<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-START> JAN-01-1998 <PERIOD-END> MAR-31-1998 <CASH> 1,169,699,000 <SECURITIES> 83,591,000 <RECEIVABLES> 89,033,000 <ALLOWANCES> (9,940,000) <INVENTORY> 0 <CURRENT-ASSETS> 51,209,000 <PP&E> 2,108,611,000 <DEPRECIATION> (255,430,000) <TOTAL-ASSETS> 3,694,951,000 <CURRENT-LIABILITIES> 292,936,000 <BONDS> 3,357,217,000 <PREFERRED-MANDATORY> 112,250,000 <PREFERRED> 0 <COMMON> 323,000 <OTHER-SE> (139,112,000) <TOTAL-LIABILITY-AND-EQUITY> 3,694,951,000 <SALES> 0 <TOTAL-REVENUES> 147,792,000 <CGS> 0 <TOTAL-COSTS> 77,333,000 <OTHER-EXPENSES> 66,565,000 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 58,058,000 <INCOME-PRETAX> (93,672,000) <INCOME-TAX> 0 <INCOME-CONTINUING> (93,672,000) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (93,672,000) <EPS-PRIMARY> (3.02) <EPS-DILUTED> (3.02)