<ARTICLE> 5 <LEGEND> This Schedule contains summary financial information extracted from the consolidated balance sheet and statements of operations for Vinings Investment Properties Trust for the period ended September 30, 1997 and is qualified in its entirety by reference to such financial statements as contained in the Form 10-Q report for the nine months ended September 30, 1997. </LEGEND> <CIK> 0000759174 <NAME> Vinings Investment Properties Trust <MULTIPLIER> 1 <CURRENCY> US DOLLARS <PERIOD-TYPE> 9-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JUL-01-1997 <PERIOD-END> SEP-30-1997 <EXCHANGE-RATE> 1 <CASH> 451024 <SECURITIES> 0 <RECEIVABLES> 106542 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 11580596 <DEPRECIATION> (930713) <TOTAL-ASSETS> 11417792 <CURRENT-LIABILITIES> 0 <BONDS> 8901216 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 2102852 <TOTAL-LIABILITY-AND-EQUITY> 11417792 <SALES> 0 <TOTAL-REVENUES> 1852145 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 1361564 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 600196 <INCOME-PRETAX> (129615) <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (129615) <EPS-PRIMARY> (0.12) <EPS-DILUTED> 0