Form990


Department of the TreasuryInternal Revenue Service
Return of Organization Exempt From Income Tax
Under section 501(c), 527, or 4947(a)(1) of the Internal Revenue Code (except private foundations)
Do not enter social security numbers on this form as it may be made public.
Go to www.irs.gov/Form990 for instructions and the latest information.
OMB No. 1545-0047
2025
Open to Public Inspection
A For the 2025 calendar year, or tax year beginning 01-01-2025 , and ending 12-31-2025
BCheck if applicable:
CName of organization
NATIONAL ASSOCIATION OF REAL ESTATE
INVESTMENT TRUSTS (NAREIT)
 
Doing business as
NAREIT
 
Number and street (or P.O. box if mail is not delivered to street address)
1875 I STREET NW 500
 
Room/suite
City or town, state or province, country, and ZIP or foreign postal code
WASHINGTON, DC200065413
D Employer identification number

27-3586050
E Telephone number

G Gross receipts $ 47,206,282
F Name and address of principal officer:
STEVEN WECHSLER
1875 I STREET NW 500
WASHINGTON,DC200065413
I
Tax-exempt status: ( 6 ) (insert no.) or
J
Website:
WWW.REIT.COM
H(a)
Is this a group return for
subordinates?
H(b)
Are all subordinates
included?
If "No," attach a list. See instructions.
H(c)
Group exemption number  
K Form of organization:  
L Year of formation: 2010
M State of legal domicile: DC
Part I
Summary
Activities & Governance 1 Briefly describe the organization’s mission or most significant activities: FURTHER THE INTERESTS OF REITS AND OTHERS THAT OWN, OPERATE, & FINANCE INCOME-PRODUCING R.E.
2 Check this box
3 Number of voting members of the governing body (Part VI, line 1a) ........ 3 17
4 Number of independent voting members of the governing body (Part VI, line 1b) ..... 4 17
5 Total number of individuals employed in calendar year 2025 (Part V, line 2a) ...... 5 49
6 Total number of volunteers (estimate if necessary) ............. 6 0
7a Total unrelated business revenue from Part VIII, column (C), line 12 ........ 7a 145,000
b Net unrelated business taxable income from Form 990-T, Part I, line 11 ......... 7b 11,691
Revenues Prior Year Current Year
8 Contributions and grants (Part VIII, line 1h) ......... 0 0
9 Program service revenue (Part VIII, line 2g) ......... 26,655,091 25,600,224
10 Investment income (Part VIII, column (A), lines 3, 4, and 7d ) .... 1,412,447 2,262,653
11 Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e) 9,234,681 8,549,468
12 Total revenue—add lines 8 through 11 (must equal Part VIII, column (A), line 12) 37,302,219 36,412,345
Expenses; 13 Grants and similar amounts paid (Part IX, column (A), lines 1–3 )... 130,000 130,000
14 Benefits paid to or for members (Part IX, column (A), line 4)..... 0 0
15 Salaries, other compensation, employee benefits (Part IX, column (A), lines 5–10) 18,804,190 19,758,357
16a Professional fundraising fees (Part IX, column (A), line 11e) ..... 0 0
b Total fundraising expenses (Part IX, column (D), line 25) 0    
17 Other expenses (Part IX, column (A), lines 11a–11d, 11f–24e).... 14,617,510 15,024,657
18 Total expenses. Add lines 13–17 (must equal Part IX, column (A), line 25) 33,551,700 34,913,014
19 Revenue less expenses. Subtract line 18 from line 12....... 3,750,519 1,499,331
Net Assets or Fund Balances; Beginning of Current Year End of Year
20 Total assets (Part X, line 16)............. 47,548,466 54,916,140
21 Total liabilities (Part X, line 26)............. 22,367,749 25,495,339
22 Net assets or fund balances. Subtract line 21 from line 20..... 25,180,717 29,420,801
Part II
Signature Block
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than officer) is based on all information of which preparer has any knowledge.
Sign Here
Signature of officer Date
Type or print name and title
Paid Preparer Use Only
Print/Type preparer's name
Preparer's signature
Date
PTIN
Firm's name

Firm's EIN
Firm's address



Phone no.
May the IRS discuss this return with the preparer shown above? See Instructions. ..........
For Paperwork Reduction Act Notice, see the separate instructions.
Cat. No. 11282Y Form 990 (2025)
Form 990 (2025)
Page 2
Part III
Statement of Program Service Accomplishments
Check if Schedule O contains a response or note to any line in this Part III..............
1
Briefly describe the organization’s 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.
2
Did the organization undertake any significant program services during the year which were not listed on
the prior Form 990 or 990-EZ? .....................
If "Yes," describe these new services on Schedule O.
3
Did the organization cease conducting, or make significant changes in how it conducts, any program
services? ...........................
If "Yes," describe these changes on Schedule O.
4
Describe the organization’s program service accomplishments for each of its three largest program services, as measured by expenses. Section 501(c)(3) and 501(c)(4) organizations are required to report the amount of grants and allocations to others, the total expenses, and revenue, if any, for each program service reported.
4a (Code:   ) (Expenses $   including grants of $   ) (Revenue $   )
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.
4b (Code:   ) (Expenses $   including grants of $   ) (Revenue $   )
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.
4c (Code:   ) (Expenses $   including grants of $   ) (Revenue $   )
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.
4d Other program services (Describe in Schedule O.)
(Expenses $   including grants of $   ) (Revenue $   )
4e Total program service expenses  
Form 990 (2025)
Form 990 (2025)
Page 3
Part IV
Checklist of Required Schedules
Yes
No
1
Is the organization described in section 501(c)(3) or 4947(a)(1) (other than a private foundation)? If "Yes," complete Schedule A.....................
1
 
No
2
Is the organization required to complete Schedule B, Schedule of Contributors? See instructions. ...
2
 
No
3
Did the organization engage in direct or indirect political campaign activities on behalf of or in opposition to candidates for public office? If "Yes," complete Schedule C, Part IClick to see attachment
List of Attached Documents:
// Content
.............
3
Yes
 
4
Section 501(c)(3) organizations. Did the organization engage in lobbying activities, or have a section 501(h) election in effect during the tax year? If "Yes," complete Schedule C, Part II.........
4
 
 
5
Is the organization a section 501(c)(4), 501(c)(5), or 501(c)(6) organization that receives membership dues, assessments, or similar amounts as defined in Rev. Proc. 98-19? If "Yes," complete Schedule C, Part IIIClick to see attachment
List of Attached Documents:
// Content
..
5
Yes
 
6
Did the organization maintain any donor advised funds or any similar funds or accounts for which donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts? If "Yes," complete Schedule D, Part IClick to see attachment
List of Attached Documents:
// Content
.........................
6
 
No
7
Did the organization receive or hold a conservation easement, including easements to preserve open space,
the environment, historic land areas, or historic structures? If "Yes," complete Schedule D, Part IIClick to see attachment
List of Attached Documents:
// Content
....
7
 
No
8
Did the organization maintain collections of works of art, historical treasures, or other similar assets? If "Yes,"
complete Schedule D, Part IIIClick to see attachment
List of Attached Documents:
// Content
..............
8
 
No
9
Did the organization report an amount in Part X, line 21 for escrow or custodial account liability; serve as a custodian for amounts not listed in Part X; or provide credit counseling, debt management, credit repair, or debt negotiation services? If "Yes," complete Schedule D, Part IVClick to see attachment
List of Attached Documents:
// Content
..............
9
 
No
10
Did the organization, directly or through a related organization, hold assets in temporarily restricted endowments, permanent endowments, or quasi endowments? If "Yes," complete Schedule D, Part V......
10
 
No
11
If the organization’s answer to any of the following questions is "Yes," then complete Schedule D, Parts VI, VII, VIII, IX, or X, as applicable.
a
Did the organization report an amount for land, buildings, and equipment in Part X, line 10? If "Yes," complete
Schedule D, Part VI. Click to see attachment
List of Attached Documents:
// Content
...................
11a
Yes
 
b
Did the organization report an amount for investments—other securities in Part X, line 12 that is 5% or more of its total assets reported in Part X, line 16? If "Yes," complete Schedule D, Part VIIClick to see attachment
List of Attached Documents:
// Content
.......
11b
 
No
c
Did the organization report an amount for investments—program related in Part X, line 13 that is 5% or more of its total assets reported in Part X, line 16? If "Yes," complete Schedule D, Part VIIIClick to see attachment
List of Attached Documents:
// Content
.......
11c
 
No
d
Did the organization report an amount for other assets in Part X, line 15 that is 5% or more of its total assets reported in Part X, line 16? If "Yes," complete Schedule D, Part IXClick to see attachment
List of Attached Documents:
// Content
............
11d
Yes
 
e
Did the organization report an amount for other liabilities in Part X, line 25? If "Yes," complete Schedule D, Part XClick to see attachment
List of Attached Documents:
// Content
11e
Yes
 
f
Did the organization’s separate or consolidated financial statements for the tax year include a footnote that addresses the organization’s liability for uncertain tax positions under FIN 48 (ASC 740)? If "Yes," complete Schedule D, Part XClick to see attachment
List of Attached Documents:
// Content
11f
Yes
 
12a
Did the organization obtain separate, independent audited financial statements for the tax year? If "Yes," complete
Schedule D, Parts XI and XIIClick to see attachment
List of Attached Documents:
// Content
......................
12a
 
No
b
Was the organization included in consolidated, independent audited financial statements for the tax year? If "Yes," and if the organization answered "No" to line 12a, then completing Schedule D, Parts XI and XII is optional Click to see attachment
List of Attached Documents:
// Content
12b
Yes
 
13
Is the organization a school described in section 170(b)(1)(A)(ii)? If "Yes," complete Schedule E
13
 
No
14a
Did the organization maintain an office, employees, or agents outside of the United States? .....
14a
 
No
b
Did the organization have aggregate revenues or expenses of more than $10,000 from grantmaking, fundraising, business, investment, and program service activities outside the United States, or aggregate foreign investments valued at $100,000 or more? If "Yes," complete Schedule F, Parts I and IV.........Click to see attachment
List of Attached Documents:
// Content
14b
Yes
 
15
Did the organization report on Part IX, column (A), line 3, more than $5,000 of grants or other assistance to or for any foreign organization? If “Yes,” complete Schedule F, Parts II and IV.....Click to see attachment
List of Attached Documents:
// Content
15
 
No
16
Did the organization report on Part IX, column (A), line 3, more than $5,000 of aggregate grants or other assistance to or for foreign individuals? If “Yes,” complete Schedule F, Parts III and IV...Click to see attachment
List of Attached Documents:
// Content
16
 
No
17
Did the organization report a total of more than $15,000 of expenses for professional fundraising services on Part IX, column (A), lines 6 and 11e? If "Yes," complete Schedule G, Part I. See instructions. ....
17
 
No
18
Did the organization report more than $15,000 total of fundraising event gross income and contributions on Part VIII, lines 1c and 8a? If "Yes," complete Schedule G, Part II............
18
 
No
19
Did the organization report more than $15,000 of gross income from gaming activities on Part VIII, line 9a? If "Yes," complete Schedule G, Part III...................
19
 
No
20a
Did the organization operate one or more hospital facilities? If "Yes," complete Schedule H....
20a
 
No
b
If "Yes" to line 20a, did the organization attach a copy of its audited financial statements to this return?
20b
 
 
21
Did the organization report more than $5,000 of grants or other assistance to any domestic organization or domestic government on Part IX, column (A), line 1? If “Yes,” complete Schedule I, Parts I and II.....Click to see attachment
List of Attached Documents:
// Content
21
Yes
 
Form 990 (2025)
Form 990 (2025)
Page 4
Part IV
Checklist of Required Schedules (continued)
Yes
No
22
Did the organization report more than $5,000 of grants or other assistance to or for domestic individuals on Part IX, column (A), line 2? If “Yes,” complete Schedule I, Parts I and III........Click to see attachment
List of Attached Documents:
// Content
22
 
No
23
Did the organization answer "Yes" to Part VII, Section A, line 3, 4, or 5, about compensation of the organization’s current and former officers, directors, trustees, key employees, and highest compensated employees? If "Yes," complete Schedule J....................... Click to see attachment
List of Attached Documents:
// Content
23
Yes
 
24a
Did the organization have a tax-exempt bond issue with an outstanding principal amount of more than $100,000 as of the last day of the year, that was issued after December 31, 2002? If “Yes,” answer lines 24b through 24d and complete Schedule K. If “No,” go to line 25a...............
24a
 
No
b
Did the organization invest any proceeds of tax-exempt bonds beyond a temporary period exception?...
24b
 
 
c
Did the organization maintain an escrow account other than a refunding escrow at any time during the year
to defease any tax-exempt bonds? ...............
24c
 
 
d
Did the organization act as an "on behalf of" issuer for bonds outstanding at any time during the year?...
24d
 
