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Top managers of hybrid debt assets
U.S. institutional tax-exempt real estate assets, in millions.
| MANAGER | ASSETS |
| UBS Realty Investors | $615 |
| Urdang & Associates | $145 |
| JPMorgan Fleming | $122 |
| AFL-CIO Building Trust | $101 |
| McMorgan | $28 |
| Draper & Kramer Realty | $27 |
| Colony Capital | $23 |
| RREEF/DB Real Estate | $8 |
| TOTAL | $1,069 |
