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 June 30, 2007

                                       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 Avenue, 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.

                                [X] Yes  [ ] No


Indicate by check mark whether the registrant is a large  accelerated  filer, an
accelerated  filer or a  non-accelerated  filer.  See definition of "accelerated
filer" and "large accelerated filer" in Rule 12b-2 of the Exchange Act.

  Large Accelerated Filer [ ]  Accelerated Filer [ ]   Non-accelerated Filer [X]


Indicate by check mark whether the  registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act).

                                [ ] Yes  [X] No


The Registrant is a limited partnership and issues units representing  ownership
of limited partner  interests,  with a par value of $500.00 per unit.  Number of
units outstanding at August 13, 2007: 20,000.



<PAGE>


                         PUBLIC STORAGE PROPERTIES, LTD.

                                      INDEX                               Pages

PART I.       FINANCIAL INFORMATION (Item 3 not applicable)
              ---------------------

Item 1.       Financial Statements (Unaudited)

              Condensed Balance Sheets at June 30, 2007
              and December 31, 2006                                           1

              Condensed Statements of Income for the Three and Six
              Months Ended June 30, 2007 and 2006                             2

              Condensed Statement of Partners' Equity for the
              Six Months Ended June 30, 2007                                  3

              Condensed Statements of Cash Flows for the
              Six Months Ended June 30, 2007 and 2006                         4


              Notes to Condensed Financial Statements                     5 - 9


Item 2.       Management's Discussion and Analysis of
              Financial Condition and Results of Operations             10 - 12

Item 4.       Controls and Procedures                                   12 - 13

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

Item 1.       Legal Proceedings                                              14

Item 1A.      Risk Factors                                                   14

Item 6.       Exhibits                                                       14



<PAGE>




                         PUBLIC STORAGE PROPERTIES, LTD.
                            CONDENSED BALANCE SHEETS


                                                   June 30,        December 31,
                                                    2007               2006
                                                 -----------      -------------
                                                 (Unaudited)

                       ASSETS
                       ------

Cash and cash equivalents                         $  749,000      $  1,483,000
Rent and other receivables                            88,000            73,000

Real estate facilities, at cost:
     Building, land improvements and equipment     9,807,000         9,765,000
     Land                                          2,476,000         2,476,000
                                                 ------------     -------------
                                                  12,283,000        12,241,000

     Less accumulated depreciation                (9,235,000)       (9,169,000)
                                                 ------------     -------------
                                                   3,048,000         3,072,000

Other assets                                          81,000            92,000
                                                 ------------     -------------

Total assets                                     $ 3,966,000      $  4,720,000
                                                 ============     =============

              LIABILITIES AND PARTNERS' EQUITY

Accounts payable                                 $   123,000      $     98,000
Deferred revenue                                     214,000           159,000
                                                  -----------     -------------
        Total liabilities                            337,000           257,000

Commitments and contingencies (Note 6)

Partners' equity:
     Limited partners' equity, $500 per unit,
       20,000 units authorized, issued and
       outstanding                                 2,695,000         3,314,000
     General partners' equity                        934,000         1,149,000
                                                  -----------     -------------

     Total partners' equity                        3,629,000         4,463,000
                                                  -----------     -------------
Total liabilities and partners' equity           $ 3,966,000      $  4,720,000
                                                 ============     =============

                             See accompanying notes.
                                        1
<PAGE>


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

<TABLE>
<CAPTION>

                                                         Three Months Ended                  Six Months Ended
                                                               June 30,                           June 30,
                                                        2007           2006                 2007           2006

     REVENUES:

<S>                                                 <C>             <C>                <C>             <C>
     Rental income                                  $ 1,810,000     $ 1,808,000        $ 3,611,000     $ 3,566,000
     Other income                                        42,000          36,000             80,000          70,000
                                                    -----------     -----------        -----------     -----------
                                                      1,852,000       1,844,000          3,691,000       3,636,000
                                                    -----------     -----------        -----------     -----------
     COSTS AND EXPENSES:

     Cost of operations                                 397,000         417,000            789,000         826,000
     Management fees paid to affiliate                  109,000         109,000            217,000         214,000
     Depreciation                                        33,000          39,000             66,000          81,000
     Administrative                                      33,000          34,000             59,000          69,000
                                                    -----------     -----------        -----------     -----------
                                                        572,000         599,000          1,131,000       1,190,000
                                                    -----------     -----------        -----------     -----------
     NET INCOME:                                    $ 1,280,000     $ 1,245,000        $ 2,560,000     $ 2,446,000
                                                    ===========     ===========        ===========     ===========

