<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> OCT-31-1999 <PERIOD-END> JAN-31-1999 <CASH> 15,142,000 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 79,200,000 <DEPRECIATION> (14,772,000) <TOTAL-ASSETS> 83,513,000 <CURRENT-LIABILITIES> 0 <BONDS> 60,631,000 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 19,314,000 <OTHER-SE> 1,114,000 <TOTAL-LIABILITY-AND-EQUITY> 83,513,000 <SALES> 0 <TOTAL-REVENUES> 3,655,000 <CGS> 0 <TOTAL-COSTS> 1,813,000 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 1,149,000 <INCOME-PRETAX> 693,000 <INCOME-TAX> 3,000 <INCOME-CONTINUING> 690,000 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 690,000 <EPS-PRIMARY> .44 <EPS-DILUTED> .44