 
25a
Section 501(c)(3), 501(c)(4), and 501(c)(29) organizations. Did the organization engage in an excess benefit transaction with a disqualified person during the year? If "Yes," complete Schedule L, Part I ....
25a
 
 
b
Is the organization aware that it engaged in an excess benefit transaction with a disqualified person in a prior year, and that the transaction has not been reported on any of the organization’s prior Forms 990 or 990-EZ? If "Yes," complete Schedule L, Part I.......................
25b
 
 
26
Did the organization report any amount on Part X, line 5 or 22 for receivables from or payables to any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or 35% controlled entity or family member of any of these persons? If "Yes," complete Schedule L, Part II...........
26
 
No
27
Did the organization provide a grant or other assistance to any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or employee thereof, a grant selection committee member, or to a 35% controlled entity (including an employee thereof) or family member of any of these persons?
If "Yes," complete
Schedule L, Part III.........................
27
 
No
28
Was the organization a party to a business transaction with one of the following parties (see the Schedule L, Part IV instructions for applicable filing thresholds, conditions, and exceptions):
a
A current or former officer, director, trustee, key employee, creator or founder, or substantial contributor? If "Yes," complete Schedule L, Part IV......................
28a
 
No
b
A family member of any individual described in line 28a? If "Yes," complete Schedule L, Part IV.....
28b
 
No
c
A 35% controlled entity of one or more individuals and/or organizations described in line 28a or 28b? If "Yes," complete Schedule L, Part IV.....................
28c
 
No
29
Did the organization receive more than $25,000 in non-cash contributions? If "Yes," complete Schedule M..
29
 
No
30
Did the organization receive contributions of art, historical treasures, or other similar assets, or qualified conservation contributions? If "Yes," complete Schedule M .................
30
 
No
31
Did the organization liquidate, terminate, or dissolve and cease operations? If "Yes," complete Schedule N, Part I
31
 
No
32
Did the organization sell, exchange, dispose of, or transfer more than 25% of its net assets? If "Yes," complete Schedule N, Part II........................
32
 
No
33
Did the organization own 100% of an entity disregarded as separate from the organization under Regulations sections 301.7701-2 and 301.7701-3? If "Yes," complete Schedule R, Part I............Click to see attachment
List of Attached Documents:
// Content
33
 
No
34
Was the organization related to any tax-exempt or taxable entity? If "Yes," complete Schedule R, Part II, III, or IV, and Part V, line 1.........................Click to see attachment
List of Attached Documents:
// Content
34
Yes
 
35a
Did the organization have a controlled entity within the meaning of section 512(b)(13)?
35a
Yes
 
b
If ‘Yes’ to line 35a, did the organization receive any payment from or engage in any transaction with a controlled entity within the meaning of section 512(b)(13)? If "Yes," complete Schedule R, Part V, line 2 ...Click to see attachment
List of Attached Documents:
// Content
35b
Yes
 
36
Section 501(c)(3) organizations. Did the organization make any transfers to an exempt non-charitable related organization? If "Yes," complete Schedule R, Part V, line 2.............
36
 
 
37
Did the organization conduct more than 5% of its activities through an entity that is not a related organization and that is treated as a partnership for federal income tax purposes? If "Yes," complete Schedule R, Part VIClick to see attachment
List of Attached Documents:
// Content
37
 
No
38
Did the organization complete Schedule O and provide explanations on Schedule O for Part VI, lines 11b and 19? Note. All Form 990 filers are required to complete Schedule O. ............
38
Yes
 
Part V
Statements Regarding Other IRS Filings and Tax Compliance
Check if Schedule O contains a response or note to any line in this Part V...........
Yes
No
1a
Enter the number reported in box 3 of Form 1096. Enter -0- if not applicable ..
1a
46
b
Enter the number of Forms W-2G included on line 1a. Enter -0- if not applicable .
1b
0
c
Did the organization comply with backup withholding rules for reportable payments to vendors and reportable gaming (gambling) winnings to prize winners? ..................
1c
Yes
 
Form 990 (2025)
Form 990 (2025)
Page 5
Part V
Statements Regarding Other IRS Filings and Tax Compliance (continued)
2a
Enter the number of employees reported on Form W-3, Transmittal of Wage and
Tax Statements, filed for the calendar year ending with or within the year covered by this return ..................
2a
49
b
If at least one is reported on line 2a, did the organization file all required federal employment tax returns?
2b
Yes
 
3a
Did the organization have unrelated business gross income of $1,000 or more during the year?...
3a
Yes
 
b
If “Yes,” has it filed a Form 990-T for this year? If “No” to line 3b, provide an explanation in Schedule O...
3b
Yes
 
4a
At any time during the calendar year, did the organization have an interest in, or a signature or other authority over, a financial account in a foreign country (such as a bank account, securities account, or other financial account)? ..
4a
 
No
b
If "Yes," enter the name of the foreign country:
See instructions for filing requirements for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR).
5a
Was the organization a party to a prohibited tax shelter transaction at any time during the tax year? ..
5a
 
No
b
Did any taxable party notify the organization that it was or is a party to a prohibited tax shelter transaction?
5b
 
No
c
If "Yes," to line 5a or 5b, did the organization file Form 8886-T? ............
5c
 
 
6a
Does the organization have annual gross receipts that are normally greater than $100,000, and did the organization solicit any contributions that were not tax deductible as charitable contributions? ...
6a
Yes
 
b
If "Yes," did the organization include with every solicitation an express statement that such contributions or gifts were not tax deductible? ......................
6b
Yes
 
7
Organizations that may receive deductible contributions under section 170(c).
a
Did the organization receive a payment in excess of $75 made partly as a contribution and partly for goods and services provided to the payor? ....................
7a
 
 
b
If "Yes," did the organization notify the donor of the value of the goods or services provided? .....
7b
 
 
c
Did the organization sell, exchange, or otherwise dispose of tangible personal property for which it was required to file Form 8282? .........................
7c
 
 
d
If "Yes," indicate the number of Forms 8282 filed during the year ....
7d
 
e
Did the organization receive any funds, directly or indirectly, to pay premiums on a personal benefit contract?
7e
 
 
f
Did the organization, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ..
7f
 
 
g
If the organization received a contribution of qualified intellectual property, did the organization file Form 8899 as required? ......................
7g
 
 
h
If the organization received a contribution of cars, boats, airplanes, or other vehicles, did the organization file a Form 1098-C? ..........................
7h
 
 
8
Sponsoring organizations maintaining donor advised funds. Did a donor advised fund maintained by the sponsoring organization have excess business holdings at any time during the year? ........
8
 
 
9
Sponsoring organizations maintaining donor advised funds.
a
Did the sponsoring organization make any taxable distributions under section 4966?........
9a
 
 
b
Did the sponsoring organization make a distribution to a donor, donor advisor, or related person?...
9b
 
 
10
Section 501(c)(7) organizations. Enter:
a
Initiation fees and capital contributions included on Part VIII, line 12 ...
10a
 
b
Gross receipts, included on Form 990, Part VIII, line 12, for public use of club facilities
10b
 
11
Section 501(c)(12) organizations. Enter:
a
Gross income from members or shareholders .........
11a
 
b
Gross income from other sources. (Do not net amounts due or paid to other sources against amounts due or received from them.) ..........
11b
 
12a
Section 4947(a)(1) non-exempt charitable trusts. Is the organization filing Form 990 in lieu of Form 1041?
12a
 
 
b
If "Yes," enter the amount of tax-exempt interest received or accrued during the year.
12b
 
13
Section 501(c)(29) qualified nonprofit health insurance issuers.
a
Is the organization licensed to issue qualified health plans in more than one state? .........
Note. See the instructions for additional information the organization must report on Schedule O.
13a
 
 
b
Enter the amount of reserves the organization is required to maintain by the states in which the organization is licensed to issue qualified health plans ....
13b
 
c
Enter the amount of reserves on hand ............
13c
 
14a
Did the organization receive any payments for indoor tanning services during the tax year?.....
14a
 
No
b
If "Yes," has it filed a Form 720 to report these payments? If "No," provide an explanation in Schedule O..
14b
 
 
15
Is the organization subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or excess parachute payment(s) during the year? ....................
If "Yes," see the instructions and file Form 4720, Schedule N.
15
Yes
 
16
Is the organization an educational institution subject to the section 4968 excise tax on net investment income? ..
If "Yes," complete Form 4720, Schedule O.
16
 
No
17
Section 501(c)(21) organizations. Did the trust, or any disqualified or other person engage in any activities that would result in the imposition of an excise tax under section 4951, 4952, or 4953? ..
If "Yes," complete Form 6069.
17
 
 
Form 990 (2025)
Form 990 (2025)
Page 6
Part VI
Governance, Management, and Disclosure. For each "Yes" response to lines 2 through 7b below, and for a "No" response to lines 8a, 8b, or 10b below, describe the circumstances, processes, or changes in Schedule O. See instructions.
Check if Schedule O contains a response or note to any line in this Part VI..............
Section A. Governing Body and Management
Yes
No
1a
Enter the number of voting members of the governing body at the end of the tax year
1a
17
If there are material differences in voting rights among members of the governing body, or if the governing body delegated broad authority to an executive committee or similar committee, explain in Schedule O.
b
Enter the number of voting members included in line 1a, above, who are independent
1b
17
2
Did any officer, director, trustee, or key employee have a family relationship or a business relationship with any other officer, director, trustee, or key employee? .................
2
Yes
 
3
Did the organization delegate control over management duties customarily performed by or under the direct supervision of officers, directors or trustees, or key employees to a management company or other person? .
3
 
No
4
Did the organization make any significant changes to its governing documents since the prior Form 990 was filed? .
4
 
No
5
Did the organization become aware during the year of a significant diversion of the organization’s assets? .
5
 
No
6
Did the organization have members or stockholders? ................
6
Yes
 
7a
Did the organization have members, stockholders, or other persons who had the power to elect or appoint one or more members of the governing body? ....................
7a
Yes
 
b
Are any governance decisions of the organization reserved to (or subject to approval by) members, stockholders, or persons other than the governing body? ...................
7b
 
No
8
Did the organization contemporaneously document the meetings held or written actions undertaken during the year by the following:
a
The governing body? .......................
8a
Yes
 
b
Each committee with authority to act on behalf of the governing body? ............
8b
Yes
 
9
Is there any officer, director, trustee, or key employee listed in Part VII, Section A, who cannot be reached at the organization’s mailing address? If "Yes," provide the names and addresses in Schedule O.......
9
 
No
Section B. Policies (This Section B requests information about policies not required by the Internal Revenue Code.)
Yes
No
10a
Did the organization have local chapters, branches, or affiliates? ............
10a
Yes
 
b
If "Yes," did the organization have written policies and procedures governing the activities of such chapters, affiliates, and branches to ensure their operations are consistent with the organization's exempt purposes?
10b
Yes
 
11a
Has the organization provided a complete copy of this Form 990 to all members of its governing body before filing the form? ............................
11a
 
No
b
Describe on Schedule O the process, if any, used by the organization to review this Form 990. .....
12a
Did the organization have a written conflict of interest policy? If "No," go to line 13.......
12a
Yes
 
b
Were officers, directors, or trustees, and key employees required to disclose annually interests that could give rise to conflicts? ..........................
12b
 
No
c
Did the organization regularly and consistently monitor and enforce compliance with the policy? If "Yes," describe on Schedule O how this was done...................
12c
 
No
13
Did the organization have a written whistleblower policy? ...............
13
Yes
 
14
Did the organization have a written document retention and destruction policy? .........
14
Yes
 
15
Did the process for determining compensation of the following persons include a review and approval by independent persons, comparability data, and contemporaneous substantiation of the deliberation and decision?
a
The organization’s CEO, Executive Director, or top management official ...........
15a
Yes
 
b
Other officers or key employees of the organization ................
15b
Yes
 
If "Yes" to line 15a or 15b, describe the process on Schedule O. See instructions.
16a
Did the organization invest in, contribute assets to, or participate in a joint venture or similar arrangement with a taxable entity during the year? ......................
16a
 
No
b
If "Yes," did the organization follow a written policy or procedure requiring the organization to evaluate its participation in joint venture arrangements under applicable federal tax law, and take steps to safeguard the organization’s exempt status with respect to such arrangements? ............
16b
 
 
Section C. Disclosure
17
List the states with which a copy of this Form 990 is required to be filed
18
Section 6104 requires an organization to make its Form 1023 (1024 or 1024-A, if applicable), 990, and 990-T (section 501(c)(3)s only) available for public inspection. Indicate how you made these available. Check all that apply.
19
Describe in Schedule O whether (and if so, how) the organization made its governing documents, conflict of interest policy, and financial statements available to the public during the tax year.
20
State the name, address, and telephone number of the person who possesses the organization's books and records:
ROBERTO DIAZ EVP FINANCE & FISCAL MANAGEMENT1875 I STREET NW 500   WASHINGTON,DC200065413 (202) 739-9400
Form 990 (2025)
Form 990 (2025)
Page 7
Part VII
Compensation of Officers, Directors,Trustees, Key Employees, Highest Compensated Employees, and Independent Contractors
Check if Schedule O contains a response or note to any line in this Part VII..............
Section A. Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees
1a Complete this table for all persons required to be listed. Report compensation for the calendar year ending with or within the organization’s tax year.
RoundBullet List all of the organization’s current officers, directors, trustees (whether individuals or organizations), regardless of amount
of compensation. Enter -0- in columns (D), (E), and (F) if no compensation was paid.

