CHAIRMAN
Leonard W. Wood
Wood Partners LLC
Marietta, GA

VICE CHAIRMAN
Douglas Crocker II
Equity Residential Properties Trust
Chicago, IL

PRESIDENT
Jonathan L. Kempner
National Multi Housing Council
Washington, DC

TREASURER
Geoffrey L. Stack
SARES•REGIS Group
Irvine, CA

SECRETARY
Mary Ann King
Moran & Co.
Costa Mesa, CA

BOARD OF DIRECTORS EXECUTIVE COMMITTEE

Richard A. Banks
Archstone Communities
Irvine, CA

R. Scot Sellers
Archstone Communities
Englewood, CO

Jeffrey I. Friedman
Associated Estates Realty Corporation
Richmond Heights, OH

Louis E. Vogt
Associated Estates Realty Corporation
Richmond Heights, OH

Lili F. Dunn
AvalonBay Communities, Inc.
Alexandria, VA

Richard L. Michaux
AvalonBay Communities, Inc.
Alexandria, VA

Ridge B. Frew
Berkshire Realty Holdings, L.P.
Atlanta, GA

David J. Olney
Berkshire Realty Holdings, L.P.
Boston, MA

Richard J. Campo
Camden Property Trust
Houston, TX

Alison L. Dimick
Camden Property Trust
Houston, TX

Philip J. Ward
CIGNA Investment Management, Inc.
Hartford, CT

Steven L. Kantor
Credit Suisse First Boston Corporation
New York, NY

Frederick C. Tuomi
Equity Residential Properties Trust
Aliso Viejo, CA

Deborah Ratner-Salzberg
Forest City Enterprises
North Bethesda, MD

Ronald A. Ratner
Forest City Residential Group Inc.
Cleveland, OH

J. Frank Miller III
JPI Companies
Irving, TX

Robert D. Page
JPI Companies
Irving, TX

Peter P. DiLullo
LCOR Inc.
Berwyn, PA

Eric Y. Eichler
LCOR Inc.
Berwyn, PA

C. Preston Butcher
Legacy Partners
Foster City, CA

W. Dean Henry
Legacy Partners Residential Inc.
Foster City, CA

Richard F. Burns
Lend Lease Real Estate Investments
Boston, MA

Hal C. Kendrick
Lend Lease Mortgage Capital L.P.
Dallas, TX

J. Timothy Byrne
Lincoln Property Company
Dallas, TX

Jeff B. Franzen
Lincoln Property Company
Herndon, VA

Duncan L. Matteson Sr.
Matteson Companies
Redwood City, CA

Shirley C. Matteson
Matteson Companies
Redwood City, CA

Tjarda van S. Clagett
Merrill Lynch & Co.
New York, NY

Richard B. Saltzman
Merrill Lynch & Co.
New York, NY

Thomas F. Moran
Moran & Company
Chicago, IL

Scott M. Kelley
Morgan Stanley Dean Witter
New York, NY

Devin I. Murphy
Morgan Stanley Dean Witter
New York, NY

Michael L. Falcone
MuniMae
Baltimore, MD

Mark K. Joseph
MuniMae
Baltimore, MD

Thomas E. Hunter
Oakwood Worldwide
Los Angeles, CA

Howard F. Ruby
Oakwood Worldwide
Los Angeles, CA

Francis P. Lavin
Oxford Realty Financial Group, Inc.
Bethesda, MD

Leo E. Zickler
Oxford Realty Financial Group, Inc.
Bethesda, MD

Stan J. Harrelson
Pinnacle Realty Management Company
Seattle, WA

Judith K. Martin
Pinnacle Realty Management Company
Bethesda, MD

John T. Glover
Post Properties Inc.
Atlanta, GA

Alan P. Hirmes
Related Capital Company
New York, NY

Marc D. Schnitzer
Related Capital Company
New York, NY

