<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the December
31, 1996 financial statements contained in this Form 10-Q and is qualified in
its entirety by reference to such financial statements.
</LEGEND>
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          MAR-31-1997
<PERIOD-END>                               DEC-31-1996
<CASH>                                      19,038,921
<SECURITIES>                                         0
<RECEIVABLES>                                2,190,161
<ALLOWANCES>                                 1,052,956
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                      97,945,275
<DEPRECIATION>                              25,426,868
<TOTAL-ASSETS>                             595,018,115
<CURRENT-LIABILITIES>                                0
<BONDS>                                    312,117,799
<PREFERRED-MANDATORY>                       69,125,005
<PREFERRED>                                          0
<COMMON>                                   275,769,414
<OTHER-SE>                               (132,178,142)
<TOTAL-LIABILITY-AND-EQUITY>               595,018,115
<SALES>                                              0
<TOTAL-REVENUES>                            27,737,756
<CGS>                                                0
<TOTAL-COSTS>                               23,651,959
<OTHER-EXPENSES>                            13,000,000
<LOSS-PROVISION>                             2,219,772
<INTEREST-EXPENSE>                          30,316,613
<INCOME-PRETAX>                           (70,993,239)
<INCOME-TAX>                              (13,500,000)
<INCOME-CONTINUING>                       (57,493,239)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                              (57,493,239)
<EPS-PRIMARY>                                   (1.68)
<EPS-DILUTED>                                        0