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TABLE OF CONTENTS

Introduction ...... 4

Top 50 Owners...... 6

A Changing of the Guard ...... 8

Top 50 Managers ...... 12

Path of Growth...... 14

Top 25 Developers ...... 18

Top 25 General Contractors ...... 19

Building to the Market ...... 20

Methodology ...... 23

Top 10 Syndicators ...... 24

Uncertain Times ...... 26

NMHC Officers ...... 30

NMHC Executive Committee ...... 30

NMHC Board of Directors ...... 36

ABOUT NMHC

Based in Washington, D.C., the National Multifamily Housing Council (NMHC) is the apartment industry’s premier trade association. NMHC provides leadership on legislative and regulatory matters, advances research and the exchange of strategic business information and promotes the desirability of apartment living. For more information, visit www.nmhc.org.

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©2017 Charter Communications. Inside the 2017 NMHC 50 Shifting market dynamics influence this year’s rankings, which include a new list of top syndicators.

> By Mark Obrinsky

The last eight years have been one of the strongest periods in the second-best showing since 2000. If that’s not a strong indication history for the apartment industry. The post-recession economic of solid apartment demand, absorptions and occupancy rates were. expansion, together with a tectonic shift in demographics and changes Last year, MPF’s average occupancy rate was 96.2 percent, a to the economics of and attitudes toward renting versus owning, level not seen since 2000. Absorptions also climbed 5.9 percent to unleashed a torrent of demand for apartments. In fact, the number 289,025, marking the third-best year in the current expansion. While of renter households has grown by 9.1 million over the past 10 years. restricted supply in some metro areas likely held back absorptions, the Last year alone, renters added 601,000 more to their ranks; this rate was still 87 percent higher than historical average. compares to just 279,000 new homeowners. Investment Activity Holds Strong This trend has had tremendous implications for the apartment Even with the slight deceleration in a few key market metrics, the industry, and the annual NMHC 50 rankings are a testament to that sector’s strong demand base continued to make apartments a favored fact. This is the 28th year for the NMHC 50. In that time, NMHC has asset class for investors. In 2016, multifamily transactions set a new grown its rankings package to include not only the top 50 apartment all-time high—for the third year in a row. At $159.4 billion, according owners and managers but also the top 25 developers, top 25 general to Real Capital Analytics, volume was 3.9 percent higher than in 2015, contractors and—new this year—top 10 syndicators. making multifamily the only real estate asset class to register a gain. The continued expansion of the research reflects the industry’s Cap rates continued to feel a gravitational pull, edging down to steady growth and growing sophistication in the fields of investment, an average of 5.7 percent overall. Rates for garden apartments were finance, operations, development and construction. Moreover, the higher at 5.9 percent, while those for mid- and high-rise were lower at annual changes in the listings themselves provide critical insight into 4.9 percent. All were record lows. Different industry measures showed how industry leaders are adapting their organizations and strategies to a wide range of appreciation rates in 2016 (2.6 percent according the ever-evolving market conditions. to NCREIF versus 12.0 percent in the Moody’s/Real Capital CPPI, This year’s rankings are no exception. To help put that information for example), but there was clear consensus that per-unit prices on in context, here’s a look at the major market trends that have apartments sold were at historic levels. influenced business strategy over the past year. As always, private buyers led both acquisitions and dispositions by Supply Catches Up with Demand volume. But for the second year in a row, cross-border investors were The industry has responded to the growing demand by ramping the leaders in net acquisitions with $3.4 billion, compared with $3.2 up production to new levels. For years now, cranes have dotted billion for private domestic buyers. REITs and listed funds were once city skylines across the country and new buildings have sprung up again the only investor group in net disposition mode, selling $19.1 seemingly overnight in some cases. billion in apartments while acquiring only $9.5 billion. Last year, completions of new multifamily units (in buildings with In terms of deal type, single-asset deals rose six percent in 2016, at least five units in them) totaled 311,700, according to U.S. Census while portfolio transactions were down three percent. Also of note, Bureau data. This was the highest level since 1989. And preliminary student housing posted transaction growth of 62 percent, much data indicate that the split between for-rent and for-sale (i.e., condo) higher than the overall apartment market. In that sector, large portfolio units has again changed, with for-rent apartments making up an even transactions were responsible for the big growth; the five top student greater share of multifamily construction. housing deals were responsible for 58 percent of the total volume. As supply has caught up with demand, both multifamily permits Read on to find out how our industry’s leaders navigated these and starts began to ease in 2016. However, even in their moderation, changing market dynamics—and how it affected their standings. ◾ they remained higher than at any previous year since 1987. Moreover, based on apartment units already started, completions this year likely will be closer to 350,000. Rent growth is also slowing to some degree in response to the new Mark Obrinsky is the senior vice president of research and chief supply, with same-store rent growth slipping a bit last year, according economist at the National Multifamily Housing Council. He can be to data from MPF Research; however, the 4.3 percent pickup was still reached at [email protected].

4 SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC

2017 TOP APARTMENT OWNERS

50 Largest U.S. Apartment Owners as of January 1, 2017

Owner Rank Units Owned Units Owned HQ 2017 Company Name 2017 2016 Corporate Officer HQ City State

1 MAA 99,393 79,496 H. Eric Bolton, Jr. Memphis TN

2 Starwood Capital Group 85,554 42,702 Barry S. Sternlicht Greenwich CT

3 Equity Residential 78,023 109,540 David J. Neithercut Chicago IL

4 AvalonBay Communities, Inc. 74,538 75,584 Timothy J. Naughton Arlington VA

5 Hunt Companies, Inc. 61,970 52,225 Chris Hunt El Paso TX

6 Edward Rose Building Enterprise 61,508 60,503 Warren Rose Bloomfield Hills MI

7 Lincoln Property Company 59,980 49,024 Tim Byrne Dallas TX

8 Essex Property Trust, Inc. 59,260 58,768 Michael J. Schall San Mateo CA

9 The Irvine Company 58,732 57,825 Chaz Mueller Newport Beach CA

10 Camden Property Trust 52,793 59,792 Richard J. Campo Houston TX

11 J.P. Morgan Asset Management 52,046 51,861 Allina Boohoff New York NY

12 UDR, Inc. 51,129 50,646 Thomas W. Toomey Highlands Ranch CO

13 BH Equities LLC 51,113 55,819 Harry Bookey Des Moines IA

14 The Michaels Organization 49,950 48,429 John J. O’Donnell Marlton NJ

15 Balfour Beatty Communities 49,163 48,698 Christopher Williams Malvern PA

16 Aimco 46,311 49,148 Terry Considine Denver CO

17 Weidner Apartment Homes 46,218 43,878 Jack O’Connor Kirkland WA

18 Prudential Real Estate Investors 46,185 44,587 Susan Mello Madison NJ

19 Greystar Real Estate Partners, LLC 44,037 38,070 Robert A. Faith Charleston SC

20 Fairfield Residential Company LLC 41,864 50,733 Gregory R. Pinkalla San Diego CA

21 Cortland Partners, LLC 39,674 32,241 Steven DeFrancis Atlanta GA

22 UBS Realty Investors LLC 39,361 42,518 Matthew Lynch Hartford CT

23 Steadfast Companies 36,500 34,565 Christopher Hilbert Irvine CA

24 Monarch Investment & Management Group 35,955 28,547 Bob Nicolls Franktown CO

25 Morgan Properties 35,929 32,384 Mitchell L. Morgan King of Prussia PA

Note: Due to changes in methodology for this list, companies’ 2016 rankings are unavailable

6 SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC Owner Rank Units Owned Units Owned HQ 2017 Company Name 2017 2016 Corporate Officer HQ City State

26 Forest City Realty Trust 32,873 47,035 Ronald A. Ratner Cleveland OH

27 Invesco Real Estate 31,968 31,744 Michael Kirby Dallas TX

28 American Campus Communities 31,074 32,455 Bill Bayless Austin TX

29 Sentinel Real Estate Corp 30,000 29,000 John H. Streicker New York NY

30 Milestone Management, LLC 29,920 25,073 Steve Lamberti Dallas TX

31 Heitman LLC 28,614 37,636 Maury Tognarelli Chicago IL

32 Westdale Real Estate Investment & Management 28,204 30,448 Joseph G. Beard Dallas TX

33 JRK Property Holdings, Inc. 27,514 27,254 Jim Lippman Los Angeles CA

34 Harbor Group International 27,393 23,972 Robert Friedman Norfolk VA

35 AEW Capital Management, L.P. 25,523 26,262 Jeffrey Furber Boston MA

36 AIG Global Real Estate 25,441 18,531 Douglas S. Tymins New York NY

37 Southern Management Corporation 25,114 25,114 David Hillman Vienna VA

38 AMLI Residential 25,041 23,733 Greg Mutz Chicago IL

39 FPA Multifamily 24,250 26,606 Gregory A. Fowler San Francisco CA

40 Northland Investment Corporation 24,212 22,966 Lawrence Gottesdiener Newton MA

Bruce Ward and 41 Alliance Residential Company 24,163 26,115 V. Jay Hiemenz Phoenix AZ Paul Sween and 42 Dominium 24,030 22,344 Armand Brachman Plymouth MN

43 TruAmerica Multifamily 22,400 14,704 Robert Hart Los Angeles CA

44 ELRH Investments 22,000 12,000 Joseph Lubeck Tampa FL

45 GID 21,462 19,804 Thad Palmer Boston MA

46 Berkshire Group 21,454 23,845 Alan King Boston MA

47 Highridge Costa Companies 21,115 22,390 Michael A. Costa Gardena CA

48 Bridge Investment Group Partners 21,061 28,261 Danuel R. Stanger Salt Lake City UT

49 Simpson Housing LLLP 20,690 19,444 J. Robert Love Denver CO

50 Wood Partners, LLC 19,998 21,506 Joe Keough Atlanta GA

APRIL 2017 | NMHC 50 7 A Changing of the Guard M&A activity, strategic right sizing and a key change to the survey reshuffle the ranks of the nation’s top apartment owners.