Gary T. Kachadurian
RREEF Funds
Chicago, IL

Karen J. Knudson
RREEF Funds
Chicago, IL

Barry J. Kamel
SARES•REGIS Group
Irvine, CA

Jeffrey J. Morris
SSR Realty Advisors Inc.
San Francisco, CA

Ronald E. Zuzack
SSR Realty Advisors Inc.
San Francisco, CA

Jean M. Anderson
TimesSquare Real Estate Investors
Hartford, CT

J. Ronald Terwilliger
Trammell Crow Residential
Atlanta, GA

Kenneth J. Valach
Trammell Crow Residential
Houston, TX

David L. Reynolds
UBS Warburg LLC
New York, NY

John A. Taylor
UBS Warburg LLC
New York, NY

Deborah C. Anderson
Wood Partners, LLC
Durham, NC

BOARD OF DIRECTORS

Nick M. Faklis
A.G. Spanos Cos.
Stockton, CA

Alex G. Spanos
A.G. Spanos Cos.
Stockton, CA

Kevin P. Fitzpatrick
AIG Global Real Estate Investment Corp.
New York, NY

Nora E. Miller
AIG Global Real Estate Investment Corp.
New York, NY

Steven D. Ira
AIMCO
Longwood, FL

Peter K. Kompaniez
AIMCO
Fountain Valley, CA

Steven Ivankovich
Alliance Holdings LLC
Chicago, IL

Andrew W. Schor
Alliance Holdings LLC
Chicago, IL

Al L. Bradley Jr.
Allied Realty Services Ltd.
Houston, TX

Tim L. Myers
Allied Realty Services Ltd.
Houston, TX

James H. Callard
American Apartment Communities
Alexandria, VA

Neil P. Cullen
American Property Financing Inc.
Bethesda, MD

Arthur A. Habighorst
American Property Financing Inc.
Bethesda, MD

Thomas T. Demery
AMI Capital Inc.
Alexandria, VA

Michael D. Sullivan
AMI Capital Inc.
Bethesda, MD

Robert S. Aisner
AMLI Residential Properties Trust
Plano, TX

Paul Burgan
AMSI
Houston, TX

K. Brad Broyhill
Amstar Group Ltd.
Denver, CO

Gary E. Davis
Archon Residential
Irving, TX

David L. Johnston
Archon Residential
Irving, TX

Steven D. Heller
ARCS Commercial Mortgage Co. LP
Princeton, NJ

Howard J. Levine
ARCS Commercial Mortgage Co. LP
Calabasas Hills, CA

Harold Grinspoon
Aspen Square Management
West Springfield, MA

William C. Green
Banc of America Securities LLC
Charlotte, NC

Lee Schalop
Banc of America Securities, Inc.
New York, NY

F. Karl Zavitkovsky
Bank of America
Dallas, TX

Oscar W. Cashwell
Basic Capital Management Inc.
Dallas, TX

Gregory S. Luse
Basic Capital Management Inc.
Dallas, TX

Peter F. Donovan
Berkshire Mortgage Finance
Boston, MA

Bryan L. Frazier
Berkshire Mortgage Finance
Irvine, CA

Philip S. Payne
BNP Residential Properties, Inc.
Charlotte, NC

D. Scott Wilkerson
BNP Residential Properties, Inc.
Charlotte, NC

Christopher W. Collins
Boston Capital Corp.
Boston, MA

Anthony A. Nickas
Boston Capital Corp.
Boston, MA

Thomas S. Bozzuto
Bozzuto Group
Greenbelt, MD

Frank C. McDowell
BRE Properties Inc.
San Francisco, CA

John H. Nunn
BRE Properties Inc.
San Francisco, CA

Terry B. Schwartz
Brisben Cos.
Cincinnati, OH

David O'Leary
Buyers Access
Denver, CO

L. Allen Smith
Buyers Access
Roswell, GA

Jerry Feldman
CallSource
