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, 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


                    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, 1998 AND DECEMBER 31, 1997
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                             March 31,     December 31,
                                                               1998            1997
                                                           ------------    ------------
<S>                                                        <C>             <C>         
                                        ASSETS
                                        ------

LAND:
      Held for sale                                        $ 16,192,164    $ 17,232,102
      Subject to sale agreements                              1,039,938         911,184
      Subject to sale agreement with affiliate                  788,287         788,287
                                                           ------------    ------------

                 Total land                                  18,020,389      18,931,573

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

CASH AND CASH EQUIVALENTS                                     3,272,629       5,844,446

PREPAID EXPENSES AND OTHER                                      167,120         167,103
                                                           ------------    ------------

                 Total assets                              $ 29,058,553    $ 32,541,537
                                                           ============    ============


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


DISTRIBUTION PAYABLE TO LIMITED PARTNERS                   $  1,605,967    $  4,228,540

ACCOUNTS PAYABLE AND ACCRUED EXPENSES                            68,499         106,893
                                                           ------------    ------------

                 Total liabilities                            1,674,466       4,335,433
                                                           ------------    ------------

PARTNERS' CAPITAL (DEFICIT):
      General partner                                            (8,947)         (9,839)
      Limited partners                                       27,393,034      28,215,943
                                                           ------------    ------------

                 Total partners' capital                     27,384,087      28,206,104
                                                           ------------    ------------

                 Total liabilities and partners' capital   $ 29,058,553    $ 32,541,537
                                                           ============    ============
</TABLE>
<PAGE>
                       SCOTTSDALE LAND TRUST LIMITED PARTNERSHIP

                                STATEMENTS OF OPERATIONS
                   FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND 1997
                                      (Unaudited)


<TABLE>
<CAPTION>
                                                             1998          1997
                                                         -----------   -----------
<S>                                                      <C>           <C>        
REVENUES:
      Land sales                                         $ 1,777,248   $ 2,894,380
      Interest on loan to affiliate                          212,500       212,500
      Interest on investments and other                       48,878        37,208
                                                         -----------   -----------
                                                           2,038,626     3,144,088
                                                         -----------   -----------

EXPENSES:
      Cost of land sales                                   1,082,505     1,991,042
      General partner fees                                    66,486        89,258
      Property management fees                                 9,000         9,000
      Marketing                                                3,154         3,720
      Property taxes                                          33,095        44,465
      Other operating                                         60,476       119,532
                                                         -----------   -----------

                                                           1,254,716     2,257,017
                                                         -----------   -----------

NET INCOME                                               $   783,910   $   887,071
                                                         ===========   ===========

NET INCOME ALLOCATED TO:
      General partner                                    $       892   $      (163)
      Limited partners                                       783,018       887,234
                                                         -----------   -----------

                                                         $   783,910   $   887,071
                                                         ===========   ===========

NET INCOME PER LIMITED PARTNERSHIP UNIT
      (based on 50,000 units held by limited partners)   $     15.66   $     17.74
                                                         ===========   ===========
</TABLE>
<PAGE>
                    SCOTTSDALE LAND TRUST LIMITED PARTNERSHIP

                    STATEMENT OF CHANGES IN PARTNERS' CAPITAL
                    FOR THE THREE MONTHS ENDED MARCH 31, 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                      892            --          783,018         783,910
      Distribution to
        Limited Partners             --              --       (1,605,927)     (1,605,927)
                             ------------    ------------   ------------    ------------

BALANCE, March 31, 1998      $     (8,947)         50,000   $ 27,393,034    $ 27,384,087
                             ============    ============   ============    ============
</TABLE>
<PAGE>
                    SCOTTSDALE LAND TRUST LIMITED PARTNERSHIP

                            STATEMENTS OF CASH FLOWS
               FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND 1997
                                   (Unaudited)



<TABLE>
<CAPTION>
                                                                1998           1997
                                                            -----------    -----------
<S>                                                         <C>            <C>        
CASH FLOWS FROM OPERATING ACTIVITIES:
      Net income                                            $   783,910    $   887,071
      Adjustments to net income:
         Change in assets and liabilities:
             Decrease in land held for sale                   1,039,938      2,143,476
             Increase in land subject to sales agreements      (128,754)      (379,543)
             Increase in prepaid expenses and other                 (17)       (66,330)
             Decrease in payable to general partner                --             (473)
             Increase (decrease) in accounts payable and
                accrued liabilities                             (38,394)         9,305
                                                            -----------    -----------

             Net cash provided by operating activities        1,656,683      2,593,506
                                                            -----------    -----------

CASH FLOWS FROM FINANCING ACTIVITIES:
    Limited partner distribution declared                    (1,605,927)    (2,667,272)
    Increase (decrease) in distribution payable              (2,622,573)     1,727,772
                                                            -----------    -----------

          Net cash used in financing activities              (4,228,500)      (939,500)
                                                            -----------    -----------

NET INCREASE (DECREASE) IN CASH
      AND CASH EQUIVALENTS                                   (2,571,817)     1,654,006

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

CASH AND CASH EQUIVALENTS, end of period                    $ 3,272,629    $ 4,072,207
                                                            ===========    ===========
</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 March 31, 1998 (the period),  the  Registrant
sold two land parcels aggregating 5.1 acres to unaffiliated third parties.  Land
sale transactions  during the quarter provided  aggregate cash sales proceeds of
approximately   $1.8  million.   The  parcels  had  a  total  original  cost  of
approximately  $911,000 and closing and other costs of  approximately  $171,000.
These parcel  sales  resulted in gains  totaling  approximately  $695,000.  Cash
distributions  declared  from the parcel sales  amounted to $1.6 million for the
period.

         At March 31, 1998, the Registrant had one parcel of land (approximately
10.5 acres) under contract for sale for a purchase price of  approximately  $4.2
million to an  unaffiliated  third  party.  The  original  cost of the parcel is
approximately  $1  million.  Approximately  85 acres  (excluding  the  parcel in
escrow)  remain   available  for  sale  within  The  Perimeter  Center  and  the
Partnership has entered into  preliminary  negotiations  for the sale of several
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  $2 million for the quarter ended March 31,
1998 as compared to approximately $3 million for the comparable quarter in 1997.
The average sales price per acre of land sold during the period increased 22% to
approximately  $348,500 per acre from  approximately  $286,500 per acre for land
sold during the quarter ended March 31, 1997.  Gain as a percentage of land sale
revenues  increased to 39% for the quarter  ended March 31, 1998, as compared to
31% for the quarter ended March 31, 1997.

       Interest  and other  income for the period  increased by $11,670 over the
comparable period of the prior year due to the increase in temporary  investment
securities  resulting  from a higher  average cash balance  invested  during the
March 1998 quarter.  This high cash balance  results from net sale proceeds held
during the quarter prior to  distribution  of the cash to the limited  partners.
Total expenses  (excluding the cost of land sales)  decreased by $93,764 for the
period from the  comparable  period of the prior year due primarily to decreases
in the  general  partner  fee  ($22,772),  property  taxes  ($11,370)  and other
operating  expenses  ($59,056).  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  
<PAGE>
decreased  due to the sale of land parcels  during  1997.  The decrease in other
operating expenses resulted primarily from a decrease in repairs and 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.

      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 - MARCH 31, 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: May 11, 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: May 11, 1998         By /s/ John Barravecchia
                         -------------------------------------------------------
                         John Barravecchia, President, Secretary and Treasurer