<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-START> JUL-01-1998 <PERIOD-END> SEP-30-1998 <CASH> 9,458 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 68,337 <PP&E> 3,940,770 <DEPRECIATION> 120,448 <TOTAL-ASSETS> 3,958,566 <CURRENT-LIABILITIES> 143,568 <BONDS> 1,533,858 <PREFERRED-MANDATORY> 0 <PREFERRED> 143 <COMMON> 637 <OTHER-SE> 2,248,211 <TOTAL-LIABILITY-AND-EQUITY> 3,958,566 <SALES> 0 <TOTAL-REVENUES> 118,064 <CGS> 0 <TOTAL-COSTS> 45,960 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 18,385 <INCOME-PRETAX> 31,540 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 31,540 <EPS-PRIMARY> .37 <EPS-DILUTED> .37