<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-31-1998 <PERIOD-END> OCT-31-1997 <CASH> 8,900 <SECURITIES> 2,067 <RECEIVABLES> 12,356 <ALLOWANCES> 6,086 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 1,321,514 <DEPRECIATION> 113,198 <TOTAL-ASSETS> 1,267,116 <CURRENT-LIABILITIES> 0 <BONDS> 477,671 <COMMON> 740,427 <PREFERRED-MANDATORY> 0 <PREFERRED> 72,775 <OTHER-SE> (64,189) <TOTAL-LIABILITY-AND-EQUITY> 1,267,113 <SALES> 0 <TOTAL-REVENUES> 59,507 <CGS> 0 <TOTAL-COSTS> 27,866 <OTHER-EXPENSES> 629 <LOSS-PROVISION> 855 <INTEREST-EXPENSE> 8,553 <INCOME-PRETAX> 21,537 <INCOME-TAX> 0 <INCOME-CONTINUING> 21,537 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 21,537 <EPS-PRIMARY> .34 <EPS-DILUTED> .34 <FN>