DEVELOPMENT PROPERTY MANAGEMENT LEADERSHIP OFFICES NEWS PROPERTIES LEADERSHIPTEAMNATIONAL OFFICESLETTER FROM THE CHAIRMANCAREERSCONTACT US LEADERSHIP LEADERSHIPTEAMNATIONAL OFFICESLETTER FROM THE CHAIRMANCAREERSCONTACT US STRONG FOUNDATION In little more than a decade and a half, Atlanta-based Wood Partners has become one of the most active and progressive multifamily investment firms in the nation. The company’s rapid rise owes to a strong foundation. JOSEPH KEOUGH Chairman + CEO PATRICK TRASK President THE TEAM Wood Partners features a flat organizational structure that encourages associates to function as owner-operators in order to maximize performance. The company stresses efficient and effective reporting, which leads to enhanced decision-making, anticipation of issues and speedier problem resolution. STEVE F. HALLSEY Managing Director BART BARRETT Managing Director CHARLES BARRUS Executive Managing Director MATT BERRY Managing Director BRYAN BORLAND Managing Director EMILY FAGAN Chief Administrative Officer JOE GAMBILL Managing Director BRIAN HANSEN Executive Managing Director JIM LAMBERT Managing Director BEN LAZARUS Managing Director TODD MCCULLOCH Executive Managing Director RYAN MILLER Managing Director MICHAEL NAGY Managing Director SEAN REYNOLDS Chief Operating Officer, General Counsel CLAY RICHARDSON Managing Director BENNETT SANDS Managing Director CAITLIN SHELBY Managing Director CARTER SIEGEL Executive Managing Director ANDREW STEFFENS Managing Director TODD TAYLOR Managing Director MARK THERIAULT Managing Director MATT TRAMMELL Chief Financial Officer JULIA WILK Managing Director SCOTT ZIMMERLY Executive Managing Director JOSH LYNCH Director NATIONAL OFFICES ATLANTA AUSTIN BOSTON CHAPEL HILL CHARLESTON CHARLOTTE CHICAGO DALLAS DENVER HOUSTON IRVINE LOS ANGELES NASHVILLE ORLANDO PHOENIX PORTLAND SALT LAKE CITY SAN FRANCISCO SEATTLE TAMPA WASHINGTON D.C. WEST PALM BEACH JOSEPH KEOUGH LETTER FROM THE CHAIRMAN I feel particularly humbled and fortunate writing this year’s letter. This past year was unlike any other, and so many experienced great loss. From the global pandemic and the associated historic economic challenges, to social injustice and civil unrest, 2020 was a trying year for us all. The impacts of the pandemic accelerated changes in many industries. Some companies grew rapidly from the disruption, while others faced unprecedented challenges. Many of the changes were impossible to predict, even as the initial impacts of the pandemic set in. Today, however, just over a year after the initial outbreak in the U.S., we find the multifamily industry proving resilient yet again. Our industry experienced a sharp divergence in asset performance that few could have predicted, with many suburban properties barely missing a beat and some even realizing rental rate increases, while some urban markets experienced rental rate declines greater than 20%. Nearly across the board, rental collection rates in our portfolio held up well, with portfolio-wide rent collections remaining above 95% each month in 2020. So far in 2021, leasing activity suggests continued strength in the suburbs, but also the early stages of an urban resurgence. Throughout the pandemic, the safety and health of our employees and residents have been paramount. Across the company, we invested significant resources so that all necessary measures were taken to create healthy working environments — whether at a corporate office, an operating property, or a construction site. Our property management teams performed admirably, providing consistent communication and direction to residents while making extra efforts to implement thoughtful operating and cleaning procedures. I would like to offer a special thank you to those capital partners who remained committed to Wood Partners and our projects in the face of a recession that was historic in its depth and speed. We were able to start 19 developments representing $1.1 billion in total capitalization in 2020, and I believe our partners in these projects will be rewarded for their conviction amid these challenging times. Entering 2021, much work remains in our battle with COVID-19 and the economic recovery, but I am encouraged by the signs of progress. Not yet out of the woods with the pandemic, we face new pressures to our business in the form of supply chain disruptions and significant commodity inflation, most notably, but not limited to, lumber. Although these challenges are buoyed by multifamily operating and investment resilience, resulting in tremendous capital demand and liquidity for the asset class, it is as important as ever that we remain true to our disciplined approach. For Wood that continues to mean: Leveraging projects commensurate with development yields (56% average loan-to-cost for projects started in 2020), Guaranteeing costs with well-defined architectural plans, Executing contract buyout efficiently, Maintaining working capital balances at the company sufficient for worst-case scenarios, and Managing our pre-development spending/risk judiciously via our Investment Committee process. Although we could never have anticipated what this past year would bring, nor can we know what new challenges we will face in the years to come, I am as confident as ever that the Wood Partners team is prepared to rise to any occasion. I look forward to hopefully seeing you in 2021 as we get to the other side of this pandemic. Be safe and be well. Best, Joe Keough Chief Executive Officer WORK WITH US For Employment References, please contact our Human Resources Department: rs@woodpartners.com CONTACT HR QUICK LINKS NEWS AWARDS NATIONAL OFFICES CAREERS CONTACT DIGITAL ACCESSIBILITY PRIVACY POLICY WOOD RESIDENTIAL We strive to go beyond giving people a better place to live. We create distinctive communities of lasting value. Learn More CORPORATE OFFICE 3715 Northside Parkway NW, Suite 4-600, Atlanta, GA 30327 P. 404.965.9965 If you are a resident with a property-related concern, please call Customer Care at: P. 833.201.5107 It’s up to each person to follow the CDC and health authority best practices to limit the spread of COVID-19. At Wood Residential, LLC, we have revised and enhanced our practices to help reduce the transmission of COVID-19 in our communities. When visiting or living at a Wood Residential community, you will see heightened cleaning measures, thoughtful amenity management plans, and flexible, virtual options to communicate with our management team. 2021 © WOOD PARTNERS | All Rights Reserved. Our website uses cookies for better experience. I AGREE