The Nation's 50 Largest Apartment Owners And 50 Largest

The Nation’s50 LargestApartment Ownersand 50 LargestApartment ManagersA Special Supplement to National Real Estate InvestorCELEBRATING20YEARS

A special Supplement to national real estate investorNational Real Estate Investor is pleased to present the 20th annual NMHC 50, theNational Multi Housing Council’s authoritative ranking of the nation’s 50 largestapartment owners and 50 largest apartment managers. For two decades, theNMHC 50 has been a key resource for industry observers. The top owner and managerlists, and the analysis that accompanies them, have provided the only historical benchmarkagainst which to measure industry trends and concentration.Based in Washington, D.C., the National Multi Housing Council provides leadership forthe apartment industry. NMHC’s members are the principal officers of the larger andmore prominent apartment firms and include owners, developers, managers, financiersand service providers.The Council focuses on the four key areas of federal advocacy, strategic information,industry research and public affairs. Through its federal advocacy program, the Counciltargets such issues as housing policy, multifamily finance, environmental affairs, taxpolicy, fair housing, building codes, technology, human resources and rent control.For those interested in joining the apartment industry’s leadership, NMHC welcomesinquiries to its Washington office at 202/974-2300, or you can visit NMHC’s web site atwww.nmhc.org.ContentsIntroduction.............................................................................. 22009 Apartment Ownership...................................................... 42009 Apartment Management.................................................. 6NMHC 50: Crosswinds Challenge the Apartment Sector........... 8Staying on Top: 20 Years of Leadership...................................14Trammell Crow’s Legacy......................................................... 22Recasting Bell Partners............................................................24National Multi Housing Council:The Apartment Executive’s Best Ally...................................... 26NMHC’s Meetings 2009-2010.................................................. 27NMHC Officers....................................................................... 28NMHC Board of Directors Executive Committee..................... 28NMHC Board of Directors....................................................... 32NMHC Advisory Committee.................................................... 48Cover Photo: Gables Villa Rosa, Dallas, TX. Photo courtesy of Gables Residential. © Steve Hinds2 NMHC 50 APRIL 2009

A special Supplement to national real estate investor2009 Apartment OwnershipNational Multi Housing Council 50(50 Largest U.S. Apartment Owners as of January 1, 2009)APARTMENTS WITH2009 2008 CORPORATE OWNERSHIP INTERESTRANK RANK COMPANY HEADQUARTERS OFFICER 2009 20081 2 MMA Financial, llc st. Paul, MN Michael L. Falcone 186,459 188,1592 3 Boston Capital Boston, MA Jack Manning 171,267 167,6793 1 AIMCO Denver, CO Terry Considine 158,950 197,1584 5 SunAmerica Affordable Housing Partners, Inc. Los Angeles, CA Michael L. Fowler 152,315 143,6745 4 Equity Residential chicago, IL David J. Neithercut 148,115 154,1526 newcomer National Equity Fund, Inc. chicago, IL Joseph S. Hagan 100,536 96,1337 6 Enterprise Community Investment, Inc. columbia, MD Jeffrey H. Donahue 94,676 89,3488 8 The Richman Group Affordable Housing Corporation Greenwich, CT Richard Paul Richman 85,197 80,0549 7 Archstone englewood, CO R. Scot Sellers 83,871 87,66710 12 American Management Services (dba Pinnacle) Seattle, WA Stan Harrelson 78,848 62,80011 11 PNC MultiFamily Capital louisville, KY Donald W. Giffen 73,091 65,64112 9 GE Real Estate Alpharetta, GA Ron Pressman 71,426 76,44813 13 Camden Property Trust Houston, TX Ric Campo 62,421 62,33814 14 BlackRock Realty san Francisco, CA Fred Lieblich 59,665 59,66515 18 Alliant Capital, Ltd. Woodland Hills, CA Shawn Horwitz 57,839 52,73016 16 Edward Rose & Sons Farmington Hills, MI Warren Rose 55,052 54,10317 17 Fairfield Residential llc san Diego, CA Kim Bender 54,978 53,00118 20 WNC & Associates, Inc. irvine, CA Wilfred N. Cooper Jr. 49,778 48,88119 15 AvalonBay Communities, Inc. Alexandria, VA Bryce Blair 49,730 54,68720 10 UDR, Inc. Highlands Ranch, CO Thomas W. Toomey 48,499 70,59121 19 Lincoln Property Company Dallas, TX Tim Byrne 47,379 49,07022 21 Forest City Residential Group, Inc. cleveland, OH Ronald A. Ratner 45,365 44,03023 newcomer DRA Advisors llc new York, NY David Luski 43,440 19,18024 25 Mid-America Apartment Communities, Inc. Memphis, TN H. Eric Bolton, Jr. 42,554 40,24825 22 CnC Investments Ltd., LLP Houston, TX Chowdary Yalamanchili 42,485 42,4854 NMHC 50 APRIL 2009

A special Supplement to national real estate investorAPARTMENTS WITH2009 2008 CORPORATE OWNERSHIP INTERESTRANK RANK COMPANY HEADQUARTERS OFFICER 2009 200826 newcomer Bell Partners Greensboro, NC Steven D. Bell 41,405 14,43827 24 The Michaels Development Company marlton, NJ Michael J. Levitt 41,120 40,90828 newcomer Empire American Holdings, llc montvale, NJ Eli Feller 40,776 36,23329 27 Picerne Real Estate Group phoenix, AZ David R. Picerne 38,777 39,57430 23 Sentinel Real Estate Corporation new York, NY John Streicker 37,461 42,00031 28 Home Properties, Inc. rochester, NY Edward J. Pettinella 37,130 37,49632 newcomer JRK Property Holdings, Inc. los Angeles, CA James Lippman 37,079 32,24633 newcomer The Bascom Group, llc irvine, CA David S. Kim 35,674 34,17034 33 BH Equities, LLC Des Moines, IA Harry Bookey 33,209 30,89435 31 The Related Companies new York, NY Jeff Blau 32,791 31,48336 32 Colonial Properties Trust Birmingham, AL Thomas H. Lowder 32,237 31,28237 29 Morgan Stanley new York, NY John Buza 31,896 33,77238 30 Morgan Properties King of Prussia, PA Mitchell Morgan 31,238 31,67039 34 Westdale Real Estate Investment & Management Dallas, TX Joseph G. Beard 30,620 30,29440 35 UBS Global Asset Management, Global Real Estate - US Hartford, CT David J. Ingram 30,539 29,74441 38 Lindsey Management Co. Fayetteville, AR James E. Lindsey 29,091 27,58142 37 Babcock & Brown Residential llc charlotte, NC Philip S. Payne 27,816 28,15343 39 Essex Property Trust, Inc. irvine, CA Keith R. Guericke 26,868 27,48944 42 Berkshire Property Advisors Boston, MA Frank Apeseche 26,525 25,38245 40 Madison Apartment Group philadelphia, PA Joseph F. Mullen 25,280 25,97646 41 BRE Properties, Inc. san Francisco, CA Constance B. Moore 25,276 25,88747 44 AMLI Residential Properties chicago, IL Gregory T. Mutz 23,982 23,45748 43 Southern Management Corporation vienna, VA David H. Hillman 23,730 23,72249 46 Milestone Management Dallas, TX Steve Lamberti 21,540 21,96450 45 Post Properties, Inc. Atlanta, GA David P. Stockert 21,190 22,249APRIL 2009 NMHC 50 5

A special Supplement to national real estate investor2009 Apartment ManagementNational Multi Housing Council 50(50 Largest U.S. Apartment Managers as of January 1, 2009)2009 2008 CORPORATE APARTMENTS MANAGEDRANK RANK COMPANY HEADQUARTERS OFFICER 2009 20081 2 American Management Services (dba Pinnacle) Seattle, WA Stan Harrelson 185,219 165,322Christy Freeland,2 3 Riverstone Residential, A CAS Partners Company Dallas, TXTerry Danner181,928 155,2353 1 AIMCO Denver, CO Terry Considine 154,987 195,8884 4 Equity Residential chicago, IL David J. Neithercut 148,115 154,1525 6 Greystar Real Estate Partners, LLC Houston, TX Robert A. Faith 140,000 93,9546 5 Lincoln Property Company Dallas, TX Tim Byrne 130,265 132,4327 7 Archstone englewood, CO R. Scot Sellers 83,871 87,6678 9 WinnCompanies Boston, MA Samuel Ross 75,353 69,8679 11 Camden Property Trust Houston, TX Ric Campo 62,641 62,55810 32 Bell Partners Greensboro, NC Steven D. Bell 61,663 34,68411 13 Fairfield Residential llc san Diego, CA Kim Bender 60,265 59,47912 18 FPI Management Folsom, CA Dennis Treadaway 53,671 46,58813 15 Edward Rose & Sons Farmington Hills, MI Warren Rose 52,794 51,84514 14 AvalonBay Communities, Inc. Alexandria, VA Bryce Blair 49,730 54,68715 16 Alliance Residential Company phoenix, AZ Bruce Ward 49,600 49,19416 8 UDR, Inc. Highlands Ranch, CO Thomas W. Toomey 47,652 70,59117 19 Picerne Real Estate Group phoenix, AZ David R. Picerne 44,754 45,56618 20 The ConAm Group of Companies san Diego, CA J. Bradley Forrester 43,500 45,50019 21 Westdale Real Estate Investment & Management Dallas, TX Joseph G. Beard 42,915 43,47520 23 CnC Investments Ltd., LLP Houston, TX Chowdary Yalamanchili 42,647 42,64721 26 Mid-America Apartment Communities, Inc. Memphis, TN H. Eric Bolton, Jr. 42,554 40,24822 25 The Michaels Development Company marlton, NJ Michael J. Levitt 41,120 40,90823 17 Capstone Real Estate Services, Inc. Austin, TX James W. Berkey 40,870 48,53224 newcomer Empire American Holdings, llc montvale, NJ Eli Feller 40,776 36,23325 29 Home Properties, Inc. rochester, NY Edward J. Pettinella 38,280 38,6466 NMHC 50 APRIL 2009

