
<TABLE> <S> <C>


<PAGE>


<ARTICLE> 5
<MULTIPLIER> 1000
<CURRENCY> US DOLLARS
       
<S>                             <C>
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-END>                               MAR-31-1998
<EXCHANGE-RATE>                                      1
<CASH>                                          38,042
<SECURITIES>                                         0
<RECEIVABLES>                                    4,877
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                44,160
<PP&E>                                       1,075,077
<DEPRECIATION>                                  29,923
<TOTAL-ASSETS>                               1,106,344
<CURRENT-LIABILITIES>                           31,029
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                           370
<OTHER-SE>                                     713,401
<TOTAL-LIABILITY-AND-EQUITY>                 1,106,344
<SALES>                                              0
<TOTAL-REVENUES>                                33,102
<CGS>                                                0
<TOTAL-COSTS>                                   24,204
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                               4,387
<INCOME-PRETAX>                                  8,898
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     7,945
<EPS-PRIMARY>                                     0.25
<EPS-DILUTED>                                     0.25
        

</TABLE>
