2023-06-19T13:47:25-05:00 2022-12-31 420714325 RSM US LLP 1861 INTERNATIONAL DRIVE SUITE 400 MCLEAN VA 22102 990 2022-01-01 273586050 NATIONAL ASSOCIATION OF REAL ESTATE INVESTMENT TRUSTS (NAREIT) NATI 2027399400 1875 I STREET NW 500 WASHINGTON DC 200065413 ROBERTO DIAZ EVP, FINANCE & FISCAL MGMT 2027399410 2023-06-19 1 ROBERTO DIAZ XXX-XX-XXXX 0 FREDERICK LONGWOOD P00439715 7033366400 2023-06-19 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z NAREIT STEVEN WECHSLER 1875 I STREET NW 500 WASHINGTON DC 200065413 38859650 0 X WWW.REIT.COM X 2010 DC FURTHER THE INTERESTS OF REITS AND OTHERS THAT OWN, OPERATE, & FINANCE INCOME-PRODUCING R.E. 17 17 60 0 269806 8525 0 0 21452659 24799076 1436913 925761 6209340 7547545 29098912 33272382 50000 1130000 0 0 17164361 17036677 0 0 0 9708164 16056755 26922525 34223432 2176387 -951050 37201891 40371097 16845164 25718651 20356727 14652446 X THE NATIONAL ASSOCIATION OF REAL ESTATE INVESTMENT TRUSTS (NAREIT) IS THE TRADE ASSOCIATION FOR REITS AND PUBLICLY TRADED REAL ESTATE COMPANIES WITH AN INTEREST IN THE U.S. NAREIT'S PURPOSE IS TO FURTHER THE INTERESTS OF ITS MEMBERS WHICH INCLUDE REITS AND OTHER BUSINESSES THAT OWN, OPERATE, AND FINANCE INCOME-PRODUCING REAL ESTATE. 0 0 GOVERNMENT RELATIONS ARE INTEGRAL TO KEEPING MEMBERS AND THE PUBLIC INFORMED OF THE LEGISLATIVE ENVIRONMENT SURROUNDING REITS AND THE REAL ESTATE INDUSTRY AS A WHOLE. COMMUNICATIONS AND PUBLICATIONS ARE PRODUCED AND DISSEMINATED TO KEEP MEMBERSHIP, AND THE PUBLIC AT LARGE, INFORMED OF CURRENT INDUSTRY ISSUES. PUBLICATIONS INCLUDE INDUSTRY EDUCATIONAL MATERIALS, AND RESULTS OF INDUSTRY AND EDUCATIONAL RESEARCH. CONFERENCES AND SEMINARS BRING MEMBERS AND EXPERTS IN THE BUSINESS OF REAL ESTATE INVESTMENT TRUSTS TOGETHER TO CONFER, CONSULT, AND COOPERATE TO ADDRESS INDUSTRY ISSUES. 0 0 1 1 0 0 0 0 0 1 0 0 1 1 1 0 1 0 0 1 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 54 0 1 60 1 1 1 0 0 0 1 1 0 1 0 X 17 17 0 0 0 0 1 1 0 1 1 0 1 1 0 1 0 0 1 1 1 1 0 X ROBERTO DIAZ EVP FINANCE & FISCAL MANAGEMENT 2027399400 1875 I STREET NW 500 WASHINGTON DC 200065413 X MARGUERITE M NADER CHAIR 1.00 0.00 X X 0 0 0 JAMES B CONNOR FIRST VICE CHAIR 1.00 0.00 X X 0 0 0 LISA PALMER SECOND VICE CHAIR 1.00 0.00 X X 0 0 0 W MATTHEW KELLY TREASURER 1.00 0.00 X X 0 0 0 PETER E BACCILE EXECUTIVE BOARD MEMBER 1.00 0.00 X 0 0 0 THOMAS A BARTLETT EXECUTIVE BOARD MEMBER 1.00 0.00 X 0 0 0 TAMARA D FISCHER EXECUTIVE