<PAGE>

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                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                          WASHINGTON, D.C. 20549-1004

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

                                   FORM 10-Q

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

[X]QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE
   ACT OF 1934

  FOR THE PERIOD ENDED MARCH 31, 2001

                                       OR

[_]TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE
   ACT OF 1934

  FOR THE TRANSITION PERIOD FROM    TO

  COMMISSION FILE NUMBER 0-12537

               FIRST CAPITAL INCOME PROPERTIES, LTD.--SERIES VIII
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

                FLORIDA                                59-2192277
    (STATE OR OTHER JURISDICTION OF       (I.R.S. EMPLOYER IDENTIFICATION NO.)
     INCORPORATION OR ORGANIZATION)

       TWO NORTH RIVERSIDE PLAZA,                      60606-2607
               SUITE 600,                              (ZIP CODE)
           CHICAGO, ILLINOIS
    (ADDRESS OF PRINCIPAL EXECUTIVE
                OFFICES)

                                 (312) 207-0020
              (REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)

                                 NOT APPLICABLE
   (FORMER NAME, FORMER ADDRESS AND FORMER FISCAL YEAR, IF CHANGED SINCE LAST
                                    REPORT)

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 [_]

DOCUMENTS INCORPORATED BY REFERENCE:

The First Amended and Restated Certificate and Agreement of Limited Partnership
filed as Exhibit A to the Partnership's Prospectus dated July 28, 1982,
included in the Partnership's Registration Statement on Form S-11, is
incorporated herein by reference in Part I of this report.

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<PAGE>

BALANCE SHEETS
(All dollars rounded to nearest 00s)

<TABLE>
<CAPTION>
                                                March 31,
                                                  2001      December 31,
                                               (Unaudited)      2000
------------------------------------------------------------------------
<S>                                            <C>          <C>
ASSETS
Investment in commercial rental property:
 Land                                          $ 1,784,700  $ 1,784,700
 Buildings and improvements                      5,687,500    5,687,500
------------------------------------------------------------------------
                                                 7,472,200    7,472,200
 Accumulated depreciation and amortization      (2,876,000)  (2,834,000)
------------------------------------------------------------------------
 Total investment property, net of accumulated
  depreciation and amortization                  4,596,200    4,638,200
Cash and cash equivalents                        6,446,400    6,471,400
Rents receivable                                    25,900       56,100
Other assets                                         1,400        5,900
------------------------------------------------------------------------
                                               $11,069,900  $11,171,600
------------------------------------------------------------------------
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
 Accounts payable and accrued expenses         $   220,800  $   270,100
 Due to Affiliates                                  39,400       38,800
 Distributions payable                             155,600      155,600
 Security deposits                                  30,500       30,500
 Other liabilities                                     200
------------------------------------------------------------------------
                                                   446,500      495,000
------------------------------------------------------------------------
Partners' capital:
 General Partners                                   50,100       50,100
 Limited Partners (70,000 Units issued and
  outstanding)                                  10,573,300   10,626,500
------------------------------------------------------------------------
                                                10,623,400   10,676,600
------------------------------------------------------------------------
                                               $11,069,900  $11,171,600
------------------------------------------------------------------------
</TABLE>
STATEMENTS OF PARTNERS' CAPITAL
For the quarter ended March 31, 2001 (Unaudited)
and the year ended December 31, 2000
(All dollars rounded to nearest 00s)

<TABLE>
<CAPTION>
                                            General     Limited
                                            Partners   Partners       Total
-------------------------------------------------------------------------------
<S>                                         <C>       <C>          <C>
Partners' capital, January 1, 2000          $ 50,100  $10,282,000  $10,332,100
Net income for the year ended December 31,
 2000                                         62,200      904,500      966,700
Distributions for the year ended December
 31, 2000                                    (62,200)    (560,000)    (622,200)
-------------------------------------------------------------------------------
Partners' capital, December 31, 2000          50,100   10,626,500   10,676,600
Net income for the quarter ended March 31,
 2001                                         15,600       86,800      102,400
Distributions for the quarter ended March
 31, 2001                                    (15,600)    (140,000)    (155,600)
-------------------------------------------------------------------------------
Partners' capital, March 31, 2001           $ 50,100  $10,573,300  $10,623,400
-------------------------------------------------------------------------------
</TABLE>
    The accompanying notes are an integral part of the financial statements
2
<PAGE>

