<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1999 <PERIOD-END> MAR-31-1999 <CASH> 1,002,000 <SECURITIES> 1,740,000 <RECEIVABLES> 832,000 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 116,505,000 <DEPRECIATION> 10,655,000 <TOTAL-ASSETS> 163,464,000 <CURRENT-LIABILITIES> 0 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 106,000 <OTHER-SE> 82,645,000 <TOTAL-LIABILITY-AND-EQUITY> 163,464,000 <SALES> 5,985,000 <TOTAL-REVENUES> 6,095,000 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 2,823,000 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 1,072,000 <INCOME-PRETAX> 2,200,000 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 2,200,000 <EPS-PRIMARY> 0.21 <EPS-DILUTED> 0.21