The following is a condensed version of the apartment management portion of the 2007 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 they managed as of Jan. 1, 2007.

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1. AIMCO

   Headquarters:
   Denver, CO
   CEO: Terry Considine
   Apartments with Management
   Interest: 209,412

2. Equity Residential

   Headquarters:
   Chicago, IL
   CEO: David J. Neithercut
   Apartments with Management
   Interest: 165,716

3. Apartment Investment and Management Co.

   Headquarters:
   Denver, CO
   CEO: Stan Harrelson
   Apartments with Management
   Interest: 144,327

4. Lincoln Property Co.

   Headquarters:
   Dallas, TX
   CEO: J. Timothy Byrne
   Apartments with Management
   Interest: 126,104

5. CAS, Riverstone/Banyan

   Headquarters:
   Dallas, TX and Rockville, MD
   CEO: Christine Freeland
   Apartments with Management
   Interest: 91,250

6. Archstone-Smith

   Headquarters:
   Englewood, CO
   CEO: R. Scot Sellers
   Apartments with Management
   Interest: 84,176

7. Greystar Real Estate Partners LLC

   Headquarters:
   Charleston, SC
   CEO: Robert A. Faith
   Apartments with Management
   Interest: 80,911

8. United Dominion Realty Trust Inc.

   Headquarters:
   Littleton, CO
   CEO: Thomas W. Toomey
   Apartments with Management
   Interest: 70,339

9. Wachovia

   Headquarters:
   Charlotte, NC
   CEO: Brett Smith
   Apartments with Management
   Interest: 69,558

10. WinnCompanies

    Headquarters:
    Boston, MA
    CEO: Samuel Ross
    Apartments with Management
    Interest: 65,087

11. Camden Property Trust

    Headquarters:
    Houston, TX
    CEO: Richard J. Campo
    Apartments with Management
    Interest: 64,063

12. Fairfield Residential LLC

    Headquarters:
    San Diego, CA
    CEO: Christopher E. Hashioka
    Apartments with Management
    Interest: 58,348

13. Edward Rose Building Enterprise

    Headquarters:
    Farmington Hills, MI
    CEO: Warren Rose
    Apartments with Management
    Interest: 50,937

14. Capstone Real Estate Services, Inc.

    Headquarters:
    Austin, TX
    CEO: James W. Berkey
    Apartments with Management
    Interest: 50,597

15. AvalonBay Communities Inc.

    Headquarters:
    Alexandria, VA
    CEO: Bryce Blair
    Apartments with Management
    Interest: 48,294

16. BlackRock Realty

    Headquarters:
    Florham Park, NJ
    CEO: Fred Lieblich
    Apartments with Management
    Interest: 48,135

17. The ConAm Group of Cos.

    Headquarters:
    San Diego, CA
    CEO: J. Bradley Forrester
    Apartments with Management
    Interest: 46,501

18. Sentinel Real Estate Corporation

    Headquarters:
    New York, NY
    CEO: John H. Streicker
    Apartments with Management
    Interest: 45,293

19. FPI Management Inc.

    Headquarters:
    Folsom, CA
    CEO: Dennis Treadaway
    Apartments with Management
    Interest: 44,288

20. Picerne Real Estate Group

    Headquarters:
    Warwick, RI
    CEO: David R. Picerne
    Apartments with Management
    Interest: 42,016

21. Alliance Holdings, LLC

    Headquarters:
    Chicago, IL
    CEO: Andrew W. Schor
    Apartments with Management
    Interest: 41,517

22. Michaels Development Co.

    Headquarters:
    Marlton, NJ
    CEO: Michael J. Levitt
    Apartments with Management
    Interest: 41,381

23. Alliance Residential Company

    Headquarters:
    Phoenix, AZ
    CEO: Bruce Ward
    Apartments with Management
    Interest: 41,201

24. Colonial Properties Trust

    Headquarters:
    Birmingham, AL
    CEO: C. Reynolds Thompson, III
    Apartments with Management
    Interest: 40,571

25. Mid-America Apartment Communities Inc.

    Headquarters:
    Memphis, TN
    CEO: H. Eric Bolton, Jr.
    Apartments with Management
    Interest: 40,293