<ARTICLE> 5 <PERIOD-TYPE> 9-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> JUL-01-1996 <PERIOD-END> SEP-30-1996 <CASH> 710,018 <SECURITIES> 0 <RECEIVABLES> 232,225 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 1,073,750 <PP&E> 108,986,974 <DEPRECIATION> 17,498,700 <TOTAL-ASSETS> 93,425,808 <CURRENT-LIABILITIES> 45,947,229 <BONDS> 41,266,532 <PREFERRED-MANDATORY> 0 <PREFERRED> 49,410 <COMMON> 3,150 <OTHER-SE> 4,450,729 <TOTAL-LIABILITY-AND-EQUITY> 93,425,808 <SALES> 0 <TOTAL-REVENUES> 9,857,580 <CGS> 0 <TOTAL-COSTS> 4,581,717 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 4,787,855 <INCOME-PRETAX> 488,008 <INCOME-TAX> 33,000 <INCOME-CONTINUING> 455,008 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 455,008 <EPS-PRIMARY> .06 <EPS-DILUTED> .06