<ARTICLE> 5 <MULTIPLIER> 1,000 <PERIOD-TYPE> 9-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> SEP-30-1997 <CASH> 2,031 <SECURITIES> 7,425 <RECEIVABLES> 23,136 <ALLOWANCES> 2,398 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 246,139 <DEPRECIATION> 6,305 <TOTAL-ASSETS> 354,618 <CURRENT-LIABILITIES> 0 <BONDS> 265,364 <PREFERRED-MANDATORY> 0 <PREFERRED> 841 <COMMON> 120 <OTHER-SE> 46,095 <TOTAL-LIABILITY-AND-EQUITY> 354,618 <SALES> 10,828 <TOTAL-REVENUES> 18,725 <CGS> 8,672 <TOTAL-COSTS> 13,501 <OTHER-EXPENSES> 1,902 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 20,425 <INCOME-PRETAX> (3,386) <INCOME-TAX> 0 <INCOME-CONTINUING> (3,386) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (3,386) <EPS-PRIMARY> (.29) <EPS-DILUTED> (.29)