<ARTICLE> 5 <PERIOD-TYPE> 12-Mos <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-END> DEC-31-1996 <CASH> $ 294,389 <SECURITIES> 0 <RECEIVABLES> 638,735 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 132,474,243 <DEPRECIATION> 17,339,353 <TOTAL-ASSETS> 121,381,870 <CURRENT-LIABILITIES> 0 <BONDS> 87,897,317 <COMMON> 265 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <OTHER-SE> 24,441,772 <TOTAL-LIABILITY-AND-EQUITY> 121,381,870 <SALES> 0 <TOTAL-REVENUES> 16,291,468 <CGS> 0 <TOTAL-COSTS> 6,210,132 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 6,101,106 <INCOME-PRETAX> 0 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 3,733,972 <EPS-PRIMARY> 1.41 <EPS-DILUTED> 0.00