RoundBullet List all of the organization’s current key employees, if any. See the instructions for definition of "key employee."
RoundBullet List the organization’s five current highest compensated employees (other than an officer, director, trustee or key employee)
who received reportable compensation (box 5 of Form W-2, box 6 of Form 1099-MISC, and/or box 1 of Form 1099-NEC) of more than $100,000 from the organization and any related organizations.

RoundBullet List all of the organization’s former officers, key employees, or highest compensated employees who received more than $100,000
of reportable compensation from the organization and any related organizations.

RoundBullet List all of the organization’s former directors or trustees that received, in the capacity as a former director or trustee of the
organization, more than $10,000 of reportable compensation from the organization and any related organizations.

See the instructions for the order in which to list the persons above.
Check this box if neither the organization nor any related organization compensated any current officer, director, or trustee.
(A)
Name and title 		(B)
Average hours per week (list any hours for related organizations below dotted line) 		(C)
Position (do not check more than one box, unless person is both an officer and a director/trustee) 		(D)
Reportable compensation from the organization (W-2/1099-MISC/1099-NEC) 		(E)
Reportable compensation from related organizations (W-2/1099-MISC/1099-NEC) 		(F)
Estimated amount of other compensation from the organization and related organizations
Individual Trustee or Director; Institutional Trustee; OfficerInd; Key Employee; Highest compensated employee; FormerOfcrDirectorTrusteeInd;
(1) CONOR C FLYNN......................................................................
CHAIR
 1.00
.................
0.00 		X   X       0 0 0
(2) SUMIT ROY......................................................................
FIRST VICE CHAIR
 1.00
.................
0.00 		X   X       0 0 0
(3) MARK J PARRELL......................................................................
SECOND VICE CHAIR
 1.00
.................
0.00 		X   X       0 0 0
(4) LESLIE D HALE......................................................................
TREASURER
 1.00
.................
0.00 		X   X       0 0 0
(5) PETER E BACCILE......................................................................
EXECUTIVE BOARD MEMBER
 1.00
.................
0.00 		X           0 0 0
(6) H ERIC BOLTON JR......................................................................
EXECUTIVE BOARD MEMBER
 1.00
.................
0.00 		X           0 0 0
(7) SCOTT M BRINKER......................................................................
EXECUTIVE BOARD MEMBER
 1.00
.................
0.00 		X           0 0 0
(8) W MATTHEW KELLY......................................................................
EXECUTIVE BOARD MEMBER
 1.00
.................
0.00 		X           0 0 0
(9) THEODORE J KLINCK......................................................................
EXECUTIVE BOARD MEMBER
 1.00
.................
0.00 		X           0 0 0
(10) MARSHALL A LOEB......................................................................
EXECUTIVE BOARD MEMBER
 1.00
.................
0.00 		X           0 0 0
(11) LISA PALMER......................................................................
EXECUTIVE BOARD MEMBER
 1.00
.................
0.00 		X           0 0 0
(12) EDWARD B PITONIAK......................................................................
EXECUTIVE BOARD MEMBER
 1.00
.................
0.00 		X           0 0 0
(13) ANDREW P POWER......................................................................
EXECUTIVE BOARD MEMBER
 1.00
.................
0.00 		X           0 0 0
(14) JOSEPH D RUSSELL JR......................................................................
EXECUTIVE BOARD MEMBER
 1.00
.................
0.00 		X           0 0 0
(15) BENJAMIN W SCHALL......................................................................
EXECUTIVE BOARD MEMBER
 1.00
.................
0.00 		X           0 0 0
(16) JAMES M TAYLOR JR......................................................................
EXECUTIVE BOARD MEMBER
 1.00
.................
0.00 		X           0 0 0
(17) STEVEN VONDRAN......................................................................
EXECUTIVE BOARD MEMBER
 1.00
.................
0.00 		X           0 0 0
Form 990 (2025)
Form 990 (2025)
Page 8
Part VII
Section A. Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees (continued)
(A)
Name and title 		(B)
Average hours per week (list any hours for related organizations below dotted line) 		(C)
Position (do not check more than one box, unless person is both an officer and a director/trustee) 		(D)
Reportable compensation from the organization (W-2/1099-MISC/1099-NEC) 		(E)
Reportable compensation from related organizations (W-2/1099-MISC/1099-NEC) 		(F)
Estimated amount of other compensation from the organization and related organizations
Individual Trustee or Director; Institutional Trustee; OfficerInd; Key Employee; Highest compensated employee; FormerOfcrDirectorTrusteeInd;
(18) SUMIT ROY........................................................................
CHAIR
 1.00
.......................0.00 		X   X       0 0 0
(19) MARK J PARRELL........................................................................
FIRST VICE CHAIR
 1.00
.......................0.00 		X   X       0 0 0
(20) LESLIE D HALE........................................................................
SECOND VICE CHAIR
 1.00
.......................0.00 		X   X       0 0 0
(21) BENJAMIN W SCHALL........................................................................
TREASURER
 1.00
.......................0.00 		X   X       0 0 0
(22) ANGELA M AMAN........................................................................
EXECUTIVE BOARD MEMBER
 1.00
.......................0.00 		X           0 0 0
(23) PETER E BACCILE........................................................................
EXECUTIVE BOARD MEMBER
 1.00
.......................0.00 		X           0 0 0
(24) SCOTT M BRINKER........................................................................
EXECUTIVE BOARD MEMBER
 1.00
.......................0.00 		X           0 0 0
(25) CONOR C FLYNN........................................................................
EXECUTIVE BOARD MEMBER
 1.00
.......................0.00 		X           0 0 0
(26) W MATTHEW KELLY........................................................................
EXECUTIVE BOARD MEMBER
 1.00
.......................0.00 		X           0 0 0
(27) THEODORE J KLINCK........................................................................
EXECUTIVE BOARD MEMBER
 1.00
.......................0.00 		X           0 0 0
(28) DANIEL S LETTER........................................................................
EXECUTIVE BOARD MEMBER
 1.00
.......................0.00 		X           0 0 0
(29) MARSHALL A LOEB........................................................................
EXECUTIVE BOARD MEMBER
 1.00
.......................0.00 		X           0 0 0
(30) EDWARD B PITONIAK........................................................................
EXECUTIVE BOARD MEMBER
 1.00
.......................0.00 		X           0 0 0
(31) ANDREW P POWER........................................................................
EXECUTIVE BOARD MEMBER
 1.00
.......................0.00 		X           0 0 0
(32) JOSEPH D RUSSELL JR........................................................................
EXECUTIVE BOARD MEMBER
 1.00
.......................0.00 		X           0 0 0
(33) JAMES M TAYLOR JR........................................................................
EXECUTIVE BOARD MEMBER
 1.00
.......................0.00 		X           0 0 0
(34) STEVEN VONDRAN........................................................................
EXECUTIVE BOARD MEMBER
 1.00
.......................0.00 		X           0 0 0
(35) STEVEN WECHSLER........................................................................
PRESIDENT & CEO
 40.00
.......................0.00 		    X       2,902,886 0 71,812
(36) CATHERINE BARRE........................................................................
EVP, POLICY & PUBLIC AFFAIRS & GC
 39.00
.......................1.00 		    X       882,405 0 88,375
(37) ROBERTO DIAZ........................................................................
EVP, FINANCE & FISCAL MANAGEMENT
 39.00
.......................1.00 		    X       454,826 0 68,451
(38) JOHN WORTH........................................................................
EVP, RESEARCH & INVESTOR OUTREACH
 40.00
.......................0.00 		      X     691,053 0 86,908
(39) MATTHEW BECHARD........................................................................
EVP, COMMS. & INDUSTRY AFFAIRS
 40.00
.......................0.00 		      X     488,661 0 82,947
(40) VICTOR DRISTAS........................................................................
EVP, OPERATIONS
 40.00
.......................0.00 		      X     429,083 0 80,876
(41) ROBERT DIBBLEE........................................................................
SVP, GOVERNMENT RELATIONS
 37.00
.......................3.00 		        X   600,388 0 72,274
(42) JOHN JONES........................................................................
SVP, GOVERNMENT RELATIONS
 36.00
.......................4.00 		        X   527,874 0 49,362
(43) VICTORIA ROSTOW........................................................................
SVP, REG. AFFAIRS & DEPUTY GC
 40.00
.......................0.00 		        X   526,139 0 50,916
(44) KURT WALTEN........................................................................
SVP, INVESTMENT AFFAIRS
 40.00
.......................0.00 		        X   522,439 0 70,480
(45) CHRISTOPHER DRULA........................................................................
SVP, FINANCIAL STANDARDS
 40.00
.......................0.00 		        X   514,067 0 78,423
1b Sub-Total..............
c Total from continuation sheets to Part VII, Section A..
d Total (add lines 1b and 1c)......... 8,539,821 0 800,824
2
Total number of individuals (including but not limited to those listed above) who received more than $100,000 of reportable compensation from the organization 38
Yes
No
3
Did the organization list any former officer, director or trustee, key employee, or highest compensated employee on line 1a? If "Yes," complete Schedule J for such individual ..............
3
 
No
4
For any individual listed on line 1a, is the sum of reportable compensation and other compensation from the organization and related organizations greater than $150,000? If "Yes," complete Schedule J for such
individual...........................
4
Yes
 
5
Did any person listed on line 1a receive or accrue compensation from any unrelated organization or individual for services rendered to the organization? If "Yes," complete Schedule J for such person ........
5
 
No
Section B. Independent Contractors
1
Complete this table for your five highest compensated independent contractors that received more than $100,000 of compensation from the organization. Report compensation for the calendar year ending with or within the organization’s tax year.
(A)
Name and business address 		(B)
Description of services 		(C)
Compensation
FREEMAN DECORATING CO

PO BOX 734596
DALLAS,TX753734596 		AUDIO VISUAL & SET PRODUCTION SERVICES 1,758,722
MILLER STRATEGIES LLC

PO BOX 625
BUDA,TX78610 		STRATEGIC ADVISORY CONSULTANT 336,000
ERNST & YOUNG US LLP

200 PLAZA DRIVE
SECAUCUS,NJ07094 		STRATEGIC ADVISORY CONSULTANT 331,300
ANTHOLOGY MARKETING GROUP INC

1003 BISHOP STREET 9TH FLOOR
HONOLULU,HI96813 		HAWAII STRATEGIC ADVISORY CONSULTANT 314,327
AKIN GUMP STRAUSS HAUER & FELD LLP

