<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> OCT-31-1997 <PERIOD-END> JAN-31-1997 <CASH> 184,000 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 58,658,000 <DEPRECIATION> (11,633,000) <TOTAL-ASSETS> 51,494,000 <CURRENT-LIABILITIES> 0 <BONDS> 23,478,000 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 19,314,000 <OTHER-SE> 834,000 <TOTAL-LIABILITY-AND-EQUITY> 51,494,000 <SALES> 0 <TOTAL-REVENUES> 2,886,000 <CGS> 0 <TOTAL-COSTS> (2,010,000) <OTHER-EXPENSES> (163,000) <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> 713,000 <INCOME-TAX> (3,000) <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 710,000 <EPS-PRIMARY> .46 <EPS-DILUTED> .46