The following list is a condensed version of the apartment owners 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 in which they had an ownership interest as of Jan. 1, 2004.

1. CharterMac

   Headquarters: New York, NY
   CEO: Stuart J. Boesky
   Apartments with Ownership Interest: 309,292

2. Apartment Investment and Management Company

   Headquarters: Denver, CO
   CEO: Terry Considine
   Apartments with Ownership Interest: 278,657

3. Equity Residential

   Headquarters: Chicago, IL
   CEO: Bruce W. Duncan
   Apartments with Ownership Interest: 207,506

4. MMA Financial LLC

   Headquarters: Baltimore, MD
   CEO: Mark K. Joseph
   Apartments with Ownership Interest: 182,343

5. Boston Capital Corp.

   Headquarters: Boston, MA
   CEO: John P. Manning
   Apartments with Ownership Interest: 129,660

6. SunAmerica Affordable Housing Partners Inc.

   Headquarters: Los Angeles, CA
   CEO: Michael L. Fowler
   Apartments with Ownership Interest: 127,000

7. Archstone-Smith

   Headquarters: Englewood, CO
   CEO: R. Scot Sellers
   Apartments with Ownership Interest: 82,644

8. United Dominion Realty Trust Inc.

   Headquarters: Richmond, VA
   CEO: Thomas W. Toomey
   Apartments with Ownership Interest: 76,337

9. Lefrak Organization Inc.

   Headquarters: Rego Park, NY
   CEO: Richard LeFrak
   Apartments with Ownership Interest: 71,000

10. Alliance Holdings LLC

    Headquarters: Chicago, IL
    CEO: Andrew W. Schor
    Apartments with Ownership Interest: 65,237

11. Sentinel Real Estate Corporation

    Headquarters: New York, NY
    CEO: John H. Streicker
    Apartments with Ownership Interest: 62,008

12. Morgan Stanley

    Headquarters: New York, NY
    CEO: Philip Purcell
    Apartments with Ownership Interest: 53,525

13. Camden Property Trust

    Headquarters: Houston, TX
    CEO: Richard J. Campo
    Apartments with Ownership Interest: 51,344

14. Edward Rose Building Enterprise

    Headquarters: Farmington Hills, MI
    CEO: Sheldon Rose
    Apartments with Ownership Interest: 50,516

15. PNC Multifamily Capital

    Headquarters: Portland, OR
    CEO: Don Giffen
    Apartments with Ownership Interest: 48,687

16. The Richman Group Affordable Capital Corp.

    Headquarters: Greenwich, CT
    CEO: Richard P. Richman
    Apartments with Ownership Interest: 48,211

17. Lincoln Property Co.

    Headquarters: Dallas, TX
    CEO: J. Timothy Byrne
    Apartments with Ownership Interest: 48,032

18. GE Real Estate

    Headquarters: Stamford, CT
    CEO: Michael Pralle
    Apartments with Ownership Interest: 44,647

19. Whitehall Funds

    Headquarters: New York, NY
    CEO: Stuart Rothenberg
    Apartments with Ownership Interest: 44,000

20. AvalonBay Communities Inc.

    Headquarters: Alexandria, VA
    CEO: Bryce Blair
    Apartments with Ownership Interest: 41,237

21. Home Properties, Inc.

    Headquarters: Rochester, NY
    CEO: Edward J Pettinella
    Apartments with Ownership Interest: 40,946

22. Fairfield Residential LLC

    Headquarters: San Diego, CA
    CEO: Christopher E. Hashioka
    Apartments with Ownership Interest: 38,906

23. Wachovia

    Headquarters: Charlotte, NC
    CEO: Ken Thompson
    Apartments With Management Interest: 38,014

24. Forest City Enterprises Inc.

    Headquarters: Cleveland, OH
    CEO: Charles A. Ratner
    Apartments with Ownership Interest: 37,350

25. Milstein Properties

    Headquarters: New York, NY
    CEO: Howard P. Milstein
    Apartments with Ownership Interest: 37,000