     Limited partners' share of net income          $   714,000     $   946,000        $ 1,694,000     $ 1,848,000
     General partners' share of net income              566,000         299,000            866,000         598,000
                                                    -----------     -----------        -----------     -----------
                                                    $ 1,280,000     $ 1,245,000        $ 2,560,000     $ 2,446,000
                                                    ===========     ===========        ===========     ===========
     Limited partners' share of net income per
        unit (20,000 units outstanding)             $     35.70     $     47.30        $     84.70     $     92.40
                                                    ===========     ===========        ===========     ===========
</TABLE>



                            See accompanying notes.
                                        2

<PAGE>


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


<TABLE>
<CAPTION>
                                                                                            Total
                                                       Limited           General           Partners'
                                                      Partners'         Partners'           Equity
                                                    -------------     -------------      --------------

<S>                      <C> <C>                    <C>               <C>                <C>
     Balance at December 31, 2006                   $   3,314,000     $   1,149,000      $   4,463,000

     Net income                                         1,694,000           866,000          2,560,000

     Cash distributions                                (2,520,000)         (874,000)        (3,394,000)

     Equity transfer                                      207,000          (207,000)                 -
                                                    --------------    --------------     --------------
     Balance at June 30, 2007                       $   2,695,000     $     934,000      $   3,629,000
                                                    ==============    ==============     ==============

                             See accompanying notes.
                                        3
</TABLE>

<PAGE>


                         PUBLIC STORAGE PROPERTIES, LTD.
                       CONDENSED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)
<TABLE>
<CAPTION>

                                                                                       Six Months Ended
                                                                                            June 30,
                                                                              ----------------------------------
<S>                                                                                  <C>              <C>
                                                                                     2007             2006
                                                                              -------------       --------------
  Cash flows from operating activities:

    Net income                                                                $  2,560,000        $   2,446,000

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

         Depreciation                                                               66,000               81,000
         Increase in rent and other receivables                                    (15,000)             (59,000)
         Decrease (increase) in other assets                                        11,000              (24,000)
         Increase in accounts payable and accrued liabilities                       25,000               23,000
         Increase in deferred revenue                                               55,000               45,000
                                                                              -------------       --------------
             Total adjustments                                                     142,000               66,000
                                                                              -------------       --------------
             Net cash provided by operating activities                           2,702,000            2,512,000
                                                                              -------------       --------------
  Cash flows from investing activities:

    Additions to real estate facilities                                            (42,000)            (102,000)
                                                                              -------------       --------------
             Net cash used in investing activities                                 (42,000)            (102,000)
                                                                              -------------       --------------
  Cash flows from financing activities:

    Distributions paid to partners                                              (3,394,000)          (2,316,000)
                                                                              -------------       --------------
             Net cash used in financing activities                              (3,394,000)          (2,316,000)
                                                                              -------------       --------------
  Net (decrease) increase in cash and cash equivalents                            (734,000)              94,000

  Cash and cash equivalents at the beginning of the year                         1,483,000            1,448,000
                                                                              -------------       --------------
  Cash and cash equivalents at the end of the period                          $    749,000        $   1,542,000
                                                                              =============       ==============
</TABLE>

                             See accompanying notes.
                                        4

<PAGE>

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


1.   Description of the Business
     ---------------------------

         Public Storage Properties,  Ltd. (the "Partnership") is a publicly held
     limited partnership formed under the California Uniform Limited Partnership
     Act in November 1976. The Partnership  raised $10,000,000 in gross proceeds
     by selling  20,000 units of limited  partnership  interest  ("Units") in an
     interstate  offering,  which  commenced  in October  1977 and  completed in
     January 1978. The general  partners in the  Partnership are Public Storage,
     formerly Public Storage, Inc., ("PS") and B. Wayne Hughes ("Hughes").

         The  Partnership was formed to engage in the business of developing and
     operating  self-storage  facilities  for  personal  and  business  use. The
     Partnership owns nine self-storage facilities located in California.

2.   Summary of Significant Accounting Policies and Partnership Matters
     ------------------------------------------------------------------

     Use of Estimates:
     -----------------

         The  preparation  of the financial  statements in conformity  with U.S.
     generally  accepted  accounting  principles  requires  management  to  make
     estimates and assumptions that affect the amounts reported in the financial
     statements and accompanying  notes.  Actual results could differ from those
     estimates.

