A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR · 2018-04-05 · 4 NMHC 50 APRIL 2004 A...

4 NMHC 50 APRIL 2004

A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR

National Real Estate Investor is pleased to present the 15th annual NMHC 50, the

National Multi Housing Council’s (NMHC) authoritative ranking of the nation’s 50

largest apartment owners and 50 largest apartment managers.

Based in Washington, D.C., the National Multi Housing Council represents the apart-

ment industry and the nearly 15 million American households who live in an apartment.

NMHC’s members are the principal officers of the larger and more prominent apartment

firms and include owners, developers, managers and financiers. The Council operates a

joint legislative program with the National Apartment Association that targets such

issues as housing policy, multifamily finance, environmental affairs, tax policy, fair hous-

ing, building codes, technology, human resources, and rent control. In addition, NMHC

conducts apartment-related research, encourages the exchange of strategic business

information, and promotes the desirability of apartment living. For more than a decade,

the NMHC 50 has identified key trends in apartment ownership and management, becom-

ing the definitive source for such information.

To ensure the 2004 NMHC 50 is as complete and accurate as possible, NMHC staff

gathered names of apartment owners and managers from a wide range of sources. A

senior officer from each firm was contacted for the information included in the rankings,

which are for properties owned or managed on January 1, 2004. Although membership in

the National Multi Housing Council is not required for inclusion in the survey, 87 percent

of the firms appearing in this year’s rankings are NMHC members. NMHC expresses appre-

ciation to the industry leaders for their participation in this annual effort.

The NMHC 50 was compiled and analyzed by NMHC staff members Doug Bibby, Doris

Collins, Simona Diggs, Richard Levy, and Mark Obrinsky. The NMHC 50 tallies rental

apartments, including rental housing for seniors. Condominiums and cooperatives are

excluded, as are hotel rooms, nursing homes, hospital rooms, and mobile homes. Pension

fund advisory firms are listed only if they have direct ownership interests (as opposed to

interests as fiduciaries) or serve directly as property managers.

In addition to the NMHC 50 rankings and analysis of the results, this section includes

a listing of the officers and members of the National Multi Housing Council. NMHC staff

biographies round out the section.

For those interested in joining the apartment industry’s leadership, NMHC welcomes

inquiries to its Washington offices at 202/974-2300, or you can visit NMHC’s web site at

www.nmhc.org.

Supplement design and layout: Katja L. Adams

2004 Ownership



1 1 CharterMac New York, NY Stuart J. Boesky 309,292 275,831

2 2 Apartment Investment and Management Company Denver, CO Terry Considine 278,657 261,000

3 3 Equity Residential Chicago, IL Bruce W. Duncan 207,506 223,591

4 – MMA Financial, LLC Baltimore, MD Mark K. Joseph 182,343 –

5 5 Boston Capital Corporation Boston, MA John P. Manning 129,660 118,000

6 6 SunAmerica Affordable Housing Partners, Inc. Los Angeles, CA Michael L. Fowler 127,000 117,000

7 7 Archstone-Smith Englewood, CO R. Scot Sellers 82,644 99,840

8 8 United Dominion Realty Trust, Inc. Richmond, VA Thomas W. Toomey 76,337 74,678

9 9 Lefrak Organization Inc. Rego Park, NY Richard LeFrak 71,000 71,000

10 12 Alliance Holdings, LLC Chicago, IL Andrew W. Schor 65,237 57,513

11 10 Sentinel Real Estate Corporation New York, NY John H. Streicker 62,008 63,775

12 4 Morgan Stanley New York, NY Phillip Purcell 53,525 –

13 14 Camden Property Trust Houston, TX Richard J. Campo 51,344 50,790

14 16 Edward Rose Building Enterprise Farmington Hills, MI Sheldon Rose 50,516 49,307

15 – PNC MultiFamily Capital Portland, OR Don Giffen 48,687 –

16 18 The Richman Group Affordable Housing Corp. Greenwich, CT Richard P. Richman 48,211 46,500

17 17 Lincoln Property Company Dallas, TX J. Timothy Byrne 48,032 48,852

18 22 GE Real Estate Stamford, CT Michael Pralle 44,647 37,666

19 11 Whitehall Funds New York, NY Stuart Rothenberg 44,000 59,239

20 20 AvalonBay Communities, Inc. Alexandria, VA Bryce Blair 41,237 39,807

21 15 Home Properties, Inc. Rochester, NY Edward J. Pettinella 40,946 49,837

22 21 Fairfield Residential LLC San Diego, CA Christopher E. Hashioka 38,906 39,126

23 27 Wachovia Charlotte, NC Ken Thompson 38,014 31,481

24 24 Forest City Enterprises, Inc. Cleveland, OH Charles A. Ratner 37,350 36,244

25 23 Milstein Properties New York, NY Howard P. Milstein 37,000 37,000

APARTMENTS WITH2004 2003 OWNERSHIP INTERESTRANK RANK COMPANY HEADQUARTERS CORPORATE OFFICER 2004 2003

NATIONAL MULTI HOUSING COUNCIL 50(50 Largest U.S. Apartment Owners as of January 1, 2004)

APRIL 2004 NMHC 50 7


APARTMENTS WITH2004 2003 OWNERSHIP INTERESTRANK RANK COMPANY HEADQUARTERS CORPORATE OFFICER 2004 2003

26 25 Mid-America Apartment Communities, Inc. Memphis, TN H. Eric Bolton, Jr. 35,734 33,923

27 42 The Michaels Development Company Marlton, NJ Michael J. Levitt 34,662 24,000

28 29 WNC & Associates, Inc. Irvine, CA Wilfred N. Cooper, Jr. 32,002 30,813

29 32 UBS Realty Investors LLC Hartford, CT James W. O’Keefe, Jr. 30,502 30,129

30 28 Colson & Colson/Holiday Retirement Corp. Salem, OR William E. Colson 30,306 30,989

31 26 WMC Management Company, LLC Addison, TX John Bartling 30,093 31,985

32 35 Raymond James Tax Credit Funds, Inc. St. Petersburg, FL Ronald M. Diner 29,789 26,703

33 30 Post Properties, Inc. Atlanta, GA David P. Stockert 28,801 30,317

34 33 AMLI Residential Properties Trust Chicago, IL Allan J. Sweet/Philip N. Tague 28,600 29,000

35 – Picerne Real Estate Group Warwick, RI David R. Picerne 27,977 20,768

36 36 Security Properties, Inc. Seattle, WA John M. Orehek 26,522 26,522

37 44 Essex Property Trust, Inc. Palo Alto, CA Keith R. Guericke 26,012 23,699

38 34 CRI, Inc. Rockville, MD William B. Dockser 25,951 28,000

39 40 The Irvine Company Apartment Communities Newport Beach, CA Max Gardner 25,895 24,227

40 42 Kushner Companies Florham Park, NJ Charles Kushner 25,000 24,000

41 31 Trammell Crow Residential Atlanta, GA J. Ronald Terwilliger 24,071 30,210

42 37 CLK Management Corp. Great Neck, NY Craig Koenigsberg 23,908 25,341

43 47 Southern Management Corporation Vienna, VA David H. Hillman 23,900 22,854

44 46 BRE Properties, Inc. San Francisco, CA Frank C. McDowell 23,469 22,859

45 48 Cornerstone Realty Income Trust, Inc. Richmond, VA Glade M. Knight 23,189 21,618

46 39 Prudential Real Estate Investors Parsippany, NJ Charles F. Lowrey 23,114 24,390

47 45 Gables Residential Trust Boca Raton, FL Chris D. Wheeler 22,887 23,495

48 – Aspen Square Management West Springfield, MA Harold Grinspoon 22,402 19,984

49 49 American Management Services (dba Pinnacle) Seattle, WA Stan J. Harrelson 21,384 21,542

50 – The ConAm Group of Companies San Diego, CA Daniel J. Epstein 20,600 21,163

2004 Management



1 1 Apartment Investment and Management Company Denver, CO Terry Considine 239,875 309,000

2 2 Equity Residential Chicago, IL Bruce W. Duncan 209,124 219,337

3 3 American Management Services (dba Pinnacle) Seattle, WA Stan J. Harrelson 125,136 115,001

4 5 Lincoln Property Company Dallas, TX J. Timothy Byrne 110,236 101,683

5 4 Archstone-Smith Englewood, CO R. Scot Sellers 82,644 109,990

6 7 United Dominion Realty Trust, Inc. Richmond, VA Thomas W. Toomey 76,804 72,972

7 8 Lefrak Organization Inc. Rego Park, NY Richard LeFrak 71,000 71,000

8 6 Trammell Crow Residential Atlanta, GA J. Ronald Terwilliger 70,966 74,467

9 10 Alliance Holdings, LLC Chicago, IL Andrew W. Schor 63,519 57,513

10 9 Sentinel Real Estate Corporation New York, NY John H. Streicker 62,008 63,775

11 – Wachovia Charlotte, NC Ken Thompson 60,218 –

12 17 Greystar Real Estate Partners, LLC Charleston, SC Robert A. Faith 55,488 45,191

13 12 Fairfield Residential LLC San Diego, CA Christopher E. Hashioka 54,684 53,299

14 13 Camden Property Trust Houston, TX Richard J. Campo 52,629 52,075

15 18 Gables Residential Trust Boca Raton, FL Chris D. Wheeler 51,310 44,859

16 15 Edward Rose Building Enterprise Farmington Hills, MI Sheldon Rose 48,258 47,049

17 14 Home Properties, Inc. Rochester, NY Edward J. Pettinella 48,080 51,905

18 16 ConAm Group of Companies San Diego, CA Daniel J. Epstein 46,000 45,836

19 19 WinnResidential Boston, MA Samuel Ross 44,570 42,862

20 20 AvalonBay Communities, Inc. Alexandria, VA Bryce Blair 41,338 39,908

21 11 Whitehall Funds New York, NY Stuart Rothenberg 39,000 53,761

22 22 Milstein Properties New York, NY Howard P. Milstein 37,000 37,000

23 23 Mid-America Apartment Communities, Inc. Memphis, TN H. Eric Bolton, Jr. 35,734 33,923

24 21 WMC Management Company, LLC Addison, TX John Bartling 34,741 39,595

25 25 LEDIC Management Group, Inc. Memphis, TN Jeffrey L. Kelly 32,786 32,866

2004 2003 APARTMENTS MANAGEDRANK RANK COMPANY HEADQUARTERS CORPORATE OFFICER 2004 2003

NATIONAL MULTI HOUSING COUNCIL 50(50 Largest U.S. Apartment Managers as of January 1, 2004)



2004 2003 APARTMENTS MANAGEDRANK RANK COMPANY HEADQUARTERS CORPORATE OFFICER 2004 2003

26 24 Colson & Colson/Holiday Retirement Corp. Salem, OR William E. Colson 31,541 32,889

27 42 Picerne Real Estate Group Warwick, RI David R. Picerne 31,318 23,371

28 32 Westdale Asset Management Dallas, TX Joseph G. Beard 30,383 26,742

29 27 AMLI Residential Properties Trust Chicago, IL Allan J. Sweet/ Philip N. Tague 29,900 29,600

30 – The Michaels Development Company Marlton, NJ Michael J. Levitt 29,549 20,457

31 34 Lane Company Atlanta, GA George H. Lane, III 29,468 26,484

32 29 Alliance Residential Company Phoenix, AZ Bruce C. Ward 29,174 28,402

33 36 BH Management Services, Inc. Dallas, TX Laurie Lyons 28,833 25,712

34 28 Legacy Partners Residential, Inc. Foster City, CA C. Preston Butcher 28,816 29,567

35 26 Post Properties, Inc. Atlanta, GA David P. Stockert 28,801 30,317

36 31 Village Green Companies Farmington Hills, MI Jonathan Holtzman 27,285 27,217

37 35 FPI Management Inc. Folsom, CA Dennis Treadaway 27,064 26,069

38 41 Essex Property Trust, Inc. Palo Alto, CA Keith R. Guericke 26,012 23,699

39 39 The Irvine Company Apartment Communities Newport Beach, CA Max Gardner 25,895 24,227

40 30 Simpson Housing Limited Partnership Denver, CO Donald A. Simpson 25,799 27,833

41 40 Kushner Companies Florham Park, NJ Charles Kushner 25,000 24,000

42 37 Associated Estates Realty Corporation Richman Heights, OH Jeffrey I. Friedman 24,351 25,174

43 49 The Shelter Group Baltimore, MD Arnold I. Richman 24,193 22,405

44 38 Forest City Enterprises, Inc. Cleveland, OH Charles A. Ratner 24,015 24,667

45 – Capstone Real Estate Services, Inc. Austin, TX James W. Berkey 23,952 20,319

46 48 Southern Management Corporation Vienna, VA David H. Hillman 23,900 22,854

47 46 Western National Property Management Irvine, CA Michael K. Hayde 23,780 22,995

48 – SSR Realty Advisors, Inc. Morristown, NJ Frederich Lieblich 23,665 17,948

49 – Corcoran Jennison Companies Boston, MA Marty Jones 23,636 22,104

50 47 BRE Properties, Inc. San Francisco, CA Frank C. McDowell 23,469 22,859

NMHC 50: A Stable Industry in Turbulent Times


APARTMENT OWNERSTHE LEADERSStability was in evidence at the top, as eight of this

year’s top 10 firms were also in the top 10 last year. In

fact, 8 of this year’s top 10 firms were in the top ten 5

years ago, on the 1999 NMHC 50. CharterMac (which

purchased Related Capital Company, last year’s No. 1

owner) took the top spot among NMHC 50 owners

with an ownership interest in 309,292 apartments.

