Caerphilly-based housing association United Welsh has celebrated its 25th anniversary.
The organisation was formed in August 1989 to take on the management of stock held in Wales by the United Kingdom Housing Trust (UKHT).
At the time, United Welsh had 1,700 homes and a workforce of less than 50.
Twenty-five years on, it is about to build its 5,000th home and currently employs more than 140 people. Its subsidiary property maintenance company Celtic Horizons employs more than 120 people.
Chief Executive Anthony Whittaker said: “To reach 25 years in any business is a fantastic achievement, and reaching this milestone is a real testament to the hard work of our staff.”