<ARTICLE> 5 <PERIOD-TYPE> 12-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-END> DEC-31-1997 <CASH> 473 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 41,221 <PP&E> 2,472,537 <DEPRECIATION> 200,506 <TOTAL-ASSETS> 2,313,725 <CURRENT-LIABILITIES> 84,449 <BONDS> 1,156,226 <PREFERRED-MANDATORY> 0 <PREFERRED> 255,000 <COMMON> 89,168 <OTHER-SE> 714,189 <TOTAL-LIABILITY-AND-EQUITY> 2,313,725 <SALES> 386,672 <TOTAL-REVENUES> 387,795 <CGS> 0 <TOTAL-COSTS> 163,731 <OTHER-EXPENSES> 85,847 <LOSS-PROVISION> 1,400 <INTEREST-EXPENSE> 79,004 <INCOME-PRETAX> 70,199 <INCOME-TAX> 0 <INCOME-CONTINUING> 70,199 <DISCONTINUED> 0 <EXTRAORDINARY> (50) <CHANGES> 0 <NET-INCOME> 70,149 <EPS-PRIMARY> .61 <EPS-DILUTED> .60