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, 1999

                                       or

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

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

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

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


              California                                        95-3196921
-----------------------------------------                 ----------------------
    (State or other jurisdiction of                          (I.R.S. Employer
    incorporation or organization)                        Identification Number)


            701 Western Ave.
          Glendale, California                                  91201-2349
-----------------------------------------                 ----------------------
(Address of principal executive offices)                        (Zip Code)


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


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports)  and  (2)  has  been  subject  to such  filing
requirements for the past 90 days.

                                    Yes X No
                                       ---  ---

<PAGE>

                                      INDEX

                                                                         Page
PART I.   FINANCIAL INFORMATION

   Condensed balance sheets at March 31, 1999
     and December 31, 1998                                                  2

   Condensed statements of income for the three
     months ended March 31, 1999 and 1998                                   3

   Condensed statement of partners' deficit for the
     three months ended March 31, 1999                                      4

   Condensed statements of cash flows for the
     three months ended March 31, 1999 and 1998                             5

   Notes to condensed financial statements                                6-7

   Management's discussion and analysis of
     financial condition and results of operations                       8-11


PART II.  OTHER INFORMATION                                                12

<PAGE>

                         PUBLIC STORAGE PROPERTIES, LTD.
                            CONDENSED BALANCE SHEETS


<TABLE>
<CAPTION>
                                                                       March 31,            December 31,
                                                                          1999                  1998
                                                                     ---------------       ---------------        
                                                                      (Unaudited)

                                     ASSETS
                                     ------

<S>                                                                  <C>                   <C>           
Cash and cash equivalents                                            $      114,000        $      248,000
Rent and other receivables                                                   29,000                36,000

Real estate facilities, at cost:
     Building, land improvements and equipment                            8,504,000             8,440,000
     Land                                                                 2,511,000             2,511,000
                                                                     ---------------       ---------------        
                                                                         11,015,000            10,951,000

     Less accumulated depreciation                                       (6,132,000)           (5,990,000)
                                                                     ---------------       ---------------        
                                                                          4,883,000             4,961,000

Other assets                                                                100,000               104,000
                                                                     ---------------       ---------------        

Total assets                                                         $    5,126,000        $    5,349,000
                                                                     ===============       ===============        


                        LIABILITIES AND PARTNERS' DEFICIT
                        ---------------------------------

Accounts payable                                                     $      179,000        $       96,000
Deferred revenue                                                            128,000               127,000
Note payable to commercial bank                                          11,225,000            12,000,000

Partners' deficit:
     Limited partners' deficit, $500 per unit, 20,000 units
          authorized, issued and outstanding                             (4,756,000)           (5,104,000)
     General partners' deficit                                           (1,650,000)           (1,770,000)
                                                                     ---------------       ---------------        

     Total partners' deficit                                             (6,406,000)           (6,874,000)
                                                                     ---------------       ---------------        
Total liabilities and partners' deficit                              $    5,126,000        $    5,349,000
                                                                     ===============       ===============        
</TABLE>
                            See accompanying notes.
                                       2

<PAGE>

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


<TABLE>
<CAPTION>
                                                                                  Three Months Ended
                                                                                      March 31,
                                                                         -----------------------------------           
                                                                             1999                   1998
                                                                         ------------           ------------           

REVENUES:

<S>                                                                      <C>                    <C>         
Rental income                                                            $  1,174,000           $  1,107,000
Other income                                                                    2,000                  8,000
                                                                         ------------           ------------           

                                                                            1,176,000              1,115,000
                                                                         ------------           ------------           

COSTS AND EXPENSES:

Cost of operations                                                            306,000                262,000
Management fees paid to affiliate                                              70,000                 66,000
Depreciation expense                                                          142,000                117,000
Administrative                                                                 25,000                 13,000
Interest expense                                                              165,000                297,000
                                                                         ------------           ------------           

                                                                              708,000                755,000
                                                                         ------------           ------------           

NET INCOME                                                               $    468,000           $    360,000
                                                                         ============           ============           
Limited partners' share of net income ($23.15 per unit in 1999
     and $17.80 per unit in 1998)                                        $    463,000           $    356,000

General partners' share of net income                                           5,000                  4,000
                                                                         ------------           ------------           

                                                                         $    468,000           $    360,000
                                                                         ============           ============           
</TABLE>
                             See accompanyin notes.
                                       3

<PAGE>

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


<TABLE>
<CAPTION>
                                                                                                        Total
                                                         Limited                General               Partners'
                                                        Partners               Partners                Deficit
                                                    ----------------       ----------------       ----------------       
<S>                                                 <C>                    <C>                    <C>             
Balance at December 31, 1998                        $    (5,104,000)       $    (1,770,000)       $    (6,874,000)