STATEMENTS OF INCOME AND EXPENSES
For the quarters ended March 31, 2001 and 2000
(Unaudited)
(All dollars rounded to nearest 00s
except per Unit amounts)

<TABLE>
<CAPTION>
                                                             2001     2000
----------------------------------------------------------------------------
<S>                                                        <C>      <C>
Income:
 Rental                                                    $164,800 $235,900
 Interest                                                    88,600  328,300
----------------------------------------------------------------------------
                                                            253,400  564,200
----------------------------------------------------------------------------
Expenses:
 Depreciation and amortization                               42,000   48,700
 Property operating:
  Affiliates                                                  2,100    6,100
  Nonaffiliates                                              37,200   23,600
 Real estate taxes                                           31,200   43,500
 Insurance--Affiliate                                         3,600    4,000
 Repairs and maintenance                                      7,100    7,800
 General and administrative:
  Affiliates                                                  1,500    2,400
  Nonaffiliates                                              26,300   29,900
----------------------------------------------------------------------------
                                                            151,000  166,000
----------------------------------------------------------------------------
Net income                                                 $102,400 $398,200
----------------------------------------------------------------------------
Net income allocated to General Partners                   $ 15,600 $ 15,600
----------------------------------------------------------------------------
Net income allocated to Limited Partners                   $ 86,800 $382,600
----------------------------------------------------------------------------
Net income allocated to Limited Partners per Unit (70,000
 Units outstanding)                                        $   1.24 $   5.47
----------------------------------------------------------------------------
</TABLE>
STATEMENTS OF CASH FLOWS
For the quarters ended March 31, 2001 and 2000
(Unaudited)
(All dollars rounded to nearest 00s)

<TABLE>
<CAPTION>
                                                          2001       2000
-----------------------------------------------------------------------------
<S>                                                    <C>         <C>
Cash flows from operating activities:
 Net income                                            $  102,400  $ 398,200
 Adjustments to reconcile net income to net cash
  provided by operating activities:
  Depreciation and amortization                            42,000     48,700
  Changes in assets and liabilities:
   Decrease (increase) in rents receivable                 30,200    (15,000)
   Decrease in other assets                                 4,500         --
   (Decrease) increase in accounts payable and accrued
    expenses                                              (49,300)    24,700
   Increase (decrease) in due to Affiliates                   600     (4,600)
   Increase (decrease) in other liabilities                   200       (100)
-----------------------------------------------------------------------------
    Net cash provided by operating activities             130,600    451,900
-----------------------------------------------------------------------------
Cash flows from investing activities:
 Decrease in investments in debt securities, net               --    249,900
-----------------------------------------------------------------------------
    Net cash provided by investing activities                  --    249,900
-----------------------------------------------------------------------------
Cash flows from financing activities:
 Distributions paid to Partners                          (155,600)  (427,800)
-----------------------------------------------------------------------------
    Net cash (used for) financing activities             (155,600)  (427,800)
-----------------------------------------------------------------------------
Net (decrease) increase in cash and cash equivalents      (25,000)   274,000
Cash and cash equivalents at the beginning of the
 period                                                 6,471,400    455,800
-----------------------------------------------------------------------------
Cash and cash equivalents at the end of the period     $6,446,400  $ 729,800
-----------------------------------------------------------------------------
</TABLE>
    The accompanying notes are an integral part of the financial statements.
                                                                               3
<PAGE>

NOTES TO FINANCIAL STATEMENTS
(Unaudited)
March 31, 2001

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

DEFINITION OF SPECIAL TERMS:
Capitalized terms used in this report have the same meaning as those terms have
in the Partnership's Registration Statement filed with the Securities and
Exchange Commission on Form S-11. Definitions of these terms are contained in
Article III of the First Amended and Restated Certificate and Agreement of
Limited Partnership, which is included in the Registration Statement and
incorporated herein by reference.

