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, 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
                       JUNE 30, 1997 AND DECEMBER 31, 1996
                                   (Unaudited)

                                                     June 30,       December 31,
                                                       1997             1996
                                                     --------       ------------
                                     ASSETS
                                     ------

CASH AND CASH EQUIVALENTS                          $ 4,178,575      $ 2,418,201
                                                   -----------      -----------

LAND:
   Held for Sale                                    17,519,283       26,326,289
   Subject to Sale Agreements                        8,509,722        2,980,166
   Subject to Sale Agreement With Affiliate            788,287          788,287
                                                   -----------      -----------

                Total land                          26,817,292       30,094,742
                                                   -----------      -----------

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

PREPAID EXPENSES AND OTHER                             144,820          148,293
                                                   -----------      -----------

                Total assets                       $38,739,102      $40,259,651
                                                   ===========      ===========


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

DISTRIBUTION PAYABLE TO LIMITED PARTNERS           $ 2,768,878      $   939,956

PAYABLE TO GENERAL PARTNER                                 -             58,481

ACCOUNTS PAYABLE AND ACCRUED EXPENSES                  113,969          160,927
                                                   -----------      -----------

                Total liabilities                    2,882,847        1,159,364
                                                   -----------      -----------

PARTNERS' CAPITAL (DEFICIT):
   General partner                                     (12,195)         (12,529)
   Limited partners                                 35,868,450       39,112,816
                                                   -----------      -----------

         Total partners' capital                    35,856,255       39,100,287
                                                   -----------      -----------

         Total liabilities and partners' capital   $38,739,102      $40,259,651
                                                   ===========      ===========

<PAGE>
                    SCOTTSDALE LAND TRUST LIMITED PARTNERSHIP

                            STATEMENTS OF OPERATIONS
            FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 1997 AND 1996
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                Three Months    Three Months       Six Months      Six Months
                                                   Ended           Ended             Ended           Ended
                                                   6/30/97        6/30/96           6/30/97         6/30/96
                                                ------------    ------------      -----------     -----------  
<S>                                              <C>             <C>              <C>             <C>   
REVENUES:
      Land sales                                  $3,030,548        $440,938       $5,924,928      $4,010,638
      Interest on loan to affiliate                  212,500         212,500          425,000         425,000
      Interest on investments and other               53,856          31,334           91,064          89,825
                                                   ---------        --------       ----------      ----------

                                                   3,296,904         684,772        6,440,992       4,525,463
                                                   ---------        --------       ----------      ----------

EXPENSES:
      Cost of land sales                           1,775,414         313,336        3,766,456       2,380,847
      General partner fees                            81,612          87,148          170,870         180,898
      Property management fees                         9,000           9,000           18,000          18,000
      Marketing                                        6,315          32,295           10,034          60,667
      Property taxes                                  39,999          42,618           84,464          86,244
      Other operating                                 79,745          90,680          199,278         168,425
                                                  ----------        --------      -----------     -----------

                                                   1,992,085         575,077        4,249,102       2,895,081
                                                  ----------        --------      -----------     -----------

NET INCOME                                        $1,304,819        $109,695       $2,191,890      $1,630,382
                                                  ==========        ========       ==========      ==========

NET INCOME (LOSS) ALLOCATED TO:
      General partner                             $      497      $     (179)      $      334      $        6
      Limited partners                             1,304,322         109,874        2,191,556       1,630,376
                                                  ----------      ----------       ----------      ----------

                                                  $1,304,819        $109,695       $2,191,890      $1,630,382
                                                  ==========        ========       ==========      ==========

NET INCOME PER LIMITED
      PARTNERSHIP UNIT (based on
      50,000 units held by limited partners)          $26.09           $2.20           $43.83          $32.61
                                                      ======           =====           ======          ======
</TABLE>
<PAGE>
                    SCOTTSDALE LAND TRUST LIMITED PARTNERSHIP

                    STATEMENT OF CHANGES IN PARTNERS' CAPITAL
                     FOR THE SIX MONTHS ENDED JUNE 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                                  334       --          2,191,556       2,191,890

   Distribution to Limited Partners           --         --         (5,435,922)     (5,435,922)
                                          --------     ------      -----------     ----------- 

