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Nonprofit · EIN 27-3586050

NATIONAL ASSOCIATION OF REAL ESTATE INVESTMENT TRUST INC

Also known as MACKENZIE KILCAWLEY

Tax-exempt · WASHINGTON, DC 20006

Financials

$35.4M$33.7M2023$37.3M$33.6M2024$36.4M$34.9M2025
Revenue Expenses · by fiscal year end
Financials of NATIONAL ASSOCIATION OF REAL ESTATE INVESTMENT TRUST INC by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
December 31, 2025990$36,412,345$34,913,014$1,499,331$54,916,140$25,495,339$29,420,801
December 31, 2024990$37,302,219$33,551,700$3,750,519$47,548,466$22,367,749$25,180,717
December 31, 2023990$35,406,722$33,655,015$1,751,707$43,051,105$23,642,042$19,409,063
Financial details: 990 for the year ended December 31, 2025

Revenue

Contributions, gifts and grants
$0
Program service revenue
$25,600,224
Investment income
$2,262,653
Royalties
$8,467,223
Net gain from sales of assets
$844,989
Other revenue
$8,549,468

Expenses

Grants and similar amounts paid
$130,000
Compensation of officers, directors and key employees
$6,862,466
Other salaries and wages
$10,295,429
Salaries, compensation and benefits (total)
$19,758,357
Professional fundraising fees
$0
Legal fees
$350,182
Accounting fees
$78,151
Occupancy
$1,037,038
Travel
$456,568
Depreciation
$205,361

Balance sheet and other

Total assets, start of year
$47,548,466
Total assets, end of year
$54,916,140
Total liabilities, end of year
$25,495,339
Net assets, end of year
$29,420,801
Land, buildings and equipment
$319,001
Publicly traded securities
$43,708,113
Net assets without donor restrictions
$29,420,801
Gross unrelated business income
$145,000
Gross receipts
$47,206,282
Employees
49
Volunteers
0
Year formed
2010
State of legal domicile
DC

From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.

Officers, directors and key employees

As listed on the 990 for the year ended December 31, 2025, highest compensation first.

