<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>