Press Releases

FOR IMMEDIATE RELEASE
May 14, 2002

SHELTER NAMED TO NMHC TOP FIFTY

BALTIMORE, MD--The Shelter Group today announced it has been named one of the 50 largest apartment management companies in the United States by the National Multi Housing Council (NMHC).

This was the first year Shelter was included on the Top 50 list, ranking 44th with 22,670 units under management. The company's portfolio includes conventional multi-family real estate, independent and assisted living communities for seniors, and affordable housing for families and the elderly. The number of managed units has increased dramatically over the past five years, from 14,000 units in 1998 to over 22,000 in 2002. The managed portfolio is valued at more than $2 billion and a large portion of that portfolio is managed on behalf of third party owners who include large financial institutions, established not-for-profit organizations, and government agencies.

"Our growth reflects the marketplace's evaluation of our quality, people, service levels, integrity, and innovative thinking," said Phil Golden, President of Shelter Properties, the company's management division. "We could not have grown into the NMHC Top 50 without the hard work of our site, regional, and home office people; we also could not have grown without our clients," continued Golden. "On behalf of all the Shelter partners, I would like to say 'thank you' to everyone working for and with Shelter for their contributions to our growth and success."

NMHC compiles its Top 50 list annually. Rankings are based on the number of rental apartments, including rental housing for seniors, managed by the nation's leading property management companies. Condominiums and cooperatives are excluded from the count, as are hotel rooms, nursing homes, hospital rooms, and mobile homes.

NMHC is a national association representing the interests of the nation's larger and more prominent apartment firms. NMHC advocates on behalf of rental housing, conducts apartment-related research, encourages the exchange of strategic business information, and promotes the desirability of apartment living. More than one-third of Americans rent their housing, and one in five Americans lives in an apartment.

The NMHC Top 50 list of rental unit management companies can be found at: http://www.nmhc.org/Top50/ListDetail.cfm?ListID
=20&Yr=2002.

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