A special Supplement to national real estate investor2009 2008 CORPORATE APARTMENTS MANAGEDRANK RANK COMPANY HEADQUARTERS OFFICER 2009 200826 24 Sentinel Real Estate Corporation new York, NY John Streicker 37,461 42,00027 30 Gables Residential Atlanta, GA David D. Fitch 37,366 38,24228 34 BH Management Services, Inc. Dallas, TX G. Stephen Donohue 36,532 33,12329 42 Milestone Management Dallas, TX Steve Lamberti 36,408 28,89130 newcomer JRK Property Holdings, Inc. los Angeles, CA James Lippman 35,103 31,13831 33 Village Green Companies Farmington Hills, MI Jonathan Holtzman 34,792 34,27532 31 Colonial Properties Trust Birmingham, AL Thomas H. Lowder 33,143 37,23633 36 Forest City Residential Group, Inc. cleveland, OH Ronald A. Ratner 33,045 31,83534 38 The Related Companies new York, NY Jeff Blau 32,581 30,74735 newcomer The John Stewart Co. san Francisco, CA Jack D. Gardner 31,685 22,41136 37 Morgan Properties King of Prussia, PA Mitchell Morgan 30,613 31,04537 39 The Lynd Company san Antonio, TX A. David Lynd 30,530 30,57138 45 Lindsey Management Co. Fayetteville, AR James E. Lindsey 29,443 27,91039 40 Lane Company Atlanta, GA Bill Donges 29,114 29,88640 41 Drucker & Falk, llc raleigh, NC Kellie Falk-Tillett 28,216 29,38441 44 Babcock & Brown Residential llc charlotte, NC Philip S. Payne 27,816 28,15342 50 Berkshire Property Advisors Boston, MA Frank Apeseche 26,995 25,85243 46 Essex Property Trust, Inc. irvine, CA Keith R. Guericke 26,868 27,48944 48 LEDIC Management Group memphis, TN Pierce Ledbetter 26,132 26,38445 28 Sawyer Realty Holdings llc needham, MA Gregg Clickstein 25,885 39,27246 43 Ambling Management Company valdosta, GA Mike Godwin 25,529 28,39447 49 BRE Properties, Inc. san Francisco, CA Constance B. Moore 25,276 25,88748 newcomer AMLI Residential Properties chicago, IL Gregory T. Mutz 24,911 24,38649 newcomer RAM Partners, LLC Atlanta, GA Bill Leseman 24,828 25,12450 newcomer Southern Management Corporation vienna, VA David H. Hillman 23,730 23,722APRIL 2009 NMHC 50 7

A special Supplement to national real estate investorNMHC 50:Crosswinds Challengethe Apartment SectorBy Mark Obrinsky, Vice President of Researchand Chief Economist, National Multi Housing CouncilovERviewThe apartment industry was buffeted by crosswinds in 2008. Thebursting of the housing bubble—the proximate cause of the currentslump—continued to pull house and condo prices downward,teaching a new generation of Americans that homeownership is anythingbut a “can’t miss” investment. The continuing shift away from homeownershipincreased demand for rental housing, even as the nation’s financialcrisis remained unresolved and economic growth sputtered.But as autumn brought a sudden and stunning decline in employment,apartment owners and managers began to feel the impact of what is likelyto become the nation’s worst economic and financial market crisis since theGreat Depression. The excess inventory in the for-sale market added anothercomplication for the apartment industry, as owners who couldn’t selltheir homes turned to the rental market instead.Not surprisingly, the financial and economicturmoil had a chilling effect on sales of apartments.Although the apartment sector maintained accessto acquisition financing thanks to the presence ofFannie Mae and Freddie Mac, uncertainty over thenear-term future—for rent rolls, absorption, andcap rates—has led to a wide gap between bid and askprices. As a result, transaction volume fell by morethan 60 percent last year. Still, almost $38 billion inapartment properties changed hands, and NMHC50 owners were prominent both as buyers and assellers. This led to a few notable changes in this year’s rankings—fewer,though, than might be expected given the turbulence of the environment.As was the case last year, the total number of apartments in the NMHC50 owners list exceeds the number in the NMHC 50 managers list, yet themanagers list has a higher entry threshold. Both lists reflect the apartmentindustry’s makeup: a sizable number of larger firms co-exist with a broadbase of small- and medium-sized companies.While recovery does not appear to be in the cards for this year, manyveteran apartment industry professionals think that most of the profits tobe made in any cycle are actually locked in before the upswing begins—before, that is, the good news gets “priced in.” Indeed, the combination ofcyclical improvement plus positive demographic trends over the longerterm could produce a robust apartment recovery. Stay tuned for next year’sNMHC 50 to see whether this has resulted in more activity among the leadingapartment firms.NMHC 50 Profile 2009Portfolio Size:No. of Apartments Owned 2,847,186No. of Apartments Managed 2,669,172Minimum Entry Threshold:No. of Apartments Owned 21,190No. of Apartments Managed 23,7308 NMHC 50 APRIL 2009

A special Supplement to national real estate investorAPARTMENT MANAGERSAfter seven years in the No. 3 slot and one yearat No. 2, American Management Services (dbaPinnacle) finally moved into the top slot in theNMHC 50 management rankings. Although thecompany also broke into the top ten among theNMHC owners this year as well, (after many yearsof sizable portfolio acquisitions), it is best knownas a third-party manager—indeed, its managementportfolio exceeds its ownership portfolio byover 100,000 apartments. Riverstone Residentialmoved up a slot to No. 2 this year, marking a newmilestone: for the first time ever, the managementrankings are headed by two property managementspecialists.The number of apartments included in theNMHC 50 managers list edged down slightly in2009, but at 2,669,172 the figure was still the second-highestever. The top half of the management rankings iscomprised of virtually the same list of firms as last year. Thatfact may cover up more than it reveals, however, as there werea large number of big portfolio changes.As on the ownership list, both AIMCO and UDR werevery large net sellers. By contrast, top-ten firms AmericanManagement Services (dba Pinnacle), Riverstone Residential,Greystar, and Bell Partners were major net buyers. Indeed, bybringing 46,046 apartments into its fold, Greystar posted theTop 10 Apartment MANAGEMENT FirmsRank CompanyNo. ofApartments Managed1 American Management Services (dba Pinnacle) 185,2192 Riverstone Residential Group, A CAS Partners Company 181,9283 AIMCO 154,9874 Equity Residential 148,1155 Greystar Real Estate Partners, LLC 140,0006 Lincoln Property Company 130,2657 Archstone 83,8718 WinnCompanies 75,3539 Camden Property Trust 62,64110 Bell Partners 61,663biggest management portfolio gain in ten years.Growth within the NMHC 50 managers list was exactlythe opposite of the owners list: growth was concentrated atthe top. Apartments in the portfolios of the top ten firms roseby 2.5 percent from a year earlier. The number of apartmentsmanaged by the second ten, the top 25, and the second 25firms all fell, however.By most measures, the NMHC 50 managers’ concentrationreceded somewhat. Overall, the top 50 manage 15.2 percent ofNMHC 50 managersNumber of Apartments Managed 2009 2008 2007 2006 2005 2004Top 10 1,224,042 1,194,108 1,106,880 1,051,603 1,087,273 1,111,312Second 10 487,528 523,614 498,472 469,786 508,082 502,575Top 25 1,915,170 1,930,162 1,810,315 1,703,865 1,773,679 1,793,148Second 25 754,002 797,946 770,885 680,091 673,810 669,799Top 50 2,669,172 2,728,108 2,581,200 2,383,956 2,447,489 2,462,947Portfolio Size Measures 2009 2008 2007 2006 2005 2004Mean 53,383 54,562 51,624 47,679 48,950 49,259Median 37,871 40,578 40,010 33,150 33,559 32,164No. 1 firm 185,219 195,888 209,412 197,774 215,256 239,875No. 50 firm 23,730 25,852 25,277 22,500 23,457 23,469Share of NationalApartment Stock (%) 2009 2008 2007 2006 2005 2004Top 10 7.0% 6.9% 6.2% 6.0% 6.4% 6.7%Top 50 15.2% 15.7% 14.5% 13.6% 14.4% 14.9%Apartment MANAGersLargest Portfolio GrowthApartmentsGreystar Real Estate Partners, LLC + 46,046Bell Partners + 26,979Riverstone Residential, A CAS Partners Company + 26,693American Management Services (dba Pinnacle) + 19,897Milestone Management + 7,517Moving Up in RankSlotsBell Partners + 22Milestone Management + 13Berkshire Property Advisors + 8Lindsey Management Co. + 7FPI Management + 6BH Management Services, Inc. + 612 NMHC 50 APRIL 2009

A special Supplement to national real estate investorthe nation’s apartments, a little lower than last year’s recordsetting15.7 percent. The top ten firms saw their share growto 7.0 percent, from 6.9 percent in 2008. This was the highestshare for the ten largest managers since 2003. Back then,however, the management list was more heavily dominated byowner-managers. In 2003, the top 15 firms also appeared onthe NMHC 50 owners list; in 2009, only ten of the top 15 firmswere among the top 50 owners.Apartment Management (by tier in thousands)3,0002,5002,0001,5001,000500’90 ’91 ’92 ’93 ’94 ’95 ’96 ’97 ’98 ’99 ’00 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09top 10 top 25 top 50SPECIALISTSMany firms appear on both the NMHC 50 ownership andmanagement lists, but each list includes 17 firms that do notappear on the other. In some cases, these companies both ownand manage apartments, but they tend to specialize in one orthe other, so they make the threshold for entry either as managersor owners, but not both.Some specialists are among the largest firms. Three of thetop five owners—and five of the top eight—do not appear inthe management rankings. On the management side, three ofthe top 10 firms do not show up on the ownership list.Two firms that appear at the top of the rankings for bothowners and managers have far more units under managementthan under ownership. American Management Services (dbaPinnacle) manages 106,371 more apartments than it owns,while Lincoln Property has 82,886 more units under managementthan in its ownership portfolio.Largest Firms Appearing on Ownership List Only:MMA Financial, LLCBoston CapitalSunAmerica Affordable Housing Partners, Inc.National Equity Fund, Inc.Enterprise Community Investment, Inc.Largest Firms Appearing on Management List Only:Riverstone Residential Group, A CAS Partners CompanyGreystar Real Estate Partners, LLCWinnCompaniesFPI ManagementAlliance Residential CompanyMethodologyTo compile the NMHC 50 lists, the National Multi Housing Councilstaff gathers names of owners and managers from as wide a range ofsources as possible and contacts staff from each firm who completethe survey online. Over the years, improved outreach and increasedpublicity associated with the rankings has resulted in more firmsresponding to the survey.For the purposes of this survey, investment fund managersare treated as owners only if they retain substantial equity in theapartment property or if they maintain effective responsibility anddecision-making over the investment property. Similarly, tax creditsyndicators and franchisers are regarded as owners only if theyretain a fiduciary responsibility. (When firms function strictly asadvisers rather than investors, they are not regarded as owners.)The rankings do not distinguish between partial and full ownership.Some firms own sizable apartment properties through jointventures in which their share could range anywhere from 1 to 99percent. Others are primarily the sole owners of their apartments. Inprinciple, it would be desirable to account for partial ownership—treating 50 percent ownership of 100 apartments as equivalent to fullownership of 50 units, for example. In practice, it is not feasible tomake such distinctions.The survey excludes condominiums, cooperatives, hotel rooms,nursing homes, hospital rooms, mobile homes and houses withrental units. Rental housing for seniors (age-restricted apartments)is included, although assisted living and congregate care facilities arenot. Finally, since we measure industry concentration by comparingthe top 50 owners and managers against the nation’s entire apartmentstock, only U.S. apartments are included.Occasionally, a firm may debut on the NMHC 50 at a highlevel. Generally, this means the firm is responding to the surveyfor the first time, rather than an indication of an outsized portfoliogain—although that, too, happens on occasion. Nonetheless, despitemany improvements and everyone’s best efforts, the process remainsimperfect: it relies on both accurate reporting and surveying of thecomplete universe, both of which can be fraught with problems. Inparticular, a number of firms in recent years have either chosen notto respond or have policies that prohibit them from supplying thekind of information needed for establishing these rankings. Theinclusion of firms that did not respond in previous years, as well asthe withdrawal of some firms from participation after making therankings in the past, make year-to-year comparisons difficult.APRIL 2009 NMHC 50 13

