<PAGE> 1                   
                    UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                                WASHINGTON, D.C. 20549


                                       FORM 10-Q



(Mark One)

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

                   For the quarterly period ended September 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.
                                                                    X Yes   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 September 30, 1998
          and December 31, 1997                                                4

         Consolidated Statement of Operations for the Three Months
          and Nine Months Ended September 30, 1998 and 1997                    5

         Condensed Consolidated Statement of Cash Flows for the
          Nine Months Ended September 30, 1998 and 1997                        6

         Notes to Financial Statements                                         7

Item 2. Management's Discussion and Analysis of Financial
         Condition and Results of Operations                                  10

Item 3. Quantitative and Qualitative Disclosures About Market Risk            14

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

Item 1. Legal Proceedings                                                     15

Item 2. Changes in Securities and Use of Proceeds                             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                                      16

<PAGE> 2

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 Managements's  Discussion  and
Analysis of  Financial  Condition  and  Results of Operations and the Operating
Partnership's quarterly reports on Form 10-Q  for  the  three-month period ended
March 31, 1998 and June 30, 1998 and the annual report on  Form  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)
                                                         ---------
                                                        SEPTEMBER 30, DECEMBER 31,
                                                            1998         1997
                                                        ------------  ------------
<S>                                                     <C>           <C>
ASSETS
Real Estate Assets, Including Assets Under
 Development of $51,517 and $33,665                      $   798,917   $   619,371
  Less:  Accumulated Depreciation                           (109,782)      (98,404)
Net Real Estate Assets                                       689,135       520,967
Cash                                                           1,369         5,603
Restricted Cash                                                3,859         2,465
Other Assets                                                  18,683        16,649
                                                          ----------    ----------
                                                          $  713,046    $  545,684
                                                          ==========    ==========
LIABILITIES AND PARTNERS' CAPITAL
Borrowings                                                $  444,935    $  283,390
Accounts Payable and Accrued Expenses                         20,956        18,840
Distributions Payable                                          9,566            --
Other Liabilities                                                770           617
                                                          ----------    ----------
                                                             476,227       302,847
                                                          ----------    ----------
Minority Interest                                              1,919         1,830
                                                          ----------    ----------
Commitments and Contingencies

Partners' Capital
General Partner                                              202,647       207,581
Limited Partners                                              32,253        33,426
                                                          ----------    ----------
                                                             234,900       241,007
                                                          ----------    ----------
                                                          $  713,046    $  545,684
                                                          ==========    ==========
</TABLE>

          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>
<CAPTION>
                                        FOR THE THREE MONTHS   FOR THE NINE MONTHS
                                         ENDED SEPTEMBER 30,   ENDED SEPTEMBER 30,
                                        --------------------   -------------------
                                           1998       1997       1998      1997
                                        ---------  ---------   --------   --------
<S>                                     <C>        <C>         <C>        <C>
Revenues
  Minimum Rents                         $  19,976   $ 15,313   $ 56,053   $  41,761
  Percentage and Overage Rents                268      1,095      1,453       3,087
  Recoveries from Tenants                   6,523      4,858     16,656      12,911
  Interest                                    103         80        297         397
  Other                                       176        427        373         609
                                        ---------   --------   --------   --------- 
                                           27,046     21,773     74,832      58,765
                                        ---------   --------   --------   ---------
Expenses
  Operating and Maintenance                 4,863      3,676     12,701       9,220
  Real Estate Taxes and Insurance           2,994      2,202      8,291       6,134
  General and Administrative                1,501      1,446      4,501       4,014
  Depreciation                              4,639      3,092     12,203       8,381
  Amortization of Deferred Financing
   Costs                                      402        232      1,146         719
  Amortization of Deferred Leasing
   Costs                                      162        161        504         476
  Interest                                  5,563      2,733     13,359       5,899
                                        ---------  ---------  ---------   ---------
                                           20,124     13,542     52,705      34,843
                                        ---------  ---------  ---------   ---------
                                            6,922      8,231     22,127      23,922

Minority Interest in Income of
 Consolidated Partnerships                   (105)      (93)       (301)       (299)
Gain on Sale of Real Estate                   234         --        234         339
                                        ---------  ---------  ---------   ---------
Net Income                              $   7,141  $   8,138  $  22,060   $  23,962
                                        =========  =========  =========   =========

