<ARTICLE> 5 <MULTIPLIER> 1,000 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-END> MAR-31-1998 <CASH> 2,346 <SECURITIES> 0 <RECEIVABLES> 41 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 2,539 <PP&E> 191,931 <DEPRECIATION> (4,201) <TOTAL-ASSETS> 192,656 <CURRENT-LIABILITIES> 2,893 <BONDS> 114,301 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 75,462 <TOTAL-LIABILITY-AND-EQUITY> 192,656 <SALES> 0 <TOTAL-REVENUES> 5,525 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 3,865<F1> <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 2,159 <INCOME-PRETAX> 0 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (499) <EPS-PRIMARY> (0.22) <EPS-DILUTED> (0.22) <FN> <F1>Reflects nonrecurring Reformation costs of $637 associated with the Reformation of the Company as a Maryland Trust. </FN>