WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

  


<ARTICLE>                     5
<MULTIPLIER>                                   1
<CURRENCY>                                     US dollars
       
                             
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                              Oct-31-1998
<PERIOD-START>                                 Nov-01-1997
<PERIOD-END>                                   Oct-31-1998
<EXCHANGE-RATE>                                          1
<CASH>                                           3,900,000
<SECURITIES>                                             0
<RECEIVABLES>                                    2,445,000
<ALLOWANCES>                                             0
<INVENTORY>                                              0
<CURRENT-ASSETS>                                         0
<PP&E>                                         183,165,000 <F1>
<DEPRECIATION>                                  27,763,000
<TOTAL-ASSETS>                                 165,039,000
<CURRENT-LIABILITIES>                            7,127,000 <F2>
<BONDS>                                         32,900,000
<PREFERRED-MANDATORY>                                    0
<PREFERRED>                                     33,462,000
<COMMON>                                       118,662,000
<OTHER-SE>                                     (31,333,000)
<TOTAL-LIABILITY-AND-EQUITY>                   165,039,000
<SALES>                                                  0
<TOTAL-REVENUES>                                25,595,000
<CGS>                                                    0
<TOTAL-COSTS>                                            0
<OTHER-EXPENSES>                                14,730,000
<LOSS-PROVISION>                                         0
<INTEREST-EXPENSE>                               2,522,000
<INCOME-PRETAX>                                  8,343,000
<INCOME-TAX>                                       167,000 <F3>
<INCOME-CONTINUING>                              8,176,000
<DISCONTINUED>                                           0
<EXTRAORDINARY>                                          0
<CHANGES>                                        2,561,000 <F4>
<NET-INCOME>                                     5,615,000
<EPS-BASIC>                                            .52 <F5>
<EPS-DILUTED>                                          .52 <F5>
<EPS-BASIC>                                            .57 <F6>
[EPS-DILUTED]                                          .57 <F6>
                                               

<FN>
<F1> This item consists of Real Estate Investments
<F2> This item includes Bank Loans of $6,000,000
<F3> This item consists of Minority Interest in Consolidated Joint Venture
<F4> This item consists of Preferred Stock Dividends
<F5> Applicable to Common Shareholders
<F6> Applicable to Class A Common Shareholders
</FN>