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, 2003

                                       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, 2003
     and December 31, 2002                                                    2

Condensed statements of income for the three and six
     months ended June 30, 2003 and 2002                                      3

Condensed statement of partners' equity for the
     six months ended June 30, 2003                                           4

Condensed statements of cash flows for the
     six months ended June 30, 2003 and 2002                                  5

Notes to condensed financial statements                                     6-7

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

Risk Factors                                                               9-11

Controls and Procedures                                                   11-12

PART II.  OTHER INFORMATION (Items 2 - 4 not applicable)

Item 1  Legal Proceedings                                                    13

Item 6  Exhibits and Reports on Form 8-K                                     13


<PAGE>


                         PUBLIC STORAGE PROPERTIES, LTD.
                            CONDENSED BALANCE SHEETS


<TABLE>
<CAPTION>
                                                                               June 30,            December 31,
                                                                                 2003                  2002
                                                                           -----------------    -----------------
                                                                              (Unaudited)

                                     ASSETS
                                     ------

<S>                                                                         <C>                  <C>
Cash and cash equivalents                                                   $      729,000       $      538,000
Rent and other receivables                                                          41,000               49,000

Real estate facilities, at cost:
     Building, land improvements and equipment                                   9,341,000            9,217,000
     Land                                                                        2,476,000            2,476,000
                                                                           -----------------    -----------------
                                                                                11,817,000           11,693,000

     Less accumulated depreciation                                               (8,415000)          (8,152,000)
                                                                           -----------------    -----------------
                                                                                 3,402,000            3,541,000

Other assets                                                                        23,000               50,000
                                                                           -----------------    -----------------

Total assets                                                                $    4,195,000       $    4,178,000
                                                                           =================    =================


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


Accounts payable                                                            $       55,000       $       52,000
Deferred revenue                                                                   180,000              160,000

Partners' equity:
     Limited partners' equity, $500 per unit, 20,000 units
       authorized, issued and outstanding                                        2,940,000            2,944,000
     General partners' equity                                                    1,020,000            1,022,000
                                                                           -----------------    -----------------

     Total partners' equity                                                      3,960,000            3,966,000
                                                                           -----------------    -----------------

Total liabilities and partners' equity                                      $    4,195,000       $    4,178,000
                                                                           =================    =================
</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,
                                                        -----------------------------------    -----------------------------------
                                                              2003                2002               2003               2002
                                                        ----------------   ----------------    ----------------   ----------------

  REVENUES:

  <S>                                                    <C>                <C>                 <C>                <C>
  Rental income                                          $    1,543,000     $    1,470,000      $    3,046,000     $    2,951,000
  Other income                                                   11,000             10,000              22,000             19,000
                                                        ----------------   ----------------    ----------------   ----------------

                                                              1,554,000          1,480,000           3,068,000          2,970,000
                                                        ----------------   ----------------    ----------------   ----------------

  COSTS AND EXPENSES:

  Cost of operations                                            364,000            286,000             690,000            560,000
  Management fees paid to affiliate                              93,000             88,000             185,000            177,000
  Depreciation                                                  131,000            129,000             263,000            257,000
  Administrative                                                 24,000             35,000              50,000             57,000
  Interest expense                                                    -              3,000                   -             13,000
                                                        ----------------   ----------------    ----------------   ----------------

                                                                612,000            541,000           1,188,000          1,064,000
                                                        ----------------   ----------------    ----------------   ----------------

  NET INCOME                                             $      942,000     $      939,000      $    1,880,000     $    1,906,000
                                                        ================   ================    ================   ================

  Limited partners' share of net income ($69.75 per
    unit in 2003 and $94.35 per unit in 2002)                                                   $    1,395,000     $    1,887,000

  General partners' share of net income                                                                485,000             19,000
                                                                                               ----------------   ----------------

                                                                                                $    1,880,000     $    1,906,000
                                                                                               ================   ================
</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, 2002                           $      2,944,000     $      1,022,000      $      3,966,000

Net income                                                    1,395,000              485,000             1,880,000

Distributions                                                (1,400,000)            (486,000)           (1,886,000)

Equity transfer                                                   1,000               (1,000)                    -
                                                      ------------------   ------------------    ------------------
Balance at June 30, 2003                               $      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,
                                                                             --------------------------------------
                                                                                   2003                 2002
                                                                             -----------------    -----------------
  Cash flows from operating activities:

    <S>                                                                       <C>                  <C>
    Net income                                                                $     1,880,000      $     1,906,000

