<ARTICLE> 5 <CIK> 0000102438 <NAME> USP REAL ESTATE INVESTMENT TRUST <PERIOD-TYPE> 6-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-END> JUN-30-1998 <CASH> 2,137,965 <SECURITIES> 0 <RECEIVABLES> 480,026 <ALLOWANCES> 219,199 <INVENTORY> 0 <CURRENT-ASSETS> 485,883 <PP&E> 40,722,496 <DEPRECIATION> 12,540,113 <TOTAL-ASSETS> 31,067,058 <CURRENT-LIABILITIES> 1,271,950 <BONDS> 13,925,439 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 3,880,000 <OTHER-SE> 11,989,669 <TOTAL-LIABILITY-AND-EQUITY> 31,067,058 <SALES> 0 <TOTAL-REVENUES> 2,889,489 <CGS> 0 <TOTAL-COSTS> 1,226,108 <OTHER-EXPENSES> 347,361 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 695,499 <INCOME-PRETAX> 620,521 <INCOME-TAX> 0 <INCOME-CONTINUING> 620,521 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 620,521 <EPS-PRIMARY> .16 <EPS-DILUTED> .16