US NMHC 2012

7/31/2019 US NMHC 2012

1/51

The Nations 50Largest ApartmentOwners and 50Largest ApartmentManagers

A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR

2012

7/31/2019 US NMHC 2012

2/51

A Sampling of Marquee Closed Transactions

NoHo 14North Hollywood, CA

Price: $73,905,000

Units: 180

Manzanita Gate Apartment HomesReno, NV

Price: Confidential

Units: 324

Retreat at Chelsea ParkSelma, TX

Price: Confidential

Units: 324

The Mark PasadenaPasadena, CA

Price: $21,000,000

Units: 84

Mar Lago VillagePlantation, FL

Price: $26,500,000

Units: 216

Parkside Apartment HomesSunnyvale, CA

Price: Confidential

Units: 192

Town Place ApartmentsMiddletown, CTPrice: $18,600,000

Units: 166

Toledo Club ApartmentsNorth Port, FL

Price: Confidential

Units: 346

The Varsity (Student Housing)College Park, MDPrice: Confidential

Units: 258

A boutique brokerage platform dedicated

to serving the needs of institutional andmajor private multifamily investors.

www.InstitutionalPropertyAdvisors.com

7/31/2019 US NMHC 2012

3/51

Delivered through a leading

team of InstitutionalApartment Advisors

STANFoRD W. JoNeS

Nhen Califnia

(650) 391-1774

[email protected]

PHiLiP A. SAGLiMbeNi

Nhen Califnia

(650) 391-1796

[email protected]

SALVAToRe S. SAGLiMbeNi

Nhen Califnia

(650) 391-1797

[email protected]

GReGoRy S. HARRiS

Shen Califnia

(310) 706-4407

[email protected]

RoNALD Z. HARRiS

Shen Califnia

(213) 943-1900

[email protected]

STeWART i. WeSToN

Shen Califnia

(562) 257-1270

[email protected]

PeTeR K. KATZ

Pheni

(602) 687-6775

[email protected]

E x P E r I E N C E E x P E r t I S E E x E C u t I o N

STeVe b. WiTTeN

Nheas/Mid-Alanic

(203) 672-3320

[email protected]

WiLL bALTHRoPe

teas

(972) 755-5160

[email protected]

ViCToR W. NoLLeTTi

Nheas/Mid-Alanic(203) 672-3321

[email protected]

JAMie b. MAy

Cenal, Nh and Wes Flida

(813) 387-4860

[email protected]

eVAN P. KRiSToL

Sh Flida

(954) 245-3459

[email protected]

STiLL HuNTeR, iii

Sh Flida

(954) 245-3502

[email protected]

7/31/2019 US NMHC 2012

4/51


Introduction ..................................................................................... 2

2012 Apartment Ownership ............................................................. 4

2012 Apartment Management .......................................................... 6

Top Apartment Firms Strategically Pursue Surging Rental Market ...... 8

The Anatomy of a Brand Strategy .................................................. 16

Show Me the Money Managers ....................................................... 19

On a Path of Growth ......................................................................22

NMHC Officers .............................................................................. 28

NMHC Board of Directors Executive Committee .............................. 28

NMHC Board of Directors .............................................................. 32

NMHC Advisory Board ...................................................................42

NATIONAL REAL ESTATE INVESTOR is pleased to present the 22nd annual

NMHC 50, the National Multi Housing Councils authoritative ranking of the nations

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. NMHCs 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 pro-

gram, the Council targets such issues as capital markets, housing policy, energy and

environmental affairs, tax policy, fair housing, building codes, technology, humanresources, rent control and more.

For those interested in joining the apartment industrys leadership, NMHC welcomes

inquiries to its Washington office at (202) 974-2300, or you can visit NMHCs web site

at www.nmhc.org.

2 NMHC 50 APRIL 2012

Contents

ON THE COVER: The

327 rental units at luxury

apartment community

Gables Tanglewood,40 San Felipe Street,

Houston, Texas, will be

ready for occupancy in

2013.

7/31/2019 US NMHC 2012

5/51

7/31/2019 US NMHC 2012

6/51

UNITS UNITS2012 2011 OWNED OWNED CORPORATERANK RANK COMPANY 2012 2011 OFFICER HQ CITY STATE

NATIONAl MUlTI HOUSINg COUNCIl 50

(50 Largest U.S. Apartment Owners as of January 1, 2012)

1 1 Boston Capital 157,423 158,947 Jack Manning Boston MA

2 2 Centerline Capital Group 150,000 152,600 Rob Levy New York NY

Boston Financial Investment

3 3 Management, LP 140,077 145,454 Ken Cutillo Boston MA

SunAmerica Affordable Housing

4 4 Partners Inc. 134,882 141,113 Douglas S. Tymins Los Angeles CA

5 6 PNC Real Estate 126,260 123,462 Todd Crow Portland OR

6 5 Equity Residential 119,743 129,604 David J. Neithercut Chicago IL

7 14 Hunt Companies, Inc. 114,712 62,109 Woody Hunt El Paso TX

8 8 National Equity Fund, Inc. 106,772 107,138 Joseph Hagan Chicago IL

The Richman Group Affordable

9 10 Housing Corporation 98,770 94,925 Richard Paul Richman Greenwich CT

Enterprise Community

10 9 Investment, Inc. 97,822 96,195 Charles R. Werhane Columbia MD

11 7 Aimco 93,630 110,943 Terry Considine Denver CO

12 11 Archstone 73,955 81,613 R. Scot Sellers Englewood CO

13 12 Alliant Capital, Ltd. 71,220 65,245 Brian Goldberg Woodland Hills CA

14 13 Camden Property Trust 66,997 63,316 Richard J. Campo Houston TX

15 15 UDR, Inc. 57,743 58,796 Thomas W. Toomey Highlands Ranch CO

16 18 AvalonBay Communities, Inc. 57,426 54,579 Tim Naughton Arlington VA

17 16 Edward Rose & Sons 56,385 56,025 Warren Rose Farmington Hills MI

18 17 Pinnacle Family of Companies 52,655 55,932 Stan Harrelson Dallas TX

19 20 WNC & Associates, Inc. 51,224 52,134 Wilfred N Cooper, Jr. Irvine CA

20 21 Invesco Real Estate 51,125 50,567 Michael Kirby Dallas TX

21 24 MAA 49,407 46,306 H. Eric Bolton, Jr. Memphis TN

22 33 The Related Companies 48,967 35,637 Jeff Blau New York NY

23 22 Forest City Residential Group, Inc. 48,482 47,384 Ronald A. Ratner Cleveland OH

24 19 J.P. Morgan Asset Management 47,587 52,000 Jean Anderson New York NY

25 25 JRK Property Holdings, Inc. 47,398 43,912 Jim Lippman Los Angeles CA


2012 Apartment Ownership


7/31/2019 US NMHC 2012

7/51

UNITS UNITS2012 2011 OWNED OWNED CORPORATERANK RANK COMPANY 2012 2011 OFFICER HQ CITY STATE

26 23 Lincoln Property Company 47,245 46,507 Tim Byrne Dallas TX

Raymond James Tax Credit

27 29 Funds, Inc. 46,572 43,035 Ronald Diner St. Petersburg FL

28 Newcomer TIAA-CREF 46,489 NA* Thomas Garbutt New York NY

29 27 Michaels Development Company 45,425 44,843 Robert J. Greer Marlton NJ

Steven D. Bell and

30 28 Bell Partners Inc. 44,931 43,265 Jonathan D. Bell Greensboro NC

Irvine Company Apartment

31 26 Communities 44,545 43,791 Kevin Baldridge Irvine CA

32 31 DRA Advisors LLC 42,515 41,111 David Luski New York NY

33 32 Home Properties, Inc. 41,951 38,861 Edward J. Pettinella Rochester NY

Holiday Retirement Corp./

34 Newcomer Colson & Colson 37,076 36,859 Jack Callison Salem OR

35 36 Lindsey Management Co., Inc. 35,628 34,088 James E. Lindsey Fayetteville AR

36 37 Colonial Properties Trust 33,975 33,569 Thomas H. Lowder Birmingham AL

37 45 Berkshire Property Advisors 33,847 27,906 Frank Apeseche Boston MA

38 34 Sentinel Real Estate Corporation 33,500 35,000 John H. Streicker New York NY

39 40 BH Equities LLC 33,205 30,172 Harry Bookey Des Moines IA

40 41 UBS Realty Investors LLC 32,983 27,452 Matthew Lynch Hartford CT

41 42 Essex Property Trust, Inc. 32,753 29,146 Michael Schall Palo Alto CA

42 39 Concord Management Limited 32,467 32,313 Edward O. Wood, Jr. Maitland FL

Westdale Real Estate Investment

43 38 & Management 32,296 32,592 Joseph G. Beard Dallas TX

44 Newcomer Weidner Apartment Homes 31,551 20,508 Jack OConnor Kirkland WA

45 Newcomer Heitman LLC 26,490 21,941 Maury Tognarelli Chicago IL

46 48 Highridge Costa Investors, LLC 26,416 26,335 Michael A. Costa Gardena CA

47 35 Empire American Holdings, LLC 25,859 34,939 Eli Feller Montvale NJ

48 49 BRE Properties, Inc. 25,192 25,174 Constance B. Moore San Francisco CA

49 46 AEW Capital Management, LP 24,891 27,556 Jeffrey Furber Boston MA

50 43 The Bascom Group, LLC 24,877 28,851 Jerome Fink Irvine CA

*TIAA-CREF did not provide 2011 unit data.

