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          June 30, 1998
                                  ---------------------------------------
[  ]    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
                         Commission file number 0-17853

                    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
                       JUNE 30, 1998 AND DECEMBER 31, 1997
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                            June 30,      December 31,
                                                              1998            1997
                                                           ------------    ------------
<S>                                                        <C>             <C>         
                                     ASSETS

LAND:
      Held for sale                                        $ 16,319,066    $ 17,232,102
      Subject to sale agreements                                332,780         911,184
      Subject to sale agreement with affiliate                  788,287         788,287
                                                           ------------    ------------

                 Total land                                  17,440,133      18,931,573

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

CASH AND CASH EQUIVALENTS                                     2,781,850       5,844,446

PREPAID EXPENSES AND OTHER                                      150,142         167,103
                                                           ------------    ------------

                 Total assets                              $ 27,970,540    $ 32,541,537
                                                           ============    ============


                       LIABILITIES AND PARTNERS' CAPITAL


DISTRIBUTION PAYABLE TO LIMITED PARTNERS                   $    998,619    $  4,228,540

ACCOUNTS PAYABLE AND ACCRUED EXPENSES                           111,963         106,893
                                                           ------------    ------------

                  Total liabilities                           1,110,582       4,335,433
                                                           ------------    ------------

PARTNERS' CAPITAL (DEFICIT):
      General partner                                            (8,386)         (9,839)
      Limited partners                                       26,868,344      28,215,943
                                                           ------------    ------------

                 Total partners' capital                     26,859,958      28,206,104
                                                           ------------    ------------

                 Total liabilities and partners' capital   $ 27,970,540    $ 32,541,537
                                                           ============    ============
</TABLE>
<PAGE>
                    SCOTTSDALE LAND TRUST LIMITED PARTNERSHIP

                            STATEMENTS OF OPERATIONS
            FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 1998 AND 1997
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                          Three Months Three Months  Six Months   Six Months
                                                              Ended        Ended        Ended        Ended
                                                             6/30/98      6/30/97      6/30/98      6/30/97
                                                           ----------   ----------   ----------   ----------
<S>                                                        <C>          <C>          <C>          <C>       
REVENUES:
      Land sales                                           $1,093,825   $3,030,548   $2,871,073   $5,924,928
      Interest on loan to affiliate                           212,500      212,500      425,000      425,000
      Interest on investments and other                        33,467       53,856       82,345       91,064
                                                           ----------   ----------   ----------   ----------

                                                            1,339,792    3,296,904    3,378,418    6,440,992
                                                           ----------   ----------   ----------   ----------

EXPENSES:
      Cost of land sales                                      675,929    1,775,414    1,758,434    3,766,456
      General partner fees                                     65,585       81,612      132,071      170,870
      Property management fees                                  9,000        9,000       18,000       18,000
      Marketing                                                 6,917        6,315       10,071       10,034
      Property taxes                                           35,803       39,999       68,898       84,464
      Other operating                                          72,535       79,745      133,011      199,278
                                                           ----------   ----------   ----------   ----------

                                                              865,769    1,992,085    2,120,485    4,249,102
                                                           ----------   ----------   ----------   ----------

NET INCOME                                                 $  474,023   $1,304,819   $1,257,933   $2,191,890
                                                           ==========   ==========   ==========   ==========

NET INCOME ALLOCATED TO:
      General partner                                      $      561   $      497   $    1,453   $      334
      Limited partners                                        473,462    1,304,322    1,256,480    2,191,556
                                                           ----------   ----------   ----------   ----------

                                                           $  474,023   $1,304,819   $1,257,933   $2,191,890
                                                           ==========   ==========   ==========   ==========

NET INCOME PER LIMITED
      PARTNERSHIP UNIT (based on
      50,000 units held by limited partners)               $     9.47   $    26.09   $    25.13   $    43.83
                                                           ==========   ==========   ==========   ==========
</TABLE>
<PAGE>
                    SCOTTSDALE LAND TRUST LIMITED PARTNERSHIP

                    STATEMENT OF CHANGES IN PARTNERS' CAPITAL
                     FOR THE SIX MONTHS ENDED JUNE 30, 1998
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                  Limited Partners
                                             General              ----------------
                                             Partner           Number                                  Total
                                             Amount           of Units           Amount               Amount
                                             ------           --------           ------               ------
<S>                                            <C>              <C>            <C>                  <C>        
BALANCE, December 31, 1997                     $(9,839)         50,000         $28,215,943          $28,206,104

      Net Income                                 1,453           -               1,256,480            1,257,933

      Distribution to Limited Partners            -              -              (2,604,079)          (2,604,079)
                                               --------         ------         -----------          -----------

BALANCE, June 30, 1998                         $(8,386)         50,000         $26,868,344          $26,859,958
                                               =======          ======         ===========          ===========
</TABLE>
<PAGE>
                    SCOTTSDALE LAND TRUST LIMITED PARTNERSHIP

                            STATEMENTS OF CASH FLOWS
                 FOR THE SIX MONTHS ENDED JUNE 30, 1998 AND 1997
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                      1998           1997
                                                                  -----------    -----------
<S>                                                               <C>            <C>        
CASH FLOWS FROM OPERATING ACTIVITIES:
     Net income                                                   $ 1,257,933    $ 2,191,890
     Change in assets and liabilities:
        Decrease in land held for sale                                913,036      8,807,006
        Decrease (increase) in land subject to sales agreements       578,404     (5,529,556)
        Decrease in prepaid expenses and other                         16,961          3,473
        Decrease in payable to general partner                           --          (58,481)
        Increase (decrease) in accounts
           payable and accrued expenses                                 5,070        (46,958)
                                                                  -----------    -----------

