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, 2001

                                       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, 2001
     and December 31, 2000                                                    2

Condensed statements of income for the three
     months ended March 31, 2001 and 2000                                     3

Condensed statement of partners' deficit for the
     three months ended March 31, 2001                                        4

Condensed statements of cash flows for the
     three months ended March 31, 2001 and 2000                               5

Notes to condensed financial statements                                     6-7

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

PART II.  OTHER INFORMATION

Item 6  Exhibits and Reports on Form 8-K                                     10

<PAGE>

                         PUBLIC STORAGE PROPERTIES, LTD.
                            CONDENSED BALANCE SHEETS


<TABLE>
<CAPTION>
                                                                               March 31,          December 31,
                                                                                 2001                 2000
                                                                           ----------------     ----------------
                                                                             (Unaudited)

                                     ASSETS
                                     ------

<S>                                                                         <C>                  <C>
Cash and cash equivalents                                                   $      236,000       $      324,000
Rent and other receivables                                                          34,000               74,000

Real estate facilities, at cost:
     Building, land improvements and equipment                                   8,834,000            8,814,000
     Land                                                                        2,476,000            2,476,000
                                                                           ----------------     ----------------
                                                                                11,310,000           11,290,000

     Less accumulated depreciation                                              (7,237,000)          (7,103,000)
                                                                           ----------------     ----------------
                                                                                 4,073,000            4,187,000

Other assets                                                                        70,000               79,000
                                                                           ----------------     ----------------

Total assets                                                                $    4,413,000       $    4,664,000
                                                                           ================     ================


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


Accounts payable                                                            $       45,000       $       77,000
Deferred revenue                                                                   162,000              151,000
Note payable to commercial bank                                                  4,975,000            6,025,000

Partners' deficit:
     Limited partners' deficit, $500 per unit, 20,000 units
       authorized, issued and outstanding                                         (571,000)          (1,180,000)
     General partners' deficit                                                    (198,000)            (409,000)
                                                                           ----------------     ----------------

     Total partners' deficit                                                      (769,000)          (1,589,000)
                                                                           ----------------     ----------------

Total liabilities and partners' deficit                                     $    4,413,000       $    4,664,000
                                                                           ================     ================
</TABLE>

                            See accompanying notes.
                                       2

<PAGE>

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


<TABLE>
<CAPTION>
                                                                              Three Months Ended
                                                                                   March 31,
                                                                     ------------------------------------
                                                                           2001                2000
                                                                     ----------------    ----------------
  REVENUES:

  <S>                                                                 <C>                 <C>
  Rental income                                                       $    1,438,000      $    1,287,000
  Gain on sale of land                                                             -              66,000
  Other income                                                                 4,000               2,000
                                                                     ----------------    ----------------

                                                                           1,442,000           1,355,000
                                                                     ----------------    ----------------

  COSTS AND EXPENSES:

  Cost of operations                                                         292,000             287,000
  Management fees paid to affiliate                                           86,000              77,000
  Depreciation                                                               134,000             139,000
  Administrative                                                              28,000              29,000
  Interest expense                                                            82,000             117,000
                                                                     ----------------    ----------------

                                                                             622,000             649,000
                                                                     ----------------    ----------------

  NET INCOME                                                          $      820,000      $      706,000
                                                                     ================    ================

  Limited partners' share of net income ($40.60 per unit
    in 2001 and $34.95 per unit in 2000)                              $      812,000      $      699,000

  General partners' share of net income                                        8,000               7,000
                                                                     ----------------    ----------------

                                                                      $      820,000      $      706,000
                                                                     ================    ================
</TABLE>
                            See accompanying notes.
                                       3

<PAGE>

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


<TABLE>
<CAPTION>
                                                           Limited              General              Partners'
                                                          Partners              Partners              Deficit
                                                      ------------------   ------------------   ------------------
<S>                                                    <C>                  <C>                  <C>
Balance at December 31, 2000                           $     (1,180,000)    $       (409,000)    $     (1,589,000)

Net income                                                      812,000                8,000              820,000

Equity transfer                                                (203,000)             203,000                    -
                                                      ------------------   ------------------   ------------------

Balance at March 31, 2001                              $       (571,000)    $       (198,000)    $       (769,000)
                                                      ==================   ==================   ==================
</TABLE>
                            See accompanying notes.
                                       4

<PAGE>

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


<TABLE>
<CAPTION>
                                                                                      Three Months Ended
                                                                                          March 31,
                                                                             --------------------------------------
                                                                                   2001                 2000
                                                                             -----------------    -----------------
  Cash flows from operating activities:

  <S>                                                                         <C>                  <C>
    Net income                                                                $       820,000      $       706,000

