2022-05-16T12:47:26-05:00 2021-12-31 420714325 RSM US LLP 2021 L STREET NW SUITE 400 WASHINGTON DC 20036 990 2021-01-01 273586050 NATIONAL ASSOCIATION OF REAL ESTATE INVESTMENT TRUSTS (NAREIT) NATI 2027399400 1875 I STREET NW 500 WASHINGTON DC 200065413 ROBERTO DIAZ SVP, FINANCE & FISCAL MGMT 2027399410 2022-05-12 1 ROBERTO DIAZ XXX-XX-XXXX FREDERICK LONGWOOD P00439715 2022932200 2022-05-08 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z NAREIT STEVEN WECHSLER 1875 I STREET NW 500 WASHINGTON DC 200065413 30564237 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 46 0 357832 60316 0 0 20327270 21452659 928817 1436913 5359009 6209340 26615096 29098912 171500 50000 0 0 15936162 17164361 0 0 0 10655610 9708164 26763272 26922525 -148176 2176387 30603959 37201891 14309879 16845164 16294080 20356727 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 0 0 1 0 1 0 0 0 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 56 0 1 46 1 1 1 0 0 0 1 1 0 1 0 X 17 17 1 0 0 0 1 1 0 1 1 0 1 1 0 1 0 0 1 1 1 1 0 X ROBERTO DIAZ SVP FINANCE & FISCAL MGMT 2027399400 1875 I STREET NW 500 WASHINGTON DC 200065413 X JAMES F RISOLEO CHAIR 1.00 0.00 X X 0 0 0 MARGUERITE M NADER FIRST VICE CHAIR 1.00 0.00 X X 0 0 0 JAMES B CONNOR SECOND VICE CHAIR 1.00 0.00 X X 0 0 0 LISA PALMER 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 J BALTIMORE JR 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 BRUCE W DUNCAN 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 SUSAN L GIVENS 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 W MATTHEW KELLY 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 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 STEVEN WECHSLER PRESIDENT & CEO 39.00 1.00 X 2401037 0 58859 CATHERINE BARRE EVP & GENERAL COUNSEL 39.00 1.00 X 652504 0 25803 SHELDON GRONER EVP, FINANCE & OPERATIONS 40.00 0.00 X 552637 0 66329 TONY EDWARDS SENIOR EXECUTIVE VICE PRESIDENT 39.00 1.00 X 976603 0 59419 JOHN WORTH EVP, RESEARCH & INVESTOR OUTREACH 40.00 0.00 X 528979 0 68831 MATTHEW BECHARD EVP, COMMUNICATIONS 40.00 0.00 X 356010 0 62833 ROBERT DIBBLEE SVP, GOVERNMENT RELATIONS 36.00 4.00 X 524902 0 25737 VICTORIA ROSTOW SVP, REG. AFFAIRS & DEPUTY GC 40.00 0.00 X 456142 0 45100 GEORGE YUNGMANN SVP, FINANCIAL STANDARDS 40.00 0.00 X 447521 0 52666 CHRISTOPHER DRULA SVP, FINANCIAL STANDARDS 40.00 0.00 X 442648 0 62150 KURT WALTEN SVP, INVESTMENT AFFAIRS 40.00 0.00 X 436789 0 68392 7775772 0 596119 36 0 1 0 CVENT 1765 GREENSBORO STATION PL 7TH FL TYSONS CORNER VA 22102 EVENT MANAGEMENT TECHNOLOGY 585836 ERNST & YOUNG US LLP 200 PLAZA DRIVE SECAUCUS NJ 07094 STRATEGIC ADVISORY CONSULTANT 442700 ANTHOLOGY MARKETING GROUP INC 1003 BISHOP ST 9TH FL HONOLULU HI 96813 HAWAII STRATEGIC ADVISORY CONSULTANT 