<TABLE> <S> <C>

<PAGE>

<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the Balance
Sheet of the Registrant as of July 31, 1999 and January 31, 1999 and the
Statements of Operations for the three and six months ended July 31, 1999 and
and 1998 and is qualified in its entirety by reference to such financial
statements.
</LEGEND>

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          JAN-31-2000
<PERIOD-START>                             FEB-01-1999
<PERIOD-END>                               JUL-31-1999
<CASH>                                         735,362
<SECURITIES>                                         0
<RECEIVABLES>                                1,742,316
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                      65,448,638
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                              67,926,316
<CURRENT-LIABILITIES>                                0
<BONDS>                                     58,559,248
                                0
                                          0
<COMMON>                                             0
<OTHER-SE>                                   9,367,068
<TOTAL-LIABILITY-AND-EQUITY>                67,926,316
<SALES>                                              0
<TOTAL-REVENUES>                             5,387,961
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                             3,448,669
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                           1,609,636
<INCOME-PRETAX>                                 90,626
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                             90,626
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    90,626
<EPS-BASIC>                                       0.04
<EPS-DILUTED>                                     0.03
<FN>
The Registrant utilizes an unclassified Balance Sheet. Therefore, the captions
"TOTAL CURRENT ASSETS" and "TOTAL CURRENT LIABILITIES" are not applicable.
</FN>


</TABLE>



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