2001 K STREET NW
WASHINGTON,DC200065413 		STRATEGIC ADVISORY CONSULTANT 250,000
2
Total number of independent contractors (including but not limited to those listed above) who received more than $100,000 of compensation from the organization 22
Form 990 (2025)
Form 990 (2025)
Page 9
Part VIII
Statement of Revenue
Check if Schedule O contains a response or note to any line in this Part VIII.............
(A)
Total revenue 		(B)
Related or
exempt
function
revenue 		(C)
Unrelated
business
revenue 		(D)
Revenue
excluded from
tax under sections
512 - 514
Contributions, Gifts, Grants, and OtherAmt Similar Amounts 1a Federated campaigns..1a  
b Membership dues..1b  
c Fundraising events..1c  
d Related organizations1d  
e Government grants (contributions)1e  
f All other contributions, gifts, grants, and similar amounts not included above1f  
g Noncash contributions included in lines 1a - 1f:$ 1g  
h Total. Add lines 1a-1f.......  
Program Service RevenueAmt Business Code
2a DUES 900099 19,503,627 19,503,627    
b CONFERENCES 900099 5,874,487 5,874,487    
c PUBLICATIONS 541800 145,000   145,000  
d PUBLICATIONS 900099 77,110 77,110    
e
f All other program service revenue.        
g Total. Add lines 2a–2f ..... 25,600,224
OtherAmtRevenueAmt 3 Investment income (including dividends, interest, and othersimilar amounts) ...... 1,417,664     1,417,664
4 Income from investment of tax-exempt bond proceeds        
5 Royalties........... 8,467,223     8,467,223
(i) Real (ii) Personal
6a Gross rents 6a    
b Less: rental expenses 6b    
c Rental income or (loss) 6c    
d Net rental income or (loss).......        
(i) Securities (ii) Other
7a Gross amount from sales of assets other than inventory 7a 11,638,926  
b Less: cost or other basis and sales expenses 7b 10,793,937  
c Gain or (loss) 7c 844,989  
d Net gain or (loss)......... 844,989     844,989
8a Gross income from fundraising events (not including $   of contributions reported on line 1c). See Part IV, line 18 ....
8a  
b Less: direct expenses ... 8b  
c Net income or (loss) from fundraising events..      
9a Gross income from gaming activities.
See Part IV, line 19 ...
9a  
b Less: direct expenses ... 9b  
c Net income or (loss) from gaming activities..        
10a Gross sales of inventory, less
returns and allowances ..
10a  
b Less: cost of goods sold .. 10b  
c Net income or (loss) from sales of inventory..        
OtherRevenueMiscAmt
Business Code
11a MISCELLANEOUS 900099 82,245     82,245
b            
c            
d All other revenue ....        
e Total. Add lines 11a–11d ...... 82,245
12 Total revenue. See instructions..... 36,412,345 25,455,224 145,000 10,812,121
Form 990 (2025)
Form 990 (2025)
Page 10
Part IX
Statement of Functional Expenses
Section 501(c)(3) and 501(c)(4) organizations must complete all columns. All other organizations must complete column (A).Check if Schedule O contains a response or note to any line in this Part IX..............
Do not include amounts reported on lines 6b,
7b, 8b, 9b, and 10b of Part VIII. 		(A)
Total expenses 		(B)
Program service expenses 		(C)
Management and general expenses 		(D)
Fundraising
expenses
1 Grants and other assistance to domestic organizations and domestic governments. See Part IV, line 21 .... 130,000  
2 Grants and other assistance to domestic individuals. See Part IV, line 22 ...........    
3 Grants and other assistance to foreign organizations, foreign governments, and foreign individuals. See Part IV, lines 15 and 16. .............    
4 Benefits paid to or for members .......    
5 Compensation of current officers, directors, trustees, and key employees ........... 6,862,466      
6 Compensation not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B) .........        
7 Other salaries and wages........ 10,295,429      
8 Pension plan accruals and contributions (include section 401(k) and 403(b) employer contributions) .... 555,152      
9 Other employee benefits ....... 1,247,421      
10 Payroll taxes ........... 797,889      
11 Fees for services (non-employees):        
a Management ......        
b Legal ......... 350,182      
c Accounting ........... 78,151      
d Lobbying ........... 2,866,501      
e Professional fundraising services. See Part IV, line 17    
f Investment management fees ...... 120,767      
g Other (If line 11g amount exceeds 10% of line 25, column (A) amount, list line 11g expenses on Schedule O) 1,657,371      
12 Advertising and promotion .... 167,098      
13 Office expenses ....... 123,643      
14 Information technology ...... 179,444      
15 Royalties ..        
16 Occupancy ........... 1,037,038      
17 Travel ............ 456,568      
18 Payments of travel or entertainment expenses for any federal, state, or local public officials .        
19 Conferences, conventions, and meetings .... 4,337,593      
20 Interest ...........        
21 Payments to affiliates .......        
22 Depreciation, depletion, and amortization .. 205,361      
23 Insurance ... 127,426      
24 Other expenses. Itemize expenses not covered above (List miscellaneous expenses in line 24e. If line 24e amount exceeds 10% of line 25, column (A) amount, list line 24e expenses on Schedule O.)
a DUES AND SUBSCRIPTIONS 800,695      
b INTERNET SERVICES 519,896      
c SPONSORSHIPS 507,681      
d TAXES 507,539      
e All other expenses 981,703      
25 Total functional expenses. Add lines 1 through 24e 34,913,014      
26 Joint costs. Complete this line only if the organization reported in column (B) joint costs from a combined educational campaign and fundraising solicitation. Check here if following SOP 98-2 (ASC 958-720).        
Form 990 (2025)
Form 990 (2025)
Page 11
Part X
Balance Sheet
Check if Schedule O contains a response or note to any line in this Part IX..............
(A)
Beginning of year 		(B)
End of year
Assets 1 Cash–non-interest-bearing ........ 54,780 1 96,988
2 Savings and temporary cash investments ......... 3,345,655 2 3,457,995
3 Pledges and grants receivable, net ......   3  
4 Accounts receivable, net ............. 2,011,088 4 1,658,549
5 Loans and other receivables from any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or 35% controlled entity or family member of any of these persons .......
  5  
6 Loans and other receivables from other disqualified persons (as defined under section 4958(f)(1)), and persons described in section 4958(c)(3)(B) ...
  6  
7 Notes and loans receivable, net ...........   7  
8 Inventories for sale or use ............   8  
9 Prepaid expenses and deferred charges ...... 718,492 9 727,580
10a Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D 10a 1,908,237
b Less: accumulated depreciation 10b 1,589,236 463,357 10c 319,001
11 Investments—publicly traded securities . 35,054,623 11 43,708,113
12 Investments—other securities. See Part IV, line 11 .....   12  
13 Investments—program-related. See Part IV, line 11 ..   13  
14 Intangible assets ............... 569,794 14 569,794
15 Other assets. See Part IV, line 11 ........... 5,330,677 15 4,378,120
16 Total assets. Add lines 1 through 15 (must equal line 33)... 47,548,466 16 54,916,140
Liabilities 17 Accounts payable and accrued expenses ..... 8,833,614 17 10,234,446
18 Grants payable ...   18  
19 Deferred revenue ......... 7,425,577 19 10,156,097
20 Tax-exempt bond liabilities .........   20  
21 Escrow or custodial account liability. Complete Part IV of Schedule D   21  
22 Loans and other payables to any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or 35% controlled entity or family member of any of these persons .........
  22  
23 Secured mortgages and notes payable to unrelated third parties ..   23  
24 Unsecured notes and loans payable to unrelated third parties ..   24  
25 Other liabilities (including federal income tax, payables to related third parties, and other liabilities not included on lines 17 - 24). Complete Part X of Schedule D 6,108,558 25 5,104,796
26 Total liabilities. Add lines 17 through 25.. 22,367,749 26 25,495,339
Net Assets or Fund Balance Organizations that follow FASB ASC 958, check here and complete lines 27, 28, 32, and 33.
27 Net assets without donor restrictions .......... 25,180,717 27 29,420,801
28 Net assets with donor restrictions ...........   28  
Organizations that do not follow FASB ASC 958, check here right arrow and complete lines 29 through 33.
29 Capital stock or trust principal, or current funds .....   29  
30 Paid-in or capital surplus, or land, building or equipment fund ...   30  
31 Retained earnings, endowment, accumulated income, or other funds   31  
32 Total net assets or fund balances ........... 25,180,717 32 29,420,801
33 Total liabilities and net assets/fund balances ........ 47,548,466 33 54,916,140
Form 990 (2025)
Form 990 (2025)
Page 12
Part XI
Reconcilliation of Net Assets
Check if Schedule O contains a response or note to any line in this Part XI..............
1
Total revenue (must equal Part VIII, column (A), line 12) ............
1
36,412,345
2
Total expenses (must equal Part IX, column (A), line 25) ............
2
34,913,014
3
Revenue less expenses. Subtract line 2 from line 1 ..............
3
1,499,331
4
Net assets or fund balances at beginning of year (must equal Part X, line 32, column (A)) ..
4
25,180,717
5
Net unrealized gains (losses) on investments ...............
5
2,740,753
6
Donated services and use of facilities .................
6
 
7
Investment expenses .....................
7
 
8
Prior period adjustments .....................
8
 
9
Other changes in net assets or fund balances (explain in Schedule O) ........
9
0
10
Net assets or fund balances at end of year. Combine lines 3 through 9 (must equal Part X, line 32, column (B))
10
29,420,801
Part XII
Financial Statements and Reporting
Check if Schedule O contains a response or note to any line in this Part XII.............
Yes
No
1
Accounting method used to prepare the Form 990:  
If the organization changed its method of accounting from a prior year or checked "Other," explain on
Schedule O.
2a
Were the organization’s financial statements compiled or reviewed by an independent accountant?
2a
 
No
If ‘Yes,’ check a box below to indicate whether the financial statements for the year were compiled or reviewed on a separate basis, consolidated basis, or both:
b
Were the organization’s financial statements audited by an independent accountant?
2b
Yes
 
If ‘Yes,’ check a box below to indicate whether the financial statements for the year were audited on a separate basis, consolidated basis, or both:
c
If "Yes," to line 2a or 2b, does the organization have a committee that assumes responsibility for oversight of the audit, review, or compilation of its financial statements and selection of an independent accountant?
2c
Yes
 
If the organization changed either its oversight process or selection process during the tax year, explain in Schedule O.
3a
As a result of a federal award, was the organization required to undergo an audit or audits as set forth in the Uniform Guidance, 2 C.F.R. Part 200, Subpart F?
3a
 
No
b
If "Yes," did the organization undergo the required audit or audits? If the organization did not undergo the required audit or audits, explain why in Schedule O and describe any steps taken to undergo such audits.
3b
 
 
Form 990 (2025)
Form 990 (2025)
Additional Data


Software ID:  
Software Version:  
Form 990, Special Condition Description:
Special Condition Description
SCHEDULE C
(Form 990)

Department of the Treasury
Internal Revenue Service
Political Campaign and Lobbying Activities

For Organizations Exempt From Income Tax Under section 501(c) and section 527

Complete if the organization is described below. Attach to Form 990 or Form 990-EZ.
Go to www.irs.gov/Form990 for instructions and the latest information.
OMB No. 1545-0047
2025
Open to Public
Inspection
If the organization answered "Yes" on Form 990, Part IV, Line 3, or Form 990-EZ, Part V, line 46 (Political Campaign Activities), then
Round Bullet Section 501(c)(3) organizations: Complete Parts I-A and B. Do not complete Part I-C.
Round Bullet Section 501(c) (other than section 501(c)(3)) organizations: Complete Parts I-A and C below. Do not complete Part I-B.
Round Bullet Section 527 organizations: Complete Part I-A only.
If the organization answered "Yes" on Form 990, Part IV, Line 4, or Form 990-EZ, Part VI, line 47 (Lobbying Activities), then
Round Bullet Section 501(c)(3) organizations that have filed Form 5768 (election under section 501(h)): Complete Part II-A. Do not complete Part II-B.
Round Bullet Section 501(c)(3) organizations that have NOT filed Form 5768 (election under section 501(h)): Complete Part II-B. Do not complete Part II-A.
If the organization answered "Yes" on Form 990, Part IV, Line 5 (Proxy Tax) (see separate instructions) or Form 990-EZ, Part V, line 35c (Proxy Tax) (see separate instructions), then
Round Bullet Section 501(c)(4), (5), or (6) organizations: Complete Part III.
Name of the organization
NATIONAL ASSOCIATION OF REAL ESTATE
INVESTMENT TRUSTS (NAREIT)
Employer identification number

27-3586050
Part I-A
Complete if the organization is exempt under section 501(c) or is a section 527 organization.

1
Provide a description of the organization’s direct and indirect political campaign activities in Part IV. See instructions for definition of “political campaign activities."

2
Political campaign activity expenditures. See instructions ....................................................................
$ 47,350
3
Volunteer hours for political campaign activities. See instructions ..................................................................
0

Part I-B
Complete if the organization is exempt under section 501(c)(3).
1
Enter the amount of any excise tax incurred by the organization under section 4955 ................................
$  
2
Enter the amount of any excise tax incurred by organization managers under section 4955 .......................
$  
3
If the organization incurred a section 4955 tax, did it file Form 4720 for this year? .........................................
4a
Was a correction made? ......................................................................................................................
b
If "Yes," describe in Part IV.
Part I-C
Complete if the organization is exempt under section 501(c), except section 501(c)(3).
1
Enter the amount directly expended by the filing organization for section 527 exempt function activities .....
$ 47,350
2
Enter the amount of the filing organization's funds contributed to other organizations for section 527 exempt function activities ............................................................................................................................

$  
3
Total exempt function expenditures. Add lines 1 and 2. Enter here and on Form 1120-POL, line 17b...........