This is the first time any firm has owned more than

300,000 apartments. Apartment Investment and

Management Company (AIMCO), which also grew

substantially, remained number two with 278,657

apartments. This is the second-highest total ever

OVERVIEW

By all accounts, apartment transactions set a new record in

2003. Among the many catalysts was the increased flow of

private capital into the industry, spurred by both the extraordi-

narily low cost of debt finance and by investor desire to increase

portfolio exposure to apartments (as well as to other real estate

assets). One might suppose, therefore, that the NMHC 50 would

be in for something of a shakeup this year, roiling the waters of

what has become a fairly tranquil pool of top apartment owners

and managers over the last five years. Moreover, as REITs are

unable to take as great advantage of leverage as private buyers, it

would seem reasonable to assume that they would lose ground in

the NMHC 50.

Surprisingly, that turns out not to be the case: changes among

the top 50 owners and managers are no greater than usual this year.

While there were a couple of high-profile portfolio transfers

involving some important players, most of the changes wrought by

this unusual environment clearly took place among smaller firms,

partnerships, and individuals. The trend toward greater concen-

tration — through gradual, occasionally interrupted evolution,

rather than through sweeping changes — remains in place. In all

likelihood, these are hallmarks of a more mature, stable industry.

The top 50 largest apartment owners increased their holdings

by 3.9 percent compared with last year’s survey, and as of

January 1, 2004, the top 50 owners had an ownership interest in

2.88 million apartments, just under 18 percent of the nation’s

16.2 million apartments.1 This is virtually identical to the long-

term average annual gain and signals a sharp rebound from last

year’s survey, when the growth rate was less than half of one per-

cent. As has consistently been the case, the increase was concen-

trated at the top, as the 10 largest firms increased their apartment

holdings by more than 6 percent. For the 25 largest owners, the

increase was 4.4 percent, while the second 25 firms saw total

apartments owned increase by about 2 percent.

Despite the inflow of private capital into the apartment indus-

try in 2003, two of the top three places in the ownership rankings

continue to be held by REITs, and there are a total of 14 public

REITs on the owner NMHC 50. Eight of those companies actu-

ally increased their holdings, while six showed a net decrease in

the number of units owned. The total number of units owned by

public REITs declined, but this was accounted for entirely by dis-

positions of two of the largest apartment REITs. REITs own 34

percent of the total holdings of the NMHC 50, a small decline

from last year’s share of 35 percent, but a pickup from their 33

percent share of two years ago.

As for management, the top 50 apartment managers operate a

total of 2.46 million units, down slightly from last year’s 2.48 mil-

lion figure. Management remains somewhat less concentrated

than ownership: the management NMHC 50 handle 15 percent

of the nation’s apartment stock.

Although the list of top apartment managers is dominated by

firms that are also among the top apartment owners, there are still

many property management specialists among the management

NMHC 50. In addition, there are a number of firms that appear

on both lists, but manage far more apartments than they own.

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

NMHC 50 PROFILE 2004Portfolio Size:No. of Apartments Owned 2,880,869No. of Apartments Managed 2,462,947

Minimum Entry Threshold:No. of Apartments Owned 20,600No. of Apartments Managed 23,469

TOP 10 APARTMENT OWNER FIRMSRank Company No. of

Apartments withOwnership Interest

1 CharterMac 309,2922 Apartment Investment and Management Company 278,6573 Equity Residential 207,5064 MMA Financial, LLC (MuniMae) 182,3435 Boston Capital Corporation 129,6606 SunAmerica Affordable Housing Partners, Inc. 127,0007 Archstone-Smith 82,6448 United Dominion Realty Trust, Inc. 76,3379 Lefrak Organization Inc. 71,00010 Alliance Holdings, LLC 65,237

1The apartment stock is defined as the total number of apartments in structures with at least five units.10 NMHC 50 APRIL 2004



recorded by an apartment owner. Equity Residential, which sold

off more than 17,000 apartments, is still the third largest owner

— as well as the biggest publicly traded REIT, when measured by

total capitalization. (See discussion below.) In the No. 4 slot is

MMA Financial (formerly MuniMae), which acquired much of

the portfolio of last year’s No. 4 firm, Lend Lease Real Estate

Investments. Net acquisitions of more than 11,000 allowed

Boston Capital to hold on to the No. 5 ranking.

Four of the next five companies also retained their ranking

from last year. SunAmerica Affordable Housing Partners added

another 10,000 apartments and held onto the No. 6 slot.

Archstone-Smith, the third largest apartment REIT, remains at

No. 7 despite divesting itself of more than 17,000 apartments.

United Dominion Realty Trust and Lefrak Organization are in

their familiar No. 8 and 9 positions. Alliance Holdings added

7,724 apartments to move up two slots into the top ten for the

first time.

THE NEWCOMERSSix of this year’s NMHC 50 owners are new to the list. MMA

Financial debuts at the No. 4 slot, thanks largely to the acquisi-

tion of much of the Lend Lease portfolio. Morgan Stanley, which

also purchased some of Lend Lease’s apartment properties, enters

at the No. 12 slot. PNC Multifamily—formed by the merger of

PNC Affordable Housing, Columbia Housing, and TRI—is the

15th largest owner. Picerne Real Estate Group, which has been

growing steadily for years, picked up an additional 7,209 apart-

ments, which enabled it to enter the NMHC 50 at No. 35. Aspen

Square, another steady grower, debuts at No. 48, while the

ConAm Group of Companies returns to the NMHC 50 at No. 50.

RISING STARSFor the third straight year, CharterMac had the biggest increase

in its ownership portfolio among all firms in the NMHC 50. In

fact, its addition of more than 33,000 apartments is greater than

the holdings of the No. 28 firm in the rankings. After slimming

down considerably two years ago, AIMCO has added enough

apartments in the last two years to reach its largest size ever. In

addition, Boston Capital, The Michaels Development Company,

and SunAmerica all added 10,000 or more apartments to their

portfolios.

Michaels Development showed the largest move within the

top 50 owners, rising 15 slots to reach No. 27. The biggest mover

among REITs was Essex Property Trust, which rose seven places

to No. 37. GE Real Estate, Southern Management Corporation,

and Wachovia each gained four slots in the rankings.

REITS IN THE RANKINGSPublic REITs were subject to divergent trends last year. Since

REITs generally make less use of debt finance than private firms,

the lowest interest rate environment in a generation — and the

continued decline in cap rates to the lowest levels in memory —

was widely thought to put REITs at a competitive disadvantage.

NMHC 50 OWNERSNumber of Apartments Owned 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995Top 10 1,529,676 1,441,422 1,394,962 1,283,194 1,238,300 1,097,072 924,461 838,572 803,198 793,215Second 10 492,207 494,490 513,167 496,451 462,358 463,533 434,269 413,548 407,991 403,543Top 25 2,214,099 2,119,871 2,100,392 1,959,669 1,879,449 1,728,502 1,523,925 1,402,373 1,358,886 1,344,896Second 25 666,770 654,190 662,854 640,430 646,598 591,810 557,954 504,621 489,623 480,970Top 50 2,880,869 2,774,061 2,763,246 2,600,099 2,526,047 2,320,312 2,081,879 1,906,994 1,848,509 1,825,866

Portfolio Size Measures 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995Mean 57,617 55,481 55,265 52,002 50,521 46,406 41,638 38,140 36,970 36,517Median 36,367 32,954 36,306 33,318 34,212 32,376 30,385 26,694 24,702 27,015No. 1 firm 309,292 275,831 251,201 265,620 240,540 233,329 138,923 131,219 135,163 115,902No. 50 firm 20,600 21,213 21,626 20,956 20,965 19,697 18,773 17,000 17,589 16,065

Share of National Apartment Stock (%) 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995Top 10 9.4% 8.9% 8.8% 8.1% 7.9% 7.0% 5.9% 5.4% 5.2% 5.2%Top 50 17.7% 17.0% 17.3% 16.5% 16.2% 14.8% 13.2% 12.2% 12.0% 11.9%

PUBLICLY TRADED REITS AMONG TOP APARTMENT OWNERSRank Company No. of

Apartments withOwnership Interest

2 Apartment Investment and Management Company 278,657

3 Equity Residential 207,5067 Archstone-Smith Trust 82,6448 United Dominion Realty, Inc. 76,33713 Camden Property Trust 51,34420 AvalonBay Communities, Inc. 41,23721 Home Properties, Inc. 40,94626 Mid-America Apartment Communities, Inc. 35,73433 Post Properties, Inc. 28,80134 AMLI Residential Properties Trust 28,60037 Essex Property Trust, Inc. 26,01244 BRE Properties, Inc. 23,46945 Cornerstone Realty Income Trust, Inc. 23,18947 Gables Residential Trust 22,887

Total 967,363


Indeed, some REITs responded to the strong demand for apart-

ment properties by paring assets. Others repositioned their port-

folios by selling some properties and acquiring others in areas

where they wished to increase their exposure. Finally, some chose

to make net additions of apartments to their overall portfolio.

The aggregate effect of these changes was rather small: there

are still 14 REITs in the NMHC 50 owners and they hold a total

of 967,363 apartments, only a small decline from last year’s fig-

ure of 984,454. The biggest changes occurred among the three

largest REITs. AIMCO increased its apartment portfolio by

17,657 units, while Equity Residential had a net decline of 16,085

and Archstone-Smith reduced its portfolio by 17,196 apart-

ments. Home Properties also sold off a net 8,891 apartments. The

remaining REITs made much smaller changes.

A few accounting points need to be made regarding the REIT

figures shown above. In particular, the REIT numbers in the

NMHC 50 do not include private REITs that are established

within larger business organizations. The figures also do not

The NMHC 50 ranks apartment owners by thenumber of apartments in which they hold

an ownership interest. For the majority of com-panies in the listing, this is the only measureof size that is both consistent and generallyavailable.

Publicly traded REITs, however, can also bemeasured by total market capitalization. As withother publicly traded companies, size can beestimated by the stock market’s valuation of thecompany’s equity and the book value of its debt.

Since apartments represent the majority ofassets for all of the REITs in the NMHC 50, theirmarket capitalization is a useful and consistentmeasure of the market’s valuation of the com-panies’ apartment business.

The accompanying table ranks the publiclytraded REITs in the NMHC 50 ownership list bythe number of units. It also shows their totalmarket capitalization and how they would rankby that standard. There are several notable dif-ferences in the rankings. AIMCO, which holdsthe highest position among REITs in the NMHC50, has an ownership interest in 34 percentmore apartments than Equity Residential, butEquity Residential is 40 percent larger whenmeasured by total market capitalization. Theother REITs whose market value rank is higherthan their NMHC rank are: AvalonBayCommunities, BRE Properties, Essex Property,and Gables Residential.

The differences between the two rankingshave several explanations. The most importantdifference has to do with partial ownership ofapartments. In addition to being the sole owner

of thousands of apartments, some companieshave partial ownership interest in others, typi-cally through involvement in a partnership, aseither the general partner or a limited partner.

While this ownership interest may be assmall as one percent, the apartments enter thecount as if they were owned exclusively by theREIT. The valuation measure, by contrast, effec-tively adjusts for the extent of ownership. Forexample, AIMCO has full ownership of onlyabout 40 percent of its apartments and an own-ership interest of less than half for about 30

percent of its holdings.Other reasons for differences between the

rankings include: (1) differences in apartmentvalue among companies based on apartmentquality or geography; (2) differences in theinvestor assessments of the quality and stabil-ity of current income as well as the growthprospects for the company; and (3) differencesin portfolio holdings of assets other than apart-ments, including both “hard” assets and thevaluation of contracts for “third-party manage-ment” of apartments owned by others.

SIZING THE APARTMENT REITS

APARTMENT REIT SIZE AND RANK BY TWO MEASURES (as of January 1, 2004)

Apartments Companywith Rank Total Cap rank

Ownership among Capitalization amongInterest REITs ($ millions) REITs

Apartment Investment and Management Company 278,657 1 10,826 2Equity Residential 207,506 2 15,119 1Archstone-SmithTrust 82,644 3 10,271 3United Dominion Realty, Inc. 76,337 4 4,953 5Camden Property Trust 51,344 5 3,537 6AvalonBay Communities, Inc. 41,237 6 5,859 4Home Properties, Inc. 40,946 7 3,402 7Mid-America Apartment Communities, Inc. 35,734 8 1,752 12Post Properties, Inc. 28,801 9 2,580 10AMLI Residential Properties Trust 28,600 10 1,326 13Essex Property Trust, Inc. 26,012 11 2,657 9BRE Properties, Inc. 23,469 12 3,023 8Cornerstone Realty Income Trust Inc. 23,189 13 1,260 14Gables Residential Trust 22,887 14 2,275 11

Note: Company total capitalization 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 December31, 2003, are provided by Legg Mason Wood Walker, Inc.

APARTMENT OWNERSLargest Portfolio Growth ApartmentsCharterMac 33,461Apartment Investment and Management Company 17,657Boston Capital Corporation 11,660The Michaels Development Company 10,662SunAmerica Affordable Housing Partners 10,000

Moving Up in Rank SlotsThe Michaels Development Company +15Essex Property Trust +7GE Real Estate +4Southern Management Corporation +4Wachovia +4




APARTMENT MANAGERSMany of the top owners in the apartment industry self-man-age the properties they own and therefore are also among thenation’s largest apartment managers. Hence they appear onboth the top 50 owners and managers lists. Other firms spe-cialize in property management and provide this service toapartment owners, including some of those in the NMHC 50owners list.

THE LEADERSThe NMHC 50 management companies showed even

greater stability than the owner NMHC 50: this year’s

top 10 firms were all in the top 10 last year, and the six

largest management firms in 2004 were all among the

top six five years ago.

AIMCO remains in the top slot of the NMHC 50 ranking of

the nation’s largest apartment managers despite having fewer

apartments in its management portfolio than last year. This

marks the sixth consecutive year it has been at the top. Unlike in

previous years, the number of apartments it manages is now sub-

stantially smaller than its ownership portfolio. Equity

Residential, which manages few properties outside its own port-

folio, similarly retained its No. 2 position for the sixth straight

year. American Management Services (dba Pinnacle) is in the No.

