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, 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
                         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
                    SEPTEMBER 30, 1997 AND DECEMBER 31, 1996
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                               September 30,   December 31,
                                                                                   1997            1996
                                                                               ------------    ------------
<S>                                                                            <C>             <C>         
                                     ASSETS
                                     ------

LAND:
      Held for Sale                                                            $ 15,928,713    $ 26,326,289
      Subject to Sale Agreements                                                  4,511,312       2,980,166
      Subject to Sale Agreement With Affiliate                                      788,287         788,287
                                                                               ------------    ------------

                Total land                                                       21,228,312      30,094,742

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

CASH AND CASH EQUIVALENTS                                                        11,523,120       2,418,201

PREPAID EXPENSES AND OTHER                                                          140,522         148,293
                                                                               ------------    ------------

                Total assets                                                   $ 40,490,369    $ 40,259,651
                                                                               ============    ============


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

DISTRIBUTION PAYABLE TO LIMITED PARTNERS                                       $ 10,028,208    $    939,956

PAYABLE TO GENERAL PARTNER                                                           54,427          58,481

ACCOUNTS PAYABLE AND ACCRUED EXPENSES                                                76,211         160,927
                                                                               ------------    ------------

                Total liabilities                                                10,158,846       1,159,364
                                                                               ------------    ------------

PARTNERS' CAPITAL (DEFICIT):
      General partner                                                               (11,552)        (12,529)
      Limited partners                                                           30,343,075      39,112,816
                                                                               ------------    ------------

                Total partners' capital                                          30,331,523      39,100,287
                                                                               ------------    ------------

                Total liabilities and partners' capital                        $ 40,490,369    $ 40,259,651
                                                                               ============    ============
</TABLE>
<PAGE>
                    SCOTTSDALE LAND TRUST LIMITED PARTNERSHIP

                            STATEMENTS OF OPERATIONS
         FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
                                   (Unaudited)
<TABLE>
<CAPTION>
                                               Three Months    Three Months    Nine Months    Nine Months
                                                  Ended           Ended           Ended          Ended
                                                 9/30/97         9/30/96         9/30/97        9/30/96
                                               ------------    ------------    ------------   ------------
<S>                                            <C>             <C>             <C>            <C>         
REVENUES:
      Land sales                               $ 10,582,692    $       --      $ 16,507,620   $  4,010,638
      Interest on loan to affiliate                 212,500         212,500         637,500        637,500
      Interest on investments and other              81,305          19,951         172,369        109,776
                                               ------------    ------------    ------------   ------------

                                                 10,876,497         232,451      17,317,489      4,757,914
                                               ------------    ------------    ------------   ------------

EXPENSES:
      Cost of land sales                          6,143,843            --         9,910,299      2,380,847
      General partner fee                            79,427          90,123         250,297        271,021
      Property management fee                         9,000           9,000          27,000         27,000
      Marketing                                       6,691          16,675          16,725         77,342
      Property taxes                                 31,520          45,882         115,984        132,126
      Other operating                               102,918          90,336         302,196        258,761
                                               ------------    ------------    ------------   ------------

                                                  6,373,399         252,016      10,622,501      3,147,097
                                               ------------    ------------    ------------   ------------

NET INCOME (LOSS)                              $  4,503,098    $    (19,565)   $  6,694,988   $  1,610,817
                                               ============    ============    ============   ============

NET INCOME (LOSS) ALLOCATED TO:
      General partner                          $        642    $       (196)   $        977   $       (190)
      Limited partners                            4,502,456         (19,369)      6,694,011      1,611,007
                                               ------------    ------------    ------------   ------------

                                               $  4,503,098    $    (19,565)   $  6,694,988   $  1,610,817
                                               ============    ============    ============   ============


NET INCOME (LOSS) PER LIMITED
      PARTNERSHIP UNIT (based on
      50,000 units held by limited partners)   $      90.05    $       (.39)   $     133.88   $      32.22
                                               ============    ============    ============   ============
</TABLE>
<PAGE>
                    SCOTTSDALE LAND TRUST LIMITED PARTNERSHIP

                    STATEMENT OF CHANGES IN PARTNERS' CAPITAL
                  FOR THE NINE MONTHS ENDED SEPTEMBER 30, 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                                  977            --        6,694,011       6,694,988

      Distributions to Limited Partners          --              --      (15,463,752)    (15,463,752)
                                         ------------    ------------   ------------    ------------