$ 47,350
4
Did the filing organization file Form 1120-POL for this year? ...................................................................
5
Enter the names, addresses and employer identification number (EIN) of all section 527 political organizations to which the filing
organization made payments. For each organization listed, enter the amount paid from the filing organization’s funds. Also enter the amount of political contributions received that were promptly and directly delivered to a separate political organization, such as a separate segregated fund or a political action committee (PAC). If additional space is needed, provide information in Part IV.
(a) Name (b) Address (c) EIN (d) Amount paid from filing organization's funds. If none, enter -0-. (e) Amount of political contributions received and promptly and directly delivered to a separate political organization. If none, enter -0-.
(1) NAREIT POLITICAL ACTION COMMITTEE
  		1875 I STREET NW SUITE 500
WASHINGTON,DC200065413 		52-1930172   647,636
(2) MARYLAND DEMOCRATIC PARTY
  		275 WEST STREET SUITE 70
ANNAPOLIS,MD21401 		52-0908106 5,000  
(3) CITIZENS FOR ADRIENNE JONES
  		PO BOX 118
RANDALLSTOWN,MD21133 		52-2065770 1,500  
(4) CITIZENS FOR BILL FERGUSON
  		27 S ANN ST
BALTIMORE,MD21231 		27-2423021 1,500  
(5) COMMITTEE TO ELECT CT WILSON
  		PO BOX 618
BRYANS RD,MD20616 		82-3030072 1,500  
(6) FRIENDS OF GUY GUZZONE
  		PO BOX 278
SIMPSONVILLE,MD21150 		52-2054786 1,500  
(7) FRIENDS OF SYLVIA LUKE
  		PO BOX 2804
HONOLULU,HI96803 		99-0335285 1,500  
(8) WILL SMITH FOR MARYLAND
  		PO BOX 8801
SILVER SPRING,MD20907 		46-2577519 1,500  
(9) CITIZENS FOR BRIAN FELDMAN
  		1200 LIGHT ST UNIT B
BALTIMORE,MD21230 		52-2344445 1,000  
(10) FRIENDS FOR DONOVAN DELA CRUZ
  		PO BOX 860340
WAHIAWA,HI96786 		43-1970346 1,000  
(11) FRIENDS OF CHRIS TOSHIRO TODD
  		96 KELELA ST
HILO,HI96720 		81-5382287 1,000  
(12) FRIENDS OF DRU MAMO KANUHA
  		PO BOX 4709
KAILUAKONA,HI96745 		45-5447325 1,000  
(13) FRIENDS OF GLENN WAKAI
  		3054 ALA POHA PLACE 2009
HONOLULU,HI96818 		85-1685404 1,000  
(14) FRIENDS OF JARRETT KEOHOKALOLE
  		PO BOX 6603
KANEOHE,HI96744 		46-5194917 1,000  
(15) FRIENDS OF LINDA ICHIYAMA
  		PO BOX 1707
AIEA,HI96701 		27-1143118 1,000  
(16) FRIENDS OF LYNN DECOITE
  		PO BOX 1032
KAUNAKAKAI,HI96748 		47-3634001 1,000  
(17) FRIENDS OF MICHELLE KIDANI
  		415 S BERETANIA ST
HONOLULU,HI96813 		46-1295463 1,000  
(18) FRIENDS OF NADINE
  		PO BOX 1005
LIHUE,HI96766 		27-1945967 1,000  
(19) FRIENDS OF SEAN QUINLAN
  		66-496 PAALAA RD
HALEIWA,HI96712 		81-2460936 1,000  
(20) FRIENDS OF TROY HASHIMOTO
  		PO BOX 3028
WAILUKU,HI96793 		82-4951840 1,000  
(21) JOSH GREEN FOR HAWAII
  		PO BOX 88
HONOLULU,HI96810 		83-4262493 1,000  
(22) KOUCHI FOR SENATE
  		PO BOX 983
LAWAI,HI96765 		65-1284600 1,000  
(23) NAIOP HAWAII CRE INDUSTRY PAC
  		PO BOX 1601
HONOLULU,HI96806 		88-1726147 1,000  
(24) VOTE FOR ILAGAN
  		HC3 BOX 14048
KEAAU,HI96749 		85-1250051 1,000  
(25) FRIENDS OF SCOT MATAYOSHI
  		PO BOX 6163
KANEOHE,HI96744 		82-2696197 750  
(26) THE HOLT HUI
  		1461 NORTH SCHOOL ST
HONOLULU,HI96817 		81-2654960 750  
(27) BROOKE LIERMAN FOR MARYLAND
  		PO BOX 891
BALTIMORE,MD21203 		46-2720745 500  
(28) FRIENDS OF BRANDON ELEFANTE
  		PO BOX 1805
AIEA,HI96701 		46-3392976 500  
(29) FRIENDS OF CAROL FUKUNAGA
  		PO BOX 61503
HONOLULU,HI96839 		46-0942232 500  
(30) FRIENDS OF CHRIS LEE
  		111 HEKILI ST BOX 392
KAILUA,HI96734 		35-2338532 500  
(31) FRIENDS OF CORY CHUN
  		94-1035 KAAMEA ST
WAIPAHU,HI96797 		27-2631676 500  
(32) FRIENDS OF D MORIKAWA
  		PO BOX 92
LIHUE,HI96766 		27-2759003 500  
(33) FRIENDS OF DONNA MERCADO KIM
  		1745 ALA AMOAMO ST
HONOLULU,HI96819 		99-0268749 500  
(34) FRIENDS OF JACKSON SAYAMA
  		PO BOX 283173
HONOLULU,HI96828 		38-4133889 500  
(35) FRIENDS OF JENNA TAKENOUCHI
  		PO BOX 3013
HONOLULU,HI96802 		87-4679521 500  
(36) FRIENDS OF JIM ROSAPEPE
  		8209 WATER LILY WAY
LAUREL,MD20724 		81-4924137 500  
(37) FRIENDS OF JOY SAN BUENAVENTURA
  		PO BOX 1675
KEAAU,HI96749 		46-4692296 500  
(38) FRIENDS OF KIRSTIN KAHALOA
  		PO BOX 655
KEALAKEKUA,HI96750 		88-2142896 500  
(39) FRIENDS OF LISA KITAGAWA
  		PO BOX 6309
KANEOHE,HI96744 		82-2704893 500  
(40) FRIENDS OF LORRAINE INOUYE
  		215 PAUKAA DR
HILO,HI96720 		99-0347305 500  
(41) FRIENDS OF LUKE EVSLIN
  		PO BOX 662074
LIHUE,HI96766 		82-3294873 500  
(42) FRIENDS OF STANLEY CHANG
  		415 SOUTH BERETANIA ST
HONOLULU,HI96813 		46-1629335 500  
(43) FRIENDS OF TIM RICHARDS
  		PO BOX 6741
KAMUELA,HI96743 		81-2446341 500  
(44) FRIENDS OF TRISH LA CHICA
  		94-081 PUANANE LOOP
MILILANI,HI96789 		93-2230602 500  
(45) GOOD FRIENDS OF KYLE YAMASHITA
  		PO BOX 880989
PUKALANI,HI96788 		46-0700227 500  
(46) FRIENDS OF JUSTIN H WOODSON
  		PO BOX 1609
KAHULUI,HI96733 		46-2090762 300  
(47) FRIENDS OF MARK HASHEM
  		PO BOX 240965
HONOLULU,HI96824 		27-2681333 300  
(48) CITIZENS FOR WILLIAM FOLDEN
  		PO BOX 266
MYERSVILLE,MD21773 		46-5379873 250  
(49) COMMITTEE TO ELECT BRIAN M CROSBY
  		PO BOX 655
LEXINGTON PARK,MD20653 		82-1728327 250  
(50) FRIENDS FOR SAM KONG
  		98-818 KAONOHI ST APT F
AIEA,HI96701 		27-2870693 250  
(51) FRIENDS OF ANDREW GARRETT
  		PO BOX 283144
HONOLULU,HI96828 		82-3428306 250  
(52) FRIENDS OF CRAIG ZUCKER
  		PO BOX 1037
OLNEY,MD20830 		47-3973801 250  
(53) FRIENDS OF DARIUS KILA
  		87-860 FARRINGTON HWY APT B
WAIANAE,HI96792 		88-1412480 250  
(54) FRIENDS OF DAVID MOON
  		30 RITCHIE AVE
SILVER SPRING,MD20910 		45-5362756 250  
(55) FRIENDS OF GREGG TAKAYAMA
  		PO BOX 1196
HONOLULU,HI96807 		250  
(56) FRIENDS OF IKAIKA OLDS
  		500 UNIVERSITY AVE 137
HONOLULU,HI96826 		87-4448235 250  
(57) FRIENDS OF JESSE PIPPY
  		PO BOX 2047
FREDERICK,MD21702 		46-4555725 250  
(58) FRIENDS OF JHEANELLE WILKINS
  		PO BOX 7601
SILVER SPRING,MD20907 		46-5041298 250  
(59) FRIENDS OF JUSTIN READY
  		PO BOX 402
WESTMINSTER,MD21158 		250  
(60) FRIENDS OF LILY QI
  		9710 TRAVILLE GATEWAY DR 148
ROCKVILLE,MD20850 		82-2823924 250  
(61) FRIENDS OF MARC KORMAN
  		7104 EXETER RD
BETHESDA,MD20814 		27-1895665 250  
(62) FRIENDS OF MIKE LEE
  		PO BOX 1822
KAILUA,HI96734 		88-2162273 250  
(63) FRIENDS OF PAUL CORDERMAN
  		1312 HAMILTON BLVD
HAGERSTOWN,MD21742 		82-3795528 250  
(64) FRIENDS OF RACHELE LAMOSAO
  		PO BOX 971021
WAIPAHU,HI96797 		88-1174289 250  
(65) FRIENDS OF STEVE HERSHEY
  		104 WYE VIEW DR
QUEENSTOWN,MD21658 		27-2986910 250  
(66) FRIENDS OF TYSON MIYAKE
  		PO BOX 3136
WAILUKU,HI96793 		93-4957798 250  
(67) JASON BUCKEL FOR DELEGATE
  		206 WASHINGTON ST
CUMBERLAND,MD21502 		46-4971240 250  
(68) TARNAS FOR STATE HOUSE
  		PO BOX 6882
KAMUELA,HI96743 		47-4796689 250  
(69) VOTE LEE LOY
  		PO BOX 6177
HILO,HI96720 		81-0694606 250  
(70) VOTEKUSCH
  		PO BOX 10001
HILO,HI96721 		88-0547906 250  
For Paperwork Reduction Act Notice, see the instructions for Form 990.
Cat. No. 50084S
Schedule C (Form 990) 2025

Schedule C (Form 990) 2025
Page 2
Part II-A
Complete if the organization is exempt under section 501(c)(3) and filed Form 5768 (election under section 501(h)).
A Check expenses, and share of excess lobbying expenditures).
B Check
Limits on Lobbying Expenditures
(The term "expenditures" means amounts paid or incurred.) 		(a) Filing
organization's
totals 		(b) Affiliated group totals
1a Total lobbying expenditures to influence public opinion (grass roots lobbying) ......................    
b Total lobbying expenditures to influence a legislative body (direct lobbying) ........................    
c Total lobbying expenditures (add lines 1a and 1b) ............................................................    
d Other exempt purpose expenditures ...............................................................................    
e Total exempt purpose expenditures (add lines 1c and 1d) ..................................................    
f Lobbying nontaxable amount. Enter the amount from the following table in both
columns.		    
If the amount on line 1e, column (a) or (b) is:The lobbying nontaxable amount is:
Not over $500,00020% of the amount on line 1e.
Over $500,000 but not over $1,000,000$100,000 plus 15% of the excess over $500,000.
Over $1,000,000 but not over $1,500,000$175,000 plus 10% of the excess over $1,000,000.
Over $1,500,000 but not over $17,000,000$225,000 plus 5% of the excess over $1,500,000.
Over $17,000,000$1,000,000.
g Grassroots nontaxable amount (enter 25% of line 1f) .................................................    
h Subtract line 1g from line 1a. If zero or less, enter -0-. ................................................    
i Subtract line 1f from line 1c. If zero or less, enter -0-. ................................................    
j If there is an amount other than zero on either line 1h or line 1i, did the organization file Form 4720 reporting
section 4911 tax for this year? ...................................................................................................................

4-Year Averaging Period Under Section 501(h)
(Some organizations that made a section 501(h) election do not have to complete all of the five
columns below. See the separate instructions for lines 2a through 2f.)
Lobbying Expenditures During 4-Year Averaging Period
Calendar year (or fiscal year
beginning in) 		(a) 2022 (b) 2023 (c) 2024 (d) 2025 (e) Total
2a Lobbying nontaxable amount          
b Lobbying ceiling amount
(150% of line 2a, column(e)) 		 
c Total lobbying expenditures          
d Grassroots nontaxable amount          
e Grassroots ceiling amount
(150% of line 2d, column (e))		  
f Grassroots lobbying expenditures          
Schedule C (Form 990) 2025


Schedule C (Form 990) 2025
Page 3
Part II-B
Complete if the organization is exempt under section 501(c)(3) and has NOT filed Form 5768 (election under section 501(h)).
For each "Yes" response on lines 1a through 1i below, provide in Part IV a detailed description of the lobbying activity.
(a)
Yes
No
(b)
Amount
1
During the year, did the filing organization attempt to influence foreign, national, state or local legislation, including any attempt to influence public opinion on a legislative matter or referendum, through the use of:
a
Volunteers? ...........................................................................................................
 
 
b
Paid staff or management (include compensation in expenses reported on lines 1c through 1i)? ........
 
 
c
Media advertisements? ...................................................................................................
 
