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, 2002

                                       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 X No
                                       ---  ---

<PAGE>

                                      INDEX

                                                                           Page
                                                                           ----

PART I.   FINANCIAL INFORMATION

Condensed balance sheets at June 30, 2002
     and December 31, 2001                                                    2

Condensed statements of income for the three and six
     months ended June 30, 2002 and 2001                                      3

Condensed statement of partners' equity for the
     six months ended June 30, 2002                                           4

Condensed statements of cash flows for the
     six months ended June 30, 2002 and 2001                                  5

Notes to condensed financial statements                                       6

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

Risk Factors                                                                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>
                                                                               June 30,             December 31,
                                                                                 2002                  2002
                                                                            ---------------       ---------------
                                                                             (Unaudited)

                                     ASSETS
                                     ------

<S>                                                                         <C>                  <C>
Cash and cash equivalents                                                   $      302,000       $      175,000
Rent and other receivables                                                          98,000              157,000

Real estate facilities, at cost:
     Building, land improvements and equipment                                   9,125,000            9,021,000
     Land                                                                        2,476,000            2,476,000
                                                                            ---------------       ---------------
                                                                                11,601,000           11,497,000

     Less accumulated depreciation                                              (7,893,000)          (7,636,000)
                                                                            ---------------       ---------------
                                                                                 3,708,000            3,861,000

Other assets                                                                        30,000               49,000
                                                                            ---------------       ---------------

Total assets                                                                $    4,138,000       $    4,242,000
                                                                            ===============       ===============


                        LIABILITIES AND PARTNERS' EQUITY
                        --------------------------------


Accounts payable                                                            $       29,000       $       56,000
Deferred revenue                                                                   149,000              132,000
Note payable to commercial bank                                                          -            2,000,000

Partners' equity:
     Limited partners' equity, $500 per unit, 20,000 units
       authorized, issued and outstanding                                        2,940,000            1,525,000
     General partners' equity                                                    1,020,000              529,000
                                                                            ---------------       ---------------
     Total partners' equity                                                      3,960,000            2,054,000
                                                                            ---------------       ---------------

Total liabilities and partners' equity                                      $    4,138,000       $    4,242,000
                                                                            ===============       ===============
</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,
                                                         ----------------------------------     ----------------------------------
                                                              2002                2001               2002               2001
                                                         ---------------    ---------------     ---------------    ---------------
  REVENUES:

<S>                                                      <C>                <C>                 <C>                <C>
  Rental income                                          $    1,470,000     $    1,471,000      $    2,951,000     $    2,909,000
  Other income                                                   10,000              1,000              19,000              5,000
                                                         ---------------    ---------------     ---------------    ---------------
                                                              1,480,000          1,472,000           2,970,000          2,914,000
                                                         ---------------    ---------------     ---------------    ---------------

  COSTS AND EXPENSES:

  Cost of operations                                            286,000            283,000             560,000            575,000
  Management fees paid to affiliate                              88,000             89,000             177,000            175,000
  Depreciation                                                  129,000            133,000             257,000            267,000
  Administrative                                                 35,000             16,000              57,000             44,000
  Interest expense                                                3,000             66,000              13,000            148,000
                                                         ---------------    ---------------     ---------------    ---------------
                                                                541,000            587,000           1,064,000          1,209,000
                                                         ---------------    ---------------     ---------------    ---------------

  NET INCOME                                             $      939,000     $      885,000      $    1,906,000     $    1,705,000
                                                         ===============    ===============     ===============    ===============

  Limited partners' share of net income ($94.35 per
    unit in 2002 and $84.40 per unit in 2001)                                                   $    1,887,000     $    1,688,000

  General partners' share of net income                                                                 19,000             17,000
                                                                                                ---------------    ---------------

                                                                                                $    1,906,000      $   1,705,000
                                                                                                ===============    ===============
</TABLE>
                            See accompanying notes.
                                       3

<PAGE>

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


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

<S>                                                    <C>                  <C>                   <C>
Balance at December 31, 2001                           $      1,525,000     $        529,000      $      2,054,000

Net income                                                    1,887,000               19,000             1,906,000

Equity transfer                                                (472,000)             472,000                     -
                                                       -----------------    -----------------     -----------------

Balance at June 30, 2002                               $      2,940,000     $      1,020,000      $      3,960,000
                                                       =================    =================     =================
</TABLE>
                            See accompanying notes.
                                       4

<PAGE>

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

<TABLE>
<CAPTION>
                                                                                       Six Months Ended
                                                                                           June 30,
                                                                              -------------------------------------
                                                                                   2002                 2001
                                                                              ----------------     ----------------
  Cash flows from operating activities:

<S>                                                                           <C>                  <C>
    Net income                                                                $     1,906,000      $     1,705,000

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

         Depreciation                                                                 257,000              267,000
         Decrease in rent and other receivables                                        59,000               31,000
         Decrease in other assets                                                      19,000               12,000
         (Decrease) increase in accounts payable                                      (27,000)              41,000
         Increase in deferred revenue                                                  17,000               31,000
                                                                              ----------------     ----------------

