<ARTICLE> 5 <MULTIPLIER> 1,000 <PERIOD-TYPE> 12-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-END> DEC-31-1997 <CASH> 10,516 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 1,397,138 <DEPRECIATION> 94,665 <TOTAL-ASSETS> 1,323,620 <CURRENT-LIABILITIES> 0 <BONDS> 480,754 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 317 <OTHER-SE> 710,247 <TOTAL-LIABILITY-AND-EQUITY> 1,323,620 <SALES> 0 <TOTAL-REVENUES> 199,789 <CGS> 0 <TOTAL-COSTS> 91,623 <OTHER-EXPENSES> 44,836 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 28,537 <INCOME-PRETAX> 0 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 38,438 <EPS-PRIMARY> 1.46 <EPS-DILUTED> 1.41