 
 
d
Mailings to members, legislators, or the public? .............................................................................
 
 
 
e
Publications, or published or broadcast statements? ...........................................................
 
 
 
f
Grants to other organizations for lobbying purposes? ..........................................................
 
 
 
g
Direct contact with legislators, their staffs, government officials, or a legislative body? .......................
 
 
 
h
Rallies, demonstrations, seminars, conventions, speeches, lectures, or any similar means? ..................
 
 
 
i
Other activities? ...................................................................................................................
 
 
 
j
Total. Add lines 1c through 1i ....................................................................................................
 
2a
Did the activities in line 1 cause the organization to be not described in section 501(c)(3)? .....
 
 
b
If "Yes," enter the amount of any tax incurred under section 4912 ...........................................
 
c
If "Yes," enter the amount of any tax incurred by organization managers under section 4912 ...................
 
d
If the filing organization incurred a section 4912 tax, did it file Form 4720 for this year? ........................
 
 
Part III-A
Complete if the organization is exempt under section 501(c)(4), section 501(c)(5), or section 501(c)(6).
Yes
No
1
Were substantially all (90% or more) dues received nondeductible by members? ...............................................
1
 
No
2
Did the organization make only in-house lobbying expenditures of $2,000 or less? ............................................
2
 
No
3
Did the organization agree to carry over lobbying and political expenditures from the prior year? .................................
3
Yes
 
Part III-B
Complete if the organization is exempt under section 501(c)(4), section 501(c)(5), or section 501(c)(6) and if either (a) BOTH Part III-A, lines 1 and 2, are answered "No" OR (b) Part III-A, line 3, is answered “Yes."
1
Dues, assessments and similar amounts from members ......................................................................
1
19,503,627
2
Section 162(e) nondeductible lobbying and political expenditures (do not include amounts of political expenses for which the section 527(f) tax was paid).
a
Current year .............................................................................................................................
2a
6,181,735
b
Carryover from last year ............................................................................................................
2b
-4,080,996
c
Total ...........................................................................................................................................
2c
2,100,739
3
Aggregate amount reported in section 6033(e)(1)(A) notices of nondeductible section 162(e) dues .
3
4,875,907
4
If notices were sent and the amount on line 2c exceeds the amount on line 3, what portion of the excess does the organization agree to carryover to the reasonable estimate of nondeductible lobbying and political expenditure next year? ......................................................................................................................
4
-2,775,168
5
Taxable amount of lobbying and political expenditures. See Instructions .........................................
5
 
Part IV
Supplemental Information
Provide the descriptions required for Part I-A, line 1; Part I-B, line 4; Part I-C, line 5; Part II-A (affiliated group list); Part II-A, lines 1 and 2 (see instructions), and Part II-B, line 1. Also, complete this part for any additional information.
Return Reference Explanation
PART I-A, LINE 1: POLITICAL EXPENDITURES FOR STATE LEVEL LEGISLATORS IN HAWAII AND MARYLAND.
Schedule C (Form 990) 2025


Additional Data


Software ID:  
Software Version:  

SCHEDULE D
(Form 990)

Department of the Treasury
Internal Revenue Service
Supplemental Financial Statements
Complete if the organization answered "Yes," on Form 990,
Part IV, line 6, 7, 8, 9, 10, 11a, 11b, 11c, 11d, 11e, 11f, 12a, or 12b.
Attach to Form 990.
Go to www.irs.gov/Form990 for instructions and the latest information.
OMB No. 1545-0047
Open to Public Inspection
Name of the organization
NATIONAL ASSOCIATION OF REAL ESTATE
INVESTMENT TRUSTS (NAREIT)
Employer identification number

27-3586050
Part I
Organizations Maintaining Donor Advised Funds or Other Similar Funds or Accounts. Complete if the organization answered "Yes" on Form 990, Part IV, line 6.
(a) Donor advised funds (b) Funds and other accounts
1 Total number at end of year .........    
2 Aggregate value of contributions to (during year)    
3 Aggregate value of grants from (during year)    
4 Aggregate value at end of year ........    
5
Did the organization inform all donors and donor advisors in writing that the assets held in donor advised funds are the organization’s property, subject to the organization’s exclusive legal control? ............
6
Did the organization inform all grantees, donors, and donor advisors in writing that grant funds can be used only for charitable purposes and not for the benefit of the donor or donor advisor, or for any other purpose conferring impermissible private benefit? ...................................
Part II
Conservation Easements.
Complete if the organization answered "Yes" on Form 990, Part IV, line 7.
1
Purpose(s) of conservation easements held by the organization (check all that apply).
2
Complete lines 2a through 2d if the organization held a qualified conservation contribution in the form of a conservation easement on the last day of the tax year.
Held at the End of the Year
a Total number of conservation easements ...................... 2a  
b Total acreage restricted by conservation easements .................... 2b  
c Number of conservation easements on a certified historic structure included in (a) ..... 2c  
d Number of conservation easements included in (c) acquired after July 25, 2006, and not on a historic structure listed in the National Register ... 2d  
3
Number of conservation easements modified, transferred, released, extinguished, or terminated by the organization during the
tax year  
4
Number of states where property subject to conservation easement is located  
5
Does the organization have a written policy regarding the periodic monitoring, inspection, handling of violations, and enforcement of the conservation easements it holds? ............
6
Staff and volunteer hours devoted to monitoring, inspecting, handling of violations, and enforcing conservation easements during the year
 
7
Amount of expenses incurred in monitoring, inspecting, handling of violations, and enforcing conservation easements during the year
$  
8
Does each conservation easement reported on line 2(d) above satisfy the requirements of section 170(h)(4)(B)(i) and section 170(h)(4)(B)(ii)? .............................
9
In Part XIII, describe how the organization reports conservation easements in its revenue and expense statement, and
balance sheet, and include, if applicable, the text of the footnote to the organization’s financial statements that describes
the organization’s accounting for conservation easements.
Part III
Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets.
Complete if the organization answered "Yes" on Form 990, Part IV, line 8.
1a
If the organization elected, as permitted under FASB ASC 958, not to report in its revenue statement and balance sheet works of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service, provide, in Part XIII, the text of the footnote to its financial statements that describes these items.
b
If the organization elected, as permitted under FASB ASC 958, to report in its revenue statement and balance sheet works of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service, provide the following amounts relating to these items:
(i)
Revenue included on Form 990, Part VIII, line 1 ......................... $  
(ii)
Assets included in Form 990, Part X ............................... $  
2
If the organization received or held works of art, historical treasures, or other similar assets for financial gain, provide the
following amounts required to be reported under FASB ASC 958 relating to these items:
a
Revenue included on Form 990, Part VIII, line 1 .......................... $  
b
Assets included in Form 990, Part X ............................... $  
For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 52283D
Schedule D (Form 990) (Rev. 1-2025)

Schedule D (Form 990) (Rev. 1-2025)
Page 2
Part III
Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets (continued)
3
Using the organization’s acquisition, accession, and other records, check any of the following that are a significant use of its collection items (check all that apply):
a
d
b
e
 
c
4
Provide a description of the organization’s collections and explain how they further the organization’s exempt purpose in
Part XIII.
5
During the year, did the organization solicit or receive donations of art, historical treasures or other similar
assets to be sold to raise funds rather than to be maintained as part of the organization’s collection?...
Part IV
Escrow and Custodial Arrangements. Complete if the organization answered "Yes" on Form 990, Part IV, line 9, or reported an amount on Form 990, Part X, line 21.
1a
Is the organization an agent, trustee, custodian or other intermediary for contributions or other assets not
included on Form 990, Part X? ....................................
b If "Yes," explain the arrangement in Part XIII and complete the following table: Amount
c Beginning balance ............................. 1c  
d Additions during the year ............................ 1d  
e Distributions during the year .......................... 1e  
f Ending balance ................................ 1f  
2a
Did the organization include an amount on Form 990, Part X, line 21, for escrow or custodial account liability? ...
b
If "Yes," explain the arrangement in Part XIII. Check here if the explanation has been provided in Part XIII ....
Part V
Endowment Funds.
Complete if the organization answered "Yes" on Form 990, Part IV, line 10.
(a) Current year (b) Prior year (c) Two years back (d) Three years back (e) Four years back
1a Beginning of year balance ....          
b Contributions ...          
c Net investment earnings, gains, and losses          
d Grants or scholarships ...          
e Other expenditures for facilities
and programs ... 		         
f Administrative expenses ....          
g End of year balance ......          
2
Provide the estimated percentage of the current year end balance (line 1g, column (a)) held as:
a
Board designated or quasi-endowment  
b
Permanent endowment  
c
Term endowment  
The percentages on lines 2a, 2b, and 2c should equal 100%.
3a
Are there endowment funds not in the possession of the organization that are held and administered for the
organization by:

Yes
No
(i) Unrelated organizations .................
3a(i)
 
 
(ii) Related organizations .................
3a(ii)
 
 
b
If "Yes" on 3a(ii), are the related organizations listed as required on Schedule R? .........
3b
 
 
4
Describe in Part XIII the intended uses of the organization's endowment funds.
Part VI
Land, Buildings, and Equipment.
Complete if the organization answered "Yes" on Form 990, Part IV, line 11a. See Form 990, Part X, line 10.
Description of property (a) Cost or other basis
(investment) 		(b) Cost or other basis (other) (c) Accumulated depreciation (d) Book value
1a Land .....      
b Buildings ....        
c Leasehold improvements   501,165 298,254 202,911
d Equipment ....   1,101,268 985,178 116,090
e Other .....   305,804 305,804 0
Total. Add lines 1a through 1e. (Column (d) must equal Form 990, Part X, column (B), line 10(c).).. 319,001
Schedule D (Form 990) (Rev. 1-2025)

Schedule D (Form 990) (Rev. 1-2025)
Page 3
Part VII
Investments - Other Securities.
Complete if the organization answered "Yes" on Form 990, Part IV, line 11b. See Form 990, Part X, line 12.
(a) Description of security or category
(including name of security)		 (b) Book value (c) Method of valuation:
Cost or end-of-year market value
(1) Financial derivatives.........    
(2) Closely-held equity interests........    
(3)Other
(A)
(B)
(C)
(D)
(E)
(F)
(G)
(H)
Total. (Column (b) must equal Form 990, Part X, col. (B) line 12.)  
Part VIII
Investments - Program Related. Complete if the organization answered 'Yes' on Form 990, Part IV, line 11c. See Form 990, Part X, line 13.
(a) Description of investment (b) Book value (c) Method of valuation:
Cost or end-of-year market value
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 13.)  
Part IX
Other Assets.
Complete if the organization answered 'Yes' on Form 990, Part IV, line 11d. See Form 990, Part X, line 15.
(a) Description (b) Book value
(1)INTEREST RECEIVABLE 9,095
(2)OTHER ASSETS 17,500
(3)RIGHT-OF-USE ASSET OPERATING LEASES 4,351,525
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 15.)........... 4,378,120
Part X
Other Liabilities.
Complete if the organization answered 'Yes' on Form 990, Part IV, line 11e or 11f. See Form 990, Part X, line 25.
1.(a) Description of liability (b) Book value
(1) Federal income taxes  
OPERATING LEASES OBLIGATION 5,104,796








Total. (Column (b) must equal Form 990, Part X, col.(B) line 25.) 5,104,796
2. Liability for uncertain tax positions. In Part XIII, provide the text of the footnote to the organization's financial statements that reports the organization's liability for uncertain tax positions under FIN 48 (ASC 740). Check here if the text of the footnote has been provided in Part XIII
Schedule D (Form 990) (Rev. 1-2025)

