<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-END> MAR-31-1998 <CASH> 5,181 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 475,317 <DEPRECIATION> 68,644 <TOTAL-ASSETS> 432,590 <CURRENT-LIABILITIES> 0 <BONDS> 253,411 <PREFERRED-MANDATORY> 0 <PREFERRED> 1 <COMMON> 79 <OTHER-SE> 121,109 <TOTAL-LIABILITY-AND-EQUITY> 432,590 <SALES> 0 <TOTAL-REVENUES> 22,806 <CGS> 0 <TOTAL-COSTS> 6,652 <OTHER-EXPENSES> 5,134<F1> <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 4,792 <INCOME-PRETAX> 5,523 <INCOME-TAX> 0 <INCOME-CONTINUING> 4,115 <DISCONTINUED> 0 <EXTRAORDINARY> (332) <CHANGES> 0 <NET-INCOME> 3,783 <EPS-PRIMARY> .42 <EPS-DILUTED> .41 <FN> <F1>DEPRECIATION AND AMORTIZATION </FN>