2024-05-14T09:31:37-05:00 2023-12-31 420714325 RSM US LLP 919 EAST MAIN STREET SUITE 1800 RICHMOND VA 23219 990 2023-01-01 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 2024-05-14 1 ROBERTO DIAZ XXX-XX-XXXX 1 MEREDITH BELL P01696827 8042822121 2024-05-14 3 AAL1 IAL1 2023 2023-04-26 12:10:37Z NAREIT STEVEN WECHSLER 1875 I STREET NW 500 WASHINGTON DC 200065413 42829184 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 51 0 165650 31238 0 0 24799076 26474453 925761 576382 7547545 8355887 33272382 35406722 1130000 130000 0 0 17036677 18531165 0 0 0 16056755 14993850 34223432 33655015 -951050 1751707 40371097 43051105 25718651 23642042 14652446 19409063 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 44 0 1 51 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 EVP FINANCE & FISCAL MANAGEMENT 2027399400 1875 I STREET NW 500 WASHINGTON DC 200065413 X 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 W MATTHEW KELLY CHAIR 1.00 0.00 X X 0 0 0 CONOR C FLYNN FIRST VICE CHAIR 1.00 0.00 X X 0 0 0 SUMIT ROY SECOND VICE CHAIR 1.00 0.00 X X 0 0 0 MARK J PARRELL 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 H ERIC BOLTON JR EXECUTIVE BOARD MEMBER 1.00 0.00 X 0 0 0 SCOTT M BRINKER 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 THEODORE J KLINCK 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 LISA PALMER 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 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 JAMES M TAYLOR JR EXECUTIVE BOARD MEMBER 1.00 0.00 X 0 0 0 STEVEN WECHSLER PRESIDENT & CEO 39.00 1.00 X 2685856 0 64796 CATHERINE BARRE EVP, POLICY & PUBLIC AFFAIRS & GC 38.00 2.00 X 781490 0 78419 ROBERTO DIAZ EVP, FINANCE & FISCAL MANAGEMENT 39.00 1.00 X 401336 0 61422 TONY EDWARDS SENIOR EXECUTIVE VICE PRESIDENT 39.00 1.00 X 1053513 0 67260 JOHN WORTH EVP, RESEARCH & INVESTOR OUTREACH 40.00 0.00 X 612239 0 77516 MATTHEW BECHARD EVP, COMMS. & INDUSTRY AFFAIRS 40.00 0.00 X 431991 0 73285 VICTOR DRISTAS EVP, OPERATIONS 40.00 0.00 X 378252 0 71620 ROBERT DIBBLEE SVP, GOVERNMENT RELATIONS 36.00 4.00 X 565220 0 26400 VICTORIA ROSTOW SVP, REG. AFFAIRS & DEPUTY GC 40.00 0.00 X 490835 0 45993 KURT WALTEN SVP, INVESTMENT AFFAIRS 40.00 0.00 X 482529 0 66091 CHRISTOPHER DRULA SVP, FINANCIAL STANDARDS 40.00 0.00 X 479363 0 65785 JOHN JONES SVP, GOVERNMENT RELATIONS 40.00 0.00 X 474541 0 44279 8837165 0 742866 39 0 1 0 FREEMAN DECORATING CO PO BOX 734596 DALLAS TX 753734596 AUDIO VISUAL & SET PRODUCTION SERVICES 2148665 CVENT 1765 GREENSBORO STATION PL 7TH FL TYSONS CORNER VA 22102 EVENT MANAGEMENT TECHNOLOGY 389418 ERNST & YOUNG US LLP 200 PLAZA DRIVE SECAUCUS NJ 07094 STRATEGIC ADVISORY CONSULTANT 385600 ANTHOLOGY MARKETING GROUP INC 1003 BISHOP ST 9TH FLOOR HONOLULU HI 96813 HAWAII STRATEGIC ADVISORY CONSULTANT 305700 DANIEL J EDELMAN 200 EAST RANDOLPH DRIVE CHICAGO IL 