3 slot again, while Lincoln Property and Archstone-Smith

switched places at No. 4 and 5.

THE NEWCOMERSFive new firms were added to this year’s top 50 managers:

Wachovia, The Michaels Development Company, SSR Realty

Advisors, Capstone Real Estate Services, and Corcoran Jennison

TOP 10 APARTMENT MANAGEMENT FIRMSRank Company No. of

Apartments Managed1 Apartment Investment and Management Company 239,8752 Equity Residential 209,1243 American Management Services (dba Pinnacle) 125,1364 Lincoln Property Company 110,2365 Archstone-Smith 82,6446 United Dominion Realty Trust, Inc. 76,8047 Lefrak Organization Inc. 71,0008 Trammell Crow Residential 70,9669 Alliance Holdings, LLC 63,51910 Sentinel Real Estate Corporation 62,008

include publicly traded companies in the NMHC 50 that have

not elected REIT status. Finally, to permit comparisons with the

portfolios of non-REIT owners, the NMHC 50 ranks by number

of apartments in which the entity has an ownership interest. This

gives a different ranking for apartment REITs than would result

from alternative size measures, such as the companies’ capitaliza-

tion. The accompanying box discussion compares the rankings

by both measures—units owned and market capitalization.

INDUSTRY GROWTH AND CONCENTRATIONThe apartment industry has shown a steady, if generally gradual,

rise in the concentration of apartments held by the largest own-

ers. That trend is in evidence again in this year’s NMHC 50: the

number of apartments owned by top 50 firms grew by 3.9 per-

cent. Meanwhile, the apartment stock is estimated to have edged

down slightly (by less than one percent). As a result, the firms in

the NMHC 50 increased their share of the total apartment stock

to a record 17.7 percent. This is a gain of almost three percentage

points from five years ago and of more than six percentage points

from ten years ago.

As has often been the case, the fastest growth occurred at the

top. The number of apartments owned by the top 10 firms grew

by 6.1 percent. Growth of the top 25 firms came in at 4.4 percent,

while the second 25 increased in size by only 1.9 percent. The 10

largest owners now hold 9.4 percent of all apartments, a record

share. The 25 largest owners hold 13.6 percent of the apartment

stock, also a record.

APARTMENT OWNERSHIP (top 50 share of total apartment stock)

20%

18%

16%

14%

12%

10%

8%

6%

4%

2%

0%’90 ’91 ’92 ’93 ’94 ’95 ’96 ’97 ’98 ’99 ’00 ’01 ’02 ’03 ’04

Top 10 Owners Top 25 Owners Top 50 Owners

APARTMENT MANAGERSLargest Portfolio Growth ApartmentsGreystar Real Estate Partners 10,297American Management Services (dba Pinnacle) 10,135The Michaels Development Company 9,092Lincoln Property Company 8,553Picerne Real Estate Group 7,947

Moving Up in Rank SlotsPicerne Real Estate Group +15The Shelter Group +6Greystar Real Estate Partners +5Westdale Assets Management +4



SPECIALISTSA total of 32 companies appear on both the top 50 owners and

top 50 managers lists. That leaves 18 firms that appear on just one

of the lists. While many of these firms are both owners and man-

agers, their specialization in one area means they do not reach the

threshold needed to rank on both lists. These specialists include

some prominent firms on each list. Three of the top 10 owners—

CharterMac (No. 1), Boston Capital (No. 5), and SunAmerica

(No. 6)—do not appear in the management rankings. In the

management NMHC 50, Greystar (No. 12) is the biggest firm

that does not also appear on the list of top owners.

Firms whose management portfolios exceed their apartment

holdings by more than 25,000 units are: American Management

(dba Pinnacle), Trammell Crow, and Gables.

Largest Firms Appearing on Ownership List Only:CharterMacBoston CapitalSunAmerica Affordable Housing Partners, Inc.Morgan StanleyPNC Multifamily Capital

Largest Firms Appearing on Management List Only:Greystar Real Estate PartnersConAm Group of CompaniesWinnResidentialLEDIC Management Group Westdale

NMHC 50 MANAGERSNumber of ApartmentsManaged 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995Top 10 1,111,312 1,194,738 1,172,515 1,130,880 1,155,573 1,100,532 1,053,488 941,947 886,158 822,151Top 25 1,793,148 1,847,756 1,800,142 1,741,571 1,733,915 1,675,967 1,634,722 1,489,556 1,374,292 1,307,638Second 25 669,799 632,105 638,523 610,989 618,330 589,836 663,388 618,358 584,128 572,275Top 50 2,462,947 2,479,861 2,438,665 2,352,560 2,352,245 2,265,803 2,298,110 2,107,914 1,958,420 1,879,913

Portfolio Size Measures 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995Mean 49,259 49,597 48,773 47,051 47,045 45,316 45,962 42,158 39,168 37,598Median 32,164 31,592 31,320 32,522 33,585 32,562 33,851 29,976 28,233 28,007No. 1 firm 239,875 309,000 303,805 325,094 362,468 347,692 250,123 244,689 272,071 206,854No. 50 firm 23,469 22,353 21,105 20,500 19,465 18,544 21,336 20,902 20,019 19,208

Share of NationalApartment Stock (%) 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995Top 10 6.8% 7.3% 7.4% 7.2% 7.4% 7.0% 6.7% 6.0% 5.7% 5.3%Top 50 15.2% 15.2% 15.3% 14.9% 15.0% 14.5% 14.6% 13.5% 12.7% 12.2%

Note: Beginning in 1999, management totals exclude management of condominium and cooperative housing communities.

Companies. Wachovia just missed the top 10; with more than

60,000 apartments under management, it came in at the No. 11

slot. Michaels Development and Capstone have been steady

growers in recent years and are now firmly among the top 50.

Both SSR and Corcoran Jennison are former NMHC 50 mem-

bers that are making a return engagement.

RISING STARS OF MANAGEMENTTwo firms added more than 10,000 apartments to their man-

agement portfolios: Greystar and American Management (dba

Pinnacle). Michaels Development, Lincoln Property, and

Picerne were all close behind. Picerne showed the biggest move

within the NMHC 50, rising 15 places to the No. 27 slot.

Greystar moved from No. 17 to No. 12, a sizable shift consider-

ing it was already fairly high in the rankings. The Shelter Group

moved up six slots to No. 43, while Westdale rose four places to

No. 28. Four other firms moved up three places in the rankings.

APARTMENT MANAGEMENT GROWTH ANDCONCENTRATIONThe 2004 NMHC 50 manage a total of 2,462,947 apartments, a

slight decline from last year, but still a higher figure than in any

year before then. This decrease is the result of the sizable drop in

AIMCO’s management portfolio. Among the top 10 firms, man-

agement portfolios decreased by seven percent. The next 10 firms

increased apartments managed by 5.4 percent, however, and the

second 25 firms in the ranking increased their portfolios by 6.0

percent.

Despite the small decline in the number of apartments, the

management NMHC 50 share of the total apartment stock

remained 15.2 percent. The trend toward concentration among

apartment managers, though generally steady, has proceeded at a

slightly slower pace than among apartment owners in recent

years. Ten years ago, the NMHC 50 managed 11.6 percent of all

apartments in the country, the same figure as the NMHC 50

owners. Five years ago, they managed 14.5 percent of all apart-

ments, not much different than the 14.8 percent for the NMHC

50 owners. Since then, the top 50 managers have raised their

share by less than one percentage point, while the top 50 owners’

share has increased by almost three percentage points.

Former Chairmen

NMHC Officers 2004



Board of Directors

Executive Committee

ChairmanGeoffrey L. Stack

SARES•REGIS GroupIrvine, CA

Vice ChairmanMary Ann King

Moran & CompanyCosta Mesa, CA

PresidentDouglas M. Bibby

National Multi HousingCouncil

Washington, DC

TreasurerRichard J. Campo

Camden Property TrustHouston, TX

Dana K. HamiltonArchstone-SmithEnglewood, CO

R. Scot SellersArchstone-SmithEnglewood, CO

Lili F. DunnAvalonBay

Communities, Inc.Alexandria, VA

Kelley A. Bergstrom

C. Preston Butcher

Douglas Crocker, II

Allen Cymrot

William H. Elliott

Richard L. Fore

Randolph G. Hawthorne

Gary T. Kachadurian

Duncan L. Matteson, Sr.

Richard L. Michaux

Robert Sheridan

Leonard W. Wood

SecretaryPeter F. Donovan

Berkshire MortgageFinance

Boston, MA

Stan J. HarrelsonAmerican ManagementServices (dba Pinnacle)

Seattle, WA

Judith K. MartinAmerican ManagementServices (dba Pinnacle)

Winter Park, FL

Board of Directors

Executive Committee



Timothy J. NaughtonAvalonBay

Communities, Inc.Alexandria, VA

Diana ReidBeekman Advisors, LLC

New York, NY

Ronald F. HalpernBerkshire Mortgage

FinanceBoston, MA

David J. OlneyBerkshire Realty

Holdings, L.P.Boston, MA

Shekar NarasimhanBeekman Advisors, LLC

Vienna, VA

Daryl J. CarterCapri Capital

Irvine, CA

Scott M. KupferbergCapri Capital Advisors LLCChicago, IL

John R. WilliamsCarmel Partners, Inc.

San Francisco, CA

Kenneth J. RichardBerkshire Realty

Holdings, L.P.Boston, MA

Laurie A. BakerCamden Property Trust

Houston, TX

Ron ZeffCarmel Partners, Inc.

San Francisco, CA

Gregory S. VorwallerCB Richard Ellis, Inc.

Chicago, IL

Alan P. HirmesCharterMac

New York, NY

Marc D. SchnitzerCharterMac

New York, NY

Paul F. EarleColonial Properties Trust

Birmingham, AL

Edward T. WrightColonial Properties Trust

Birmingham, AL

Steven L. KantorCredit Suisse FirstBoston Corporation

New York, NY

John N. WhitmanCredit Suisse FirstBoston Corporation

New York, NY

Bruce W. DuncanEquity Residential

Chicago, IL

Edward J. GeraghtyEquity Residential

Atlanta, GA

Board of Directors

Executive Committee



Kenneth J. BaconFannie Mae

Washington, DC

Richard S. LawchFannie Mae

Washington, DC

Deborah Ratner-SalzbergForest City

Enterprises, Inc.North Bethesda, MD

Ronald A. RatnerForest City Residential

Group, Inc.Cleveland, OH

Adrian B. CorbiereFreddie MacMcLean, VA

Robert E. DeWittGeneral Investment &

Development Co.Boston, MA

Laura A. BeuerleinHeritage Title Company

of Austin, Inc.Austin, TX

Mitchell W. KiffeFreddie MacMcLean, VA

Michael M. HefleyGables Residential

ServicesBoca Raton, FL

Chris D. WheelerGables Residential Trust

Boca Raton, FL

Gary S. FarmerHeritage Title Company

of Austin, Inc.Austin, TX

Guy K. JohnsonJohnson Capital

Irvine, CA

J. Frank Miller, IIIJPI Companies

Irving, TX

Robert D. PageJPI Companies

Irving, TX

James H. CallardKlingbeil Capital

Management/AmericanApartment Communities

Alexandria, VA

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

Brian F. StoffersL.J. Melody & Company

Houston, TX

C. Preston ButcherLegacy PartnersFoster City, CA

Jeff B. FranzenLincoln Property

CompanyHerndon, VA

J. Timothy ByrneLincoln Property

CompanyDallas, TX

Board of Directors

Executive Committee



William A. MillichapMarcus & Millichap

Palo Alto, CA

Linwood C. ThompsonMarcus & Millichap

Atlanta, GA

John CaseMerrill Lynch & Co.

New York, NY

Michael L. FalconeMMA Financial, LLC

Baltimore, MD

Mark K. JosephMMA Financial, LLC

Baltimore, MD

Thomas F. MoranMoran & Company

Chicago, IL

Richard F. BurnsMorgan Stanley

Boston, MA

Thomas E. HunterOakwood Worldwide

Los Angeles, CA

Howard F. RubyOakwood Worldwide

Los Angeles, CA

David P. StockertPost Properties, Inc.

Atlanta, GA

Douglas J. MoritzPrudential Mortgage

Capital CompanyMcLean, VA

Dale H. TaysomPrudential Real Estate

InvestorsAtlanta, GA

Gary T. KachadurianRREEF FundsChicago, IL

John VojticekRREEF FundsChicago, IL

James V. ThomasSARES•REGIS Group

Irvine, CA

Jeffrey B. AllenSSR Realty Advisors, Inc.

Laguna Niguel, CA

Ronald E. ZuzackSSR Realty Advisors, Inc.

