<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, 1999 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-30-1999
<PERIOD-END>                                                      SEP-30-1999
<CASH>                                                                 326758
<INT-BEARING-DEPOSITS>                                                  69388
<FED-FUNDS-SOLD>                                                       194000
<TRADING-ASSETS>                                                            0
<INVESTMENTS-HELD-FOR-SALE>                                                 0
<INVESTMENTS-CARRYING>                                                  44400
<INVESTMENTS-MARKET>                                                    44434
<LOANS>                                                               6428870
<ALLOWANCE>                                                             58139
<TOTAL-ASSETS>                                                              0
<DEPOSITS>                                                            5763486
<SHORT-TERM>                                                           971660
<LIABILITIES-OTHER>                                                    109120
<LONG-TERM>                                                           1652672
<PREFERRED-MANDATORY>                                                       0
<PREFERRED>                                                                 0
<COMMON>                                                                    0
<OTHER-SE>                                                                  0
<TOTAL-LIABILITIES-AND-EQUITY>                                              0
<INTEREST-LOAN>                                                        402263
<INTEREST-INVEST>                                                      102608
<INTEREST-OTHER>                                                        14622
<INTEREST-TOTAL>                                                       519493
<INTEREST-DEPOSIT>                                                     146345
<INTEREST-EXPENSE>                                                     245507
<INTEREST-INCOME-NET>                                                  273986
<LOAN-LOSSES>                                                           22880
<SECURITIES-GAINS>                                                          0
<EXPENSE-OTHER>                                                        325322
<INCOME-PRETAX>                                                         95980
<INCOME-PRE-EXTRAORDINARY>                                                  0
<EXTRAORDINARY>                                                             0
<CHANGES>                                                                   0
<NET-INCOME>                                                                0
<EPS-BASIC>                                                               0
<EPS-DILUTED>                                                               0
<YIELD-ACTUAL>                                                           4.04
<LOANS-NON>                                                             13272
<LOANS-PAST>                                                                0
<LOANS-TROUBLED>                                                        11714
<LOANS-PROBLEM>                                                             0
<ALLOWANCE-OPEN>                                                        60269
<CHARGE-OFFS>                                                           26774
<RECOVERIES>                                                             1876
<ALLOWANCE-CLOSE>                                                       58251
<ALLOWANCE-DOMESTIC>                                                    58251
<ALLOWANCE-FOREIGN>                                                         0
<ALLOWANCE-UNALLOCATED>                                                     0


</TABLE>