APRIL 2012 NMHC 50 5

A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INvESTOR

7/31/2019 US NMHC 2012

8/51

UNITS UNITS2012 2011 MaNaged MaNaged CORPORaTeRaNK RaNK COMPaNY 2012 2011 OFFICeR HQ CITY STaTe

NaTIONal MUlTI HOUSINg COUNCIl 50(50 Largest U.S. Apartment Managers as of January 1, 2012)


2012 aprtment Mnement

1 1 Greystar Real Estate Partners LLC 192,711 187,360 Robert A. Faith Charleston SC

2 2 Riverstone Residential Group 170,341 162,182 Walt Smith Dallas TX

3 4 Lincoln Property Company 144,033 133,425 Tim Byrne Dallas TX

4 3 Pinnacle Family of Companies 138,638 151,367 Stan Harrelson Dallas TX

5 5 Equity Residential 119,743 129,604 David J. Neithercut Chicago IL

6 7 WinnCompanies 91,920 84,817 Samuel Ross Boston MA

7 6 Aimco 88,530 116,491 Terry Considine Denver CO

8 8 Archstone 77,997 81,613 R. Scot Sellers Englewood CO

9 9 Camden Property Trust 67,217 63,536 Richard J. Campo Houston TX

Steven D. Bell and

10 10 Bell Partners Inc. 65,205 60,182 Jonathan D. Bell Greensboro NC

11 11 FPI Management Inc. 63,002 58,604 Dennis Treadaway Folsom CA

Apartment Management

12 Newcomer Consultants, LLC 59,856 52,059 Greg Wiseman Midvale UT

13 12 UDR, Inc. 57,743 58,340 Thomas W. Toomey Highlands Ranch CO

14 14 AvalonBay Communit ies, Inc. 57,426 54,579 Tim Naughton Arlington VA

15 15 Alliance Residential Company 56,952 48,520 Bruce Ward Phoenix AZ

16 13 Edward Rose & Sons 56,385 56,025 Warren Rose Farmington Hills MI

17 Newcomer* Hunt Companies, Inc. 51,281 34,792 Woody Hunt El Paso TX

18 18 MAA 49,407 46,306 H. Eric Bolton, Jr. Memphis TN

19 17 Fairfield Residential Company LLC 49,053 46,851 Chris Hashioka San Diego CA

20 16 The ConAm Group of Companies 46,700 47,400 Brad Forrester San Diego CA

21 23 BH Management Services, Inc. 45,907 41,641 Nicholas H. Roby Des Moines IA

22 22 JRK Property Holdings, Inc. 45,422 41,934 Jim Lippman Los Angeles CA

23 36 The Related Companies 44,289 34,439 Jeff Blau New York NY

Westdale Real Estate Investment24 20 & Management 43,883 44,765 Joseph G. Beard Dallas TX

*Due to changes in reporting, Hunt Companies, Inc. appears for the first time on the top managers list; however, Hunt subsidiary LEDIC Management Group, Inc. ranked No. 48 on the 2011 managers list.


7/31/2019 US NMHC 2012

9/51

UNITS UNITS2012 2011 MaNaged MaNaged CORPORaTeRaNK RaNK COMPaNY 2012 2011 OFFICeR HQ CITY STaTe

25 27 Home Properties, Inc. 41,951 38,861 Edward J. Pettinella Rochester NY

26 26 Michaels Development Company 41,597 39,575 Robert J. Greer Marlton NJ

27 24 The Laramar Group, LLC 41,235 40,521 Thomas Klaess Denver CO

28 25 Village Green 39,500 40,000 Jonathan Holtzman Detroit/Chicago MI

29 31 Multifamily Management Services 39,100 35,800 Jeffrey Goldstein Suffern NY

Irvine Company Apartment

30 28 Communit ies 38,914 38,220 Kevin Baldridge Irvine CA

31 29 Gables Residential 36,896 38,105 David D. Fitch Atlanta GA

32 37 Forest City Residential Group, Inc. 36,053 34,096 Ronald A. Ratner Cleveland OH

33 35 Lindsey Management Co., Inc. 35,980 34,440 James E. Lindsey Fayetteville AR

34 40 The Lynd Company 35,095 32,875 A. David Lynd San Antonio TX

35 39 Colonial Properties Trust 34,681 34,275 Thomas H. Lowder Birmingham AL

36 19 Milestone Management, L.P. 34,439 45,896 Steve Lamberti Dallas TX

37 38 McKinley, Inc. 34,056 33,922 Albert M. Berriz Ann Arbor MI

38 46 Essex Property Trust Inc. 33,924 30,317 Michael Schall Palo Alto CA

39 32 Sentinel Real Estate Corporation 33,500 35,000 John H. Streicker New York NY

40 50 Berkshire Property Advisors 32,536 28,085 Frank Apeseche Boston MA

41 41 Concord Management Limited 32,467 32,313 Edward O. Wood, Jr. Maitland FL

42 34 Asset Plus Companies 32,302 34,887 Michael S. McGrath Houston TX

43 Newcomer Weidner Apartment Homes 31,551 20,508 Jack OConnor Kirkland WA

44 30 Capstone Real Estate Services, Inc. 31,044 36,884 James W. Berkey Austin TX

45 45 The John Stewart Company 30,637 30,534 Jack D. Gardner San Francisco CA

46 47 The Bozzuto Group 30,529 32,276 Thomas S. Bozzuto Greenbelt MD

47 42 CAPREIT, Inc. 30,040 31,000 Dick Kadish Rockville MD

48 Newcomer Harbor Group International 28,686 22,000 Jordan Slone Norfolk VA

49 44 Morgan Properties 28,118 30,625 Mitchell L. Morgan King of Prussia PA

50 Newcomer Orion Real Estate Services, Inc. 27,573 26,570 Kirk Tate Houston TX


A SPECIAL SuPPLEMENT TO NATIONAL REAL ESTATE INVESTOR

7/31/2019 US NMHC 2012

10/51APRIL 2012

By Mark Obrnsky, Vice Preiden of Reearch and Chief Economi,Naional Mli Hoing Concil

Top Apartment Frms

Strategcay PursueSurgng Renta Market

OvERviEw

Apartment MarketDemand for apartment residences continued to surgein 2011 as more households decided that renting was

a better fit for their lifestyles, needs and budgets than

owning. Overall, the renter share of households rose to

34.0 percent at year-end, the highest level in almost

14 years. Net absorption among investment-grade

apartments posted the best back-to-back years since

the boom of 1999-2000, while the occupancy rate

rose 110 basis points (bps) from the fourth

quarter of last year to almost 95 percent,

an indication of solid recovery from theGreat Recession.

New supply remained sparse. The his-

torically low level of multifamily starts in

2009 and 2010 led to low completions in

2011. However, starts rebounded signifi-

cantly, suggesting completions should ramp

up in 2012, with stronger deliveries likely for

2013 and beyond. Even so, the level of new

multifamily construction in 2011 was bare-

ly half of the average annual pace from 1997

to 2006. NMHCs most recent Quarterly

Survey of Apartment Market Conditionsshowed that although new development

activity was widespread, starts lagged

only one-fifth of respondents indicated that

groundbreaking had accelerated. Whats

more, almost half of respondents indicated

that new development was considerably

below demand. New construction financ-

ing remained an obstacle in many markets,

along with outdated zoning codes, unneces-

sary regulations and NIMBY groups.

The boom in renters combined with

the near-bust in supply led to strong

rent growth. Same-store asking rents

NMHC 50 PROFilE 2012

Portfoo Sze:

No. of Aparmen Owned 3,003,341

No. of Aparmen Managed 2,776,045

Mnmum Entry Threshod:

No. of Aparmen Owned 24,877

No. of Aparmen Managed 27,573

American Campus Communities is a $4.5 billion real

estate investment trust (REIT) traded on the NYSE

(symbol: ACC). Since 1993 we have structured and

closed more than $6 billion of student housing transactions. With business expertise

in project design and development, asset acquisition, and management services,

we are the nations premier owner and operator of quality student housing.

AMERICANCAMPUS.COM

DEVELOPMENT | FINANCE | CONSTRUCTION | MANAGEMENT

A sPECIAL suPPLEMENt tO NAtIONAL REAL EstAtE INVEstOR

7/31/2019 US NMHC 2012

11/51

Working together.

Fannie Mae Freddie Mac FHA Life Co Bridge Conduit Mezz

CWCAPITAL.COM

With diverse expertise encompassing all components ofthe real estate capital structure, CW differentiates itself

by harnessing its vast resources to develop the most

successful, client specific solutions.

For more information, contact:Ellen Kantrowitz | FHA781.707.9309 | [email protected]

Donald King| Fannie Mae & Freddie Mac781.707.9494 | [email protected]

$13,860,000Branchwood TowersClinton, MD

Freddie Mac AffordableRefinance

$10,680,000Carrollton OaksCarrollton, TXFannie Mae DUSAcquisition

$25,700,000Monterra ApartmentsCooper City, FL

Freddie Mac AffordableConstruction

$24,750,000Pembrook ClubGurnee, ILFannie Mae DUSAcquisition

$15,700,000Waterview ApartmentsBenicia, CA

Freddie Mac CMERefinance

$5,800,000Towers on GreenwoodSeattle, WALife CompanyRefinance

7/31/2019 US NMHC 2012

12/5110 NMHC 50 APRIL 2012

were up by almost five percent in 2011 nation-

ally, surpassing the previous peak. Adjusted

for inflation, however, real rents were still

seven percent below the level of 4Q2006.

Apartment transaction volume continued to

grow in 2011, climbing 54 percent higher than

2010 and more than tripling 2009 levels. Indeed,

at nearly $54 billion, volume surpassed 2004

levels, the last year before the condo conversion-

fueled boom. Apartment prices have risen sharply

since the troughthe national average is up

25 percent to 35 percent by most measures

and recent transactions show that many class-A

properties in prime locations have even surpassed

their previous peak. Cap rates eased a bit furtherlast year to 6.5 percent, around 50 bps lower than

the peak two years earlier.

To 50 On and ManagThe total number of apartments owned by firms

in the NMHC 50 owners list is 8.2 percent greater

than the number managed by the Top 50 manag-

ers, the largest difference in six years. In line with

the previous three years, the mean and median

portfolios among apartment owners are also

larger than the mean and median management

portfolios. But once again, the top managementfirm has a larger portfolio than the top owner

firm, and the entry threshold for NMHC 50

managers is higher than that for the NMHC 50

owners. Most firms are bunched together in a

relatively small band: 30 of the top management

firms have between 30,000 and 50,000 apart-

ments, as do 24 firms on the owners list.

Aatmnt OnhBoston Capital topped the NMHC 50 owners

list for the third consecutive year. (The firm

also marked its 21st straight year among theTop 10 owners.) The next three spots were

unchanged as well: Centerline Capital Group,

Boston Financial Investment Management

LP and SunAmerica Affordable Housing

TOp 10 ApArTMeNT OwNer FirMsrank/Comany No. of

Aatmnt

1 Bstn Capital 157,423

2 Centerline Capital Grp 150,0003 Bstn Financial Inestment Management, LP 140,077

4 SnAmerica Affrdable Hsing Partners, Inc. 134,882

5 PNC Real Estate 126,260

6 Eqity Residential 119,743

7 Hnt Cmpanies, Inc. 114,712

8 Natinal Eqity Fnd, Inc. 106,772

9 The Richman Grp Affrdable Hsing Crpratin 98,770

10 Enterprise Cmmnity Inestment, Inc. 97,822

ApArTMeNT OwNers

Lagt potfolo Goth AatmntHnt Cmpanies, Inc. + 52,603The Related Cmpanies + 13,330Weidner Apartment Hmes + 11,043

Camden Prper ty Trst + 5,975Berkshire Prperty Adisrs + 5,941

Mong U n rank slotThe Related Cmpanies + 11Berkshire Prperty Adisrs + 8Hnt Cmpanies, Inc. + 7

MAA + 3

* Changes in ownership definition and company response make historical comparisons difficult.

NMHC 50 OwNers* Overview

Numb of Aatmnt OndTp 10 1,246,461

Secnd 10 632,360

Tp 25 2,120,662

Secnd 25 882,679

Tp 50 3,003,341

potfolo sz MauMean 60,067

Median 47,322

N. 1 firm 157,423

N. 50 firm 24,877

sha of Natonal Aatmnt stockTp 10 7.1%

Tp 25 12.1%

Tp 50 17.1%

Partners Inc. PNC Real Estate moved up a notch to round out

the top five, while Equity Residential moved down one spot to

No. 6. Hunt Companies, Inc. appears in the Top 10 list for the first

time, coming in at No. 7. Rounding out the Top 10 this year are thesame firms from last year, although The Richman Group Affordable

Housing Corporation and Enterprise Community Investment Inc.

swapped order.

Four of the Top 10 owner firms increased their portfolios in

A SPECIAL SuPPLEMENT To NATIoNAL REAL ESTATE INvESToR

7/31/2019 US NMHC 2012

13/51

More than $17 Billion of Multi-HousingValue Creation in 2011

CBRE was once again the leading market-maker for the multi-housing industry in 2011. Weve been the #1investment sales apartment broker for 10 years running*, and the only commercial real estate brokerage withFannie Mae, Freddie Mac and HUD FHA direct lending capabilities. We continue to create value for investorsas the most robust facilitator of multi-housing capital markets transactions in the United States.

*Source: Real Capital Analytics

CBRE Multi-Housing GroupMarket Insight. Capital Access. Execution.

www.cbre.com/mhg

360 West Hubbard

Chicago, IL

$140,500,000Equity Raise/

Construction Financing

H191 Portfolio

Seattle Metro

$155,342,000Freddie Mac

Fixed Rate Financing

GrandMarc atWestberry Place

Fort Worth, TX

$54,336,722

Student HousingInvestment Sale

The Alexander

Alexandria City, VA

$75,925,000

Investment Sale

7/31/2019 US NMHC 2012

14/5112 NMHC 50 APRIL 2012

The number of REITs on the 2012 NMHC 50owners list is unchanged from the previoustwo years. Total apartment holdings by REITs

in the NMHC 50 decreased for the ninth consecu-tive year. At 1.6 percent, however, it was the small-est decline since 2006. As in past years, the drophad more to do with company-specific strategiesthan with the character of the REIT model. In fact,

seven REITs grew their portfolios, but this was out-weighed by downsizing at Aimco, Equity Residentialand, to a much lesser extent, UDR, Inc.

In principle, apartment owners could be rankednot only by the number of apartments ownedbut also by the value of those apartments.While capturing such data is impractical, thereis an alternative measure available for publiccompanies, namely total capitalization. While notperfectownership of non-apartment assets cansubstantially affect overall firm valueit providesa useful perspective on relative size among apart-

ment firms.

REITs in the Ranings

ApARTMENT REIT SIzE ANd RANk

Rank Total Cap RankUnits Among Capitalization Among

Owned REITs ($ millions) REITs

Equity Residential 119,743 1 26,424 1

Aimc 93,630 2 8,221 4

Camden Prperty Trust 66,997 3 7,028 6

UDR, Inc. 57,743 4 9,680 3

AalnBay Cmmunities, Inc. 57,426 5 16,218 2

MAA 49,407 6 4,075 9

Hme Prperties, Inc. 41,951 7 5,893 7

Clnial Prperties Trust 33,975 8 3,656 10

Essex Prperty Trust, Inc. 32,753 9 7,368 5

BRE Prperties, Inc. 25,192 10 5,521 8

Nte: Cmpany ttal capitalizatin sums (1) market alue f shares utstanding, includingperating partnership units; (2) the alue f perpetual preferred stck; and (3) the bk alue fttal debt utstanding. Capitalizatin estimates fr December 31, 2011, were prided by Stifel

Niclaus & Cmpany, Inc.

2011. Hunt Companies, Inc. had the biggest net

gain with a pickup of 52,603 apartments, largely

a result of the purchase of Capmark Financial

Groups affordable housing portfolio. Equity

Residential shed the largest number of apart-

ments, downsizing their holdings to the tune of

9,861 units. Thirty-two of the 2012 NMHC 50

owner firms were net acquirers last year, adding

a total of 143,200 apartments to their portfolios.

By contrast, 17 were net sellers, dropping 78,098

units.* On balance, these firms grew by a com-

bined total of 65,102 units.

This years 50 largest firms own 2.4 percent more

apartments than last years Top 50, a growth rate

right in line with the average for the past five years.For the second year in a row, Hunt Companies, Inc.

posted the biggest increase, which moved them

into the Top 10 for the first time. The Related Companies

made the biggest jump up the rankings list, shooting up 11

places to the No. 22 slot. For the fourth straight year, Aimco

remains the biggest net seller, trimming its portfolio by

17,313 unitsa strategy that moved the company out of the

Top 10 for the first time since 1997.

Roughly eight out of 10 Top 50 owners have market-rate

apartments in their portfolios while exactly half own tax-

credit properties or other subsidized properties. Eighteen

firms have senior housing apartments; of those, five have

more than 20,000 senior apartments. The NMHC 50 owners

are geographically diversified: 90 percent have properties

TOp 10 ApARTMENT MANAGEMENT FIRMSRank/Company No. of

ApartmentsManaged

1 Greystar Real Estate Partners, LLC 192,711

2 Rierstne Residential Grup 170,341

3 Lincln Prperty Cmpany 144,033

4 Pinnacle Family f Cmpanies 138,638

5 Equity Residential 119,743

6 WinnCmpanies 91,920

7 Aimc 88,530

8 Archstne 77,997

9 Camden Prper ty Trust 67,217

10 Bell Partners Inc. 65,205

*Totals do not add up to 50; TIAA-CREF did not provide 2011 unit data.

A SPECIAL SUPPLEMENT To NATIoNAL REAL ESTATE INvESToR

7/31/2019 US NMHC 2012

15/51

7/31/2019 US NMHC 2012

16/5114 NMHC 50 APRIL 2012

ApArtMeNt MANAGers

Lag pofolio Gowh Aamn

Hut Cpaie, Ic. + 16,489

Weider Apartet He + 11,043

Licl Prperty Cpay + 10,608

The Related Cpaie + 9,850

Alliace Reidetial Cpay + 8,432

Rierte Reidetial Grup + 8,159

Moving U in rank slo

The Related Cpaie + 13

Berkhire Prperty Adir + 10

Eex Prperty Trut, Ic. + 8

The Lyd Cpay + 6

Fret City Reidetial Grup, Ic. + 5

ApArtMeNt MANAGeMeNt by tier

3,000

2,500

2,000

2,000

1,500

1,000

500

2,776.0

1,925.6

1,156.3

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012

Top 10

Top 25

Top 50

in the South Atlantic region and 64 percent have properties

in New England while each of the other seven regions has

properties owned by 78 percent to 86 percent of the firms on

the NMHC 50 ownership list.

Aamn ManagStability was the theme at the top of the NMHC manage-

ment list. For the fourth consecutive year, the same firms

made up the Top 10. Greystar Real Estate Partners LLCremains in the top spot for the second straight year, while

Riverstone Residential Group kept its second place ranking.

Lincoln Property Company (No. 3) and Pinnacle Family

of Companies (No. 4) switched placesthe only ranking

change among the Top 10.

There were five new firms on the management list

this year, two of which debuted in the Top 20. Apartment

Management Consultants LLC (No. 12) was a first-time

survey respondent, while Hunt Companies, Inc. (No. 17)

consolidated its reporting, including former Top 50 manager

LEDIC under its umbrella this year. The other newcom-

ersWeidner Apartment Homes (No. 43), Harbor GroupInternational (No. 48) and Orion Real Estate Services Inc.

(No. 50)rode portfolio increases to a Top 50 ranking.

Hunt Companies, Inc. registered the larg-

est portfolio gain, adding 16,489 units. Five

other firms also had portfolio gains of more

than 8,000 units. The Related Companies

made the biggest jump in the rankings, up 13

slots to No. 23. Berkshire Property Advisors

also made a double-digit move, climbing

10 places to the No. 40 position. Overall,

firms on this years management list added a

combined 61,628 apartments to their portfo-

lios, as 34 companies grew compared to the

16 firms that shed assets.The total number of apartments man-

aged by the Top 50 companies is the

highest on record. The share of the entire

apartment stock under management by the NMHC 50 rose

to 15.8 percent, also a new high. Both the mean and the

median rose and set new all-time highs. The minimum size

needed to make it into the Top 50 edged down a bit from last

years record, but at 27,573 units is still the second-highest

threshold since the rankings began.

Concentration trends were mixed last year. The port-

folios of the 10 largest firms make up 41.7 percent of the

Top 50, down from 43 percent last yearthe groups lowest sharein 18 years. Apartments managed by the next 10 firms (No.

11 through No. 20 in the rankings) rose to 19.7 percent from

18.6 percent a year ago. The percentage marks a sizable share but

is below 2005s high-water mark of 20.8 percent.

All of the Top 50 firms manage market-rate apartments.

