SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-K

[X] Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934

For the fiscal year ended December 31, 2007.

[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934

For the transition period from to .
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Commission File Number: 0-9208

PUBLIC STORAGE PROPERTIES V, LTD.
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(Exact name of Registrant as specified in its charter)

California 95-3292068
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
701 Western Avenue, Glendale, California 91201-2349
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(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (818) 244-8080.
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Securities registered pursuant to Section 12(b) of the Act: NONE

Securities registered pursuant to Section 12(g) of the Act:

Units of Limited Partnership Interest
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(Title of class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as
defined in Rule 405 of the Securities Act.

Yes [ ]No [X]

Indicate by check mark if the registrant is not required to file reports
pursuant to Section 13 or Section 15(d) of the Exchange Act.

Yes [ ] No [X]

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 [ ]

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [X]

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

Yes [ ]No [X]

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

Large Accelerated Filer [ ] Accelerated Filer [ ] Non-accelerated Filer [X]
Smaller Reporting Company [ ]

The aggregate market value of the voting and non-voting common equity held by
non-affiliates of the Registrant as of June 30, 2007:

Limited Partner Units, $500.00 Par Value - $28,364,000 (computed on the basis of
$1,675.00 per unit which was the highest reported sale price prior to the
quarter ended June 30, 2007).

The number of units outstanding of the registrant's classes of common equity as
of March 25, 2008:

Units of Limited Partnership Interest, $500.00 Par Value - 44,000 units

DOCUMENTS INCORPORATED BY REFERENCE

NONE

PART I

ITEM 1. Business
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Forward Looking Statements
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This Annual Report on Form 10-K contains forward-looking statements
within the meaning of the federal securities laws. All statements in this
document, other than statements of historical fact, are forward-looking
statements which may be identified by the use of the words "expects,"
"believes," "anticipates," "plans," "would," "should," "may," "estimates" and
similar expressions. These forward-looking statements involve known and unknown
risks and uncertainties, which may cause Public Storage Properties V, Ltd.'s
(the "Partnership") actual results and performance to be materially different
from those expressed or implied in the forward-looking statements. As a result,
you should not rely on any forward-looking statements in this report, or which
management may make orally or in writing from time to time, as predictions of
future events nor guarantees of future performance. We caution you not to place
undue reliance on forward-looking statements, which speak only as the date of
this report or as of the dates indicated in the statements. All of our
forward-looking statements, including those in this report, are qualified in
their entirely by this statement. We expressly disclaim any obligation to update
publicly or otherwise revise any forward-looking statements, whether as a result
of new information, new estimates, or other factors, events or circumstances
after the date of this document, except where expressly required by law.
Accordingly, you should use caution in relying on past forward-looking
statements to anticipate future results.

Factors and risks that may impact our future results and performance
include, but are not limited to, those described in Item 1A, "Risk Factors" and
in our other filings with the Securities and Exchange Commission. ("SEC"). These
risks include, among others, the following:

o general risks associated with the ownership and operation of real
estate including changes in demand, potential liability for
environmental contamination, adverse changes in tax, real estate and
zoning laws and regulations, and the impact of natural disasters;

o risks associated with downturns in the local economies in the markets
in which we operate;

o the impact of competition from new and existing self-storage and
commercial facilities and other storage alternatives;

o the impact of the regulatory environment as well as national, state,
and local laws and regulations;

o disruptions or shutdowns of our automated processes and systems; and

o economic uncertainty due to the impact of war or terrorism.

The risks included here are not exhaustive as it is not possible for
management to predict all possible risk factors that may exist or emerge from
time to time. Investors should refer to our quarterly reports on Form 10-Q for
future periods and current reports on Form 8-K and other information filed from
time to time with the SEC Commission for additional information.

General
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The Partnership is a publicly held limited partnership formed under the
California Uniform Limited Partnership Act in May 1978. The Partnership raised
$22,000,000 in gross proceeds by selling 44,000 units of limited partnership
interests ("Units") in an interstate offering, which commenced in March 1979 and
completed in October 1979. The Partnership was formed to engage in the business
of developing and operating self-storage facilities offering storage space for
personal and business use.

The Partnership has reported annually to the Securities and Exchange
Commission ("SEC") on Form 10-K which includes financial statements certified by
its independent registered public accounting firm. The Partnership has also

reported quarterly to the SEC on Form 10-Q and includes unaudited financial
statements with such filings. The Partnership expects to continue such
reporting. On an annual basis, the Partnership mails the audited financial
statements and related notes thereto, to all limited partners.

The public may read and copy any materials this Partnership files with
the SEC at the SEC's Public Reference Room at 450 Fifth Street, N.W.,
Washington, D.C. 20549. The public may obtain information on the operation of
the Public Reference Room by calling the SEC at 1-800-732-0330. The partnership
does not maintain a website. However, the SEC maintains an Internet site that
contains reports, proxy and information statements, and other information
regarding issuers, including the Partnership, that file electronically with the
SEC at http://www.sec.gov.

In 1995, there were a series of mergers among Public Storage
Management, Inc. (which was the Partnership's self-storage facilities operator),
Public Storage (which was one of the Partnership's general partners) and their
affiliates (collectively, "PSMI"), culminating in the November 16, 1995 merger
(the "PSMI Merger") of PSMI into Storage Equities, Inc., a real estate
investment trust ("REIT") organized as a California corporation. In the PSMI
Merger, Storage Equities, Inc. was renamed Public Storage, Inc., and acquired
substantially all of PSMI's United States ("U.S.") real estate operations and
became a co-general partner of the Partnership and the operator of the
Partnership's self-storage facilities. Effective June 1, 2007, Public Storage,
Inc. was reorganized into Public Storage ("PS"), a Maryland real estate
investment trust.

The Partnership's general partners are PS and B. Wayne Hughes
("Hughes") (collectively referred to as the "General Partners"). Hughes has been
a general partner of the Partnership since its inception. Hughes is chairman of
the board of PS, was chief executive officer of PS through November 7, 2002.
Hughes and members of his family (the "Hughes Family") own approximately 25.3%
of the outstanding common shares of PS.

The Partnership is managed and its investment decisions are made by
Hughes and the executive officers and trustees of PS. The limited partners of
the Partnership have no right to participate in the operation or conduct of the
Partnership's business and affairs.

The term of the Partnership is until all properties have been sold and
in any event, not later than December 31, 2038.

Investment Objectives and Policies
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The Partnership's objectives are to (i) preserve and protect invested
capital, (ii) maximize the potential for appreciation in value of its
investments, and (iii) provide for cash distributions from operations.

Following are the Partnership's investment practices and policies. The
partnership does not anticipate any new investments, other than maintenance
capital expenditures, and does not anticipate liquidating the real estate
investments it now holds. While a vote of the limited partners is generally
required to change the Partnership's investment policies, the general partners
hold a majority of the limited partnership units, and as a result, the General
Partners could change these policies through their vote.

o Our investments consist of 14 self-storage facilities, one of which
contains a commercial facility. These investments are in real estate or
real estate entities holding real estate located in the U.S. See
"Self-storage Facilities" and Item 2 "Properties" for further
information.

o There is no limitation on the amount or percentage of assets, which can
be invested in any specific person.

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

Self-storage Facilities
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Self-storage facilities are designed to offer accessible storage space
for personal and business use at a relatively low cost. A user rents a fully
enclosed space which is for the user's exclusive use and to which only the user

has access on an unrestricted basis during business hours. On-site operation is
the responsibility of property managers who are supervised by district managers.
Some self-storage facilities also include rentable uncovered parking areas for
vehicle storage. Leases for self-storage space may be on a long-term or
short-term basis, although typically spaces are rented on a month-to-month
basis. Rental rates vary according to the location of the property and the size
of the storage space.

Users of space in self-storage facilities include both individuals and
large and small businesses. Individuals usually employ this space for storage
of, among other things, furniture, household appliances, personal belongings,
motor vehicles, boats, campers, motorcycles and other household goods.
Businesses normally employ this space for storage of excess inventory, business
records, seasonal goods, equipment and fixtures.

Self-storage facilities in which the Partnership has invested generally
consist of three to seven buildings containing an aggregate of between
approximately 320 to 815 storage spaces, most of which have between 25 and 400
square feet and an interior height of approximately 8 to 12 feet.

The Partnership experiences minor seasonal fluctuations in the
occupancy levels of its self-storage facilities with occupancies higher in the
summer months than in the winter months. The Partnership believes that these
fluctuations result in part from increased moving activity during the summer.

The Partnership's self-storage facilities are located in California,
Florida and Georgia and are generally located in heavily populated areas and
close to concentrations of apartment complexes, single family residences and
commercial developments. However, there may be circumstances in which it may be
appropriate to own a property in a less populated area, for example, in an area
that is highly visible from a major thoroughfare and close to, although not in,
a heavily populated area. Moreover, in certain population centers, land costs
and zoning restrictions may create a demand for space in nearby less populated
areas.

As with most other types of real estate, the conversion of self-storage
facilities to alternative uses in connection with a sale or otherwise would
generally require substantial investment. However, the Partnership does not
intend to convert its self-storage facilities to other uses.

Commercial Property
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The Partnership owns one commercial property, a business park located
in San Francisco, California, on the same parcel of land as the Partnership's
self-storage facility. The commercial property represents less than 3% of the
Partnership's revenues and less than 1% of the Partnership's assets based on
original cost.

Operating Strategies
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The Partnership's self-storage facilities are operated by PS under the
"Public Storage" brand name, which the Partnership believes is the most
recognized name in the self-storage industry. The major elements of the
Partnership's operating strategies are as follows:

o Capitalize on recognition of the "Public Storage" name. PS has more
than 20 years of operating experience in the self-storage business. PS
has informed the Partnership that it is the largest self-storage
facility operator in the U.S. in terms of both number of facilities and
rentable space operated. PS believes that its marketing and advertising
programs improve its competitive position in the market. The PS
in-house yellow pages staff designs and places advertisements in
directories in virtually every market in which it operates. Customers
calling either the PS toll-free telephone referral system, (800)
44-STORE, or a self-storage facility are directed to the PS reservation
system where a trained representative discusses with the customer space
requirements, price and location preferences and also informs the
customer of other products and services provided by PS. The telephone
reservation system supports rental activity at all of the U.S.
facilities operated by PS. PS also provides customers the opportunity
to review space availability and make reservations online through the
PS website, www.publicstorage.com.

o Maintain high occupancy levels and increase annual realized rents.
Subject to market conditions, the Partnership generally seeks to
maximize revenues through high occupancy levels and to eliminate

promotions prior to increasing rental rates. Average occupancy for the
Partnership's self-storage facilities was 90% in 2007 and 2006. Annual
realized rents per occupied square foot increased from $13.97 in 2006
to $14.20 in 2007.

o Systems and controls. PS has an organizational structure and a property
operation system which links its corporate office with each of its
self-storage facilities. This enables PS to obtain daily information
from each facility and to achieve efficiencies in operations and
maintain control over its space inventory, rental rates, promotional
discounts and delinquencies, and to identify changing market conditions
and operating trends as well as analyze customer data, and quickly
change properties' pricing and promotional mix on an automated basis.
Expense management is achieved through centralized payroll and accounts
payable systems and a comprehensive property tax appeals department. PS
also has an extensive internal audit program designed to ensure proper
handling of cash collections.

o Professional property operation. There are approximately 5,200 persons
who render services for the Public Storage system in the U.S.,
primarily personnel engaged in property operations, substantially all
of whom are employed by a clearing company that provides certain
administrative and cost-sharing services to PS and other owners of
properties operated by PS.

