The following is a condensed version of the apartment owners portion of the 2008 NMHC 50, an annual ranking of the 50 largest U.S. apartment owners and 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, 2008.

1. AIMCO

   Headquarters:
   Denver, CO
   CEO: Terry Considine
   Apartments with Ownership Interest: 197,158

2. MMA Financial LLC

   Headquarters:
   St. Paul, MN
   CEO: Michael L. Falcone
   Apartments with Ownership Interest: 188,159

3. Boston Capital

   Headquarters:
   Boston, MA
   CEO: Jack Manning
   Apartments with Ownership Interest: 167,679

4. Equity Residential

   Headquarters:
   Chicago, IL
   CEO: David J. Neithercut
   Apartments with Ownership Interest: 154,152

5. SunAmerica Affordable Housing Partners Inc.

   Headquarters:
   Los Angeles, CA
   CEO: Michael L. Fowler
   Apartments with Ownership Interest: 143,674

6. Enterprise Community Investment, Inc.

   Headquarters:
   Columbia, MD
   CEO: Jeffrey H. Donahue
   Apartments with Ownership Interest: 87,822

7. Archstone-Smith

   Headquarters:
   Englewood, CO
   CEO: R. Scot Sellers
   Apartments with Ownership Interest: 87,667

8. The Richman Group Affordable Housing Corp.

   Headquarters:
   Greenwich, CT
   CEO: Richard P. Richman
   Apartments with Ownership Interest: 80,054

9. GE Real Estate

   Headquarters:
   Addison, TX
   CEO: Ronald Pressman
   Apartments with Ownership Interest: 76,448

10. UDR, Inc

    Headquarters:
    Highlands Ranch, CO
    CEO: Thomas W. Toomey
    Apartments with Ownership Interest: 70,591

11. PNC MultiFamily Capital

    Headquarters:
    Louisville, KY
    CEO: Donald W. Giffen
    Apartments with Ownership Interest: 65,641

12. American Management Services (dba Pinnacle)

    Headquarters:
    Seattle, WA
    CEO: Stan Harrelson
    Apartments with Ownership Interest: 62,800

13. Camden Property Trust

    Headquarters:
    Houston, TX
    CEO: Ric Campo
    Apartments with Ownership Interest: 62,338

14. BlackRock Realty

    Headquarters:
    San Francisco, CA
    CEO: Fred Lieblich
    Apartments with Ownership Interest: 59,665

15. AvalonBay Communities Inc.

    Headquarters:
    Alexandria, VA
    CEO: Bryce Blair
    Apartments with Ownership Interest: 54,687

16. Edward Rose & Sons

    Headquarters:
    Farmington Hills, MI
    CEO: Warren Rose
    Apartments with Ownership Interest: 54,103

17. Fairfield Residential LLC

    Headquarters:
    San Diego, CA
    CEO: Chris Hashioka
    Apartments with Ownership Interest: 53,001

18. Alliant Capital, Ltd.

    Headquarters:
    Woodland Hills, CA
    CEO: Shawn Horwitz
    Apartments with Ownership Interest: 52,730

19. Lincoln Property Company

    Headquarters:
    Dallas, TX
    CEO: Tim Byrne
    Apartments with Ownership Interest: 49,070

20. WNC & Associates, Inc.

    Headquarters:
    Irvine, CA
    CEO: Wilfred N. Cooper, Jr.
    Apartments with Ownership Interest: 48,881

21. Forest City Residential Group, Inc.

    Headquarters:
    Cleveland, OH
    CEO: Ronald A. Ratner
    Apartments with Ownership Interest: 44,030

22. CnC Investments Ltd., LLP

    Headquarters:
    Houston, TX
    CEO: Charlie Yalamanchili
    Apartments with Ownership Interest: 42,485

23. Sentinel Real Estate Corporation

    Headquarters:
    New York, NY
    CEO: John H. Streicker
    Apartments with Ownership Interest: 42,000

24. The Michaels Development Company

    Headquarters:
    Marlton, NJ
    CEO: Robert Greer
    Apartments with Ownership Interest: 40,908

25. Mid-America Apartment Communities, Inc.

    Headquarters:
    Memphis, TN
    CEO: H. Eric Bolton, Jr.
    Apartments with Ownership Interest: 40,248