<ARTICLE> 5 <LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM (A) THE CONDENSED CONSOLIDATED BALANCE SHEET AND CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS FILED AS PART OF THE QUARTERLY REPORT ON FORM 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH (B) QUARTERLY REPORT ON FORM 10-Q. </LEGEND> <MULTIPLIER> 1,000 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1995 <PERIOD-START> JAN-01-1996 <PERIOD-END> MAR-31-1996 <CASH> 2,983 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 0 <DEPRECIATION> 0 <TOTAL-ASSETS> 578,273 <CURRENT-LIABILITIES> 0 <BONDS> 210,267 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 356,965 <TOTAL-LIABILITY-AND-EQUITY> 578,273 <SALES> 0 <TOTAL-REVENUES> 17,174 <CGS> 0 <TOTAL-COSTS> 3,392 <OTHER-EXPENSES> 976 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 4,615 <INCOME-PRETAX> 8,191 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 8,191 <EPS-PRIMARY> .49 <EPS-DILUTED> .49<F1> <FN> <F1>EPS-DILUTED NOT SEPARATELY REPORTED BECAUSE INCLUSION OF OPTIONS USING TREASURY STOCK METHOD AND THE ASSUMED CONVERSION OF DEBENTURES OUTSTANDING IS NOT MATERIALLY DILUTIVE. </FN>