2025-09-15T11:09:08-05:00 2024-12-31 420714325 RSM US LLP 919 EAST MAIN STREET SUITE 1800 RICHMOND VA 23219 990 2024-01-01 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 2025-09-11 1 1 MEREDITH BELL P01696827 8042822121 2025-09-11 2024 2025-03-06 01:10:19Z NAREIT STEVEN WECHSLER 1875 I STREET NW 500 WASHINGTON DC 200065413 38331470 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 48 0 121650 7976 0 0 26474453 26655091 576382 1412447 8355887 9234681 35406722 37302219 130000 130000 0 0 18531165 18804190 0 0 0 14993850 14617510 33655015 33551700 1751707 3750519 43051105 47548466 23642042 22367749 19409063 25180717 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 48 0 1 48 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 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 (THRU 2/1/24) 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 CONOR C FLYNN CHAIR 1.00 0.00 X X 0 0 0 SUMIT ROY FIRST VICE CHAIR 1.00 0.00 X X 0 0 0 MARK J PARRELL SECOND VICE CHAIR 1.00 0.00 X X 0 0 0 LESLIE D HALE TREASURER 1.00 0.00 X X 0 0 0 PETER E BACCILE 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 W MATTHEW KELLY 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 MARSHALL A LOEB 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 ANDREW P POWER 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 VONDRAN EXECUTIVE BOARD MEMBER 1.00 0.00 X 0 0 0 STEVEN WECHSLER PRESIDENT & CEO 40.00 0.00 X 2806329 0 68663 CATHERINE BARRE EVP, POLICY & PUBLIC AFFAIRS & GC 39.00 1.00 X 837185 0 83466 ROBERTO DIAZ EVP, FINANCE & FISCAL MANAGEMENT 39.00 1.00 X 429866 0 65339 TONY EDWARDS SENIOR EXECUTIVE VP (THRU 3/31/24) 40.00 0.00 X 1037191 0 36468 JOHN WORTH EVP, RESEARCH & INVESTOR OUTREACH 40.00 0.00 X 654166 0 83669 MATTHEW BECHARD EVP, COMMS. & INDUSTRY AFFAIRS 40.00 0.00 X 464003 0 78446 VICTOR DRISTAS EVP, OPERATIONS 40.00 0.00 X 406783 0 76532 ROBERT DIBBLEE SVP, GOVERNMENT RELATIONS 36.00 4.00 X 583137 0 59066 JOHN JONES SVP, GOVERNMENT RELATIONS 40.00 0.00 X 516037 0 47945 VICTORIA ROSTOW SVP, REG. 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6108558 X 39224959 2021135 2021135 37203824 98395 98395 37302219 33453305 0 33453305 98395 98395 33551700 PART X, LINE 2: MANAGEMENT HAS ANALYZED THE TAX POSITION TAKEN BY THE ASSOCIATION, AND HAS CONCLUDED THAT, AS OF DECEMBER 31, 2024 AND 2023, 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. EAST ASIA AND THE PACIFIC 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. 57599 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. 51109 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. 10555 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. 