<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 December 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>                                                   3-MOS
<FISCAL-YEAR-END>                                          SEP-30-1998
<PERIOD-END>                                               DEC-31-1997
<CASH>                                                     376751
<INT-BEARING-DEPOSITS>                                          0
<FED-FUNDS-SOLD>                                           300000
<TRADING-ASSETS>                                                0
<INVESTMENTS-HELD-FOR-SALE>                                     0
<INVESTMENTS-CARRYING>                                      39008
<INVESTMENTS-MARKET>                                        38977
<LOANS>                                                   2615766
<ALLOWANCE>                                                113131
<TOTAL-ASSETS>                                                  0
<DEPOSITS>                                                4994545
<SHORT-TERM>                                               184127
<LIABILITIES-OTHER>                                        170551
<LONG-TERM>                                                292743
<PREFERRED-MANDATORY>                                           0
<PREFERRED>                                                     0
<COMMON>                                                        0
<OTHER-SE>                                                      0
<TOTAL-LIABILITIES-AND-EQUITY>                                  0
<INTEREST-LOAN>                                             74495
<INTEREST-INVEST>                                           27481
<INTEREST-OTHER>                                             4419
<INTEREST-TOTAL>                                           106395
<INTEREST-DEPOSIT>                                          48779
<INTEREST-EXPENSE>                                          58292
<INTEREST-INCOME-NET>                                       48103
<LOAN-LOSSES>                                               35062
<SECURITIES-GAINS>                                              0
<EXPENSE-OTHER>                                            112977
<INCOME-PRETAX>                                             29433
<INCOME-PRE-EXTRAORDINARY>                                      0
<EXTRAORDINARY>                                                 0
<CHANGES>                                                       0
<NET-INCOME>                                                    0
<EPS-PRIMARY>                                                   0
<EPS-DILUTED>                                                   0
<YIELD-ACTUAL>                                                  3.92
<LOANS-NON>                                                 16254
<LOANS-PAST>                                                    0
<LOANS-TROUBLED>                                            11861
<LOANS-PROBLEM>                                                 0
<ALLOWANCE-OPEN>                                           105679
<CHARGE-OFFS>                                               30688
<RECOVERIES>                                                 3078
<ALLOWANCE-CLOSE>                                          113131
<ALLOWANCE-DOMESTIC>                                       113131
<ALLOWANCE-FOREIGN>                                             0
<ALLOWANCE-UNALLOCATED>                                         0