<ARTICLE> 5 <LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM (A) CONSOLIDATED BALANCE SHEET AND STATEMENT OF OPERATIONS FILED AS PART OF THE QUARTERLY REPORT ON FORM 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH (B) QUARTERLY REPORT ON FORM 10-Q. </LEGEND> <MULTIPLIER> 1000 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> APR-01-1997 <PERIOD-END> JUN-30-1997 <CASH> 2,983 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 0 <DEPRECIATION> 0 <TOTAL-ASSETS> 731,568 <CURRENT-LIABILITIES> 0 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 0 <TOTAL-LIABILITY-AND-EQUITY> 731,568 <SALES> 0 <TOTAL-REVENUES> 22,515 <CGS> 0 <TOTAL-COSTS> 10,430 <OTHER-EXPENSES> 1,168 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 6,096 <INCOME-PRETAX> 10,917 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 10,917 <EPS-PRIMARY> .53 <EPS-DILUTED> .53<F1> <FN> <F1>EPS-Diluted not separately reported because inclusion of options using treasury stock method and the assumed conversion of debentures outstanding not materially dilutive </FN>