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, 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
                    SEPTEMBER 30, 1998 AND DECEMBER 31, 1997
                                 (Unaudited)


                                                   September 30,    December 31,
                                                      1998             1997
                                                   ------------    ------------
                                     ASSETS

LAND:
  Held for sale                                    $13,873,028     $17,232,102
  Subject to sale agreements                         1,989,551         911,184
  Subject to sale agreement with affiliate             788,287         788,287
                                                   -----------     -----------

      Total land                                    16,650,866      18,931,573

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

CASH AND CASH EQUIVALENTS                            4,313,768       5,844,446

PREPAID EXPENSES AND OTHER                             171,426         167,103
                                                   -----------     -----------

      Total assets                                 $28,734,475     $32,541,537
                                                   ===========     ===========

                       LIABILITIES AND PARTNERS' CAPITAL


DISTRIBUTION PAYABLE TO LIMITED PARTNERS           $ 2,442,852     $ 4,228,540

ACCOUNTS PAYABLE AND ACCRUED EXPENSES                  162,552         106,893
                                                   -----------     -----------

      Total liabilities                              2,605,404       4,335,433
                                                   -----------     -----------

PARTNERS' CAPITAL (DEFICIT):
  General partner                                       (7,802)         (9,839)
  Limited partners                                  26,136,873      28,215,943
                                                   -----------     -----------

      Total partners' capital                       26,129,071      28,206,104
                                                   -----------     -----------

      Total liabilities and partners' capital      $28,734,475     $32,541,537
                                                   ===========     ===========
<PAGE>
                    SCOTTSDALE LAND TRUST LIMITED PARTNERSHIP

                            STATEMENTS OF OPERATIONS
         FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997
                                   (Unaudited)


<TABLE>
<CAPTION>
                                    Three Months  Three Months  Nine Months   Nine Months
                                       Ended         Ended         Ended         Ended
                                      9/30/98       9/30/97       9/30/98       9/30/97
                                      -------       -------       -------       -------
<S>                                 <C>           <C>            <C>          <C>
REVENUES:
  Land sales                        $2,520,642    $10,582,692    $5,391,715   $16,507,620
  Interest on loan to affiliate        212,500        212,500       637,500       637,500
  Interest on investments and other     45,768         81,305       128,113       172,369
                                    ----------    -----------    ----------   -----------

                                     2,778,910     10,876,497     6,157,328    17,317,489
                                    ----------    -----------    ----------   -----------
EXPENSES:
  Cost of land sales                   867,176      6,143,843     2,625,610     9,910,299
  General partner fee                   64,428         79,427       196,499       250,297
  Property management fee                9,000          9,000        27,000        27,000
  Marketing                                  -          6,691        10,071        16,725
  Property taxes                        53,572         31,520       122,470       115,984
  Other operating                       72,888        102,918       205,899       302,196
                                    ----------    -----------    ----------   -----------

                                     1,067,064      6,373,399     3,187,549    10,622,501
                                    ----------    -----------    ----------   -----------

NET INCOME                          $1,711,846    $ 4,503,098    $2,969,779   $ 6,694,988
                                    ==========    ===========    ==========   ===========

NET INCOME ALLOCATED TO:
  General partner                   $      584    $       642    $    2,037           977
  Limited partners                   1,711,262      4,502,456     2,967,742     6,694,011
                                    ----------    -----------    ----------   -----------

                                    $1,711,846    $ 4,503,098    $2,969,779   $ 6,694,988
                                    ==========    ===========    ==========   ===========
NET INCOME PER LIMITED
  PARTNERSHIP UNIT (based on
  50,000 units held by limited
    partners)                       $    34.22    $     90.05    $    59.35   $    133.88
                                    ==========    ===========    ==========   ===========
</TABLE>
<PAGE>
                    SCOTTSDALE LAND TRUST LIMITED PARTNERSHIP

                    STATEMENT OF CHANGES IN PARTNERS' CAPITAL
                  FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1998
                                (Unaudited)




                                                 Limited Partners
                                      General  -------------------
                                      Partner  Number                   Total
                                      Amount  of Units    Amount       Amount
                                      ------  --------    ------       ------

BALANCE, December 31, 1997           $(9,839)  50,000  $28,215,943  $28,206,104

  Net Income                           2,037        -    2,967,742    2,969,779

  Distributions to Limited Partners        -        -   (5,046,812)  (5,046,812)
                                     -------   ------  -----------  -----------