Schedule D (Form 990) (Rev. 1-2025)
Page 4
Part XI Reconciliation of Revenue per Audited Financial Statements With Revenue per Return. Complete if the organization answered 'Yes' on Form 990, Part IV, line 12a.
1 Total revenue, gains, and other support per audited financial statements ....... 1 39,032,331
2 Amounts included on line 1 but not on Form 990, Part VIII, line 12:
a Net unrealized gains (losses) on investments .... 2a 2,740,753
b Donated services and use of facilities ......... 2b  
c Recoveries of prior year grants ........... 2c  
d Other (Describe in Part XIII.) ........... 2d  
e Add lines 2a through 2d ..................... 2e 2,740,753
3 Subtract line 2e from line 1.................. 3 36,291,578
4 Amounts included on Form 990, Part VIII, line 12, but not on line 1:
a Investment expenses not included on Form 990, Part VIII, line 7b . 4a 120,767
b Other (Describe in Part XIII.) ........... 4b  
c Add lines 4a and 4b.................... 4c 120,767
5 Total revenue. Add lines 3 and 4c. (This must equal Form 990, Part I, line 12.) ...... 5 36,412,345
Part XII Reconciliation of Expenses per Audited Financial Statements With Expenses per Return. Complete if the organization answered 'Yes' on Form 990, Part IV, line 12a.
1 Total expenses and losses per audited financial statements ........... 1 34,792,247
2 Amounts included on line 1 but not on Form 990, Part IX, line 25:
a Donated services and use of facilities ......... 2a  
b Prior year adjustments ............ 2b  
c Other losses ................ 2c  
d Other (Describe in Part XIII.) ........... 2d  
e Add lines 2a through 2d.................... 2e 0
3 Subtract line 2e from line 1................... 3 34,792,247
4 Amounts included on Form 990, Part IX, line 25, but not on line 1:
a Investment expenses not included on Form 990, Part VIII, line 7b .. 4a 120,767
b Other (Describe in Part XIII.) ........... 4b  
c Add lines 4a and 4b..................... 4c 120,767
5 Total expenses. Add lines 3 and 4c. (This must equal Form 990, Part I, line 18.) ...... 5 34,913,014
Part XIII
Supplemental Information
Provide the descriptions required for Part II, lines 3, 5, and 9; Part III, lines 1a and 4; Part IV, lines 1b and 2b; Part V, line 4; Part X, line 2; Part XI, lines 2d and 4b; and Part XII, lines 2d and 4b. Also complete this part to provide any additional information.
Return Reference Explanation
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.
Schedule D (Form 990) (Rev. 1-2025)


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SCHEDULE F(Form 990)
(Rev. January 2025)
Department of the Treasury
Internal Revenue Service
Statement of Activities Outside the United States
Complete if the organization answered "Yes" to Form 990, Part IV, line 14b, 15, or 16.Attach to Form 990.Go to www.irs.gov/Form990 for instructions and the latest information.
OMB No. 1545-0047
Open to Public Inspection
Name of the organization
NATIONAL ASSOCIATION OF REAL ESTATE
INVESTMENT TRUSTS (NAREIT)
Employer identification number

27-3586050
Part I
General Information on Activities Outside the United States. Complete if the organization answered "Yes" on Form 990, Part IV, line 14b.
1
For grantmakers. Does the organization maintain records to substantiate the amount of its grants and
other assistance, the grantees’ eligibility for the grants or assistance, and the selection criteria used
to award the grants or assistance? . . . . . . . . . . . . . . . . . . . . . . . . .
2
For grantmakers. Describe in Part V the organization’s procedures for monitoring the use of its grants and other assistance outside the United States.
3
Activites per Region. (The following Part I, line 3 table can be duplicated if additional space is needed.)
(a) Region (b) Number of offices in the region (c) Number of employees, agents, and independent contractors in the region (d) Activities conducted in region (by type) (such as, fundraising, program services, investments, grants to recipients located in the region) (e) If activity listed in (d) is a program service, describe specific type of
service(s) in the region		 (f) Total expenditures
for and investments
in the region
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. 61,053
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. 17,161
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. 15,144
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. 14,859
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. 10,062
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. 7,284
           
           
           
           
           
           
           
           
           
           
           
3a Sub-total .... 0 0 125,563
b Total from continuation sheets to Part I ... 0 0 0
c Totals (add lines 3a and 3b) 0 0 125,563
For Paperwork Reduction Act Notice, see the Instructions for Form 990.Cat. No. 50082W Schedule F (Form 990) (Rev. 1-2025)
Schedule F (Form 990) (Rev. 1-2025)
Page 2
Part II
Grants and Other Assistance to Organizations or Entities Outside the United States. Complete if the organization answered "Yes" on Form 990, Part IV, line 15, for any recipient who received more than $5,000. Part II can be duplicated if additional space is needed.
1 (a) Name of organization (b) IRS code section
and EIN (if applicable)		 (c) Region (d) Purpose of
grant 		(e) Amount of
cash grant 		(f) Manner of
cash
disbursement 		(g) Amount
of noncash
assistance 		(h) Description
of noncash
assistance 		(i) Method of
valuation
(book, FMV,
appraisal, other)
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
2 Enter total number of recipient organizations listed above that are recognized as charities by the foreign country, recognized as tax-exempt by the IRS, or for which the grantee or counsel has provided a section 501(c)(3) equivalency letter .......
 
3 Enter total number of other organizations or entities .......................
 
Schedule F (Form 990) (Rev. 1-2025)
Schedule F (Form 990) (Rev. 1-2025)Page 3
Part III
Grants and Other Assistance to Individuals Outside the United States. Complete if the organization answered "Yes" on Form 990, Part IV, line 16.
Part III can be duplicated if additional space is needed.
(a) Type of grant or assistance (b) Region (c) Number of recipients (d) Amount of
cash grant 		(e) Manner of cash
disbursement 		(f) Amount of
noncash
assistance 		(g) Description
of noncash
assistance 		(h) Method of
valuation
(book, FMV,
appraisal, other)
               
               
               
               
               
               
               
               
               
               
               
               
               
               
               
               
               
               
Schedule F (Form 990) (Rev. 1-2025)
Schedule F (Form 990) (Rev. 1-2025)
Page 4
Part IV
Foreign Forms
1 Was the organization a U.S. transferor of property to a foreign corporation during the tax year? If "Yes," the organization may be required to file Form 926, Return by a U.S. Transferor of Property to a Foreign Corporation (see Instructions for Form 926). . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2 Did the organization have an interest in a foreign trust during the tax year? If "Yes," the organization may be required to separately file Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts, and/or Form 3520-A, Annual Information Return of Foreign Trust With a U.S. Owner (see Instructions for Forms 3520 and 3520-A; don't file with Form 990). . . . . . . . . . . . . . . . . . . . . . . .
3 Did the organization have an ownership interest in a foreign corporation during the tax year? If "Yes," the organization may be required to file Form 5471, Information Return of U.S. Persons with Respect to Certain Foreign Corporations. (see Instructions for Form 5471). . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 Was the organization a direct or indirect shareholder of a passive foreign investment company or a qualified electing fund during the tax year? If “Yes,” the organization may be required to file Form 8621, Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund. (see Instructions for Form 8621) .
5 Did the organization have an ownership interest in a foreign partnership during the tax year? If "Yes," the organization may be required to file Form 8865, Return of U.S. Persons with Respect to Certain Foreign Partnerships (see Instructions for Form 8865). . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6 Did the organization have any operations in or related to any boycotting countries during the tax year? If "Yes," the organization may be required to separately file Form 5713, International Boycott Report (see Instructions for Form 5713; don't file with Form 990).. . . . . . . . . . . . . . . . . . . . . . . . . . . .
Schedule F (Form 990) (Rev. 1-2025)
Schedule F (Form 990) (Rev. 1-2025)
Page 5
Part V
Supplemental Information
Provide the information required by Part I, line 2 (monitoring of funds); Part I, line 3, column (f) (accounting method; amounts of investments vs. expenditures per region); Part II, line 1 (accounting method); Part III (accounting method); and Part III, column (c) (estimated number of recipients), as applicable. Also complete this part to provide any additional information. See instructions.
ReturnReference Explanation
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
Schedule F (Form 990) (Rev. 1-2025)
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Schedule I
(Form 990)
(Rev. January 2025)
Department of the Treasury
Internal Revenue Service
Grants and Other Assistance to Organizations,
Governments and Individuals in the United States
Complete if the organization answered "Yes," on Form 990, Part IV, line 21 or 22.
Attach to Form 990.
Go to www.irs.gov/Form990 for instructions and the latest information.
OMB No. 1545-0047
Open to Public
Inspection
Name of the organization
NATIONAL ASSOCIATION OF REAL ESTATE
INVESTMENT TRUSTS (NAREIT)
Employer identification number
27-3586050
Part I
General Information on Grants and Assistance
1
Does the organization maintain records to substantiate the amount of the grants or assistance, the grantees' eligibility for the grants or assistance, and
the selection criteria used to award the grants or assistance? ........................
2
Describe in Part IV the organization's procedures for monitoring the use of grant funds in the United States.
Part II
Grants and Other Assistance to Domestic Organizations and Domestic Governments. Complete if the organization answered "Yes" on Form 990, Part IV, line 21, for any recipient
that received more than $5,000. Part II can be duplicated if additional space is needed.
(a) Name and address of organization
or government		 (b) EIN (c) IRC section
(if applicable)		 (d) Amount of cash grant (e) Amount of non-cash
assistance		 (f) Method of valuation
(book, FMV, appraisal,
other)		 (g) Description of
noncash assistance		 (h) Purpose of grant
or assistance
(1) NAREIT FOUNDATION
1875 I STREET NW 500
WASHINGTON,DC200065413 		20-0455984 501(C)(3) 130,000 0     GENERAL OPERATIONS SUPPORT
2
Enter total number of section 501(c)(3) and government organizations listed in the line 1 table .................
1
3
Enter total number of other organizations listed in the line 1 table ........................ .
0
For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 50055P
Schedule I (Form 990) Rev. 1-2025

Schedule I (Form 990) Rev. 1-2025
Page 2
Part III
Grants and Other Assistance to Domestic Individuals. Complete if the organization answered "Yes" on Form 990, Part IV, line 22.
Part III can be duplicated if additional space is needed.
(a) Type of grant or assistance (b) Number of
recipients		 (c) Amount of
cash grant		 (d) Amount of
noncash assistance		 (e) Method of valuation (book,
FMV, appraisal, other)		 (f) Description of noncash assistance
(1)
(2)
(3)
(4)
(5)
(6)
(7)
Part IV
Supplemental Information. Provide the information required in Part I, line 2; Part III, column (b); and any other additional information.
Return Reference Explanation
PART I, LINE 2: NAREIT MONITORS THE USE OF FUNDS BY ANALYZING ON A MONTHLY BASIS WHAT EXPENSES THE NAREIT FOUNDATION INCURS.
Schedule I (Form 990) Rev. 1-2025



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Schedule J
(Form 990)
(Rev. January 2025)
Department of the Treasury
Internal Revenue Service
Compensation Information
For certain Officers, Directors, Trustees, Key Employees, and Highest
Compensated Employees
Complete if the organization answered "Yes" on Form 990, Part IV, line 23.
Attach to Form 990.
Go to www.irs.gov/Form990 for instructions and the latest information.
OMB No. 1545-0047
Open to Public Inspection
Name of the organization
NATIONAL ASSOCIATION OF REAL ESTATE
INVESTMENT TRUSTS (NAREIT)
Employer identification number

27-3586050
Part I
Questions Regarding Compensation
Yes
No
1a
Check the appropiate box(es) if the organization provided any of the following to or for a person listed on Form
990, Part VII, Section A, line 1a. Complete Part III to provide any relevant information regarding these items.
b
If any of the boxes on Line 1a are checked, did the organization follow a written policy regarding payment or reimbursement or provision of all of the expenses described above? If "No," complete Part III to explain .....
1b
Yes
 
2
Did the organization require substantiation prior to reimbursing or allowing expenses incurred by all
directors, trustees, officers, including the CEO/Executive Director, regarding the items checked on Line 1a? ....
2
Yes
 
3
Indicate which, if any, of the following the filing organization used to establish the compensation of the
organization's CEO/Executive Director. Check all that apply. Do not check any boxes for methods
used by a related organization to establish compensation of the CEO/Executive Director, but explain in Part III.
4
During the year, did any person listed on Form 990, Part VII, Section A, line 1a, with respect to the filing organization or a related organization:
a
Receive a severance payment or change-of-control payment? .............
4a
 
No
b
Participate in, or receive payment from, a supplemental nonqualified retirement plan? .........
4b
Yes
 
c
Participate in, or receive payment from, an equity-based compensation arrangement? .........
4c
 
No
If "Yes" to any of lines 4a-c, list the persons and provide the applicable amounts for each item in Part III.
Only 501(c)(3), 501(c)(4), and 501(c)(29) organizations must complete lines 5-9.
5
For persons listed on Form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the revenues of:
a
The organization? ....................
5a
 
 
b
Any related organization? .......................
5b
 
 
If "Yes," on line 5a or 5b, describe in Part III.
6
For persons listed on Form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the net earnings of:
a
The organization? ..................
6a
 
 
b
Any related organization? ......................
6b
 
 
If "Yes," on line 6a or 6b, describe in Part III.
7
For persons listed on Form 990, Part VII, Section A, line 1a, did the organization provide any nonfixed
payments not described in lines 5 and 6? If "Yes," describe in Part III ............
7
 
