<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEETS, STATEMENT OF OPERATIONS, STATEMENT OF
SHAREHOLDERS' EQUITY, STATEMENTS OF CASH FLOWS AND NOTES TO CONSOLIDATED 
FINANCIAL STATEMENTS. AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH 
FORM 10-Q FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1998.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               MAR-31-1998
<CASH>                                           5,288
<SECURITIES>                                         0
<RECEIVABLES>                                    5,888
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                         474,808
<DEPRECIATION>                                  17,619
<TOTAL-ASSETS>                                 484,491
<CURRENT-LIABILITIES>                           18,570
<BONDS>                                        297,413
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                     11,147
<COMMON>                                            71
<OTHER-SE>                                     115,379
<TOTAL-LIABILITY-AND-EQUITY>                   484,491
<SALES>                                              0
<TOTAL-REVENUES>                                18,444
<CGS>                                                0
<TOTAL-COSTS>                                    4,713
<OTHER-EXPENSES>                                 4,809
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                               6,049
<INCOME-PRETAX>                                  2,873
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     2,003
<EPS-PRIMARY>                                      .24
<EPS-DILUTED>                                      .24