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


                                       FORM 10-Q



(Mark One)

      QUARTERLY  REPORT  PURSUANT  TO  SECTION  13  OR  15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934

                     For the quarterly period ended June 30, 1998

                                          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 333-34835-01



                    PRICE DEVELOPMENT COMPANY, LIMITED PARTNERSHIP
                (Exact name of registrant as specified in its charter)



                  MARYLAND                             87-0516235
                  --------                             ----------
           (State of organization)                  (I.R.S. Employer
                                                   Identification No.)
             35 CENTURY PARK-WAY
         SALT LAKE CITY, UTAH  84115                 (801) 486-3911
         ---------------------------                  -------------
  (Address  of  principal executive offices)  (Registrant's telephone number,
             including area code)




      Indicate by check mark whether the registrant:  (1) has filed all reports
required to be filed  by  Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12  months  (or  for  such  shorter  period  that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.                    Yes /X/    No / /



<PAGE> 1
                    PRICE DEVELOPMENT COMPANY, LIMITED PARTNERSHIP
                                       FORM 10-Q


                                         INDEX
                                         -----


PART I: FINANCIAL INFORMATION                                            PAGE
-----------------------------                                            ----
Item 1. Financial Statements                                                3

        Condensed Consolidated Balance Sheet as of June 30, 1998
         and December 31, 1997                                              4

        Consolidated Statement of Operations for the Six Months Ended
         June 30, 1998 and 1997                                             5

        Consolidated Statement of Operations for the Three Months Ended
         June 30, 1998 and 1997                                             6

        Condensed Consolidated Statement of Cash Flows for the Six Months
         Ended June 30, 1998 and 1997                                       7

        Notes to Financial Statements                                       8

Item 2. Management's Discussion and Analysis of Financial
         Condition and Results of Operations                               11

Item 3. Quantitative and Qualitative Disclosures About Market Risk         14

PART II: OTHER INFORMATION
--------------------------

Item 1. Legal Proceedings                                                  15

Item 2. Changes in Securities                                              15

Item 3. Defaults Upon Senior Securities                                    15

Item 4. Submission of Matters to a Vote of Security Holders                15

Item 5. Other Information                                                  15

Item 6. Exhibits and Reports on Form 8-K                                   15

<PAGE> 2

                                        PART I

ITEM 1.  FINANCIAL STATEMENTS
-----------------------------

      The information furnished in the accompanying financial statements listed
in the index on page 2 reflects only normal recurring adjustments which are, in
the  opinion  of  management,  necessary  for  a  fair   presentation   of  the
aforementioned financial statements for the interim periods.

      The  aforementioned  financial  statements  should be read in conjunction
with  the  notes  to the financial statements  and  Management's
Discussion and Analysis  of  Financial  Condition and Results of Operations and
the Operating Partnership's quarterly report  on Form 10-Q for the three months
ended March 31, 1998 and the annual report on From  10-K  for  the  year  ended
December 31, 1997, including the financial statements and notes thereto.

<PAGE> 3

                    PRICE DEVELOPMENT COMPANY, LIMITED PARTNERSHIP
                         CONDENSED CONSOLIDATED BALANCE SHEET

                                    (IN THOUSANDS)

<TABLE>
<CAPTION>
                                                         (UNAUDITED)
                                                         ----------
                                                          JUNE 30,   DECEMBER 31,
                                                            1998         1997
                                                         ----------  ------------
<S>                                                      <C>          <C>
ASSETS
Real Estate Assets, Including Assets Under
 Development of $55,104 and $33,664                       $ 652,610   $ 619,371
  Less:  Accumulated Depreciation                          (105,804)    (98,404)
                                                          ---------    --------
    Net Real Estate Assets                                  546,806     520,967
Cash                                                          2,503       5,603
Restricted Cash                                               2,357       2,465
Other Assets                                                 16,972      16,649
                                                          ---------   ---------
                                                          $ 568,638   $ 545,684
                                                          =========   =========
LIABILITIES AND PARTNERS' CAPITAL
Borrowings                                                $ 297,103   $ 283,390
Accounts Payable and Accrued Expenses                        22,048      18,840
Dividends Payable                                             9,565          --
Other Liabilities                                               637         617
                                                          ---------   ---------
                                                            329,353     302,847
                                                          ---------   --------- 
Minority Interest                                             1,892       1,830
                                                          ---------   ---------
Commitments and Contingencies

Partners' Capital
General Partner                                             204,684     207,581
Limited Partners                                             32,709      33,426
                                                          ---------   ---------
                                                            237,393     241,007
                                                          ---------   ---------
                                                          $ 568,638   $ 545,684
                                                          =========   =========

          See accompanying notes to financial statements.


