2011 NMHC Annual Report by National Multifamily Housing Council

National Multi Housing Housing Council 2011 Annual Report

National Multi Housing Council 2011 Annual Report

3 From the Leadership Renting in America: The Right Choice 5 Multifamily: the Right Choice for the Economy 9 Renting: the Smart Choice for the Consumer 13 A Balanced Housing Policy: the Right Choice for Everyone 16 2011: From Recovery to Expansion 18 Challenging Conventional Wisdom 20 Liquidity, Liquidity, Liquidity 23 Advocacy: A Strong Voice for Rental Housing 32 National Student Housing Council 33 Investing in Our Future 34 Business Intelligence 36 2012 Meetings and Conferences

38 Financials: Statements of Financial Position People: 39 48 50 52

Our Leadership 2011 New Members Our Sponsors Our Team

National Multi Housing Council 2011 Annual Report

our profile Based in Washington, DC, the National Multi Housing Council (NMHC) is a national association that advocates on behalf of the apartment industry and the more than 16 million American households who live in apartment homes. NMHCâ&#x20AC;&#x2122;s members are the principal officers of the larger and more prominent apartment firms and include owners, developers, managers, financiers and suppliers to the industry.

our mission The National Multi Housing Council provides leadership for the apartment industry on legislative and regulatory matters, advances research and the exchange of strategic business information, and promotes the desirability of apartment living.

From the Leadership

For many industries, 2011 proved to be a challenging year. The average American kept his or her wallet closed, preferring to pay down debts and stash any extra money rather than spending it.

tages of rental apartments for residents, investors and the economy at large. We couldn’t agree more. Apartments are the right choice for so many reasons right now. American workers need the flexibility to pack up their lives and go where the jobs are, whether that means a move across town or across the country. Communities need the jobs that our rental communities generate, from building the property to managing it. And America needs a balanced housing policy that explicitly values and supports rental housing. At NMHC, we share that message daily with the people we meet—thought leaders, elected officials, the media—on your behalf. As good as this past year has been for the industry, we don’t believe in taking anything for granted— and we think you don’t either.

...experts and everyday Americans alike started talking about the advantages of rental apartments... Banks looked warily at the headlines, wondering how the latest news from Europe would affect them. Businesses postponed hiring workers, choosing to keep costs low until they felt more certain about the economy. In the apartment industry, though, we had a very good year. Not in terms of record-breaking profits —although many NMHC member firms reported strong numbers in 2011—but in terms of respect for the housing choices we provide. In print, online, and on television and radio, experts and everyday Americans alike started talking about the advan-

Doug Bibby NMHC President

That’s why we hold numerous industry events during the year, giving you the chance to meet with decision makers as well as longtime colleagues and potential partners. We stay alert for new developments in Washington and elsewhere that might affect your business, keeping you informed along the way. We collect and analyze industry and economic statistics, providing you with the information you need to make good decisions. And we listen to you: If there’s a challenge that the industry is encountering, we gather the data—both qualitative and quantitative—that you need to know to address that problem. Why do all this? Because we think that serving you—our members—to the best of our abilities is the right choice too.

Peter F. Donovan 2011 NMHC Chairman

Thomas S. Bozzuto 2012 NMHC Chairman

National Multi Housing Council 2011 Annual Report

Renting in America: the Right Choice

multifamily:

right choice for the economy

the

During the Great Recession, our economy lost more than 8 million jobs, and in many areas, those jobs haven’t come back. Hopes that housing, the cause of the downturn, might also lead us back to economic stability remain largely unfulfilled. But there was one bright spot in the housing sector in 2011, one place where jobs were being created—the apartment industry. As the nation shifted from buying to renting, apartment demand rose steadily. Rental vacancies fell, and multifamily firms started breaking ground on new properties in markets around the country. In Los Angeles, last May multifamily builders pulled permits for more than 1,000 apartments. That upward trend continued on a national basis during 2011, as multifamily construction rebounded from a 50-year record low recorded in 2009.

The recession has helped erode the stigma against renting, with about 70 percent of Americans now admitting that it has advantages over buying a house. Harris Interactive Poll

The return of cranes and multifamily construction workers represents a significant ray of economic hope. According to one analytic model, those 1,000 apartments under construction in Los Angeles will be responsible for an estimated 1,220 critically needed jobs and then 320 jobs annually once they’re done. That same story was taking place in cities throughout the U.S. When the year was done, multifamily starts were up 60% from the prior year. Compare that to the single-family housing sector, which the National Association of Home Builders calls the worst in its 69-year history. The rental housing sector also contributed to the economy in another important way, namely by creating a more mobile workforce. Mobility and flexibility are key principles of the modern economy. Homeownership limits both. One important study confirmed that, cities with higher homeownership rates also suffer from higher unemployment rates. “It’s great that homeownership is going down because homeownership is actually bad for the economy,” Felix Salmon, a financial journalist for Reuters, said on NPR in early 2011. “What homeownership does is it

7million

Number of new renter households expected this decade, up to half of all new households created

National Multi Housing Council 2011 Annual Report

keeps people stuck in one place. And what you need when you have an economy with high unemployment, like we have right now, is labor mobility.”

104,300 Multifamily units started in 2010

167,500

Just 11.6% of Americans changed addresses between 2010 and 2011, according to the U.S. Census Bureau. That’s the lowest rate since they started tracking people’s moves more than 60 years ago. That lack of mobility is one of the factors delaying full economic recovery.

Multifamily units started in 2011

The “ownership” society might have made sense 30 years ago when people held the same job for most of their lives. But in today’s fastchanging economy, renting allows people the freedom to pursue economic opportunities wherever they present themselves.

300,000

“Renting provides a dynamism to the U.S. economy, it provides flexibility as opposed to being tied down to existing homes,” Equity Strategist Peter Boockvar told CNBC in October.

Approximate number of new multifamily units needed annually to meet demand

Of course we knew that. We commissioned research back in 1999 by leading academics that found higher unemployment rates in markets with high homeownership rates. Even though that message fell on deaf ears before the housing crash, it was gratifying to see it gaining belated traction.

Source: U.S. Census Bureau, National Multi Housing Council

“ Our overwhelming reliance on suburbanstyle single-family home ownership is an experiment that has outlived its usefulness… As we move into the second decade of the twenty-first century, the bursting of the bubble has created an opportunity to remake the housing system into one that is more in tune with the knowledge-driven economy’s need for flexibility and labor mobility.” Richard Florida, author of “The Rise of the Creative Class” and “The Great Reset”

AMLI Quadrangle - AMLI Residential - Dallas, TX. Photo © Steve Hinds Photography

National Multi Housing Council 2011 Annual Report

Renting in America: the Right Choice

renting:

smart choice for the consumer

the

The virtues of rental housing might have been a newsworthy revelation to financial reporters, but it wasn’t news to the 750,000 new renter households created in 2011. “The emotional scars left by the collapse are changing the American psyche. Now it’s OK not to own,” Pete Flint, CEO of online real estate site Trulia, told The New York Times. The number of those who consider a home a safe investment fell from 83 percent in 2003 to 66 percent last year, according to a survey by Fannie Mae. In another poll last April, commissioned by real estate data firms RealtyTrac and Trulia, 40 percent of renters questioned said they plan never to buy a home. But economic anxiety isn’t the engine behind today’s strong apartment market; changing demographics and the attitudes that accompany those shifts are. By 2030, experts predict that 73 percent of American households will be childless, a jump of 18 percentage points compared to 1970, and a projection with major implications for the multifamily industry. Then there are the echo boomers. This young adult demographic, which is 76 million strong, is just beginning to enter the housing market, primarily as renters. And indications are that for financial and lifestyle reasons they will remain renters longer than the generations that came before them. They embrace urban life and want to be close to work and fun. Highly social, they enjoy the connectedness of multifamily living and the many amenities provided by today’s apartment communities, from resort-style pools to cyber cafes. They believe their financial futures will be determined by their careers, not their housing choices, and they want to stay mobile to pursue job opportunities wherever they present themselves. “My parents always told me, ‘You need to buy a place,” 26-year-old energy consultant Mason Hamilton told the AP in May. Now his father is stuck in his house and “he’d love to rent like me.” Hamilton says he doesn’t plan to buy even though he could afford to.

“ I could afford a median-priced house, no problem. But I would be paying more to live in a place I like less.” Renter, Susan Lindsey –The New York Times

headlines: CNBC Rental Business Set to Boom The Wall Street Journal A Bull Market in Rental Housing CNN Winners of the Rental Economy USA Today Apartment Recovery Takes Hold

National Multi Housing Council 2011 Annual Report

$1,091 by 2011

$1200

“There’s no stigma to renting anymore,” 28-year-old Keri Walsh told The Daily Beast.

$1000

They aren’t the only ones attracted to apartment life. Many demographers also expect these twenty-somethings’ parents—also known as the baby boomers—will also succumb to the allure of the hassle-free renting lifestyle now that their kids are out of the house.

$800

$600

$400

Unlike their own parents, baby boomers aren’t interested in sprawling, age-segregated communities. After years of suburban living, they appreciate pedestrian-friendly neighborhoods that let them leave their car at home. And like their kids, baby boomers want to be close to retail, entertainment, and maybe even work, as this generation devises new strategies for retirement as well.

