2011 NMHC 50

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2011

The Nation’s 50 Largest Apartment Owners and 50 Largest Apartment Managers

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A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR

N

ational Real Estate Investor is pleased to present the 22nd annual NMHC 50, the National Multi Housing Council’s authoritative ranking of the nation’s 50 largest apartment owners and 50 largest apartment managers. For more than two decades, the NMHC 50 has been a key resource for industry observers. The top owner and manager lists, and the analysis that accompanies them, have provided the only historical benchmark against which to measure industry trends and concentration.

Based in Washington, D.C., the National Multi Housing Council provides leadership for the apartment industry. NMHC’s members are the principal officers of the larger and more prominent apartment firms and include owners, developers, managers, financiers and service providers.

The Council focuses on the four key areas of: federal advocacy; strategic business information; industry research; and public affairs. Through its federal advocacy program, the Council targets such issues as capital markets, housing policy, energy and environmental affairs, tax policy, fair housing, building codes, technology, human resources, rent control and more.

For those interested in joining the apartment industry’s leadership, NMHC welcomes inquiries to its Washington office at 202/974-2300, or you can visit NMHC’s web site at www.nmhc.org.

Contents Introduction .................................................................................... 2 2011 Apartment Ownership ............................................................ 4 2011 Apartment Management ........................................................ 6 NMHC 50: “The Great Recovery” Following “The Great Recession”.... 8 A Familiar Face Returns to Multifamily ......................................... 16 New Faces .................................................................................... 19 Revisiting the Number Ones ......................................................... 22 National Multi Housing Council: Join the Who’s Who in the Apartment Industry ............................ 25 NMHC Officers ............................................................................. 26 NMHC Board of Directors Executive Committee ........................... 26 NMHC Board of Directors............................................................. 32

Cover Photo: Fillmore Center in San Francisco, CA 2 NMHC 50

APRIL 2011

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A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR

2011 Apartment Ownership NATIONAL MULTI HOUSING COUNCIL 50 (50 Largest U.S. Apartment Owners as of January 1, 2011)

2011 RANK

2010 RANK

1

1

APARTMENTS WITH OWNERSHIP INTEREST 2011 2010

COMPANY

HEADQUARTERS

CORPORATE OFFICER

Boston Capital

Boston, MA

Jack Manning

158,947

162,677

2

Centerline Capital Group

New York, NY

Rob Levy

152,600

147,500

3

Boston Financial Investment Management, LP

Boston, MA

Ken Cutillo

145,454

144,907

4

2

SunAmerica Affordable Housing Partners, Inc.

Los Angeles, CA

Michael L. Fowler

141,113

147,087

5

3

Equity Residential

Chicago, IL

David J. Neithercut

129,604

136,843

6

5

PNC Tax Credit Capital

Portland, OR

Todd Crow

123,462

128,727

7

4

AIMCO

Denver, CO

Terry Considine

110,946

133,200

8

6

National Equity Fund, Inc.

Chicago, IL

Joseph Hagan

107,138

100,500

9

7

Enterprise Community Investment, Inc.

Columbia, MD

Charles R. Werhane

96,195

96,395

10

8

The Richman Group Affordable Housing Corporation

Greenwich, CT

Richard Paul Richman

94,925

90,346

11

9

Archstone

Englewood, CO

R. Scot Sellers

81,613

83,085

12

12

Alliant Capital, Ltd.

Woodland Hills, CA

Shawn Horwitz

65,245

60,258

13

11

Camden Property Trust

Houston, TX

Richard J. Campo

63,278

63,286

Hunt Companies, Inc.

El Paso, TX

Woody Hunt

62,109

37,036

14 15

15

UDR, Inc.

Highlands Ranch, CO Thomas W. Toomey

58,796

51,320

16

13

Edward Rose & Sons

Farmington Hills, MI Warren Rose

56,025

55,958

17

10

Pinnacle Family of Companies

Dallas, TX

Stan Harrelson

55,932

68,017

18

18

AvalonBay Communities, Inc.

Arlington, VA

Bryce Blair

52,490

48,924

J.P. Morgan Asset Management

New York, NY

Jean Anderson

52,304

52,754

19 20

17

WNC & Associates, Inc.

Irvine, CA

Wilfred N. Cooper, Jr.

52,134

50,332

21

20

Invesco Real Estate

Dallas, TX

Michael Kirby

50,567

47,340

22

19

Forest City Residential Group, Inc.

Cleveland, OH

Ronald A. Ratner

47,384

47,633

23

21

Lincoln Property Company

Dallas, TX

Tim Byrne

46,507

46,347

24

24

MAA

Memphis, TN

H. Eric Bolton, Jr.

46,306

43,604

25

31

JRK Property Holdings, Inc.

Los Angeles, CA

Jim Lippman

43,900

41,400

4 NMHC 50

APRIL 2011

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2011 RANK

2010 RANK

26

APARTMENTS WITH OWNERSHIP INTEREST 2011 2010

COMPANY

HEADQUARTERS

CORPORATE OFFICER

26

Irvine Company Apartment Communities

Irvine, CA

Kevin Baldridge

43,791

42,764

27

22

Michaels Development Company

Marlton, NJ

Robert J. Greer

43,433

44,916

28

25

Bell Partners Inc.

Greensboro, NC

Steven D. Bell and Jonathan D. Bell

43,265

43,160

29

23

Raymond James Tax Credit Funds, Inc.

St. Petersburg, FL

Ronald Diner

43,035

44,128

30

29

Picerne Real Estate Group

Phoenix, AZ

David R. Picerne

42,476

41,058

31

28

DRA Advisors LLC

New York, NY

David Luski

41,111

41,908

32

32

Home Properties, Inc.

Rochester, NY

Edward J. Pettinella

38,861

35,797

33

34

The Related Companies

New York, NY

Jeff Blau

35,637

35,578

34

33

Sentinel Real Estate Corporation

New York, NY

John H. Streicker

35,000

35,709

35

30

Empire American Holdings, LLC

Montvale, NJ

Eli Feller

34,939

40,776

36

39

Lindsey Management Co., Inc.

Fayetteville, AR

James E. Lindsey

34,088

33,293

37

37

Colonial Properties Trust

Birmingham, AL

Thomas H. Lowder

33,205

33,524

38

38

Westdale Real Estate Investment & Management

Dallas, TX

Joseph G. Beard

32,592

31,632

39

36

Concord Management Limited

Maitland, FL

Edward O. Wood, Jr.

32,313

32,022

40

44

BH Equities LLC

Des Moines, IA

Harry Bookey

30,172

28,165

41

43

UBS Realty Investors LLC

Hartford, CT

Matthew Lynch

29,310

28,433

42

47

Essex Property Trust, Inc.

Palo Alto, CA

Michael Schall

29,146

27,248

43

40

The Bascom Group, LLC

Irvine, CA

Jerome Fink

28,851

35,674

44

35

CNC Investments, Ltd.

Houston, TX

Charlie Yalamanchili

28,528

32,721

45

46

Berkshire Property Advisors

Boston, MA

Frank Apeseche

27,906

27,537

46

42

AEW Capital Management, L.P.

Boston, MA

Jeffrey Furber

27,556

28,650

47

CB Richard Ellis Investors, LLC

Los Angeles, CA

Stephen J. Zaleski

26,748

22,564

48

MCA Housing Partners, LLC

Gardena, CA

Michael A. Costa

26,335

25,824

BRE Properties, Inc.

San Francisco, CA

Constance B. Moore

25,398

25,325

GID Investment Advisers, LLC

Boston, MA

Robert E. DeWitt

25,002

12,247

49 50

APRIL 2011

48

NMHC 50 5

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2011 Apartment Management NATIONAL MULTI HOUSING COUNCIL 50 (50 Largest U.S. Apartment Managers as of January 1, 2011)

2011 2010 RANK RANK

COMPANY

HEADQUARTERS

CORPORATE OFFICER

APARTMENTS MANAGED 2011 2010

1

3

Greystar Real Estate Partners, LLC

Charleston, SC

Robert A. Faith

187,360

153,819

2

2

Riverstone Residential Group

Dallas, TX

Walt Smith

162,182

178,431

3

1

Pinnacle Family of Companies

Dallas, TX

Stan Harrelson

151,367

183,877

4

5

Lincoln Property Company

Dallas, TX

Tim Byrne

133,425

132,881

5

4

Equity Residential

Chicago, IL

David J. Neithercut

129,604

136,843

6

6

AIMCO

Denver, CO

Terry Considine

117,119

129,715

7

8

WinnCompanies

Boston, MA

Samuel Ross

84,817

73,302

8

7

Archstone

Englewood, CO

R. Scot Sellers

81,613

83,085

9

9

Camden Property Trust

Houston, TX

Richard J. Campo

63,498

63,506

10

10

Bell Partners Inc.

Greensboro, NC

Steven D. Bell and Jonathan D. Bell

60,182

60,422

11

11

FPI Management, Inc.

Folsom, CA

Dennis Treadaway

58,604

56,952

12

14

UDR, Inc.

Highlands Ranch, CO Thomas W. Toomey

58,340

50,493

13

13

Edward Rose & Sons

Farmington Hills, MI Warren Rose

56,025

55,958

14

16

AvalonBay Communities, Inc.

Arlington, VA

Bryce Blair

52,490

48,924

15

15

Alliance Residential Company

Phoenix, AZ

Bruce Ward

48,520

49,488

16

18

The ConAm Group of Companies

San Diego, CA

Brad Forrester

47,400

46,100

17

12

Fairfield Residential LLC

San Diego, CA

Chris Hashioka

46,851

53,641

18

20

MAA

Memphis, TN

H. Eric Bolton, Jr.

46,306

43,604

19

23

Milestone Management, L.P.

Dallas, TX

Steve Lamberti

45,896

36,408

20

17

Westdale Real Estate Investment & Management

Dallas, TX

Joseph G. Beard

44,765

46,682

21

19

Picerne Real Estate Group

Phoenix, AZ

David R. Picerne

44,588

44,927

22

30

JRK Property Holdings, Inc.

Los Angeles, CA

Jim Lippman

41,900

39,400

23

21

BH Management Services, Inc.

Des Moines, IA

Nicholas H. Roby

41,641

41,366

24

43

The Laramar Group, LLC

Denver, CO

David B. Woodward

40,521

29,508

25

26

Village Green

Detroit, MI

Jonathan Holtzman

40,000

35,000

6 NMHC 50

APRIL 2011

A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR

2011 2010 RANK RANK

COMPANY

HEADQUARTERS

CORPORATE OFFICER

APARTMENTS MANAGED 2011 2010

26

24

Michaels Development Company

Marlton, NJ

Robert J. Greer

39,575

38,236

27

29

Home Properties, Inc.

Rochester, NY

Edward J. Pettinella

38,861

36,947

28

28

Irvine Company Apartment Communities

Irvine, CA

Kevin Baldridge

38,220

37,193

29

25

Gables Residential

Atlanta, GA

David D. Fitch

38,105

37,842

30

27

Capstone Real Estate Services, Inc.

Austin, TX

James W. Berkey

36,884

37,675

Multifamily Management Services

Suffern, NY

Jeffrey Goldstein

35,800

35,000

31 32

31

Sentinel Real Estate Corporation

New York, NY

John H. Streicker

35,000

35,709

33

22

Empire American Holdings, LLC

Montvale, NJ

Eli Feller

34,939

40,776

34

38

Asset Plus Companies

Houston, TX

Michael S. McGrath

34,887

31,081

35

37

Lindsey Management Co., Inc.

Fayetteville, AR

James E. Lindsey

34,440

33,645

36

35

The Related Companies

New York, NY

Jeff Blau

34,439

33,155

37

32

Forest City Residential Group, Inc.

Cleveland, OH

Ronald A. Ratner

34,096

34,658

38

45

McKinley, Inc.

Ann Arbor, MI

Albert M. Berriz

33,922

28,358

39

33

Colonial Properties Trust

Birmingham, AL

Thomas H. Lowder

33,911

34,230

40

34

The Lynd Company

San Antonio, TX

A. David Lynd

32,875

33,471

41

36

Concord Management Limited

Maitland, FL

Edward O. Wood, Jr.

32,313

32,022

CAPREIT, Inc.

Rockville, MD

Dick Kadish

31,000

14,820

42 43

44

American Campus Communities, Inc.

Austin, TX

Bill Bayless

30,877

29,342

44

39

Morgan Properties

King of Prussia, PA

Mitchell L. Morgan

30,625

30,627

45

41

The John Stewart Company

San Francisco, CA

Jack D. Gardner

30,534

29,989

46

49

Essex Property Trust, Inc.

Palo Alto, CA

Michael Schall

30,317

27,218

47

40

The Bozzuto Group

Greenbelt, MD

Thomas S. Bozzuto

30,004

30,157

48

46

LEDIC Management Group, LLC

Memphis, TN

Scott P. “Pierce” Ledbetter, Jr.

29,142

28,348

49

48

Ginkgo Residential, LLC

Charlotte, NC

Philip S. Payne

29,029

27,798

50

47

Berkshire Property Advisors

Boston, MA

Frank Apeseche

28,085

27,806

APRIL 2011

NMHC 50 7

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NMHC 50:

“The Great Recovery” Following “The Great Recession”

By Mark Obrinsky, Vice President of Research and Chief Economist, National Multi Housing Council

OVERVIEW

E

xactly one year ago, this article was titled “Apartment Industry Challenged by Great Recession.” What a difference a year makes. The apartment industry made a surprising recovery in 2010 from the aforementioned recession. Like all commercial real estate sectors, apartments have traditionally been a lagging industry, and the rather modest improvement in the economy had suggested a more muted pickup in apartment demand. Instead, the popularity of renting increased to its highest level since 1998—with the share of households who rent rising to 33.4 percent by year-end—and occupancy rates rose across the country. Net absorptions were also strong and rents increased as well (though not yet enough to fully offset the previous decline). The modest improvement in employment led to some “un-coupling” of households, but demand was mainly fueled by new households being formed coupled with reduced resident turnover (especially move-outs to homeownership).

