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, 2000

                                       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   No X
                                      ---   ---

<PAGE>

                                      INDEX

                                                                            Page
                                                                            ----

PART I.   FINANCIAL INFORMATION

Condensed balance sheets at March 31, 2000
     and December 31, 1999                                                     2

Condensed statements of income for the three
     months ended March 31, 2000 and 1999                                      3

Condensed statement of partners' deficit for the
     three months ended March 31, 2000                                         4

Condensed statements of cash flows for the
     three months ended March 31, 2000 and 1999                                5

Notes to condensed financial statements                                        6

Management's discussion and analysis of
     financial condition and results of operations                           7-8

PART II.  OTHER INFORMATION

Item 6  Exhibits and Reports on Form 8-K                                       9

<PAGE>

                         PUBLIC STORAGE PROPERTIES, LTD.
                            CONDENSED BALANCE SHEETS


<TABLE>
<CAPTION>
                                                                                March 31,          December 31,
                                                                                 2000                  1999
                                                                            ---------------      ---------------
                                                                             (Unaudited)

                                     ASSETS
                                     ------

<S>                                                                         <C>                  <C>
Cash and cash equivalents                                                   $      301,000       $       153,000
Rent and other receivables                                                          26,000                73,000

Real estate facilities, at cost:
     Building, land improvements and equipment                                   8,613,000             8,611,000
     Land                                                                        2,479,000             2,511,000
                                                                            ---------------      ---------------
                                                                                11,092,000            11,122,000

     Less accumulated depreciation                                              (6,708,000)           (6,569,000)
                                                                            ---------------      ---------------
                                                                                 4,384,000             4,553,000

Other assets                                                                        90,000                94,000
                                                                            ---------------      ---------------
Total assets                                                                $    4,801,000       $     4,873,000
                                                                            ===============      ===============

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


Accounts payable                                                            $      100,000       $        78,000
Deferred revenue                                                                   156,000               156,000
Note payable to commercial bank                                                  8,425,000             9,225,000

Partners' deficit:
     Limited partners' deficit, $500 per unit, 20,000 units
       authorized, issued and outstanding                                       (2,881,000)           (3,405,000)
     General partners' deficit                                                    (999,000)           (1,181,000)
                                                                            ---------------      ---------------
     Total partners' deficit                                                    (3,880,000)           (4,586,000)
                                                                            ---------------      ---------------
Total liabilities and partners' deficit                                     $    4,801,000       $     4,873,000
                                                                            ===============      ===============
</TABLE>
                            See accompanying notes.
                                       2

<PAGE>

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


<TABLE>
<CAPTION>
                                                                              Three Months Ended
                                                                                   March 31,
                                                                      -----------------------------------
                                                                            2000                1999
                                                                      ---------------     ---------------
  REVENUES:

  <S>                                                                 <C>                 <C>
  Rental income                                                       $    1,287,000      $    1,174,000
  Gain on sale of land                                                        66,000                   -
  Other income                                                                 2,000               2,000
                                                                      ---------------     ---------------
                                                                           1,355,000           1,176,000
                                                                      ---------------     ---------------
  COSTS AND EXPENSES:

  Cost of operations                                                         287,000             306,000
  Management fees paid to affiliate                                           77,000              70,000
  Depreciation                                                               139,000             142,000
  Administrative                                                              29,000              25,000
  Interest expense                                                           117,000             165,000
                                                                      ---------------     ---------------
                                                                             649,000             708,000
                                                                      ---------------     ---------------
  NET INCOME                                                          $      706,000      $      468,000
                                                                      ===============     ===============

  Limited partners' share of net income ($34.95 per unit
    in 2000 and $23.15 per unit in 1999)                              $      699,000      $      463,000

  General partners' share of net income                                        7,000               5,000
                                                                      ---------------     ---------------
                                                                      $      706,000      $      468,000
                                                                      ===============     ===============
</TABLE>
                            See accompanying 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, 1999                           $     (3,405,000)    $     (1,181,000)    $     (4,586,000)

Net income                                                      699,000                7,000              706,000

Equity transfer                                                (175,000)             175,000                    -
                                                       -----------------    -----------------    -----------------
Balance at March 31, 2000                              $     (2,881,000)    $       (999,000)    $     (3,880,000)
                                                       =================    =================    =================
</TABLE>
                            See accompanying notes.
                                        4

<PAGE>

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


<TABLE>
<CAPTION>
                                                                                        Three Months Ended
                                                                                            March 31,
                                                                              -------------------------------------
                                                                                     2000                 1999
                                                                              ----------------     ----------------
  Cash flows from operating activities:

  <S>                                                                         <C>                  <C>
    Net income                                                                $       706,000      $       468,000

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

         Depreciation                                                                 139,000              142,000
         Gain on sale of land                                                         (66,000)                   -
         Decrease in rent and other receivables                                        47,000                7,000
         Decrease in other assets                                                       4,000                4,000
         Increase in accounts payable                                                  22,000               83,000
         Increase in deferred revenue                                                       -                1,000
                                                                              ----------------     ----------------
             Total adjustments                                                        146,000              237,000
                                                                              ----------------     ----------------
             Net cash provided by operating activities                                852,000              705,000
                                                                              ----------------     ----------------

  Cash flows from investing activities:

    Proceeds from sale of land                                                         98,000                    -
    Additions to real estate facilities                                                (2,000)             (64,000)
                                                                              ----------------     ----------------
             Net cash provided by (used in) investing activities                       96,000              (64,000)
                                                                              ----------------     ----------------

  Cash flows from financing activities:

    Principal payments on note payable to commercial bank                            (800,000)            (775,000)
                                                                              ----------------     ----------------
             Net cash used in financing activities                                   (800,000)            (775,000)
                                                                              ----------------     ----------------
  Net increase (decrease) in cash and cash equivalents                                148,000             (134,000)

  Cash and cash equivalents at the beginning of the period                            153,000              248,000
                                                                              ----------------     ----------------
  Cash and cash equivalents at the end of the period                          $       301,000      $       114,000
                                                                              ================     ================
</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, 1999.