Property Operator
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The Partnership's self-storage facilities are managed by PS (as
successor to PSMI) pursuant to a Management Agreement. The Partnership's
commercial property is managed by PS Business Parks, L.P. ("PSBP"), pursuant to
a management agreement (the "PSBP Management Agreement"). PSBP is an operating
partnership formed to own and operate business parks in which PS has a
significant economic interest. The general partner of PSBP is PS Business Parks,
Inc., a REIT traded on the American Stock Exchange.

Under the supervision of the Partnership, PS and PSBP coordinate the
operation of the facilities, establish rental policies and rates, direct
marketing activity and direct the purchase of equipment and supplies,
maintenance activity and the selection and engagement of all vendors, supplies
and independent contractors.

PS and PSBP engage, at the expense of the Partnership, employees for
the operation of the Partnership's facilities, including property managers,
assistant managers, relief managers, and billing and maintenance personnel. Some
or all of these employees may be employed on a part-time basis and may also be
employed by other persons, partnerships, real estate investment trusts or other
entities owning facilities operated by PS and PSBP.

In the purchasing of services such as advertising (including broadcast
media advertising) and insurance, PS and PSBP attempt to achieve economies by
combining the resources of the various facilities that it operates. Facilities
operated by PS have historically carried comprehensive insurance, including
fire, earthquake, liability and extended coverage.

PS and PSBP have systems for managing space inventories, accounting and
handling delinquent accounts, including a computerized network linking PS
operated facilities. Each property manager is furnished with detailed operating
procedures and typically receives facilities management training from PS. Form
letters covering a variety of circumstances are also supplied to the property
managers. A record of actions taken by the property managers when delinquencies
occur is maintained.

The Partnership's facilities are typically advertised via signage,
yellow pages, flyers, broadcast media advertising (i.e. television and radio) in
geographic areas in which many of the Partnership's facilities are located, as
well as on the Internet. Broadcast media and other advertising costs are charged
to the Partnership's facilities located in geographic areas affected by the
advertising. From time to time, PS and PSBP adopt promotional programs, such as
temporary rent reductions, in selected areas or for individual facilities.

For as long as the Management Agreement between the Partnership and PS
is in effect, PS has granted the Partnership a non-exclusive license to use two
PS service marks and related designs including the "Public Storage" name in
conjunction with rental and operation of facilities managed pursuant to the
Management Agreement. Upon termination of the Management Agreement, the
Partnership would no longer have the right to use the service marks and related
designs. The General Partners believe that the loss of the right to use the
service marks and related designs could have a material adverse effect on the
Partnership's business.

Agreement between the Partnership and PSBP provides that the PSBP Management
Agreement may be terminated (i) without cause upon 60 days written notice by the
Partnership and upon seven years notice by PSBP and (ii) at any time by either
party for cause.

Competition
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Local market conditions play a significant role in how competition will
affect the Partnership's operations. Competition from other self-storage and
other storage alternatives in the market areas in which the Partnership operates
is significant and has affected the occupancy levels, rental rates and operating
expenses of certain of the Partnership's facilities. 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 the
Partnership operates. In addition to competition from self-storage facilities
operated by PS, there are other publicly traded REITs and numerous regional and
local operators. The Partnership believes that the significant operating and
financial experience of PS and the "Public Storage" brand name recognition
should enable the Partnership to continue to compete effectively with other
entities.

Other Business Activities
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A corporation that reinsures policies against losses to goods stored by
tenants in PS' storage facilities was purchased by PS from Mr. Hughes and
members of his family (the "Hughes Family") on December 31, 2001. We believe
that the availability of insurance reduces our potential liability to tenants
for losses to their goods from theft or destruction. This corporation receives
the premiums and bears the risks associated with the reinsurance. The
Partnership receives an access fee from this corporation in return for providing
tenant listings. This fee is based on the number of spaces the Partnership has
to rent.

A subsidiary of PS sells locks and boxes and rents trucks to the
general public and tenants to be used in securing their spaces and moving their
goods. The subsidiary of PS receives the revenues and bears the cost of the
activities. We believe that the availability of locks and boxes for sale and the
rental of trucks promote the rental of self-storage spaces.

Federal Income Tax
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Public Storage Properties V, Ltd. is treated as a partnership for
Federal income tax purposes with the taxable income of the entity allocated to
each partner in accordance with the Partnership agreement.

Employees
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The Partnership has no direct employees. There are approximately 64
persons who render services on behalf of the Partnership. These persons include
property managers, assistant managers, relief managers, area managers, and
administrative and maintenance personnel. Some employees may be employed on a
part-time basis and may be employed by other persons, partnerships, REITs or
other entities owning facilities operated by PS.

ITEM 1A. Risk Factors
------------

In addition to the other information in our Annual Report on Form 10-K,
you should consider the risks described below that we believe may be material to
investors in evaluating the Partnership. This section contains forward-looking
statements, and in considering these statements, you should refer to the
qualifications and limitations on our forward-looking statements that are
described in FORWARD LOOKING STATEMENTS at the beginning of Item 1.

THE GENERAL PARTNERS CONTROL THE PARTNERSHIP AS A GROUP.

Public Storage is a general partner and beneficially owns approximately
33.5% of our outstanding limited partnership units. In addition, B. Wayne
Hughes, General Partner of the Partnership, and Chairman of PS and members of
his family beneficially own 28.2% of the limited partnership units. As a result,
the General Partners, as a group, control matters submitted to a vote of our
unitholders, including amending our organizational documents, dissolving the
Partnership and approving other such transactions.

SINCE OUR BUSINESS CONSISTS PRIMARILY OF 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 natural disasters, such as earthquakes;

o potential terrorist attacks;

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

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;

o increases in insurance premiums, property tax assessments and other
operating and maintenance expenses;

o adverse changes in tax, real estate and zoning laws and regulations;
and

o tenant and employment-related claims.

There is significant competition among self-storage facilities and from
other storage alternatives. All of our properties are self-storage facilities,
which generated substantially all of our revenue for the year ended December 31,
2007. 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 and operator 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, whether from
environmental or microbial issues, 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 the
Partnership's properties 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.

There has been an increasing number of claims and litigation against
owners and managers of rental properties relating to moisture infiltration,
which can result in mold or other property damage. When we receive a complaint
concerning moisture infiltration, condensation or mold problems and/or become
aware that an air quality concern exists, we implement corrective measures in
accordance with guidelines and protocols we have developed with the assistance
of outside experts. We seek to work proactively with our tenants to resolve
moisture infiltration and mold-related issues, subject to our contractual
limitations on liability for such claims. However, we can provide no assurance
that material legal claims relating to moisture infiltration and the presence
of, or exposure to, mold will not arise in the future.

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 our 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 accommodations" 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 could award 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 shareholders. Failure to comply with these
requirements could also affect the marketability of our real estate facilities.

We incur liability from tenant and employment-related claims. From time
to time we must resolve tenant claims and employment-related claims by corporate
level and field personnel.

PUBLIC STORAGE'S ACQUISITION OF SHURGARD OR OTHER POTENTIAL
ACQUISITIONS OR DEVELOPMENT OF PROPERTIES MAY SUBJECT THE PARTNERSHIP TO
ADDITIONAL RISKS.

In August 2006, Public Storage completed the acquisition of Shurgard
Storage Centers, Inc. ("Shurgard"), a publicly held REIT that had interests in
approximately 646 self-storage facilities located in the United States ("U.S.")
and Europe and acquires and develops other real estate facilities as part of its
ongoing operations. Such acquisitions, including the Shurgard merger, do not
change the financial interests of the Partnership. However, because the
self-storage facilities of the Partnership and Public Storage are managed by
Public Storage, together with the newly acquired self-storage facilities,
individual Partnership properties may experience a decrease in move-ins,
reductions to rental rates, increases to promotional discounts, or other
negative impacts to revenues in the short and/or long term due to the
competitive impact of Public Storage management of the newly acquired
facilities, particularly with respect to those facilities that are close to the
Partnership's 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 U.S. or their 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 U.S. to enter into a wider armed conflict, which could
further impact our business and operating results.

DEVELOPMENTS IN CALIFORNIA MAY HAVE AN ADVERSE IMPACT ON OUR BUSINESS
AND OPERATING RESULTS AND COULD DECREASE THE VALUE OF OUR ASSETS.

Nine of the Partnership's properties are located in California.
California is facing budgetary problems. Action that may be taken in response to
these problems, such as an increase in property taxes on commercial properties,
could adversely impact our business and results of operations. In addition, the
Partnership could be adversely impacted by efforts to reenact legislation
mandating medical insurance for employees of California businesses and members
of their families.

INCREASES IN INTEREST RATES MAY ADVERSELY AFFECT THE PRICE OF OUR
PARTNERSHIP UNITS.

One of the factors that influences the market price of our partnership
units is the annual rate of distributions that we pay on the securities, as
compared with interest rates. An increase in interest rates may lead purchasers
of partnership units to demand higher annual distribution rates, which could
adversely affect the market price of our partnership units.

WE HAVE BECOME INCREASINGLY DEPENDENT UPON AUTOMATED PROCESSES AND THE
INTERNET AND ARE FACED WITH SECURITY SYSTEM RISKS.

We have become increasingly centralized and dependent upon automated
information technology processes. As a result, we could be severely impacted by
a catastrophic occurrence, such as a natural disaster or a terrorist attack. In
addition, a portion of our business operations are conducted over the Internet,
increasing the risk of viruses that could cause system failures and disruptions
of operations. Experienced computer programmers may be able to penetrate our
network security and misappropriate our confidential information, create system
disruptions or cause shutdowns.

OUR OWNERSHIP INTEREST IN STOR-RE MAY LOSE VALUE OR BECOME A LIABILITY.

The Partnership has a 1.4% ownership interest in STOR-Re Mutual
Insurance Corporation ("STOR-Re"), which was formed in 1994 as an association
captive insurance company, and is controlled by PS. STOR-Re provided limited
property and liability insurance coverage to the Partnership, PS, and affiliates
of PS for losses occurring prior to April 1, 2004. Liabilities for losses and
loss adjustment expenses include an amount determined from loss reports and
individual cases and an amount, based on recommendations from an outside actuary
that is a member of the American Academy of Actuaries, using a frequency and
severity method, for losses incurred but not reported. Determining the liability
for unpaid losses and loss adjustment expense is based upon estimates and while
we believe that the amount is adequate, the ultimate loss may be in excess of or
less than the amounts provided, which may result in a reduction in the value of
the Partnership's investment or could result in future payments to STOR-Re if
its reserves were determined to be inadequate. Financial data with respect to
STOR-Re is included in Note 5 to the Partnership's December 31, 2007 financial
statements.

ITEM 1B. Unresolved Staff Comments
-------------------------

Not applicable.

