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 quarterly period ended March 31, 2008.

                                                                  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 shell company (as defined in
Rule 12b-2 of the Exchange Act).

                                 [ ] Yes [X] 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]
                          Smaller Reporting Company [ ]

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 May 15, 2008: 20,000.

<PAGE>


                         PUBLIC STORAGE PROPERTIES, LTD.

                                      INDEX



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

Item 1.    Financial Statements (Unaudited)
           Condensed Balance Sheets at March 31, 2008
           and December 31, 2007                                            1

           Condensed Statements of Income for the Three
           Months Ended March 31, 2008 and 2007                             2

           Condensed Statement of Partners' Equity for the
           Three Months Ended March 31, 2008                                3

           Condensed Statements of Cash Flows for the
           Three Months Ended March 31, 2008 and 2007                       4

           Notes to Condensed Financial Statements                      5 - 9

Item 2.    Management's Discussion and Analysis of
           Financial Condition and Results of Operations              10 - 13

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 - 17

Item 6.    Exhibits                                                        17


<PAGE>

                         PUBLIC STORAGE PROPERTIES, LTD.
                            CONDENSED BALANCE SHEETS

<TABLE>
<CAPTION>

                                                                   March 31,            December 31,
                                                                    2008                   2007
                                                               ----------------      -----------------
                                                                 (Unaudited)
                                ASSETS


<S>                                                            <C>                    <C>
Cash and cash equivalents                                      $       777,000        $       559,000
Rent and other receivables                                              40,000                 53,000

Real estate facilities, at cost:
     Buildings, land improvements and equipment                      9,906,000              9,878,000
     Land                                                            2,476,000              2,476,000
                                                               ----------------      -----------------
                                                                    12,382,000             12,354,000

     Less accumulated depreciation                                  (9,328,000)            (9,299,000)
                                                               ----------------      -----------------
                                                                     3,054,000              3,055,000

Other assets                                                            82,000                 78,000
                                                               ----------------      -----------------
Total assets                                                   $     3,953,000        $     3,745,000
                                                               ================      =================

                   LIABILITIES AND PARTNERS' EQUITY

Accounts payable                                               $       120,000        $        88,000
Deferred revenue                                                       168,000                183,000
                                                               ----------------      -----------------
      Total liabilities                                                288,000                271,000

Commitments and contingencies (Note 6)

Partners' equity:
    Limited partners' equity, $500 per unit, 20,000 units
       authorized, issued and outstanding                            2,721,000              2,579,000
    General partners' equity                                           944,000                895,000
                                                               ----------------      -----------------
     Total partners' equity                                          3,665,000              3,474,000
                                                               ----------------      -----------------
Total liabilities and partners' equity                         $     3,953,000        $     3,745,000
                                                               ================      =================
</TABLE>

                            See accompanying notes.
                                       1

<PAGE>


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

<TABLE>
<CAPTION>

                                                                     Three Months Ended
                                                                          March 31,
                                                             ----------------------------------------
                                                                  2008                  2007
                                                             -----------------    -------------------
     REVENUES:

<S>                                                          <C>                   <C>
       Rental income                                         $     1,872,000       $     1,801,000
       Other income                                                   52,000                38,000
                                                             -----------------    -------------------
                                                                   1,924,000             1,839,000
                                                             -----------------    -------------------
     COSTS AND EXPENSES:

       Cost of operations                                            386,000               392,000
       Management fees paid to affiliate                             112,000               108,000
       Depreciation                                                   29,000                33,000
       Administrative                                                 21,000                26,000
                                                             -----------------    -------------------
                                                                     549,000               559,000
                                                             -----------------    -------------------
     NET INCOME:                                             $     1,376,000       $     1,280,000
                                                             =================    ===================
     Limited partners' share of net income                   $     1,069,000       $       980,000
     General partners' share of net income                           307,000               300,000
                                                             -----------------    -------------------
                                                             $     1,376,000       $     1,280,000
                                                             =================    ===================
     Limited partners' share of net income per unit
     (20,000 units outstanding)                              $         53.45       $         49.00
                                                             =================    ===================
</TABLE>

