National Multifamily Housing Council 2013 Annual Report 2013 — the Year in Review Turn to the Accompanying Page for More Details on Specific Activities

National Multifamily Housing Council 2013 Annual Report 2013 — The Year in Review Turn to the accompanying page for more details on specific activities.

Spring 6 Meeting Student 21 Housing Political 10 Fundraising Emerging Landmark Fall 16 Leaders 25 Survey Annual 14 Meeting 3 Meeting

26 Rebranding 4 Groundbreaking Initiative Research 13 Multifamily 22 OpTech Finance 19 Testimony 9 Public Relations National Multifamily Housing Council 2013 Annual Report 1

The Year in Review

NMHC is where the industry’s best and brightest come together to leverage smart decision-making and collaborative action to shape a positive future for their businesses, the multifamily housing industry and the communities they help build.

NMHC supports this shared goal through a wide variety of activities throughout the year—including best-in-class meetings and networking events, quality research, advocacy, new business and technology initiatives, leadership development opportunities Statements of Financial Position 29 NMHC Leadership 30 and beyond. Executive Committee 33 Board of Directors 35 New NMHC Members 42 In 2013, we raised the bar yet again. Journey back with us to see how we put our NMHC Sponsors 44 NMHC Staff 46 membership dollars to work day to day, month to month, through the course of the year. Upcoming Meetings 48

National Multifamily Housing Council 2013 Annual Report 3

Annual Meeting NMHC’s January meetings set the tone for the year ahead with a focus on deal-making and emerging industry trends and issues.

A record number of apartment executives turned out once again for NMHC’s annual back-to-back Apartment Strategies Outlook Conference and Annual Meeting, held in January and co-located at the La Quinta Resort & Club in Palm Springs, Calif. Considered the one can’t-miss industry event of the year, the meeting offered attendees a heady mix of high-level discussion of leadership, strategy, industry data and emerging business trends, as well as exclusive networking opportunities. More Happenings Aside from the usual deal-making, the programming yielded a number of highlights. NMHC Chairman Tom Walk for Our Troops Raises $165K Bozzuto led a frank discussion with Congressman Erskine Bowles and Senator Alan Simpson, the former NMHC members contributed more than co-chairs of the National Commission on Fiscal Responsibility and Reform, about the complicated and $165,000 to the Folds of Honor Founda- tion as part of the second annual Walk concerning state of the nation's balance sheet. for Our Troops. The money supports more than 30 scholarships for children Earvin “Magic” Johnson also candidly shared his experiences as a former apartment renter and pro athlete- of soldiers lost in the conflicts in Iraq turned-entrepreneur during a Q&A with longtime friend NMHC Vice Chairman Daryl Carter, CEO of Avanath and Afghanistan. Capital Management. NMHC and NAA Renew Partnership NMHC renewed its agreement with By bringing together top industry leaders, subject matter experts and some of the nation’s most provocative the National Apartment Association and inspiring speakers, NMHC continues to uphold its reputation as the place to be for the industry’s movers (NAA) to continue to operate the Joint and shakers. Legislative Program for another five years. The two-decade partnership allows the apartment industry to have LEFT: NMHC Chairman Tom Bozzuto (center) discusses the causes of the nation’s debt crisis with former Congressman Erskine Bowles (left) and former Senator Alan Simpson. RIGHT: Former NMHC chairmen Jeff Stack (left) and Randy Hawthorne (right) gather with fellow walkers a single voice on a variety of legislative at the start of the annual Walk for Our Troops. and regulatory matters. 4 2013 — The Year in Review

Groundbreaking Research Landmark report puts a $1 trillion price tag on the value of apartments to the national economy.

Apartments remain a positive economic force, adding value to the nation’s economy with every dollar spent by the businesses that build and operate apartments and the people who call them home. In an attempt to quantify and more effectively communicate that contribution to various stakeholders, in February, NMHC and industry partner NAA released the groundbreaking economic impact report, The Trillion Dollar Apartment Industry, quantifying for the first time the economic contribution of the apartment industry and its residents.

All told, the industry and its residents contributed $1.1 trillion to the national economy and supported 25.4 million jobs.

Based on research by economist Stephen S. Fuller, Ph.D., of George Mason University’s Center for Regional More Happenings Analysis, the report covered the economic contribution of apartment construction, operations and resident spending nationally, plus for all 50 states. In addition, select data were available for 12 metro areas: Atlanta, Emerging Leaders Speaker Boston, Chicago, Dallas, Denver, Houston, Los Angeles, Miami, New York City, Philadelphia, Seattle and Series Kicks Oﬀ Kicking off in February, NMHC’s Washington, D.C. Emerging Leaders group expanded its successful Speaker Series program to The report filled a critical data void while serving as the foundation for a cutting-edge, interactive industry five cities in 2013, bringing the unique website and large-scale, multimedia public relations campaign that launched later in the year. leadership development and networking events to young industry professionals LEFT: Greystar Real Estate Partners’ Stacy Hunt (left) offers sage career advice to young industry professionals during an Emerging Leaders in Atlanta, Chicago, Dallas, Los Angeles Speakers Series event in Dallas. RIGHT: Economist Stephen S. Fuller, Ph.D., gives NMHC board members a sneak peek of the results from his and Washington, D.C. report on the economic impact of apartments.

6 2013 — The Year in Review

Spring Meeting NMHC’s spring business meetings provide the exclusive experience and programming that meet the needs of our high-caliber members.

More than 300 of the apartment industry’s top executives gathered at the Four Seasons at Las Colinas in Dallas in April for NMHC’s spring business meetings, which include both the Apartment Strategies/Finance Conference and the Spring Board of Directors Meeting.

The highlight of this year’s spring meeting was an exclusive interview with former Secretary of State Hillary Rodham Clinton, considered a potential front-runner for the 2016 Democratic presidential nomination. Secretary Clinton’s appearance was her first paid speaking engagement since leaving office—a fact that led More Happenings to widespread media coverage of the NMHC event. In fact, an Associated Press story on the event generated The Year’s Top 50 Owners 22,000 headlines around the world. and Managers Boston Capital and Greystar Real Estate Partners LLC remained the nation’s Her participation in the programming also continued NMHC’s tradition of connecting members with a wide largest apartment owner and manager, spectrum of world-class thought leaders. Similarly, past speakers have included Secretary Clinton’s husband respectively, for the third consecutive and former President Bill Clinton, as well as members of the Bush legacy, including former Presidents George year, according to the 2013 NMHC 50, W. Bush and George H.W. Bush and former Florida Governor Jeb Bush, among numerous other influential the annual industry ranking of the top political and business leaders. 50 apartment owners and managers nationwide. Collectively, the top apart- LEFT: Bob Faith, founder and CEO of Greystar Real Estate Partners, the nation’s No. 1 apartment management firm, participates in a panel ment firms owned 2.9 million apartments discussion on apartment markets. RIGHT: Considering a possible second run as the Democratic presidential candidate, Hillary Clinton talks and managed 2.8 million. candidly with NMHC Chairman Tom Bozzuto about the growing importance of rental housing during NMHC’s spring meeting.

National Multifamily Housing Council 2013 Annual Report 9

Public Relations NMHC and NAA launch large-scale, multimedia public relations campaign to showcase apartments’ economic benefits to communities nationwide.

Building on the research published in the landmark report, The Trillion Dollar Apartment Industry, NMHC and industry partner NAA rolled out a one-of-a-kind, integrated public relations and communications program in By the Numbers the spring—the first ever on behalf of the industry. WeAreApartments.org continues to be a useful industry resource. On an Central to the campaign was the creation of a new, info-driven, digital experience at www.WeAreApartments.org. average day in 2013, the site saw: The site opened with a unique, interactive infographic that educated users about all facets of the apartment industry. In addition, the site featured a number of new tools to enhance advocacy efforts, including a video, site visits an interactive map that allowed users to drill down into the economic impact of apartments by state or select 127 metro areas and an innovative economic impact calculator that tallies the impact of any number of new or existing apartments based on location. 240 page views The pro-apartment campaign and website generated more than 150 news stories and earned multiple design and video awards and a case study feature in PR Week. In addition, against competition from perennial public 29 economic impact relations heavy hitters like the insurance and airline industries, the campaign won national recognition from calculator uses PR Daily for Best Use of the Internet or Digital Tools and Best Website and from PR News for both the 2013 Public Affairs Campaign and New Site Launch of the Year awards. 11 report and LEFT: The Laramar Group’s Keith Harris and The Bozzuto Group’s Julie Smith look over the new policy brochure, a key piece in NMHC and NAA’s joint public relations campaign. resource downloads 10 2013 — The Year in Review

Political Fundraising NMHC’s Political Action Committee (PAC) again raises record contributions to support lawmakers who understand the industry’s issues.