> By Mark Obrinsky

This year’s ranking of the nation’s largest apartment owners looks Pure-Play Owners significantly different than in prior ears.y In the past, low-income This change has rippled through the rankings in a number of ways, housing tax credit (LIHTC) syndicators held many of the top slots on often affecting key measurements of the overall list. For example, the NMHC 50 owners list. However, given the noteworthy differences firms on this year’s NMHC 50 ownership list have combined portfolios in the business models of syndicators versus traditional apartment of 1,992,700 apartment homes, the lowest figure in 20 years. This owners, NMHC is unveiling a new list of top apartment syndicators for is entirely due to the elimination of syndicators from the owners list 2017—and no longer including them in the NMHC 50 ownership list. for the first time. Similarly, the median portfolio size for firms now on the list is 34,401 units and the mean is 39,854 units. The combined NMHC 50 Profile 2017 portfolios of the NMHC 50 owners account for 9.6 percent of the total apartment stock in the U.S. PORTFOLIO SIZE MINIMUM ENTRY THRESHOLD The split also lowered the minimum threshold for inclusion on the list to 19,998 units, thereby opening the top 50 ranks to firms whose ownership portfolios previously had been too small to make the list in the past. This year’s owners list features 10 companies that were not on last year’s list. The Irvine Company (No. 9) was a former top 50 firm but hasn’t participated in the survey in recent years, but the other nine firms made the list for the first time: AMLI Residential (No. 38), Northland ◾ No. of Apartments Owned (1,992,700) ◾ No. of Apartments Owned (19,998) Investment Corporation (No. 40), Dominium (No. 42), TruAmerica ◾ No. of Apartments Managed (3,177,852) ◾ No. of Apartments Managed (30,121) Multifamily (No. 43), ELRH Investments (No. 44), GID (No. 45),

8 SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC Highridge Costa Companies (No. 47), Simpson Housing LLLP (No. even larger at 5,742. The firm with the biggest portfolio increase was 49) and Wood Partners, LLC (No. 50). Starwood, which added a net 42,852 units. In contrast, the biggest Biggest of the Big reduction in units owned was by Equity Residential with a net decline of 31,517 units. M&A activity also left a big mark on this year’s rankings. The 2017 Forty-four firms own properties in the South Atlantic, a bit more top apartment owner is MAA with 99,393 apartments. MAA, last than in the South Central (42 firms), Mountain (41 firms) and Pacific year’s ninth-largest owner, shot to the top of the rankings through its (39 firms) regions. By contrast, only 29 firms own apartments in New acquisition of Post Properties (and its 24,000 apartments). Starwood England, 36 have properties in the Midwest and 37 firms are owners in Capital Group also rode a big acquisition—the purchase of 23,262 the Mid-Atlantic region. ◾ apartments from Equity Residential—up the ranks, sliding into the No. 2 slot this year. However, even with that massive disposition, Equity Residential ranks as the No. 3 owner with 78,023 units in its NMHC 50 Owners Summary ownership portfolio, followed closely by AvalonBay Communities, NUMBER OF APARTMENTS OWNED Inc., with 74,538 apartments. Top 10 Given the noteworthyiven the noteworthy differences Second Top 10 in the business models of syndicators versus traditional apartment owners, NMHC is unveiling a new list of top apartment syndicators for 2017—and no longer Top 25 including them in the NMHC 50 ownership list. Second Top 25

The next five companies in the rankings—Hunt Companies, Top 50 Edward Rose Building Enterprise, Lincoln Property Company, Essex Property Trust, Inc., and The Irvine Company were bunched closely together, separated by only 3,238 units. Camden Property Trust 0 500K 1M 1.5M 2M rounded out the top 10 owners with 52,793 apartments. One noticeable feature is that, with syndicators now moved to their own list, five of the top 10 firms (MAA, Equity, AvalonBay, Essex PORTFOLIO SIZE MEASURES and Camden) are REITs. Two other REITs are not far behind: UDR comes in at No. 12 and Aimco at No. 16. (For more on the REITs, see Mean “REITs in the Rankings” on pg. 10.)

More Metrics Median In addition, there is now much less concentration within the top 50 firms than in previous years. The top 10 firms accounted for 34.7 percent of all apartments owned by the NMHC 50 owners, the lowest No. 1 Firm share since the survey began in 1990. Similarly, the top half of the rankings had the lowest share of the total apartments owned on record. A total of 31 firms increased their ownership portfolios in 2016, No. 50 Firm just one less than the year before. One firm saw no change, while the remaining 18 firms reduced the number of apartments owned. 0 20K 40K 60K 80K 100K The average increase was 5,169 units; the average reduction was SHARE OF NATIONAL APARTMENT STOCK (%)

Top 10

Top 25

Top 50

0246810

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

APRIL 2017 | NMHC 50 9 Apartment Owners LARGEST PORTFOLIO DECREASE LARGEST PORTFOLIO GROWTH 50K 0 -5K 40K -10K 30K -15K

20K -20K -25K 10K -30K 0 -35K ◾ Starwood Capital Group (+42,852) ◾ ELRH Investments (+10,000) ◾ Equity Residential (-31,517) ◾ Heitman LLC (-9,022) ◾ MAA (+19,897) ◾ Hunt Companies (+9,745) ◾ Forest City Realty Trust (-14,162) ◾ Fairfield Residential Company LLC (-8,869) ◾ Lincoln Property Company (+10,956)

REITS IN THE RANKINGS Alternative measures of size change the rankings among the REIT peer group.

There were nine REITs among the top 50 owners this year, one more While the NMHC 50 ranks firms by number of units owned, it is also than last year. MAA had the most apartment units, followed by Equity useful to gauge their size by the value of those units. Total capitalization offers Residential, last year’s highest-ranked REIT. AvalonBay Communities an alternative measure. This analysis is imperfect to a degree, as ownership of retained its No. 3 slot among REITs, while Essex moved up to No. 4 and non-apartment assets can substantially affect overall firm value. Nonetheless, Camden dropped to No. 5. UDR, Aimco, Forest City Realty Trust and it gives a useful perspective on relative size among apartment firms. American Campus Communities finished out the list. Total capitalization for all nine REITs in the rankings is $155.9 billion. Four REITs (MAA, Essex, UDR and American Campus Communities) Rankings by capitalization vary significantly from unit ownership rankings. were net acquirers, while the other five were net disposers. On balance, Moreover, a look at capitalizations per unit can also provide additional these nine firms sold off 35,528 more units than they acquired and insight into what kind of markets, both geographic and class, each developed. These REITs collectively owned 525,394 units. REIT operates.

Rank and Refile REIT rankings change when companies are measured by market capitalization versus portfolio size.

Apartments with Unit Rank Company Total Cap Rank Capitalization per Company Ownership Interest Among REITs Capitalization ($ billions) Among REITs Apartment MAA 99,393 1 15.0 4 $423,154 Equity Residential 78,023 2 33.0 1 $417,835 AvalonBay Communities, Inc. 74,538 3 31.1 2 $362,350 Essex Property Trust, Inc. 59,260 4 21.5 3 $150,666 Camden Property Trust 52,793 5 10.1 7 $278,811 UDR, Inc. 51,129 6 14.3 5 $257,229 Aimco 46,311 7 11.9 6 $190,669 Forest City Realty Trust 32,873 8 9.9 8 $302,343 American Campus Communities 31,074 9 9.1 9 $293,762

Note: Company total capitalization (or enterprise value) sums: (1) market value of shares outstanding, including operating partnership units; (2) the value of perpetual preferred stock; and (3) the book value of total debt outstanding. Capitalization estimates for December 31, 2016, are provided by FBR & Co.

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2017 TOP APARTMENT MANAGERS

50 Largest U.S. Apartment Managers as of January 1, 2017

Manager Manager Units Units Rank Rank Managed Managed HQ 2017 2016 Company Name 2017 2016 Corporate Officer HQ City State

1 1 Greystar Real Estate Partners, LLC 415,634 413,679 Robert A. Faith Charleston SC

2 2 Lincoln Property Company 184,167 165,251 Tim Byrne Dallas TX

3 3 Pinnacle Property Management Services LLC 172,000 134,725 Rick L. Graf Dallas TX

4 6 FPI Management, Inc. 103,839 98,401 Dennis Treadaway Folsom CA

5 5 WinnCompanies 100,669 98,817 Gilbert Winn Boston MA

6 9 MAA 99,393 79,496 H. Eric Bolton, Jr. Memphis TN

Bruce Ward and 7 7 Alliance Residential Company 99,364 88,028 V. Jay Hiemenz Phoenix AZ Cottonwood 8 8 Apartment Management Consultants, LLC 86,364 80,195 Brenda Barrett Heights UT

9 4 Equity Residential 78,023 109,540 David J. Neithercut Chicago IL

10 10 AvalonBay Communities, Inc. 74,049 73,944 Timothy J. Naughton Arlington VA

Chris Hunt and 11 18 Hunt/LEDIC Realty Company Associates 68,466 53,829 Pierce Ledbetter El Paso TX

12 11 BH Management, LLC 67,877 69,285 Harry Bookey Des Moines IA

13 12 Edward Rose Building Enterprise 61,508 60,503 Warren Rose Bloomfield Hills MI

14 20 Bozzuto 58,727 53,799 Toby Bozzuto Greenbelt MD

Steven D. Bell and 15 13 Bell Partners Inc. 58,478 60,295 Jonathan D. Bell Greensboro NC

16 16 Essex Property Trust, Inc. 58,162 57,670 Michael J. Schall San Mateo CA

17 The Irvine Company 58,100 57,193 Chaz Mueller Newport Beach CA

18 17 Asset Plus Companies 57,674 56,357 Michael S. McGrath Houston TX

19 21 The Michaels Organization 52,830 52,556 John J. O’Donnell Marlton NJ

20 15 Camden Property Trust 52,793 59,792 Richard J. Campo Houston TX

21 40 Milestone Management, LLC 52,340 32,245 Steve Lamberti Dallas TX

22 22 The ConAm Group of Companies 51,573 52,000 Rob Singh San Diego CA

23 23 UDR, Inc. 51,129 50,646 Thomas W. Toomey Highlands Ranch CO

24 24 Balfour Beatty Communities 50,445 49,504 Christopher Williams Malvern PA

25 14 Fairfield Residential Company LLC 47,922 60,157 Gregory R. Pinkalla San Diego CA

Note: When a company has no previous year’s ranking, it can mean either this is the company’s first time responding to the survey or the company was too small to make the list last year.

