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 March 31, 2003

                                       or

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

For the transition period from                 to
                               ---------------    ---------------

Commission File Number 0-8667
                       ------

                         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
--------------------------------------                                 -----
(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   No X
                                       ---  ---

<PAGE>

                                      INDEX

                                                                         Page

PART I.   FINANCIAL INFORMATION

Condensed balance sheets at March 31, 2003
     and December 31, 2002                                                  2

Condensed statements of income for the three
     months ended March 31, 2003 and 2002                                   3

Condensed statement of partners' deficit for the
     three months ended March 31, 2003                                      4

Condensed statements of cash flows for the
     three months ended March 31, 2003 and 2002                             5

Notes to condensed financial statements                                   6-7

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

Risk Factors                                                             9-11

Controls and Procedures                                                    11

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

Item 1  Legal Proceedings                                                  12

Item 6  Exhibits and Reports on From 8-K                                   12



<PAGE>



                         PUBLIC STORAGE PROPERTIES, LTD.
                            CONDENSED BALANCE SHEETS

<TABLE>
<CAPTION>
                                                                              March 31,             December 31,
                                                                                2003                   2002
                                                                            ---------------      ---------------
                                                                             (Unaudited)

                                     ASSETS

<S>                                                                         <C>                  <C>
Cash and cash equivalents                                                   $      635,000       $      538,000
Rent and other receivables                                                          32,000               49,000

Real estate facilities, at cost:
     Building, land improvements and equipment                                   9,238,000            9,217,000
     Land                                                                        2,476,000            2,476,000
                                                                            ---------------      ---------------
                                                                                11,714,000           11,693,000

     Less accumulated depreciation                                              (8,284,000)          (8,152,000)
                                                                            ---------------      ---------------
                                                                                 3,430,000            3,541,000

Other assets                                                                        28,000               50,000
                                                                            ---------------      ---------------

Total assets                                                                $    4,125,000       $    4,178,000
                                                                            ===============      ===============


                        LIABILITIES AND PARTNERS' EQUITY


Accounts payable                                                            $        6,000       $       52,000
Deferred revenue                                                                   158,000              160,000

Partners' equity:
     Limited partners' equity, $500 per unit, 20,000 units
       authorized, issued and outstanding                                        2,941,000            2,944,000
     General partners' equity                                                    1,020,000            1,022,000
                                                                            ---------------      ---------------
     Total partners' equity                                                      3,961,000            3,966,000
                                                                            ---------------      ---------------

Total liabilities and partners' equity                                      $    4,125,000       $    4,178,000
                                                                            ===============      ===============
</TABLE>
                            See accompanying notes.
                                       2

<PAGE>

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

<TABLE>
<CAPTION>
                                                                               Three Months Ended
                                                                                   March 31,
                                                                      -----------------------------------
                                                                            2003                2002
                                                                      ---------------     ---------------

  REVENUES:

  <S>                                                                 <C>                 <C>
  Rental income                                                       $    1,503,000      $    1,481,000
  Other income                                                                11,000               9,000
                                                                      ---------------     ---------------
                                                                           1,514,000           1,490,000
                                                                      ---------------     ---------------

  COSTS AND EXPENSES:

  Cost of operations                                                         326,000             274,000
  Management fees paid to affiliate                                           92,000              89,000
  Depreciation                                                               132,000             128,000
  Administrative                                                              26,000              22,000
  Interest expense                                                                 -              10,000
                                                                      ---------------     ---------------
                                                                             576,000             523,000
                                                                      ---------------     ---------------

  NET INCOME                                                          $      938,000      $      967,000
                                                                      ===============     ===============

  Limited partners' share of net income ($34.80 per unit
    in 2003 and $47.85 per unit in 2002)                              $      696,000      $      957,000

  General partners' share of net income                                      242,000              10,000
                                                                      ---------------     ---------------
                                                                      $      938,000      $      967,000
                                                                      ===============     ===============
</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
                                                       -----------------    -----------------     -----------------

<S>                                                   <C>                  <C>                   <C>
Balance at December 31, 2002                           $      2,944,000     $      1,022,000      $      3,966,000

Net income                                                      696,000              242,000               938,000

Distributions                                                  (700,000)            (243,000)             (943,000)

Equity transfer                                                   1,000               (1,000)                    -
                                                       -----------------    -----------------     -----------------

Balance at March 31, 2003                              $      2,941,000     $      1,020,000      $      3,961,000
                                                       =================    =================     =================
</TABLE>
                            See accompanying notes.
                                       4

<PAGE>

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

<TABLE>
<CAPTION>
                                                                                      Three Months Ended
                                                                                            March 31,
                                                                              -------------------------------------
                                                                                  2003                 2002
                                                                              ----------------     ----------------
  Cash flows from operating activities:

  <S>                                                                         <C>                  <C>
    Net income                                                                $       938,000      $       967,000

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

         Depreciation                                                                 132,000              128,000
         Decrease in rent and other receivables                                        17,000               47,000
         Amortization of prepaid loan fees                                                  -                4,000
         Decrease in other assets                                                      22,000                3,000
         (Decrease) increase in accounts payable                                      (46,000)              67,000
         Decrease in deferred revenue                                                  (2,000)              (3,000)
                                                                              ----------------     ----------------
             Total adjustments                                                        123,000              246,000
                                                                              ----------------     ----------------

             Net cash provided by operating activities                              1,061,000            1,213,000
                                                                              ----------------     ----------------

  Cash flows from investing activities:

    Additions to real estate facilities                                               (21,000)             (30,000)
                                                                              ----------------     ----------------
             Net cash used in investing activities                                    (21,000)             (30,000)
                                                                              ----------------     ----------------

  Cash flows from financing activities:

    Distributions paid to partners                                                   (943,000)                   -
    Principal payments on note payable to commercial bank                                   -           (1,050,000)
                                                                              ----------------     ----------------
             Net cash used in financing activities                                   (943,000)          (1,050,000)
                                                                              ----------------     ----------------

  Net increase in cash and cash equivalents                                            97,000              133,000

  Cash and cash equivalents at the beginning of the period                            538,000              175,000
                                                                              ----------------     ----------------
  Cash and cash equivalents at the end of the period                          $       635,000      $       308,000
                                                                              ================     ================
</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, 2002.

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 March 31, 2003, the results of its operations for the three
         months  ended  March 31, 2003 and 2002 and its cash flows for the three
         months then ended.

3.       The results of operations for the three months ended March 31, 2003 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%. The loan was scheduled to mature in
         October 2002.  During the second quarter of 2002, the Partnership  paid
         the loan in full without premium or penalty.

5.       The  Partnership   Agreement  requires  that  any  cash  available  for
         distribution  (cash flow from all sources less cash  necessary  for any
         obligations  or  capital  improvement  needs) be  distributed  at least
         quarterly.  Cash  distributions were suspended in the fourth quarter of
         1990  due  to  debt   service   payments.   The   Partnership   resumed
         distributions  in the third quarter of 2002 because all debt was repaid
         at June 30,  2002.  We paid  distributions  to the  limited and general
         partners totaling $700,000 (35.00 per unit) and $243,000, respectively,
         for the first three months of 2003.  Future  distribution  rates may be
         adjusted to levels which are  supported  by  operating  cash flow after
         capital improvements and any other necessary obligations.

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

         Any real  estate  which we expect to sell or  dispose of prior to their
         previously  estimated  useful  life are  stated  at the  lower of their
         estimated net realizable  value or their carrying  value,  less cost to
         sell, and are evaluated throughout the sale process for impairment.

                                       6

<PAGE>

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


7.       Related Party Transactions

         The Partnership has a Management Agreement with PSI. Under the terms of
         the  agreement,  PSI operates the  mini-warehouse  facilities for a fee
         equal to 6% of the  facilities'  gross  revenue (as  defined).  For the
         three months ended March 31, 2003 and 2002,  the  Partnership  paid PSI
         $92,000  and  $89,000,   respectively,   pursuant  to  this  management
         agreement.

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

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

8.       Commitments and Contingencies

         Legal Proceedings

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

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

         The claim in this case is  substantially  similar to those in Henriquez
         v. Public  Storage,  Inc.,  which was  disclosed in prior  reports.  In
         January  2003,  the  plaintiff   caused  the  Henriquez  action  to  be
         dismissed.  Based upon the  uncertainty  inherent in any putative class
         action,   Public  Storage  cannot  presently  determine  the  potential
         damages,  if any, or the ultimate  outcome of this  litigation.  Public
         Storage is vigorously  contesting the claims upon which this lawsuit is
         based.

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

         The  plaintiffs  in this  case are  suing  the  Company  on behalf of a
         purported class of California resident property managers who claim that
         they were not  compensated  for all the hours  they  worked.  The named
         plaintiffs  have indicated that their claims total less than $20,000 in
         aggregate.  This maximum potential  liability cannot be estimated,  but
         can  only be  increased  if a  class  is  certified  or if  claims  are
         permitted  to be brought on behalf of the others  under the  California
         Unfair  Business  Practices  Act.  The  plaintiffs'  motion  for  class
         certification  was denied in August 2002; the plaintiffs  have appealed
         this  denial.  This  denial  does not deal  with the  claim  under  the
         California Unfair Business Practices Act.

