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, 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 June 30, 1999
     and December 31, 1998                                               2

   Condensed statements of income for the three
     and six months ended June 30, 1999 and 1998                         3

   Condensed statement of partners' deficit for the
     six months ended June 30, 1999                                      4

   Condensed statements of cash flows for the
     six months ended June 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                                             12

<PAGE>

                         PUBLIC STORAGE PROPERTIES, LTD.
                            CONDENSED BALANCE SHEETS


<TABLE>
<CAPTION>
                                                                         June 30,             December 31,
                                                                           1999                   1998
                                                                      ---------------        ---------------
                                                                        (Unaudited)
                                     ASSETS
                                     ------

<S>                                                                   <C>                    <C>
Cash and cash equivalents                                             $      118,000         $      248,000
Rent and other receivables                                                    33,000                 36,000

Real estate facilities, at cost:
     Building, land improvements and equipment                             8,516,000              8,440,000
     Land                                                                  2,511,000              2,511,000
                                                                      ---------------        ---------------
                                                                          11,027,000             10,951,000

     Less accumulated depreciation                                        (6,277,000)            (5,990,000)
                                                                      ---------------        ---------------
                                                                           4,750,000              4,961,000

Other assets                                                                  97,000                104,000
                                                                      ---------------        ---------------

Total assets                                                          $    4,998,000         $    5,349,000
                                                                      ===============        ===============


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


Accounts payable                                                      $       55,000         $       96,000
Deferred revenue                                                             142,000                127,000
Note payable to commercial bank                                           10,625,000             12,000,000

Partners' deficit:
     Limited partners' deficit, $500 per unit, 20,000 units
          authorized, issued and outstanding                              (4,324,000)            (5,104,000)
     General partners' deficit                                            (1,500,000)            (1,770,000)
                                                                      ---------------        ---------------

     Total partners' deficit                                              (5,824,000)            (6,874,000)
                                                                      ---------------        ---------------

Total liabilities and partners' deficit                               $    4,998,000         $    5,349,000
                                                                      ===============        ===============
</TABLE>
                            See accompanying notes.
                                       2

<PAGE>

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


<TABLE>
<CAPTION>
                                                       Three Months Ended                   Six Months Ended
                                                            June 30,                            June 30,
                                                  --------------   --------------     --------------   --------------
                                                      1999              1998              1999              1998
                                                  -------------------------------     -------------------------------

  REVENUES:

  <S>                                             <C>               <C>               <C>               <C>
  Rental income                                   $  1,239,000      $  1,160,000      $  2,413,000      $  2,267,000
  Other income                                           3,000             7,000             5,000            15,000
                                                  --------------   --------------     --------------   --------------

                                                     1,242,000         1,167,000         2,418,000         2,282,000
                                                  --------------   --------------     --------------   --------------

  COSTS AND EXPENSES:

  Cost of operations                                   272,000           258,000           578,000           520,000
  Management fees paid to affiliate                     75,000            70,000           145,000           136,000
  Depreciation                                         145,000           119,000           287,000           236,000
  Administrative                                        17,000            22,000            42,000            35,000
  Interest expense                                     151,000           277,000           316,000           574,000
                                                  --------------   --------------     --------------   --------------

                                                       660,000           746,000         1,368,000         1,501,000
                                                  --------------   --------------     --------------   --------------

  NET INCOME                                      $    582,000      $    421,000      $  1,050,000      $    781,000
                                                  ==============   ==============     ==============   ==============
  Limited partners' share of net income
     ($52.00 per unit in 1999 and $38.65 per
     unit in 1998)                                                                    $  1,040,000      $    773,000

  General partners' share of net income                                                     10,000             8,000
                                                                                      --------------   --------------
                                                                                      $  1,050,000      $    781,000
                                                                                      ==============   ==============
</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                                                1,040,000                 10,000              1,050,000

Equity transfer                                            (260,000)               260,000                      -
                                                    ----------------       ----------------       ----------------

Balance at June 30, 1999                            $    (4,324,000)       $    (1,500,000)       $    (5,824,000)
                                                    ================       ================       ================
</TABLE>
                            See accompanying notes.
                                       4

<PAGE>

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


<TABLE>
<CAPTION>
                                                                                 Six Months Ended
                                                                                     June 30,
                                                                       ---------------------------------------
                                                                            1999                   1998
                                                                       ----------------       ----------------

  Cash flows from operating activities:

     <S>                                                               <C>                    <C>
     Net income                                                        $     1,050,000        $       781,000

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

        Depreciation                                                           287,000                236,000
        Decrease in rent and other receivables                                   3,000                 16,000
        Amortization of prepaid loan fees                                            -                 16,000
        Decrease (increase) in other assets                                      7,000                 (1,000)
        (Decrease) increase in accounts payable                                (41,000)                56,000
        Increase in deferred revenue                                            15,000                  7,000
                                                                       ----------------       ----------------