322902 DANIEL J EDELMAN 200 EAST RANDOLPH DRIVE CHICAGO IL 60601 COMMUNICATIONS CONSULTANT 300000 BOCKORNY GROUP INC 1350 I STREET NW SUITE 800 WASHINGTON DC 20005 STRATEGIC ADVISORY CONSULTANT 252000 19 DUES 900099 18908721 18908721 CONFERENCES 900099 2089342 2089342 PUBLICATIONS 541800 357832 357832 PUBLICATIONS 900099 96764 96764 21452659 841195 841195 6118340 6118340 2061043 1465325 595718 595718 595718 MISCELLANEOUS 900099 91000 91000 91000 29098912 21094827 357832 7646253 50000 6298173 8797322 482575 936955 649336 143103 62059 1956760 116177 1895766 179354 99367 108565 1047344 39577 822491 185748 136974 INTERNET SERVICES 644452 DUES AND SUBSCRIPTIONS 603704 SPONSORSHIPS 586480 TAXES 366932 713311 26922525 151147 113111 1281411 2535352 1875995 2340911 710723 625060 2093981 1218031 1026902 875950 24942148 30044019 569794 569794 45839 97694 30603959 37201891 8502096 9049419 5807783 7795745 14309879 16845164 X 16294080 20356727 16294080 20356727 30603959 37201891 2176387 1886260 0 X X 0 1 X 1 0 22050 0 22050 22050 1 NAREIT POLITICAL ACTION COMMITTEE 1875 I STREET NW SUITE 500 WASHINGTON DC 200065413 521930172 0 875312 0 0 1 18908721 4586622 -3530028 1056594 4727180 -3670586 PART I-A, LINE 1: POLITICAL EXPENDITURES FOR STATE LEVEL LEGISLATORS IN HAWAII. 501165 121162 380003 1270650 786769 483881 322166 310100 12066 875950 X 30868995 1886260 1886260 28982735 116177 116177 29098912 26806348 0 26806348 116177 116177 26922525 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 $29,714 AND $0 FOR THE YEARS ENDED DECEMBER 31, 2021, AND 2020, RESPECTIVELY. INCOME TAX EXPENSE IN THE AMOUNT OF $34,379 AND $32,676 FOR THE YEARS ENDED DECEMBER 31, 2021, AND 2020, RESPECTIVELY, IS REFLECTED IN FINANCE AND ADMINISTRATION EXPENSE ON THE ACCOMPANYING CONSOLIDATED STATEMENTS OF ACTIVITIES. DUE TO ITS TAX-EXEMPT STATUS, THE ASSOCIATION IS REQUIRED TO FILE AND DOES FILE TAX RETURNS WITH THE IRS AND OTHER TAXING AUTHORITIES. 1 NAREIT FOUNDATION 1875 I STREET NW 500 WASHINGTON DC 200065413 200455984 501(C)(3) 50000 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 1 1 X X X X X X 0 1 0 STEVEN WECHSLER PRESIDENT & CEO 1278505 0 956938 0 165594 0 21615 0 37244 0 2459896 0 0 0 TONY EDWARDS SENIOR EXECUTIVE VICE PRESIDENT 562938 0 354945 0 58720 0 21615 0 37804 0 1036022 0 0 0 CATHERINE BARRE EVP & GENERAL COUNSEL 440979 0 207414 0 4111 0 21615 0 4188 0 678307 0 0 0 SHELDON GRONER EVP, FINANCE & OPERATIONS 382108 0 170253 0 276 0 21615 0 44714 0 618966 0 0 0 JOHN WORTH EVP, RESEARCH & INVESTOR OUTREACH 373751 0 161188 0 -5960 0 21615 0 47216 0 597810 0 0 0 ROBERT DIBBLEE SVP, GOVERNMENT RELATIONS 357519 0 153329 0 14054 0 21615 0 4122 0 550639 0 0 0 KURT WALTEN SVP, INVESTMENT AFFAIRS 325288 0 114875 0 -3374 