ITEM 2. Properties
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The following table sets forth information as of December 31, 2007
about properties owned by the Partnership:

Size of Net Rentable Numbers of
Location Parcel Area Spaces Date of Purchase Completion Date
- ------------------------------- ------------ -------------- ---------- ---------------- ---------------
California

Belmont 2.74 acres 46,000 sq. ft 451 May 14, 1979 Dec. 1979
Carson- Carson Street 2.30 acres 43,000 sq. ft 389 Oct. 9, 1979 Jan. 1980
Palmdale 3.48 acres 56,000 sq. ft. 461 July 31, 1979 Jan. 1980
Pasadena - Fair Oaks 2.17 acres 71,000 sq. ft 814 Aug. 24, 1979 Mar. 1980
Sacramento - Carmichael 3.12 acres 45,000 sq. ft 451 Dec. 7, 1979 July 1980
Sacramento - Florin 3.99 acres 70,000 sq. ft 580 Mar. 30, 1979 June 1980
San Jose - Capitol Quimby 2.24 acres 36,000 sq. ft. 331 Nov. 21, 1979 July 1980
San Jose - Felipe 1.60 acres 52,000 sq. ft. 453 Oct. 9, 1979 Dec. 1980
So. San Francisco - Spruce 3.03 acres 44,000 sq. ft. 370 June 27, 1979 Nov. 1980

Florida
Miami - 27 th Ave. 3.07 acres 63,000 sq. ft. 624 Oct. 11, 1979 May 1980
Miami - 29th Ave. 1.82 acres 35,000 sq. ft. 323 May 1, 1979 Oct. 1979

Georgia
Atlanta - Montreal Road 3.14 acres 57,000 sq. ft. 462 July 9, 1979 June 1980
Atlanta - Mountain Industrial
Blvd. 3.10 acres 51,000 sq. ft. 458 Oct. 30, 1979 Sept. 1980
Marietta - Cobb Parkway 3.61 acres 68,000 sq. ft. 554 Apr. 20, 1979 Oct. 1979

The weighted average occupancy for the self-storage facilities was 90%
in 2007 and 2006.

In August 1992, the buildings at a self-storage facility located in
Miami, Florida were completely destroyed by Hurricane Andrew. The Partnership
decided not to reconstruct the buildings and held the land. In June 1996, the
Partnership sold approximately 61% of the Miami, Florida land for a net price of
$376,000 ($400,000 less $24,000 of selling cost), resulting in a $13,000 gain on
the sale. In 2005, the remaining land was sold for proceeds of $1,024,000,
resulting in a gain on sale of $794,000.

The Partnership does not have any agreements to buy or sell any real
estate. The Partnership does not anticipate any new investments, other than
maintenance capital expenditures, and does not anticipate liquidating the real
estate investments it now holds.

As of December 31, 2007, none of the properties were encumbered by
mortgage debt. The Partnership may consider borrowing money with the intent of
using the proceeds for distribution to partners.

ITEM 3. Legal Proceedings
-----------------

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

The plaintiff in this case filed a suit against PS on behalf of a
putative class of renters who rented self-storage units from PS. Plaintiff
alleges that PS misrepresented the size of its storage units, has brought claims
under California statutory and common law relating to consumer protection,
fraud, unfair competition, and negligent misrepresentation, and is seeking
monetary damages, restitution, and declaratory and injunctive relief. On
November 26, 2007, the Court entered an order dismissing the matter in its
entirety without any liability to PS.

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

certification for alleged meal period violations, rest period violations,
failure to pay for travel time, failure to pay for mileage reimbursement, and
for wage statement violations. In October 2006, the Court declined to certify
three out of the five subclasses. The Court did, however, certify subclasses
based on alleged meal period and wage statement violations. Subsequently, PS
filed a motion for summary judgment seeking to dismiss the matter in its
entirety. On June 22, 2007, the Court granted PS' summary judgment motion as to
the causes of action relating to the subclasses certified and dismissed those
claims. The only surviving claims are those relating to the named plaintiff
only. The plaintiff has filed an appeal to the Court's June 22, 2007 summary
judgment ruling. An appeal to the Court's June 22, 2007 order granting PS'
summary judgment motion is currently pending.

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

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

ITEM 4. Submission of Matters to a Vote of Security Holders
---------------------------------------------------

No matters were submitted to a vote of security holders during the
fourth quarter of the fiscal year ended December 31, 2007.

PART II

ITEM 5. Market for the Registrant's Common Equity, Related Stockholder
-------------------------------------------------------------------
Matters and Issuer Purchases of Equity Securities
-------------------------------------------------

The Partnership has no common stock.

The Units are not listed on any national securities exchange or quoted
on the NASDAQ System and there is no established public trading market for the
Units. Secondary sales activity for the Units has been limited and sporadic. The
General Partners monitor transfers of the Units (a) because the admission of the
transferee as a substitute limited partner requires the consent of the General
Partners under the Partnership's Amended and Restated Certificate and Agreement
of Limited Partnership, (b) in order to ensure compliance with safe harbor
provisions to avoid treatment as a "publicly traded partnership" for tax
purposes, and (c) because the General Partners (and their affiliates) have
purchased Units. However, the General Partners do not have information regarding
the prices at which all secondary sale transactions in the Units have been
effectuated. Various organizations offer to purchase and sell limited
partnership interests (including securities of the type such as the Units) in
secondary sales transactions. Various publications such as The Stanger Report
summarize and report information (on a monthly, bimonthly or less frequent
basis) regarding secondary sales transactions in limited partnership interests
(including the Units), including the prices at which such secondary sales
transactions are effectuated.

Exclusive of the General Partners' interest in the Partnership, as of
December 31, 2007, there were approximately 1,046 unitholders of record.

Distributions to the general and limited partners of all cash available
for distribution (as defined) are made quarterly. Cash available for
distribution is generally net cash provided by operating activities, less
deductions to pay, establish or revise reserves for all other expenses (other
than incentive distributions to the general partner) and capital improvements,
plus net proceeds from any sale or financing of the Partnership's properties.

Reference is made to Items 6 and 7 hereof for information on the amount
of such distributions.

ITEM 6. Selected Financial Data
-----------------------

For the Year
Ended December 31, 2007 2006 2005 2004 2003
- --------------------------------- -------------- -------------- -------------- -------------- ---------------

Revenues $ 10,449,000 $ 10,309,000 $ 10,016,000 $ 10,197,000 $ 9,931,000
Depreciation and amortization 346,000 324,000 542,000 803,000 940,000
Gain on disposition of marketable
securities (1) - 117,000 22,534,000 - -
Gain on disposition of land - - 794,000 - -
Net income (1) 6,813,000 6,849,000 29,749,000 6,348,000 6,084,000
Limited partners' share (1) 4,627,000 5,094,000 20,248,000 4,583,000 4,322,000
General partners' share (1) 2,186,000 1,755,000 9,501,000 1,765,000 1,762,000
Limited partners' per unit data (2)
Net income (1) $105.16 $115.77 $460.18 $104.16 $98.23
Cash distributions $144.41 $115.00 $115.00 $116.00 $116.00

- ---------------------------------

Cash and cash equivalents $ 718,000 $ 2,495,000 $ 2,370,000 $ 1,359,000 $ 1,367,000
Total assets $ 7,002,000 $ 8,791,000 $ 8,722,000 $ 38,111,000 $ 32,064,000

(1) Increases reflected in the amounts presented for 2005 as compared to other
periods, are due to the distribution of marketable securities in affiliate.
See Note 2 to the Partnership's financial statements for additional
information.

(2) Per unit data is based on the weighted average number of the limited
partnership units (44,000) outstanding during each period.

ITEM 7. Management's Discussion and Analysis of Financial Condition and
-------------------------------------------------------------------
Results of Operations
---------------------

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

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

o risks associated with downturns in the local economies in the
markets in which we operate;

o the impact of competition from new and existing self-storage and
commercial facilities and other storage alternatives;

o the impact of the regulatory environment as well as national, state,
and local laws and regulations;

o disruptions or shutdowns of our automated processes and systems; and

o economic uncertainty due to the impact of war or terrorism.

OVERVIEW
- --------

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

PS is the largest owner and operator of self-storage facilities in the
United States ("U.S"). All of the PS facilities in the U.S. are operated under

the "Public Storage" brand name, which we believe is the most recognized and
established name in the self-storage industry. Market concentration establishes
PS as one of the dominant providers of self-storage space in most markets in
which PS operates and enables PS to use a variety of promotional activities,
such as television advertising as well as targeted discounting and referrals,
which are generally not economically viable to most competitors of PS, as well
as more substantial, well-placed yellow page advertisements than can many of its
competitors.

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

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

IMPAIRMENT OF REAL ESTATE

Substantially all of our assets consist of real estate. On a quarterly
basis, we evaluate our real estate for impairment. The evaluation of real estate
for impairment requires determining whether indicators of impairment exist,
which is a subjective process. When any indicators of impairment are found, the
evaluation then entails projections of future operating cash flows, which also
involves significant judgment. We identified no such impairments at December 31,
2007. However, future events, or facts and circumstances that currently exist,
that we have not yet identified, could cause us to conclude in the future that
our real estate is impaired. Any resulting impairment loss could have a material
adverse impact on our financial condition and results of operations.

ESTIMATED USEFUL LIVES OF LONG-LIVED ASSETS

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

ACCRUALS FOR CONTINGENCIES

We are exposed to business and legal liability risks with respect to
events that have occurred, but in accordance with U.S. generally accepted
accounting principles, we have not accrued for such potential liabilities
because the loss is either not probable or not estimable or because we are not
aware of the event. Future events and the result of pending litigation could
result in such potential losses becoming probable and estimable, which could
have a material, adverse impact on our financial condition or results of
operations. Some of these potential losses, which we are aware of, are described
in Notes 5 and 8 to the Partnership's financial statements.

ACCRUALS FOR OPERATING EXPENSES

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

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

YEAR ENDED DECEMBER 31, 2007 COMPARED TO YEAR ENDED DECEMBER 31, 2006:

The Partnership's net income was $6,813,000 in 2007 compared to
$6,849,000 in 2006, representing a decrease of $36,000. The decrease in net
income is primarily due to 2006 reflecting a gain on disposition of marketable
securities of an affiliate totaling $117,000 (described below).

Property net operating income (rental income less cost of operations,
management fees paid to affiliates and depreciation expense) was $6,639,000 in
2007 compared to $6,604,000 in 2006, representing an increase of $35,000. This
increase is attributable to an increase in rental income.

Rental income was $10,168,000 in 2007 compared to $10,044,000 in 2006,
representing an increase of $124,000 or 1.2%. The increase is attributable
primarily to an increase in realized rent per occupied square foot at the
Partnership's self-storage facilities. The annual realized rent per occupied
square foot for the self-storage facilities was $14.20 in 2007 compared to
$13.97 in 2006. The weighted average occupancy level of the self-storage
facilities was stable at 90% in 2007 and 2006.

Dividend income in 2006 was $30,000. In December 2006, we sold all the
remaining 17,331 shares of PS Equity Shares, Series A which we owned.
Accordingly, the Partnership had no dividend income for the year 2007.

Other income was $281,000 in 2007 compared to $235,000 in 2006,
representing an increase of $46,000. This increase is attributable to increased
access fee revenues.

Cost of operations (including management fees paid to affiliates)
increased $67,000 to $3,183,000 in 2007 from $3,116,000 in 2006. This increase
is primarily attributable to increases in property tax and office expenses,
professional fees, and data processing expense.

Depreciation expense was $346,000 in 2007 compared to $324,000 in 2006,
an increase of $22,000 or 6.8% due to depreciation of additional capital
improvements. Administrative expense was $107,000 and $137,000 in 2007 and 2006,
respectively, representing a decrease $30,000, or 21.9%. This decrease is
primarily attributable to a cost of $11,000 for termination of a contract
incurred in 2006, with the remaining decrease due to lower allocated expenses in
2007 compared to 2006.

YEAR ENDED DECEMBER 31, 2006 COMPARED TO YEAR ENDED DECEMBER 31, 2005:

The Partnership's net income was $6,849,000 in 2006 compared to
$29,749,000 in 2005, representing a decrease of $22,900,000. The decrease in net
income is primarily due to 2005 reflecting a gain on disposition of marketable
securities of an affiliate totaling $22,534,000 (described below).

