TOP 25 APARTMENT MANAGERS

The following is a condensed version of the apartment management portion of the 2005 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, 2005.

*Based on estimates from previous year

1. Apartment Investmentand Management Co.
   Headquarters:
   Denver, CO
   CEO: Terry Considine
   Apartments with Management
   Interest: 215,256

2. Equity Residential
   Headquarters:
   Chicago, IL
   CEO: Bruce W. Duncan
   Apartments with Management
   Interest: 203,490

3. American Management Services (dba Pinnacle)
   Headquarters:
   Seattle, WA
   CEO: Stan J. Harrelson
   Apartments with Management
   Interest: 132,327

4. Lincoln Property Co.
   Headquarters:
   Dallas, TX
   CEO: J. Timothy Byrne
   Apartments with Management
   Interest: 107,877

5. United Dominion Realty Trust Inc.
   Headquarters:
   Richmond, VA
   CEO: Thomas W. Toomey
   Apartments with Management
   Interest: 80,137

6. Archstone-Smith
   Headquarters:
   Englewood, CO
   CEO: R. Scot Sellers
   Apartments with Management
   Interest: 75,046

7. Wachovia
   Headquarters:
   Charlotte, NC
   CEO: Ken Thompson
   Apartments with Management
   Interest: 72,715

8. Lefrak Organization Inc.*
   Headquarters:
   Rego Park, NY
   CEO: Richard LeFrak
   Apartments with Management
   Interest: 71,000

9. Trammell Crow Residential
   Headquarters:
   Atlanta, GA
   CEO: J. Ronald Terwilliger
   Apartments with Management
   Interest: 65,915

10. Alliance Holdings LLC
    Headquarters:
    Chicago, IL
    CEO: Andrew W. Schor
    Apartments with Management
    Interest: 63,510

11. Sentinel Real Estate Corp.
    Headquarters:
    New York, NY
    CEO: John H. Streicker
    Apartments with Management
    Interest: 56,597

12. Greystar Real Estate Partners LLC
    Headquarters:
    Charleston, SC
    CEO: Robert A. Faith
    Apartments with Management
    Interest: 56,510

13. WinnCompanies
    Headquarters:
    Boston, MA
    CEO: Samuel Ross
    Apartments with Management
    Interest: 55,856

14. Fairfield Residential LLC
    Headquarters:
    San Diego, CA
    CEO: Christopher E. Hashioka
    Apartments with Management
    Interest: 53,766

15. Camden Property Trust
    Headquarters:
    Houston, TX
    CEO: Richard J. Campo
    Apartments with Management
    Interest: 52,515

16. Edward Rose Building Enterprise
    Headquarters:
    Farmington Hills, MI
    CEO: Sheldon Rose
    Apartments with Management
    Interest: 51,334

17. The ConAm Group of Cos.
    Headquarters:
    San Diego, CA
    CEO: Daniel J. Epstein
    Apartments with Management
    Interest: 51,000

18. Home Properties Inc.
    Headquarters:
    Rochester, NY
    CEO: Edward J. Pettinella
    Apartments with Management
    Interest: 47,313

19. Gables Residential Trust
    Headquarters:
    Boca Raton, FL
    CEO: Chris D. Wheeler
    Apartments with Management
    Interest: 44,070

20. AvalonBay Communities Inc.
    Headquarters:
    Alexandria, VA
    CEO: Bryce Blair
    Apartments with Management
    Interest: 39,121

21. Mid-America Apartment Communities Inc.
    Headquarters:
    Memphis, TN
    CEO: H. Eric Bolton, Jr.
    Apartments with Management
    Interest: 37,904

22. Picerne Real Estate Group
    Headquarters:
    Warwick, RI
    CEO: David R. Picerne
    Apartments with Management
    Interest: 35,883

23. FPI Management Inc.
    Headquarters:
    Folsom, CA
    CEO: Dennis Treadaway
    Apartments with Management
    Interest: 35,322

24. Michaels Development Co.
    Headquarters:
    Marlton, NJ
    CEO: Robert J. Greer
    Apartments with Management
    Interest: 34,879

25. LEDIC Management Group Inc.
    Headquarters:
    Memphis, TN
    CEO: Jeffrey L. Kelly
    Apartments with Management
    Interest: 34,336