<ARTICLE> 5 <PERIOD-TYPE> 6-MOS <FISCAL-YEAR-END> OCT-31-1998 <PERIOD-END> APR-30-1998 <CASH> 318,000 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 78,708,000 <DEPRECIATION> (13,431,000) <TOTAL-ASSETS> 70,858,000 <CURRENT-LIABILITIES> 0 <BONDS> 48,186,000 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 19,314,000 <OTHER-SE> 1,137,000 <TOTAL-LIABILITY-AND-EQUITY> 70,858,000 <SALES> 0 <TOTAL-REVENUES> 7,030,000 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 3,472,000 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 1,836,000 <INCOME-PRETAX> 1,722,000 <INCOME-TAX> 7,000 <INCOME-CONTINUING> 1,715,000 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 1,715,000 <EPS-PRIMARY> 1.10 <EPS-DILUTED> 1.10