San Francisco, CA

J. Ronald TerwilligerTrammell Crow

ResidentialAtlanta, GA

Kenneth J. ValachTrammell Crow

ResidentialHouston, TX

Thomas T. DemeryWachovia Multifamily

CapitalAlexandria, VA

Board of Directors

Executive Committee



Deborah C. AndersonWood Partners, LLC

Durham, NC

Michael D. SullivanWachovia Multifamily

CapitalBethesda, MD

Hal C. KendrickWachovia Multifamily

CapitalDallas, TX

Leonard W. WoodWood Partners, LLC

Marietta, GA

Directors not pictured*Kristen Klingbeil-WeisKlingbeil Capital Management/AmericanApartment CommunitiesSanta Barbara, CA

*Martin T. LaniganMezz CapShort Hills, NJ

*Gary PalmerMorgan StanleySan Francisco, CA

*Thomas D. SenkbeilPost Properties, Inc.Atlanta, GA

Robert GivenAltman Management CompanyBoca Raton, FL

Patrick J. FoyeAIMCOPort Washington, NY

Mark AlfieriAMLI Residential Properties TrustPlano, TX

Ralph D. DarunsArbor Commercial Mortgage, LLCDallas, TX

Fred AnthonyAspen Square ManagementWest Springfield, MA

Frank ApesecheBerkshire GroupBoston, MA

Kenneth B. DickeyDeutsche Banc Mortgage Capital, L.L.C.New York, NY

William J. FergusonFerguson Partners, Ltd.Chicago, IL

Angela McLachlanGeac Commercial SystemsTampa, FL

William C. MadduxGreystar Real Estate Partners, LLCCharleston, SC

Mitchell M. GreensteinIdeal Realty GroupPotomac, MD

Dave DemosInstar Services GroupChicopee, MA

John R. LannomInstar Services GroupMadison, TN

Jennifer L. BrillLivingNexusArlington, VA

Thomas L. CoolidgeLivingNexusArlington, VA

Greg A. DanieleMRI Real Estate SolutionsCleveland, OH

Robbin CohenPritzker Residential, LLCChicago, IL

Randall M. PaulsonProfessional Apartment ServicesPlano, TX

Gilbert “Buzz” SilvermanReal Equities Real Estate AdvisorsBingham Farms, MI

C. Lamar SeatsReilly Mortgage Group, Inc.McLean, VA

Allan MerrillRentNetWestlake Village, CA

Luke SimpsonSimpson Housing Limited PartnershipDenver, CO

William SuginoYardi Systems, Inc.Santa Barbara, CA

*Board of Directors Executive Committee

Board of Directors



Nick M. FaklisA.G. Spanos Companies

Stockton, CA

Alex G. SpanosA.G. Spanos Companies

Stockton, CA

Kevin P. FitzpatrickAIG Global Real Estate

Investment Corp.New York, NY

Nora E. MillerAIG Global Real Estate

Investment Corp.New York, NY

Peter K. KompaniezAIMCO

Fountain Valley, CA

Steven IvankovichAlliance Holdings, L.L.C.

Chicago, IL

Joel AltmanAltman Development

CorporationBoca Raton, FL

Andrew W. SchorAlliance Holdings, L.L.C.

Chicago, IL

Lauren A. BrockmanAllied Realty Services, Ltd.Denver, CO

Tim L. MyersAllied Realty Services, Ltd.Houston, TX

Marc E. deBaptisteApartment Realty

AdvisorsBoca Raton, FL

Michael H. GodwinAmbling Companies Inc.

Valdosta, GA

R. Ryan HolmesAmbling Companies Inc.

Valdosta, GA

Steve F. HallseyAMLI ResidentialProperties Trust

Chicago, IL

K. Brad BroyhillAmstar Group, Ltd.

Denver, CO

David K. OelfkeApartment Realty

AdvisorsHouston, TX

Kevin DoyleApartments.com

Chicago, IL

Tim FaganApartments.com

Chicago, IL

Ridgely W. PotterArbor Commercial

Mortgage, LLCBethesda, MD

Jay JacobsonArchon Residential

Irving, TX

Board of Directors



Michael MillerAUM

Hillside, IL

James A. KjolhedeArchon Residential

ManagementIrving, TX

Steven D. HellerARCS CommercialMortgage Co., L.P.

Princeton, NJ

Howard J. LevineARCS CommercialMortgage Co., L.P.

Calabasas Hills, CA

Harold GrinspoonAspen SquareManagement

West Springfield, MA

Lee SchalopBanc of AmericaSecurities LLCNew York, NY

Ron D. SturzeneggerBanc of AmericaSecurities LLC

San Francisco, CA

Falise PlattAUM

Hillside, IL

F. Karl ZavitkovskyBank of America

Dallas, TX

Mark W. DavisBELFOR USA

Birmingham, MI

Toni BaderBob Bader Co.

Indianapolis, IN

Douglas KruppBerkshire Group

Boston, MA

Philip S. PayneBNP ResidentialProperties, Inc.Charlotte, NC

D. Scott WilkersonBNP ResidentialProperties, Inc.Charlotte, NC

Robert N. BaderBob Bader Co.

Indianapolis, IN

Mark W. DunneBoston Capital

CorporationBoston, MA

John P. ManningBoston Capital

CorporationBoston, MA

John B. SlidellThe Bozzuto Development

CompanyGreenbelt, MD

Thomas S. BozzutoThe Bozzuto Group

Greenbelt, MD

Frank C. McDowellBRE Properties, Inc.San Francisco, CA

Board of Directors


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

Jerry FeldmanCallSource

Agoura Hills, CA

Ernest L. HeymannCAPREIT, Inc.Rockville, MD

Richard L. KadishCAPREIT, Inc.Rockville, MD

Steven L. RudesillCB Richard Ellis

(Memphis)Memphis, TN

Brett R. BruchmillerCentex Multi-Family

CommunitiesDallas, TX

Nick GonzalezCohen Financial

Houston, TX

Kyle D. LoveladyCentex Multi-Family

CommunitiesDallas, TX

John SimonCohen Financial

Chicago, IL

Daniel J. EpsteinConAm Group of

CompaniesSan Diego, CA

Board of Directors



Todd SchusterCWCapital

Needham, MA

J. Bradley ForresterConAm Group of

CompaniesSan Diego, CA

Keith T. MisnerCushman & Wakefield/The Apartment Group

Washington, DC

John C. SpainCushman & Wakefield/The Apartment Group

Atlanta, GA

Michael D. BermanCWCapital

Needham, MA

Lawrence A. BrownDeutsche Bank Mortgage

Capital, L.L.C.New York, NY

Andrew K. DolbenThe Dolben

Company, Inc.Burlington, MA

Deane H. DolbenThe Dolben

Company, Inc.Burlington, MA

Steven A. RadcliffeDominium Group, Inc.

Plymouth, MN

Jack W. SafarDominium Group, Inc.

Plymouth, MN

Roger D. BowlerEmbrey Partners, Ltd.

San Antonio, TX

David L. AshEastdil Realty Company, LLC

San Francisco, CA

Miles Z. SpencerEastdil Realty Company, LLC

Washington, DC

John M. O'Hara, Jr.Edward Rose Building

EnterprisesFarmington Hills, MI

Warren RoseEdward Rose Building

EnterprisesFarmington Hills, MI

Walter M. Embrey, Jr.Embrey Partners, Ltd.

San Antonio, TX

Gerald S. BrandFairfield Residential LLC

San Diego, CA

Christopher E. HashiokaFairfield Residential LLC

San Diego, CA

Robert L. JohnstonFirst Communities

Atlanta, GA

Gregory A. CasonFirstWorthing

Dallas, TX

Steven R. UtleyFirstWorthing

Dallas, TX

Mark A. FogelmanFogelman Management

GroupMemphis, TN

Richard L. FogelmanFogelman Properties

Memphis, TN

Judith GogolFor Rent Magazine

Atlanta, GA

Terry SlatteryFor Rent Magazine

Norfolk, VA

Board of Directors

APRIL 2004


Darla T. FlanaganFowlerFlanagan Partners, LLCLarkspur, CA

Gregory A. FowlerFowlerFlanagan Partners, LLCLarkspur, CA

Michael A. HerzbergFPL Associates, L.P.

Chicago, IL

John M. Nelson, IVFranklin Capital Group

Peabody, MA

Joseph E. ResendeFranklin Capital Group

Alexandria, VA

Mark HallGE Real EstateWashington, DC

Frank MarroGE Real EstateAlpharetta, GA

Gerson BakarGerson Bakar &

AssociatesSan Francisco, CA

Linda ZellerGerson Bakar &

AssociatesSan Francisco, CA

Board of Directors



John M. CannonGMAC Commercial

Mortgage CorporationHorsham, PA

Karl H. ReinleinGMAC Commercial

Mortgage CorporationSt. Louis, MO

Howard W. Smith, IIIGreen Park Financial

Bethesda, MD

Maurice D. WalkerGreen Park Financial

Bethesda, MD

Stacy G. HuntGreystar Real Estate

Partners, LLCHouston, TX

David K. BellGSL Properties, Inc.

Portland, OR

Walter O. GrodahlGSL Properties, Inc.

Portland, OR

Don HendricksHendricks & Partners

Phoenix, AZ

Arthur R. WadlundHendricks & Partners

Tucson, AZ

Mona Keeter CarltonHFF

Dallas, TX

Allen ManeshIdeal Realty Group

Potomac, MD

Edward PettinellaHome Properties

Rochester, NY

Scott A. DoyleHome Properties

Rochester, NY

Matthew LawtonHFF

Chicago, IL

Clyde P. HollandHolland PartnersVancouver, WA

C. Stephen CordesING Clarion

New York, NY

Gregory J. LozinakING Clarion

New York, NY

Martin D. FoxIR Multi-Family

Solutions, an Ingersoll-Rand BusinessPark City, UT

Robert J. Gover Jr.IR Multi-Family

Solutions, an Ingersoll-Rand BusinessAlpharetta, GA

Kevin A. BaldridgeIrvine Company

Apartment Communities“IAC”

Irvine, CA

Richard E. LamprechtIrvine Company

Apartment Communities“IAC”

Newport Beach, CA

Peter E. BaccileJ.P. Morgan

Securities Inc.New York, NY

R. Stewart BartleyJBG Companies

Chevy Chase, MD

Anthony PaoloneJ.P. Morgan

Securities Inc.New York, NY

William N. Elam, IIIThe JBG CompaniesChevy Chase, MD

Board of Directors


Jamie B. MayJBM Realty Advisors, Inc.

Naples, FL

John M. CorcoranJohn M. Corcoran &

CompanyBraintree, MA

Richard J. HighJohn M. Corcoran &

CompanyBraintree, MA

Bruno N. BottarelliKensington/Marquette

PartnersRomeoville, IL

Nicholas Michael RyanKensington/Marquette

PartnersRomeoville, IL

Board of Directors



Keith A. HarrisThe Laramar Group, LLC

Chicago, IL

Charles KushnerKushner Companies

Florham Park, NJ

Richard StadtmauerKushner Companies

Florham Park, NJ

William H. DongesLane Company

Atlanta, GA

Marc S. PollackLane Company

Atlanta, GA

David B. WoodwardThe Laramar Group, LLC

Chicago, IL

Randy MartinLaSalle Bank Corporation

Chicago, IL

Gregory J. SpevokLaSalle Bank Corporation

Chicago, IL

Richard E. Van WertLaSalle Investment

ManagementSan Diego, CA

Jeffrey L. KellyLEDIC Management

Group, Inc.Memphis, TN

Frank T. Suryan, Jr.Lyon Capital

Ventures, LLCNewport Beach, CA

Rod PetrikLegg Mason Wood

Walker, Inc.Baltimore, MD

Robert C. LieberLehman Brothers

New York, NY

Thomas F. McCoy, Jr.Lockton Companies of

Colorado, Inc.Denver, CO

Charles M. McDanielLockton Companies of

Colorado, Inc.Denver, CO

Cheryl MartinLyon Management

Group, Inc.Newport Beach, CA

Michael LevittMalone Mortgage

Company America, Ltd.Dallas, TX

Bernard P. MaloneMalone Mortgage

Company America, Ltd.Dallas, TX

Ralph HerzkaMeridian Capital Group

New York, NY

James G. ReichekMeridian Capital Group

New York, NY

Robert D. LazaroffThe MichelsonOrganizationSt. Louis, MO

Bruce V. Michelson, Sr.The MichelsonOrganizationSt. Louis, MO

H. Eric Bolton, Jr.Mid-America Apartment

Communities, Inc.Memphis, TN

Simon R.C. WadsworthMid-America Apartment

Communities, Inc.Memphis, TN

Michael S. MorganThe Morgan Group, Inc.

Houston, TX

Board of Directors


Alan PattonThe Morgan Group, Inc.

Houston, TX

Russ SandlinMRI Real Estate

SolutionsCleveland, OH

Robert A. EspositoNational Water & Power

CompanyWeston, FL

Robert F. ShermanNational Water & Power

CompanySanta Ana, CA

Christopher J. WhippleNetwork Multifamily

CorporationIrving, TX

Board of Directors



Edward PadillaNorthMarq Capital, Inc.

Bloomington, MN

Steve V. WilliamsNetwork Multifamily

CorporationIrving, TX

Larry H. DaleNewman and

Associates, Inc.Denver, CO

Hal G. KuykendallNewman and

Associates, Inc.San Diego, CA

Kerry R. FrenchNorthMarq Capital, Inc.

Houston, TX

Arthur J. ColePacific Property Company

Palo Alto, CA

Alfred V. PacePacific Property Company

Palo Alto, CA

Nathan S. CollierParadigm Group, Inc.

Gainesville, FL

David A. MaternaParadigm Group, Inc.

Gainesville, FL

David R. PicernePicerne Real Estate GroupPhoenix, AZ

Alan PollackProvidence Management

Company, L.L.C.Chicago, IL

W. Thomas BooherPNC MultiFamily Capital

San Francisco, CA

William G. Lashbrook, IIIPNC Real Estate Finance

Pittsburgh, PA

P. David OnanianProfessional Apartment

ServicesHouston, TX

Bruce LaMotteProvidence Management

Company, L.L.C.Chicago, IL

Terry B. SchwartzReal Equities Real Estate

AdvisorsBingham Farms, MI

Tracy S. LeggRealeum, Inc.

Aurora, CO

Socrates C. VersesRealeum, Inc.McLean, VA

Dean R. SchmidtRealPage, Inc.Carrollton, TX

Stephen T. WinnRealPage, Inc.Carrollton, TX

Mark C. BeislerRed Mortgage Capital, Inc.Reston, VA

David L. GoodmanRed Mortgage Capital, Inc.Reston, VA

Nevel DeHartRegistry-SafeRent

Rockville, MD

Debra SmithRegistry-SafeRent

Rockville, MD

Thomas C. SzydlowskiReilly Mortgage

Group, Inc.McLean, VA

Board of Directors


Richard ArboreRentGrow, Inc.Waltham, MA

Michael J. LapsleyRentGrow, Inc.Waltham, MA

Lucas HaldemanRentNet

Westlake Village, CA

W. William GabouryShea PropertiesAliso Viejo, CA

W. Steve GilmoreShea PropertiesAliso Viejo, CA

Board of Directors



Nancy BartonStellar Advisors, LLC

Rockville, MD

Marilynn K. DukerShelter Development, LLC

Baltimore, MD

Jeffrey K. HettlemanShelter Development, LLC

Baltimore, MD

Marc PintoSimpson Housing

Limited PartnershipDenver, CO

Hal Watson, IIISNK Realty Group

Phoenix, AZ

David SchwartzbergStellar Advisors, LLC

Rockville, MD

Steven R. LeBlancSummit Properties Inc.