In addition, 32 companies have Low-Income Housing Tax

Credit (LIHTC) properties in their portfoliosand of those,

19 also manage non-LIHTC affordable properties. Eighteen

firms have senior housing apartments under management,

although only Pinnacle Family of Companies has more than

20,000 such units. The South Atlantic region is home to proper-

ties from 44 of the Top 50 managers, the most of any region. Atthe other end of the spectrum, 23 of the Top 50 manage proper-

ties in the New England region.

Units

(thousands)

A sPECIAL sUPPLEmEnT To nATIonAL REAL EsTATE InvEsToR

7/31/2019 US NMHC 2012

17/51

NMHC 50 MaNagersNumb f apmn

Mn 2012 2011 2010 2009 2008 2007 2006T 10 1,156,335 1,171,167 1,195,881 1,224,042 1,194,108 1,106,880 1,051,603

Snd 10 547,805 505,197 496,740 487,528 523,614 498,472 469,786

T 25 1,925,592 1,885,014 1,890,933 1,915,170 1,930,162 1,810,315 1,703,865

Snd 25 850,453 837,880 798,786 754,002 797,946 770,885 680,091

T 50 2,776,045 2,722,894 2,689,719 2,669,172 2,728,108 2,581,200 2,383,956

Pfi siz Mu

Man 55,521 54,458 53,794 53,383 54,562 51,624 47,679

Mdan 41,774 39,788 37,767 37,871 40,578 40,010 33,150

N. 1 fm 192,711 187,360 183,877 185,219 195,888 209,412 197,774

N. 50 fm 27,573 28,085 26,845 23,730 25,852 25,277 22,500

sh f Nin apmn sck

T 10 6.6% 6.7% 6.9% 7.0% 6.9% 6.4% 6.0%

T 25 11.0% 10.8% 10.9% 11.0% 11.1% 10.4% 9.7%

T 50 15.8% 15.6% 15.5% 15.3% 15.7% 14.8% 13.6%

The National Multi Housing Council (NMHC) 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 andmanagers from as wide a range of sources as possible, and staff from each firm complete the survey online. Over the years, improvedoutreach and increased publicity associated with the rankings have 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 apart-ment 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 asadvisers 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 jointventures 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 ownershiptreating 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 facilitiesare not. Finally, since we measure industry concentration by comparing the Top 50 owners and managers against the nations 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 gainalthough that, too, happens on occasion. Nonetheless, despite manyimprovements and everyones 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 havepreviously been among the Top 50 owners or managers have not responded to the NMHC survey. When that occurs, companies

appear on the list that otherwise might not have been large enough. In addition, this affects the total number of apartments ownedby 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.

Note: In some cases, newly introduced policies prohibited firms from sharing the kind of information needed for these rankings.

MetHodology

A SpeciAl SuppleMeNT To NATioNAl reAl eSTATe iNveSTor

April 2012 NMHC 50 15

7/31/2019 US NMHC 2012

18/51

The Aatomy of a

Brad StrategyChagig dgraphic lad apar fir pr w bradgai ragi.By Bill Gloede

W

hen Arlington, Va.-based AvalonBay

Communities, Inc. announced in

December that it was splitting its com-munities into three distinct brands, many in the

industry took the news as a sign that the apart-

ment rental industry had fully shaken off the

dust from the downturn. With rents and renew-

als rising, business was back on a growth track,

and the future looked promising. Not only were

consumers beginning to question the value of

homeownership, but Generation Ys throngs of

echo boomers were coming of age, creating a

huge, emerging demographic market for apart-

ment rentals. Not since the upscale rental segment

took off back in the late 1990s had there been sucha clearly defined marketing opportunity.

Under AvalonBays new structure, the compa-

nys core brand, Avalon, will continue as the com-

panys flagship. Located in bigger urban and sub-

urban markets, Avalon communities will include

high-end amenities and services and continue as

the publicly traded REITs primary growth engine

through new development, according to the com-

panys Senior Vice President for Brand Strategy

Kurt Conway. Apartments will be larger and

include premium finishes, lighting, appliances

and amenities.The second brand in AvalonBays portfolio,

called Eaves by Avalon, will include communities

located in mostly suburban locations and target

more cost-conscious, value-oriented renters.

The final brand is dubbed AVA, partly

because, as Conway puts it, The word AVA

underscores the brands social elements. After

all, its a persons name. The brand is squarely

targeted to the highly social, super-connected

Generation Y demographic. These communities

will be in transit-friendly and urban settings

in energized neighborhoods, as Conway callsthem. Properties will feature smal ler apartments

GenerATion Y enerGY: AvalonBays AVA

communities target the highly social, super-connectedecho boomer demographic.

16 nMHC 50 APRIL 2012

A sPeCIAL suPPLement to nAtIonAL ReAL estAte InVestoR

7/31/2019 US NMHC 2012

19/51

A speciAl supplement to nAtionAl reAl estAte investor

Properties. And even before them, the LeFrak Organization.

Holtzmans take on the industry reflects his background; he

is the third generation of his family to run the company, which

was founded by his grandfather in 1919. When the first wave

of branding and segmentation took place in the 1960s, he says,

the apartment companies that bought in were asking the same

question: How can you call an urban high-rise building with

April 2012

as well as units more conducive to roommate living.

Conway points to a new AVA community under construc-

tion in the H-Street district of Washington, D.C., as repre-

sentative of the new brand. Situated in an emerging youthful,

walkable neighborhood, the property offers Generation Y

residents ready access to transit, nightlife, galleries and res-

taurants. Apartments range from 450 square feet for a studio

to 550- to 650-sq.-ft. one-bedrooms and roommate-friendly

units in the 750- to 1,050-sq.-ft. range.

While the brands are new for the company, which ranked

No. 16 on the NMHC 50 Owners list and No. 14 on the

NMHC 50 Managers list, the underlying strategy is really

reflective of something the companys been doing for the

past 25 yearsinvesting in locations where people want

to live. [Were] focusing on the best performing marketsand submarkets in the U.S, and within these markets, we

are putting the right product that best matches customer

needs, Conway says.

But while some in the industry see new branding strate-

gies similar to AvalonBays as an extension of existing target

marketing efforts, others disagree, arguing that the industry,

in general, has placed more emphasis on the transaction and

the property than the end user, or resident.

Jonathan Holtzman, chairman and CEO of Farmington

Hills, Mich.-based Village Green, which

ranked No. 28 on the NMHC 50 Managers

list, would agree that the apartmentindustry, in general, has been behind the

curve in terms of consumer segmenta-

tion. However, he points out that some

companies strategies aimed at capturing

Generation Ys attention arent so much

new as newly launched. As he explains it,

somewhat diplomatically, The apartment

business has historically been behind the

retail, hospitality and food industries. The

fact that some companies are now acting

like this is a fresh idea is not respectful of

apartment firms that have had brandingsince the 1960s.

For example, Holtzman says Village

Green, which now owns or manages

approximately 40,000 apartments in

16 states, adopted a brand strategy after

witnessing the growth of this com-

pany called Holiday Inn. It was the

first branded chain of motels, and it

grew, quickly, to a dominant position

in the industry. Along with Village

Green in the move to branding back

then, says Holzman, were Oakwood,now Oakwood Worldwide, and Post

[W] fg h best

performing markets adbak h u.s, ad

wh h ak, w a

g h gh d ha

b ah d.

K cway, AaBay c, i.

Occupancy. Rent Values. Retention.

BUILDING

COMMUNITY

BUILDS VALUE.

Check out the newCARESprogram.org.New Look, Same Focus.

Call 877.785.2963 or visit

CARESprogram.org

Regardless of your 2012 focus,

ours continues to be deliveringROI through community.


7/31/2019 US NMHC 2012

20/51

high rents the same name as a 20-year-old garden apartment

community in the suburbs? No other industry would

do that.

So, in 1989, company executives decided to do something

different. Rather than market their properties based on

their location, amenities and rent levels, which is what most

firms were doing, executives moved to launch two distinct

brands. Village Green became a single brand, made up of

older, suburban garden apartment complexes; Village

Park became a new brand characterized by apartments

with cathedral ceilings, in-unit washers and dryers,

fireplaces, pools and clubhouses aimed at increas-

ingly affluent baby boomers closer in to urban cores.

And that trend continued through the decades to

follow. In the late 1990s, company executives rolled

out the City brand as Village Green began building

environmentally friendly urban apartments with ready

access to transit, featuring island kitchens, upscale

appliances, upgraded flooring and bathrooms and

rooftop pools. In the early 2000s, the company unveiled

its Regents Park brand, which targets an older, upscale

demographic looking for a more suburban setting. The

company also added fifth brand aimed at the corporaterelocation and temporary housing market that offers well-

appointed, furnished shorter-term rentals.

However, some apartment executives remain skeptical of

the long-term value and effectiveness of a multi-brand strat-

egy. Greensboro, N.C.-based Bell Partners, No. 30 on the

NMHC 50 Owners list and No. 10 on the NMHC 50 Managers

list, markets properties using its core brand proposition,

apartment living at its best. The tagline is trademarked

and used across its entire portfolio in

conjunction with micro-brands created

for individual communities. This strat-

egy reflects a view that apartments arelargely commodity products, and each

community offers apartments designed

to address unique tastes and needs.

The consumers own the brand, and

they define what that brand stands for,

says Kevin Thompson, senior vice pres-

ident of marketing for Bell.

For Bell, apartment living at its

best, is a blanket marketing strategy

that can just as easily define a 595-sq.-

ft. studio at Bell Park Central in Dallas

or a two-bedroom, two-bath suite atthe Bell Midtown in Nashville or even

a 1,500-sq.-ft. three-bedroom, two-

bath family apartment at Bell Preston

Reserve in Cary, N.C.

Bells strategy is more akin to a

mass marketer than those of Village

Green and AvalonBay. Think Ford.

Every Ford is called a Ford. Every

Bell apartment is called a Bell apart-

ment. Thats by design, according to

Thompson. We should always be cau-

tious before we do brand extensions,he says. You can easily cannibalize

your core brand.


American Campus Communities is a $4.5 billion real

estate investment trust (REIT) traded on the NYSE

(symbol: ACC). Since 1993 we have structured and

closed more than $6 billion of student housing transactions. With business expertise

in project design and development, asset acquisition, and management services,

we are the nations premier owner and operator of quality student housing.

