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               March 31, 1997
                                   ---------------------------------------------

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

For the transition period from                          to
                                   -------------------      --------------------

                             Commission file number
                                     0-17626


                    SCOTTSDALE LAND TRUST LIMITED PARTNERSHIP
                                       and
                    FFCA INVESTOR SERVICES CORPORATION 88-B
--------------------------------------------------------------------------------
               (Exact Name of Co-Registrants as Specified in Their
                            Organizational Documents)


          Delaware                                          86-0588512
--------------------------------------------------------------------------------
(Partnership State of Organization)                 (Partnership I.R.S. Employer
                                                        Identification Number)

          Delaware                                          86-0588514
--------------------------------------------------------------------------------
(Corporation State of Incorporation)                (Corporation I.R.S. Employer
                                                        Identification Number)

The Perimeter Center
17207 North Perimeter Drive
Scottsdale, Arizona                                                      85255
--------------------------------------------------------------------------------
(Address of principal executive offices)                              (zip code)


Co-Registrants' telephone number including area code        (602) 585-4500
                                                       -------------------------

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>
PART 1 - FINANCIAL INFORMATION

    Item l.  Financial Statements.
    -------  ---------------------


                    SCOTTSDALE LAND TRUST LIMITED PARTNERSHIP

                                 BALANCE SHEETS
                      MARCH 31, 1997 AND DECEMBER 31, 1996
                                   (Unaudited)


                                                       March 31,    December 31,
                                                          1997           1996
                                                      -----------    -----------
                                     ASSETS
                                     ------

CASH AND CASH EQUIVALENTS                             $ 4,072,207    $ 2,418,201
                                                      -----------    -----------

LAND:
      Held for Sale                                    24,182,813     26,326,289
      Subject to Sale Agreements                        3,359,709      2,980,166
      Subject to Sale Agreement With Affiliate            788,287        788,287
                                                      -----------    -----------

                Total land                             28,330,809     30,094,742
                                                      -----------    -----------

LOAN RECEIVABLE FROM AFFILIATE                          7,598,415      7,598,415

PREPAID EXPENSES AND OTHER                                214,623        148,293
                                                      -----------    -----------

                 Total assets                         $40,216,054    $40,259,651
                                                      ===========    ===========


                        LIABILITIES AND PARTNERS' CAPITAL
                        ---------------------------------


DISTRIBUTION PAYABLE TO LIMITED PARTNERS            $  2,667,728    $    939,956

PAYABLE TO GENERAL PARTNER                                58,008          58,481

ACCOUNTS PAYABLE AND ACCRUED EXPENSES                    170,232         160,927
                                                    ------------    ------------

         Total liabilities                             2,895,968       1,159,364
                                                    ------------    ------------

PARTNERS' CAPITAL (DEFICIT):
      General partner(12,692)                            (12,529)
      Limited partners                                37,332,778      39,112,816
                                                    ------------    ------------

         Total partners' capital                      37,320,086      39,100,287
                                                    ------------    ------------

         Total liabilities and partners' capital    $ 40,216,054    $ 40,259,651
                                                    ============    ============
<PAGE>
                    SCOTTSDALE LAND TRUST LIMITED PARTNERSHIP

                            STATEMENTS OF OPERATIONS
               FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
                                   (Unaudited)




                                                         1997           1996
                                                      -----------    -----------
REVENUES:
      Land sales                                      $ 2,894,380    $ 3,569,700
      Interest on loan to affiliate                       212,500        212,500
      Interest on investments and other                    37,208         58,491
                                                      -----------    -----------
                                                        3,144,088      3,840,691
                                                      -----------    -----------

EXPENSES:
      Cost of land sales                                1,991,042      2,067,511
      General partner fees                                 89,258         93,750
      Property management fees                              9,000          9,000
      Marketing                                             3,720         28,372
      Property taxes                                       44,465         43,626
      Other operating                                     119,532         77,745
                                                      -----------    -----------

                                                        2,257,017      2,320,004
                                                      -----------    -----------

NET INCOME                                            $   887,071    $ 1,520,687
                                                      ===========    ===========

NET INCOME ALLOCATED TO:
      General partner                                 $      (163)   $       185
      Limited partners                                    887,234      1,520,502
                                                      -----------    -----------

                                                      $   887,071    $ 1,520,687
                                                      ===========    ===========

NET INCOME PER LIMITED PARTNERSHIP UNIT
  (based on 50,000 units held by limited partners)    $     17.74    $     30.41
                                                      ===========    ===========
<PAGE>
                    SCOTTSDALE LAND TRUST LIMITED PARTNERSHIP

