<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
INTERIM CONSOLIDATED STATEMENT OF INCOME FOR THE QUARTER ENDED MARCH 31, 1996
AND THE CONSOLIDATED BALANCE SHEET AS OF MARCH 31, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             JAN-01-1996
<PERIOD-END>                               MAR-31-1996
<CASH>                                       6,494,943
<SECURITIES>                                         0
<RECEIVABLES>                                7,656,833
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                     244,316,463
<DEPRECIATION>                            (45,280,788)
<TOTAL-ASSETS>                             220,150,187
<CURRENT-LIABILITIES>                                0
<BONDS>                                    122,057,698
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                           937
<OTHER-SE>                                  96,093,155
<TOTAL-LIABILITY-AND-EQUITY>               220,150,187
<SALES>                                              0
<TOTAL-REVENUES>                             6,799,356
<CGS>                                                0
<TOTAL-COSTS>                                1,701,862
<OTHER-EXPENSES>                               146,596
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                           2,558,827
<INCOME-PRETAX>                              1,727,124
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                          1,673,445
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                 1,673,445
<EPS-PRIMARY>                                     0.18
<EPS-DILUTED>                                     0.18