<ARTICLE> 5 <MULTIPLIER> 1,000 <PERIOD-TYPE> YEAR <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> DEC-31-1997 <CASH> 2,198 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 684,821 <DEPRECIATION> 50,084 <TOTAL-ASSETS> 690,914 <CURRENT-LIABILITIES> 17,000 <BONDS> 247,264 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 166 <OTHER-SE> 326,614 <TOTAL-LIABILITY-AND-EQUITY> 690,914 <SALES> 0 <TOTAL-REVENUES> 96,241 <CGS> 0 <TOTAL-COSTS> 28,592 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 14,534 <INCOME-PRETAX> 27,927 <INCOME-TAX> 0 <INCOME-CONTINUING> 27,927 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 22,255 <EPS-PRIMARY> 1.38 <EPS-DILUTED> 1.37