<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 June 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
       
                                      
<PERIOD-TYPE>                                        9-MOS
<FISCAL-YEAR-END>                               SEP-30-1997
<PERIOD-END>                                    JUN-30-1997
<CASH>                                          235123
<INT-BEARING-DEPOSITS>                          106276
<FED-FUNDS-SOLD>                                415000
<TRADING-ASSETS>                                     0
<INVESTMENTS-HELD-FOR-SALE>                          0
<INVESTMENTS-CARRYING>                            4998
<INVESTMENTS-MARKET>                              5009
<LOANS>                                        3416953
<ALLOWANCE>                                      97726
<TOTAL-ASSETS>                                       0
<DEPOSITS>                                     4836822
<SHORT-TERM>                                    427636
<LIABILITIES-OTHER>                             134410
<LONG-TERM>                                     279629
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                             0
<OTHER-SE>                                           0
<TOTAL-LIABILITIES-AND-EQUITY>                       0
<INTEREST-LOAN>                                 292877
<INTEREST-INVEST>                                56512
<INTEREST-OTHER>                                  9916
<INTEREST-TOTAL>                                359305
<INTEREST-DEPOSIT>                              120700
<INTEREST-EXPENSE>                              180701
<INTEREST-INCOME-NET>                           178604
<LOAN-LOSSES>                                    89891
<SECURITIES-GAINS>                                   0
<EXPENSE-OTHER>                                 303822
<INCOME-PRETAX>                                  50756
<INCOME-PRE-EXTRAORDINARY>                           0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                         0
<EPS-PRIMARY>                                        0
<EPS-DILUTED>                                        0
<YIELD-ACTUAL>                                       4.58
<LOANS-NON>                                      14025
<LOANS-PAST>                                         0
<LOANS-TROUBLED>                                 11861
<LOANS-PROBLEM>                                      0
<ALLOWANCE-OPEN>                                 95523
<CHARGE-OFFS>                                    96017
<RECOVERIES>                                      8211
<ALLOWANCE-CLOSE>                                97726
<ALLOWANCE-DOMESTIC>                             97726
<ALLOWANCE-FOREIGN>                                  0
<ALLOWANCE-UNALLOCATED>                              0