$245 by 2011

$200 $100 1985 Housing

Stocks

Real-Life Economics: Except in a few boom times, housing has never been a great investment. A person investing $100 in stocks in 1985 would have seen considerably higher returns on that investment than someone who invested that money in a house. Source: NMHC calculations based on data from National Assoication of Realtors and Standard & Poor’s

Laura Seitz, 60, is one of those boomers. After selling her house, she told The Fiscal Times that “it’s a great feeling to be liberated.” Is this really that radical? Yes, it is. The arrival of the baby boomers, which is the largest generation in American history with 77 million members, has changed countless American institutions: families, schools, the workplace. Housing, as they encounter it in this next phase of their lives, will be no different. Lifestyles might be drawing people to apartments, but it also turns out to be a smart financial play. A research report published by the Financial Management Association in June found that for the past 30 years, renting was generally better than buying. Renters who invested in stocks and bonds instead of home equity came out ahead 75 percent of the time. Another report found that among people with similar financial status, those who chose to rent in 2004 had more wealth in 2009 than those who bought their houses. Another report, by the Philadelphia Federal Reserve Bank, drew a stronger conclusion. They found that from 1975 to 2009, the national rate of return for homeownership was 1.3 percent. For stocks, it was 3.375 percent. Factoring in costs like depreciation and property taxes, the adjusted real rate of return for homeownership falls below zero to -0.575 percent.

National Multi Housing Council 2011 Annual Report

Renting in America: the Right Choice

a balanced housing policy: the

right choice for everyone

The past decade has brought boom, bust, and now—slowly, quietly —the beginnings of a recovery. We want this to continue, and we believe one of the best ways to do this is through a balanced housing policy. To us, that means supporting people’s perogative to make housing decisions that fit their lifestyle and not financially penalizing those who need or want more flexibility in their living arrangements than homeownership typically provides. A balanced housing policy gives Americans the options they may need to respond to these changes in their lives, jobs and families. As people have sifted through the fallout from the housing crash, experts and everyday people alike have started to question whether the conventional wisdom about homeownership and renting needs to be reconsidered. Economists are wondering if our country can afford to continue to subsidize homeownership, and whether we need to. Government officials are taking note and acknowledging that we pushed the homeownership envelope too far. As an organization that has advocated for a balanced housing policy for years, we couldn’t agree more. Giving rental housing the respect it deserves in housing policy is the right choice for all of us.

“ It used to be the business of America was business. Now the business of America is homeownership. To recover and grow again, America needs to get over its house passion.” Nobel Prize-Winning Economist Edmund Phelps

Not Quite the American Dream Homeownership as a path to happiness? Not so fast. Home owners are no happier than renters; in fact, they report considerably higher levels of stress. Research by the University of Pennsylvania’s Wharton School of Business

It’s also not a path to wealth. From 1890 to 1990, the rate of return on residential real estate after inflation was about zero. Research by Yale University’s Robert Shiller

Over the past 30 years, households who rented and invested in stocks and bonds instead of home equity came out ahead 75 percent of the time. Research by Eli Beracha (East Carolina University) and Ken H. Johnson (Florida International University)

National Multi Housing Council 2011 Annual Report

“ We think there are better things that we can do with our money.” Renter Lisa Marken on why she and her husband chose a luxury apartment over buying a house. – The Los Angeles Times

“ I never want to let the mortgage stand in the way of a business decision.” Renters Meredith Carr and Vince Melamed, who prefer to invest their money in their businesses rather than a house. – The Los Angeles Times

“ The pain of the great housing convulsion has demonstrated the folly of encouraging everyone to bet everything on housing. Let’s not let this hard-won knowledge go to waste.” Edward L. Glaeser, professor of economics at Harvard University and Director of the Rappaport Institute for Greater Boston.

Village Park of Hoffman Estates - Village Green - Chicago, IL

National Multi Housing Council 2011 Annual Report

2011: from recovery

expansion

Backed by strong consumer and investment demand for its products, the apartment industry began to grow again in 2011.

If the apartment industry in 2010 began to recover from the Great Recession, 2011 was the year when the industry moved into an expansion phase. The apartment industry’s performance in 2011 stood in stark contrast to all other real estate sectors, growing despite the sluggish economic growth and only slow improvement in employment. Apartment demand continued to surge as more Americans chose renting over owning, for a mix of economic and lifestyle reasons. As the shift toward renting became more pronounced, the national media picked up the story. Policy analysts, housing experts, academics, and most importantly consumers, began to question whether the American Dream really is about homeownership at all.

Homeownership Rate 70%

68%

At least for now, homeownership has lost its luster—certainly as an investment vehicle. In 2011, the homeownership rate moved downward, falling to 66 percent, almost 350 basis points below its 2004 peak of 69.4 percent. Every one percentage drop in the ownership rate translates into more than a million new renter households.

66%

64%

62%

60% 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010

Homeownership rate headed back down from bubble-induced highs.

While many observers assume the rental sector’s gains are the result of the single-family downturn, there is more at work here. First, the U.S. population is growing overall. And strong demographics underpin our growth. The echo boomers—the second largest generation in American history—are entering the housing market for the first time—largely as renters. In addition, the composition of American households has been changing for some time, moving away from the classic married couple with children to single-person and single-parent households,

Renting in America: the Right Choice

Multifamily (5+) Starts (6-month moving average) 400

All of these factors suggest an optimistic future for the apartment industry.

300

Back to Building After a nearly two-year shutdown of multifamily construction resulting from the financial collapse, in 2011, apartment building resumed. Multifamily (5+ unit buildings) starts rose 60% in 2011 to 167,400, rebounding from record lows in 2009 and 2010. While starts are expected to increase again in 2012, they will likely remain well below the approximately 300,000 needed to meet current demand. Since building completions lag starts, they hit their record low in 2011 at 130,500. In light of the strong rental demand, though, developers worked to deliver buildings as soon as possible, speeding up enough construction so that deliveries of new multifamily buildings exceeded forecasts. Still, construction financing remains hard to get for many firms. While new development is widespread, only one-fifth of respondents to NMHC’s Quarterly Survey of Apartment Market Conditions noted that actual groundbreaking has been rapid. Signs of Expansion Consider the numbers. In the past, the health of the apartment industry has often depended upon job growth. Yet despite a sluggish employment market, the apartment occupancy rate rose to 94.6% at year-end, a pickup of 280 bps in two years, putting it back in the “strong” zone. Net absorptions in 2011 increased to the secondhighest level since 2000, at 174,539.. Since these new renters are arriving at a time when new supply has been limited, rents climbed upward, increasing 4.7% from 2010 Q4.

Thousands

who may appreciate the flexibility and convenience rental housing offers.

200

100

0 1960

1970

1985

2005

2010

Multifamily construction has rebounded but still has a ways to go.

Although rising rents may have caught the attention of the media, the truth is that once we adjust for inflation, real rents remain 7.0% below the previous peak. Favored Investment In 2011, apartments significantly outperformed other commercial real estate sectors. The total return on apartment investment was 14.9 percent in 2011, more than double the performance of the next-best asset class. Property pricing has rebounded since the low point in 2009, returning close to previous highs—but now without the unsustainable influence of the condo conversion craze. For real estate investors, that all contributed to make apartments a favored class of investment. With equity capital widely available and debt financing provided primarily by government agencies (Fannie Mae, Freddie Mac and the Federal Housing Administration) and also by a few private sector institutions, transaction volume rose to $34.5 billion, a pickup of 54 percent from 2010.

National Multi Housing Council 2011 Annual Report

challenging

conventional wisdom In a year that was all about challenging the conventional wisdom, NMHC was there to make sure policymakers, reporters and consumers knew the real facts about everything from the rent versus buy decision to the context behind rising rents. In the summer, we launched a new pro-apartment ad with the theme “Sometimes Living the Dream Means Rethinking It.” The visually compelling ad contrasted the traditional suburban sprawl lifestyle with a pedestrian-friendly apartment community to show how the American Dream is being redefined. We reached out to the media to capitalize on the new appreciation for rental housing, and in June, NMHC President Doug Bibby appeared on CNN’s “Smart is the New Rich,” where he explained that the housing crisis taught Americans that housing is shelter, not an investment. That awareness has freed people up to

choose the housing that best suits their lifestyle. For millions, that is an apartment. In a still struggling economy, many Americans see a need to remain mobile to take advantage of job opportunities. The increased media attention brought challenges as well as opportunities. Our sector’s robust recovery generated stories about escalating rents

Headlines from: The Washington Post (top) - Investors Business Daily (left) - and The Los Angeles Times (right)

Renting in America: the Right Choice

adding to the burdens of already struggling households. Implicit in these stories was the idea that apartment firms were the beneficiaries of the single-family downturn. We produced a series of research reports to refute these assumptions with data. We showed that most people who lost their single-family houses to foreclosure have switched to renting single-family houses, not apartments. In other words, increased demand for apartments was the result of demographic and lifestyle trends that favor apartments and not rising foreclosures. We explained that in many markets, rent gains achieved in 2011 merely brought them back to their pre-recession levels. And when adjusted for inflation, rents are actually lower than they were five years ago. Unfortunately, so have renter incomes. In other words, our affordability problems are not because of rent increases, but because the incomes of too many renter households are too low to afford rents that the market can reasonably offer. The good news is that rising rents are a sign that the economy is improving, as rents fell during the recession. A long-term solution to rising rents, however, requires meaningful income growth and removing the many barriers to apartment construction.

“

I’m single and don’t have children to do the chores. How do I want to spend my time? Would I rather do more travel or pay property taxes? ” Renter Jean Sica-Lieber – National Journal

National Multi Housing Council 2011 Annual Report

liquidity,

liquidity, liquidity “ I believe that, if there is to be any government assistance to housing, it should be limited to firsttime homebuyers or rental housing.” Rep. Scott Garrett (R-NJ) Chair of the House Financial Services Capital Markets & GSE Subcommittee

Since 2008, the old adage of “location, location, location” has been replaced by “liquidity, liquidity, liquidity” as the key to surviving in a tumultuous economy. Preserving the sector’s access to capital was NMHC’s top priority in 2011. And we fought that battle on a number of fronts. We took our message to lawmakers and thought leaders, including the Chairman of the Federal Reserve and all five members of the Fed’s Board of Governors, who met with 50 members of NMHC’s Executive Committee in September. We explained that although apartment fundamentals are strong, the industry still faces significant liquidity issues both in terms of overall capacity and geographic dispersion. Life Without the GSEs? Three years after they were put into conservatorship, action to reform the government sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, kicked into gear. In 2011, there were more than 20 hearings in Congress on various aspects of the housing crisis and the future of Above: 2011 NMHC Chairman Peter Donovan (right) at a meeting with Rep. Scott Garrett (R-NJ) (left), chair of the House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises, and his staff.