A special Supplement to national real estate investorStaying on Top: 20 Years of LeadershipMultifamily leaders say the lessons of1990, when the NMHC 50 began, provejust as relevant today. By Alison RiceTalk about staying power. Every year since 1990, theNational Multi Housing Council has researchedand ranked the 50 largest multifamily owners and50 largest managers, capturing the rise, fall, or mergerof many a firm. But only a handful of companies haveoutlasted their competition year after year to earn a spoton the NMHC 50 both in 1990 and 2009, the 20th anniversaryof the lists.The longevity of these nine firms crosses multiplebusiness structures, geographic regions, business segments,and product offerings. Some, such as ClevelandbasedForest City Residential, Dallas-based LincolnProperty Company, and the San Diego-based ConAmGroup of Companies, are national in scope, whileothers, like Southern Management Corporation ofVienna, VA, focus on just one area of the country. Afew—Edward Rose & Sons of Farmington Hills, MI,or Drucker & Falk, LLC of Newport News, VA—arefamily-owned.Others, such as Forest City, arepublicly traded but essentially familycontrolled.Many, like Boston Capitalconcentrate on the apartment industrywhile counterparts such as SentinelReal Estate and The Related Companies,both of New York, consider multifamilyresidential just one aspect of their diversifiedreal estate business.What these companies and their executiveshave in common is a willingnessto stick with what works for their business,be it affordable housing, multifamilydevelopment, market-rate rentals, or aconstantly evolving blend as they respondto economic and market changes in theirdetermination to survive and prosper.The recession of the early 1990s “culledout a lot of marginal players in the industry,”recalls Warren Rose, chief operatingofficer of Edward Rose & Sons, who saysthe same thing is happening today. “We areplanning to be on the other side.”Jack Manning - Boston CapitalDavid Hillman - Southern Management Corporation14 NMHC 50 APRIL 2009

A special Supplement to national real estate investorEconomic FlashbackJob losses. Rising vacancies. Tight credit.The economy of 2009 reminds manyexecutives in this group of longtimeNMHC 50 companies of the economyof 1990. “It’s pretty vivid in mymemory because it was a tough time,”Rose remembers. “There was a creditcrunch. There was the S&L crisis.Sources of capital were drying up. Itwas a recessionary period. It’s déjà vuall over again.”David Hillman, chairman and CEOof Southern Management Corporation,agrees. “What were the issues in 1990?They’re not a lot different from today.Too many apartments and not enoughbodies. Credit issues. People were concernedabout the future,” Hillman says.“The more things change, the morethey stay the same.”Jack Manning, president and CEOof Boston Capital, agrees—to a point.“In 1990, the entire real estate industry,not just the apartment industry,was in deep trouble, but the causeswere different” than today. In 1990,“there was a tremendous oversupply ofdevelopments coming on line drivenby the tax code … today, it’s not amatter of oversupply [in multifamily].It’s mostly financing and seller/ownerproblems.”Regardless of the origins of eitherdecade’s recession, though, theseNMHC 50 firms and their leaders saythey learned lessons in the early 1990sthat continue to prove relevant to theirbusinesses today.It taught Southern Management’sHillman that things don’t always go asplanned, particularly if the economystarts to deteriorate. “It made me focusmore on a plan B—‘what are we goingto do if the bright idea doesn’t work?’”he says. “When we start a project[now], we always have an alternative.”It helped Boston Capital developa diversified business strategy thatincludes not only market-rate properties,but also affordable rentals, whichperform well even in a recession. “WeNMHC 50 15

A special Supplement to national real estate investorchose a defensive posture,” Manning says of BostonCapital’s investment in affordable units, which nowrepresent perhaps 90 percent of its portfolio. (Ofcourse, Boston Capital also reaped the benefits of itsmarket-rate strategy during the recent boom by sellingthose newly developed developments practicallyas soon as they were completed.)It introduced The Related Companies to thechallenges of operating in a down market. “It wasall about learning how to deal with pressure onrevenue and how to distinguish yourself in a marketplacewhere renters had a choice,” says JeffreyI. Brodsky, president of Related ManagementCompany, the management division of Related,which had only entered the market-rate arena inthe 1980s.What has shifted in 2009 is the speed withwhich multifamily firms must react to theseeconomic and market developments. “We havealways completed separate asset plans for eachproperty every year requiring Sentinel asset managers tofocus on property operations, marketing strategies and capitalprograms on an annual basis, and also to make recommendationsregarding the asset holding period,” says MillieCassidy, president of Sentinel Real Estate Corporation inNew York. “This process hasn’t changed; however, we findthat in this environment we must constantly revisit andadjust marketing programs due to the changing nature ofthe competition from the condo and single-family houseJeff Franzen - Lincoln Property Companyrental market. At thesame time, distressed developers are marketingtheir recently completed projects using incentivesand concessions that are undercutting the established rentalmarkets.”As a result, many longtime NMHC 50 firms say they areclosely watching costs—and anything that might impactcosts—in 2009. “With respect to our capital expenditures,asset managers are being asked to justify each and everyBeaumont Apartments, Woodinville, WA (Boston Capital)16 NMHC 50 APRIL 2009

A special Supplement to national real estate investorThe Caledonia, New York, NY (The Related Companies)capital improvement with respect to the value it brings tothe property,” Cassidy says. The same goes for operations.“You’ve got to be aggressive in management to ensure youdon’t lose residents and also in adjusting rents where youneed to,” Rose says. In the current economy, “people aren’tjust coming in the door” to replace those residents whomove out.Rise of the REITsEconomic cycles have come and gone since 1990, but onebusiness development in the 1990s significantly influencedthe way multifamily firms do business today.That would be the rise of the real estate investment trust(REIT), a then-new business structure that allowed ordinaryAmericans to invest in commercial and multifamilyreal estate through stock, rather than through owning realproperty.“The original [idea] was that REITs would bring moreprofessionalism to the industry; a better story to investors;more steady, dependable access to capital; and greater visibilityinto information so that people would have a bettersense of what was going on and therefore have healthierRED CAPITAL GROUP ®In 2008, RED closed and funded more than $3.6 billion of Fannie Mae andFHA mortgage financing for the Multifamily and Seniors Housing Industries.This announcement appears as a matter of record only.$28,000,000The Vinings at Westwood(Orlando, Florida)400 unitsSponsored byOlympic InvestorsFannie Mae DUS Credit FacilityProvided byRed Mortgage Capital, Inc.Fannie Mae DUS® LenderRED is now a part of PNC.Same people.Same services and expertise.Now even more products.Mark C. Beisler703.318.4201mcbeisler@redcapitalgroup.comDavid L. Goodman703.318.4202dlgoodman@redcapitalgroup.com800.837.5100www.redcapitalgroup.comFor information, contact:Anthony D. Cinquini949.610.0269adcinquini@redcapitalgroup.comJohn K. Powell312.453.7701jkpowell@redcapitalgroup.comRED CAPITAL GROUP®APRIL ©2009 2009 RED CAPITAL GROUP (3/4/09) MES 090027NMHC 50 17

A special Supplement to national real estate investormarkets,” recalls Jeff Franzen, executive vice presidentof Lincoln Property Company, which tried unsuccessfullyto go public in the early 1990s.Today, in 2009, apartment REITs occupy someof the top slots on the NMHC 50, drawing on thepublic markets to borrow cheaply and leveragingtheir scale to operate more efficiently as they deliverdividends to shareholders.Since their emergence, they have reshaped theindustry in several ways. “If I think back 25 yearsago, multifamily properties were not consideredinvestment-grade,” Manning says, recalling a businesssituation that seems unthinkable today, wherepension funds and private equity alike investin apartment properties and portfolios. “REITsbrought a whole new institutional discipline tothe marketplace, encouraging capital sources tolend, own and invest in multifamily.”That interest in multifamily investmentextended far beyond the apartment REITs as privatefirms adopted many of the REITs’ best practices in technology,branding, and more. “They’ve been helpful [to theindustry] in many ways,” Brodsky says. “They have acceleratedthe professionalism of management,” including betterfinancial reporting and greater staff development. “You cansee over time that investors have become more comfortable,”he adds. “Their confidence to make investments helpsus even though we are not a REIT.”The Paramount, San Francisco, CA(The Related Companies)Warren Rose - Edward Rose & SonsRelated certainly considered it.“We, as everyone did in the mid-1990s when REITsproliferated, analyzed the REIT form” and whether itwould work for Related, remembers Brodsky. “Steve Ross[Related’s chairman] says ‘it’s the best decision that wenever made.’”Related, which owns, manages, and develops a diversereal estate portfolio that includes apartments, condos,retail, and trade show space, ultimately decided the REITstructure—and the analyst expectations that accompaniedit—would be too limiting. “The REIT form does not fit theculture of our company or our product segments,” Brodskyexplains.Others have also remained private, choosing instead towatch what apartment REITs do, including their choicesto cluster in coastal markets, and to do the opposite. “Ourstrategy is to stay away from markets they are in,” says Rose.“We can survive in secondary and tertiary metropolitanareas” such as Peoria, IL, or South Bend, IN.Even firms that missed the REIT moment by choice orby chance say they have reaped the benefits of the modeleven without adopting it. As REIT stocks raised capital bycapturing everyday investors, “all the traditional sources ofcapital were flowing as usual, so we ended up with betteraccess to capital,” says Lincoln’s Franzen.The multifamily industry did not realize all its REITrelateddreams, however. While the reputation and professionalismof the apartment business has improved significantly,“I don’t think the information [about geographicand other multifamily markets] is dramatically better,”Franzen asserts.18 NMHC 50 APRIL 2009