<PAGE> 4
                    PRICE DEVELOPMENT COMPANY, LIMITED PARTNERSHIP
                         CONSOLIDATED STATEMENTS OF OPERATIONS
                                      (UNAUDITED)

                  (IN THOUSANDS, EXCEPT PER PARTNERSHIP UNIT AMOUNTS)


</TABLE>
<TABLE>                                               
<CAPTION>
                                                    FOR THE SIX MONTHS ENDED JUNE 30,
                                                    ---------------------------------
                                                            1998         1997
                                                         ----------  ------------
<S>                                                      <C>          <C>
Revenues:
  Minimum Rents                                           $  36,077    $ 26,448
  Percentage and Overage Rents                                1,185       1,992
  Recoveries from Tenants                                    10,133       8,053
  Interest                                                      194         317
  Other                                                         197         182
                                                          ---------    --------
                                                             47,786      36,992
Expenses:                                                 ---------    --------

  Operating and Maintenance                                   7,838       5,544
  Real Estate Taxes and Insurance                             5,297       3,932
  General and Administrative                                  3,000       2,568
  Depreciation                                                7,564       5,289
  Amortization of Deferred Financing Costs                      744         486
  Amortization of Deferred Leasing Costs                        342         316
  Interest                                                    7,796       3,166
                                                          ---------    --------
                                                             32,581      21,301
                                                          ---------    --------
                                                             15,205      15,691

Minority Interest in Income of Consolidated Partnerships       (196)      (207)

Gain on Sale of Real Estate                               $      --    $    339
                                                          =========    ========
 Net Income                                               $  15,009    $ 15,823
                                                          =========    ========

Basic Earnings Per Partnership Unit                       $     .70    $    .75
                                                          =========    ========

Diluted Earnings Per Partnership Unit                     $     .70    $    .75
                                                          =========    ========

PRO FORMA DATA:
  Pro Forma Net Income                                    $  13,939    $ 13,946
                                                          =========    ========
  Pro Forma Basic Earnings Per Partnership Unit           $     .65    $    .67
                                                          =========    ========
  Pro Forma Diluted Earnings Per Partnership Unit         $     .65    $    .66
                                                          =========    ========
Basic Weighted Average Number of Partnership
 Units Outstanding                                           21,293      20,969

Add: Diluted Effect of Stock Options                            128         173
                                                          ---------    --------
Diluted Weighted Average Number of Partnership
 Units Outstanding                                           21,421      21,142
                                                          =========    ========

          See accompanying notes to financial statements.

 <PAGE> 5 
                    PRICE DEVELOPMENT COMPANY, LIMITED PARTNERSHIP
                         CONSOLIDATED STATEMENTS OF OPERATIONS
                                      (UNAUDITED)

                  (IN THOUSANDS, EXCEPT PER PARTNERSHIP UNIT AMOUNTS)


</TABLE>
<TABLE>
<CAPTION>
                                                   FOR THE THREE MONTHS ENDED JUNE 30,
                                                   ----------------------------------
                                                            1998         1997
                                                         ----------  ------------
<S>                                                      <C>          <C>
Revenues:
  Minimum Rents                                           $  18,166    $ 13,241
  Percentage and Overage Rents                                  115         989
  Recoveries from Tenants                                     4,793       4,175
  Interest                                                      105          98
  Other                                                         104         114
                                                          ---------    --------
                                                             23,283      18,617
                                                          ---------    --------
Expenses:
  Operating and Maintenance                                   3,672       2,809
  Real Estate Taxes and Insurance                             2,657       2,026
  General and Administrative                                  1,426       1,132
  Depreciation                                                3,918       2,647
  Amortization of Deferred Financing Costs                      485         232
  Amortization of Deferred Leasing Costs                        175         145
  Interest                                                    3,838       1,490
                                                          ---------    --------
                                                             16,171      10,481
                                                          ---------    --------
                                                              7,112       8,136

Minority Interest in Income of Consolidated Partnerships        (94)      (107)
Gain on Sale of Real Estate                               $      --    $    339
                                                          =========    ========

 Net Income                                               $   7,018    $  8,368
                                                          =========    ========

Basic Earnings Per Partnership Unit                       $     .33    $    .39
                                                          =========    ========

Diluted Earnings Per Partnership Unit                     $     .33    $    .39
                                                          =========    ========
PRO FORMA DATA:
  Pro Forma Net Income                                    $   7,018    $  7,494
                                                          =========    ========
  Pro Forma Basic Earnings Per Partnership Unit           $     .33    $    .35
                                                          =========    ========
  Pro Forma Diluted Earnings Per Partnership Unit         $     .33    $    .35
                                                          =========    ========
Basic Weighted Average Number of Partnership
 Units Outstanding                                           21,296      21,215

Add:Diluted Effect of Stock Options                             124         169
                                                          ---------   ---------
Diluted Weighted Average Number of
 Partnership Units Outstanding                               21,420      21,384
                                                          =========   =========

          See accompanying notes to financial statements.

