<ARTICLE>  9 
<LEGEND>  
This schedule contains summary financial information extracted from financial
statements, schedules and other disclosure contained in Form 10-Q for the period
ended March 31, 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
       
                                               
<PERIOD-TYPE>                                                   6-MOS
<FISCAL-YEAR-END>                                          SEP-30-1997
<PERIOD-END>                                               MAR-31-1997
<CASH>                                                     204351
<INT-BEARING-DEPOSITS>                                      37666
<FED-FUNDS-SOLD>                                            23000
<TRADING-ASSETS>                                                0
<INVESTMENTS-HELD-FOR-SALE>                                     0
<INVESTMENTS-CARRYING>                                       9954
<INVESTMENTS-MARKET>                                         9947
<LOANS>                                                   3551422
<ALLOWANCE>                                                 91254
<TOTAL-ASSETS>                                                  0
<DEPOSITS>                                                4381052
<SHORT-TERM>                                               878150
<LIABILITIES-OTHER>                                        141708
<LONG-TERM>                                                273337
<PREFERRED-MANDATORY>                                           0
<PREFERRED>                                                     0
<COMMON>                                                        0
<OTHER-SE>                                                      0
<TOTAL-LIABILITIES-AND-EQUITY>                                  0
<INTEREST-LOAN>                                            193124
<INTEREST-INVEST>                                           39537
<INTEREST-OTHER>                                             5896
<INTEREST-TOTAL>                                           238557
<INTEREST-DEPOSIT>                                          77026
<INTEREST-EXPENSE>                                         119455
<INTEREST-INCOME-NET>                                      119102
<LOAN-LOSSES>                                               53762
<SECURITIES-GAINS>                                              0
<EXPENSE-OTHER>                                            200963
<INCOME-PRETAX>                                             40084
<INCOME-PRE-EXTRAORDINARY>                                      0
<EXTRAORDINARY>                                                 0
<CHANGES>                                                       0
<NET-INCOME>                                                    0
<EPS-PRIMARY>                                                   0
<EPS-DILUTED>                                                   0
<YIELD-ACTUAL>                                                  4.60
<LOANS-NON>                                                 40985
<LOANS-PAST>                                                    0
<LOANS-TROUBLED>                                            12007
<LOANS-PROBLEM>                                              2347
<ALLOWANCE-OPEN>                                            95523
<CHARGE-OFFS>                                               63272
<RECOVERIES>                                                 5123
<ALLOWANCE-CLOSE>                                           91254
<ALLOWANCE-DOMESTIC>                                        91254
<ALLOWANCE-FOREIGN>                                             0
<ALLOWANCE-UNALLOCATED>                                         0