Basic Earnings Per Partnership Unit:
 Net Income                             $     .34  $     .38   $   1.04   $    1.14
                                        =========  =========   ========   =========

Diluted Earnings Per Partnership Unit:
 Net Income                             $     .33  $     .38   $   1.03   $    1.13
                                        =========  =========   ========   =========
Pro Forma Data
  Pro Forma Net Income                  $   7,141  $   7,386   $ 20,990   $  21,334
                                        =========  =========   ========   =========
  Pro Forma Basic Earnings Per
   Partnership Unit                     $     .34  $     .35   $    .99   $    1.01
                                        =========  =========   ========   =========
  Pro Forma Diluted Earnings Per
   Partnership Unit                     $     .33  $     .34   $    .98   $    1.00
                                        =========  =========   ========   =========
Basic Weighted Average Number of
 Partnership Units Outstanding             21,297     21,266     21,295      21,069
                                        =========  =========   ========   =========
Diluted Weighted Average Number of
 Partnership Units Outstanding             21,386     21,430     21,415      21,239
                                        =========  =========   ========   =========
</TABLE>
          See accompanying notes to financial statements.
 
<PAGE> 5
                    PRICE DEVELOPMENT COMPANY, LIMITED PARTNERSHIP
                    CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
                                      (UNAUDITED)

                                    (IN THOUSANDS)

<TABLE>
<CAPTION>
                                              FOR THE NINE MONTHS ENDED SEPTEMBER 30,
                                              ---------------------------------------
                                                             1998        1997
                                                           --------    --------
<S>                                                        <C>         <C>
NET CASH PROVIDED BY OPERATING ACTIVITIES                  $ 40,427    $ 37,143
                                                           --------    --------
CASH FLOWS FROM INVESTING ACTIVITIES
Real Estate Assets, Developed or Acquired                  (184,075)    (86,486)
Proceeds from Sales of Real Estate Assets                       276         410
Increase in Restricted Cash                                  (1,394)        (70)
 Net Cash Used in Investing Activities                     (185,193)    (86,146)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from Borrowings                                    260,977      85,414
Repayment of Borrowings                                     (99,432)    (56,087)
Deferred Financing Costs                                     (2,190)       (431)
Net Proceeds from Sale of Partnership Units                     546      38,852
Proceeds from Minority Interest                                  --       1,000
Distributions Paid to Partners                              (19,147)    (18,434)
Distributions to Minority Interests                            (222)       (191)
                                                          ---------   ---------
  Net Cash Provided by Financing Activities                 140,532      50,123
                                                          ---------   --------- 

Net Increase in Cash                                         (4,234)      1,120
Cash, Beginning of Period                                     5,603       1,750
                                                          ---------   ---------
Cash, End of Period                                       $   1,369   $   2,870
                                                          =========   =========
SUPPLEMENTAL DISCLOSURE OF NON-CASH TRANSACTIONS

The following non-cash transactions occurred:

 Distributions accrued for general partner not paid        $  7,911   $   7,634
 Distributions accrued for limited partners not paid       $  1,655   $   1,600

 Purchase of the Remaining 70% Interest in Silver Lake Mall:
  72,000 OP Units Issued                                              $   1,863
  30% Equity Investment Consolidated                                     (1,555)
  Debt Assumed                                                           24,755
                                                                      ---------
  Total                                                               $  25,063
                                                                      =========
</TABLE>
          See accompanying notes to financial statements.

<PAGE> 6
                     PRICE DEVELOPMENT COMPANY, LIMITED PARTNERSHIP
                       NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                       (UNAUDITED)
                      (IN THOUSANDS, EXCEPT PER PARTNERSHIP UNITS)


1.    BUSINESS SUMMARY AND SIGNIFICANT ACCOUNTING POLICIES

      BUSINESS

      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 nine-months ended September  30,  1998
and  1997  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 share, and if applicable,  diluted  earnings per share, instead of
primary and fully diluted earnings per share.  Basic earnings per unit excludes
dilution and is computed by dividing net earnings  available to partners 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 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 and 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.  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 $912 and $2,036 during the three and nine months
ended September  30,  1998, respectively, 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 nine month  periods  ended September 30, 1998 would have been
$7,963  ($.37  diluted  net income per partnership  unit)  and  $24,096  ($1.13
diluted net income per partnership unit), respectively.