BOARD MEMBER 1.00 0.00 X 0 0 0 CONOR C FLYNN EXECUTIVE BOARD MEMBER 1.00 0.00 X 0 0 0 LESLIE D HALE EXECUTIVE BOARD MEMBER 1.00 0.00 X 0 0 0 THOMAS M HERZOG EXECUTIVE BOARD MEMBER 1.00 0.00 X 0 0 0 MARK J PARRELL EXECUTIVE BOARD MEMBER 1.00 0.00 X 0 0 0 JAMES F RISOLEO EXECUTIVE BOARD MEMBER 1.00 0.00 X 0 0 0 SUMIT ROY EXECUTIVE BOARD MEMBER 1.00 0.00 X 0 0 0 MICHAEL J SCHALL EXECUTIVE BOARD MEMBER 1.00 0.00 X 0 0 0 A WILLIAM STEIN EXECUTIVE BOARD MEMBER 1.00 0.00 X 0 0 0 JAMES M TAYLOR JR EXECUTIVE BOARD MEMBER 1.00 0.00 X 0 0 0 OWEN D THOMAS EXECUTIVE BOARD MEMBER 1.00 0.00 X 0 0 0 LISA PALMER CHAIR 1.00 0.00 X X 0 0 0 W MATTHEW KELLY FIRST VICE CHAIR 1.00 0.00 X X 0 0 0 CONOR C FLYNN SECOND VICE CHAIR 1.00 0.00 X X 0 0 0 SUMIT ROY TREASURER 1.00 0.00 X X 0 0 0 PETER E BACCILE EXECUTIVE BOARD MEMBER 1.00 0.00 X 0 0 0 THOMAS A BARTLETT EXECUTIVE BOARD MEMBER 1.00 0.00 X 0 0 0 TAMARA D FISCHER EXECUTIVE BOARD MEMBER 1.00 0.00 X 0 0 0 LESLIE D HALE EXECUTIVE BOARD MEMBER 1.00 0.00 X 0 0 0 MARGUERITE M NADER EXECUTIVE BOARD MEMBER 1.00 0.00 X 0 0 0 MARK J PARRELL EXECUTIVE BOARD MEMBER 1.00 0.00 X 0 0 0 EDWARD B PITONIAK EXECUTIVE BOARD MEMBER 1.00 0.00 X 0 0 0 JAMES F RISOLEO EXECUTIVE BOARD MEMBER 1.00 0.00 X 0 0 0 JOSEPH D RUSSELL JR EXECUTIVE BOARD MEMBER 1.00 0.00 X 0 0 0 BENJAMIN W SCHALL EXECUTIVE BOARD MEMBER 1.00 0.00 X 0 0 0 MICHAEL J SCHALL EXECUTIVE BOARD MEMBER 1.00 0.00 X 0 0 0 JAMES M TAYLOR JR EXECUTIVE BOARD MEMBER 1.00 0.00 X 0 0 0 OWEN D THOMAS EXECUTIVE BOARD MEMBER 1.00 0.00 X 0 0 0 STEVEN WECHSLER PRESIDENT & CEO 39.00 1.00 X 2586281 0 60699 CATHERINE BARRE EVP & GENERAL COUNSEL 38.00 2.00 X 720034 0 71975 SHELDON GRONER EVP, FINANCE & OPS (THRU 4/1/22) 40.00 0.00 X 304280 0 37595 ROBERTO DIAZ EVP, FINANCE & FISCAL MANAGEMENT 40.00 0.00 X 362590 0 57257 TONY EDWARDS SENIOR EXECUTIVE VICE PRESIDENT 38.00 2.00 X 1009222 0 63163 JOHN WORTH EVP, RESEARCH & INVESTOR OUTREACH 40.00 0.00 X 571304 0 71885 MATTHEW BECHARD EVP, COMMS. & INDUSTRY AFFAIRS 40.00 0.00 X 394750 0 67872 VICTOR DRISTAS EVP, OPERATIONS 40.00 0.00 X 349219 0 66137 ROBERT DIBBLEE SVP, GOVERNMENT RELATIONS 36.00 4.00 X 541002 0 24870 VICTORIA ROSTOW SVP, REG. AFFAIRS & DEPUTY GC 40.00 0.00 X 468741 0 48985 GEORGE YUNGMANN SVP, FINANCIAL STANDARDS 40.00 0.00 X 463449 0 52889 CHRISTOPHER DRULA SVP, FINANCIAL STANDARDS 40.00 0.00 X 458561 0 63875 KURT WALTEN SVP, INVESTMENT AFFAIRS 40.00 0.00 X 452752 0 68675 