NameTitleHours / weekCompensationOther / benefits
STEVEN WECHSLERPRESIDENT & CEO
Officer
40$2,902,886$71,812
CATHERINE BARREEVP, POLICY & PUBLIC AFFAIRS & GC
Officer
39$882,405$88,375
JOHN WORTHEVP, RESEARCH & INVESTOR OUTREACH
Key employee
40$691,053$86,908
ROBERT DIBBLEESVP, GOVERNMENT RELATIONS
Highest-paid employee
37$600,388$72,274
KURT WALTENSVP, INVESTMENT AFFAIRS
Highest-paid employee
40$522,439$70,480
CHRISTOPHER DRULASVP, FINANCIAL STANDARDS
Highest-paid employee
40$514,067$78,423
JOHN JONESSVP, GOVERNMENT RELATIONS
Highest-paid employee
36$527,874$49,362
VICTORIA ROSTOWSVP, REG. AFFAIRS & DEPUTY GC
Highest-paid employee
40$526,139$50,916
MATTHEW BECHARDEVP, COMMS. & INDUSTRY AFFAIRS
Key employee
40$488,661$82,947
ROBERTO DIAZEVP, FINANCE & FISCAL MANAGEMENT
Officer
39$454,826$68,451
VICTOR DRISTASEVP, OPERATIONS
Key employee
40$429,083$80,876
CONOR C FLYNNCHAIR
Trustee or director, Officer
1$0$0
SUMIT ROYFIRST VICE CHAIR
Trustee or director, Officer
1$0$0
MARK J PARRELLSECOND VICE CHAIR
Trustee or director, Officer
1$0$0
LESLIE D HALETREASURER
Trustee or director, Officer
1$0$0
30 more people on this return
NameTitleHours / weekCompensation
PETER E BACCILEEXECUTIVE BOARD MEMBER
Trustee or director
1$0
H ERIC BOLTON JREXECUTIVE BOARD MEMBER
Trustee or director
1$0
SCOTT M BRINKEREXECUTIVE BOARD MEMBER
Trustee or director
1$0
W MATTHEW KELLYEXECUTIVE BOARD MEMBER
Trustee or director
1$0
THEODORE J KLINCKEXECUTIVE BOARD MEMBER
Trustee or director
1$0
MARSHALL A LOEBEXECUTIVE BOARD MEMBER
Trustee or director
1$0
LISA PALMEREXECUTIVE BOARD MEMBER
Trustee or director
1$0
EDWARD B PITONIAKEXECUTIVE BOARD MEMBER
Trustee or director
1$0
ANDREW P POWEREXECUTIVE BOARD MEMBER
Trustee or director
1$0
JOSEPH D RUSSELL JREXECUTIVE BOARD MEMBER
Trustee or director
1$0
BENJAMIN W SCHALLEXECUTIVE BOARD MEMBER
Trustee or director
1$0
JAMES M TAYLOR JREXECUTIVE BOARD MEMBER
Trustee or director
1$0
STEVEN VONDRANEXECUTIVE BOARD MEMBER
Trustee or director
1$0
SUMIT ROYCHAIR
Trustee or director, Officer
1$0
MARK J PARRELLFIRST VICE CHAIR
Trustee or director, Officer
1$0
LESLIE D HALESECOND VICE CHAIR
Trustee or director, Officer
1$0
BENJAMIN W SCHALLTREASURER
Trustee or director, Officer
1$0
ANGELA M AMANEXECUTIVE BOARD MEMBER
Trustee or director
1$0
PETER E BACCILEEXECUTIVE BOARD MEMBER
Trustee or director
1$0
SCOTT M BRINKEREXECUTIVE BOARD MEMBER
Trustee or director
1$0
CONOR C FLYNNEXECUTIVE BOARD MEMBER
Trustee or director
1$0
W MATTHEW KELLYEXECUTIVE BOARD MEMBER
Trustee or director
1$0
THEODORE J KLINCKEXECUTIVE BOARD MEMBER
Trustee or director
1$0
DANIEL S LETTEREXECUTIVE BOARD MEMBER
Trustee or director
1$0
MARSHALL A LOEBEXECUTIVE BOARD MEMBER
Trustee or director
1$0
EDWARD B PITONIAKEXECUTIVE BOARD MEMBER
Trustee or director
1$0
ANDREW P POWEREXECUTIVE BOARD MEMBER
Trustee or director
1$0
JOSEPH D RUSSELL JREXECUTIVE BOARD MEMBER
Trustee or director
1$0
JAMES M TAYLOR JREXECUTIVE BOARD MEMBER
Trustee or director
1$0
STEVEN VONDRANEXECUTIVE BOARD MEMBER
Trustee or director
1$0
990 for the year ended December 31, 2024: 46 people
NameTitleHours / weekCompensationOther / benefits
STEVEN WECHSLERPRESIDENT & CEO
Officer
40$2,806,329$68,663
TONY EDWARDSSENIOR EXECUTIVE VP (THRU 3/31/24)
Key employee
40$1,037,191$36,468
CATHERINE BARREEVP, POLICY & PUBLIC AFFAIRS & GC
Officer
39$837,185$83,466
JOHN WORTHEVP, RESEARCH & INVESTOR OUTREACH
Key employee
40$654,166$83,669
ROBERT DIBBLEESVP, GOVERNMENT RELATIONS
Highest-paid employee
36$583,137$59,066
KURT WALTENSVP, INVESTMENT AFFAIRS
Highest-paid employee
40$507,575$70,614
CHRISTOPHER DRULASVP, FINANCIAL STANDARDS
Highest-paid employee
40$498,193$72,984
JOHN JONESSVP, GOVERNMENT RELATIONS
Highest-paid employee
40$516,037$47,945
VICTORIA ROSTOWSVP, REG. AFFAIRS & DEPUTY GC
Highest-paid employee
40$509,996$48,896
MATTHEW BECHARDEVP, COMMS. & INDUSTRY AFFAIRS
Key employee
40$464,003$78,446
ROBERTO DIAZEVP, FINANCE & FISCAL MANAGEMENT
Officer
39$429,866$65,339
VICTOR DRISTASEVP, OPERATIONS
Key employee
40$406,783$76,532
W MATTHEW KELLYCHAIR
Trustee or director, Officer
1$0$0
CONOR C FLYNNFIRST VICE CHAIR
Trustee or director, Officer
1$0$0
SUMIT ROYSECOND VICE CHAIR
Trustee or director, Officer
1$0$0
MARK J PARRELLTREASURER
Trustee or director, Officer
1$0$0
PETER E BACCILEEXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
THOMAS A BARTLETTEXECUTIVE BOARD MEMBER (THRU 2/1/24)
Trustee or director
1$0$0
H ERIC BOLTON JREXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
SCOTT M BRINKEREXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
TAMARA D FISCHEREXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
LESLIE D HALEEXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
THEODORE J KLINCKEXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
MARGUERITE M NADEREXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
