<ARTICLE>                     5
<MULTIPLIER>                                   1
<CURRENCY>                                     US dollars
       
                             
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                              Oct-31-1997
<PERIOD-START>                                 NOV-01-1996
<PERIOD-END>                                   Oct-31-1997
<EXCHANGE-RATE>                                          1
<CASH>                                           1,922,000
<SECURITIES>                                             0
<RECEIVABLES>                                    2,649,000
<ALLOWANCES>                                             0
<INVENTORY>                                              0
<CURRENT-ASSETS>                                         0
<PP&E>                                         140,469,000<F1>
<DEPRECIATION>                                  23,653,000
<TOTAL-ASSETS>                                 137,430,000
<CURRENT-LIABILITIES>                            1,603,000
<BONDS>                                         43,687,000
<PREFERRED-MANDATORY>                                    0
<PREFERRED>                                              0
<COMMON>                                       117,814,000
<OTHER-SE>                                     (29,524,000)
<TOTAL-LIABILITY-AND-EQUITY>                   137,430,000
<SALES>                                                  0
<TOTAL-REVENUES>                                24,827,000
<CGS>                                                    0
<TOTAL-COSTS>                                            0
<OTHER-EXPENSES>                                12,888,000
<LOSS-PROVISION>                                         0
<INTEREST-EXPENSE>                               3,350,000
<INCOME-PRETAX>                                  8,589,000
<INCOME-TAX>                                             0
<INCOME-CONTINUING>                              8,589,000
<DISCONTINUED>                                           0
<EXTRAORDINARY>                                          0
<CHANGES>                                                0
<NET-INCOME>                                     8,589,000
<EPS-PRIMARY>                                         1.67
<EPS-DILUTED>                                         1.67
        
<FN>
<F1> This item consists of Real Estate Investments Owned
</FN>