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, 2000

[ ] 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 (480) 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 1. FINANCIAL STATEMENTS.


                    SCOTTSDALE LAND TRUST LIMITED PARTNERSHIP

                                 BALANCE SHEETS
                      MARCH 31, 2000 AND DECEMBER 31, 1999
                                   (Unaudited)


                                                    March 31,      December 31,
                                                      2000            1999
                                                   ------------    ------------
                                     ASSETS

LAND:
  Held for sale                                    $  1,744,556    $  5,109,126
  Subject to sale agreements                          2,740,607       3,118,364
  Subject to sale agreements with affiliate           1,412,250         788,287
                                                   ------------    ------------
      Total land                                      5,897,413       9,015,777

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

CASH AND CASH EQUIVALENTS                             8,992,569      16,667,333

PREPAID EXPENSES AND OTHER                               89,718         159,228
                                                   ------------    ------------
      Total assets                                 $ 22,578,115    $ 33,440,753
                                                   ============    ============

                       LIABILITIES AND PARTNERS' CAPITAL

DISTRIBUTION PAYABLE TO LIMITED PARTNERS           $  6,268,628    $ 14,314,676

ACCOUNTS PAYABLE AND ACCRUED EXPENSES                   233,703         163,786
                                                   ------------    ------------
      Total liabilities                               6,502,331      14,478,462
                                                   ------------    ------------
PARTNERS' CAPITAL (DEFICIT):
  General partner                                        (1,481)         (3,844)
  Limited partners                                   16,077,265      18,966,135
                                                   ------------    ------------
      Total partners' capital                        16,075,784      18,962,291
                                                   ------------    ------------
      Total liabilities and partners' capital      $ 22,578,115    $ 33,440,753
                                                   ============    ============

                                       1
<PAGE>
                    SCOTTSDALE LAND TRUST LIMITED PARTNERSHIP

                            STATEMENTS OF OPERATIONS
               FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
                                   (Unaudited)


                                                            2000         1999
                                                         ----------   ----------
REVENUES:
  Land sales                                             $6,603,799   $       --
  Interest on loan to affiliate                             212,500      212,500
  Interest on investments and other                         188,712       25,013
                                                         ----------   ----------
                                                          7,005,011      237,513
                                                         ----------   ----------
EXPENSES:
  Cost of land sales                                      3,458,143           --
  General partner fees                                       44,880       61,850
  Property management fees                                    9,000        9,000
  Marketing                                                      --        5,713
  Property taxes                                             20,509       50,795
  Other operating                                            90,534       55,415
                                                         ----------   ----------
                                                          3,623,066      182,773
                                                         ----------   ----------
NET INCOME                                               $3,381,945   $   54,740
                                                         ==========   ==========
NET INCOME ALLOCATED TO:
  General partner                                        $    2,363   $      547
  Limited partners                                        3,379,582       54,193
                                                         ----------   ----------
                                                         $3,381,945   $   54,740
                                                         ==========   ==========
NET INCOME PER LIMITED PARTNERSHIP UNIT
  (based on 50,000 units held by limited partners)       $    67.59   $     1.08
                                                         ==========   ==========

                                       2
<PAGE>
                    SCOTTSDALE LAND TRUST LIMITED PARTNERSHIP

                    STATEMENT OF CHANGES IN PARTNERS' CAPITAL
                    FOR THE THREE MONTHS ENDED MARCH 31, 2000
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                          Limited Partners
                                       General       ---------------------------
                                       Partner          Number                         Total
                                        Amount         of Units        Amount          Amount
                                     ------------    ------------   ------------    ------------
<S>                                  <C>             <C>            <C>             <C>
BALANCE, December 31, 1999           $     (3,844)         50,000   $ 18,966,135    $ 18,962,291

  Net Income                                2,363              --      3,379,582       3,381,945

  Distribution to Limited Partners             --              --     (6,268,452)     (6,268,452)
                                     ------------    ------------   ------------    ------------
BALANCE, March 31, 2000              $     (1,481)         50,000   $ 16,077,265    $ 16,075,784
                                     ============    ============   ============    ============
</TABLE>


                                       3
<PAGE>
                    SCOTTSDALE LAND TRUST LIMITED PARTNERSHIP

                            STATEMENTS OF CASH FLOWS
               FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
                                   (Unaudited)


                                                        2000           1999
                                                    ------------    -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income                                        $  3,381,945    $    54,740
  Adjustments to net income:
    Change in assets and liabilities:
     Decrease in land held for sale                    3,364,570             --
     Increase in land subject to sales agreements       (246,206)            --
     Decrease in prepaid expenses and other               69,510        140,428
     Increase (decrease) in accounts payable
      and accrued liabilities                             69,917        (25,205)
                                                    ------------    -----------
        Net cash provided by operating activities      6,639,736        169,963
                                                    ------------    -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
  Limited partner distribution declared               (6,268,452)            --
  Decrease in distribution payable                    (8,046,048)      (441,000)
                                                    ------------    -----------
        Net cash used in financing activities        (14,314,500)      (441,000)
                                                    ------------    -----------
NET DECREASE IN CASH AND CASH EQUIVALENTS             (7,674,764)      (271,037)

CASH AND CASH EQUIVALENTS, beginning of period        16,667,333      2,292,149
                                                    ------------    -----------
CASH AND CASH EQUIVALENTS, end of period            $  8,992,569    $ 2,021,112
                                                    ============    ===========