 
8
Were any amounts reported on Form 990, Part VII, paid or accured pursuant to a contract that was
subject to the initial contract exception described in Regulations section 53.4958-4(a)(3)? If "Yes," describe
in Part III ..........................
8
 
 
9
If "Yes" on line 8, did the organization also follow the rebuttable presumption procedure described in Regulations section 53.4958-6(c)? .........................
9
 
 
For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 50053T
Schedule J (Form 990) (Rev. 1-2025)

Schedule J (Form 990) (Rev. 1-2025)
Page 2
Part II
Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees. Use duplicate copies if additional space is needed.
For each individual whose compensation must be reported on Schedule J, report compensation from the organization on row (i) and from related organizations, described in the
instructions, on row (ii). Do not list any individuals that are not listed on Form 990, Part VII.
Note. The sum of columns (B)(i)-(iii) for each listed individual must equal the total amount of Form 990, Part VII, Section A, line 1a, applicable column (D) and (E) amounts for that individual.
(A) Name and Title (B) Breakdown of W-2, 1099-MISC compensation, and/or 1099-NEC (C) Retirement and other deferred compensation (D) Nontaxable
benefits		 (E) Total of columns
(B)(i)-(D) 		(F) Compensation in column (B) reported as deferred on prior Form 990
(i) Base
compensation 		(ii) Bonus & incentive
compensation 		(iii) Other reportable compensation
1STEVEN WECHSLER
PRESIDENT & CEO 		(i)

(ii)		 1,610,573
-------------
0 		1,090,693
-------------
0 		201,620
-------------
0 		26,070
-------------
0 		45,742
-------------
0 		2,974,698
-------------
0 		0
-------------
0
2CATHERINE BARRE
EVP, POLICY & PUBLIC AFFAIRS & GC 		(i)

(ii)		 595,079
-------------
0 		282,469
-------------
0 		4,857
-------------
0 		26,070
-------------
0 		62,305
-------------
0 		970,780
-------------
0 		0
-------------
0
3JOHN WORTH
EVP, RESEARCH & INVESTOR OUTREACH 		(i)

(ii)		 485,876
-------------
0 		212,494
-------------
0 		-7,317
-------------
0 		26,070
-------------
0 		60,838
-------------
0 		777,961
-------------
0 		0
-------------
0
4ROBERT DIBBLEE
SVP, GOVERNMENT RELATIONS 		(i)

(ii)		 418,208
-------------
0 		176,476
-------------
0 		5,704
-------------
0 		26,070
-------------
0 		46,204
-------------
0 		672,662
-------------
0 		0
-------------
0
5KURT WALTEN
SVP, INVESTMENT AFFAIRS 		(i)

(ii)		 389,565
-------------
0 		135,961
-------------
0 		-3,087
-------------
0 		26,070
-------------
0 		44,410
-------------
0 		592,919
-------------
0 		0
-------------
0
6CHRISTOPHER DRULA
SVP, FINANCIAL STANDARDS 		(i)

(ii)		 370,489
-------------
0 		152,769
-------------
0 		-9,191
-------------
0 		26,070
-------------
0 		52,353
-------------
0 		592,490
-------------
0 		0
-------------
0
7JOHN JONES
SVP, GOVERNMENT RELATIONS 		(i)

(ii)		 422,436
-------------
0 		105,013
-------------
0 		425
-------------
0 		26,070
-------------
0 		23,292
-------------
0 		577,236
-------------
0 		0
-------------
0
8VICTORIA ROSTOW
SVP, REG. AFFAIRS & DEPUTY GC 		(i)

(ii)		 411,621
-------------
0 		116,710
-------------
0 		-2,192
-------------
0 		26,070
-------------
0 		24,846
-------------
0 		577,055
-------------
0 		0
-------------
0
9MATTHEW BECHARD
EVP, COMMS. & INDUSTRY AFFAIRS 		(i)

(ii)		 421,710
-------------
0 		76,417
-------------
0 		-9,466
-------------
0 		26,070
-------------
0 		56,877
-------------
0 		571,608
-------------
0 		0
-------------
0
10ROBERTO DIAZ
EVP, FINANCE & FISCAL MANAGEMENT 		(i)

(ii)		 364,656
-------------
0 		98,162
-------------
0 		-7,992
-------------
0 		26,070
-------------
0 		42,381
-------------
0 		523,277
-------------
0 		0
-------------
0
11VICTOR DRISTAS
EVP, OPERATIONS 		(i)

(ii)		 343,145
-------------
0 		92,338
-------------
0 		-6,400
-------------
0 		26,070
-------------
0 		54,806
-------------
0 		509,959
-------------
0 		0
-------------
0
Schedule J (Form 990) (Rev. 1-2025)

Schedule J (Form 990) (Rev. 1-2025)
Page 3
Part III
Supplemental Information
Provide the information, explanation, or descriptions required for Part I, lines 1a, 1b, 3, 4a, 4b, 4c, 5a, 5b, 6a, 6b, 7, and 8, and for Part II. Also complete this part for any additional information.
Return Reference Explanation
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
Schedule J (Form 990) (Rev. 1-2025)

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SCHEDULE O
(Form 990)
(Rev. January 2025)
Department of the Treasury
Internal Revenue Service
Supplemental Information to Form 990 or 990-EZ

Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
Attach to Form 990 or 990-EZ.
 Go to www.irs.gov/Form990 for instructions and the latest information.
OMB No. 1545-0047
Open to Public
Inspection
Name of the organization
NATIONAL ASSOCIATION OF REAL ESTATE
INVESTMENT TRUSTS (NAREIT)
Employer identification number

27-3586050
Return Reference Explanation
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.
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 51056K
Schedule O (Form 990) (Rev. 1-2025)


Additional Data


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SCHEDULE R
(Form 990)
(Rev. January 2025)
Department of the Treasury
Internal Revenue Service
Related Organizations and Unrelated Partnerships
Complete if the organization answered "Yes" on Form 990, Part IV, line 33, 34, 35b, 36, or 37.
Attach to Form 990.
Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047
Open to Public Inspection
Name of the organization
NATIONAL ASSOCIATION OF REAL ESTATE
INVESTMENT TRUSTS (NAREIT)
Employer identification number

27-3586050
Part I
Identification of Disregarded Entities. Complete if the organization answered "Yes" on Form 990, Part IV, line 33.
(a)
Name, address, and EIN (if applicable) of disregarded entity


(b)
Primary activity


 		(c)
Legal domicile (state
or foreign country)

 		(d)
Total income


 		(e)
End-of-year assets


 		(f)
Direct controlling
entity










Part II
Identification of Related Tax-Exempt Organizations. Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related tax-exempt organizations during the tax year.
(a)
Name, address, and EIN of related organization


(b)
Primary activity


 		(c)
Legal domicile (state
or foreign country)

 		(d)
Exempt Code section


 		(e)
Public charity status
(if section 501(c)(3))

 		(f)
Direct controlling
entity

 		(g)
Section 512(b)(13) controlled entity?
Yes No
(1)NAREIT FOUNDATION
1875 I STREET NW 500

WASHINGTON,DC200065413
20-0455984 		PROVIDE CONTRIBUTIONS TO CHARITABLE ORGANIZATIONS DC 501(C)(3) 509(A)(3) TYPE I NATIONAL ASSOCIATION OF REAL ESTATE INVESTMENT TRUSTS
 
Yes
 
(2)NAREIT POLITICAL ACTION COMMITTEE
1875 I STREET NW 500

WASHINGTON,DC200065413
52-1930172 		CONTRIBUTE TO POLITICAL CAMPAIGNS & LEADERSHIP PACS DC 527 N/A NATIONAL ASSOCIATION OF REAL ESTATE INVESTMENT TRUSTS
 
Yes
 










For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 50135Y
Schedule R (Form 990) (Rev. 1-2025)
Schedule R (Form 990) (Rev. 1-2025)
Page 2
Part III
Identification of Related Organizations Taxable as a Partnership. Complete if the organization answered "Yes" on Form 990, Part IV, line 34, because it had one or more related organizations treated as a partnership during the tax year.
(a)
Name, address, and EIN of
related organization



 		(b)
Primary activity




 		(c)
Legal
domicile
(state or foreign
country)


 		(d)
Direct controlling
entity



 		(e)
Predominant income(related, unrelated, excluded from tax under sections 512-514)

(f)
Share of total income




 		(g)
Share of end-of-year
assets



 		(h)
Disproprtionate allocations?




 		(i)
Code V-UBI
amount in box 20 of
Schedule K-1
(Form 1065)
 		(j)
General or
managing
partner?



 		(k)
Percentage
ownership
Yes No Yes No












Part IV
Identification of Related Organizations Taxable as a Corporation or Trust. Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related organizations treated as a corporation or trust during the tax year.
(a)
Name, address, and EIN of
related organization
 		(b)
Primary activity
 		(c)
Legal
domicile
(state or foreign
country)
 		(d)
Direct controlling
entity
 		(e)
Type of entity
(C corp, S corp,
or trust) 		(f)
Share of total income
 		(g)
Share of end-of-year
assets
 		(h)
Percentage
ownership
 		(i)
Section 512(b)(13) controlled entity?
Yes No












Schedule R (Form 990) (Rev. 1-2025)
Schedule R (Form 990) (Rev. 1-2025)
Page 3
Part V
Transactions With Related Organizations. Complete if the organization answered "Yes" on Form 990, Part IV, line 34, 35b, or 36.
Note. Complete line 1 if any entity is listed in Parts II, III, or IV of this schedule.
Yes
No
1 During the tax year, did the orgranization engage in any of the following transactions with one or more related organizations listed in Parts II-IV?
a Receipt of (i) interest, (ii) annuities, (iii) royalties, or (iv) rent from a controlled entity .....................
1a
 
No
b Gift, grant, or capital contribution to related organization(s) ............................
1b
Yes
 
c Gift, grant, or capital contribution from related organization(s) ............................
1c
 
No
d Loans or loan guarantees to or for related organization(s) ............................
1d
 
No
e Loans or loan guarantees by related organization(s) ............................
1e
 
No
f Dividends from related organization(s) ............................
1f
 
No
g Sale of assets to related organization(s) ............................
1g
 
No
h Purchase of assets from related organization(s) ............................
1h
 
No
i Exchange of assets with related organization(s) ............................
1i
 
No
j Lease of facilities, equipment, or other assets to related organization(s) .......................
1j
 
No
k Lease of facilities, equipment, or other assets from related organization(s) ......................
1k
 
No
l Performance of services or membership or fundraising solicitations for related organization(s) .....................
1l
Yes
 
m Performance of services or membership or fundraising solicitations by related organization(s) .................
1m
 
No
n Sharing of facilities, equipment, mailing lists, or other assets with related organization(s) ...................
1n
Yes
 
o Sharing of paid employees with related organization(s) ............................
1o
Yes
 
p Reimbursement paid to related organization(s) for expenses ............................
1p
Yes
 
q Reimbursement paid by related organization(s) for expenses ............................
1q
Yes
 
r Other transfer of cash or property to related organization(s) ............................
1r
 
No
s Other transfer of cash or property from related organization(s) ............................
1s
 
No
2
If the answer to any of the above is "Yes," see the instructions for information on who must complete this line, including covered relationships and transaction thresholds.
(a)
Name of related organization 		(b)
Transaction
type (a-s) 		(c)
Amount involved 		(d)
Method of determining amount involved
(1) NAREIT FOUNDATION

 B 130,000 BOOK VALUE





Schedule R (Form 990) (Rev. 1-2025)
Schedule R (Form 990) (Rev. 1-2025)
Page 4
Part VI
Unrelated Organizations Taxable as a Partnership. Complete if the organization answered "Yes" on Form 990, Part IV, line 37.
Provide the following information for each entity taxed as a partnership through which the organization conducted more than five percent of its activities (measured by total assets or gross revenue) that was not a related organization. See instructions regarding exclusion for certain investment partnerships.
(a)
Name, address, and EIN of entity 		(b)
Primary activity 		(c)
Legal domicile
(state or foreign
country) 		(d)
Predominant income (related, unrelated, excluded from tax under sections 512-514)

(e)
Are all partners
section
501(c)(3)
organizations? 		(f)
Share of total income




 		(g)
Share of
end-of-year
assets 		(h)
Disproprtionate allocations? 		(i)
Code V-UBI
amount in box 20
of Schedule K-1
(Form 1065) 		(j)
General or
managing
partner? 		(k)
Percentage
ownership
Yes No Yes No Yes No






























Schedule R (Form 990) (Rev. 1-2025)
Schedule R (Form 990) (Rev. 1-2025)
Page 5
Part VII
Supplemental Information
Provide additional information for responses to questions on Schedule R. See instructions.
Return Reference Explanation
Schedule R (Form 990) (Rev. 1-2025)

Additional Data


Software ID:  
Software Version: