<ARTICLE> 5 <MULTIPLIER> 1,000 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1995 <PERIOD-START> JAN-01-1996 <PERIOD-END> MAR-31-1996 <CASH> 5,052 <SECURITIES> 0 <RECEIVABLES> 4,913 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 655,375 <DEPRECIATION> 94,245 <TOTAL-ASSETS> 598,267 <CURRENT-LIABILITIES> 0 <BONDS> 399,573 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 120 <OTHER-SE> 157,343 <TOTAL-LIABILITY-AND-EQUITY> 598,267 <SALES> 0 <TOTAL-REVENUES> 20,878 <CGS> 0 <TOTAL-COSTS> 5,935 <OTHER-EXPENSES> 4,821<F1> <LOSS-PROVISION> 6,900<F2> <INTEREST-EXPENSE> 8,854 <INCOME-PRETAX> (5,632) <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (5,632) <EPS-PRIMARY> (.47) <EPS-DILUTED> 0 <FN> <F1>Includes depreciation and amortization of $4,437 and is net of $780 allocated to minority interests. <F2>Non-recurring charge to reserve against straight-line sents receivable. </FN>