Meanwhile, starts of new multifamily buildings remained at historically low levels, while completions— which lag new starts—fell by 43 percent. They will likely set an all-time low in 2011. In large part this stems from the continued difficulty in obtaining construction financing. The combination of a demand surge and reduced new supply foreshadows further gains in occupancy and rents in the next two years. With other commercial real estate sectors not as far along in their recovery, equity capital has shown increasing interest in apartment investment; the Equity Financing Index in the January 2011 NMHC Quarterly Survey of Apartment Market Conditions rose to a record high of 74, with the highest percentage ever (52 percent) of respondents saying they had greater access to equity capital than late last year.

Transaction Boom Not surprisingly, transaction volume rebounded as well, more than doubling to $31 billion. While still a far cry from the condo conversion-fueled boom of 2005-2007, it’s a strong gain in the context of tighter financing conditions. On the plus side, the debt finance markets also took a few steps toward a more normalized environment, as life insurance companies got back into the market and even the CMBS market showed signs of life. Still, the industry continues to rely heavily on the GSEs and FHA for support.

After being dragged down by 30 percent or more during the recession and financial crisis, apartment property prices recovered substantial ground in 2010. Correspondingly, cap rates on apartments have come down 50 basis points from the peak in mid-2009.

The total number of apartments owned by firms in the NMHC 50 owners list is 7.7 percent greater than the number managed by the top 50 managers. The mean and median portfolios among the owners are NMHC 50 PROFILE 2011 also larger than the mean and median management Portfolio Size: portfolios. Nonetheless, the top management firm has No. of Apartments Owned a larger portfolio than the top owner firm, and the No. of Apartments Managed entry threshold for NMHC 50 managers is higher than that for the NMHC 50 owners. Thirty-three firms on Minimum Entry Threshold: the management list have at least 30,000, but fewer than 50,000, apartments. By contrast, only 19 firms on No. of Apartments Owner the owners list are in that range.

No. of Apartments Managed

8 NMHC 50

2,933,672 2,722,894

25,002 28,085

APRIL 2011

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APARTMENT OWNERSHIP

TOP 10 APARTMENT OWNER FIRMS

For the second straight year, Boston Capital headed Rank Company No. of Apartments with up the NMHC 50 owners list. (It was also the 20th Ownership Interest consecutive year the firm has been among the top 1 Boston Capital 158,947 ten owners.) Moving into the second and third slots 2 Centerline Capital Group 152,600 are new incarnations of former top-ranked firms: 3 Boston Financial Investment Management, LP 145,454 Centerline Capital Group arose from the 2005 lead4 SunAmerica Affordable Housing Partners, Inc. 141,113 er CharterMac, while Boston Financial Investment Management, LP replaces the 2009 top-ranked 5 Equity Residential 129,604 MMA Financial. As a result, SunAmerica Affordable 6 PNC Tax Credit Capital 123,462 Housing Partners, Inc. and Equity Residential both 7 AIMCO 110,946 moved down two places to the No. 4 and No. 5 slots, 8 National Equity Fund, Inc. 107,138 respectively. Rounding out the top ten this year are last 9 Enterprise Community Investment, Inc. 96,195 year’s No. 4 through No. 8 firms.

10 The Richman Group Affordable Housing Corporation 94,925 Six of the top ten firms decreased the size of their ownership portfolios, led by AIMCO’s net selloff of 22,254 units. By contrast, NMHC 50 OWNERS* National Equity Fund, Inc., Centerline, Number of Apartments Owned 2011 and The Richman Group Affordable Top 10 1,260,384 Housing Corporation all saw sizable net Second 10 599,926 increases. Overall, 30 of the NMHC 50 Top 25 2,094,974 owner firms (including newcomers) were Second 25 838,698 net acquirers of apartments last year, Top 50 2,933,672 while 20 were net sellers. The net sellers reduced their portfolios by 81,274, while Portfolio Size Measures net buyers added a total of 98,817 apartMean 58,673 ments.

Median 43,846 The inclusion this year of some large No. 1 firm 158,947 firms that weren’t on the list last year No. 50 firm 25,002 led to a 7.2 percent increase in the overShare of National Apartment Stock all number of apartments owned by Top 10 7.2% the top 50 firms in 2011. The biggest Top 25 12.0% portfolio increase was recorded by Hunt Top 50 16.9% Companies, Inc., which added 25,073 * After NMHC updated the ownership definition in 2006, CharterMac decided it no longer qualified units, increasing its portfolio by more and did not complete the survey. MMA Financial chose not to participate last year. Changes in than two-thirds and putting it into the participation affect comparisons with last year’s survey results. See “Methodology” section at end #14 position. Among top 50 firms for for more information. both 2010 and 2011, UDR had the biggest Changes in ownership definition and company response make historical comparisons difficult. increase with a portfolio gain of 7,476.

This year’s survey asked some general questions about business type and geographic location of their apartments. Forty-two firms indicated they own market-rate apartments, 33 firms own tax credit or affordable units and 18 firms have senior housing apartments.

The most popular region among top 50 owners is the South Atlantic, where all but four firms own apartments. Of course, the South Atlantic also has the most apartments.

APARTMENT OWNERS Largest Portfolio Growth

Apartments

Hunt Companies, Inc. GID Investment Advisers, LLC UDR, Inc. National Equity Fund, Inc. Centerline Capital Group

+ 25,073 + 12,755 + 7,476 + 6,638 + 5,100

APRIL 2011

Moving Up in Rank JRK Property Holdings, Inc. Essex Property Trust, Inc. BH Equities LLC Lindsey Management Co., Inc. UBS Realty Investors LLC

Slots +6 +5 +4 +3 +2

NMHC 50 9

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REITs in the Rankings

T

he 2011 NMHC 50 owners list includes 10 REITs, the same number as last year. The total apartment holdings by REITs in the NMHC 50 decreased, however, and the REIT share of the overall market fell to 3.4 percent, the lowest level since 1997, when it was 2.3 percent. This decline appears to be more company-specific APARTMENT REIT SIZE AND RANK BY TWO MEASURES than a consequence of the REIT Apartments Company (as of January 1, 2011) model. In particular, AIMCO’s with Rank Total Cap rank Ownership among Capitalization among sizable paring of its portfolio Interest REITs ($ millions) REITs outweighed substantial portfoEquity Residential 129,604 1 25,882 1 lio gains by UDR, AvalonBay, AIMCO 110,946 2 9,566 3 Home Properties, Mid-America Camden Property Trust 63,278 3 6,388 5 Apartment Communities and UDR, Inc. 58,796 4 7,984 4 Essex Property Trust.

In principle, apartment ownAvalonBay Communities, Inc. 52,490 5 13,548 2 ers could be ranked not only Mid-America Apartment Communities, Inc. 46,306 6 3,861 9 by the number of apartments Home Properties, Inc. 38,861 7 5,326 7 owned but also by the value of Colonial Properties Trust 33,205 8 3,240 10 those apartments. While capEssex Property Trust, Inc. 29,146 9 5,918 6 turing such data is impractical, BRE Properties, Inc. 25,398 10 4,889 8 there is an alternative measure Note: Company total capitalization sums: (1) market value of shares outstanding, including operating partnership units; available for public companies, (2) the value of perpetual preferred stock; and (3) the book value of total debt outstanding. Capitalization estimates for December 31, 2010, are provided by Stifel Nicolaus & Company, Inc. namely total capitalization.

While not perfect—ownership of non-apartment assets can substantially affect overall firm value—it provides a useful perspective on relative size among apartment firms.

10 NMHC 50

APRIL 2011

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APARTMENT MANAGERS There were fewer changes among the NMHC top 50 managers. Only two new firms made the list, and the same firms from last year’s top ten made up the 2011 top ten as well, albeit with some changed rankings. The biggest change was the new leader: on the strength of a sizable net increase in its management portfolio (a gain of 33,541 TOP 10 APARTMENT MANAGEMENT FIRMS apartments), Greystar Real Estate Partners, LLC Rank Company No. of became the largest apartment manager in the Apartments Managed country. Riverstone Residential Group remained in the No. 2 slot, with last year’s biggest manage1 Greystar Real Estate Partners, LLC 187,360 ment firm, Pinnacle Family of Companies, now 2 Riverstone Residential Group 162,182 ranked No. 3. Lincoln Property Company (No. 3 Pinnacle Family of Companies 151,367 4) and Equity Residential (No. 5) switched places 4 Lincoln Property Company 133,425 from last year, as did WinnCompanies (No. 7) and 5 Equity Residential 129,604 Archstone (No. 8).

6 AIMCO 117,119 Besides Greystar, the biggest portfolio gainers 7 WinnCompanies 84,817 were newcomer CAPREIT, WinnCompanies and 8 Archstone 81,613 The Laramar Group, LLC. Laramar was also the biggest mover in the management rankings, mov9 Camden Property Trust 63,498 ing up 19 places to the No. 24 slot. JRK Property 10 Bell Partners Inc. 60,182 Holdings, Inc. and McKinley, Inc. also moved up the rankings ladder substantially.

One key characteristic of today’s apartment management landscape is the large number of similar-sized firms just outside the top ten. The No. 11 firm (FPI Management, Inc.) manages 58,604 apartments, while the No. 50 firm manages 28,085 apartments, a difference of 30,519. By comparison, the management portfolio of the top firm is 91,185 units larger than that of the No. 10 firm. Another measure of just how tightly bunched the middle of the rankings list is: Gables Residential increased the number of apartments under management (by 263 units), yet still fell in the rankings by 4 slots.

All but one firm among the 50 largest managers have market-rate apartments in their portfolios. Thirty-seven firms manage

NMHC 50 MANAGERS Number of Apartments Managed Top 10 Second 10 Top 25 Second 25 Top 50

2011

2010

2009

2008

2007

2006

1,171,167 505,197 1,885,014 837,880 2,722,894

1,195,881 496,740 1,890,933 798,786 2,689,719

1,224,042 487,528 1,915,170 754,002 2,669,172

1,194,108 523,614 1,930,162 797,946 2,728,108

1,106,880 498,472 1,810,315 770,885 2,581,200

1,051,603 469,786 1,703,865 680,091 2,383,956

54,458 39,788 187,360 28,085

53,794 37,767 183,877 26,845

53,383 37,871 185,219 23,730

54,562 40,578 195,888 25,852

51,624 40,010 209,412 25,277

47,679 33,150 197,774 22,500

6.7% 10.8% 15.6%

6.9% 10.9% 15.5%

7.0% 11.0% 15.3%

6.9% 11.1% 15.7%

6.4% 10.4% 14.8%

6.0% 9.7% 13.6%

Portfolio Size Measures Mean Median No. 1 firm No. 50 firm

Share of National Apartment Stock Top 10 Top 25 Top 50

APARTMENT MANAGERS Largest Portfolio Growth Greystar Real Estate Partners, LLC CAPREIT, Inc. WinnCompanies The Laramar Group, LLC Milestone Management, L.P. UDR, Inc. 12 NMHC 50

Apartments + 33,541 + 16,180 + 11,515 + 11,013 + 9,488 + 7,847

Moving Up in Rank The Laramar Group, LLC JRK Property Holdings, Inc. McKinley, Inc. Milestone Management, L.P. Asset Plus Companies

Slots + 19 +8 +7 +4 +4

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APARTMENT MANAGEMENT (by tier in thousands) 3,000

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tax credit/affordable properties and 12 firms manage senior housing. As with the top 50 owners, the South Atlantic has more top 50 managers than any other region.

The number of apartments included in the NMHC 50 manager list increased by 1.2 percent in 2011 to 2,722,894, the second-highest level in the surveyâ&#x20AC;&#x2122;s history (the highest was 2,728,108 in 2008). Seven of the top ten firms reduced their management portfolios, compared with only three that increased their portfolios. As a result, the apartments managed by the ten largest firms declined by 2.1 percent, the second straight decline. By contrast, apartments under management by the â&#x20AC;&#x153;second tenâ&#x20AC;? firms rose by 1.7 percent.

More significantly, the portfolios of the â&#x20AC;&#x153;second 25â&#x20AC;? firms rose by 4.9 percent to a record high of 837,880.

Both the mean (average) and the median rose and are close to their alltime highs. The minimum size needed to make it into the top 50 (28,085 apartments) set a new record, 1,240 more than the previous record set last year.

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METHODOLOGY For the second straight year, the National Multi Housing Council partnered with Kingsley Associates to handle the NMHC 50 survey process (though NMHC remains solely responsible for any errors). To compile the NMHC 50 lists, both organizations gather names of owners and managers from as wide a range of sources as possible and contacts staff from each firm who complete the survey online. Over the years, improved outreach and increased publicity associated with the rankings has resulted in more firms responding to the survey.

For the purposes of this survey, investment fund managers are treated as owners only if they retain substantial equity in the apartment property or if they maintain effective responsibility and decision-making over the investment property. Similarly, tax credit syndicators and franchisers are regarded as owners only if they retain a fiduciary responsibility. (When firms function strictly as advisers rather than investors, they are not regarded as owners.)

The rankings do not distinguish between partial and full ownership. Some firms own sizable apartment properties through joint ventures in which their share could range anywhere from 1 to 99 percent. Others are primarily the sole owners of their apartments. In principle, it would be desirable to account for partial ownershipâ&#x20AC;&#x201D;treating 50 percent ownership of 100 apartments as equivalent to full ownership of 50 units, for example. In practice, it is not feasible to make such distinctions.

The survey excludes condominiums, cooperatives, hotel rooms, nursing homes, hospital rooms, mobile homes and houses with rental units.

Rental housing for seniors (age-restricted apartments) is included, although assisted living and congregate care facilities are not. Finally, since we measure industry concentration by comparing the top 50 owners and managers against the nationâ&#x20AC;&#x2122;s entire apartment stock, only U.S. apartments are included.