     Revenue and Expense Recognition:
     --------------------------------

         Rental income,  which is generally  earned  pursuant to  month-to-month
     leases for storage space,  is recognized as earned.  Promotional  discounts
     are recognized as a reduction to rental income over the promotional period,
     which is generally  during the first month of  occupancy.  Late charges and
     administrative  fees are  recognized  as income  when  collected.  Interest
     income is recognized as earned.

         We accrue for property tax expense based upon  estimates and historical
     trends. If these estimates are incorrect, the timing of expense recognition
     could be affected.

         Cost of  operations,  general and  administrative  expense,  as well as
     television, yellow page, and other advertising expenditures are expensed as
     incurred.

     Allocation of Net Income:
     -------------------------

         The  general   partners'  share  of  net  income  consists  of  amounts
     attributable to their 1% capital contribution and an additional  percentage
     of cash flow (as defined) which relates to the general  partners'  share of
     cash distributions as set forth in the Partnership  Agreement (Note 4). All
     remaining net income is allocated to the limited partners.

         Per unit data is based on the  weighted  average  number of the limited
     partnership units (20,000) outstanding during the period.

     Cash and Cash Equivalents:
     --------------------------

         For financial statement purposes,  the Partnership considers all highly
     liquid  financial  instruments  such as short-term  treasury  securities or
     investment grade short-term commercial paper to be cash equivalents.

                                        5

<PAGE>

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


     Real Estate Facilities and Evaluation of Asset Impairment:
     ----------------------------------------------------------

         Real estate  facilities are recorded at cost. Costs associated with the
     development,  construction,  renovation  and  improvement of properties are
     capitalized.  Interest, property taxes, and other costs associated with the
     development  incurred  during the  construction  period are  capitalized as
     building  cost.  Expenditures  for repairs and  maintenance  are charged to
     expense as  incurred.  Depreciation  is  computed  using the  straight-line
     method over the estimated  useful lives of the buildings and  improvements,
     which are generally  between 5 and 25 years.  At June 30, 2007,  all of the
     real  estate  facilities  have been in service  longer  than 25 years,  and
     accordingly  the  original  development  cost of such  buildings  are fully
     depreciated at June 30, 2007.

         We evaluate our real estate for  impairment  on a quarterly  basis.  We
     first  evaluate  these assets for  indicators  of  impairment  such as a) a
     significant  decrease in the market price of real estate,  b) a significant
     adverse  change in the extent or manner in which real  estate is being used
     or in its physical  condition,  c) a  significant  adverse  change in legal
     factors or the  business  climate  that could  affect the value of the real
     estate,  d) an accumulation of costs  significantly in excess of the amount
     originally  projected for the  acquisition of or  construction  of the real
     estate, or e) a current-period  operating or cash flow loss combined with a
     history of operating or cash flow losses or a projection  or forecast  that
     demonstrates  continuing losses associated with the use of the real estate.
     When any such  indicators of impairment are noted,  we compare the carrying
     value of the real estate to the future  estimated  undiscounted  cash flows
     attributable to the real estate. If the real estate's recoverable amount is
     less than the carrying  value of the asset,  then an  impairment  charge is
     booked for the excess of carrying  value over the real estate's fair value.
     Our evaluations have identified no such impairments at June 30, 2007.

         Any real estate  facility,  which we expect to sell or dispose of prior
     to its  previously  estimated  useful  life is  stated  at the lower of its
     estimated net realizable value, less cost to sell, or its carrying value.

     Deferred revenue:
     -----------------

         Deferred  revenue  totaling  $214,000  at June 30,  2007  ($159,000  at
     December 31, 2006),  consists of prepaid rents,  which are recognized  when
     earned.

     Environmental Cost:
     -------------------

         The Partnership's policy is to accrue environmental  assessments and/or
     remediation  costs when it is probable  that such  efforts will be required
     and the related costs can be reasonably estimated. Although there can be no
     assurance,  we are not aware of any  environmental  contamination at any of
     our facilities,  which, individually or in the aggregate, would be material
     to our overall business, financial condition or results of operations.

     Income Taxes:
     -------------

         Public Storage Properties, Ltd. is treated as a partnership for Federal
     and state  income  tax  purposes  with the  taxable  income  of the  entity
     allocated to each partner in  accordance  with the  partnership  agreement.
     Accordingly  no Federal  or state  income tax  expense is  recorded  by the
     Partnership.

                                        6

<PAGE>

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


     Recent Accounting Pronouncements and Guidance:
     ----------------------------------------------

         As  of  August  14,  2007,   there  have  been  no  recent   accounting
     pronouncements  and guidance,  which were not effective for  implementation
     prior to June 30, 2007,  that would have a material  impact upon  reporting
     the operations or financial position of the Partnership.