Net income                                                  463,000                  5,000                468,000

Equity transfer                                            (115,000)               115,000                  -
                                                    ----------------       ----------------       ----------------       

Balance at March 31, 1999                           $    (4,756,000)       $    (1,650,000)       $    (6,406,000)
                                                    ================       ================       ================       
</TABLE>
                            See accompanying notes.
                                       4

<PAGE>

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


<TABLE>
<CAPTION>
                                                                              Three Months Ended
                                                                                    March 31,
                                                                       ------------------------------------          
                                                                           1999                   1998
                                                                       -------------          -------------          

Cash flows from operating activities:

     <S>                                                               <C>                    <C>         
     Net income                                                        $    468,000           $    360,000

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

         Depreciation                                                       142,000                117,000
         Decrease in rent and other receivables                               7,000                  5,000
         Amortization of prepaid loan fees                                     -                     8,000
         Decrease in other assets                                             4,000                   -
         Increase in accounts payable                                        83,000                 28,000
         Increase in deferred revenue                                         1,000                  5,000
                                                                       -------------          -------------          

         Total adjustments                                                  237,000                163,000
                                                                       -------------          -------------          

         Net cash provided by operating activities                          705,000                523,000
                                                                       -------------          -------------          

Cash flows from investing activities:

     Additions to real estate facilities                                    (64,000)               (11,000)
                                                                       -------------          -------------          

         Net cash used in investing activities                              (64,000)               (11,000)
                                                                       -------------          -------------          

Cash flows from financing activities:

     Principal payments on note payable to commercial bank                 (775,000)                   -
     Principal payments on mortgage note payable                               -                  (438,000)
                                                                       -------------          -------------          

         Net cash used in financing activities                             (775,000)              (438,000)
                                                                       -------------          -------------          

Net (decrease) increase in cash and cash equivalents                       (134,000)                74,000

Cash and cash equivalents at the beginning of the period                    248,000                546,000
                                                                       -------------          -------------          

Cash and cash equivalents at the end of the period                     $    114,000           $    620,000
                                                                       =============          =============          
</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, 1998.

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, 1999 the results of its  operations  for the three
        months  ended  March 31,  1999 and 1998 and its cash flows for the three
        months then ended.

3.      The results of operations  for the three months ended March 31, 1999 are
        not necessarily indicative of the results expected for the full year.

4.      On June 1, 1998,  the  Partnership  paid down its  mortgage  note with a
        third  party  lender  by  $11,641,000.  The  payment  was made from cash
        reserves and an $11,000,000  loan from Public  Storage,  Inc., a general
        partner of the Partnership.  The loan from Public Storage, Inc. required
        monthly  interest  payments at the fixed rate of 7.3% and  matures  June
        1999. The loan to Public Storage, Inc. was paid off in October 1998 from
        the proceeds from a loan with a commercial bank.

5.      During  October  1998,  the  Partnership  borrowed  $12,400,000  from  a
        commercial  bank to payoff the loan from Public  Storage,  Inc.  and the
        mortgage  note  with a third  party.  The loan is  unsecured  and  bears
        interest at the London  Interbank  Offering  Rate  ("LIBOR")  plus 0.55%
        (5.49% as of March 31,  1999).  The loan  requires  monthly  payments of
        interest and mature October 2002.  Principal may be paid, in whole or in
        part, at any time without penalty or premium.

                                       6

<PAGE>

5.      (continued)

        The  Partnership  also entered into  interest  rate swap  agreements  to
        reduce  the  impact of  changes  in  interest  rates on a portion of its
        floating  rate debt.  The  agreement,  which covers  $5,000,000  of debt
        through  October  2000,  effectively  changes the interest rate exposure
        from  floating  rate to a fixed  rate of 5.205%.  The second  agreement,
        which covers  $2,500,000  of debt through  October 2001 and  effectively
        changes the interest rate exposure from floating rate to a fixed rate of
        5.33%. Market gains and losses on the value of the swap are deferred and
        included  in  income  over the  life of the  contract.  The  Partnership
        records the  differences  paid or received on the interest  rate swap in
        interest expense as payments are made or received. As of March 31, 1999,
        the  unrealized  gain on the  interest  rate  swap,  if  required  to be
        liquidated was approximately $25,000.

