<ARTICLE> 5 <PERIOD-TYPE> YEAR <FISCAL-YEAR-END> OCT-31-1996 <PERIOD-END> OCT-31-1996 <CASH> 243,000 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 74,085,000 <DEPRECIATION> 12,392,000 <TOTAL-ASSETS> 65,222,000 <CURRENT-LIABILITIES> 0 <BONDS> 39,617,000 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 19,314,000 <OTHER-SE> 670,000 <TOTAL-LIABILITY-AND-EQUITY> 65,222,000 <SALES> 0 <TOTAL-REVENUES> 13,678,000 <CGS> 0 <TOTAL-COSTS> 10,218,000 <OTHER-EXPENSES> 786,000 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> 2,674,000 <INCOME-TAX> 12,000 <INCOME-CONTINUING> 2,662,000 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 2,662,000 <EPS-PRIMARY> 1.71 <EPS-DILUTED> 1.71