12 SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC Manager Manager Units Units Rank Rank Managed Managed HQ 2017 2016 Company Name 2017 2016 Corporate Officer HQ City State

26 19 Aimco 47,100 53,660 Terry Considine Denver CO

27 26 Weidner Apartment Homes 46,218 43,878 Jack O’Connor Kirkland WA

28 28 Village Green 45,000 42,805 Diane Batayeh Detroit MI

29 29 American Campus Communities 44,320 43,387 Bill Bayless Austin TX

30 31 US Residential 42,928 40,011 Stephanie Brock Dallas TX

Westdale Real Estate Investment & 31 27 Management 41,902 43,390 Joseph G. Beard Dallas TX

32 41 Cortland Partners, LLC 39,322 32,241 Steven DeFrancis Atlanta GA

33 30 GoldOller Real Estate Companies 39,273 40,820 Richard Oller Philadelphia PA

34 35 RAM Partners, LLC 38,449 34,708 Bill Leseman Atlanta GA

35 34 Steadfast Companies 36,686 34,806 Christopher Hilbert Irvine CA

36 48 Monarch Investment & Management Group 35,955 28,547 Bob Nicolls Franktown CO

37 38 Morgan Properties 35,929 32,384 Mitchell L. Morgan King of Prussia PA

38 50 Pegasus Residential 35,854 27,634 Lindy D. Ware Alpharetta GA

39 36 Capstone Real Estate Services, Inc. 35,721 34,360 James W. Berkey Austin TX

Carrie Girgus and 40 United Apartment Group 34,037 28,866 Tim Settles San Antonio TX

41 45 ZRS Management, LLC 33,573 30,410 Steve Buck Orlando FL

42 37 The Lynd Company 32,754 34,218 Michael J. Lynd, Jr. San Antonio TX

43 43 Gables Residential 32,520 31,487 Sue Ansel Atlanta GA

44 44 Kettler and Kettler Management 32,002 30,828 Bob Kettler McLean VA

McCormack Baron Management, Inc. 45 31,971 29,406 Timothy Zaleski Saint Louis MO (Formerly known as McCormack Baron Ragan)

46 Avenue5 Residential, LLC 31,858 18,621 Walt Smith Seattle WA

47 39 The John Stewart Company 31,401 32,372 Jack D. Gardner San Francisco CA

48 46 Edgewood Management Corporation 31,293 29,500 Cindy Sanquist Gaithersburg MD

49 42 Bridge Investment Group Partners 30,139 31,649 Danuel R. Stanger Salt Lake City UT

50 JMG Realty, Inc. 30,121 22,075 Karlton Jackson Atlanta GA

APRIL 2017 | NMHC 50 13

While there’s been stability at the top of the management list, units, followed closely by MAA (No. 6) with a pickup of 19,897 units. general portfolio growth has affected the spread between rankings Four other firms—Lincoln Property Company (No. 2), Hunt/Ledic such that there’s more compression in the bottom of the list. For Realty Company Associates (No. 11), Avenue5 Residential, LLC (No. example, the difference in size between the 10th and 50th ranked 46) and Alliance Residential Management (No. 7)—saw portfolio firms is only 43,928 units—much less than the difference between the increases of more than 10,000 units. third and fourth largest firms (68,161). Portfolio growth also led to some big jumps in the rankings. Overall, the combined portfolios of firms on the NMHC 50 Milestone Management made the biggest move in the rankings, management list accounted for 15.3 percent of the apartment stock, jumping 19 spots to No. 21. Two firms climbed 13 places: Monarch a slight increase from a year earlier and the second-highest level on Investment & Management Group moved into the No. 36 position, record—just 46 basis points less than the all-time high reached in 2008. while Pegasus Residential took over the No. 38 slot. Cortland Partners, Portfolio Trends LLC rose 10 slots to No. 32. At the other end of the spectrum, Equity Residential (No. 9) Portfolio gainers outnumbered shrinkers as 38 firms increased trimmed its portfolio by the greatest amount (31,517 apartments). their management portfolios, compared with 12 firms that reduced Fairfield Residential Company LLC (No. 25) oversaw a decrease of them. The average gain was 5,943 apartments, while the average 12,235 units, which contributed to an 11-slot drop in the rankings, decline was 5,662 units. while Camden Property Trust cut its management portfolio by 6,999 Pinnacle posted the biggest increase with a gain of 37,275 units. Other portfolio decreases were much smaller. apartments. Milestone Management, LLC (No. 21), grew by 20,095

Apartment Managers

LARGEST PORTFOLIO GROWTH MOVING UP IN RANK 40K 20 35K 30K 15 25K 20K 10 15K 10K 5 5K 0 0

◾ Pinnacle Property Management ◾ Lincoln Property Company (+18,916) ◾ Milestone Management, LLC (+19) ◾ Pegasus Residential (+12) Services LLC (+37,375) ◾ Hunt/Ledic Realty Company Associates ◾ Monarch Investment & Management ◾ Cortland Partners LLC (+9) ◾ Milestone Management, LLC (+20,095) (+14,637) Group (+12) ◾ MAA (+19,897) ◾ Avenue5 Residential, LLC (+13,237)

NMHC 50 Managers Summary

3.5M ◾ Top 10 ◾ Top 25 ◾ Second Top 10 ◾ Top 50 3M

2.5M

2M

1.5M

1M

500K

0 2010 2011 2012 2013 2014 2015 2016 2017

APRIL 2017 | NMHC 50 15 New Names because the company failed to participate in the survey in recent years There are just four new firms on this year’s NMHC 50 lacks a 2016 ranking. management list: United Apartment Group debuts at No. 40 with Five firms dropped off last year’s list: Drucker & Falk; CFLane, LLC; 34,037 apartments. McCormack Baron Management, Inc. enters at Sentinel Real Estate; and Forest City Realty Trust all just missed the No. 45 with 31,971 units. Avenue5 Residential, LLC (31,858 units) threshold for entry this year. Also, The Related Companies did not is the No. 46 firm and JMG Realty, Inc. (30,121) is No. 50. The Irvine respond to the survey this year. ◾ Company (No. 17) is a former top 50 management company, but

Portfolio Size Measures

MEAN NO. 1 FIRM 80K 500K

400K 70K

300K 60K 200K

50K 100K 2010 2011 2012 2013 2014 2015 2016 2017 2010 2011 2012 2013 2014 2015 2016 2017

MEDIAN NO. 50 FIRM 50K 35K

40K 30K

30K 25K 2010 2011 2012 2013 2014 2015 2016 2017 2010 2011 2012 2013 2014 2015 2016 2017

Units Managed (by tier, in 000s)

3,500 ◾ Top 50 3,000 ◾ Top 25 ◾ Top 10 2,500

2,000

1,500

1,000

500 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

16 SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC d e s i g ns t u d i o

dwell design studio architecture www.dwelldesignstudio.com interiors ATLANTA WASHINGTON D.C. 770.864.1035 planning 2017 TOP DEVELOPERS

25 Largest U.S. Apartment Developers as of January 1, 2017

Units Units Developer Developer Started Started HQ Rank 2017 Rank 2016 Company Name 2016 2015 Corporate Officer HQ City State

1 5 Greystar Real Estate Partners, LLC 7,673 4,699 Robert A. Faith Charleston SC

Bruce Ward and 2 1 Alliance Residential Company 7,104 7,765 V. Jay Hiemenz Phoenix AZ

3 6 LMC, a Lennar company 6,244 4,582 Todd Farrell Charlotte NC

Charles R. Brindell and 4 2 Mill Creek Residential Trust LLC 5,081 6,567 William C. MacDonald Dallas TX

5 4 Trammell Crow Residential 4,517 4,841 Kenneth J. Valach Dallas TX

6 9 Lincoln Property Company 4,343 3,449 Tim Byrne Dallas TX

7 11 The NRP Group LLC 3,720 1,785 J. David Heller Cleveland OH

8 3 Wood Partners, LLC 3,468 5,622 Joe Keough Atlanta GA

9 13 The Michaels Organization 3,443 2,880 John J. O’Donnell Marlton NJ

10 Continental Properties Company, Inc. 3,175 2,896 James Schloemer Menomonee Falls WI

11 12 Hanover Company 3,102 3,017 John H. Nash Houston TX

12 Fairfield Residential Company LLC 3,007 1,536 Gregory R. Pinkalla San Diego CA

13 22 Woodfield Development 2,937 1,776 Greg Bonifield Mount Pleasant SC

14 7 AvalonBay Communities, Inc. 2,732 3,758 Timothy J. Naughton Arlington VA

15 American Campus Communities 2,699 1,264 Bill Bayless Austin TX

16 20 Crescent Communities 2,389 1,863 Brian Natwick Charlotte NC

Thomas Wermers and 17 Wermers Companies 2,150 1,600 Jeff Bunker San Diego CA

18 Miller-Valentine Group 2,101 419 David Liette Cincinnati OH

19 8 Holland Residential 2,053 3,536 Clyde Holland Vancouver WA

20 The Bainbridge Companies 2,032 672 Richard Schechter Wellington FL

21 24 The Dinerstein Companies 1,966 1,748 Brian Dinerstein Houston TX

22 Fore Property Company 1,959 1,222 Jonathan Fore Las Vegas NV

23 10 Forest City Residential Group, Inc. 1,808 3,352 Ronald A. Ratner Cleveland OH

24 Billingsley Company 1,798 542 Lucy Billingsley Dallas TX

25 Related Development, LLC 1,788 1,643 Steve Patterson Miami FL

Note: When a company has no previous year’s ranking, it can mean either this is the company’s first time responding to the survey or the company was too small to make the list last year.

