<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>