60601 COMMUNICATIONS CONSULTANT 300000 22 DUES 900099 19839036 19839036 CONFERENCES 900099 6374013 6374013 PUBLICATIONS 541800 165650 165650 PUBLICATIONS 900099 95754 95754 26474453 1025582 1025582 8274000 8274000 6973262 7422462 -449200 -449200 -449200 MISCELLANEOUS 900099 81887 81887 81887 35406722 26308803 165650 8932269 130000 7385371 8951170 464853 1044607 685164 120794 63196 2046597 83001 2065106 206308 116165 150759 1054440 438294 4892942 197213 139786 DUES AND SUBSCRIPTIONS 705000 SPONSORSHIPS 677006 INTERNET SERVICES 627777 POLITICAL OUTREACH PROG 503218 906248 33655015 14482 52337 4754025 4270481 1800237 2187872 691646 690528 2139999 1522985 735662 617014 24736587 28473515 569794 569794 7068664 6189564 40371097 43051105 9192067 9584642 8582973 7022681 7943611 7034719 25718651 23642042 X 14652446 19409063 14652446 19409063 40371097 43051105 1751707 3004910 0 X X 0 1 X 1 0 51250 0 51250 51250 1 NAREIT POLITICAL ACTION COMMITTEE 1875 I STREET NW SUITE 500 WASHINGTON DC 200065413 521930172 0 787745 0 0 1 19839036 4211095 -4274930 -63835 4463783 -4527618 PART I-A, LINE 1: POLITICAL EXPENDITURES FOR STATE LEVEL LEGISLATORS IN HAWAII AND MARYLAND. 501165 209712 291453 1307476 997083 310393 331358 316190 15168 617014 INTEREST RECEIVABLE 16312 OTHER ASSETS 57500 RIGHT-OF-USE ASSET OPERATING LEASES 6115752 6189564 OPERATING LEASES OBLIGATION 7034719 7034719 X 38328631 3004910 3004910 35323721 83001 83001 35406722 33572014 0 33572014 83001 83001 33655015 PART X, LINE 2: MANAGEMENT HAS ANALYZED THE TAX POSITION TAKEN BY THE ASSOCIATION, AND HAS CONCLUDED THAT, AS OF DECEMBER 31, 2023 AND 2022, THERE WERE NO UNCERTAIN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY (OR ASSETS) OR DISCLOSURE IN THE CONSOLIDATED FINANCIAL STATEMENTS. 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. 69055 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. 21603 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. 8825 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 ACCOUNTING FINANCIAL STANDARDS ISSUES EVALUATE AND ASSESS THE IMPACT OF THE FASB'S AND IASB'S PROPOSALS ON THE INDUSTRY. COORDINATE FINANCIAL STANDARDS INITIATIVES WITH OTHER REESA MEMBERS. 4575 SUB-SAHARAN 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. 3836 0 0 0 0 0 0 107894 0 107894 0 0 0 0 0 1 1 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 0 1 0 STEVEN WECHSLER PRESIDENT & CEO 1503522 0 1003858 0 178476 0 23150 0 41646 0 2750652 0 0 0 TONY EDWARDS SENIOR EXECUTIVE VICE PRESIDENT 614729 0 377503 0 61281 0 23150 0 44110 0 1120773 0 0 0 CATHERINE BARRE EVP, POLICY & PUBLIC AFFAIRS & GC 533297 0 244442 0 3751 0 23150 0 55269 0 859909 0 0 0 JOHN WORTH EVP, RESEARCH & INVESTOR OUTREACH 436822 0 183233 0 -7816 0 23150 0 54366 0 689755 0 0 0 ROBERT DIBBLEE SVP, GOVERNMENT RELATIONS 390411 0 162975 0 11834 0 23150 0 3250 0 