<ARTICLE> 5 <MULTIPLIER> 1 <PERIOD-TYPE> YEAR <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> JUN-30-1997 <CASH> 490,690 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 138,936,974 <DEPRECIATION> 21,612,000 <TOTAL-ASSETS> 122,130,242 <CURRENT-LIABILITIES> 0 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 49,410 <COMMON> 3,650 <OTHER-SE> 5,439,668 <TOTAL-LIABILITY-AND-EQUITY> 122,130,242 <SALES> 0 <TOTAL-REVENUES> 6,589,756 <CGS> 0 <TOTAL-COSTS> 3,149,521 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 3,021,048 <INCOME-PRETAX> 419,187 <INCOME-TAX> 160,000 <INCOME-CONTINUING> 259,187 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 259,187 <EPS-PRIMARY> .03 <EPS-DILUTED> .03