2026-05-13T10:10:27-05:00 2025-12-31 420714325 RSM US LLP 919 EAST MAIN STREET SUITE 1800 RICHMOND VA 23219 990 2025-01-01 273586050 NATIONAL ASSOCIATION OF REAL ESTATE INVESTMENT TRUSTS (NAREIT) NATI 2027399400 1875 I STREET NW 500 WASHINGTON DC 200065413 STEVEN WECHSLER EVP, FINANCE & FISCAL MGMT 2027399400 2026-05-12 1 MEREDITH BELL P01696827 8042822121 2026-05-12 2025 2025-03-06 01:10:19Z NAREIT STEVEN WECHSLER 1875 I STREET NW 500 WASHINGTON DC 200065413 47206282 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 49 0 145000 11691 0 0 26655091 25600224 1412447 2262653 9234681 8549468 37302219 36412345 130000 130000 0 0 18804190 19758357 0 0 0 14617510 15024657 33551700 34913014 3750519 1499331 47548466 54916140 22367749 25495339 25180717 29420801 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 46 0 1 49 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 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 SUMIT ROY CHAIR 1.00 0.00 X X 0 0 0 MARK J PARRELL FIRST VICE CHAIR 1.00 0.00 X X 0 0 0 LESLIE D HALE SECOND VICE CHAIR 1.00 0.00 X X 0 0 0 BENJAMIN W SCHALL TREASURER 1.00 0.00 X X 0 0 0 ANGELA M AMAN EXECUTIVE BOARD MEMBER 1.00 0.00 X 0 0 0 PETER E BACCILE 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 CONOR C FLYNN 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 DANIEL S LETTER 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 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 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 2902886 0 71812 CATHERINE BARRE EVP, POLICY & PUBLIC AFFAIRS & GC 39.00 1.00 X 882405 0 88375 ROBERTO DIAZ EVP, FINANCE & FISCAL MANAGEMENT 39.00 1.00 X 454826 0 68451 JOHN WORTH EVP, RESEARCH & INVESTOR OUTREACH 40.00 0.00 X 691053 0 86908 MATTHEW BECHARD EVP, COMMS. & INDUSTRY AFFAIRS 40.00 0.00 X 488661 0 82947 VICTOR DRISTAS EVP, OPERATIONS 40.00 0.00 X 429083 0 80876 ROBERT DIBBLEE SVP, GOVERNMENT RELATIONS 37.00 3.00 X 600388 0 72274 JOHN JONES SVP, GOVERNMENT RELATIONS 36.00 4.00 X 527874 0 49362 VICTORIA ROSTOW SVP, REG. 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2740753 36291578 120767 120767 36412345 34792247 0 34792247 120767 120767 34913014 PART X, LINE 2: MANAGEMENT HAS ANALYZED THE TAX POSITION TAKEN BY THE ASSOCIATION, AND HAS CONCLUDED THAT, AS OF DECEMBER 31, 2025 AND 2024, 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. 61053 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. 17161 SOUTH 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. 15144 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. 14859 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. 10062 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. 7284 0 0 0 0 0 0 125563 0 125563 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 1610573 0 1090693 0 201620 0 26070 0 45742 0 2974698 0 0 0 CATHERINE BARRE EVP, POLICY & PUBLIC AFFAIRS & GC 595079 0 282469 0 4857 0 26070 0 62305 0 970780 0 0 0 JOHN WORTH EVP, RESEARCH & INVESTOR OUTREACH 485876 0 212494 0 -7317 0 26070 0 60838 0 777961 0 0 0 ROBERT DIBBLEE SVP, GOVERNMENT RELATIONS 418208 0 176476 0 5704 0 26070 0 46204 0 672662 0 0 0 KURT WALTEN SVP, INVESTMENT AFFAIRS 389565 0 135961 0 -3087 0 26070 0 44410 0 592919 0 0 0 CHRISTOPHER DRULA SVP, FINANCIAL