     Segment Reporting:
     ------------------

         The  Partnership  only has one  reportable  segment as  defined  within
     Statement of Financial Accounting Standards No. 131.

3.   Cash Distributions
     ------------------

         The Partnership Agreement requires that cash available for distribution
     (cash flow from all sources  less cash  necessary  for any  obligations  or
     capital  improvements) needs to be distributed at least quarterly.  For the
     three months ended June 30, 2007, we paid  distributions to the limited and
     general  partners  totaling  $1,660,000  ($83.00  per unit)  and  $576,000,
     respectively. For the six months ended June 30, 2007, we paid distributions
     to the limited and general partners totaling  $2,520,000 ($126.00 per unit)
     and $874,000,  respectively.  Future  distribution rates may be adjusted to
     levels  which  are   supported  by  operating   cash  flow  after   capital
     improvements and any other obligations.

4.   Partners' Equity
     ----------------

         PS and Hughes are general partners of the Partnership.  In 1995, Hughes
     contributed his ownership and rights to distributions  from the Partnership
     to BWH Marina  Corporation  II, a corporation  wholly-owned  by Hughes.  In
     2002,  BWH  Marina   Corporation  II  sold  its  interests  to  H-G  Family
     Corporation.  As such, Mr. Hughes continues to act as a general partner but
     receives  no  direct   compensation   or  other   consideration   from  the
     Partnership.

         The  general  partners  have  a 1%  interest  in  the  Partnership.  In
     addition,  the general  partners have an 8% interest in cash  distributions
     attributable to operations (exclusive of distributions attributable to sale
     and  financing  proceeds  until the limited  partners  recover all of their
     initial investment).  Thereafter,  the general partners have a 25% interest
     in all cash distributions (including sale and financing proceeds). In 1985,
     the  limited  partners  recovered  all of  their  initial  investment.  All
     subsequent  cash  distributions  are being made  25.75%  (including  the 1%
     interest)  to the  general  partners  and 74.25% to the  limited  partners.
     Transfers of equity are made periodically to reconcile the partners' equity
     accounts to the provisions of the  Partnership  Agreement.  These transfers
     have no effect on the results of operations or distributions to partners.

5.   Related Party Transactions
     --------------------------

     Management Agreement and Shared Expenses with PS:
     -------------------------------------------------

         The Partnership has a Management Agreement with PS pursuant to which PS
     operates  the  self-storage  facilities  for a  fee  equal  to  6%  of  the
     facilities' gross revenue (as defined).  For the three and six months ended
     June 30, 2007, the Partnership paid PS $109,000 and $217,000, respectively,
     and $109,000 and $214,000 for the same periods in 2006, respectively, under
     this management agreement.

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

         The Partnership's facilities, along with facilities owned by PS and its
     affiliates,  are  managed  and  marketed  jointly  by PS in  order  to take

                                        7

<PAGE>

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

     advantage  of  scale  and  other  efficiencies.  As a  result,  significant
     components of cost of operations,  such as payroll costs,  advertising  and
     promotion,  data processing and insurance expenses are shared and allocated
     among the  properties  using  methodologies  meant to fairly  allocate such
     costs  based  upon the  related  activities.  The  total of such  expenses,
     substantially  all of  which  are  included  in cost of  operations  in our
     accompanying  condensed  statements  of income,  amounted to  $217,000  and
     $222,000 for the three  months ended June 30, 2007 and 2006,  respectively.
     For the six months ended June 30, 2007 and 2006, the total of such expenses
     were $422,000 and $457,000, respectively.

     Ownership Interest by the General Partners
     ------------------------------------------

         PS owns 6,169 Limited  Partnership Units ("Units"),  as to which PS has
     sole voting and dispositive power.

         Hughes and members of his family (the "Hughes Family") own 6,105 Units.
     Hughes owns 6,025 Units, as to which Hughes has sole voting and dispositive
     power, through a wholly-owned  corporation and Tamara Hughes Gustavson,  an
     adult daughter of Hughes, owns 80 Units as to which Tamara Hughes Gustavson
     has sole voting and  dispositive  power.  PS has an option to acquire 25 of
     the Units held by Hughes and the 80 Units held by Tamara Hughes Gustavson.

         In  addition,  there are 196 Units owned by PS  Orangeco  Partnerships,
     Inc., a corporation  in which Hughes Family owns  approximately  48% of the
     voting  stock,  PS owns 46% and  members  of PS's  management  and  related
     individuals own approximately 6%.