More Happenings Members Host Fundraisers In addition to supporting NMHC PAC, As Congress continues to debate legislation that directly affects not only NMHC member companies but industry leaders organized fundraising also the lives of the 35 million Americans who live in apartment communities, NMHC PAC has become a events for several lawmakers. In March, NMHC Treasurer Sue Ansel held an critical advocacy tool. event at her home in Dallas for House Financial Services Committee Chairman NMHC PAC relies on voluntary contributions from eligible NMHC member companies and their employees to Jeb Hensarling (R-Texas). In the fall, fund political engagement and educational activities. NMHC PAC dollars are contributed to federal political Holland Partners CEO Clyde Holland campaigns and political parties to help support the apartment industry’s legislative goals, educate Congress hosted a similar event in Seattle to benefit Congressman Kevin McCarthy (R-Calif.). about multifamily housing issues and encourage participation in the political process. Other co-hosted events were held in Chicago and Washington, D.C. With leadership from NMHC PAC Chairman David Neithercut, CEO of Equity Residential, NMHC PAC once again surpassed its fundraising goal. In 2013, 1,872 employees from 186 NMHC member firms and NMHC Top PAC Contributors The top five firms for employee staff contributed $1,360,982 to NMHC PAC and the Smarter Living Fund. These contributions helped support contributions to NMHC PAC in 2013 168 congressional campaigns and 122 leadership PACs and party committees were Marcus & Millichap/Institutional Property Advisors (IPA) ($101,489), NMHC thanks all contributors for their generous support and encourages more participation going forward. Equity Residential ($70,824), CBRE ($55,450), BRE Properties, Inc. ($45,250) LEFT: Holland Partners CEO Clyde Holland (right) introduces California Congressman Kevin McCarthy during an NMHC board of directors and Holland Partner Group ($43,750). luncheon. RIGHT: An NMHC contingent visits Texas Congressman Randy Neugebauer at his office on Capitol Hill.

National Multifamily Housing Council 2013 Annual Report 13

Multifamily Finance NMHC continues to engage policymakers in crafting a long-term housing finance reform solution that maintains liquidity in the multifamily market.

The stymied debate over what to do with mortgage giants Fannie Mae and Freddie Mac continued in 2013, but lawmakers ultimately put ink to paper over the summer, drafting two housing finance reform bills. In June, a group of bipartisan senators led by Mark Warner (D-Va.) and Bob Corker (R-Tenn.) introduced legislation to address wholesale government-sponsored enterprise (GSE) reform while preserving the More Happenings multifamily lending programs that exist today and retaining a federal guarantee. House Financial Services NMHC Responds to FHFA Committee Chairman Jeb Hensarling (R-Texas) also shepherded a Republican-backed bill out of committee In reaction to FHFA’s August call for in July. The plan would definitively wind down government support for housing and reshape the role of the public input on strategies for further reducing GSE lending in 2014, NMHC Federal Housing Agency. initiated a letter-writing campaign to engage FHFA in finding minimally While the new bills reflect progress in the debate, the absence of meaningful, legislative resolution on the disruptive solutions to issues in the future of the two GSEs led the Federal Housing Finance Agency (FHFA) to initiate some significant regulatory housing finance market. NMHC member companies joined more than 65 enterprises actions. Most noteworthy for the apartment industry was a mandate to reduce Fannie and Freddie’s multi- in submitting comments to the agency. family lending by a minimum of 10 percent in 2013. Finance Talks at the White House With credit availability remaining a key concern, NMHC continues to engage all policymakers in their pursuits In the fall, NMHC representatives were of a quality GSE reform solution—one that we expect maintains mortgage liquidity for the multifamily industry, invited on two occasions to meet with the Obama Administration at the White ensuring we can build the 300,000 new apartments needed each year. House to discuss housing finance-related issues, including Congressman Mel LEFT: NMHC PAC Chairman David Neithercut (left) greets Senators Bob Corker (middle) and Mark Warner, co-sponsors of a bipartisan Watt’s (D-N.C.) nomination as the housing finance reform bill. director of the GSEs’ regulator, FHFA. 14 2013 — The Year in Review

Fall Meeting NMHC’s Fall Board of Directors Meeting focuses on emerging legislative and regulatory issues and encourages industry dialogue with key policymakers.

As Congress struggled to come to consensus in 2013, a number of issues important to the apartment industry hung in the balance. Given this backdrop, NMHC’s Fall Board of Directors Meeting, held in September in NMHC’s hometown of Washington, D.C., focused on creating opportunities for NMHC members to engage More Happenings with key lawmakers on a whole host of topics. A Chat with the Chairman During the fall business meeting, an More than 300 NMHC Board of Directors and Advisory Committee members gathered for the multiday NMHC leadership team, including Gables event that fostered constructive dialogue between the industry’s leaders and key policymakers. On tap Residential’s Sue Ansel, Avanath Capital were lawmakers from both sides of the political aisle, each addressing issues of importance for the apartment Management’s Daryl Carter, GID’s industry. Congressman Joe Crowley (D-N.Y.) spoke with members about insurance issues and specifically Bob DeWitt and CBRE’s Peter Donovan, paid Congressman Jeb Hensarling pointed to the need to renew the Terrorism Risk Insurance Act (TRIA). Congressman Kevin McCarthy (R-Texas) an office visit in a continued (R-Calif.), on the other hand, highlighted the need to address failures in the current immigration system. attempt to work with him on housing Congresswoman Shelley Capito (R-W.V.) expressed concern over what she called “regulatory overreach” finance reform. and a slew of new banking regulations, while Senator Johnny Isakson (R-Ga.) focused on tax reform. Supplier Partner Alliance This committee intends to bring the However, housing finance reform remained the hottest topic of debate. Congresswoman Maxine Waters industry’s product manufacturers, (D-Calif.) underscored the need for a bipartisan solution, while Senators Bob Corker (R-Tenn.) and Mark suppliers and service providers together Warner (D-Va.) talked in depth about their own bipartisan housing finance reform bill, encouraging NMHC with leading apartment executives to members to work with them to add detail to some of the provisions relating to multifamily mortgage finance. identify and develop creative solutions for some of the industry’s biggest needs. LEFT: Jeb Hensarling (far right), chairman of the House Financial Services Committee, greets GID’s Bob DeWitt and several other NMHC The committee meets twice a year and is representatives during an office visit. RIGHT: NMHC Vice Chairman Daryl Carter shares some information with Congresswoman Maxine open to NMHC supplier members. Waters, ranking member of the House Financial Services Committee.

16 2013 — The Year in Review

Emerging Leaders NMHC continues to grow professional development opportunities for the industry’s next generation of leaders.

Building on its achievements with every step, NMHC’s Emerging Leaders program again delivered on its ambitious goals in 2013. Led by a 15-member committee, the program provides leadership access, education and networking opportunities for the industry’s rising stars and is open to any under-40 apartment professional who has at least five years of industry experience and is employed by an NMHC member firm.

The special Emerging Leaders registration program for NMHC’s Annual Meeting sold out again this year. More than 150 NMHC firms took advantage of the unique registration option that allows them one additional slot at the NMHC Annual Meeting for a young up-and-comer in their company.

The group also continued its successful Speaker Series events in five cities. These exclusive events featured More Happenings industry leaders engaging with young professionals in an intimate, fireside chat format. Participating executives included Daryl Carter of Avanath Capital Management, Steven Fifield of Fifield Companies, Clyde Holland Tools for Talent Management A key to attracting and retaining talent of Holland Partners, Stacy Hunt of Greystar, Gary Kachadurian of ARA, Tom Moran of Moran & Company, is having a compelling compensation Greg Mutz of AMLI Residential and Dave Stockert of Post Properties. package. In August, NMHC published its annual compensation report in Emerging Leaders committee members also challenged themselves to further develop their NMHC ties by partnership with Towers Watson. More signing on as special liaisons to NMHC’s wide range of committees and also growing contributions to NMHC’s than 100 member firms contributed Political Action Committee (PAC). In addition, they focused on growing group membership through online to this year’s report, providing critical salary, benefit and turnover data and communications, social media and pop-up regional networking events. establishing benchmarks to help LEFT: NMHC members discuss an array of talent management topics during facilitated roundtable discussions at NMHC’s OpTech. members stay competitive in the RIGHT: Holland Partners CEO Clyde Holland (left) talks with Walker & Dunlop’s Michael Darling about key points in his career during talent market. an Emerging Leaders Speaker Series event in Washington, D.C.

National Multifamily Housing Council 2013 Annual Report 19

Testimony NMHC participates in a number of important congressional hearings on topics from tax to housing finance.