Tomorrow’s TrendsWhen this group of executives looks ahead to 2019—andthe 30th anniversary of the NMHC 50—they foresee manyof the same changes taking place today: more “green” apartmentbuildings, increased popularity for properties nearpublic transportation, greater use of technology in operations,and growing demand for reasonably priced housingthat serves the middle-class renter.Generation Y will certainly drive this demand for sustainable,pedestrian- and transit-friendly living. “The same18- to 35-year-olds who are the most likely renters are alsothe most likely to embrace the ‘green’ movement and willdemand ‘green buildings’ constructed near public transportation,employment, shopping, parks, and recreation,”Sentinel’s Cassidy predicts.So will economics. “We all saw everyone’s reaction to$4-a-gallon gasoline,” notes Manning, alluding to last summer’sfuel price spike.This desire for sustainability won’t be restricted to newconstruction; Brodsky expects energy efficiency and othergreen practices to spill over into existing buildings as theindustry seeks lower operating costs and investors andresidents expect more transparency in a building’s energyusage.These future residents will also push even more widespreaduse of technology in the apartment industry. “Justwithin the last few years, the process of leasing and operatingmultifamily communities has changed dramaticallywith respect to technology,” observes Cassidy. “Theage cohort that is most likely to rent is made up of 18- to35-year-olds. Many of them have never known life withoutAshton Parc Apartments, Sacramento,CA (Sentinel Real Estate Corporation)computers; using the Internet is second nature to them, andface-to-face transactions aren’t part of their lifestyle. Theindustry will have to continue to develop Internet marketingand leasing and paper-free transactions for residents.”That goes for apartment buildings, too. “New apartmentcommunities will have to be cutting-edge with all the technologicalbells and whistles as well as the ability to adapt tochanging technology,” Cassidy says. So will existing properties.“We are very focused on making sure we have the mostcurrent products in place in cable TV and Internet,” saysRose. “We service it ourselves, so we have to stay on top ofthe industry and technology.”But the biggest economic trend affecting the apartmentSabine Street Lofts, Houston, TX(Sentinel Real Estate Corporation)20 NMHC 50 APRIL 2009

A special Supplement to national real estate investorindustry—the housing crisis—may takeseveral years to solidify as homeownersand the economy alike suffer the hangoverof an American Dream gone wild andthen gone sour. Many NMHC 50 executivesexpect growing rental demand oncethe economy begins to recover, especiallyin workforce and affordable properties asfewer Americans choose to buy or are ableto finance a house.But for how long into the future willapartment occupancies benefit fromtoday’s housing downturn? Certainlyinto 2019, according to Manning, whothinks this recession, with its declininghome values and rising foreclosures, willcause consumers to recalculate whether itmakes sense to buy. “In 10 years, I thinkthere’s a very good chance that people willnot view a house as an asset they have tohave for their net worth,” he predicts.Make Them Feel at Home.You strive to make your Resident’s living experience as pleasant as possible,why not extend that experience online? AMSI is proud to offer Resident Portal,the industry leading resident portal application, developed by Property Solutions.Resident Portal is rich with features that attract and retain residents.20 Years of LeadershipThe NMHC 50 owners and NMHC 50managers lists have undergone dramaticchanges over the past 20 years, but a numberof firms that were on the original listsin 1990 remain on this year’s lists.Top 50 Owners in 1990 and 2009The Related CompaniesLincoln Property CompanyBoston CapitalEdward Rose & SonsSouthern Management CorporationForest City Residential Group, Inc.Top 50 Managers in 1990 and 2009Lincoln Property CompanySentinel Real Estate CorporationEdward Rose & SonsForest City Residential Group, Inc.Southern Management CorporationDrucker & FalkThe ConAm Group of CompaniesNMHC 50 21Skip the pain andhigh cost of customwebsite development.Start “customizing” yourown Resident Portal.REQUEST A DEMO:WWW.AMSI.COM/DEMOPHONE 800 851 1115Online Rent PaymentsResidentPortal works seamlessly with the ResidentPayOnline Payment System, collecting rent by credit cardand electronic check then posting payments in real-timethrough an unmatched integration with the AMSI’soperations application.Maintenance RequestsResidentPortal automates the work order process byenabling requests for service appear instantly AMSI’swork order management system, creating an efficientway for property managers to respond to residentmaintenance requests.Specialized CommunityServicesResidentPortal enables you to provide valuable servicesto your residents such as utility connections, mailforwarding, and renters insurance. Gain an advantage in thecompetitive multi-housing market with Resident Portal.

A special Supplement to national real estate investorTrammell Crow’s LegacyThe Texan helped shape the modern apartment industry.When Trammell Crow died in January, at the ageof 94, his name was synonymous with real estate.Office towers, hotels, warehouses, and of courseapartment and condo buildings have all gone up under theTrammell Crow name, creating a commercial real estate landscapeacross the United States and around the world fromCrow’s first warehouse, built in Texas in the 1940s.Crow, born in Dallas in 1914, also established numerousmultifamily companies as well as regional divisions ofthe Trammell Crow Company. Their descendants spun off tobecome real estate powerhouses of their own all around thecountry and to take a number of the NMHC 50 slots. LincolnProperty Company, No. 6 on the NMHC 50 managers list andNo. 21 on the NMHC 50 owners list, was founded in 1965 asthe apartment development arm of Trammell Crow Company,working in partnership until 1977, when Mack Pogue boughtCrow out.Before AvalonBay Communities (No. 14 on the managers listand No. 19 on the owners list) became AvalonBay, it was AvalonProperties, a public REIT established in the early 1990s fromTrammell Crow Residential’s Mid-Atlantic and Northeast operations.The now-private Gables Residential (No. 27 on the managerslist) started as a public REIT created from Trammell CrowResidential’s (TCR) profitable multifamily work in Atlanta,Dallas, and Houston.Riverstone Residential, a CAS Partners Company, which isnow the second-largest property manager, used to be TrammellCrow Residential Services, handling property management forTCR’s apartment holdings. And Trammell Crow Residentialstarted the most multifamily units—nearly 11,000—in thecountry in 2007.Trammell Crow’s VisionThis corporate family tree has resulted in a legacy for Crow thatgoes well beyond glass, steel, and concrete. Ask any multifamilyleader about Trammell Crow’s influence on the industry, andthey don’t talk about buildings; they talk about the way Crowattracted people and kept them by treating his colleagues as truepartners in the business, intellectually and financially.“The generosity of the partnership model brought a continuityto the industry that had not been there before,” believesJeff Franzen, executive vice president at Lincoln PropertyCompany. “And it’s not just residential. He brought the samemodel to everyone.”It has proved a lasting lesson and practice for those whoknew Crow. Ron Terwilliger, chairman and CEO of TrammellCrow Residential, says the most significant thing he learnedfrom his mentor was not how to evaluate a piece of land or priceTrammell Crowa deal, but the importance of being a partner. That means “sharethe rewards broadly and align your interest with your partners,”Terwilliger says.And there was more to Crow’s vision of partnership thansimply dividing up the profits, says Richard Michaux, formerCEO of AvalonBay and a Trammell Crow Company alum. “Apure partner cares that you are as successful in life as [you are] inbusiness,” Michaux says. Crow “encouraged us to take time forour family, our community, our health, and ourselves.”This philosophy could surprise people. Michaux recalls avisit Crow made to Harvard Business School, where the legendarydeveloper was asked what the most important thingin life was. Crow’s answer? Love. “It made headlines,” Michauxremembers.(Crow obviously had a talent for the memorable comment.When Franzen once told Crow in a meeting he was doing arenovation, the longtime real estate executive gave him someadvice on managing the likely costs. “Get three bids,” Crow toldFranzen. “Then add them together.”)What would Crow, if he were still alive, say to apartmentleaders today about surviving this most financially unpredictableand difficult downturn? Concentrate on being the best interms of location, product, operations, and people—“Qualityis the best refuge in good and bad times,” says Michaux—anddon’t panic. “Hang in there,” Crow would say, according toTerwilliger. “This too shall pass.”22 NMHC 50 APRIL 2009

A special Supplement to national real estate investorRecasting Bell PartnersA new generation sounds out a new strategy. By Alison RiceThe smart money would have bet against Jon Bell and hisbrother Durant. According to family business experts,just 30 percent of family-owned companies survivebeyond the first generation.But earlier this year, Steven D. Bell & Company, No. 10 onthe NMHC 50 managers list and No. 26 on the NMHC 50owners list, demonstrated its corporate intentions to beat thosestatistics. In January, the Greensboro, N.C.-based multifamilyowner and operator announced major changes to its leadershipand business mix. It also recorded the second largest portfoliogain among the NMHC 50 managers, adding 26,979 units to itsoperations.On the people side, Jon Bell, 36, became principal, overseeingthe company’s investment services group, which includes investorrelations, acquisitions and dispositions, any necessary equityor debt, and asset management of the company’s diversifiedportfolio. Durant Bell, 30, now serves as principal, operations,working with the recently hired COO Robert Slater, formerly ofapartment REIT AvalonBay Communities. Founder and fatherSteven D. Bell has remained as chairman, and new hire JohnTomlinson, who previously worked for public REIT ColonialProperties Trust, now handles financial services at the company,which rechristened itself Bell Partners.A new, streamlined business strategy accompanied the newJon BellSouth Grand at Pecan Grove,Houston, TX (Bell Partners)24 NMHC 50 APRIL 2009

A special Supplement to national real estate investorname and management. “We didn’t want to be good at a lot ofthings and great at nothing,” explains Jon, who says the companywill no longer concentrate on growing its commercial business,which currently represents perhaps 15 percent of Bell Partners’$5 billion management portfolio. “We’re not selling it,” he adds.“We’re just holding it.”The decision to move away from commercial was the resultof a critical business retreat among Jon, Durant, their fatherSteven, and two consultants, where the five hammered out asuccession plan for Bell Partners. “We want to be a sustainablemulti-housing investment management company,” Jon says. “Tobecome sustainable, we concluded we needed to narrow ourfocus. … We felt most passionate about the housing side of theindustry, so we decided to focus on our core competencies andgreatest market opportunity.”That turned out to be apartments, which represent 75 percentof Bell’s portfolio, and seniors housing, which contributesanother 10 percent. “We’d like to grow the senior business, butwe need to be strategic and careful about doing so,” Jon says. “Itis very operationally intense. We have no aspirations to be thebiggest in the country” in seniors housing.On the apartment side, though, Bell Partners has become amajor player. Last year, it partnered with New York-based DRAAdvisors LLC to purchase and manage nearly 26,000 apartmentsin 86 properties from public apartment REIT UDR, Inc.DRA, which closed its first deal withBell in 2008, has worked with Bell Partnersas a buyer, seller, and joint-venture partner.Their “approach is aggressive and forwardthinking,” says Adam Breen, director ofacquisitions for DRA Advisors. “They arealways looking for new ways to enhanceNOI. They are not set in their ways ofdoing business and are willing to listen toand implement new ideas whether generatedinternally or coming from DRA. Theyunderstand what it means to be a goodpartner.”The two firms became big partners withthe $1.7 billion UDR acquisition. Thoughit was the largest multifamily deal of 2008,Jon says that is “incidental. We weren’t outlooking for a big deal.” What they werelooking for was critical mass and operatingefficiencies. They believe they’ve found thatwith the UDR acquisition, which boostedBell’s management presence in many of itsSoutheast markets. “We never had a portfoliosize goal,” Jon says. “We just wanted toimprove our platform.”Of course, growing one’s managementportfolio is not necessarily the easiest wayto achieve that goal. Fee management has been among themost volatile and active segments in the multifamily industryin recent years, as rapid asset acquisitions and dispositions byinvestors have created new opportunities for third-party managementfirms to grow—and lose—business. JPI rapidly grewits fee-management portfolio, emerging on the scene in 2006,only to sell its 41,000-unit portfolio to Greystar Real EstatePartners in early 2008. Property management giant RiverstoneResidential remains a force, adding 62 properties and 15,000units to its portfolio in late 2008, thanks to a management dealwith BlackRock Realty Advisors.But building a fee-management powerhouse isn’t whatBell is doing or trying to achieve, according to Jon. “We’re notinterested in managing assets for any owner, anywhere,” he says.“We are only interested in expanding our fee management incore markets where it can help us achieve critical mass, whichallows for career mobility, sharing of employees between properties,better negotiating leverage with vendors, and the abilityto attract and pay for higher-level talent and take advantage ofbranding and marketing opportunities.”In fact, Bell Partners has fewer than a dozen fee-managementclients among its 61,000-unit apartment portfolio, preferringinstead to maintain varying levels of ownership in the propertiesit manages, many of which are purchased through the company’sjoint ventures or investment funds.APRIL 2009 NMHC 50 25