At times, a firm may debut on the NMHC 50 at a high level. Generally, this means the firm is responding to the survey for the first time, rather than an indication of an outsized portfolio gainâ&#x20AC;&#x201D;although that, too, happens on occasion. Nonetheless, despite many improvements and everyoneâ&#x20AC;&#x2122;s best efforts, the process remains imperfect: it relies on both accurate reporting and surveying of the complete universe, both of which can be fraught with problems.

There are two caveats in comparing the lists over time. First, the definition was refined in 2006 to eliminate those investment fund managers with neither substantial equity nor effective control over the investment property. Second, occasionally firms that have previously been among the top 50 owners or managers have not responded to the NMHC survey. This year, both Crow Holdings and GE Real Estateâ&#x20AC;&#x201D;firms that are likely large enough to make the ownership NMHC 50â&#x20AC;&#x201D;declined to participate. As a result, two other companies appear on the list that otherwise might not have been large enough. In addition, this affects the total number of apartments owned by the top 50 firms, as well as other measures of concentration such as the mean and median portfolio size. (Note that this did not affect the management list.) For these reasons, year-to-year comparisons must be made with great care. ______________________________________________________________________________

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A Familiar Face Returns to Multifamily He’s back.

March 8, 2010 was a landmark date for prominent real estate investor Andrew L. Farkas — and arguably for the apartment sector as well. The day marked Farkas’ return to apartment investment a decade after selling his previous mega-portfolio.

Farkas’ return to the field was as splashy as his exit back in the late 1990s.

Affiliates of the Island Capital investment organization that Farkas heads on that day closed acquisitions of various assets of the struggling Centerline Holding Co. These include the commercial mortgage special servicing and mortgage-backed securities fund management divisions now operating under Island’s C-III Capital Partners unit. They also include a stake in fee-based multifamily finance originations and servicing, tax-credit equity fund management and related asset-management divisions still operating under the Centerline Capital Group name, which ranks No. 2 on the NMHC 50 Owners list.

In conjunction with the transaction, the Island Capital affiliate known as Anubis Advisors, made up of key Island brain-trusters, now acts as external management advisor to both Centerline and C-III. As was the case with his Insignia Financial Group back in the late 1980s and early 1990s, Farkas now aims to build a large portfolio of apartments and other assets by exploiting opportunities related to financial distress in the income-property arena.

Farkas describes his re-entry into the multifamily field as replicating Insignia’s strategy adapted for the prevailing environment.

But this time around he wants to gain control of assets by initially targeting the debt side rather than picking up ownership interests as he did back then.

Andrew L. Farkas Chairman and CEO of Island Capital

TARGETING COLLATERAL ASSETS More specifically, through C-III’s special servicing and CMBS fund management activities, he aims to take control of collateral assets underlying loans securitized mostly during the 2005-07 bubble years.

“The equity lives inside the securitization today,” says Farkas, who amassed some 350,000 apartments under the Insignia umbrella while still in his 30s. “Back then we acquired portfolios by acquiring controlling classes of the [corresponding] equity security:” general partner interests in limited partnerships, managing member positions in limited liability companies and the like.

But a decade into the new century — and now that he’s hit the half-century mark — Farkas and his longtime teammates want to “control the controlling classes of the debt security,” he explains.

“The true ownership of equity is somewhere inside the CMBS stack.”

Can Farkas and company succeed in the prevailing environment 16 NMHC 50

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as they did in the â&#x20AC;&#x2122;90s? Even after a decade away from the domestic apartment sector â&#x20AC;&#x201D; heâ&#x20AC;&#x2122;s been off acquiring yachting lifestyle destinations and marinas around the globe â&#x20AC;&#x201D; Farkas commands no shortage of peer respect.

David Woodward, CEO of fast-growing apartment owner-operator Laramar Group, points to other notable investors who have since emulated Farkasâ&#x20AC;&#x2122; move by investing in large special servicers.

For instance, Cerberus Capital Management, Oaktree Capital Management and Vornado Realty Trust helped recapitalize LNR Partnersâ&#x20AC;&#x2122; parent company, and Fortress Investment Group bought CWCapital. â&#x20AC;&#x153;It seems everyone has their eye on Island as theyâ&#x20AC;&#x2122;re determining how to proceedâ&#x20AC;? when it comes to controlling real estate through special servicing rights and B-piece positions, Woodward adds. â&#x20AC;&#x153;Farkas is known as a savvy player, so if the opportunity is there, the thinking is heâ&#x20AC;&#x2122;ll find a way to make it work.â&#x20AC;?

The Centerline deal appears to give Farkas a promising combination of assets and platforms.

C-III took on special servicing responsibilities covering some $110 billion in commercial mortgages held in 80-plus CMBS securitizations. The transaction also brought Centerlineâ&#x20AC;&#x2122;s former position in subordinate â&#x20AC;&#x153;first lossâ&#x20AC;? tranches, known as B-pieces, of those CMBS bond issues, with combined face values of about $3.1 billion.

GROWTH STRATEGY Where it makes economic sense and is in the best interests of CMBS bond-holder trusts, the C-III team will look to convert control of those B-piece tranches into control of financially distressed apartment properties and other real estate, Farkas is quick to acknowledge.

Indeed, a primary component of the near-term growth strategy entails securing and exercising special-ser

vicer options to acquire distressed assets at independently calculated â&#x20AC;&#x153;fair valuesâ&#x20AC;? â&#x20AC;&#x201C; but, again, just in select cases where thatâ&#x20AC;&#x2122;s the best resolution for bond-holders. â&#x20AC;&#x153;This gives us the opportunity to make investments in defaulted assets,â&#x20AC;?

Farkas relates.

And it appears to be an attractive environment to pursue that strategy â&#x20AC;&#x201C; again, given how far CMBS conduit lenders stretched in funding loans during the bubble years. A huge amount of conduit loans originated # ( $ #&+) %##+$ * ) ) "" %$ ( " in 2005 through 2007 in particu )* * $, )*# $* *(+)* *( %$ * lar will likely be further underwater )/# %"

$ - , )*(+ *+( $ upon maturity than was typically the "%) #%( * $ "" %$ % )*+ $* %+) $ *( $) * %$) * +) $ )) .& (* ) case with the over-leveraging seen $ )) * '+ ) * %$ &(%! * ) $ $ , "%&# $* $ # $ # $* ) (, ) back in the syndication- and S&Ldriven â&#x20AC;&#x2122;80s, Farkas stresses.

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Initially launched with $5.5 million in investor capital Farkas arranged, the operation that became Insignia Financial leaped into prominence nationally when it acquired nearly all the assets of big apartment syndicator U.S. Shelter Corp. on the last day of 1990. Insignia went public the following year and ultimately evolved into one of the world’s biggest owner-operators with 350,000 apartment units.

When the economy was booming a couple of years before the dotcom bubble burst, Insignia sold most of that portfolio to public REIT Apartment Investment & Management Co. (AIMCO) for approximately $11 billion, including the combined capitalization of all the assets that traded hands. The rapid growth didn’t come without at least a bit of controversy, however: Insignia ultimately came to a settlement over allegations of improper fee-splitting arrangements covering HUD-financed apartments, agreeing to repay more than $7 million in management fees HUD had paid Insignia.

Looking forward, the Farkas team expects to devote considerable resources in executing C-III’s and Centerline’s various multifamily strategies in coming years.

TARGETING DISTRESSED PROPERTIES C-III began actively acquiring distressed properties through its special servicing activities in late 2010, with a handful closed by mid-February.

“And we’ve got a bunch more teed up,” Farkas notes.

As C-III is now special servicer for CMBS deals with security interests in all sorts of commercial real estate collateral, the team expects to take control of office, retail and hospitality assets in addition to apartments.

“We will look to aggregate significant portfolios of each and [when the timing is right] seek exit strategies.”

Apartments will be a primary thrust: “Obviously multifamily is an asset class in which we have some degree of comfort,” Farkas understates.

If some market participants have expressed concerns that C-III, as special servicer, will look to take control of assets rather than pursue mutually favorable workouts with borrowers, Farkas points to the rules of the game.

“We will always do what’s in the best interests of (CMBS) certificate holders; that’s our responsibility,” he stresses. “If it’s determined that the best-case outcome is through some liquidity strategy that involves sale of an asset, we’d look at that prospect.”

As for the recapitalized Centerline operations, the tax-credit syndication operation – the nation’s second-largest apartment owner with interests in some 152,600 units at year-end – in mid-February closed its latest nearly $120 million multi-investor fund. After a considerable dip in taxcredit equity raising during the 2008-09 period, that space is “returning from its lull” and becoming more competitive, Farkas observes.

He’s optimistic about Centerline’s affordable-housing financing originations businesses as well, given that the Obama Administration isn’t about to pursue dramatic program cuts even while looking to rein in the federal deficit. “The form that affordable-housing financing might take may be up in air,” Farkas observes, “but it’s a certainty that it will be a public (function).”

There is, he says, inherent value in solid platforms for originating and servicing on behalf of Fannie and Freddie — or the entities that succeed them.

18 NMHC 50

APRIL 2011

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New Faces

T

he 2011 NMHC 50 Managers roster features two firms that experienced exceptional portfolio growth last year. CAPREIT, Inc. made its splashy debut at No. 42 after more than doubling its portfolio to 31,000-some units. And Laramar Group moved up an impressive 19 slots to No. 24 as its portfolio grew by some 11,000 units to more than 40,500.

However, Laramarâ&#x20AC;&#x2122;s and CAPREITâ&#x20AC;&#x2122;s growth came via contrasting strategies. Both reflect opportunities exploited by some of the savviest apartment operators in the prevailing market. While Laramar grew piecemeal mostly by taking over distressed properties for new clients, CAPREITâ&#x20AC;&#x2122;s portfolio expansion came via a particularly transformative transaction.

Laramarâ&#x20AC;&#x2122;s big jump is in great part a result of its strategic initiative to handle more short-term apartment property management and related engagements at distressed assets on behalf of lenders and special servicers, David Woodward explains David Woodward, the companyâ&#x20AC;&#x2122;s Denver-based Managing Partner Mananging Partner and CEO and CEO. of the Laramar Group, LLC And the strategy senior executives adopted a couple of years back paid particularly large dividends in 2010. Laramar augmented its client roster with some household-name lenders, such as Wells Fargo and Citigroup, along with top-tier special servicers including LNR Partners, CWCapital, C-III Capital and Midland Loan Services.

Laramar can also offer these customers services such as receiverships, due diligence and the construction management frequently needed at REOs and otherwise distressed properties. Indeed, Laramar is already acting as receiver for properties totaling upwards of 9,000 units in 12 states. â&#x20AC;&#x153;And that part of the portfolio just continues to grow,â&#x20AC;? relates

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Fortunately, the firm was well pre-

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pared to take on these tough assignments, as Laramar has traditionally operated properties across much of the quality and price-point spectrums.

Another challenge: given that these assignments typically culminate in preparing properties for dispositions or, in some cases, financial workouts, they’re mostly short-term in nature. The trick is to make sure the new relationships last a lot longer than the distressed-asset engagements, Woodward stresses. And that’s clearly the case with CWCapital, for whom Laramar has become the servicer’s largest multifamily fee manager.

“We got in early with some of the big servicers, and now we’re one of their go-to managers,” Woodward relates. “We’re very happy with where we’re positioned with lenders and servicers; this gives us unique access to properties.”

Laramar has traditionally overseen apartment communities for longterm holders, including institutional investors such as Prudential Real Estate and Henderson Global. And the firm’s internal, fully invested fund, dubbed Laramar Multi-Family Value Fund, accounts for some 8,000 units under management (a follow-up fund is scheduled to close later this year).

A dozen or so new distressed-asset relationships would make Laramar’s management portfolio about as large as Woodward cares to see it.

Concerned about potential “diseconomies” of a large-scale, multi-market operation, Woodward isn’t aiming to boost Laramar’s management portfolio beyond approximately 75,000 units in 30 markets.

“I’d say 50,000 to 75,000 units is the perfect size for us. You start getting larger than that and it can be hard to turn the ship” when market dynamics necessitate limber strategic responses, Woodward explains.

Laramar’s management portfolio is quickly approaching the 50,000-unit mark. That includes 8,000 units in the Bay Area alone, with 5,000 in San Francisco proper. While the firm usually sticks with communities of 100 or more units, success in a market like San Francisco can require a cluster of smaller projects.

Indeed, Laramar’s portfolio in the bayside city averages fewer than 40 apartments per property. Several are REOs previously controlled by Lembi Group interests.

Now, Woodward and company aim to replicate that portfolio growth strategy in New York City, where the company last year launched an operation to serve clients, as well as in Boston and Philadelphia. Woodward and associates recruited veteran David Sorise from The Dermot Co. to head the new regional office.

Dick Kadish President of CAPREIT, Inc.

Laramar Managed Fillmore Center in San Francisco, CA

ONE FELL SWOOP As founder and owner Richard “Dick” Kadish explains, Rockville, Md.based CAPREIT’s growth last year likewise reflects a strategy pursued for a couple of recession-rocked years. But in CAPREIT’s case, nearly the entire portfolio expansion came via a single transaction that ultimately took much of two years to complete.

A CAPREIT affiliate teamed with Morrison Grove Capital Advisors to take over management of Credit Suisse Group’s approximately 240-property, 15,000-plus-unit portfolio of tax-credit apartments. CAPREIT, which also part-owns and asset-manages other tax-credit, conventional and tax-exempt bond-financed properties, logically handles the hands-on 20 NMHC 50

APRIL 2011

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property-level work, while Morrison Grove oversees the tax-credit investor relationships.

Kadish and his Morrison teammates were all too aware that their team was competing against 15 or so other qualified suitors for the portfolio. One key factor in securing the deal came when Credit Suisse engaged CAPREIT to asset manage a couple of the struggling properties. â&#x20AC;&#x153;Fortunately, we were able to turn around distressed situations into money-making operations by employing standard real estate management techniques and concentrated efforts,â&#x20AC;? Kadish recalls.

One small property actually lacked a general partner, property manager and loan guarantor when CAPREIT took over. It also lacked tax-credit compliance approval for three years running. The new manager was able to resolve all those issues and boost occupancy from roughly 65 percent to completely full in just 63 days.