BALANCE, June 30, 1997                    $(12,195)    50,000      $35,868,450     $35,856,255
                                          ========     ======      ===========     ===========

</TABLE>
<PAGE>
                    SCOTTSDALE LAND TRUST LIMITED PARTNERSHIP

                            STATEMENTS OF CASH FLOWS
                 FOR THE SIX MONTHS ENDED JUNE 30, 1997 AND 1996
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                      1997           1996
                                                                  -----------    -----------
<S>                                                               <C>            <C>    
CASH FLOWS FROM OPERATING ACTIVITIES:
     Net income                                                   $ 2,191,890    $ 1,630,382
     Change in assets and liabilities:
        Decrease in land held for sale                              8,807,006        179,117
        Decrease (increase) in land subject to sales agreements    (5,529,556)     2,016,693
        Decrease in prepaid expenses and other                          3,473         57,771
        Decrease in payable to general partner                        (58,481)       (11,199)
        Increase (decrease) in accounts
           payable and accrued expenses                               (46,958)        74,235
                                                                  -----------    -----------

               Net cash provided by operating activities            5,367,374      3,946,999
                                                                  -----------    -----------

CASH FLOWS FROM FINANCING ACTIVITIES:
     Limited partner distributions declared                        (5,435,922)    (3,518,501)
     Increase in distribution payable                               1,828,922           --
                                                                  -----------    -----------

               Net cash used in financing activities               (3,607,000)    (3,518,501)
                                                                  -----------    -----------

NET INCREASE IN CASH AND CASH EQUIVALENTS                           1,760,374        428,498

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

CASH AND CASH EQUIVALENTS, end of period                          $ 4,178,575    $ 1,791,461
                                                                  ===========    ===========
</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 June 30, 1997 (the period),  the  Registrant  sold
three land parcels  aggregating 10.3 acres to unaffiliated third parties.  These
transactions  provided  for an  aggregate  cash sales  price of  $3,030,548,  an
aggregate  original cost of $1,513,516  and closing and other costs of $261,898,
resulting in a gain of $1,255,134 for the period.

     The  Registrant  declared a cash  distribution  to the limited  partners of
$2,768,650 for the quarter ended June 30, 1997 (to be paid in August 1997) which
represents  the  net  cash  proceeds  from  the  above-mentioned  parcel  sales.
Year-to-date distributions declared totaled $5,435,922.  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 June 30, 1997 and 1996. The average sales price per acre of land
sold during the period  increased  10% to  approximately  $295,500 per acre from
approximately  $268,200 per acre for the comparable  period of 1996.  Land sales
revenues were higher in 1997 than in 1996 primarily  because the Registrant sold
10.3 acres of land  during the  quarter  ended June 30,  1997 as compared to 1.6
acres sold during the quarter ended June 30, 1996.  The  Registrant is currently
in negotiations with unaffiliated third parties for the sale of approximately 60
acres of land (representing one-third of the land originally held for sale) with
prices  ranging from $6.00 to $10.00 per square  foot.  The timing of land sales
varies from quarter to quarter and the Registrant  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  increased by $22,522 due to
the  increase  in  temporary  investment  securities  held  during  the  period,
resulting from a higher average cash balance  invested in the June 1997 quarter,
prior to distribution of cash to the limited partners.

     Total expenses for the period  increased by $1,417,008  from the comparable
period  of  the  prior  year  due  to  increases  in  the  cost  of  land  sales
($1,462,078),  offset  partially by decreases in general  partner fees ($5,536),
marketing  expenses ($25,980) and other operating  expenses  ($10,935).  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 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 repairs and maintenance  required at the Perimeter  Center and is
assessing common area maintenance fees to all of the land
<PAGE>

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 and this has resulted in a decrease in repairs and maintenance costs
of  approximately  $8,200  during the period  over the same  period of the prior
year.

     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 - JUNE 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 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: August 12, 1997                 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 duly  caused  this  report to be signed on its  behalf by the
undersigned thereunto duly authorized.

                                    FFCA INVESTOR SERVICES CORPORATION 88-B




Date: August 12, 1997                 By /s/ John Barravecchia
                                    -------------------------------------------
                                    John Barravecchia, President, Secretary and 
                                    Treasurer