MAA retakes the No. 1 position on the list, and Greystar surpasses both AvalonBay and Morgan Properties to land the No. 2 spot.
NMHC 50 Owners Summary
The Top 50 owners comprise nearly 2.5 million (10.1% of the total apartment stock) in the U.S. The Top 25 owners comprise twothirds of that amount.
REITs in the Rankings
The REITs rankings look similar to last year’s list. MAA retains the largest ownership count, and AvalonBay retains the largest total capitalization.
| Rank in NMHC 50 | Company Name | Apartments with Ownership Interest | Rank Among REITs | Company Total Capitalization ($ millions)* | Cap. Rank Among REITs |
|---|---|---|---|---|---|
| 1 | MAA | 99,676 | 1 | $23,302 | 3 |
| 4 | AvalonBay Communities, Inc. | 80,325 | 2 | $32,422 | 1 |
| 5 | Equity Residential | 79,594 | 3 | $31,175 | 2 |
| 11 | Essex Property Trust, Inc. | 62,147 | 4 | $20,389 | 4 |
| 14 | Camden Property Trust | 58,702 | 5 | $16,402 | 6 |
| 17 | UDR, Inc. | 58,374 | 6 | $19,008 | 5 |
| 32 | Independence Realty Trust | 35,526 | 7 | $6,769 | 8 |
| *Total Capitalization calculated with Q3 2022 Total Debt | Source: NAREIT | |||||
Movers and Shakers
Staff Resource
New to the List*
*Companies sometimes appear as new to this year’s list despite having appeared in past rankings because they did not participate in the prior year’s survey or did not make the list.