               Net cash provided by operating activities            2,771,404      5,367,374
                                                                  -----------    -----------

CASH FLOWS FROM FINANCING ACTIVITIES:
     Limited partner distributions declared                        (2,604,079)    (5,435,922)
     Increase (decrease) in distribution payable                   (3,229,921)     1,828,922
                                                                  -----------    -----------

               Net cash used in financing activities               (5,834,000)    (3,607,000)
                                                                  -----------    -----------

NET INCREASE (DECREASE) IN CASH
     AND CASH EQUIVALENTS                                          (3,062,596)     1,760,374

CASH AND CASH EQUIVALENTS, beginning of period                      5,844,446      2,418,201
                                                                  -----------    -----------

CASH AND CASH EQUIVALENTS, end of period                          $ 2,781,850    $ 4,178,575
                                                                  ===========    ===========
</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,  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.  The entire principal balance of
the loan is due in May 2000,  or earlier  if all of The  Perimeter  Center  land
parcels are sold prior to that date. The Registrant's primary sources of revenue
are land sales,  interest  payments  received from FFCA under the loan agreement
and interest earned on the Registrant's temporary  investments.  As land parcels
are sold,  distributions  of the net cash sale  proceeds are made in  accordance
with the  partnership  agreement.  Once all of The Perimeter  Center parcels are
sold, the Registrant  will liquidate all of its other assets and distribute them
in accordance with the partnership agreement.

       Funds  pending  distribution  to the  limited  partners  are  temporarily
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  are  approximately  $1.7 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.

       During the quarter ended June 30, 1998 (the period),  the Registrant sold
one 2.7 acre  land  parcel  to an  unaffiliated  third  party.  This  land  sale
transaction provided cash sales proceeds of approximately $1 million. The parcel
had a total original cost of approximately  $495,000 and closing and other costs
of  approximately  $96,000.  The Registrant also sold a .86 acre easement to the
City  of   Scottsdale   for  $86,500  (the  original  cost  of  the  parcel  was
approximately   $85,000).   These  parcel  sales   resulted  in  gains  totaling
approximately  $418,000.  Cash  distributions  declared  from the  parcel  sales
amounted to approximately $998,000 for the period.

       At June 30, 1998, the  Registrant  had one parcel of land  (approximately
2.1  acres)  under  contract  for sale  for a  purchase  price of  approximately
$900,000 to an  unaffiliated  third party.  The original  cost of the parcel was
approximately $333,000.  Approximately 90 acres (excluding the parcel in escrow)
remain  available  for sale within The Perimeter  Center.  The  Partnership  has
entered into  preliminary  negotiations for the sale of several of the remaining
land  parcels.  The  Partnership  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 distributions.

       Land sales comprise the majority of the total revenues of the Registrant.
Total  revenues were  approximately  $1.3 million for the quarter ended June 30,
1998 as compared to  approximately  $3.3 million for the  comparable  quarter in
1997. Total revenues for the six months ended June 30, 1998 were $3.4 million as
compared to $6.4  million for the same period in 1997.  The average  sales price
per acre of land sold during the six month period ended June 30, 1998  increased
17% to approximately  $340,000 per acre from approximately $290,000 per acre for
land sold during the six months  ended June 30, 1997.  Gain as a  percentage  of
land sale  revenues  increased to 39% for the six months ended June 30, 1998, as
compared to 36% for the six months ended June 30, 1997.

       Interest and other  income for the quarter  decreased by $20,389 from the
comparable  quarter  of the prior  year,  resulting  from a lower  average  cash
balance  invested  during  the June  1998  quarter.  Year-to-date  amounts  were
similarly affected,  although to a lesser extent.  Total expenses (excluding the
cost  of land  sales)  decreased  by  $26,831  for the  1998  quarter  from  the
comparable  quarter of the prior year due  primarily to decreases in the general
partner fee ($16,027), property taxes ($4,196) and other
<PAGE>

operating  expenses  ($7,210).   Year-to-date  expense  amounts  were  similarly
affected. The general partner fee decreased during the period because the fee is
based on Assets Under Management,  as defined in the partnership agreement,  and
as parcels are sold the general  partner  fee is reduced  accordingly.  Property
taxes  decreased due to the sale of land parcels  during the past twelve months.
The decrease in other operating  expenses resulted  primarily from a decrease in
property  maintenance  costs.  In January  1997,  the Perimeter  Center  Owners'
Association  (the  Association)  began  paying for all common  area  maintenance
required at the Perimeter  Center and is assessing  common area maintenance fees
to  all  of  the  land  owners  within  the  Perimeter  Center   (including  the
Registrant).  The Registrant is charged a common area  maintenance fee (based on
square footage owned) by the Association.  Accordingly,  as the Registrant sells
parcels, its common area maintenance fees will decrease.


       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>
                     FFCA INVESTOR SERVICES CORPORATION 88-B
                     ---------------------------------------


                          BALANCE SHEET - JUNE 30, 1998
                          -----------------------------





                                     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 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:  August 7, 1998                    By /s/ John Barravecchia
                                    --------------------------------------------
                                    John 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  caused  this  report  to be  signed  on  its  behalf  by the
undersigned thereunto duly authorized.

                                     FFCA INVESTOR SERVICES CORPORATION 88-B


Date:  August 7, 1998                    By /s/ John Barravecchia
                                    --------------------------------------------
                                    John Barravecchia, President, Secretary and
                                    Treasurer