     Captive Insurance Activities with PS
     ------------------------------------

         The  Partnership  has a  0.9%  ownership  interest  in  STOR-Re  Mutual
     Insurance  Corporation  ("STOR-Re"),   which  was  formed  in  1994  as  an
     association  captive  insurance  company,  and is  controlled  by  PS.  The
     Partnership  accounts for its  investment in STOR-Re,  which is included in
     other assets, on the cost method.

         STOR-Re provides limited property and liability  insurance  coverage to
     the  Partnership,  PS, and affiliates for losses  occurring before April 1,
     2004.  STOR-Re was succeeded  with respect to these  activities  for losses
     occurring  after  March  31,  2004  by a  wholly  owned  subsidiary  of  PS
     (collectively,  this  entity and STOR-Re  are  referred to as the  "Captive
     Entities").  Liabilities for losses and loss adjustment expenses include an
     amount  determined  from loss reports and  individual  cases and an amount,
     based on  recommendations  from an outside  actuary that is a member of the
     American Academy of Actuaries,  using a frequency and severity method,  for
     losses  incurred but not  reported.  Determining  the  liability for unpaid
     losses and loss  adjustment  expense is based upon  estimates  and while we
     believe that the amount is adequate,  the ultimate loss may be in excess of
     or less than the amounts  provided.  The methods for making such  estimates
     and for establishing the resulting liability are reviewed quarterly.

     Other Activities with PS
     ------------------------

         PS owns a corporation  that reinsures  policies against losses to goods
     stored by tenants in the  Partnership's and PS's storage  facilities.  This
     corporation  receives the premiums and bears the risks  associated with the
     re-insurance.  The Partnership receives an access fee from this corporation
     in return for  providing  tenant  listings.  This fee is based on number of
     spaces  the  Partnership  has to  rent.  Included  in other  income  on our
     accompanying  condensed statements of income for these fees are $15,000 for
     each of the three month periods ended June 30, 2007 and 2006, respectively.
     For each of the six month periods ended June 30, 2007 and 2006,  these fees
     were $29,000.

                                        8

<PAGE>

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

         A  subsidiary  of PS sells  locks and  boxes  and  rents  trucks to the
     general  public and tenants to be used in securing  their spaces and moving
     their goods.  The subsidiary of PS receives the revenues and bears the cost
     of the activities.

6.   Commitments and Contingencies
     -----------------------------

     Legal Proceedings:
     ------------------

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

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

         The claim in this case is  substantially  similar to those in Henriquez
     v. Public Storage,  Inc., which was disclosed in prior reports.  In January
     2003, the plaintiff caused the Henriquez action to be dismissed.

         Based upon the  uncertainty  inherent in any putative class action,  PS
     cannot presently  determine the potential damages,  if any, or the ultimate
     outcome of this  litigation.  On  November 3, 2003,  the court  granted our
     motion to strike the plaintiff's  nationwide class allegations and to limit
     any putative class to California residents only. In August 2005, PS filed a
     motion to remove the case to federal court,  but the case has been remanded
     to the Superior  Court.  PS is vigorously  contesting the claims upon which
     this lawsuit is based, including class certification efforts.

     Brinkley  v. Public Storage, Inc. (filed April, 2005) (Superior Court
     ---------------------------------------------------------------------
     of California - Los Angeles County)
     -----------------------------------

         The  plaintiff  sued PS on behalf of a  purported  class of  California
     non-exempt  employees  based on various  California  wage and hour laws and
     seeking monetary damages and injunctive  relief.  In May 2006, a motion for
     class certification was filed seeking to certify five subclasses. Plaintiff
     sought  certification  for  alleged  meal  period  violations,  rest period
     violations,  failure to pay for  travel  time,  failure to pay for  mileage
     reimbursement,  and for wage  statement  violations.  In October 2006,  the
     Court declined to certify three out of the five subclasses.  The Court did,
     however, certify subclasses based on alleged meal period and wage statement
     violations. Subsequently, PS filed a motion for summary judgment seeking to
     dismiss the matter in its entirety. On June 22, 2007, the Court granted PS'
     summary judgment motion as to the causes of action relating to the subclass
     certified and dismissed those claims.  They only surviving claims are those
     relating to the named plaintiff only.

     Other Items
     -----------

         PS and the Partnership are a party to various claims,  complaints,  and
     other legal  actions that have arisen in the normal course of business from
     time to time, that are not described  above. We believe that it is unlikely
     that the  outcome  of  these  other  pending  legal  proceedings  including
     employment  and  tenant  claims,  in the  aggregate,  will have a  material
     adverse   effect  upon  the   operations  or  financial   position  of  the
     Partnership.

