| H/2 Capital Partners LLC | Joshua Acheatel Associate | Associate Member | A |
| HFF LP | Ryan Ade Managing Director | Associate Member | B |
| H/2 Capital Partners LLC | Imran Adeeyo Analyst | Associate Member | A |
| Campus Apartments, Inc. | David Adelman President & CEO | Research Sponsor | E |
| Lubert-Adler Management, Inc. | Dean Adler CEO & Co-Founder | Research Sponsor | A |
| EII Capital Management | Richard Adler Senior Advisor | Sustaining Member | A |
| Madison International Realty, LLC | Jacob Albano Associate | Guest | -- |
| Hadley Real Estate | Nathan Allison Chief Executive Officer | Guest | -- |
| CBRE (Pennsylvania Office) | Ian Anderson Director, Research and Analysis | Associate Member | C |
| H/2 Capital Partners LLC | Maury Apple Senior Vice President | Associate Member | E |
| Baupost Group, The | Nick Azrack Managing Director | Sustaining Member | B |
| Park Hill Real Estate Group | Jeff Baker Partner | Research Sponsor | C |
| Park Hill Real Estate Group | Jeffrey Baker Partner | Research Sponsor | C |
| Corigin Real Estate Group | Edward Baquero President | Research Sponsor | B |
| Blank Rome LLP | Samuel Becker Shareholder | Sustaining Member | E |
| ELV Associates, Inc | Fred Beddard Managing Director, Mid-Atlantic | Guest | -- |
| Broome Capital LLC | Mike Bednarski Partner | Associate Member | D |
| ASB Real Estate Investments | Robert Bellinger President and Chief Executive Officer | Research Sponsor | B |
| Sagic Capital | Richard Bennett Founder | Guest | -- |
| Campus Apartments, Inc. | Daniel Bernstein Senior Vice President and CIO | Associate Member | B |
| Silverstein Properties Inc. | Lisa Bevacqua Senior Vice President & Director of Asset Management | Associate Member | C |
| Dune Real Estate Partners | David Beznos Associate | Associate Member | C |
| Vanbarton Group | Sagar Bhatt Senior Vice President | Guest | -- |
| H/2 Capital Partners LLC | Don Bindler | Associate Member | B |
| iStar Inc. | Elisha Blechner Executive Vice President | Sustaining Member | D |
| ASB Real Estate Investments | David Bohman Human Resources Specialist | Associate Member | A |
| Resource Real Estate, Inc. | Chad Bonham Vice President | Associate Member | A |
| GEM Realty Capital, Inc. | Chris Braatz Associate | Associate Member | B |
| CenterSquare Investment/Management | Todd Briddell Chief Executive Officer, Chief Investment Officer | Research Sponsor | C |
| H/2 Capital Partners LLC | Rachel Brill Associate | Associate Member | C |
| American Asset Corporation | Brian Briody Senior Vice President | Associate Member | D |
| Jamestown | Matt Bronfman Managing Director | Associate Member | A |
| Silverstein Properties Inc. | Martin Burger Chief Executive Officer | Research Sponsor | D |
| Alex. Brown Realty, Inc. | Thomas Burton Vice President | Sustaining Member | D |
| Kohlberg Kravis Roberts & Co. L.P. | Julia Butler Director, Real Estate | Sustaining Member | E |
| Fortress Investment Group LLC | Keith Caldwell Portfolio Manager | Guest | -- |
| Post & Schell, P.C. | Michael Canavan | Guest | -- |
| JBG Companies, The | Ed Chaglassian Executive Vice President | Associate Member | E |
| Pacific Coast Capital Partners | Yon Cho Partner | Research Sponsor | D |
| Berkeley Point Capital | Mitchell Clarfield Senior Managing Director | Executive Committee Member, Research Sponsor | A |
| Goulston & Storrs | Brian Cohen Director | Sustaining Member | D |
| Jadian Capital | Jarret Cohen Head of Private Real Estate | Associate Member | A |
| Argosy Real Estate Partners | Joshua Cohen Portfolio Manager | Associate Member | B |
| Rodman Properties, Inc. | Michael Cohen President | Guest | -- |
| Newmark Knight Frank | David Colen Senior Managing Director | Associate Member | E |
| PNC Bank | Andrew Coler Market Manager/Senior Vice President | Sustaining Member | A |
| McCarthy Cook | Edward Cook Co-President | Research Sponsor | A |
| Toll Brothers, Inc. | Frederick N. Cooper Senior Vice President | Associate Member | E |
| Kairos Real Estate Partners, LLC | Mike Corvasce Executive Vice President | Associate Member | E |
| First American Title Insurance Company | Adam Cutler Vice President and Special Counsel | Associate Member | D |
| Kairos Real Estate Partners, LLC | Kristin Daly Senior Vice President | Associate Member | A |
| MRP Realty | Jason Davis Managing Director | Guest | -- |
| H/2 Capital Partners LLC | Mylene Delattre Executive Assistant to CEO | Associate Member | D |
| Madison International Realty, LLC | Ronald Dickerman President & CEO | Research Sponsor | A |
| Verde Capital | Dan Dougherty Director of Private Equity and Enterprise Asset Management | Associate Member | E |
| Firstrust Bank | Mark Duffy Senior Vice President | Associate Member | D |
| Hackman Capital Partners, LLC | Jonathan Epstein | Guest | -- |
| Tishman Speyer Properties | Anil Erdem Director | Associate Member | E |
| Jadian Capital | Jeremy Erdman Vice President | