
<TABLE> <S> <C>

<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FORM 10-K: CONSOLIDATED BALANCE SHEET AND CONSOLIDATED STATEMENT OF OPERATIONS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH ANNUAL REPORT ON FORM
10-K.
</LEGEND>
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                              JAN-1-1997
<PERIOD-END>                               DEC-31-1997
<EXCHANGE-RATE>                                      1
<CASH>                                          39,968
<SECURITIES>                                         0
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                67,409
<PP&E>                                       2,442,999
<DEPRECIATION>                                   4,153
<TOTAL-ASSETS>                               2,506,255
<CURRENT-LIABILITIES>                           87,421
<BONDS>                                        685,652
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                           859
<OTHER-SE>                                   1,667,171
<TOTAL-LIABILITY-AND-EQUITY>                 2,506,255
<SALES>                                              0
<TOTAL-REVENUES>                                56,062
<CGS>                                                0
<TOTAL-COSTS>                                    8,899
<OTHER-EXPENSES>                                 4,195
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                               3,528
<INCOME-PRETAX>                                 18,885
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                             18,885
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    18,228
<EPS-PRIMARY>                                     1.39
<EPS-DILUTED>                                     1.38
        

</TABLE>
