<ARTICLE> 5 <MULTIPLIER> 1,000 <PERIOD-TYPE> 9-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-END> SEP-30-1996 <CASH> 140,502 <SECURITIES> 47,318 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 438,320 <DEPRECIATION> 47,962 <TOTAL-ASSETS> 630,114 <CURRENT-LIABILITIES> 0 <BONDS> 153,321 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 449,372 <TOTAL-LIABILITY-AND-EQUITY> 630,114 <SALES> 0 <TOTAL-REVENUES> 54,327 <CGS> 0 <TOTAL-COSTS> 13,388 <OTHER-EXPENSES> 2,185 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 12,317 <INCOME-PRETAX> 45,363 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> (522) <CHANGES> 0 <NET-INCOME> 44,842 <EPS-PRIMARY> 1.57 <EPS-DILUTED> 1.57