Exhibit 21

                         SUBSIDIARIES OF THE REGISTRANT


Name                                                 State of Formation
- -----------------------------------------------      ------------------
Connecticut Storage Fund........................         California
Diversified Storage Venture Fund................         California
PS Co-Investment Partners.......................         California
PS Insurance Company, Ltd.......................          Bermuda
PS Orangeco Holdings, Inc.......................         California
PS Orangeco, Inc...............................          California
PS Partners VIII, Ltd...........................         California
PS Partners, Ltd................................         California
PSA Institutional Partners, L.P.................         California
PSAC Development Partners, L.P..................         California
Public Storage Properties IV, Ltd...............         California
Public Storage Properties V, Ltd................         California
Public Storage Institutional Fund...............         California
Public Storage Institutional Fund II............         California
Public Storage Institutional Fund III...........         California
Public Storage Institutional Fund IV............         California
Public Storage Pickup & Delivery, L.P...........         California
STOR-Re Mutual Insurance Corporation............           Hawaii
Storage Trust Properties, L.P. .................          Delaware

Note:  This  schedule  excludes 15 other  wholly-owned  subsidiaries  which were
excluded in  accordance  with Reg.  S-K,  Item 601.  All of the  entities  above
conduct  substantially  all of their business  activities under the name "Public
Storage".