Renting in America: the Right Choice

housing finance reform; there are nearly 40 bills pending in both chambers that focus on some aspect of Fannie Mae and Freddie Mac. There is little doubt that the current structure of the GSEs will not continue as we know them, but questions remain on what will replace them, what the transition will look like and how long it will take. In an effort to ensure that reform “does no harm” to multifamily, NMHC launched a massive education program. We made sure thought leaders knew that the GSEs’ multifamily programs were not part of the meltdown and are vital to ensuring sufficient capital for rental housing in all markets and at all times. It made a difference. Leaders from both parties have publicly declared that “multifamily is different.” Overcoming a Historic FHA Backlog With capital markets still struggling to recover, HUD’s FHA multifamily program remained the industry’s primary source of construction lending in 2011, and demand for FHA-insured loans soared to historic levels.

NMHC member Peter Evans, a Partner with Moran & Company, testified before a key House Financial Services Subcommittee on the historic backlog at FHA on May 25, 2011.

“ It has not escaped our notice the much better performance of multifamily relative to single-family in the GSEs. We want to preserve what worked well.” Mary John Miller Assistant Secretary for Financial Markets, U.S. Department of the Treasury

National Multi Housing Council 2011 Annual Report

The result of this increased demand was a staggering backlog in processing, which was compounded by FHA implementing the most extensive underwriting changes in decades.

“ In any reform proposal we have to make sure we have a well-designed capacity for the government to help support multifamily housing. …Fannie Mae and Freddie Mac gave us a model on how to do that well and prudently.”

NMHC/NAA were there to protect the industry’s interests. We testified on the issue before Congress, and we met repeatedly with the HUD Secretary and senior HUD staff. Our efforts resulted in a new pilot program to expedite the underwriting process and implement more transparency in the underwriting process. Supporting the Resurgence of the Secondary Market Our capital markets efforts involved more than just preserving access to the GSEs and FHA. We worked proactively to create a housing finance 2.0 system that would serve investors, lenders and borrowers. We were also actively involved with regulators developing new risk retention rules, highlighting several areas where proposed rules had the potential to adversely affect the availability and pricing of credit.

Timothy Geithner, U.S. Treasury Secretary

Left to Right: Michael Berman (CWCapital), Rick Lyon (Capital One), Mark Wilsmann (MetLife), Mike Brunner (JP Morgan Chase) and Grace Huebscher (Beech Street Capital) discuss what the multifamily market would look like without the GSEs at NMHC’s Board of Directors Meeting in May.

Renting in America: the Right Choice

advocacy: a strong voice

for

rental housing

NMHC member Mark J. Parrell, EVP/CFO of Equity Residential, testified before the Senate Banking Committee on May 26, 2011, at a hearing on housing finance reform.

National Multi Housing Council 2011 Annual Report

NMHC, and its Joint Legislative Partner, the National Apartment Association, will continue to advocate on behalf of the industry. 2011 began with a Republican takeover of the U.S. House of Representatives, 100 new members and an enormous challenge to educate the newly elected lawmakers about the importance of rental housing to our economy. Whatever hopes the new Congress might have had of enacting important legislation withered quickly as the body instead dissolved into total partisan gridlock. Bipartisan proposals languished because of vocal minority opposition. Must-pass legislation was enacted at the last minute, if not later. From the debt ceiling to the failed Super Committee, the debate was pitched and, at times, personal.

2012 NMHC Chairman Tom Bozzuto meets with Rep. Steny Hoyer (D-MD) to discuss tax reform and its impact on the rental housing sector in October.

It was enough to cause noted Congressional scholar, Norm Ornstein, to declare this one the “Worst Congress. Ever.” And the gridlock will only intensify going into an election year. The divided Congress means that while hearings will be numerous, meaningful legislative action on important issues such as housing finance reform or tax reform will be postponed until after the elections. It remains to be seen whether the 2012 elections will usher in a large turnover that might heal some of the partisan division and narrow the growing ideological rift. Until then, NMHC, and its Joint Legislative Partner, the National Apartment Association, will continue to advocate on behalf of the industry. The results of those efforts may be postponed because of electoral politics, but even with inaction, important groundwork for many key legislative issues is being laid now. Our biggest challenges were—and will remain—maintaining a stable source of capital across all markets at all times, ensuring that rental housing is not disadvantaged in any tax reform and pursuing a balanced regulatory environment that supports the industry’s ability to provide the housing this country needs. And despite the legislative impasse that

Renting in America: the Right Choice

characterized 2011, NMHC recorded a number of victories on issues that could have adversely affected rental housing. Increased the Visibility of Rental Housing Ten years ago, when NMHC/NAA launched our “balanced housing policy” initiative, few thought we could make a meaningful difference. And for several years we were a lone voice, but in 2010 tables started to turn, and in 2011 that change accelerated. Everyone from members of Congress to Obama Administration officials to academic experts began to publicly echo our call that we do, in fact, need a more balanced housing policy. NMHC/NAA capitalized on the sea change with aggressive media outreach that resulted in countless articles questioning our homeownership obsession and promoting renting as a smart financial play. We also launched an ad campaign, “Rethinking the American Dream.” Green Building Mandates and Energy Policy Looking ahead, capital and taxes are likely to be joined by energy policy as the areas with the most potential to dramatically change how apartment properties are developed, operated and even financed. NMHC/NAA have been actively promoting the industry’s interests on a variety of fronts. Working with Congress, we continued efforts to protect the apartment industry from onerous legislation to create a national model energy code, which would impose aggressive and costly energy efficiency requirements. In 2011, we secured numerous improvements to a Senate committee-approved measure, including the elimination of arbitrary percentage-based efficiency improvement goals, the removal of a “zero-net energy” building goal and the addition of a funding program to support energy efficiency in the building sector. NMHC/NAA were also appointed to the committee responsible for updating the National Green Building Standard (NGBS, ICC-700) and selected to chair the Multifamily Task Group. Repealed Onerous 1099 Reporting Requirements NMHC/NAA successfully secured the repeal of extremely onerous reporting requirements enacted as part of the health care legislation that would have forced companies to issue 1099s for extremely common transactions, such as purchasing equipment, hiring maintenance companies and even establishing telephone service.

“ [The apartment] industry didn’t create the problem. We’re the ones propping them up.” Rep. Rick Berg (R-ND), (above) former apartment owner and current member of the House of Representatives

National Multi Housing Council 2011 Annual Report

Eileen Lee, NMHC’s Vice President of Energy and Environmental Policy and Rep. Kirsten Gillibrand (D-NY).

“ The GSEs’ investments in multifamily are very successful. Those programs are invaluable.” Sen. Kirsten Gillibrand (D-NY)

Fought for a Pro-Apartment Tax System, Opposed a Carried Interest Tax Increase Comprehensive tax reform took on a new priority in 2011 as a result of the August debate over raising the debt limit and the creation of a Congressional “super committee” charged with developing a plan to reduce the deficit by $1.5 trillion. NMHC/NAA successfully opposed efforts to increase taxes on carried interest, or the developer’s promote, during both those battles, as we have for the past several years. But Congress’s failure to enact tax reform in 2011 means it will be one of our top priorities in 2012. Most lawmakers in Washington, DC—and taxpayers everywhere—agree that our byzantine tax code needs to be reformed to generate economic growth and make the nation more globally competitive. Foreseeing this, NMHC/NAA spent much of 2011 preparing and beginning the education process with Congress. We will be active participants in the debate and will urge lawmakers not to implement reforms that disadvantage apartment owners and renters relative to other asset classes. We’ll be working to protect the Low-Income Housing Tax Credit, partnerships, business interest deductions and, of course, favorable carried interest taxation.

Renting in America: the Right Choice

Opposed Environmental Regulatory Expansion NMHC/NAA convinced the U.S. Environmental Protection Agency (EPA) to reverse course and reject its own proposed lead testing rule, which would have required property owners to verify post-renovation lead levels through expensive laboratory testing. We continue to caution against the full extension of lead hazard rules to commercial buildings and are working with EPA and the Obama Administration to reduce the costs and uncertainty of any new rules. We also opposed burdensome regulatory expansions of the Clean Water Act (CWA), including new wetlands guidance and stormwater management rules for existing buildings. In addition, we submitted a friend of the court brief on a case before the U.S. Supreme Court challenging EPA’s authority and enforcement procedures under the CWA. The case has broad property rights impacts and important implications for clarifying the jurisdictional reach of the CWA and defining those wetlands subject to federal authority. Opposed Imbalanced Labor and Employment Rules Although the Employee Free Choice Act is dead in this Congress owing to the Republican majority in the House, labor issues remained prominent on NMHC/NAA’s agenda thanks to a series of pro-union actions by the National Labor Relations Board (NLRB). NMHC/NAA, as part of a cross-industry coalition, forcefully objected to several NLRB decisions and regulatory actions that disproportionately favor unions.

Bill Thomas, former Chairman of the House Ways & Means Committee, offered his perspective on Capitol Hill during NMHC’s 2011 Annual Meeting.

NMHC/NAA opposed an NLRB proposal that would have a chilling effect on businesses that want to seek legal counsel on labor issues, and we sought Congressional support to block funding to enforce these and other NLRB actions. We also worked to educate the Equal Employment Opportunity Commission (EEOC) about the importance of allowing firms to consider criminal background information in employment decisions in order to ensure the safety of residents when the Commission discussed restricting such use.

Left to Right: Rep. Judy Biggert (R-IL) discusses housing finance reform with NMHC member Peter Evans (Moran & Co.) and Lisa Blackwell, NMHC Vice President of Housing Policy.

