The following is a condensed version of the apartment management portion of the 2004 NMHC 50, an annual ranking of the 50 largest U.S. apartment owners and managers published in NREI's April issue. The companies below are ranked according to the number of apartment units they managed as of Jan. 1, 2004.

1. Apartment Investment and Management Co.

   Headquarters: Denver, CO
   CEO: Terry Considine
   Apartments With Management Interest: 239,875

2. Equity Residential

   Headquarters: Chicago, IL
   CEO: Bruce W. Duncan
   Apartments With Management Interest: 209,124

3. American Management Services (doing business as Pinnacle)

   Headquarters: Seattle, WA
   CEO: Stan J. Harrelson
   Apartments With Management Interest: 125,136

4. Lincoln Property Co.

   Headquarters: Dallas, TX
   CEO: J. Timothy Byrne
   Apartments With Management Interest: 110,236

5. Archstone-Smith

   Headquarters: Englewood, CO
   CEO: R. Scot Sellers
   Apartments With Management Interest: 82,644

6. United Dominion Realty Trust Inc.

   Headquarters: Richmond, VA
   CEO: Thomas W. Toomey
   Apartments With Management Interest: 76,804

7. Lefrak Organization Inc.

   Headquarters: Rego Park, NY
   CEO: Richard LeFrak
   Apartments With Management Interest: 71,000

8. Trammell Crow Residential

   Headquarters: Atlanta, GA
   CEO: J. Ronald Terwilliger
   Apartments with Management Interest: 70,966

9. Alliance Holdings LLC

   Headquarters: Chicago, IL
   CEO: Andrew W. Schor
   Apartments With Management Interest: 63,519

10. Sentinel Real Estate Corp.

    Headquarters: New York, NY
    CEO: John H. Streicker
    Apartments With Management Interest: 62,008

11. Wachovia

    Headquarters: Charlotte, NC
    CEO: Ken Thompson
    Apartments With Management Interest: 60,218

12. Greystar Real Estate Partners LLC

    Headquarters: Charleston, SC
    CEO: Robert A. Faith
    Apartments With Management Interest: 55,488

13. Fairfield Residential LLC

    Headquarters: San Diego, CA
    CEO: Christopher E. Hashioka
    Apartments With Management Interest: 54,684

14. Camden Property Trust

    Headquarters: Houston, TX
    CEO: Richard J. Campo
    Apartments with Ownership Interest: 52,629

15. Gables Residential Trust

    Headquarters: Boca Raton, FL
    CEO: Chris D. Wheeler
    Apartments With Management Interest: 51,310

16. Edward Rose Building Enterprise

    Headquarters: Farmington Hills, MI
    CEO: Sheldon Rose
    Apartments With Management Interest: 48,258

17. Home Properties Inc.

    Headquarters: Rochester, NY
    CEO: Edward J. Pettinella
    Apartments With Management Interest: 48,080

18. ConAm Group of Companies

    Headquarters: San Diego, CA
    CEO: Daniel J. Epstein
    Apartments With Management Interest: 46,000

19. WinnResidential

    Headquarters: Boston, MA
    CEO: Samuel Ross
    Apartments With Management Interest: 44,570

20. AvalonBay Communities Inc.

    Headquarters: Alexandria, VA
    CEO: Bryce Blair
    Apartments With Management Interest: 41,338

21. Whitehall Funds

    Headquarters: New York, NY
    CEO: Stuart Rothenberg
    Apartments with Ownership Interest: 39,000

22. Milstein Properties

    Headquarters: New York, NY
    CEO: Howard P. Milstein
    Apartments With Management Interest: 37,000

23. Mid-America Apartment Communities Inc.

    Headquarters: Memphis, TN
    CEO: H. Eric Bolton, Jr.
    Apartments With Management Interest: 35,734

24. WMC Management Company LLC

    Headquarters: Addison, TX
    CEO: John Bartling
    Apartments with Management Interest: 34,741

25. LEDIC Management Group Inc.

    Headquarters: Memphis, TN
    CEO: Jeffrey L. Kelly
    Apartments with Management Interest: 32,786