Property net operating income (rental income less cost of operations,
management fees paid to affiliates and depreciation expense) was $6,604,000 in
2006 compared to $6,092,000 in 2005, representing an increase of $512,000 or
8.4%. This increase is attributable to an increase in rental income and a
decrease in depreciation expense.

Rental income was $10,044,000 in 2006 compared to $9,563,000 in 2005,
representing an increase of $481,000 or 5.0%. The increase is attributable
primarily to an increase in realized rent per occupied square foot at the
Partnership's self-storage facilities. The annual realized rent per occupied
square foot for the self-storage facilities was $13.97 in 2006 compared to
$13.18 in 2005. The weighted average occupancy level of the self-storage
facilities was relatively stable at 90% and 91% in 2006 and 2005, respectively.

On March 31, 2005, we distributed all of the Public Storage common
stock on a pro-rata basis to unitholders of record as of January 1, 2005.
Accordingly, during the first quarter of 2005, we recognized a gain on
disposition totaling $22,534,000, which represented the excess of the fair value
(based upon a value of $56.94 per share for the Public Storage common shares on
March 31, 2005) over the historical cost. The Partnership's dividend income with
respect to those securities that were distributed to unitholders ceased on April
1, 2005. As a result of this distribution, dividend income from marketable
securities of affiliate declined to $30,000 in 2006 from $282,000 in 2005. In
December 2006, we sold all the remaining 17,331 shares of PS Equity Shares,
Series A and recorded a gain of $117,000 on our statement of income for the year
ended December 31, 2006. See Note 2 to the Partnership's financial statements
for additional information.

Cost of operations (including management fees paid to affiliates)
increased $187,000 to $3,116,000 in 2006 from $2,929,000 in 2005. This increase
is primarily attributable to increases in payroll, utilities, repairs and
maintenance, and management fees.

Depreciation expense was $324,000 for the year ended December 31, 2006
compared to $542,000 for the same period in 2005, a decrease of $218,000 or
40.2%. Beginning with the first quarter of 2005, all buildings have become fully
depreciated and, accordingly, depreciation expense declined in 2006 as compared
to 2005. Administrative expense was $137,000 and $124,000 in 2006 and 2005,
respectively, representing an increase of $13,000, or 10.5%. This increase is
primarily attributable to a cost of $11,000 for termination of a contract in
2006.

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

Cash generated from operations of $7,065,000 for the year ended
December 31, 2007 has been sufficient to meet all current obligations of the
Partnership. Capital improvements totaled $285,000 in 2007 compared to $731,000
in 2006 and $136,000 in 2005. Capital improvements are budgeted at $190,000 for
2008.

DISTRIBUTIONS

The Partnership Agreement requires that cash available for distribution
(cash flow from all sources less cash necessary for any obligations or capital
improvement needs) be distributed at least quarterly. We paid distributions to
the limited and general partners totaling $6,354,000 ($144.41 per unit) and
$2,203,000, respectively, for the year ended December 31, 2007. During 2007, we
have paid more in distributions than what was generated from operating
activities less capital expenditures. This was done to reduce excess cash
reserves. Future distribution rates will be adjusted to levels which are
supported by operating cash flow after capital improvements and any other
necessary obligations. As a result, we expect distributions in 2008 to be less
than the amounts paid during 2007.

ITEM 7A. Quantitative and Qualitative Disclosures about Market Risk
----------------------------------------------------------

As of December 31, 2007, the Partnership had no outstanding debt.

ITEM 8. Financial Statements and Supplementary Data
-------------------------------------------

The Partnership's financial statements are included elsewhere herein.
Reference is made to the Index to Financial Statements and Financial Statement
Schedule in Item 15(a).

ITEM 9. Changes in and Disagreements with Accountants on Accounting and
--------------------------------------------------------------------
Financial Disclosure.
---------------------

Not applicable.

ITEM 9A. Controls and Procedures
-----------------------

CONCLUSION REGARDING THE EFFECTIVENESS OF DISCLOSURE CONTROLS AND PROCEDURES

Public Storage, maintains disclosure controls and procedures that are
designed to ensure that information required to be disclosed in reports PS files
and submits under the Securities Exchange Act of 1934, as amended, ("Exchange
Act") is recorded, processed, summarized and reported within the time periods
specified in accordance with SEC guidelines and that such information is
communicated to the Partnership's management, including Public Storage's Chief
Executive Officer and Chief Financial Officer, to allow timely decisions
regarding required disclosure based on the definition of "disclosure controls
and procedures" in Rules 13a-15(e) and 15d-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.

As of December 31, Public Storage carried out an evaluation, under the
supervision and with the participation of the Partnership's management,
including Public Storage's Chief Executive Officer and Chief Financial Officer,
of the effectiveness of the design and operation of the Partnership's disclosure
controls and procedures (as such term is defined in Rules 13a-15(e) and
15d-15(e) of the Exchange Act. Based on that evaluation, Public Storage's Chief
Executive Officer and Chief Financial Officer concluded that the Partnership's
disclosure controls and procedures were effective as of December 31, 2007.

MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

Our management is responsible for establishing and maintaining adequate
internal control over financial reporting, as such term is defined in Rules
13a-15(f) and 15d-15(f) of the Exchange Act. Under the supervision and with the
participation of our management, including Public Storage's Chief Executive
Officer and Chief Financial Officer, we conducted an evaluation of the
effectiveness of our internal control over financial reporting based on the
framework in Internal Control-Integrated Framework issued by the Committee on
Sponsoring Organizations of the Treadway Commission. Based on our evaluation
under the framework in Internal Control-Integrated Framework, our management
concluded that our internal control over financial reporting was effective as of
December 31, 2007.

This annual report does not include an audit report of the
Partnership's registered public accounting firm regarding internal control over
financial reporting. Management's report was not subject to audit by the
Partnership's registered public accounting firm pursuant to temporary rules of
the SEC that permit the Partnership to provide only management's report in this
annual report.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

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 quarter to which this report relates that have
materially affected, or are reasonable likely to materially affect, our internal
control over financial reporting.

ITEM 9B. Other Information
-----------------

Not applicable.

PART III

ITEM 10. Directors, Executive Officers and Corporate Governance
------------------------------------------------------

The Partnership has no directors or executive officers.

The Partnership's General Partners are PS and B. Wayne Hughes. PS,
acting through its trustees and executive officers, and Mr. Hughes manage and
make investment decisions for the Partnership. The self-storage facilities are
managed by PS pursuant to a Management Agreement.

Pursuant to the Partnership's Amended Certificate and Agreement of
Limited Partnership (the "Partnership Agreement"), a copy of which is included
in the Partnership's prospectus included in the Partnership's Registration
Statement, each of the General Partners continues to serve until (i) death,
insanity, insolvency, bankruptcy or dissolution, (ii) withdrawal with the
consent of the other general partner and a majority vote of the limited
partners, or (iii) removal by a majority vote of the limited partners.

The names of all trustees and executive officers of PS, the offices
held by each of them with PS, and their ages and business experience during the
past five years are as follows:

Name Positions with PS
- ----------------------- ------------------------------------------------------------

B. Wayne Hughes Chairman of the Board
Ronald L. Havner, Jr. Chief Executive Officer, Vice Chairman of the Board and
President
John Reyes Senior Vice President and Chief Financial Officer
John S. Baumann Senior Vice President and Chief Legal Officer
John E. Graul Senior Vice President and President, Self-storage Operations
Candace N. Krol Senior Vice President of Human Resources
David F. Doll Senior Vice President and President, Real Estate Group
Harvey Lenkin Trustee
B. Wayne Hughes, Jr. Trustee
Dann V. Angeloff Trustee
William C. Baker Trustee
John T. Evans Trustee
Uri P. Harkham Trustee
Gary E. Pruitt Trustee
Daniel C. Staton Trustee

The following is a biographical summary of the current executive
officers of PS:

Ronald L. Havner, Jr., age 50, has been the Vice-Chairman, Chief
Executive Officer and a director of Public Storage since November 2002 and
President since July 1, 2005. Mr. Havner has been Chairman of the Company's
affiliate, PS Business Parks, Inc. (PSB), since March 1998 and was Chief
Executive Officer of PSB from March 1998 until August 2003. Mr. Havner joined
Public Storage in 1986. He is also a member of the Board of Governors and the
Executive Committee of the National Association of Real Estate Investment
Trusts, Inc. (NAREIT) and a director of GF Acquisition Corp. and Union BanCal
Corporation.

John Reyes, age 47, a certified public accountant, joined the Company
in 1990 and was Controller of the Company from 1992 until December 1996 when he
became Chief Financial Officer. He became a Vice President of the Company in
November 1995 and a Senior Vice President of the Company in December 1996. From
1983 to 1990, Mr. Reyes was employed by Ernst & Young.

John S. Baumann, age 47, became Senior Vice President and Chief Legal
Officer of the Company in June 2003. From 1998 to 2002, Mr. Baumann was Senior
Vice President and General Counsel of Syncor International Corporation, an
international high technology health care services company. From 1995 to 1998,
he was Associate General Counsel of KPMG LLP, an international accounting, tax
and consulting firm.

John E. Graul, age 56, became Senior Vice President and President,
Self-Storage Operations, in February 2004, with overall responsibility for the
Company's national operations. From 1982 until joining the Company, Mr. Graul
was employed by McDonald's Corporation where he served in various management
positions, most recently as Vice President and General Manager - Pacific Sierra
Region.

David F. Doll, age 49, became Senior Vice President and President, Real
Estate Group, in February 2005, with responsibility for Company's real estate
activities, including property acquisitions, developments, and repackagings as
well as facilities maintenance. Before joining the Company, Mr. Doll was Senior
Executive Vice President of Development for Westfield Corporation, a major
international owner and operator of shopping malls, where he was employed since
1995.

Candace N. Krol, age 46, became Senior Vice President of Human
Resources in September 2005. From 1985 until joining the Company, Ms. Krol was
employed by Parsons Corporation, a global engineering and construction firm,
where she served in various management positions, most recently as Vice
President of Human Resources for the Infrastructure and Technology global
business unit.

The following is a biographical summary of the current outside Trustees
of PS:

B. WAYNE HUGHES, age 74, has been a member of the Board of PS since its
organization in 1980. Mr. Hughes was President and Co-Chief Executive Officer
from 1980 until November 1991 when he became Chairman of the Board and sole
Chief Executive Officer. Mr. Hughes retired as Chief Executive Officer in
November 2002 and remains Chairman of the Board. Mr. Hughes is currently a
private investor and operates a horse farm in Kentucky. Mr. Hughes has been
active in the real estate investment field for over 30 years. He is the father
of B. Wayne Hughes, Jr., a member of the PS' Board.

DANN V. ANGELOFF, age 72, Chairman of the Nominating/Corporate
Governance Committee and a member of the Compensation Committee, has been a
trustee of the Board of PS since its organization in 1980. Mr. Angeloff has been
President of the Angeloff Company, a corporate financial advisory firm, since
1976. Mr. Angeloff is currently the general partner and owner of a 20% interest
in a limited partnership that in 1974 purchased a self-storage facility operated
by the Company. He is a director of Bjurman, Barry Fund, Inc., Electronic
Recyclers International, Nicholas/Applegate Fund, Retirement Capital Group and
SoftBrands, Inc.