National Multi Housing Council 2011 Annual Report

Advocated Federal Immigration Reform NMHC/NAA continued to urge Congress to consider reform measures that would address the considerable shortcomings of existing federal immigration policy and ease the compliance burden created by a growing list of state and local immigration laws. Working closely with our industry partners, we have continued to advocate for reasonable worker verification requirements at the federal level. Advanced Reasonable Building Codes In recognition of NMHC/NAA’s long-term and proactive building codes program, the International Code Council (ICC) appointed us to several key committees that not only review code change proposals but also recommend changes to the code development process. These influential posts have dramatically increased our influence and will pay meaningful dividends going forward. Rep. Pat Tiberi (R-OH) at NMHC’s Board of Directors and Advisory Committee Meeting in Washington, DC.

“ I’m not going to defend Fannie and Freddie. But some of my colleagues who believe the private sector is going to take care of this are not up to speed on reality.”

In 2011, our participation on ICC’s Code Technology Committee, in particular, enabled us to obtain the group’s support to oppose issues that would have had a major negative impact on apartment construction. They include: fire protection; allowable building heights and area; fire separation; carbon monoxide; child window safety; climbable guards; emergency evacuation with elevators; fire service elevators; elevator lobbies; exit stairs; vertical openings; and, most importantly, the issues resulting from the World Trade Center disaster, in which we

Rep. Pat Tiberi (R-OH)

NMHC staff members (L to R) David Cardwell, Vice President of Capital Markets and Technology, Matthew Berger, Vice President of Tax and Betsy Feigin Befus, Vice President, Employment Policy and Counsel provide a legislative briefing at NMHC’s Board of Directors Meeting in May.

Renting in America: the Right Choice

were able to obtain exceptions for apartments from new requirements for additional exit stairways and exit reflective markings. Acted to Support Property Operations When federal officials announced a recall of pool drains just as the summer pool season was kicking off, NMHC/ NAA stepped in to press for additional guidance and clarifications to assist pool owners with compliance. We also published best practices guidance and hosted a webinar on new regulations requiring firms that use a “credit score” when taking an adverse action to make a disclosure of the score part of their process. And we asked Congress to direct HUD to work with housing stakeholders in the development of best practices or guidance to guide the efforts of property owners in dealing with bed bugs. Finally, we continued to press for long-term extension of the National Flood Insurance Program (NFIP). A five-year reauthorization was passed in the House and a comparable bill was awaiting Senate action as this report went to print. Increased limits for multifamily properties as well as several reforms to place the program on healthy long-term footing are included in the legislation.

“ My own view has always been that it is a mistake for the government to heavily subsidize homeownership and that we are much better off trying to subsidize rental housing.” Rep. Barney Frank (D-MA), former Chair of the House Financial Services Committee

Left to Right: NMHC Senior Vice President of Government Affairs Cindy Chetti, NMHC Vice President of Business and Risk Management Policy Jeanne McGlynn Delgado and 2012 NMHC Chairman Tom Bozzuto on Capitol Hill.

National Multi Housing Council 2011 Annual Report

nmhc pac:

a sound investment in our industry NMHC’s political action committee, NMHC PAC, supports the apartment industry’s legislative goals, educates Congress about multifamily housing issues and encourages participation in the political process. In practical terms, contributions to NMHC PAC complement our fact-based lobbying by helping to elect lawmakers who support rental housing. In 2011, NMHC made a big investment in our PAC. We hired our first-ever full-time PAC Director, and we created a new PAC Committee, headed by David Neithercut (Equity Residential). This new focus produced results. NMHC member firms and their eligible employees contributed $863,056 to NMHC PAC and the Smarter Living Fund, exceeding the 2010 year-end total by 58 percent.

Above: NMHC President Doug Bibby and PAC Committee Chair David Neithercut at a PAC Committee meeting in May. Right: Senator John Cornyn (R-TX) addresses a special PAC luncheon at the NMHC Board of Directors and Advisory Committee Meeting.

To increase visibility of NMHC PAC at NMHC meetings and provide more political content, the NMHC PAC Committee hosted a Leadership Luncheon featuring U.S. Senator John Cornyn (R-TX) during the Fall Board of Directors and Advisory Committee Meeting. The first of many upcoming PAC events connecting our members with senior lawmakers and thought leaders, we were delighted to have a “full house” for this inaugural event.

Because all of NMHC PAC’s administrative expenses are paid by NMHC, every dollar collected by NMHC PAC goes directly to Congressional candidates who support our industry. In 2011, NMHC PAC contributed $551,140 to 104 members of Congress and 60 leadership PACs or political party committees. Congressional redistricting and the volatile political environment weighed heavily in the decision to save funds for what is expected to be a busy, expensive 2012 election year. A complete listing of firms who con-

Renting in America: the Right Choice

tributed in 2011 as well as our PAC disbursements are available at www.nmhc.org/goto/pac. In addition to the direct contributions made to lawmakers, NMHC PAC also partnered with National Apartment Association PAC (NAA PAC) and other real estate associations to host fund-raisers and industry “meet and greet” events for dozens of key members of Congress. These small, bipartisan targeted events allow for a focus on multifamily issues and provide an opportunity for NMHC to improve our political footprint on Capitol Hill.

Contributions to NMHC PAC complement our fact-based lobbying by helping to elect lawmakers who support rental housing.

Firms or Firms Whose Employees Contributed $5,000 or more to NMHC PAC Marcus & Millichap

HFF

Legacy Partners

Equity Residential

GID

Village Green Companies

ARA

RealPage, Inc.

Beech Street Capital

BRE Properties, Inc.

Moran & Company

MAA

Wood Partners, LLC

Western National Property Management

AIMCO

CB Richard Ellis, Inc. Holland Partner Group UDR, Inc.

Walker & Dunlop The Bozzuto Group Pinnacle

Allied Realty Services, Ltd. Weidner Property Management LLC American Campus Communities

CWCapital

AmeriSphere Multifamily Finance, LLC

Cushman & Wakefield

AZUMA Leasing

AvalonBay Communities, Inc.

Heritage Title Company of Austin, Inc.

Centerline Capital Group

Hendricks & Partners

The Bainbridge Companies

Camden Property Trust

The ConAm Group of Companies

NorthMarq Capital, Inc.

Trammell Crow Residential

Gables Residential

Riverstone Residential Group

Lincoln Property Company

Alliance Residential Company

Home Properties, Inc.

Post Properties, Inc.

SARES•REGIS Group

TriBridge Residential LLC

National Multi Housing Council Archstone Waterton Associates, L.L.C.

Colonial Properties Trust Gerson Bakar & Associates Milestone Management Nevins•Adams•Lewbel•Schell Orion Real Estate Services The Wilkinson Group, Inc.

National Multi Housing Council 2011 Annual Report

national student housing council Nine years ago, NMHC identified the emerging private, off-campus student housing sector and launched the industry’s first-ever Student Housing Conference to serve the pioneers looking for new markets. By 2011, it had become clear that student housing was no longer a niche, but a mainstream industry sector attracting the attention of institutional capital and seasoned professionals. Though student housing is prospering, it is not without risk and poses unique operations, development and capital needs. To help existing and would-be student housing providers, in 2011, NMHC created a new National Student Housing Council (NSHC). Headed by NMHC veteran, Jim Arbury, NSHC produces best practices and benchmarking research, provides networking opportunities and advocates on behalf of the sector. This year, that meant not only sponsoring the longestrunning conference on the topic, but also putting out two key research reports—the 2011 Student Housing Income/Expense Benchmarking Report and Enrollment Trends in the Recession, which analyzed enrollment trends at 56 universities. Creating the NSHC also helps NMHC fulfill its mission of serving as a thought leader for the conventional apartment market because today’s students are tomorrow’s renters. And their experiences in student housing—from the amenities they expect to the tech-savvy ways they find their housing and communicate with property managers —will shape their expectations when they “graduate” to regular apartments. Above: The State of the Industry panel at the 2011 Student Housing Conference.

Renting in America: the Right Choice

investing in our future

There have been many dramatic transformations of the apartment industry over the years. Among them has been the evolution from a family-dominated sector to a more corporatebased industry. That change has led to many positive developments for investors and residents alike, but it has also created challenges. One of those challenges is cultivating future leaders in a rapidly changing environment. In 2011, NMHC created a new Emerging Leaders program to do just that. This new group is open to employees from NMHC member firms who are under 40 and have at least five years of industry experience. The group will host small networking events that allow emerging leaders to interact with their peers as well as provide opportunities to learn from top industry leaders. Their inaugural Emerging Leaders Speaker Series event was held on September 14 in Washington, DC, featuring a fireside chat with Robert Kettler, Founder, Chairman and CEO of Kettler, followed by a networking reception. Above (Left to Right): Emerging Leaders Kris Mikkelson (Engler Financial Group, LLC), Andy McCulloch (Green Street Advisors), Max Peek (Waterton Residential) and Mike Darling (CWCapital) offer the view of the next generation on the rent versus buy decision during NMHCâ&#x20AC;&#x2122;s Fall Board of Directors and Advisory Committee Meeting.

Jennifer Staciokas (Lincoln Property Company) and Margette Getto (Apartment Guide) participate in an NMHC Emerging Leaders committee meeting.

