<ARTICLE> 5 <CIK> 0000102438 <NAME> USP REAL ESTATE INVESTMENT TRUST <PERIOD-TYPE> 9-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-END> SEP-30-1997 <CASH> 502,324 <SECURITIES> 0 <RECEIVABLES> 663,210 <ALLOWANCES> 291,716 <INVENTORY> 0 <CURRENT-ASSETS> 1,311,280 <PP&E> 40,695,104 <DEPRECIATION> 11,922,726 <TOTAL-ASSETS> 31,322,454 <CURRENT-LIABILITIES> 1,188,508 <BONDS> 14,454,257 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 3,880,000 <OTHER-SE> 11,799,689 <TOTAL-LIABILITY-AND-EQUITY> 31,322,454 <SALES> 0 <TOTAL-REVENUES> 3,764,195 <CGS> 0 <TOTAL-COSTS> 1,912,269 <OTHER-EXPENSES> 369,065 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 1,087,234 <INCOME-PRETAX> 395,627 <INCOME-TAX> 0 <INCOME-CONTINUING> 395,627 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 395,627 <EPS-PRIMARY> .10 <EPS-DILUTED> .10