18 SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC 2017 TOP GENERAL CONTRACTORS

25 Largest U.S. Apartment General Contractors as of January 1, 2017

Contractor Contractor Units Units / Builder / Builder Started Started HQ Rank 2017 Rank 2016 Company Name 2016 2015 Corporate Officer HQ City State Bruce Ward and 1 1 Alliance Residential Company 6,933 7,765 V. Jay Hiemenz Phoenix AZ

2 4 Summit Contracting Group, Inc. 5,154 4,853 Marc Padgett Jacksonville FL

3 21 Greystar Real Estate Partners, LLC 4,876 1,837 Robert A. Faith Charleston SC

Charles R. Brindell and 4 3 Mill Creek Residential Trust LLC 4,266 6,026 William C. MacDonald Dallas TX

5 6 Suffolk Construction Company 3,849 3,111 John F. Fish Boston MA

6 22 The NRP Group LLC 3,720 1,785 J. David Heller Cleveland OH

7 8 CBG Building Company LLC 3,541 3,320 Keith Anderson Arlington VA

8 5 Trammell Crow Residential 3,261 3,789 Kenneth J. Valach Dallas TX

9 LMC, a Lennar company 3,123 1,508 Todd Farrell Charlotte NC

Jacksonville 10 16 LandSouth Construction, LLC 3,064 2,252 James G. Pyle Beach FL

11 Fairfield Residential Company LLC 3,007 1,536 Gregory R. Pinkalla San Diego CA

12 11 Carocon Corporation 2,890 2,670 Ambrose W. Dittloff Charlotte NC

Thomas Wermers and 13 25 Wermers Companies 2,600 1,800 Jeff Bunker San Diego CA

14 13 Weis Builders, Inc. 2,520 2,517 Jay Weis Minneapolis MN

15 AvalonBay Communities, Inc. 2,467 Timothy J. Naughton Arlington VA

16 12 McShane Construction Company 2,392 2,612 Jeff Raday Rosemont IL

17 9 Bozzuto 2,103 2,218 Toby Bozzuto Greenbelt MD

18 23 Harkins Builders, Inc. 2,082 1,806 Richard M. Lombardo Columbia MD

19 Fore Property Company 1,959 1,842 Jonathan Fore Las Vegas NV

20 Wood Partners, LLC 1,914 4,305 Joe Keough Atlanta GA

21 The Bainbridge Companies 1,832 672 Richard Schechter Wellington FL

22 KWA Construction 1,823 1,215 Brian Webster Addison TX

23 Miller-Valentine Group 1,821 419 David Liette Cincinnati OH

24 Billingsley Company 1,814 542 Lucy Billingsley Dallas TX

25 14 Oden Hughes LLC 1,800 2,282 Steve Oden Jr. Austin TX

APRIL 2017 | NMHC 50 19 Photo Courtesy Greystar Real Estate Partners Building to the Market Despite near-term concerns about rising costs and supply, developers and contractors are confident in the market’s longer-term outlook. > By Bendix Anderson

For Greystar Real Estate Partners, 2016 was a very busy Houston’s economy. Those projects are well underway and are now year. The Charleston, S.C.-based company started 7,673 new leasing 22 to 25 units a month—a very fast rate, he says. apartments during the year, a 63 percent jump in production from “Our leasing hasn’t stumbled,” says Wise, noting that much of 2015—and enough of a boost to push the company from the No. what the company is now leasing was started in 2014 and 2015. The 5 position in 2016 into the top slot this year. The units were in 29 bulk of the apartments the company started in 2016 should be ready projects in nine states. for residents to move in by the end of 2018. “We were active in all of our markets, except New York City,” No. 2 top developer Alliance Residential, however, tapped says Scott Wise, executive managing director of development and the brakes on its overall development last year. The firm started construction services for Greystar Real Estate Partners. construction on 7,104 new apartments in 2016, which was 661 fewer The developers on the NMHC 25 collectively started 83,289 than the prior year’s production level. apartments in 2016, representing a sizeable chunk (21 percent) of the “Alliance peaked our pipeline development starts two years ago 381,000 total multifamily units started. However, what started out on conventional multifamily product,” says V. Jay Hiemenz, president as a banner year for construction ended with growing worries about and CEO for Alliance. “We are projecting 2017 starts to be lower than overbuilding in some markets, rising construction costs and a sudden 2016, which were lower than 2015.” shortage of construction financing from banks. Switch to the Suburbs Out in Front As developers tweak their production volumes, they are also Despite the concerns, Wise says, “We haven’t seen any market shifting their strategies in other ways. condition change that made us decide not to go forward.” While about a third of the properties that Greystar started in 2016 Greystar even started two projects in Houston in 2016, a market will be high-rise towers in urban downtown areas, the remaining two- that many developers have avoided since a crash in oil prices damaged thirds of Greystar’s 2016 projects have been more traditional suburban

20 SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC product. Most are mid-rise, wood-frame buildings built over structured age at which they are more likely to rent an apartment. Moreover, parking, usually in strong, suburban apartment markets where relatively apartments face little competition from for-sale homes, even though few new apartments have been built so far in this cycle. millions of apartment renters are now at an age at which people in Alliance is also pursuing more suburban opportunities. “Over the prior generations often bought single-family houses. But few houses past year we have been pivoting to more suburban development,” says are available, keeping them in their rental apartments. Hiemenz. But these new mid-rise suburban projects aren’t much like “Demographics and low homeownership rates continue to bolster the suburban garden apartments that Alliance built in past cycles. All the rental market,” says Hiemenz. have structured parking and many are located near town centers or City Kids near services like grocers, restaurants and retail. The suburbs may be seeing a resurgence in development activity, but not all top developers have turned away from the big city. “Our pipeline is still strong; it is just more difficult to see deals “Our 2016 product and locations were very similar to what we have started throughout cycle: well-located mid-rise, high-rise and through today with costs rising, rents tempering and interest garden properties across the top 20 markets in the U.S.,” says John rates moving up.” Gray, head of investments for LMC, a subsidiary of Lennar. - John Gray, LMC As the third largest multifamily developer, LMC started construction on 6,244 new apartments in 2016, enough to make it jump three spots on this year’s NMHC Top 25 developers list. In addition, LMC started 3,123 units in 2016 as a third-party general Moving out to the suburbs is one way that top developers are contractor, earning the title of 10th largest multifamily GC. trying to protect themselves from overbuilding while they still continue LMC anticipates another busy year in 2017. “Our pipeline is still to build new apartments themselves. In many submarkets, rent growth strong; it is just more difficult to see deals through today with costs has slowed. rising, rents tempering and interest rates moving up,” says Gray. “For the most part, the suburban locations have not seen nearly as However, he also maintains confidence in the demand for apartments. much product,” says Hiemenz. “We saw some of the urban markets “We continue to be really optimistic about the space as a whole,” says getting a little too much product. We’re going to wait to see how many Gray. He quotes estimates that the U.S. will add 5.6 million households of these urban submarkets absorb the current pipeline before going by the end of 2021, half of which are projected to be renters. That works back to increase our investment.” out to 2.8 million new renter households over five years. Despite these near-term concerns, Hiemenz says he still sees “Rents and occupancy could dramatically outperform expectations strong demand for apartments. The U.S. economy continues to over the next five years,” he says. produce jobs, and millions of young people continue to reach the

“The baby boomer rental market is now becoming a substantial piece of the business.” – Bill McDonald, Mill Creek Residential

Active Adults Multifamily developers and builders are also keeping a close eye on the older renters. For example, 11 of the 29 projects that Greystar started in 2016 targeted active adults over the age of 55. “We have pivoted to this product line, in Texas in particular,” says Wise. Mill Creek Residential, the nation’s fourth largest multifamily developer, is mixing more apartments targeted to older renters into its communities. The company started 5,081 new apartments in 2016 but aims to scale back to about 4,500 new apartments in 2017 and roughly 4,000 in 2018. “The baby boomer rental market is now becoming a substantial piece of the business,” says Mill Creek President and CIO Bill McDonald. However, while these older renters often like the same bustling neighborhoods preferred by younger adults, they often bring more furniture and possessions when they move into an apartment, requiring more space. “We are mixing in some larger floorplans,” says McDonald. “Some larger two bedrooms and three bedrooms.” Photo Courtesy Greystar Real Estate Partners

APRIL 2017 | NMHC 50 21 In communities that will be home to both younger and older Remaining lenders are charging meaningfully higher loan spreads renters, it’s important to offer a range of choices. “We are including a and upfront fees. Loans offered by these lenders also cover less of the few units with larger closets and kitchens, so that we have more unit cost of development, often as little as 50 to 55 percent. This is down differentiations,” says LMC’s Gray. from 65 percent last year. “As a result, we need to raise more equity to Market Challenges finance new construction,” says McDonald. But with so many projects underway, construction workers also Given the market conditions, many developers note the growing have been hard to find—and wages rising, says Marc Padgett, CEO difficulty of development. For example, construction lenders are hard and owner of Jacksonville, Fla.-based Summit Contracting. “There are to find. “There are fewer construction lenders that we are working manpower issues in the market,” says Padgett. with this year compared to last year,” says Mill Creek’s McDonald. At 5,154 apartments started last year, Summit Contracting ranks “Construction lenders are not looking to establish new relationships.” as the second largest apartment general contractor/builder, up two spots from the previous year. “Labor costs have seen an above average increase over the past few years,” he adds. “With the multifamily market so busy right now, it is Padgett says Summit is able to find the workers it needs because important for the developer and the contractor to be very the company spends time on its relationships with its contractors. “With the multifamily market so busy right now, it is important for selective on the team of subcontractors. Many have taken the developer and the contractor to be very selective on the team of on more work than they can handle.” subcontractors,” says Padgett. “Many have taken on more work than – Marc Padgett, Summit Contracting they can handle.” Challenges like these could keep some developers from starting new apartment projects this year. “We think starts in the U.S. will be down 30 percent to 40 percent in 2017 versus 2016,” says LMC’s Gray. ◾

U.S. Multifamily Permits, Completions and Starts (in 000s)