                                        9

<PAGE>



Item 2.  Management's  Discussion  and Analysis of Financial  Condition  and
         -------------------------------------------------------------------
         Results of Operations
         ---------------------

         The  following  should be read in  conjunction  with the  Partnership's
     condensed financial statements and notes thereto.

         Forward Looking Statements: All statements in this document, other than
     statements of historical fact, are forward-looking  statements which may be
     identified by the use of the words  "expects,"  "believes,"  "anticipates,"
     "plans",  "would",  "should," "may",  "estimates" and similar  expressions.
     These  forward-looking  statements  are made  pursuant  to the  safe-harbor
     provisions  of  Section  21E of the  Securities  Exchange  Act of 1934,  as
     amended,  and Section 27A of the Securities Act of 1933, as amended.  These
     forward-looking   statements   involve   known   and   unknown   risks  and
     uncertainties,  which  may  cause  the  Partnership's  actual  results  and
     performance to be materially  different from those  expressed or implied in
     the forward-looking  statements.  As a result, you should not rely on these
     forward-looking statements as predictions of future events.

         Factors  and risks  that may  impact  future  results  and  performance
     include, but are not limited to, those described in Item 1A, "Risk Factors"
     in the Partnership's Annual Report on Form 10-K for the year ended December
     31,  2006  and in our  other  filings  with  the  Securities  and  Exchange
     Commission.  These risks include the following: changes in general economic
     conditions  and in the markets in which the  Partnership  operates  and the
     impact  of  competition  from  new  and  existing  storage  and  commercial
     facilities  and other  storage  alternatives,  which could impact rents and
     occupancy  levels  at  the  Partnership's  facilities;  the  impact  of the
     regulatory  environment  as well as  national,  state,  and local  laws and
     regulations,  which could increase the Partnership's expense and reduce the
     Partnership's cash available for distribution; and economic uncertainty due
     to the impact of war or terrorism could adversely affect our business plan.

         We  caution  you  not  to  place  undue  reliance  on   forward-looking
     statements,  which speak only as the date of this report or as of the dates
     indicated  in  the  statements.  All  of our  forward  looking  statements,
     including  those in this report,  are  qualified in their  entirely by this
     statement.  We assume no obligation to update publicly or otherwise  revise
     any forward-looking statements, whether as a result of new information, new
     estimates, or other factors, events or circumstances after the date of this
     document, except where expressly required by law.


     Overview
     --------

         The  self-storage   industry  is  highly  fragmented  and  is  composed
     predominantly of numerous local and regional operators.  Competition in the
     markets in which we operate is significant  and has increased over the past
     several years due to additional development of self-storage facilities.  We
     believe that the increase in competition  has had a negative  impact to the
     Partnership's  occupancy levels and rental rates in many markets.  However,
     we believe that the  Partnership's  affiliation  with Public Storage ("PS")
     provides several distinguishing characteristics that enable the Partnership
     to compete effectively with other owners and operators.

         PS is the largest owner and operator of self-storage  facilities in the
     United  States.  All of PS'  facilities  in the United  States are operated
     under  the  "Public  Storage"  brand  name,  which we  believe  is the most
     recognized  and  established  name  in the  self-storage  industry.  Market
     concentration   establishes  PS  as  one  of  the  dominant   providers  of
     self-storage  space in most  markets in which PS operates and enables PS to
     use a variety of promotional activities,  such as television advertising as
     well as  targeted  discounting  and  referrals,  which  are  generally  not
     economically viable to most of PS' competitors.

         We will  continue  to focus our  growth  strategies  on  improving  the
     operating  performance of our existing  self-storage  properties  primarily
     through  increases in revenues  achieved through the telephone  reservation
     center  and  associated  marketing  efforts.  We  expect  potential  future
     increases in rental  income to come  primarily  from  increases in realized
     rent, although there can be no assurance.

                                        10

<PAGE>


     Critical Accounting Policies
     ----------------------------

     Impairment of Real Estate
     -------------------------

         Substantially  all of our assets consist of real estate. On a quarterly
     basis, we evaluate our real estate for  impairment.  The evaluation of real
     estate for impairment requires determining whether indicators of impairment
     exist, which is a subjective process. When any indicators of impairment are
     found,  the evaluation  then entails  projections of future  operating cash
     flows,  which also  involves  significant  judgment.  We identified no such
     impairments  at June  30,  2007.  However,  future  events,  or  facts  and
     circumstances  that currently exist that we have not yet identified,  could
     cause us to conclude in the future  that our real estate is  impaired.  Any
     resulting  impairment  loss  could have a  material  adverse  impact on our
     financial condition and results of operations.

