<TABLE> <S> <C>
                                             
<ARTICLE>                                                       9
<LEGEND>                                           
This schedule contains summary financial information extracted from
financial statements, schedules and other disclosure contained in
Form 10-K for the year ended September 30, 1997 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>                                                 1000
                                                   
<S>                                               <C>
<PERIOD-TYPE>                                                  12-MOS
<FISCAL-YEAR-END>                                          SEP-30-1997
<PERIOD-END>                                               SEP-30-1997
<CASH>                                                     238169
<INT-BEARING-DEPOSITS>                                      48722
<FED-FUNDS-SOLD>                                           365000
<TRADING-ASSETS>                                                0
<INVESTMENTS-HELD-FOR-SALE>                                     0
<INVESTMENTS-CARRYING>                                       4998
<INVESTMENTS-MARKET>                                         5012
<LOANS>                                                   2426989
<ALLOWANCE>                                                105679
<TOTAL-ASSETS>                                                  0
<DEPOSITS>                                                4893756
<SHORT-TERM>                                               228969
<LIABILITIES-OTHER>                                        120416
<LONG-TERM>                                                291382
<PREFERRED-MANDATORY>                                           0
<PREFERRED>                                                     0
<COMMON>                                                        0
<OTHER-SE>                                                      0
<TOTAL-LIABILITIES-AND-EQUITY>                                  0
<INTEREST-LOAN>                                            360842
<INTEREST-INVEST>                                           74220
<INTEREST-OTHER>                                            15418
<INTEREST-TOTAL>                                           450480
<INTEREST-DEPOSIT>                                         168907
<INTEREST-EXPENSE>                                         239815
<INTEREST-INCOME-NET>                                      210665
<LOAN-LOSSES>                                              125115
<SECURITIES-GAINS>                                              0
<EXPENSE-OTHER>                                            418346
<INCOME-PRETAX>                                             80181
<INCOME-PRE-EXTRAORDINARY>                                      0
<EXTRAORDINARY>                                                 0
<CHANGES>                                                       0
<NET-INCOME>                                                    0
<EPS-PRIMARY>                                                   0
<EPS-DILUTED>                                                   0
<YIELD-ACTUAL>                                                  4.10
<LOANS-NON>                                                 13843
<LOANS-PAST>                                                    0
<LOANS-TROUBLED>                                            11861
<LOANS-PROBLEM>                                                 0
<ALLOWANCE-OPEN>                                            95523
<CHARGE-OFFS>                                              126506
<RECOVERIES>                                                11429
<ALLOWANCE-CLOSE>                                          105679
<ALLOWANCE-DOMESTIC>                                       105679
<ALLOWANCE-FOREIGN>                                             0
<ALLOWANCE-UNALLOCATED>                                         0
        

</TABLE>