AMERICANCAMPUS.COM

DEVELOPMENT | FINANCE | CONSTRUCTION | MANAGEMENT

live, work, play: Generation Ys housing preferences are driving

apartment firms toward urban, transit-oriented development like this

community by Somerset Development, located three subway stops from

Midtown Manhattan in Wood-Ridge, N.J.

A SPecIAL SuPPLeMeNt to NAtIoNAL ReAL eStAte INveStoR

7/31/2019 US NMHC 2012

21/51


April 2012 NMHC 50 19

Show Me the Money Managersia aag ak h a h aa bx ada w.By Bill Goede

The apartment rental business has long been a good place

to park money. Depending on economic conditions, of

course, it usually offers steady returns on capital and

relatively stable asset value, which is a tough combination

to match in, say, the stock markets. This continued stable

performance is causing the rental business mix to change asmore investment management companies, attracted by the

potential yields, join the ranks of more traditional owners.

According to an analysis of data collected for the NMHC Top

50, investment management firms are an increasing presence

among the largest apartment owners in the U.S. The number

of such companies among the Top 50 has nearly doubled from

four in 2008 to seven this year, with TIAA-CREF, the financial

services and retirement giant that takes its abbreviated moni-

ker from Teachers Insurance and Annuity Association (TIAA)

and College Retirement Equities Fund (CREF), making its first

appearance on the list. TIAA-CREF debuted on the Top 50

owners list at No. 28.To the investment management companies that have been

active in the industry for a while, this comes as no surprise,

especially given the nature of the recent recession and con-

comitant crash of the homeownership market.

The sector is attractive because theres a good income

return, it doesnt have a long lead time to develop and its

attractive to a large number of investors, says Jean Anderson,

New York-based managing director for J.P. Morgan Asset

Management, which ranked No. 24 on the top owners list.

And it certainly has been a property type thats rebounded

quickly from the recession.

What has fueled the strength in the apartment rentalindustry over the past three years is the housing crisis, says

Paul Michaels, managing director of No. 20-ranked Invesco

Real Estate in Dallas. Theres been this huge flight to rental

properties. The buzz in the industry is apartments.

Andrew McCulloch, an analyst who follows the apartment

sector for Green Street Advisors in Newport Beach, Calif.,

cites the still-ailing market for single-family homes, demo-

graphic factors that signal strength in the rental market for

years to come, a relative dearth of new supply owing to con-

struction slowdowns during the recession and the relatively

low cost of debt as primary drivers of this interest.

Its easy to see why investment managers like apart-ments, he says.

Dan Fasulo, managing director at Real Capital Analytics

in New York who tracks the commercial real estate sector,

agrees. Multifamily is in ful l-fledged recovery right now, he

reports, and, given that, says the increasing interest in the sec-

tor among investment managers doesnt surprise me. Real

estate looks good versus some of the other alternatives; multi-family looks good versus other commercial property sectors.

It looks awfully rosy versus the other prospects.

New apartment construction is near historic lows.

According to the Commerce Department, housing permits

nationally for buildings with f ive or more units plunged from

359,000 in 2007 to 295,400 units in 2008 to 121,100 in 2009

before rising to 135,300 in 2010 and 176,400 last year. The

2009 and 2010 numbers were the lowest since the government

began tracking this type of data back in 1959.

The developers and lenders hit the brakes very early in

the cycle, Fasulo explains. Looking back, this is going to be

some of the slowest growth weve seen for multifamily con-struction in the post-war period.

But then theres that return. According to the National

Council of Real Estate Investment Fiduciaries, which has

since 1984 been tracking what it calls a composite total rate

of return on investment for apartments owned at least in part

by tax-exempt, institutional investors, there have been only

eight quarters of negative returns through the end of 2011, six

of them during the recession of 2008-2009. In 2011, average

annualized returns rose to 15.5 percent.

The other primary driver of interest in multifamily is

demographics. The so-called Echo Boom generation, also

known as Generation Y or the Millennial Generation, is enter-ing the prime rental market demographic of 18 to 30 years

th b h hg fgh

a . th buzz

h dy aa.

pa mha, i ra ea


7/31/2019 US NMHC 2012

22/51

old, many of them carrying record levels of education debt,

which could keep them renting longer than previous gen-

erations. Add to that the millions of former homeowners

who have returned or will return to the rental market as the

national homeownership rate fell from a high of 69.4 percent

in 2004 to 66.0 percent in 2011, the biggest drop in that

metric since the Great Depression according to the Census

Bureau. Coupled with the relative lack of new supply, these

factors continue to keep rents and renewals steady.

Still, investment management owners are keeping a wary

eye on supply. As long as supply remains in check, mul-

tifamily is going to be a great place to be, says Invescos

Michaels.

J. P. Morgans Anderson echoes that sentiment. Overall,

the trends are very positive, she says, but then asks, Howmay units will be delivered two or three years from now?

Invesco, for one, is turning cautious on some markets,

among them Seattle, Austin and Washington, D.C., which,

not coincidentally, are areas that held up relatively well dur-

ing the housing bust. He also believes there could be a supply

surge in Boston. People have to start to look at [markets]

more closely, says Michaels. Two or three years from now,

you might start to see supply exceeding demand.

However, he isnt expecting to see that happen in New York


[Th apartmt tr]

rtaily ha b a prprtytyp that rbdd qikly

frm th ri.

Ja Adr, J.P. Mrga AtMaagmt

When your fair shareis neither fair

nor your share.

P R O P E R T Y T A X E S

Smart, Aggressive Property Tax Advocacy

Your property tax is based on mass appraisals. That often results in your paying anunfair share of taxes. Members of American Property Tax Counsel are recognizedleaders in developing ways to reduce taxes, as well as expertly handlingthe reappraisal and tax reduction process from the administrativelevel through trials and appeals. Our national network of 100 ofthe nations top property tax lawyers has the local expertise to helpensure you dont pay one penny more than your fair share. Contact

us toll free at 1-877-TAX-APTC (829-2782) or www.APTCNET.com.AmericAn ProPertytAxcounsel

or Southern California, where demand continues to outstrip

supply, in New York because of lack of developable land andin Southern California due to the length and difficulty of the

permitting process. Anderson is likewise optimistic on JP

Morgan markets, which are mostly gateway cities, including

New York, San Francisco and the so-called Gold Coast on the

Hudson River in New Jersey.

Still, that caution will hardly dampen interest in multi-

family among investment managers, Michaels believes. I

think [the rental market] is so good that people are still look-

ing at the glass half full, he says.

A sPecIAL suPPLeMenT To nATIonAL ReAL esTATe InvesToR

7/31/2019 US NMHC 2012

23/51

7/31/2019 US NMHC 2012

24/51

NATIONAL EQUITY FUND, INC.

120 South Riverside Plaza, 15Th Fl. Chicago, Illinois 60606-3908

P 312.360.0400

WWW.NEFINC.ORG

RAISING EQUITY + SUPPORTING AFFORDABLE HOUSING = CREATING JOBS

7/31/2019 US NMHC 2012

25/51APRIL 2012

On a Path of GrowthTp apartt fir tli tratgi fr akig th t f apriig arkt i 2012.By Hortense Leon

As the economy sidestepped a double dip and began to

firm up through 2010, its measured recovery set the

stage to make 2011 a turning point for the apartment

industry. Suddenly demand for rental units outpaced limited

new supply and capital was f lowing more freely to the sector.

Market dynamics had shifted in such a way that apartmentfirms saw rents climb rather substantially, a key signal that

the apartment market had indeed turned around.

We expect to see 5 percent to 7 percent increases in net

rents in many markets [in 2012], says Nicholas Roby, presi-

dent of BH Management Services (No. 21 on the NMHC 50

Managers list) and vice chair of the equities division of BH

Equities (No. 39 on the NMHC 50 Owners list). This is a big

improvement over the zero market rent growth and conces-

sions of a half a months free rent or more, that were common

a couple of years ago.

With opportunity like that dangling

like a carrot in front of a hungry apart-ment industry, apartment firms are try-

ing to come up with the best strategies to

capture as much of the demand growth

as they can, while it lasts. The industrys

runway for growth could shorten in 2013

and 2014, making 2012 a critical year for

NMHC 50 executives to continue to exe-

cute new initiatives and complete transac-

tions, better positioning their companies

for longer-term success. But finding the

right strategy can be challenging in an

improving market, as apartment firmswrestle with which opportunities to pur-

sueand which to let fall by the wayside.

Some Will BuildThe economic and housing recession has

kept the apartment industry in a chronic

state of under-production. Through 2011,

there were 167,300 multifamily apart-

ments started (5+ unit properties), a little

more than half of the new units the indus-

try should produce a year.

However, greater access to capital isstarting to accelerate new development.

According to a January NMHC Quarterly Survey of apart-

ment market conditions, 53 percent of respondents reported

a substantial pick-up in land acquisition and the lining up of

financing and securing of building permits, although actual

construction starts appeared to lag. An additional 20 percent

of respondents reported that developers had been breakingground on new projects at a rapid clip.

We have doubled our development pipeline this year,

says Ric Campo, chairman and CEO of the Houston-based

Camden Property Trust (No. 14 on the owners list and No. 9

on the managers list).

The company currently has about 2,300 apartments under

construction at a cost of about $400 million and another

520 units under construction, at a cost of $113 million, with

joint-venture partners. Campo says in the near term the

Phoenix

Las VegasLas Vegas

DenverDenver

DallasDallas

AustinAustin

San AntonioHoustonHouston

Tampa

Ft. Lauderdale

Orlando

CharlestonCorporate HeadquartersAtlanta

CharlotteCharlotte

Washington

D.C.

Boston

ChicagoChicago

Seattle

SanSan Francisco

Irvine

San Diego

Office Locations

Greystar Presence

A sPecIAL suPPLemenT To nATIonAL ReAL esTATe InvesToR

7/31/2019 US NMHC 2012

26/51

company plans to start construction on an additional 3,000

units in Tampa, Fla.; Orlando; Washington, D.C.; Denver and

Southern California, among other locations.

We felt that the fact that there hasnt been any apartment

development in the last several years [would result in] pent-

up demand, he says.