ACCOUNTING POLICIES:
The financial statements have been prepared in accordance with accounting
principles generally accepted in the United States ("GAAP"). The Partnership
utilizes the accrual method of accounting. Under this method, revenues are
recorded when earned and expenses are recorded when incurred. The Partnership
recognizes rental income that is contingent upon tenants' achieving specified
targets, only to the extent that such targets are attained.

Preparation of the Partnership's financial statements in conformity with GAAP
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. Actual results could differ
from those estimates.

The financial information included in these financial statements is unaudited;
however, in management's opinion, all adjustments (consisting of only normal,
recurring accruals) necessary for a fair presentation of the results of
operations for the periods included have been made. Results of operations for
the three months ended March 31, 2001 are not necessarily indicative of the
operating results for the year ending December 31, 2001.

The Partnership has one reportable segment as the Partnership is in the
disposition phase of its life cycle, wherein it is seeking to liquidate its
remaining operating asset. Management's focus, therefore, is to prepare its
asset for sale and find a purchaser for its remaining asset when market
conditions warrant such an action.

Commercial rental property held for investment is recorded at cost, net of any
provisions for value impairment, and depreciated (exclusive of amounts
allocated to land) on the straight-line method over its estimated useful life.
Upon classifying a commercial rental property as held for disposition, no
depreciation or amortization of such property is provided for in the financial
statements. Lease acquisition fees are recorded at cost and amortized over the
life of the lease. Repair and maintenance costs are expensed as incurred;
expenditures for improvements are capitalized and depreciated over the
estimated life of such improvements.

The Partnership evaluates its rental property for impairment when conditions
exist which may indicate that it is probable that the sum of expected future
cash flows (undiscounted) from a property is less than its estimated carrying
basis. Upon determination that an impairment has occurred, the carrying basis
in the rental property is reduced to its estimated fair market value.
Management was not aware of any indicator that would result in a significant
impairment loss during the periods reported.

Cash equivalents are considered all highly liquid investments with maturity of
three months or less when purchased.

Reference is made to the Partnership's annual report for the year ended
December 31, 2000 for a description of other accounting policies and additional
details of the Partnership's financial condition, results of operations,
changes in Partners' capital and changes in cash balances for the year then
ended. The details provided in the notes thereto have not changed except as a
result of normal transactions in the interim or as otherwise disclosed herein.

2. RELATED PARTY TRANSACTIONS:

In accordance with the Partnership Agreement, subsequent to December 23, 1982,
the Termination of the Offering, the General Partners are entitled to 10% of
Cash Flow (as defined in the Partnership Agreement), as a Partnership
Management Fee. In addition, Net Profits (exclusive of Net Profits from the
sale or disposition of Partnership properties) are allocated: first, to the
General Partners, in an amount equal to the greater of the General Partners'
Partnership Management Fee for such fiscal year, or 1% of such Net Profits; and
second, the balance, if any, to the Limited Partners. Net Profits from the sale
or disposition of a Partnership property are allocated: first, to the General
Partners and the Limited Partners with negative balances in their capital
accounts, pro rata in proportion to such respective negative balances, to the
extent of the total of such negative balances; second, to the General Partners,
in an amount necessary to make the aggregate amount of their capital accounts
equal to the greater of the Sale or Refinancing Proceeds to be distributed to
the General Partners with respect to the sale or disposition of such property
or 1% of such Net Profits; and third, the balance, if any, to the Limited
Partners. Net Losses (exclusive of Net Losses from the sale, disposition or
provision for value impairment of Partnership properties) are allocated 1% to
the General Partners and 99% to the Limited Partners. Net Losses from the sale,
disposition or provision for value impairment of Partnership properties are
allocated: first, to the extent that the balance in the General Partners'
capital accounts exceeds their Capital Investment or the balance in the capital
accounts of the Limited Partners exceeds the amount of their Capital Investment
(the "Excess Balances"), to the General Partners and the Limited Partners pro
rata in proportion to such Excess Balances until such Excess Balances are
reduced to zero; second, to the General Partners and the Limited Partners pro
rata in proportion to the balances in their respective capital accounts until
the balances in their capital accounts shall be reduced to zero; and third, the
balance, if any, 99% to the Limited Partners and 1% to the General Partners. In
all events there shall be allocated to the General Partners not less than 1% of
Net Profits and Net Losses from the sale, disposition or provision for value
impairment of a Partnership property. For both of the three months ended March
31, 2001 and 2000, the General Partners' were paid a Partnership Management Fee
and allocated Net Profits of $15,600.