<PAGE> 6
                    PRICE DEVELOPMENT COMPANY, LIMITED PARTNERSHIP
                    CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
                                      (UNAUDITED)

                                    (IN THOUSANDS)


</TABLE>
<TABLE>
<CAPTION>

                                                    FOR THE SIX MONTHS ENDED JUNE 30,
                                                    ---------------------------------
                                                           1998         1997
                                                         ----------  ------------
<S>                                                      <C>          <C>

Net Cash Provided by Operating Activities                 $  30,917  $     22,382
                                                          ---------  ------------
Cash Flows from Investing Activities:
Real Estate Assets, Developed or Acquired,
 Net of Accounts Payable                                    (37,151)      (70,246)
Increase in Restricted Cash                                     108           309
                                                          ---------  ------------
 Net Cash Used in Investing Activities                      (37,043)      (69,937)
                                                          ---------  ------------
Cash Flows from Financing Activities:
Proceeds from Borrowings                                    112,977        72,487
Repayments of Borrowings                                    (99,264)      (55,962)
Net Proceeds from Sale of Partnership Units                     507        38,777
Capital Contributions by Minority Interest                       --         1,000
Distributions to Partners                                    (9,565)       (9,201)
Distributions to Minority Interest                             (141)         (113)
Deferred Financing Costs                                     (1,488)         (406)
                                                          ---------  ------------
 Net Cash Provided by Financing Activities                    3,026        46,582
                                                          ---------  ------------

Net Increase in Cash                                         (3,100)         (973)
Cash, Beginning of Period                                     5,603         1,750
                                                          ---------  ------------
Cash, End of Period                                       $   2,503  $        777
                                                          =========  ============

Supplemental Disclosure of Non-Cash Transactions:

The following non-cash transactions occurred:

Distributions accrued for General Partner not paid        $   7,910  $      7,633

Distributions accrued for Limited Partner not paid        $   1,655  $         --

Purchase of the Remaining 70% Interest in
 Silver Lake Mall:

72,000 Operating Partnership Units Issued                                   1,863
30% Equity Investment Consolidated                                         (1,555)
Debt Assumed                                                               24,755
                                                                       ----------
Total                                                                  $   25,063
                                                                       ==========

          See accompanying notes to financial statements.

<PAGE> 7
                PRICE DEVELOPMENT COMPANY, LIMITED PARTNERSHIP
                        NOTES TO FINANCIAL STATEMENTS
                                  (UNAUDITED)
           (DOLLARS IN THOUSANDS, EXCEPT PER PARTNERSHIP UNIT DATA)


1.    BUSINESS SUMMARY AND SIGNIFICANT ACCOUNTING POLICIES

      Price  Development   Company,   Limited   Partnership   (the   "Operating
Partnership")  is  primarily  engaged  in  the  business  of  owning,  leasing,
managing,  operating, developing and redeveloping malls, community centers  and
other commercial  properties.   The  tenant  base  includes  primarily national
retail  chains  and local retail companies.  Consequently, the credit  risk  is
concentrated  in the  retail  industry.   Price  Development  Company,  Limited
Partnership is the Operating Partnership of JP Realty, Inc. (the "Company") who
is the general  partner.  JP Realty, Inc. completed its initial public offering
on January 21, 1994  and  conducts  all of its business operations through, and
holds an 83% controlling general partner interest in the Operating Partnership.
Since there are no material differences  between  the Company and the Operating
Partnership they will be collectively referred to as  "the  Company" unless the
text requires otherwise.

      The interim financial data for the six-months and the three  months ended
June 30, 1998 and 1997, respectively, is unaudited; however, in the  opinion of
the  Company,  the  interim financial data includes all adjustments, consisting
only of normal recurring  adjustments,  necessary  for  a fair statement of the
results for the interim periods.

      Earnings per partnership unit for all periods presented has been restated
to reflect the adoption of Statement of Financial Accounting Standards No. 128,
Earnings Per Share ("SFAS 128").  SFAS 128 requires companies  to present basic
earnings  per  partnership  unit,  and  if  applicable,  diluted  earnings  per
partnership unit, instead of primary and fully diluted earnings per partnership
unit.  Basic earnings per partnership unit excludes dilution and is computed by
dividing net earnings available to common stockholders by the weighted  average
number  of partnership units outstanding for the period.  Diluted earnings  per
partnership  units  reflects the potential dilution that could occur if options
to purchase partnership units were exercised.


2.    CHANGE IN REVENUE RECOGNITION POLICY

      Effective April  1,  1998  the  Company  has  prospectively  adopted  the
provisions  of  Issue  No. 98-9 ("EITF 98-9") Accounting For Contingent Rent in
Interim Financial Periods,  which  was  issued on May 21, 1998 by the Financial
Accounting  Standards Board Emerging Issues  Task  Force,  which  significantly
changes the Company's  recognition of percentage and overage revenue in interim
periods.  Prior to the adoption of EITF 98-9, the Company recognized percentage
and overage rents revenue monthly on an accrual basis based on estimated annual
amounts.  Under the provisions  of  EITF  98-9  percentage  and  overage  rents
revenue is recognized in the interim periods in which the specified target that
triggers the contingent rental income is achieved.

