<ARTICLE> 5
       
                             
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-END>                               DEC-31-1997
<CASH>                                           1,381
<SECURITIES>                                     9,635
<RECEIVABLES>                                    7,479
<ALLOWANCES>                                     4,387
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                         309,044
<DEPRECIATION>                                  11,769
<TOTAL-ASSETS>                                 734,327
<CURRENT-LIABILITIES>                                0
<BONDS>                                        249,070
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                        24,341
<OTHER-SE>                                     445,583
<TOTAL-LIABILITY-AND-EQUITY>                   734,327
<SALES>                                              0
<TOTAL-REVENUES>                                73,308
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                 6,007
<LOSS-PROVISION>                                   600
<INTEREST-EXPENSE>                              15,365
<INCOME-PRETAX>                                 46,478
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                             46,478
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    46,478
<EPS-PRIMARY>                                     2.15
<EPS-DILUTED>                                     2.12