<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> 5,052 <SECURITIES> 0 <RECEIVABLES> 3,751 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 10,419 <PP&E> 832,371 <DEPRECIATION> 21,271 <TOTAL-ASSETS> 825,679 <CURRENT-LIABILITIES> 15,777 <BONDS> 87,121 <COMMON> 229 <PREFERRED-MANDATORY> 0 <PREFERRED> 151,250 <OTHER-SE> 485,073 <TOTAL-LIABILITY-AND-EQUITY> 825,679 <SALES> 0 <TOTAL-REVENUES> 49,055 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 4,310 <INCOME-PRETAX> 23,237 <INCOME-TAX> 0 <INCOME-CONTINUING> 23,237 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 23,237 <EPS-PRIMARY> 0.94 <EPS-DILUTED> 0.94