<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> APR-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> 49,410 <PREFERRED> 0 <COMMON> 700 <OTHER-SE> 5,442,618 <TOTAL-LIABILITY-AND-EQUITY> 0 <SALES> 0 <TOTAL-REVENUES> 3,373,182 <CGS> 0 <TOTAL-COSTS> 1,614,141 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 1,538,012 <INCOME-PRETAX> 221,029 <INCOME-TAX> 88,000 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 133,029 <EPS-PRIMARY> $1.90 <EPS-DILUTED> $.08