE>
<CAPTION>
                                                       Three Months Ended                   Nine Months Ended
                                                          September 30,                       September 30,
                                                  -------------------------------     -------------------------------
                                                       2001              2000              2001              2000
                                                  -------------     -------------     -------------     -------------
  REVENUES:

  <S>                                             <C>               <C>               <C>               <C>
  Rental income                                   $  1,532,000      $  1,371,000      $  4,441,000      $  4,005,000
  Gain on sale of land                                       -             1,000                 -           136,000
  Other income                                           2,000             2,000             7,000             7,000
                                                  -------------     -------------     -------------     -------------
                                                     1,534,000         1,374,000         4,448,000         4,148,000
                                                  -------------     -------------     -------------     -------------

  COSTS AND EXPENSES:

  Cost of operations                                   304,000           293,000           879,000           864,000
  Management fees paid to affiliate                     91,000            82,000           266,000           240,000
  Depreciation                                         133,000           130,000           400,000           401,000
  Administrative                                        19,000            16,000            63,000            71,000
  Interest expense                                      47,000            98,000           195,000           318,000
                                                  -------------     -------------     -------------     -------------
                                                       594,000           619,000         1,803,000         1,894,000
                                                  -------------     -------------     -------------     -------------

  NET INCOME                                      $    940,000      $    755,000      $  2,645,000      $  2,254,000
                                                  =============     =============     =============     =============

  Limited partners' share of net income
     ($130.95 per unit in 2001 and $111.55
     per unit in 2000)                                                                $  2,619,000      $  2,231,000

  General partners' share of net income                                                     26,000            23,000
                                                                                      -------------     -------------
                                                                                      $  2,645,000      $  2,254,000
                                                                                      =============     =============
</TABLE>
                            See accompanying notes.
                                       3

<PAGE>

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


<TABLE>
<CAPTION>
                                                                                                       Total
                                                           Limited              General              Partners'
                                                           Partners             Partners          Equity (Deficit)
                                                       -----------------    -----------------     -----------------
<S>                                                    <C>                  <C>                   <C>
Balance at December 31, 2000                           $     (1,180,000)    $       (409,000)     $     (1,589,000)

Net income                                                    2,619,000               26,000             2,645,000

Equity transfer                                                (655,000)             655,000                     -
                                                       -----------------    -----------------     -----------------
Balance at September 30, 2001                          $        784,000     $        272,000      $      1,056,000
                                                       =================    =================     =================
</TABLE>
                            See accompanying notes.
                                       4

<PAGE>

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


<TABLE>
<CAPTION>
                                                                                       Nine Months Ended
                                                                                         September 30,
                                                                              -------------------------------------
                                                                                    2001                 2000
                                                                              ----------------      ---------------
  Cash flows from operating activities:
  <S>                                                                         <C>                   <C>
    Net income                                                                $     2,645,000       $    2,254,000

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

         Depreciation                                                                 400,000              401,000
         Gain on sale of land                                                               -             (136,000)
         (Increase) decrease in rent and other receivables                            (29,000)              36,000
         Decrease in other assets                                                      27,000               10,000
         Increase in accounts payable                                                  86,000                1,000
         Decrease in deferred revenue                                                 (30,000)              (9,000)
                                                                              ----------------      ---------------
             Total adjustments                                                        454,000              303,000
                                                                              ----------------      ---------------
             Net cash provided by operating activities                              3,099,000            2,557,000
                                                                              ----------------      ---------------
  Cash flows from investing activities:
    Proceeds from sale of land                                                              -              172,000
    Additions to real estate facilities                                              (163,000)            (173,000)
                                                                              ----------------      ---------------
             Net cash used in investing activities                                   (163,000)              (1,000)
                                                                              ----------------      ---------------

  Cash flows from financing activities:
    Principal payments on note payable to commercial bank                          (3,000,000)          (2,550,000)
                                                                              ----------------      ---------------
             Net cash used in financing activities                                 (3,000,000)          (2,550,000)
                                                                              ----------------      ---------------

  Net (decrease) increase in cash and cash equivalents                                (64,000)               6,000

  Cash and cash equivalents at the beginning of the period                            324,000              153,000
                                                                              ----------------      ---------------
  Cash and cash equivalents at the end of the period                          $       260,000       $      159,000
                                                                              ================      ===============
</TABLE>
                            See accompanying notes.
                                       5