A special Supplement to national real estate investorNational Multi Housing Council:The Apartment Executive’s Best AllyFor more than 30 years, the National Multi HousingCouncil has been the apartment industry’s leadingadvocate and strategic consultant. Through its highlyeffective government affairs program, its business guidance andresearch reports, and its highly sought-after industry meetings,NMHC has developed a reputation as the apartment executive’sbest friend.Formed by a small group of industry stalwarts includingPreston Butcher, Trammell Crow and Sam Zell, the Council’smembership roster reads like a virtual “who’s who” in the multifamilyindustry.Federal AdvocacyNMHC is widely considered the leading national advocate forthe conventional apartment industry. For three decades, NMHChas leveraged our extensive contacts in Washington, DC withour fact-based approach to lobbying to actively shape the legislationand regulations that affect the apartment industry.Strategic InformationNMHC prides itself on providing thought leadership to theapartment industry by always being ahead of the curve. We areacknowledged as the preeminent source of apartment-relatedinformation, through our newsletters, white papers, guidancememorandums, meetings and web site.Industry ResearchNMHC’s research initiatives help members make informed businessdecisions. We offer quarterly reports on current apartmentmarket conditions as well as our annual Apartment StrategiesConference. We also provide benchmarking surveys and specialresearch reports on a wide variety of topics. Recent reports havecovered the student housing sector, changing demographics,resident technology needs and more.Industry Meetings and NetworkingNetworking is one of the most valuable benefits NMHC offersits members. NMHC’s meetings are generally acknowledgedto be the apartment industry’s most stimulating and thoughtprovokinggatherings. Beyond our meetings, we offer membersopportunities to exchange ideas through our Listserves and ouronline membership directory.Public AffairsAs the premier organization representing multifamily housing,NMHC seeks opportunities to actively promote the industry’spositive public image. NMHC’s media outreach has resulted inhundreds of articles promoting renting in high-profile publications.We also provide numerous advocacy tools for membersto use in counteracting opposition to new apartments and toeducate consumers about the benefits of renting.26 NMHC 50 APRIL 2009

A special Supplement to national real estate investorTools and Information for the BusyApartment ExecutiveNMHC is acknowledged as the preeminent source of apartment-relatedinformation. These are some of the specificresources and tools we offer.ADVOCACY/OVERCOMING NIMBY OPPOSITIONFree PowerPoint/Narrated DVD to Overcome NIMBYOppositionConsumer Brochure: Renting is a Smart InvestmentConsumer Brochure: Rent Smart. Rent from the Pros.White Papers and Brochures Promoting CompactDevelopmentBUSINESS TOOLSNMHC Online Directory of Business Services & ProductsWorkforce Housing: Online Project Estimator/CalculatorAPARTMENT MARKET CONDITIONSAnnual Apartment Strategies ConferenceAnnual Apartment Research ForumMarket Trends NewsletterQuarterly Survey of Apartment Market ConditionsAnnual Apartment Cost of Risk SurveyPROPERTY MANAGEMENTAnnual Risk/Property Management ForumWhite Papers on Mold, Meth Labs, Lead-Based Paint andMoreSTUDENT HOUSINGAnnual Student Housing ConferenceExtensive Research on What Students Want, Fastest GrowingStudent Housing Markets and MoreTECHNOLOGYAnnual Apartment Technology ConferenceWhite Papers, Research and Webinars, including RevenueManagement, Online Marketing, E-Payments, SoftwareProviders and MoreRegulatory Guidance on FCC Rules Governing TelecomContracts, Inside Wiring and SatellitesMITS Data Standards InitiativeHUMAN CAPITALOnline Career and Intern CenterAnnual Human Resources ForumAnnual National Apartment Survey of Compensation andBenefits PracticesHuman Resources ListserveINSURANCE AND RISK MANAGEMENTAnnual Risk/Property Management ForumNMHC’s 2009-2010 MeetingsVarying in size and focus, the meetings offer participants the invaluable opportunity to candidly share information, debate issues ofcommon interest and hear nationally recognized speakers.2009March 31-April 1June 10June 10-11July 13-14September 21-22Human Resources ForumResearch ForumChicago, IL(Members Only)Finance ForumArlington, VA(Members Only)Board of Directors MeetingArlington, VA(Executive Committee and BoardMembers Only)Executive Leadership ConferenceWashington, DC(Members Only)Fall Board of Directors and AdvisoryCommittee MeetingAustin, TX(Members Only)September 22-23November 8-9November 8-102010Student Housing ConferenceAustin, TX(Open to Non-Members)Property/Risk Management ForumPhoenix, AZ(Members Only)Apartment Technology ConferencePhoenix, AZ(Open to Non-Members)January 13, 2010 Apartment Strategies ConferenceBoca Raton, FL(Open to Non-Members)January 13-15, 2010 NMHC Annual MeetingBoca Raton, FL(Members Only)APRIL 2009 NMHC 50 27

A special Supplement to national real estate investorNMHC Officers 2008Membership lists current as of February 21, 2009.ChairmanRic CampoCamden Property TrustHouston, TXVice ChairmanPeter F. DonovanCB Richard EllisBoston, MATreasurerThomas S. BozzutoThe Bozzuto GroupGreenbelt, MDSecretaryDaryl J. CarterAvanath Capital PartnersIrvine, CAPresidentDouglas M. BibbyNational MultiHousing CouncilWashington, DCFormer ChairmenKelley A. BergstromC. Preston ButcherDouglas Crocker IIAllen CymrotWilliam H. ElliottRichard L. ForeBoard of DirectorsExecutive CommitteeRandolph G. HawthorneGary T. KachadurianMary Ann KingDuncan L. Matteson Sr.Richard L. MichauxRobert SheridanGeoffrey L. StackLeonard W. WoodDavid RobertsonAIMCODenver, CORick GrafAmerican ManagementServices (dba Pinnacle)Dallas, TXStan J. HarrelsonAmerican ManagementServices (dba Pinnacle)Seattle, WACharles E. Mueller, Jr.ArchstoneEnglewood, COR. Scot SellersArchstoneEnglewood, COLili F. DunnAvalonBay Communities,Inc.Alexandria, VATimothy J. NaughtonAvalonBay Communities,Inc.Alexandria, VADavid J. OlneyBerkshire PropertyAdvisorsBoston, MAJohn B. SlidellThe Bozzuto GroupGreenbelt, MDDeirdre A. KuringBRE Properties, Inc.Kirkland, WA28 NMHC 50 APRIL 2009

A special Supplement to national real estate investorBoard of DirectorsExecutive CommitteeEdward F. Lange, Jr.BRE Properties, Inc.San Francisco, CALaurie A. BakerCamden Property TrustHouston, TXJohn M. CannonCapmark Finance Inc.Horsham, PAJohn R. WilliamsCarmel Partners, Inc.San Francisco, CARon ZeffCarmel Partners, Inc.San Francisco, CABrian F. StoffersCBRE Capital MarketsHouston, TXWilliam T. HymanCenterline Capital GroupNew York, NYPaul F. EarleColonial Properties TrustBirmingham, ALEdward T. WrightColonial Properties TrustBirmingham, ALPaul G. KerrDavlyn InvestmentsSan Diego, CAJon D. WilliamsDavlyn InvestmentsSan Diego, CAAlan W. GeorgeEquity ResidentialChicago, ILDavid J. NeithercutEquity ResidentialChicago, ILHeidi McKibbenFannie MaePasadena, CADeborah Ratner-SalzbergForest City Enterprises,Inc.Washington, DCRonald A. RatnerForest City ResidentialGroup, Inc.Cleveland, OHMitchell W. KiffeFreddie MacMcLean, VAMichael MayFreddie MacMcLean, VASusan AnselGables ResidentialDallas, TXDavid FitchGables ResidentialAtlanta, GAAPRIL 2009 NMHC 50 29

A special Supplement to national real estate investorBoard of DirectorsExecutive CommitteeRobert E. DeWittGID Investment AdvisersLLCBoston, MALaura A. BeuerleinHeritage Title Companyof Austin, Inc.Austin, TXGary S. FarmerHeritage Title Companyof Austin, Inc.Austin, TXMona Keeter CarltonHFFDallas, TXMatthew LawtonHFFChicago, ILChristopher AdamsHolland Partner GroupVancouver, WAClyde P. HollandHolland Partner GroupVancouver, WARobert D. Greer, Jr.ING ClarionWashington, DCC. Stephen CordesING Clarion PartnersNew York, NYGuy K. JohnsonJohnson CapitalIrvine, CAJames A. ButzJPI CompaniesMcLean, VARobert D. PageJPI CompaniesIrving, TXJames H. CallardKlingbeil CapitalManagement/AmericanApartment CommunitiesAnnapolis, MDWilliam H. DongesLane CompanyAtlanta, GAC. Preston ButcherLegacy PartnersFoster City, CAW. Dean HenryLegacy PartnersResidential, Inc.Foster City, CAJ. Timothy ByrneLincoln PropertyCompanyDallas, TXJeff B. FranzenLincoln PropertyCompanyHerndon, VAHarvey E. GreenMarcus & MillichapEncino, CALinwood C. ThompsonMarcus & MillichapAtlanta, GA30 NMHC 50 APRIL 2009

