The last year has not been easy for the head of a commercial real estate company. Inflation and the Fed's response, as well as trends that emerged from the pandemic, have clearly had an impact on the industry across all of the sectors. Besides the effect of, say, ongoing remote work on the beleaguered office asset class or the slowing pace of rent increases in multifamily, these executives have also had to navigate an increasingly difficult capital markets environment. I have some bad news for this group: the near-term future doesn't look any easier. Enter our selection of Best Bosses this year. This year's picks were made at least in part based on their resiliency and ability to position their companies for future growth, whenever that might occur. We are confident these strengths will see them through what could be choppy waters ahead.

INDIVIDUALS

IAN BEL Olive Tree Holdings' mission statement revolves around increasing the quality of life for its residents and helping others. Managing principal and CEO Ian Bel embodies that mission. Bel leads the private investment firm with candor, transparency and a relentless pursuit of excel-lence while maintaining a people-first approach, a positive attitude and a willingness to listen to a variety of ideas. He oversees the compa-ny's activities, which include acquiring and repositioning underperforming multifamily assets in high-growth markets, and guides all of the firm's underlying brands, including a PropTech/contech venture investment arm and an affordable housing affiliate. Under Bel's leadership, Olive Tree Holdings has acquired and transformed 16,000 units of workforce and affordable housing communities across eight states and it has deployed more than $250 million in capital expenditures to enhance the lifestyles of the company's residents. One employee describes Bel as a mission-driven, thoughtful leader who maintains a people-first approach to leadership, prioritizes personal relationships with em-ployees and cares about their well-being. This is exemplified through initiatives like circle, which organizes team members across the com-pany to talk about anything going on personally, both in the office and outside the office, to provide support. Bel also emphasizes team building through golf outings, corporate retreats and an annual holiday party. Employees say that Bel has created a work environment that is culturally gratifying, intellectually rewarding and economically stimulating. He has instilled a focus on philanthropy into the company's mis-sion by supporting a paid volunteer day for all employees and creating a philanthropy committee where employees can suggest event ideas for company-wide implementation. Outside of the office, Bel serves as a co-founder and board member of Pay Away the Layaway, a non-profit that pays off layaway balances for low-income families.

ROBERT BELLINGER Robert Bellinger has been instrumental in developing a collegial, collaborative culture at ASB Real Estate Investments by encouraging all employees to contribute ideas to inform decision-making and by building a highly diverse organization committed to community service. A 34-year industry veteran, Bellinger serves as president and CEO of the firm and he has completed more than $15 billion in real estate capital transactions during his career. He has been with ASB Real Estate Investments since 2002, where his focus has been growing the Allegiance Real Estate Fund into a leading core vehicle and operating under a tenant-centric strategic approach. Early on, Bellinger created an office setting with no interior walls and an open-door policy to foster airing ideas and encourage greater collaboration and transparency. Monthly all-hands meetings keep team members informed and allow for discussions, while regular off-site meetings are held for strategic thinking, planning and team-building exercises. Bellinger created ASB University to help develop and enhance the technical knowledge of junior team members and provide a wider career path for them. He also encourages ASB employees to give back to their communities and he fosters a corporate culture of social outreach. A long-time co-worker of Bellinger says that his enthusiasm is contagious; pointing to his vision to grow the firm and his ability to leverage his real estate insight, business acumen and experience to inspire members of the team from top to bottom. Another long-time associate described Bellinger as having a decidedly humane value system that demonstrates that it is okay for employees to be human and prioritize their families, while remaining committed to the success of the company and focused on delivering exceptional investment performance for the benefit of investors.

DARYL CARTER Daryl Carter is described as a hands-on and personal leader, which is reflected in his commitment to the more than 400 professionals who work for him, as well as residents, investors and community partners. Carter has spent his entire 41-year industry career investing in under-served communities and challenging others to see the value in doing the same. The former University of Michigan basketball player now serves as founder, chairman and CEO of Avanath Capital Management, an institutional fund manager that owns more than 15,000 afforda-ble housing and workforce housing units across the US, totaling more than $3.5 billion in assets under management. Carter is a past chair-man of NMHC and he currently serves on the board of Bridge Housing, one of the largest affordable housing nonprofit organizations in the US, and he is a global trustee of ULI. He was also recently inducted into the Multifamily Executive Hall of Fame. Carter directs the overall strategy and operations for Avanath Capital Management, where he has created a unique environment that is focused on bringing about real change and sets the tone for a company of professionals who want to do the same. A hard-working professional who desires to leave com-munities and individuals better off than he found them, Carter has created a company culture that encourages doing better along with con-tinued learning about the issues that impact the industry. He also amplifies the diverse voices among his team. The theme of Avanath Cap-ital Management's 2022 annual investor meeting was the Next Generation, with speakers and panelists consisting of up-and-coming leaders in the firm.