<ARTICLE> 5
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          MAR-31-1996
<PERIOD-END>                               JUN-30-1995
<CASH>                                          21,125
<SECURITIES>                                         0
<RECEIVABLES>                                    8,749
<ALLOWANCES>                                       555
<INVENTORY>                                          0
<CURRENT-ASSETS>                                54,343
<PP&E>                                         361,587
<DEPRECIATION>                                  22,356
<TOTAL-ASSETS>                                 431,534
<CURRENT-LIABILITIES>                           71,502
<BONDS>                                        298,634
<COMMON>                                        67,793
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<OTHER-SE>                                      17,429
<TOTAL-LIABILITY-AND-EQUITY>                   431,534
<SALES>                                              0
<TOTAL-REVENUES>                                46,441
<CGS>                                                0
<TOTAL-COSTS>                                   37,090
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                               6,998
<INCOME-PRETAX>                                  2,165
<INCOME-TAX>                                       300
<INCOME-CONTINUING>                              1,865
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     1,865
<EPS-PRIMARY>                                      .08
<EPS-DILUTED>                                      .08