Still, it took well over a year to win the competition and several more months to close the deal â&#x20AC;&#x201C; on the last day of 2010.

Doubling CAPREITâ&#x20AC;&#x2122;s management portfolio in one fell swoop certainly presented challenges. But, fortunately, the CAPREIT/Morrison venture retained much of Credit Suisseâ&#x20AC;&#x2122;s professional team working on the portfolio. â&#x20AC;&#x153;So nothing was lost in transition,â&#x20AC;? as Kadish puts it.

Kadish cites CAPREITâ&#x20AC;&#x2122;s extensive affordable-housing program compliance policies and procedures as instrumental to winning and closing the Credit Suisse deal. â&#x20AC;&#x153;Much to our benefit we had very good relationships with the housing finance agencies in the states where the portfolio properties are located.â&#x20AC;?

Kadish is now looking to further grow CAPREITâ&#x20AC;&#x2122;s portfolio with additional transactions along the lines of the Credit Suisse deal. â&#x20AC;&#x153;Our biggest advocate, if you will, is the professionals on the Credit Suisse side whoâ&#x20AC;&#x2122;ve seen us in action,â&#x20AC;? Kadish relates. â&#x20AC;&#x153;Thatâ&#x20AC;&#x2122;s the biggest recommendation we can make to (would-be sellers): go and ask these people how weâ&#x20AC;&#x2122;ve performed.â&#x20AC;?

CAPREITâ&#x20AC;&#x2122;s portfolio is generally 1/@3A Pg /^O`b[S\b :WTS QO\ W\Q`SOaS `SaWRS\b `SbS\bW]\ concentrated in the Southeast, MidPg # $ ^S`QS\bOUS ^]W\ba 8cab OaY 5`SgabO` Atlantic and Midwest regions along with some California properties. ]c ]c` 1/ ]c` c` 1/ 1/@3A 1/ @3A 3A ^ 3A ^` ^` ^`] ]U ]U` U`O O[ O[ [ b`O [ b`O\aZ `O\aZ \ ObS \a ObSa b a ] a a a b ] a]ZW ] ]ZWR S R S SQ]\ ]\][W ]\ ][ ][W [WQ Q ` Q ``Sb Sbc bc`\ `\ T]` ] ]c ]c c`` Q QZWS WS\ba \ba \b \ba The impeccable profile of 1][ [[c [c\ c\Wb c WWbW bbWS Saaa e Sa eWbbV 1 V 1 V 1/@3 /@3A b A bbSO[ SO[a V SO[ a V a V a VOdS VO OdS S aV aV V]e ]e\ e b] b] ] Q] Q] Q Q]\a ]\aW \ abS \a S\bZg \bbZg \bZ g g CAPREITâ&#x20AC;&#x2122;s capital partners on single]c ]cb cb^S` ^ T]`[ ^S T]` ]`[ bVS [ bVS [ b [ VS \] \]\ ] 1/ 1/ /@3A @3 Q][[c Q] Q][[c Q] [c\W \WbWSa \Wb WS WSa Saaa Pg S Pg Pg g # # $ # $ ^ ^S`Q `QS\b S\b \bbOUS \ US ^ ^] ^]W\ ^ \bba \ a asset apartment property acquisition eV eVW VWQV QV b`O QV QV b``O b` O\aZ \a ObS \a \aZ bS Saa a W W\b] \b] O O O # O # S S SQ]\

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Kadish. â&#x20AC;&#x153;These have been very reward

ing and successful relationships.â&#x20AC;?

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Revisiting the Number Ones

N

ot long ago, public REITs sought identity as consolidators, but two giants once topping the NMHC 50 Owners list have shrunk in recent years, although they remain in the top 10. Still, executives at both AIMCO and Equity Residential are more optimistic about the profitability prospects ahead than they were when their portfolios exceeded 225,000 units.

AIMCO’s portfolio, now at about 111,000 (No. 7), is half the size it was a half-decade back. And Equity Residential, at just under 130,000 (No. 5), has shed roughly 100,000 units since its portfolio peak. Meanwhile, the recapitalized taxcredit syndicator now known as Centerline Capital Group has seen its portfolio shrink even further, from a peak of some 325,000 units down to 152,600 at yearend (but No. 2, nonetheless).

Some noteworthy trends, at least in part stemming from the recession, are apparently prompting some of the biggest publicly traded apartment owneroperators to right-size.

REITs, in particular, in recent years have generally concluded that efficiencies of scale have limits. Yes, bulk buying power can generate discounts on supplies and services, but it doesn’t improve profitability as much as a portfolio focused on product offerings and markets where management boasts competitive expertise.

“Over the past few years, we’ve significantly streamlined and refocused” the company and its portfolio, longtime AIMCO Chairman/CEO Terry Considine stressed during the company’s latest quarterly conference call. Like many other large apartment REITs, AIMCO has sold many of its communities with an eye toward focusing on its core markets and strongest properties, added Executive Vice President John Bezzant.

Likewise, Equity Residential’s portfolio continued shrinking last year in terms of units owned, but the quality improved via strategic dispositions and investments, said CEO David Neithercut. Equity Residential acquired nearly 4,500 units for combined consideration of about $1.5 billion during the year, while also selling another 7,171 apartments — primarily non-strategic assets in non-core markets — for a total of $718.4 million.

As Neithercut also noted, many REITs facing large-scale secured and unsecured debt maturities sold properties to raise cash and shore up balance sheets during 2008 and 2009, particularly when credit markets were so dysfunctional.

While that became less of an issue for many REITs a year ago as credit conditions improved, the impact is that prior strategic moves improved balance sheets as portfolios shrank, as AIMCO’s Considine is quick to point out. “Recourse debt was largely eliminated, costs were lowered, near-term maturities were reduced, and liquidity and capacity were increased.”

The quest to deleverage was clearly more pronounced among public companies and appears to have pulled many private tax-credit syndicators to the top of the nation’s roster of largest apartment owners, observes Jeff Goldstein, Executive Vice President and Chief Operating Officer of Boston Capital, the reigning top owner with just under 159,000 units.

Private syndicators just don’t face the kinds of shareholder pressures public REITs do to de-lever and meet quarterly financial targets through active dispositions, he adds: “We can be far more patient.”

Indeed, affordable-housing specialists, primarily tax-credit syndicators, now hold the top four slots, and six of the top eight.

David Neithercut President and CEO of Equity Residential

Jeff Goldstein Executive Vice President of Boston Capital

SYNDICATORS DOMINATE TOP TIER So even as the average size of the industry’s largest portfolios has generally become smaller in recent years, it’s no great surprise to Goldstein and other pros 22 NMHC 50

APRIL 2011

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that syndicators have come to dominate the upper tier. Even though tax-credit equity raising fell off during the recession, it became about the most reliable source of capital amid the credit crunch.

Rounding out the leading quintet in addition to Equity Residential, Centerline and stalwart Boston Capital (this is the 20th straight year that Boston Capital has been in the top 10 of the NMHC 50 Owners) are No. 3 Boston Financial Investment Management, LP at about 144,500 and SunAmerica Affordable Housing, Inc. at a bit over 141,000.

Several other affordable specialists also ranked among the companies experiencing the strongest growth over the course of 2010. These include No. 8 National Equity Fund, Inc., whose portfolio grew by more than 6,600 units; No. 10 Richman Group Affordable Housing Corporation (growth of more than 4,500 units); and No. 12 Alliant Capital, Ltd. (growth of nearly 5,000 units).

Another reason so many syndicators top the NMHC 50 Owners list is that tax-credit compliance life-cycles tend to minimize rapid market-driven property and portfolio dispositions, notes Ken Cutillo, Boston Financial’s CEO. Investors seeking full compliance benefits need to stick with these investments for 15 years, he explains.

But compliance life-cycles during certain periods can likewise end up generating growth in syndicator portfolios – as is the case today, adds Goldstein. A lot of investors coming out of expiring compliance periods stemming from the deal-heavy mid-1990s are now looking to redeploy capital into new tax-credit ventures, he explains.

Despite the recessionary decline in tax-credit equity raising, capital has still flowed into affordable-housing ventures, Goldstein continues. Banks might be leery of real estate lending, but they’re still motivated by Community Reinvestment Act obligations, he elaborates.

Boston Capital, Centerline Capital Group and Boston Financial Investment Management, LP have all been working on sizable new tax-credit equity funds, proceeds of which will help them augment their respective portfolios. Boston Capital closed a $305 million fund last October, and Cutillo says Boston Financial is on track to raise another $250 million to $300 million this year. (Two years ago JEN Partners and Real Estate Capital Partners acquired Boston Financial, then known as MMA Financial, from troubled Municipal Mortgage & NATIONAL PERSPECTIVE, Equity.)

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START-UP SYNDICATORS COMPETE Meanwhile, the recapitalized, publicly traded Centerline in mid-February closed its latest nearly $120 million multi-investor fund. The syndication arena is returning from its lull – and has attracted a few start-up syndicators adding to the competition for investors and qualifying investments, observes investor Andrew Farkas, who heads the group that acquired a 40 percent stake in Centerline last year.

Another hard-to-ignore trend emerging among the nation’s largest apartment owners: notwithstanding the portfolio shrinkage among the very largest players, holdings among the balance of the NMHC 50 have clearly APRIL 2011

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been growing.

Indeed, a half-decade back, only half the companies ranked No. 11 through No. 20 could boast 50,000 or more units. Today they all can.

Likewise, No. 21 through No. 30 owned roughly 33,000 to 43,000 apartments.

Today the comparables are 41,000 to 50,000. Nine of the 10 from No. 31 through No. 40 held 30,000 or fewer units five years ago; today nine of the 10 own 30,000 or more.

And none of the companies ranked No. 41 through No. 50 owned more than 23,000 apartments five years ago. Today they hold between 24,000 and 29,000, roughly.

As for those public REITs formerly holding the top slot, their respective leaders see more productive days ahead – but not necessarily larger portfolios.

Considine reiterated that AIMCO’s brain trust continues striving to squeeze better operating margins out of the right-sized portfolio.

“Our conventional same-store operating margin actually improved during the Great Recession to better than 61 percent,” he said.

Added Bezzant: “We are recycling capital through the portfolio, and we have aggressively focused (on) selling off the bottom of the portfolio.”

At Equity Residential, Neithercut stressed that as the company looks to grow again through offensive-minded development ventures and strategic acquisitions, the management team won’t hesitate to sell additional seasoned holdings if offers are compelling.

Dispositions, in fact, will likely exceed acquisitions this year: with guidance calling for some $1.25 billion of the former compared to $1 billion of the latter.

As for AIMCO’s plans: “We see more attractive investment opportunities within our existing portfolio,” concludes Considine.

Ken Cutillo Chief Executive Officer of Boston Financial

Terry Considine Chairman and CEO of AIMCO

Our employees are the source of our success.

We thank all 2,670 of our team members and their families.

Recognized as a Top 100 Employer, Boston Globe, 2010.

Advancing careers in property management for 40 years.

AIMCO’s Greenspoint at Paridise Valley in Phoenix, AZ

Serving over 450 multi-family communities, nationwide 6 Faneuil Hall Marketplace, Boston, MA www.winnco.com

APRIL 2011

NMHC tracks all the legislation and regulations that affect our industry.

We are always ahead of the curve because of strategic information the Council provides through e-newsletters, white papers and debriefings.

Peter Donovan Sr. Managing Director CB Richard Ellis, Inc.

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. Since 1978, the National Multi Housing Council has been the apartment industry’s leading advocate and strategic consultant.

NMHC members are engaged in all aspects of the rental housing business, including apartment ownership, management, development, brokerage and finance. Backed by one of the most competent and professional staffs in real estate, the Council focuses on the four key areas of federal advocacy, strategic information, industry research and public affairs.

WHY BECOME A MEMBER? NMHC advocates for us on the Hill, their legislative team is the best I’ve ever seen.

They make sure our industry is taken care of from a legislative and political perspective. The networking is absolutely superb at NMHC. It is definitely the best advocacy group we have in the apartment industry.

Ric Campo Chairman & CEO Camden Property Trust

The National Multi Housing Council fosters an environment in which we are encouraged to share. We are encouraged to meet people and interact, and talk about our business – not just about where it is today, but where it is headed.

Tom Toomey President & CEO UDR, Inc.

Issues Representation The Council is actively involved in forming national housing policy and shaping the legislation and regulations that affect the industry.

Industry Meetings NMHC hosts the industry’s most sought-after meetings and conferences which are generally acknowledged to be the most stimulating and thought-provoking gatherings of the nation’s senior apartment executives.

Vital Information Resources Through its publications and forums, the Council highlights industry “best practices” and provides succinct, accurate, timely and comprehensive information.

Networking Tools In addition to our must-attend meetings, NMHC also offers members other opportunities to interact and exchange ideas through our Listserves and our online membership directory.

NMHC Career Center NMHC’s Online Career Center allows members to post jobs and recruit interns. As part of the SelectLeaders Real Estate Job Network, postings on NMHC’s Career Center also appear on the web site job boards of nine other top real estate associations at no extra charge.

Advocacy Tools NMHC offers members a number of resources to promote renting over buying and to overcome NIMBY opposition to apartments. They include free PowerPoint presentations, consumer brochures for your leasing office, proapartment ads and more.

Expert Advice NMHC’s professional staff has solid expertise on the full spectrum of apartment issues. These professional resources are invaluable when members prepare to interact with government, the media and others in the real estate industry.

FOR MORE INFORMATION OR TO APPLY, GO TO WWW.NMHC.ORG/GOTO/JOIN 1850 M Street, NW, Suite 540, Washington, DC 20036

3

202/974-2300

3

www.nmhc.org

3

info@nmhc.org

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NMHC Officers 2011 Chairman Peter F. Donovan CB Richard Ellis Boston, MA

Vice Chairman Thomas S. Bozzuto The Bozzuto Group Greenbelt, MD

Treasurer Daryl J. Carter Avanath Capital Partners Irvine, CA

Former Chairmen Kelley A. Bergstrom C. Preston Butcher Ric Campo

Douglas Crocker, II Allen Cymrot William H. Elliott

Richard L. Fore Randolph G. Hawthorne Gary T. Kachadurian

Membershipp lists current as of Februaryy 21,, 2011.