<PAGE>

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


1.       The accompanying  unaudited  condensed  financial  statements have been
         prepared  pursuant to the rules and  regulations  of the Securities and
         Exchange  Commission.  Certain  information  and  footnote  disclosures
         normally included in financial  statements  prepared in accordance with
         generally accepted accounting principles have been condensed or omitted
         pursuant to such rules and regulations,  although  management  believes
         that  the  disclosures  contained  herein  are  adequate  to  make  the
         information   presented  not  misleading.   These  unaudited  condensed
         financial  statements  should be read in conjunction with the financial
         statements and related notes appearing in the  Partnership's  Form 10-K
         for the year ended December 31, 2000.

2.       In the opinion of  management,  the  accompanying  unaudited  condensed
         financial statements reflect all adjustments, consisting of only normal
         accruals,  necessary  to  present  fairly the  Partnership's  financial
         position at September 30, 2001,  the results of its  operations for the
         three and nine months  ended  September  30, 2001 and 2000 and its cash
         flows for the nine months then ended.

3.       The results of operations for the three and nine months ended September
         30, 2001 are not necessarily indicative of the results expected for the
         full year.

4.       During October 1998, we borrowed  $12,400,000  from a commercial  bank.
         The loan is  unsecured  and  bears  interest  at the  London  Interbank
         Offering Rate  ("LIBOR")  plus 0.55% (3.187% as of September 30, 2001).
         The loan  requires  monthly  payments of interest  and matures  October
         2002.  Principal  may be paid, in whole or in part, at any time without
         penalty or premium.

5.       We also entered into interest rate swap agreements to reduce the impact
         of changes in interest  rates on a portion of its  floating  rate debt.
         The agreement,  which covers  $5,000,000 of debt through  October 2000,
         effectively  changes the interest rate exposure from floating rate to a
         fixed rate of 5.205%. The second agreement,  which covers $2,500,000 of
         debt through  October 2001 and  effectively  changes the interest  rate
         exposure from floating rate to a fixed rate of 5.33%.  Market gains and
         losses on the value of the swap are  deferred  and  included  in income
         over  the life of the  contract.  We  record  the  differences  paid or
         received on the interest rate swap in interest  expense as payments are
         made or received.

                                       6

<PAGE>


6.       In June  1998,  the  FASB  issued  Statement  of  Financial  Accounting
         Standards No. 133 ("SFAS 133"),  "Accounting for Derivative Instruments
         and  Hedging  Activities,"  as  amended  in June 2000 by  Statement  of
         Financial  Accounting  Standards No. 138 ("SFAS 138"),  "Accounting for
         Certain Derivative  Instruments and Certain Hedging  Activities," which
         requires  companies to recognize  all  derivatives  as either assets or
         liabilities  in the balance sheet and measure such  instruments at fair
         value.  As amended by Statement of Financial  Accounting  Standards No.
         137 ("SFAS 137"),  "Accounting  for Derivative  Instruments and Hedging
         Activities - Deferral of the Effective Date of FASB Statement No. 133,"
         the provisions of SFAS 133 will require  adoption by the Partnership on
         January 1, 2001. The  Partnership  adopted SFAS 133, as amended by SFAS
         138, on January 1, 2001, and the adoption had no material impact on the
         Partnership's consolidated financial statements.

7.       During the third  quarter of 2001,  the  property  manager  changed its
         lease  agreements  in regards to collecting  rent.  New tenants are now
         required  to pay rent in  arrears  as  opposed  to paying  in  advance.
         Primarily  as a  result  of this  change,  rent and  other  receivables
         increased  $29,000 and deferred revenue decreased $30,000 from December
         31, 2000.

                                       7

<PAGE>

                        PUBLIC STORAGE PROPERTIES, LTD.,
                      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 include the impact of competition from new and existing real estate
facilities  which could  impact  rents and  occupancy  levels at the real estate
facilities that the Partnership has an interest in; the Partnership's ability to
effectively  compete in the markets that it does  business in; the impact of the
regulatory  environment  as  well  as  national,   state,  and  local  laws  and
regulations including, without limitation, those governing Partnerships; and the
impact of general economic  conditions upon rental rates and occupancy levels at
the real estate facilities that the Partnership has an interest in.