At Denver-based UDR, Inc. for example, president and

CEO Tom Toomey reports that his company (No. 15 on the

owners list and No. 13 on the managers list) is currently

investing $1.1 billion in building about 3,000 apartment units

and redeveloping another 3,000.

Warren Rose, CEO of Farmington Hills, Michigan-based

Edward Rose & Sons, is another apartment owner looking to

take advantage of burgeoning rental demand, an improving

economy and more access to capital. His company (No. 17on the owners list and No. 16 on the managers list) is on

track to develop 800 to 1,000 new units this year. This is the

first significant development the company has done since the

beginning of the recession in 2008, says Rose. And running

counter to other expansion strategies at work in the market,

which focus on only gateway markets on the East and West

coasts, Rose says the new units will be in markets in Illinois,

Indiana, Iowa, Michigan, Nebraska, Ohio, South Carolina

and Wisconsin.

For as much as a limited supply of new apartment product

is driving new development, the acceleration in apartment

construction also reflects anticipated demand as the almost

80 million-strong Generation Y comes of

age. Camdens Campo says, Of the 3.8

million new jobs that have been createdsince the bottom of the recession, two-

thirds have gone to people under 34 who

are mobile and more likely to be apart-

ment dwellers [than other generations].

Ronald Ratner, president of the

Cleveland-based Forest City Residential

Group, Inc. (No. 23 on the owners list

and No. 32 on the managers list), says

the industry is building with that demo-

graphic in mind. Everyone today is

looking at building smaller product,

designed to appeal to the tastes and bud-gets of a younger group of urban profes-

sionals, he says.

Others Will BuyBut building a property from the ground

up takes timeanywhere from 18 months

to 30 months in many marketsand some

apartment companies are wont to wait.

Consequently, many apartment compa-

nies seek to grow not only organically

through development but also through

acquisitions of both individual properties

and larger portfolios.

In fact, 2011 was a hot year for

APRIL 2012

Atlanta | Bethesda | Chicago | Dallas | Irvine

Nashville | New Orleans | New York | Walnut Creek

Tesora Apartments

$20,874,000

Las Vegas, NV

Financing Americas Future

Commercial Real Estate Finance

A sPecIAL suPPLement to nAtIonAL ReAL estAte InvestoR

W ha

doubled rdlp

pipli hi yar.

W fl ha h

fa ha hr ha b ay

apar dlp i h

la ral yar [wld rli] p-p dad.

Ri cap, cad Prpry tr

7/31/2019 US NMHC 2012

27/51APRIL 2012

apartment trades, according to Real Capital Analytics. More

than 3,500 properties changed hands last year, represent-

ing a 49 percent increase in volume from 2010. Moreover,

appetite for portfolio deals also grew; roughly $9.6 billion

in assets traded in portfolio transactions in 2011, more than

double the value of portfolio deals in 2010.

Jack OConnor, chief operating officer at Kirkland, Wash.-

based Weidner Apartment Homes (No. 42 on the managers

list and No. 44 on the owners list) says his company takes a

balanced approach to growth. We grow our business about

half through acquisition and half through new construc-

tion, he says. We expect to have 10 percent to 15 percent

more units (between 3,000 and 5,000) completed and/or

acquired by the end of 2012. This is our yearly target, but

there can be bumps in the road.REITs UDR, Inc. and Equity Residential (No. 6 on the

owners list and No. 5 on the managers list) have been two of

the most aggressive acquirers in recent years. UDRs Toomey

says that, during the financial crisis, his company made few

acquisitions but started buying more assets again in late

2010, when UDR, Inc. purchased about $400 million worth

of properties. In 2011, the company bought $1.8 billion in

apartment properties.

But bigger isnt necessarily better when it comes to navigat-

ing the next phase of the apartment cycle.

For as much as companies are pursuing

choice properties to add to their portfo-lio, many are also strategically shedding

other assets in an effort to optimize their

portfolios.

BH Equities, for one, is focusing on

acquiring relatively new product in the

Sunbelt and Chicago. At the same time,

it is also trying to upgrade its portfolio by

selling its older properties, those built in

the 1970s to early 1980s, says Roby.

We prefer properties built within the

last 20 years, says Roby. Older proper-

ties needed a lot of rehab, he says. Whileolder properties may have higher cap

rates, newer apartment buildings are less

risky, he says.

At Chicago-based Equity Residential,

while the company continues to develop

new productit expects to have $750

million worth of apartment starts this

year, in addition to the $500 million in

apartments under construction at the

end of 2011it is putting equal empha-

sis on acquisitions. The company was

a leading asset seller in 2011, both interms of property and dollar volumes;

the company reduced the number of

units in its portfolio by nearly 10,000 units last year.

Company president and CEO David Neithercut says, We

continue to pursue a strategy of reducing capital commit-

ments to non-core commodity markets, and investing in

more protected, high-barrier, high-density markets.

The strategy is driving the company to sell more of

Full Service Management, Worldwide Scope

Harbor Group Management Company is a full service property management

company. We manage more than 28,000 re sidential apartment units throughout

the United States. Our experienced property management teams deliver superior

customer service and seek to establish mutually rewarding relationships with

our residents, investors, owners and the local community.

Simply put,Harbor Group Management Company delivers returns.

w w w . m y h g m c . c o m

Contact Robert Friedman, President

[email protected] | (757) 640-0800

Connecticut | Florida | Georgia | Illinois | Indiana | Kentucky | Maryland | Minnesota | Nevada

New Mexico | New York | North Carolina | Ohio | South Carolina | Tennessee | Texas | Virginia

Full Service

Real Estate

Management Firm

Diversifi ed Real

Estate Investment

Company

Successful Capital

Transactions

Asset Management

Services

w w w . h a r b o r g r o u p i n t . c o m

A sPecIAL suPPLement to nAtIonAL ReAL estAte InvestoR

ery day i

lkig a bildigsmaller prd,

digd appal

h a ad

bdg f a ygr grp f

rba prfial.

Rald Rar, Fr ciy RidialGrp, I.

7/31/2019 US NMHC 2012

28/51

its garden-style apartments infavor of buying more upscale

urban apartments. The assets

we are selling are significantly

smaller than the ones we are

buying, says Neithercut. In

the case of the former, pric-

es range from about $35 to

$40 million, which is the mid-

dle of the fairway for Fannie

Mae and Freddie Mac, he says.

We are buying assets in the

$100 to $150 million range.In 2011, Equity Residential

sold $1.48 billion worth of prop-

erties and bought $1.34 billion.

This year, Neithercut expects

the company to buy and sell a

similar amount, roughly $1.25

billion. This works out well, he

says: We are generating capital

with the disposition process.

But while there are many

means by which apartment firms

are navigating the year ahead,a single end seems assured for

most: a successful 2012.

APRIL 2012

Property Management Development Receiverships Marketing and Lease UpDue Diligence Construction Management Renovations

www.ores.com

Contact:Kirk Tate or Gene Blevins

713-622-5844

Where Every Client is our

Most Important Partner

At Orion, we understand that each client has its ownunique set of needs. Thats why our mission is to providepersonalized service and to do whatever it takes toensure the success of every community! For more than25 years, Orion Real Estate Services, Inc. has providedmanagement for all types of multi-family propertiesand has a growing portfolio of apartment homes under

management throughout the nation.

Build a partnership with us today!

Top 25 Apartment Buyers and Sellers in 2011 (by investment volume)NMHC 50 firms are some of the most active in asset trading.

Equity ResidentialBank of America

Lehman Bros. Holdings

Tishman SpeyerRREEFGE CapitalUDR, Inc.CalPERS

AvalonBay CommunitiesZucker Organization

JPI Multifamily Inc.Northwestern Mutual

Crescent HeightsJ.P. Morgan Asset Management

Carmel PartnersAimco

Forest City Residential Group Inc.Fairfield Residential

Legacy Partners

Moinian GroupVerde Realty Group

BLDG Mgmt Co.Brookfield Asset Management

Dinerstein CompaniesInvesco Real Estate

UDR, Inc.Equity Residential

AREA Property Partners

TIAA-CREFAvalonBay CommunitiesCamden Property Trust

Greystar RE Partners LLCEssex Property Trust, LLCCornerstone RE Advisors

Home Properties, Inc.Praedium Group

Pantzer PropertiesDune Capital Mgmt

Kennedy WilsonAngelo Gordon

J.P. Morgan Asset ManagementInvesco Real Estate

Waterton AssociatesHarbor Group International

Phoenix Realty GroupGID

AllianzKayne Anderson

Hartz Mountain IndustriesMid-America APT

$0Billions

$1 $2$0Billions

$1 $2

BUYERS SELLERS

Source: Real Capital Analytics


7/31/2019 US NMHC 2012

29/51

CHICAGO, IL | PEORIA, IL | ST. LOUIS, MO

www.cullinanproperties.comTur rel estte des to relt.

309.999.1700

THE STREETS Of ST. CHARLES

fOR MORE INfORMATION VISIT

WWW.STREETSOfSTCHARLES.COM

Exerece. Streth. Stblt.

for more than 20 years, Cullinan Properties, Ltd. has been one

o the premiere providers o commercial and mixed-use real

estate services. Weve built our reputation building strong

relationships and successul projects and although the market has

changed our commitment to excellence remains the same.

Retl

Offce

Medcl

Mxed-Use

Mult Fml

VISIT US AT S341 Q STREET

DURING ICSC RECON

MAY 20 - 23, 2012

OpEning May 2012

BUILD ON OUR EXPERIENCE and REPUTATION

At Cullinan we turn real estate into reality with more than $600

million in successul real estate projects completed to date.

7/31/2019 US NMHC 2012

30/51

NMHC Officers 2012

Executive Committee

Former Chairmen

ChairmanThomas S. BozzutoThe Bozzuto Group

Greenbelt, MD

Vice ChairmanDaryl J. CarterAvanath Capital

Management, LLCIrvine, CA

TreasurerRobert E. DeWitt

GIDBoston, MA

SecretarySusan M. Ansel

Gables ResidentialDallas, TX

PresidentDouglas M. Bibby

National MultiHousing CouncilWashington, DC

Kelley A. BergstromC. Preston ButcherRic Campo

Douglas Crocker, IIAllen CymrotPeter F. Donovan

William H. ElliottRichard L. ForeRandolph G. Hawthorne

Gary T. KachadurianMary Ann KingDuncan L. Matteson, Sr.