                            See accompanying notes.
                                       2
<PAGE>



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


                                                                      Total
                                   Limited          General          Partners'
                                  Partners'        Partners'          Equity
                               --------------  --------------  -----------------
Balance at December 31, 2007   $  2,579,000     $    895,000    $    3,474,000

Net income                        1,069,000          307,000         1,376,000

Cash distributions                 (880,000)        (305,000)       (1,185,000)

Equity transfer                     (47,000)          47,000                 -
                               --------------  --------------  -----------------
Balance at March 31, 2008      $  2,721,000     $    944,000    $    3,665,000
                               ==============  ==============  =================


                            See accompanying notes.
                                       3
<PAGE>


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

                                                                     Three Months Ended
                                                                         March 31,
                                                            --------------------------------------
                                                                 2008                 2007
                                                            ----------------    ------------------
  Cash flows from operating activities:

<S>                                                         <C>                  <C>
    Net income                                              $     1,376,000      $     1,280,000

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

         Depreciation                                                29,000               33,000
         Decrease in rent and other receivables                      13,000                8,000
         (Increase) decrease in other assets                         (4,000)              45,000
         Increase in accounts payable                                32,000               42,000
         (Decrease) increase in deferred revenue                    (15,000)              31,000
                                                            ----------------    ------------------
             Total adjustments                                       55,000              159,000
                                                            ----------------    ------------------
             Net cash provided by operating activities            1,431,000            1,439,000
                                                            ----------------    ------------------
  Cash flows from investing activities:

    Additions to real estate facilities                             (28,000)              (1,000)
                                                            ----------------    ------------------
             Net cash used in investing activities                  (28,000)              (1,000)
                                                            ----------------    ------------------
  Cash flows from financing activities:

    Distributions paid to partners                               (1,185,000)          (1,158,000)
                                                            ----------------    ------------------
             Net cash used in financing activities               (1,185,000)          (1,158,000)
                                                            ----------------    ------------------
  Net increase in cash and cash equivalents                         218,000              280,000

  Cash and cash equivalents at the beginning of the period          559,000            1,483,000
                                                            ----------------    ------------------
  Cash and cash equivalents at the end of the period        $       777,000      $     1,763,000
                                                            ================    ==================

</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.

                  The accompanying unaudited condensed financial statements have
         been  prepared  by us  pursuant  to the  rules and  regulations  of the
         Securities  and  Exchange  Commission  ("SEC") on the same basis as our
         audited annual  financial  statements  and, in our opinion  reflect all
         adjustments (consisting only of normal recurring adjustments) necessary
         to present fairly the financial information set forth therein.  Certain
         information  and footnote  disclosures  normally  included in financial
         statements   prepared  in  accordance  with  U.S.   generally  accepted
         accounting  principles have been condensed or omitted  pursuant to such
         rules  and   regulations,   although  we  believe  that  the  following
         disclosures,  when  read in  conjunction  with  the  audited  financial
         statements  and notes thereto as of December 31, 2007,  are adequate to
         make the information presented not misleading.

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  with
         remaining maturities of three months or less at the date of acquisition
         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 March 31, 2008, all of the real estate  facilities have been
         in  service  longer  than  25  years,   and  accordingly  the  original
         development  cost of such  buildings is fully  depreciated at March 31,
         2008.

                  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
         related  carrying  value,  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 March 31, 2008.

                  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.