4
<PAGE>

Fees and reimbursements paid and payable by the Partnership to Affiliates
during the quarter ended March 31, 2001 were as follows:

<TABLE>
<CAPTION>
                                                 Paid  Payable
--------------------------------------------------------------
<S>                                             <C>    <C>
Property and asset management and leasing fees  $2,100    None
Reimbursement of property insurance premiums     3,600    None
Real estate commission (a)                        None $37,700
Reimbursement of expenses, at cost:
 --Investor communications                         900   1,700
--------------------------------------------------------------
                                                $6,600 $39,400
--------------------------------------------------------------
</TABLE>
(a) As of March 31, 2001, the Partnership owed $37,700 to the Managing General
    Partner for real estate commissions earned in connection with the sale of
    five of the warehouses comprising a portion of the Atlanta Gateway Park
    Industrial Center. These commissions have been accrued but not paid. In
    accordance with the Partnership Agreement, the Partnership will not pay the
    General Partners or any Affiliates a real estate commission from the sale
    of a Partnership property until Limited Partners have received cumulative
    distributions of Sale or Refinancing Proceeds equal to 100% of their
    Original Capital Contribution, plus a cumulative return (including all Cash
    Flow (as defined in the Partnership Agreement) which has been distributed
    to the Limited Partners from the initial date of investment) of 6% simple
    interest per annum on their Capital Investment.

                                                                               5
<PAGE>

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
       OF OPERATIONS

Reference is made to the Partnership's annual report for the year ended
December 31, 2000 for a discussion of the Partnership's business.

Statements contained in this Management's Discussion and Analysis of Financial
Condition and Results of Operations, which are not historical facts, may be
forward-looking statements. Such statements are subject to certain risks and
uncertainties, which could cause actual results to differ materially from those
projected. Readers are cautioned not to place undue reliance on these forward-
looking statements, which speak only as of the date hereof.

One of the Partnership's objectives is to dispose of its properties when market
conditions allow for the achievement of the maximum possible sale price. The
Partnership, in addition to being in the operation of properties phase, is in
the disposition of properties phase of its life cycle. During the disposition
phase of the Partnership's life cycle, comparisons of operating results are
complicated due to the timing and effect of property sales. Partnership
operating results are generally expected to decline as real property interests
are sold since the Partnership no longer receives the net income generated from
such properties.

OPERATIONS
The table below is a recap of certain operating results of the Partnership's
property for the quarters ended March 31, 2001 and 2000. The discussion
following the table should be read in conjunction with the financial statements
and notes thereto appearing in this report.

<TABLE>
<CAPTION>
                        Comparative
                     Operating Results
                            (a)
                     For the Quarters
                           Ended
                     3/31/01  3/31/00
--------------------------------------
<S>                  <C>      <C>
WALKER SPRINGS PLAZA SHOPPING CENTER
Rental revenues      $164,800 $234,700
--------------------------------------
Property net income  $ 41,700 $103,700
--------------------------------------
Average occupancy         60%      72%
--------------------------------------
</TABLE>
(a) Excludes certain income and expense items, which are not directly related
    to individual property operating results such as interest income and
    general and administrative expenses.

