<ARTICLE> 5 <MULTIPLIER> 1,000 <PERIOD-TYPE> 9-MOS <FISCAL-YEAR-END> DEC-31-1995 <PERIOD-START> JAN-01-1995 <PERIOD-END> SEP-30-1995 <CASH> 6,954 <SECURITIES> 4,824 <RECEIVABLES> 8,800 <ALLOWANCES> 9,207 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 191,945 <DEPRECIATION> 16,588 <TOTAL-ASSETS> 204,641 <CURRENT-LIABILITIES> 0 <BONDS> 121,920 <COMMON> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <OTHER-SE> 76,873 <TOTAL-LIABILITY-AND-EQUITY> 204,641 <SALES> 0 <TOTAL-REVENUES> 27,318 <CGS> 0 <TOTAL-COSTS> 16,456 <OTHER-EXPENSES> 3,133 <LOSS-PROVISION> 541 <INTEREST-EXPENSE> 6,998 <INCOME-PRETAX> (1,064) <INCOME-TAX> 0 <INCOME-CONTINUING> (1,064) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (1,064) <EPS-PRIMARY> (.36) <EPS-DILUTED> (.36)