TOP 25 APARTMENT OWNERS

The following is a condensed version of the apartment owners 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 in which they had an ownership interest as of Jan. 1, 2005.

*Based on estimates from previous year

1. AIMCO

   Headquarters: Denver, CO
   CEO: Terry Considine
   Apartments with Ownership
   Interest: 233,738

2. Equity Residential

   Headquarters: Chicago, IL
   CEO: David J. Neithercut
   Apartments with Ownership
   Interest: 197,404

3. MMA Financial LLC

   Headquarters: Baltimore, MD
   CEO: Michael L. Falcone
   Apartments with Ownership
   Interest: 179,133

4. Boston Capital Corp.

   Headquarters: Boston, MA
   CEO: John P. Manning
   Apartments with Ownership
   Interest: 147,000

5. SunAmerica Affordable Housing Partners Inc.

   Headquarters: Los Angeles, CA
   CEO: Michael L. Fowler
   Apartments with Ownership
   Interest: 143,702

6. Archstone-Smith

   Headquarters: Englewood, CO
   CEO: R. Scot Sellers
   Apartments with Ownership
   Interest: 81,914

7. United Dominion Realty Trust Inc.

   Headquarters: Richmond, VA
   CEO: Thomas W. Toomey
   Apartments with Ownership
   Interest: 74,875

8. The Enterprise Community Investment, Inc.

   Headquarters: Columbia, MD
   CEO: Jeffrey H. Donahue
   Apartments with Ownership
   Interest: 74,778

9. Wachovia

   Headquarters: Charlotte, NC
   CEO: G. Kennedy Thompson
   Apartments with Ownership
   Interest: 70,429

10. The Richman Group Affordable Housing Corp.

    Headquarters: Greenwich, CT
    CEO: Richard P. Richman
    Apartments with Ownership
    Interest: 67,501

11. Camden Property Trust

    Headquarters: Houston, TX
    CEO: Richard J. Campo
    Apartments with Ownership
    Interest: 65,580

12. GE Commercial Finance Real Estate

    Headquarters: Stamford, CT
    CEO: Michael Pralle
    Apartments with Ownership
    Interest: 57,366

13. PNC MultiFamily Capital

    Headquarters: Portland, OR
    CEO: Don Giffen
    Apartments with Ownership
    Interest: 57,232

14. Edward Rose Building Enterprise

    Headquarters: Farmington Hills, MI
    CEO: Sheldon Rose
    Apartments with Ownership
    Interest: 52,237

15. Sentinel Real Estate Corporation

    Headquarters: New York, NY
    CEO: John H. Streicker
    Apartments with Ownership
    Interest: 50,176

16. Fairfield Residential LLC

    Headquarters: San Diego, CA
    CEO: Christopher E. Hashioka
    Apartments with Ownership
    Interest: 48,033

17. Alliance Holdings, LLC

    Headquarters: Chicago, IL
    CEO: Andrew W. Schor
    Apartments with Ownership
    Interest: 45,681

18. Colonial Properties Trust

    Headquarters: Birmingham, AL
    CEO: Thomas Lowder
    Apartments with Ownership
    Interest: 45,242

19. Lincoln Property Co.

    Headquarters: Dallas, TX
    CEO: J. Timothy Byrne
    Apartments with Ownership
    Interest: 43,470

20. Home Properties Inc.

    Headquarters: Rochester, NY
    CEO: Edward J. Pettinella
    Apartments with Ownership
    Interest: 43,432

21. American Management Services (dba Pinnacle)

    Headquarters: Seattle, WA
    CEO: Stan J. Harrelson
    Apartments with Ownership
    Interest: 41,457

22. AvalonBay Communities Inc.

    Headquarters: Alexandria, VA
    CEO: Bryce Blair
    Apartments with Ownership
    Interest: 40,606

23. WNC & Associates, Inc.

    Headquarters: Irvine, CA
    CEO: Wilfred N. Cooper Jr.
    Apartments with Ownership
    Interest: 40,541

24. Michaels Development Co.

    Headquarters: Marlton, NJ
    CEO: Michael J. Levitt
    Apartments with Ownership
    Interest: 40,369

25. Forest City Residential Group, Inc.

    Headquarters: Cleveland, OH
    CEO: Ronald A. Ratner
    Apartments with Ownership
    Interest: 39,432