<TABLE> <S> <C>

<PAGE>

<ARTICLE> 5
<MULTIPLIER> 1,000

<S>                             <C>                      <C>
<PERIOD-TYPE>                   12-MOS                   12-MOS
<FISCAL-YEAR-END>                          DEC-31-1996             DEC-31-1995
<PERIOD-START>                             JAN-01-1996             JAN-01-1995
<PERIOD-END>                               DEC-31-1996             DEC-31-1995
<CASH>                                           5,941                   3,687
<SECURITIES>                                         0                       0
<RECEIVABLES>                                    5,987                  11,616
<ALLOWANCES>                                         0                       0
<INVENTORY>                                          0                       0
<CURRENT-ASSETS>                                     0                       0
<PP&E>                                         659,565                 653,058
<DEPRECIATION>                                 104,330                  90,478
<TOTAL-ASSETS>                                 594,876                 605,777
<CURRENT-LIABILITIES>                                0                       0
<BONDS>                                        411,240                 392,123
<PREFERRED-MANDATORY>                                0                       0
<PREFERRED>                                          0                       0
<COMMON>                                           120                     120
<OTHER-SE>                                     116,506                 167,331
<TOTAL-LIABILITY-AND-EQUITY>                   594,876                 605,777
<SALES>                                              0                       0
<TOTAL-REVENUES>                                90,125                  81,323
<CGS>                                                0                       0
<TOTAL-COSTS>                                   25,633                  26,059
<OTHER-EXPENSES>                                21,937<F1>              25,368
<LOSS-PROVISION>                                 9,044<F2>                   0
<INTEREST-EXPENSE>                              35,516                  32,304
<INCOME-PRETAX>                                (2,005)                 (2,408)
<INCOME-TAX>                                         0                       0
<INCOME-CONTINUING>                                  0                       0
<DISCONTINUED>                                       0                       0
<EXTRAORDINARY>                                      0                       0
<CHANGES>                                            0                       0
<NET-INCOME>                                   (2,005)                 (2,408)
<EPS-PRIMARY>                                   (0.17)                  (0.20)
<EPS-DILUTED>                                        0                       0
<FN>
<F1>INCLUDES DEPRECIATION AND AMORTIZATION OF $17,118 AND $20,018 FOR THE YEARS
ENDED DECEMBER 31, 1996 AND 1995, RESPECTIVELY, AND $(245) AND $(20) ALLOCATED
TO MINORITY INTERESTS, RESPECTIVELY.
<F2>NON-RECURRING CHARGES OF; $6,900 TO RESERVE AGAINST STRAIGHT-LINE RENTS
RECEIVABLE, AND $2,144 FOR BUILDING DEMOLITION FOR THE YEAR ENDED DECEMBER 31,
1996.
</FN>



</TABLE>