RESULTS OF OPERATIONS
---------------------

         THREE AND NINE MONTHS ENDED  SEPTEMBER  30, 2001  COMPARED TO THREE AND
NINE MONTHS ENDED SEPTEMBER 30, 2000:

         Our net  income  for the  nine  months  ended  September  30,  2001 was
$2,645,000  compared to $2,254,000 for the nine months ended September 30, 2000,
representing an increase of $391,000 or 17%. Our net income for the three months
ended September 30, 2001 was $940,000  compared to $755,000 for the three months
ended  September 30, 2000,  representing  an increase of $185,000 or 25%.  These
increases  are  primarily a result of  increased  operating  results at our real
estate facilities and a decrease in interest expense.

         Rental  income  for the  nine  months  ended  September  30,  2001  was
$4,441,000  compared to $4,005,000 for the nine months ended September 30, 2000,
representing  an increase of $436,000 or 11%. Rental income for the three months
ended  September 30, 2001 was  $1,532,000  compared to $1,371,000  for the three
months ended  September 30, 2000,  representing  an increase of $161,000 or 12%.
These increases are  attributable to higher rental rates.  The weighted  average
occupancy levels at the mini-warehouse  facilities were 92% and 96% for the nine
months ended September 30, 2001 and 2000, respectively. Annual realized rent for
the nine months ended September 30, 2001 increased to $12.63 per occupied square
foot from $10.97 per occupied  square foot for the nine months  ended  September
30, 2000.

                                       8

<PAGE>

         Cost of operations (including management fees paid to an affiliate) for
the nine months ended  September 30, 2001 was $1,145,000  compared to $1,104,000
for the nine  months  ended  September  30,  2000,  representing  an increase of
$41,000  or 4%.  Cost  of  operations  (including  management  fees  paid  to an
affiliate) for the three months ended  September 30, 2001 was $395,000  compared
to $375,000 for the three  months  ended  September  30,  2000,  representing  a
increase  of $20,000 or 5%.  This  increase  is  attributable  to  increases  in
management  fees which are based on property  revenues of the  Partnership,  and
advertising and promotion expense.

         Interest  expense was $195,000 for the nine months ended  September 30,
2001 from $318,000 for the same period in 2000, a $123,000 or 39% decrease. This
decrease is mainly attributable to a lower outstanding principal balance.

LIQUIDITY AND CAPITAL RESOURCES
-------------------------------

         Cash generated from  operations  ($3,099,000  for the nine months ended
September 30, 2001) has been  sufficient to meet all current  obligations of the
Partnership.

         During October 1998, we borrowed  $12,400,000 from a commercial bank to
payoff  other  loans.  The loan is  unsecured  and bears  interest at the London
Interbank  Offering Rate ("LIBOR") plus 0.55% (3.187% as of September 30, 2001).
The loan  requires  monthly  payments  of  interest  and  mature  October  2002.
Principal  may be paid,  in whole or in part,  at any time  without  penalty  or
premium.

         We have also entered into interest  rate swap  agreements to reduce the
impact of changes in interest  rates on a portion of its floating rate debt. The
agreement,  which covers  $5,000,000 of debt through  October 2000,  effectively
changes the interest rate exposure from floating rate to a fixed rate of 5.205%.
The second  agreement,  which covers $2,500,000 of debt through October 2001 and
effectively  changes the interest  rate  exposure  from floating rate to a fixed
rate of 5.33%. Market gains and losses on the value of the swap are deferred and
included in income over the life of the contract. We record the differences paid
or received on the interest  rate swap in interest  expense as payments are made
or received.

         During the third  quarter of 2001,  the  property  manager  changed its
lease  agreements in regards to collecting rent. New tenants are now required to
pay rent in arrears as opposed to paying in  advance.  Primarily  as a result of
this change,  rent and other receivables  increased $29,000 and deferred revenue
decreased $30,000 from December 31, 2000.

                                       9

<PAGE>

                           PART II. OTHER INFORMATION


ITEMS 1 through 5 are inapplicable.

ITEM 6   Exhibits and Reports on Form 8-K
         --------------------------------

         (a) The following Exhibits are included herein:

                  None

         (b) Form 8-K

                  None


                                   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, 2001

                                            PUBLIC STORAGE PROPERTIES, LTD.

                                            BY:  Public Storage, Inc.
                                                 General Partner





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

                                       10