Charlotte, NC

Lance A. SwankThe Sterling Group, Inc.

Mishawaka, IN

Larry A. SwankThe Sterling Group, Inc.

Mishawaka, IN

Michael L. SchwarzSummit Properties Inc.

Charlotte, NC

David C. ChristensenTime Warner Connect

Englewood, CO

Michael J. BestSunAmerica AffordableHousing Partners, Inc.

Bethesda, MD

Donald J. WhinfreySunAmerica AffordableHousing Partners, Inc.

Los Angeles, CA

William S. FriedmanTarragon RealtyInvestors, Inc.New York, NY

Robert P. RothenbergTarragon RealtyInvestors, Inc.New York, NY

James DolphinTown and Country Trust

Baltimore, MD

Charles D. CirarTranswesternCommercialAustin, TX

Gerald J. HaakTown and Country Trust

Baltimore, MD

Scott L. MelnickTranswesternCommercial

Bethesda, MD

John J. BrittonTransworld Properties

Houston, TX

Board of Directors


Charles L. GarrettTVO North America

El Paso, TX

Wayne A. VandenburgTVO Realty Partners

Chicago, IL

Robert C. BurrillUBS Realty Investors LLC

Hartford, CT

David J. IngramUBS Realty Investors LLC

Hartford, CT

Thomas W. ToomeyUnited Dominion Realty

Trust, Inc.Highlands Ranch, CO

W. Mark WallisUnited Dominion Realty

Trust, Inc.Littleton, CO

Geoffrey C. BrownUSA Properties Fund, Inc.

Roseville, CA

Steven T. GallUSA Properties Fund, Inc.

Roseville, CA

Jonathan HoltzmanVillage Green Companies

Farmington Hills, MI

George S. Quay, IVVillage Green Companies

Farmington Hills, MI

Board of Directors



G. Stephen DonohueWestern National

Property ManagementIrvine, CA

David R. SchwartzWaterton Associates,

L.L.C.Chicago, IL

Peter M. VilimWaterton Associates,

L.L.C.Chicago, IL

Joshua DavisWeil Realty Group

Boston, MA

S. Douglas WeilWeil Realty Group

Boston, MA

Charles R. Hall, Jr.Whiteco Residential LLC

Chicago, IL

Michael K. HaydeWestern National

Property ManagementIrvine, CA

Charles RemaleyWhirlpool Corporation

Duluth, GA

Omer E. GaudetteWhirlpool Corporation

Sunrise, FL

Timothy J. ConnellyWhiteco Residential LLC

Chicago, IL

Bryant ShoemakerYardi Systems, Inc.Santa Barbara, CA

Samuel RossWinnCompanies

Boston, MA

Lawrence H. CurtisWinnDevelopment

Boston, MA

Theodore M. Kerr, Jr.WMC Management

CompanyAddison, TX

G. Patrick SmitsWMC Management

CompanyAddison, TX

Steven W. PattersonZOM Development, Inc.

Orlando, FL

Advisory Committee



Arthur F. EvansA.F. Evans Company, Inc.Oakland, CA

Douglas D. RubensteinA.G. Edwards & Sons, Inc.St. Louis, MO

Martinn H. MandlesABM Industries, Inc.Los Angeles, CA

Simon ZiffAckman Ziff Real Estate GroupNew York, NY

Mark B. PotterAEW Capital Management L.P.Boston, MA

Margaret AllenAGM Financial Services, Inc.Baltimore, MD

Andre F. ShashatyAlexander & Edwards Publishing, Inc.San Francisco, CA

James M. KrohnAlliance Residential CompanyPhoenix, AZ

Jorge L. BaldorAllied ResidentCheckDallas, TX

Robyn E. IceAlston & Bird LLPNew York, NY

Lorelei KoesterAlvin J. Wolff Management CompanySpokane, WA

Scott M. SmithAmerican Background Information ServicesWinchester, VA

Timothy M. SchaeferAmerican Computer SoftwareMadison, WI

Sheraz ShereAmerican ExpressNew York, NY

Howard L. StoneAmerican Express Tax and Business ServicesChicago, IL

Steve W. SterquellAmerican Housing Foundation, Inc.Amarillo, TX

Frederick John HameetmanAmerican International, Inc.Los Angeles, CA

Granvil M. TracyAmerican Land Ventures, LLCMiami, FL

Alan WienerAmerican Property Financing, Inc.New York, NY

David S. SchlessAmerican Seniors Housing AssociationWashington, DC

Ronald R. CatheyAon Risk ServicesDallas, TX

Nancy J. AhlswedeApartment Assn., Ca. So. CitiesLong Beach, CA

Charles A. IshamApartment Association of Greater Los AngelesLos Angeles, CA

Tamela M. CovalApartment Finder and ApartmentFinder.comLawrenceville, GA

Jeffrey L. PriceThe Apartment Group, Inc.Dallas, TX

Douglas A. AndrewsApartment Realty AdvisorsDenver, CO

Darren W. AshApartment Realty AdvisorsCharlotte, NC

Jonathan CloseApartment Realty AdvisorsBurlington, MA

Debra S. CorsonApartment Realty AdvisorsDayton, OH

Matthew P. RotanApartment Realty AdvisorsHouston, TX

John W. WeberApartment Realty AdvisorsAtlanta, GA

William RinkerApartments First a division of Arthur J.

