Stable industry noted by NMHC's top apartment firms rankings.As a sign that the apartment industry' is increasingly mature and stable, record-level sales of apartment communities in 2003 failed to create a shakeup shake·up n. A thorough, often drastic reorganization, as of the personnel in a business or government. Noun 1. shakeup in the NMHC NMHC National Multi Housing Council NMHC Non-Methane Hydrocarbons NMHC National Modular Housing Council 51), the National Multi Housing Council's (NMHC) annual ranking of the top 50 apartment owners and top 50 apartment managers. Despite a year of low interest rates that drew substantial amounts of new private capital into the sector, there were surprisingly few changes in NMHC's 15th annual list of the largest firms. "Many people expected that the flood of private money into the industry would 'roil the waters' of what has become a fairly tranquil TRANQUIL - 1966. ALGOL-like language with sets and other extensions, for the Illiac IV. "TRANQUIL: A Language for an Array Processing Computer", N.E. Abel et al, Proc SJCC 34 (1969). pool of the largest owners and managers," said Mark Obrinsky, NMHC's Chief Economist The Chief Economist is a single position job class having primary responsibility for the development, coordination, and production of economic and financial analysis. It is distinguished from the other economist positions by the broader scope of responsibility encompassing the . "But that did not happen. There were just six new firms added to the NMHC 50 owners list--the same number as last year. There is even greater stability among the top management firms, where AIMCO AIMCO Apartment Investment Management Company (Columbus, OH) remains No. 1 for the sixth consecutive year. In all likelihood, these are the hallmarks of a more mature, stable industry. "While there were a couple of high-profile portfolio transfers that did affect the NMHC 50," explained Obrinsky, "it appears that most of the changes wrought by this unusual environment took place among smaller firms, partnerships and individuals. In fact, eight of this year's top 10 owner firms were also in the top 10 five years ago. "In addition, despite the inflow in·flow n. 1. The act or process of flowing in or into: an inflow of water; an inflow of information. 2. of private capital, two of the top three places in the ownership rankings continue to be held by publicly traded real estate investment trusts (REITs), said Obrinsky. "And of the 14 public REITs on the NMHC 50 top owners list, eight actually increased their holdings in 2003." The gradual trend of larger firms, both public and private, owning more of the nation's apartment stock resumed in 2003 alter a one-year adj. 1. completing its life cycle within a year. Adj. 1. one-year - completing its life cycle within a year; "a border of annual flowering plants" annual phytology, botany - the branch of biology that studies plants break. In fact, with an ownership interest in 309,292 apartments, the No. 1 owner, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of City's CharterMac (which purchased Related Capital Co., last year's No. 1 owner), is the first firm ever to own more than 300,000 apartments. Highlights of the survey follow, and a complete analysis of the results is available at www.nmhc.org/Top50/ ListYears.cfm or by calling 202/974-2354. Additional Apartment Ownership Findings As of Jan. 1, 2004, the top 50 apartment owners held just under 18 percent (2.88 million apartments) of the nation's 16.2 million apartments, a 3.9 percent gain from the 2003 NMHC 50. Growth was concentrated at the top; the 10 largest firms increased their apartment holdings by more than 6 percent. The total number of apartment homes owned by public REITs declined, but this was accounted for entirely by dispositions of two of the largest apartment REITs. REITs own 34 percent of the total holdings of the NMHC 50, a small decline from last year's share of 35 percent, but a small pickup Pickup A gain in yield made by selling one bond and buying another. Also referred to as "yield pickup." Notes: When the present yield is relatively low compared to the longer-term yields, pickups will be done by investors trying to increase the yield and duration of their from their 33 percent share of two years ago. For the third straight year, the biggest portfolio increase among the NMHC 50 owners was recorded by New York's CharterMac. Its addition of more than 33,000 apartments is actually greater than the holdings of the No. 28 firm in the rankings. Six new firms joined the NMHC 50 owners this year: No. 4 MMA (Microcomputer Managers Association, Inc.) A membership organization with chapters throughout the U.S. that was devoted to educating personnel responsible for personal computers. It disbanded in 1996. Mma - A fast Mathematica-like system, in Allegro CL by R. Fateman, 1991. Financial (Baltimore Baltimore, city (1990 pop. 736,014), N central Md., surrounded by but politically independent of Baltimore co., on the Patapsco River estuary, an arm of Chesapeake Bay; inc. 1745. ); No. 12 Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. (New York); No. 15 PNC PNC Purdue University North Central (Westville, Indiana)PnC Point 'n Click PNC Police National Computer PNC People's National Congress (Guyana) PNC People's National Congress Multifamily (Portland Portland, town, England Portland, town (1991 pop. 12,945), Dorset, S England. It is on the Isle of Portland, a small rocky peninsula. Portland stone has been used in St. Paul's Cathedral and other important London buildings. Lobsters and crabs are harvested. , Ore.); No. 35 Picerne Real Estate Group (Warwick Warwick, town and district, England Warwick, town (1991 pop. 21,701) and district, county seat of Warwickshire, central England, on the Avon River. The town has some commerce and manufacturing. , R.I.); No. 48 Aspen aspen, in botany aspen: see willow. Aspen, city, United States Aspen (ăs`pən), city (1990 pop. 5,049), alt. 7,850 ft (2,390 m), seat of Pitkin co., S central Colo. Square (West Springfield West Springfield, town (1990 pop. 27,537), Hampden co., SW Mass., on the Connecticut River opposite Springfield; settled 1654, set off from Springfield and inc. 1774. Light manufactures include paper, chemicals, and ignition systems. , Mass.); and No. 50 ConAm Group of Companies (San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. ). Additional Apartment Management Findings Apartment management remains less concentrated than apartment ownership. The NMHC 50 managers now manage approximately 15 percent (2.46 million apartments) of the nation's 16.2 million apartments, compared to nearly 18 percent for the owners. There was little shakeup in the top managers slots, as AIMCO retained its No. 1 ranking for the sixth year in a row. Equity Residential and Seattle's American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Management Services (dba Pinnacle pinnacle (pĭn`ĭkəl), minor architectural motif of vertical tapering shape, usually crowning a pier, buttress, or gable. Although sometimes it appears in Renaissance design, as in the Certosa di Pavia, it is almost exclusively a medieval ) retained their No. 2 and No. 3 slots, respectively. Five new firms joined the NMHC 50 for managers this year: No. 11 Wachovia For Moravian settlements in North Carolina, see . Wachovia Corporation (NYSE: WB), based in Charlotte, North Carolina, is the third largest banking chain in the United States based on total deposits. (Charlotte, N.C.); No. 30 The Michaels Development Company (Marlton, N.J.); No. 45 Capstone Real Estate Services (Austin, Texas); No. 48 SSR (Scalable Sampling Rate) See AAC. SSR - Scalable Sampling Rate Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Advisors (Morristown, N.J.); and No. 49 Corcoran Jennison Companies (Boston).