WILLIAM C. BAKER, age 74, a member of the Nominating/Corporate
Governance Committee, joined the PS' Board in November 1991. Mr. Baker was
Chairman and Chief Executive Officer of Callaway Golf Company from August 2004
until August 2005. From August 1998 through April 2000, he was President and
Treasurer of Meditrust Operating Company, a real estate investment trust. From
April 1996 to December 1998, Mr. Baker was Chief Executive Officer of Santa
Anita Companies, which then operated the Santa Anita Racetrack. From April 1993
through May 1995, he was President of Red Robin International, Inc., an operator
and franchisor of casual dining restaurants in the United States and Canada.
From January 1992 through December 1995, Mr. Baker was Chairman and Chief
Executive Officer of Carolina Restaurant Enterprises, Inc., a franchisee of Red
Robin International, Inc. From 1991 to 1999, he was Chairman of the Board of
Coast Newport Properties, a real estate brokerage company. From 1976 to 1988,
Mr. Baker was a principal shareholder and Chairman and Chief Executive Officer
of Del Taco, Inc., an operator and franchisor of fast food restaurants in
California. He is a director of California Pizza Kitchen and Javo Beverage
Company, a supplier of coffee, tea and other beverage mixes.

JOHN T. EVANS, age 69, Chairman of the Audit Committee and member of
the Nominating/Corporate Governance Committee, became a trustee of the Board of
PS in August 2003. Mr. Evans has been a partner in the law firm of Osler, Hoskin
& Harcourt LLP, Toronto, Canada from April 1993 to the present and in the law
firm of Blake, Cassels & Graydon LLP, Toronto, Canada from April 1966 to April
1993. Mr. Evans specializes in business law matters, securities, restructurings,
mergers and acquisitions and advising on corporate governance. Mr. Evans is a
director of Cara Operations Inc., Kubota Metal Corporation, and Vice-Chairman of
Toronto East General Hospital. Until August 2003, Mr. Evans was a director of
Canadian Mini-Warehouse Properties Ltd., a Canadian corporation owned by B.
Wayne Hughes and members of his family.

URI P. HARKHAM, age 59, a member of the Compensation Committee, became
a trustee of the Board of PS in March 1993. Mr. Harkham has been the President
and Chief Executive Officer of Harkham Industries, which specializes in
designing, manufacturing and marketing women's clothing under its four labels,
Harkham, Hype, Jonathan Martin and Johnny Martin, since its organization in
1976. Since 1978, Mr. Harkham has been the Chief Executive Officer of Harkham
Family Enterprises, a real estate firm specializing in buying and rebuilding
retail and mixed use real estate throughout Southern California.

B. WAYNE HUGHES, JR., age 48, became a trustee of the Board of PS in
January 1998. He was employed by PS from 1989 to 2002, serving as Vice President
- - Acquisitions of the Company from 1992 to 2002. Mr. Hughes, Jr. is currently
Vice President of American Commercial Equities, LLC and its affiliates,

companies engaged in the acquisition and operation of commercial properties in
California. He is the son of B. Wayne Hughes.

HARVEY LENKIN, age 71, became a trustee of the Board of PS in 1991. Mr.
Lenkin retired as President and Chief Operating Officer of PS in 2005, and was a
consultant for PS until July 1, 2006. Mr. Lenkin was employed by PS or its
predecessor for 27 years. He has been a director of PS' affiliate, PS Business
Parks, Inc., since March 1998 and was President of PS Business Parks, Inc. from
1990 until March 1998. He is also a director of Paladin Realty Income Properties
I, Inc. and a director of Huntington Memorial Hospital, Pasadena, California and
a former member of the Executive Committee of the Board of Governors of NAREIT.

GARY E. PRUITT, age 57, a member of the Audit Committee and of the
Compensation Committee, became a trustee of the Board of PS in August 2006 in
connection with the merger of Shurgard Storage Centers, Inc. with the PS. Mr.
Pruitt was previously a director of Shurgard. He is the Chairman and Chief
Executive Officer of Univar N.V., a chemical distribution company based in
Bellevue, Washington with distribution centers in the United States, Canada and
Europe. Mr. Pruitt joined Univar in 1978 and held a variety of senior management
positions until his appointment as Chairman and Chief Executive Officer in 2002.

DANIEL C. STATON, age 55, Chairman of the Compensation Committee and a
member of the Audit Committee, became a trustee of the Board of PS in March 1999
in connection with the merger of Storage Trust Realty with the Company. Mr.
Staton was Chairman of the Board of Trustees of Storage Trust Realty from
February 1998 until March 1999 and a Trustee of Storage Trust Realty from
November 1994 until March 1999. He is Chairman of Staton Capital, an investment
and venture capital company and the Co-Chief Executive Officer of PMGI (formerly
Media General, Inc.), a print and electronic media company and CEO of Enterprise
Acquisition Corp., an AMEX listed company (EST). Mr. Staton was the Chief
Operating Officer and Executive Vice President of Duke Realty Investments, Inc.
from 1993 to 1997 and a director of Duke Realty Investments, Inc. from 1993
until August 1999.

Each trustee of PS serves until he resigns or is removed from office by
PS, and may resign or be removed from office at any time with or without cause.
Each officer of PS serves until he resigns or is removed by the Board of Trustee
of PS. Any such officer may resign or be removed from office at any time with or
without cause.

There have been no events under any bankruptcy act, no criminal
proceedings, and no judgments or injunctions material to the evaluation of the
ability of any trustee or executive officer of PS during the past five years.

The members of the PS Audit Committee of the Board are: John T. Evans
(Chairman), Daniel C. Staton, and Gary E. Pruitt. The Board of PS has determined
that Audit Committee members Daniel C. Staton and Gary E. Pruitt, each qualify
as an audit committee financial expert within the meaning of the rules of the
Securities and Exchange Commission. The Board has further determined that
Messrs. Evans, Staton and Pruitt are each independent within the meaning of Item
7(d)(3)(iv) of Schedule 14A under the Exchange Act.

The financial records of the Partnership are maintained and prepared by
employees of PS. The Board of Trustees of PS has adopted a code of ethics for
its senior financial officers. The Code of Ethics applies to those persons
serving as PS' principal executive officer, principal financial officer and
principal accounting officer. A copy of the Code of Ethics is available by
written request from the Secretary of PS at 701 Western Ave., Glendale, CA
91201-2349.

ITEM 11. Executive Compensation
----------------------

The Partnership has no subsidiaries, directors or officers. See Item 13
for a description of certain transactions between the Partnership and its
General Partners and their affiliates.

ITEM 12. Security Ownership of Certain Beneficial Owners and Management and
-------------------------------------------------------------------
Related Stockholder Matters
---------------------------

(a) At March 25, 2008, the following beneficially owned more than 5% of
the Units:

Title Name and Address Beneficial Percent
of Class of Beneficial Owner Ownership of Class
- ---------------------- --------------------------------------------- ---------------- --------

Units of Limited Public Storage 14,740 Units (1) 33.5%
Partnership Interest 701 Western Avenue
Glendale, California 91201
Units of Limited B. Wayne Hughes, Tamara Hughes Gustavson, PS 12,398 Units (2) 28.2%
Partnership Interest Orangeco Partnerships, Inc.
701 Western Avenue
Glendale, California 91201

(1) Includes (i) 14,609 Units owned by PS as to which PS has sole voting and
dispositive power, and (ii) 131 Units which PS has an option to acquire
from Tamara Hughes Gustavson, an adult daughter of Hughes.

(2) Includes (i) 4,852 Units owned by BWH Marina Corporation II, a corporation
wholly-owned by Hughes, as to which Hughes has sole voting and dispositive
power, (ii) 131 Units owned by Tamara Hughes Gustavson as to which Tamara
Hughes Gustavson has sole voting and dispositive power; PS has an option to
acquire these 131 Units, and (iii) 7,415 Units owned by PS Orangeco
Partnerships, Inc., a corporation in which Hughes and members of his family
own approximately 48% of the voting stock, PS owns 46% and members of PS's
management and related individuals own approximately 6%.

(b) The Partnership has no officers and directors.

The General Partners have contributed $222,222 to the capital of the
Partnership and as a result participate in the distributions to the limited
partners and in the Partnership's profits and losses in the same proportion that
the General Partners' capital contribution bears to the total capital
contribution (approximately $177,778 was contributed by PS and $44,444 was
contributed by Mr. Hughes). In 1995, Mr. Hughes contributed his ownership and
rights to distributions from the Partnership to BWH Marina Corporation II, a
corporation wholly-owned by Mr. Hughes. As such, Mr. Hughes continues to act as
a general partner but receives no direct compensation or other consideration
from the Partnership. Information regarding ownership of Units by PS and Hughes,
the General Partners, is set forth under section (a) above. Dann V. Angeloff, a
trustee of PS, beneficially owns 27 Units (0.06% of the Units). The trustees and
executive officers of PS (including Hughes), as a group (17 persons),
beneficially own an aggregate of 12,299 Units, representing 28.0% of the Units
(including the 4,852 Units owned by Hughes and the 7,415 Units owned by PS
Orangeco Partnerships, Inc.).

(c) The Partnership knows of no contractual arrangements, the operation
of the terms of which may at a subsequent date result in a change in control of
the Partnership, except for articles 16, 17 and 21.1 of the Partnership's
Amended Certificate and Agreement of Limited Partnership (the "Partnership
Agreement"), a copy of which is included in the Partnership's prospectus
included in the Partnership's Registration Statement File No. 2-63247. Those
articles provide, in substance, that the limited partners shall have the right,
by majority vote, to remove a general partner and that a general partner may
designate a successor with the consent of the other general partner and a
majority of the limited partners.

ITEM 13. Certain Relationships, Related Transactions and Trustee Independence
--------------------------------------------------------------------

The Partnership Agreement provides that the General Partners will be
entitled to cash incentive distributions in an amount equal to (i) 8% of
distributions of cash flow from operations until the distributions to all
partners from all sources equal their capital contributions; thereafter, 25% of
distributions of cash flow from operations, and (ii) 25% of distributions from
net proceeds from sale and financing of the Partnership's properties remaining
after distribution to all partners of any portion thereof required to cause
distributions to partners from all sources to equal their capital contributions.
The partners received distributions equal to their capital contributions in
1987. Mr. Hughes has assigned his ownership and distribution rights in the
Partnership to BWH Marina Corporation II ("BWH Marinas"). In addition to their
distribution rights with respect to their general partner's interests, PS and

BWH Marinas own 14,609 and 4,852 Units, respectively. During 2007, PS and BWH
Marinas received $1,763,000 and $441,000 in cash distributions related to their
general partner ownership interests. As described above, the General Partners
also hold Limited Partnership Units. Through these holdings, PS and the Hughes
Family, respectively, received $2,110,000 and $701,000 of cash distributions
during 2007.

The Partnership has a Management Agreement with PS pursuant to which
the Partnership pays PS a fee of 6% of the gross revenues of the self-storage
facilities operated for the Partnership. For as long as the Management Agreement
is in effect, PS has granted the Partnership a non-exclusive license to use two
PS service marks and related designs, including the "Public Storage" name, in
conjunction with rental and operation of facilities managed pursuant to the
Management Agreement. Upon termination of the Management Agreement, the
Partnership would no longer have the right to use the service marks and related
designs. The General Partners believe that the loss of the right to use the
service marks and related designs could have a material adverse effect on the
Partnership's business. The Management Agreement with PS provides that the
Management Agreement may be terminated without cause upon 60 days written notice
by the Partnership or six months notice by PS. During 2007, 2006 and 2005, the
Partnership paid fees of $591,000, $585,000, and $556,000, respectively, to PS
pursuant to the Management Agreement.

