<ARTICLE>                                                                               5
<LEGEND>                                                    
This schedule contains summary financial information extracted from
financial statements, schedules and other disclosure contained in
Form 10-Q for the period ended December 31, 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>                                                                         1000
                                                                    
                                                                
<PERIOD-TYPE>                                                                       3-MOS
<FISCAL-YEAR-END>                                                             SEP-30-1997
<PERIOD-END>                                                                  DEC-31-1996
<CASH>                                                                               9431
<SECURITIES>                                                                            0
<RECEIVABLES>                                                                           0
<ALLOWANCES>                                                                            0
<INVENTORY>                                                                             0
<CURRENT-ASSETS>                                                                        0
<PP&E>                                                                             280414
<DEPRECIATION>                                                                      79162
<TOTAL-ASSETS>                                                                          0
<CURRENT-LIABILITIES>                                                                   0
<BONDS>                                                                                 0
<PREFERRED-MANDATORY>                                                                   0
<PREFERRED>                                                                             0
<COMMON>                                                                                0
<OTHER-SE>                                                                              0
<TOTAL-LIABILITY-AND-EQUITY>                                                            0
<SALES>                                                                                 0
<TOTAL-REVENUES>                                                                    19464
<CGS>                                                                                   0
<TOTAL-COSTS>                                                                       11370
<OTHER-EXPENSES>                                                                     5041
<LOSS-PROVISION>                                                                        0
<INTEREST-EXPENSE>                                                                  10145
<INCOME-PRETAX>                                                                    (7092)
<INCOME-TAX>                                                                            0
<INCOME-CONTINUING>                                                                     0
<DISCONTINUED>                                                                          0
<EXTRAORDINARY>                                                                         0
<CHANGES>                                                                               0
<NET-INCOME>                                                                            0
<EPS-PRIMARY>                                                                           0
<EPS-DILUTED>                                                                           0