<ARTICLE> 5
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          OCT-31-1998
<PERIOD-END>                               JAN-31-1998
<CASH>                                         433,000
<SECURITIES>                                         0
<RECEIVABLES>                                  372,000
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                      78,412,000
<DEPRECIATION>                            (13,013,000)
<TOTAL-ASSETS>                              70,683,000
<CURRENT-LIABILITIES>                                0
<BONDS>                                     48,356,000
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                    19,314,000
<OTHER-SE>                                     842,000
<TOTAL-LIABILITY-AND-EQUITY>                70,683,000
<SALES>                                              0
<TOTAL-REVENUES>                             3,374,000
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                             1,669,000
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                             906,000
<INCOME-PRETAX>                                799,000
<INCOME-TAX>                                     3,000
<INCOME-CONTINUING>                            796,000
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   796,000
<EPS-PRIMARY>                                      .51
<EPS-DILUTED>                                      .51