8682185 0 755877 42 0 1 0 FREEMAN DECORATING CO PO BOX 734596 DALLAS TX 75373 AUDIO VISUAL & SET PRODUCTION SERVICES 1278501 ERNST & YOUNG US LLP 200 PLAZA DRIVE SECAUCUS NJ 07094 STRATEGIC ADVISORY CONSULTANT 430600 CVENT 1765 GREENSBORO STATION PL 7TH FL TYSONS CORNER VA 22102 EVENT MANAGEMENT TECHNOLOGY 399228 ANTHOLOGY MARKETING GROUP INC 1003 BISHOP ST 9TH FL HONOLULU HI 96813 HAWAII STRATEGIC ADVISORY CONSULTANT 318366 DANIEL J EDELMAN 200 EAST RANDOLPH DRIVE CHICAGO IL 60601 COMMUNICATIONS CONSULTANT 276731 27 DUES 900099 18536162 18536162 CONFERENCES 900099 5889346 5889346 PUBLICATIONS 541800 269806 269806 PUBLICATIONS 900099 103762 103762 24799076 764238 764238 7454159 7454159 5748791 5587268 161523 161523 161523 MISCELLANEOUS 900099 93386 93386 93386 33272382 24529270 269806 8473306 1130000 6299412 8651422 424338 950900 710605 339338 73126 2015929 89149 2735621 209669 97487 141136 1050333 373696 5174958 193423 151075 SPONSORSHIPS 682693 INTERNET SERVICES 621345 DUES AND SUBSCRIPTIONS 609729 TAXES 465502 1032546 34223432 113111 14482 2535352 4754025 2340911 1800237 625060 691646 2134541 1398879 875950 735662 30044019 24736587 569794 569794 97694 7068664 37201891 40371097 9049419 9192067 7795745 8582973 0 7943611 16845164 25718651 X 20356727 14652446 20356727 14652446 37201891 40371097 -951050 -4753231 0 X X 0 1 X 1 0 25750 0 25750 25750 1 NAREIT POLITICAL ACTION COMMITTEE 1875 I STREET NW SUITE 500 WASHINGTON DC 200065413 521930172 0 839500 0 0 1 18536162 4029697 -3670586 359111 4634041 -4274930 PART I-A, LINE 1: POLITICAL EXPENDITURES FOR STATE LEVEL LEGISLATORS IN HAWAII. 501165 165441 335724 1311209 919039 392170 322167 314399 7768 735662 INTEREST RECEIVABLE 21386 OTHER ASSETS 70000 OPERATING LEASES RIGHT-OF-USE ASSETS 6977278 7068664 OPERATING LEASES OBLIGATION 7943611 7943611 X 28430002 -4753231 -4753231 33183233 89149 89149 33272382 34134283 0 34134283 89149 89149 34223432 PART X, LINE 2: THE ASSOCIATION IS SUBJECT TO UNRELATED BUSINESS INCOME TAX FOR NET ADVERTISING REVENUE. THE FEDERAL AND DISTRICT OF COLUMBIA TAXES PAID RELATING TO THESE ACTIVITIES TOTALED $19,957 AND $29,714 FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021, RESPECTIVELY. INCOME TAX EXPENSE IN THE AMOUNT OF $6,024 AND $34,379 FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021, RESPECTIVELY, IS REFLECTED IN FINANCE AND ADMINISTRATION EXPENSE ON THE ACCOMPANYING CONSOLIDATED STATEMENTS OF ACTIVITIES. EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES-GLOBAL INVESTOR OUTREACH PROMOTE GREATER AWARENESS, UNDERSTANDING AND ACCEPTANCE OF COMMERCIAL REAL ESTATE INVESTMENT THROUGH STOCK EXCHANGE-LISTED REITS AND PROPERTY COMPANIES AMONG GLOBAL INVESTORS. 