The following is a condensed version of the apartment owners 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 in which they had an ownership interest as of Jan. 1, 2007.

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1. AIMCO

   Headquarters:
   Denver, CO
   CEO: Terry Considine
   Apartments with Ownership
   Interest: 211,800

2. MMA Financial LLC

   Headquarters:
   Baltimore, MD
   CEO: Michael L. Falcone
   Apartments with Ownership
   Interest: 177,062

3. Equity Residential

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

4. Boston Capital Corp.

   Headquarters:
   Boston, MA
   CEO: Jack Manning
   Apartments with Ownership
   Interest: 156,758

5. SunAmerica Affordable Housing Partners Inc.

   Headquarters:
   Los Angeles, CA
   CEO: Michael L. Fowler
   Apartments with Ownership
   Interest: 145,224

6. Archstone-Smith

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

7. The Enterprise Community Investment, Inc.

   Headquarters:
   Columbia, MD
   CEO: Jeffrey H. Donahue
   Apartments with Ownership
   Interest: 82,270

8. The Richman Group Affordable Housing Corp.

   Headquarters:
   Greenwich, CT
   CEO: Richard P. Richman
   Apartments with Ownership
   Interest: 74,517

9. United Dominion Realty Trust Inc.

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

10. GE Real Estate

    Headquarters:
    Stamford, CT
    CEO: Michael Pralle
    Apartments with Ownership
    Interest: 67,561

11. PNC MultiFamily Capital

    Headquarters:
    Portland, OR
    CEO: Don Giffen
    Apartments with Ownership
    Interest: 64,013

12. Camden Property Trust

    Headquarters:
    Houston, TX
    CEO: Warren Rose
    Apartments with Ownership
    Interest: 63,843

13. Edward Rose Building Enterprise

    Headquarters:
    Farmington Hills, MI
    CEO: Sheldon Rose
    Apartments with Ownership
    Interest: 53,195

14. American Management Services (dba Pinnacle)

    Headquarters:
    Seattle, WA
    CEO: Stan J. Harrelson
    Apartments with Ownership
    Interest: 50,514

15. Fairfield Residential LLC

    Headquarters:
    San Diego, CA
    CEO: Christopher E. Hashioka
    Apartments with Ownership
    Interest: 50,450

16. AvalonBay Communities Inc.

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

17. BlackRock Realty

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

18. Lincoln Property Co.

    Headquarters:
    Dallas, TX
    CEO: J. Timothy Byrne
    Apartments with Ownership
    Interest: 46,938

19. Wachovia

    Headquarters:
    Charlotte, NC
    CEO: Brett Smith
    Apartments with Ownership
    Interest: 46,351

20. Sentinel Real Estate Corporation

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

21. WNC & Associates, Inc.

    Headquarters:
    Irvine, CA
    CEO: Wilfred N. Cooper Jr.
    Apartments with Ownership
    Interest: 44,644

22. Alliance Holdings, LLC

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

23. Forest City Residential Group, Inc.

    Headquarters:
    Cleveland, OH
    CEO: Ronald A. Ratner
    Apartments with Ownership
    Interest: 41,503

24. Michaels Development Co.

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

25. CnC Investments Ltd., LLP

    Headquarters:
    Houston, TX
    CEO: Charlie Yalamanchili
    Apartments with Ownership
    Interest: 40,330