                                       7

<PAGE>

                        PUBLIC STORAGE PROPERTIES, LTD.,
                      MANAGEMENT'S DISCUSSION AND ANALYSIS
                OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS


FORWARD LOOKING STATEMENTS
--------------------------

         When  used  within  this  document,  the words  "expects,"  "believes,"
"anticipates,"  "should,"  "estimates," and similar  expressions are intended to
identify "forward-looking statements" within the meaning of that term in Section
27A of the  Securities  Exchange Act of 1933, as amended,  and in Section 21F of
the Securities Exchange Act of 1934, as amended. Such forward-looking statements
involve known and unknown risks,  uncertainties,  and other  factors,  which may
cause the actual  results and  performance  of the  Partnership to be materially
different  from those  expressed or implied in the forward  looking  statements.
Such factors include the impact of competition from new and existing real estate
facilities  which could  impact  rents and  occupancy  levels at the real estate
facilities that the Partnership's has an interest in; the Partnership's  ability
to  effectively  compete in the markets that it does  business in; the impact of
the  regulatory  environment  as well as  national,  state,  and local  laws and
regulations including, without limitation, those governing Partnerships; and the
impact of general economic  conditions upon rental rates and occupancy levels at
the real estate facilities that the Partnership has an interest in.

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

         THREE MONTHS ENDED MARCH 31, 1999  COMPARED TO THREE MONTHS ENDED MARCH
31, 1998:

         The  Partnership's net income for the three months ended March 31, 1999
was  $468,000  compared to $360,000  for the three  months ended March 31, 1998,
representing an increase of $108,000 or 30%. This increase is primarily a result
of increased operating results at the Partnership's real estate facilities and a
decrease in interest  expense  resulting from the  Partnership  refinancing  its
outstanding debt.

         Rental income for the three months ended March 31, 1999 was  $1,174,000
compared to $1,107,000  for the three months ended March 31, 1998,  representing
an  increase  of $67,000 or 6%.  This  increase  is  primarily  attributable  to
increased  rental  rates.   The  weighted   average   occupancy  levels  at  the
mini-warehouse  facilities were 93% and 94% for the three months ended March 31,
1999 and 1998, respectively.  Average monthly realized rent for the three months
ended March 31, 1999  increased to $.83 per  occupied  square foot from $.77 per
occupied square foot for the three months ended March 31, 1998.

         Cost of operations (including management fees paid to an affiliate) for
the three months ended March 31, 1999 was $376,000  compared to $328,000 for the
three months ended March 31, 1998,  representing  an increase of $48,000 or 15%.
This increase is mainly  attributable to increases in advertising and promotion,
payroll and repairs and maintenance expenses.

                                       8

<PAGE>

         Interest  expense  decreased  $132,000 to $165,000 in the three  months
ended March 31, 1999 from $297,000 in the same period in 1998.  This decrease is
mainly  attributable  to a  lower  outstanding  principal  balance  and  reduced
interest  rates on the  Partnership's  indebtedness.  See  Liquidity and Capital
Resources for a discussion of the refinancing of the Partnership's indebtedness.

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

         Cash  generated  from  operations  ($705,000 for the three months ended
March 31,  1999) has been  sufficient  to meet all  current  obligations  of the
Partnership.

         On June 1, 1998,  the  Partnership  paid down its mortgage  note with a
third party lender by  $11,641,000.  The payment was made from cash reserves and
an $11,000,000 loan from Public Storage, Inc. The loan from Public Storage, Inc.
required  monthly  interest  payments at the fixed rate of 7.3% and matures June
1999.  The loan to Public  Storage,  Inc.  was paid off in October 1998 from the
proceeds from a loan with a commercial bank.

         During  October  1998,  the  Partnership  borrowed  $12,400,000  from a
commercial  bank to payoff the loan from Public  Storage,  Inc. and the mortgage
note with a third party.  The loan is unsecured and bears interest at the London
Interbank  Offering Rate ("LIBOR") plus 0.55% (5.49% as of March 31, 1999).  The
loan requires  monthly  payments of interest and mature October 2002.  Principal
may be paid, in whole or in part, at any time without penalty or premium.

         The  Partnership  also entered into  interest  rate swap  agreements to
reduce the impact of changes in interest rates on a portion of its floating rate
debt.  The  agreement,  which covers  $5,000,000  of debt through  October 2000,
effectively  changes the interest  rate  exposure  from floating rate to a fixed
rate of 5.205%.  The second  agreement,  which covers $2,500,000 of debt through
October 2001 and  effectively  changes the interest  rate exposure from floating
rate to a fixed rate of 5.33%.  Market gains and losses on the value of the swap
are  deferred  and  included  in  income  over  the  life of the  contract.  The
Partnership  records the differences  paid or received on the interest rate swap
in interest expense as payments are made or received.  As of March 31, 1999, the
unrealized  gain on the interest  rate swap,  if required to be  liquidated  was
approximately $25,000.

