<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FORM
10-Q CONSOLIDATED BALANCE SHEET AND CONSOLIDATED STATEMENT OF OPERATIONS AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH QUARTERLY REPORT ON FORM 10-Q.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               MAR-31-1998
<CASH>                                          28,584
<SECURITIES>                                         0
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                58,142
<PP&E>                                       2,755,882
<DEPRECIATION>                                  15,834
<TOTAL-ASSETS>                               2,798,190
<CURRENT-LIABILITIES>                           81,611
<BONDS>                                        922,111
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                           859
<OTHER-SE>                                   1,669,846
<TOTAL-LIABILITY-AND-EQUITY>                 2,798,190
<SALES>                                              0
<TOTAL-REVENUES>                                75,785
<CGS>                                                0
<TOTAL-COSTS>                                   20,252
<OTHER-EXPENSES>                                11,786
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                              11,841
<INCOME-PRETAX>                                 29,188
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                             29,188
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    27,906
<EPS-PRIMARY>                                     0.32
<EPS-DILUTED>                                     0.32