LISA PALMEREXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
EDWARD B PITONIAKEXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
JOSEPH D RUSSELL JREXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
BENJAMIN W SCHALLEXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
JAMES M TAYLOR JREXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
CONOR C FLYNNCHAIR
Trustee or director, Officer
1$0$0
SUMIT ROYFIRST VICE CHAIR
Trustee or director, Officer
1$0$0
MARK J PARRELLSECOND VICE CHAIR
Trustee or director, Officer
1$0$0
LESLIE D HALETREASURER
Trustee or director, Officer
1$0$0
PETER E BACCILEEXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
H ERIC BOLTON JREXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
SCOTT M BRINKEREXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
W MATTHEW KELLYEXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
THEODORE J KLINCKEXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
MARSHALL A LOEBEXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
LISA PALMEREXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
EDWARD B PITONIAKEXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
ANDREW P POWEREXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
JOSEPH D RUSSELL JREXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
BENJAMIN W SCHALLEXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
JAMES M TAYLOR JREXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
STEVEN VONDRANEXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
990 for the year ended December 31, 2023: 46 people
NameTitleHours / weekCompensationOther / benefits
STEVEN WECHSLERPRESIDENT & CEO
Officer
39$2,685,856$64,796
TONY EDWARDSSENIOR EXECUTIVE VICE PRESIDENT
Key employee
39$1,053,513$67,260
CATHERINE BARREEVP, POLICY & PUBLIC AFFAIRS & GC
Officer
38$781,490$78,419
JOHN WORTHEVP, RESEARCH & INVESTOR OUTREACH
Key employee
40$612,239$77,516
ROBERT DIBBLEESVP, GOVERNMENT RELATIONS
Highest-paid employee
36$565,220$26,400
KURT WALTENSVP, INVESTMENT AFFAIRS
Highest-paid employee
40$482,529$66,091
CHRISTOPHER DRULASVP, FINANCIAL STANDARDS
Highest-paid employee
40$479,363$65,785
VICTORIA ROSTOWSVP, REG. AFFAIRS & DEPUTY GC
Highest-paid employee
40$490,835$45,993
JOHN JONESSVP, GOVERNMENT RELATIONS
Highest-paid employee
40$474,541$44,279
MATTHEW BECHARDEVP, COMMS. & INDUSTRY AFFAIRS
Key employee
40$431,991$73,285
ROBERTO DIAZEVP, FINANCE & FISCAL MANAGEMENT
Officer
39$401,336$61,422
VICTOR DRISTASEVP, OPERATIONS
Key employee
40$378,252$71,620
LISA PALMERCHAIR
Trustee or director, Officer
1$0$0
W MATTHEW KELLYFIRST VICE CHAIR
Trustee or director, Officer
1$0$0
CONOR C FLYNNSECOND VICE CHAIR
Trustee or director, Officer
1$0$0
SUMIT ROYTREASURER
Trustee or director, Officer
1$0$0
PETER E BACCILEEXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
THOMAS A BARTLETTEXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
TAMARA D FISCHEREXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
LESLIE D HALEEXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
MARGUERITE M NADEREXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
MARK J PARRELLEXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
EDWARD B PITONIAKEXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
JAMES F RISOLEOEXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
JOSEPH D RUSSELL JREXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
BENJAMIN W SCHALLEXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
MICHAEL J SCHALLEXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
JAMES M TAYLOR JREXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
OWEN D THOMASEXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
W MATTHEW KELLYCHAIR
Trustee or director, Officer
1$0$0
CONOR C FLYNNFIRST VICE CHAIR
Trustee or director, Officer
1$0$0
SUMIT ROYSECOND VICE CHAIR
Trustee or director, Officer
1$0$0
MARK J PARRELLTREASURER
Trustee or director, Officer
1$0$0
PETER E BACCILEEXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
THOMAS A BARTLETTEXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
H ERIC BOLTON JREXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
SCOTT M BRINKEREXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
TAMARA D FISCHEREXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
LESLIE D HALEEXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
THEODORE J KLINCKEXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
MARGUERITE M NADEREXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
LISA PALMEREXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
EDWARD B PITONIAKEXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
JOSEPH D RUSSELL JREXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
BENJAMIN W SCHALLEXECUTIVE BOARD MEMBER
Trustee or director
1$0$0
JAMES M TAYLOR JREXECUTIVE BOARD MEMBER
Trustee or director
1$0$0

