巴菲特致股东的信（1986年）⑥NHP公司

NHP, Inc.

Last year we paid $23.7 million for about 50% of NHP, Inc., a developer, syndicator, owner and manager of multi-family rental housing. Should all executive stock options that have been authorized be granted and exercised, our equity interest will decline to slightly over 45%.

NHP公司

去年我们投资了 2300 万购买 NHP 公司 50%股权，这是一家公寓租赁发展与整合商，不过若所有主管股票认股权都行使的话，我们的权益大概会降到 45%左右。

NHP, Inc. has a most unusual genealogy. In 1967, President Johnson appointed a commission of business and civic leaders, led by Edgar Kaiser, to study ways to increase the supply of multifamily housing for low- and moderate-income tenants. Certain members of the commission subsequently formed and promoted two business entities to foster this goal. Both are now owned by NHP, Inc. and one operates under unusual ground rules: three of its directors must be appointed by the President, with the advice and consent of the Senate, and it is also required by law to submit an annual report to the President.

该公司有段非凡的历史血统，1967 年美国约翰逊总统指定埃德加·凯撒(Edgar Kaiser)带领一个由民间与企业领袖所组成特别小组，研究如何增加面向低收入和中等收入租户的多家庭公寓住宅供应。委员会的某些成员随后组建并推动了两个公司，以促进这一目标实现。两者现在都归 NHP 所有，其中一个按独特的基本规则运作：其三名董事必须由总统根据参议院的建议和同意任命，并且法律还要求向总统提交年度报告。

Over 260 major corporations, motivated more by the idea of public service than profit, invested $42 million in the two original entities, which promptly began, through partnerships, to develop government-subsidized rental property. The typical partnership owned a single property and was largely financed by a non-recourse mortgage. Most of the equity money for each partnership was supplied by a group of limited partners who were primarily attracted by the large tax deductions that went with the investment. NHP acted as general partner and also purchased a small portion of each partnership’s equity.

超过 260 个美国大企业，以非营利为出发点，集资 4200 万成立两个合伙企业，通过与房屋使用者合伙形式，由政府补助开发租赁公寓。典型的合伙企业是持有独立的房地产单位，附带一个抵押贷款，大部分的资金来源系由一群有租税减免需求的有限合伙人 LP 提供，NHP 担任普通合伙人 GP，并买下所有合伙事业一小部分的出资权。

The Government’s housing policy has, of course, shifted and NHP has necessarily broadened its activities to include non-subsidized apartments commanding market-rate rents. In addition, a subsidiary of NHP builds single-family homes in the Washington, D.C. area, realizing revenues of about $50 million annually.

后来政府房屋计划政策有所转向，所以 NHP 有必要转型，扩展其经营范围到主流市场，即以市场价格租金运营的非补助公寓。此外 NHP 的一个子公司也在华盛顿特区建造独户住宅，年营业收入 5000 万美元。

NHP now oversees about 500 partnership properties that are located in 40 states, the District of Columbia and Puerto Rico, and that include about 80,000 housing units. The cost of these properties was more than $2.5 billion and they have been well maintained. NHP directly manages about 55,000 of the housing units and supervises the management of the rest. The company’s revenues from management are about $16 million annually, and growing.

NHP 目前管理 500 处合伙房产，遍布全美 40 个州、哥伦比亚特区与波多黎各，总计有 8 万套房产。这些房产的总值超过25 亿美元，同时维护相当良好。NHP 直接管理其中 5.5 万套，其余通过监督方式进行管理，公司每年的管理费收入约 1600 万美元，而且还在持续成长中。

In addition to the equity interests it purchased upon the formation of each partnership, NHP owns varying residual interests that come into play when properties are disposed of and distributions are made to the limited partners. The residuals on many of NHP’s "deep subsidy" properties are unlikely to be of much value. But residuals on certain other properties could prove quite valuable, particularly if inflation should heat up.

除了公司成立时所投资的部分合伙权益外，NHP 在产业处分后也可分得部分收益，虽然部分补助较多的产业无利可图，但有些的利润还不错，尤其当通货膨胀高涨时。

The tax-oriented syndication of properties to individuals has been halted by the Tax Reform Act of 1986. In the main, NHP is currently trying to develop equity positions or significant residual interests in non-subsidized rental properties of quality and size (typically 200 to 500 units). In projects of this kind, NHP usually works with one or more large institutional investors or lenders. NHP will continue to seek ways to develop low- and moderate-income apartment housing, but will not likely meet success unless government policy changes.

1986 年通过的《税收改革法案》取消有限合伙人这些以税收为目的的个人财产联合。NHP 目前正试图高质量、大规模地(通常为 200-500 套)在非补贴租赁物业中获得股权或重大剩余权益，在此类项目中，NHP 通常与一个或多个大型机构投资者或贷方合作。NHP 将继续寻求开发低收入和中等收入公寓住房的方法，但除非政府政策改变，否则不太可能取得成功。

Besides ourselves, the large shareholders in NHP are Weyerhauser (whose interest is about 25%) and a management group led by Rod Heller, chief executive of NHP. About 60 major corporations also continue to hold small interests, none larger than 2%.

除了我们以外，NHP 的大股东还有惠好公司(Weyerhauser)持有 25%的股权和由 NHP CEO 罗德·海勒(RodHeller)领导的管理集团。还有大约 60 家大公司也继续持有少量股权，但没有一家大于 2%的。

NHP, Inc. Last year we paid $23.7 million for about 50% of NHP, Inc., a developer, syndicator, owner and manager of multi-family rental housing. Should all executive stock options that have been authorized be granted and exercised, our equity interest will decline to slightly over 45%.

Besides ourselves, the large shareholders in NHP are Weyerhauser (whose interest is about 25%) and a management group led by Rod Heller, chief executive of NHP. About 60 major corporations also continue to hold small interests, none larger than 2%.

NHP, Inc.

Last year we paid $23.7 million for about 50% of NHP, Inc., a developer, syndicator, owner and manager of multi-family rental housing. Should all executive stock options that have been authorized be granted and exercised, our equity interest will decline to slightly over 45%.