             Total adjustments                                                        325,000              382,000
                                                                              ----------------     ----------------

             Net cash provided by operating activities                              2,231,000            2,087,000
                                                                              ----------------     ----------------

  Cash flows from investing activities:

    Additions to real estate facilities                                              (104,000)            (124,000)
                                                                              ----------------     ----------------

             Net cash used in investing activities                                   (104,000)            (124,000)
                                                                              ----------------     ----------------

  Cash flows from financing activities:

    Principal payments on note payable to commercial bank                          (2,000,000)          (2,100,000)
                                                                              ----------------     ----------------

             Net cash used in financing activities                                 (2,000,000)          (2,100,000)
                                                                              ----------------     ----------------

  Net increase (decrease) in cash and cash equivalents                                127,000             (137,000)

  Cash and cash equivalents at the beginning of the period                            175,000              324,000
                                                                              ----------------     ----------------

  Cash and cash equivalents at the end of the period                          $       302,000      $       187,000
                                                                              ================     ================
</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, 2001.

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, 2002, the results of its operations for the three
         and six months ended June 30, 2002 and 2001 and its cash flows for the
         six months then ended.

3.       The results of operations for the three and six months ended June 30,
         2002 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%. The loan was scheduled to mature
         October 2002. During the second quarter of 2002, the Partnership paid
         the loan in full without penalty.

         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 covered
         $2,500,000 of debt through October 2001 and effectively changed the
         interest rate exposure from floating rate to a fixed rate of 5.33%.
         Market gains and losses on the value of the swap were deferred and
         included in income over the life of the contract. We recorded the
         differences paid or received on the interest rate swap in interest
         expense as payments are made or received.

5.       In October 2001, the Financial Accounting Standards Board (FASB) issued
         Statement No. 144, "Accounting for the Impairment or Disposal of
         Long-Lived Assets." In June 2001, the FASB issued Statement of
         Financial Accounting Standard No. 142, "Goodwill and Other Intangible
         Assets," ("SFAS 142"). We adopted these statements effective January 1,
         2002.

         We evaluate our long-lived assets on a quarterly basis for indicators
         of impairment. When indicators of impairment are detected, we evaluate
         the recoverability of such long-lived assets. To the extent that the
         estimated future undiscounted cash flows are less than the respective
         book value, an impairment charge is recorded. The Partnership has
         determined at June 30, 2002 that no such impairments existed and,
         accordingly, no impairment charges have been recorded.

         Statement No. 144 also addresses the accounting for long-lived assets
         that are likely to be disposed of before the end of their previously
         estimated useful life. Such assets are to be reported at the lower of
         their carrying amount or fair value, less cost to sell. Our evaluations
         have determined that there are no such impairments at June 30, 2002.

                                       6

<PAGE>

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


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

         When used within this document, the words "expects," "believes,"
"anticipates," "should," "estimates," and similar expressions are intended to
identify "forward-looking statements. 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.

CRITICAL ACCOUNTING POLICIES
----------------------------

         IMPAIRMENT OF LONG LIVED ASSETS

         Substantially all of the Partnership's assets consist of long-lived
assets, primarily real estate. We evaluate our long-lived assets on a quarterly
basis for indicators of impairment. When indicators of impairment are detected,
we evaluate the recoverability of such long-lived assets. To the extent that the
estimated future undiscounted cash flows are less than the respective book
value, an impairment charge is recorded. The Partnership has determined at June
30, 2002 that no such impairments existed and, accordingly, no impairment
charges have been recorded.

         Future events could cause us to conclude that our long-lived assets are
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 the Partnership's 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 obsolescense or other
factors, could have a material adverse impact on our financial condition or
results of operations.

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

         THREE AND SIX MONTHS ENDED JUNE 30, 2002 COMPARED TO THREE AND SIX
MONTHS ENDED JUNE 30, 2001:

         Our net income for the six months ended June 30, 2002 was $1,906,000
compared to $1,705,000 for the six months ended June 30, 2001, representing an
increase of $201,000 or 12%. Our net income for the three months ended June 30,
2002 was $939,000 compared to $885,000 for the three months ended June 30, 2001,
representing an increase of $54,000 or 6%. These increases are primarily a
result of a decrease in interest expense.

         Rental income for the six months ended June 30, 2002 was $2,951,000
compared to $2,909,000 for the six months ended June 30, 2001, representing an
increase of $42,000 or 1%. Rental income for the three months ended June 30,
2002 was $1,470,000 compared to $1,471,000 for the three months ended June 30,
2001, representing a decrease of $1,000. Weighted average occupancy levels at
the mini-warehouse facilities were 88% and 92% for the six months ended June 30,
2002 and 2001, respectively. Annual realized rent for the six months ended June
30, 2002 increased to $13.68 per occupied square foot compared $12.41 per
occupied square foot for the six months ended June 30, 2001.