      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 nine months
ended September 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.
 
<PAGE> 7
                     PRICE DEVELOPMENT COMPANY, LIMITED PARTNERSHIP
                             NOTES TO FINANCIAL STATEMENTS
                                       (UNAUDITED)
                      (IN THOUSANDS, EXCEPT PER PARTNERSHIP UNITS)

3.    BORROWINGS

      On  September  4,  1998,  Provo  Mall  Development   Company,   Ltd.,   a
consolidated  partnership  of  which  the  Operating Partnership is the general
partner, entered into a $50,000 construction  loan  facility.  The construction
loan facility will be used to fund the development and  construction  of  Provo
Towne  Centre in Provo, Utah.  The construction loan (i) matures on July 1, 2001
with an  optional  two-year  extension and (ii) is collateralized by Provo Towne
Centre and guaranteed by the Operating Partnership.  The first borrowing on the
construction loan facility was October 19, 1998 for approximately $22,688.

      On August 6, 1998, the Company, through a consolidated partnership of the
Operating Partnership, acquired NorthTown Mall.  The partnership obtained a new
first mortgage in the amount of  $84,500  with  a  ten-year  term  at 6.68% per
annum.   In  addition,  the  Operating  Partnership  borrowed $43,500 from  its
$200,000  unsecured  credit  facility to fund the acquisition.   The  Operating
Partnership has also issued a  letter of credit to the first mortgage holder in
the  amount  of  $9,500 to guarantee  the  completion  of  additional  property
development work.   The  Company  does not expect any material losses to result
from the letter of credit, and management  is therefore of the opinion that the
fair value of this instrument is zero.

      The Operating Partnership borrowed $9,000  on  April 21, 1998, $11,000 on
July 20, 1998, and $9,000 on August 10, 1998 from its $200,000 unsecured credit
facility  to fund construction projects.  At September  30,  1998  the  balance
outstanding on this credit facility was $102,500.

      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 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.  Principal 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  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  loan facility.  The construction loan facility was
used to fund the development and  construction  of  the  Spokane Valley Mall in
Spokane, Washington.  The construction loan (i) has a three-year  term  with  an
optional  two-year  extension  and  (ii) is collateralized by the Spokane Valley
Mall and guaranteed by the Operating  Partnership.   As  of September 30, 1998,
borrowings on the loan were $44,948.

4.    PRO FORMA FINANCIAL INFORMATION

      The following unaudited pro forma summary financial  information  for the
nine  months  ended  September  30,  1998  and  1997,  is  presented  as if the
acquisitions  of  NorthTown  Mall, 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>
<CAPTION>
                                                 FOR THE NINE MONTHS ENDED SEPTEMBER 30,
                                                 ----------------------------------------
                                                            1998          1997
                                                          ----------   ----------
<S>                                                       <C>          <C>
Total Revenues                                            $   83,147   $   77,898

Net Income                                                $   21,363   $   23,325

Basic Net Income Per Partnership Unit                     $     1.01   $     1.10

Diluted Net Income Per Partnership Unit                   $     1.00   $     1.09

</TABLE>

<PAGE>  8
                   PRICE DEVELOPMENT COMPANY, LIMITED PARTNERSHIP
                      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                      (UNAUDITED)
                     (IN THOUSANDS, EXCEPT PER PARTNERSHIP UNITS)


4.    PRO FORMA FINANCIAL INFORMATION (CONTINUED)

      The  pro  forma  financial  information summarized above is presented for
information purposes only and may not  be  indicative of what actual results of
operations would have been had the acquisitions  and offering been completed as
of the beginning of the periods presented, nor does it purport to represent the
results of operations for future periods.


5.    PARTNERS' CAPITAL

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

<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                               546           --           546
Conversion of Limited Partners'
 Interests                                     3           (3)           --
Distributions Paid                       (15,820)      (3,327)      (19,147)
Distributions Accrued                     (7,911)      (1,655)       (9,566)
Net Income                                18,248        3,812        22,060
                                       ---------  -----------     ---------
Partners' Capital at September 30,
 1998                                  $ 202,647  $    32,253     $ 234,900
                                       =========  ===========     =========
</TABLE>

6.    SUBSEQUENT EVENTS

      On October 21, 1998, a grand opening was held for  Sears,a  fourth  anchor
tenant  in  Red  Cliffs  Mall  in  St. George, Utah.  Sears added approximately
70,385 square feet of GLA in its new  store  and  a  tire  and  battery shop of
approximately 9,564 square feet of GLA.