7312 0 0 0 0 0 0 126575 0 126575 0 0 0 0 0 0 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 1563664 0 1048037 0 194628 0 24990 0 43673 0 2874992 0 0 0 TONY EDWARDS SENIOR EXECUTIVE VP (THRU 3/31/24) 159830 0 394792 0 482569 0 24990 0 11478 0 1073659 0 0 0 CATHERINE BARRE EVP, POLICY & PUBLIC AFFAIRS & GC 571704 0 260624 0 4857 0 24990 0 58476 0 920651 0 0 0 JOHN WORTH EVP, RESEARCH & INVESTOR OUTREACH 466894 0 194594 0 -7322 0 24990 0 58679 0 737835 0 0 0 ROBERT DIBBLEE SVP, GOVERNMENT RELATIONS 406028 0 169739 0 7370 0 24990 0 34076 0 642203 0 0 0 KURT WALTEN SVP, INVESTMENT AFFAIRS 378219 0 130506 0 -1150 0 24990 0 45624 0 578189 0 0 0 CHRISTOPHER DRULA SVP, FINANCIAL STANDARDS 359699 0 146961 0 -8467 0 24990 0 47994 0 571177 0 0 0 JOHN JONES SVP, GOVERNMENT RELATIONS 410132 0 104730 0 1175 0 24990 0 22955 0 563982 0 0 0 VICTORIA ROSTOW SVP, REG. AFFAIRS & DEPUTY GC 399632 0 112330 0 -1966 0 24990 0 23906 0 558892 0 0 0 MATTHEW BECHARD EVP, COMMS. & INDUSTRY AFFAIRS 404160 0 68710 0 -8867 0 24990 0 53456 0 542449 0 0 0 ROBERTO DIAZ EVP, FINANCE & FISCAL MANAGEMENT 349112 0 88313 0 -7559 0 24990 0 40349 0 495205 0 0 0 VICTOR DRISTAS EVP, OPERATIONS 328485 0 84184 0 -5886 0 24990 0 51542 0 483315 0 0 0 PART I, LINE 1A IN CONNECTION WITH NAREIT'S SUPPLEMENTAL EXECUTIVE DEFERRED COMPENSATION PLAN NAREIT GROSSES UP PAYOUTS (FOR FOURTEEN EMPLOYEES), TO PARTIALLY COVER THE IMPACT OF TAXATION. NAREIT REIMBURSES ROBERT DIBBLEE AND JOHN JONES FOR THE PORTION OF SOCIAL CLUB DUES THAT RELATES TO BUSINESS PURPOSES. THESE PAYMENTS ARE INCLUDED IN TAXABLE COMPENSATION. PART I, LINE 4B STEVEN WECHSLER, PRESIDENT & CEO, TONY EDWARDS, SENIOR EXECUTIVE VICE PRESIDENT, CATHERINE BARRE, EXECUTIVE VICE PRESIDENT, POLICY & PUBLIC AFFAIRS & GENERAL COUNSEL, AND JOHN WORTH, EXECUTIVE VICE PRESIDENT, RESEARCH & INVESTOR OUTREACH, ARE PARTICIPANTS IN THE ORGANIZATION'S SECTION 457 (F) RETIREMENT PLAN. STEVEN WECHSLER AND TONY EDWARDS RECEIVED A DISTRIBUTION IN 2024, WHICH WAS REPORTED AS TAXABLE COMPENSATION. NAREIT ALSO SPONSORS A SUPPLEMENTAL EXECUTIVE DEFERRED COMPENSATION PLAN. THE FOURTEEN PARTICIPANTS IN THE PLAN AND THE CASH PAYOUTS DISTRIBUTED TO EACH PARTICIPANT IN 2024 ARE AS FOLLOWS: STEVEN WECHSLER, PRESIDENT & CEO, $242,578.25 TONY EDWARDS, SENIOR EXECUTIVE VICE PRESIDENT, $73,804.01 CATHERINE BARRE, EXECUTIVE VICE PRESIDENT, POLICY & PUBLIC AFFAIRS & GENERAL COUNSEL, $50,171.26 JOHN WORTH, EXECUTIVE VICE PRESIDENT, RESEARCH & INVESTOR OUTREACH, $32,430.64 JOHN JONES, SENIOR VICE PRESIDENT, GOVERNMENT RELATIONS, $25,334.14 ROBERT DIBBLEE, SENIOR VICE PRESIDENT, GOVERNMENT RELATIONS, $24,805.39 VICTORIA ROSTOW, SENIOR VICE PRESIDENT, REGULATORY AFFAIRS & DEPUTY GENERAL COUNSEL, $18,011.02 CHRISTOPHER DRULA, SENIOR VICE PRESIDENT, FINANCIAL STANDARDS, $17,406.25 KURT WALTEN, SENIOR VICE PRESIDENT, INVESTMENT AFFAIRS, $17,364.88 MATTHEW BECHARD, EXECUTIVE VICE PRESIDENT, COMMUNICATIONS & INDUSTRY AFFAIRS, $12,388.52 DARA BERNSTEIN, SENIOR VICE PRESIDENT & TAX COUNSEL, $11,080.13 ROBERTO DIAZ, EXECUTIVE VICE PRESIDENT, FINANCE & FISCAL MANAGEMENT, $8,850.65 VICTOR DRISTAS, EXECUTIVE VICE PRESIDENT, OPERATIONS, $6,108.15 DAVID SULLIVAN, SENIOR VICE PRESIDENT, INVESTMENT AFFAIRS, $399.54 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 11/1/2023-10/31/2024. ** DENOTES EXECUTIVE BOARD MEMBERS WHO SERVED 11/1/2024-10/31/2025. 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