UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q

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

For the period ended September 30, 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 September 30, 1999
     and December 31, 1998                                                 2

Condensed statements of income for the three
     and nine months ended September 30, 1999 and 1998                     3

Condensed statement of partners' deficit for the
     nine months ended September 30, 1999                                  4

Condensed statements of cash flows for the
     nine months ended September 30, 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

Item 6  Exhibits and Reports on Form 8-K                                  12

<PAGE>

                         PUBLIC STORAGE PROPERTIES, LTD.
                            CONDENSED BALANCE SHEETS

<TABLE>
<CAPTION>

                                                                     September 30,         December 31,
                                                                        1999                  1998
                                                                    ---------------      ---------------
                                                                     (Unaudited)

                                     ASSETS
                                     ------

<S>                                                                 <C>                  <C>
Cash and cash equivalents                                           $      114,000       $       248,000
Rent and other receivables                                                  31,000                36,000

Real estate facilities, at cost:
     Building, land improvements and equipment                           8,555,000             8,440,000
     Land                                                                2,511,000             2,511,000
                                                                    ---------------      ---------------
                                                                        11,066,000            10,951,000

     Less accumulated depreciation                                      (6,423,000)           (5,990,000)
                                                                    ---------------      ---------------
                                                                         4,643,000             4,961,000

Other assets                                                               105,000               104,000
                                                                    ---------------      ---------------
Total assets                                                        $    4,893,000       $     5,349,000
                                                                    ===============      ===============

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


Accounts payable                                                    $       72,000       $        96,000
Deferred revenue                                                           135,000               127,000
Note payable to commercial bank                                          9,875,000            12,000,000

Partners' deficit:
     Limited partners' deficit, $500 per unit, 20,000 units
         authorized, issued and outstanding                             (3,853,000)           (5,104,000)
     General partners' deficit                                          (1,336,000)           (1,770,000)
                                                                    ---------------      ---------------

     Total partners' deficit                                            (5,189,000)           (6,874,000)
                                                                    ---------------      ---------------
Total liabilities and partners' deficit                             $    4,893,000       $     5,349,000
                                                                    ===============      ===============
</TABLE>
                            See accompanying notes.
                                       2

<PAGE>

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

<TABLE>
<CAPTION>
                                                               Three Months Ended               Nine Months Ended
                                                                 September 30,                    September 30,
                                                          -----------------------------    -----------------------------
                                                              1999            1998             1999            1998
                                                          -------------   -------------    -------------   -------------
  REVENUES:

  <S>                                                     <C>             <C>              <C>             <C>
  Rental income                                           $  1,296,000    $  1,164,000     $  3,709,000    $  3,431,000
  Other income                                                   1,000           2,000            6,000          17,000
                                                          -------------   -------------    -------------   -------------
                                                             1,297,000       1,166,000        3,715,000       3,448,000
                                                          -------------   -------------    -------------   -------------

  COSTS AND EXPENSES:

  Cost of operations                                           281,000         272,000          859,000         792,000
  Management fees paid to affiliate                             78,000          69,000          223,000         205,000
  Depreciation                                                 146,000         128,000          433,000         364,000
  Administrative                                                14,000          13,000           56,000          48,000
  Interest expense                                             143,000         243,000          459,000         817,000
                                                          -------------   -------------    -------------   -------------
                                                               662,000         725,000        2,030,000       2,226,000
                                                          -------------   -------------    -------------   -------------

  NET INCOME                                              $    635,000    $    441,000     $  1,685,000    $  1,222,000
                                                          =============   =============    =============   =============
  Limited partners' share of net income ($83.40 per
     unit in 1999 and $60.45 per unit in 1998)                                             $  1,668,000    $  1,209,000

  General partners' share of net income                                                          17,000          13,000
                                                                                           -------------   -------------
                                                                                           $  1,685,000    $  1,222,000
                                                                                           =============   =============
</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, 1998                           $     (5,104,000)    $     (1,770,000)     $     (6,874,000)

Net income                                                    1,668,000               17,000             1,685,000

Equity transfer                                                (417,000)             417,000                -
                                                       -----------------    -----------------     -----------------
Balance at September 30, 1999                          $     (3,853,000)    $     (1,336,000)     $     (5,189,000)
                                                       =================    =================     =================
</TABLE>
                            See accompanying notes.
                                       4

<PAGE>

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

<TABLE>
<CAPTION>

                                                                                         Nine Months Ended
                                                                                           September 30,
                                                                              -------------------------------------
                                                                                    1999                 1998
                                                                              ----------------     ----------------
  Cash flows from operating activities:

    <S>                                                                       <C>                  <C>
    Net income                                                                $     1,685,000      $     1,222,000

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

         Depreciation                                                                 433,000              364,000
         Decrease in rent and other receivables                                         5,000                7,000
         Amortization of prepaid loan fees                                                -                 25,000
         Increase in other assets                                                      (1,000)              (2,000)
         (Decrease) Increase in accounts payable                                      (24,000)             120,000
         Increase in deferred revenue                                                   8,000                5,000
                                                                              ----------------     ----------------
             Total adjustments                                                        421,000              519,000
                                                                              ----------------     ----------------