Richard L. MichauxRobert SheridanGeoffrey L. Stack

Patti FieldingAimco

Denver, CO

Patti ShwayderAimco

Denver, CO

James M. KrohnAlliance Residential

CompanyPhoenix, AZ

Bruce C. WardAlliance Residential

CompanyPhoenix, AZ

Marc E. deBaptisteARA

Boca Raton, FL

Gary T. KachadurianARA

Oak Brook, IL

Charles E. Mueller,Jr.Archstone

Englewood, CO

R. Scot SellersArchstoneEnglewood, CO

Sean J. BreslinAvalonBayCommunities, Inc.

Arlington, VA

Timothy J. NaughtonAvalonBayCommunities, Inc.

Arlington, VA

Richard P. GilesThe BainbridgeCompanies

West Palm Beach, FL

Richard SchechterThe BainbridgeCompanies

West Palm Beach, FL

Jonathan D. BellBell Partners

Greensboro, NC

Lili F. DunnBell Partners

Alexandria, VA

David J. OlneyBerkshire Property

Advisors

Boston, MA

Julie A. SmithBozzuto Management

Company

Greenbelt, MD

Stephen DominiakBRE Properties, Inc.

Irvine, CA

Constance B. MooreBRE Properties, Inc.San Francisco, CA



7/31/2019 US NMHC 2012

31/51APRIL 2012 NMHC 50 29

Executive Committee

Laurie A. BakerCamden Property

TrustHouston, TX

Ric CampoCamden Property

TrustHouston, TX

Ron ZeffCarmel Partners, Inc.

San Francisco, CA

Peter F. DonovanCBRE

Boston, MA

Brian F. StoffersCBRE Capital Markets

Houston, TX

William T. HymanCenterline Capital

GroupNew York, NY

John LarsonCenterline Capital

GroupNew York, NY

C. Stephen CordesClarion PartnersNew York, NY

Robert D. Greer, Jr.Clarion PartnersWashington, DC

Nathan S. CollierThe Collier Companies

Gainesville, FL

J. Andrew HogsheadThe Collier Companies

Gainesville, FL

Paul F. EarleColonial Properties

TrustBirmingham, AL

Edward T. WrightColonial Properties

TrustBirmingham, AL

Michael D. BermanCWCapital

Needham, MA

Donald P. King, IIICWCapital

Needham, MA

Paul G. KerrDavlyn Investments

San Diego, CA

Jon D. WilliamsDavlyn Investments

San Diego, CA

Alan W. GeorgeEquity Residential

Chicago, IL

David J. NeithercutEquity ResidentialChicago, IL

Susanne HiegelFannie MaeWashington, DC

Deborah Ratner-SalzbergForest City Enterprises,

Inc.Washington, DC

Ronald A. RatnerForest City ResidentialGroup, Inc.

Cleveland, OH

David BrickmanFreddie MacMc Lean, VA

David FitchGables ResidentialAtlanta, GA

Stacy G. HuntGreystar Real Estate

Partners, LLC

Houston, TX

William C. MadduxGreystar Real Estate

Partners, LLC

Charleston, SC

Laura A. BeuerleinHeritage Title Company

of Austin, Inc.

Austin, TX

Gary S. FarmerHeritage Title

Company of Austin,

Inc.Austin, TX

Mona Keeter CarltonHFF

Dallas, TX

Matthew LawtonHFF

Chicago, IL


7/31/2019 US NMHC 2012

32/51

Executive Committee

Eli HanacekHolland Partner Group

Vancouver, WA

Clyde P. HollandHolland Partner Group

Vancouver, WA

Guy K. JohnsonJohnson CapitalLas Vegas, NV

James H. CallardKlingbeil Capital

Management/AmericanApartment Communities

Annapolis, MD

C. Preston ButcherLegacy PartnersFoster City, CA

W. Dean HenryLegacy PartnersResidential, Inc.Foster City, CA

Brian C. ByrneLincoln Property

CompanyOak Brook, IL

Jeff B. FranzenLincoln Property

CompanyHerndon, VA

H. Eric Bolton, Jr.MAA

Memphis, TN

Albert M. CampbellMAA

Memphis, TN

John J. KerinMarcus & Millichap

Calabasas, CA

Hessam NadjiMarcus & Millichap/Institutional Property

AdvisorsWalnut Creek, CA

Charles R. Brindell,Jr.

Mill Creek ResidentialTrust LLCDallas, TX

Mary Ann KingMoran & Company

Irvine, CA

Thomas F. MoranMoran & Company

Chicago, IL

Rick GrafPinnacle

Addison, TX

Stan J. HarrelsonPinnacle

Seattle, WA

David P. StockertPost Properties, Inc.

Atlanta, GA

Jamie TeaboPost Properties, Inc.Atlanta, GA

David DurningPrudential MortgageCapital Company

Chicago, IL

Dale H. TaysomPrudential Real EstateInvestors

Atlanta, GA

Jerome EhlingerRREEFChicago, IL

Brian E. McAuliffeRREEFChicago, IL

Michael P. BissellSARES*REGIS GroupIrvine, CA

Geoffrey L. StackSARES*REGIS Group

Irvine, CA

Kenneth J. ValachTrammell Crow

Residential

Houston, TX

Michael E. TompkinsTriBridge Residential

LLC

Atlanta, GA

Thomas W. ToomeyUDR, Inc.

Highlands Ranch, CO

Warren L. TroupeUDR, Inc.

Highlands Ranch, CO

David R. SchwartzWaterton Associates,

L.L.C.

Chicago, IL



7/31/2019 US NMHC 2012

33/51

Executive Committee

Gregory J. LozinakWaterton Residential

Chicago, IL

Vincent R. ToyeWells Fargo Multifamily

CapitalNew York, NY

Alan WienerWells Fargo Multifamily

CapitalNew York, NY

Warren J. Durkin, Jr.Wood Partners, LLC

Boca Raton, FL

Jay JacobsonWood Partners, LLC

Boca Raton, FL

Its your move, make it with RED.Learn more and sign up to receive email news and updatesby visiting www.redcapitalgroup.com or call 800.837.5100.

RED:Three simple letters.

One comprehensive capital provider.

Over 20 years in theindustry with nearly

$15 billion in servicing

Experience.Consistently a

Top Ten Fannie Maeand FHA Lender

Reliability.Over $2.9 billion

in capitalprovided in 2011

Delivered.

Kenneth H. [email protected]


7/31/2019 US NMHC 2012

34/51

Board of Directors

Jeffery DanielsAIG Global Real Estate

Investment Corp.New York, NY

Donald HuffnerAIG Global Real Estate

Investment Corp.New York, NY

Lauren A. BrockmanAllied Realty Services,

Ltd.Denver, CO

Tim L. MyersAllied Realty Services,

Ltd.Houston, TX

Michael H. GodwinAmbling Management

Company LLCValdosta, GA

William C. Bayless, Jr.American Campus

CommunitiesAustin, TX

Rodrigo LopezAmeriSphere Multifamily

Finance, LLCOmaha, NE

Steve F. HallseyAMLI Management

CompanyChicago, IL

Gregory T. MutzAMLI ResidentialProperties, LP

Chicago, IL

Kimberly J. SperryAmstar Group, LLC

Denver, CO

Margette GettoApartment Guide

Carrollton, TX

Kevin DoyleApartments.com

Chicago, IL

Blake OklandARA

Charlotte, NC

Thomas P.MacManus

ARA Finance, LLCBoca Raton, FL

Roger H. BelessArchon Residential

Irving, TX

William S. RobinsonArchon Residential

Irving, TX

Kevin DavisArea Property Partners

New York, NY

Lin AtkinsonAT&T Connected

CommunitiesAtlanta, GA

Thuy WoodallAT&T ConnectedCommunitiesAtlanta, GA

Michael G. MillerAUMLombard, IL

Phillip E. BoguckiAZUMA LeasingAustin, TX

Robert S. AisnerBehringer HarvardAddison, TX

Mark AlfieriBehringer HarvardAddison, TX

Mark W. DunneBoston CapitalCorporationBoston, MA

John P. ManningBoston CapitalCorporation

Boston, MA

Barden BrownBrown Realty Advisors

Atlanta, GA

Walter W. MillerBrown Realty Advisors

Atlanta, GA

Alexandra S. JackiwBuckinghamCompanies

Indianapolis, IN

Jerry FeldmanCallSource

Westlake Village, CA

Mark SadoskyCallSource

Westlake Village, CA



7/31/2019 US NMHC 2012

35/51APRIL 2012 NMHC 50 33

Board of Directors

David J. AdelmanCampus Apartments

Philadelphia, PA

Miles H. OrthCampus Apartments

Philadelphia, PA

Richard LyonCapital One Bank

New York, NY

Richard L. KadishCAPREIT, Inc.Rockville, MD

Stephen J. ZaleskiCBRE Global Investors,

LLCBoston, MA

Steven FayneCiti Community Capital

San Francisco, CA

Hal G. KuykendallCiti Community Capital

Denver, CO

Warren DahlstromColliers International

Washington, DC

LaNitra WebbColliers InternationalUSA Headquarters

Boston, MA

David B. WoodwardCompass Point

Greenwood Village, CO

Daniel J. EpsteinThe ConAm Group of

CompaniesSan Diego, CA

J. Bradley ForresterThe ConAm Group of

CompaniesSan Diego, CA

Jerry DavisConservice Utility

Management & BillingLogan, UT

Jason RosaContinental Realty

Advisors, Ltd.Littleton, CO

David W. SnyderContinental Realty

Advisors, Ltd.Littleton, CO

James W. HarrisCoreLogic SafeRent

Rockville, MD

Brian MurdyCornerstone Real

Estate Advisers LLCHartford, CT

Richard K. DevaneyCrossbeam Capital

LLCBethesda, MD

Dodge CarterCrow Holdings CapitalPartners, LLC

Dallas, TX

Byron L. MogerCushman & WakefieldTampa, FL

Steven WeilbachCushman & WakefieldSan Francisco, CA

Brian L. DinersteinThe DinersteinCompaniesHouston, TX

Anthony SchafferDIRECTVEl Segundo, CA

Andrew K. DolbenThe Dolben Company,Inc.

