<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-31-1995
<PERIOD-END>                               OCT-31-1995
<CASH>                                          26,299
<SECURITIES>                                     5,452
<RECEIVABLES>                                    8,334
<ALLOWANCES>                                     3,188
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                          68,464
<DEPRECIATION>                                 795,031 
<TOTAL-ASSETS>                                 799,544<FN>(1)
<CURRENT-LIABILITIES>                                0
<BONDS>                                        206,545   
<COMMON>                                       623,067    
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<OTHER-SE>                                     (50,625)
<TOTAL-LIABILITY-AND-EQUITY>                   799,549<FN>(2)
<SALES>                                              0
<TOTAL-REVENUES>                                37,795
<CGS>                                                0
<TOTAL-COSTS>                                   16,405   
<OTHER-EXPENSES>                                   747
<LOSS-PROVISION>                                   324
<INTEREST-EXPENSE>                               4,046    
<INCOME-PRETAX>                                 16,274<FN>(3)  
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                             16,274<FN>(3)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    16,274  
<EPS-PRIMARY>                                      .31
<EPS-DILUTED>                                      .31
<FN>
<F1>    Other Assets not shown are:  Mortgages Receivable, 
	Other Receivables, Prepaid Expenses and Deferred Charges, 
	and Other Assets which total $32,897.

<F2>     Additional liabilities not shown are:  Other
	 Liabilities and Tenants' Security Deposits 
	 which total $20,562

<F3>	Includes Capital Gains of $1,000.
</FN>