<ARTICLE> 5 <MULTIPLIER> 1,000 <PERIOD-TYPE> 6-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> JAN-01-1996 <PERIOD-END> JUN-30-1996 <CASH> 11,906 <SECURITIES> 0 <RECEIVABLES> 1,734 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 69,171 <PP&E> 2,479,974 <DEPRECIATION> (252,872) <TOTAL-ASSETS> 2,394,135 <CURRENT-LIABILITIES> 100,638 <BONDS> 1,036,484 <COMMON> 433 <PREFERRED-MANDATORY> 0 <PREFERRED> 278,000 <OTHER-SE> 823,549 <TOTAL-LIABILITY-AND-EQUITY> 2,394,135 <SALES> 218,408 <TOTAL-REVENUES> 219,588 <CGS> 0 <TOTAL-COSTS> 91,372 <OTHER-EXPENSES> 4,105 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 38,919 <INCOME-PRETAX> 42,259 <INCOME-TAX> 0 <INCOME-CONTINUING> 42,259 <DISCONTINUED> 2,346 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 25,808 <EPS-PRIMARY> .65 <EPS-DILUTED> .65