GallagherDallas, TX

Robert J. Pohl, Jr.Appliance WarehouseHouston, TX

Thomas J. CoatesArroyo & Coates, Inc.San Francisco, CA

Stephen B. AshleyThe Ashley GroupRochester, NY

Jeffrey I. FriedmanAssociated Estates Realty CorporationRichmond Heights, OH

Brian TribbleAssurant GroupMiami, FL

Richard SchechterThe Bainbridge CompaniesWest Palm Beach, FL

Allan R. WinnBallard Spahr Andrews & Ingersoll, LLPWashington, DC

David BarkerBarker ApartmentsIowa City, IA

J. Jeffrey RiggsBaron Property ServicesGreenwood Village, CO

Larry P. LiebermanBarrington Group Inc.Sarasota, FL

Stuart J. GruendlBayRock Residential, LLCEmeryville, CA

Howard E. CohenBeacon CompaniesBoston, MA

Ralph W. RoseBear, Stearns & Co. Inc.New York, NY

Advisory Committee



Patrick BannerBellSouth TelecommunicationsAtlanta, GA

Tyler P. BerdingBerding & Weil LLPAlamo, CA

Kelley A. BergstromBergstrom Investment Management, LLCKenilworth, IL

Jeffrey C. DayBerkshire Mortgage FinanceIrvine, CA

Harold BeznosBeztak CompaniesFarmington Hills, MI

Harry BookeyBH Equities, Inc.Des Moines, IA

John F. GodfreyBirkel International Partners, Ltd.Bryan, TX

Robert M. KargmanBoston Land CompanyBoston, MA

Robert A. KaplanBourn Partners LLCTucson, AZ

Kevin A. EwingBracewell & Patterson, L.L.P.Washington, DC

Christian V. YoungBridge Partners, Inc.Murray, UT

Charles B. WarrenBrinks Multifamily SecurityIrving, TX

Barden BrownBrown Realty AdvisorsAtlanta, GA

Stath KarrasBurnham Real Estate ServicesSan Diego, CA

B. Diane ButlerButler-Burgher Inc.Dallas, TX

James SweeneyBuyers AccessDenver, CO

Jeffrey CaganCagan Management Group, Inc.Skokie, IL

Cynthia A. LucasCALEX Realty Group, Inc.Jacksonville, FL

Judy M. AlexanderCalPERSSacramento, CA

Carla Young KennedyCAMCO, Inc.Chicago, IL

Timothy J. HartiganThe Cannon CompanyAtlanta, GA

Lawrence A. CohenCapital Senior Living, Inc.New York, NY

Patrick L. BeachCaptec Realty CapitalAnn Arbor, MI

L. Marc CarterCarter Haston Holdings, LLCNashville, TN

Joseph M. CassinCassin Cassin & Joseph LLPNew York, NY

G. Craig LaFolletteCB Richard EllisHouston, TX

Adam SchlesingerCeebraid-Signal CorporationWest Palm Beach, FL

Christopher LeeCEL & Associates, Inc.Los Angeles, CA

James W. Lashbrook IICentury Maintenance SupplyStafford, TX

Andrew S. FawerCIBC World Markets Corp.New York, NY

Jean M. AndersonCIGNA Retirement and Investment ServicesHartford, CT

Joseph M. Del MedicoCitigroup Alternative InvestmentsNew York, NY

Cindy Knott TaylorCKT Development CompanyTampa, FL

Douglas R. SandorClark Realty Capital, L.L.C.Bethesda, MD

Alan L. GosuleClifford Chance Rogers & Wells LLPNew York, NY

Jeffrey M. RotterCMS CompaniesPhiladelphia, PA

Joseph M. HarveyCohen & Steers RealtyNew York, NY

David A. RobertsCollateral Mortgage Capital, LLCBirmingham, AL

Robert C. BaldwinColumbia National Real Estate Finance, Inc.Washington, DC

Craig S. WestColumn FinancialAtlanta, GA

Donald A. ClarkComcast Cable CommunicationsPhiladelphia, PA

Barry RudofskyCommunity Housing Improvement ProgramNew York, NY

John H. ReichenbachCompass BankDallas, TX

Patrick T. ConnorConnor Environmental Services & Engineering

AssessmentsBaltimore, MD

Lawrence S. ConnorConnor Murphy & CompanyDayton, OH

Advisory Committee


Joseph M. SchapiroContinental Realty CorporationBaltimore, MD

Marty JonesCorcoran Jennison CompaniesBoston, MA

Brian MurdyCornerstone Real Estate Advisers, Inc.Hartford, CT

David CarnealCornerstone Realty Income Trust, Inc.Richmond, VA

Robert S. KeithCorporation for Interest Rate ManagementChicago, IL

Mark KoepsellCort Business ServicesFairfax, VA

Amy H. WellsCox, Castle & Nicholson, LLPLos Angeles, CA

Michael A. BrittiCreditRetriever/RentPortGreenwood Village, CO

Jim SmithCrescent Resources, LLCCharlotte, NC

Charles R. Brindell Jr.Crow HoldingsDallas, TX

John CignaCrown Advisors, Inc.Pittsburgh, PA

Bradley P. CapasCushman & Wakefield/The Apartment GroupFort Lauderdale, FL

Larry C. OrrCushman & Wakefield/The Apartment GroupAtlanta, GA

Cole WhitakerCushman & Wakefield/The Apartment GroupOrlando, FL

Steven J. SherwoodCWS Capital Partners, LLCNewport Beach, CA

Diana L. FoxDavidon HomesWalnut Creek, CA

Paul G. KerrDavlyn Investments, Property ManagementSan Diego, CA

Rosemary G. AyersDay, Berry & Howard LLPHartford, CT

Michael T. RadcliffeDEC Management Group LPDublin, OH

Jack F. SmithDeloitte & Touche LLPAtlanta, GA

John J. CairoDelta Faucet Co.Indianapolis, IN

Advisory Committee



Derek A. LoboDerek A. Lobo & Associates (DALA, Inc.)Burlington, ON, Canada

Richard J. DishnicaThe Dishnica Company LLCPoint Richmond, CA

Gregory C. McGrathDomin-8 Enterprise Solutions, Inc.Mason, OH

Trevor A. GrimmDr. Lynch FoundationLos Angeles, CA

Greg L. MartinDraper and Kramer, IncorporatedChicago, IL

Stephen O. DrennerDrenner, Stuart, Wolff, Metcalfe, Von Kreisler,

L.L.P.Austin, TX

Ward A. KatzDunes Residential Services, Inc.Overland Park, KS

John H. PringleE & S Ring Management CorporationCulver City, CA

Henry HirschECI Group, Inc.Marietta, GA

Jack MurrayEdgewood Management CorporationSilver Spring, MD

Matthew V. WherryEntrepreneurial Properties CorporationNewport Beach, CA

Anthony J. LoPintoEquinox PartnersNew York, NY

John D. ClaytonERC Properties, Inc.Fort Smith, AR

Gerald S. CohenErnst & YoungNew York, NY

Keith R. GuerickeEssex Property Trust, Inc.Palo Alto, CA

Michael SpikerEuro American AdvisorsTampa, FL

Matthew AroestyFarash CorporationRochester, NY

Patrick M. KellyFDC Management, Inc.Fullerton, CA

Lawrence M. GelbFIC Management, IncorporatedNewton, MA

Donald C. TaylorFickling & CompanyMacon, GA

David S. SherbalFifteen Asset Management, LLCMiami Beach, FL

Mark SandersFifteen GroupMiami Beach, FL

Scott MoreyFirst American Title Insurance Co.Santa Ana, CA

Lester ZimmermanFirst Capital Realty, Inc.Bethesda, MD

Mark L. WeshinskeyFirst Centrum, LLCSterling, VA

Dan FreudenthalFlood Zone Correction, Inc.West Palm Beach, FL

Thomas H. FlournoyFlournoy Development Co., LLCColumbus, GA

Michael J. BlonderFocus Development, Inc.Atlanta, GA

Michael W. HatchFoley & LardnerMilwaukee, WI

Richard L. ForeFore Property CompanyWashington, DC

Robert P. HeinFowler, Hein, Cheatwood,

Passino & Williams, P.A.Atlanta, GA

William H. FreemanFreeman Webb Company RealtorsNashville, TN

Steven A. KarpfFremont Realty Capital LLCNew York, NY

Stanley R. FimbergFSC Realty, LLCBeverly Hills, CA

Richard B. ChessFutureLaw, L.L.C.Richmond, VA

Stephen A. GoldbergGallagher, Evelius & Jones, LLPBaltimore, MD

Patricia J.M. BlackburnGates, Hudson & Associates, Inc.Fairfax, VA

Gregg ShapiroGDC Properties, Inc.Maitland, FL

Matthew RoseGE AppliancesLouisville, KY

Frank BasileGene B. Glick Company, Inc.Indianapolis, IN

Kevin FilterGlaser Financial Group, Inc.Saint Paul, MN

Karl L. DenisonGoodman/Gable/Gould Co. - Adjusters

InternationalRockville, MD

Alexander A. RandallGoodwin Procter LLPBoston, MA

Mike KarolGrande Communications, Inc.San Marcos, TX

Charles W. Ewing, IIGrayCo, Inc.Richmond, VA

Advisory Committee

APRIL 2004


Gary L. GrossGross BuildersCleveland, OH

Robert S. WolkoffGroup One Investments, LLCChicago, IL

Marshall BrantmeierGrubb & Ellis CompanyDallas, TX

Thomas B. BrennekeGuardian Management LLCPortland, OR

Stephen PriceGWL Realty Advisors Inc.Toronto, ON, Canada

John Lie-NielsenHandyTrac SystemsBradenton, FL

Jordan E. SloneHarbor Group InternationalNorfolk, VA

Gary R. HedigerHediger Enterprises Inc.Greenville, SC

James M. BachnerHeitman LLCChicago, IL

Pamela F. NewlandHendersen-Webb, Inc.Cockeysville, MD

James G. MarthaHenderson Global InvestorsHartford, CT

David NachisonHFFWashington, DC

James R. KingHH HuntBlacksburg, VA

Christopher CassidyThe Highlands CompaniesAlpharetta, GA

John WyattHilb, Rogal & HamiltonGlen Allen, VA

Russell LykesHills Communities, Inc.Cincinnati, OH

Christopher B. HanbackHolland & Knight, LLPWashington, DC

Advisory Committee



Richard R. HortonHorton InsuranceOklahoma City, OK

Robert C. MetzHPC PublicationsNorcross, GA

Bethany H. HooperHumphrey Development, Inc.Columbia, MD

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

Richard HoltzInfiniSys, Inc.Daytona Beach, FL

Dougal M. CaseyING ClarionNew York, NY

Thomas P. McGuinnessInland Property Management, Inc.Oak Brook, IL

Stephen BraunJ.I. Kislak, Inc.Miami Lakes, FL

Patrick J. SullivanJ.P. Morgan Partners, LLCNew York, NY

Thomas St. JeanJ.P. Morgan Property Exchange Inc.Hanover, MA

John J. Brennan IIIJackson & Campbell, P.C.Washington, DC

T. Karlton JacksonJMG Realty, Inc.Atlanta, GA

David B. HendersonJohn Hancock Real Estate Investment GroupBoston, MA

Donald M. Blake, Sr.Joseph J. Blake and Associates, Inc.Jericho, NY

Michael E. TompkinsJulian LeCraw & Co., Inc.Atlanta, GA

Jeffrey P. WienerThe Kislak Company, Inc.Woodbridge, NJ

Christopher S. ManersKoriel REP, Inc.Boca Raton, FL

Richard I. KnappKSI Services Inc.Vienna, VA

Jason BlakeL&B Realty Advisors, Inc.Dallas, TX

Kevin S. RobinsLandar Holdings, L.P.Houston, TX

Christopher C. PaulLaPaul PartnersDallas, TX

William C. Kelly Jr.Latham & WatkinsWashington, DC

James D. AlexanderLBK Management ServicesIrving, TX

Thomas J. O’BrienLCOR IncorporatedBerwyn, PA

Salvador F. LecceseLeCesse Development CorporationWinter Park, FL

Ruth G. EisenhauerLegend Management Group, LLCMcLean, VA

Alan H. GottliebLerner CorporationNorth Bethesda, MD

Kenneth J. BohanLiberty Executive SearchHouston, TX

Bryan GoolsbyLocke Liddell & Sapp LLPDallas, TX

Laura A. Saull-SmithLove Funding CorporationWashington, DC

Robert H. DilworthM/PF Research, Inc.Carrollton, TX

Phillip E. BoguckiMac-Gray Services, Inc.Cambridge, MA

Timothy E. MartorellaMadison Capital Group, LLCMiami, FL

Michael J. HendelMaintenance WarehouseSan Diego, CA

John C. ManlyManly & McGuireCosta Mesa, CA

Dale PhillipsMark-Taylor Residential, Inc.Scottsdale, AZ

Eric T. SchakeMarshNew York, NY

James H. McLawhornMarsh Associates, Inc.Charlotte, NC

William L. DuBoisMarvin F. Poer and CompanyDallas, TX

Duncan L. Matteson, Sr.The Matteson CompaniesRedwood City, CA

Keith J. WillnerMayer, Brown, Rowe & Maw LLPWashington, DC

Carl G. McCaslin, Jr.McCaslin Development CompanyDallas, TX

John P. CaseyMeridian Investments, Inc.Potomac, MD

Ron CobenMessageProHouston, TX

Christopher H. MartorellaMetropolitan Housing Partners, LLCNew York, NY

Advisory Committee

APRIL 2004


Jeffrey J. CohenMetropolitan Properties of America, Inc.Boston, MA

Maajed M. AbahusaynMetropolitan UtilitiesIrvine, CA

David B. GloverMichael Stevens Interests, Inc.Houston, TX

T. Sky WoodwardMiles & Stockbridge P.C.Baltimore, MD

Daniel J. MilesMiles Properties, Inc.Atlanta, GA

Howard P. MilsteinMilstein PropertiesNew York, NY

Mary RippeMinnesota Multi Housing AssociationBloomington, MN

Andrian SeymourMinol-MTR, LPAddison, TX

Deborah QuattroneMitchell Technologies, Inc.Webster, NY

H. Ronald BergMobius Investments, LLCGolden, MN

Sean SorrellMontecito Investment Company, Inc.Austin, TX

Mitchell L. MorganMorgan PropertiesKing of Prussia, PA

Gary S. SmucklerMorgan, Lewis & Bockius LLPWashington, DC

John G. MorrowMorrow & Associates, LLCIrwin, PA

Peter A. WatsonMulti-Housing NewsNew York, NY

Miriam LupkinMultifamily ExecutiveWashington, DC

Joseph S. HaganNational Equity Fund, Inc.Chicago, IL

Advisory Committee



Martin C. SchwartzbergNational Foundation for Affordable Housing

Solutions, Inc.Rockville, MD

Rich SantosNational Real Estate InvestorAtlanta, GA

Stephen BergerNeal, Gerber & Eisenberg LLPChicago, IL

Michael R. SchellNevins*Adams*Lewbel*SchellScottsdale, AZ

Stephen W. GreshamNiles Bolton Associates, Inc.Alexandria, VA

Harry J. KellyNixon Peabody LLPWashington, DC

Albert R. DiehlNoment NetworksWashington, DC

Lawrence R. GottesdienerNorthland Investment CorporationNewton, MA

Michael HooksNorthMarq CapitalAustin, TX

Robert W. RanieriNorthMarq CapitalPurchase, NY

Eugene R. SkaggsNorthwestern Investment Management

CompanyMilwaukee, WI

Brian F. LavinNTS Development CompanyLouisville, KY

Brian J. O’BoyleO’Boyle Properties Inc./Apartment Realty

Advisors, LLCDallas, TX

David EloweOcius LLCChicago, IL

Kevin BraunOpsTechnology, Inc.Arlington, TX

Philip B. BellThe P.B. Bell CompaniesScottsdale, AZ

John C. MulvihillPacific Life Insurance CompanyNewport Beach, CA

Mark H. CassidyPacific PropertiesLas Vegas, NV

Spencer Stuart, Jr.Palladium (USA) International, Inc.Dallas, TX

Lewis A. LeveyParagon GroupSt. Louis, MO

Stephen J. MastorPhoenix Capital Partners, Ltd.Dallas, TX

Bob TrappPLC ApartmentsNewport Beach, CA

Donna PreissThe Preiss CompanyRaleigh, NC

Robert M. DominyPRG Real Estate Management, Inc.Philadelphia, PA

Michael J. OchsteinPrice Realty CorporationDallas, TX

Faron G. ThompsonPrimary Capital Advisors, LLCAtlanta, GA

Rodney R. VogelPrincipal Capital Real Estate InvestorsDes Moines, IA

Roderick P. StandardPrometheusRedwood City, CA

Jacob GarzaProperty Automation Software CorporationRichardson, TX

Brian AtlasQcorps Residential, Inc.Houston, TX

Terry J. SmithQwest Broadband ServicesThornton, CO

Steven SpinolaReal Estate Board of New York, Inc.New York, NY

Robert S. BisanzReal Estate Equities, Inc.St. Paul, MN

Stephen J. AlterRealcapitalmarkets.com, LLCCarlsbad, CA

David W. StanfordRealFoundationsAddison, TX

Donald J. MacKinnonRealm Business Solutions, Inc.Dallas, TX

Michael E. MuellerRealty DataTrustScottsdale, AZ

William F. DiffenderferRegent Partners, LLCAtlanta, GA

Jacob GerberRelianz Group, Inc.Bethesda, MD

Dan FrumkinREMANAGE, Inc.Dallas, TX

Joseph StrasburgRent Stabilization AssociationNew York, NY

Allan O. Hunter, Jr.Rent.comSanta Monica, CA

Matthew GolisRentPaymentSan Francisco, CA

Lonnie DerdenResident Data, Inc./Choice Point Inc.Dallas, TX

Steven ZalkindResource Investments Limited, LLCPennsauken, NJ

Advisory Committee

APRIL 2004


Mark J. EinsteinReznick Fedder & SilvermanBaltimore, MD

Martin J. MehallRichland CommunitiesMiddleburg Heights, OH

Charles S. RobertsRoberts Realty Investors, Inc.Atlanta, GA

Mark DeLilloRockwood Realty Associates, LLCNew York, NY

Dale MathiasSAFLOKLaguna Niguel, CA

W. Michael DoramusSarofim Realty AdvisorsDallas, TX

Michael A. ScullyScully CompanyJenkintown, PA

Leslie BrowningSears Prairie StoneHoffman Estates, IL

Scott GouldSherman ResidentialChicago, IL

Michael PeskowitzSidley Austin Brown & Wood LLPNew York, NY

John McKinnerneySimmons Vedder & Co.Austin, TX

Allan FosterSouthwestern Bell Video ServicesRichardson, TX

Thomas G. WilliamsSpecialty Consultants, Inc.Pittsburgh, PA

David RichSperry Van NessLos Angeles, CA

Mike MurphySprintOverland Park, KS

K. David LindnerSquire, Sanders & Dempsey L.L.P.Phoenix, AZ

R. Kyle WinningSteadfast Apartment CommunitiesNewport Beach, CA

Advisory Committee



Tarak PatoliaSterling Equities, Inc.Great Neck, NY

Robert J. ThiebautSterling TrustAtlanta, GA

Steven D. BellSteven D. Bell & CompanyGreensboro, NC

Regina L. FiegelStewart Title GuarantyCharlotte, NC

James A. JohnstonThe Strand CorporationVancouver, BC, Canada

Barry M. KornblauSummit Realty Group, Inc.Glen Allen, VA

Paul KaliadesSureDepositLivingston, NJ

Jerry S. RegaTexacraft, Inc.Ocala, FL

Thomas J. GochbergTGM Associates L.P.New York, NY

William W. ThompsonThompson Residential Partners, LLCSausalito, CA

Robert L. FransenTimberland PartnersMinneapolis, MN

David AkersonTimberline SoftwareBeaverton, OR

Jerry I. SpeyerTishman Speyer Properties, Inc.New York, NY

Gary H. LevinsonTogar Property CompanyLa Fayette Hill, PA

Neil K. BortzTowne PropertiesCincinnati, OH

David C. DewarTrillium Residential, LLCPhoenix, AZ

Charles J. LauckhardtThe Tuckerman Group/SSgAPurchase, NY

William D. EdwardsUlmer & Berne LLPCleveland, OH

Richard CawleyUnited Multi Family CorporationBraintree, MA

Mark B. GrecoUrdang & Associates Real Estate Advisors,

Inc.Plymouth Meeting, PA

Yvette PooleUSIWestIrvine, CA

Keri YoungnerVerizon AvenueHerndon, VA

Peter D. AnzoVinings Investment Properties TrustAtlanta, GA

Mike ClementsViterra Energy ServicesJacksonville, FL

Edward L. HurleyWachovia Multifamily CapitalDallas, TX

Elliott A. LewisThe Watermarke Companies, Inc.Atlanta, GA

Marc M. McBreartyWatson Wyatt Data ServicesRochelle Park, NJ

Matthew McConaughyWeb Service Company, Inc.Redondo Beach, CA

Ronald D. GregoryWells Fargo Real Estate Merchant BankBloomington, MN

Brian BrittsanWellspring InternationalSan Diego, CA

Robert H. TurnerWentwood CompaniesAustin, TX

Thomas W. WermersWermers Multi-Family Corp.San Diego, CA

J. Marks Moore, IIIWest & Moore, LLCBaltimore, MD

Evan J. GriffithsWestdale Asset ManagementDallas, TX

Jerry C. WilkinsonThe Wilkinson Group, Inc.Atlanta, GA

Brian MendelsonWilmar Industries, Inc.Houston, TX

Todd B. UrnessWinthrop & Weinstine, PAMinneapolis, MN

G. Ronald WittenWitten Advisors LLCDallas, TX

Tim WolffThe Wolff CompanyScottsdale, AZ

Pamela V. RothenbergWomble Carlyle Sandridge & Rice, PLLCWashington, DC

Ronald V. GranvilleWoodmont Real Estate ServicesBelmont, CA

John A. EcholsWorthing Southeast CorporationAtlanta, GA

Glenn MeyerYgnition NetworksSeattle, WA

Associate Members



Acacia Capital Corp.Advenir, LLCAlara VenturesAllen & O’Hara, Inc.Allied CapitalAlpha Risk Services, Inc.Altman CompaniesAmerican Campus CommunitiesAmerican Housing Preservation CorporationAmeriton Properties IncorporatedAries Capital, Inc.The Athena Group, LLCThe Atlantic CompaniesAtlantic Realty Partners, Inc.Atlantis Asset Management, L.L.C.Avery Construction CompanyAztec Group, Inc.