National Multi Housing Council 2011 Annual Report

business

intelligence

Renting in America: the Right Choice

As the apartment industry's leading advocate, we not only work to advance the industry’s legislative agenda, we also provide you with the best practices, research and tools you need for your business to prosper. These are just a few of the resources and education events we produced in 2011. Benchmarking Reports • Apartment Cost of Risk Insurance Benchmarking Survey • 2010 NMHC National Apartment Survey of Compensation and Benefits Practices • Off-Campus Student Housing: Income and Expense Benchmarking Survey Industry Research • 2010 NMHC 50: Annual Ranking of the Largest Apartment Owners and Largest Apartment Managers • NMHC Research Notes: Rental Stock Trends from the “Bubble” Decade • NMHC Research Notes: Renter Affordability and Income • NMHC Research Notes: Burdened Renters: What’s at the Root of the Problem? • NMHC Research Notes: Apartment Prices: How Far from the Previous Peak? • NMHC Research Forum Student Housing • Student Housing Supplement: Threats & Opportunities • Surge in College Applications Unaffected by the Economic Downturn • NMHC Student Housing Conference & Exposition Apartment Market Conditions • NMHC Market Trends Quarterly Newsletter • NMHC Quarterly Survey of Apartment Market Conditions • On Demand: Apartment Market Conditions Teleconference • NMHC Apartment Strategies Outlook Conference • NMHC Apartment Strategies/Finance Conference Operations & Technology • NMHC Apartment Operations and Technology (OpsTech) Conference & Exposition • Guidance and Webinar: New Notification Requirements for Using Credit Scores in the Rental Screening Process • Guidance: Complying with Federal Pool Safety Requirements • Webinar: SEC Rules Requiring Real Estate Advisors to Register • NMHC Human Resources Forum Networking Opportunities • NMHC Emerging Leaders Program • NMHC on Social Media

National Multi Housing Council 2011 Annual Report

2012

meetings and conferences Although there is a plethora of information available online—including on NMHC's web site—about the state of the apartment industry and trends in the sector, nothing replaces the value of meeting your peers face-to-face and hearing directly from leading experts. Join us in 2012 as we convene what have been described as the industry’s most stimulating and thought-provoking gatherings.

March 28-29 2012 NMHC Human Resources Forum Chicago, IL (Members Only) Above: Jack Welch, former Chairman and CEO of General Electric, shares his business insights at NMHC’s 2011 Annual Meeting.

Center Right: Jeb Bush, former Governor of Florida, and 2010-2011 NMHC Chairman Peter Donovan (CBRE) at NMHC’s Board of Directors Meeting in May. Bottom: Michael Lewis, journalist and best-selling author of The Big Short, Liar's Poker and Moneyball at NMHC’s 2011 Annual Meeting.

September 12-13 2012 NMHC Fall Board of Directors and Advisory Committee Meeting Washington, DC (Members Only) October 1-2 2012 NMHC Student Housing Conference & Exposition Phoenix, AZ (Open to Non-Members)

May 15-16 2012 NMHC Apartment Strategies/Finance Conference Scottsdale, AZ (Open to Non-Members) May 16-17 2012 NMHC Spring Board of Directors Meeting Scottsdale, AZ (Members Only)

November 12-14 2012 NMHC Apartment Operations and Technology (OpTech) Conference & Exposition Dallas, TX (Open to Non-Members) January 22, 2013 2013 NMHC Apartment Strategies Conference Palm Springs, CA (Open to Non-Members) January 22-24, 2013 2013 NMHC Annual Meeting Palm Springs, CA (Members Only)

38 Financials: Statements of Financial Position People: Our Leadership 39 39 41 45

2012 Officers 2012 Committee Leaders 2012 Executive Committee 2012 Board of Directors

48 People: 2011 New Members 50 People: Our Sponsors 52 People: Our Team

National Multi Housing Council 2011 Annual Report

statments of financial position July 1, 2010 - June 30, 2011

Jan. 1 - June 30, 2010

(Audited)

(Audited*)

ASSETS: Cash and Investments: Cash Investments (At Cost) Total Cash and Investments

Fixed Assets: Furniture and Equipment (At Cost) Less: Accumulated Depreciation Total Fixed Assets, Net Other Assets: Security Deposit Total Other Assets Total Assets

LIABILITIES AND UNRESTRICTED NET ASSETS: Liabilities: Lease Payable - Copiers Refundable Advances - CITF Total Liabilities

Unrestricted Net Assets: Unrestricted Net Assets - Beginning Current Year Increase/(Decrease) Total Unrestricted Net Assets $

Total Liabilities and Unrestricted Net Assets

1,147,810 6,676,816 7,824,626

312,637 6,657,254 6,969,891

652,068 (605,121) 46,947

641,817 (579,339) 62,478

14,676 14,676

7,886,249

$7,047,045

31,116 47,686 78,802

43,181 108,431 151,612

6,895,433 912,014 7,807,447

7,455,060 (559,627) 6,895,433

7,886,249

$7,047,045

NMHC members and employees are encouraged to report suspected violations of the law, violations of NMHC policies and procedures, dishonest or unethical behavior, crimes or improper business activities to NMHCâ&#x20AC;&#x2122;s Senior Vice President of Finance and Administration or through Report Line at 877/888-0002 or www.tnwinc.com/webreport. From time to time, the Board of Directors may change the process by which members or employees may communicate such reports. Employees will be notified of changes by internal communications. Members should check the NMHC web site for any changes to the reporting process. The Audit Committee shall ensure that employees may report suspected violations anonymously in accordance with local, state and federal Whistleblower Statutes and Employee Protection Ordinances. Employees will not be subject to any penalties or retribution for reporting suspected violations in good faith. * Note: In 2010, NMHC changed its fiscal year from January 1 through December 31 to July 1 through June 30. As a result, the 2010 financials represent a six-month period (January 1 to June 30). The 2011 financials represent a 12-month period.

NMHC Audit Committee Robert E. DeWitt (Chair) Grace Huebscher

Richard L. Kadish

GID Boston, MA

CAPREIT, Inc. Rockville, MD

Beech Street Capital Bethesda, MD

Renting in America: the RIght Choice

people:

our leadership

2012 Officers

Chairman Thomas S. Bozzuto

Vice Chairman Daryl J. Carter

Treasurer Robert E. DeWitt

Secretary Susan M. Ansel

The Bozzuto Group Greenbelt, MD

Avanath Capital Management, LLC Irvine, CA

GID Boston, MA

Gables Residential Dallas, TX

President Douglas M. Bibby

Immediate Past Chairman Peter F. Donovan

National Multi Housing Council Washington, DC

CB Richard Ellis, Inc. Boston, MA

2012 Committee Leaders

Audit Robert E. DeWitt (Chair)

Diversity Daryl J. Carter (Co-Chair)

Diversity Mary Ann King (Co-Chair)

Emerging Leaders Kris Mikkelsen (Chair)

Emerging Leaders Michael Darling (Vice Chair)

Emerging Leaders Maxwell Peek (Vice Chair)

GID Boston, MA

Avanath Capital Management, LLC Irvine, CA

Moran & Company Irvine, CA

Engler Financial Group, LLC Alpharetta, GA

CWCapital, LLC Needham, MA

Waterton Residential Chicago, IL

National Multi Housing Council 2011 Annual Report

2012 Committee Leaders (cont.)

Finance David Schwartz (Chair)

Finance Keith Harris (Vice Chair)

Investment Dawn Severt (Chair)

Joint Legislative Daryl J. Carter (Co-Chair)

Joint Legislative Rick Graf (Co-Chair)

Waterton Associates, L.L.C. Chicago, IL

The Laramar Group Chicago, IL

Gables Residential Trust Atlanta, GA

Avanath Capital Management, LLC Irvine, CA

Pinnacle Dallas, TX

Membership Laura Beuerlein (Chair)

Membership Constance B. Moore (Vice Chair)

Operating Thomas S. Bozzuto (Chair)

Political Action David J. Neithercut (Chair)

Political Action Peter F. Donovan (Vice Chair)

Heritage Title Company of Austin, Inc. Austin, TX

BRE Properties, Inc. San Francisco, CA

The Bozzuto Group Greenbelt, MD

Equity Residential Chicago, IL

CB Richard Ellis, Inc. Boston, MA

Property Operations Julie A. Smith (Chair)

Property Operations Brad Forrester (Vice Chair)

Research Jay Lybik (Chair)

Research Jeanette Rice (Vice Chair)

Strategic Planning Daryl J. Carter (Co-Chair)

Bozzuto Management Company Greenbelt, MD

The ConAm Group of Companies San Diego, CA

Equity Residential Chicago, IL

Verde Realty Fort Worth, TX

Avanath Capital Management, LLC Irvine, CA

Student Housing David J. Adelman (Chair)

Student Housing William Talbot (Vice Chair)

Tax Tim L. Myers (Chair)

Tax Mike McDougal (Vice Chair)

Campus Apartments Philadelphia, PA

American Campus Communities Austin, TX

Allied Realty Services, Ltd. Houston, TX

McDougal Properties, L.C. Lubbock, TX

Renting in America: the RIght Choice

people: 2012

executive committee

Patti Fielding

Patti Shwayder

James M. Krohn

Bruce C. Ward

Marc E. deBaptiste

AIMCO Denver, CO

Alliance Residential Company Phoenix, AZ

ARA Boca Raton, FL

Gary T. Kachadurian

Charles E. Mueller, Jr.

R. Scot Sellers

Sean J. Breslin

Timothy J. Naughton

ARA Oak Brook, IL

Archstone Englewood, CO

AvalonBay Communities, Inc. Arlington, VA

Daryl J. Carter

Richard P. Giles

Richard Schechter

Jonathan D. Bell

Lili F. Dunn

Avanath Capital Management Irvine, CA

The Bainbridge Companies West Palm Beach, FL

Bell Partners Greensboro, NC

Bell Partners Alexandria, VA

David J. Olney

Thomas S. Bozzuto

Julie A. Smith

Stephen Dominiak

Constance B. Moore

Berkshire Property Advisors Boston, MA

The Bozzuto Group Greenbelt, MD

Bozzuto Management Company Greenbelt, MD

BRE Properties, Inc. Irvine, CA

BRE Properties, Inc. San Francisco, CA

National Multi Housing Council 2011 Annual Report

Laurie A. Baker

Ric Campo

John R. Williams

Ron Zeff

Peter F. Donovan

Camden Property Trust Houston, TX

Carmel Partners, Inc. San Francisco, CA

CBRE Boston, MA

Brian F. Stoffers

William T. Hyman

John Larson

C. Stephen Cordes

Robert D. Greer, Jr.