BALANCE, September 30, 1998          $(7,802)  50,000  $26,136,873  $26,129,071
                                     =======   ======  ===========  ===========
<PAGE>
                    SCOTTSDALE LAND TRUST LIMITED PARTNERSHIP

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





                                                         1998           1997
                                                         ----           ----
CASH FLOWS FROM OPERATING ACTIVITIES:
 Net income                                          $ 2,969,779    $ 6,694,988
 Change in assets and liabilities:
   Decrease in land held for sale                      3,359,074     10,397,576
   Increase in land subject to sales agreements       (1,078,367)    (1,531,146)
   Decrease (increase) in prepaid expenses and other      (4,323)         7,771
   Decrease in payable to general partner                     --         (4,054)
   Increase (decrease) in accounts
    payable and accrued expenses                          55,659        (84,716)
                                                     -----------    -----------

      Net cash provided by operating activities        5,301,822     15,480,419
                                                     -----------    -----------

CASH FLOWS FOR FINANCING ACTIVITIES:
 Limited partner distributions declared               (5,046,812)   (15,463,752)
 Increase (decrease) in distribution payable          (1,785,688)     9,088,252
                                                     -----------    -----------

      Net cash used in financing activities           (6,832,500)    (6,375,500)
                                                     -----------    -----------

NET INCREASE (DECREASE) IN CASH AND
 CASH EQUIVALENTS                                     (1,530,678)     9,104,919

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

CASH AND CASH EQUIVALENTS, end of period             $ 4,313,768    $11,523,120
                                                     ===========    ===========
<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 September 30, 1998 (the period),  the Registrant
sold a 2.1 acre land parcel to an unaffiliated  third party and 3.7 acres to the
State of  Arizona  for  additional  right-of-way  along the  future  Outer  Loop
Freeway.  These sales provided cash proceeds of approximately $2.5 million.  The
parcels had a total  original  cost of  approximately  $790,000  and closing and
other costs of  approximately  $80,000.  These  parcel  sales  resulted in gains
totaling approximately $1.7 million. Cash distributions declared from the parcel
sales amounted to approximately $2.4 million for the period.

       At  September  30,  1998,  the  Registrant  had  three  parcels  of  land
(approximately  10  acres)  under  contract  for  sale for a  purchase  price of
approximately $4 million to unaffiliated third parties. The original cost of the
parcels was  approximately  $2 million.  Approximately  77 acres  (excluding the
parcels in escrow) remain  available for sale within The Perimeter  Center.  The
Registrant has entered into preliminary  negotiations for the sale of several of
the remaining land parcels.  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 distributions.

       Land sales comprise the majority of the total revenues of the Registrant.
Total revenues were  approximately  $2.8 million for the quarter ended September
30, 1998 as compared to approximately  $10.9 million for the comparable  quarter
in 1997.  Total revenues for the nine months ended  September 30, 1998 were $6.2
million as  compared to $17.3  million for the same period in 1997.  The average
sales  price per acre of land sold during the nine months  ended  September  30,
1998  increased  36% to  approximately  $393,000  per  acre  from  approximately
$290,000 per acre for land sold during the nine months ended September 30, 1997.
Gain as a percentage of land sale revenues  increased to 51% for the nine months
ended September 30, 1998, as compared to 40% for the nine months ended September
30, 1997.

       Interest and other  income for the quarter  decreased by $35,537 from the
comparable  quarter  of the prior  year,  resulting  from a lower  average  cash
balance  invested  during the quarter  ended  September  30, 1998.  Year-to-date
amounts were similarly  affected,  although to a lesser  extent.  Total expenses
(excluding  the cost of land  sales)  decreased  by $29,668  for the  quarter as
compared to the prior year due primarily to decreases in the
<PAGE>

general partner fee ($14,999) and other  operating  expenses  ($30,030),  offset
somewhat by an increase in property tax expense ($22,052).  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. The decrease in other operating expenses resulted primarily
from a decrease in property  maintenance  costs, as common area maintenance fees
(based on square footage owned) are charged to all of the land owners within The
Perimeter  Center  (including the  Registrant).  Accordingly,  as the Registrant
sells  parcels,  its common  area  maintenance  fees  decrease.  Property  taxes
increased,  despite the sale of land parcels during the past twelve months,  due
to higher assessed land values.

       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 - SEPTEMBER 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: November 10, 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: November 10, 1998                By /s/ John Barravecchia
                                    --------------------------------------------
                                    John Barravecchia, President, Secretary and
                                    Treasurer