With debate raging around myriad legislative and regulatory issues with ramifications for the apartment industry, NMHC amped up its presence on Capitol Hill in 2013 through participation in a number of important hearings.

In April, on behalf of NMHC and industry partner NAA, Thomas Moran, chairman and managing partner of Moran & Company, testified in front of the House Ways and Means Committee on the subject of tax reform Legislative Agenda and residential real estate. Then in June, NMHC Chairman Tom Bozzuto, chairman and CEO of The Bozzuto NMHC’s advocacy efforts are Group, testified before a House Committee on Energy and Commerce subcommittee on how apartments spur focused in a number of key areas: the economy and stimulate manufacturing. • Housing finance However, NMHC met with an even bigger opportunity in the fall, when we were invited to participate in a • Tax reform Senate Committee on Banking, Housing and Urban Affairs hearing on multifamily housing finance reform. • HUD policy Given the degree of uncertainty around the future of government-backed Fannie Mae and Freddie Mac, both significant sources of mortgage capital for the apartment industry, NMHC’s voice in the discussion was crucial. • FHA programs • Immigration “Private capital should bear the principal risk to protect taxpayers, but history has shown that private capital • Insurance is unwilling or unable to meet the full financing needs of the multifamily sector, including the $100 billion in mortgages that need to be refinanced each year,” said Bozzuto, who represented NMHC at the hearing. • Environmental regulation • Energy efficiency LEFT: NMHC Chairman Tom Bozzuto represents the apartment industry during a Senate Banking Committee hearing on multifamily housing finance reform. • Building codes

National Multifamily Housing Council 2013 Annual Report 21

Student Housing NMHC provides matchless research and resources to support the growing student housing sector.

Student housing has come a long way since its humble beginnings, successfully shedding its Animal House More Happenings image and earning a reputation on Wall Street as a veritable asset class. NMHC has long supported this 40-Under-40 Group Formed growing part of the apartment business. These historical ties to the sector were strengthened in 2013 with Similar to the Emerging Leaders program, more high-quality leadership, programming and research. NMHC established a new program to mentor up-and-coming student housing The 11th annual NMHC Student Housing Conference & Exposition, held in New Orleans in the fall, attracted leaders. Andy Hogshead, CEO of Collier a record number of student housing providers, financiers, suppliers and service providers for three days of Companies, heads up the group with assistance from Bob Clark, president educational programming, product exhibits and networking. Held right after the beginning of the new school of Peak Campus Apartments. year, the conference offered attendees a pulse check on the lease-up season as well as new development and management trends. Industry Responds to White House Challenge In August, several NMHC member firms Despite the sector’s impressive growth, key operational differences between student housing and traditional joined a roundtable discussion at the apartments have limited the data available to student housing lenders, investors and practitioners to bench- White House to talk about extending the mark performance. To help fill that void, NMHC publishes an annual Off-Campus Student Housing Income Obama Administration’s Better Building and Expense Benchmarking Survey. The 2013 edition further expanded on previous years’ efforts, providing Challenge to the multifamily sector. This detailed financial line-item data from 462 student housing properties with 258,703 beds in 37 states. industry input was integral to the launch of the program in December. A number of NMHC members have joined the program LEFT: Campus Apartments’ David Adelman (far left) preps (left to right) The Dinerstein Companies’ Brian Dinerstein, EdR’s Randy Churchey and American Campus Communities’ Bill Bayless for a conference presentation. RIGHT: Collier Companies’ Andy Hogshead discusses the challenge to reduce their energy use by young adult market during a general session at the student housing conference. 20 percent over the next decade. 22 2013 — The Year in Review

OpTech The annual operations and technology conference remains at the forefront of emerging business, data and technology trends.

It was another record-breaking year for NMHC’s Multifamily Business Operations and Technology Conference & Exposition (OpTech), as industry leaders gathered in Dallas in November to explore the latest business trends More Happenings and technologies influencing the operation and management of apartment communities and companies. From business intelligence to top marketing trends and emerging technologies, attendees shared high-level Tough Launch Pad Competition Back by popular demand, NMHC’s 2013 insight and resources on the technology tools, resources and tactics they’re using to make smarter business OpTech concluded with the second an- decisions. nual Launch Pad multifamily technology competition. This year’s panel of tough In addition to three days of educational programming and a vibrant product and services marketplace featuring apartment industry executives selected nearly 80 leading business solutions and new technology suppliers, OpTech included a number of unique InfoTycoon, with its mobile asset lifecycle management tool, as the Launch Pad components in 2013. Chief among them were a sneak peek at the results of a landmark apartment resident winner. However, conference attendees preferences survey, a discussion of takeaways from a new white paper on the issue of music licensing and voted to give the People’s Choice Award new technology integration roundtables and workshops. to ButterflyMX for its real-time, two-way, audio-video building access mobile app. Also new to OpTech this year was a one-of-a-kind reverse trade show floor experience. At the “Commerce Go-To Guide for Music Licensing Corner,” exhibitors had a chance to have brief, face-to-face meetings with key decision-makers at some of the In response to rising industry confusion nation’s top apartment firms. Twenty-nine exhibitors reserved meetings with executives from 17 participating over when and how music licensing firms, raising a total of $12,000 to benefit Ride2Recovery, the charity of choice for the 2014 NMHC Walk for applies to apartment communities, NMHC Our Troops. developed a white paper outlining the basics of copyright and music licensing LEFT: Pinnacle Family of Companies’ Rick Graf (far left), Camden’s Kristy Simonette and UDR’s Scott Wesso discuss the strengths principles to help multifamily firms better and weaknesses of the presentations during this year’s LaunchPad technology competition. RIGHT: OpTech attendees walk through navigate the issue’s complexities. a product demo from one of OpTech’s exhibitors.

National Multifamily Housing Council 2013 Annual Report 25

Landmark Survey NMHC releases results of first-ever, large-scale survey of apartment residents to determine the apartment features, amenities and services residents value most.

In 2013, NMHC partnered with research firm Kingsley Associates to launch a landmark apartment resident preferences survey, marking the most comprehensive study of its kind to date. The report underscores NMHC’s commitment to provide proprietary data analysis and fill critical information voids, offering invaluable insight for the multifamily industry on just what our residents value in the apartment homes our industry builds, owns and manages.

The study surveyed residents from 12 industry-leading multifamily firms who collectively own and/or operate more than 550,000 units across the United States. The nearly 15,000 resident responses covered More Happenings top apartment features, community amenities, pet-specific features, online communications and property Apartment Markets Shift management perceptions, among other areas. NMHC’s Quarterly Survey of Market Con- ditions showed that after four years of Survey results showed that when it came to apartment features the top three must-have features were high- almost continuous improvement across speed Internet access, patio or balcony and washer/dryer in unit. However, the data also yielded some surprise four main indicators—market tightness, sales volume, equity financing and debt results in the areas of service request response times; online rent payments and lease renewals; and social media. financing—the apartment industry shifted into neutral in the third quarter Attendees of NMHC’s 2013 OpTech got a sneak peek of the initial survey results, and the final report was of 2013, suggesting that while industry released for purchase in December. Also included in the full report was market-specific information for fundamentals remain strong, growth 22 metro areas, as well as data segmented by age, income, apartment class and other demographic variables. rates may temper. The survey provides a reliable finger on the pulse of the industry and offers first-reads on emerging trends LEFT: Kingsley Associates’ David Smith (far left) discusses results of the resident preferences survey with (left to right) Bell Partners’ Kevin Thompson, BRE Properties’ John Selindh and Lincoln Property Company’s Jennifer Staciokas. RIGHT: MPF Research’s Greg Willett digs into in areas such as new development activity changing apartment market dynamics during a panel discussion of this recurring hot-button topic. and construction costs. 26 2013 — The Year in Review

Rebranding Initiative NMHC seizes on the opportunity to take a leap to our next level of performance and success with an organization-wide rebranding.

NMHC’s roots date back to 1978, when a small group of industry legends, including Sam Zell, Preston Butcher and Trammell Crow, formed an organization to fight rent control. Since then, the apartment industry has evolved dramatically from a loose collection of mom-and-pop shops to an organized group of sophisticated enterprises. In response, NMHC has also grown, expanding beyond advocacy into research, events, public More Happenings relations and more. New Leadership Elected 2013 marked the final year of The To better bridge the gap between who we were 36 years ago and what we do today, the better part of 2013 Bozzuto Group’s Tom Bozzuto’s tenure was dedicated to a large-scale rebranding initiative. We engaged leading branding firms and reached out as NMHC chairman. NMHC thanks him for his expert guidance and leadership to all levels of our membership with surveys, in-depth interviews and workshops to help us better bring our over the years. value to the surface.

