The following list is a condensed version of the apartment management portion of the 2003 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 April issue. The companies below are ranked according to the number of apartment units they managed as of Jan. 1, 2003.

1. Apartment Investment and Management Co.
   Headquarters:
   Denver, CO
   CEO: Terry Considine
   Apartments With Management Interest: 309,000
2. Equity Residential
   Headquarters:
   Chicago, IL
   CEO: Bruce W. Duncan
   Apartments With
   Management Interest: 219,337
3. Pinnacle Realty Management Co.
   Headquarters:Seattle, WA
   CEO: Stan J. Harrelson
   Apartments With
   Management Interest: 115,001
4. Archstone-Smith
   Headquarters:
   Englewood, CO
   CEO: R. Scot Sellers
   Apartments With
   Management Interest: 109,990
5. Lincoln Property Co.
   Headquarters:
   Dallas, TX
   CEO: J. Timothy Byrne
   Apartments With
   Management Interest: 101,683
6. Trammell Crow Residential
   Headquarters:
   Atlanta, GA
   CEO: J. Ronald Terwilliger
   Apartments with Management Interest: 74,467
7. United Dominion Realty Trust Inc.
   Headquarters:
   Richmond, VA
   CEO: Thomas W. Toomey
   Apartments With
   Management Interest: 72,972
8. Lefrak Organization Inc.
   Headquarters:
   Rego Park, NY
   CEO: Samuel J. LeFrak
   Apartments With Management Interest: 71,000
9. Sentinel Real Estate Corp.
   Headquarters:
   New York, NY
   CEO: John H. Streicker
   Apartments With
   Management Interest: 63,775
10. Alliance Holdings LLC
    Headquarters:
    Chicago, IL
    CEO: Andrew W. Schor
    Apartments With
    Management Interest: 57,513
11. Whitehall Funds
    Headquarters:
    New York, NY
    CEO: Daniel Neidich
    Apartments With
    Management Interest: 53,761
12. Fairfield Residential LLC
    Headquarters:
    San Diego, CA
    CEO: Christopher E. Hashioka
    Apartments With
    Management Interest: 53,299
13. Camden Property Trust
    Headquarters:
    Houston, TX
    CEO: Richard J. Campo
    Apartments With
    Management Interest: 52,075
14. Home Properties
    Headquarters:
    Rochester, NY
    CEO: Norman P. Leenhouts/Nelson B. Leenhouts
    Apartments With
    Management Interest: 51,905
15. Edward Rose Building Enterprise
    Headquarters:
    Farmington Hills, MI
    CEO: Sheldon Rose
    Apartments With
    Management Interest: 47,049
16. ConAm Group of Companies
    Headquarters:
    San Diego, CA
    CEO: Daniel J. Epstein
    Apartments With
    Management Interest: 45,836
17. Greystar Real Estate Partners LLC
    Headquarters:
    Charleston, SC
    CEO: Robert A. Faith
    Apartments With
    Management Interest: 45,191
18. Gables Residential Trust
    Headquarters:
    Boca Raton, FL
    CEO: Chris D. Wheeler
    Apartments With
    Management Interest: 44,859
19. WinnResidential
    Headquarters:
    Boston, MA
    CEO: Samuel Ross
    Apartments With
    Management Interest: 42,862
20. AvalonBay Communities Inc.
    Headquarters:
    Alexandria, VA
    CEO: Bryce Blair
    Apartments With
    Management Interest: 39,908
21. WMC Management Co. LLC
    Headquarters:
    Addison, TX
    CEO: John B. Bartling
    Apartments With
    Management Interest: 39,595
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: 33,923
24. Colson & Colson/Holiday Retirement Corp.
    Headquarters:
    Salem, OR
    CEO: William E. Colson
    Apartments with
    Management Interest: 32,889
25. LEDIC Management Group Inc.
    Headquarters:
    Memphis, TN
    CEO: L. Brent Garrett
    Apartments with
    Management Interest: 32,866