<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF THE COMPANY AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO BOTH THOSE FINANCIAL STATEMENTS AND THE FOOTNOTES
PROVIDED WITHIN THIS SCHEDULE.
</LEGEND>
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-END>                               MAR-31-1998
<CASH>                                      26,294,000<F1>
<SECURITIES>                                         0
<RECEIVABLES>                                1,532,000<F2>
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                            27,826,000<F3>
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                             306,848,000<F4>
<CURRENT-LIABILITIES>                        1,861,000<F5>
<BONDS>                                              0
<COMMON>                                   253,946,000
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                 23,343,000 
<OTHER-SE>                                  27,698,000<F6>
<TOTAL-LIABILITY-AND-EQUITY>               306,848,000<F7>
<SALES>                                              0
<TOTAL-REVENUES>                             7,333,000<F8>
<CGS>                                                0
<TOTAL-COSTS>                                1,160,000<F9>
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                              6,173,000<F10>
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                          6,173,000<F11>
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                 6,173,000<F12>
<EPS-PRIMARY>                                      .41<F1>
<EPS-DILUTED>                                      .41<F1>  <FN>
<F1> The earnings per share reflect the earnings per share of the      
Growth Shares.
</FN>