Address and contacts

Address (IRS master file)
1875 I ST NW STE 500, WASHINGTON, DC 20006-5425
In care of
% TONY EDWARDS
Principal officer (990 for 2025)
STEVEN WECHSLER, 1875 I STREET NW 500, WASHINGTON, DC 200065413
Signed the 990
STEVEN WECHSLER, EVP, FINANCE & FISCAL MGMT
Phone
(202) 739-9400
Return prepared by
RSM US LLP

Mission

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.

990 for the year ended December 31, 2025

Program accomplishments

  • 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.

What it must file and when

IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.

Tax yearYear endedDueIRS public records
2025December 31, 2025May 15, 2026990 on file
2024December 31, 2024May 15, 2025990 on file
2023December 31, 2023May 15, 2024990 on file

IRS record

EIN
27-3586050
Tax-exempt status
501(c)(6): Business league or chamber of commerce
Donations deductible
No
Exempt since
2010
Accounting year ends
December
Files
Form 990 or 990-EZ
Assets (IRS master file)
$54,916,140
Income (IRS master file)
$47,206,282

Filing history

FormYear endedRevenueExpensesAssetsReturn
990December 2025$36,412,345$34,913,014$54,916,140IRS
990December 2024$37,302,219$33,551,700$47,548,466XML
990December 2023$35,406,722$33,655,015$43,051,105XML
990December 2022$33,272,382$34,223,432$40,371,097IRS
990December 2021–––IRS
990December 2020–––IRS

990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 27-3586050).

Questions about NATIONAL ASSOCIATION OF REAL ESTATE INVESTMENT TRUST INC

What is the EIN of NATIONAL ASSOCIATION OF REAL ESTATE INVESTMENT TRUST INC?
The employer identification number (EIN) of NATIONAL ASSOCIATION OF REAL ESTATE INVESTMENT TRUST INC is 27-3586050.
Is NATIONAL ASSOCIATION OF REAL ESTATE INVESTMENT TRUST INC tax-exempt?
Yes. The IRS lists it as tax-exempt under section 501(c)(6) since 2010.
Are donations to NATIONAL ASSOCIATION OF REAL ESTATE INVESTMENT TRUST INC tax-deductible?
No. The IRS master file says contributions to it are not deductible.
Which annual return does NATIONAL ASSOCIATION OF REAL ESTATE INVESTMENT TRUST INC file?
Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
When is the next return of NATIONAL ASSOCIATION OF REAL ESTATE INVESTMENT TRUST INC due?
The return for tax year 2026 (the year ending December 31, 2026) is due May 17, 2027. Form 8868 extends it by six months; the 990-N cannot be extended.
When did NATIONAL ASSOCIATION OF REAL ESTATE INVESTMENT TRUST INC last file with the IRS?
The latest return in the IRS public files is the 990 for the year ended December 2025.
Who is the principal officer of NATIONAL ASSOCIATION OF REAL ESTATE INVESTMENT TRUST INC?
The 990 for the year ended December 31, 2025 names STEVEN WECHSLER.
Who are the officers and directors of NATIONAL ASSOCIATION OF REAL ESTATE INVESTMENT TRUST INC?
The 990 for the year ended December 31, 2025 lists 45 people; 11 received compensation from the organization, the highest $2,902,886 (STEVEN WECHSLER, PRESIDENT & CEO).
How much revenue does NATIONAL ASSOCIATION OF REAL ESTATE INVESTMENT TRUST INC have?
On its 990 for the year ended December 31, 2025 it reported revenue of $36,412,345, expenses of $34,913,014 and total assets of $54,916,140 at year end.

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