600 ◾ Starts ◾ Completions ◾ Permits 500

400

300

200

100

0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Source: U.S. Census Bureau

22 SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC

2017 TOP SYNDICATORS

10 Largest U.S. Apartment Tax Credit Syndicators as of January 1, 2017

Units Units Syndicator Syndicated Syndicated HQ Rank 2017 Company Name 2017 2016 Corporate Officer HQ City State

1 Alden Torch Financial 183,456 191,759 Alan Fair Denver CO

2 PNC Real Estate 136,152 134,364 Todd Crow Portland OR

3 Boston Capital 121,875 129,936 Jack Manning Boston MA

4 Boston Financial Investment Management, LP 108,717 127,117 Kenneth Cutillo Boston MA

The Richman Group Affordable Housing 5 Corporation 106,143 104,008 Richard Paul Richman Greenwich CT

6 Enterprise Community Asset Management, Inc. 105,407 103,194 Charles R. Werhane Columbia MD

7 National Equity Fund, Inc. 101,583 96,303 Joseph Hagan Chicago IL

8 AIG Affordable Housing Partners 99,947 102,592 Douglas S. Tymins Los Angeles CA

9 Raymond James Tax Credit Funds, Inc. 96,182 67,751 Steve Kropf St. Petersburg FL

10 WNC & Associates, Inc. 50,924 50,800 Wilfred N. Cooper, Jr. Irvine CA

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DORMA and KABA are now dormakaba Visit dormakaba.com Photos Courtesy of Alden Torch Financial Torch Alden Photos Courtesy of Uncertain Times LIHTC syndicators adjust pricing but remain optimistic as tax changes loom. > By Chris Wood

Last year started out great for Alden Torch Financial, the nation’s A Rate Rollercoaster largest low-income housing tax credit (LIHTC) syndicator. By May, “A lot of syndicators and investors are underwriting to a lower tax the company had closed on a $117 million, fully-specified multi- rate,” explains Weiss. “There are investors on the sidelines waiting for investor fund and was gearing up to close out another $100 million the dust to settle, and expectations vary from tax reform happening fund by year’s end. by the end of August to it may not even happen at all. Everyone is Then the election happened. Investors, eyeing the likelihood of tax searching for good, true guidance.” reform under a Trump administration, pulled back and LIHTC credit Raoul Moore, senior vice president of syndication for Columbia, prices plummeted, stalling the closing of Alden Torch’s fund raise Md.-based Enterprise Community Asset Management, Inc., the to March of 2017 and challenging its typical annual deployment of sixth-largest LIHTC syndicator, would agree. While investors haven’t approximately $300 million. abandoned the market, their approaches to dealing with pricing “We’re very happy with what we were able to accomplish, uncertainty have been diverse, he says. especially with the sharp drop in pricing at the end of year,” says Alden “It’s been all over the board,” says Moore. “From underwriting at Torch Financial Managing Director Jeffrey Weiss. “With that, 2017 has a 25 percent tax rate with built-in downward and upward adjusters to become an exercise in how we structure deals.” pegging a 20 percent credit with just an upward adjustor and taking With both the outlook for and side effectsof tax reform efforts the chance on a 15 percent rate, where they’ll take the hit versus a 25 seeming uncertain, syndicators are focused on finding ways to hedge percent rate where they’ll get the benefit.” price volatility and balance the need for Community Reinvestment Act (CRA) allocations to make deals work.

26 SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC Photos Courtesy of Alden Torch Financial Torch Alden Photos Courtesy of

Amenity Light Reform Efforts One of the immediate effects of LIHTC price drops has been a But bringing more certainty back to the market means having more siphoning of excess basis dollars commonly available to 2016 projects clarity on the details of tax reform. where pricing was $0.10 to $0.14 higher. With that equity no longer The current push for tax reform reflects the widely-held belief that available, developers have been forced to take a harder look at America’s current tax code is an impediment to growth. The code is community amenities just when market-rate perks like clubhouses, riddled with exemptions and the statutory rate is too high. However, pools and gaming rooms were becoming standard. reductions in the corporate rate could have serious implications for the “Those properties are suddenly harder to do today, and developers LIHTC program. are now focusing solely on core amenities because they have to, even as they look to add features to ensure the long-term marketability of the asset,” Weiss says. “The greatest amenity we can provide in our program is lower renters, and we shouldn’t forget that.”

“There are investors on the sidelines waiting for the dust to – Will Cooper, WNC & Associates settle, and expectations vary from tax reform happening by the end of August to it may not even happen at all. So far, only the House Republicans have offered an initial outline Everyone is searching for good, true guidance.” of their approach, called the House Blueprint on Tax Reform. However, the Blueprint is only a starting point for the tax reform – Jeffrey Weiss, Alden Torch Financial debate. Both the Senate and White House have yet to unveil their own approaches to tax reform, which will shift the debate. As the proposals evolve, the industry looks to ensure that tax However, Will Cooper, president and CEO of WNC & Associates, reform safeguards the viability of the LIHTC program. Downsizing the Inc., the tenth largest syndicator, says there is a significant need for program would exacerbate the shortage of affordable rental units. social service programs and sustainability to be incorporated into But for now, many executives are just taking things one day and affordable housing before projects add on amenities commonly found in one deal at a time. market-rate properties to impress residents. In fact, identifying existing “We’re keeping in close communication with lobbyists in affordable housing stock where WNC can make value-added energy Washington, and it’s still not even a 50/50 shot that reform will efficiency improvements is high on the syndicator’s to-do list for 2017. happen,” says Cooper. “But the marketplace has functioned well to “The greatest amenity we can provide in our program is lower absorb that risk, and that is where we are at. 2016 went above and rents, and we shouldn’t forget that,” Cooper says. “I generally don’t like beyond our expectations and we’re optimistic that investors are still to see the cost of the buildings going up just to find places to put the confident we’ve appropriately hedged reform risk. We hope not to see money, and we need to continue to be careful of that.” any hesitancy at all.” ◾

APRIL 2017 | NMHC 50 27 Enabling Progress

Commitment. Innovation. Solutions.

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As the #1 affordable housing lender, Citi’s unwavering commitment to growth and economic progress combined with an innovative approach creates powerful financing solutions for developers and communities in their quest to improve and enhance the lives of their residents.

Citi. Your Community Development Partner. citicommunitycapital.com Citi is to proud to play a integral role in the expansion and revitalization“ of affordable housing around the country. We are committed to serve an industry “ composed of passionate and dedicated professionals whose collective effort is transforming communities and changing the lives of residents.

— Mark Dean Managing Director Citi Community Capital

PROGRESS Through Affordable Housing

© 2017 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Arc Design is a registered service mark of Citigroup, Inc. 2017 NMHC OFFICERS

CHAIRMAN VICE CHAIRMAN TREASURER SECRETARY PRESIDENT IMMEDIATE PAST Robert E. DeWitt Susan Ansel David R. Schwartz Kenneth J. Valach Douglas M. Bibby CHAIRMAN GID Gables Residential Waterton Trammell Crow National Multifamily Daryl J. Carter Boston, MA Dallas, TX Chicago, IL Residential Housing Council Avanath Capital Houston, TX Washington, DC Management Irvine, CA FORMER CHAIRMEN Kelley A. Bergstrom Allen Cymrot Gary T. Kachadurian Geoffrey L. Stack C. Preston Butcher Peter F. Donovan Mary Ann King Leonard W. Wood Thomas S. Bozzuto William H. Elliott Duncan L. Matteson, Sr. Ric Campo Richard L. Fore Richard L. Michaux Douglas Crocker, II Randolph G. Hawthorne Robert Sheridan EXECUTIVE COMMITTEE*

Patti Fielding Patti Shwayder Jay Hiemenz James M. Krohn Joel L. Altman Jeffery A. Roberts William C. Aimco Aimco Alliance Residential Alliance Residential The Altman The Altman Bayless, Jr. Denver, CO Denver, CO Company Company Companies Companies American Campus Phoenix, AZ Phoenix, AZ Boca Raton, FL Boca Raton, FL Communities Austin, TX

William W. Talbot Marc E. deBaptiste Blake Okland Sean J. Breslin Leo S. Horey Daryl J. Carter John Williams American Campus ARA, A Newmark ARA, A Newmark AvalonBay AvalonBay Avanath Capital Avanath Capital Communities Company Company Communities, Inc. Communities, Inc. Management Management Austin, TX Boca Raton, FL Charlotte, NC Arlington, VA Arlington, VA Irvine, CA Irvine, CA

Tom Keady Richard Schechter Jonathan D. Bell Lili F. Dunn Ernest F. Katai Frank Lutz Alan King The Bainbridge The Bainbridge Bell Partners Bell Partners Berkadia Berkadia Berkshire Property Companies Companies Greensboro, NC Alexandria, VA Southfield, MI Horsham, PA Advisors Cary, NC Wellington, FL Alpharetta, GA

*As of January 1, 2017

30 SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC EXECUTIVE COMMITTEE

David J. Olney Toby Bozutto Julie A. Smith Laurie A. Baker Keith Oden Christopher Beda Ron Zeff Berkshire Property The Bozzuto Group The Bozzuto Group Camden Property Camden Property Carmel Partners, Inc. Carmel Partners, Inc. Advisors Greenbelt, MD Greenbelt, MD Trust Trust San Francisco, CA San Francisco, CA Boston, MA Houston, TX Houston, TX

Peter F. Donovan Brian F. Stoffers Edward Carey Robert D. Greer, Jr. Nathan S. Collier J. Andrew Daniel J. Epstein CBRE CBRE Clarion Partners Clarion Partners The Collier Hogshead The ConAm Group Boston, MA Houston, TX New York, NY Washington, DC Companies The Collier San Diego, CA Gainesville, FL Companies Gainesville, FL

Rob Singh Paul G. Kerr Jon D. Williams Randy Churchey Thomas Trubiana Alan W. George Mark J. Parrell The ConAm Group Davlyn Investments Davlyn Investments EdR EdR Equity Residential Equity Residential San Diego, CA San Diego, CA San Diego, CA Memphis, TN Memphis, TN Chicago, IL Chicago, IL

