<TABLE> <S> <C>

<PAGE>
 
<ARTICLE> 5
<MULTIPLIER> 1
       
<S>                           <C>                      <C>                   <C>
<PERIOD-TYPE>                 6-MOS                    9-MOS                 12-MOS                   
<FISCAL-YEAR-END>                          DEC-31-1996             DEC-31-1996             DEC-31-1996     
<PERIOD-START>                             JAN-01-1996             JAN-01-1996             JAN-01-1996     
<PERIOD-END>                               JUN-30-1996             SEP-30-1996             DEC-31-1996     
<CASH>                                       1,510,000               5,285,874               7,415,000     
<SECURITIES>                                         0                       0                       0     
<RECEIVABLES>                                  871,000                 859,037                 846,000     
<ALLOWANCES>                                     3,000                  29,662                  37,000     
<INVENTORY>                                          0                       0                       0     
<CURRENT-ASSETS>                             2,550,000               3,130,696               8,960,000     
<PP&E>                                     141,234,000             165,665,720             263,325,000     
<DEPRECIATION>                               5,298,000               6,100,802               7,717,000     
<TOTAL-ASSETS>                             141,091,000             170,032,917             324,625,000     
<CURRENT-LIABILITIES>                        7,246,000              15,998,801              17,656,000     
<BONDS>                                              0                       0                       0     
<COMMON>                                            10                      10                 197,000     
<PREFERRED-MANDATORY>                                0                       0                       0     
<PREFERRED>                                          0                       0                       0     
<OTHER-SE>                                  26,445,990              25,470,994             203,806,000     
<TOTAL-LIABILITY-AND-EQUITY>               141,091,000             170,032,910             324,625,000     
<SALES>                                              0                       0                       0     
<TOTAL-REVENUES>                            15,343,000              23,347,242              33,563,000     
<CGS>                                                0                       0                       0     
<TOTAL-COSTS>                               10,528,000              15,029,711              24,721,000     
<OTHER-EXPENSES>                                     0                       0                       0     
<LOSS-PROVISION>                                     0                       0                       0     
<INTEREST-EXPENSE>                           2,340,000               4,070,086               5,971,000     
<INCOME-PRETAX>                              2,475,000               3,734,016               3,082,000     
<INCOME-TAX>                                         0                       0                       0     
<INCOME-CONTINUING>                          2,475,000               3,734,016               3,082,000     
<DISCONTINUED>                                       0                       0                       0     
<EXTRAORDINARY>                                      0                       0                       0     
<CHANGES>                                            0                       0                       0     
<NET-INCOME>                                 2,475,000               3,734,016               3,082,000     
<EPS-PRIMARY>                                        0<F1>                   0<F1>                   0<F1> 
<EPS-DILUTED>                                        0<F1>                   0<F1>                   0<F1> 
<FN>
<F1> EPS IS NOT CONSIDERED MEANINGFUL, AND IS NOT PRESENTED, DUE TO CHANGES IN
     CAPITAL STRUCTURE FROM MERGERS WHICH OCCURRED OCTOBER 17, 1996.
</FN>
        

</TABLE>