         Accounting for Casualty Losses:
         -------------------------------

                  Our policy is to record casualty losses or gains in the period
         the  casualty  occurs  equal to the  differential  between (a) the book
         value of assets destroyed and (b) insurance  proceeds,  if any, that we
         expect to receive in accordance with our insurance contracts. Potential
         insurance   proceeds  that  are  subject  to  uncertainties,   such  as
         interpretation of deductible  provisions of the governing agreements or
         the  estimation  of costs of  restoration,  are treated as a contingent
         proceeds in accordance with Statement of Financial Accounting Standards
         No.  5  ("SFAS  5"),  and not  recorded  until  the  uncertainties  are
         satisfied.

         Deferred Revenue:
         -----------------

                  Deferred revenue totaling $168,000 at March 31, 2008 ($183,000
         at December 31, 2007),  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.

                                       6
<PAGE>


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

         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 income tax expense is recorded by the
         Partnership.

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

                  As of May 15,  2008,  there  have  been no  recent  accounting
         pronouncements   and   guidance,   which   were   not   effective   for
         implementation  prior to March 31,  2008,  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) be distributed at least quarterly.
         During the three months ended March 31, 2008, we paid  distributions to
         the limited and general  partners  totaling  $880,000 ($44.00 per unit)
         and  $305,000,  respectively.  During the three  months ended March 31,
         2007,  we  paid  distributions  to the  limited  and  general  partners
         totaling $860,000 ($43.00 per unit) and $298,000, 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

                                       7
<PAGE>


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

         the facilities' gross revenue (as defined).  For the three months ended
         March  31,  2008  and  2007,  the  Partnership  paid PS  $112,000,  and
         $108,000, 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 six months notice by
         PS.

                  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 $183,000  and $205,000 for the three months ended March 31, 2008 and
         2007, respectively.

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

                  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 the 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 accompanying  condensed  balance sheets,  on the
         cost method, and has received no distributions  during the three months
         ended March 31, 2008.

                  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.

                                       8
<PAGE>


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

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

                  PS owns a corporation  that reinsures  policies against losses
         to  goods  stored  by  tenants  in the  Partnership's  and PS'  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 the  number  of  spaces  the  Partnership  has to rent.
         Included in other income on our  accompanying  statements of income for
         these fees are $30,000 and $14,000 for the three months ended March 31,
         2008 and 2007, respectively.

                  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:
         ------------------

         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.  An appeal to the
         Court's  June 22, 2007 order  granting PS' summary  judgment  motion is
         currently pending.

         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>


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: This Quarterly Report on Form 10-Q contains
forward-looking  statements  within the meaning of the federal  securities laws.
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 involve
known and  unknown  risks and  uncertainties,  which  may cause  Public  Storage
Properties,  Ltd.'s (the  "Partnership")  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 any forward-looking  statements
in this report,  or which  management may make orally or in writing from time to
time, as predictions of future events nor guarantees of future  performance.  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 expressly disclaim
any  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.  Accordingly,  you should use caution in relying on
past forward-looking statements to anticipate future results.

         Factors and risks that may impact our future  results  and  performance
include,  but are not limited to, those described in Item 1A, "Risk Factors" and
in our other filings with the Securities and Exchange Commission. ("SEC"). These
risks include, among others, the following:

o        general  risks  associated  with the  ownership  and  operation of real
         estate   including   changes  in  demand,   potential   liability   for
         environmental  contamination,  adverse  changes in tax, real estate and
         zoning laws and regulations, and the impact of natural disasters;

o        risks  associated  with downturns in the local economies in the markets
         in which we operate;

o        the  impact  of  competition  from new and  existing  self-storage  and
         commercial facilities and other storage alternatives;

o        the impact of the regulatory  environment  as well as national,  state,
         and local laws and regulations;

o        disruptions or shutdowns of our automated processes and systems; and

o        economic uncertainty due to the impact of war or terrorism.

         The risks  included  here are not  exhaustive as it is not possible for
management  to predict all  possible  risk factors that may exist or emerge from
time to time. Investors should refer to our future reports and other information
filed from time to time with the SEC for additional information.

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.

