<ARTICLE> 5
       
                             
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             JAN-01-1996
<PERIOD-END>                               DEC-31-1996
<CASH>                                          13,170
<SECURITIES>                                         0
<RECEIVABLES>                                    4,344
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                33,345<F1>
<PP&E>                                         865,222
<DEPRECIATION>                                 120,077
<TOTAL-ASSETS>                                 834,813
<CURRENT-LIABILITIES>                          225,154<F2>
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                           153
<OTHER-SE>                                     236,791
<TOTAL-LIABILITY-AND-EQUITY>                   834,813
<SALES>                                        100,516
<TOTAL-REVENUES>                               108,883<F3>
<CGS>                                           46,498<F4>
<TOTAL-COSTS>                                   47,806<F5>
<OTHER-EXPENSES>                                  1512
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                              24,802
<INCOME-PRETAX>                                 12,940
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                             12,940
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                     44
<CHANGES>                                            0
<NET-INCOME>                                    12,984
<EPS-PRIMARY>                                     1.04
<EPS-DILUTED>                                     1.04
<FN>
<F1>Includes cash, restricted cash, accounts receivable and notes receivable.
<F2>Includes secured shortterm financing, accounts payable and accrued
liabilities, resident security deposits and prepaid rents, unsecured
short-term financing.
<F3>Includes rental and other property revenues and management fees and other
income.
<F4>Includes property operating expenses owned property management expense
and management and other expenses.
<F5>Includes CGS depreciation, corporate overhead allocation, amortization
of management company goodwill, and other assets depreciation and
amortization.
</FN>