<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1998 <PERIOD-END> MAR-31-1998 <CASH> 1,656,000 <SECURITIES> 38,000 <RECEIVABLES> 670,000 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 135,363,000 <DEPRECIATION> 7,838,000 <TOTAL-ASSETS> 133,974,000 <CURRENT-LIABILITIES> 0 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 69,000 <OTHER-SE> 53,424,000 <TOTAL-LIABILITY-AND-EQUITY> 133,974,000 <SALES> 5,322,000 <TOTAL-REVENUES> 5,394,000 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 2,269,000 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 1,485,000 <INCOME-PRETAX> 1,640,000 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 1,640,000 <EPS-PRIMARY> .24 <EPS-DILUTED> .23