<ARTICLE> 5 <PERIOD-TYPE> YEAR <FISCAL-YEAR-END> OCT-31-1996 <PERIOD-END> OCT-31-1996 <CASH> 189,000 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 58,673,000 <DEPRECIATION> (11,651,000) <TOTAL-ASSETS> 51,674,000 <CURRENT-LIABILITIES> 0 <BONDS> 23,609,000 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 19,314,000 <OTHER-SE> 670,000 <TOTAL-LIABILITY-AND-EQUITY> 51,634 <SALES> 0 <TOTAL-REVENUES> 11,417,000 <CGS> 0 <TOTAL-COSTS> (8,091,000) <OTHER-EXPENSES> (652,000) <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