Exhibit 23



                          INDEPENDENT AUDITOR'S CONSENT


We consent to the incorporation by reference in this Post-Effective Amendment
No. 5 to Registration Statement No. 33-34930 of B. F. Saul Real Estate
Investment Trust (the "Trust") on Form S-2 of our reports dated November 4,
1993, appearing in the Annual Report on Form 10-K and the Annual Report to
security holders of the Trust for the year ended September 30, 1993,
and to the reference to us under the heading "Experts" in the Prospectus, which
is part of such Registration Statement.



STOY, MALONE & COMPANY, P.C.



Bethesda, Maryland
January 27, 1994