<ARTICLE> 5 <LEGEND> This Schedule contains summary financial information extracted from the consolidated balance sheets and consolidated statements of income and is qualified in its entirety by reference to such financial statements. <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> JUL-31-1994 <PERIOD-END> OCT-31-1994 <CASH> 1,867 <SECURITIES> 5,991 <RECEIVABLES> 8,830 <ALLOWANCES> (2,562) <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 661,781 <DEPRECIATION> 52,555 <TOTAL-ASSETS> 652,964<F1> <CURRENT-LIABILITIES> 0 <BONDS> 72,444 <COMMON> 608,853 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <OTHER-SE> (42,305) <TOTAL-LIABILITY-AND-EQUITY> 652,964<F2> <SALES> 0 <TOTAL-REVENUES> 29,961 <CGS> 0 <TOTAL-COSTS> 13,969 <OTHER-EXPENSES> 495 <LOSS-PROVISION> 238 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> 15,259 <INCOME-TAX> 0 <INCOME-CONTINUING> 15,259 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 15,259 <EPS-PRIMARY> .29 <EPS-DILUTED> .29 <FN> <F1> Additional Liabilities not shown are: Other Liabilities, and Tenants' Security Deposits which total 13,994. <F2> Other Assets not shown are: Other Receivables, Prepaid Expenses and Deferred Charges, and Other Assets which total 29,612.