      Under  its  implementation  guidelines,  the  Emerging  Issues Task Force
("EITF") provides for and the Company has chosen prospective adoption  of  this
EITF consensus position in the quarter in which the consensus is reached.

      As  a  result of adopting EITF 98-9, percentage and overage rents revenue
and total revenues  decreased $1,124 during the three and six months ended June
30, 1998 from the amounts that would have been reported if the change described
above had not been made.   In  addition,  if  the change in revenue recognition
described above had not been made, the net income  for  the three and six month
periods ended June 30, 1998 would have been $6,761 ($.38 diluted net income per
partnership unit) and $13,404 ($.76 diluted net income per  partnership  unit),
respectively.


<PAGE> 8


                PRICE DEVELOPMENT COMPANY, LIMITED PARTNERSHIP
                        NOTES TO FINANCIAL STATEMENTS
                                  (UNAUDITED)
           (DOLLARS IN THOUSANDS, EXCEPT PER PARTNERSHIP UNIT DATA)


2.    CHANGE IN REVENUE RECOGNITION POLICY (CONTINUED)

      Pro forma net income, pro forma basic net income per partnership unit and
pro  forma diluted net income per partnership unit for the three and six months
ended  June  30,  1998  and  1997, assuming the Company had always followed the
provisions of EITF 98-9 are presented on the respective consolidated statements
of operations.  Further discussion,  including  additional pro forma effects of
the new accounting policy, is included in Management's Discussions and Analysis
of Financial Condition and Results of Operations.


3.    BORROWINGS

      On March 11, 1998 the Operating Partnership  issued  $100,000 in ten year
senior notes bearing annual interest at a rate of 7.29% with  interest payments
due  semi  annually.  Principle payments of $25,000 are due annually  beginning
March 2005.   The  Operating  Partnership  had  entered  into  an interest rate
protection agreement in anticipation of issuing these notes and  received  $270
as  a  result  of this agreement making the effective rate of interest on these
notes  at 7.24%.   Proceeds  from  the  notes  were  used  to  partially  repay
outstanding  borrowings  under  the  Operating Partnership's $200,000 unsecured
credit facility.

      On  March  16, 1998 the Operating  Partnership  entered  into  a  $10,000
unsecured credit facility.   The  credit  facility  will  be  used  for general
business and cash management purposes.

      On  July  30,  1996,  Spokane  Mall  Development  Company, a consolidated
partnership, of which the Operating Partnership is the General Partner, entered
into a $50,000 construction facility.  The construction facility  will  be used
to fund the development and construction of the Spokane Valley Mall in Spokane,
Washington.   The  construction  loan has a 3 year term with an optional 2 year
extension and is collateralized by  the  Spokane  Valley Mall and guaranteed by
the Operating Partnership.  As of June 30, 1998, borrowings  on  the  loan were
$44,948.
      The  Operating  Partnership borrowed $9,000 on April 21, 1998 and $11,000
on  July  20,  1998  from  its  $200,000  unsecured  credit  facility  to  fund
construction projects.


4.    PRO FORMA FINANCIAL INFORMATION

      The following unaudited  proforma  summary  financial information for the
six months ended June 30, 1998 and 1997, is presented as if the acquisitions of
Silver Lake Mall, Visalia Mall, Salem Center and the  additional  common  stock
offering on January 22, 1997, had been consummated as of January 1, 1997.


</TABLE>
<TABLE>
<CAPTION>
                                                     FOR THE SIX MONTHS ENDED JUNE 30,
                                                     --------------------------------
                                                            1998         1997
                                                         ----------  ------------
<S>                                                      <C>          <C>
Revenues                                                $    47,786   $    42,479

Net Income                                                   15,009        16,188
                                                           
Basic Net Income Per Partnership Unit                           .70           .76

Diluted Net Income Per Partnership Unit                         .70           .76


<PAGE> 9
        
                    PRICE DEVELOPMENT COMPANY, LIMITED PARTNERSHIP
                            NOTES TO FINANCIAL STATEMENTS
                                      (UNAUDITED)
               (DOLLARS IN THOUSANDS, EXCEPT PER PARTNERSHIP UNIT DATA)

5.    PARTNERS' CAPITAL

      The  following  table  summarizes  changes  in  partners'  capital  since
December 31, 1997:


</TABLE>
<TABLE>
<CAPTION>

                                            GENERAL      LIMITED
                                            PARTNER      PARTNERS        TOTAL
                                           ----------   ----------     ---------
<S>                                        <C>          <C>            <C>
Partners' Capital at December 31, 1997      $ 207,581    $  33,426     $ 241,007
Units Issued Upon Exercise of Stock Options       507           --           507
Conversion of Limited Partners' Interests           1           (1)           --
Distributions Paid                             (7,910)      (1,655)       (9,565)
Distributions Accrued                          (7,910)      (1,655)       (9,565)
Net Income                                     12,415        2,594        15,009
                                           ----------    ---------     ---------
Partners' Capital at June 30, 1998         $  204,684    $  32,709     $ 237,393
                                           ==========    =========     ========= 


6.    SUBSEQUENT EVENT

      On  August  6,  1998,  the  Operating  Partnership through a consolidated
partnership purchased NorthTown Mall located in  Spokane, Washington.  The Mall
has approximately 952,000 square feet of gross leasable  space  and is anchored
by The Bon Marche, Sears, JC Penney, Mervyns and Emporium.