A special Supplement to national real estate investorBoard of DirectorsExecutive CommitteeMartin T. LaniganMezz CapShort Hills, NJMary Ann KingMoran & CompanyCosta Mesa, CAThomas F. MoranMoran & CompanyChicago, ILGuy MetcalfeMorgan StanleyNew York, NYAnne W. OssewaardeMorgan StanleyAtlanta, GAHoward F. RubyOakwood WorldwideLos Angeles, CAThomas D. SenkbeilPost Properties, Inc.Atlanta, GADavid P. StockertPost Properties, Inc.Atlanta, GADavid DurningPrudential MortgageCapital CompanyChicago, ILDale H. TaysomPrudential Real EstateInvestorsAtlanta, GAJerome EhlingerRREEFChicago, ILBrian E. McAuliffeRREEFChicago, ILMichael P. BissellSARES*REGIS GroupIrvine, CAGeoffrey L. StackSARES*REGIS GroupIrvine, CAKenneth J. ValachTrammell CrowResidentialHouston, TXVincent R. ToyeWachovia MultifamilyCapitalNew York, NYDavid R. SchwartzWaterton Associates,L.L.C.Chicago, ILGregory J. LozinakWaterton ResidentialChicago, ILWarren J. Durkin, Jr.Wood Partners, LLCBoca Raton, FLJay JacobsonWood Partners, LLCBoca Raton, FLAPRIL 2009 NMHC 50 31

A special Supplement to national real estate investorBoard of DirectorsMembership lists current as of February 21 2009.Nick M. FaklisA.G. Spanos CompaniesStockton, CAAlex G. SpanosA.G. Spanos CompaniesStockton, CAKevin P. FitzpatrickAIG Global Real EstateInvestment Corp.New York, NYNora E. MillerAIG Global Real EstateInvestment Corp.New York, NYJames M. KrohnAlliance ResidentialCompanyPhoenix, AZBruce C. WardAlliance ResidentialCompanyPhoenix, AZCristina AllenAlliant InsuranceServices Inc.Dallas, TXLauren A. BrockmanAllied Realty Services,Ltd.Denver, COTim L. MyersAllied Realty Services,Ltd.Houston, TXJoel L. AltmanAltman DevelopmentCorporationBoca Raton, FLMichael H. GodwinAmbling Companies Inc.Valdosta, GAR. Ryan HolmesAmbling Companies Inc.Valdosta, GARodrigo LopezAmeriSphere MultifamilyFinance, LLCOmaha, NEScott G. SuttleAmeriSphere MultifamilyFinance, LLCBethesda, MDSteve F. HallseyAMLI ManagementCompanyChicago, ILGregory T. MutzAMLI ResidentialProperties, L.P.Chicago, ILKimberly J. SperryAmstar Group, LLCDenver, COMargette GettoApartment GuidePlano, TXMarc E. deBaptisteApartment RealtyAdvisorsBoca Raton, FLDavid K. OelfkeApartment RealtyAdvisorsHouston, TX32 NMHC 50 APRIL 2009

A special Supplement to national real estate investorBoard of DirectorsKevin DoyleApartments.comChicago, ILRoger H. BelessArchon ResidentialIrving, TXJohn E. TastorArthur J. Gallagher &Co. Insurance Brokers ofCalifornia, Inc.San Francisco, CARichard R. HortonArthur J. Gallagher RiskManagement Services,Inc.Oklahoma City, OKMichael G. MillerAUMOak Brook, ILPhilip S. PayneBabcock & BrownResidentialCharlotte, NCD. Scott WilkersonBabcock & BrownResidentialCharlotte, NCRobert N. BaderBader CompanyIndianapolis, INMike GilbertBader CompanyIndianapolis, INRichard SchechterThe BainbridgeCompaniesWest Palm Beach, FLGregory J. HettrickBank of AmericaDallas, TXJonathan D. BellBell PartnersGreensboro, NCSteven D. BellBell PartnersGreensboro, NCHarry BookeyBH Equities, LLCDes Moines, IARobert MurrayBig Rock Partners LLCMedina, WAMark W. DunneBoston CapitalCorporationBoston, MAJohn P. ManningBoston CapitalCorporationBoston, MABarden BrownBrown Realty AdvisorsAtlanta, GAWalter W. MillerBrown Realty AdvisorsAtlanta, GADouglas D. ChasickCallSourceMelbourne Beach, FLAPRIL 2009 NMHC 50 33

A special Supplement to national real estate investorBoard of DirectorsJerry FeldmanCallSourceWestlake Village, CADavid J. AdelmanCampus ApartmentsPhiladelphia, PAMiles H. OrthCampus ApartmentsPhiladelphia, PAErnest L. HeymannCAPREIT, Inc.Rockville, MDRichard L. KadishCAPREIT, Inc.Rockville, MDTyler AndersonCB Richard Ellis, Inc.Phoenix, AZSean P. DeasyCB Richard Ellis, Inc.Ontario, CAHal G. KuykendallCiti Community CapitalDenver, CONathan S. CollierThe Collier Companies/The Paradigm GroupGainesville, FLJ. Andrew HogsheadThe Collier Companies/The Paradigm GroupGainesville, FLCynthia CookeColliers InternationalPhoenix, AZRegina DingmanColliers InternationalMinneapolis, MNDaniel J. EpsteinThe ConAm Group ofCompaniesSan Diego, CAJ. Bradley ForresterThe ConAm Group ofCompaniesSan Diego, CAThomas G. DudeckCornerstone Real EstateAdvisers LLCHartford, CTBrian MurdyCornerstone Real EstateAdvisers LLCHartford, CTRichard BuckCrescent Resources, LLCPalm City, FLMichael J. CurranCrossbeam Capital LLCBethesda, MDRichard K. DevaneyCrossbeam Capital LLCBethesda, MDDodge CarterCrow HoldingsDallas, TX34 NMHC 50 APRIL 2009

A special Supplement to national real estate investorBoard of DirectorsThomas P. MacManusCushman & WakefieldSonnenblick GoldmanNew York, NYKeith T. MisnerCushman & WakefieldWashington, DCMichael D. BermanCWCapitalNeedham, MADonald P. King, IIICWCapitalNeedham, MABrian L. DinersteinThe DinersteinCompaniesHouston, TXAndrew K. DolbenThe Dolben Company,Inc.Woburn, MADeane H. DolbenThe Dolben Company,Inc.Woburn, MAJack W. SafarDominium Group, Inc.Plymouth, MNJon SegnerDominium Group, Inc.Minneapolis, MNTerry B. SchwartzDover Realty AdvisorsBingham Farms, MIAPRIL 2009 NMHC 50 31

A special Supplement to national real estate investorBoard of DirectorsWendy DruckerDrucker & Falk, LLCNewport News, VAKellie Falk-TillettDrucker & Falk, LLCRaleigh, NCDaniel McNultyDTZ RockwoodNew York, NYMiles SpencerEastdil Secured, LLCWashington, DCJohn M. O’Hara, Jr.Edward Rose & SonsFarmington Hills, MIWarren RoseEdward Rose & SonsFarmington Hills, MIGregory L. EnglerEngler Financial Group,LLCAlpharetta, GAGerald S. BrandFairfield Residential LLCSan Diego, CAChristopher E.HashiokaFairfield Residential LLCSan Diego, CANevel DeHartFirst AdvantageSafeRentRockville, MDJames W. HarrisFirst AdvantageSafeRentRockville, MDRichard N. ShinbergFirst Capital Realty, Inc.Bethesda, MDLes ZimmermanFirst Capital Realty, Inc.Bethesda, MDRobert L. JohnstonFirst CommunitiesAtlanta, GAMark A. FogelmanFogelman ManagementGroupMemphis, TNRichard L. FogelmanFogelman PropertiesMemphis, TNJudith GogolFor Rent Media SolutionsAtlanta, GASarah E. MaloneFor Rent Media SolutionsDenver, COMark HallGE Real EstateWashington, DCFrank MarroGE Real EstateAlpharetta, GA36 NMHC 50 APRIL 2009

A special Supplement to national real estate investorBoard of DirectorsLinda ZellerGerson Bakar &AssociatesSan Francisco, CAJohn J. Gray, IIIGrayco Partners LLCHouston, TXHoward W. Smith, IIIGreen Park FinancialBethesda, MDStacy G. HuntGreystar Real EstatePartners, LLCHouston, TXWilliam C. MadduxGreystar Real EstatePartners, LLCCharleston, SCDavid K. BellGSL Properties, Inc.Portland, ORWalter O. GrodahlGSL Properties, Inc.Portland, ORDon HendricksHendricks & PartnersPhoenix, AZTom WarrenHendricks & PartnersDallas, TXJeffrey A. HirschfeldHirschfeld PropertiesLLCNew York, NY

A special Supplement to national real estate investorBoard of DirectorsScott A. DoyleHome Properties, Inc.Rochester, NYEdward J. PettinellaHome Properties, Inc.Rochester, NYTracy Simonton LeggHunter Warfield, Inc.Denver, COTodd WahlHunter Warfield, Inc.Tampa, FLJohn R. AllumsInland AmericanCommunities Group, Inc.Dallas, TXSteven R. UtleyInland AmericanCommunities Group, Inc.Dallas, TXDaniel J. RoehlIntuit Real EstateSolutionsHighland Hills, OHMatt ThomasIntuit Real EstateSolutionsHighlands Hills, OHKevin A. BaldridgeThe Irvine CompanyApartment Communities‘IAC’Irvine, CARichard E. LamprechtThe Irvine CompanyApartment Communities‘’IAC’’Irvine, CAPeter E. BaccileJ.P. Morgan SecuritiesInc.New York, NYAnthony PaoloneJ.P. Morgan SecuritiesInc.New York, NYWilliam N. Elam, IIIThe JBG CompaniesChevy Chase, MDRichard J. HighJohn M. Corcoran &CompanyBraintree, MAJeffrey T. MorrisJones Lang LaSalleAmericas, Inc.Orlando, FLJubeen F. VaghefiJones Lang LaSalleAmericas, Inc.Miami, FLDaniel P. Walsh, Jr.KeyBank Real EstateCapitalCleveland, OHKeith A. HarrisThe Laramar Group, LLCChicago, ILDavid B. WoodwardThe Laramar Group, LLCGreenwood Village, CORichard E. Van WertLaSalle InvestmentManagement, Inc.La Jolla, CA38 NMHC 50 APRIL 2009

A special Supplement to national real estate investorBoard of DirectorsPeter P. DiLulloLCOR IncorporatedBerwyn, PAThomas J. O’BrienLCOR IncorporatedBerwyn, PAChris DischingerLDG Development, LLCLouisville, KYThomas F. McCoy, Jr.Lockton Companies, LLCDenver, COCharles M. McDanielLockton Companies, LLCDenver, COFrank T. Suryan Jr.Lyon Capital Ventures,LLCNewport Beach, CACheryl MartinLyon ManagementGroup, Inc.Newport Beach, CAJoseph F. MullenMadison ApartmentGroupPhiladelphia, PAJamie B. MayMarcus & MillichapTampa, FLHessam NadjiMarcus & MillichapWalnut Creek, CANicholas Michael RyanThe MarquetteCompaniesRomeoville, ILGerald J. HaakMAXX PropertiesHarrison, NYAndrew R. WienerMAXX PropertiesHarrison, NYMichael C. McDougalMcDougal Properties,L.C.Lubbock, TXRobert D. LazaroffThe MichelsonOrganizationSt. Louis, MOBruce V. Michelson,Sr.The MichelsonOrganizationSt. Louis, MOH. Eric Bolton, Jr.Mid-America ApartmentCommunities, Inc.Memphis, TNSimon R.C. WadsworthMid-America ApartmentCommunities, Inc.Memphis, TNRichard FurrMilestone GroupDallas, TXSteve T. LambertiMilestone ManagementDallas, TX40 NMHC 50 APRIL 2009

