Building Relationships and Value Through Community

Our Story

National’s mission is to create lasting value through projects that produce solid, long-term returns for our clients while improving the communities in which we invest and develop.

Since 2000, National’s investment team has been constructing investment portfolios of diverse property assets — primarily multifamily, data centers, office, healthcare, and medical buildings.¹ National manages separate accounts and multiple commingled investment vehicles. National seeks to create value for investors by adhering to a rigorous investment process and development principles guided by profits, integrity, community, and collaboration.

Important Disclosures Found Below.

National at a Glance

150: Total Projects Since 2000

113: Properties

16 M SF: Operating Portfolio Size

$8.5 B: Gross Asset Value²

$4.0 B: Net Asset Value²

$5.4 B: Construction Projects in Pipeline³

Parent Company & Subsidiary

National is an independently operated subsidiary of the National Electrical Benefit Fund.

National’s development subsidiary with its headquarters in Philadelphia, PA.

Our History

2000

Multi-billion-dollar pension fund, NEBF forms an investment team to invest in real estate projects
2010

National Real Estate Advisors, LLC is established as a subsidiary to manage real estate investments for pension funds and other institutional investors
2010

National establishes an open-ended fund vehicle
2013

National launches National Real Estate Development, LLC
2021

National establishes a data center platform, providing exposure to the data center portfolio, Sabey Data Center Properties, LLC
2024

National grows to $8.5 B gross / $4.0 B net ²

As of 9/30/2024

National commenced operations on January 1, 2010. National was the result of a spin-out of an internal division of the NEBF. Substantially all personnel, including all senior investment management personnel, involved in real estate investments, transitioned from to National from NEBF Real Estate, where they had worked together from 2000 through 2010.
National’s total assets under management reflected above represent the aggregate Gross Asset Values and Net Asset Values, respectively, of all client accounts under National’s management, in each case calculated as set forth below.
- Property-Level Gross Asset Value (“GAV”) is based on property-level unleveraged values for real estate investments. The reported GAV is based on the “as is” value (including properties in development) per the most recent property appraisal and includes working capital and other adjustments such as lender and capital reserves and construction costs spent. However, the GAV for debt (senior and subordinate loans) investments is reported as the fair value of the loan, as opposed to the fair value of the underlying collateral (property). The GAV (Pro Rata) at Market is the ownership % interest of the Property-Level GAV.
  - Fund’s Share Property-Level GAV: The Fund’s share of GAV is reported at the Fund’s economic interest in the investment, which takes into consideration any applicable preferred returns and/or promoted interests, per the partnership operating agreements (if not wholly owned).
  - Fund-level GAV: Fund-Level GAV represents the Fund’s economic interest in real estate investments, cash, cash equivalents, and other Fund assets as defined by National. More information can be provided upon request.
- Net Asset Value (“NAV”): Net assets under management are calculated using the Fund’s Share Property-Level NAV of investments, plus cash and other assets and liabilities. The calculation is explained further below:
  - Property-Level NAV for Equity Investments: For equity investments, the Property- Level NAV equals the Property-Level GAV less marked-to-market debt.
  - Property-Level NAV for Debt Investments: The NAV for mezzanine and debt (senior and subordinate loans) investments is reported as the fair value of the loan.
  - Fund’s Share Property-Level NAV: The Fund’s share of NAV is reported at the Fund’s economic interest in the investment, which takes into. consideration any applicable preferred returns and/or promoted interests, per the partnership operating agreements (if not wholly owned).
Represents an estimate of National’s clients’ total project budget for their development pipeline as of 12/31/2023, including 2024 to 2029 development pipeline for Sabey Data Centers.