<ARTICLE> 5 <MULTIPLIER> 1,000 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> JAN-01-1996 <PERIOD-END> MAR-31-1996 <CASH> 660 <SECURITIES> 0 <RECEIVABLES> 8,048 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 8,708 <PP&E> 742,218 <DEPRECIATION> 15,491 <TOTAL-ASSETS> 772,697 <CURRENT-LIABILITIES> 11,907 <BONDS> 178,543 <COMMON> 228 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <OTHER-SE> 507,254 <TOTAL-LIABILITY-AND-EQUITY> 772,697 <SALES> 0 <TOTAL-REVENUES> 24,498 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 2,325 <INCOME-PRETAX> 11,971 <INCOME-TAX> 0 <INCOME-CONTINUING> 11,971 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 11,971 <EPS-PRIMARY> .53 <EPS-DILUTED> .53