<ARTICLE> 5
       
                                                                                            
<PERIOD-TYPE>                        3-MOS                  6-MOS                 9-MOS                 YEAR
<FISCAL-YEAR-END>                          DEC-31-1996            DEC-31-1996           DEC-31-1996           DEC-31-1996
<PERIOD-END>                               MAR-31-1996            JUN-30-1996           SEP-30-1996           DEC-31-1996
<CASH>                                         997,785                678,768             3,475,548               581,390
<SECURITIES>                                 1,569,836              1,668,637             1,438,102               768,451
<RECEIVABLES>                                3,062,984              3,650,273             3,665,375             4,155,812
<ALLOWANCES>                                10,100,000              9,967,652            10,925,443             9,786,940
<INVENTORY>                                          0                      0                     0                     0
<CURRENT-ASSETS>                                     0                      0                     0                     0
<PP&E>                                      79,109,628             87,433,727           106,981,831           160,104,909
<DEPRECIATION>                               4,846,802              5,074,245             5,710,886             6,482,065
<TOTAL-ASSETS>                             397,412,701            434,477,937           471,877,642           519,831,197
<CURRENT-LIABILITIES>                                0                      0                     0                     0
<BONDS>                                     56,010,382            184,670,824           186,020,285           184,395,011
<PREFERRED-MANDATORY>                                0                      0                     0                     0
<PREFERRED>                                          0                      0                     0                     0
<COMMON>                                    12,082,519             14,457,086            16,079,931            18,320,291
<OTHER-SE>                                 176,610,439            225,840,172           258,672,671           307,215,850
<TOTAL-LIABILITY-AND-EQUITY>               397,412,701            434,477,937           471,877,642           519,831,197
<SALES>                                              0                      0                     0                     0
<TOTAL-REVENUES>                            10,890,381             25,515,959            39,584,267            54,401,815
<CGS>                                                0                      0                     0                     0
<TOTAL-COSTS>                                        0                      0                     0                     0
<OTHER-EXPENSES>                               662,251              1,419,583             2,249,587             3,235,434
<LOSS-PROVISION>                               150,000                300,000             1,257,791             1,407,791
<INTEREST-EXPENSE>                           3,698,254              7,560,020            11,856,930            14,634,785
<INCOME-PRETAX>                              5,677,108             11,269,980            21,629,258            30,675,562
<INCOME-TAX>                                         0                      0                     0                     0
<INCOME-CONTINUING>                          5,677,108             11,269,980            21,269,258            30,675,562
<DISCONTINUED>                                       0                      0                     0                     0
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<EPS-PRIMARY>                                     0.47                   1.13                  1.63                  2.18
<EPS-DILUTED>                                     0.47                   1.12                  1.62                  2.17