<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> MAR-31-1998 <PERIOD-END> MAR-31-1998 <CASH> 5,961 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 109,881 <PP&E> 2,834,407 <DEPRECIATION> 214,945 <TOTAL-ASSETS> 2,735,304 <CURRENT-LIABILITIES> 92,353 <BONDS> 1,400,117 <PREFERRED-MANDATORY> 0 <PREFERRED> 255,000 <COMMON> 100,701 <OTHER-SE> 849,618 <TOTAL-LIABILITY-AND-EQUITY> 2,735,304 <SALES> 104,249 <TOTAL-REVENUES> 105,261 <CGS> 0 <TOTAL-COSTS> 41,021 <OTHER-EXPENSES> 23,837 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 22,825 <INCOME-PRETAX> 17,183 <INCOME-TAX> 0 <INCOME-CONTINUING> 17,183 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 17,183 <EPS-PRIMARY> .13 <EPS-DILUTED> .13