                    STATEMENT OF CHANGES IN PARTNERS' CAPITAL
                    FOR THE THREE MONTHS ENDED MARCH 31, 1997
                                   (Unaudited)
<TABLE>
<CAPTION>


                                                                   Limited Partners
                                               General      ---------------------------        
                                               Partner         Number                         Total
                                               Amount         of Units        Amount          Amount
                                            ------------    ------------   ------------    ------------
<S>                                         <C>                   <C>      <C>             <C>         
BALANCE, December 31, 1996                  $    (12,529)         50,000   $ 39,112,816    $ 39,100,287

  Net Income (loss)                                 (163)           --          887,234         887,071
  Distribution to
     Limited Partners                               --              --       (2,667,272)     (2,667,272)
                                            ------------    ------------   ------------    ------------

BALANCE, March 31, 1997                     $    (12,692)         50,000   $ 37,332,778    $ 37,320,086
                                            ============    ============   ============    ============
</TABLE>
<PAGE>
                    SCOTTSDALE LAND TRUST LIMITED PARTNERSHIP

                            STATEMENTS OF CASH FLOWS
               FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
                                   (Unaudited)
<TABLE>
<CAPTION>


                                                                          1997           1996
                                                                       -----------    -----------
<S>                                                                    <C>            <C>        
CASH FLOWS FROM OPERATING ACTIVITIES:
      Net income                                                       $   887,071    $ 1,520,687
      Adjustments to net income:
         Change in assets and liabilities:
             Decrease in land held for sale                              2,143,476           --
             Decrease (increase) in land subject to sales agreements      (379,543)     2,016,693
             Decrease (increase) in prepaid expenses and other             (66,330)        45,187
             Increase (decrease) in payable to general partner                (473)        35,403
             Increase (decrease) in accounts payable and
                accrued liabilities                                          9,305        (28,826)
                                                                       -----------    -----------

             Net cash provided by operating activities                   2,593,506      3,589,144
                                                                       -----------    -----------

CASH FLOWS FROM FINANCING ACTIVITIES:
    Limited partner distributions declared                              (2,667,272)          --
    Increase in distribution payable                                     1,727,772           --
                                                                       -----------    -----------

          Net cash used in financing activities                           (939,500)          --
                                                                       -----------    -----------

NET INCREASE IN CASH AND CASH EQUIVALENTS                                1,654,006      3,589,144

CASH AND CASH EQUIVALENTS, beginning of period                           2,418,201      1,362,963
                                                                       -----------    -----------

CASH AND CASH EQUIVALENTS, end of period                               $ 4,072,207    $ 4,952,107
                                                                       ===========    ===========
</TABLE>
<PAGE>
PART I - FINANCIAL INFORMATION
------------------------------

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

      Scottsdale  Land  Trust  Limited  Partnership  (the  Registrant)  received
$50,000,000 in gross proceeds from its public  offering of the Units on November
23,  1988.  After  deducting  organizational  and offering  expenses,  including
selling expenses,  the financial advisory fee, property  acquisition fee and due
diligence expense reimbursement,  the Registrant had $43,250,000 in net proceeds
available  for  investment.  The net proceeds were used to purchase the property
(The Perimeter Center), fund the construction of the infrastructure and fund the
$8.5  million  loan to  Franchise  Finance  Corporation  of America  (FFCA),  in
accordance with the partnership agreement.  Pursuant to the loan agreement, FFCA
makes monthly payments of interest only to the Registrant and is current on such
payments.  All unexpended funds are invested in U.S.  Government Agency discount
notes and bank  repurchase  agreements  (which  are  secured  by  United  States
Treasury and  Government  obligations).  Reserves  remaining  in the  Registrant
approximate  $1.3 million.  These  reserves may be used from time to time to pay
amounts assessed by the city or county taxing  authorities for  developmental or
other  costs.  Aside from the sale of land  parcels,  the  Registrant's  primary
sources of  revenue  are  interest  payments  received  from FFCA under the loan
agreement and interest earned on the Registrant's temporary investments.

      During the quarter ended March 31, 1997 (the period),  the Registrant sold
four land parcels  aggregating 10.1 acres to unaffiliated  third parties.  These
transactions  provided  for an  aggregate  cash sales  price of  $2,894,380,  an
aggregate  original cost of $1,763,934  and closing and other costs of $227,108,
resulting in a total gain of $903,338 for the period.

      The Registrant  declared a cash  distribution  to the limited  partners of
$2,667,272  for the quarter  ended March 31, 1997 (to be paid in May 1997) which
represents the net cash proceeds from the  above-mentioned  parcel sales. During
the period,  cash proceeds from the land parcel sales were invested in temporary
investment securities pending distribution to the limited partners.