Secretary Robert E. DeWitt GID Investment Advisers LLC Boston, MA

President Douglas M. Bibby National Multi Housing Council Washington, DC

Mary Ann King Duncan L. Matteson, Sr. Richard L. Michaux

Robert Sheridan Geoffrey L. Stack Leonard W. Wood

Board of Directors

Executive Committee Patti Fielding AIMCO Denver, CO

Patti Shwayder AIMCO Denver, CO

Marc E. deBaptiste Apartment Realty Advisors Boca Raton, FL

Gary T. Kachadurian Apartment Realty Advisors Oak Brook, IL

Charles E. Mueller, Jr. Archstone Englewood, CO

R. Scot Sellers Archstone Englewood, CO

Sean J. Breslin AvalonBay Communities, Inc. Arlington, VA

Timothy J. Naughton AvalonBay Communities, Inc. Arlington, VA

David J. Olney Berkshire Property Advisors Boston, MA

Thomas Shuler Berkshire Property Advisors Roswell, GA

Julie A. Smith Bozzuto Management Company Greenbelt, MD

Stephen Dominiak BRE Properties, Inc. Irvine, CA

Constance B. Moore BRE Properties, Inc. San Francisco, CA

Laurie A. Baker Camden Property Trust Houston, TX

Ric Campo Camden Property Trust Houston, TX

John R. Williams Carmel Partners, Inc. San Francisco, CA

Ron Zeff Carmel Partners, Inc. San Francisco, CA

Brian F. Stoffers CBRE Capital Markets Houston, TX

William T. Hyman Centerline Capital Group New York, NY

John Larson Centerline Capital Group New York, NY

26 NMHC 50

APRIL 2011

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Board of Directors

Executive Committee Nathan S. Collier The Collier Companies Gainesville, FL

J. Andrew Hogshead The Collier Companies Gainesville, FL

Paul F. Earle Colonial Properties Trust Birmingham, AL

Edward T. Wright Colonial Properties Trust Birmingham, AL

Michael D. Berman CWCapital Needham, MA

Donald P. King, III CWCapital Needham, MA

Paul G. Kerr Davlyn Investments San Diego, CA

Jon D. Williams Davlyn Investments San Diego, CA

Alan W. George Equity Residential Chicago, IL

David J. Neithercut Equity Residential Chicago, IL

Susanne Hiegel Fannie Mae Washington, DC

Heidi McKibben Fannie Mae Pasadena, CA

Deborah Ratner-Salzberg Forest City Enterprises, Inc. Washington, DC

Ronald A. Ratner Forest City Residential Group, Inc. Cleveland, OH

Michael May Freddie Mac McLean, VA

Michael F. McRoberts Freddie Mac McLean, VA

Susan Ansel Gables Residential Dallas, TX

David Fitch Gables Residential Atlanta, GA

Stacy G. Hunt Greystar Real Estate Partners, LLC Houston, TX

William C. Maddux Greystar Real Estate Partners, LLC Charleston, SC

Laura A. Beuerlein Heritage Title Company of Austin, Inc. Austin, TX

Gary S. Farmer Heritage Title Company of Austin, Inc. Austin, TX

Mona Keeter Carlton HFF Dallas, TX

Matthew Lawton HFF Chicago, IL

Clyde P. Holland Holland Partner Group Vancouver, WA

Robert D. Greer, Jr. ING Clarion Washington, DC

C. Stephen Cordes ING Clarion Partners New York, NY

Guy K. Johnson Johnson Capital Irvine, CA

James H. Callard Klingbeil g Capital p Management/American g Apartment Communities Annapolis, MD

C. Preston Butcher Legacy Partners Foster City, CA

APRIL 2011

NMHC 50 27

A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR

Board of Directors

Executive Committee W. Dean Henry Legacy Partners Residential, Inc. Foster City, CA

J. Timothy Byrne Lincoln Property Company Dallas, TX

Jeff B. Franzen Lincoln Property Company Herndon, VA

John J. Kerin Marcus & Millichap Encino, CA

Martin T. Lanigan Mezz Cap Short Hills, NJ

Charles R. Brindell, Jr. Mill Creek Residential Trust LLC Dallas, TX

Mary Ann King Moran & Company Irvine, CA

Thomas F. Moran Moran & Company Chicago, IL

Rick Graf Pinnacle Dallas, TX

Stan J. Harrelson Pinnacle Seattle, WA

David P. Stockert Post Properties, Inc. Atlanta, GA

Jamie Teabo Post Properties, Inc. Atlanta, GA

David Durning Prudential Mortgage Capital Company Chicago, IL

Dale H. Taysom Prudential Real Estate Investors Atlanta, GA

Jerome Ehlinger RREEF Chicago, IL

Brian E. McAuliffe RREEF Chicago, IL

Michael P. Bissell SARES*REGIS Group Irvine, CA

Geoffrey L. Stack SARES*REGIS Group Irvine, CA

Kenneth J. Valach Trammell Crow Residential Houston, TX

David R. Schwartz Waterton Associates, L.L.C. Chicago, IL

Gregory J. Lozinak Waterton Residential Chicago, IL

Vincent R. Toye Wells Fargo Multifamily Capital New York, NY

Alan Wiener Wells Fargo Multifamily Capital New York, NY

Warren J. Durkin, Jr. Wood Partners, LLC Boca Raton, FL

Jay Jacobson Wood Partners, LLC Boca Raton, FL

28 NMHC 50

APRIL 2011

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Board of Directors

Membershipp lists current as of Februaryy 21,, 2011.

James M. Krohn Alliance Residential Company Phoenix, AZ

Bruce C. Ward Alliance Residential Company Phoenix, AZ

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

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

Michael H. Godwin Ambling Companies, Inc. Valdosta, GA

R. Ryan Holmes Ambling Companies, Inc. Valdosta, GA

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

Rodrigo Lopez AmeriSphere Multifamily Finance, LLC Omaha, NE

Scott G. Suttle AmeriSphere Multifamily Finance, LLC Bethesda, MD

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

Kevin Doyle Apartments.com Chicago, IL

Thomas P. MacManus ARA Finance, LLC Boca Raton, FL

Roger H. Beless Archon Residential Irving, TX

William S. Robinson Archon Residential Irving, TX

Lin Atkinson AT&T Connected Communities Atlanta, GA

Thuy Woodall AT&T Connected Communities Atlanta, GA

Michael G. Miller AUM Oak Brook, IL

Daniel J. Roehl AUM Oak Brook, IL

Bj Rosow AZUMA Leasing Austin, TX

Richard Schechter The Bainbridge Companies West Palm Beach, FL

Robert S. Aisner Behringer Harvard Addison, TX

Mark Alfieri Behringer Harvard Addison, TX

Jonathan D. Bell Bell Partners Greensboro, NC

Steven D. Bell Bell Partners Greensboro, NC

John M. Cannon Berkadia Commercial Mortgage Horsham, PA

Mark W. Dunne Boston Capital Corporation Boston, MA

John P. Manning Boston Capital Corporation Boston, MA

30 NMHC 50

APRIL 2011

A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR

Board of Directors Walter W. Miller Brown Realty Advisors Atlanta, GA

Alexandra S. Jackiw Buckingham Companies Indianapolis, IN

Jerry Feldman CallSource Westlake Village, CA

Mark Sadosky CallSource Westlake Village, CA

David J. Adelman Campus Apartments Philadelphia, PA

Miles H. Orth Campus Apartments Philadelphia, PA

Ernest L. Heymann CAPREIT, Inc. Rockville, MD

Richard L. Kadish CAPREIT, Inc. Rockville, MD

Tyler Anderson CB Richard Ellis, Inc. Phoenix, AZ

Stephen J. Zaleski CB Richard Ellis Investors, LLC Boston, MA

Steven Fayne Citi Community Capital San Francisco, CA

Hal G. Kuykendall Citi Community Capital Denver, CO

Francis J. Coen Clark Realty Capital, L.L.C. Monterey, CA

LaNitra Webb Colliers International USA Headquarters Boston, MA

Daniel J. Epstein The ConAm Group of Companies San Diego, CA

J. Bradley Forrester The ConAm Group of Companies San Diego, CA

Jerry Davis Conservice Utility Management & Billing Logan, UT

Jason Rosa Continental Realty Advisors, Ltd. Littleton, CO

David W. Snyder Continental Realty Advisors, Ltd. Littleton, CO

James W. Harris CoreLogic SafeRent Rockville, MD

Mark Higgins Cornerstone Real Estate Advisers LLC Santa Monica, CA

Brian Murdy Cornerstone Real Estate Advisers LLC Hartford, CT

William Bradford Blash Crossbeam Capital LLC Bethesda, MD

Richard K. Devaney Crossbeam Capital LLC Bethesda, MD

Dodge Carter Crow Holdings Dallas, TX

Byron L. Moger Cushman & Wakefield Tampa, FL

Brian L. Dinerstein The Dinerstein Companies Houston, TX

Anthony Schaffer DIRECTV El Segundo, CA

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

Barden Brown Brown Realty Advisors Atlanta, GA

APRIL 2011

NMHC 50 31

A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR

Board of Directors Deane H. Dolben The Dolben Company, Inc. Woburn, MA

Jack W. Safar Dominium Group, Inc. Plymouth, MN

Jon Segner Dominium Group, Inc. Plymouth, MN

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

Kellie Falk-Tillett Drucker & Falk, LLC Raleigh, NC

Daniel Haefner Drucker & Falk, LLC Raleigh, NC

Miles Spencer Eastdil Secured, LLC Washington, DC

Randy Churchey Education Realty Trust, Inc. Memphis, p , TN

John M. Oâ&#x20AC;&#x2122;Hara, Jr. Edward Rose & Sons Farmington Hills, MI

Warren Rose Edward Rose & Sons Farmington Hills, MI

Gregory L. Engler Engler Financial Group, LLC Alpharetta, GA

Christopher E. Hashioka Fairfield Residential LLC San Diego, CA

Gregory R. Pinkalla Fairfield Residential LLC San Diego, CA

Jonathan Cox The Federated Companies Miami Beach, FL

Dung T. Lam The Federated Companies Miami Beach, FL

Richard N. Shinberg First Capital Realty, Inc. Bethesda, MD

Les Zimmerman First Capital Realty, Inc. Bethesda, MD

Robert L. Johnston First Communities Atlanta, GA

Mark A. Fogelman Fogelman Management Group Memphis, TN

Richard L. Fogelman Fogelman Properties Memphis, TN

Wayne E. McDonald Forestar Group, Inc. Austin, TX

Phillip Weber Forestar Group, Inc. Austin, TX

Gina M. Dingman GDCRE, Inc. Minneapolis, MN

Frank Marro GE Real Estate Alpharetta, GA

Linda Zeller Gerson Bakar & Associates San Francisco, CA

Philip S. Payne Ginkgo Residential Charlotte, NC

D. Scott Wilkerson Ginkgo Residential Charlotte, NC

John J. Gray, III Grayco Partners LLC Houston, TX

James M. Bachner Heitman LLC Chicago, IL

Mark Forrester Hendricks & Partners Phoenix, AZ

32 NMHC 50

APRIL 2011

([WUDRUGLQDU\ 3HUIRUPHUV :K\ 3URSHUW\ 2ZQHUV :RUOGZLGH 5HO\ RQ 3LQQDFOH Pinnacle is your real estate solution, providing unmatched expertise and an unwavering commitment to your success. Our wide array of customizable services includes everything you need to maximize your investment.

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A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR

Board of Directors Don Hendricks Hendricks & Partners Phoenix, AZ

Alan Patton Hines Houston, TX

Jeffrey A. Hirschfeld Hirschfeld Properties LLC New York, NY

Scott A. Doyle Home Properties, Inc. Rochester, NY

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

David Kapiloff p Insgroup, g p, Inc. Houston, TX

Peter Katz Institutional Property p y Advisors (A ( Marcus & Millichapp Company) p Phoenix, AZ

Hessam Nadji Institutional Property p y Advisors (A ( Marcus & Millichapp Company) p y Walnut Creek, CA

Kevin A. Baldridge The Irvine Company Apartment p Communities ‘IAC’ Irvine, CA

William N. Elam, III The JBG Companies Chevy Chase, MD

James A. Butz Jefferson Apartment Group McLean,, VA

Gregory G. Lamb Jefferson Apartment Group McLean,, VA

Richard J. High John M. Corcoran & Company Braintree,, MA

Jeffrey T. Morris Jones Lang LaSalle Americas, Inc. Orlando,, FL

Jubeen F. Vaghefi Jones Lang LaSalle Americas, Inc. Miami,, FL

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John K. Powell 312.453.7701

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NMHC 50

Vista Verde at Coconut Creek (FL) FHA 223(a)(7) Financing

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A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR

Board of Directors Cindy Clare Kettler McLean, VA

John Falco Kingsley Associates Atlanta, GA

Peggy Robinson Kingsley Associates Atlanta, GA

Keith A. Harris The Laramar Group, LLC Chicago, IL

David B. Woodward The Laramar Group, LLC Greenwood Village, CO

Peter P. DiLullo LCOR Incorporated Berwyn, PA

Thomas J. Oâ&#x20AC;&#x2122;Brien LCOR Incorporated Berwyn, PA

Thomas Bacon The Lionstone Group Houston, TX

Alison Dimick Malkhassian The Lionstone Group Houston, TX

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

Charles M. McDaniel Lockton Companies, LLC Denver, CO

Joseph F. Mullen Madison Apartment Group Philadelphia, PA

Nicholas Michael Ryan The Marquette Companies Naperville, IL

Gerald J. Haak MAXX Properties Harrison, NY

Andrew R. Wiener MAXX Properties Harrison, NY

GOLDEN OPPORTUNITTY

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A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR

Board of Directors Michael C. McDougal McDougal Properties, L.C. Lubbock, TX

Kenneth Lee McDowell Properties San Francisco, CA

W. Patrick McDowell McDowell Properties San Francisco, CA

Robert D. Lazaroff The Michelson Organization St. Louis, MO

Bruce V. Michelson, Jr. The Michelson Organization St. Louis, MO

H. Eric Bolton, Jr. MAA Memphis, TN

Richard Furr Milestone Group Dallas, TX

Steve T. Lamberti Milestone Management Dallas, TX

Paul Harris Moran & Company Dallas, TX

Jeffrey Williams Moran & Company Seattle, WA

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

Sharon Fay MRI Software Highland Hills, OH

John H. Helm MyNewPlace San Francisco, CA

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

Richard Burns The NHP Foundation New York, NY

NMHC 50

A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR

Board of Directors Kerry R. French NorthMarq Capital, Inc. Houston, TX

Edward Padilla NorthMarq Capital, Inc. Minneapolis, MN

Robert A. Esposito NWP Services Corporation Pembroke Pines, FL

Mike Radice NWP Services Corporation Irvine, CA

Gene R. Blevins Orion Real Estate Services Houston, TX

Kirk H. Tate, CPM Orion Real Estate Services, Inc. Houston, TX

P. David Onanian PAS Purchasing Solutions Houston, TX

Randall M. Paulson PAS Purchasing Solutions Plano, TX

David R. Picerne Picerne Real Estate Group Phoenix, AZ

Ronald G. Brock, Jr. Pierce-Eislen, Inc. Scottsdale, AZ

Herman Bulls Pillar Multifamily, LLC Vienna, VA

D. Scott Bassin PNC Real Estate Pittsburgh, PA

William Thomas Booher PNC Real Estate San Francisco, CA

Donna Preiss The Preiss Company Raleigh, NC

John W. Bray Primary Capital Advisors, LC Atlanta, GA

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Board of Directors Faron G. Thompson Primary Capital Advisors, LC Atlanta, GA

John D. Millham Prometheus Walnut Creek, CA

Clayton A. Parker Prometheus San Mateo, CA

Joe Colon Protection 1 Security Jacksonville, FL

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

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

Bruce Barfield The Rainmaker Group Alpharetta, GA

Tammy Farley The Rainmaker Group Alpharetta, GA

Dirk D. Wakeham RealPage, Inc. Carrollton, TX

Stephen T. Winn RealPage, Inc. Carrollton, TX

Mark C. Beisler Red Mortgage Capital, LLC Reston, VA

Howard S. Primer RenaissancePG, LLC Knoxville, TN

Brannan Johnston RentBureau, A part of Experian Costa Mesa, CA

Tamela M. Coval Rentwiki.com Atlanta, GA

Suzanne Lovelace Rentwiki.com Atlanta, GA

38 NMHC 50

APRIL 2011

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A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR

Board of Directors Terry S. Danner Riverstone Residential Group Dallas, TX

Ralph Daruns Rockhall Funding Corp.

Dallas, TX

Kathryn Thompson Rockhall Funding Corp.

Dallas, TX

Daniel McNulty Rockwood Real Estate Advisors New York, NY

David Evemy Sarofim Realty Advisors Dallas, TX

James D. Scully Jr. Scully Company Jenkintown, PA

Michael A. Scully Scully Company Jenkintown, PA

W. Steve Gilmore Shea Properties Aliso Viejo, CA

Colm Macken Shea Properties Aliso Viejo, CA

Jeffrey K. Hettleman Shelter Development, LLC Baltimore, MD

Marilynn K. Duker The Shelter Group Baltimore, MD

K. Brad Broyhill Simpson Housing LLLP Denver, CO

J. Robert Love Simpson Housing LLLP Atlanta, GA

Nancy Barton Stellar Advisors, LLC Rockville, MD

David Schwartzberg Stellar Advisors, LLC Rockville, MD

Michael Katz Sterling American Property Inc. Great Neck, NY

Tarak Patolia Sterling American Property Inc. Great Neck, NY

Dave Schwehm Time Warner Cable Herndon, VA

Edward J. Ryder Transwestern Investment Company, p y, LLC C cago, Chicago, g , IL

Douglas g Crocker, II Transwestern Multifamilyy Partners,, L.L.C. Fort o t Myers, ye y s,, FL

Michael E. Tompkins TriBridge Residential LLC. Atlanta, GA

Wayne A. Vandenburg TVO Groupe LLC Chicago, IL

Russell A. Vandenburg TVO North America El Paso, TX

David J. Ingram UBS Realty Investors LLC Hartford, CT

Jeffrey G. Maguire UBS Realty Investors LLC Hartford, CT

Thomas W. Toomey UDR, Inc. Highlands Ranch, CO

Warren L. Troupe UDR, Inc. Highlands Ranch, CO

Geoffrey C. Brown USA Properties Fund, Inc. Roseville, CA

Karen McCurdy USA Properties Fund, Inc. Roseville, CA

Eric D. Cevis Verizon Enhanced Communities Baskingg Ridge, g NJ

40 NMHC 50

APRIL 2011

A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR

Board of Directors Jonathan Holtzman Village Green Companies Detroit, MI

George S. Quay, IV Village Green Companies Detroit, MI

Brendan Coleman Walker & Dunlop Bethesda, MD

Howard W. Smith, III Walker & Dunlop Bethesda, MD

Jack O’Connor Weidner Property Management LLC Kirkland, WA

Tom P. Colich Wesco Companies Torrance, CA

Donald J. Pierce, II Wesco Companies Torrance, CA

Michael K. Hayde Western National Property Management Irvine, CA

Stephan T. Beck Whiteco Residential LLC Merrillville, IN

Samuel Ross WinnCompanies Boston, MA

Lawrence H. Curtis WinnDevelopment Boston, MA

Jeff Bosshard Woodmont Real Estate Services Belmont, CA

Ronald V. Granville Woodmont Real Estate Services Belmont, CA

Amy Gerritsen Yardi Systems, Inc. Santa Barbara, CA

Greg West ZOM Companies Fort Lauderdale, FL

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AMERICAN PROPERTY Y TAX X COUNSEL NMHC 50

Smart, Aggressive Property Tax Advocacy

A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR

Board of Directors (not pictured) EXECUTIVE COMMITTEE

Jason Wills American Campus Communities Austin, TX

Michael D. Bryant Berkadia Commercial Mortgage Dallas, TX

Arlene Mayfield Apartment Guide Norcross, GA

Bradley B. Chambers Buckingham Companies Indianapolis, IN

Brad Long Apartments.com Chicago, IL

DeAnna Thomas CB Richard Ellis Investors, LLC Boston, MA

Timothy J. Hogan Trammell Crow Residential Dallas, TX

Phillip E. Bogucki AZUMA Leasing Austin, TX

Douglas R. Sandor Clark Realty Capital, L.L.C. Arlington, VA

BOARD OF DIRECTORS

David Doerner Bader Company Indianapolis, IN

Nevel DeHart CoreLogic SafeRent Rockville, MD

Simon Ziff Ackman Ziff Real Estate Group, LLC New York, NY

John Swift Bader Company Indianapolis, IN

Simon J. Butler Cushman & Wakefield Boston, MA

Jeffery Daniels AIG Global Real Estate Investment Corp.

New York, NY

Tom Keady The Bainbridge Companies West Palm Beach, FL

John Caltagirone The Dinerstein Companies Houston, TX

Grace Huebscher Beech Street Capital Bethesda, MD

David Luski DRA Advisors, LLC New York, NY

Jeff Lee Beech Street Capital Bethesda, MD

Thomas Trubiana Education Realty Trust, Inc. Memphis, TN

Eli Hanacek Holland Partner Group Vancouver, WA Kristen Klingbeil-Weis Klingbeil Capital Management/ American Apartment Communities Santa Barbara, CA

Donald Huffner AIG Global Real Estate Investment Corp.

New York, NY

Patrick Jones Engler Financial Group, LLC Alpharetta, GA Edward Coco GE Real Estate Alpharetta, GA Stephen LoPresti Gerson Bakar & Associates San Francisco, CA Howard Edelman Heitman LLC Chicago, IL Laurel Howell Kettler McLean, VA David G. Shillington KeyBank Real Estate Capital Dallas, TX Christine Akins LaSalle Investment Management, Inc. Chicago, IL Helen Angelo Madison Apartment Group Philadelphia, PA

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villagegreen.com or Smartphone APRIL 2011

&

NMHC 50

A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR

Board BoardofofDirectors Directors (not pictured) John Eifler The Marquette Companies Romeoville, IL

Bess Matuszewski MRI Software Highland Hills, OH

W. Michael Doramus Sarofim Realty Advisors Dallas, TX

Tristan Thoma McDougal Properties, L.C. Lubbock, TX

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

Robert Rosania Stellar Management New York, NY

Melisa Hutson Protection 1 Security Tampa, FL

Joanne Luger Time Warner Cable Herndon, VA

Thomas G. Smith Prudential Real Estate Investors Atlanta, GA

Mike Mauseth TransUnion/CreditRetriever Greenwood Village, CO

Albert M. Campbell Mid-America Apartment Communities, Inc. Memphis, TN Carter Bechtol The Morgan Group, Inc. Houston, TX David Koffler Morgan Properties King of Prussia, PA

David L. Goodman Red Mortgage Capital, LLC Reston, VA

Eric Gramberg Move Westlake Village, CA

Nicola Scheman RentBureau, A part of Experian Costa Mesa, CA

Steve Roe TransUnion/CreditRetriever Greenwood Village, CO

W. Dean Weidner Weidner Property Management LLC Kirkland, WA Charles W. Brammer, Jr. The Wilkinson Group, Inc. Atlanta, GA Phillip R. Deguire The Wilkinson Group, Inc. Atlanta, GA Brigitta Eggleston Yardi Systems, Inc. Santa Barbara, CA Samuel C. Stephens, III ZOM Companies Orlando, FL

Thomas Nugent Verizon Enhanced Communities Basking Ridge, NJ

Advisory Committee AEW Capital Management L.P. Iphigenia Demetriades Boston, MA All Nation Renovation, Inc. Ofer Manashe Houston, TX Alliance Tax Advisors, LLC Tony J. Comparin Irving, TX ALM Michael G. Desiato New York, NY Altman Development Corporation Joel L. Altman Boca Raton, FL American Seniors Housing Association David S. Schless Washington, DC AMSI, an Infor company George Landgrebe Tampa, FL Aon Risk Services, Inc. Kevin J. Madden New York, NY Apartment Association of Greater Los Angeles Charles A. Isham Los Angeles, CA 44 NMHC 50

Apartment Association, California Southern Cities Nancy J. Ahlswede Long Beach, CA Apartment Finder Marcia Bollinger Lawrenceville, GA The Apartment Group, Inc. Jeffrey L. Price Dallas, TX Apartment Realty Advisors Richard P. Donnellan, Jr. Boca Raton, FL

The Ashley Group Stephen B. Ashley Rochester, NY

Beecher Carlson Michael Stern Atlanta, GA

Associated Estates Realty Corporation Jeffrey I. Friedman Richmond Heights, OH

Beekman Advisors, Inc. Shekar Narasimhan McLean, VA

Assurant Specialty Property Brian Tribble Miami, FL

Bergstrom Investment Management, LLC Kelley A. Bergstrom Kenilworth, IL

Axiometrics Inc. Ronald G. Johnsey Dallas, TX

Apartment Realty Advisors David K. Oelfke Houston, TX

Ballard Spahr Andrews & Ingersoll, LLP Allan R. Winn Washington, DC

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

Barker Apartments David Barker Iowa City, IA

Arbor Commercial Mortgage, LLC Bonnie Habyan Uniondale, NY Artemis Real Estate Partners Richard Banjo Chevy Chase, MD Arthur J. Gallagher David Hayth Clearwater, FL

The Bascom Group Scott R. McClave Irvine, CA BBVA Compass Jeffrey Journey Dallas, TX Beacon Communities Howard E. Cohen Boston, MA

Berkshire Property Advisors, LLC Kevin Mignogna San Diego, CA Berkshire Residential Development Steve Wood Boston, MA Beztak Companies Harold Beznos Farmington Hills, MI BH Equities, LLC Harry Bookey Des Moines, IA BlackRock Realty Dale Gruen San Francisco, CA Bridge Investment Group Christian V. Young Murray, UT APRIL 2011

A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR

Advisory Board of Committee Directors BuildingLink.com LLC Zachary Kestenbaum New York, NY

CEL & Associates, Inc. Christopher Lee Los Angeles, CA

Cox, Castle & Nicholson LLP Amy H. Wells Los Angeles, CA

Equinox Search LLC Peter V. Hall San Francisco, CA

Bury & Partners, Inc. James B. Knight Austin, TX

CertainTeed Corporation Peter Dachowski Valley Forge, PA

Crescent Resources, LLC Todd M. Farrell Charlotte, NC

eREI, A RealPage Company Jon Tull Camarillo, CA

Butler Burgher Group B. Diane Butler Dallas, TX

Chicago Title Konrad J. Kaltenbach, II Dallas, TX

CRIO, Inc. Dan Freudenthal West Palm Beach, FL

Essex Property Trust, Inc. Jeff Rowerdink Irvine, CA

Buyers Access James Sweeney Denver, CO

CIBC World Markets Corp.

Andrew S. Fawer New York, NY

Criterion Brock Kerri Silver Milwaukie, OR

Facebook Marketplace Stephen Feltner San Mateo, CA

Cagan Management Group, Inc. Jeffrey Cagan Skokie, IL

CMS Companies Richard T. Aljian Wynnewood, PA

Crown Advisors, Inc. John Cigna Pittsburgh, PA

Fair Collections & Outsourcing, Inc. Carol M. Bloom Beltsville, MD

Coastal Apartment Advisors James Sewell Hilton Head Island, SC

Cushman & Wakefield Marc D. Renard Los Angeles, CA

Columbia National Real Estate Finance, LLC Roger Edwards Washington, DC

CWS Apartment Homes Steven J. Sherwood Austin, TX

CallMaX David Clarke Acworth, GA CalPERS Cleon Pantell Sacramento, CA Camp Construction Services Jeff Blevins Houston, TX Campus Televideo Brian Benz Greenwich, CT CapitalSource Chris Kelly New York, NY Capstone Building Corp.

