<ARTICLE> 5 <MULTIPLIER> 1,000 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-START> JAN-1-1998 <PERIOD-END> MAR-31-1998 <CASH> 2,758 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 0 <DEPRECIATION> 0 <TOTAL-ASSETS> 941,417 <CURRENT-LIABILITIES> 0 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 0 <TOTAL-LIABILITY-AND-EQUITY> 941,417 <SALES> 0 <TOTAL-REVENUES> 26,268 <CGS> 0 <TOTAL-COSTS> 12,756 <OTHER-EXPENSES> 1,365 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 7,629 <INCOME-PRETAX> 12,147 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 12,147 <EPS-PRIMARY> .55 <EPS-DILUTED> .55