Woburn, MA

Deane H. DolbenThe Dolben Company,

Inc.

Woburn, MA

Adam C. BreenDRA Advisors, LLC

New York, NY

Wendy DruckerDrucker & Falk, LLCNewport News, VA

Kellie Falk-TillettDrucker & Falk, LLC

Raleigh, NC

Miles SpencerEastdil Secured, LLC

Washington, DC

Randy ChurcheyEducation Realty Trust,

Inc.

Memphis, TN


7/31/2019 US NMHC 2012

36/51

Board of Directors

John M. OHara, Jr.Edward Rose & SonsFarmington Hills, MI

Warren RoseEdward Rose & SonsFarmington Hills, MI

Gregory L. EnglerEngler Financial Group,

LLCAlpharetta, GA

Gina M. DingmanEverest Real Estate

AdvisorsMinneapolis, MN

Brannan JohnstonExperian RentBureau

Costa Mesa, CA

Christopher E. HashiokaFairfield Residential

Company LLCSan Diego, CA

Gregory R. PinkallaFairfield Residential

Company LLCSan Diego, CA

Jonathan CoxThe Federated

CompaniesMiami, FL

Richard N. ShinbergFirst Capital Realty,

Inc.Bethesda, MD

Les ZimmermanFirst Capital Realty,

Inc.Bethesda, MD

Robert L. JohnstonFirst Communities

Atlanta, GA

Mark A. FogelmanFogelman Management

GroupMemphis, TN

Richard L. FogelmanFogelman Properties

Memphis, TN

Wayne E. McDonaldForestar Group, Inc.

Austin, TX

Phillip WeberForestar Group, Inc.

Austin, TX

Linda ZellerGerson Bakar &

AssociatesSan Francisco, CA

Philip S. PayneGinkgo Residential

Charlotte, NC

D. Scott WilkersonGinkgo Residential

Charlotte, NC

John J. Gray, IIIGrayco Partners LLCHouston, TX

Judy ViitanenHappy Habitat, LLCLaurel, MD

James M. BachnerHeitman LLCChicago, IL

Mark ForresterHendricks & PartnersPhoenix, AZ

Don HendricksHendricks & PartnersPhoenix, AZ

Alan Pat tonHinesHouston, TX

Scott A. DoyleHome Properties, Inc.

Rochester, NY

Edward J. PettinellaHome Properties, Inc.

Rochester, NY

David KapiloffInsgroup, Inc.Houston, TX

Kevin A. BaldridgeThe Irvine Company

Apartment

Communities IACIrvine, CA

Jean M. AndersonJ.P. Morgan Asset

Management

New York, NY

James A. ButzJefferson Apartment

Group

McLean, VA



7/31/2019 US NMHC 2012

37/51

Board of Directors

Gregory G. LambJefferson Apartment

GroupMcLean, VA

Richard J. HighJohn M. Corcoran &

CompanyBraintree, MA

Jeffrey T. MorrisJones Lang LaSalle

Americas, Inc.Orlando, FL

Jubeen F. VaghefiJones Lang LaSalle

Americas, Inc.Miami, FL

John W. BrayJones Lang LaSalle

Americas, Inc.Atlanta, GA

Faron G. ThompsonJones Lang LaSalle

Americas, Inc.Atlanta, GA

Cindy ClareKettler

McLean, VA

John FalcoKingsley Associates

Atlanta, GA

Peggy RobinsonKingsley Associates

Atlanta, GA

Rohit AnandKTGY Group Inc.

Vienna, VA

Keith A. HarrisThe Laramar Group,

LLCChicago, IL

Tom KlaessThe Laramar Group,

LLCGreenwood Village, CO

Peter P. DiLulloLCOR Incorporated

Berwyn, PA

Thomas J. OBrienLCOR Incorporated

Berwyn, PA

Alan ArnoldThe Lionstone Group

Houston, TX

Thomas BaconThe Lionstone Group

Houston, TX

Thomas F. McCoy, Jr.Lockton Companies,

LLCDenver, CO

Charles M. McDanielLockton Companies,

LLCDenver, CO

Dean HolmesMadison ApartmentGroup

Philadelphia, PA

Joseph F. MullenMadison ApartmentGroup

Philadelphia, PA

Peter KatzMarcus & Millichap/Institutional Property

AdvisorsPhoenix, AZ

Nicholas MichaelRyanThe Marquette

CompaniesNaperville, IL

Cathy BokmanMarriott ExecuStayBethesda, MD

Gerald J. HaakMAXX PropertiesHarrison, NY

Andrew R. WienerMAXX Properties

Harrison, NY

Michael C. McDougalMcDougal Properties,

L.C.

Lubbock, TX

Tristan ThomaMcDougal Properties,

L.C.

Lubbock, TX

Kenneth LeeMcDowell PropertiesSan Francisco, CA

W. Patrick McDowellMcDowell PropertiesSan Francisco, CA

Albert BerrizMcKinley

Ann Arbor, MI



7/31/2019 US NMHC 2012

38/51

Board of Directors

Joe ColonProtection 1 Security

Jacksonville, FL

Alan PollackProvidence Manage-ment Company, LLC

Chicago, IL

Bruce BarfieldRainmaker

Alpharetta, GA

Tammy FarleyRainmaker

Alpharetta, GA

Dirk D. WakehamRealPage, Inc.Carrollton, TX

Stephen T. WinnRealPage, Inc.Carrollton, TX

Mark C. BeislerRed Mortgage Capital,

LLCReston, VA

Howard S. PrimerRenaissancePG, LLC

Knoxville, TN

Terry S. DannerRiverstone Residential

GroupDallas, TX

Walt SmithRiverstone Residential

GroupDallas, TX

Kathryn ThompsonRockhall Funding Corp.

Dallas, TX

Daniel McNultyRockwood Real Estate

AdvisorsNew York, NY

David EvemySarofim Realty

AdvisorsDallas, TX

James D. Scully Jr.Scully CompanyJenkintown, PA

Michael A. ScullyScully CompanyJenkintown, PA

W. Steve GilmoreShea PropertiesAliso Viejo, CA

Colm MackenShea PropertiesAliso Viejo, CA

J. Robert LoveSimpson Housing LLLP

Atlanta, GA

Nancy BartonStellar Advisors, LLCRockville, MD

David SchwartzbergStellar Advisors, LLCRockville, MD

Michael KatzSterling AmericanProperty Inc.

Great Neck, NY

Tarak PatoliaSterling AmericanProperty Inc.

Great Neck, NY

Scott AndersonTIAA-CREF Global RealEstate

Newport Beach, CA

Dave SchwehmTime Warner CableHerndon, VA

Steve RoeTransUnion/

CreditRetriever

Greenwood Village, CO

Wayne A.Vandenburg

TVO Groupe LLC

Chicago, IL

Russell A.Vandenburg

TVO North America

El Paso, TX

Jeffrey G. MaguireUBS Realty Investors

LLC

Hartford, CT

Geoffrey C. BrownUSA Properties Fund,

Inc.

Roseville, CA

Karen McCurdyUSA Properties Fund,

Inc.

Roseville, CA



7/31/2019 US NMHC 2012

39/51

Board of Directors

Eric D. CevisVerizon Enhanced

CommunitiesBasking Ridge, NJ

Jonathan HoltzmanVillage GreenCompanies

Farmington Hills, MI

George S. Quay, IVVillage GreenCompanies

Farmington Hills, MI

Brendan ColemanWalker & DunlopBethesda, MD

Howard W. Smith, IIIWalker & DunlopBethesda, MD

Lawrence H. CurtisWinnDevelopment

Boston, MA

Ronald V. GranvilleWoodmont Real Estate

ServicesBelmont, CA

Brigitta EgglestonYardi Systems, Inc.Santa Barbara, CA

Amy GerritsenYardi Systems, Inc.Santa Barbara, CA

Greg WestZOM Companies

Fort Lauderdale, FL

Jack OConnorWeidner PropertyManagement LLC

Kirkland, WA

Michael K. HaydeWestern National

Property ManagementIrvine, CA

Charles W.Brammer, Jr.

The Wilkinson Group,Inc.

Atlanta, GA

Phillip R. DeguireThe Wilkinson Group,

Inc.Atlanta, GA

Samuel RossWinnCompanies

Boston, MA


7/31/2019 US NMHC 2012

40/51

Board of Directors (not pictured)ExECTIVE COMMITTEE

Alan KingBerkshire Property AdvisorsBoston, MA

Kristen Klingbeil-WeisKlingbeil Capital Management/American Apartment CommunitiesSanta Barbara, CA

Timothy J. HoganTrammell Crow ResidentialDallas, TX

BOARD OF DIRECTORS

Simon Ziff

Ackman Ziff Real Estate Group,LLCNew York, NY

Jay BlasbergAlliant Capital LLCTucson, AZ

Toshi MatsushitaAlliant Capital LLCTucson, AZ

R. Ryan HolmesAmbling Management CompanyLLCValdosta, GA

Jason WillsAmerican Campus CommunitiesAustin, TX

Scott G. SuttleAmeriSphere Multifamily Finance,LLCBethesda, MD

Arlene MayfieldApartment GuideNorcross, GA

Jay OlanderApartment Trust of America*Richmond, VA

Gus RemppiesApartment Trust of America*Richmond, VA

Brad LongApartments.comChicago, IL

Brian EarleArea Property PartnersNew York, NY

BJ RosowAZUMA LeasingAustin, TX

David DoernerBader Company

Indianapolis, IN

John SwiftBader CompanyIndianapolis, IN

Grace HuebscherBeech Street CapitalBethesda, MD

Jeff LeeBeech Street CapitalBethesda, MD

Karl H. ReinleinBerkadiaHorsham, PA

Bradley B. ChambersBuckingham CompaniesIndianapolis, IN

Ernest L. HeymannCAPREIT, Inc.Rockville, MD

Tyler AndersonCB Richard Ellis, Inc.Phoenix, AZ

Nevel DeHartCoreLogic SafeRentRockville, MD

Mark HigginsCornerstone Real Estate AdvisersLLCHartford, CT

William B. BlashCrossbeam Capital LLCBethesda, MD

Roy E. Demmon, IIIDemmon Partn

Documents

US NMHC 2012