<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, 1998 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-30-1998
<PERIOD-END>                                                                   SEP-30-1998
<CASH>                                                                              336858
<INT-BEARING-DEPOSITS>                                                              499598
<FED-FUNDS-SOLD>                                                                    380000
<TRADING-ASSETS>                                                                         0
<INVESTMENTS-HELD-FOR-SALE>                                                              0
<INVESTMENTS-CARRYING>                                                               43999
<INVESTMENTS-MARKET>                                                                 44528
<LOANS>                                                                            2715244
<ALLOWANCE>                                                                          60157
<TOTAL-ASSETS>                                                                           0
<DEPOSITS>                                                                         4888230
<SHORT-TERM>                                                                        795601
<LIABILITIES-OTHER>                                                                 112668
<LONG-TERM>                                                                         298610
<PREFERRED-MANDATORY>                                                                    0
<PREFERRED>                                                                              0
<COMMON>                                                                                 0
<OTHER-SE>                                                                               0
<TOTAL-LIABILITIES-AND-EQUITY>                                                           0
<INTEREST-LOAN>                                                                     299566
<INTEREST-INVEST>                                                                   117584
<INTEREST-OTHER>                                                                     18657
<INTEREST-TOTAL>                                                                    435807
<INTEREST-DEPOSIT>                                                                  179318
<INTEREST-EXPENSE>                                                                  238410
<INTEREST-INCOME-NET>                                                               197397
<LOAN-LOSSES>                                                                       150829
<SECURITIES-GAINS>                                                                       0
<EXPENSE-OTHER>                                                                     504018
<INCOME-PRETAX>                                                                     184407
<INCOME-PRE-EXTRAORDINARY>                                                               0
<EXTRAORDINARY>                                                                          0
<CHANGES>                                                                                0
<NET-INCOME>                                                                             0
<EPS-PRIMARY>                                                                            0
<EPS-DILUTED>                                                                            0
<YIELD-ACTUAL>                                                                        3.82
<LOANS-NON>                                                                          12607
<LOANS-PAST>                                                                             0
<LOANS-TROUBLED>                                                                     11800
<LOANS-PROBLEM>                                                                          0
<ALLOWANCE-OPEN>                                                                    105679
<CHARGE-OFFS>                                                                       122652
<RECOVERIES>                                                                         13910
<ALLOWANCE-CLOSE>                                                                    60157
<ALLOWANCE-DOMESTIC>                                                                 60157
<ALLOWANCE-FOREIGN>                                                                      0
<ALLOWANCE-UNALLOCATED>                                                                  0
        

</TABLE>