      The  $128,000  NorthTown  Mall  acquisition  was  financed utilizing  the
assumption  of  a  10  year $84,500 first mortgage provided by  Morgan  Stanley
Mortgage Capital, Inc. with  the balance of the purchase price being drawn from
the Operating Partnership's credit facilities.  The current going forward yield
to the Company based on the $128,000  acquisition  price, will be approximately
9%.  The interest rate on the first mortgage is 6.68%.



<PAGE> 10

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

OVERVIEW

      JP Realty, Inc. (the "Company") completed its initial  public offering on
January 21, 1994, and conducts all of its business operations  through  its 83%
controlling  general  partner  interest  in, Price Development Company, Limited
Partnership  (the  "Operating Partnership").   Since  there  are  not  material
differences between  the  Company  and  the  Operating Partnership they will be
collectively referred to as the "Company" unless the text requires otherwise.

      The  Company is a fully integrated, self  administered  and  self-managed
real estate  investment  trust  ("REIT")  primarily  engaged  in the ownership,
leasing, management, operation, development, redevelopment and  acquisition  of
retail properties in the Intermountain Region, as well as in Oregon, Washington
and  California.   The  Company's existing portfolio consists of 48 properties,
including 15 enclosed regional  malls,  25  community centers, two freestanding
retail properties and six mixed-use commercial properties.

      The  Company's  financial  condition  and  results   of  operations  were
positively impacted by the Operating Partnership's December 1997 acquisition of
Salem  Center  and the June 1997 acquisitions of Silver Lake Mall  and  Visalia
Mall, as well as  its  completed  development activities which added a combined
840,000 square feet of gross leasable area ("GLA") to the retail portfolio from
August 1997 through November 1997.

      The Company completed an additional  public  offering  in  January  1997,
raising  approximately  $40.7  million  in  gross  proceeds through the sale of
1,500,000 shares of its common stock.

CHANGE IN REVENUE RECOGNITION POLICY

      As  described  in  Note 2 to the financial statements,  the  Company  has
adopted EITF 98-9 ("EITF 98-9")  Accounting  For  Contingent  Rent  in  Interim
Financial  Periods,  effective  April  1, 1998, which significantly changes the
Company's  recognition  of percentage and  overage  rents  revenue  in  interim
periods.  Prior to the adoption of EITF 98-9, the Company recognized percentage
and overage rents revenue monthly on an accrual basis based on estimated annual
amounts.  As a result of  the  change,  percentage and overage rents revenue is
recognized  in  interim periods when the specified  target  that  triggers  the
contingent rental income is achieved.

      Under its implementation  guidelines,  the  EITF  provides  for,  and the
Company has chosen, prospective adoption of this EITF consensus position in the
quarter in which the consensus is reached.  As a result, the Company's reported
revenues and net income will be reduced in the second and third quarter of 1998
by  approximately  $.05  and  $.04  earnings  per  diluted share, respectively,
increased  in  the fourth quarter of 1998 by approximately  $.09  earnings  per
diluted share (thus having no material impact on the 1998 calendar year period)
and reduced in the  first quarter of 1999 compared to the first quarter of 1998
by approximately $.05 earnings per diluted share.  In Company leases containing
percentage and overage rent targets, the majority of such targets are triggered
during the fourth quarter of each year.  Therefore revenues and net income will
hereinafter be reduced in the first, second and third quarters of each year and
increased in the fourth  quarter  as  compared to results reported prior to the
implementation of EITF 98-9.  Over the  course  of  a  full calendar year there
will be no material impact, just a shift in earnings to later in the year.


<PAGE> 11


PRO FORMA PRESENTATION

      Set  forth  below  are  pro  forma data which assume that  the  Company's
accounting for percentage and overage rents revenue had always conformed to the
provisions of EITF 98-9.


