Exhibit 31.2


                         RULE 13a - 14(a) CERTIFICATION


I, John Reyes, certify that:

1.   I have  reviewed  this  quarterly  report on Form  10-Q of  Public  Storage
     Properties V, Ltd.;

2.   Based on my knowledge,  this  quarterly  report does not contain any untrue
     statement of a material fact or omit to state a material fact  necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in  this  report,  fairly  present  in all  material
     respects the financial  condition,  results of operations and cash flows of
     the registrant as of, and for, the periods presented in this report;

4.   The  registrant's  other  certifying  officer  and  I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules  13a-15(e) and  15d-15(e))  for the registrant and we
     have:

     a) designed  such  disclosure  controls  and  procedures,  or  caused  such
        disclosure controls and procedures to be designed under our supervision,
        to  ensure  that  material   information  relating  to  the  registrant,
        including its consolidated  subsidiaries,  is made known to us by others
        within  those  entities,  particularly  during  the period in which this
        report is being prepared;

     b) [paragraph omitted pursuant to SEC Release Nos. 33-8238 and 34-47986]

     c) evaluated the effectiveness of the registrant's  disclosure controls and
        procedures   and  presented  in  this  report   conclusions   about  the
        effectiveness of the disclosure controls and procedures as of the end of
        the period covered by this report based on such evaluation; and

     d) disclosed in this report any change in the registrant's internal control
        over  financial  reporting  that occurred the  registrant's  most recent
        fiscal quarter (the registrant's fourth fiscal quarter in the case of an
        annual report) that has materially affected,  or is reasonably likely to
        materially  affect,  the  registrant's  internal  control over financial
        reporting; and

5.   The registrant's  other certifying  officer and I have disclosed,  based on
     our most recent evaluation of internal control over financial reporting, to
     the registrant's  auditors and the audit committee of registrant's board of
     directors (or person performing the equivalent functions):

     a) all significant  deficiencies  and material  weaknesses in the design or
        operation  of  internal  control  over  financial  reporting  which  are
        reasonably  likely to  adversely  affect  the  registrant's  ability  to
        record, process, summarize and report financial information; and

     b) any fraud,  whether or not material,  that involves  management or other
        employees  who  have a  significant  role in the  registrant's  internal
        control over financial reporting.

/s/ John Reyes
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Name:    John Reyes
Title:   Chief Financial Officer of Public Storage, Corporate General Partner
Date:    May 14, 2009