Adam Berry Manuel Menendez Ronald A. Ratner Deborah Ratner- Gregory A. Fowler Daniel Kaplan David Brickman Essex Property Fannie Mae Forest City Salzberg FPA Multifamily FPA Multifamily Freddie Mac Trust, Inc. Washington, DC Realty Trust Forest City San Francisco, CA Irvine, CA McLean, VA Palo Alto, CA Cleveland, OH Realty Trust Washington, DC

John M. Cannon Susan Ansel Dawn Severt Robert E. DeWitt Stacy G. Hunt William C. Maddux Joe Mosley Freddie Mac Gables Residential Gables Residential GID Greystar Real Estate Greystar Real Estate Greystone Servicing New York, NY Dallas, TX Trust Boston, MA Partners, LLC Partners, LLC Corporation, Inc. Atlanta, GA Houston, TX Charleston, SC New York, NY

APRIL 2017 | NMHC 50 31 EXECUTIVE COMMITTEE

Billy Posey Laura A. Beuerlein Gary S. Farmer Mona Keeter Matthew Lawton Clyde P. Holland William T. Hyman Greystone Servicing Heritage Title Heritage Title Carlton HFF Holland Partner Hunt Mortgage Corporation, Inc. Company of Company of HFF Chicago, IL Group Group Memphis, TN Austin, Inc. Austin, Inc. Dallas, TX Vancouver, WA New York, NY Austin, TX Austin, TX

John Larson Ray Barrows Charles E. Mueller, Jr. Jeff Price Jubeen F. Vaghefi Usha Chaudhary Robert C. Kettler Hunt Mortgage The Irvine Company The Irvine Company JLL Capital Markets JLL Capital Markets Kettler Kettler Group Apartment Apartment Dallas, TX Dallas, TX McLean, VA McLean, VA Dallas, TX Communities ‘IAC’ Communities ‘IAC’ Irvine, CA Irvine, CA

Dan Baker James H. Callard Guy K. Hays W. Dean Henry Brian C. Byrne Margette G. H. Eric Bolton, Jr. KeyBank Real Klingbeil Capital Legacy Partners Legacy Partners Lincoln Property Hepfner MAA Estate Capital Management/ Foster City, CA Residential, Inc. Company Lincoln Property Memphis, TN Cleveland, OH American Apartment Foster City, CA Dallas, TX Company Communities Dallas, TX Annapolis, MD

Albert M. Hessam Nadji John S. Sebree Jeffrey Goldberg Steven T. Lamberti Charles R. Mark Alfieri Campbell, III Marcus & Millichap Marcus & Millichap Milestone Group Milestone Brindell, Jr. Monogram MAA Company Chicago, IL New York, NY Management Mill Creek Residential Trust Memphis, TN Calabasas, CA Dallas, TX Residential Trust LLC Plano, TX Dallas, TX

Peggy Daly Mary Ann King Thomas F. Moran Kerry R. French Eduardo Padilla Gary Goodman Larry Sullivan Monogram Moran & Company Moran & Company NorthMarq NorthMarq Passco Companies, Passco Companies, Residential Trust Irvine, CA Chicago, IL Capital, Inc. Capital, Inc. LLC LLC Plano, TX Houston, TX Minneapolis, MN Irvine, CA Irvine, CA

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EXECUTIVE COMMITTEE

David Durning Larry Goodman Rick Graf Marc S. Pollack Steven L. Shores Donna Preiss John Preiss PGIM Real Estate Pinnacle Pinnacle Pollack Shores Real Pollack Shores Real The Preiss Company The Preiss Company Finance Addison, TX Addison, TX Estate Group Estate Group Raleigh, NC Raleigh, NC Chicago, IL Atlanta, GA Atlanta, GA

Michael Bissell Geoffrey L. Stack Kenneth J. Valach Leonard Wood, Jr. Thomas W. Toomey Warren L. Troupe Diane Batayeh SARES•REGIS Group SARES•REGIS Group Trammell Crow Trammell Crow UDR, Inc. UDR, Inc. Village Green Irvine, CA Irvine, CA Residential Residential Highlands Ranch, CO Highlands Ranch, CO Farmington Hills, MI Dallas, TX Atlanta, GA

David R. Schwartz Jack O’Connor W. Dean Weidner Vincent R. Toye Alan Wiener Michael K. Hayde Jerry LaPointe Waterton Weidner Apartment Weidner Apartment Wells Fargo Wells Fargo Western National Western National Associates, L.L.C. Homes Homes Multifamily Capital Multifamily Capital Group Group Chicago, IL Kirkland, WA Kirkland, WA New York, NY New York, NY Irvine, CA Irvine, CA

Lawrence H. Curtis Steve F. Hallsey WinnCompanies Wood Partners Boston, MA Atlanta, GA

EXECUTIVE COMMITTEE NOT PICTURED

Jeff Lee Judy Schneider Deirdre A. Kuring Capital One Multifamily Finance Holland Partner Group WinnCompanies Bethesda, MD Vancouver, WA Boston, MA Eli Su Pamela K. Wild Brian Earle Essex Property Trust, Inc. KeyBank Real Estate Capital Wood Partners, LLC San Mateo, CA Dallas, TX Atlanta, GA Lynwood D. Brewer Kristen Klingbeil-Weis Fannie Mae Klingbeil Capital Management/ Austin, TX American Apartment Communities Santa Barbara, CA

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NMHC Industry Conferences Open to members and non-members. Meet@ 2017 NMHC Student Housing Conference & Exposition September 25–27, 2017 • Tampa, FL

2017 NMHC OPTECH Conference & Exposition October 25–27, 2017 • Las Vegas, NV

2018 NMHC Apartment Strategies Outlook Conference January 16, 2018 • Orlando, FL

NMHC’s Exclusive Meetings NMHC’s meetings Open to members only. bring together senior 2017 Spring Board of Directors Meeting executives from Our Most Exclusive Meeting • the nation’s leading May 16–18, 2017 New York, NY multifamily firms for 2017 NMHC Fall Board of Directors and Advisory Committee Meeting high-level networking, Get the Insider’s Perspective on Capitol Hill actionable business September 12–14, 2017 • Washington, DC intelligence and thought-provoking 2018 NMHC Annual Meeting Plan Your Strategy for the Year discussions. January 16–18, 2018 • Orlando, FL

Learn more at nmhc.org/meetings BOARD OF DIRECTORS*

Tim L. Myers Ricardo Rivas Michael H. Godwin Scott E. Anderson Gregory T. Mutz Kimberly J. Sperry Dennis Cogbill Allied Orion Group Allied Orion Group Ambling Management American Realty AMLI Residential Amstar Group, LLC Apartment List Houston, TX Houston, TX Company LLC Advisors Properties, L.P. Denver, CO San Francisco, CA Valdosta, GA Glendale, CA Chicago, IL

Marcia Bollinger Neil T. Brown Steven Wolf Thuy Woodall Michael G. Miller Walt Smith Rachel Ridley Apartments.com ArchCo Residential Ares Management AT&T Connected AUM Avenue5 Avesta Communities Atlanta, GA Atlanta, GA New York, NY Communities Lombard, IL Residential, Inc. Tampa, FL Milton, GA Seattle, WA

Phillip E. Bogucki BJ Rosow Lisa Dailey James P. Cooke Mary Jo George James Henderson Ed Hurley AZUMA Leasing AZUMA Leasing Balfour Beatty Ballard Spahr Ballard Spahr Barings Barings Multifamily Austin, TX Austin, TX Communities Washington, DC Washington, DC Hartford, CT Capital LLC Tampa, FL Plano, TX

John K. Powell, Jr. Mark Forrester Keith T. Misner David Oakley Jeffrey C. Day Harry Bookey Mark W. Dunne Bellwether Enterprise Berkadia Berkadia Berkadia Berkeley Point BH Equities, LLC Boston Capital Real Estate Phoenix, AZ Bethesda, MD Birmingham, AL Capital LLC Des Moines, IA Corporation Capital, LLC Bethesda, MD Boston, MA Chicago, IL

John P. Manning David R. Minnick Danuel R. Stanger Bradley B. David J. Adelman Miles H. Orth Anthony Orso Boston Capital Bridge Investment Bridge Investment Chambers Campus Apartments Campus Apartments Cantor Commercial Corporation Group Partners Group Partners Buckingham Philadelphia, PA Philadelphia, PA Real Estate (CCRE) Boston, MA Murray, UT Murray, UT Companies New York, NY Indianapolis, IN

*As of January 1, 2017

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BOARD OF DIRECTORS

Ernest L. Heymann Andrew Kadish L. Marc Carter Tyler Anderson Stephen J. Zaleski Richard Gerwitz Jonathan Holtzman CAPREIT, Inc. CAPREIT, Inc. Carter Haston CBRE CBRE Global Citi Community City Club Rockville, MD Philadelphia, PA Holdings, LLC Phoenix, AZ Investors, LLC Capital Apartments Nashville, TN Boston, MA Los Angeles, CA Farmington, MI

Will Matthews Karen Whitt Patrick Nugent Jerry Davis Stewart Hsu Carlos P. Vaz Jason Rosa Colliers International Colliers International Commercial Insurance Conservice Utility Conti Organization Conti Organization Continental Realty Atlanta, GA Washington, DC Solutions Group Management Addison, TX Addison, TX Advisors, Ltd. Dallas, TX & Billing Littleton, CO Logan, UT

David W. Snyder Lauren A. Richard Leurig Steven DeFrancis Marc D. Goldstein Vickie Rodgers Denise Tremmel Continental Realty Brockman CoreLogic Rental Cortland Partners, Covington Cox Communications Cox Communications Advisors, Ltd. Convergence Property Solutions LLC Development, LLC Atlanta, GA Atlanta, GA Littleton, CO Multifamily Real Coppell, TX Atlanta, GA St. Louis, MO Estate Group Denver, CO

James M. Cauley Benjamin Collins James Curran Brian Natwick Dodge Carter Byron L. Moger John Caltagirone Crescent Communities Crescent Communities Crescent Communities Crescent Communities Crow Holdings Cushman & The Dinerstein Charlotte, NC Charlotte, NC Atlanta, GA Charlotte, NC Capital Wakefield Companies Partners, LLC Tampa, FL Houston, TX Dallas, TX