                            Presentation of Pro Forma Data
                  (In thousands, except per partnership unit amounts)
                                      (unaudited)


</TABLE>
<TABLE>
<CAPTION>
                                      THREE MONTHS ENDED                SIX MONTHS ENDED
                                 ----------------------------      --------------------------
                                     1998            1997              1998           1997
                                 ------------    ------------      ------------   -----------
<S>                              <C>             <C>               <C>            <C>
Total Revenues                   $     23,283    $     17,743      $     46,716   $    35,115
Net Income                              5,832           6,244            11,588        11,627
Basic Net Income Per
 partnership unit                         .33             .36               .66           .67
Diluted Net Income Per
 partnership unit                         .33             .35               .65           .66

 </TABLE>

RESULTS OF OPERATIONS

COMPARISON OF SIX MONTHS ENDED JUNE 30, 1998 TO SIX MONTHS ENDED JUNE 30,
1997 (DOLLARS IN THOUSANDS)

      Total revenues for the six months  ended  June 30, 1998 increased $10,794
or 29% to $47,786 as compared to $36,992 in 1997.   This  increase is primarily
attributable  to  a  $9,629  or  36%  increase in minimum rents to  $36,077  as
compared  to  $26,448  in 1997.  Additionally,  percentage  and  overage  rents
decreased $807 or 41% to $1,185 as compared to $1,992 in 1997.  The decrease in
percentage and overage rents  is  the result of implementing the new accounting
guidance from the EITF No. 98-9 (See Note 2 to financial statements).

      The June 1997 acquisitions of  Silver  Lake Mall and Visalia Mall as well
as the December 1997 acquisition of Salem Center,  contributed  $5,393  to  the
minimum  rent increase and $138 to percentage and overage rents.  Revenues from
completed  development activities contributed $3,020 to the increase in minimum
rents.  The  additional  $1,216  increase  in  minimum  rents was the result of
increases experienced from the balance of the property portfolio.

      Recoveries from tenants increased $2,080 or 26% to $10,133 as compared to
$8,053   in  1997.   Property  operating  expenses,  including  operating   and
maintenance,  and  real  estate taxes and insurance increased $2,294 or 41% and
$1,365 or 35% respectively.   The acquisition of Silver Lake Mall, Visalia Mall
and Salem Center contributed $1,694  to  recoveries  from  tenants,  $2,095  to
property  operating  expenses, including operating and maintenance, and $695 to
real estate taxes and  insurance.   Recoveries  from  tenants  as percentage of
property operating expenses were 77% compared to 85% in 1997.

      Depreciation  and  amortization  increased  $2,559  or  42% to $8,650  as
compared  to  $6,091  in  1997.   This  increase is primarily due to  the  1997
acquisitions and the increase in newly developed GLA.

      Interest expense increased $4,630 or  146%  to  $7,796   as  compared  to
$3,166  in  1997.   This  increase  resulted from additional borrowings used to
acquire Silver Lake Mall, Visalia Mall, Salem Center and newly constructed GLA.
Interest capitalized on projects under  development  were  $1,980  in  1998 and
$1,771 in 1997.

COMPARISON OF THREE MONTHS ENDED JUNE 30, 1998 TO THREE MONTHS ENDED JUNE  1997
30, 1997 (DOLLARS IN THOUSANDS)

      Total  revenues for the three months ended June 30, 1998 increased $4,666
or  25%  to  $23,283  as  compared  to  $18,617  in  1997.   This  increase  is
attributable to  a  $4,925  or  37%  increase  in  minimum  rents to $18,166 as
compared  to  $13,241  in  1997.   Additionally  percentage  and overage  rents
decreased  $874  or 88% to $115 as compared to $989 in 1997.  The  decrease  in
percentage and overage  rents  is the result of implementing the new accounting
guidance from the EITF No. 98-9 (See Note 2 to financial statements).


<PAGE> 12

      The June 1997 acquisitions  of  Silver Lake Mall and Visalia Mall as well
as the December 1997 acquisition of Salem  Center,  contributed  $2,632  to the
minimum   rent   increase.   Revenues  from  completed  development  activities
contributed $1,546  to  the  increase  in  minimum  rents.  The additional $747
increase  in  minimum rents was the result of increases  experienced  from  the
balance of the property portfolio.

      Recoveries  from  tenants  increased $618 or 15% to $4,793 as compared to
$4,175  in  1997.   Property  operating   expenses,   including  operating  and
maintenance, and real estate taxes and insurance increased $863 or 31% and $631
or  31% respectively.  The acquisition of Silver Lake Mall,  Visalia  Mall  and
Salem  Center  contributed  $910  to  recoveries from tenants, $907 to property
operating expenses, including operating  and  maintenance, and $346 real estate
taxes  and  insurance.   Recoveries  from  tenants as  percentage  of  property
operating expenses were 76% compared to 86% in 1997.

      Depreciation  and amortization increased  $1,554  or  51%  to  $4,578  as
compared to $3,024 in  1997.   This  increase  is  primarily  due  to  the 1997
acquisitions and the increase in newly developed GLA.

      Interest expense increased $2,348 or 158% to $3,838 as compared to $1,490
in  1997.   This  increase  resulted from additional borrowings used to acquire
Silver  Lake  Mall, Visalia Mall,  Salem  Center  and  newly  constructed  GLA.
Interest capitalized on projects under development were $1,107 in 1998 and $927
in 1997.