NMHC elected Daryl J. Carter, founder, This exercise led to several key changes, including a new logo, a small but important name change and a new chairman and CEO of Avanath Capital Management, LLC, as Bozzuto’s successor tagline—all to reinforce NMHC’s long-held reputation as the premier apartment organization. The final results and also announced the appointment were revealed at the 2014 Annual Meeting and the rollout continues throughout the year, with a complete of new officers. GID’s Bob DeWitt will revamp of the NMHC.org website, the launch of new newsletters and an update to many of the services we serve as NMHC vice chairman, Gables provide to better meet members’ needs. Residential’s Sue Ansel as treasurer and Waterton Associates’ David Schwartz LEFT: Avanath Capital Management CEO Daryl Carter is elected to serve a two-year term as NMHC’s chairman. RIGHT: Following nearly a as secretary. year of stakeholder research and collaboration, the new NMHC logo was revealed at the 2014 Annual Meeting.

Statements of Financial Position 29

July 1, 2012 - June 30, 2013 July 1, 2011 - June 30, 2012 (Audited) (Audited) ASSETS Cash and Investments Cash $ 1,378,485 $ 1,822,641 Investments, at cost 7,335,813 6,859,044 Total Cash and Investments 8,714,298 8,681,685

Fixed Assets Furniture and Equipment, at cost 636,626 709,009 Less: Accumulated Depreciation (549,548) (619,435) Total Fixed Assets, Net 87,078 89,574

Other Assets NMHC members and employees are encouraged to report suspected violations of the law, violations of Security Deposit 14,676 14,676 NMHC policies and procedures, dishonest or unethical behavior, crimes or improper business activities to Total Other Assets 14,676 14,676 NMHC’s Senior Vice President of Finance and Admin- istration or through Report Line at 877/888-0002 or Total Assets $ 8,816,052 $ 8,785,935 www.tnwinc.com/webreport. From time to time, the Board may change the process by which members or employees may communicate such reports. Employees will be notified of changes by internal communications. Members should check the NMHC website for any LIABILITIES AND UNRESTRICTED NET ASSETS changes to the reporting process. Liabilities The Audit Committee shall ensure that employees Lease Payable – Copiers $ 36,080 $ 18,585 may report suspected violations anonymously in Refundable Advances – CITF 41,110 41,070 accordance with local, state and federal Whistleblower Statutes and Employee Protection Ordinances. Total Liabilities 77,190 59,655 Employees will not be subject to any penalties or retribution for reporting suspected violations in good faith. Unrestricted Net Assets NMHC Audit Committee (2012-2013) Unrestricted Net Assets - Beginning 8,726,280 7,807,447 Robert E. DeWitt (Chair) Current Year Increase/(Decrease) 12,582 918,833 GID, Boston, MA Total Unrestricted Net Assets 8,738,862 8,726,280 Grace Huebscher Beech Street Capital, Bethesda, MD Total Liabilities and Unrestricted Net Assets $ 8,816,052 $ 8,785,935 Richard L. Kadish CAPREIT, Inc., Rockville, MD

LEFT: Former NBA star Earvin “Magic” Johnson greets NMHC member and fan Toby Bozzuto of The Bozzuto Group, along with NMHC’s leadership team. 30 2014–2015 NMHC Leadership

Officers

Chairman Vice Chairman Treasurer Secretary President Immediate Past Chairman Daryl J. Carter Robert E. DeWitt Sue Ansel David Schwartz Douglas M. Bibby Thomas S. Bozzuto Avanath Capital GID Gables Residential Waterton Associates National Multifamily The Bozzuto Group Management, LLC Boston, MA Dallas, TX Chicago, IL Housing Council Greenbelt, MD Irvine, CA Washington, DC

Committee Leadership

Audit Diversity Diversity Emerging Leaders Emerging Leaders Sue Ansel (Chair) Albert Berriz (Co-Chair) Julie A. Smith (Co-Chair) Michael Darling (Chair) Maxwell Peek (Vice Chair) Gables Residential McKinley Bozzuto Management Company Walker & Dunlop Waterton Residential Dallas, TX Ann Arbor, MI Greenbelt, MD Needham, MA Chicago, IL National Multifamily Housing Council 2013 Annual Report 31

Committee Leadership (cont.)

Emerging Leaders Finance Finance Investment Joint Legislative Jennifer Staciokas (Vice Chair) Keith Harris (Chair) Mark Parrell (Vice Chair) Dawn Severt (Chair) Sue Ansel (Co-Chair) Lincoln Property Company The Laramar Group, LLC Equity Residential Gables Residential Trust Gables Residential Dallas, TX Chicago, IL Chicago, IL Atlanta, GA Dallas, TX

Marketing and Brand Marketing and Brand Membership Operating OpTech Planning Management Management Rick Graf (Chair) Daryl J. Carter (Chair) Scott Wilder (Chair) Kristy SImonette (Chair) Jennifer Staciokas (Vice Chair) Pinnacle Avanath Capital Management, LLC Lincoln Property Company Camden Properties Lincoln Property Company Dallas, TX Irvine, CA Dallas, TX Houston, TX Dallas, TX

OpTech Planning OpTech Planning Political Action Political Action Greg O’Berry (Vice Chair) Greg Lozinak (Vice Chair) Peter F. Donovan (Chair) Robert E. DeWitt (Vice Chair) JVM Realty Corporation Waterton Associates, LLC CBRE GID Oak Brook, IL Chicago, IL Boston, MA Boston, MA 32 2013 NMHC Leadership

Committee Leadership (cont.)

Research Research Student Housing Student Housing Supplier Partner Alliance Jay Lybik (Chair) Ann Kovach (Vice Chair) William Bayless (Chair) Donna Preiss (Vice Chair) Larry Bellack (Chair) Equity Residential BRE Properties, Inc. American Campus Communities The Preiss Companies Rainmaker LRO Chicago, IL Irvine, CA Austin, TX Raleigh, NC Alpharetta, GA

Systems Technology Systems Technology Tax Tax and Information Management and Information Management Mike McDougal (Chair) Maxwell Peek (Vice Chair) Erik Rogers (Chair) Richard Brennan (Vice Chair) McDougal Properties, LC Waterton Residential Carmel Partners AIMCO Lubbock, TX Chicago, IL Denver, CO Denver, CO

Telecommunications Telecommunications Debt Financing Equity Investment and Building Technology and Building Technology Subcommittee Subcommittee Lori Reeves (Chair) Cheryl Barraco (Vice Chair) Mona Carlton (Chair) Adam Fruitbine (Chair) Forest City Residential Management AvalonBay Communities HHF Alliance Residential Company Cleveland, OH San Diego, CA Dallas, TX New York, NY 2013 Executive Committee 33

Patti Fielding John Williams Christopher Beda Jon D. Williams Robert E. DeWitt Aimco Avanath Capital Management Carmel Partners, Inc. Davlyn Investments GID Denver, CO Irvine, CA San Francisco, CA San Diego, CA Boston, MA Patti Shwayder Tom Keady Ron Zeff Alan W. George Stacy G. Hunt Aimco The Bainbridge Companies Carmel Partners, Inc. Equity Residential Greystar Real Estate Denver, CO Cary, NC San Francisco, CA Chicago, IL Partners, LLC James M. Krohn Richard Schechter Peter F. Donovan David Santee Houston, TX Alliance Residential Company The Bainbridge Companies CBRE Equity Residential William C. Maddux Phoenix, AZ Wellington, FL Boston, MA Chicago, IL Greystar Real Estate Partners, LLC Bruce C. Ward Jonathan D. Bell Brian F. Stoffers Susanne Hiegel Charleston, SC Alliance Residential Company Bell Partners CBRE Capital Markets Fannie Mae Laura A. Beuerlein Phoenix, AZ Greensboro, NC Houston, TX Washington, DC Heritage Title Company William C. Bayless, Jr. Lili F. Dunn William T. Hyman Manuel Menendez of Austin, Inc. American Campus Communities Bell Partners Centerline Capital Group Fannie Mae Austin, TX Austin, TX Alexandria, VA New York, NY Washington, DC Gary S. Farmer Jason Wills Alan King John Larson Deborah Ratner-Salzberg Heritage Title Company American Campus Communities Berkshire Property Advisors Centerline Capital Group Forest City Enterprises, Inc. of Austin, Inc. Austin, TX Alpharetta, GA Dallas, TX Washington, DC Austin, TX Marc E. deBaptiste David J. Olney C. Stephen Cordes Ronald A. Ratner Mona Keeter Carlton ARA Berkshire Property Advisors Clarion Partners Forest City Residential Group, Inc. HFF Boca Raton, FL Boston, MA New York, NY Cleveland, OH Dallas, TX Gary T. Kachadurian Thomas S. Bozzuto Robert D. Greer, Jr. David Brickman Matthew Lawton ARA The Bozzuto Group Clarion Partners Freddie Mac HFF Hinsdale, IL Greenbelt, MD Washington, DC Mc Lean, VA Chicago, IL Sean J. Breslin Julie A. Smith Nathan S. Collier John M. Cannon Clyde P. Holland AvalonBay Communities, Inc. Bozzuto Management Company The Collier Companies Freddie Mac Holland Partner Group Arlington, VA Greenbelt, MD Gainesville, FL New York, NY Vancouver, WA Timothy J. Naughton Laurie A. Baker J. Andrew Hogshead Susan Ansel Hessam Nadji AvalonBay Communities, Inc. Camden Property Trust The Collier Companies Gables Residential Institutional Property Advisors, Arlington, VA Houston, TX Gainesville, FL Dallas, TX a Marcus & Millichap Company Walnut Creek, CA Daryl J. Carter Keith Oden Paul G. Kerr Dawn Severt Avanath Capital Management Camden Property Trust Davlyn Investments Gables Residential Trust Guy K. Johnson Irvine, CA Houston, TX San Diego, CA Atlanta, GA Johnson Capital Las Vegas, NV 34 2013 — The Year in Review