         The  Partnership is a party to various  claims,  complaints,  and other
         legal  actions that have arisen in the normal  course of business  from
         time to time. The Partnership  believes that the outcome of these other
         pending legal proceedings,  in the aggregate,  will not have a material
         adverse  effect  upon  the  operations  or  financial  portion  of  the
         Partnership.

                                       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 are  described in Item 1A,  "Risk  Factors" and include  changes in
general economic conditions and in the markets in which the Partnership operates
and the impact of  competition  from new and  existing  storage  and  commercial
facilities  and  other  storage  alternatives,  which  could  impact  rents  and
occupancy levels at the Partnership's  facilities;  the impact of the regulatory
environment as well as national,  state, and local laws and  regulations,  which
could  increase  the  Partnership's  expense and reduce the  Partnership's  cash
available for distribution; and economic uncertainty due to the impact of war or
terrorism could  adversely  affect our business plan. We disclaim any obligation
to  publicly  release  the  results of any  revisions  to these  forward-looking
statements  reflecting new estimates,  events or circumstances after the date of
this report.

CRITICAL ACCOUNTING POLICIES
----------------------------

         Impairment of Long Lived Assets

         Substantially  all of our assets  consist of real estate.  We quarterly
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  cashflows,  which also
involves significant  judgment.  We have identified no such impairments at March
31, 2003.  However,  future events,  or facts and  circumstances  that currently
exist that we have not yet identified,  could cause us to conclude in the future
that our real estate is impaired.  Any  resulting  impairment  loss could have a
material adverse impact on our financial condition and results of operations.

         Estimated Useful Lives of Long-Lived Assets

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

         Accruals for Contingencies

         We are exposed to business  and legal  liability  risks with respect to
events that have occurred,  but in accordance with generally accepted accounting
principles 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 Note 8 to the
partnership's financial statements.

                                       8

<PAGE>

         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.

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

         Three months ended March 31, 2003  compared to three months ended March
31, 2002:

         Our net income for the three  months  ended March 31, 2003 was $938,000
compared to $967,000 for the three months ended March 31, 2002,  representing  a
decrease  of  $29,000 or 3%.  The  decrease  is  attributable  to a decrease  in
property net operating income at the Partnership's real estate facilities.

         Rental income for the three months ended March 31, 2003 was  $1,503,000
compared to $1,481,000  for the three months ended March 31, 2002,  representing
an increase of $22,000 or 1%. The increase  was  attributable  to higher  rental
rates.  Annual realized rent for the three months ended March 31, 2003 increased
to $13.83 per occupied  square foot from $13.82 per occupied square foot for the
three months ended March 31, 2002. The weighted average  occupancy levels at the
mini-warehouse  facilities were 88% and 87% for the three months ended March 31,
2003 and 2002, respectively.

         Cost of operations (including management fees paid to an affiliate) for
the three months ended March 31, 2003 was $418,000  compared to $363,000 for the
three months ended March 31, 2002,  representing  an increase of $55,000 or 15%.
This  increase is mainly  attributable  to increases  in payroll and  television
advertising expenses.

         For the three  months  ended March 31,  2002,  we  incurred  $10,000 of
interest expense.  As a result of the loan being paid in full during 2002, there
was no interest expense incurred in the three months ended March 31, 2003.

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

         Cash generated from  operations  ($1,061,000 for the three months ended
March 31,  2003) has been  sufficient  to meet all  current  obligations  of the
Partnership.

         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%.  The was  scheduled to mature  October  2002.  During the
second quarter of 2002, the Partnership paid the loan in full without premium or
penalty.

RISK FACTORS
------------

         In addition to the other information in our Form 10-Q and Annual Report
on Form 10-K for the year ended  December  31,  2002,  you should  consider  the
following factors in evaluating the Partnership:

         PUBLIC   STORAGE  HAS  A   SIGNIFICANT   DEGREE  OF  CONTROL  OVER  THE
PARTNERSHIP.

         Public Storage is general partner and owns  approximately  31.4% of our
outstanding  limited partnership units. In addition,  PS Orangeco  Partnerships,
Inc., an affiliate of Public Storage, owns an additional 0.1% of our outstanding
limited partnership units. As a result,  Public Storage has a significant degree
of  control  over  matters  submitted  to a vote of our  unitholders,  including
amending our organizational documents,  dissolving the Partnership and approving
other extraordinary transactions.

                                       9

<PAGE>

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

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

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

         o    changes in general economic or local conditions;

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

         o    potential terrorists attacks;

         o    the impact of environmental protection laws;

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

         o    changes in tax, real estate and zoning laws.

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

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

         We  have  conducted  preliminary   environmental   assessments  on  the
properties  the  Partnership  has an interest in 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.

                                       10

<PAGE>

         Property   taxes  can  increase  and  cause  a  decline  in  yields  on
investments.  Each of our  properties is subject to real property  taxes.  These
real property  taxes may increase in the future as property tax rates change and
as our properties are assessed or reassessed by tax authorities.  Such increases
could adversely impact the Partnership's profitability.

         We must comply with 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 accomodations" and "commercial  facilities," but generally requires that
buildings be made  accessible to persons with  disabilities.  Various state laws
impose similar  requirements.  A failure to comply with the ADA or similar state
laws could result in government  imposed fines on us and the award of damages to
individuals affected by the failure. In addition, we must operate our properties
in compliance with numerous local fire and safety  regulations,  building codes,
and other land use regulations.  Compliance with these  requirements can require
us to spend  substantial  amounts of money,  which would  reduce cash  otherwise
available  for   distribution   to  Partners.   Failure  to  comply  with  these
requirements could also affect the marketability of our real estate facilities.

         TERRORIST  ATTACKS AND THE POSSIBILITY OF WIDER ARMED CONFLICT 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  United  States or its  businesses  or
interests.  Attacks or armed  conflicts that directly  impact one or more of our
properties  could  significantly  affect our ability to operate those properties
and thereby  impair our operating  results.  Further,  we may not have insurance
coverage for losses  caused by a terrorist  attack.  Such  insurance  may not be
available,  or if it is  available  and  we  decide  to  obtain  such  terrorist
coverage,  the cost for the insurance may be significant in  relationship to the
risk  overall.  In  addition,  the adverse  effects  that such  violent acts and
threats of future attacks could have on the U.S.  economy could similarly have a
material  adverse  effect on our  business and results of  operations.  Finally,
further terrorist acts could cause the United States to enter into a wider armed
conflict, which could further impact our business and operating results.

CONTROLS AND PROCEDURES
-----------------------

         The Partnership  maintains  disclosure controls and procedures that are
designed to ensure that  information  required  to be  disclosed  in reports the
Partnership  files and submits under the Exchange  Act, is recorded,  processed,
summarized and reported within the time periods specified in accordance with SEC
guidelines  and that  such  information  is  communicated  to the  Partnership's
management,  including its Chief Executive Officer and Chief Financial  Officer,
to allow timely decisions  regarding required disclosure based on the definition
of "disclosure  controls and  procedures" in Rule 13a-14(c) 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.

Within 90 days prior to the date of this report, the Partnership  carried out an
evaluation,   under  the   supervision  and  with  the   participation   of  the
Partnership's  management,  including the Partnership's  Chief Executive Officer
and the  Partnership's  Chief Financial  Officer,  of the  effectiveness  of the
design and operation of the  Partnership's  disclosure  controls and procedures.
Based upon this evaluation,  the Partnership's Chief Executive Officer and Chief
Financial  Officer  concluded  that the  Partnership's  disclosure  controls and
procedures  were  effective.  There  have  been no  significant  changes  in the
Partnership's  internal  controls or in other  factors that could  significantly
affect  the  internal  controls  subsequent  to the  date  of the  Partnership's
evaluation.

                                       11

<PAGE>

                           PART II. OTHER INFORMATION


Item 1   Legal Proceedings

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

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

         The claim in this case is  substantially  similar to those in Henriquez
         v. Public  Storage,  Inc.,  which was  disclosed in prior  reports.  In
         January  2003,  the  plaintiff   caused  the  Henriquez  action  to  be
         dismissed.  Based upon the  uncertainty  inherent in any putative class
         action,   Public  Storage  cannot  presently  determine  the  potential
         damages,  if any, or the ultimate  outcome of this  litigation.  Public
         Storage is vigorously  contesting the claims upon which this lawsuit is
         based.

         The Partnership is also a party to the actions described under "Item 3.
         Legal  Proceedings"  in the  Partnership's  2002 annual  report on Form
         10-K.   Except  as  described  above,   there  have  been  no  material
         developments in the actions described in the Partnership's  2002 annual
         report on Form 10-K.

         The  Partnership is a party to various  claims,  complaints,  and other
         legal  actions that have arisen in the normal  course of business  from
         time to time. The Partnership  believes that the outcome of these other
         pending legal proceedings,  in the aggregate,  will not have a material
         adverse  effect  upon  the  operations  or  financial  portion  of  the
         Partnership.

Items 2 through 5 are inapplicable.

Item 6   Exhibits and Reports on Form 8-K

         (a)  The following exhibit is included herein:

                Certification of CEO and CFO Pursuant to 18 U.S.C. Section 1350,
                as Adopted Pursuant to Section 906 of the  Sarbanes-Oxley Act of
                2002

         (b)  Form 8-K

                  None

                                       12

<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, 2003

                                          PUBLIC STORAGE PROPERTIES, LTD.

                                          BY: Public Storage, Inc.
                                              General Partner

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

                                       13