Net income decreased by $295,800 for the three months ended March 31, 2001 when
compared to the three months ended March 31, 2000. The decrease was primarily
the result of a decrease in interest earned on the Partnership's short-term
investments, which was due to a decrease in cash available for investment.
Proceeds from the sale of Brookwood Metroplex were invested until their
distribution to Limited Partners on May 31, 2000. The decrease was also due to
diminished operating results at Walker Springs Plaza Shopping Center ("Walker
Springs").

The following comparative discussion includes only the operating results of
Walker Springs.

Rental revenues decreased by $69,900 or 29.8% for the three months ended March
31, 2001 when compared to the three months ended March 31, 2000. The decrease
was primarily due to a decrease in tenant reimbursement for common area and
real estate tax expenses. The decrease was also due to a decrease in base
rental income, which was due to the decline in occupancy.

Real estate tax expense decreased by $12,300 for the three months ended March
31, 2001 when compared to the three months ended March 31, 2000. The decrease
was primarily due to a projected decrease in the assessed value of the
property.

Property operating expenses increased by $9,600 for the three months ended
March 31, 2001 when compared to the three months ended March 31, 2000. The
increase was primarily due to legal expenses incurred in re-tenanting the
property.

To increase and/or maintain occupancy the level at the Partnership's remaining
property, the Managing General Partner, through the asset and property
management groups, continues to take the following actions: 1) implementation
of marketing programs, including hiring of third-party leasing agents or
providing on-site leasing personnel, advertising, direct mail campaigns and
development of building brochures; 2) early renewal of existing tenants' leases
and addressing any expansion needs these tenants may have; 3) promotion of
local broker events and networking with local brokers; 4) networking with
national level retailers; 5) cold-calling other businesses and tenants in the
market area and 6) providing rental concessions or competitively pricing rental
rates depending on market conditions.

LIQUIDITY AND CAPITAL RESOURCES
One of the Partnership's objectives is to dispose of its property when market
conditions allow for the achievement of the maximum possible sales price. In
the interim, the Partnership continues to manage and maintain its remaining
property. Notwithstanding the Partnership's intention relative to property
sales, another primary objective of the Partnership is to provide cash
distributions to Partners from Partnership operations. To the extent cumulative
cash distributions exceed net income during a fiscal year, such excess
distributions will be treated as a return of capital. Cash Flow (as defined in
the Partnership Agreement) is generally not equal to net income or cash flows
as determined by accounting principles generally accepted in the United States
("GAAP"), since certain items are treated differently under the Partnership
Agreement than under GAAP. Management believes that to facilitate a clear
understanding of the Partnership's operations, an analysis of Cash Flow (as
defined in the Partnership Agreement) should be examined in conjunction with an
analysis of net income or cash flows as determined by GAAP. The following table
includes a reconciliation of Cash Flow (as defined in the Partnership
Agreement) to cash flow provided by operating activities as determined by GAAP
and are not indicative of actual distributions to Partners and should not
necessarily be considered as an alternative to the results disclosed in the
Statements of Income and Expenses and Statements of Cash Flows.

6
<PAGE>

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
       OF OPERATIONS (CONTINUED)


<TABLE>
<CAPTION>
                                                      Comparative Cash
                                                        Flow Results
                                                      For the Quarters
                                                            Ended
                                                      3/31/01    3/31/00
--------------------------------------------------------------------------
<S>                                                  <C>        <C>
Cash Flow (as defined in the Partnership Agreement)  $ 144,400  $ 446,900
Items of reconciliation:
 Decrease (increase) in current assets                  34,700    (15,000)
 (Decrease) increase in current liabilities            (48,500)    20,000
--------------------------------------------------------------------------
Net cash provided by operating activities            $ 130,600  $ 451,900
--------------------------------------------------------------------------
Net cash provided by investing activities            $      --  $ 249,900
--------------------------------------------------------------------------
Net cash (used for) financing activities             $(155,600) $(427,800)
--------------------------------------------------------------------------
</TABLE>

The decrease in Cash Flow (as defined in the Partnership Agreement) of $302,500
for the three months ended March 31, 2001 when compared to three months ended
March 31, 2000 was primarily due to the decrease in net income, as previously
discussed.

