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-31-1999
<PERIOD-START>                                 Nov-01-1998
<PERIOD-END>                                   Jan-31-1999
<EXCHANGE-RATE>                                          1
<CASH>                                           4,267,000
<SECURITIES>                                             0
<RECEIVABLES>                                    2,551,000
<ALLOWANCES>                                             0
<INVENTORY>                                              0
<CURRENT-ASSETS>                                         0
<PP&E>                                         195,365,000 <F1>
<DEPRECIATION>                                  28,683,000
<TOTAL-ASSETS>                                 177,164,000
<CURRENT-LIABILITIES>                            9,930,000 <F2>
<BONDS>                                         39,115,000
<PREFERRED-MANDATORY>                                    0
<PREFERRED>                                     33,462,000
<COMMON>                                       120,259,000
<OTHER-SE>                                     (32,891,000)
<TOTAL-LIABILITY-AND-EQUITY>                   177,164,000
<SALES>                                                  0
<TOTAL-REVENUES>                                 6,933,000
<CGS>                                                    0
<TOTAL-COSTS>                                            0
<OTHER-EXPENSES>                                 4,205,000
<LOSS-PROVISION>                                         0
<INTEREST-EXPENSE>                                 877,000
<INCOME-PRETAX>                                  1,851,000
<INCOME-TAX>                                       104,000 <F3>
<INCOME-CONTINUING>                              1,747,000
<DISCONTINUED>                                           0
<EXTRAORDINARY>                                          0
<CHANGES>                                          786,000 <F4>
<NET-INCOME>                                       961,000
<EPS-PRIMARY>                                          .09 <F5>
<EPS-DILUTED>                                          .10 <F5>
<EPS-BASIC>                                            .10 <F6>
                                               

<FN>
<F1> This item consists of Real Estate Investments
<F2> This item includes Bank Loans of $8,000,000
<F3> This item consists of Minority Interest in Consolidated Joint Ventures
<F4> This item consists of Preferred Stock Dividends
<F5> Applicable to Common Shareholders
<F6> Applicable to Class A Common Shareholders
</FN>