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. CharterMac
   Headquarters:
   New York, NY
   CEO: Stuart J. Boesky
   Apartments with Ownership
   Interest: 324,711

2. Apartment Investment and Management Co.
   Headquarters:
   Denver, CO
   CEO: Terry Considine
   Apartments with Ownership
   Interest: 256,608

3. Equity Residential
   Headquarters:
   Chicago, IL
   CEO: Bruce W. Duncan
   Apartments with Ownership
   Interest: 200,149

4. MMA Financial LLC
   Headquarters:
   Baltimore, MD
   CEO: Michael L. Falcone
   Apartments with Ownership
   Interest: 181,501

5. SunAmerica Affordable Housing Partners Inc.
   Headquarters:
   Los Angeles, CA
   CEO: Michael L. Fowler
   Apartments with Ownership
   Interest: 136,539

6. Boston Capital Corp.
   Headquarters:
   Boston, MA
   CEO: John P. Manning
   Apartments with Ownership
   Interest: 129,971

7. Morgan Stanley
   Headquarters:
   New York, NY
   CEO: Phillip Purcell
   Apartments with Ownership
   Interest: 100,000

8. United Dominion Realty Trust Inc.
   Headquarters:
   Richmond, VA
   CEO: Thomas W. Toomey
   Apartments with Ownership
   Interest: 79,291

9. Archstone-Smith
   Headquarters:
   Englewood, CO
   CEO: R. Scot Sellers
   Apartments with Ownership
   Interest: 75,959

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

11. The Enterprise Social Investment Corp.
    Headquarters:
    Columbia, MD
    CEO: Frank Narron
    Apartments with Ownership
    Interest: 68,261

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

13. The Richman Group Affordable Housing Corp.
    Headquarters:
    Greenwich, CT
    CEO: Richard P. Richman
    Apartments with Ownership
    Interest: 57,505

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

15. GE Commercial Finance Real Estate
    Headquarters:
    Stamford, CT
    CEO: Michael Pralle
    Apartments with Ownership
    Interest: 52,002

16. Camden Property Trust
    Headquarters:
    Houston, TX
    CEO: Richard J. Campo
    Apartments with Ownership
    Interest: 51,456

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

18. PNC MultiFamily Capital
    Headquarters:
    Portland, OR
    CEO: Don Giffen
    Apartments with Ownership
    Interest: 50,375

19. Lincoln Property Co.
    Headquarters:
    Dallas, TX
    CEO: J. Timothy Byrne
    Apartments with Ownership
    Interest: 46,367

20. Wachovia
    Headquarters:
    Charlotte, NC
    CEO: Ken Thompson
    Apartments with Ownership
    Interest: 45,903

21. Fairfield Residential LLC
    Headquarters:
    San Diego, CA
    CEO: Christopher E. Hashioka
    Apartments with Ownership
    Interest: 42,185

22. Home Properties Inc.
    Headquarters:
    Rochester, NY
    CEO: Edward J. Pettinella
    Apartments with Ownership
    Interest: 41,797

23. AvalonBay Communities Inc.
    Headquarters:
    Alexandria, VA
    CEO: Bryce Blair
    Apartments with Ownership
    Interest: 39,020

24. Michaels Development Co.
    Headquarters:
    Marlton, NJ
    CEO: Robert J. Greer
    Apartments with Ownership
    Interest: 38,958

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