     Estimated Useful Lives of Long-Lived Assets
     -------------------------------------------

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

     Accruals for Contingencies
     --------------------------

         We are exposed to business  and legal  liability  risks with respect to
     events that have occurred,  but in accordance with U.S.  generally accepted
     accounting  principles,  we have not accrued for such potential liabilities
     because the loss is either not probable or not  estimable or because we are
     not aware of the event.  Future events and the result of pending litigation
     could result in such  potential  losses  becoming  probable and  estimable,
     which could have a material,  adverse impact on our financial  condition or
     results of operations.  Some of these potential losses,  which we are aware
     of, are described in Notes 5 and 6 to our condensed financial statements.

     Accruals for Operating Expenses
     -------------------------------

         We accrue for property tax expense and other  operating  expenses based
     upon estimates and historical  trends and current and anticipated local and
     state government rules and regulations.  If these estimates and assumptions
     are  incorrect,  the timing of the  recognition  of our  expenses  could be
     incorrect. Cost of operations, interest expense, general and administrative
     expense,  as  well  as  television,  yellow  page,  and  other  advertising
     expenditures are expensed as incurred.

     Results of Operations
     ---------------------

     Three  months  ended June 30, 2007  compared to three months ended June
     -----------------------------------------------------------------------
     30, 2006:
     ---------

         Our net income for the three months ended June 30, 2007 was  $1,280,000
     compared  to  $1,245,000   for  the  three  months  ended  June  30,  2006,
     representing an increase of $35,000 or 2.8%.

         Rental  income for the three months ended June 30, 2007 was  $1,810,000
     compared  to  $1,808,000   for  the  three  months  ended  June  30,  2006,
     representing  a  slight  increase  of  $2,000  or  0.1%.  Weighted  average
     occupancy  levels  at the  self-storage  facilities  were 91% for the three
     months  ended  June 30,  2007 and 92% for the three  months  ended June 30,
     2006.  Annual  realized  rent for the  three  months  ended  June 30,  2007
     increased  to $15.54  per  occupied  square  foot  compared  to $15.38  per
     occupied square foot for the three months ended June 30, 2006.

         Cost of  operations,  including  management  fees paid to an affiliate,
     (see Note 5 to our  condensed  financial  statements)  for the three months
     ended June 30, 2007 was $506,000  compared to $526,000 for the three months
     ended  June 30,  2006,  representing  a decrease  of  $20,000 or 3.8%.  The
     decrease was  primarily  due to decreases  in repairs and  maintenance  and
     property insurance  expenses,  partially offset by increases in advertising
     and promotion and data processing expenses.

                                        11

<PAGE>


         Depreciation  expense was $33,000 for the three  months  ended June 30,
     2007  compared to $39,000 for the same period in 2006, a decrease of $6,000
     or 15.4%.

     Six months  ended June 30, 2007  compared to six months  ended June 30,
     -----------------------------------------------------------------------
     2006:
     -----

         Our net income for the six months  ended June 30,  2007 was  $2,560,000
     compared to $2,446,000 for the six months ended June 30, 2006, representing
     an increase of $114,000 or 4.7%.

         Rental  income for the six months  ended June 30,  2007 was  $3,611,000
     compared to $3,566,000 for the six months ended June 30, 2006, representing
     an increase of $45,000 or 1.3%.  The increase in rental income was a result
     of an increase in realized rent per square foot. Weighted average occupancy
     levels at the  self-storage  facilities  were 91% for each of the six month
     periods ended June 30, 2007 and 2006,  respectively.  Annual  realized rent
     for the six months  ended June 30, 2007  increased  to $15.51 per  occupied
     square foot compared to $15.31 per occupied  square foot for the six months
     ended June 30, 2006.

         Cost of  operations,  including  management  fees paid to an affiliate,
     (see Note 5 to our condensed financial statements) for the six months ended
     June 30,  2007 was  $1,006,000  compared to  $1,040,000  for the six months
     ended  June 30,  2006,  representing  a decrease  of  $36,000 or 3.5%.  The
     decrease was  primarily due to decreases in  advertising  and promotion and
     repairs and maintenance expenses.

         Depreciation expense was $66,000 for the six months ended June 30, 2007
     compared to $81,000  for the same period in 2006,  a decrease of $15,000 or
     18.5%.  The decrease in  depreciation  expense is primarily  related to the
     initial  development costs of buildings for the Partnership's  self-storage
     facilities becoming fully depreciated.