      On  October  28, 1998, Provo Mall Development Company, Ltd. held  a  grand
opening of its newly  developed  Provo Towne Centre in Provo, Utah.  Provo Mall
Development Co. Ltd. is a consolidated partnership of the Operating Partnership,
its general partner.  Provo  Towne  Centre  added  approximately 718,900
square feet of additional total GLA to the Company's existing portfolio.
                                                                              
<PAGE> 11
  
ITEM  2.   MANAGEMENT'S  DISCUSSION  AND  ANALYSIS OF FINANCIAL  CONDITION  AND
           --------------------------------------------------------------------
           RESULTS OF OPERATIONS
           ---------------------

OVERVIEW

      JP Realty, Inc. 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 JP
Realty, Inc. and the Operating  Partnership, they will be collectively referred
to as the "Company" unless the text requires otherwise.

      The JP Realty, Inc. 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 Utah, Idaho, Colorado, Arizona, Nevada, New
Mexico and Wyoming (the "Intermountain Region"),  as  well  as  in Oregon,
Washington  and California.  The Company's existing portfolio consists of 46
properties, including  14  enclosed regional malls, 24 community centers,
two freestanding retail properties and six mixed-use commercial properties.

      The Company's operations before  depreciation were positively impacted by
the August 1998 acquisition of NorthTown Mall, the December 1997 acquisition of
Salem Center and the June 1997 acquisitions of the Silver Lake Mall and Visalia
Mall, as well as its development activities  which  added  a combined 1,346,000
square  feet  of gross leasable area ("GLA") to the retail portfolio, of which
840,000 square  feet  of  GLA was added from August 1997 through November 1997,
15,000 in March 1998 and 491,000 was added in August 1998.

      JP Realty, Inc. 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 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 were reduced in the second and third quarter of 1998 by
approximately $.10 earnings per diluted  partnership unit, will be increased in
the  fourth  quarter  of  1998  by  approximately  $.10  earnings  per  diluted
partnership unit (thus having no material  impact  on  the  1998  calendar year
period) and will be reduced in the first quarter of 1999 compared to  the first
quarter  of  1998 by approximately $.05 earnings per diluted partnership  unit.
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> 10
         
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
                                      (UNAUDITED)
                  (IN THOUSANDS, EXCEPT PER PARTNERSHIP UNIT AMOUNTS)

<TABLE>
<CAPTION>                                                                                              
                                      THREE MONTHS ENDED                NINE MONTHS ENDED
                                         SEPTEMBER 30,                    SEPTEMBER 30,
                                 ----------------------------      -------------------------- 
                                     1998            1997              1998           1997
                                 ------------    ------------      ------------   -----------
<S>                             <C>             <C>               <C>            <C>
Total Revenues                   $     27,046    $     21,021      $     73,762   $    56,136
Net Income                              7,141           7,386            20,990        21,334
Basic Net Income Per
 Partnership Unit                         .34             .35               .99          1.01
Diluted Net Income Per
 Partnership Unit                         .33             .34               .98          1.00
</TABLE>

RESULTS OF OPERATIONS

     COMPARISON OF NINE MONTHS ENDED SEPTEMBER 30, 1998  TO  NINE  MONTH  ENDED
SEPTEMBER 30, 1997 (DOLLARS IN THOUSANDS)

      Total  revenues  for  the  nine months ended September 30, 1998 increased
$16,067 or 27% to $74,832 as compared  to  $58,765  in  1997.  This increase is
primarily attributable to a $14,292 or 34% increase in minimum rents to $56,053
as  compared to $41,761 in 1997.  Additionally, percentage  and  overage  rents
decreased  $1,634 or 53% to $1,453 as compared to $3,087 in 1997.  The decrease
in percentage  and  overage  rents  is  the  result  of  implementing  the  new
accounting guidance from EITF No. 98-9 (see Note 2 to financial statements).

