<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. <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> JUL-31-1996 <PERIOD-END> APR-30-1996 <CASH> 22,784 <SECURITIES> 2,823 <RECEIVABLES> 10,430 <ALLOWANCES> 3,897 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 913,414 <DEPRECIATION> 78,007 <TOTAL-ASSETS> 903,844 <CURRENT-LIABILITIES> 0 <BONDS> 224,305 <COMMON> 712,295 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <OTHER-SE> (55,154) <TOTAL-LIABILITY-AND-EQUITY> 903,844 <SALES> 0 <TOTAL-REVENUES> 122,671 <CGS> 0 <TOTAL-COSTS> 54,948 <OTHER-EXPENSES> 2,125 <LOSS-PROVISION> 1,388 <INTEREST-EXPENSE> 12,908 <INCOME-PRETAX> 51,583 <INCOME-TAX> 0 <INCOME-CONTINUING> 51,583 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 51,583 <EPS-PRIMARY> 0.92 <EPS-DILUTED> 0.92