<ARTICLE> 5 <PERIOD-TYPE> 9-MOS <FISCAL-YEAR-END> Dec-31-1996 <PERIOD-START> Jan-01-1996 <PERIOD-END> Sep-30-1996 <CASH> 1,040,000 <SECURITIES> 7,357,000 <RECEIVABLES> 591,000 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 27,960,000 <DEPRECIATION> 1,223,000 <TOTAL-ASSETS> 35,834,000 <CURRENT-LIABILITIES> 0 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 6,000 <OTHER-SE> 34,489,000 <TOTAL-LIABILITY-AND-EQUITY> 35,834,000 <SALES> 0 <TOTAL-REVENUES> 3,713,000 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 524,000 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> 2,855,000 <INCOME-TAX> 0 <INCOME-CONTINUING> 2,855,000 <DISCONTINUED> 528,000 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 3,383,000 <EPS-PRIMARY> 0.53 <EPS-DILUTED> 0.00