58755 MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICES-GLOBAL INVESTOR OUTREACH PROMOTE GREATER AWARENESS, UNDERSTANDING AND ACCEPTANCE OF COMMERCIAL REAL ESTATE INVESTMENT THROUGH STOCK EXCHANGE-LISTED REITS AND PROPERTY COMPANIES AMONG GLOBAL INVESTORS. 17462 NORTH AMERICA 0 0 PROGRAM SERVICES-GLOBAL INVESTOR OUTREACH PROMOTE GREATER AWARENESS, UNDERSTANDING AND ACCEPTANCE OF COMMERCIAL REAL ESTATE INVESTMENT THROUGH STOCK EXCHANGE-LISTED REITS AND PROPERTY COMPANIES AMONG GLOBAL INVESTORS. 4747 0 0 0 0 0 0 80964 0 80964 0 0 0 0 0 1 PART III ACCOUNTING METHOD: 1 NAREIT FOUNDATION 1875 I STREET NW 500 WASHINGTON DC 200065413 200455984 501(C)(3) 1000000 0 CONTRIBUTION TO DDEI INITIATIVE NAREIT FOUNDATION 1875 I STREET NW 500 WASHINGTON DC 200065413 200455984 501(C)(3) 130000 0 GENERAL OPERATIONS SUPPORT 1 0 PART I, LINE 2: NAREIT MONITORS THE USE OF FUNDS BY ANALYZING ON A MONTHLY BASIS WHAT EXPENSES THE NAREIT FOUNDATION INCURS. X X X 1 1 X X X X X X 0 1 0 STEVEN WECHSLER PRESIDENT & CEO 1431927 0 984216 0 170138 0 21860 0 38839 0 2646980 0 0 0 TONY EDWARDS SENIOR EXECUTIVE VICE PRESIDENT 585456 0 363909 0 59857 0 21860 0 41303 0 1072385 0 0 0 CATHERINE BARRE EVP & GENERAL COUNSEL 501928 0 214115 0 3991 0 21860 0 50115 0 792009 0 0 0 JOHN WORTH EVP, RESEARCH & INVESTOR OUTREACH 411127 0 166138 0 -5961 0 21860 0 50025 0 643189 0 0 0 ROBERT DIBBLEE SVP, GOVERNMENT RELATIONS 371820 0 157349 0 11833 0 21860 0 3010 0 565872 0 0 0 CHRISTOPHER DRULA SVP, FINANCIAL STANDARDS 329393 0 136449 0 -7281 0 21860 0 42015 0 522436 0 0 0 KURT WALTEN SVP, INVESTMENT AFFAIRS 338300 0 117951 0 -3499 0 21860 0 46815 0 521427 0 0 0 VICTORIA ROSTOW SVP, REG. AFFAIRS & DEPUTY GC 365964 0 104641 0 -1864 0 21860 0 27125 0 517726 0 0 0 GEORGE YUNGMANN SVP, FINANCIAL STANDARDS 328819 0 137100 0 -2470 0 21860 0 31029 0 516338 0 0 0 MATTHEW BECHARD EVP, COMMS. & INDUSTRY AFFAIRS 346959 0 55536 0 -7745 0 21860 0 46012 0 462622 0 0 0 ROBERTO DIAZ EVP, FINANCE & FISCAL MANAGEMENT 304081 0 64101 0 -5592 0 21860 0 35397 0 419847 0 0 0 VICTOR DRISTAS EVP, OPERATIONS 284871 0 69766 0 -5418 0 21860 0 44277 0 415356 0 0 0 SHELDON GRONER EVP, FINANCE & OPS (THRU 4/1/22) 100877 0 175198 0 28205 0 21860 0 15735 0 341875 0 0 0 PART I, LINE 1A IN CONNECTION WITH NAREIT'S SUPPLEMENTAL EXECUTIVE DEFERRED COMPENSATION PLAN NAREIT GROSSES UP PAYOUTS (FOR NINETEEN EMPLOYEES), TO PARTIALLY COVER THE IMPACT OF TAXATION. NAREIT REIMBURSES ROBERT DIBBLEE FOR THE PORTION OF SOCIAL CLUB DUES THAT RELATES TO BUSINESS PURPOSES. PART I, LINE 4B STEVEN WECHSLER, PRESIDENT & CEO, TONY EDWARDS, SENIOR EXECUTIVE VICE PRESIDENT, AND CATHERINE BARRE, EVP & GENERAL COUNSEL, ARE PARTICIPANTS IN THE ORGANIZATION'S SECTION 457 (F) RETIREMENT PLAN. STEVEN WECHSLER AND TONY EDWARDS RECEIVED A DISTRIBUTION IN 2022, WHICH WAS REPORTED AS TAXABLE COMPENSATION. NAREIT ALSO SPONSORS A SUPPLEMENTAL EXECUTIVE DEFERRED COMPENSATION PLAN. THE NINETEEN PARTICIPANTS IN THE PLAN AND THE CASH PAYOUTS DISTRIBUTED TO EACH PARTICIPANT IN 2022 ARE AS FOLLOWS: STEVEN WECHSLER, PRESIDENT & CEO, $217,112.37 TONY EDWARDS, SENIOR EXECUTIVE VICE PRESIDENT, $69,964.16 CATHERINE BARRE, EXECUTIVE VICE PRESIDENT & GENERAL COUNSEL, $40,094.46 SHELDON GRONER, EXECUTIVE VICE PRESIDENT, FINANCE & OPERATIONS, $29,305.33 JOHN WORTH, EXECUTIVE VICE PRESIDENT, RESEARCH & INVESTOR OUTREACH, $27,389.48 ROBERT DIBBLEE, SENIOR VICE PRESIDENT, GOVERNMENT RELATIONS, $24,625.61 VICTORIA ROSTOW, SENIOR VICE PRESIDENT, REGULATORY AFFAIRS & DEPUTY GENERAL COUNSEL, $18,269.19 GEORGE YUNGMANN, SENIOR VICE PRESIDENT, FINANCIAL STANDARDS, $17,818.06 CHRISTOPHER DRULA, SENIOR VICE PRESIDENT, FINANCIAL STANDARDS, $17,808.89 KURT WALTEN, SENIOR VICE PRESIDENT, INVESTMENT AFFAIRS, $16,752.36 MEREDITH DESPINS, SENIOR VICE PRESIDENT, INVESTMENT AFFAIRS, $9,954.44 JOHN JONES, SENIOR VICE PRESIDENT, GOVERNMENT RELATIONS, $8,754.95 CALVIN SCHNURE, SENIOR VICE PRESIDENT, RESEARCH & ECONOMIC ANALYSIS, $8,655.46 MATTHEW BECHARD, EXECUTIVE VICE PRESIDENT, COMMUNICATIONS & INDUSTRY AFFAIRS, $8,453.76 DARA BERNSTEIN, SENIOR VICE PRESIDENT & TAX COUNSEL, $4,974.49 VICTOR DRISTAS, EXECUTIVE VICE PRESIDENT, OPERATIONS, $3,740.27 FULYA KOCAK, SENIOR VICE PRESIDENT, ESG ISSUES, $3,206.88 ROBERTO DIAZ, EXECUTIVE VICE PRESIDENT, FINANCE & FISCAL MANAGEMENT, $2,502.76 RON KUYKENDALL, VICE PRESIDENT, MEDIA & PUBLIC RELATIONS, $877.25 FORM 990, PART VI, SECTION A, LINE 6 NAREIT HAS BOTH CORPORATE AND INDIVIDUAL MEMBERS. REAL ESTATE INVESTMENT TRUSTS AND PUBLIC REAL ESTATE COMPANIES CAN APPLY FOR CORPORATE MEMBERSHIP, WHICH IS SUBJECT TO ANNUAL