<ARTICLE>                                                      CT
<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
<TOTAL-ASSETS>                                            6446360
<PREFERRED-MANDATORY>                                         516
<PREFERRED>                                                     0
<COMMON>                                                     6642
<OTHER-SE>                                                 (86142)
<TOTAL-LIABILITY-AND-EQUITY>                              6446360
<TOTAL-REVENUES>                                                0
<INCOME-TAX>                                                 5581
<INCOME-CONTINUING>                                         16422
<DISCONTINUED>                                                  0
<EXTRAORDINARY>                                              (266)
<CHANGES>                                                       0
<NET-INCOME>                                                 6856
<EPS-PRIMARY>                                                   1.14
<EPS-DILUTED>                                                   1.14