<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> APR-01-1997 <PERIOD-END> JUN-30-1997 <CASH> 584,870 <SECURITIES> 0 <RECEIVABLES> 7,416,646 <ALLOWANCES> 600,504 <INVENTORY> 0 <CURRENT-ASSETS> 8,099,050 <PP&E> 212,101,636 <DEPRECIATION> 0 <TOTAL-ASSETS> 727,363,605 <CURRENT-LIABILITIES> 39,902,887 <BONDS> 580,661,420 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> (18,212,020) <OTHER-SE> 0 <TOTAL-LIABILITY-AND-EQUITY> 727,363,605 <SALES> 41,985,891 <TOTAL-REVENUES> 41,985,891 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 37,452,088 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 13,296,023 <INCOME-PRETAX> (8,817,604) <INCOME-TAX> 0 <INCOME-CONTINUING> (8,817,604) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (9,553,293) <EPS-PRIMARY> 0 <EPS-DILUTED> 0