LIQUIDITY AND CAPITAL RESOURCES

      The Company's  principal uses of its liquidity and capital resources have
historically   been  for   distributions,   property   acquisitions,   property
development, expansion and renovation programs and debt repayment.  To maintain
its qualification as a REIT under the Internal Revenue Code of 1986, as amended
(the "Code"), the  Company  is  required  to  distribute to its shareholders at
least 95% of its "Real Estate Investment Trust  Taxable  Income", as defined in
the  Code.   During  the  quarter  ended June 30, 1998 the Company  declared  a
distribution  of  $.45 per partnership  unit  payable  July  21,  1998  to  the
shareholders of record as of July 2, 1998.

      The Company's  principal  source  of  liquidity  is  its  cash  flow from
operations  generated  from its real estate investments.  As of June 30,  1998,
the Company's cash and restricted  cash amounted to approximately $4.9 million.
In addition to its cash and restricted  cash,  unused capacity under its credit
facilities totaled $171 million.

      The Company expects to meet its short-term  cash  requirements, including
recurring  capital  expenditures  related  to  maintenance and  improvement  of
existing properties, through undistributed funds from operations, cash balances
and  advances  under  the  credit facilities.  Exclusive  of  construction  and
development activities, capital  expenditures  (both  revenue  and  non-revenue
enhancing) for the existing properties are budgeted in 1998 to be approximately
$5 million.

      The  Company's  principal  long-term  liquidity requirements will be  the
repayment of principal on the $95 million mortgage  debt, which matures in 2001
and requires principal payments in an amount necessary  to  reduce  the debt to
$83.1 million as of January 21, 2000, the repayment of the $100 million  senior
notes  principle payable at $25 million a year starting in March 2005, and  the
retirement of outstanding balances under the credit facilities.

      An  additional  long-term capital need of the Company is the construction
of  the  regional  mall  in   Spokane,  Washington,  through  its  consolidated
partnership, Spokane Mall Development Company Limited Partnership.  On July 30,
1996, this consolidated partnership  entered  into  a  $50 million construction
facility to meet its development and construction needs  regarding  the Spokane
project.   The mall opened August 13, 1997, and contains approximately  689,000
square feet  of  total GLA.  Continued payments for initial tenant construction
allowances and completion of construction will increase borrowings on the loan.
The Company estimates  the  total  cost  of  this  project  is  estimated to be
approximately $67 million.  The difference between the estimated  cost  of  the
project  and amount of the construction facility is comprised of costs incurred
to date for  the  purchase  of  land  and payment of fees and other development
costs.  As of June 30, 1998, borrowings  on  the  loan were approximately $44.9
million.


<PAGE> 13
         
      The Operating Partnership is continuing the development  of  Provo  Towne
Centre,  an  enclosed  regional  mall  in  Provo, Utah through its consolidated
partnership  Provo Mall Development Company,  Ltd.   This  property  will  also
represent a future  long-term  capital  need for the Company, the total cost of
the project is estimated to be approximately  $71  million. The Company expects
to  fund  this  project  through  advances  under  its  credit   facilities  in
combination with construction financing.

      The Company is also contemplating the expansion and renovation of several
of its existing properties and additional development projects and acquisitions
as  a  means to expand its portfolio.  The Company does not expect to  generate
sufficient  funds  from  operations to meet such long-term needs and intends to
finance these costs primarily  through  advances  under  the  credit facilities
together with equity and debt offerings and individual property financing.

      On  September 2, 1997 the Company and the Operating Partnership  filed  a
shelf registration  statement  on  Form  S-3  with  the Securities and Exchange
Commission  for  the  purpose  of  registering common stock,  preferred  stock,
depositary shares, common stock warrants, debt securities and guaranties.  This
registration statement, when combined  with the Company's unused portion of its
previous shelf registration, would allow  for  up to $400 million of securities
to be offered by the Company and the Operating Partnership.   On March 11, 1998
the Operating Partnership under its shelf registration, issued  $100 million of
ten  year  senior unsecured notes bearing annual interest at a rate  of  7.29%.
The  Operating  Partnership  had  entered  into  an  interest  rate  protection
agreement  in anticipation of issuing these notes and received $270 as a result
of this agreement  making  the  effective  rate  of  interest on these notes at
7.24%.   Interest payments are due semi annually on March  11th  and  September
11th of each  year.   Principal  payments  of  $25  million  are  due  annually
beginning  March  2005.   The proceeds were used to partially repay outstanding
borrowings under the credit facility.

      The Company intends to  incur  additional  borrowings  in the future in a
manner  consistent  with  its  policy  of  maintaining a ratio of debt-to-total
market capitalization of less than 50%.  The  Company's  ratio of debt-to-total
market capitalization was approximately 37% at June 30, 1998.

      All  forward looking statements included in this document  are  based  on
information  available to the Operating Partnership on the date hereof, and the
Operating Partnership  assumes no obligation to update any such forward looking
statement.  It is important  to  note  that  the Operating Partnership's actual
results could differ materially from those in  such  climate, local conditions,
law and regulations, the relative illiquidity of real property investments, the
potential bankruptcy of tenants and the development, redevelopment or expansion
of properties.


ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

      Not Applicable.


<PAGE> 14
         
                                        PART II

ITEM 1.  LEGAL PROCEEDINGS

      The Company is not aware of any pending or threatened  litigation at this
time that will  have a material adverse effect on the Company  or  any  of  its
properties.

ITEM 2.  CHANGES IN SECURITIES

      Not applicable.

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

      Not applicable.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

      Not applicable.

ITEM 5.  OTHER INFORMATION

      Not applicable.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

(a)   Exhibits


<PAGE> 15


EXHIBIT                                                                  PAGE
NUMBER                                                                 NUMBER
------                                                                 ------

4.1  Form of Debt Security (4.6)*
4.2  Indenture,  dated March 11, 1998, by and between the Operating Partnership
     and The Chase Manhattan Bank as trustee (4.8)*
4.3  First Supplemental  Indenture,  dated  March  11, 1998, by and between the
     Operating Partnership and The Chase Manhattan Bank as  trustee (4.9)*
10.1 Amended and Restated Agreement of Limited Partnership of Price Development
     Company, Limited Partnership (10(a))**
10.2 Agreement  of  Limited  Partnership of Price Financing  Partnership,  L.P.
     (10(b))**
10.3 Loan Agreements related to Mortgage Debt and related documents (10(c))**
     i) Deed of Trust, Mortgage,  Security  Agreement  and Assignment of Leases
        and Rents of Price Financing Partnership, L.P.
     ii)Intentionally Omitted
     iii)Indenture between Price Capital Corp. and a Trustee
     iv)Limited  Guarantee  Agreement  (Guarantee  of Collection)  for  outside
        investors
     v) Limited Guarantee Agreement (Guarantee of Collection)  for  Price Group
        Investors
     vi)Cash Collateral Account Security, Pledge and Assignment Agreement among
        Price  Financing Partnership, L.P., Price Capital Corp. and Continental
        Bank N.A.
     vii)Note Issuance  Agency  Agreement between Price Capital Corp. and Price
        Financing Partnership, L.P.
     viii)Management and Leasing  Agreement  among Price Financing Partnership,
        L.P.and Price Development Company, Limited Partnership
     ix)Assignment  of  Management  and Leasing Agreement  of  Price  Financing
        Partnership, L.P.
10.6 Registration Rights Agreement among  the  Company and the Limited Partners
     of Price Development Company, Limited Partnership (10(g))**
10.7 Amendment No. 1 to Registration Rights Agreement,  dated  August  1, 1995,
     among  the  Company and the Limited Partners of Price Development Company,
     Limited Partnership**
10.8 Exchange Agreement  among  the  Company  and the Limited Partners of Price
     Development Company, Limited Partnership (10(h))**
10.10Amendment  to  Groundlease  between Price Development  Company  and  Alvin
     Malstrom  as  Trustee  and  C.F.   Malstrom,   dated  December  31,  1985.
     (Groundlease for Plaza 9400) (10(j))**
10.11Lease Agreement between The Corporation of the President  of the Church of
     Jesus  Christ of Latter Day Saints and Price-James and Assumptions,  dated
     September 24, 1979.  (Groundlease for Anaheim
     Plaza) (10(k))**
10.12Indenture  of  Lease  between Ambrose and Zelda Motta and Cordova Village,
     dated July 26, 1974, and Amendments and Transfers thereto.
     (Groundlease for Fort Union Plaza) (10(l))**
10.13Lease Agreement between  Advance Management Corporation and Price Rentals,
     Inc. and dated August 1, 1975  and  Amendments  thereto.  (Groundlease for
     Price Fremont) (10(m))**
10.14Groundlease between Aldo Rossi and Price Development Company,  dated  June
     1,  1989,  and  related  documents.   (Groundlease  for  Halsey  Crossing)
     (10(n))**

     (b)Reports on Form 8-K.

        None

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

*Documents were previously filed with the Company's current report Form 8-K.

**Documents were previously filed with the Company's Annual Report of Form 10-K
for the year ended December 31, 1995 and are incorporated herein by reference.


<PAGE> 16

                               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.



                                    PRICE DEVELOPMENT COMPANY,
                                    LIMITED PARTNERSHIP
                                    (Registrant)
                                    By: JP Realty, Inc., its
                                    General Partner


      AUGUST 13, 1998               /S/ G. Rex Frazier
-------------------------           -----------------------------------    
         (Date)                     G. Rex Frazier
                                    PRESIDENT, CHIEF OPERATING OFFICER,
                                    AND DIRECTOR OF JP REALTY, INC.


      AUGUST 13, 1998               /s/ M. Scott Collins
-------------------------           -------------------------------
         (Date)                     M. Scott Collins
                                    VICE PRESIDENT, CHIEF FINANCIAL OFFICER
                                    AND TREASURER OF JP REALTY, INC.
                                    (PRINCIPAL FINANCIAL
                                    AND ACCOUNTING OFFICER)