With all of the more recent deal flow in the apartment-REIT arena, we thought it would be nice to take a real snapshot-look at the leading apartment REITs. So, NREI and New York-based Bear, Stearns teamed up to present the top 10 apartment REITs as of the end of the 1900s. These rankings are based on information provided by Bear, Stearns, and reflect total equity market capitalization (not including debt) as of Oct. 15.

As you will notice, there is quite a discrepancy between No. 1 Equity Residential Properties Trust and the rest of the field. But then that just gives everyone else something big to shoot for, right?

1 Equity Residential Properties Trust Two North Riverside Plaza, Suite 600 Chicago, IL 60606 (312) 474-1300

FAX: (312) 454-0805

Contact: Douglas Crocker II, President & CEO

Equity Market Capitalization: $6.9 billion

No. of Units: 193,615

Companies acquired or merged: Lexford Residential Trust, Merry Land & Investment Co. Inc., Wellsford Residential Properties Trust, Evans Withycombe Residential

2 Apartment Investment and Management Co. 1873 South Bellaire St. Suite 1700 Denver, CO 80222-4348 (303) 757-8101

FAX: (303) 757-8735

Contact: Terry Considine, Chairman & CEO; Peter Kompaniez, President

Equity Market Capitalization: $3.6 billion

No. of Units: 233,040

Companies acquired or merged: NHP Inc., Insignia Financial Group, Ambassador Apartments Inc.

3 Archstone Communities 7670 S. Chester St., Suite 100 Englewood, CO 80112 (303) 708-5959

FAX: (303) 708-5999

Contact: R. Scott Sellers, President & CEO

Equity Market Capitalization: $3.1 billion

No. of Units: 69,412

Companies acquired or merged: Security Capital Pacific, Security Capital Atlantic

4 AvalonBay Properties 2900 Eisenhower Drive Suite 300 Alexandria, VA 22314 (703) 329-6300

FAX: (703) 320-1459

Contact: Richard L. Michaux, CEO

Equity Market Capitalization: $2.5 billion

No. of Units: 32,439

Companies acquired or merged: Avalon Properties Inc., Bay Apartment Communities

5 Post Properties Inc. One Riverside 4401 Northside Parkway Suite 800 Atlanta, GA 30327-3057 (404) 846-5000

FAX: (404) 504-9367

Contact: John A. Williams, Chairman & CEO; John T. Glover, President

Equity Market Capitalization: $1.9 billion

No. of Units: 28,326

Companies acquired or merged: Columbus Realty Trust

6 United Dominion Realty Trust Inc. 10 S. Sixth St., Suite 203 Richmond, VA 23219 (804) 780-2691

FAX: (804) 343-1912

Contact: John P. McCann, President & CEO

Equity Market Capitalization: $1.6 billion

No. of Units: 85,402

Companies acquired or merged: ASR Investments Corp., American Apartment Communities II, South West Property Trust Inc.

7 Camden Property Trust Three Greenway Plaza Suite 1300 Houston, TX 77046 (713) 354-2500

FAX: (713) 354-2599

Contact: Richard Campo, Chairman & CEO; Keith Oden, President & COO

Equity Market Capitalization: $1.3 billion

No. of Units: 51,490

Companies acquired or merged: Oasis Residential Inc., Paragon Group Inc.

8 BRE Properties Inc. 44 Montgomery St. 36th Floor San Francisco, CA 94104 (415) 445-6530

FAX: (415) 445-6505

Contact: Frank C. McDowell, President & CEO

Equity Market Capitalization: $1.2 billion

No. of Units: 22,062

Companies acquired or merged: REIT of California, Trammell Crow Residential-West

9 Gables Residential Trust 2859 Paces Ferry Road Suite 1450 Atlanta, GA 30339 (770) 436-4600

FAX: (770) 435-7434

Contact: Chris Wheeler, President & CEO

Equity Market Capitalization: $965 million

No. of Units: 25,306

Companies acquired or merged: Trammell Crow Residential - S. Fla.

10 Walden Residential Properties Inc. 5080 Spectrum Drive Suite 1000 East Dallas, TX 75248 (972) 788-0510

FAX: (972) 788-1550

Contact: Marshall Edwards, President & CEO

Equity Market Capitalization: $831 million

No. of Units: 40,220

Companies acquired or merged: Drever Partners Inc.