<ARTICLE> 5
<CIK> 0000037008
<NAME> FIRST UNION REAL ESTATE EQUITY AND MORTGAGE INVESTMENTS
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             JAN-01-1996
<PERIOD-END>                               MAR-31-1996
<EXCHANGE-RATE>                                      1
<CASH>                                       4,906,000
<SECURITIES>                                         0
<RECEIVABLES>                                4,566,000
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                             9,462,000
<PP&E>                                               0
<DEPRECIATION>                           (104,063,000)
<TOTAL-ASSETS>                             406,188,000
<CURRENT-LIABILITIES>                       17,703,000
<BONDS>                                    270,334,000
<COMMON>                                    99,700,000
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<OTHER-SE>                                           0
<TOTAL-LIABILITY-AND-EQUITY>               406,188,000
<SALES>                                              0
<TOTAL-REVENUES>                            19,897,000
<CGS>                                                0
<TOTAL-COSTS>                                9,186,000
<OTHER-EXPENSES>                             5,869,000
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                           5,719,000
<INCOME-PRETAX>                              (877,000)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                          (877,000)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                 (877,000)
<EPS-PRIMARY>                                    (.05)
<EPS-DILUTED>                                    (.05)