The following is an abbreviated version of the apartment owners portion of the 2009 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, 2009.

1. MMA Financial

   St. Paul, MN
   Apartments with Ownership
   Interest: 186,459

2. Boston Capital

   Boston, MA
   Apartments with Ownership
   Interest: 171,267

3. AIMCO

   Denver, CO
   Apartments with Ownership
   Interest: 158,950

4. SunAmerica Affordable Housing Partners, Inc.

   Los Angeles, CA
   Apartments with Ownership
   Interest: 152,315

5. Equity Residential

   Chicago, IL
   Apartments with Ownership
   Interest: 148,115

6. National Equity Fund

   Chicago, IL
   Apartments with Ownership
   Interest: 100,536

7. Enterprise Community Investment

   Columbia, MD
   Apartments with Ownership
   Interest: 94,676

8. The Richman Group Affordable Housing Corp.

   Greenwich, CT
   Apartments with Ownership
   Interest: 85,197

9. Archstone

   Englewood, CO
   Apartments with Ownership
   Interest: 83,871

10. Pinnacle

    Seattle, WA
    Apartments with Ownership
    Interest: 78,848

11. PNC MultiFamily Capital Louisville, KY

    Apartments with Ownership
    Interest: 73,091

12. GE Real Estate

    Alpharetta, GA
    Apartments with Ownership
    Interest: 71,426

13. Camden Property Trust

    Houston, TX
    Apartments with Ownership
    Interest: 62,421

14. BlackRock Realty

    San Francisco, CA
    Apartments with Ownership
    Interest: 59,665

15. Alliant Capital

    Woodland Hills, CA
    Apartments with Ownership
    Interest: 57,839

16. Edward Rose & Sons

    Farmington Hills, MI
    Apartments with Ownership
    Interest: 55,052

17. Fairfield Residential

    San Diego, CA
    Apartments with Ownership
    Interest: 54,978

18. WNC & Associates

    Irvine, CA
    Apartments with Ownership
    Interest: 49,778

19. AvalonBay Communities

    Alexandria, VA
    Apartments with Ownership
    Interest: 49,730

20. UDR

    Highlands Ranch, CO
    Apartments with Ownership
    Interest: 48,499

21. Lincoln Property Co.

    Dallas, TX
    Apartments with Ownership
    Interest: 47,379

22. Forest City Residential Group

    Cleveland, OH
    Apartments with Ownership
    Interest: 45,365

23. DRA Advisors

    New York, NY
    Apartments with Ownership
    Interest: 43,440

24. Mid-America Apartment Communities

    Memphis, TN
    Apartments with Ownership
    Interest: 42,554

25. CnC Investments

    Houston, TX
    Apartments with Ownership
    Interest: 42,485