                                       7

<PAGE>

         Cost of operations (including management fees paid to an affiliate) for
the six months ended June 30, 2002 was $737,000 compared to $750,000 for the six
months ended June 30, 2001, representing a decrease of $13,000 or 2%. Cost of
operations (including management fees paid to an affiliate) for the three months
ended June 30, 2002 was $374,000 compared to $372,000 for the three months ended
June 30, 2001, representing an increase of $2,000 or 1%.

         Interest expense was $13,000 in the six months ended June 30, 2002
compared to $148,000 in the same period in 2001, a decrease of $135,000 due to
lower outstanding principal balances.

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

         Cash generated from operations ($2,231,000 for the six months ended
June 30, 2002) has been sufficient to meet all current obligations of the
Partnership.

         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%. The loan was scheduled to mature October 2002. During the
second quarter of 2002, the Partnership paid the loan in full without penalty.

         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 covered $2,500,000 of debt through October
2001 and effectively changed the interest rate exposure from floating rate to a
fixed rate of 5.33%. Market gains and losses on the value of the swap were
deferred and included in income over the life of the contract. We recorded the
differences paid or received on the interest rate swap in interest expense as
payments are made or received.

         As all debt has been paid as of June 30, 2002, the Partnership will pay
a distribution to its partners for the quarter ended September 30, 2002 and
expects to pay quarterly distributions thereafter.

RISK FACTORS
------------

         In addition to the other information in our Form 10-Q, you should
consider the following factors in evaluating the Partnership:

         PUBLIC STORAGE HAS A SIGNIFICANT DEGREE OF CONTROL OVER THE
PARTNERSHIP.

         Public Storage is general partner and owns approximately 31.4% of our
outstanding limited partnership units. As a result, Public Storage has a
significant degree of control over matters submitted to a vote of our
unitholders, including amending our organizational documents, dissolving the
Partnership and approving other extraordinary transactions.

         SINCE OUR BUSINESS CONSISTS PRIMARILY OF ACQUIRING AND OPERATING REAL
ESTATE, WE ARE SUBJECT TO REAL ESTATE OPERATING RISKS.

         THE VALUE OF OUR INVESTMENTS MAY BE REDUCED BY GENERAL RISKS OF REAL
ESTATE OWNERSHIP. Since we derive substantially all of our income from real
estate operations, we are subject to the general risks of owning real
estate-related assets, including:

         o        lack of demand for rental spaces or units in a locale;

         o        changes in general economic or local conditions;

         o        changes in supply of or demand for similar or competing
                  facilities in an area;

         o        potential terrorist attacks;

                                       8

<PAGE>

         o        the impact of environmental protection laws;

         o        changes in interest rates and availability of permanent
                  mortgage funds which may render the sale or financing of a
                  property difficult or unattractive; and

         o        changes in tax, real estate and zoning laws.

         THERE IS SIGNIFICANT COMPETITION AMONG SELF-STORAGE FACILITIES. Most of
the properties the Partnership has an interest in are self-storage facilities.
Competition in the market areas in which many of our properties are located is
significant and has affected the occupancy levels, rental rates and operating
expenses of some of our properties. Any increase in availability of funds for
investment in real estate may accelerate competition. Further development of
self-storage facilities may intensify competition among operators of
self-storage facilities in certain market areas in which we operate.

         WE MAY INCUR SIGNIFICANT ENVIRONMENTAL COSTS AND LIABILITIES. As an
owner of real properties, under various federal, state and local environmental
laws, we are required to clean up spills or other releases of hazardous or toxic
substances on or from our properties. Certain environmental laws impose
liability whether or not the owner knew of, or was responsible for, the presence
of the hazardous or toxic substances. In some cases, liability may not be
limited to the value of the property. The presence of these substances, or the
failure to properly remediate any resulting contamination, also may adversely
affect the owner's or operator's ability to sell, lease or operate its property
or to borrow using its property as collateral.

         We have conducted preliminary environmental assessments on most of the
properties the Partnership has an interest in to evaluate the environmental
condition of, and potential environmental liabilities associated with, our
properties. These assessments generally consist of an investigation of
environmental conditions at the property (not including soil or groundwater
sampling or analysis), as well as a review of available information regarding
the site and publicly available data regarding conditions at other sites in the
vicinity. In connection with these property assessments, we have become aware
that prior operations or activities at some facilities or from nearby locations
have or may have resulted in contamination to the soil or groundwater at these
facilities. In this regard, some of our facilities are or may be the subject of
federal or state environment investigations or remedial actions. Although we
cannot provide any assurance, based on the preliminary environmental
assessments, we believe we have funds available to cover any liability from
environmental contamination or potential contamination and we are not aware of
any environmental contamination of our facilities material to our overall
business, financial condition or results of operation.

                                       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:

                  (1)      Certification of CEO and CFO Pursuant to 18 U.S.C.
                           Section 1350, as Adopted Pursuant to Section 906 of
                           the Sarbanes-Oxley Act of 2002

         (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 14, 2002

                                             PUBLIC STORAGE PROPERTIES, LTD.

                                             BY:  Public Storage, Inc.
                                                  General Partner





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

                                       10