<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> JAN-01-1996 <PERIOD-END> MAR-31-1996 <CASH> 890,000 <SECURITIES> 0 <RECEIVABLES> 6,827,000 <ALLOWANCES> 169,000 <INVENTORY> 0 <CURRENT-ASSETS> 1,881,000 <PP&E> 53,303,000 <DEPRECIATION> (16,019,000) <TOTAL-ASSETS> 48,017,000 <CURRENT-LIABILITIES> 540,000 <BONDS> 33,066,000 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 37,068,000 <OTHER-SE> (25,986,000) <TOTAL-LIABILITY-AND-EQUITY> 48,017,000<F1> <SALES> 0 <TOTAL-REVENUES> 2,015,000 <CGS> 0 <TOTAL-COSTS> 1,553,000<F2> <OTHER-EXPENSES> 99,000<F3> <LOSS-PROVISION> 207,000 <INTEREST-EXPENSE> 1,070,000 <INCOME-PRETAX> 363,000 <INCOME-TAX> 0 <INCOME-CONTINUING> 363,000 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 363,000 <EPS-PRIMARY> .10 <EPS-DILUTED> .10 <FN> <F1>Includes $3,299,000 of Minority Interest in joint venture <F2>Includes a gain from the sale of a property of $952,000 <F3>Represents Minority Interest portion of Current Net Income </FN>