BALANCE, September 30, 1997              $    (11,552)         50,000   $ 30,343,075    $ 30,331,523
                                         ============    ============   ============    ============
</TABLE>
<PAGE>
                    SCOTTSDALE LAND TRUST LIMITED PARTNERSHIP

                            STATEMENTS OF CASH FLOWS
              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                      1997            1996
                                                                  ------------    ------------
<S>                                                               <C>             <C>         
CASH FLOWS FROM OPERATING ACTIVITIES:
     Net income                                                   $  6,694,988    $  1,610,817
     Change in assets and liabilities:
        Decrease in land held for sale                              10,397,576         179,117
        Decrease (increase) in land subject to sales agreements     (1,531,146)      2,016,693
        Decrease in prepaid expenses and other                           7,771          66,451
        Decrease in payable to general partner                          (4,054)        (27,097)
        Increase (decrease) in accounts
           payable and accrued expenses                                (84,716)         87,441
                                                                  ------------    ------------

               Net cash provided by operating activities            15,480,419       3,933,422
                                                                  ------------    ------------

CASH FLOWS FOR FINANCING ACTIVITIES:
     Distributions to limited partners                              (6,375,500)     (3,825,501)
                                                                  ------------    ------------

NET INCREASE IN CASH AND CASH EQUIVALENTS                            9,104,919         107,921

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

CASH AND CASH EQUIVALENTS, end of period                          $ 11,523,120    $  1,470,884
                                                                  ============    ============
</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  approximate $1.4 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  September 30, 1997 (the period),  the Registrant
sold 12 land parcels aggregating 35.3 acres to unaffiliated third parties.  Land
sale transactions  during the quarter provided  aggregate cash sales proceeds of
$10,582,692  and  closing  and other costs of  $554,862,  resulting  in net cash
proceeds of  $10,027,830.  Sales for the nine months  ended  September  30, 1997
totaled 19 land parcels aggregating 55.7 acres and resulted in net cash proceeds
of  $15,463,752.  The  Registrant  declared a cash  distribution  to the limited
partners of $10,027,830  for the quarter ended September 30, 1997 (to be paid in
November 1997) which, combined with the first and second quarterly distributions
totaling $5,435,922, amounts to $15,463,752 year to date.

       Land sales  comprise the majority of total revenues for the quarter ended
September 30, 1997 (there were no land sales during the comparable quarter ended
September  30,  1996).  The average sales price per acre of land sold during the
period  increased  32% to  approximately  $299,800  per acre from  approximately
$227,500 per acre for land sold during the year ended December 31, 1996. It also
represents  an increase  over the average  sales price per acre for land sold in
the first two quarters of 1997 ($291,000 per acre). Gain as a percentage of land
sale revenues  remained  constant at 42% and 40% for the quarter and nine months
ended  September  30,  1997,  respectively,  compared to 41% for the nine months
ended September 30, 1996.

       The Registrant sold two parcels of land in October 1997 representing 17.2
acres and has an additional  23.6 acres in escrow under contract to sell.  These
October sales and parcels in escrow have a combined weighted average sales price
of $340,000  per acre.  Including  the October  1997  parcel  sales,  61% of the
original land held for sale at The Perimeter Center is either sold or in escrow.
The timing of land sales  varies  from  quarter  to quarter  and the  Registrant
cannot determine which, if any, of its 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 for the period  increased by $61,354 over the
comparable period of the prior year due to the increase in temporary  investment
securities  resulting  from  a  higher  average  cash  balance  invested  in the
September  1997 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)  for the period
decreased  by  $22,460  from the  comparable  period  of the  prior  year due to
decreases in the general partner fee 

<PAGE>
($10,696),  marketing  expenses  ($9,984) and property  taxes  ($14,362) and are
partially offset by an increase in other operating expenses. 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 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.

       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.  Other operating  costs during the period  increased
$12,582 over the comparable quarter of 1996 due to higher water usage.

      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.


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 - SEPTEMBER 30, 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 caused this report to be signed on its behalf by the  undersigned
thereunto duly authorized.

                                       SCOTTSDALE LAND TRUST LIMITED PARTNERSHIP

                                       By FFCA MANAGEMENT COMPANY, L.P.
                                       General Partner


                                       By PERIMETER CENTER MANAGEMENT COMPANY
                                       Corporate General Partner



Date:     November 7, 1997                  By /s/ John Barravecchia
                                      ------------------------------------------
                                      John Barravecchia, 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:     November 7, 1997                  By /s/ John Barravecchia
                                      ------------------------------------------
                                      John Barravecchia, President