<ARTICLE> 5
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             JAN-01-1996
<PERIOD-END>                               MAR-31-1996
<CASH>                                             713
<SECURITIES>                                         0
<RECEIVABLES>                                    7,195<F1>
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                18,615<F2>
<PP&E>                                         506,848
<DEPRECIATION>                                  33,207
<TOTAL-ASSETS>                                 503,699
<CURRENT-LIABILITIES>                           47,708<F3>
<BONDS>                                        257,742
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                           124
<OTHER-SE>                                     166,549
<TOTAL-LIABILITY-AND-EQUITY>                   503,699
<SALES>                                         22,451
<TOTAL-REVENUES>                                22,856<F4>
<CGS>                                            9,364
<TOTAL-COSTS>                                   13,834<F5>
<OTHER-EXPENSES>                                   323
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                               5,395
<INCOME-PRETAX>                                  2,810
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                              2,810
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     2,810
<EPS-PRIMARY>                                     0.24
<EPS-DILUTED>                                     0.24
<FN>
<F1>Includes Accounts recivable and other assets.
<F2>Includes cash & restricted cash.
<F3>Includes secured short term financing accts payable and accrued liabilities
resident security deposits and prepaid rents.
<F4>Includes Rental and other property revenues and income from unconsolidated
service business subsidiaries
<F5>Includes CGS and depreciation.
</FN>