B & A Property Group, LLCBanc One Capital CorporationBank One CorporationBanner Property ManagementBB & V LLCBean Investment Real EstateBelgarde EnterprisesBenchmark GroupBernard/Allison Management Services, Inc.Bleznak AssociatesBoca DevelopersBrandywine Construction & Management, Inc.The Brody CompaniesBrothers Property CorporationBrownstone Publishers, Inc.The Bruder CompanyBryan Cave LLPBumby Development Group, Inc.Butte Properties

C3 Services, Inc.California State Teachers’ Retirement SystemCampus ApartmentsCampus Village CommunitiesCanadian Apartment Properties REITCapstone Building Corp.Carey Kramer CompanyCarlson Associates IncCase Pomeroy PropertiesCB Richard Ellis (Phoenix, AZ)

CB Richard Ellis (Newport Beach, CA)CB Richard Ellis (Ontario, CA)CB Richard Ellis (San Diego, CA)CB Richard Ellis Inc. (Miami, FL)CB Richard Ellis Inc. (Tampa, FL)CB Richard Ellis (Atlanta, GA)CB Richard Ellis (Atlanta, GA)CB Richard Ellis (Atlanta, GA)CB Richard Ellis (Atlanta, GA)CB Richard Ellis (Baltimore, MD)CB Richard Ellis (Wayne, PA)CB Richard Ellis (Dallas, TX)CB Richard Ellis (McLean, VA)Charlesbank Capital PartnersChurchill Forge PropertiesCLK Management Corp.College Park Communities, Inc.Collegiate Development ServicesColliers Seeley InternationalCommunity Development Trust, Inc.The Compass Group, LLCConcierge Asset ManagementConcord Management, Ltd.Constellation Real Technologies LLCContraVest, Inc.Corum Real Estate GroupCostlow & HubacherCovenant Capital GroupCrane Realty CorporationCreekstone PartnersCREMCO, L.L.C.Crescent HeightsCRI, Inc.Crosland PropertiesCTL ManagementCurry Conduit Services, Inc.Curtin Property CompanyCushman & Wakefield/The Apartment Group (Philadelphia, PA)Cushman & Wakefield/The Apartment Group (Addison, TX)Cushman & Wakefield/The Apartment Group (Addison, TX)

David Drye CompanyDavis-Penn Mortgage Co.Delaware Investment AdvisersDemmon PartnersThe Dermot Company, Inc.The Dilweg Companies, LLCDonohoe Companies, Inc.

Associate Members



DRA Advisors, LLCDTI Investments, Inc.

E.J. Williams Property ManagementEastern Consolidated Properties, Inc.Eaton Vance ManagementEichner & Norris PLLCEliason Inc.Encore Management CompanyEngler Financial Group, LLCEquiMark Properties, Inc.Equity ExchangeESIC Realty PartnersEuro American AdvisorsEvans Real Estate GroupEvergreen DevelopmentExecutive Capital Corporation

Favrot & Shane CompaniesFFC Capital CorporationFIC Management, IncorporatedFidelity InvestmentsFifield Realty Corp.The Finger CompaniesFirst American Property & Casualty Insurance CompanyFirst Capital CorporationFirst Management Services, Inc.Flaherty & Collins PropertiesFlanagan/BiltonFlorida MultifamilyFountainGlen Properties, LPFriedman, Billings, Ramsey Group, Inc.

Gebroe-Hammer AssociatesGMAC - Residential Funding CorporationGorman & Company, Inc.Granite Investment GroupGray Clow ResidentialGreat Atlantic Management, LLCGreat Lakes Management Co.Green Street Advisors, Inc.Greystone & Co.The Greystone Group, Inc.Group Interland ManagementGrubb & Ellis CompanyGryphon Realty Capital Advisors LLCGSSW

Guaranty BankGumenick Management Company

H.G. Fenton CompanyThe Habitat CompanyHaley Associates LTDHalliwell Engineering Associates, Inc.Hanover CompanyHarbert Management CorporationHart Advisers, Inc.Hartrey AdvisorsHaverford Capital, Inc.The Hayman CompanyHeidrick & StrugglesHenry S. Miller Investment Banking GroupHercules Real Estate Services, Inc.HFFHibernia HoldingsHorn-Barlow CompaniesHornig Companies Inc.Hudgins Apartment Development

Income Property SpecialistsING Realty PartnersInsurent Agency CorporationInteliCable GroupInternacional Realty, Inc.INVESCO Realty AdvisorsInvestors Alliance Inc.Investors Management Trust Real Estate Group, Inc.

The Jackson GroupJars Residential PropertiesJH Real Estate Partners, Inc.JMS Consulting AssociatesThe John Buck CompanyJoshua Tree ConsultingJP Morgan Chase BankJuniper Investment Group, Inc.Jupiter Realty Corporation

Kaiserman Company, Inc.Kaplan CompaniesKennedy-Wilson Properties, Ltd.KET/HIPKey Bank N.A. (Tampa, FL)Key Bank, N.A. (Dallas, TX)KeyBank Real Estate Capital

Associate Members

APRIL 2004


Kier Management Corp.Kirby Sack Properties, Inc.Kirkpatrick Management Company, Inc.Koontz McCombsKOR Realty GroupKorman Communities

L.J. Melody & Company (Phoenix, AZ)L.J. Melody & Company (Houston, TX)La Maison ApartmentsLambert Smith HamptonLandmark ResidentialLarry G. Schedler & Associates, Inc.Lefrak Organization Inc.Legacy Partners Residential, Inc.Lenfest Enterprises, LLCLevine BuildersLightstone GroupLive Oak Capital, Ltd.LNR Property CorporationLondon Management CorpLove Properties Inc.LR Management Services CorporationLubert-AdlerThe Lynd Company

M S L Property ManagementM. Timm Development, Inc.M&T Realty Capital CorporationMadison Apartment GroupMadison Development Group, LLCMadison International Realty, LLCMakowsky Ringel Greenberg, LLCManagement Group, Inc.Mandel Group, Inc.Marriott ExecuStayMarx/Okubo Associates, LtdMassachusetts Mutual Life Insurance

Co.MBS Realty Investors, Ltd.MC Realty Advisers, LLCMC Realty, Inc.McCabe Research & Consulting, LLCMcDonald Investments Inc.McGriff, Seibels & WilliamsThe Medve Group, Inc.Meer Capital Partners, LLCMercy Housing, Inc.

Merry Land Properties, LLCMetric Property Management, Inc.MG PropertiesMGM Enterprises, Inc.Mid-Peninsula Housing Coalition

Associate Members



MintoUrban Communities Inc.Moody’s Investors ServiceMultifamily Solutions, Inc.Munsch, Hardt, Kopf, & Harr, P.C.

National Church ResidencesNational Electrical Benefit Fund, NEBF, NANational Housing CorporationNew Boston Fund, Inc.Nexus Residential Communities, Inc.NNC Apartment VenturesNolo PressNorthMarq CapitalNovogradac & Company LLPNP Dodge Management Company

O’Connor Capital PartnersObermayer Rebmann Maxwell & Hippel LLPOsprey Property Group LLCOvation DevelopmentOverland Realty Capital

Pace Realty CorporationPacific Property Company (Los Angeles)Pacific WestPacifica CompaniesPalms AssociatesParadigm Development CompanyParagon PropertiesParagon Real Estate Equity and Investment TrustThe Park CompaniesPCS Development, Inc.The Peterson CompaniesThe Picerne GroupPowell, Goldstein, Frazer & Murphy, LLPThe Preston Partnership, LLCPrime Income Asset Management, Inc.Prime Property Capital, Inc.Prominent Realty GroupPrudential Equity Group, Inc.

Quaker CapitalQuantum First CapitalQuestar Properties, Inc.

Rafanelli, Nahas & AmbroseRAM Partners, LLCRAM Realty Services

RCP General IncorporatedRD Olson DevelopmentReal Estate Capital PartnersRealstar ManagementRealty Capital CompanyRealty Funding Group, LLCRealty Management, Inc.RedPeak Properties LLCRegional Management, Inc.Resource Real Estate, Inc.rghventuresRimkus Consulting Group, Inc.Risk Innovations, Inc.RJ Griffin & CompanyRM Watson Co.Rockport Mortgage CorporationRossitto & AssociatesRoxbury Properties, Inc.RP Management, Inc.

S-J Management LLCS.L. Nusbaum Realty Co.S37 Management Inc.Salem Realty Capital LLCSatisFacts Research, LLCSawyer Realty Holdings LLCSchenk Realty Group, L.L.C.Schultz Investments, Inc.SCI Real Estate InvestmentsSecurity Capital Research & ManagementSecurity Properties Inc.Sendera Investment Group, LLCSentinel Real Estate CorporationThe Sexton CompaniesSGS Properties, Inc.Sher Garner Cahill Richter Klein McAlister & Hibert, LLCThe Shoptaw Group, LLCShore To Shore PropertiesShowe Management CorporationSierra Pacific Properties, Inc.Silverwood Investments, LLCSitomer & Hogan, LLPSMG Property Management, Inc.Smith Equities CorporationSobrato Development CompaniesThe Solomon OrganizationSonnenschein, Nath & RosenthalSoutheast Capital Partners, Inc.

Southern California Housing Development CorporationSouthern Land CompanySouthTrust Bank-Commercial Real EstateSperry Van Ness - Rex JonesSpieker Companies, Inc.Standard Management Co.Starpoint Property Management, LLCState Farm InsuranceSteelwood Property CompanyStern Brothers & Co.Steven Scott Management, Inc.Stewart Properties Inc.Stratus Real Estate, Inc.Stuart CorporationStuart M. Bennett, P.C.The Sunhill Group LLCSunroad Enterprises

Thies & Talle Management, Inc.Thomas Rutherfoord Inc.Tiger Realty, Ltd.The Time GroupTMC Management CorporationTodd & Associates, Inc.Toll Management CompanyToppel PartnersTorto Wheaton ResearchThe Tower CompaniesTriumph Management Co.TriVest Residential LLC

UBS WarburgUnited Development Group, Inc.

W&M Properties, Inc.Wachovia SecuritiesWafra Investment Advisory Group, Inc.Walchle Investment Group, Inc.Walton Street Capital, LLCWeidner Investment Services, Inc.Wellsford Real Properties, Inc.Wendover Housing Partners, Inc.Westwood Residential Co.White Residential, Inc.Wind Management LLCWLD Enterprises, Inc.Woodland Capital Group LLCWRH Realty Services, Inc.

York Properties, Inc.

Zaremba Group, LLCZaremba Residential Company

Associate Members

APRIL 2004


NMHC Staff



Douglas M. Bibby is President, withlead responsibility for general man-agement of the National Multi HousingCouncil. Doug has had extensivesenior management experience in bothlarge and small organizations, and hiscareer has spanned international aswell as domestic assignments. Hespent approximately 16 years (from1983 to 1999) with Fannie Mae in a

progression of senior management jobs, including Assistant tothe Chairman/CEO; Chief Administrative Officer; Senior VicePresident, Communications; and Senior Vice President, HumanResources and Training. Before joining the Council in June 2001,Doug was President of Ardsley Consulting, LLC, a managementand organizational consulting firm in Bethesda, MD. Prior to thathe was Managing Partner of The Financial Group, LLC, a smallinvestment banking firm engaged in mergers and acquisitionswork and capital financing for small companies. He spent the first12 years of his career with J. Walter Thompson Company, a globalcommunications and advertising firm, eventually heading itsWashington, DC, office. Doug holds a Bachelor of Arts degree fromDenison University in Granville, OH, and a Masters of BusinessAdministration from the University of Texas at Austin.

James N. Arbury is Senior VicePresident for Government Affairs withresponsibility for implementing strate-gy for all legislative and regulatoryissues of interest to the National MultiHousing Council and NationalApartment Association Joint Legisla-tive Program. For 10 year previous tohis present position at NMHC heserved as Vice President of Tax and

Telecommunications, with principal responsibility for federal taxissues and federal and state telecommunications regulation. Amember of the U.S. Senate staff for 13 years, Jim served asAdministrative Assistant to U.S. Senator Donald W. Riegle, Jr., for-mer Chairman of the Senate Committee on Banking, Housing, andUrban Affairs and member of the Senate Finance Committee. Jimsubsequently served as Senior Policy Advisor to the U.S. Senatorwith special emphasis on tax issues. Prior to his work on CapitolHill, he held various financial management and general manage-ment positions in private industry with Ernst & Young, ChryslerCorporation, Accuray Corp., Brand-Rex Wire & Cable, and Ensign-

Bickford Company. He has a Bachelor of Arts degree fromMichigan State University, a Masters of Business Administrationdegree from the Harvard Graduate School of BusinessAdministration, and is a Certified Public Accountant.