0 21615 0 46777 0 505181 0 0 0 CHRISTOPHER DRULA SVP, FINANCIAL STANDARDS 316725 0 132793 0 -6870 0 21615 0 40535 0 504798 0 0 0 VICTORIA ROSTOW SVP, REG. AFFAIRS & DEPUTY GC 351888 0 101881 0 2373 0 21615 0 23485 0 501242 0 0 0 GEORGE YUNGMANN SVP, FINANCIAL STANDARDS 316171 0 133567 0 -2217 0 21615 0 31051 0 500187 0 0 0 MATTHEW BECHARD EVP, COMMUNICATIONS 315419 0 48163 0 -7572 0 21615 0 41218 0 418843 0 0 0 PART I, LINE 1A IN CONNECTION WITH NAREIT'S SUPPLEMENTAL EXECUTIVE DEFERRED COMPENSATION PLAN NAREIT GROSSES UP PAYOUTS (FOR EIGHTEEN 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 2021, WHICH WAS REPORTED AS TAXABLE COMPENSATION. NAREIT ALSO SPONSORS A SUPPLEMENTAL EXECUTIVE DEFERRED COMPENSATION PLAN. THE EIGHTEEN PARTICIPANTS IN THE PLAN AND THE CASH PAYOUTS DISTRIBUTED TO EACH PARTICIPANT IN 2021 ARE AS FOLLOWS: STEVEN WECHSLER, PRESIDENT & CEO, $208,544.25 TONY EDWARDS, SENIOR EXECUTIVE VICE PRESIDENT, $68,170.01 CATHERINE BARRE, EXECUTIVE VICE PRESIDENT & GENERAL COUNSEL, $37,637.38 SHELDON GRONER, EXECUTIVE VICE PRESIDENT, FINANCE & OPERATIONS, $27,918.27 JOHN WORTH, EXECUTIVE VICE PRESIDENT, RESEARCH & INVESTOR OUTREACH, $25,822.89 ROBERT DIBBLEE, SENIOR VICE PRESIDENT, GOVERNMENT RELATIONS, $23,843.28 VICTORIA ROSTOW, SENIOR VICE PRESIDENT, REGULATORY AFFAIRS & DEPUTY GENERAL COUNSEL, $17,614.77 GEORGE YUNGMANN, SENIOR VICE PRESIDENT, FINANCIAL STANDARDS, $17,193.88 CHRISTOPHER DRULA, SENIOR VICE PRESIDENT, FINANCIAL STANDARDS, $17,046.88 KURT WALTEN, SENIOR VICE PRESIDENT, INVESTMENT AFFAIRS, $16,143.65 MEREDITH DESPINS, SENIOR VICE PRESIDENT, INVESTMENT AFFAIRS, $9,499.27 CALVIN SCHNURE, SENIOR VICE PRESIDENT, RESEARCH & ECONOMIC ANALYSIS, $8,219.63 VICTOR DRISTAS, SENIOR VICE PRESIDENT, OPERATIONS, $6,506.65 MATTHEW BECHARD, EXECUTIVE VICE PRESIDENT, COMMUNICATIONS, $5,951.89 DARA BERNSTEIN, SENIOR VICE PRESIDENT & TAX COUNSEL, $4,632.64 JOHN JONES, SENIOR VICE PRESIDENT, GOVERNMENT RELATIONS, $1,193.75 FULYA KOCAK, SENIOR VICE PRESIDENT, ESG ISSUES, $1,035.30 RON KUYKENDALL, VICE PRESIDENT, MEDIA & PUBLIC RELATIONS, $616.28 FORM 990, PART VI, SECTION A, LINE 2 EXECUTIVE BOARD MEMBER A. WILLIAM STEIN HAS A BUSINESS RELATIONSHIP WITH CHAIR/EXECUTIVE BOARD MEMBER JAMES F. RISOLEO. EXECUTIVE BOARD MEMBER OWEN D. THOMAS HAS A BUSINESS RELATIONSHIP WITH EXECUTIVE BOARD MEMBER BRUCE W. DUNCAN. 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 SVP, 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 11/1/2020-10/31/2021. ** DENOTES EXECUTIVE BOARD MEMBERS WHO SERVED 11/1/2021-10/31/2022. 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 1 0 0 NAREIT FOUNDATION B 50000 BOOK VALUE NAREIT POLITICAL ACTION COMMITTEE P 19187 BOOK VALUE NAREIT FOUNDATION Q 3688 BOOK VALUE