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

         Depreciation                                                                 263,000              257,000
         Decrease in rent and other receivables                                         8,000               59,000
         Decrease in other assets                                                      27,000               19,000
         Increase (decrease) in accounts payable                                        3,000              (27,000)
         Increase in deferred revenue                                                  20,000               17,000
                                                                             -----------------    -----------------

             Total adjustments                                                        321,000              325,000
                                                                             -----------------    -----------------

             Net cash provided by operating activities                              2,201,000            2,231,000
                                                                             -----------------    -----------------

  Cash flows from investing activities:

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

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

  Cash flows from financing activities:

    Distributions paid to partners                                                 (1,886,000)                   -
    Principal payments on note payable to commercial bank                                   -           (2,000,000)
                                                                             -----------------    -----------------

             Net cash used in financing activities                                 (1,886,000)          (2,000,000)
                                                                             -----------------    -----------------

  Net increase in cash and cash equivalents                                           191,000              127,000

  Cash and cash equivalents at the beginning of the period                            538,000              175,000
                                                                             -----------------    -----------------

  Cash and cash equivalents at the end of the period                          $       729,000      $       302,000
                                                                             =================    =================
</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, 2002.

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, 2003, the results of its operations for the three
         and six months ended June 30, 2003 and 2002 and its cash flows for the
         six months then ended.

3.       The results of operations for the three and six months ended June 30,
         2003 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 in
         October 2002. During the second quarter of 2002, the Partnership paid
         the loan in full without premium or penalty.

5.       The Partnership Agreement requires that any cash available for
         distribution (cash flow from all sources less cash necessary for any
         obligations or capital improvement needs) be distributed at least
         quarterly. Cash distributions were suspended in the fourth quarter of
         1990 due to debt service payments. The Partnership resumed
         distributions in the third quarter of 2002 because all debt was repaid
         at June 30, 2002. We paid distributions to the limited and general
         partners totaling $1,400,000 (70.00 per unit) and $486,000,
         respectively, for the six months ended June 30, 2003. Future
         distribution rates may be adjusted to levels which are supported by
         operating cash flow after capital improvements and any other necessary
         obligations.

6.       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
         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 impairment at June 30, 2003.

         Any real estate which we expect to sell or dispose of prior to their
         previously estimated useful life are stated at the lower of their
         estimated net realizable value or their carrying value, less cost to
         sell, and are evaluated throughout the sale process for impairment.

                                       6

<PAGE>

7.       Related Party Transactions

         The Partnership has a Management Agreement with PSI. Under the terms of
         the agreement, PSI operates the mini-warehouse facilities for a fee
         equal to 6% of the facilities' gross revenue (as defined). For the six
         months ended June 30, 2003 and 2002, the Partnership paid PSI $185,000
         and $177,000, respectively, pursuant to this management agreement.

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

         In addition, the Partnership combines its insurance purchasing power
         with PSI through a captive insurance company controlled by PSI, STOR-Re
         Mutual Insurance Corporation ("Stor-Re"). Stor-Re provides limited
         property and liability insurance to the Partnership at commercially
         competitive rates. The Partnership and PSI also utilize unaffiliated
         insurance carriers to provide property and liability insurance in
         excess of Stor-Re's limitations.

8.       Commitments and Contingencies

         Legal Proceedings

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

         The plaintiff in this case filed a suit against Public Storage on
         behalf of a putative class of renters who rented self-storage units
         from Public Storage. Plaintiff alleges that Public Storage
         misrepresents 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, Public Storage cannot presently determine the potential
         damages, if any, or the ultimate outcome of this litigation. Public
         Storage is vigorously contesting the claims upon which this lawsuit is
         based.

         Salaam, et. Al V. Public Storage, Inc. (filed February 2000)
         ------------------------------------------------------------
         (Superior Court - Los Angeles County)
         -------------------------------------

         The plaintiffs in this case are suing the Company on behalf of a
         purported class of California resident property managers who claim that
         they were not compensated for all the hours they worked. The named
         plaintiffs have indicated that their claims total less than $20,000 in
         aggregate. This maximum potential liability cannot be estimated, but
         can only be increased if a class is certified or if claims are
         permitted to be brought on behalf of the others under the California
         Unfair Business Practices Act. The plaintiffs' motion for class
         certification was denied in August 2002; the plaintiffs have appealed
         this denial. This denial does not deal with the claim under the
         California Unfair Business Practices Act.

