<ARTICLE> 5
<LEGEND>
FM Properties Inc. adopted Statement of Financial Accounting Standards No.128,
"Earnings Per Share," (SFAS 128) in the fourth quarter of 1997 and restated
prior years' earnings per share (EPS) as required by SFAS 128. Presented below
are the restated EPS amounts for the 3-month period ended March 31,1997 the
6-month period ended June 30, 1997 and the 9-month period ended September 30,
1997. Basic and diluted EPS have been entered in place of primary and fully-
diluted,respectively. In addition, the amounts below restate FM Properties
interim results for 1997 using consolidation accounting which was adopted during
the fourth quarter of 1997. Interim results had previously been presented using
the equity method of accounting.
</LEGEND>
<RESTATED>
<CIK> 0000885508
<NAME> FM PROPERTIES INC.
<MULTIPLIER> 1000
<PERIOD-TYPE> 3-MOS 6-MOS 9-MOS
<FISCAL-YEAR-END> DEC-31-1997 DEC-31-1997 DEC-31-1997
<PERIOD-END> MAR-31-1997 JUN-30-1997 SEP-30-1997
<CASH> 6,403 2,671 3,944
<SECURITIES> 0 0 0
<RECEIVABLES> 4,397 2,248 2,307
<ALLOWANCES> 0 0 0
<INVENTORY> 0 0 0
<CURRENT-ASSETS> 11,614 5,651 6,909
<PP&E> 109,530 107,512 103,968
<DEPRECIATION> 682 705 32
<TOTAL-ASSETS> 127,837 119,510 120,264
<CURRENT-LIABILITIES> 58,188 48,114 45,403
<BONDS> 0 0 0
<PREFERRED-MANDATORY> 0 0 0
<PREFERRED> 0 0 0
<COMMON> 143 143 143
<OTHER-SE> 61,427 63,171 66,629
<TOTAL-LIABILITY-AND-EQUITY> 127,837 119,510 120,264
<SALES> 15,070 20,261 24,298
<TOTAL-REVENUES> 15,070 20,261 24,298
<CGS> 11,783 14,458 18,568
<TOTAL-COSTS> 11,783 14,458 18,568
<OTHER-EXPENSES> 0 0 0
<LOSS-PROVISION> 0 0 0
<INTEREST-EXPENSE> 536 1,061 1,608
<INCOME-PRETAX> 1,976 3,944 7,405
<INCOME-TAX> 0 220 220
<INCOME-CONTINUING> 1,972 3,716 7,170
<DISCONTINUED> 0 0 0
<EXTRAORDINARY> 0 0 0
<CHANGES> 0 0 0
<NET-INCOME> 1,972 3,716 7,170
<EPS-PRIMARY> .14 .26 .50
<EPS-DILUTED> .14 .26 .50