<ARTICLE> 5
<LEGEND>
FM Properties Inc. adopted Statement of Financial Accounting Standards
No.128, "Earning Per Share" (SFAS 128) in the fourth quarter of 1997 and
restated prior years' earning per share (EPS) as required by SFAS 128.
Presented below are the restated EPS amounts for the 6-month period ended June
30, 1996, the 9-month period ended September 30, 1996 and the year ended 
December 31, 1996. Basic and diluted EPS have been entered in place of primary
and fully diluted, respectively. The interim results below have been restate 
using the equity method of acconting which FM Properties Inc. adopted in the
fourth quarter of 1996. Results prior to the fourth quarter of 1996 had been
reported under the consolidation accounting method. 
</LEGEND>
<RESTATED> 
<CIK> 0000885508
<NAME> FM PROPERTIES INC
<MULTIPLIER> 1000
       
                                                        
<PERIOD-TYPE>                 6-MOS             9-MOS            YEAR
<FISCAL-YEAR-END>             DEC-31-1996       DEC-31-1996      DEC-31-1996
<PERIOD-END>                  JUN-30-1996       SEP-30-1996      DEC-31-1996
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<OTHER-SE>                         58,986            60,446           59,456
<TOTAL-LIABILITY-AND-EQUITY>       60,515            61,992           60,985
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<INTEREST-EXPENSE>                      0                 0                0
<INCOME-PRETAX>                     (394)               540            (450)
<INCOME-TAX>                            0             (526)            (526)
<INCOME-CONTINUING>                 (394)             1,066               76
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<NET-INCOME>                        (394)             1,066               76
<EPS-PRIMARY>                       (.03)               .07              .01
<EPS-DILUTED>                       (.03)               .07              .01