A special Supplement to national real estate investorBoard of DirectorsJeffrey WilliamsMoran & CompanySeattle, WAMichael S. MorganThe Morgan Group, Inc.Houston, TXAlan PattonThe Morgan Group, Inc.Houston, TXRon D. MonsonMorgan PropertiesKing of Prussia, PAMelanie MorrisonMorrison, Ekre & BartManagement Services,Inc.Tucson, AZStephen FeltnerMoveWestlake Village, CAJohn H. HelmMyNewPlaceSan Francisco, CAKerry R. FrenchNorthMarq Capital, Inc.Houston, TXEdward PadillaNorthMarq Capital, Inc.Minneapolis, MNRobert A. EspositoNWP ServicesCorporationPembroke Pines, FLMike RadiceNWP ServicesCorporationIrvine, CAArthur J. ColePacific PropertyCompanyPalo Alto, CAAlfred V. PacePacific PropertyCompanyPalo Alto, CADavid R. PicernePicerne Real EstateGroupPhoenix, AZRonald G. Brock, Sr.Pierce-Eislen, Inc.Scottsdale, AZWilliam Thomas BooherPNC MultiFamily CapitalSan Francisco, CAD. Scott BassinPNC Real Estate FinancePittsburgh, PADaniel J. FlaniganPolsinelli ShaltonFlanigan Suelthaus PCKansas City, MOJohn W. BrayPrimary CapitalAdvisors, LCAtlanta, GAFaron G. ThompsonPrimary CapitalAdvisors, LCAtlanta, GA42 NMHC 50 APRIL 2009

A special Supplement to national real estate investorBoard of DirectorsP. David OnanianProfessional ApartmentServicesHouston, TXRandall M. PaulsonProfessional ApartmentServicesPlano, TXJohn GhioPrometheusSan Mateo, CAJohn D. MillhamPrometheusWalnut Creek, CABruce LaMotteProvidence ManagementCompany, L.L.C.Chicago, ILAlan PollackProvidenceManagement Company,L.L.C.Chicago, ILBruce BarfieldThe Rainmaker GroupAlpharetta, GATammy FarleyThe Rainmaker GroupAlpharetta, GADean R. SchmidtRealPage, Inc.Carrollton, TXStephen T. WinnRealPage, Inc.Carrollton, TXMichael E. MuellerRealty DataTrustScottsdale, AZMark C. BeislerRed Mortgage Capital,Inc.Reston, VADavid L. GoodmanRed Mortgage Capital,Inc.Reston, VADavid LevineRed Stone Partners, LLCNew York, NYJohn SokolovicRed Stone Partners, LLCNew York, NYRussell L. DixonRedHill Realty Investors,LPSan Diego, CATravis GreenwoodRedHill Realty Investors,LPSan Diego, CAHoward S. PrimerRenaissancePG, Inc.Knoxville, TNEric W. HartzRentBureau, LLCAtlanta, GASuzanne LovelaceRentwiki.comAtlanta, GAAPRIL 2009 NMHC 50 43

A special Supplement to national real estate investorBoard of DirectorsTerry S. DannerRiverstone Residential, ACAS Partners CompanyDallas, TXChristy Curry FreelandRiverstone Residential, ACAS Partners CompanyDallas, TXDavid EvemySarofim Realty AdvisorsDallas, TXScott DerrickSCI Real EstateInvestmentsLos Angeles, CARobert RobottiSCI Real EstateInvestmentsLos Angeles, CAJames D. Scully Jr.Scully CompanyJenkintown, PAMichael A. ScullyScully CompanyJenkintown, PAW. Steve GilmoreShea PropertiesAliso Viejo, CAColm MackenShea PropertiesAliso Viejo, CALynn Carlson SchellShelter CorporationMinnetonka, MNJay JensenShelter CorporationMinnetonka, MNJeffrey K. HettlemanShelter Development,LLCBaltimore, MDMarilynn K. DukerThe Shelter GroupBaltimore, MDWilliam G. RafieThe Sherwin-WilliamsCo.Cleveland, OHWolf VedderSimmons VedderPartners, Inc.Austin, TXK. Brad BroyhillSimpson Housing LLLPDenver, COHal Watson, IIISNK Realty GroupDallas, TXKitty WallaceSperry Van NessInstitutionalLos Angeles, CANancy BartonStellar Advisors, LLCRockville, MDDavid SchwartzbergStellar Advisors, LLCRockville, MD44 NMHC 50 APRIL 2009

A special Supplement to national real estate investorBoard of DirectorsMichael KatzSterling AmericanProperty, Inc.Great Neck, NYTarak PatoliaSterling AmericanProperty, Inc.Great Neck, NYMichael J. BestSunAmerica AffordableHousing Partners, Inc.Bethesda, MDDavid C. ChristensenTime Warner CableEnglewood, CODave SchwehmTime Warner CableEnglewood, COH. Alfred CisselTranswestern -Institutional MultifamilyGroupBethesda, MDScott L. MelnickTranswestern -Institutional MultifamilyGroupBethesda, MDEdward J. RyderTranswesternInvestment Company,LLCChicago, ILDouglas Crocker, IITranswesternMultifamily Partners,L.L.C.Fort Myers, FLRussell A. VandenburgTVO North AmericaEl Paso, TXWayne A. VandenburgTVO Realty PartnersChicago, ILDavid J. IngramUBS Realty InvestorsLLCHartford, CTJeffrey G. MaguireUBS Realty InvestorsLLCHartford, CTJohn P. CaseUBS Securities, LLCNew York, NYAnthony N. RokovichUBS Securities, LLCNew York, NYThomas W. ToomeyUDR, Inc.Highlands Ranch, COW. Mark WallisUDR, Inc.Highlands Ranch, COGeoffrey C. BrownUSA Properties Fund,Inc.Roseville, CAKaren McCurdyUSA Properties Fund,Inc.Roseville, CAEric D. CevisVerizonBasking Ridge, NJAPRIL 2009 NMHC 50 44

A special Supplement to national real estate investorBoard of DirectorsDaniel O’ConnellVerizonBasking Ridge, NJJonathan HoltzmanVillage Green CompaniesFarmington Hills, MIGeorge S. Quay, IVVillage Green CompaniesFarmington Hills, MITom P. ColichWesco CompaniesTorrance, CADonald J. Pierce, IIWesco CompaniesTorrance, CAMichael K. HaydeWestern NationalProperty ManagementIrvine, CAStephan T. BeckWhiteco Residential LLCMerrillville, INSamuel RossWinnCompaniesBoston, MALawrence H. CurtisWinnDevelopmentBoston, MAJeff BosshardWoodmont Real EstateServicesBelmont, CARonald V. GranvilleWoodmont Real EstateServicesBelmont, CAAmy GregoryYardi Systems, Inc.Santa Barbara, CASteven W. PattersonZOM Development, Inc.Orlando, FL46 NMHC 50 APRIL 2009

A special Supplement to national real estate investorBoard of DirectorsDirectors not pictured*Anthony D’AltoAIMCODenver, CO*Theodore P. KorosBlackRock RealtySan Francisco, CA*Robert H. LewisBlackRock RealtySan Francisco, CA*John LarsonCenterline CapitalGroupNew York, NY*Phillip WeberFannie MaeWashington, DC*Kristen Klingbeil-WeisKlingbeil CapitalManagement/American ApartmentCommunitiesSanta Barbara, CA*Mike RulfMMA Financial, LLCSt. Paul, MN*Tal AlmquistOakwood WorldwideLos Angeles, CA*Charles R. Brindell, Jr.Trammell CrowResidentialDallas, TXArthur F. EvansA.F. Evans Company,Inc.Oakland, CAJocelyn RhodeAMSITampa, FLOwen SmithAMSITampa, FLArlene MayfieldApartment GuideNorcross, GABrad LongApartments.comChicago, ILWilliam S. RobinsonArchon ResidentialIrving, TXNicole ForsbergAT&T ConnectedCommunitiesSan Antonio, TXRick HubbardAT&T ConnectedCommunitiesSan Antonio, TXDaniel M. WitteAUMOak Brook, ILTom KeadyThe BainbridgeCompaniesWest Palm Beach, FLBrian RoopBank of AmericaDallas, TXG. Stephen DonohueBH ManagementServicesDallas, TXStephen J. ZaleskiCB Richard EllisInvestors, LLCBoston, MAChristopher J. WhippleCBC AmRentFlower Mound, TXSteven FayneCiti Community CapitalSan Francisco, CAFrancis J. CoenClark Realty Capital,L.L.C.Monterey, CADouglas R. SandorClark Realty Capital,L.L.C.Arlington, VAChowdary YalamanchiliCnC Investments Ltd.,LLPHouston, TXTim CzarnekContinental RealtyAdvisors, Ltd.Littleton, CODavid W. SnyderContinental RealtyAdvisors, Ltd.Littleton, COTodd M. FarrellCrescent Resources,LLCCharlotte, NCJohn CaltagironeThe DinersteinCompaniesHouston, TXTony GoncalvesDIRECTV, Inc.New York, NYMatthew JordanDTZ RockwoodNew York, NYSteven L. McKenzieEastdil Secured, LLCSanta Monica, CAPatrick JonesEngler Financial Group,LLCAlpharetta, GAStephen LoPrestiGerson Bakar &AssociatesSan Francisco, CAJohn W. AirhartHepfner, Smith, Airhart& Day, Inc.Plano, TXJames P. HepfnerHepfner, Smith, Airhart& Day, Inc.Plano, TXDavid G. ShillingtonKeyBank Real EstateCapitalDallas, TXScott BrianLDG Development, LLCLouisville, KYHelen AngeloMadison ApartmentGroupPhiladelphia, PAMelissa CannataMarcus & MillichapFort Myers, FLPeter KatzMarcus & MillichapPhoenix, AZJohn EiflerThe MarquetteCompaniesRomeoville, ILTristan ThomaMcDougal Properties,L.C.Lubbock, TXChristopher C. FinlayMission Residential,LLCOakton, VAPaul HarrisMoran & CompanyDallas, TXDavid KofflerMorgan PropertiesKing of Prussia, PAJodi BartMorrison, Ekre & BartManagement Services,Inc.Phoenix, AZMartha EllisNetwork MultifamilyCorporationTampa, FLMandy ValloweNetwork MultifamilyCorporationTampa, FLJeff MucciPenco, Inc.Austin, TXTodd PirtlePenco, Inc.Austin, TXRonald G. Brock Jr.Pierce-Eislen Inc.Scottsdale, AZSusan FolckemerThe Preiss CompanyRaleigh, NCDonna PreissThe Preiss CompanyRaleigh, NCMichael CornellRealty DataTrustScottsdale, AZShawn O’NeillRentBureau, LLCAtlanta, GATamela M. CovalRentwiki.comAtlanta, GAW. Michael DoramusSarofim RealtyAdvisorsDallas, TXJ. Robert LoveSimpson Housing LLLPAtlanta, GADonald C. PetersonSNK Realty GroupEmeryville, CARobert RosaniaStellar ManagementNew York, NYRichard I. FisherSunAmericaAffordable HousingPartners, Inc.Los Angeles, CAMichael A. BrittiTransUnion/CreditRetrieverGreenwood Village, CORichard SchreiberTransUnion/CreditRetrieverChevy Chase, MDJames McDevittWells Fargo MultifamilyCapitalHouston, TXPhilip D. MorseWells Fargo MultifamilyCapitalMcLean, VAJennifer ShepardYardi Systems, Inc.Santa Barbara, CA* Board of DirectorsExecutive CommitteeAPRIL 2009 NMHC 50 47

