<TABLE> <S> <C>

<PAGE>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FINANCIAL
STATEMENTS, SCHEDULES AND OTHER DISCLOSURE CONTAINED IN FORM 10-K FOR THE PERIOD
ENDED SEPTEMBER 30, 1996 OF B.F. SAUL REAL ESTATE INVESTMENT TRUST AND IS 
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS, SCHEDULES
AND OTHER DISCLOSURE.
</LEGEND>
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          SEP-30-1996
<PERIOD-END>                               SEP-30-1996
<CASH>                                         213,394
<INT-BEARING-DEPOSITS>                          53,031
<FED-FUNDS-SOLD>                                     0
<TRADING-ASSETS>                                     0
<INVESTMENTS-HELD-FOR-SALE>                          0
<INVESTMENTS-CARRYING>                           9,818
<INVESTMENTS-MARKET>                             9,820
<LOANS>                                      3,299,031
<ALLOWANCE>                                    222,233
<TOTAL-ASSETS>                                       0
<DEPOSITS>                                   4,164,037
<SHORT-TERM>                                   841,979
<LIABILITIES-OTHER>                             99,086
<LONG-TERM>                                    283,342
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                             0
<OTHER-SE>                                           0
<TOTAL-LIABILITIES-AND-EQUITY>                       0
<INTEREST-LOAN>                                317,847
<INTEREST-INVEST>                               52,223
<INTEREST-OTHER>                                17,441
<INTEREST-TOTAL>                               387,511
<INTEREST-DEPOSIT>                             162,569
<INTEREST-EXPENSE>                             188,836
<INTEREST-INCOME-NET>                          198,675
<LOAN-LOSSES>                                  115,740
<SECURITIES-GAINS>                                   0
<EXPENSE-OTHER>                                381,285
<INCOME-PRETAX>                                 46,111
<INCOME-PRE-EXTRAORDINARY>                           0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                         0
<EPS-PRIMARY>                                        0
<EPS-DILUTED>                                        0
<YIELD-ACTUAL>                                    5.14
<LOANS-NON>                                     34,789
<LOANS-PAST>                                         0
<LOANS-TROUBLED>                                51,573
<LOANS-PROBLEM>                                      0
<ALLOWANCE-OPEN>                                60,496
<CHARGE-OFFS>                                   92,047
<RECOVERIES>                                    11,334
<ALLOWANCE-CLOSE>                               95,523
<ALLOWANCE-DOMESTIC>                            95,523
<ALLOWANCE-FOREIGN>                                  0
<ALLOWANCE-UNALLOCATED>                              0
        

</TABLE>