<TABLE> <S> <C>


<PAGE>

<ARTICLE> 5
       
<S>                             <C>                          <C>                           <C>                     

<PERIOD-TYPE>                   9-MOS                        6-MOS                         3-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>                               SEP-30-1996                  JUN-30-1996                   MAR-31-1996
<CASH>                                          60,131                       57,366                        56,865 
<SECURITIES>                                         0                            0                             0
<RECEIVABLES>                                   30,874                       19,101                        12,764
<ALLOWANCES>                                         0                            0                             0
<INVENTORY>                                          0                            0                             0
<CURRENT-ASSETS>                                     0                            0                             0
<PP&E>                                          11,282                       10,204                         8,291
<DEPRECIATION>                                       0                            0                             0
<TOTAL-ASSETS>                                 471,889                      473,720                       372,363
<CURRENT-LIABILITIES>                                0                            0                             0
<BONDS>                                        205,590                      215,312                       151,086 
<PREFERRED-MANDATORY>                                0                            0                        15,000 
<PREFERRED>                                          0                            0                             0
<COMMON>                                           288                          287                           260
<OTHER-SE>                                     213,125                      212,121                       159,554
<TOTAL-LIABILITY-AND-EQUITY>                   471,889                      473,720                       372,363
<SALES>                                              0                            0                             0
<TOTAL-REVENUES>                               149,204                       83,319                        40,221
<CGS>                                                0                            0                             0
<TOTAL-COSTS>                                  106,570                       54,273                        26,552 
<OTHER-EXPENSES>                                25,477                       16,768                        11,501 
<LOSS-PROVISION>                                     0                            0                             0
<INTEREST-EXPENSE>                              11,942                        6,667                         3,311 
<INCOME-PRETAX>                                  8,097                        7,690                         3,420 
<INCOME-TAX>                                     3,077                        2,922                         1,300 
<INCOME-CONTINUING>                                  0                            0                             0
<DISCONTINUED>                                       0                            0                             0
<EXTRAORDINARY>                                      0                            0                             0
<CHANGES>                                            0                            0                             0
<NET-INCOME>                                     5,020                        4,768                         2,120   
<EPS-PRIMARY>                                     0.18                         0.18                          0.08   
<EPS-DILUTED>                                     0.16                         0.15                          0.07   
                                                     
                                                                

</TABLE>