Agoura Hills, CA

Ernest L. Heymann
CAPREIT Inc.
Rockville, MD

Richard L. Kadish
CAPREIT Inc.
Rockville, MD

Daryl J. Carter
Capri Capital
Irvine, CA

Scott M. Kupferberg
Capri/Capital Advisors LLC

John F. Deibel
Carbon Residential
Dallas, TX

Brian E. McAuliffe
CB Richard Ellis Inc.
Lincolnshire, IL

Gregory S. Vorwaller
CB Richard Ellis Inc.
Chicago, IL

Ernest A. Gerardi Jr.
Charles E. Smith Residential Realty
Arlington, VA

Gregory M. Weingast
Charles E. Smith Residential Realty
Arlington, VA

C. Stephen Cordes
Clarion Partners
New York, NY

Paul Earle
Colonial Properties Trust
Birmingham, AL

Edward T. Wright
Colonial Properties Trust
Birmingham, AL

Daniel J. Epstein
ConAm Group of Cos.
San Diego, CA

J. Bradley Forrester
ConAm Group of Cos.
San Diego, CA

Michael D. Berman
Continental Wingate Capital Corp.
Needham, MA

Todd Schuster
Continental Wingate Capital Corp.
Needham, MA

Richard L. Michaux
Corrigo Inc.
Redwood City, CA

John Sokolovic
CreditRe Mortgage Co. LLC
New York, NY

Michael J. Wechsler
CreditRe Mortgage Co. LLC
New York, NY

Susan R. Campbell
CRI Inc.
Rockville, MD

William B. Dockser
CRI Inc.
Rockville, MD

Susan Swanezy
Deutsche Bank Alex. Brown
New York, NY

Andrew K. Dolben
Dolben Co. Inc.
Burlington, MA

Deane H. Dolben
Dolben Co. Inc.
Burlington, MA

David L. Brierton
Dominium Group Inc.
Plymouth, MN

Jack W. Safar
Dominium Group Inc.
Plymouth, MN

Chad L. MacDonald
ebuyxpress.com
Dulles, VA

P. David Onanian
ebuyxpress.com
Houston, TX

Roger D. Bowler
Embrey Partners Ltd.
San Antonio, TX

Walter M. Embrey Jr.
Embrey Partners Ltd.
San Antonio, TX

Gerald S. Brand
Fairfield Residential LLC
San Diego, CA

Christopher E. Hashioka
Fairfield Residential LLC
San Diego, CA

Kenneth J. Bacon
Fannie Mae
Washington, DC

Richard S. Lawch
Fannie Mae
Washington, DC

Nevel DeHart
First American Registry
Rockville, MD

William C. McCahill Jr.
Fleet Bank
New York, NY

Christopher Thomas
Fleet Bank
Providence, RI

Jeffrey L. Kelly
Fogelman Management Group
Memphis, TN

Richard L. Fogelman
Fogelman Properties
Memphis, TN

Darla Totusek Flanagan
FowlerFlanagan Partners LLC
Larkspur, CA

Gregory A. Fowler
FowlerFlanagan Partners LLC
Larkspur, CA

Michael A. Herzberg
FPL Associates LP
Chicago, IL

John M. Nelson IV
Franklin Capital Group
Peabody, MA

Joseph E. Resende
Franklin Capital Group
Alexandria, VA

Mitchell W. Kiffe
Freddie Mac
McLean, VA

Michael F. McRoberts
Freddie Mac
McLean, VA

Michael M. Hefley
Gables Residential Services
Boca Raton, FL

Chris D. Wheeler
Gables Residential Trust
Boca Raton, FL

Frank Marro
GE Capital Real Estate
Alpharetta, GA

Daniel Smith
GE Capital Real Estate
Addison, TX

Robert E. DeWitt
General Investment & Development Co.
Boston, MA

John M. Cannon
GMAC Commercial Mortgage Corp.
Horsham, PA

Karl H. Reinlein