DUES. ANY INDIVIDUAL WHO DOES NOT WORK FOR AN ENTITY ELIGIBLE FOR CORPORATE MEMBERSHIP MAY APPLY FOR ADMISSION AS AN INDIVIDUAL MEMBER OF THE ASSOCIATION, WHICH IS SUBJECT TO ANNUAL DUES. FORM 990, PART VI, SECTION A, LINE 7A EACH CORPORATE MEMBER IN GOOD STANDING IS ENTITLED TO ONE VOTE ON ALL MATTERS SUBMITTED TO THE MEMBERS OF THE ASSOCIATION, INCLUDING, WITHOUT LIMITATION, A VOTE FOR EACH OPEN POSITION FOR ELECTED MEMBERS OF THE NAREIT EXECUTIVE BOARD. FORM 990, PART VI, SECTION B, LINE 11B PRIOR TO FILING NAREIT'S FORM 990, IT WAS PROVIDED TO NAREIT'S CHAIR, FIRST VICE CHAIR, SECOND VICE CHAIR, TREASURER, AND THE MEMBERS OF NAREIT'S AUDIT AND INVESTMENT COMMITTEE, FOR THEIR REVIEW. NAREIT'S EVP, FINANCE & FISCAL MANAGEMENT, AND ITS PRESIDENT & CEO REVIEW THE FORM 990 IN CONJUNCTION WITH NAREIT'S PAID TAX PREPARER PRIOR TO FILING THE FORM 990. FORM 990, PART VI, SECTION B, LINE 12 UPON THEIR ELECTION, NAREIT'S EXECUTIVE BOARD MEMBERS ARE REQUIRED TO DISCLOSE INTERESTS THAT COULD GIVE RISE TO CONFLICTS. EACH EXECUTIVE BOARD MEMBER'S TERM IS FOR ONE YEAR. FORM 990, PART VI, SECTION B, LINE 15 NAREIT'S COMPENSATION AND BENEFITS COMMITTEE, WHICH IS COMPRISED OF THE CURRENT NAREIT OFFICERS AND IMMEDIATE PAST CHAIR, CONVENE ANNUALLY TO DETERMINE COMPENSATION LEVELS FOR NAREIT NON-ELECTED OFFICERS AND OTHER EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND AUDITED FINANCIAL STATEMENTS ARE NOT GENERALLY MADE AVAILABLE TO THE GENERAL PUBLIC, BUT IF REQUESTS FOR COPIES OF THE DOCUMENTS WERE TO BE RECEIVED, THE ORGANIZATION WOULD CONSIDER MAKING THEM AVAILABLE TO THE REQUESTOR. FORM 990, PART VII: * DENOTES EXECUTIVE BOARD MEMBERS WHO SERVED 11/1/2021-10/31/2022. ** DENOTES EXECUTIVE BOARD MEMBERS WHO SERVED 11/1/2022-10/31/2023. FORM 990, PART XII, LINE 2C: THE AUDIT OVERSIGHT PROCESS HAS REMAINED UNCHANGED FROM THE PRIOR YEAR. NAREIT FOUNDATION 1875 I STREET NW 500 WASHINGTON DC 200065413 200455984 PROVIDE CONTRIBUTIONS TO CHARITABLE ORGANIZATIONS DC 501(C)(3) 509(A)(3) TYPE I NATIONAL ASSOCIATION OF REAL ESTATE INVESTMENT TRUSTS 1 NAREIT POLITICAL ACTION COMMITTEE 1875 I STREET NW 500 WASHINGTON DC 200065413 521930172 CONTRIBUTE TO POLITICAL CAMPAIGNS & LEADERSHIP PACS DC 527 N/A NATIONAL ASSOCIATION OF REAL ESTATE INVESTMENT TRUSTS 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 1 1 0 0 0 NAREIT FOUNDATION B 1130000 BOOK VALUE NAREIT POLITICAL ACTION COMMITTEE P 13849 BOOK VALUE