<ARTICLE> 5
       
                             
<PERIOD-TYPE>                    3-MOS
<FISCAL-YEAR-END>                          OCT-31-1996
<PERIOD-END>                               JAN-31-1996
<CASH>                                         4632000
<SECURITIES>                                         0
<RECEIVABLES>                                  2962000
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                       161550000<F1>
<DEPRECIATION>                                29809000
<TOTAL-ASSETS>                               153542000
<CURRENT-LIABILITIES>                          7699000
<BONDS>                                       51825000
<COMMON>                                     121049000       
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<OTHER-SE>                                  (28928000)
<TOTAL-LIABILITY-AND-EQUITY>                 153542000
<SALES>                                              0
<TOTAL-REVENUES>                               6154000
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                               4048000
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                             1329000
<INCOME-PRETAX>                                 777000
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                             777000
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                6252000<F2>
<CHANGES>                                            0
<NET-INCOME>                                   7029000
<EPS-PRIMARY>                                     1.31
<EPS-DILUTED>                                     1.31
<FN>
<F1>This item consists of Real Estate Investments
<F2>This item consists of Gains on Sales of Properties
</FN>