<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> MAR-31-1997 <CASH> 706,378,000 <SECURITIES> 81,255,000 <RECEIVABLES> 99,318,000 <ALLOWANCES> (4,289,000) <INVENTORY> 0 <CURRENT-ASSETS> 25,948,000 <PP&E> 1,627,089,000 <DEPRECIATION> (145,552,000) <TOTAL-ASSETS> 2,841,474,000 <CURRENT-LIABILITIES> 313,958,000 <BONDS> 2,156,532,000 <PREFERRED-MANDATORY> 101,697,000 <PREFERRED> 0 <COMMON> 321,000 <OTHER-SE> 177,646,000 <TOTAL-LIABILITY-AND-EQUITY> 2,841,474,000 <SALES> 0 <TOTAL-REVENUES> 106,817,000 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 70,756,000 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 47,609,000 <INCOME-PRETAX> (85,761,000) <INCOME-TAX> 0 <INCOME-CONTINUING> (85,761,000) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (85,761,000) <EPS-PRIMARY> (2.73) <EPS-DILUTED> 0