                                       10
<PAGE>


         PS is the largest owner and operator of self-storage  facilities in the
United States ("U.S.").  All of the PS facilities in the U.S. 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 competitors of PS, as well
as more substantial, well-placed yellow page advertisements than can many of its
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 rather than increases
in occupancy, although there can be no assurance.

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 March 31,
2008.  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 the  Partnership's  March  31,  2008  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,  our expenses  could be misstated.  Cost of  operations,  general and
administrative   expense,  as  well  as  television,   yellow  page,  and  other
advertising expenditures are expensed as incurred.

                                       11
<PAGE>


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

THREE MONTHS ENDED MARCH 31, 2008 COMPARED TO THREE MONTHS ENDED MARCH 31, 2007:

         The  Partnership's net income for the three months ended March 31, 2008
was $1,376,000 compared to $1,280,000 for the three months ended March 31, 2007,
representing an increase of $96,000 or 7.5%.

         Rental income for the three months ended March 31, 2008 was  $1,872,000
compared to $1,801,000  for the three months ended March 31, 2007,  representing
an increase of $71,000 or 3.9%.  The  increase in rental  income was a result of
improvements  in  realized  rent per square  foot and in  occupancies.  Weighted
average occupancy levels at the self-storage facilities were 92.0% and 90.4% for
the three months ended March 31, 2008 and 2007,  respectively.  Annual  realized
rent for the three months ended March 31, 2008  increased to $15.75 per occupied
square foot, as compared to $15.49 per occupied square foot for the three months
ended March 31, 2007.

         Cost of  operations,  including  management  fees paid to an affiliate,
(see Note 5 the Partnership's March 31, 2008 condensed financial statements) for
the three months ended March 31, 2008 was $498,000  compared to $500,000 for the
three months ended March 31, 2007,  representing  a decrease of $2,000.  For the
three months ended March 31, 2008,  advertising and promotion expenses decreased
by $20,000 or 30%  compared  to the same  period in 2007.  This  decrease is due
primarily to lower television advertising expense. The reductions in advertising
and  promotion  expenses  were offset by  increases  in  utilities,  payroll and
property tax expenses.

         Depreciation expense was $29,000 and $33,000 for the three months ended
March 31, 2008 and 2007, respectively.

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

         Cash generated from  operations  ($1,431,000 for the three months ended
March 31,  2008) has been  sufficient  to meet all  current  obligations  of the
Partnership.  Capital  improvements  totaled  $28,000  and  $1,000 for the three
months ended March 31, 2008 and 2007, 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.

DISTRIBUTIONS

         The Partnership Agreement requires that cash available for distribution
(cash flow from all sources less cash  necessary for any  obligations or capital
improvement  needs) be distributed at least quarterly.  We paid distributions to
the  limited  and  general  partners  totaling  $880,000  ($44.00  per unit) and
$305,000,  respectively,  for the three months ended March 31, 2008.  During the
three  months  ended March 31, 2007,  we paid  distributions  to the limited and
general partners totaling $860,000 ($43.00 per unit) and $298,000, respectively.
Future  distribution  rates amy be adjusted  to levels  which are  supported  by
operating  cash  flow  after  capital   improvements  and  any  other  necessary
obligations.

                                       12
<PAGE>


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  Securities  Exchange Act of 1934,  as
amended, ("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 Rules  13a-15(e) and 15d-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  and  management  necessarily  was  required to apply its judgment in
evaluating the cost-benefit  relationship of possible controls and procedures in
reaching that level of reasonable assurance.

         As of the end of the  fiscal  quarter  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 (as
such term is defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act. Based
on that evaluation, Public Storage's Chief Executive Officer and Chief Financial
Officer concluded that the Partnership's disclosure controls and procedures were
effective.

         There have not been any changes in our internal  control over financial
reporting (as such term is defined in Rules  13a-15(f)  and 15d-15(f)  under the
Exchange  Act)  during  the  quarter  to which  this  report  relates  that have
materially affected, or are reasonable likely to materially affect, our 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 March 31,  2008  condensed  financial  statements  in this Form 10-Q is
incorporated by reference in this Item 1.

