<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>