The decrease in the Partnership's cash position of $25,000 for the three months
ended March 31, 2001 was primarily the result of distributions to Partners
exceeding net cash provided by operating activities. Liquid assets (including
cash and cash equivalents) of the Partnership as of March 31, 2001 are
comprised of amounts held for distribution to Partners and working capital
purposes.

Net cash provided by operating activities decreased by $321,300 for the three
months ended March 31, 2001 when compared to the three months ended March 31,
2000. The decrease was primarily due the decrease in net income, as previously
discussed. The decrease was also due to the timing of the payment of certain
expenses.

Net cash provided by investing activities decreased by $249,900 for the three
months ended March 31, 2001 when compared to the three months ended March 31,
2000. The decrease was due to the net maturity of amounts invested in debt
securities during the quarter ended March 31, 2000.

The Partnership has no financial instruments for which there are significant
market risks.

As of December 31, 2000, Walker Springs had approximately 65,100 square feet of
vacant space or 40% of its net leasable square footage ("NLS"). During 2001,
the Partnership entered into a lease agreement with a new tenant to occupy
approximately 24% of the NLS. This tenant's lease, which runs for ten years,
with tenant options for three additional five year periods, commences during
2001 with the Partnership scheduled to begin receiving monthly base rent of
$19,500 in early 2002. In accordance with the terms of this lease, the
Partnership will incur approximately $180,000 of capital and tenant
improvements during 2001.

The decrease in net cash used for financing activities of $272,200 for the
quarter ended March 31, 2001 as compared to the quarter ended March 31, 2000
was due to a reduction in distributions to Partners.

The Managing General Partner continues to review and evaluate projections of
future rental income in its determination of adequate levels of cash reserves
due to the anticipated building and tenant improvements and leasing costs
necessary to be incurred at Walker Springs during the next several years. For
the quarter ended March 31, 2001, the Partnership utilized Cash Flow (as
defined by the Partnership Agreement) and $11,200 of previously retained Cash
Flow (as defined in the Partnership Agreement) in its distribution to Partners.
As a result of the sale of Brookwood, the Partnership's Cash Flow (as defined
in the Partnership Agreement) has been reduced. Consistent with this, the
Partnership has reduced it quarterly cash distributions to Partners.

Distributions to Limited Partners for the quarter ended March 31, 2001 were
declared in the amount of $140,000, or $2.00 per Unit. Cash distributions are
made 60 days after the last day of each fiscal quarter. The amount of future
distributions to Partners will ultimately be dependent upon the performance of
Walker Springs as well as the Managing General Partner's determination of the
amount of cash necessary to supplement working capital reserves to meet future
liquidity requirements of the Partnership, including the costs associated with
the re-tenanting of Walker Springs. Accordingly, there can be no assurance as
to the amounts of cash available for future distributions to Partners.

                                                                               7
<PAGE>

PART II. OTHER INFORMATION

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

(a) Exhibits: None

(b) Reports on Form 8-K:

There were no reports filed on Form 8-K during the quarter ended March 31,
2001.

8
<PAGE>

SIGNATURES

PURSUANT TO THE REQUIREMENTS OF THE SECURITIES EXCHANGE ACT OF 1934, THE
REGISTRANT HAS DULY CAUSED THIS REPORT TO BE SIGNED ON ITS BEHALF BY THE
UNDERSIGNED THEREUNTO DULY AUTHORIZED.

                                     FIRST CAPITAL INCOME PROPERTIES, LTD.--
                                     SERIES VIII

                                     By: FIRST CAPITAL FINANCIAL LLC
                                        MANAGING GENERAL PARTNER

                                               /s/ DOUGLAS CROCKER II
Date: May 11, 2001                   By: ______________________________________
                                                   DOUGLAS CROCKER II
                                         PRESIDENT AND CHIEF EXECUTIVE OFFICER

                                               /s/ PHILIP G. TINKLER
Date: May 11, 2001                   By: ______________________________________
                                                   PHILIP G. TINKLER
                                         VICE PRESIDENT--FINANCE AND TREASURER

                                                                               9