Charles Anthony Vick Birmingham, AL Captec Realty Capital Patrick L. Beach Santa Barbara, CA CARES By Apartment Life Kiley Haught Euless, TX Carter Haston Holdings, LLC L. Marc Carter Nashville, TN Cassin & Cassin LLP Joseph M. Cassin New York, NY CB Richard Ellis N.E. Partners LP Paul E. Donahue Boston, MA CB Richard Ellis, Inc. Malcolm McComb, III Atlanta, GA

APRIL 2011

Comcast Cable Communications William F. Revell Philadelphia, PA Compliance Depot Lonnie Derden Plano, TX

Demmon Partners Roy E. Demmon, III Palo Alto, CA Deutsche Bank Berkshire Mortgage Jeffrey C. Day Irvine, CA

Faulkner Design Group, Inc. Adrienne Faulkner Dallas, TX FDC Management, Inc. Patrick M. Kelly Anaheim, CA First Centrum, LLC Mark L. Weshinskey Sterling, VA Flournoy Development Co., LLC Thomas H. Flournoy Columbus, GA

Connexion Technologies Susan Knowles Cary, NC

The Distinguished Programs Group Christopher J. Volgenau Greenwood Village, CO

Foley & Lardner LLP Michael W. Hatch Milwaukee, WI

CONNOR Patrick T. Connor Baltimore, MD

Dover Realty Advisors Terry B. Schwartz Bingham Farms, MI

For Rent Media Solutions Judith Gogol Atlanta, GA

The Connor Group Lawrence S. Connor Centerville, OH

The DZAP Group & LeaseLabs Dana Zeff San Diego, CA

Fore Property Company Richard L. Fore Washington, DC

Continental Properties Company James H. Schloemer Menomonee Falls, WI

E & S Ring Management Corporation John H. Pringle Culver City, CA

FPL Advisory Group Michael A. Herzberg Chicago, IL

Continental Realty Corporation Joseph M. Schapiro, III Baltimore, MD

ECI Group, Inc. Phil H. Carlock Marietta, GA

Corcoran Jennison Companies Marty Jones Boston, MA

Edgewood Management Corporation A. Scott Jones Germantown, MD

CORT Mark Koepsell Fairfax, VA

Embrey Partners, Ltd. Walter M. Embrey, Jr. San Antonio, TX

Cox Communications Shannon Boyle Atlanta, GA

Entrepreneurial Properties Corporation Matthew V. Wherry Newport Beach, CA

Franklin Capital Group Joseph E. Resende Alexandria, VA Franklin Street Darron Kattan Tampa, FL Freeman Webb Inc. William H. Freeman Nashville, TN G5 Bill Bliss Bend, OR

NMHC 50 45

A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR

Advisory Committee Board of Directors Gallagher Evelius & Jones, LLP Stephen A. Goldberg Baltimore, MD Gates, Hudson & Associates, Inc. Patricia J.M. Blackburn Fairfax, VA GDC Properties, LLC Gregg Shapiro Hawthorne, NY GE Real Estate Dan Earle Norwalk, CT Gene B. Glick Company, Inc. David O. Barrett Indianapolis, IN Goulston & Storrs Steven Schwartz Boston, MA Grace Hill, Inc. Joseph Bailey Augusta, GA Grand Peaks Properties Luke Simpson Denver, CO Grandbridge Real Estate Capital LLC Thomas S. Dennard Charlotte, NC

Hathaway Properties, Inc. W. Michael Muggridge Atlanta, GA

Ideal Realty Group Allen Manesh Potomac, MD

HD Supply Michael J. Hendel San Diego, CA

Ingersoll Rand Residential Solutions Eric Elsmore Carmel, IN

Heartland Payment Systems Christopher Weiss Plano, TX Hediger Enterprises Inc. Gary R. Hediger Greenville, SC Helix Funds LLC David Helfand Chicago, IL Hendersen-Webb, Inc. Pamela F. Newland Cockeysville, MD

HFF William Miller Dallas, TX

ista Amanda Holden San Diego, CA

HFF G. Craig LaFollette Houston, TX

J. Turner Research Joseph Batdorf Houston, TX

HHHunt James R. King Blacksburg, VA

J.P. Morgan Asset Management Jean M. Anderson New York, NY

Gross Builders Gary L. Gross Cleveland, OH

Holland & Knight, LLP Christopher B. Hanback Washington, DC

Grubb & Ellis Company Ernest L. Brown San Antonio, TX

Humphrey Development, Inc. Bethany H. Hooper Columbia, MD

Guardian Management LLC Thomas B. Brenneke Portland, OR

Humphreys & Partners Architects, L.P. Mark Humphreys Dallas, TX

Hanley Wood Susan Piel San Francisco, CA Harbor Group International Jordan E. Slone Norfolk, VA

46 NMHC 50

Institutional Property Advisors (A Marcus & Millichap Company) Will Balthrope Dallas, TX Investment Property Associates, LLC Jennifer Koster Grand Haven, MI

Hills Property Management Russell Lykes Cincinnati, OH

HandyTrac Systems John Lie-Nielsen Alpharetta, GA

Instar Services Group Johnnie Smith Troy, MI

Henderson Global Investors James G. Martha Hartford, CT

Greystone Servicing Corporation Betsy Vartanian New York, NY

Haley Real Estate Group Daniel P. Clatanoff Omaha, NE

Inland American Apartments Management Thomas P. McGuinness Oak Brook, IL

Hunt Companies Ryan W. Luxon El Paso, TX Hunter Warfield, Inc. Todd Wahl Tampa, FL Hyperion Realty Dan Hopkins Dallas, TX I.Q. Data International, Inc. Kenneth Stumbo Everett, WA

JMG Realty, Inc. T. Karlton Jackson Atlanta, GA Johnson Development Associates, Inc. David Benjamin Graves Spartanburg, SC Jones Lang LaSalle Americas, Inc. Peter Nicoletti Parsippany, NJ JPI Benjamin H. Montgomery Irving, TX

KABA Multihousing & Institutional Dale Mathias Laguna Niguel, CA KET Enterprises Thomas B. Wilkinson, IV Houston, TX The Kislak Company, Inc. Nancy Jacques Woodbridge, NJ Korcett Holdings, Inc. Lisa K. Cortes Austin, TX Kroll Factual Data Damon Littlejohn Loveland, CO L&B Realty Advisors, LLP William L. Fulton Dallas, TX Langan Engineering and Environmental Services Mark Devaney Elmwood Park, NJ LBK Management Services James D. Alexander Irving, TX LeaseTerm Insurance Group LLC Walter D. Shealy, III West Point, GA LeasingDesk, a Division of RealPage, Inc. David Carner Carrollton, TX LeCesse Development Corporation Salvador F. Leccese Altamonte Springs, FL LEDIC Management Group Pierce Ledbetter Memphis, TN Legend Management Group, LLC Ruth G. Eisenhauer McLean, VA

JPI Robert D. Page Irving, TX

LEM Mezzanine, Inc. Jay J. Eisner Philadelphia, PA

JRK Birchmont Advisors Robert Lee Los Angeles, CA

Lerner Corporation Alan H. Gottlieb Rockville, MD

Jupiter Communities LLC - RAIT Kellie Devilbiss Chicago, IL

Lessard Group, Inc. John M. Jenkins Vienna, VA

APRIL 2011

A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR

Advisory Committee Level One, a RealPage Company Ben Holbrook Greer, SC LexisNexis Resident Screening Pam Storm Alpharetta, GA The Liberty Group Kenneth J. Bohan Houston, TX LTVentures D. Scott Lee Los Angeles, CA

Mesirow Financial Alasdair Cripps Chicago, IL

NTS Development Company Gregory G. McDearmon Louisville, KY

Metropolitan Properties of America, Inc. Jeffrey J. Cohen Boston, MA

Oak Grove Capital Neil Cullen Bethesda, MD

Miles & Stockbridge PC Justin C. Eller Baltimore, MD Milstein Properties Howard P. Milstein New York, NY

M/PF YieldStar Janine Steiner Jovanovic Carrollton, TX

Minnesota Multi Housing Association Mary Rippe Bloomington, MN

MAC Realty Advisors LLC Bruce Levin Washington, DC

Moen Incorporated Aubri Mandelbaum North Olmsted, OH

Mac-Gray Services, Inc. Kevin Fahey Waltham, MA

Morrison, Ekre & Bart Management Services, Inc. Jodi Bart Phoenix, AZ

Maintenance Supply Headquarters Cary R. Wright Stafford, TX Manly & Stewart John C. Manly Newport Beach, CA Marchex Leigh McMillan Seattle, WA Mark-Taylor Residential, Inc. Dale Phillips Scottsdale, AZ Marvin F. Poer and Company William L. DuBois Dallas, TX The Matteson Companies Duncan L. Matteson, Sr. Palo Alto, CA Maxus Properties, Inc. Michael P. McRobert Kansas City, MO Mayer Brown LLP Keith J. Willner Washington, DC Mercy Housing Brian Shuman Denver, CO Meridian Capital Group, LLC Israel Schubert Iselin, NJ

APRIL 2011

Multi-Housing News Diana Mosher New York, NY Multifamily Executive/ Hanley-Wood, LLC Shabnam Mogharabi Washington, DC Multifamily Realty Advisors, LLC Richard R. Cotton Raleigh, NC NAI Global Multifamily Group Art Carll Las Vegas, NV National Foundation for Affordable Housing Solutions, Inc. Martin C. Schwartzberg Rockville, MD NCC Business Services of America, Inc. Irv Pollan Jacksonville, FL Northland Investment Corporation Lawrence R. Gottesdiener Newton, MA NorthMarq Capital San Francisco Jeffery Weidell San Francisco, CA

Ocius LLC James Rabinowitz Chicago, IL On-Site.com Jake Harrington Mountain View, CA OpsTechnology, a Division of RealPage Sukhi Singh San Francisco, CA The P.B. Bell Companies R. Chapin Bell Scottsdale, AZ

Real Estate Board of New York, Inc. Steven Spinola New York, NY Real Estate Equities, Inc. Robert S. Bisanz St. Paul,, MN Realty Center Management, Inc. Curt Knabe Los Angeles, CA RealtyCom Partners, LLC Annie Manfredi Larkspur, CA Recap Real Estate Advisors Todd Trehubenko Boston, MA Rent Stabilization Association Joseph Strasburg New York, NY

Pacific Life Insurance Company John C. Mulvihill Newport Beach, CA

Rent.com R b t JJohnson Robert h Santa Monica, CA

Pacific Property Company Alfred V. Pace Palo Alto, CA

RentGrow, Inc. Michael J. Lapsley Waltham, MA

Passco Companies, LLC Gary Goodman Irvine, CA

RentPayment Monte Jones Santa Monica, CA

Penco, Inc. Todd Pirtle Austin, TX

Resident Gifts LLC Gregory H. Smith Naperville, IL

Penton Media Inc. Rich Santos New York, NY

ResidentCheck Jorge Baldor Dallas,, TX

Phoenix Realty Group Alan Hirmes New York, NY

Resite Online Ann Padgett Norfolk, VA

PPG Architectural Coatings Amy Mercante Pittsburgh, PA

Resource Investments Limited, LLC Steven Zalkind Pennsauken, NJ

Price Realty Corporation Michael J. Ochstein Addison, TX Property Solutions International, Inc. Benjamin Zimmer Provo, UT

Resource Real Estate, Inc. Yvana Melini Philadelphia, PA Roberts Properties Management, LLC Charles S. Roberts Atlanta, GA

PropertyBridge, a MoneyGram Company Leslie Olsen Oakland, CA

Rockwood Capital LLC Joel A. Moody Los Angeles, CA

Real Capital Markets Stephen J. Alter Carlsbad, CA

Sales, Inc. Rick Burkhalter Duluth, GA

NMHC 50 47

A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR

Advisory Committee SatisFacts Research, LLC Douglas J. Miller, Sr. Lutherville, MD

Towne Properties Neil K. Bortz Cincinnati, OH

Sawyer Realty Holdings LLC Gregg Clickstein Needham, MA

Transwestern Jon Kleinberg Atlanta, GA

The Screening Pros, LLC Gary Glucroft Chatsworth, CA

Transwestern Steven E. Pumper Dallas, TX

Screening Reports, Inc. Timothy Fortner Bensenville, IL

The Tuckerman Group/SSgA Charles J. Lauckhardt Rye Brook, NY

Shelter Corporation Lynn Carlson Schell Minnetonka, MN

University Furnishings Paul Dougan Dallas, TX

Sherman Residential Scott Gould Deerfield, IL

Urdang & Associates Real Estate Advisors, Inc. Mark B. Greco Plymouth Meeting, PA

The Sherwin-Williams Co. William G. Rafie Cleveland, OH

USAA Real Estate Company Hailey Ghalib San Antonio, TX

Southeast Apartment Partners, LLC Marc G. Robinson Atlanta, GA

Valet Waste, Inc. David Magrisso Tampa, FL

Sperry Van Ness Nevada LLC David Baird Las Vegas, NV

VARO, a BYL Company Kristie Wetherbee West Chester, PA

Sterling Trust Robert J. Thiebaut Atlanta, GA

VaultWare Michael E. Mueller Scottsdale, AZ

Stewart Title Guaranty Regina L. Fiegel Charlotte, NC

Velocity, a Division of RealPage, Inc. Ashley Chaffin Glover Carrollton, TX

Stratford Capital Group, LLC John M. Nelson, IV Peabody, MA Summit Housing Partners David P. Garcia Montgomery, AL SureDeposit Stuart Litwin Livingston, NJ Terra Search Partners Matthew B. Slepin San Francisco, CA TGM Associates L.P. Thomas J. Gochberg New York, NY Timberland Partners Robert L. Fransen Minneapolis, MN

48 NMHC 50

Verizon Enhanced Communities Douglas A. Barton Irving, TX

Western National Realty Advisors Rex F. DeLong Irvine, CA Westrope David Brinkerhoff Kansas City, MO Williams Asset Management, LLC John A. Isakson Atlanta, GA Willis Brian Ruane New York, NY Witten Advisors LLC G. Ronald Witten Dallas, TX The Wolff Company Tim Wolff Scottsdale, AZ Womble Carlyle Sandridge & Rice, PLLC Pamela V. Rothenberg Washington, DC Wonderlic, Inc. Tom Bowman Libertyville, IL Worthing Southeast Corporation John A. Echols Atlanta, GA WRH Realty Services, Inc. J. Mark Rutledge Saint Petersburg, FL Ygnition Networks Brian Moorhead Houston, TX

Visa, Inc. David Weinshel Wilmington, DE Waller Lansden Dortch & Davis, LLP J. Steven Kirkham Nashville, TN Waypoint Residential Scott J. Lawlor New York, NY Westdale Asset Management Evan J. Griffiths Dallas, TX

APRIL 2011

A special Supplement to national real estate investor

Associate Members 29 North 707 Management Services, Inc. A.G. Spanos Companies Abacus Capital Group, LLC Acacia Capital Corp.

