<ARTICLE> 5 <PERIOD-TYPE> YEAR <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-START> JAN-01-1998 <PERIOD-END> DEC-31-1998 <CASH> 15,923,982 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 273,008,257 <DEPRECIATION> 36,099,484 <TOTAL-ASSETS> 267,891,016 <CURRENT-LIABILITIES> 0 <BONDS> 208,001,908 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 42,163 <OTHER-SE> 34,708,442 <TOTAL-LIABILITY-AND-EQUITY> 267,891,016 <SALES> 0 <TOTAL-REVENUES> 29,317,875 <CGS> 0 <TOTAL-COSTS> 12,476,684 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 12,119,746 <INCOME-PRETAX> 4,721,445 <INCOME-TAX> 1,541,906 <INCOME-CONTINUING> 3,179,539 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 209,000 <NET-INCOME> 3,388,539 <EPS-PRIMARY> .76 <EPS-DILUTED> .75