<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-START> JUL-01-1998 <PERIOD-END> SEP-30-1998 <CASH> 19,370,239 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 243,008,257 <DEPRECIATION> 33,034,000 <TOTAL-ASSETS> 239,144,326 <CURRENT-LIABILITIES> 0 <BONDS> 183,132,787 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 44,076 <OTHER-SE> 34,603,934 <TOTAL-LIABILITY-AND-EQUITY> 239,144,326 <SALES> 0 <TOTAL-REVENUES> 7,307,570 <CGS> 0 <TOTAL-COSTS> 3,143,525 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 3,078,618 <INCOME-PRETAX> 1,085,427 <INCOME-TAX> 434,000 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 651,427 <EPS-PRIMARY> .15 <EPS-DILUTED> .14