         The Partnership is a party to various claims, complaints, and other
         legal actions that have arisen in the normal course of business from
         time to time. The Partnership believes that the outcome of these other
         pending legal proceedings, in the aggregate, will not have a material
         adverse effect upon the operations or financial portion of the
         Partnership.

                                       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 are described in "Risk Factors" (as discussed below) and include
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
disclaim any obligation to publicly release the results of any revisions to
these forward-looking statements reflecting new estimates, events or
circumstances after the date of this report.

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

         IMPAIRMENT OF LONG LIVED ASSETS

         Substantially all of our assets consist of real estate. We quarterly
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 cashflows, which also
involves significant judgment. We have identified no such impairments at June
30, 2003. 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 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 Note 8 to the
partnership's financial statements.

                                       8

<PAGE>


         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, our expenses could be misstated.

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

         THREE AND SIX MONTHS ENDED JUNE 30, 2003 COMPARED TO THREE AND SIX
MONTHS ENDED JUNE 30, 2002:

         Our net income for the six months ended June 30, 2003 was $1,880,000
compared to $1,906,000 for the six months ended June 30, 2002, representing a
decrease of $26,000 or 1%. Our net income for the three months ended June 30,
2003 was $942,000 compared to $939,000 for the three months ended June 30, 2002,
representing an increase of $3,000.

         Rental income for the six months ended June 30, 2003 was $3,046,000
compared to $2,951,000 for the six months ended June 30, 2002, representing an
increase of $95,000 or 3%. Rental income for the three months ended June 30,
2003 was $1,543,000 compared to $1,470,000 for the three months ended June 30,
2002, representing a decrease of $73,000 or 5%. Weighted average occupancy
levels at the mini-warehouse facilities were 89% and 88% for the six months
ended June 30, 2003 and 2002, respectively. Weighted average occupancy levels at
the mini-warehouse facilities were 91% and 88% for the three months ended June
30, 2003 and 2002, respectively. Annual realized rent for the six months ended
June 30, 2003 increased to $13.83 per occupied square foot compared $13.68 per
occupied square foot for the six months ended June 30, 2002. Annual realized
rent for the three months ended June 30, 2003 increased to $13.83 per occupied
square foot compared $13.53 per occupied square foot for the three months ended
June 30, 2002.

         Cost of operations (including management fees paid to an affiliate) for
the six months ended June 30, 2003 was $875,000 compared to $737,000 for the six
months ended June 30, 2002, representing an increase of $138,000 or 19%. Cost of
operations (including management fees paid to an affiliate) for the three months
ended June 30, 2003 was $457,000 compared to $374,000 for the three months ended
June 30, 2002, representing an increase of $83,000 or 22%. The increase  in cost
of operations for the three and six months ended June 30, 2003, is primarily due
to increases in payroll, advertising and promotion and property insurance costs.

         For the three and six months ended June 30, 2002, we incurred $3,000
and $13,000, respectively, of interest expense. As a result of the loan being
paid in full during 2002, there was no interest expense incurred in the six
months ended June 30, 2003.

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

         Cash generated from operations ($2,201,000 for the six months ended
June 30, 2003) 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 premium or
penalty.

         We paid distributions to the limited and general partners totaling
$1,400,000 ($70.00 per unit) and $486,000, respectively, for the six months
ended June 30, 2003.

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

         In addition to the other information in our Form 10-Q and Annual Report
on Form 10-K for the year ended December 31, 2002, you should consider the
following factors in evaluating the Partnership:

                                       9

<PAGE>


         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. In addition, PS Orangeco Partnerships,
Inc., an affiliate of Public Storage, owns an additional 0.1% 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 terrorists attacks;

         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 AND FROM
OTHER STORAGE ALTERNATIVES. All of our properties are self-storage facilities,
which generated all of our rental revenues. Local market conditions will play a
significant part in how competition will affect us. Competition in the market
areas in which many of our properties are located from other self-storage
facilities and other storage alternatives 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 the 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.

                                       10

<PAGE>

         We have conducted preliminary environmental assessments on 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.

         PROPERTY TAXES CAN INCREASE AND CAUSE A DECLINE IN YIELDS ON
INVESTMENTS. Each of our properties is subject to real property taxes. These
real property taxes may increase in the future as property tax rates change and
as our properties are assessed or reassessed by tax authorities. Such increases
could adversely impact the Partnership's profitability.