CBRE Capital Markets Houston, TX

Centerline Capital Group New York, NY

Clarion Partners New York, NY

Clarion Partners Washington, DC

Nathan S. Collier

J. Andrew Hogshead

Paul F. Earle

Edward T. Wright

Michael D. Berman

The Collier Companies Gainesville, FL

Colonial Properties Trust Birmingham, AL

CWCapital Needham, MA

Donald P. King, III

Paul G. Kerr

Jon D. Williams

Alan W. George

David J. Neithercut

CWCapital Needham, MA

Davlyn Investments San Diego, CA

Equity Residential Chicago, IL

Susanne Hiegel

Heidi McKibben

David Brickman

Fannie Mae Pasadena, CA

Deborah RatnerSalzberg

Ronald A. Ratner

Fannie Mae Washington, DC

Forest City Residential Group, Inc. Cleveland, OH

Freddie Mac Mc Lean, VA

Forest City Enterprises, Inc. Washington, DC

Renting in America: the RIght Choice

Susan Ansel

David Fitch

Robert E. DeWitt

Stacy G. Hunt

William C. Maddux

Gables Residential Dallas, TX

Gables Residential Atlanta, GA

GID Boston, MA

Greystar Real Estate Partners, LLC Houston, TX

Greystar Real Estate Partners, LLC Charleston, SC

Laura A. Beuerlein

Gary S. Farmer

Mona Keeter Carlton

Matthew Lawton

Clyde P. Holland

Heritage Title Company of Austin, Inc. Austin, TX

HFF Dallas, TX

HFF Chicago, IL

Holland Partner Group Vancouver, WA

Eli Hanacek

Guy K. Johnson

James H. Callard

C. Preston Butcher

W. Dean Henry

Holland Partner Group Vancouver, WA

Johnson Capital Las Vegas, NV

Klingbeil Capital Management/American Apartment Communities Annapolis, MD

Legacy Partners Foster City, CA

Legacy Partners Residential, Inc. Foster City, CA

Brian C. Byrne

Jeff B. Franzen

H. Eric Bolton, Jr.

Albert M. Campbell

John J. Kerin

Lincoln Property Company Oak Brook, IL

Lincoln Property Company Herndon, VA

MAA Memphis, TN

Marcus & Millichap Calabasas, CA

Hessam Nadji

Charles R. Brindell, Jr.

Mary Ann King

Thomas F. Moran

Rick Graf

Marcus & Millichap/ Institutional Property Advisors Walnut Creek, CA

Mill Creek Residential Trust LLC Dallas, TX

Moran & Company Irvine, CA

Moran & Company Chicago, IL

Pinnacle Addison, TX

National Multi Housing Council 2011 Annual Report

Stan J. Harrelson

David P. Stockert

Jamie Teabo

David Durning

Dale H. Taysom

Pinnacle Seattle, WA

Post Properties, Inc. Atlanta, GA

Prudential Mortgage Capital Company Chicago, IL

Prudential Real Estate Investors Atlanta, GA

Jerome Ehlinger

Brian E. McAuliffe

Michael P. Bissell

Geoffrey L. Stack

Kenneth J. Valach

RREEF Chicago, IL

SARES•REGIS Group Irvine, CA

Trammell Crow Residential Houston, TX

Michael E. Tompkins

Thomas W. Toomey

Warren L. Troupe

David R. Schwartz

Gregory J. Lozinak

TriBridge Residential LLC. Atlanta, GA

UDR, Inc. Highlands Ranch, CO

Waterton Associates, L.L.C. Chicago, IL

Waterton Residential Chicago, IL

Pictures Not Available Alan King Berkshire Property Advisors Boston, MA

Kristen Klingbeil-Weis

Vincent R. Toye

Alan Wiener

Warren J. Durkin, Jr.

Jay Jacobson

Wells Fargo Multifamily Capital New York, NY

Wood Partners, LLC Boca Raton, FL

Klingbeil Capital Management/American Apartment Communities Santa Barbara, CA

Timothy J. Hogan Trammell Crow Residential Dallas, TX

Renting in America: the RIght Choice

people: 2012

board of directors

Simon Ziff

Arlene Mayfield

John Swift

Richard L. Kadish

Dodge Carter

Ackman Ziff Real Estate Group, LLC New York, NY

Apartment Guide Norcross, GA

Bader Company Indianapolis, IN

CAPREIT, Inc. Rockville, MD

Crow Holdings Capital Partners, LLC Dallas, TX

Jay Olander

Grace Huebscher

Tyler Anderson

AIG Global Real Estate Investment Corp. New York, NY

Apartment Trust of America (Formerly Grubb & Ellis Apartment REIT) Richmond, VA

Beech Street Capital Bethesda, MD

CB Richard Ellis, Inc. Phoenix, AZ

Jeff Lee

Stephen J. Zaleski

Donald Huffner

Gus Remppies

Beech Street Capital Bethesda, MD

CBRE Global Investors, LLC Boston, MA

AIG Global Real Estate Investment Corp. New York, NY

Apartment Trust of America (Formerly Grubb & Ellis Apartment REIT) Richmond, VA

Robert S. Aisner

Steven Fayne

Behringer Harvard Addison, TX

Citi Community Capital San Francisco, CA

Kevin Doyle

Mark Alfieri

Hal G. Kuykendall

Apartments.com Chicago, IL

Behringer Harvard Addison, TX

Citi Community Capital Denver, CO

Brad Long

Karl H. Reinlein

Warren Dahlstrom

Apartments.com Chicago, IL

Berkadia Horsham, PA

Colliers International Washington, DC

Blake Okland

Mark W. Dunne

LaNitra Webb

ARA Charlotte, NC

Boston Capital Corporation Boston, MA

Thomas P. MacManus

Colliers International USA Headquarters Boston, MA

The Dinerstein Companies Houston, TX

John P. Manning

ARA Finance, LLC Boca Raton, FL

Boston Capital Corporation Boston, MA

Daniel J. Epstein

Anthony Schaffer

The ConAm Group of Companies San Diego, CA

DIRECTV El Segundo, CA

J. Bradley Forrester

Robert Grosz

The ConAm Group of Companies San Diego, CA

Dish Network Englewood, CO

Jerry Davis

Brian Spencer Dish Network Englewood, CO

Jeffery Daniels

Jay Blasberg Alliant Capital LLC Tucson, AZ

Toshi Matsushita Alliant Capital LLC Tucson, AZ

Lauren A. Brockman Allied Realty Services, Ltd. Denver, CO

Tim L. Myers Allied Realty Services, Ltd. Houston, TX

Michael H. Godwin Ambling University Development Group, LLC Valdosta, GA

Roger H. Beless

Barden Brown

Archon Residential Irving, TX

Brown Realty Advisors Atlanta, GA

R. Ryan Holmes

William S. Robinson

Walter W. Miller

Ambling University Development Group, LLC Valdosta, GA

Archon Residential Irving, TX

Brown Realty Advisors Atlanta, GA

Kevin Davis

Bradley B. Chambers

Conservice Utility Management & Billing Logan, UT

Area Property Partners New York, NY

Buckingham Companies Indianapolis, IN

Jason Rosa

Brian Earle

Alexandra S. Jackiw

Continental Realty Advisors, Ltd. Littleton, CO

Area Property Partners New York, NY

Buckingham Companies Indianapolis, IN

David W. Snyder

Lin Atkinson

Jerry Feldman

Continental Realty Advisors, Ltd. Littleton, CO

AT&T Connected Communities Atlanta, GA

CallSource Westlake Village, CA

Nevel DeHart

Thuy Woodall

Mark Sadosky

CoreLogic SafeRent Rockville, MD

Scott G. Suttle

AT&T Connected Communities Atlanta, GA

CallSource Westlake Village, CA

James W. Harris

AmeriSphere Multifamily Finance, LLC Bethesda, MD

Michael G. Miller

David J. Adelman

CoreLogic SafeRent Rockville, MD

AUM Lombard, IL

Campus Apartments Philadelphia, PA

Mark Higgins

Daniel J. Roehl

Miles H. Orth

AUM Lombard, IL

Campus Apartments Philadelphia, PA

Cornerstone Real Estate Advisers LLC Hartford, CT

William C. Bayless, Jr. American Campus Communities Austin, TX

Jason Wills American Campus Communities Austin, TX

Rodrigo Lopez AmeriSphere Multifamily Finance, LLC Omaha, NE

Steve F. Hallsey AMLI Management Company Chicago, IL

Gregory T. Mutz AMLI Residential Properties, L.P. Chicago, IL

Kimberly J. Sperry Amstar Group, LLC Denver, CO

Margette Getto Apartment Guide Carrollton, TX

Steven Weilbach Cushman & Wakefield San Francisco, CA

Byron L. Moger Cushman & Wakefield Tampa, FL

Roy E. Demmon, III Demmon Partners Redwood City, CA

Thomas Walsh Demmon Partners Redwood City, CA

John Caltagirone The Dinerstein Companies Houston, TX

Brian L. Dinerstein

Andrew K. Dolben The Dolben Company, Inc. Woburn, MA

Deane H. Dolben The Dolben Company, Inc. Woburn, MA

Adam C. Breen DRA Advisors, LLC New York, NY

David Luski DRA Advisors, LLC New York, NY

Wendy Drucker Drucker & Falk, LLC Newport News, VA

Kellie Falk-Tillett

Brian Murdy

Drucker & Falk, LLC Raleigh, NC

Capital One Bank New York, NY

Cornerstone Real Estate Advisers LLC Hartford, CT

John H. Pringle

Bj Rosow

Ernest L. Heymann

William B. Blash

E & S Ring Management Corporation Los Angeles, CA

AZUMA Leasing Austin, TX

CAPREIT, Inc. Rockville, MD

Crossbeam Capital LLC Bethesda, MD

Miles Spencer

David Doerner

Richard K. Devaney

Eastdil Secured, LLC Washington, DC

Bader Company Indianapolis, IN

Crossbeam Capital LLC Bethesda, MD

Phillip E. Bogucki

Richard Lyon

AZUMA Leasing Austin, TX

National Multi Housing Council 2011 Annual Report

Randy Churchey

Gregory A. Fowler

David Kapiloff

David B. Woodward

Kenneth Lee

Education Realty Trust, Inc. Memphis, TN

FPA Multifamily San Francisco, CA

Insgroup, Inc. Houston, TX

The Laramar Group, LLC Greenwood Village, CO

McDowell Properties San Francisco, CA

Thomas Trubiana

Holland Smith

Kevin A. Baldridge

Christine Akins

W. Patrick McDowell

Education Realty Trust, Inc. Memphis, TN

FPA Multifamily Dallas, TX

The Irvine Company Apartment Communities 'IAC' Irvine, CA

LaSalle Investment Management, Inc. Chicago, IL

McDowell Properties San Francisco, CA

John M. O'Hara, Jr.

