<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEETS AND CONSOLIDATED STATEMENTS OF INCOME AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          JUL-31-1998
<PERIOD-END>                               JAN-31-1998
<CASH>                                          49,381
<SECURITIES>                                     2,004
<RECEIVABLES>                                   15,212
<ALLOWANCES>                                     6,397
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                       1,342,598
<DEPRECIATION>                                 120,764
<TOTAL-ASSETS>                               1,325,916
<CURRENT-LIABILITIES>                                0
<BONDS>                                        532,619
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                     72,775
<COMMON>                                       749,553
<OTHER-SE>                                     (64,943)
<TOTAL-LIABILITY-AND-EQUITY>                 1,325,916
<SALES>                                              0
<TOTAL-REVENUES>                               121,352
<CGS>                                                0
<TOTAL-COSTS>                                   56,619
<OTHER-EXPENSES>                                 1,374
<LOSS-PROVISION>                                 2,018
<INTEREST-EXPENSE>                              17,213
<INCOME-PRETAX>                                 44,062
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                             44,062
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    44,062
<EPS-PRIMARY>                                     0.70
<EPS-DILUTED>                                     0.69