                                       4
<PAGE>
                    SCOTTSDALE LAND TRUST LIMITED PARTNERSHIP

                          NOTES TO FINANCIAL STATEMENTS

                                 MARCH 31, 2000


(1) SUBSEQUENT EVENT:

     As provided in the Partnership  agreement,  the Partnership entered into an
agreement on December 29, 1988 to sell  approximately five acres of the Property
(the Parcel) to FFCA at a purchase price determined by independent  appraisal to
be the fair market value of the unimproved Parcel and related  improvements.  In
connection with the sale agreement, the Partnership also funded the construction
of an office building on the Parcel that is the corporate  headquarters of FFCA.
This loan to FFCA for the acquisition of the Parcel, the office building and the
parcel improvements  totaled $8.5 million. On May 1, 2000, this loan matured and
the principal,  together with accrued interest, was paid. In addition, FFCA paid
Additional  Interest  in the amount of $1.13  million,  as  provided in the loan
agreement.

     The  sale  of the  Parcel  to  FFCA  was  recognized  in the  Partnership's
financial  statements on May 1, 2000 when the amounts loaned to FFCA were repaid
to the Partnership.

                                       5
<PAGE>
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 has made monthly payments to the Registrant
of interest only, through maturity of the loan on May 1, 2000, at which time the
principal balance of the loan was paid off, together with accrued interest,  and
Additional  Interest in the amount of $1.13 million.  Reserves  remaining in the
Registrant are approximately $2 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.  The Registrant's  primary sources of revenue have
been land sales,  interest  payments received from FFCA under the loan agreement
(interest payments were made through May 1, 2000 at which time the loan was paid
in full) 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. As of May 3, 2000,
all land parcels were sold or are under contract for sale. A proxy statement was
filed with the Securities and Exchange  Commission in April 2000,  requesting an
investor  vote on the sale of a parcel of property to a related party and on the
dissolution  of the  partnership  upon  sale  of  the  remaining  parcels  under
contract.

     During the quarter ended March 31, 2000 (the period), the Registrant closed
two land sale transactions comprising three parcels aggregating approximately 13
acres to  unaffiliated  third  parties.  The land sale  transactions  during the
period provided cash sale proceeds of  approximately  $6.6 million.  The parcels
had a total  original  cost of $3.1  million  and  closing  and  other  costs of
approximately  $328,000.  These parcel  sales  resulted in gains  totaling  $3.2
million.  Distributions  declared from the parcel sale net proceeds  amounted to
approximately $6.3 million for the period.

     At May 3, 2000, the four remaining  land parcels  (approximately  34 acres)
were all under  contract  for sale at  prices  aggregating  approximately  $17.8
million.  The original  cost of these four parcels  totaled  approximately  $5.1
million.  Three of the parcels are under contract to unaffiliated  third parties
and one  parcel  is under  contract  with a related  party.  The  related  party
contract was entered into on February 7, 2000 with Franchise Finance Corporation
of  America,  an  affiliate  of  the  General  Partner,  to  purchase  a  parcel
(approximately 3.6 acres) adjacent to its corporate  headquarters.  This sale is
subject  to the  approval,  by vote,  of the  majority  of the  limited  partner
interest of the Partnership. Additionally, all of these contracts are subject to
a due diligence process and, therefore,  the Registrant cannot predict which, if
any of these contracts will result in the sale of a land parcel or the timing or
the amount of any future  cash  distributions.  Once the  remaining  parcels are
sold,  the  Partnership  will  liquidate and distribute its assets in accordance
with the Partnership agreement.

     Total  revenues were  approximately  $7 million for the quarter ended March
31, 2000 as compared to  approximately  $238,000 for the  comparable  quarter in
1999.  Revenues in 2000 were higher because land sales comprised the majority of
the  revenues in 2000 and there were no land sales  during the first  quarter of
1999.  Interest on  investments  and other  income for the period  increased  by
approximately  $164,000 from the comparable quarter of the prior year due to the
increase in temporary  investment  securities held during the period. The higher
cash  balance in 2000  resulted  from net land sale  proceeds  held  during that
quarter  prior  to  distribution  of the  cash to the  limited  partners.  Total
expenses  (excluding the cost of land sales) decreased by approximately  $18,000
for the period over the  comparable  period of the prior year due  primarily  to
lower  property  taxes and lower  general  partner  fees due to the sale of land
parcels.  These  reductions  were offset by costs related to the Proxy Statement
filed in April 2000.

                                       6
<PAGE>
     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.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

     The financial  instruments held by the Registrant at March 31, 2000 consist
of cash  equivalents  and a loan  receivable  from an affiliate.  The Registrant
intends  to  hold  the  investments  to  maturity;  therefore,  these  financial
instruments do not subject the  Registrant to a material  exposure to changes in
interest rates.

                                       7
<PAGE>
                     FFCA INVESTOR SERVICES CORPORATION 88-B

                         BALANCE SHEET - MARCH 31, 2000


                                     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.

                                       8
<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: May 12, 2000                  By /s/ John Barravecchia
                                       -----------------------------------------
                                       John Barravecchia, Executive Vice
                                       President, Treasurer and Chief Financial
                                       Officer

                                       9
<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: May 12, 2000                  By /s/ John Barravecchia
                                       -----------------------------------------
                                       John Barravecchia, President, Secretary
                                       and Treasurer

                                       10