In January 1997, PS Business Parks, LP ("PSBP") became the operator of
the Partnership's commercial property pursuant to a management agreement (the
"PSBP Management Agreement"). PSBP is an operating partnership formed to own and
operate business parks in which PS has a significant economic interest. The
general partner of PSBP is PS Business Parks, Inc., an AMEX listed real estate
investment trust. The Partnership's commercial property is managed by PSBP
pursuant to the PSBP Management Agreement which provides for the payment of a
fee by the Partnership of 5% of the gross revenues of the commercial property
operated for the Partnership. During 2007, 2006 and 2005, the Partnership paid
$15,000, $14,000 and $15,000, respectively, to PSBP pursuant to the PSBP
Management Agreement.

In addition, the Partnership combines its insurance purchasing power
with PS through captive insurance entities controlled by PS. (See Note 5 to the
Partnership's financial statements.) The captive entities provide limited
property and liability insurance to the Partnership at commercially competitive
rates. The Partnership and PS also utilize unaffiliated insurance carriers to
provide property and liability insurance in excess of the captive entities'
limitations. Premiums paid to the captive entities for the years ended December
31, 2007, 2006 and 2005 were $69,000, $74,000 and $63,000, respectively.

The Partnership's facilities, along with facilities owned by PS and its
affiliates, are managed jointly by PS in order to take advantage of scale and
other efficiencies. Joint costs are allocated on a methodology meant to fairly
allocate such costs. As a result, significant components of cost of operations,
such as payroll costs, advertising and promotion, data processing and insurance
expenses are shared and allocated among the properties using methodologies meant
to fairly allocate such costs based upon the related activities. The total of
such expenses, which are included in cost of operations on the Partnership's
statements of income, amounted to $1,095,000, $1,135,000, and $1,030,000 for the
years ended December 31, 2007, 2006, and 2005, respectively.

The Trustees of PS are identified in Item 10 on page 19 of this report.

ITEM 14. Principal Accountant Fees and Services
--------------------------------------

Fees billed to the Partnership by Ernst & Young LLP for 2007 and 2006 as are
follows:

Audit Fees: Audit fees billed (or expected to be billed) to the Partnership by
Ernst & Young LLP for the audit of the Partnership's annual financial statements
and reviews of the quarterly financial statements included in the Partnership's
quarterly reports on Form 10-Q totaled $19,000 for 2007 and $18,000 for 2006.

Tax Fees: Tax fees billed (or expected to be billed) to the Partnership by Ernst
& Young LLP for tax services (primarily federal and state income tax
preparation) totaled $14,000 for 2007 and $11,000 for 2006.

Audit-Related Fees and Other Fees: During 2007 and 2006 Ernst & Young LLP did
not bill the Partnership for audit-related services or any other services,
except audit services and tax services denoted above.

The Audit Committee of PS pre-approves all services performed by Ernst & Young
LLP, including those listed above. At this time, the Audit Committee has not
delegated pre-approval authority to any member or members of the Audit
Committee.

PART IV

ITEM 15. Exhibits and Financial Statement Schedules
------------------------------------------

(a) List of documents filed as part of this Report.

1. Financial Statements. See Index to Financial Statements and
Financial Statement Schedule.

2. Financial Statement Schedules. See Index to Financial Statements and
Financial Statement Schedule.

3. Exhibits: See Exhibit Index contained below.

(b) Exhibits: See Exhibit Index contained below.

PUBLIC STORAGE PROPERTIES V, LTD.

EXHIBIT INDEX

(Items 15(a)(3) and 15 (b))

3.1 Amended Certificate and Agreement of Limited Partnership. Previously
filed with the Securities and Exchange Commission as Exhibit A to the
Registrant's Prospectus included in Registration Statement No. 2-63247
and incorporated herein by reference.

10.1 Second Amended and Restated Management Agreement dated November 16, 1995
between the Partnership and Public Storage, Inc. Previously filed with
the Securities and Exchange Commission as an exhibit to the Partnership's
Annual Report on Form 10-K for the year ended December 31, 1996 and
incorporated herein by reference.

10.2 Amended Management Agreement dated February 21, 1995 between Storage
Equities, Inc. and Public Storage Commercial Properties Group, Inc.
Previously filed with the Securities and Exchange Commission as an
exhibit to Storage Equities, Inc.'s Annual Report on Form 10-K for the
year ended December 31, 1994 and incorporated herein by reference.

14 Code of Ethics for the Senior Financial Officers of Public Storage, Inc.
Filed with the Partnership's Annual Report on Form 10-K for the year
ended December 31, 2003 and incorporated herein by reference.

31.1 Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
signed and dated by Ronald L. Havner Jr. Filed herewith.

31.2 Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
signed and dated by John Reyes. Filed herewith.

32 Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
Furnished herewith.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Partnership has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.

PUBLIC STORAGE PROPERTIES V, LTD.
a California Limited Partnership
Dated: March 26, 2008 By: Public Storage, General Partner

By: /s/ Ronald L. Havner, Jr.
---------------------------------------
Ronald L. Havner, Jr., Vice Chairman of
the Board, Chief Executive Officer and
President of Public Storage, Corporate
General Partner

By: /s/ B. Wayne Hughes
-----------------------------------------
B. Wayne Hughes, General Partner and
Chairman of the Board of Public Storage

Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
Partnership in the capacities and on the dates indicated.

Signature Capacity Date
- ---------------------------------------- -------------------------------------------------- --------------

/s/ Ronald L. Havner, Jr. Vice Chairman of the Board, Chief Executive March 26, 2008
- --------------------------------------- Officer, and President of Public Storage,
Ronald L. Havner, Jr. Corporate General Partner

/s/ B. Wayne Hughes General Partner and Chairman of the Board of March 26, 2008
- --------------------------------------- Public Storage
B. Wayne Hughes

/s/ John Reyes Senior Vice President and Chief Financial Officer March 26, 2008
- --------------------------------------- of Public Storage (principal financial officer
John Reyes and principal accounting officer)

/s/ Harvey Lenkin Trustee of Public Storage March 26, 2008
- ---------------------------------------
Harvey Lenkin

/s/ B. Wayne Hughes, Jr. Trustee of Public Storage March 26, 2008
- ---------------------------------------
B. Wayne Hughes, Jr.

/s/ Dann V. Angeloff Trustee of Public Storage March 26, 2008
- ---------------------------------------
Dann V. Angeloff

/s/ William Baker Trustee of Public Storage March 26, 2008
- ---------------------------------------
William C. Baker

/s/ John T. Evans Trustee of Public Storage March 26, 2008
- ---------------------------------------
John T. Evans

/s/ Uri P. Harkham Trustee of Public Storage March 26, 2008
- ---------------------------------------
Uri P. Harkham

/s/ Gary E. Pruitt Trustee of Public Storage March 26, 2008
- ---------------------------------------
Gary E. Pruitt

/s/ Daniel C. Staton Trustee of Public Storage March 26, 2008
- ---------------------------------------
Daniel C. Staton

PUBLIC STORAGE PROPERTIES V, LTD.

INDEX TO FINANCIAL STATEMENTS
AND
FINANCIAL STATEMENT SCHEDULE
(Item 15 (a))

Page
References

Report of Independent Registered Public Accounting Firm F-1

Balance sheets as of December 31, 2007 and 2006 F-2

For each of the three years ended December 31, 2007, 2006 and 2005:

Statements of income and comprehensive income F-3

Statements of partners' equity F-4

Statements of cash flows F-5

Notes to financial statements F-6 - F-12

Schedule:

III - Real estate and accumulated depreciation F-13 - F-14

All other schedules have been omitted since the required information is not
present or not present in amounts sufficient to require submission of the
schedule, or because the information required is included in the financial
statements or notes thereto.

Report of Independent Registered Accounting Firm

The Partners
Public Storage Properties V, Ltd.

We have audited the accompanying balance sheets of Public Storage Properties V,
Ltd. (the "Partnership") as of December 31, 2007 and 2006, and the related
statements of income and comprehensive income, partners' equity and cash flows
for each of the three years in the period ended December 31, 2007. Our audits
also included the schedule listed in the index at item 15(a). These financial
statements and schedule are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements and
schedule based on our audits.

We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. We were not engaged to perform an
audit of the Partnership's internal control over financial reporting. Our audits
included consideration of internal control over financial reporting as a basis
for designing audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the
Partnership's internal control over financial reporting. Accordingly we express
no such opinion. An audit also includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Public Storage Properties V,
Ltd. at December 31, 2007 and 2006, and the results of its operations and its
cash flows for each of the three years in the period ended December 31, 2007, in
conformity with U.S. generally accepted accounting principles. Also, in our
opinion, the related financial statement schedule, when considered in relation
to the basic financial statements taken as a whole, presents fairly in all
material respects the information set forth therein.

/s/ ERNST & YOUNG LLP

March 21, 2008
Los Angeles, California

F-1

PUBLIC STORAGE PROPERTIES V, LTD.
BALANCE SHEETS
December 31, 2007 and 2006

December 31, December 31,
2007 2006
----------------- ------------------

ASSETS
------

Cash and cash equivalents $ 718,000 $ 2,495,000
Rent and other receivables 121,000 60,000

Real estate facilities, at cost:
Buildings and equipment 19,045,000 18,760,000
Land 4,484,000 4,484,000
----------------- ------------------
23,529,000 23,244,000

Less accumulated depreciation (17,501,000) (17,155,000)
----------------- ------------------
6,028,000 6,089,000

Other assets 135,000 147,000
----------------- ------------------
Total assets $ 7,002,000 $ 8,791,000
================= ==================

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

Accounts payable and accrued liabilities $ 260,000 $ 297,000
Deferred revenue 236,000 244,000
----------------- ------------------
Total liabilities 496,000 541,000

Commitments and contingencies (Note 8)

Partners' equity:
Limited partners' equity, $500 per unit, 44,000 units
authorized, issued and outstanding 4,831,000 6,126,000
General partners' equity 1,675,000 2,124,000
----------------- ------------------
Total partners' equity 6,506,000 8,250,000
----------------- ------------------
Total liabilities and partners' equity $ 7,002,000 $ 8,791,000
================= ==================

See accompanying notes.
F-2

PUBLIC STORAGE PROPERTIES V, LTD.
STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
For the years ended December 31, 2007, 2006 and 2005

2007 2006 2005
-------------- -------------- ---------------
REVENUES:

Rental income $ 10,168,000 $ 10,044,000 $ 9,563,000
Dividends from marketable securities of affiliate - 30,000 282,000
Other income 281,000 235,000 171,000
-------------- -------------- ---------------
10,449,000 10,309,000 10,016,000
-------------- -------------- ---------------
COSTS AND EXPENSES:

Cost of operations 2,576,000 2,517,000 2,358,000
Management fees paid to affiliates 607,000 599,000 571,000
Depreciation 346,000 324,000 542,000
Administrative 107,000 137,000 124,000
-------------- -------------- ---------------
3,636,000 3,577,000 3,595,000
-------------- -------------- ---------------
Net income before gain 6,813,000 6,732,000 6,421,000
============== ============== ===============
Gain on disposition of marketable securities of
affiliate - 117,000 22,534,000
Gain on disposition of land - - 794,000
-------------- -------------- ---------------
NET INCOME: $ 6,813,000 $ 6,849,000 $ 29,749,000
============== ============== ===============

Limited partners' share of net income $ 4,627,000 $ 5,094,000 $ 20,248,000
General partners' share of net income 2,186,000 1,755,000 9,501,000
-------------- -------------- ---------------
$ 6,813,000 $ 6,849,000 $ 29,749,000
============== ============== ===============
COMPREHENSIVE INCOME:

Net income $ 6,813,000 $ 6,849,000 $ 29,749,000
Other comprehensive income:
Change in unrealized (loss) gain on marketable
equity securities of affiliate - (16,000) 627,000
Realized gain on disposition of marketable
securities of affiliate - (117,000) (22,534,000)
-------------- -------------- ---------------
$ 6,813,000 $ 6,716,000 $ 7,842,000
============== ============== ===============
Limited partners' share of net income per unit
(44,000 units outstanding) $ 105.16 $ 115.77 $ 460.18
============== ============== ===============

See accompanying notes.
F-3

PUBLIC STORAGE PROPERTIES V, LTD.
STATEMENTS OF PARTNERS' EQUITY
For the years ended December 31, 2007, 2006 and 2005

Other
Limited General Comprehensive Total Partners'
Partners' Partners' Income Equity
----------------- ----------------- ----------------- ------------------

Balance at December 31, 2004 $ 11,620,000 $ 4,030,000 $ 22,040,000 $ 37,690,000

Change in unrealized gain on marketable equity
securities - - 627,000 627,000

Realized gain on disposition of marketable
securities affiliate - - (22,534,000) (22,534,000)

Net income 20,248,000 9,501,000 - 29,749,000

Cash distributions (5,060,000) (1,755,000) - (6,815,000)

Distribution of marketable securities of
affiliate (22,548,000) (7,820,000) - (30,368,000)

Equity transfer 1,840,000 (1,840,000) - -
----------------- ----------------- ----------------- ------------------
Balance at December 31, 2005 6,100,000 2,116,000 133,000 8,349,000

Change in unrealized gain on marketable equity
securities - - (16,000) (16,000)

Realized gain on disposition of marketable
securities affiliate - - (117,000) (117,000)

Net income 5,094,000 1,755,000 - 6,849,000

Cash distributions (5,060,000) (1,755,000) - (6,815,000)

Equity transfer (8,000) 8,000 - -
----------------- ----------------- ----------------- ------------------
Balance at December 31, 2006 6,126,000 2,124,000 - 8,250,000

Net income 4,627,000 2,186,000 - 6,813,000

Cash distributions (6,354,000) (2,203,000) - (8,557,000)

Equity transfer 432,000 (432,000) - -
----------------- ----------------- ----------------- ------------------
Balance at December 31, 2007 $ 4,831,000 $ 1,675,000 $ - $ 6,506,000
================= ================= ================= ==================

See accompanying notes.
F-4

PUBLIC STORAGE PROPERTIES V, LTD.
STATEMENTS OF CASH FLOWS
For the years ended December 31, 2007, 2006 and 2005

2007 2006 2005
--------------- --------------- ----------------
Cash flows from operating activities:

Net income $ 6,813,000 $ 6,849,000 $ 29,749,000
Adjustments to reconcile net income to net cash provided
by operating activities:
Depreciation 346,000 324,000 542,000
(Increase) decrease in rent and other receivables (61,000) 19,000 24,000
Decrease (increase) in other assets 12,000 (36,000) (1,000)
Gain on disposition of marketable securities
of affiliate - (117,000) (22,534,000)
Gain on disposition of land - - (794,000)
(Decrease) increase in accounts payable and accrued
liabilities (37,000) 131,000 (9,000)
(Decrease) increase in deferred revenue (8,000) 37,000 (39,000)
--------------- --------------- ----------------
Total adjustments 252,000 358,000 (22,811,000)
--------------- --------------- ----------------
Net cash provided by operating activities 7,065,000 7,207,000 6,938,000
--------------- --------------- ----------------
Cash flows from investing activities:

Proceeds from disposition of marketable securities of
affiliate - 464,000 -
Proceeds from disposition of land - - 1,024,000
Additions to real estate facilities (285,000) (731,000) (136,000)
--------------- --------------- ----------------
Net cash (used in) provided by investing activities (285,000) (267,000) 888,000
--------------- --------------- ----------------
Cash flows from financing activities:

Distributions paid to partners (8,557,000) (6,815,000) (6,815,000)
--------------- --------------- ----------------
Net cash used in financing activities (8,557,000) (6,815,000) (6,815,000)
--------------- --------------- ----------------
Net (decrease) increase in cash and cash equivalents (1,777,000) 125,000 1,011,000

Cash and cash equivalents at the beginning of the year 2,495,000 2,370,000 1,359,000
--------------- --------------- ----------------
Cash and cash equivalents at the end of the year $ 718,000 $ 2,495,000 $ 2,370,000
=============== =============== ================
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING
ACTIVITIES:
Changes in fair market value of marketable securities
Marketable securities $ - $ 16,000 $ (627,000)
Other comprehensive income - (16,000) 627,000
Distribution of marketable securities of affiliate:
Marketable securities - - 30,368,000
Partners' equity - - (30,368,000)

See accompanying notes.
F-5

PUBLIC STORAGE PROPERTIES V, LTD.
NOTES TO FINANCIAL STATEMENTS
December 31, 2007

1. DESCRIPTION OF THE BUSINESS

Public Storage Properties V, Ltd. (the "Partnership") is a publicly
held limited partnership formed under the California Uniform Limited
Partnership Act in May 1978. The Partnership raised $22,000,000 in gross
proceeds by selling 44,000 units of limited partnership interests ("Units")
in an interstate offering, which commenced in March 1979 and completed in
October 1979. The general partners in the Partnership are Public Storage,
formerly Public Storage, Inc., ("PS") and B. Wayne Hughes ("Hughes").

The Partnership was formed to engage in the business of developing and
operating self-storage facilities offering storage space for personal and
business use. The Partnership owns 14 operating facilities located in three
states. A portion of one of the operating facilities was developed as a
business park and is operated, pursuant to a management agreement, by PS
Business Parks, L.P. (see Note 5).

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND PARTNERSHIP MATTERS

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

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

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

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

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

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

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

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

Per unit data is based on the weighted average number of the limited
partnership units (44,000) outstanding during the period.

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

For financial statement purposes, the Partnership considers all highly
liquid financial instruments such as short-term treasury securities or
investment grade short-term commercial paper with remaining maturities of
three months or less at the date of acquisition to be cash equivalents.

F-6

PUBLIC STORAGE PROPERTIES V, LTD.
NOTES TO FINANCIAL STATEMENTS
December 31, 2007

Marketable Securities:
----------------------

In accordance with the Financial Accounting Standards Board's Statement
No. 130, "Recording Comprehensive Income," at each balance sheet date, the
Partnership reflects its marketable securities at market value (based upon
their closing price on the balance sheet date), with the difference between
the market value and historical cost shown as other comprehensive income in
partners' equity on the accompanying statements of partners' equity.
Adjustments to market value are reflected as change in unrealized gain on
marketable equity securities on the accompanying statements of
comprehensive income. When marketable securities are disposed of,
comprehensive income is adjusted to reflect the change in market value
through the disposition date. The realized gain is then reflected in net
income, and as a reduction to Other Comprehensive Income.

In accordance with this policy, the Partnership has reflected
adjustments to unrealized gains for the change in market price,
representing decreases in cumulative unrealized gains of $16,000 and
$6,561,000 for the years ended December 31, 2006 and 2005, respectively.

At December 31, 2005, marketable securities consisted of 17,331
depositary shares of Equity Stock, Series A, of Public Storage Inc. In
December 2006, the Partnership sold all of the remaining shares of Equity
Stock, Series A, of Public Storage, Inc. and recorded a realized gain of
$117,000 on the accompanying statement of income for the year ended
December 31, 2006. All of the Partnership's marketable securities for all
periods had been designated as available-for-sale.

On March 31, 2005, the Partnership distributed all of its holdings in
Public Storage Inc., common stock on a pro-rata basis to unitholders of
record as of January 1, 2005. As a result of this transaction, the
Partnership recorded a realized gain of $22,534,000 during the first
quarter of 2005, representing the difference between the closing market
price on March 31, 2005 and the weighted average historical cost of the
securities disposed. The limited and general partners' share of this
distribution totaled approximately $22,548,000 ($512.45 per unit) and
$7,820,000, respectively. The limited and general partners' share of the
realized gain attributable to this transaction totaled approximately
$14,793,000 ($336.20 per unit) and $7,741,000, respectively.

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

Real estate facilities are recorded at cost. Costs associated with the
development, construction, renovation and improvement of properties are
capitalized. Interest, property taxes, and other costs associated with the
development incurred during the construction period are capitalized as
building cost. Expenditures for repairs and maintenance are charged to
expense as incurred. Depreciation is computed using the straight-line
method over the estimated useful lives of the buildings and improvements,
which are generally between 5 and 25 years. Certain real estate facilities
have been in service longer than 25 years, and accordingly the original
development cost of such buildings are fully depreciated at December 31,
2007.

We evaluate our real estate for impairment on a quarterly basis. We
first evaluate these assets for indicators of impairment such as a) a
significant decrease in the market price of real estate, b) a significant
adverse change in the extent or manner in which real estate is being used
or in its physical condition, c) a significant adverse change in legal
factors or the business climate that could affect the value of the real
estate, d) an accumulation of costs significantly in excess of the amount
originally projected for the acquisition of or construction of the real
estate, or e) a current-period operating or cash flow loss combined with a
history of operating or cash flow losses or a projection or forecast that

F-7

PUBLIC STORAGE PROPERTIES V, LTD.
NOTES TO FINANCIAL STATEMENTS
December 31, 2007

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 related carrying value, then an impairment charge is booked
for the excess of carrying value over the real estate's fair value. Except
as noted below under "Accounting for Casualty Losses," our evaluations have
identified no such impairments at December 31, 2007.

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

Accounting for Casualty Losses:
-------------------------------

Our policy is to record casualty losses or gains in the period the
casualty occurs equal to the differential between (a) the book value of
assets destroyed and (b) insurance proceeds, if any, that we expect to
receive in accordance with our insurance contracts. Potential insurance
proceeds that are subject to uncertainties, such as interpretation of
deductible provisions of the governing agreements or the estimation of
costs of restoration, are treated as a contingent proceeds in accordance
with Statement of Financial Accounting Standards No. 5 ("SFAS 5"), and not
recorded until the uncertainties are satisfied.

During 2005, we sustained physical damage to our facilities as a result
of Hurricane Wilma, which occurred in the fourth quarter of 2005. We expect
to receive no insurance proceeds and the net book value of the destroyed
assets was zero; therefore, no gain or loss was recorded. Repairs to these
facilities were completed during 2006 for a total cost of $33,000.

Deferred Revenue:
-----------------

Deferred revenue totaling $236,000 at December 31, 2007 ($244,000 at
December 31, 2006), consists of prepaid rents, which are recognized when
earned.

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

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

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

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

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

As of March 21, 2008, there have been no recent accounting
pronouncements and guidance, which were not effective for implementation
prior to December 31, 2007, that would have a material impact upon
reporting the operations or financial position of the Partnership.

F-8

PUBLIC STORAGE PROPERTIES V, LTD.
NOTES TO FINANCIAL STATEMENTS
December 31, 2007

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

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

3. CASH DISTRIBUTIONS

The Partnership Agreement requires that cash available for distribution
(cash flow from all sources less cash necessary for any obligations or
capital improvements) be distributed at least quarterly. During 2006, we
paid cash distributions to the limited and general partners totaling
$5,060,000 ($115.00 per unit) and $1,755,000, respectively. We paid
distributions to the limited and general partners totaling $6,354,000
($144.41 per unit) and $2,203,000, respectively, for the year ended
December 31, 2007. Future distribution rates may be adjusted to levels
which are supported by operating cash flow after capital improvements and
other obligations.