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

         Depreciation                                                                 134,000              139,000
         Gain on sale of land                                                               -              (66,000)
         Decrease in rent and other receivables                                        40,000               47,000
         Decrease in other assets                                                       9,000                4,000
         (Decrease) increase in accounts payable                                      (32,000)              22,000
         Increase in deferred revenue                                                  11,000                    -
                                                                             -----------------    -----------------

             Total adjustments                                                        162,000              146,000
                                                                             -----------------    -----------------

             Net cash provided by operating activities                                982,000              852,000
                                                                             -----------------    -----------------

  Cash flows from investing activities:

    Proceeds from sale of land                                                              -               98,000
    Additions to real estate facilities                                               (20,000)              (2,000)
                                                                             -----------------    -----------------

             Net cash (used in) provided by investing activities                      (20,000)              96,000
                                                                             -----------------    -----------------

  Cash flows from financing activities:

    Principal payments on note payable to commercial bank                          (1,050,000)            (800,000)
                                                                             -----------------    -----------------

             Net cash used in financing activities                                 (1,050,000)            (800,000)
                                                                             -----------------    -----------------

  Net (decrease) increase in cash and cash equivalents                                (88,000)             148,000

  Cash and cash equivalents at the beginning of the period                            324,000              153,000
                                                                             -----------------    -----------------

  Cash and cash equivalents at the end of the period                          $       236,000      $       301,000
                                                                             =================    =================
</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, 2000.

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, 2001, the results of its operations for the three
         months  ended  March 31, 2001 and 2000 and its cash flows for the three
         months then ended.

3.       The results of operations for the three months ended March 31, 2001 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% (5.60% as of March 31, 2001).  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 two interest  rate swap  agreements  to reduce the
         impact of changes in interest  rates on a portion of its floating  rate
         debt.  The first  agreement,  which covered  $5,000,000 of debt through
         October  2000,  effectively  changed the interest  rate  exposure  from
         floating rate to a fixed rate of 5.205%.  The second  agreement  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,  2001 the
         unrealized  gain on the interest swap, if required to be liquidated was
         less than $5,000.

                                       6

<PAGE>


5.       In June  1998,  the  FASB  issued  Statement  of  Financial  Accounting
         Standards No. 133 ("SFAS 133"),  "Accounting for Derivative Instruments
         and  Hedging  Activities,"  as  amended  in June 2000 by  Statement  of
         Financial  Accounting  Standards No. 138 ("SFAS 138"),  "Accounting for
         Certain Derivative  Instruments and Certain Hedging  Activities," which
         requires  companies to recognize  all  derivatives  as either assets or
         liabilities  in the balance sheet and measure such  instruments at fair
         value.  As amended by Statement of Financial  Accounting  Standards No.
         137 ("SFAS 137"),  "Accounting  for Derivative  Instruments and Hedging
         Activities - Deferral of the Effective Date of FASB Statement No. 133,"
         the provisions of SFAS 133 will require  adoption by the Partnership on
         January 1, 2001. The  Partnership  adopted SFAS 133, as amended by SFAS
         138, on January 1, 2001, and the adoption had no material impact on the
         Partnership's consolidated financial statements.

                                       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 months ended March 31, 2001  compared to three months ended March
31, 2000:

         Our net income for the three  months  ended March 31, 2001 was $820,000
compared to $706,000 for the three months ended March 31, 2000,  representing an
increase of $114,000 or 16%. The  increase  was  primarily a result of increased
operating  results at our real  estate  facilities  and a decrease  in  interest
expense.

         Rental income for the three months ended March 31, 2001 was  $1,438,000
compared to $1,287,000  for the three months ended March 31, 2000,  representing
an increase of $151,000 or 12%. The increase was  attributable  to higher rental
rates.  Annual realized rent for the three months ended March 31, 2001 increased
to $12.16 per occupied  square foot from $10.64 per occupied square foot for the
three  months  ended  March 31,  2000,  a 14%  increase.  The  weighted  average
occupancy levels at the mini-warehouse facilities were 93% and 95% for the three
months ended March 31, 2001 and 2000, respectively.

         Cost of operations (including management fees paid to an affiliate) for
the three months ended March 31, 2001 was $378,000  compared to $364,000 for the
three months ended March 31, 2000, representing a increase of $14,000 or 4%.

         Interest  expense  decreased  $35,000 to $82,000  for the three  months
ended March 31, 2001 from $117,000 for the same period in 2000.  The decrease is
attributable to lower outstanding principal balances.

                                       8

<PAGE>

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

         Cash  generated  from  operations  ($982,000 for the three months ended
March 31,  2001) 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% (5.60% as of March 31, 2001).  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, 2001,  the  unrealized  gain on the interest  rate
swap, if required to be liquidated was less than $5,000.

                                       9

<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:

             None

         (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 10, 2001

                                            PUBLIC STORAGE PROPERTIES, LTD.

                                            BY:   Public Storage, Inc.
                                                 General Partner





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

                                       10