<ARTICLE> 5 <MULTIPLIER> 1,000 <PERIOD-TYPE> YEAR <FISCAL-YEAR-END> DEC-31-1994 <PERIOD-START> JAN-01-1994 <PERIOD-END> DEC-31-1994 <CASH> 7,478 <SECURITIES> 4,341 <RECEIVABLES> 11,215 <ALLOWANCES> 9,223 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 162,823 <DEPRECIATION> 13,459 <TOTAL-ASSETS> 182,839 <CURRENT-LIABILITIES> 0 <BONDS> 98,252 <COMMON> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <OTHER-SE> 78,767 <TOTAL-LIABILITY-AND-EQUITY> 182,839 <SALES> 0 <TOTAL-REVENUES> 27,042 <CGS> 0 <TOTAL-COSTS> 16,888 <OTHER-EXPENSES> 3,214 <LOSS-PROVISION> 1,429 <INTEREST-EXPENSE> 7,711 <INCOME-PRETAX> (2,541) <INCOME-TAX> 0 <INCOME-CONTINUING> (2,541) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (833) <EPS-PRIMARY> (.29) <EPS-DILUTED> (.29)