<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-END> MAR-31-1998 <CASH> 3,031,340 <SECURITIES> 276,429 <RECEIVABLES> 31,707,309 <ALLOWANCES> 151,847 <INVENTORY> 0 <CURRENT-ASSETS> 6,061,864 <PP&E> 27,780,485 <DEPRECIATION> 6,592,138 <TOTAL-ASSETS> 62,256,758 <CURRENT-LIABILITIES> 4,056,655 <BONDS> 42,949,902 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 359,996 <OTHER-SE> 12,050,363 <TOTAL-LIABILITY-AND-EQUITY> 62,256,758 <SALES> 0 <TOTAL-REVENUES> 3,830,162 <CGS> 0 <TOTAL-COSTS> 1,655,179 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 866,535 <INCOME-PRETAX> 696,274 <INCOME-TAX> 0 <INCOME-CONTINUING> 696,274 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 696,274 <EPS-PRIMARY> 0.19 <EPS-DILUTED> 0.19