Edward Coco

Edward Rose & Sons Farmington Hills, MI

GE Real Estate Alpharetta, GA

Jean M. Anderson

Peter P. DiLullo

J.P. Morgan Asset Management New York, NY

LCOR Incorporated Berwyn, PA

Warren Rose

Frank Marro

Edward Rose & Sons Farmington Hills, MI

GE Real Estate Alpharetta, GA

James A. Butz

Thomas J. O'Brien

Jefferson Apartment Group McLean, VA

LCOR Incorporated Berwyn, PA

Gregory L. Engler

Stephen LoPresti

Engler Financial Group, LLC Alpharetta, GA

Gerson Bakar & Associates San Francisco, CA

Gregory G. Lamb

Alan Arnold

Jefferson Apartment Group McLean, VA

The Lionstone Group Houston, TX

Patrick Jones

Linda Zeller

Engler Financial Group, LLC Alpharetta, GA

Gerson Bakar & Associates San Francisco, CA

Richard J. High

Thomas Bacon

John M. Corcoran & Company Braintree, MA

The Lionstone Group Houston, TX

Gina M. Dingman

Philip S. Payne

Everest Real Estate Advisors Minneapolis, MN

Ginkgo Residential Charlotte, NC

Jeffrey T. Morris

Thomas F. McCoy, Jr. Lockton Companies, LLC Denver, CO

Brannan Johnston

D. Scott Wilkerson

Jones Lang LaSalle Americas, Inc. Orlando, FL

Experian RentBureau Costa Mesa, CA

Ginkgo Residential Charlotte, NC

Jubeen F. Vaghefi

Nicola Scheman

John J. Gray, III

Experian RentBureau Costa Mesa, CA

Grayco Partners LLC Houston, TX

Jones Lang LaSalle Americas, Inc. Miami, FL

Christopher E. Hashioka

Sherwin Nelvis

Fairfield Residential Company LLC San Diego, CA

Guggenheim Commercial Real Estate Finance, LLC Vienna, VA

Gregory R. Pinkalla Fairfield Residential Company LLC San Diego, CA

Alicia Cotton

Jonathan Cox

Guggenheim Real Estate Finance, LLC Vienna, VA

The Federated Companies Miami, FL

Philander P. Claxton

Nick Wexler

Happy Habitat, LLC Laurel, MD

The Federated Companies Miami, FL

Judy Viitanen

Richard N. Shinberg

Happy Habitat, LLC Laurel, MD

First Capital Realty, Inc. Bethesda, MD

James M. Bachner

Les Zimmerman

Heitman LLC Chicago, IL

First Capital Realty, Inc. Bethesda, MD

Howard Edelman

Robert L. Johnston

Heitman LLC Chicago, IL

First Communities Atlanta, GA

Mark Forrester

Mark A. Fogelman

Hendricks & Partners Phoenix, AZ

Fogelman Management Group Memphis, TN

Don Hendricks

Richard L. Fogelman

Hendricks & Partners Phoenix, AZ

Fogelman Properties Memphis, TN

Alan Patton

Wayne E. McDonald

Hines Houston, TX

Forestar Group, Inc. Austin, TX

Scott A. Doyle

Phillip Weber

Home Properties, Inc. Rochester, NY

Forestar Group, Inc. Austin, TX

Edward J. Pettinella Home Properties, Inc. Rochester, NY

Albert Berriz McKinley Ann Arbor, MI

Ken Polsinelli McKinley Ann Arbor, MI

Jacob Katz Meridian Capital Group, LLC New York, NY

Israel Schubert Meridian Capital Group, LLC Iselin, NJ

Robert D. Lazaroff

Bruce V. Michelson, Jr. Charles M. McDaniel Lockton Companies, LLC Denver, CO Madison Apartment Group Philadelphia, PA

Jones Lang LaSalle Americas, Inc. Atlanta, GA

Joseph F. Mullen

Jones Lang LaSalle Americas, Inc. Atlanta, GA

Cindy Clare

The Michelson Organization St. Louis, MO

Jeffrey Goldberg Dean Holmes

John W. Bray

Faron G. Thompson

The Michelson Organization St. Louis, MO

Milestone Group New York, NY

Steve T. Lamberti Madison Apartment Group Philadelphia, PA

Milestone Management Dallas, TX

Paul Harris Will Balthrope Marcus & Millichap/ Institutional Property Advisors Dallas, TX

Moran & Company Dallas, TX

Jeffrey Williams

Peter Katz

Moran & Company Seattle, WA

Laurel Howell

Marcus & Millichap/ Institutional Property Advisors Phoenix, AZ

Carter Bechtol

Kettler McLean, VA

Nicholas Michael Ryan

David G. Shillington

The Marquette Companies Naperville, IL

KeyBank Real Estate Capital Dallas, TX

Darren R. Sloniger

John Falco

The Marquette Companies Naperville, IL

Kingsley Associates Atlanta, GA

Cathy Bokman

Peggy Robinson

Marriott ExecuStay Bethesda, MD

Kingsley Associates Atlanta, GA

Adam Sherer

Rohit Anand

Marriott ExecuStay Bethesda, MD

KTGY Group Inc. Vienna, VA

Gerald J. Haak

Mike Kingsley

MAXX Properties Harrison, NY

KTGY Group Inc. Vienna, VA

Andrew R. Wiener

Keith A. Harris

MAXX Properties Harrison, NY

The Laramar Group, LLC Chicago, IL

Michael C. McDougal

Tom Klaess

McDougal Properties, L.C. Lubbock, TX

The Laramar Group, LLC Greenwood Village, CO

Tristan Thoma

Kettler McLean, VA

McDougal Properties, L.C. Lubbock, TX

The Morgan Group, Inc. Houston, TX

Michael S. Morgan The Morgan Group, Inc. Houston, TX

Jonathan Morgan Morgan Properties King of Prussia, PA

Mitchell L. Morgan Morgan Properties King of Prussia, PA

Eric Gramberg Move Westlake Village, CA

Sharon Fay MRI Software Highland Hills, OH

Henry Nevins Nevins•Adams•Lewbel•Schell Santa Barbara, CA

Michael R. Schell Nevins•Adams•Lewbel•Schell Scottsdale, AZ

Renting in America: the RIght Choice

Richard Burns

Kieran P. Quinn

Stephen T. Winn

Scott Anderson

Paul Thrift

The NHP Foundation New York, NY

Pillar Multifamily, LLC Vienna, VA

RealPage, Inc. Carrollton, TX

TIAA-CREF Global Real Estate Newport Beach, CA

Watermark Residential Indianapolis, IN

Kerry R. French

Mark Van Kirk

Mark C. Beisler

Joanne Luger

Jack Oâ&#x20AC;&#x2122;Connor

NorthMarq Capital, Inc. Houston, TX

Pillar Multifamily, LLC Vienna, VA

Red Mortgage Capital, LLC Reston, VA

Time Warner Cable Herndon, VA

Weidner Property Management LLC Kirkland, WA

Edward Padilla

D. Scott Bassin

David L. Goodman

Dave Schwehm

NorthMarq Capital, Inc. Minneapolis, MN

PNC Real Estate Pittsburgh, PA

Red Mortgage Capital, LLC Reston, VA

Time Warner Cable Herndon, VA

Robert A. Esposito

William Thomas Booher

Howard S. Primer

Mike Mauseth

Weidner Property Management LLC Kirkland, WA

NWP Services Corporation Pembroke Pines, FL

PNC Real Estate San Francisco, CA

RenaissancePG, LLC Knoxville, TN

TransUnion/CreditRetriever Greenwood Village, CO

Michael K. Hayde

Mike Radice

Marc S. Pollack

Terry S. Danner

Steve Roe

NWP Services Corporation Irvine, CA

Pollack Shores Real Estate Group Atlanta, GA

Riverstone Residential Group Dallas, TX

TransUnion/CreditRetriever Greenwood Village, CO

Western National Property Management Irvine, CA

Neil Cullen

Steven Shores

Walt Smith

Wayne A. Vandenburg

Oak Grove Capital Bethesda, MD

Pollack Shores Real Estate Group Atlanta, GA

Riverstone Residential Group Dallas, TX

TVO Groupe LLC Chicago, IL

Kevin Filter

Donna Preiss

Ralph Daruns

Russell A. Vandenburg

Oak Grove Capital Saint Paul, MN

The Preiss Company Raleigh, NC

Rockhall Funding Corp. Dallas, TX

TVO North America El Paso, TX

Gene R. Blevins

John Preiss

Kathryn Thompson

David J. Ingram

Orion Real Estate Services Houston, TX

The Preiss Company Raleigh, NC

Rockhall Funding Corp. Dallas, TX

UBS Realty Investors LLC Hartford, CT

Pam McGlashen

Seth Martin

Daniel McNulty

Jeffrey G. Maguire

Orion Real Estate Services Houston, TX

Pritzker Realty Group, LLC Chicago, IL

Rockwood Real Estate Advisors New York, NY

UBS Realty Investors LLC Hartford, CT

W. Clark Ewart

Michael A. Sullivan

W. Michael Doramus

Geoffrey C. Brown

Paradigm Development Company Arlington, VA

Pritzker Realty Group, LLC Chicago, IL

Sarofim Realty Advisors Dallas, TX

USA Properties Fund, Inc. Roseville, CA

Stanley W. Sloter

John D. Millham

David Evemy

Karen McCurdy

Paradigm Development Company Arlington, VA

Prometheus Walnut Creek, CA

Sarofim Realty Advisors Dallas, TX

USA Properties Fund, Inc. Roseville, CA

P. David Onanian

Clayton A. Parker

James D. Scully Jr.