ITEM 1A.  RISK FACTORS

         In addition to the other  information in this Quarterly  Report on Form
10-Q,  you should  consider  the risks  described  below that we believe  may be
material to investors  in  evaluating  the  Partnership.  This section  contains
forward-looking  statements,  and in considering  these  statements,  you should
refer to the  qualifications and limitations on our  forward-looking  statements
that are  described in Forward  Looking  Statements  at the beginning of Item 2.
Management's  Discussion  and  Analysis of  Financial  Condition  and Results of
Operations.

         THE GENERAL PARTNERS CONTROL THE PARTNERSHIP AS A GROUP.

         Public Storage is a general partner and beneficially owns approximately
31.4% of our  outstanding  limited  partnership  units.  In  addition,  B. Wayne
Hughes,  General Partner of the  Partnership,  and Chairman of PS and members of
his family beneficially own 31.5% of the limited partnership units. As a result,
the General  Partners,  as a group,  control matters  submitted to a vote of our
unitholders,  including  amending our organizational  documents,  dissolving the
Partnership and approving other such transactions.

         SINCE OUR BUSINESS CONSISTS  PRIMARILY OF 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        natural disasters, such as earthquakes;

o        potential terrorist attacks;

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

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;

o        increases in insurance  premiums,  property tax  assessments  and other
         operating and maintenance expenses;

o        adverse  changes in tax,  real estate and zoning laws and  regulations;
         and

o        tenant and employment-related claims.

         There is significant competition among self-storage facilities and from
other storage alternatives.  All of our properties are self-storage  facilities,
which  generated  substantially  all of our revenue  for the three month  period

                                       14
<PAGE>

ended March 31, 2008.  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 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  environmental  costs and liabilities.  As an
owner and operator 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,  whether from
environmental  or microbial  issues,  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
Partnership's  properties  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.

         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 our profitability.

         We must comply with the Americans  with  Disabilities  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  shareholders.  Failure  to comply  with  these
requirements could also affect the marketability of our real estate facilities.

         We incur liability from tenant and employment-related claims. From time
to time we must resolve tenant claims and employment-related claims by corporate
level and field personnel.

                                       15
<PAGE>


         PUBLIC   STORAGE'S   ACQUISITION   OF  SHURGARD   OR  OTHER   POTENTIAL
ACQUISITIONS  OR  DEVELOPMENT  OF  PROPERTIES  MAY  SUBJECT THE  PARTNERSHIP  TO
ADDITIONAL RISKS.

         In August 2006,  Public Storage  completed the  acquisition of Shurgard
Storage Centers, Inc.  ("Shurgard"),  a publicly held REIT that had interests in
approximately 646 self-storage  facilities located in the United States ("U.S.")
and Europe and acquires and develops other real estate facilities as part of its
ongoing  operations.  Such  acquisitions,  including the Shurgard merger, do not
change  the  financial  interests  of  the  Partnership.  However,  because  the
self-storage  facilities of the  Partnership  and Public  Storage are managed by
Public  Storage,  together  with the  newly  acquired  self-storage  facilities,
individual  Partnership  properties  may  experience  a  decrease  in  move-ins,
reductions  to  rental  rates,  increases  to  promotional  discounts,  or other
negative  impacts  to  revenues  in  the  short  and/or  long  term  due  to the
competitive   impact  of  Public  Storage   management  of  the  newly  acquired
facilities,  particularly with respect to those facilities that are close to the
Partnership's facilities.

         SOME  OF  OUR  REVENUES   INVOLVE   BUSINESSES   THAT  ARE  SUBJECT  TO
GOVERNMENTAL  REGULATION  WHICH  COULD  REDUCE  OUR  PROFITABILITY  OR LIMIT OUR
GROWTH.