591620 0 0 0 KURT WALTEN SVP, INVESTMENT AFFAIRS 363673 0 122059 0 -3203 0 23150 0 42941 0 548620 0 0 0 CHRISTOPHER DRULA SVP, FINANCIAL STANDARDS 345864 0 141265 0 -7766 0 23150 0 42635 0 545148 0 0 0 VICTORIA ROSTOW SVP, REG. AFFAIRS & DEPUTY GC 384261 0 108244 0 -1670 0 23150 0 22843 0 536828 0 0 0 JOHN JONES SVP, GOVERNMENT RELATIONS 389550 0 87634 0 -2643 0 23150 0 21129 0 518820 0 0 0 MATTHEW BECHARD EVP, COMMS. & INDUSTRY AFFAIRS 377319 0 62920 0 -8248 0 23150 0 50135 0 505276 0 0 0 ROBERTO DIAZ EVP, FINANCE & FISCAL MANAGEMENT 326887 0 81503 0 -7054 0 23150 0 38272 0 462758 0 0 0 VICTOR DRISTAS EVP, OPERATIONS 306237 0 78366 0 -6351 0 23150 0 48470 0 449872 0 0 0 PART I, LINE 1A IN CONNECTION WITH NAREIT'S SUPPLEMENTAL EXECUTIVE DEFERRED COMPENSATION PLAN NAREIT GROSSES UP PAYOUTS (FOR FIFTEEN 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, EXECUTIVE VICE PRESIDENT, POLICY & PUBLIC AFFAIRS & GENERAL COUNSEL, ARE PARTICIPANTS IN THE ORGANIZATION'S SECTION 457 (F) RETIREMENT PLAN. STEVEN WECHSLER AND TONY EDWARDS RECEIVED A DISTRIBUTION IN 2023, WHICH WAS REPORTED AS TAXABLE COMPENSATION. NAREIT ALSO SPONSORS A SUPPLEMENTAL EXECUTIVE DEFERRED COMPENSATION PLAN. THE FIFTEEN PARTICIPANTS IN THE PLAN AND THE CASH PAYOUTS DISTRIBUTED TO EACH PARTICIPANT IN 2023 ARE AS FOLLOWS: STEVEN WECHSLER, PRESIDENT & CEO, $236,753.77 TONY EDWARDS, SENIOR EXECUTIVE VICE PRESIDENT, $71,800.13 CATHERINE BARRE, EXECUTIVE VICE PRESIDENT, POLICY & PUBLIC AFFAIRS & GENERAL COUNSEL, $46,368.52 JOHN WORTH, EXECUTIVE VICE PRESIDENT, RESEARCH & INVESTOR OUTREACH, $30,609.38 ROBERT DIBBLEE, SENIOR VICE PRESIDENT, GOVERNMENT RELATIONS, $24,942.88 VICTORIA ROSTOW, SENIOR VICE PRESIDENT, REGULATORY AFFAIRS & DEPUTY GENERAL COUNSEL, $18,416.91 GEORGE YUNGMANN, SENIOR VICE PRESIDENT, FINANCIAL STANDARDS, $17,887.56 CHRISTOPHER DRULA, SENIOR VICE PRESIDENT, FINANCIAL STANDARDS, $17,879.25 JOHN JONES, SENIOR VICE PRESIDENT, GOVERNMENT RELATIONS, $17,375.71 KURT WALTEN, SENIOR VICE PRESIDENT, INVESTMENT AFFAIRS, $16,812.40 MATTHEW BECHARD, EXECUTIVE VICE PRESIDENT, COMMUNICATIONS & INDUSTRY AFFAIRS, $11,130.14 DARA BERNSTEIN, SENIOR VICE PRESIDENT & TAX COUNSEL, $10,041.25 ROBERTO DIAZ, EXECUTIVE VICE PRESIDENT, FINANCE & FISCAL MANAGEMENT, $7,584.90 VICTOR DRISTAS, EXECUTIVE VICE PRESIDENT, OPERATIONS, $5,737.05 FULYA KOCAK, SENIOR VICE PRESIDENT, ESG ISSUES, $3,280.90 FORM 990, PART VI, SECTION A, LINE 2 EXECUTIVE BOARD MEMBER H. ERIC BOLTON, JR. HAS A BUSINESS RELATIONSHIP WITH EXECUTIVE BOARD MEMBER TAMARA D. FISCHER. 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 11/1/2022-10/31/2023. ** DENOTES EXECUTIVE BOARD MEMBERS WHO SERVED 11/1/2023-10/31/2024. 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 130000 BOOK VALUE NAREIT POLITICAL ACTION COMMITTEE P 17001 BOOK VALUE NAREIT FOUNDATION Q 1734 BOOK VALUE