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Apartment REIT Rankings Announced
Digested From "Plots & Ploys: REITs' Shrinking Clout"
Wall Street Journal (04/01/09)
by Kris Hudson; Nick Timiraous

MMA Financial LLC currently ranks as the largest apartment owner despite unloading 1,700 rental units in 2008. The Minnesota-based housing tax-credit syndicator moved to the No. 1 ranking of the 50 largest apartment owners after previous leader Apartment Investment & Management Co. shed almost 40,000 apartments last year and slipped to third place. Aimco was not the only big seller in '08. UDR Inc. unloaded 22,000 units last year, plunging it from 10th place to 20th place. The shrinking clout of REITs can be partly traced to the real-estate boom, during which private-equity peers aggressively acquired units by taking on more debt. Now, as the credit crisis roils the industry, REITs have been among the first to sell properties to pay down debts.
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