<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-END> MAR-31-1997 <CASH> 1,287,894 <SECURITIES> 0 <RECEIVABLES> 461,750 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 40,694,464 <DEPRECIATION> (19,420,398) <TOTAL-ASSETS> 33,314,884 <CURRENT-LIABILITIES> 0 <BONDS> 27,303,653 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 0 <TOTAL-LIABILITY-AND-EQUITY> 33,314,884 <SALES> 2,426,731 <TOTAL-REVENUES> 2,464,885 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 1,658,131 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 662,123 <INCOME-PRETAX> 144,631 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 144,631 <EPS-PRIMARY> 0 <EPS-DILUTED> 0