        Total adjustments                                                      271,000                330,000
                                                                       ----------------       ----------------

        Net cash provided by operating activities                            1,321,000              1,111,000
                                                                       ----------------       ----------------

  Cash flows from investing activities:

     Additions to real estate facilities                                       (76,000)              (236,000)
                                                                       ----------------       ----------------

        Net cash used in investing activities                                  (76,000)              (236,000)
                                                                       ----------------       ----------------

  Cash flows from financing activities:

     Principal payments on note payable to commercial bank                  (1,375,000)                     -
     Principal payments on mortgage notes payable                                    -             (1,158,000)
                                                                       ----------------       ----------------

        Net cash used in financing activities                               (1,375,000)            (1,158,000)
                                                                       ----------------       ----------------

  Net decrease in cash and cash equivalents                                   (130,000)              (283,000)

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

  Cash and cash equivalents at the end of the period                   $       118,000        $       263,000
                                                                       ================       ================
</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 June 30,  1999,  the results of its  operations  for the six
        months  ended June 30,  1999 and its cash flows for the six months  then
        ended.

3.      The results of operations for the six months ended June 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 the 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 the proceeds from a loan with a commercial bank.

5.      During  October  1998,  the  Partnership  borrowed  $12,400,000  from  a
        commercial  bank to payoff the loan from Public  Storage,  Inc.  and the
        mortgage  note  with a third  party.  The loan is  unsecured  and  bears
        interest at the London  Interbank  Offering  Rate  ("LIBOR")  plus 0.55%
        (5.675% as of June 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 June 30, 1999,
        the  unrealized  gain on the  interest  rate  swap,  if  required  to be
        liquidated was approximately $50,000.

                                       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 SIX MONTHS  ENDED  JUNE 30,  1999  COMPARED  TO THREE AND SIX
MONTHS ENDED JUNE 30, 1998:

         The Partnership's net income for the six months ended June 30, 1999 was
$1,050,000  compared  to  $781,000  for the six  months  ended  June  30,  1998,
representing  an increase of $269,000 or 34%. The  Partnership's  net income for
the three months  ended June 30, 1999 was $582,000  compared to $421,000 for the
three months ended June 30, 1998,  representing  an increase of $161,000 or 38%.
These  increases  are  primarily a result of improved  operating  results at the
Partnership's  real  estate  facilities  combined  with a decrease  in  interest
expense  resulting  from a lower  outstanding  debt balances in 1999 compared to
1998 along with a reduction in the interest rate resulting from the October 1998
refinancing of the outstanding debt.

         Rental  income for the six months  ended June 30,  1999 was  $2,413,000
compared to $2,267,000  for the six months ended June 30, 1998  representing  an
increase of $146,000 or 6%.  Rental  income for the three  months ended June 30,
1999 was  $1,239,000  compared to $1,160,000 for the three months ended June 30,
1998,  representing  an increase of $79,000 or 7%. 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 93% and 94% for the six months  ended  June 30,  1999 and 1998,
respectively.  Average  annual  realized  rent for the six months ended June 30,
1999 increased to $10.19 per occupied square foot from $9.53 per occupied square
foot for the six months ended June 30, 1998.

                                       8

<PAGE>

         Cost of operations  (including  management  fees paid to affiliate) for
the six months ended June 30, 1999 was $723,000 compared to $656,000 for the six
months ended June 30,  1998,  representing  an increase of $67,000 or 10%.  This
increase is mainly  attributable to increases in management fees and advertising
and promotion expenses.  Cost of operations  (including  management fees paid to
affiliate)  for the three months  ended June 30, 1999 was  $347,000  compared to
$328,000 for the three months ended June 30, 1998,  representing  an increase of
$19,000 or 6%.

         Interest expense decreased $258,000 to $316,000 in the six months ended
June 30, 1999 from $574,000 in the same period in 1998.  This decrease is mainly
attributable  to a lower  outstanding  principal  balances and reduced  interest
rates on the Partnership's indebtedness. See Liquidity and Capital Resources for
a discussion of the refinancing of the Partnership's indebtedness.

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

         Cash generated  from  operations  ($1,321,000  for the six months ended
June 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.
required monthly interest payments at the fixed rate of 7.3% and was schedule to
mature 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% (5.675% as of June 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.

         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 June 30, 1999, the
unrealized  gain on the interest  rate swap,  if required to be  liquidated  was
approximately $50,000.

                                       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.  PSI
expects the  implementation of the required solutions to be completed in advance
of December 31, 1999.  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 or will be Year 2000  compliant,  but has
requested  a  Year  2000  compliance  certification  from  these  entities.  The
Partnership  is not aware of any other  vendors,  suppliers,  or other  external
agents with a Y2K Issue that would materially impact the  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.

                                       10

<PAGE>

         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.

         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 Exhibit is included herein:

                  (27)  Financial Data Schedule

             (b)  Form 8 - K

                  None.


                                   SIGNATURES

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


                                       DATED: August 12, 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