Continuing a decade long partnership, National Real Estate Investor is pleased to present the 10th annual compilation of the National Multi Housing Council's (NMHC's) s 50 largest apartment owners and s 50 largest apartment managers

Based in Washington, DC, the National Multi Housing Council represents the interests of the larger and more prominent firms in the nation's multifamily rental housing industry.

The apartment industry has undergone a significant transformation over the 10 years that National Real Estate Investor and NMHC have joined forces to track and report on the progress of the industry's biggest firms. From the dramatic growth of the publicly traded REITs to the emergence of a new residential property management industry, apartments are clearly marked by a growing professionalism that often accompanies the growth and consolidation of any industry. It has been our joint pleasure, through the NMHC 50, to provide the research documenting these and other trends.

For the first time, the NMHC 50 in 1999 is based solely on rental apartments. Condominiums and cooperatives, which were previously included in the management statistics, have been omitted. Hotel rooms, nursing homes, hospital rooms and mobile homes continue to be excluded. Pension fund advisory firms are listed only if they have direct ownership interests (as opposed to interests as fiduciaries) or serve directly as property managers.

To ensure the 1999 NMHC 50 is as complete and accurate as possible, NMHC officials gathered names of apartment owners and managers from a wide range of sources. A senior officer from each firm was contacted for the information included in the rankings, which are for properties owned or managed on January 1, 1999. Although membership in the National Multi Housing Council is not required for inclusion in the survey, over 90% of the firms appearing in this year's rankings are NMHC members. Both NMHC and NREI express appreciation to the industry leaders for their participation in this annual effort.

The NMHC 50 was compiled and analyzed by NMHC staff members Jonathan Kempner, Doris Collins, Jack Goodman, and Michael Webb. In addition to the NMHC 50 rankings and an analysis of the results, this section includes a listing of the leadership and members of the National Multi Housing Council. These members are engaged in all aspects of the development and operation of multifamily housing, including the ownership, construction, finance and management of rental properties. NMHC staff biographies round out the section.

For those readers interested in joining the apartment industry's leadership, NMHC welcomes inquiries to its Washington offices at 202/974-2300, or you can visit NMHC's Web site at www.nmhc.org.