         WE MUST COMPLY WITH THE AMERICANS WITH DISABILITIES ACT AND FIRE AND
SAFETY REGULATIONS, WHICH CAN REQUIRE SIGNIFICANT EXPENDITURES: All our
properties must comply with the Americans with Disabilities Act and with related
regulations (the "ADA"). The ADA has separate compliance requirements for
"public accomodations" and "commercial facilities," but generally requires that
buildings be made accessible to persons with disabilities. Various state laws
impose similar requirements. A failure to comply with the ADA or similar state
laws could result in government imposed fines on us and the award of damages to
individuals affected by the failure. In addition, we must operate our properties
in compliance with numerous local fire and safety regulations, building codes,
and other land use regulations. Compliance with these requirements can require
us to spend substantial amounts of money, which would reduce cash otherwise
available for distribution to Partners. Failure to comply with these
requirements could also affect the marketability of our real estate facilities.

         TERRORIST ATTACKS AND THE POSSIBILITY OF WIDER ARMED CONFLICT MAY HAVE
AN ADVERSE IMPACT ON OUR BUSINESS AND OPERATING RESULTS AND COULD DECREASE THE
VALUE OF OUR ASSETS.

         Terrorist attacks and other acts of violence or war, such as those that
took place on September 11, 2001, could have a material adverse impact on our
business and operating results. There can be no assurance that there will not be
further terrorist attacks against the United States or its businesses or
interests. Attacks or armed conflicts that directly impact one or more of our
properties could significantly affect our ability to operate those properties
and thereby impair our operating results. Further, we may not have insurance
coverage for losses caused by a terrorist attack. Such insurance may not be
available, or if it is available and we decide to obtain such terrorist
coverage, the cost for the insurance may be significant in relationship to the
risk overall. In addition, the adverse effects that such violent acts and
threats of future attacks could have on the U.S. economy could similarly have a
material adverse effect on our business and results of operations. Finally,
further terrorist acts could cause the United States to enter into a wider armed
conflict, which could further impact our business and operating results.

CONTROLS AND PROCEDURES
-----------------------

         The Partnership 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 its Chief Executive Officer and Chief Financial Officer,
to allow timely decisions regarding required disclosure based on the definition
of "disclosure controls and procedures" in Rules 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 and management necessarily was required to apply its judgment in
evaluating the cost-benefit relationship of possible controls and procedures in
reaching that level of reasonable assurance.

                                       11

<PAGE>

         As of the end of the fiscal quarter covered by this report, the
Partnership carried out an evaluation, under the supervision and with the
participation of the Partnership's management, including the Partnership's Chief
Executive Officer and the Partnership's Chief Financial Officer, of the
effectiveness of the design and operation of the Partnership's disclosure
controls and procedures. Based upon this evaluation, the Partnership's Chief
Executive Officer and Chief Financial Officer concluded that the Partnership's
disclosure controls and procedures were effective.

         There have not been any changes in our internal control over financial
reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the
Exchange Act) during the fiscal quarter to which this report relates that has
materially affected, or are reasonably likely to materially affect, our internal
control over financial reporting.

                                       12


<PAGE>

                           PART II. OTHER INFORMATION


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

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

         The plaintiff in this case filed a suit against Public Storage on
         behalf of a putative class of renters who rented self-storage units
         from Public Storage. Plaintiff alleges that Public Storage
         misrepresents 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, Public Storage cannot presently determine the potential
         damages, if any, or the ultimate outcome of this litigation. Public
         Storage is vigorously contesting the claims upon which this lawsuit is
         based.

         The Partnership is also a party to the actions described under "Item 3.
         Legal Proceedings" in the Partnership's 2002 annual report on Form
         10-K. Except as described above, there have been no material
         developments in the actions described in the Partnership's 2002 annual
         report on Form 10-K.

         The Partnership is a party to various claims, complaints, and other
         legal actions that have arisen in the normal course of business from
         time to time. The Partnership believes that the outcome of these other
         pending legal proceedings, in the aggregate, will not have a material
         adverse effect upon the operations or financial portion of the
         Partnership.

Items 2 through 5 are inapplicable.

Item 6   Exhibits and Reports on Form 8-K.
         ---------------------------------

         (a)  The following Exhibits are included herein:

              31.1 Certification pursuant to 18 U.S.C. Section 1350, as adopted
                   pursuant to section 302 of the Sarbanes-Oxley Act of 2002

              31.2 Certification pursuant to 18 U.S.C. Section 1350, as adopted
                   pursuant to section 302 of the Sarbanes-Oxley Act of 2002

              32   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

                                       13

<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 14, 2003

                                               PUBLIC STORAGE PROPERTIES, LTD.

                                               BY:  Public Storage, Inc.
                                                    General Partner





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

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