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. Equity Residential

   Headquarters: Chicago, IL
   CEO: David J. Neithercut
   Apartments with Management
   Interest: 197,774

2. Apartment Investment and Management Co.

   Headquarters: Denver, CO
   CEO: Terry Considine
   Apartments with Management
   Interest: 191,951

3. American Management Services (dba Pinnacle)

   Headquarters: Seattle, WA
   CEO: Stan J. Harrelson
   Apartments with Management
   Interest: 135,525

4. Lincoln Property Co.

   Headquarters: Dallas, TX
   CEO: J. Timothy Byrne
   Apartments with Management
   Interest: 112,928

5. Archstone-Smith

   Headquarters: Englewood, CO
   CEO: R. Scot Sellers
   Apartments with Management
   Interest: 81,165

6. United Dominion Realty Trust Inc.

   Headquarters: Littleton, CO
   CEO: Thomas W. Toomey
   Apartments with Management
   Interest: 74,708

7. Greystar Real Estate Partners LLC

   Headquarters: Houston, TX
   CEO: Robert A. Faith
   Apartments with Management
   Interest: 72,981

8. Camden Property Trust

   Headquarters: Houston, TX
   CEO: Richard J. Campo
   Apartments with Management
   Interest: 65,800

9. WinnCompanies

   Headquarters: Boston, MA
   CEO: Samuel Ross
   Apartments with Management
   Interest: 61,427

10. Fairfield Residential LLC

    Headquarters: San Diego, CA
    CEO: Christopher E. Hashioka
    Apartments with Management
    Interest: 57,344

11. Riverstone Residential Group

    Headquarters: Rockville, MD
    CEO: Christine Freeland
    Apartments with Management
    Interest: 55,000

12. The ConAm Group of Cos.

    Headquarters: San Diego, CA
    CEO: J. Bradley Forrester
    Apartments with Management
    Interest: 52,600

13. Sentinel Real Estate Corporation

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

14. Edward Rose Building Enterprise

    Headquarters: Farmington Hills, MI
    CEO: Sheldon Rose
    Apartments with Management
    Interest: 49,979

15. Home Properties Inc.

    Headquarters: Rochester, NY
    CEO: Edward J. Pettinella
    Apartments with Management
    Interest: 47,001

16. Colonial Properties Trust

    Headquarters: Birmingham, AL
    CEO: Thomas Lowder
    Apartments with Management
    Interest: 46,920

17. Alliance Holdings, LLC

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

18. Capstone Real Estate Services, Inc.

    Headquarters: Austin, TX
    CEO: James W. Berkey
    Apartments with Management
    Interest: 42,102

19. AvalonBay Communities Inc.

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

20. Picerne Real Estate Group

    Headquarters: Phoenix, AZ
    CEO: David R. Picerne
    Apartments with Management
    Interest: 39,721

21. Mid-America Apartment Communities Inc.

    Headquarters: Memphis, TN
    CEO: H. Eric Bolton, Jr.
    Apartments with Management
    Interest: 38,227

22. Westdale Asset Management

    Headquarters: Dallas, TX
    CEO: Joseph G. Beard
    Apartments with Management
    Interest: 37,758

23. FPI Management Inc.

    Headquarters: Folsom, CA
    CEO: Dennis Treadaway
    Apartments with Management
    Interest: 36,682

24. Gables Residential Trust

    Headquarters: Atlanta, GA
    CEO: David D. Fitch
    Apartments with Management
    Interest: 36,309

25. Village Green Companies

    Headquarters: Farmington Hills, MI
    CEO: Jonathan Holtzman Apartments with Management
    Interest: 33,500