Lisa E. Blackwell is Vice President ofState and Local Strategic Outreachand Housing Policy Initiatives, withprimary responsibility for comple-menting the Council’s federal legisla-tive and regulatory program by mobi-lizing members and resources torespond to apartment-related issuesat the state and local level. At the fed-eral level, she also manages select

housing issues for the NMHC/National Apartment AssociationJoint Legislative Program. Lisa brings more than 20 years of gov-ernment affairs and real estate experience to the Council. Mostrecently, she was the Managing Director of Government Affairs forthe American Institute of Architects (AIA), where she developedlegislative strategies on behalf of the nation’s architects. Prior tothat, she spent nine years with the National Association ofRealtors working on a variety of housing issues. She also directedCornell University’s government relations program and worked fortwo New York State members of Congress. Lisa holds a Bachelorof Arts degree in Political Science from the State University of NewYork College at Fredonia.

David B. Cardwell is Vice President ofFinance and Technology, with principalresponsibility for multifamily housing,finance and technology issues. Beforejoining the Joint Legislative Staff, hewas Senior Manager for ProductDevelopment at Freddie Mac, where hedeveloped and implemented new multi-family mortgage products. Other posi-tions at Freddie Mac include Manager

of Loan Production and Product Development and Manager of theCommunity Development Investment Group. Prior to joining FreddieMac, Cardwell served in the Office of Affordable Housing Programsat the U.S. Department of Housing and Urban Development, asDirector of Business and Redevelopment Activities for TrammellCrow Residential, and as Economic Development Director for the

NMHC Staff



city of Falls Church, VA. He holds a Masters degree in City andRegional Planning from the University of Virginia and a Bachelor ofArts degree from the University of Maryland.

Jeanne M. Delgado is Vice Presidentof Property Management with princi-pal responsibility for fair housing,bankruptcy, credit reporting, debt col-lection, and other property manage-ment issues. Prior to joining NMHC,Jeanne spent the previous 18 years atthe National Association of Realtorswhere she was the Manager,Regulatory and Industry Relations with

responsibility on issues such as RESPA, Do-Not-Call/Fax, CANSPAM, Tort Reform, U.S. Patriot Act, and others. She also served asSenior Policy Representative, Government Affairs; ManagingDirector, Government Affairs; Policy Representative, Fair HousingProgram; and Political Action Committee, PAC Director. Jeanne hasa Bachelor of Arts degree in Business Management from TheCatholic University of America, Washington, D.C.

Kimberly D. Duty is Vice President ofCommunications, with lead responsi-bility for media relations and planningand implementing communicationsstrategies, publications and Internetservices. Prior to joining NMHC, Kimserved as Assistant Director of theNational Association of Home Builders’Multifamily Council where she man-aged the Council’s legislative and reg-

ulatory issues and directed the group’s communications and pub-lic relations program. Before her tenure at NAHB, Kim served asDirector of Membership for a local chamber of commerce, and shespent 18 months in Berlin, Germany at the Berlin Public AffairsOffice. She holds a Bachelor of Arts degree (Phi Beta Kappa) fromThe College of William & Mary and a Masters in Public Policy fromGeorgetown University.

Susan Guthrie is Vice President ofOperations, with principal responsibil-ity for NMHC’s internal operations.Susan has over 20 years of manage-ment experience in residential lending,servicing and building customer rela-tionships. Prior to joining NMHC, shewas Vice President of the MultifamilyDivision at the National Association ofHome Builders. Prior to joining Home

Builders, she was Vice President of the Housing and CommunityDevelopment Consulting Group of ICF Kaiser and prior to thatDirector of Multifamily Customer Relations at Freddie Mac. Susanattended Brevard College, Brevard, North Carolina; University ofDelaware, Newark, Delaware; and George Mason University,Fairfax, Virginia.

Eileen C. Lee, Ph.D., is Vice Presidentof Environment, with principal respon-sibility for environmental and energyissues. During her eight-year tenureworking with Congress, Eileen servedas Staff Director of the EnvironmentSubcommittee of the Committee onScience, Space, and Technology of theU.S. House of Representatives. ThisSubcommittee had legislative and

oversight authority for the research and development portfolios ofthe U.S. Environmental Protection Agency, the U.S. Department ofEnergy and the U.S. Department of Commerce. Eileen came toCapitol Hill as a Congressional Science Fellow after completing afellowship for the National Research Council. Eileen currentlyserves on the Board of Directors for The National Foundation forEnvironmental Research. She holds a Bachelor of Science andMasters of Science degrees from Villanova University and receiveda Ph.D. in microbiology from The Catholic University of America.

NMHC Staff



Howard A. Menell is Tax Advisor withprincipal responsibility for federal taxissues. Prior to Howard’s role asNMHC’s Tax Advisor, he most recentlyheld the position of Special Counsel tothe Ranking Minority Member for theU.S. House of Representatives’Committee on Financial Services. Priorto that, he worked in the Office ofMultifamily Housing Assistance

Restructuring at HUD, and served as both Majority Staff Directorand Minority Staff Director for the U.S. Senate’s Committee onBanking, Housing and Urban Affairs. He has also held senior man-agement jobs in private industry, serving as Vice President forGovernment Affairs for the American Express Company. Howardholds a Bachelor of Arts degree from the Maxwell School ofCitizenship and Public Affairs at Syracuse University and is agraduate of the National Law Center at The George WashingtonUniversity. He is a member of the Bar of the State of New York, theUnited States District Court for the District of Columbia Circuitand the District of Columbia Bar.

Ronald G. Nickson is Vice Presidentof Building Codes, with principalresponsibility for representing multi-family housing in the model buildingcode process. For over 30 years, Ronhas worked extensively with each ofthe model building code organizations.He has served on several technicalstandards writing committees and theVirginia State Technical Review Board.

Previously, Ron was Director of the Energy and Home EnvironmentDepartment at the National Association of Home Builders and wasa residential builder in Northern Virginia. Ron has a Bachelor ofScience degree from Colorado State University.

Mark H. Obrinsky, Ph.D., is VicePresident of Research and ChiefEconomist, with principal responsibil-ity for housing and economic research.Mark was formerly Director ofRegulatory Policy at Fannie Mae.Previous positions at Fannie Maeincluded Director of Applied PortfolioResearch and Senior Economist. Priorto joining Fannie Mae, Mark was

Deputy Director of the Economics Department at the U.S. Leagueof Savings Institutions. His academic experience includes sevenyears teaching Economics at the University of Delaware andBradley University. His work on housing, mortgage finance, andeconomic theory has appeared in leading professional and indus-try publications. Mark holds a Bachelor of Arts degree (with hon-ors) in Mathematics from the University of Wisconsin and a Ph.D.in Economics from the University of Pennsylvania.

Jennifer M. Angebranndt, CMP, isDirector of Meetings, Marketing andExhibits, with primary responsibilityfor planning and overseeing all NMHCmeetings. Jennifer has more thaneight years of meeting and trade showmanagement experience. Prior to join-ing NMHC, she was the MeetingsManager and subsequently the TradeShow and Education Forum Manager

for the Health Industry Distributors Association. She holds aBachelor of Arts degree from Louisiana State University.

Doris D. Collins is Director ofMembership, with lead responsibilityfor member relations and mainte-nance of the NMHC membership anddues database. Prior to joining NMHC,she worked as a legal secretary for theWashington, DC law firm ofWashington, Perito & Dubuc. Her pre-vious experience includes four yearswith the United States Air Force, where

she achieved the rank of Staff Sergeant and was awarded an AirForce Commendation Medal, was selected Airman of the Month,

NMHC Staff



and received the Administrative Specialist of the Year Award.Doris received a Certified Medical Assistant certificate from theColorado College of Medical and Dental Assistants and attendedthe College of Southern Maryland and the University of Maryland.

Michael H. Tucker is Director ofCommunications, serving as theCouncil’s primary writer and assistingwith media relations and federaladvocacy efforts. Prior to joiningNMHC, Michael served as ProgramManager at the American Institute ofArchitects, where he managed thehousing and urban design committeesand worked in the Institute’s Center for

Livable Communities smart growth initiative. A freelance writer,Michael has written for U.S. News & World Report, AIArchitect, andthe Binghamton, NY Press & Sun-Bulletin, among others. He holdsa bachelor’s degree from the State University of New York atBinghamton and a Masters in Business Administration from TheCollege of William & Mary.

Elizabeth Feigin Befus is SeniorLegislative Analyst, with primaryresponsibility for legislative trackingand special projects for the JointLegislative Program. Prior to joiningNMHC, Elizabeth served as AttorneyAdvisor with the U.S. Department ofLabor where she researched case law,statutes and regulations, and draftedappellate administrative decisions

involving federal workers’ compensation law. Elizabeth holds aBachelor of Arts degree in Political Science from Colorado StateUniversity and a Juris Doctorate from University of Iowa College ofLaw. She is a member of the Colorado State and District ofColumbia Bars.

Alexander N. Hecht is LegislativeAnalyst, with primary responsibility forspecial projects for environmentalissues of the Joint Legislative Staff.Prior to joining NMHC, Alex served as aLegal Assistant with the MarylandOffice of the Attorney General. A formersportswriter and award-winning jour-nalist, Alex holds a Bachelor of Artsdegree in English and History from the

University of Texas at Austin and a Juris Doctorate degree from theUniversity of Houston Law Center. He is a member of the MarylandState Bar.

Richard Levy is Research Analyst,with responsibility for assisting NMHC’sVice President of Research and ChiefEconomist in apartment industry analy-sis. Prior to joining NMHC, Rich was aPresidential Management Intern, thenStatistician at the U.S. Census Bureau,where he worked extensively with hous-ing and other demographic data. Richreceived a Bachelor of Science in Policy

Analysis from Cornell University. He earned a Master of PublicAdministration from New York University, where he was a PublicService Scholar and spent a semester abroad in Barcelona.

Deborah D. Lee is Executive Assistantto the President, with responsibility forexecutive administrative support to thePresident and the Vice President ofOperations. Prior to joining NMHC,Deborah was employed with CTAIncorporated, where she served as aSenior Administrative Assistant to theProgram Manager on-site at the head-quarters of the Federal Bureau ofInvestigation in Washington, DC.

Deborah also worked as an Assistant Director of an early educationcenter, with responsibility for feasibility studies for the acquisitionof real estate to be used primarily for the establishment of earlychildhood education centers. She received an Associate of Artsdegree from the State University of New York at New Paltz.

NMHC Staff



Michele L. Cherry is Legislative andWeb Site Manager, with responsibilityfor managing the NMHC web site andadministrative support of the JointLegislative Staff. Michele is also the Administrator of the ApartmentIndustry Mobilization Service (AIMS),the apartment industry’s central leg-islative information and alert systemand serves as the Custodian of

Records for, and manages the reporting requirements of, theNMHC Political Action Committee. Prior to her time at the Council,she has worked for a local political consulting firm and has servedon the staff of U.S. Representative Duncan Hunter. She received aBachelor of Arts degree (magna cum laude) in political sciencefrom Bloomsburg University.

Bruce D. Coltman is Manager ofInformation Systems, with primaryresponsibility for support and develop-ment of NMHC’s network and desktopcomputer systems. Previously, Brucewas the Information Systems Managerfor the Eastern Area for OgdenEntertainment. Bruce has over 10years of information system designand management experience on vari-

ous platforms.

Pamela E. Gilmore is Manager ofAccounting, with responsibility forcash disbursements, cash receiptsand general accounting. Her mostrecent experience was as theExecutive Assistant to NMHC’sPresident. Prior to joining the Council,Pam was a legal assistant in a per-sonal injury law firm and served onthe support staff in a Washington, DC

real estate industry association. Pamela has also had manager-ial responsibilities in retailing and has done volunteer work inmental health for homeless women and in education for excep-tional children. She received a Bachelor of Arts degree fromWilliam Paterson University.

Mindy London is Meetings Coordina-tor, with responsibility for assistingwith management of NMHC meetingsand forums. Prior to joining NMHC,Mindy was the Director of Meetings forthe National Air Duct CleanersAssociation in Washington, DC. Mindyhas over four years of experience as ameeting planner. Mindy received aBachelor of Arts degree from the

University of Maryland in Speech Communications.

Simona P. Diggs is MembershipAssistant, responsible for administra-tive membership support. Prior to join-ing NMHC, she was employed at RiggsBank NA, holding a number of posi-tions in operations and loan process-ing. She has extensive training andexperience in customer service.

La Fayette Flowers is AdministrativeAssistant, with responsibility for pro-viding administrative support includ-ing drafting correspondence, format-ting speeches and presentations, andspecial projects for the executive officeand providing assistance in the gener-al operation of the Council. Prior tojoining NMHC, La Fayette wasemployed by Pitney Bowes Manage-

ment Services as a site representative. La Fayette has also workedas an intern at the United States Department of Energy where hereceived a superior achievement award for developing a classifi-cation system for the Defense Nuclear Facility Safety Board.

NMHC Staff



Candace L. French is MembershipAssistant, responsible for administra-tive membership support. Prior to join-ing NMHC, she was an executiveassistant in the office of MemberServices at the National Grain andFeed Association where she wasresponsible for membership andmeeting support. Candace came toNMHC with over six years of customer

service experience.

LaToya Scott is LegislativeAssistant, with responsibility for pro-viding legislative administrative sup-port to the Joint Legislative Staff. Shereceived an Associate Degree in PublicService (Legal Assistant/Paralegal)from Florence-Darlington TechnicalCollege and an Associate Degree inGeneral Business from WilliamsburgTechnical College.

LeVoniann (Toni) Sampson isReceptionist, with responsibility foranswering the main telephone systemand greeting visitors. Her previousexperience includes more than 25years with Bell Atlantic and AT&T as acustomer service assistant andinstructor, and serving as a reception-ist with a major Washington, DC lawfirm.

Duane E. Whitner is AdministrativeAssociate, with responsibility for copy-ing, faxing, mailings and other admin-istrative duties. Prior to joining NMHC,he was a field technician for PitneyBowes Mailing Systems and a teamleader for Pitney Bowes ManagementServices.

A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR · 2018-04-05 · 4 NMHC 50 APRIL 2004 A...

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Transcript of A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR · 2018-04-05 · 4 NMHC 50 APRIL 2004 A...