      The August 1998 acquisition of NorthTown Mall, the June 1997 acquisitions
of  Silver  Lake Mall and Visalia Mall and the December 1997 acquisition
of Salem Center  contributed  $7,900  to the minimum rent increase and $138 to
percentage and overage rents.  Revenues  from  completed development activities
contributed  $3,985 to the increase in minimum rents.   The  additional  $2,407
increase in minimum  rents  was  the  result  of  increases experienced for the
balance of the property portfolio.

      Recoveries from tenants increased $3,745 or 29% to $16,656 as compared to
$12,911  in  1997.   Property  operating  expenses,  including   operating  and
maintenance, and real estate taxes and insurance increased $3,481  or  38%  and
$2,157  or  35%  respectively.   The acquisition of NorthTown Mall, Silver Lake
Mall,  Visalia Mall and Salem Center  contributed  $2,528  to  recoveries  from
tenants,  $2,038  to  property  operating  expenses,  including  operating  and
maintenance,  and  $1,067  to real estate taxes and insurance.  Recoveries from
tenants as a percentage of property operating expenses were 79% compared to 84%
in 1997.

      Depreciation and amortization  increased  $4,277  or  45%  to  $13,853 as
compared to $9,576 in 1997.  This increase is primarily due to the acquisitions
and the increase in complete newly developed GLA.

      Interest  expense  increased  $7,460  or  126% to $13,359 as compared  to
$5,899  in  1997.  This increase resulted from additional  borrowings  used  to
acquire NorthTown  Mall,  Silver  Lake  Mall, Visalia Mall and Salem Center and 
to complete newly constructed GLA.   Interest capitalized on projects under
construction was $3,112 in 1998 as compared to $2,506 in 1997.

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

      Total  revenues  for  the three months ended September 30, 1998 increased
$5,273 or 24% to $27,046 as compared  to  $21,773  in  1997.   This increase is
attributable  to  a  $4,663  or  30%  increase  in minimum rents to $19,976  as
compared  to  $15,313  in  1997.  Additionally, percentage  and  overage  rents
decreased $827 or 76% to $268  as  compared to $1,095 in 1997.  The decrease in
percentage and overage rents is the  result  of implementing the new accounting
guidance from EITF No. 98-9 (see Note 2 to financial statements).

<PAGE> 11  
      The  August 1998 acquisition of NorthTown  Mall  and  the  December  1997
acquisition  of  Salem Center, contributed $2,507 to the minimum rent increase.
Revenues from completed  development activities contributed $965 to the minimum
rent increase.  The additional  $1,191 increase in minimum rents was the result
of increases experienced for the balance of the property portfolio.

      Recoveries from tenants increased  $1,665 or 34% to $6,523 as compared to
$4,858  in  1997.   Property  operating  expenses,   including   operating  and
maintenance, and real estate taxes and insurance increased $1,187  or  32%  and
$792  or  36% respectively.  The acquisition of NorthTown Mall and Salem Center
contributed  $834  to  recoveries  from  tenants,  $516  to  property operating
expenses, including operating and maintenance, and $372 real estate  taxes  and
insurance.   Recoveries  from  tenants  as  a  percentage of property operating
expenses were 83% compared to 83% in 1997.

      Depreciation  and  amortization increased $1,718  or  49%  to  $5,203  as
compared to $3,485 in 1997.  This increase is primarily due to the acquisitions
and the increase in newly developed GLA.

      Interest expense increased $2,830 or 104% to $5,563 as compared to $2,733
in 1997.  This increase resulted  from  additional  borrowings  used to acquire
NorthTown  Mall  and  Salem  Center  and  to  complete  newly constructed  GLA.
Interest  capitalized  on  projects  under development was $1,132  in  1998  as
compared to $735 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"), JP Realty, Inc. 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 September 30, 1998 the  Company  declared a
distribution  of  $.45  per  partnership  unit payable October 20, 1998 to  the
unitholders of record as of October 6, 1998.

      The  Company's  principal  source of liquidity  is  its  cash  flow  from
operations generated from its real  estate  investments.   As  of September 30,
1998,  the  Company's  cash and restricted cash amounted to approximately  $5.2
million.  In addition to  its  cash  and restricted cash, unused capacity under
its credit facilities totaled $98 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, the
repayment of the $84.5 million first mortgage, which requires a balloon payment
of  approximately  $72.1  million  in September 2008,  and  the  retirement  of
outstanding balances under the credit facilities.

