<ARTICLE> 5 <MULTIPLIER> 1,000 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> MAR-31-1997 <CASH> 84,829 <SECURITIES> 0 <RECEIVABLES> 1,351 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 144,073 <PP&E> 3,201,581 <DEPRECIATION> (328,321) <TOTAL-ASSETS> 3,113,235 <CURRENT-LIABILITIES> 128,593 <BONDS> 1,294,641 <PREFERRED-MANDATORY> 0 <PREFERRED> 393,000 <COMMON> 537 <OTHER-SE> 1,152,200 <TOTAL-LIABILITY-AND-EQUITY> 3,113,235 <SALES> 139,496 <TOTAL-REVENUES> 141,387 <CGS> 0 <TOTAL-COSTS> 51,916 <OTHER-EXPENSES> 2,975 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 23,896 <INCOME-PRETAX> 32,756 <INCOME-TAX> 0 <INCOME-CONTINUING> 32,756 <DISCONTINUED> 3,632 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 23,901 <EPS-PRIMARY> 0.46 <EPS-DILUTED> 0.46