<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.
<MULTIPLIER>1,000
       
                        
<PERIOD-TYPE>              3-MOS
<FISCAL-YEAR-END>                          JUL-31-1996
<PERIOD-END>                               JAN-31-1996
<CASH>                                          26,015
<SECURITIES>                                     4,143
<RECEIVABLES>                                   10,546
<ALLOWANCES>                                     3,392
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                         901,673
<DEPRECIATION>                                  72,826
<TOTAL-ASSETS>                                 902,479
<CURRENT-LIABILITIES>                                0
<BONDS>                                        224,361   
<COMMON>                                       708,379
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<OTHER-SE>                                     (52,482)
<TOTAL-LIABILITY-AND-EQUITY>                   902,479
<SALES>                                              0
<TOTAL-REVENUES>                                79,318
<CGS>                                                0
<TOTAL-COSTS>                                   35,188   
<OTHER-EXPENSES>                                 1,438 
<LOSS-PROVISION>                                   734
<INTEREST-EXPENSE>                               8,456
<INCOME-PRETAX>                                 34,286  
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                             34,286
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    34,286  
<EPS-PRIMARY>                                     0.62
<EPS-DILUTED>                                     0.62