<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-START> JAN-01-1998 <PERIOD-END> MAR-31-1998 <CASH> 23,962,698 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 197,908,257 <DEPRECIATION> 27,856,000 <TOTAL-ASSETS> 202,690,567 <CURRENT-LIABILITIES> 0 <BONDS> 152,489,910 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 44,976 <OTHER-SE> 33,878,681 <TOTAL-LIABILITY-AND-EQUITY> 202,690,567 <SALES> 0 <TOTAL-REVENUES> 6,571,968 <CGS> 0 <TOTAL-COSTS> 2,853,624 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 2,788,177 <INCOME-PRETAX> 930,167 <INCOME-TAX> 373,000 <INCOME-CONTINUING> 557,167 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 209,000 <NET-INCOME> 766,167 <EPS-PRIMARY> 0.17 <EPS-DILUTED> 0.17