<ARTICLE> 5
<RESTATED> 
<CIK> 0000037008
<NAME> FIRST UNION REAL ESTATE EQUITY AND MORTGAGE INVESTMENTS
<MULTIPLIER> 1
       
                             
<PERIOD-TYPE>                   3-MOS
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<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               MAR-31-1997
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<DEPRECIATION>                           (110,692,000)
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<EPS-PRIMARY>                                      .05
<EPS-DILUTED>                                      .05