<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-31-1997
<PERIOD-END>                OCT-31-1996
<CASH>                           23,408
<SECURITIES>                      2,264
<RECEIVABLES>                    12,030 
<ALLOWANCES>                      4,207    
<INVENTORY>                           0
<CURRENT-ASSETS>                      0
<PP&E>                        1,079,608       
<DEPRECIATION>                   88,129    
<TOTAL-ASSETS>                1,064,376         
<CURRENT-LIABILITIES>                 0
<BONDS>                         371,368   
<COMMON>                        719,904
<PREFERRED-MANDATORY>                 0
<PREFERRED>                           0
<OTHER-SE>                      (57,981)
<TOTAL-LIABILITY-AND-EQUITY>  1,064,376  
<SALES>                               0
<TOTAL-REVENUES>                 47,783 
<CGS>                                 0
<TOTAL-COSTS>                    21,784   
<OTHER-EXPENSES>                    494 
<LOSS-PROVISION>                    567  
<INTEREST-EXPENSE>                5,861
<INCOME-PRETAX>                  19,076     
<INCOME-TAX>                          0
<INCOME-CONTINUING>              19,076
<DISCONTINUED>                        0
<EXTRAORDINARY>                       0
<CHANGES>                             0
<NET-INCOME>                     19,076  
<EPS-PRIMARY>                       .33
<EPS-DILUTED>                       .33