<ARTICLE> 5
<MULTIPLIER> 1000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-END>                               MAR-31-1996
<CASH>                                           3,697
<SECURITIES>                                         0
<RECEIVABLES>                                    5,860
<ALLOWANCES>                                     2,416
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                         166,101
<DEPRECIATION>                                   1,144
<TOTAL-ASSETS>                                 237,600
<CURRENT-LIABILITIES>                                0
<BONDS>                                        169,429
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                        29,122
<OTHER-SE>                                      23,791
<TOTAL-LIABILITY-AND-EQUITY>                   237,600
<SALES>                                              0
<TOTAL-REVENUES>                                14,689
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                 9,040
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                               3,863
<INCOME-PRETAX>                                  1,786
<INCOME-TAX>                                       695
<INCOME-CONTINUING>                              1,091
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     1,091
<EPS-PRIMARY>                                      .28
<EPS-DILUTED>                                      .28
<FN>
THE REGISTRANT HAS A NON-CLASSIFIED BALANCE SHEET
</FN>