Year 2000 System Issues
-----------------------

         The Partnership utilizes PSI's information systems in connection with a
cost  sharing  and  administrative  services  agreement.  PSI has  completed  an
assessment  of  all  of its  hardware  and  software  applications  to  identify
susceptibility  to what is  commonly  referred  to as the  "Y2K  Issue"  whereby
certain computer programs have been written using two digits rather than four to
define the applicable year. Any of PSI's computer  programs or hardware with the
Y2K Issue that have date-sensitive  applications or embedded chips may recognize
a date  using "00" as the year 1900  rather  than the year  2000,  resulting  in
miscalculations or system failure causing disruptions of operations.

                                       9

<PAGE>

         PSI has two phases in its process  with respect to each of its systems;
i)  assessment,  whereby PSI  evaluates  whether the system is Y2K compliant and
identifies  the plan of  action  with  respect  to  remediating  any Y2K  issues
identified  and ii)  implementation,  whereby PSI  completes  the plan of action
prepared in the  assessment  phase and  verifies  that Y2K  compliance  has been
achieved.

         Many of PSI's critical applications,  relative to the direct management
of  properties,  have  recently  been replaced and PSI believes they are already
Year 2000  compliant.  PSI has an  implementation  in process  on the  remaining
critical  applications,  including its general ledger and related systems,  that
are believed to have Y2K issues.  PSI expects the  implementation to be complete
by June  1999.  Contingency  plans  have been  developed  for use in case  PSI's
implementations  are not  completed  on a  timely  basis.  While  PSI  presently
believes  that the impact of the Y2K Issue on its systems can be  mitigated,  if
PSI's plan for ensuring Year 2000 Compliance and the related  contingency  plans
were  to  fail,  be  insufficient,  or not be  implemented  on a  timely  basis,
Partnership operations could be materially impacted.

         Certain  of  PSI's  other  non-computer  related  systems  that  may be
impacted  by the Y2K  Issue,  such as  security  systems,  are  currently  being
evaluated,  and PSI expects  the  evaluation  to be  complete by June 1999.  PSI
expects the  implementation of any required  solutions to be complete in advance
of December 31,  1999.  PSI has not fully  evaluated  the impact of lack of Year
2000  compliance  on these  systems,  but has no reason to believe  that lack of
compliance would materially impact the Partnership's operations.

         The Partnership  exchanges electronic data with certain outside vendors
in the banking and payroll processing areas. The Partnership has been advised by
these  vendors that their  systems are or will be Year 2000  compliant,  but has
requested  a  Year  2000  compliance  certification  from  these  entities.  The
Partnership  is not aware of any other  vendors,  suppliers,  or other  external
agents with a Y2K Issue that would  materially  impact the Company's  results of
operations,  liquidity,  or capital resources.  However,  the Partnership has no
means of ensuring that external  agents will be Year 2000  compliant,  and there
can be no assurance that the Company has  identified  all such external  agents.
The inability of external agents to complete their Year 2000 compliance  process
in a timely  fashion  could  materially  impact the  Partnership.  The effect of
non-compliance by external agents is not determinable.

         The cost of the PSI's Year 2000 compliance  activities (which primarily
consists of the costs of new  systems) to be  allocated  to the  Partnership  is
estimated at approximately $40,311. These costs are capitalized. PSI's Year 2000
compliance  efforts  have not  resulted in any  significant  deferrals  in other
information system projects.

         The costs of the projects and the date on which PSI and the Partnership
expect  to  achieve  Year  2000  Compliance  are based  upon  management's  best
estimates,  and were derived  utilizing  numerous  assumptions of future events.

                                       10

<PAGE>

There can be no assurance  that these  estimates  will be  achieved,  and actual
results  could  differ  materially  from  those  anticipated.  There  can  be no
assurance  that the  Partnership  or PSI has identified all potential Y2K Issues
either within the Partnership,  at PSI, or at external agents. In addition,  the
impact of the Y2K issue on governmental  entities and utility  providers and the
resultant  impact on the  Partnership,  as well as  disruptions  in the  general
economy, may be material but cannot be reasonably determined or quantified.

                                       11

<PAGE>

                           PART II. OTHER INFORMATION


ITEMS 1 through 5 are inapplicable.

ITEM 6 Exhibits and Reports on Form 8-K

             (a)  The following Exhibit is included herein:

                  (27) Financial Data Schedule

             (b)  Form 8 - K

                  None.


                                   SIGNATURES


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




                                                DATED: May 14, 1999

                                                PUBLIC STORAGE PROPERTIES, LTD.

                                                BY:  Public Storage, Inc.
                                                     General Partner




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

                                       12