Executive Committee (cont.) Darren Lister John J. Kerin Terry S. Danner Johnson Capital Marcus & Millichap Riverstone Residential Group Las Vegas, NV Calabasas, CA Dallas, TX Jeffrey T. Morris Charles R. Brindell, Jr. Michael Bissell Jones Lang LaSalle Americas, Inc. Mill Creek Residential Trust LLC SARES•REGIS Group Orlando, FL Dallas, TX Irvine, CA Jubeen F. Vaghefi Mary Ann King Geoffrey L. Stack Jones Lang LaSalle Americas, Inc. Moran & Company SARES•REGIS Group Miami, FL Irvine, CA Irvine, CA James H. Callard Thomas F. Moran Timothy J. Hogan Klingbeil Capital Management/ Moran & Company Trammell Crow Residential American Apartment Communities Chicago, IL Dallas, TX Annapolis, MD Kerry R. French Kenneth J. Valach Kristen Klingbeil-Weis NorthMarq Capital, Inc. Trammell Crow Residential Klingbeil Capital Management/ Houston, TX Houston, TX American Apartment Communities Eduardo Padilla Michael E. Tompkins Santa Barbara, CA NorthMarq Capital, Inc. TriBridge Residential LLC. Guy K. Hays Minneapolis, MN Atlanta, GA NMHC's annual Walk for Our Troops continues to be a welcome addition to Legacy Partners Rick Graf Harry Alcock the Annual Meeting program with members raising more than $165,000 to Foster City, CA Pinnacle UDR, Inc. benefit soldiers and their families. W. Dean Henry Addison, TX Highlands Ranch, CO Legacy Partners Residential, Inc. Stan J. Harrelson Warren L. Troupe Foster City, CA Pinnacle UDR, Inc. Alan Wiener Brian C. Byrne Seattle, WA Highlands Ranch, CO Wells Fargo Multifamily Capital Lincoln Property Company David P. Stockert David R. Schwartz New York, NY Oak Brook, IL Post Properties, Inc. Waterton Associates, L.L.C. Frank Middleton Jeff B. Franzen Atlanta, GA Chicago, IL Wood Partners, LLC Lincoln Property Company Jamie Teabo Gregory J. Lozinak Mill Valley, CA Herndon, VA Post Properties, Inc. Waterton Residential Curtis W. Walker H. Eric Bolton, Jr. Atlanta, GA Chicago, IL Wood Partners, LLC MAA David Durning Vincent R. Toye Atlanta, GA Memphis, TN Prudential Mortgage Wells Fargo Multifamily Capital Albert M. Campbell, III Capital Company New York, NY MAA Chicago, IL Memphis, TN 2013 Board of Directors 35

Jay Blasberg Scott G. Suttle Lisa A. Robinson David Carpenter Michael Stern Acre Capital LLC AmeriSphere Multifamily ARA AUM Beecher Carlson Tucson, AZ Finance, LLC Atlanta, GA Elmhurst, IL Atlanta, GA Toshi Matsushita Bethesda, MD Bonnie Habyan Michael G. Miller Robert S. Aisner Acre Capital LLC Steve F. Hallsey Arbor Commercial Mortgage, LLC AUM Behringer Harvard Multifamily REIT I Tucson, AZ AMLI Management Company Uniondale, NY Lombard, IL Addison, TX Jeffery Daniels Chicago, IL Erica Mileo Scott Doyle Mark Alfieri AIG Global Real Estate Gregory T. Mutz Arbor Commercial Mortgage, LLC Avesta Communities Behringer Harvard Multifamily REIT I Investment Corp. AMLI Residential Properties, L.P. Uniondale, NY Tampa, FL Addison, TX New York, NY Chicago, IL Brian Earle Denise Morales Frank Lutz Donald Huffner Kimberly J. Sperry Ares Management Avesta Communities Berkadia AIG Global Real Estate Amstar Group, LLC New York, NY Tampa, FL Horsham, PA Investment Corp. Denver, CO Steven Wolf Phillip E. Bogucki Karl H. Reinlein New York, NY Lauren A. Brockman Ares Management AZUMA Leasing Berkadia Tim L. Myers Anbrock, LLC New York, NY Austin, TX Horsham, PA Allied Realty Denver, CO Morgan Anderson Bj Rosow Jeffrey C. Day Houston, TX Judy Bellack Arthur J. Gallagher & Co. AZUMA Leasing Berkeley Point Capital LLC Ricardo Rivas Apartment Guide Irvine, CA Austin, TX Bethesda, MD Allied Realty Boca Raton, FL Alexandra Glickman Morton P. Fisher, Jr. Jim McDevitt Houston, TX Arlene Mayfield Arthur J. Gallagher & Co. Ballard Spahr Berkeley Point Capital LLC Joel L. Altman Apartment Guide Glendale, CA Baltimore, MD Bethesda, MD Altman Development Corporation Norcross, GA Jason A. Friedman Allan R. Winn Dwight D. Dunton, III Boca Raton, FL Dick Burke Associated Estates Realty Ballard Spahr Bonaventure Realty Group, LLC Jeffery A. Roberts Apartments.com Corporation Washington, DC Arlington, VA Altman Development Corporation Chicago, IL Richmond Heights, OH Grace Huebscher Mark W. Dunne Boca Raton, FL Brad Long Jeffrey I. Friedman Beech Street Capital Boston Capital Corporation Michael H. Godwin Apartments.com Associated Estates Realty Bethesda, MD Boston, MA Ambling Management Company LLC Chicago, IL Corporation Jeff Lee John P. Manning Valdosta, GA Blake Okland Richmond Heights, OH Beech Street Capital Boston Capital Corporation Rodrigo Lopez ARA Lin Atkinson Bethesda, MD Boston, MA AmeriSphere Multifamily Charlotte, NC AT&T Connected Communities Bob Lane Danuel R. Stanger Finance, LLC Thomas P. MacManus Atlanta, GA Beecher Carlson Bridge Investment Group Partners Omaha, NE ARA Finance, LLC Thuy Woodall Atlanta, GA Murray, UT Boca Raton, FL AT&T Connected Communities Milton, GA 36 2013 — The Year in Review