     Liquidity and Capital Resources
     -------------------------------

         Cash generated  from  operations  ($2,702,000  for the six months ended
     June 30, 2007) has been  sufficient to meet all current  obligations of the
     Partnership.  Capital improvements totaled $42,000 and $102,000 for the six
     months ended June 30, 2007 and 2006, respectively.

         The Partnership does not anticipate issuing senior  securities,  making
     loans to other  persons,  investing in the  securities of other issuers for
     the purpose of exercising  control,  underwriting  the  securities of other
     issuers,  engaging  in the  purchase  and  sale  of  investments,  offering
     securities  in  exchange  for  property,   or   repurchasing  or  otherwise
     reacquiring  its  outstanding  securities.  The  partnership  may  consider
     borrowing  money with the intent of using the proceeds for  distribution to
     partners.

         The Partnership Agreement requires that cash available for distribution
     (cash flow from all sources  less cash  necessary  for any  obligations  or
     capital  improvement  needs) be  distributed  at least  quarterly.  We paid
     distributions  to the  limited  and general  partners  totaling  $1,660,000
     ($83.00 per unit) and  $576,000,  respectively,  for the three months ended
     June 30, 2007. We paid  distributions  to the limited and general  partners
     totaling $2,520,000 ($126.00 per unit) and $874,000,  respectively, for the
     six months ended June 30, 2007. Future  distribution rates will be adjusted
     to  levels  which are  supported  by  operating  cash  flow  after  capital
     improvements and any other necessary obligations.

Item 4.  Controls and Procedures
         -----------------------

         Public Storage  maintains  disclosure  controls and procedures that are
     designed to ensure that information required to be disclosed in reports the
     Partnership  files  and  submits  under  the  Exchange  Act,  is  recorded,
     processed,  summarized  and reported  within the time periods  specified in
     accordance with SEC guidelines and that such information is communicated to
     the  Partnership's  management,  including Public Storage's Chief Executive
     Officer and Chief Financial  Officer,  to allow timely decisions  regarding
     required  disclosure  based on the definition of  "disclosure  controls and
     procedures"  in Rule  13a-15(e)  of the  Exchange  Act.  In  designing  and
     evaluating the disclosure  controls and procedures,  management  recognized
     that any controls and procedures, no matter how well designed and operated,
     can provide only  reasonable  assurance of  achieving  the desired  control
     objectives.


                                        12

<PAGE>



         At the end of the period covered by this report, Public Storage carried
     out an evaluation,  under the supervision and with the participation of the
     Partnership's  management,   including  Public  Storage's  Chief  Executive
     Officer and Chief Financial Officer, of the effectiveness of the design and
     operation of the Partnership's  disclosure  controls and procedures.  Based
     upon that  evaluation,  the Chief  Executive  Officer  and Chief  Financial
     Officer concluded that the Partnership's disclosure controls and procedures
     were  effective.   During  the  second  quarter  of  2007,  there  were  no
     significant  changes in the Partnership's  internal controls over financial
     reporting  that  have  materially  affected,  or are  reasonably  likely to
     materially  affect,  the  Partnership's  internal  control  over  financial
     reporting.

                                       13

<PAGE>


PART II. OTHER INFORMATION
--------------------------

Item 1.  Legal Proceedings
         -----------------

         The information set forth under the heading "Legal Proceedings" in Note
     6 to our condensed  financial  statements in this Form 10-Q is incorporated
     by reference in this Item 1.

Item 1A. Risk Factors
         ------------

         As of June 30,  2007,  no  material  changes  had  occurred in our risk
     factors as discussed in Item 1A of our Form 10K for the year ended December
     31, 2006.

Item 6.  Exhibits
         --------

         Exhibits  required  by Item 601 of  Regulation  S-K are  listed  in the
     attached  Exhibit Index,  and are filed herewith or incorporated  herein by
     reference.


                                       14

<PAGE>



                                   SIGNATURES

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







                                            DATED: August 13, 2007

                                            PUBLIC STORAGE PROPERTIES, LTD.

                                            BY:  Public Storage
                                                 General Partner

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

                                       15
<PAGE>


Exhibit No.                        Exhibit Index
-----------                        -------------



31.1     Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer.
         Filed herewith.

31.2     Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer.
         Filed herewith.

32       Section 1350 Certification of Chief Executive Officer and
         Chief Financial Officer.  Filed herewith.





                                       16