STANDARDS 370489 0 152769 0 -9191 0 26070 0 52353 0 592490 0 0 0 JOHN JONES SVP, GOVERNMENT RELATIONS 422436 0 105013 0 425 0 26070 0 23292 0 577236 0 0 0 VICTORIA ROSTOW SVP, REG. AFFAIRS & DEPUTY GC 411621 0 116710 0 -2192 0 26070 0 24846 0 577055 0 0 0 MATTHEW BECHARD EVP, COMMS. & INDUSTRY AFFAIRS 421710 0 76417 0 -9466 0 26070 0 56877 0 571608 0 0 0 ROBERTO DIAZ EVP, FINANCE & FISCAL MANAGEMENT 364656 0 98162 0 -7992 0 26070 0 42381 0 523277 0 0 0 VICTOR DRISTAS EVP, OPERATIONS 343145 0 92338 0 -6400 0 26070 0 54806 0 509959 0 0 0 PART I, LINE 1A IN CONNECTION WITH NAREIT'S SUPPLEMENTAL EXECUTIVE DEFERRED COMPENSATION PLAN NAREIT GROSSES UP PAYOUTS (FOR SIXTEEN 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, 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 RECEIVED A DISTRIBUTION IN 2025, WHICH WAS REPORTED AS TAXABLE COMPENSATION. NAREIT ALSO SPONSORS A SUPPLEMENTAL EXECUTIVE DEFERRED COMPENSATION PLAN. THE SIXTEEN PARTICIPANTS IN THE PLAN AND THE CASH PAYOUTS DISTRIBUTED TO EACH PARTICIPANT IN 2025 ARE AS FOLLOWS: STEVEN WECHSLER, PRESIDENT & CEO, $253,015.30 CATHERINE BARRE, EXECUTIVE VICE PRESIDENT, POLICY & PUBLIC AFFAIRS & GENERAL COUNSEL, $54,644.66 JOHN WORTH, EXECUTIVE VICE PRESIDENT, RESEARCH & INVESTOR OUTREACH, $35,507.17 ROBERT DIBBLEE, SENIOR VICE PRESIDENT, GOVERNMENT RELATIONS, $25,745.18 VICTORIA ROSTOW, SENIOR VICE PRESIDENT, REGULATORY AFFAIRS & DEPUTY GENERAL COUNSEL, $18,618.87 KURT WALTEN, SENIOR VICE PRESIDENT, INVESTMENT AFFAIRS, $18,294.99 JOHN JONES, SENIOR VICE PRESIDENT, GOVERNMENT RELATIONS, $18,066.02 CHRISTOPHER DRULA, SENIOR VICE PRESIDENT, FINANCIAL STANDARDS, $18,031.67 MATTHEW BECHARD, EXECUTIVE VICE PRESIDENT, COMMUNICATIONS & INDUSTRY AFFAIRS, $14,435.19 DARA BERNSTEIN, SENIOR VICE PRESIDENT & TAX COUNSEL, $11,524.82 ROBERTO DIAZ, EXECUTIVE VICE PRESIDENT, FINANCE & FISCAL MANAGEMENT, $10,446.83 VICTOR DRISTAS, EXECUTIVE VICE PRESIDENT, OPERATIONS, $7,695.14 DAVID SULLIVAN, SENIOR VICE PRESIDENT, INVESTMENT AFFAIRS, $2,980.74 ED PIERZAK, SENIOR VICE PRESIDENT, RESEARCH, $2,094.31 JESSICA LONG, SENIOR VICE PRESIDENT, ENVIRONMENTAL STEWARDSHIP & SUSTAINABILITY, $1,618.38 AYRIS SCALES, SENIOR VICE PRESIDENT, SOCIAL RESPONSIBILITY & GLOBAL INITIATIVES, $835.64 FORM 990, PART VI, SECTION A, LINE 2 EXECUTIVE BOARD MEMBER ANGELA M. AMAN HAS A BUSINESS RELATIONSHIP WITH SECOND VICE CHAIR/FIRST VICE CHAIR MARK J. PARRELL. EXECUTIVE BOARD MEMBER/TREASURER BENJAMIN W. SCHALL HAS A BUSINESS RELATIONSHIP WITH CHAIR/EXECUTIVE BOARD MEMBER CONOR C. FLYNN. EXECUTIVE BOARD MEMBER ANDREW P. POWER HAS A BUSINESS RELATIONSHIP WITH FIRST VICE CHAIR/CHAIR SUMIT ROY. 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. INDIVIDUAL MEMBERS DO NOT HAVE THE RIGHT TO VOTE BUT MAY OTHERWISE PARTICIPATE IN THE AFFAIRS OF THE ASSOCIATION. 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 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. COMPARABILITY DATA IS USED IN DETERMINING COMPENSATION. THE LAST PAY GOVERNANCE STUDY WAS COMPLETED IN 2025. 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 11/1/2024-10/31/2025. ** DENOTES EXECUTIVE BOARD MEMBERS WHO SERVED 11/1/2025-10/31/2026. 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