<ARTICLE> 5
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               MAR-31-1998
<CASH>                                             974
<SECURITIES>                                     5,018
<RECEIVABLES>                                   19,047
<ALLOWANCES>                                     2,398
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                         339,867
<DEPRECIATION>                                   6,265
<TOTAL-ASSETS>                                 451,195
<CURRENT-LIABILITIES>                                0
<BONDS>                                        293,301
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                      4,041
<COMMON>                                           135
<OTHER-SE>                                      49,576
<TOTAL-LIABILITY-AND-EQUITY>                   451,195
<SALES>                                          6,753
<TOTAL-REVENUES>                                11,567
<CGS>                                            5,780
<TOTAL-COSTS>                                    9,663
<OTHER-EXPENSES>                                 1,232
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                               9,536
<INCOME-PRETAX>                                (9,108)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                            (9,108)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   (9,108)
<EPS-PRIMARY>                                    (.86)
<EPS-DILUTED>                                    (.86)