      An additional long-term capital  need  of  the  Company  relates  to  the
completion of 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 loan facility to meet its development and construction
needs regarding the Spokane project.   The  mall  opened  August  13, 1997, and
currently  contains approximately 710,000 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 will be approximately  $67  million.  The difference
between the estimated cost of the project and amount of  the  construction loan
facility is comprised of costs incurred to date for the purchase  of  land  and
payment  of  fees  and  other  development  costs.   As  of September 30, 1998,
borrowings on the loan were approximately $44.9 million.

      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.   On  September 4, 1998, Provo
Mall  Development  Company,  Ltd entered into a $50 million  construction  loan
facility to meet its development  and  construction  needs  regarding the Provo
project.   The  construction  loan  facility  is  guaranteed  by the  Operating
Partnership.   The  Provo  project

<PAGE> 12
has  incurred costs of approximately  $56.8 million as of September 30, 1998
which have  been  funded  from  the  Company's credit  facilities.  The first
draw made on the construction loan facility  was made on October  19,  1998 for
approximately $22.7 million, of which $13.5 million was used to pay down the
Operating Partners credit facilities  and $9.2 for construction activities.
This property will also represent a future long-term capital need for the
Company as the total cost of the project is estimated to be approximately
$72 million.  The Company expects to fund this project through advances under
its credit facilities in combination with its construction loan facility.
Provo Towne Centre opened October 28, 1998 and contains approximately 718,900
square feet of total GLA.

      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.  The
availability of such financing will influence the Company's decision to proceed
with, and the pace of, its development and acquisition activities.

      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 48% at September 30, 1998.

YEAR 2000 ISSUES

      In the past, many computer software programs were written using two digits
rether than four to define the applicable year.  As a result, date-sensitive
computer software may recognize a date using "00" as the year 1900 reather than
the year 2000.  This is generally referred to as the Year 2000 ("Y2K") issue.
If this situation occurs, the potential exists for computer system failures or
miscalculations by computer programs, which culd distrupt the Company's
operations.

      The  Company  has developed a comprehensive  strategy  for  updating  its
systems for Y2K compliance.  The Company's information technology
("IT") systems include software and hardware purchased from outside vendors, as
well  as  in-house  developed  software.   The  Company  believes  that  vendor
developed software and  hardware  will  be  made  Y2K compliant through vendor-
provided updates or replacement with other Y2K compliant  software and hardware
that will be installed, tested and in use prior to the end  of  1999.  In-house
developed  software  is currently being identified and assessed.  Modifications
will then be made as necessary to bring such in-house developed software into
Y2K compliance and validate such compliance prior to the end of 1999.

      The Company is currently in the process of identifying significant non-IT
systems which may be impacted by the  Y2K  problem, including those relating to
property management (e.g. alarm systems and  HVAC  systems).   The Company will
then determine through inquiries of equipment suppliers, as well  as testing of
such  equipment,  the  extent  of  renovations  required,  if any.  The Company
believes  identification  will  be  completed before the end of  the  Company's
current fiscal year, and that modifications, validation and implementation will
be completed during 1999.

      The  Company is also identifying  third  parties  with  which  it  has  a
significant  relationship  that,  in  the  event of a Y2K failure, could have a
material impact on its financial position or  operating results.  Third parties
include energy and utility suppliers, creditors,  service and product suppliers
and the Company's significant tenants.  These relationships,  especially  those
associated with certain suppliers and tenants, are material to the Company  and
a  Y2K  failure  for  one  or  more of these parties could result in a material
adverse effect on the Company's  operating results and financial position.  The
Company  is  making  inquiries of these  third  parties  to  assess  their  Y2K
readiness.  The Company  expects  that this process will be on-going throughout
the current and the next fiscal year.

