The following list is a condensed version of the apartment owners 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 in which they had an ownership interest as of Jan. 1, 2003.

1. Related Capital Co.
   Headquarters: New York, NY
   CEO: Marc D. Schnitzer
   Apartments with Ownership Interest: 275,831

2. Apartment Investment and Management Co.
   Headquarters: Denver, CO
   CEO: Terry Considine
   Apartments with Ownership Interest: 261,000

3. Equity Residential
   Headquarters: Chicago, IL
   CEO: Bruce W. Duncan
   Apartments with Ownership Interest: 223,591

4. Lend Lease Real Estate Investments
   Headquarters: Atlanta, GA
   CEO: David Ross
   Apartments with Ownership Interest: 136,707

5. Boston Capital Corp.
   Headquarters: Boston, MA
   CEO: John P. Manning
   Apartments with Ownership Interest: 118,000

6. SunAmerica Affordable Housing Partners Inc.
   Headquarters: Los Angeles, CA
   CEO: Michael L. Fowler
   Apartments with Ownership Interest: 117,000

7. Archstone-Smith
   Headquarters: Englewood, CO
   CEO: R. Scot Sellers
   Apartments with Ownership Interest: 99,840

8. United Dominion Realty Trust Inc.
   Headquarters: Richmond, VA
   CEO: Thomas W. Toomey
   Apartments with Ownership Interest: 74,678

9. Lefrak Organization Inc.
   Headquarters: Rego Park, NY
   CEO: Samuel J. LeFrak
   Apartments with Ownership Interest: 71,000

10. Sentinel Real Estate Corp.
    Headquarters: New York, NY
    CEO: John H. Streicker
    Apartments with Ownership Interest: 63,775

11. Whitehall Funds
    Headquarters: New York, NY
    CEO: Daniel Neidich
    Apartments with Ownership Interest: 59,239

12. Alliance Holdings LLC
    Headquarters: Chicago, IL
    CEO: Andrew W. Schor
    Apartments with Ownership Interest: 57,513

13. Key Bank Real Estate Capital, Private Equity Group
    Headquarters: Cleveland, OH
    CEO: Edward Chu, Sr.
    Apartments with Ownership Interest: 52,334

14. Camden Property Trust
    Headquarters: Houston, TX
    CEO: Richard J. Campo
    Apartments with Ownership Interest: 50,790

15. Home Properties
    Headquarters: Rochester, NY
    CEO: Norman P. Leenhouts/Nelson B. Leenhouts
    Apartments with Ownership Interest: 49,837

16. Edward Rose Building Enterprise
    Headquarters: Farmington Hills, MI
    CEO: Sheldon Rose
    Apartments with Ownership Interest: 49,307

17. Lincoln Property Co.
    Headquarters: Dallas, TX
    CEO: J. Timothy Byrne
    Apartments with Ownership Interest: 48,852

18. The Richman Group Capital Corp.
    Headquarters: Greenwich, CT
    CEO: David A. Salzman
    Apartments with Ownership Interest: 46,500

19. Columbia Housing
    Headquarters: Portland, OR
    CEO: David Sebastian
    Apartments with Ownership Interest: 40,311

20. AvalonBay Communities Inc.
    Headquarters: Alexandria, VA
    CEO: Bryce Blair
    Apartments with Ownership Interest: 39,807

21. Fairfield Residential LLC
    Headquarters: San Diego, CA
    CEO: Christopher E. Hashioka
    Apartments with Ownership Interest: 39,126

22. G.E. Real Estate
    Headquarters: Stamford, CT
    CEO: Michael Pralle
    Apartments with Ownership Interest: 37,666

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

24. Forest City Enterprises Inc.
    Headquarters: Cleveland, OH
    CEO: Charles A. Ratner
    Apartments with Ownership Interest: 36,244

25. Mid-America Apartment Communities Inc.
    Headquarters: Memphis, TN
    CEO: H. Eric Bolton Jr.
    Apartments with Ownership Interest: 33,923