         We receive  revenues  related to the offering of insurance  products to
our tenants.  These products are offered through an affiliate of PS, which holds
Limited Lines Self Storage  Insurance Agent licenses from a number of individual
state Departments of Insurance and are subject to state governmental  regulation
and  supervision.   This  state   governmental   supervision  could  reduce  our
profitability  or limit  our  growth  by  increasing  the  costs  of  regulatory
compliance,  limiting or restricting  the products or services we provide or the
methods by which we provide products and services,  or subjecting our businesses
to the possibility of regulatory  actions or proceedings.  The continued ability
of this affiliate to maintain these Limited Lines Self Storage  Insurance  Agent
licenses in the  jurisdictions in which it is licensed depends on its compliance
with the rules and regulations  promulgated  from time to time by the regulatory
authorities  in  each  of  these  jurisdictions.  Furthermore,  state  insurance
departments  conduct periodic  examinations,  audits and  investigations  of the
affairs of insurance agents.

         In all  jurisdictions,  the applicable laws and regulations are subject
to  amendment or  interpretation  by  regulatory  authorities.  Generally,  such
authorities  are vested with  relatively  broad  discretion to grant,  renew and
revoke licenses and approvals and to implement  regulations.  Accordingly,  this
affiliate may be precluded or temporarily suspended from carrying on some or all
of these activities or otherwise fined or penalized in a given jurisdiction.  No
assurances  can be given that our businesses can continue to be conducted in any
given  jurisdiction  as it has been  conducted  in the past.  For the year ended
December 31, 2007,  revenues from our tenant  reinsurance  business  represented
approximately  1.4% of our 2007  revenues  and 1.6% of revenues  for the quarter
ended March 31, 2008.

         TERRORIST  ATTACKS AND THE POSSIBILITY OF WIDER ARMED CONFLICT MAY 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 U.S. 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 U.S.  to enter into a wider  armed  conflict,  which could
further impact our business and operating results.

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

         All  of  the  Partnership's   properties  are  located  in  California.
California is facing budgetary problems. Action that may be taken in response to
these problems,  such as an increase in property taxes on commercial properties,

                                       16
<PAGE>

could adversely impact our business and results of operations.  In addition, the
Partnership  could be  adversely  impacted  by efforts  to  reenact  legislation
mandating medical  insurance for employees of California  businesses and members
of their families.

         INCREASES  IN  INTEREST  RATES MAY  ADVERSELY  AFFECT  THE PRICE OF OUR
PARTNERSHIP UNITS.

         One of the factors that  influence the market price of our  partnership
units is the annual  rate of  distributions  that we pay on the  securities,  as
compared with interest  rates. An increase in interest rates may lead purchasers
of partnership  units to demand higher annual  distribution  rates,  which could
adversely affect the market price of our partnership units.

         WE HAVE BECOME INCREASINGLY  DEPENDENT UPON AUTOMATED PROCESSES AND THE
INTERNET AND ARE FACED WITH SYSTEM SECURITY RISKS.

         We have become  increasingly  centralized  and dependent upon automated
information technology processes.  As a result, we could be severely impacted by
a catastrophic occurrence,  such as a natural disaster or a terrorist attack. In
addition,  a portion of our business operations are conducted over the Internet,
increasing the risk of viruses that could cause system  failures and disruptions
of operations.  Experienced  computer  programmers  may be able to penetrate our
network security and misappropriate our confidential information,  create system
disruptions or cause shutdowns.

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

         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. STOR-Re  provided limited
property and liability insurance coverage to the Partnership, PS, and affiliates
of PS for losses  occurring  prior to April 1, 2004.  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,  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.

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.


                                       17
<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: May 15, 2008

                                            PUBLIC STORAGE PROPERTIES, LTD.

                                            BY:  Public Storage
                                                 General Partner

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

                                       18
<PAGE>

Exhibit No.               Exhibit Index



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

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

32            Section 1350 Certifications. Filed herewith.


                                       19