             Net cash provided by operating activities                              2,106,000            1,741,000
                                                                              ----------------     ----------------
  Cash flows from investing activities:

    Additions to real estate facilities                                              (115,000)            (346,000)
                                                                              ----------------     ----------------
             Net cash used in investing activities                                   (115,000)            (346,000)
                                                                              ----------------     ----------------

  Cash flows from financing activities:

    Principal payments on note payable to commercial bank                          (2,125,000)              -
    Principal payments on mortgage note payable                                        -               (12,242,000)
    Proceeds from note payable to general partner                                      -                11,000,000
    Principal payment on note payable to general partner                               -                  (530,000)
                                                                              ----------------     ----------------

             Net cash used in financing activities                                 (2,125,000)          (1,772,000)
                                                                              ----------------     ----------------

  Net decrease in cash and cash equivalents                                          (134,000)            (377,000)

  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      $       169,000
                                                                              ================     ================
</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 September 30, 1999,  the results of its  operations for the
         three and nine months  ended  September  30, 1999 and 1998 and its cash
         flows for the nine months then ended.

3.       The results of operations for the three and nine months ended September
         30, 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 fixed rate of 7.3% and was  scheduled to
         mature  June 1999.  The loan to Public  Storage,  Inc.  was paid off in
         October 1998 from 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%
         (5.96% as of September 30, 1999). 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.

                                       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 September 30,
        1999  the  unrealized  gain on the  interest  swap,  if  required  to be
        liquidated was approximately $150,000.

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

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

         THREE AND NINE MONTHS ENDED  SEPTEMBER  30, 1999  COMPARED TO THREE AND
NINE MONTHS ENDED SEPTEMBER 30, 1998:

         The  Partnership's  net income for the nine months ended  September 30,
1999 was $1,685,000  compared to $1,222,000 for the nine months ended  September
30, 1998,  representing  an increase of $463,000 or 38%. The  Partnership's  net
income for the three months ended  September  30, 1999 was $635,000  compared to
$441,000 for the three months ended September 30, 1998, representing an increase
of $194,000 or 44%. These increases are primarily a result of increased property
operating  results combined with a decrease in interest  expense  resulting from
the October 1998 refinancing of the outstanding debt.

         Rental  income  for the  nine  months  ended  September  30,  1999  was
$3,709,000  compared to $3,431,000 for the nine months ended September  30,1998,
representing  an increase of $278,000 or 8%.  Rental income for the three months
ended  September 30, 1999 was  $1,296,000  compared to $1,164,000  for the three
months ended  September 30, 1998,  representing  an increase of $132,000 or 11%.
These  increases  are  primarily  attributable  to  higher  rental  rates at the
Partnership's  mini-warehouse  facilities. The weighted average occupancy levels
at the  mini-warehouse  facilities  were 94% for the nine months ended September
30,  1999 and 1998.  Average  annual  realized  rent for the nine  months  ended
September 30, 1999  increased to $10.41 per occupied  square foot from $9.62 per
occupied square foot for the nine months ended September 30,1998.

                                       8

<PAGE>

         Cost of operations (including management fees paid to an affiliate) for
the nine months ended September 30, 1999 was $1,082,000 compared to $997,000 for
the nine months ended September 30, 1998, representing an increase of $85,000 or
9%. Cost of operations  (including management fees paid to an affiliate) for the
three months ended September 30, 1999 was $359,000  compared to $341,000 for the
three months ended  September 30, 1998,  representing  an increase of $18,000 or
5%. This  increase is mainly  attributable  to increases in  professional  fees,
management fees, and advertising and promotion expenses.

         Interest  expense  decreased  $358,000 to $459,000  for the nine months
ended  September  30,  1999 from  $817,000  for the same  period  in 1998.  This
decrease is mainly  attributable  to lower  outstanding  principal  balances and
lower  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  ($2,106,000  for the nine months ended
September 30, 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.
bears  interest  at the fixed rate of 7.3% and  matured  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% (5.96% as of September 30, 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 September 30, 1999,
the unrealized  gain on the interest rate swap, if required to be liquidated was
approximately $150,000.

                                       9

<PAGE>

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

         The Partnership  utilizes Public  Storage,  Inc.'s ("PSI")  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 the 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.

         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.

         Implementations have been completed on PSI's critical applications that
impact the Partnership,  such as the general ledger,  property  operations,  and
related  systems.  Contingency  plans have been  developed for use in case PSI's
assessment  did not  identify  all Y2K  issues,  or if the  implementation  were
subsequently  determined to not fully remediate Y2K issues that were identified.
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, have been evaluated.  Based
upon its  evaluation,  PSI has no reason to believe that lack of  compliance  or
failure  of  required   solutions  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 Year 2000 compliant. The Partnership is not
aware of any other vendors, suppliers, or other external agents with a Y2K Issue
that would materially impact the Partnership'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
PSI 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 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.

                                       10

<PAGE>

         The costs of the  projects and the date on which PSI expects to achieve
Year 2000  Compliance  are based  upon  management's  best  estimates,  and were
derived  utilizing  numerous  assumptions  of  future  events.  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 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 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: November 9, 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