Brian L. Dinerstein Andrew K. Dolben Deane H. Dolben Adam C. Breen David Luski Wendy Drucker Kellie J. Falk The Dinerstein The Dolben The Dolben DRA Advisors, LLC DRA Advisors, LLC Drucker & Falk, LLC Drucker & Falk, LLC Companies Company, Inc. Company, Inc. New York, NY New York, NY Newport News, VA Raleigh, NC Houston, TX Woburn, MA Woburn, MA

38 SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC BOARD OF DIRECTORS

Dave Nachison Seth Greenberg Michael Edward Warren Rose Trey Embrey Kathleen Jonathan Griffiths Eastdil Secured, LLC ECI Group, Inc. Gorman Edward Rose & Sons Embrey Partners, Ltd. Felderman EPIC Washington, DC Atlanta, GA Edward Rose & Sons Bloomfield Hills, MI San Antonio, TX EPIC San Francisco, CA Carmel, IN San Francisco, CA

Gregory R. Pinkalla Michele M. Evans Jeffery R. Hayward Hilary Provinse Richard Shinberg Les Zimmerman Robert L. Johnston Fairfield Residential Fannie Mae Fannie Mae Fannie Mae First Capital First Capital First Communities Company LLC Washington, DC Washington, DC Washington, DC Realty, Inc. Realty, Inc. Atlanta, GA San Diego, CA Bethesda, MD Bethesda, MD

Mark A. Fogelman Richard L. CJ Edmonds Linda Zeller John J. Gray, III David Birnbaum Ian Griffis Fogelman Fogelman G5 Gerson Bakar & Grayco Partners LLC Griffis Residential LLC Griffis Residential LLC Management Group Fogelman Properties Bend, OR Associates Houston, TX Greenwood Village, CO Greenwood Village, CO Memphis, TN Memphis, TN San Francisco, CA

Jordan E. Slone Curt Hensel Paula Presenkowski James M. Bachner John O. Moore, Jr. Jon C. Wood Lynn Calkins Harbor Group HD Supply HD Supply Heitman LLC Highland Commercial Hines Holland & Knight, LLP International San Diego, CA San Diego, CA Chicago, IL Mortgage, LLC Winter Park, FL Washington, DC Norfolk, VA Birmingham, AL

Greg Faulkner Mark Humphreys Tracy Simonton Todd Wahl James Davis Kevin George G. Joseph Cosenza Humphreys & Humphreys & Legg Hunter Warfield, Inc. InfoTycoon InfoTycoon The Inland Real Partners Partners Hunter Warfield, Inc. Tampa, FL Roswell, GA Roswell, GA Estate Group, Inc. Architects, L.P. Architects, L.P. Tampa, FL Oak Brook, IL Dallas, TX Dallas, TX

APRIL 2017 | NMHC 50 39 BOARD OF DIRECTORS

Mark Cosenza David Kapiloff Will Balthrope Peter Katz Robert J. Finlay Tiffany Butcher Kai Reynolds The Inland Real Insgroup, Inc. Institutional Property Institutional Property Investor Management The JBG Companies The JBG Companies Estate Group, Inc. Houston, TX Advisors, a Division of Advisors, a Division of Services Chevy Chase, MD Chevy Chase, MD Oak Brook, IL Marcus & Millichap Marcus & Millichap Charlotte, NC Dallas, TX Phoenix, AZ

Eddie Yang Jamie B. May James A. Butz Gregory G. Lamb Brian T. Kelleher Richard J. High Allina Boohoff JBM JBM Institutional Jefferson Jefferson JLL Capital Markets John M. Corcoran J.P. Morgan Asset Tampa, FL Multifamily Advisors Apartment Group Apartment Group Dublin, OH & Company Management Tampa, FL McLean, VA McLean, VA Braintree, MA New York, NY

James V. Madary, II Gregory O’Berry Jennings D. Glenn Bonnie D. Moser Kurt Zech John Falco Rohit Anand JVM Realty JVM Realty Kane Realty Kane Realty Kennedy Wilson Kingsley Associates KTGY Group Inc. Corporation Corporation Corporation Corporation Company Atlanta, GA Vienna, VA Oak Brook, IL Oak Brook, IL Raleigh, NC Raleigh, NC San Francisco, CA

Steven R. Boyack Matthew Jordan Peter P. DiLullo, Jr. Thomas J. O’Brien Pat Patterson Jay J. Eisner Todd M. Farrell The Laramar LaSalle Investment LCOR Incorporated LCOR Incorporated Ledcor Properties Inc. LEM Capital, L.P. LMC, A Lennar Group, LLC Management, Inc. Berwyn, PA Berwyn, PA Irvine, CA Philadelphia, PA Company Chicago, IL New York, NY Charlotte, NC

John Gray Thomas F. McCoy, Jr. Charles M. Michael J. Lynd, Jr. Chris Green Eric Wurtzebach Jeffery Lowry LMC, A Lennar Lockton McDaniel The Lynd Company Macquarie Capital Macquarie Capital Madera Equity Company Companies, LLC Lockton San Antonio, TX New York, NY Boca Raton, FL Lubbock, TX Charlotte, NC Denver, CO Companies, LLC Denver, CO

40 SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC

BOARD OF DIRECTORS

Charles Young Joseph F. Mullen Nicholas Darren R. Sloniger Gerald J. Haak Andrew R. Wiener Daniel T. Madera Equity Madison Michael Ryan The Marquette MAXX Properties MAXX Properties McCaffery Lubbock, TX Apartment Group The Marquette Companies Harrison, NY Harrison, NY McCaffery Philadelphia, PA Companies Naperville, IL Interests, Inc. Naperville, IL Chicago, IL

Kenneth Lee W. Patrick Melanie Morrison Jodi Sheahan Alasdair Cripps Charles Kendrick Mark Gleiberman McDowell Properties McDowell MEB Management MEB Management Mesirow Financial Mesirow Financial MG Properties San Francisco, CA McDowell Properties Services Services Chicago, IL Chicago, IL San Diego, CA Miami, FL Tucson, AZ Phoenix, AZ

Christopher C. Alexandra Jackiw Tadd Miller Paul Harris Michael S. Morgan Jonathan R. Mitchell L. Morgan Finlay Milhaus Milhaus Moran & Company The Morgan Morgan Morgan Properties Middleburg Capital Indianapolis, IN Indianapolis, IN Dallas, TX Group, Inc. Morgan Properties King of Prussia, PA Fairfax, VA Houston, TX King of Prussia, PA

Brian Zrimsek Michael H. Gina M. Dingman Casey K. Brennan Michael R. Schell James Kuhn Richard Burns MRI Software Zaransky NAI Everest NALS Apartment NALS Apartment Newmark Grubb The NHP Foundation Solon, OH MZ Capital Partners Minneapolis, MN Homes Homes Knight Frank New York, NY Northbrook, IL Santa Barbara, CA Scottsdale, AZ New York, NY

G. Niles Bolton Jayson F. Scott G. Suttle Jake Harrington Gene R. Blevins Ian Douglas Hyung Kim Niles Bolton Donaldson NorthMarq Capital On-Site.com Orion Real Estate Orion Real Estate Pacific Life Insurance Associates, Inc. NorthMarq Capital Finance Campbell, CA Services Services Company Atlanta, GA Finance Washington, DC Houston, TX Houston, TX Newport Beach, CA Washington, DC

42 SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC BOARD OF DIRECTORS

T. Anthony Premer Arthur J. Cole Alfred V. Pace Georgianna W. Stanley W. Sloter David Onanian Randall M. Pacific Life Insurance Pacific Urban Pacific Urban Oliver Paradigm PAS Purchasing Paulson Company Residential Residential Package Concierge, Inc. Development Solutions PAS Purchasing Newport Beach, CA Palo Alto, CA Palo Alto, CA Medfield, MA Company Houston, TX Solutions Arlington, VA Plano, TX

Susan M. Mello David R. Picerne Manny Brown D. Scott Bassin Thomas Booher Sam Foster Seth Martin PGIM Real Estate Picerne Real Pillar PNC Real Estate PNC Real Estate PRG Real Estate Pritzker Realty Madison, NJ Estate Group Chicago, IL Pittsburgh, PA San Francisco, CA Philadelphia, PA Group, LLC Phoenix, AZ Chicago, IL

John D. Millham Bruce LaMotte Alan Pollack Kenneth J. Bacon Bruce Barfield Tammy Farley Adam Ducker Prometheus Providence Providence RailField Realty Rainmaker LRO Rainmaker LRO RCLCO Walnut Creek, CA Management Management Partners Alpharetta, GA Alpharetta, GA Bethesda, MD Company, L.L.C. Company, L.L.C. Bethesda, MD Glenview, IL Glenview, IL

Charles A. Hewlett Stephen T. Winn Edward J. Meylor Todd A. Rodenberg Russell L. Dixon Arlene Mayfield Alan Feldman RCLCO RealPage, Inc. Red Mortgage Red Mortgage RedHill Realty RentPath Resource Real Bethesda, MD Carrollton, TX Capital, LLC Capital, LLC Investors, LP Atlanta, GA Estate, Inc. Columbus, OH Dallas, TX San Diego, CA Philadelphia, PA

Yvana Rizzo Jay H. Massirman Marcie Williams David Evemy W. Scott Robinson Avi Lewittes Jason Taylor Resource Real Rivergate KW Rivergate KW Sarofim Realty Sarofim Realty The Scion Group The Scion Group Estate, Inc. Management Management Advisors Advisors Chicago, IL Chicago, IL Philadelphia, PA Miami, FL Miami, FL Dallas, TX Dallas, TX

APRIL 2017 | NMHC 50 43 BOARD OF DIRECTORS

James D. Scully Jr. Michael A. Scully Colm Macken J. Robert Love Ella Neyland Drew Gray Michael Katz Scully Company Scully Company Shea Properties Simpson Steadfast Stellar Capital Sterling American Jenkintown, PA Jenkintown, PA Aliso Viejo, CA Housing LLLP Income REIT Partners Property Inc. Atlanta, GA Irvine, CA Lubbock, TX Great Neck, NY