       Land sales  revenues  comprise  the  majority of total  revenues  for the
quarters ended March 31 ,1997 and 1996. The average sales price per acre of land
sold  during  1997  increased  33%  to  approximately  $286,600  per  acre  from
approximately  $215,000 per acre for the comparable period of 1996.  Despite the
increase in average land sales price per acre,  land sales  revenues were higher
in 1996 than in 1997 because the  Registrant  sold 16.6 acres of land during the
quarter  ended  March 31, 1996 as compared to 10.1 acres sold during the quarter
ended March 31,  1997.  The timing of land sales  varies from quarter to quarter
and, although the Registrant  continued  negotiations during the quarter for the
sale of several of the smaller land parcels located within The Perimeter Center,
it cannot determine which, if any, of these negotiations will result in the sale
of a land  parcel  and,  therefore,  cannot  predict the timing or amount of any
future cash distribution from such sale proceeds.

       Interest  and other  income  decreased  by $21,283 due to the decrease in
temporary investment securities held during the period,  resulting from a higher
average cash balance  invested in the March 1996 quarter,  prior to distribution
of cash to the limited partners.

       Total  expenses for the period  decreased by $62,987 from the  comparable
period of the prior year due to decreases  in the cost of land sales  ($76,469),
general partner fees ($4,492) and marketing expenses ($24,652), offset partially
by an increase in other  operating  expenses  ($41,787).  General  partner  fees
decreased  during  the  period  because  the fees  are  based  on  Assets  Under
Management, as defined in the partnership agreement, and as parcels are sold the
general partner fees will be reduced  accordingly.  Marketing expenses vary from
quarter to quarter  based  primarily  on the  timing of  various  marketing  and
promotional  events  planned for the  period.  The  increase in other  operating
expenses resulted primarily from increased legal fees and maintenance costs.

      In the opinion of management,  the financial  information included in this
report  reflects  all  adjustments  necessary  for fair  presentation.  All such
adjustments are of a normal recurring nature.
<PAGE>
PART I - FINANCIAL INFORMATION
------------------------------

Item 3.       Quantitative and Qualitative Disclosures About Market Risk
-------       ------------------------------------------------------

The Co-Registrants do not use derivative financial instruments.
<PAGE>
                     FFCA INVESTOR SERVICES CORPORATION 88-B
                     ---------------------------------------


                         BALANCE SHEET - MARCH 31, 1997
                         ------------------------------





                                     ASSETS


Cash                                                                        $100
Investment in Scottsdale Land Trust Limited Partnership, at cost             100
                                                                            ----

         Total Assets                                                       $200
                                                                            ====


                                    LIABILITY

Payable to Parent                                                           $100
                                                                            ----


                              STOCKHOLDER'S EQUITY


Common Stock; $l par value; 100 shares authorized,
    issued and outstanding                                                   100
                                                                            ----

         Liability and Stockholder's Equity                                 $200
                                                                            ====




         Note: FFCA Investor  Services  Corporation 88-B (88-B) was organized on
August 11, 1987 to act as the assignor  limited partner in Scottsdale Land Trust
Limited  Partnership  (SLT). The assignor limited partner is the owner of record
of the limited partnership units of SLT. All rights and powers of 88-B have been
assigned to the holders,  who are the registered  and  beneficial  owners of the
units.  Other  than to  serve as  assignor  limited  partner,  88-B has no other
business purpose and will not engage in any other activity or incur any debt.
<PAGE>
                                   SIGNATURES
                                   ----------

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

                                   SCOTTSDALE LAND TRUST LIMITED PARTNERSHIP

                                   By    FFCA MANAGEMENT COMPANY LIMITED
                                         PARTNERSHIP
                                         General Partner


                                   By     PERIMETER CENTER MANAGEMENT COMPANY
                                          Corporate General Partner


      Date:    May 12, 1997                  By /s/ John R. Barravecchia
                                   ---------------------------------------------
                                     John R. Barravecchia, Executive Vice 
                                     President, Treasurer and Chief 
                                     Financial Officer
<PAGE>
                                   SIGNATURES
                                   ----------

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
co-registrant  has duly  caused  this  report to be signed on its  behalf by the
undersigned thereunto duly authorized.

                                   FFCA INVESTOR SERVICES CORPORATION 88-B



      Date:    May 12, 1997             By /s/ John R. Barravecchia
                                   ---------------------------------------------
                                      John R. Barravecchia, President,
                                      Secretary and Treasurer