Acumen Real Estate Advenir Affordable Housing Trust for Columbus and Franklin County ALCO Management, Inc. Allegiant Residential Allen & Oâ&#x20AC;&#x2122;Hara Development Co. LLC Allianz Real Estate Allison Shelton Real Estate Services, Inc. Allstate Investments, LLC Alvarez & Marsal Real Estate Advisory Services, LLC American Group Advisors, LLC American Land Ventures, LLC AMI Capital Angelo, Gordon & Co. Apartment Services, Inc. Apex Construction Services, LLC Appraisal Research Counselors Aragon Holdings Arcadian Real Estate Group Area Property Partners Argosy Real Estate Arsenal Real Estate Funds Asentus Aspen Square Management Asset Campus Housing Assurant Asset Management Avery Construction Company AVR Realty Company B&M Management Co. LLC Banner Property Management Barrett & Stokely, Inc. Beachwold Residential LLC Beacon Place Apartments, LLC Belgarde Enterprises Benchmark Group Bentall Kennedy BH Equities, LLC Big Rock Partners LLC Billingsley Company Blackstone Consulting LLC Blue Ridge Companies, LLC Blue Vista Capital Partners

APRIL 2011

BlueGate Partners LLC Bluerock Real Estate, LLC BMO Capital Markets Bonaventure Realty Group, LLC Branch Properties, LLC Bridge Real Estate Group Bristol Development, LLC Brook Scott Associates Brookfield Real Estate Opportunity Group Bryan Cave LLP Buchanan Street Partners Building and Land Technology Corp.

Burr & Forman LLP C.F. Evans & Company, Inc. C.R.E.S. Management Caisse de depot et placement du Quebec California Landmark California State Teachersâ&#x20AC;&#x2122; Retirement System Cambridge Management Co. Camden Property Trust Campus Habitat Canadian Apartment Properties REIT Canyon Partners LLC Capital Strategies Advisory Group, LLC Capri Capital Partners The Carlyle Group Carter & Associates Cascade Affordable Housing Case Pomeroy Properties Centennial Holding Company Centura Capital, LLC CIGNA Realty Investors Cirrus Asset Management, Inc. Cityview CLK Management Corp.

CMS Companies Cohen Financial Collegiate Hall Properties, LLC Columbia Partners LLC Community Housing Improvement Program Inc. The Compass Group, LLC Concord Management, Ltd. Connell Real Estate & Development Co. Consolidated Investment Group LLC

Construction Enterprises, Inc. ContraVest, Inc. Copper Beech Cortland Partners, LLC Corum Real Estate Group Costlow & Hubacher Covenant Capital Group Cox-Schepp Crescent Heights CrestMarc The Crichton Group Criterion Development Partners, LLC Crosland, LLC Crown Advisors, Inc. CTL Management Curry Conduit Services, Inc. Curtin Property Company CWCapital Asset Management LLC CWCapital LLC Davidon Homes Dawn Homes Management LLC DeBartolo Development Deerfield Commercial Real Estate, Inc. The Dermot Company, Inc. Diamond Realty Investments Dietz Property Group The Dishnica Company LLC Domain Communities, LLC Dominion Due Diligence Group Doster Construction Company, Inc. Dougherty Mortgage LLC Douglas Development Dovetail Dr. Lynch Foundation Draper and Kramer, Incorporated DSF Group DTI Investments, Inc. Eaerendil, LLC Eaton Vance Management EBSCO Industries, Inc. Edge Principal Advisors LLC EF&A Funding, L.L.C. The Effort Trust Company The Emmes Group of Companies Empire American Holdings LLC Enhanced Value Strategies, Inc.

Enterprise Community Investment, Inc. Epoch Management, Inc. Epoch Properties, Inc. Equity Exchange Equity Residential Everett Realty Services, Inc. EverGreen Solutions Executive Capital Corporation Falcon Southwest Faller Management Co. Inc. Federal Capital Partners Fidelity Investments Fieldstone Properties I, LLC Fifield Companies Finesa Real Estate Group First American Title First Capital Corporation Flaherty & Collins Properties Florida Capital Real Estate Group Inc. Fowler Property Acquisitions Fowler, Hein, Cheatwood & Williams, P.A. Francis Property Management Friedkin Realty Group, Inc. FSC Realty, LLC Fulton Property Group LLC Garden Homes GE Asset Management GE Real Estate, North America Lending Gebroe-Hammer Associates GFI Capital Resources Gilbert Campbell Real Estate Gleacher & Company Glenwood Student Communities GLJ Partners GMH Capital Partners Godfrey Residential Group Goodman Real Estate Grandbridge Real Estate Capital LLC Granite Investment Group Gray Development Group GrayCo, Inc. Great Atlantic Management, LLC Great Lakes Management Co. Green Street Advisors, Inc. Greenberg Traurig GreenLandlady

NMHC 50 49

A special Supplement to national real estate investor

Associate Members Greystone Bank The Greystone Group, Inc. Greystone Properties, LLC Griffis/Blessing, Inc. Grosvenor Investment Management GSSW Gumenick Properties GWL Realty Advisors Multi-Residential H. L. Libby Corporation H.G. Fenton Company H3T Legacy Capital Partners, LLC The Habitat Company Hamilton Zanze & Company Hanover Company Harbert Management Corporation Harrison Street Real Estate Capital LLC Harvest Equities Hawthorne Residential Partners The Hayman Company Heartland Realty Investors Inc. Hercules Real Estate Services, Inc. HFBE Investment Banking Honigman Miller Schwartz and Cohn LLP Horn-Barlow Companies HSBC Bank USA N.A. Impact Community Capital IMT Residential ING Realty Group LLC Innovative Student Housing Integra Land Company Integral Interland Internacional Realty, Inc. INVESCO Real Estate Irwin R. Rose & Company ISI Group Jackson Walker, L.L.P. Jane Kerber Jars Residential Properties LLC Jaymor Management The JBG Companies JCM Partners, LLC JH Real Estate Partners, Inc. JLB Partners, LP

50 NMHC 50

The John Buck Company John Hancock Realty Advisors, Inc. Johnson Development JP Morgan Capital Corporation Juniper Investment Group, Inc. JVM Realty Corporation KA, Inc. Kaiserman Company, Inc. Kaplan Acquisitions LLC KC Venture Group, LLC Keefe, Bruyette & Woods Kennedy Wilson Multifamily Kenney Realty Services, LLC Kensington Realty Advisors, Inc. Keybanc Capital Markets KeyBank Real Estate Capital Keystone Commercial Capital Kirby Sack Properties, Inc. Kirkpatrick Management Company, Inc. Kotarides Developers Krooth & Altman LLP KTGY Group Inc. Landcom Landings Real Estate Group Landmark Properties Landmark Residential Lane Company Legacy Development Partners Legacy Partners Residential Inc. Legacy Property Management Services, LLC Legend Asset Management II, LLC Leinbach Company Leon Capital Group, LLC LEV Investments Levin Realty Advisors, LLC Lightner Property Group LMI Capital Lowe Enterprises The Lynd Company Lynd Residential Properties Lyon Capital Ventures, LLC M&M Realty Partners M&T Realty Capital Corporation M3 Capital Partners M3 Multifamily

Media Management Madison Realty Capital Mandel Group, Inc. Martin Fein Interests, Ltd. Matthew T. Maloney MC Realty Advisers, LLC McCann Realty Partners, LLC McGriff, Seibels & Williams McKinley McShane Development Company McShea Residential Services, Inc. The Medve Group, Inc. Mercury Investment MG Properties MGM Enterprises, Inc. Michael Stevens Interests, Inc. Mid-Peninsula Housing Coalition Miles Realty Co. Inc. MMA Financial, LLC Momentum Real Estate Partners Moodyâ&#x20AC;&#x2122;s Corporation Morgan Communities Morgan Stanley Morgan, Lewis & Bockius LLP Mosaic Residential, Inc. Moss Adams Capital, LLC Multifamily Management Services LLC Multifamily Solutions, Inc. Munsch, Hardt, Kopf & Harr, P.C. National Church Residences Nationwide Life Insurance Company Nevada H.A.N.D. Newcastle Limited Newman Development Group, LLC NNC Apartment Ventures Noneman Real Estate Company Northbrook Partners NorthMarq Capital, Inc. Northwestern Investment Management Company Novogradac & Company LLP NP Dodge Management Company The NRP Group Oâ&#x20AC;&#x2122;Connor Capital Partners Oak Residential Partners, LLC Oakbrook Corporation

Oakwood Worldwide Oculus Capital Group, LLC Oden Hughes L.L.C Ogden CAP Properties Olympic Investors Olympus Property Opus Bank Orion Residential LLC ORIX Capital Market Osprey Property Group LLC Ovation Development Pacific Property Company Pacifica Companies Palatine Capital Partners Management, LLC Palladium (USA) International, Inc. Palms Associates Paradigm Development Company Pennrose Management Company The Peterson Companies Phillips Management Group Phoenix Capital Partners, Ltd. Piedmont Properties Group, LLC Place Properties Pollack Partners Post Properties, Inc. PPM Finance, Inc. The Praedium Group The Preston Partnership, LLC PRG Real Estate Management, Inc. Priderock Capital Partners, LLC Prime Group Prime Property Investors, Ltd. Pritzker Realty Group, LLC Property & Portfolio Research, Inc. Prudential Multifamily Mortgage, Inc. Prudential Real Estate Investors Quarles & Brady LLP Questar Properties, Inc. QVT Mount Auburn Capital LP R.D. Merrill Company/Merrill Gardens, LLC Raia Properties Corporation Raintree Partners RAM Partners, LLC RAM Realty Services RBC Capital Markets

APRIL 2011

A special Supplement to national real estate investor

Associate Members RCLCO Real Capital Analytics Real Estate Capital Partners, Inc. RedPeak Properties LLC Regional Management, Inc. Reis, Inc. Related Management Company LP. Reznick Group RGH Ventures The Richdale Group Richland Communities Risk Innovations, Inc. Robb Herring Robert Sheridan & Partners Robert W. Baird Rock Apartment Advisors, Inc. Rock Management Rockport Mortgage Corporation Roseland Property Company Rosen Consulting Group Ross Companies Roxbury Properties, Inc. RP Management, Inc. RPD Catalyst, LLC Russo Development Sagebrush Residential Holdings LLC Salt River Capital, Inc. The Sanctuary Group, LLC Satteron Enterprises LLC Schenk Realty Group, LLC Security Capital Research & Management Security Properties Seldin Company Sentinel Real Estate Corporation Sequoia Equities Seyfarth Shaw LLP Shore To Shore Properties Showe Management Corporation Simmons Vedder Partners, Inc. SMG Property Management, Inc. Smith Equities Real Estate Investment Advisors SNK Realty Group The Solomon Organization Somerset Partners LLC SouthCap Real Estate Partners, LLC

APRIL 2011

Southeast Capital Partners, Inc. Southern Land Company Sovereign Bank Starpoint Property Management, LLC Starwood Capital Group Steven Scott Management, Inc. Stoneleigh Companies, LLC Strategic Capital Partners, LLC Stuart Corporation Student Housing Solutions Sueba USA Corporation Sunrise Management Tarantino Properties Inc. Tate Capital Tax Credit Asset Management, LLC Taymil Partners LLC Teacher Retirement System TEJ Property Management Texona Partners Thackeray Partners Todd & Associates, Inc. Toll Management Company Tonti Properties TRECAP Partners Treesdale Real Estate Partners, LLC Trilogy Real Estate Group, LLC Trinco Real Estate, LLC Trinitas Ventures Troutman Sanders LLP U.S. Equities Student Housing U.S. Residential Group UBS Securities, LLC UDR, Inc. Union Bank Universal Properties, Inc. Universe Holdings Van Metre Companies Vantage Properties, LLC Venterra Realty Management Company Verde Apartment Communities Virginia Housing Development Authority Virtu Investments, LLC Vornado/Charles E. Smith Wafra Investment Advisory Group, Inc.

Multifamily Advisors Walton Communities, LLC Warmington Capital Partners Washington Real Estate Investment Trust Watermark Residential Watt Companies Wentwood Capital Advisors, LP Westar Housing WestCorp Management Group, LLC Westwood Residential Co. White Residential, Inc. Willmax Capital, Inc. Wilshire Enterprises Wilson, Cribbs, & Goren, P.C. Winthrop Management The Wishcamper Companies, Inc. WNC & Associates, Inc. The Wolff Company WPC (Winter Park Construction) Y-12 Investments LLC York Properties, Inc. Zaremba Residential Company Zelman & Associates ZRS Management, LLC

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