To summarize the best multifamily REITs today, Multifamily Monitor has created this top-10 survey measured by the equity market capitalization value of their portfolios. In each profile that follows, Multifamily Monitor has secured the most updated information and has surveyed the top companies in the nation. The valuation of the REITs are ranked according to ASSETrac, Inc., a Bloomfield, N.J.-based real estate information service. In 1997 alone, mergers and acquisitions made headlines in the consolidation of the industry with year-end numbers reflecting 34 REITs worth $23.22 billion. Multifamily REITs have generated some of the highest volume deals on Wall Street and 1998 should be no exception, with many private-to-public transactions and more public-to-public deals than in 1997. In fact, since 1993 (24 REITs worth $5.54 billion), the REIT marketplace has grown by $17.67 billion in only four years.

1 Equity Residential Property Trust Market capitalization: $7.6 billion Number of units: 120,000 Two North Riverside Plaza Chicago, Ill. 60606 (312) 474-1300 Chairman: Sam Zell President & CEO: Douglas Crocker II

Equity Residential Properties Trust (EQR) is the largest owner and operator of multifamily properties traded on the New York Stock Exchange. It is the only multifamily REIT that combines a national presence with strong local management and expertise. EQR is a fully integrated operating company, organized as a self-administered, self-managed equity real estate investment trust. EQR is engaged in the acquisition, operation and long-term ownership of apartment properties throughout the United States. Major acquisitions during the last quarter of 1997 were 10,724 units on 45 properties from CARPET for $609 million and 5,015 units on 17 properties from Ameritech Pension Trust for $292.4 million.

2 Security Capital Pacific Market capitalization: $2.8 billion Number of units: 59,794 7670 S. Chester St. Suite 100 Englewood, Colo. 80112 (303) 708-5959 Chairman: Scot Sellers President & CEO: Ronald Blankenship

Security Capital Pacific (formerly Property Trust of America) is an equity real estate investment trust which primarily acquires, develops, operates and owns income producing multifamily properties in the Western United States. The trust seeks to maximize funds from operations and quarterly distributions to shareholders while building additional value through appreciation of its real estate holdings.

3 BRE Properties Inc. Market capitalization: $1.7 billion Number of units: 21,021 One Montgomery Street San Francisco, Calif. 94104 (415) 445-6530 Chairman: John McMahan President & CEO: Jay Pauly

BRE Properties Inc. is a corporation which was founded in 1970. The company is a self-administered equity real estate investment trust focusing on ownership and management of apartment communities in the Western states. In March 1996, REIT of California was merged into BRE to form one of the top-ten largest multifamily REITs in the nation. The merger brought properties in California, Nevada, Arizona, Washington and Oregon into BRE's portfolio. The principal objective of the company is to produce capital appreciation and dividends for its shareholders. In September 1997, BRE acquired Trammell Crow Residential's western U.S. portfolio for $600 million. It added 7,468 units to BRE's portfolio and projected the company into the top tier for REITs.

4 Apartment Investment & Management Co. Market Capitalization: $1.25 billion Number of units: 39,639 1873 S. Bellaire Street, Suite 1700 Denver, Colo. 80222 (303) 757-8101 Chairman: Terry Considine President: Peter Kompaniez

Apartment Investment and Management Co. (AIMCO) is a self-administered and self-managed real estate investment trust, which owns and manages apartment properties. The trust also manages properties for third parties and properties for entities controlled by affiliates. In May of 1997, AIMCO acquired 6.5 million shares of NHP, the nation's second largest apartment management group. In December, AIMCO merged with NAP. and required the spin-off of The WMF Group to solidify the merger. NHP believes that the spin-off maximizes value to AIMCO and its shareholders by controlling the direction of its investors.

