<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> JAN-01-1997 <PERIOD-END> MAR-31-1997 <CASH> 13,024,555 <SECURITIES> 0 <RECEIVABLES> 13,051,132 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 43,218,084 <PP&E> 42,012,691 <DEPRECIATION> 21,308 <TOTAL-ASSETS> 452,665,659 <CURRENT-LIABILITIES> 15,490,052 <BONDS> 229,955,145 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 1,467,600 <OTHER-SE> 139,430,384 <TOTAL-LIABILITY-AND-EQUITY> 452,665,659 <SALES> 14,107,360 <TOTAL-REVENUES> 15,149,894 <CGS> 1,042,534 <TOTAL-COSTS> 10,356,214 <OTHER-EXPENSES> 100,562 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 6,664,051 <INCOME-PRETAX> (6,826,649) <INCOME-TAX> 46,345 <INCOME-CONTINUING> (6,872,954) <DISCONTINUED> 0 <EXTRAORDINARY> 598,225 <CHANGES> 0 <NET-INCOME> 7,471,179 <EPS-PRIMARY> 0 <EPS-DILUTED> 0