4. PARTNERS' EQUITY

PS and Hughes are general partners of the Partnership. In 1995, Hughes
contributed his ownership and rights to distributions from the Partnership
to BWH Marina Corporation II, a corporation wholly-owned by Hughes. As
such, Hughes continues to act as a general partner of the Partnership but
does not directly receive any compensation, distributions or other
consideration from the Partnership.

The general partners have a 1% interest in the Partnership. In
addition, the general partners had an 8% interest in cash distributions
attributable to operations (exclusive of distributions attributable to sale
and financing proceeds) until the limited partners recovered all of their
investment. Thereafter, the general partners have a 25% interest in all
cash distributions (including sale and financing proceeds). During 1987,
the limited partners recovered all of their initial investment. All
subsequent distributions are being made 25.75% (including the 1% interest)
to the general partners and 74.25% to the limited partners. Transfers of
equity are made periodically to reconcile the partners' equity accounts to
the provisions of the Partnership Agreement. These transfers have no effect
on results of operations or distributions to partners.

5. RELATED PARTY TRANSACTIONS

Management Agreements and Shared Expenses with Affiliates
---------------------------------------------------------

The Partnership has a management agreement with PS pursuant to which PS
operates the Partnership's self-storage facilities for a fee equal to 6% of
the facilities' gross revenue (as defined). The Partnership's business
parks are managed by PS Business Parks, L.P. ("PSBP") pursuant to a
management contract. PSBP, an affiliate of PS operates the Partnership's
business parks for a fee equal to 5% of the facilities gross income. For
the year ended December 31, 2007, 2006 and 2005, the Partnership paid
$607,000, $599,000 and $571,000, respectively, pursuant to these management
agreements.

The Management Agreement between the Partnership and PS provides that
the Management Agreement may be terminated without cause upon 60 days
written notice by the Partnership or six months notice by PS. The
Management Agreement between the Partnership and PSBP provides that the
Management Agreement may be terminated (i) without cause upon 60 days
written notice by the Partnership and upon seven years notice by PSBP and
(ii) at any time by either party for cause. The total of such expenses,
which are included in cost of operations on our accompanying statements of
income, amounted to $1,099,000, $1,135,000, and $1,030,000 for the years
ended December 31, 2007, 2006, and 2005, respectively

F-9

PUBLIC STORAGE PROPERTIES V, LTD.
NOTES TO FINANCIAL STATEMENTS
December 31, 2007

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

In addition to the general partnership interests outlined in Note 4, PS
owns 14,609 Limited Partnership Units ("Units"), as to which PS has sole
voting and dispositive power.

Hughes and members of his family (the "Hughes Family") own 4,983 Units.
Hughes owns 4,852 Units, as to which Hughes has sole voting and dispositive
power, through a wholly-owned corporation and Tamara Hughes Gustavson, an
adult daughter of Hughes, owns 131 Units as to which Tamara Hughes
Gustavson has sole voting and dispositive power; PS has an option to
acquire these 131 Units.

In addition, there are 7,415 Units owned by PS Orangeco Partnerships,
Inc., a corporation in which the Hughes Family owns approximately 48% of
the voting stock, PS owns 46% and members of PS's management and related
individuals own approximately 6%.

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

The Partnership has a 1.4% ownership interest in STOR-Re Mutual
Insurance Corporation ("STOR-Re"), which was formed in 1994 as an
association captive insurance company, and is controlled by PS. The
Partnership accounts for its investment in STOR-Re, which is included in
other assets on our accompanying balance sheets, on the cost method, and
has received no distributions during the three years ended December 31,
2007.

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

The following table sets forth certain condensed consolidated financial
information with respect to STOR-Re (representing 100% of this entity's
operations and not the Partnership's pro-rata share):

2007 2006
----------- --------------
(Amounts in thousands)
For the year ended December 31,
Net investment income........................... $ 871 $ 890
Loss and loss adjustment expense................ 855 (1,053)
Other expenses.................................. (248) (234)
----------- --------------
Net income (loss)............................... $ 1,478 $ (397)
=========== ==============
At December 31,
Total assets (primarily cash and other
investments)................................. $ 21,732 $ 27,772
Liabilities for losses and loss adjustment
expenses..................................... 6,917 11,470
Other liabilities............................... 764 1,314
Member's surplus................................ 14,051 14,988

F-10

PUBLIC STORAGE PROPERTIES V, LTD.
NOTES TO FINANCIAL STATEMENTS
December 31, 2007

Premiums paid to the Captive Entities for the years ended December 31,
2007, 2006 and 2005 were $69,000, $74,000 and $63,000, respectively.

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

PS owns a corporation that reinsures policies against losses to goods
stored by tenants in the Partnership's and PS's storage facilities. This
corporation receives the premiums and bears the risks associated with the
re-insurance. The Partnership receives an access fee from this corporation
in return for providing tenant listings. This fee is based on the number of
spaces the Partnership has to rent. Included in other income on our
accompanying statements of income for these fees are $158,000, $88,000 and
$88,000 for the years ended December 31, 2007, 2006 and 2005, respectively.

6. TAXES BASED ON INCOME

Taxes based on income are the responsibility of the individual partners
and, accordingly, the Partnership's financial statements do not reflect a
provision for such taxes.

Taxable net income (unaudited) was $6,859,000, $6,798,000 and
$7,311,000 for the years ended December 31, 2007, 2006 and 2005,
respectively. The difference between taxable net income and net income is
primarily related to depreciation expense resulting from differences in
depreciation and capitalization methodologies.

7. SUPPLEMENTARY QUARTERLY FINANCIAL DATA (UNAUDITED)

Three Months Ended
--------------------------------------------------------------------------------
March 31, 2007 June 30, 2007 September 30, 2007 December 31, 2007
------------------ --------------- ------------------ -----------------

Rental Income $ 2,514,000 $ 2,545,000 $ 2,565,000 $ 2,544,000
Cost of Operations (including
management fees and depreciation) $ 923,000 $ 890,000 $ 882,000 $ 834,000
Net Income $ 1,624,000 $ 1,676,000 $ 1,710,000 $ 1,803,000
Net Income Per Limited Partner Unit $ 27.89 $ 18.34 $ 28.50 $ 30.43
Cash distributions $ 1,541,000 $ 3,437,000 $ 1,778,000 $ 1,801,000

Three Months Ended
--------------------------------------------------------------------------------
March 31, 2006 June 30, 2006 September 30, 2006 December 31, 2006
------------------ --------------- ------------------ -----------------
Rental Income $ 2,438,000 $ 2,528,000 $ 2,581,000 $ 2,497,000
Cost of Operations (including
management fees and depreciation) $ 857,000 $ 867,000 $ 866,000 $ 850,000
Net Income (1) $ 1,601,000 $ 1,687,000 $ 1,757,000 $ 1,804,000
Net Income Per Limited Partner Unit $ 27.36 $ 29.30 $ 30.84 $ 28.27
Cash distributions $ 1,541,000 $ 1,541,000 $ 1,541,000 $ 2,192,000

(1) Includes gain on disposition of marketable securities totaling $117,000 in
the year ended December 31, 2006.

F-11

PUBLIC STORAGE PROPERTIES V, LTD.
NOTES TO FINANCIAL STATEMENTS
December 31, 2007

8. COMMITMENTS AND CONTINGENCIES

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

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

The plaintiff in this case filed a suit against PS on behalf of a
putative class of renters who rented self-storage units from PS. Plaintiff
alleges that PS misrepresented the size of its storage units, has brought
claims under California statutory and common law relating to consumer
protection, fraud, unfair competition, and negligent misrepresentation, and
is seeking monetary damages, restitution, and declaratory and injunctive
relief. On November 26, 2007, the Court entered an order dismissing the
matter in its entirety without any liability to PS.

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

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

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

F-12

Public Storage Properties V, Ltd.
Schedule III - Real Estate and Accumulated Depreciation

Initial Cost
-----------------------------
Costs Subsequent
Buildings & to Construction
Description Land Equipment (Improvements)
- --------------------------- ------------ -------------- -----------------
California

Belmont $478,000 $811,000 $374,000
Carson Street 265,000 563,000 285,000
Palmdale 114,000 721,000 434,000
Pasadena Fair Oaks 686,000 1,219,000 484,000
Sacramento Carmichael 305,000 850,000 386,000
Sacramento Florin 326,000 1,063,000 711,000
San Jose Capitol Quimby 209,000 742,000 278,000
San Jose Felipe 270,000 935,000 381,000
So. San Francisco
Spruce (1) 532,000 1,488,000 790,000

Florida
Miami 27th Avenue 142,000 878,000 571,000
Miami 29th 270,000 520,000 363,000

Georgia
Atlanta Montreal Road 397,000 888,000 479,000
Atlanta Mountain
Industrial Blvd. 271,000 725,000 510,000
Marietta-Cobb Parkway 219,000 914,000 682,000
------------ -------------- -----------------
$4,484,000 $12,317,000 $6,728,000
============ ============== =================

Gross Carrying Amount
at December 31, 2007
----------------------------------------------
Buildings & Accumulated
Description Land Equipment Total Depreciation Date Completed
- --------------------------- ------------- ------------- ----------- -------------- --------------
California

Belmont $478,000 $1,185,000 $1,663,000 $1,105,000 12/79
Carson Street 265,000 848,000 1,113,000 800,000 01/80
Palmdale 114,000 1,155,000 1,269,000 1,108,000 01/80
Pasadena Fair Oaks 686,000 1,703,000 2,389,000 1,580,000 03/80
Sacramento Carmichael 305,000 1,236,000 1,541,000 1,144,000 07/80
Sacramento Florin 326,000 1,774,000 2,100,000 1,500,000 06/80
San Jose Capitol Quimby 209,000 1,020,000 1,229,000 985,000 07/80
San Jose Felipe 270,000 1,316,000 1,586,000 1,257,000 12/80
So. San Francisco
Spruce (1) 532,000 2,278,000 2,810,000 2,056,000 11/80

Florida
Miami 27th Avenue 142,000 1,449,000 1,591,000 1,348,000 05/80
Miami 29th 270,000 883,000 1,153,000 812,000 10/79

Georgia
Atlanta Montreal Road 397,000 1,367,000 1,764,000 1,248,000 06/80
Atlanta Mountain
Industrial Blvd. 271,000 1,235,000 1,506,000 1,183,000 09/80
Marietta-Cobb Parkway 219,000 1,596,000 1,815,000 1,375,000 10/79
------------- ------------- ----------- --------------
$4,484,000 $19,045,000 $23,529,000 $17,501,000
============= ============= =========== ==============

Note: Buildings are depreciated over a useful life of 25 years.

(1) A portion of the property has been developed as a business park.

F-13

PUBLIC STORAGE PROPERTIES V, LTD.

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
(CONTINUED)

Reconciliation of Real Estate Cost and Accumulated Depreciation

2007 2006
-------------- -------------
Investment in Real Estate
Balance at the beginning of the year $ 23,244,000 $ 22,513,000
Disposition of real estate - -
Additions through cash expenditures 285,000 731,000
-------------- -------------
Balance at the end of the year $ 23,529,000 $ 23,244,000
============== =============

Accumulated Depreciation
Balance at the beginning of the year $ 17,155,000 $ 16,831,000
Disposition of real estate - -
Additions charged to costs and expenses 346,000 324,000
-------------- -------------
Balance at the end of the year $ 17,501,000 $ 17,155,000
============== =============

(a) The aggregate depreciable cost of real estate (excluding land) for Federal
income tax purposes is $18,187,000 (unaudited).

F-14

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: March 26, 2008

PUBLIC STORAGE PROPERTIES V, LTD.

BY: Public Storage
General Partner

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

F-15

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

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

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

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

F-16