<PAGE> 13  
      The Company currently estimates that the costs to address Y2K issues will
not exceed $100,000.  Costs include  salary  and fringe benefits for personnel,
hardware and software costs, and consulting and travel expenses associated with
addressing Y2K issues.  These costs will be expensed  as  incurred  or,  in the
case of equipment or software replacement, will be capitalized and depreciated
over the expected useful life.  The Company recognizes that the total cost 
estimate  is likely to increase  as  it  completes  its  assessment  of non-IT 
systems.  The Company is not currently able to reasonably estimate the  
ultimate  cost  to be incurred  for the assessment, remediation, upgrade, 
replacement and testing  of its impacted non-IT systems.

      The worst  case  Y2K  scenarios  could  be  as  insignificant  as a minor
interruption  in  property  management  services  provided  to  tenants  at the
Company's  properties resulting from unanticipated problems encountered in  the
IT systems of the Company or any of the significant third parties with whom the
Company does business.  The pervasiveness of the Y2K issue makes it likely that
previously unidentified  issues  will  require  remediation  during  the normal
course  of business.  In such a case, the Company anticipates that transactions
could be  processed  manually  while IT and other systems are repaired and that
such interruptions would have a  minor  effect on the Company's operations.  On
the  other hand, a worst case Y2K scenario  could  be  as  far reaching  as  an
extended  loss  of utility service resulting from interruptions at the point of
power generation,  on-line transmission, or local distribution to the Company's
properties.  Such an  interruption  could  result  in  an  inability to provide
property  tenants with access to their spaces thereby affecting  the  Company's
ability to  collect  rents  and  pay  its  obligations  which could result in a
material  adverse  effect  on  the  Company's operating results  and  financial
position.

      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 and unexpected developments surrounding the year 2000 issues.


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 AND USE OF PROCEEDS
         -----------------------------------------

         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))**
10.10 Amendment  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))**
10.11 Lease 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))**
10.12 Indenture  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))**
10.13 Lease Agreement between Advance Management Corporation and Price Rentals,
      Inc. and dated August 1,  1975  and  Amendments thereto. (Groundlease for
      Price Fremont) (10(m))**
10.14 Groundlease between Aldo Rossi and Price  Development Company, dated June
      1,  1989,  and  related  documents.  (Groundlease  for  Halsey  Crossing)
      (10(n))**

      (b)   Current Reports on Form 8-K

            On August 18, 1998,  the  Operating  Partnership  filed  a  current
            report  on Form 8-K, dated August 6, 1998 reporting the acquisition
            of NorthTown Mall.

            The Financial Statements Filed Were As Follows:


<PAGE> 16
            NORTHTOWN MALL
            Historical  Statement of Revenues and Certain Expenses for the Year
            Ended
            December 31, 1997
            Historical Statement  of Revenues and Certain Expenses for the Six-
            Month Periods
            Ended June 30, 1998 and 1997 (unaudited)
            Notes to Historical Statements of Revenue and Certain Expenses

            PRICE DEVELOPMENT COMPANY, LIMITED PARTNERSHIP
            Pro Forma - Unaudited:
            Condensed Consolidated Balance Sheet as of June 30, 1998
            Condensed Consolidated  Statement  of  Operations for the Six-Month
            Period Ended June 30,  1998 and for the  Year  Ended  December  31,
            1997
            Estimated Twelve-Month Pro Forma Statement of Taxable Net Operating
            Income and Operating Funds Available
------------------------
{*  }Documents  were  previously filed with the Operating Partnership's Current
    Report on Form 8-K,  dated  March  12,  1998, under the exhibit numbered in
    parantheticals and are incorporated herein by reference.
{** }Documents were previously filed with the  JP  Realty,  Inc.'s Registration
    Statement  on Form S-11, File No. 33-68844, under the exhibit  numbered  in
    parentheticals, and are incorporated herein by reference.
                        
<PAGE> 17


                                  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



       NOVEMBER 13, 1998                  /s/ G. Rex Frazier
       -----------------------            -------------------------
            (Date)                        G. Rex Frazier
                                          PRESIDENT, CHIEF OPERATING OFFICER,
                                          AND DIRECTOR



       NOVEMBER 13, 1998                  /s/ M. Scott Collins
       -----------------------            ---------------------------
                 (Date)                   M. Scott Collins
                                          VICE PRESIDENT--CHIEF FINANCIAL
                                          OFFICER (PRINCIPAL FINANCIAL
                                          & ACCOUNTING OFFICER)



<PAGE 18>