<ARTICLE> 5 <MULTIPLIER> 1,000 <PERIOD-TYPE> YEAR <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-1-1997 <PERIOD-END> DEC-31-1997 <CASH> 5,387 <SECURITIES> 6,205 <RECEIVABLES> 27,924 <ALLOWANCES> 2,398 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 315,431 <DEPRECIATION> 6,285 <TOTAL-ASSETS> 433,799 <CURRENT-LIABILITIES> 0 <BONDS> 261,986 <PREFERRED-MANDATORY> 0 <PREFERRED> 4,041 <COMMON> 135 <OTHER-SE> 59,277 <TOTAL-LIABILITY-AND-EQUITY> 433,799 <SALES> 17,926 <TOTAL-REVENUES> 29,075 <CGS> 14,492 <TOTAL-COSTS> 24,195 <OTHER-EXPENSES> 3,338 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 30,231 <INCOME-PRETAX> (2,428) <INCOME-TAX> 0 <INCOME-CONTINUING> (2,428) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (2,428) <EPS-PRIMARY> (.22) <EPS-DILUTED> (.22)