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, 2000, the results of its operations for the three
         months  ended  March 31, 2000 and 1999 and its cash flows for the three
         months then ended.

3.       The results of operations for the three months ended March 31, 2000 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% (6.68% as of March 31, 2000).  The
         loan requires  monthly  payments of interest and matures  October 2002.
         Principal may be paid, in whole or in part, at any time without penalty
         or premium.  We also  entered into  interest  rate swap  agreements  to
         reduce  the impact of  changes  in  interest  rates on a portion of its
         floating  rate debt.  The  agreement,  which covers  $5,000,000 of debt
         through  October 2000,  effectively  changes the interest rate exposure
         from  floating  rate to a fixed rate of 5.205%.  The second  agreement,
         which covers  $2,500,000 of debt through  October 2001 and  effectively
         changes the interest  rate  exposure from floating rate to a fixed rate
         of 5.33%. Market gains and losses on the value of the swap are deferred
         and  included  in income over the life of the  contract.  We record the
         differences  paid or  received  on the  interest  rate swap in interest
         expense as  payments  are made or  received.  As of March 31,  2000 the
         unrealized  gain on the interest swap, if required to be liquidated was
         approximately $85,000.

5.       We sold during March 2000 excess land  adjacent to one of our operating
         properties  for  $98,000.  This  resulted  in a gain of  $66,000  being
         realized in the first quarter of 2000.

                                       6

<PAGE>

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


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

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

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

         THREE MONTHS ENDED MARCH 31, 2000  COMPARED TO THREE MONTHS ENDED MARCH
31, 1999:

         Our net income for the three  months  ended March 31, 2000 was $706,000
compared to $468,000 for the three months ended March 31, 1999,  representing an
increase of $238,000 or 51%. These  increases are primarily a result of the sale
of excess  land which  resulted  in a gain of  $66,000  and  increased  property
operating results combined with a decrease in interest expense.

         Rental income for the three months ended March 31, 2000 was  $1,287,000
compared to $1,174,000  for the three months ended March 31, 1999,  representing
an increase of $113,000 or 10%. These  increases are primarily  attributable  to
higher  rental  rates  and  higher  occupancy   levels  at  our   mini-warehouse
facilities.   The  weighted  average  occupancy  levels  at  the  mini-warehouse
facilities  were 95% and 93% for the three months ended March 31, 2000 and 1999,
respectively.  Annual  realized  rent for the three  months ended March 31, 2000
increased to $10.64 per occupied square foot from $9.94 per occupied square foot
for the three months ended March 31,1999.

         Cost of operations (including management fees paid to an affiliate) for
the three months ended March 31, 2000 was $364,000  compared to $376,000 for the
three  months ended March 31,  1999,  representing  a decrease of $12,000 or 3%.
This decrease is mainly attributable to decreases in professional fees.

                                        7

<PAGE>

         Interest  expense  decreased  $48,000 to $117,000  for the three months
ended March 31, 2000 from $165,000 for the same period in 1999. This decrease is
mainly attributable to lower outstanding  principal balances.  See Liquidity and
Capital  Resources  for a discussion  of the  refinancing  of the  Partnership's
indebtedness.

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

         Cash  generated  from  operations  ($852,000 for the three months ended
March 31,  2000) has been  sufficient  to meet all  current  obligations  of the
Partnership.

         During October 1998, we borrowed  $12,400,000 from a commercial bank to
payoff  other  loans.  The loan is  unsecured  and bears  interest at the London
Interbank  Offering Rate ("LIBOR") plus 0.55% (6.68% as of March 31, 2000).  The
loan requires  monthly  payments of interest and mature October 2002.  Principal
may be paid, in whole or in part, at any time without penalty or premium.

         We have also entered into interest  rate swap  agreements to reduce the
impact of changes in interest  rates on a portion of its floating rate debt. The
agreement,  which covers  $5,000,000 of debt through  October 2000,  effectively
changes the interest rate exposure from floating rate to a fixed rate of 5.205%.
The second  agreement,  which covers $2,500,000 of debt through October 2001 and
effectively  changes the interest  rate  exposure  from floating rate to a fixed
rate of 5.33%. Market gains and losses on the value of the swap are deferred and
included in income over the life of the contract. We record the differences paid
or received on the interest  rate swap in interest  expense as payments are made
or received.  As of March 31, 2000,  the  unrealized  gain on the interest  rate
swap, if required to be liquidated was approximately $85,000.

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

         The Year 2000 Issue arises  because many  computerized  systems use two
digits rather than four to identify a year. Date sensitive systems may recognize
the year 2000 as 1900 or some other date,  resulting in errors when  information
using year 2000 dates is processed.  In addition,  similar problems may arise in
some systems which use certain dates in 1999 to represent something other than a
date. Although the change in date to the year 2000 has occurred and no Year 2000
Issues have been identified,  it is not possible to conclude that all aspects of
the Year 2000  Issue  that may affect the  entity,  including  those  related to
customers, suppliers, or other third parties, have been fully resolved.

                                       8

<PAGE>
                           PART II. OTHER INFORMATION


ITEMS 1 through 5 are inapplicable.

ITEM 6 Exhibits and Reports on Form 8-K

     (a)  The following Exhibits are included herein:

          (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 12, 2000

                                                 PUBLIC STORAGE PROPERTIES, LTD.

                                                 BY:  Public Storage, Inc.
                                                      General Partner





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

                                        9