Board of Directors (cont.) Christian V. Young Miles H. Orth DeAnna Thomas Patrick Nugent James W. Harris Bridge Investment Group Partners Campus Apartments CBRE Global Investors, LLC Commercial Insurance CoreLogic SafeRent Murray, UT Philadelphia, PA Boston, MA Solutions Group Rockville, MD Barden Brown Michael Hartnett Stephen J. Zaleski Dallas, TX Pam Storm Brown Realty Advisors Campus Crest Communities CBRE Global Investors, LLC Justin Trail CoreLogic SafeRent Atlanta, GA Charlotte, NC Boston, MA Commercial Insurance Norcross, GA Walter W. Miller Ted Rollins Brooks Castellaw Solutions Group James Henderson Brown Realty Advisors Campus Crest Communities CF Lane LLC Dallas, TX Cornerstone Real Estate Atlanta, GA Charlotte, NC Atlanta, GA David B. Woodward Advisers LLC Josh Mandell Michael May Dan Haefner CompassRock Real Estate LLC Hartford, CT BSR Trust Cantor Commercial Real Estate CF Lane LLC Denver, CO Michael Cohen Little Rock, AR (CCRE) Atlanta, GA Daniel J. Epstein CoStar Daniel M. Oberste Bethesda, MD Richard Gerwitz The ConAm Group of Companies Boston, MA BSR Trust Anthony Orso Citi Community Capital San Diego, CA Mark Klionsky Little Rock, AR Cantor Commercial Real Estate Los Angeles, CA Charles E. Mueller, Jr. CoStar James B. Knight (CCRE) Rick Craig The ConAm Group of Companies Washington, DC Bury+Partners, Inc. New York, NY City Street Residential Partners San Diego, CA Marc D. Goldstein Dallas, TX Richard Lyon Houston, TX Jerry Davis Covington Development, LLC Nick Moulinet Capital One Bank John Cutrer Conservice Utility Management Saint Louis, MO Bury+Partners, Inc. New York, NY CityStreet Residential Partners & Billing Benjamin Collins Dallas, TX Ernest L. Heymann Houston, TX Prosper, TX Crescent Communities B. Diane Butler CAPREIT, Inc. David A. Kessler Stewart Hsu Charlotte, NC Butler Burgher Group Rockville, MD CohnReznick LLP Conti Organization Brian Natwick Dallas, TX Richard L. Kadish Atlanta, GA Addison, TX Crescent Communities Kyle Lewallen CAPREIT, Inc. Josh McCabe Carlos P. Vaz Charlotte, NC Butler Burgher Group Rockville, MD CohnReznick LLP Conti Organization Dodge Carter Austin, TX L. Marc Carter Atlanta, GA Addison, TX Crow Holdings Capital Partners, LLC Jeffrey Cagan Carter Haston Holdings, LLC Mark J. Feldman Jason Rosa Dallas, TX Cagan Management Group, Inc. Nashville, TN Colliers International Continental Realty Advisors, Ltd. Steven Weilbach Skokie, IL Harris Haston San Francisco, CA Littleton, CO Cushman & Wakefield David J. Adelman Carter Haston Holdings, LLC Cynthia Cooke David W. Snyder San Francisco, CA Campus Apartments Nashville, TN Colliers International Continental Realty Advisors, Ltd. Byron L. Moger Philadelphia, PA Tyler Anderson Phoenix, AZ Littleton, CO Cushman & Wakefield CBRE Tampa, FL Phoenix, AZ National Multifamily Housing Council 2013 Annual Report 37

Roy E. Demmon, III Kellie J. Falk Kathleen Felderman Mark A. Fogelman Linda Zeller Demmon Partners Drucker & Falk, LLC EPIC Fogelman Management Group Gerson Bakar & Associates Redwood City, CA Raleigh, NC San Francisco, CA Memphis, TN San Francisco, CA Thomas Walsh Dana David Jonathan Griffiths Richard L. Fogelman Katie Bloom Demmon Partners E & S Ring Management Corporation EPIC Fogelman Properties Goldman Sachs Redwood City, CA Los Angeles, CA San Francisco, CA Memphis, TN Irving, TX John Caltagirone Miles Spencer Christopher E. Hashioka Tom Etheredge James W. Huckaby, Jr. The Dinerstein Companies Eastdil Secured, LLC Fairfield Residential Company LLC Forestar Group, Inc. Goldman Sachs Houston, TX Washington, DC San Diego, CA Austin, TX Irving, TX Brian L. Dinerstein Seth Greenberg Gregory R. Pinkalla Wayne E. McDonald John J. Gray, III The Dinerstein Companies ECI Group, Inc. Fairfield Residential Company LLC Forestar Group, Inc. Grayco Partners LLC Houston, TX Atlanta, GA San Diego, CA Austin, TX Houston, TX Robert Grosz Randy Churchey Michele M. Evans Gregory A. Fowler Joe Mosley Dish Network Education Realty Trust, Inc. Fannie Mae FPA Multifamily Greystone Servicing Corporation, Inc. Englewood, CO Memphis, TN Washington, DC San Francisco, CA New York, NY Brian Spencer Thomas Trubiana Jeffery R. Hayward Daniel Kaplan Billy Posey Dish Network Education Realty Trust, Inc. Fannie Mae FPA Multifamily Greystone Servicing Corporation, Inc. Englewood, CO Memphis, TN Washington, DC San Francisco, CA Memphis, TN Andrew K. Dolben John M. O'Hara, Jr. George Fisher CJ Edmonds Justin Ginsberg The Dolben Company, Inc. Edward Rose & Sons Ferguson Enterprises G5 Guggenheim Commercial Woburn, MA Farmington Hills, MI Augusta, GA Bend, OR Real Estate Finance, LLC Deane H. Dolben Warren Rose Tom Kopfler Dan Hobin New York, NY The Dolben Company, Inc. Edward Rose & Sons Ferguson Enterprises G5 Kieran Quinn Woburn, MA Bloomfield Hills, MI Irvine, CA Bend, OR Guggenheim Commercial Adam C. Breen Trey Embrey Richard N. Shinberg Edward Coco Real Estate Finance, LLC DRA Advisors, LLC Embrey Partners, Ltd. First Capital Realty, Inc. GE Real Estate Atlanta, GA New York, NY San Antonio, TX Bethesda, MD Alpharetta, GA Jordan E. Slone David Luski Gregory L. Engler Les Zimmerman Robert Dean Harbor Group International DRA Advisors, LLC Engler Financial Group, LLC First Capital Realty, Inc. GE Real Estate Norfolk, VA New York, NY Alpharetta, GA Bethesda, MD Washington, DC Curt Hensel Wendy Drucker Patrick Jones Robert L. Johnston Stephen LoPresti HD Supply Drucker & Falk, LLC Engler Financial Group, LLC First Communities Gerson Bakar & Associates San Diego, CA Newport News, VA Alpharetta, GA Atlanta, GA San Francisco, CA Paula Presenkowski HD Supply San Diego, CA 38 2013 — The Year in Review

Board of Directors (cont.) James M. Bachner James Davis Heitman LLC InfoTycoon Chicago, IL Atlanta, GA Howard Edelman Kevin George Heitman LLC InfoTycoon Chicago, IL Atlanta, GA Mark Forrester David Kapiloff Hendricks-Berkadia Insgroup, Inc. Phoenix, AZ Houston, TX Don Hendricks Will Balthrope Hendricks-Berkadia Institutional Property Advisors, Phoenix, AZ a Marcus & Millichap Company Jennifer Massey Dallas, TX Highland Commercial Mortgage, LLC Peter Katz Birmingham, AL Institutional Property Advisors, John O. Moore, Jr. a Marcus & Millichap Highland Commercial Mortgage, LLC Phoenix, AZ Birmingham, AL Kevin A. Baldridge Jim Dunlop The Irvine Company Apartment Hines Communities 'IAC' Washington, DC Irvine, CA Jon Wood Allina Boohoff Hines J.P. Morgan Asset Management Winter Park, FL New York, NY Edward J. Pettinella Tiffany Butcher Home Properties, Inc. The JBG Companies NMHC members are shuttled to Capitol Hill to hear from members of Congress as part of NMHC’s Fall Board Rochester, NY Chevy Chase, MD of Directors Meeting. Greg Faulkner Kai Reynolds Humphreys & Partners Architects, L.P. The JBG Companies Dallas, TX Chevy Chase, MD Mark Humphreys James A. Butz Humphreys & Partners Architects, L.P. Jefferson Apartment Group Dallas, TX Mc Lean, VA Gregory G. Lamb Jefferson Apartment Group Mc Lean, VA National Multifamily Housing Council 2013 Annual Report 39

