<ARTICLE> 5 <PERIOD-TYPE> YEAR <FISCAL-YEAR-END> JUL-31-1998 <PERIOD-START> AUG-01-1997 <PERIOD-END> JUL-31-1998 <CASH> 26,284 <SECURITIES> 1,787 <RECEIVABLES> 14,025 <ALLOWANCES> 7,926 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 1,452,738 <DEPRECIATION> 136,978 <TOTAL-ASSETS> 1,384,525 <CURRENT-LIABILITIES> 0 <BONDS> 576,888 <PREFERRED-MANDATORY> 0 <PREFERRED> 72,775 <COMMON> 757,547 <OTHER-SE> (65,796) <TOTAL-LIABILITY-AND-EQUITY> 1,384,525 <SALES> 0 <TOTAL-REVENUES> 250,259 <CGS> 0 <TOTAL-COSTS> 115,889 <OTHER-EXPENSES> 2,770 <LOSS-PROVISION> 4,171 <INTEREST-EXPENSE> 36,815 <INCOME-PRETAX> 90,573 <INCOME-TAX> 0 <INCOME-CONTINUING> 90,573 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 90,573 <EPS-PRIMARY> 1.43 <EPS-DILUTED> 1.42