<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-END> MAR-31-1996 <CASH> 8,842 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 25,684 <PP&E> 1,226,004 <DEPRECIATION> 139,524 <TOTAL-ASSETS> 1,121,006 <CURRENT-LIABILITIES> 38,021 <BONDS> 571,033 <PREFERRED-MANDATORY> 56,507 <PREFERRED> 0 <COMMON> 105,000 <OTHER-SE> 350,445 <TOTAL-LIABILITY-AND-EQUITY> 1,121,006 <SALES> 54,839 <TOTAL-REVENUES> 55,189 <CGS> 0 <TOTAL-COSTS> 23,722 <OTHER-EXPENSES> 12,227 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 10,646 <INCOME-PRETAX> 8,594 <INCOME-TAX> 0 <INCOME-CONTINUING> 9,559 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 9,559 <EPS-PRIMARY> .13 <EPS-DILUTED> .13