<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-END> MAR-31-1996 <CASH> 929,000 <SECURITIES> 8,178,000 <RECEIVABLES> 505,000 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 35,024,000 <DEPRECIATION> 2,919,000 <TOTAL-ASSETS> 41,722,000 <CURRENT-LIABILITIES> 0 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 6,000 <OTHER-SE> 40,166,000 <TOTAL-LIABILITY-AND-EQUITY> 41,722,000 <SALES> 0 <TOTAL-REVENUES> 1,301,000 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 174,000 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> 992,000 <INCOME-TAX> 0 <INCOME-CONTINUING> 992,000 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 992,000 <EPS-PRIMARY> 0.16 <EPS-DILUTED> 0