<ARTICLE> 5
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-START>                             JAN-01-1999
<PERIOD-END>                               MAR-31-1999
<CASH>                                          33,597
<SECURITIES>                                         0
<RECEIVABLES>                                   42,188
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                               252,595
<PP&E>                                       5,018,949
<DEPRECIATION>                                  26,395
<TOTAL-ASSETS>                               4,935,658
<CURRENT-LIABILITIES>                          158,088
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                    100,000
<COMMON>                                           635
<OTHER-SE>                                     926,809
<TOTAL-LIABILITY-AND-EQUITY>                 4,935,658
<SALES>                                        179,947
<TOTAL-REVENUES>                               187,640
<CGS>                                                0
<TOTAL-COSTS>                                  142,213
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                              50,459
<INCOME-PRETAX>                                      0
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                             24,934
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    24,934
<EPS-PRIMARY>                                      .39
<EPS-DILUTED>                                      .39