<ARTICLE> 5 <PERIOD-TYPE> 6-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> JUN-30-1997 <CASH> 58,260,221 <SECURITIES> 30,846,185 <RECEIVABLES> 2,547,753 <ALLOWANCES> 347,000 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 259,543,497 <DEPRECIATION> 70,029,158 <TOTAL-ASSETS> 300,874,713 <CURRENT-LIABILITIES> 0 <BONDS> 242,604,634 <PREFERRED-MANDATORY> 70,063,470 <PREFERRED> 0 <COMMON> 129,238 <OTHER-SE> (21,152,826) <TOTAL-LIABILITY-AND-EQUITY> 300,874,713 <SALES> 0 <TOTAL-REVENUES> 17,374,174 <CGS> 0 <TOTAL-COSTS> 9,666,237 <OTHER-EXPENSES> 11,771,334 <LOSS-PROVISION> 273,050 <INTEREST-EXPENSE> 15,485,070 <INCOME-PRETAX> (32,628,757) <INCOME-TAX> 27,000 <INCOME-CONTINUING> (32,655,757) <DISCONTINUED> 0 <EXTRAORDINARY> 826,754 <CHANGES> 0 <NET-INCOME> (31,829,003) <EPS-PRIMARY> (2.67) <EPS-DILUTED> 0.00