Richard J. High Keith A. Harris Charles Young Kenneth Lee Bruce V. Michelson, Jr. John M. Corcoran & Company The Laramar Group, LLC Madera Equity McDowell Properties The Michelson Organization Braintree, MA Chicago, IL Lubbock, TX San Francisco, CA Saint Louis, MO Denny St. Romain Tom Klaess Dean Holmes W. Patrick McDowell Jeffrey Goldberg Jones Lang LaSalle Americas, Inc. The Laramar Group, LLC Madison Apartment Group McDowell Properties Milestone Group Fort Lauderdale, FL Greenwood Village, CO Philadelphia, PA Miami, FL New York, NY Faron G. Thompson Christine Akins Joseph F. Mullen Albert Berriz Steven T. Lamberti Jones Lang LaSalle Americas, Inc. LaSalle Investment Management, Inc. Madison Apartment Group McKinley Milestone Management Atlanta, GA Chicago, IL Philadelphia, PA Ann Arbor, MI Dallas, TX Cindy Clare Peter P. DiLullo, Jr. Nicholas Michael Ryan Ken Polsinelli Paul Harris Kettler LCOR Incorporated The Marquette Companies McKinley Moran & Company Mc Lean, VA Berwyn, PA Naperville, IL Ann Arbor, MI Dallas, TX Laurel Howell Thomas J. O'Brien Darren R. Sloniger Daniel Heumann Michael S. Morgan Kettler LCOR Incorporated The Marquette Companies Meridian Capital Group, LLC The Morgan Group, Inc. Mc Lean, VA Berwyn, PA Naperville, IL New York, NY Houston, TX Angela Mago Jen Ambrosius Gerald J. Haak Jonathan Stern Alan Patton KeyBank Real Estate Capital LeaseHawk MAXX Properties Meridian Capital Group, LLC The Morgan Group, Inc. Cleveland, OH Scottsdale, AZ Harrison, NY New York, NY Houston, TX Katie Thompson Michael E. Mueller Andrew R. Wiener Alasdair Cripps Jonathan Morgan KeyBank Real Estate Capital LeaseHawk MAXX Properties Mesirow Financial Morgan Properties Dallas, TX Scottsdale, AZ Harrison, NY Chicago, IL King of Prussia, PA John Falco Jay J. Eisner Yvonne Jones Charles Kendrick Mitchell L. Morgan Kingsley Associates LEM Capital, L.P. McCaffery Interests Mesirow Financial Morgan Properties Atlanta, GA Philadelphia, PA Chicago, IL Chicago, IL King of Prussia, PA Peggy Robinson Herbert L. Miller, Jr. Dan McCaffery Mark Gleiberman Melanie Morrison Kingsley Associates LEM Capital, L.P. McCaffery Interests, Inc. MG Properties Morrison, Ekre & Bart Management Atlanta, GA Philadelphia, PA Chicago, IL San Diego, CA Services, Inc. Jay Olander Thomas F. McCoy, Jr. Michael C. McDougal Rob Singh Tucson, AZ Landmark Apartment Trust Lockton Companies, LLC McDougal Properties, L.C. MG Properties Jodi Sheahan of America, Inc. Denver, CO Lubbock, TX San Diego, CA Morrison, Ekre & Bart Management Richmond, VA Charles M. McDaniel Tristan Thoma Robert D. Lazaroff Services, Inc. Gus Remppies Lockton Companies, LLC McDougal Properties, L.C. The Michelson Organization Phoenix, AZ Landmark Apartment Trust Denver, CO Lubbock, TX Saint Louis, MO Elissa M. Courtright of America, Inc. MRI Software Richmond, VA Solon, OH 40 2013 — The Year in Review

Board of Directors (cont.) David Post Michael D. Radice Nicholas Killebrew D. Scott Bassin John D. Millham MRI Software NWP Services Corporation Parse Capital PNC Real Estate Prometheus Solon, OH Costa Mesa, CA Laguna Beach, CA Pittsburgh, PA Walnut Creek, CA Joshua Goldfarb Kevin Filter David Onanian William Thomas Booher David Bateman Multi Housing Advisors Oak Grove Capital PAS Purchasing Solutions PNC Real Estate Property Solutions Atlanta, GA Saint Paul, MN Houston, TX San Francisco, CA Lehi, UT Marc G. Robinson Jeff Patton Randall M. Paulson Marc S. Pollack Benjamin Zimmer Multi Housing Advisors Oak Grove Capital PAS Purchasing Solutions Pollack Shores Real Estate Group Property Solutions Charlotte, NC Birmingham, AL Plano, TX Atlanta, GA Lehi, UT Gina M. Dingman Jake Harrington Gary Goodman Steven L. Shores Bruce LaMotte NAI Everest On-Site.com Passco Companies, LLC Pollack Shores Real Estate Group Providence Management Minneapolis, MN Campbell, CA Irvine, CA Atlanta, GA Company, L.L.C. Caryn McVey Monte Jones Larry Sullivan Donna Preiss Glenview, IL NAI Everest On-Site.com Passco Companies, LLC The Preiss Company Alan Pollack Minneapolis, MN Campbell, CA Irvine, CA Raleigh, NC Providence Management Casey Brennan Gene R. Blevins David R. Picerne John Preiss Company, L.L.C. NALS Apartment Homes Orion Real Estate Services Picerne Real Estate Group The Preiss Company Glenview, IL Santa Barbara, CA Houston, TX Phoenix, AZ Raleigh, NC Thomas G. Smith Michael Lewbel Pam McGlashen Ronald G. Brock, Jr. Steven A. Berger Prudential Real Estate Investors NALS Apartment Homes Orion Real Estate Services Pierce-Eislen, Inc. PRG Real Estate Management, Inc. Atlanta, GA Santa Barbara, CA Houston, TX Scottsdale, AZ Philadelphia, PA Kenneth J. Bacon Richard Burns Arthur J. Cole Ronald G. Brock, Sr. Sam Foster RailField Realty Partners The NHP Foundation Pacific Urban Residential Pierce-Eislen, Inc. PRG Real Estate Management, Inc. Bethesda, MD New York, NY Palo Alto, CA Scottsdale, AZ Philadelphia, PA Bruce Barfield Kyle Lovelady Alfred V. Pace Anand Gajjar Seth Martin Rainmaker LRO The NRP Group Pacific Urban Residential Pillar Multifamily, LLC Pritzker Realty Group, LLC Alpharetta, GA San Antonio, TX Palo Alto, CA New York, NY Chicago, IL Tammy Farley Alan Scott W. Clark Ewart Mark P. Kingston Michael A. Sullivan Rainmaker LRO The NRP Group Paradigm Development Company PIX Pritzker Realty Group, LLC Alpharetta, GA San Antonio, TX Arlington, VA Missouri City, TX Chicago, IL Adam Ducker Robert A. Esposito Stanley W. Sloter Theodore Stratis, Jr. Darren R. Carrington RCLCO NWP Services Corporation Paradigm Development Company PIX Prometheus Bethesda, MD Pembroke Pines, FL Arlington, VA Wayne, NJ San Mateo, CA Charles A. Hewlett RCLCO Bethesda, MD National Multifamily Housing Council 2013 Annual Report 41

Mike Sabbatis David Evemy Scott Anderson Karen McCurdy Michael K. Hayde RealPage, Inc. Sarofim Realty Advisors TIAA-CREF Global Real Estate USA Properties Fund, Inc. Western National Property Carrollton, TX Dallas, TX Newport Beach, CA Roseville, CA Management Stephen T. Winn James D. Scully Jr. Shari McKoin Michael Keyes Ferris Irvine, CA RealPage, Inc. Scully Company TransUnion Rental Valet Waste, LLC Charles W. Brammer, Jr. Carrollton, TX Jenkintown, PA Screening Solutions Tampa, FL The Wilkinson Group, Inc. Emily Kaplan Michael A. Scully Greenwood Village, CO Syd McDonald Atlanta, GA realtor.com rentals Scully Company Brian J. Tusa Valet Waste, LLC Phillip R. Deguire Westlake Village, CA Jenkintown, PA Trinsic Residential Group Tampa, FL The Wilkinson Group, Inc. Shawn Sullivan W. Steve Gilmore Dallas, TX Diane Batayeh Atlanta, GA realtor.com rentals Shea Properties Greg Campbell Village Green Companies Samuel Ross Westlake Village, CA Aliso Viejo, CA TruAmerica Multifamily Farmington Hills, MI WinnCompanies David L. Goodman Colm Macken Sherman Oaks, CA Jonathan Holtzman Boston, MA Red Mortgage Capital, LLC Shea Properties Robert E. Hart Village Green Companies Lawrence H. Curtis Reston, VA Aliso Viejo, CA TruAmerica Multifamily Farmington Hills, MI WinnDevelopment Jorge Baldor J. Robert Love Sherman Oaks, CA Brendan Coleman Boston, MA ResidentCheck Simpson Housing LLLP Wayne A. Vandenburg Walker & Dunlop Greg M. Galli Dallas, TX Atlanta, GA TVO Groupe LLC Bethesda, MD Woodmont Companies Alan Feldman Ella Neyland Chicago, IL Howard W. Smith, III Belmont, CA Resource Real Estate, Inc. Steadfast Income REIT Russell A. Vandenburg Walker & Dunlop Ronald V. Granville Philadelphia, PA Irvine, CA TVO North America Bethesda, MD Woodmont Real Estate Services Yvana Rizzo William Stoll El Paso, TX Raymond D. Barrows Belmont, CA Resource Real Estate, Inc. Steadfast Income REIT David J. Ingram Waypoint Residential Brigitta Eggleston Philadelphia, PA Irvine, CA UBS Realty Investors LLC Atlanta, GA Yardi Systems, Inc. J. Brian Peters Michael Katz Hartford, CT Scott J. Lawlor Santa Barbara, CA Rose Associates, Inc. Sterling American Property Inc. Jeffrey G. Maguire Waypoint Residential Brad Stetser New York, NY Great Neck, NY UBS Realty Investors LLC Greenwich, CT Yardi Systems, Inc. Adam R. Rose Tarak Patolia Hartford, CT Jack O'Connor Santa Barbara, CA Rose Associates, Inc. Sterling American Property Inc. Peter E. Baccile Weidner Property Management LLC Samuel C. Stephens, III New York, NY Great Neck, NY UBS Securities, LLC Kirkland, WA ZOM Companies W. Michael Doramus Jay Jacobson New York, NY W. Dean Weidner Orlando, FL Sarofim Realty Advisors Stiles Residential Group Geoffrey C. Brown Weidner Property Management LLC Greg West Dallas, TX Ft Lauderdale, FL USA Properties Fund, Inc. Kirkland, WA ZOM Companies Roseville, CA Fort Lauderdale, FL 42 2013 New NMHC Members

