<ARTICLE> 5 <MULTIPLIER> 1,000 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> JUL-31-1995 <PERIOD-START> AUG-01-1995 <PERIOD-END> OCT-31-1995 <CASH> 19,086 <SECURITIES> 0 <RECEIVABLES> 15,377 <ALLOWANCES> (1,250) <INVENTORY> 0 <CURRENT-ASSETS> 33,213 <PP&E> 371,278 <DEPRECIATION> (46,730) <TOTAL-ASSETS> 357,761 <CURRENT-LIABILITIES> 4,091 <BONDS> 112,519 <COMMON> 109 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <OTHER-SE> 241,042 <TOTAL-LIABILITY-AND-EQUITY> 357,761 <SALES> 16,715<F1> <TOTAL-REVENUES> 16,715 <CGS> 5,837<F2> <TOTAL-COSTS> 5,837 <OTHER-EXPENSES> 2,903<F3> <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 2,075 <INCOME-PRETAX> 5,900 <INCOME-TAX> 0 <INCOME-CONTINUING> 5,900 <DISCONTINUED> 0 <EXTRAORDINARY> (899)<F4> <CHANGES> 0 <NET-INCOME> 5,001 <EPS-PRIMARY> 0.46 <EPS-DILUTED> 0.46 <FN> <F1>Rental and other revenue <F2>Real estate expense <F3>Includes $1,988 of depreciation expense, a non-cash charge <F4>Net gain (loss) on sales of investments </FN>