Starwood Capital Group makes their way to No. 1 on the list, marking the first time MAA has not occupied that spot since 2016. In addition, Nuveen Real Estate cracked the top 10, climbing five spots to No. 8 this year.
NMHC 50 Owners Summary
The Top 50 Owners represent 2.5 million units (10.2 percent of the total apartment stock) in the U.S. The Top 25 Owners represent the bulk of that number, possessing 1.7 million units.
REITs in the Rankings
MAA continues to top the list of public multifamily REITs by portfolio size. However, AvalonBay Communities, Inc. edged Equity Residential out of the top spot when looking at total capitalization. Eight of the nine REITs on this year’s list gained units from 2020.
| Rank in NMHC 50 | Company Name | Apartments with Ownership Interest | Rank Among REITs | Company Total Capitalization ($ millions)* | Cap. Rank Among REITs |
|---|---|---|---|---|---|
| 2 | MAA | 100,002 | 1 | $30,983 | 3 |
| 4 | AvalonBay Communities, Inc. | 81,803 | 2 | $43,091 | 1 |
| 6 | Equity Residential | 79,322 | 3 | $41,742 | 2 |
| 13 | Essex Property Trust, Inc. | 61,911 | 4 | $28,934 | 4 |
| 17 | Camden Property Trust | 58,300 | 5 | $20,801 | 6 |
| 18 | UDR, Inc. | 56,325 | 6 | $24,126 | 5 |
| 31 | Independence Realty Trust | 36,119 | 7 | $3,713 | 9 |
| 33 | American Campus Communities | 35,441 | 8 | $12,035 | 8 |
| 45 | AIR Communities | 27,067 | 9 | $12,757 | 7 |
| *Total Capitalization calculated with Q3 2021 Total Debt | Source: NAREIT | |||||
Movers and Shakers
New to the List
Capital Partners LLC
Independence Realty Trust
The Millennia Companies
Olayan
Waterton