5 United Dominion Realty Trust Market capitalization: $1.22 billion Number of units: 59,437 10 South 6th Street Richmond, Va. 23219 (804) 780-2691 Chairman: John McCann

United Dominion Realty Trust (UDRT), founded in 1972, is the largest REIT focusing on ownership and operation of apartment communities in the Sunbelt. UDRT is a fully integrated real estate company which acquires, repositions, develops, manages and selectively sells apartment homes for its own portfolio. UDRT's strategic objective is to be a major apartment owner in the South. During the past 15 years, UDRT has provided its shareholders with an average annual return of 20%. The last addition to its portfolio was 15,000 units acquired from South West Property Trust in December 1996.

6 Gables Residential Trust Inc. Market capitalization: $1.2 billion Number of units: 17,922 2859 Paces Ferry Rd., Suite 1450 Atlanta, Ga. 30339 (770) 436-4600 Chairman & CEO: Marcus Bromley President: John Rippel

Gables Residential Trust (GST) is one of the largest owners and developers of apartment communities in the Southeastern and Southwestern states. The company's focus is on upscale multifamily housing operations and its expertise is in the management, development and acquisition of apartment homes in eight national markets. The 15-year-old company grew its portfolio to more than 50 communities and 15,000 units during 1996. Gables Residential has been recognized as locally and nationally for the design and operation of its communities. GST is presently climbing into the top ten REITs to the No. 6 position from No.9 with 17, 922 units.

7 Merry Land & Investment Co. Inc. Market capitalization: $1.1 billion Number of units: 29,091 624 Ellis Street Augusta, Ga. 30901 (706) 722-6756 Chairman: Boone Knox President & CEO: Tennent Houston

Merry Land & Investment Co. is the largest owner and operator of upscale garden-styled apartments in the South. As of November 1997, the company had a total equity market capitalization of more than $1.1 billion and owned a high-quality portfolio of 103 communities with 29,091 units. the communities are geographically diversified throughout the Southeast, located in 27 metropolitan areas each with a population in excess of 250,000. the properties extend from the Washington DC area to Texas and Florida. Substantially, all of the company's apartments command rental rates in then upper range of their markets.

8 Post Properties Inc. Market capitalization: $1.09 billion Number of units: 29,295 3350 Cumberland Circle Atlanta, Ga. 30319 (770) 850-4400 Chairman & CEO: John Williams President: John Glover

Post Properties is one of the largest developers and operators of upscale multifamily communities in the Southeast. The company operates as a self-administered, self-managed equity real estate investment trust. since its beginning in 1971, Post Properties has adhered to a strategy of developing and managing high-end communities under the Post name. Integral to the company's operating strategy is its brand identity approach, which enables Post Properties to benefit from its reputation for upscale construction, numerous resident amenities and services, along with attractive landscaping in all its communities. The company is committed to providing the highest practical level of resident service in each of its communities. Post Properties became a REIT on July 22, 1993.

9 Security Capital Atlantic Inc. Market capitalization: $1.03 billion Number of units: 26,232 6 Piedmont Center, Suite 600 Atlanta, Ga. 30305 (404) 237-9292 Co-chairman & CIO: James Potts Co-chairman & COO: Constance Moore

Security Capital Atlantic Inc. is an equity real estate investment trust which primarily acquires, develops, operates and owns income producing multifamily properties in the Southeast. The company seeks to maximize funds from operations and quarterly distributions to its shareholders, while building additional value through appreciation of its real estate holdings.

10 Essex Property Trust Inc. Market capitalization: $556 million Number of units: 9,964 777 California Ave. Palo Alto, Calif. 94304 (415) 494-3700 Chairman: George Marcus President & CEO: Keith Guereke

Essex Property Trust Inc. is a fully integrated real estate investment trust. Essex is self-administered and self-managed while focusing on apartment properties in targeted West Coast markets, specifically the Seattle, Southern Calif., San Francisco and Portland metropolitan areas. Currently, Essex has ownership interests in 52 communities (10,376 units) and has 988 units in various stages in the pipeline. At year-end 1997, Essex invested $30.4 million in Castle Creek Apartments, a 216-unit property in New Castle, Wash. and plans on expanding its presence into the Vancouver marketplace. At present, Essex has expanded into the Pacific Northwest market.