Press Releases

FOR IMMEDIATE RELEASE
April 12, 2004

SHELTER PROPERTIES NAMED ONE OF TOP 50 PROPERTY MANAGEMENT FIRMS IN THE COUNTRY

Company moved up 6 places in annual list
published by the National Multifamily Housing Council

Baltimore, Md.- Shelter Properties announced today that it has again earned a place on the "Top 50" list of property management firms in the United States as published each year by the National Multifamily Housing Council (NMHC). Shelter's ranking as the 43rd largest property management firm in the country was up six places from its 49th place ranking in 2003. This marks the third consecutive year that Shelter Properties has been named to the "Top 50" list.

In NMHC's analysis of this year's rankings, Shelter was cited as a "Rising Star of Management" and is one of just four firms to rise in ranks.

A firm had to manage at least 23,469 apartments to make the NMHC 50 rankings. The NMHC 50 managers now manage approximately 15 percent (2.46 million apartments) of the nation's 16.2 million apartments. Shelter Properties manages 24,193 apartments in 14 states.

Shelter's climb in the NMHC "Top 50" rankings reflects a year of continued growth and client satisfaction. "The amount of new business Shelter received in 2003 is a testimony to the quality and professionalism of Shelter's management and staff," states Phil Golden, President and Chief Operating Officer. "Our improved ranking in NMHC's list reflects the fact that we live up to our mission of thinking and managing like an owner … everyday."

Shelter Properties is a division of The Shelter Group, a national real estate development and property management company specializing in multi-family and senior living communities. From its founding in 1977, Shelter has grown into a top-ranked development and property management company. The firm's portfolio contains a broad range of properties, including conventional multi-family real estate, independent and assisted living communities for seniors, and affordable housing for families and the elderly. During its 27-year history, Shelter has developed nearly $1 billion of real estate and is known for its ability to develop properties that meet the needs of each local market while meeting the goals of its investors. Shelter has offices in Baltimore, Dallas, Atlanta, and Tallahassee with additional concentrations of properties in Tennessee, Pennsylvania, New York, and North Carolina.

A complete analysis of the NMHC's "Top 50" list is available on NMHC's web site at www.nmhc.org/Top50/ListYears.cfm.

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