Michael Keyes Ferris

PAS Purchasing Solutions Houston, TX

Prometheus San Mateo, CA

Scully Company Jenkintown, PA

Valet Waste, LLC Tampa, FL

Randall M. Paulson

Joe Colon

Michael A. Scully

Syd McDonald

PAS Purchasing Solutions Plano, TX

Protection 1 Security Jacksonville, FL

Scully Company Jenkintown, PA

Valet Waste, LLC Tampa, FL

Gary Goodman

Melisa Colon

W. Steve Gilmore

Eric D. Cevis

Passco Companies, LLC Irvine, CA

Protection 1 Security Tampa, FL

Shea Properties Aliso Viejo, CA

Verizon Enhanced Communities Basking Ridge, NJ

Larry Sullivan

Bruce LaMotte

Colm Macken

Patricia French

Passco Companies, LLC Irvine, CA

Providence Management Company, L.L.C. Chicago, IL

Shea Properties Aliso Viejo, CA

Verizon Enhanced Communities St. Petersburg, FL

J. Robert Love

Jonathan Holtzman

Simpson Housing LLLP Atlanta, GA

Village Green Companies Farmington Hills, MI

Nancy Barton

George S. Quay, IV Village Green Companies Farmington Hills, MI

Douglas Crocker, II Pearlmark Real Estate Partners Chicago, IL

Edward J. Ryder

Alan Pollack Providence Management Company, L.L.C. Chicago, IL

Pearlmark Real Estate Partners Chicago, IL

Thomas G. Smith

Stellar Advisors, LLC Rockville, MD

David R. Picerne

Prudential Real Estate Investors Atlanta, GA

David Schwartzberg

Brendan Coleman

Picerne Real Estate Group Phoenix, AZ

Bruce Barfield

Stellar Advisors, LLC Rockville, MD

Walker & Dunlop Bethesda, MD

Ronald G. Brock, Jr.

Rainmaker Alpharetta, GA

Michael Katz

Howard W. Smith, III

Pierce-Eislen, Inc. Scottsdale, AZ

Tammy Farley

Sterling American Property Inc. Great Neck, NY

Walker & Dunlop Bethesda, MD

Ronald G. Brock, Sr.

Rainmaker Alpharetta, GA

Tarak Patolia

Eric Garrett

Pierce-Eislen, Inc. Scottsdale, AZ

Dirk D. Wakeham

Sterling American Property Inc. Great Neck, NY

Watermark Residential Indianapolis, IN

RealPage, Inc. Carrollton, TX

W. Dean Weidner

Stephan T. Beck Whiteco Residential LLC Merrillville, IN

Timothy J. Connelly Whiteco Residential LLC Merrillville, IN

Charles W. Brammer, Jr. The Wilkinson Group, Inc. Atlanta, GA

Phillip R. Deguire The Wilkinson Group, Inc. Atlanta, GA

Samuel Ross WinnCompanies Boston, MA

Lawrence H. Curtis WinnDevelopment Boston, MA

Greg M. Galli Woodmont Companies Belmont, CA

Ronald V. Granville Woodmont Real Estate Services Belmont, CA

Brigitta Eggleston Yardi Systems, Inc. Santa Barbara, CA

Amy Gerritsen Yardi Systems, Inc. Santa Barbara, CA

Samuel C. Stephens, III ZOM Companies Orlando, FL

Greg West ZOM Companies Fort Lauderdale, FL

National Multi Housing Council 2011 Annual Report

people:

2011 new members

801 Capital Finance Abu Dhabi Investment Authority AFI Services, LLC AIMCO Allium Partners AMSI, an Infor company ApartmentsForSale.com ApexOne Investment Partners Arlington Properties Asset Plus Companies Atkinson & Cullen, LLC BACI Holdings Baker Tilly Balfour Beatty Construction Baron Properties Blu Sky Restoration Contractors BNE Real Estate Group Burgess Construction Consultants, Inc. California Landmark Camp Construction Services Campus Crest Communities Capital One Bank Capture the Market Cassidy Turley CB Richard Ellis N.E. Partners LP CC Residential Chambliss, Bahner & Stophel, P.C. Childress Klein Properties/CK Multifamily CLP Systems Colony Hills Capital CompassRock Real Estate LLC Conti Organization Continental Real Estate Companies Crescent Resources CW Construction & Development CWS Capital Partners Cypress Real Estate Advisors Daniel Corporation Deerfield Commercial Real Estate, Inc.

Dish Network Dominion Due Diligence Group Duck Pond Realty Management, LLC Echo Bridge Partners, LLC The Ezralow Company dba Capital Valley Investments Falcone Group, LLC Faulkner Design Group, Inc. Federal Home Loan Bank of Dallas Forest Properties Management Fortune-Johnson, Inc. Gemstone Development Corp. Global Asset Alternatives, LLC Gray Development Group Green Bear Capital Greenfield Partners, LLC Griffis Group of Companies, LLC Grubb Properties Guggenheim Commercial Real Estate Finance, LLC H3T Legacy Capital Partners. LLC Hallmark Campus Communities Hamilton Partners Happy Habitat, LLC Hardison/Downey Construction, Inc. Hartz Mountain Industries, Inc. Hendricks & Partners Multifamily Capital Hillwood Multifamily, L.P. Holland Development Horizon Realty Advisors Horizon Realty Management, Inc. Houlihan Lokey Hudson Housing Capital Hudson Realty Capital, LLC ibr Search The ITEX Group, LLC Jackson-Shaw Kayne Anderson Kern Investment Research, LLC Keystone Commercial Capital

Renting in America: the Right Choice

The Kirkland Company Klefstad Companies Inc. Lane Asset Management, LLC Largo Real Estate Advisors LeaseTerm Insurance Group LLC Lennar Le端mas Capital LEV Investments M-Fishency Madrona Ridge Residential Marcus & Millichap Capital Corporation Marriott ExecuStay The Martin Group Mike Seashols Consulting Municipal Capital Appreciation Partners National Real Estate Advisors Nationwide Energy Partners LLC New York Life Investment Newport Property Ventures Newport Venture Capital NOVARE GROUP NRP Group NWP Services Corporation Paramount Global LLC dba Paramount Investments Paredim Partners LLC Pavlov Media Inc. PayNearMe Phoenix Realty Group Prudential Affordable Mortgage Company QBE First R.J. Finlay & Co Radclift Capital Mortgage Red Mountain Development, LLC Regency Consolidated Residential LLC RentMineOnline The Richman Group of Companies Salt River Capital, Inc. SC&H Group, LLC

Seven Hills Commercial Sharp Laboratories of America Shutts & Bowen LLP Silver Capital Silverwood Associates Southeast Venture, LLC Steele Properties LLC Stewart Title Guaranty Company Stockbridge Capital StoneRiver Company, LLC StreetLights Residential Summit Contracting Group SunAmerica Affordable Housing Partners, Inc. Suprema, Inc. Terra Capital Partners Texona Partners Thiemann Real Estate, LLC Threshold Capital Trade Street Capital, LLC Trinsic Residential Group TRIO Properties LLC Tryko Partners University Student Housing, LLC Van Metre Companies Veritas Investments Inc. Water Street Investments - BXR USA Waterton Residential Weingarten Realty West River Capital Management LLC Wilkinson Corporation Wilshire Enterprises Wilson, Cribbs, & Goren, P.C. Worth Partners The Yarco Companies ZMG Construction, Inc.

National Multi Housing Council 2011 Annual Report

people:

our sponsors

NMHC expresses its appreciation to the following member firms that generously sponsored research, advocacy efforts and meeting events in 2011.

2011 Chairmanâ&#x20AC;&#x2122;s Circle The Apartment Guide AT&T Connected Communities AZUMA Leasing CallSource Comcast Cable Communications

($50,000 or more in sponsorship) DIRECTV Fannie Mae Freddie Mac Kroll Factual Data, Inc. Pinnacle

2011 Friends of the Council American Utility Management (AUM) Apartment Finder ARA Archstone AvalonBay Communities, Inc. Bader Company Beech Street Capital BRE Properties, Inc. Camden Property Trust

RealPage, Inc. Time Warner Cable Verizon Enhanced Communities Yardi Systems, Inc.

($25,000 to $49,999 in sponsorship)

CB Richard Ellis CoreLogic SafeRent Hendricks & Partners Jones Lang LaSalle KeyBank Real Estate Capital MAA Moran & Company MRI Software MyNewPlace

Protection One Prudential Mortgage Capital Company The Rainmaker Group Red Mortgage Capital, LLC Rent.com Riverstone Residential Group UDR, Inc. Walker & Dunlop Wells Fargo

G5 Grandbridge Real Estate Capital Marcus & Millichap National Real Estate Investor NorthMarq Capital NWP Services Corporation

Saresâ&#x20AC;˘Regis Group Schlage Lock/Ingersoll Rand Residential Solutions University Furnishings VaultWare

2011 Sponsors Cox Communications Cushman & Wakefield Energy Advisory Service EverGreen Experian RentBureau

Renting in America: the Right Choice

people: our