GMAC Commercial Mortgage Corp.
St. Louis, MO

G. Douglas Gunn
Goldman, Sachs & Co.
Dallas, TX

Andy Richard
Goldman, Sachs & Co.
New York, NY

Herman E. Bulls
Green Park Financial
Bethesda, MD

David K. Bell
GSL Properties Inc.
Portland, OR

Walter O. Grodahl
GSL Properties Inc.
Portland, OR

Daniel E. Levin
Habitat Co.
Chicago, IL

Douglas R. Woodworth
Habitat Co.
Chicago, IL

John C. Petrovski
Heller Financial Inc.
Chicago, IL

Arthur Wadlund
Hendricks & Partners
Tucson, AZ

Laura Beuerlein
Heritage Title Co. of Austin Inc.
Austin, TX

Gary S. Farmer
Heritage Title Co. of Austin Inc.
Austin, TX

Scott Doyle
Home Properties
Rochester, NY

Nelson B. Leenhouts
Home Properties
Rochester, NY

R. David Hirsch
Homestore.com
Thousand Oaks, CA

Patrick R. Whelan
Homestore.com
Westlake Village, CA

Max L. Gardner
Irvine Apartment Communities
Newport Beach, CA

Richard E. Lamprecht
Irvine Apartment Communities
Newport Beach, CA

Charles F. Lowrey
J.P. Morgan Chase & Co. Inc.
New York, NY

Janice M. Smith
J.P. Morgan Chase & Co. Inc.
New York, NY

R. Stewart Bartley
JBG Cos.
Washington, DC

William N. Elam III
JBG Cos.
Washington, DC

T. Karlton Jackson
JMG Realty Inc.
Atlanta, GA

John M. Corcoran
John M. Corcoran & Co.
Braintree, MA

Richard J. High
John M. Corcoran & Co.
Braintree, MA

Richard E. Van Wert
Jones Lang LaSalle
La Jolla, CA

Michael E. Tompkins
Julian LeCraw & Co. Inc.
Atlanta, GA

Lee Walker
Julian LeCraw & Co. Inc.
Atlanta, GA

Bruno N. Bottarelli
Kensington/Marquette Partners
Romeoville, IL

Nicholas Michael Ryan
Kensington/Marquette Partners
Romeoville, IL

Charles Kushner
Kushner Cos.
Florham Park, NJ

Richard Stadtmauer
Kushner Cos.
Florham Park, NJ

Jeffrey T. Majewski
L.J. Melody & Co.
Houston, TX

Brian F. Stoffers
L.J. Melody & Co.
Houston, TX

Gail A. Armstrong
Lane Co.
Atlanta, GA

Marc S. Pollack
Lane Realty Advisors
Atlanta, GA

David L. Shores
LEDIC Management Group Inc.
Memphis, TN

Rod Petrik
Legg Mason Inc.
Baltimore, MD

Frederick T. Caven Jr.
Lehman Brothers
San Francisco, CA

Robert C. Lieber
Lehman Brothers
New York, NY

Marilyn Swartz Lloyd
Lend Lease Residential Management Services
Boston, MA

Michael J. Speidel
Lend Lease Residential Management Services
Boston, MA

Sherri Martin
Lyon Management Group Inc.
Newport Beach, CA

Frank T. Suryan Jr.
Lyon Management Group Inc.
Newport Beach, CA

Michael Levitt
Malone Mortgage Co. America Ltd.
Dallas, TX

Bernard P. Malone
Malone Mortgage Co. America Ltd.
Dallas, TX

William A. Millichap
Marcus & Millichap
Palo Alto, CA

Linwood C. Thompson
Marcus & Millichap
Dallas, TX

W. Tennent Houston
Merry Land Properties Inc.
Augusta, GA

Michael N. Thompson
Merry Land Properties Inc.
Augusta, GA

Robert D. Lazaroff
Michelson Organization
St. Louis, MO

Bruce V. Michelson
Michelson Organization
St. Louis, MO