NMHS's Top 10 Apartment Owners
Following are the top 10 apartment owners in the United states, as
of Jan. 1, 2004, based on data provided by the National Multi
Housing Council.
2004 2003
Rank Rank Company Headquarters
1 1 Chatter Mae New York
2 2 AIMCO Denver
3 3 Equity Residential Chicago
4 -- MMA Financial Baltimore
5 5 Boston Capital Boston
6 6 SunAmerica Affordable Housing Los Angeles
Partners
7 7 Archstone-Smith Englewood, Colo.
8 8 United Dominion Realty Trust Richmond, Va.
9 9 Lefrak Organization Rego Park, N.Y.
10 12 Alliance Holdings Chicago
2004 Corporate
Rank Company Officer
1 Chatter Mae Stuart J. Boesky
2 AIMCO Terry Considine
3 Equity Residential Bruce W. Duncan
4 MMA Financial Mark K. Joseph
5 Boston Capital John P. Manning
6 SunAmerica Affordable Housing Michael L. Fowler
Partners
7 Archstone-Smith R. Scot Sellers
8 United Dominion Realty Trust Thomas W. Toomey
9 Lefrak Organization Richard Lefrak
10 Alliance Holdings Andrew W. Schor
Apartments With
Ownership Interest
2004
Rank Company 2004 2003
1 Chatter Mae 309,292 275,831
2 AIMCO 278,657 261,000
3 Equity Residential 207,506 223,591
4 MMA Financial 182,343 --
5 Boston Capital 129,660 118,000
6 SunAmerica Affordable Housing 127,000 117,000
Partners
7 Archstone-Smith 82,644 99,840
8 United Dominion Realty Trust 76,337 74,678
9 Lefrak Organization 71,000 71,000
10 Alliance Holdings 65,237 57,513
NMHC's Top 10 Apartment Managers
Following are the top 10 apartment management companies in the
United States, as of Jan. 1, 2004, based on data provided by
the National Multi Housing Council.
2004 2003
Rank Rank Company Headquarters
1 1 AIMCO Denver
2 2 Equity Residential Chicago
3 3 American Management Services Seattle
4 5 Lincoln Property Company Dallas
5 4 Archstone-Smith Englewood, Colo.
6 7 United Dominion Realty Trust Richmond, Va.
7 8 Lefrak Organization Rego Park, N.Y.
8 6 Trammell Crow Residential Atlanta
9 10 Alliance Holdings Chicago
10 9 Sentinel Real Estate Corp. New York
2004 Corporate
Rank Company Officer
1 AIMCO Terry Considine
2 Equity Residential Bruce W. Duncan
3 American Management Services Stan J. Harrelson
4 Lincoln Property Company J. Timothy Byrne
5 Archstone-Smith R. Scot Sellers
6 United Dominion Realty Trust Thomas W. Toomey
7 Lefrak Organization Richard LeFrak
8 Trammell Crow Residential J. Ronald Terwilliger
9 Alliance Holdings Andrew W. Schor
10 Sentinel Real Estate Corp. John H. Streicker
Apartments
Managed
2004
Rank Company 2004 2003
1 AIMCO 239,875 309,000
2 Equity Residential 209,124 219,337
3 American Management Services 125,136 115,001
4 Lincoln Property Company 110,236 101,683
5 Archstone-Smith 82,644 109,990
6 United Dominion Realty Trust 76,804 72,972
7 Lefrak Organization 71,000 71,000
8 Trammell Crow Residential 70,966 74,467
9 Alliance Holdings 63,519 57,513
10 Sentinel Real Estate Corp. 62,008 63,775
Publicly Traded REITs Among Top 50 Apartment Owners
Rank Company # of Apartments
with Ownership
Interest
2 Apartment Investment and Management Company 278,657
3 Equity Residential 207,506
Archstone-Smith 82,644
8 United Dominion Realty Trust 76,337
13 Camden Property Trust 51,344
20 AvalonBay Communities 41,237
21 Home Properties 40,946
26 Mid-America Apartment Communities, Inc. 35,734
33 Post Properties Inc. 28,801
34 AMLI Residential Properties Trust 28,600
37 Essex Property Trust, Inc. 26,012
45 Gables Residential Trust 23,495
44 BRE Properties, Inc. 23,469
45 Cornerstone Realty Income Trust, Inc. 23,189
47 Gables Residential Trust 32,887
Total 907,363
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