The following list is a condensed version of the Apartment Owners portion of the 2002 NMHC 50, an annual ranking of the 50 largest U.S. apartment owners and the 50 largest U.S. apartment managers published in NREI's March issue. The companies below are ranked according to the number of apartment units in which they had an ownership interest as of Jan. 1, 2002.

1. Apartment Investment and Management Company

Headquarters: Denver, CO
CEO: Terry Considine

Apartments With Ownership Interest: 251,201

2. Related Capital Company

Headquarters: New York, NY
CEO: Marc D. Schnitzer

Apartments With Ownership Interest: 246,918

3. Equity Residential Properties Trust

Headquarters: Chicago, IL
CEO: Douglas Crocker, II

Apartments With Ownership Interest: 226,314

4. Lend Lease Real Estate Investments

Headquarters: Atlanta, GA
CEO: Fred N. Pratt, Jr.

Apartments With Ownership Interest: 129,962

5. Boston Capital

Headquarters: Boston, MA
CEO: John P. Manning

Apartments With Ownership Interest: 110,000

6. SunAmerica Affordable Housing Partners, Inc.

Headquarters: Los Angeles, CA
CEO: Michael L. Fowler

Apartments With Ownership Interest: 107,000

7. Archstone-Smith

Headquarters: Englewood, CO
CEO: R. Scot Sellers

Apartments With Ownership Interest: 99,000

8. United Dominion Realty Trust, Inc.

Headquarters: Richmond, VA
CEO: Thomas W. Toomey

Apartments With Ownership Interest: 77,567

9. Whitehall Funds

Headquarters: New York, NY
CEO: Daniel Neidich

Apartments With Ownership Interest: 76,000

10. Lefrak Organization, Inc.

Headquarters: Rego Park, NY
CEO: Samuel J. LeFrak

Apartments With Ownership Interest: 71,000

11. Sentinel Real Estate Corporation

Headquarters: New York, NY
CEO: John H. Streicker

Apartments With Ownership Interest: 62,737

12. Casden Properties, Inc.

Headquarters: Beverly Hills, CA
CEO: Alan I. Casden

Apartments With Ownership Interest: 59,510

13. GE Capital Real Estate

Headquarters: Stamford, CT
CEO: Michael Pralle

Apartments With Ownership Interest: 54,726

14. Alliance Holdings, L.L.C.

Headquarters: Chicago, IL
CEO: Andrew W. Schor

Apartments With Ownership Interest: 52,691

15. Camden Property Trust

Headquarters: Houston, TX
CEO: Richard J. Campo

Apartments With Ownership Interest: 51,345

16. Edward Rose Building Enterprises

Headquarters: Farmington Hills, MI
CEO: Sheldon Rose

Apartments With Ownership Interest: 48,078

17. Home Properties

Headquarters: Rochester, NY
CEO: Norman Leenhouts/Nelson Leenhouts

Apartments With Ownership Interest: 48,066

18. Lincoln Property Company

Headquarters: Dallas, TX
CEO: J. Timothy Byrne

Apartments With Ownership Interest: 47,691

19. Key Global Capital

Headquarters: Cleveland, OH
CEO: Edward Chu

Apartments With Ownership Interest: 45,797

20. Richman Group Capital Corporation

Headquarters: Greenwich, CT
CEO: Richard P. Richman

Apartments With Ownership Interest: 42,526

21. AvalonBay Communities, Inc.

Headquarters: Alexandria, VA
CEO: Bryce Blair

Apartments With Ownership Interest: 41,212

22. Walden

Headquarters: Dallas, TX
CEO: John B. Bartling

Apartments With Ownership Interest: 40,297

23. Wachovia Securities Tax Credit Investments

Headquarters: Charlotte, NC
CEO: Ken Thompson

Apartments With Ownership Interest: 37,254

24. Milstein Properties

Headquarters: New York, NY
CEO: Howard P. Milstein

Apartments With Ownership Interest: 37,000

25. Fairfield Residential, L.L.C.

Headquarters: San Diego, CA
CEO: Christopher E. Hashioka

Apartments With Ownership Interest: 36,500