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

  


<ARTICLE>                     5
<MULTIPLIER>                                   1
<CURRENCY>                                     US dollars

                             
<PERIOD-TYPE>                   3-Mos
<FISCAL-YEAR-END>                              Oct-31-1999
<PERIOD-START>                                 Nov-01-1998
<PERIOD-END>                                   Apr-30-1999
<EXCHANGE-RATE>                                1
<CASH>                                         1,790,000
<SECURITIES>                                   0
<RECEIVABLES>                                  2,740,000
<ALLOWANCES>                                   0
<INVENTORY>                                    0
<CURRENT-ASSETS>                               0
<PP&E>                                         196,841,000 <F1>
<DEPRECIATION>                                 29,809,000
<TOTAL-ASSETS>                                 176,099,000
<CURRENT-LIABILITIES>                          9,126,000 <F2>
<BONDS>                                        39,007,000
<PREFERRED-MANDATORY>                          0
<PREFERRED>                                    33,462,000
<COMMON>                                       120,897,000
<OTHER-SE>                                     (33,379,000)
<TOTAL-LIABILITY-AND-EQUITY>                   176,009,000
<SALES>                                        0
<TOTAL-REVENUES>                               14,584,000
<CGS>                                          0
<TOTAL-COSTS>                                  0
<OTHER-EXPENSES>                               8,789,000
<LOSS-PROVISION>                               0
<INTEREST-EXPENSE>                             1,820,000
<INCOME-PRETAX>                                3,975,000
<INCOME-TAX>                                   192,000 <F3>
<INCOME-CONTINUING>                            3,783,000
<DISCONTINUED>                                 0
<EXTRAORDINARY>                                0
<CHANGES>                                      1,573,000 <F4>
<NET-INCOME>                                   2,210,000
<EPS-BASIC>                                  .21 <F5>
<EPS-DILUTED>                                  .21 <F5>
[EPS-BASIC]                                    .22 <F6>
[EPS-DILUTED]                                  .22 <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>