<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