Advisory CommitteeAdvenirAEW Capital Management L.P.Alliance Tax Advisors, LLCAllied North America InsuranceBrokerage of Georgia, LLCAmerican Background InformationServicesAmerican ExpressAmerican Seniors Housing AssociationAon Risk Services, Inc.Apartment Association of GreaterLos AngelesApartment Association, CaliforniaSouthern CitiesApartment Brokerage TeamApartment Finder (Network Comm)The Apartment Group, Inc.Apartment Realty AdvisorsApartmentExpert.comArroyo & Coates, Inc.The Ashley GroupAssociated Estates Realty CorporationAssurant Specialty PropertyBallard Realty Company, Inc.Ballard Spahr Andrews & Ingersoll,LLPBarker ApartmentsThe Bascom GroupBayRock Residential, LLCBeacon CommunitiesBeekman Advisors, Inc.The Bentley Group Real EstateAdvisorsBergstrom InvestmentManagement, LLCBerkshire Property Advisors, LLCBerkshire Residential DevelopmentBeztak CompaniesBlueGate Partners LLCBonaventure Realty Group, LLCBranch Properties, LLCBridge Investment GroupBright House NetworksBuckingham CompaniesBulls Capital Partners, LLCBurr & Forman LLPBuyers AccessCagan Management Group, Inc.CalPERSCamden Property TrustCapstone Building Corp.Captec Realty CapitalCarter Haston Holdings, LLCCassin & Cassin LLPCB Richard Ellis, Inc.CEL & Associates, Inc.Chancellor Development Partners, LLCChicago TitleCIBC World Markets Corp.Clifford Chance US LLPCMS CompaniesColliers InternationalColumbia National Real EstateFinance, LLCComcast Cable CommunicationsCommercial Assessments, aDivision of U.S. InspectCommercial Insurance SolutionsCommercial Water & EnergyConnexion TechnologiesCONNORThe Connor GroupConservice Utility Management& BillingContinental Realty CorporationCorcoran Jennison CompaniesCORTCox CommunicationsCox, Castle & Nicholson LLPCrescent HeightsCrossFire, a Division ofRealPage, Inc.Crown Advisors, Inc.Cushman & WakefieldCWS Apartment HomesDawn Homes Management LLCDemmon PartnersDeutsche Bank Berkshire MortgageThe Dishnica Company LLCThe Distinguished Progams GroupDLA Piper US LLPDomin-8 Enterprise SolutionsDOMO ConsultingDraper and Kramer, IncorporatedDrenner & Golden Stuart Wolff, LLPDunes Residential Services, Inc.E & G GroupE & S Ring ManagementCorporationEchostar/Dish NetworkECI Group, Inc.Edgewood ManagementCorporationEmbrey Partners, Ltd.Entrepreneurial PropertiesCorporationEquinox PartnerseReal Estate Integration (eREI)Essex Property Trust, Inc.Fair Collections & Outsourcing, Inc.Farash CorporationFDC Management, Inc.Fifteen GroupFirst American Title InsuranceCompany of New YorkFirst Centrum, LLCFlournoy Development Co., LLCFMIFocus Development, Inc.Foley & Lardner LLPFore Property CompanyForesite Management, Inc.Fort Group Development Corp.FPL Advisory GroupFranklin Capital GroupFreeman Webb Inc.FST21 Ltd.Gallagher Evelius & Jones, LLPGates, Hudson & Associates, Inc.GDC Properties, LLCGE Real EstateGene B. Glick Company, Inc.Goodman/Gable/Gould Co. -Adjusters InternationalGrace Hill, Inc.Grand Peaks PropertiesGrandbridge Real Estate Capital LLCGrayCo, Inc.Gross BuildersGrubb-Ellis Apartment REITGuardian Management LLCGWL Realty Advisors - Multi-ResidentialHandyTrac SystemsHanley WoodHarbor Group International48 NMHC 50 APRIL 2009

Advisory CommitteeHartford Investment ManagementKorcett Holdings, Inc.Miles & Stockbridge PCPhoenix Realty GroupHathaway DevelopmentCompany Inc.HBOHD SupplyHeartland Payment SystemsHediger Enterprises Inc.Heitman LLCHelix Funds LLCHendersen-Webb, Inc.Henderson Global InvestorsHFFHHHuntHills Property ManagementHolland & Knight, LLPHumphrey Development, Inc.Humphreys & PartnersArchitects, L.P.I.Q. Data International, Inc.InfiniSys, Inc.Inland American ApartmentsManagementInstar Services GroupistaJ. Turner ResearchJ.I. Kislak, Inc.JMG Realty, Inc.JPIJRK Birchmont AdvisorsJulian LeCraw & Co., LLCJupiter Realty CorporationKensington Realty Advisors, Inc.KET/HIPKettlerKingsley AssociatesKroll Factual DataL&B Realty Advisors, LLPLand America/Butler Burgher,Inc.Lane Florida, LLCLaPaul PartnersLBK Management ServicesLeasingDesk, a Divisionof RealPage, Inc.LeCesse DevelopmentCorporationLEDIC Management GroupLegend Management Group, LLCLerner CorporationLessard Group, Inc.Level OneThe Liberty GroupThe Lindahl GroupLove Funding CorporationM/PF YieldStarMac-Gray Services, Inc.Manly & StewartMarcus & MillichapMark-Taylor Residential, Inc.Marvin F. Poer and CompanyThe Matteson CompaniesMayer Brown LLPMcDowell PropertiesMercy Housing ColoradoMeridian Capital Group, LLCMeridian Investments, Inc.Mesirow FinancialMetropolitan Propertiesof America, Inc.Milstein PropertiesMinnesota Multi HousingAssociationMinolMitchell Management, Inc.Mobile-Shop CompanyMoen IncorporatedMorgan, Lewis & Bockius LLPMulti-Housing NewsMultifamily Executive/Hanley-Wood, LLCMV Residential DevelopmentLLCNAI Global Multifamily GroupNational Foundation forAffordable Housing Solutions, Inc.Neal, Gerber & Eisenberg LLPNevins*Adams*Lewbel*SchellNew Dawn Companies, LLCNiles Bolton Associates, Inc.NOI Capital PartnersNorthland InvestmentCorporationNorthMarq Capital -San FranciscoNorthwestern InvestmentManagement CompanyThe Novati GroupNTS Development CompanyOcius LLCOn-Site.comOpsTechnology, a RealPageCompanyOrion Real Estate ServicesThe P.B. Bell CompaniesPacific Life Insurance CompanyPassco Companies, LLCPrice Realty CorporationPrincipal Capital Real EstateInvestorsProperty Solutions International,Inc.PropertyBridge, a MoneyGramCompanyPrudential CRES Commercial RealEstateReal Capital MarketsReal Estate Board of New York,Inc.Real Estate Equities, Inc.Real Estate Media NetworkRealFoundationsRealtyCom Partners, LLCRent Stabilization AssociationRent.comRentGrow, Inc.RentPaymentResident Data, A ChoicePointServiceResidentCheckResite OnlineResource Investments Limited, LLCResource Real Estate, Inc.Reznick GroupRoberts Realty Investors, Inc.SAFLOKSage SoftwareSawyer Realty Holdings LLCShentelSherman ResidentialSierra Capital PartnersSoutheast ApartmentPartners, LLCSpecialty Consultants Inc.The Kislak Company, Inc.MGM Enterprises, Inc.Penton Media Inc.Sperry Van NessAPRIL 2009 NMHC 50 49

Advisory CommitteeSpot On NetworksTimberland PartnersWalker & DunlopWitten Advisors LLCThe Sterling Group, Inc.Sterling TrustStewart Title GuarantyStifel, Nicolaus & Company,IncorporatedStratford Capital Group, LLCSummit Housing PartnersSureDepositTA Associates RealtyTarragon CorporationTerra Search PartnersTishman Speyer Properties, Inc.Towne PropertiesTPG Residential, LPTrillium Residential, LLCTrilogy Real Estate Group, LLCThe Tuckerman Group/SSgAUrdang & Associates Real EstateAdvisors, Inc.USAA Real Estate CompanyValet Waste, Inc.Velocity, a Division of RealPage,Inc.Waller Lansden Dortch & Davis,LLPWatson Wyatt Data ServicesWeidner Property ManagementLLCWestCorp Management Group,LLCWestdale Asset ManagementWestern National Realty AdvisorsWhiteFenceWildman, Harrold, Allen & DixonLLPThe Wilkinson Group, Inc.WNC & Associates, Inc.Womble Carlyle Sandridge &Rice, PLLCWorthing Southeast CorporationWRH Realty Services, Inc.Ygnition NetworkszumBrunnen, Inc.TGM Associates L.P.VerizonWillis HRHThompson Dorfman PartnersVictory Realty GroupWilmarSINCE WHEN IS VALUE ENGINEERING ABOUT FIXTURES?Since we’ve been able to save clients thousandsby knowing where—and which brands—to shop,without compromising on performance or aesthetics.We’ve done that with countless projects. We’ve alsosaved hundreds of thousands by recommending easychanges to a site plan. And pretty much everything inbetween.But at Capstone Building, Value Engineeringmeans more than helping you minimize costs. Itmeans working with your project team to meet allof your goals. Not just for budget and schedule, butquality and marketability as well.Simply put, we know what works. We alsoknow what matters. We understand how everythingyou invest in a multi-family project can impact yoursuccess. Which is why, at Capstone Building Corp.,everything is the most important thing. Includingfixtures.Contact Jeff Roblyer or Charlie Vick at 205 803 5226. Or visit our website today.Birmingham, Alabama | Milford, Connecticut | capstonebuilding.com