<ARTICLE> 5 <LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FORM 10-Q FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. </LEGEND> <MULTIPLIER> 1,000 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-START> JAN-01-1998 <PERIOD-END> MAR-31-1998 <CASH> 13,692 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 15,015 <PP&E> 668,211 <DEPRECIATION> 1,832 <TOTAL-ASSETS> 725,320 <CURRENT-LIABILITIES> 21,974 <BONDS> 202,626 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 498,543 <TOTAL-LIABILITY-AND-EQUITY> 725,320 <SALES> 0 <TOTAL-REVENUES> 21,701 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 4,507 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 4,692 <INCOME-PRETAX> 10,283 <INCOME-TAX> 0 <INCOME-CONTINUING> 10,283 <DISCONTINUED> 0 <EXTRAORDINARY> (569) <CHANGES> 0 <NET-INCOME> 9,714 <EPS-PRIMARY> .40 <EPS-DILUTED> .40