H. Eric Bolton Jr.
Mid-America Apartment Communities Inc.
Memphis, TN

George E. Cates
Mid-America Apartment Communities Inc.
Memphis, TN

Robert J. Banks
Midland Cos.
Clearwater, FL

Keith J. Gloeckl
Midland Cos.
Clearwater, FL

I. Ronald Morgan
Morgan Group, Inc.
Carlsbad, CA

Michael S. Morgan
Morgan Group, Inc.
Houston, TX

Michael H. Greco
MortgageRamp.com
Davidson, NC

Eugene K. McCarthy
MortgageRamp.com
Horsham, PA

Charles H. Boxenbaum
National Partnership Investments Corp.
Beverly Hills, CA

Bruce Nelson
National Partnership Investments Corp.
Beverly Hills, CA

Jeffrey W. Carpenter
National Realty Management
Cincinnati, OH

Robert F. Sherman
National Water & Power Co.
Santa Ana, CA

Christopher J. Whipple
Network Multifamily Corp.
Addison, TX

Steve V. Williams
Network Multifamily Corp.
Dallas, TX

Scot B. Barker
Newman and Associates Inc.
Denver, CO

Hal G. Kuykendall
Newman and Associates Inc.
San Diego, CA

David A. Materna
Paradigm Group Inc.
Gainesville, FL

Nathan S. Collier
Paradigm Properties Inc.
Gainesville, FL

John R. Ausburn
Phoenix Property Co. of Texas
Dallas, TX

J. Blake Pogue
Phoenix Property Co. of Texas
Dallas, TX

David R. Picerne
Picerne Real Estate Group
Phoenix, AZ

Robert L. Johnston
Pinnacle Cos.
Atlanta, GA

William G. Lashbrook
PNC Bank
Pittsburgh, PA

Kim D. McNeil
PNC Bank
Cincinnati, OH

Richard F. Cavenaugh
Prime Residential LLC
Chicago, IL

Timothy J. Connelly
Prime Residential LLC
Chicago, IL

Bruce LaMotte
Providence Management Co. LLC
Chicago, IL

Alan Pollack
Providence Management Co. LLC
Chicago, IL

Douglas J. Moritz
Prudential Mortgage Capital Co.
Vienna, VA

Dale H. Taysom
Prudential Real Estate Investors
Atlanta, GA

Raymond J. Reisert Jr.
PW Funding Inc.
Mineola, NY

Robert T. Walsh
PW Funding Inc.
Mineola, NY

Robert S. Bisanz
Real Estate Equities Inc.
St. Paul, MN

Terrence E. Troy
Real Estate Equities Inc.
St. Paul, MN

Donald MacKinnon
Realm Inc.
New York, NY

Glenn P. Murray
Realm Inc.
Glen Head, NY

Dean Schmidt
RealPage Inc.
Carrollton, TX

Stephen T. Winn
RealPage Inc.
Carrollton, TX

Mark C. Beisler
Red Mortgage Capital Inc.
Reston, VA

David L. Goodman
Red Mortgage Capital Inc.
Reston, VA

Bradford R. Klatt
Roseland Property Co.
Short Hills, NJ

Marshall B. Tycher
Roseland Property Co.
Short Hills, NJ

Marilynn K. Duker
Shelter Development LLC
Baltimore, MD

Marc Pinto
Simpson Housing Limited Partnership
Denver, CO

Travis Hurst
SiteStuff.com
Austin, TX

Thomas Shuler
SiteStuff.com
Greenville, SC

Elizabeth D. Hinson
SNK Realty Group
San Francisco, CA

Hal Watson III
SNK Realty Group
San Francisco, CA

Former Chairmen

Kelley A. Bergstrom
C. Preston Butcher
Allen Cymrot
William H. Elliott
Richard L. Fore
Randolph G. Hawthorne
Gary T. Kachadurian
Duncan L. Matteson Sr.
Richard L. Michaux
Robert Sheridan