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        <BookValueAmt>5056</BookValueAmt>
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      <FootnoteTextInd>X</FootnoteTextInd>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART X, LINE 2:</FormAndLineReferenceDesc>
        <ExplanationTxt>NAREIM IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(6) OF THE INTERNAL REVENUE CODE, EXCEPT FOR TAXES PERTAINING TO UNRELATED BUSINESS INCOME. NAREIM RECOGNIZES THE FINANCIAL STATEMENT IMPACT OF A TAX POSITION WHEN IT IS MORE LIKELY THAN NOT THAT THE POSITION WILL BE SUSTAINED UPON EXAMINATION.</ExplanationTxt>
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      <SupplementalInformationDetail>
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      <SupplementalInformationDetail>
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        <TitleTxt>CHIEF EXECUTIVE OFFICER (FORMER)</TitleTxt>
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        <PersonNm>IVYLEE ROSARIO</PersonNm>
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        <BaseCompensationFilingOrgAmt>116507</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>0</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>35000</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>0</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>0</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>7941</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>0</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>0</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>0</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>159448</TotalCompensationFilingOrgAmt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 6</FormAndLineReferenceDesc>
        <ExplanationTxt>NAREIM IS A MEMBERSHIP ORGANIZATION WHOSE MEMBERS ARE REAL ESTATE INVESTMENT MANAGERS WHO ACTIVELY MANAGE EQUITY AND DEBT ORIENTED REAL PROPERTY INVESTMENTS OF AT LEAST HALF A BILLION. NAREIM HAS FULL, EMERGING AND UNDERWRITING MEMBERS. AN EMERGING OR FULL MEMBER MUST BE AN ENTITY WHOSE PRIMARY BUSINESS IS REAL ESTATE INVESTMENT MANAGEMENT ON BEHLAF OF THIRD PARTY INVESTORS. UNDERWRITING MEMBER IS A CLASS OF MEMBERSHIP FOR FIRMS WHOSE PRIMARY BUSINESS IS NOT REAL ESTATE INVESTMENT MANAGEMENT. UNDERWRITING MEMBERS SHALL BE ALLOWED TO JOIN THE CORPORATION AS NON-VOTING MEMBERS</ExplanationTxt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 11B</FormAndLineReferenceDesc>
        <ExplanationTxt>THE CEO AND OUTSIDE ACCOUNTANT REVIEW THE DRAFT FORM 990 AND ADDRESS ANY NECESSARY QUESTIONS ARISING FROM THE REVIEW. THE AUDITED FINANCIALS, PRIOR YEAR TAX RETURN, W-2S, FILES REGARDING BOARD MEMBERS, ETC, ARE REFERENCED DURING THE REVIEW PROCESS.</ExplanationTxt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 12C</FormAndLineReferenceDesc>
        <ExplanationTxt>THE ORGANIZATION REQUIRES ITS EMPLOYEES TO COMPLETE AND SUBMIT A CONFLICT OF INTEREST DISCLOSURE ANNUALLY.</ExplanationTxt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 15A</FormAndLineReferenceDesc>
        <ExplanationTxt>THE COMPENSATION OF THE NARIEM'S PRESIDENT IS DETERMINED ANNUALLY BY THE BOARD OF DIRECTORS. THE PROCESS FOR DETERMINING COMPENSATION INCLUDES A REVIEW OF COMPARABILITY DATA AND CONTEMPORANEOUS SUNSTANTIATION OF THE DELIBERATION AND DECISION.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION C, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST</ExplanationTxt>
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</Return>