<ARTICLE> 5
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               DEC-31-1998
<CASH>                                          12,166
<SECURITIES>                                         0
<RECEIVABLES>                                   40,830
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                       4,917,193
<DEPRECIATION>                                  75,418
<TOTAL-ASSETS>                               5,235,087
<CURRENT-LIABILITIES>                                0
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                           635
<OTHER-SE>                                     947,846
<TOTAL-LIABILITY-AND-EQUITY>                 5,235,087
<SALES>                                        487,577
<TOTAL-REVENUES>                               513,847
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                             124,860
<INCOME-PRETAX>                                      0
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                             98,593
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                (5,481)
<CHANGES>                                            0
<NET-INCOME>                                    93,112
<EPS-PRIMARY>                                     1.53
<EPS-DILUTED>                                     1.52