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>                                   Jul-31-1999
<EXCHANGE-RATE>                                1
<CASH>                                         2,970,000
<SECURITIES>                                   0
<RECEIVABLES>                                  2,573,000
<ALLOWANCES>                                   0
<INVENTORY>                                    0
<CURRENT-ASSETS>                               5,543,000
<PP&E>                                         185,316,000 <F1>
<DEPRECIATION>                                 31,094,000
<TOTAL-ASSETS>                                 175,935,000
<CURRENT-LIABILITIES>                          1,293,000
<BONDS>                                        47,334,000
<PREFERRED-MANDATORY>                          0
<PREFERRED>                                    33,462,000
<COMMON>                                       121,049,000
<OTHER-SE>                                     (34,106,000)
<TOTAL-LIABILITY-AND-EQUITY>                   175,935,000
<SALES>                                        0
<TOTAL-REVENUES>                               21,850,000
<CGS>                                          0
<TOTAL-COSTS>                                  0
<OTHER-EXPENSES>                               13,146,000
<LOSS-PROVISION>                               0
<INTEREST-EXPENSE>                             2,809,000
<INCOME-PRETAX>                                5,895,000
<INCOME-TAX>                                   303,000 <F2>
<INCOME-CONTINUING>                            5,592,000
<DISCONTINUED>                                 0
<EXTRAORDINARY>                                0
<CHANGES>                                      2,360,000 <F3>
<NET-INCOME>                                   3,232,000
<EPS-BASIC>                                  .29 <F4>
<EPS-DILUTED>                                  .29 <F4>
[EPS-BASIC]                                    .33 <F5>
[EPS-DILUTED]                                  .32 <F5>



<FN>
<F1> This item consists of Real Estate Investments
<F2> This item consists of Minority Interest in Consolidated Joint Ventures
<F3> This item consists of Preferred Stock Dividends
<F4> Applicable to Common Shareholders
<F5> Applicable to Class A Common Shareholders
</FN>