Tarak Patolia Alan P. Dean Brian J. Tusa Greg Campbell Robert E. Hart Wayne A. Russell A. Sterling American Terwilliger Pappas Trinsic Residential TruAmerica TruAmerica Vandenburg Vandenburg Property Inc. Multifamily Group Multifamily Multifamily TVO Groupe LLC TVO North America Great Neck, NY Atlanta, GA Dallas, TX Los Angeles, CA Sherman Oaks, CA Chicago, IL El Paso, TX

Stephanie Brock David J. Ingram Jeffrey G. Maguire Geoffrey C. Brown Shawn Handrahan Syd McDonald Brendan Coleman US Residential UBS Realty UBS Realty USA Properties Valet Waste, LLC Valet Waste, LLC Walker & Dunlop Group LLC Investors LLC Investors LLC Fund, Inc. Tampa, FL Tampa, FL Bethesda, MD Plano, TX Hartford, CT Hartford, CT Roseville, CA

Howard W. Gregory L. Engler Timothy J. Charles W. Phillip R. Deguire Ronald V. Brigitta Eggleston Smith, III Walker & Dunlop Connelly Brammer, Jr. The Wilkinson Granville Yardi Systems, Inc. Walker & Dunlop Investment Sales Whiteco The Wilkinson Group, Inc. Woodmont Real Santa Barbara, CA Bethesda, MD Atlanta, GA Residential LLC Group, Inc. Atlanta, GA Estate Services Merrillville, IN Atlanta, GA Belmont, CA

Russ Pengelly Samuel C. Greg West Steven K. Buck Zillow Group Stephens, III ZOM Companies ZRS Management, Seattle, WA ZOM Companies Fort Lauderdale, FL LLC Orlando, FL Orlando, FL

44 SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC

BOARD OF DIRECTORS NOT PICTURED

Kirk Downey Keith Anderson Jake S. Hollinger Herbert L. Miller, Jr. Abacode CBG Building Company GoldOller Real Estate Investments LEM Capital, L.P. Tampa, FL Arlington, VA Philadelphia, PA Philadelphia, PA Michael Ferris DeAnna Thomas Richard Oller Scott Gilpatrick Abacode CBRE Global Investors, LLC GoldOller Real Estate Investments Madison Apartment Group Tampa, FL Boston, MA Philadelphia, PA Philadelphia, PA Leslie Menkes Brooks Castellaw Justin Brown Jonathan Stern ACRE CF Real Estate Services LLC Google Fiber Meridian Capital Group, LLC Singapore Atlanta, GA Mountain View, CA New York, NY Mark Ellsworth Hertz Mark Dean Orli Perez Robert D. Lazaroff AIG Global Real Estate Investment Corp. Citi Community Capital Google Fiber The Michelson Organization New York, NY Seattle, WA Mountain View, CA Saint Louis, MO Josh Steinitz Robert Platt Dru Armstrong Bruce V. Michelson, Jr. Amazon.com City Club Apartments Grace Hill, Inc. The Michelson Organization Seattle, WA Farmington, MI Augusta, GA Saint Louis, MO John Kobs Cliff Alsberg Gina Rayson Greg Lozinak Apartment List CohnReznick LLP Grace Hill, Inc. Monument Capital Management San Francisco, CA Atlanta, GA Augusta, GA Miami, FL Patrick Dodson Justin Trail John Nash Carter Bechtol Apartments.com Commercial Insurance Solutions Group Hanover Company The Morgan Group, Inc. Chicago, IL Dallas, TX Houston, TX Houston, TX Alexis Gessner Daniel J. Minahan Edward M. Harrington Paula Zimmer Arbor Continental Properties Company, Inc. Hawthorne Residential Partners MRI Software Uniondale, NY Menomonee Falls, WI Greensboro, NC Solon, OH Bonnie Habyan James H. Schloemer Phil Payonk Brad Zaransky Arbor Continental Properties Company, Inc. Hawthorne Residential Partners MZ Capital Partners Uniondale, NY Menomonee Falls, WI Greensboro, NC Northbrook, IL Emily Chin Scott Bradford Howard Edelman Bruce Dingman AT&T Connected Communities CoreLogic Rental Property Solutions Heitman NAI Everest Milton, GA Westlake, TX Chicago, IL Minneapolis, MN Lorna M. Auerbach Roy E. Demmon, III Jennifer Massey Douglas Scott Schuster Auerbach Realty Holdings, LLC Demmon Partners Highland Commercial Mortgage, LLC Newmark Grubb Knight Frank Santa Monica, CA Redwood City, CA Birmingham, AL Las Vegas, NV David Carpenter Thomas Walsh John M. Gibson Thomas L. Coolidge AUM Demmon Partners Invitation Homes Nexus Systems Elmhurst, IL Redwood City, CA Dallas, TX Falls Church, VA Stephen Davis Dana David Bruce Lavine Thomas Runyon Avenue5 Residential LLC E & S Ring Management Corporation Invitation Homes Nexus Systems Seattle, WA Los Angeles, CA Bellevue, WA Falls Church, VA Bert De Alejo Jimmy Baugnon Mark O. Decker, Jr. Ray Kimsey Avesta Communities ECI Group, Inc. IRET Niles Bolton Associates, Inc. Tampa, FL Atlanta, GA Minot, ND Atlanta, GA Deborah Rogan John Hanna Wayne A. Comer Kenneth W. Outcalt Bellwether Enterprise Real Estate Entrata J.P. Morgan Asset Management The NRP Group Capital, LLC Provo, UT New York, NY Cleveland, OH Cleveland, OH Benjamin Zimmer David A. Williams Monte Jones Jack Boarman Entrata JLL Capital Markets On-Site.com BKV Group Lehi, UT Saint Paul, MN Campbell, CA Minneapolis, MN Phyllis F. Klein Kimberly Byrum W. Clark Ewart Michael Krych Fannie Mae Kennedy Wilson Paradigm Development Company BKV Group Pasadena, CA Dallas, TX Arlington, VA Minneapolis, MN Dan Hobin Mike Kingsley Nick Killebrew Scott Sladek G5 KTGY Group Inc. Parse Capital Buckingham Companies Bend, OR Vienna, VA Scottsdale, AR Indianapolis, IN Stephen LoPresti Summit S. Walia Robert Jeans Jeffrey Cagan Gerson Bakar & Associates LaSalle Investment Management, Inc. PGIM Real Estate Cagan Management Group, Inc. San Francisco, CA El Segundo, CA Madison, NJ Skokie, IL Katie Bloom Michael E. Mueller Rondetta Troutman Michael C. May Goldman Sachs LeaseHawk Picerne Real Estate Group Cantor Commercial Real Estate (CCRE) Irving, TX Scottsdale, AZ Phoenix, AZ Bethesda, MD James W. Huckaby, Jr. Ian Asselstine Anand Gajjar Harris Haston Goldman Sachs Ledcor Properties Inc. Pillar Financial, a Division of Carter Haston Holdings, LLC Irving, TX Vancouver, BC, Canada SunTrust Bank Nashville, TN New York, NY

46 SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC The premier destination for what’s next in multifamily

THOUGHT-PROVOKING HIGH-LEVEL CONTENT NETWORKING

INTERACTIVE TRADESHOW EXPERIENCE

October 25-27, 2017 • Mandalay Bay Resort and Casino • Las Vegas, NV nmhc.org/OPTECH BOARD OF DIRECTORS NOT PICTURED

David Sorise Justin Salvato Adam Ray Loyal Proffitt Pinnacle City Living LLC Redwood-Kairos Real Estate Partners Spectrum Community Solutions US Residential Group LLC New York, NY Rancho Santa Margarita, CA Stamford, CT Dallas, TX John H. Stewart Troy Marek Joseph Varello Bryan George Prescient Co. Regions Bank Spectrum Community Solutions Venterra Realty Management Inc. Hillsborough, NC Birmingham, AL Stamford, CT Houston, TX Keith Stocker John Zielke James Kane Richard Roos Prescient Co. Regions Bank Starwood Capital Group Venterra Realty Management Inc. Hillsborough, NC Atlanta, GA Atlanta, GA Houston, TX Brett J. Gomes Gus J. Colessides William Stoll Kris Mikkelsen PRG Real Estate Renters Legal Liability LLC Steadfast Companies Walker & Dunlop Investment Sales Philadelphia, PA Salt Lake City, UT Irvine, CA Atlanta, GA Michael A. Sullivan Paul J. Kaliades Paul Stell Eric Hade Pritzker Realty Group, LLC Renters Legal Liability LLC Stellar Capital Partners Waypoint Residential Chicago, IL Salt Lake City, UT Lubbock, TX Atlanta, GA Justin Halada Justin Alanis Lesley Andrews Scott J. Lawlor Prometheus Rentlytics, Inc. Ten-X Waypoint Residential San Mateo, CA San Francisco, CA Belmont, CA Stamford, CT Tamika McCuistion Joseph Beaudin AJ Richard Kristin Glascock RealPage, Inc. Rentlytics, Inc. TH Real Estate Zillow Group Richardson, TX San Francisco, CA Hartford, CT Seattle, WA Rachel Fraychineaud Ryan Holmes Olga Roman-Brooks Greg M. Galli realtor.com rentals Rise Real Estate Company TH Real Estate Woodmont Real Estate Services Westlake Village, CA Valdosta, GA Hartford, CT Belmont, CA Shawn Sullivan Greg Hunter Shari McKoin Jeffrey W. Adler realtor.com rentals Rise Real Estate Company TransUnion Rental Screening Solutions Yardi Systems, Inc. Westlake Village, CA Valdosta, GA Greenwood Village, CO Santa Barbara, CA Jonathan Needell Yunmi Martin Robert H. West Redwood-Kairos Real Estate Partners Shea Properties TriBridge Residential LLC Rancho Santa Margarita, CA Aliso Viejo, CA Atlanta, GA

48 SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC

THE STUDY REPORTS ON: Apartment Feature Preferences Community Amenity Preferences Available this fall Pricing Expectations Communications & Online Services Apartment Search Methods And Much More!