Abacus Capital Group, LLC Candlewood Partners LLC Greystone Bridge Holdings, Inc. Mason Joseph Company, Inc. Akara Partners Capstone Apartment Partners Greystone Property Management McCormack Baron Ragan Alliance Residential Company Chartwell Holdings Corporation Management Services, Inc. Ambling University Development Clark Enterprises, Inc. Hamilton Point Investments, LLC Metropolitan Property Investment Group, LLC Collins Enterprises, LLC Hampshire Properties, LLC Milan Insurance Partners Apartments 247.com Core Construction Hancock Real Estate Strategies Milhaus Arbour Valley Management Core Real Estate Capital LLC Harborview Capital Partners Miller Frishman Group, LLC Ashford Communities Crescent Communities Hayden Properties MLV & Co. Aspen Heights Cushman & Wakefield/Thalhimer Holland Construction Services Momentum Fitness Solutions Asset Essentials The Cypress Companies Housing Partnership Equity Trust Morris Manning & Martin LLP Avesta Communities Daniel Corporation The Howard Hughes Corporation MRP Realty Benchmark Real Estate Advisors Decron Properties Corp. ICM Green Builders LLC MRS Management, LLC Bentall Kennedy DepositIQ Index Investment LLC NAI Petrous Berger Rental Communities E2M Partners, LLC J.H. Berry and Gilbert Natixis Multi-Family, Inc. BG Capital Management EII Realty Corp NMS Property Services Corporation Joco Partners Blackstone Eller Capital Partners North Bay Group, LLC Jones Lang LaSalle Operations, LLC Blake Capital Corp. EPIC Oldcastle, Inc. Kettler, Inc. BPM Real Estate Group eSupply Systems Omninet Capital Knightvest Management LLC Brack Capital Fortress Investment Group Optima, Inc. KSUF Housing Management LLC Brandenburg Properties FSI Construction Paragon Multifamily LICO Group Corporation Brasfield & Gorrie, LLC GEM Realty Capital, Inc. Parse Capital The Lighthouse Group LLC Brass Enterprises Glendale Development Penzance Lincoln Financial Group BSB Design Global State Investment Group Perella Weinberg Partners LivCor, LLC Campus Living Villages Golub & Company PIX M3 Multifamily, LLC Granite Telecommunications Private Equity Group LLC National Multifamily Housing Council 2013 Annual Report 43

Property Investment Advisors Transwestern Investment Group PRP Real Estate Management TruAmerica Multifamily Prudential Huntoon Paige TSB Capital Advisors, LLC RailField Realty Partners Unique Apartment Group Redwood Capital Group, LLC Velocify Republic Title Virtus Real Estate Capital The Residential Group VTT Management Inc. ResiModel, LLC Walk2Campus Holdings, LLC RETC LP WastePoint REVA Development Partners, LLC Waterton Associates Rittenhouse Realty Advisors WDG Architecture Ryan Companies US Inc. Weiss Entities Savills LLC Wells Asset Management Simpson Property Group LP Westmount Realty Capital, LLC Situs Wharton Equity Partners Spectrum Properties Residential, Wild River Investments New to the 2013 OpTech, Commerce Corner brought together leading apartment executives with exhibitors for one-on-one meetings, creating a unique reverse trade show experience. Inc. Wilmorite Spring Bay Property Company Wood Partners Standard Development Stanmore Partners, LLC Stellar Capital Partners Stiles Residential Group Stuho Sullivan Curtis Monroe Sunstone Capital Partners, LLC 44 2013 NMHC Sponsors

2013 Chairman’s Circle 2013 Friends of the Council ($50,000 and up) ($25,000 to $49,999) Apartment Guide Aimco Cushman & Wakefield Pierce-Eislen, Inc. AT&T Connected Communities Apartment Finder Equity Residential Pinnacle Berkadia Apartments.com First Advantage PNC Real Estate Comcast ARA Greystar Real Estate Partners Protection One Greystone Arbor Commercial Mortgage The Hanover Company Prudential Mortgage KeyBank Real Estate Capital AUM Hendricks-Berkadia Capital Company Kroll Factual Data, Inc. AvalonBay Communities, Inc. HFF Rainmaker LRO Property Solutions Bader Company Institutional Property Advisors, Red Mortgage Capital, LLC RealPage, Inc. Beech Street Capital a Marcus & Millichap Company Riverstone Residential Group Rent.com Berkeley Point Capital Jones Lang LaSalle UDR, Inc. Time Warner Cable BRE Properties, Inc. MAA Valet Waste Verizon Enhanced Communities Camden Property Trust Moran & Company Walker & Dunlop Yardi Systems, Inc. Capital One MRI Software Wells Fargo CBRE Newmark Grubb Knight Frank CoreLogic SafeRent NWP Services Corporation CORT OnSite

SARES•REGIS’s Jeff Stack (right) participates in a Supplier Partner Alliance meeting while committee Chair Larry Bellack looks on.

46 2013 NMHC Staﬀ

Senior Leadership

Doug Bibby Cindy Chetti Kim Duty Kenny Emson Mark Obrinsky, Ph.D. Julie Stalknecht President Senior Vice President, Senior Vice President, Public Senior Vice President, Senior Vice President, Senior Vice President, Government Affairs Affairs and Industry Initiatives Finance and Administration Research and Chief Economist Membership, Marketing and Meetings Communications and Industry Initiatives Finance

Michele Anapol Devin Bartley Rick Haughey Jim Lapides Sarah Yaussi Myrra Bariring Communications Manager, Communications Manager, Vice President, Industry Vice President, Public Relations Vice President, Director, Accounting Policy and Advocacy Web and Digital Technology Initiatives Industry Communications

Government Affairs

Betsy Feigin Befus Matthew Berger Lisa Blackwell David Cardwell Paula Cino General Counsel Vice President, Tax Vice President, Housing Policy Vice President, Capital Markets Senior Director, Energy and Environmental Policy National Multifamily Housing Council 2013 Annual Report 47

Government Affairs (cont.)

Lisa Costello Jeanne McGlynn Delgado Julianne Goodfellow Eileen Lee, Ph.D. Ron Nickson Kimble Ratliff Vice President, Political Affairs Vice President, Business Manager, Government Affairs Vice President, Energy Vice President, Building Codes Director, Government Affairs and Risk Management Policy and Environmental Policy

Membership, Marketing and Meetings

Jennifer Angebranndt, CMP LaFayette Flowers Deanita Holland, CMP Melissa Rowan Brian Veith Susan Yuk Vice President, Meetings Manager, Membership Assistant Director, Meetings Manager, Meetings Manager, Membership Database Administrator

Operations Research Student Housing

Deborah Ancrum Dave Knerler LeVoniann (Toni) Candace Thomas Caitlin Walter Jim Arbury Vice President, Director, Technology Sampson Administrative Assistant Senior Research Analyst Vice President, Administration Receptionist Student Housing 48 Upcoming NMHC Meetings

April 29–30, 2014 September 16–18, 2014 2014 NMHC Research Forum 2014 NMHC Fall Board of Directors (NMHC members only) and Advisory Committee Meeting Georgetown University Hotel and Conference Center (NMHC members only) Washington, DC The Fairmont Hotel Washington, DC May 12, 2014 2014 Emerging Leaders Speaker Series–Boston September 30, 2014–October 2, 2014 (NMHC members only) 2014 NMHC Student Housing Conference & Exposition Boston, MA (NMHC members and nonmembers) Palmer House Hilton May 12–13, 2014 Chicago, IL 2014 NMHC Apartment Strategies/Finance Conference (NMHC members and nonmembers) November 17–19, 2014 Fairmont Copley Plaza 2014 NMHC OpTech Boston, MA Multifamily Business Operations and Technology Conference & Exposition May 13–14, 2014 (NMHC members and nonmembers) 2014 NMHC Spring Board of Directors Meeting Hilton Orlando Bonnet Creek (NMHC Board of Directors members only) Orlando, FL Fairmont Copley Plaza Boston, MA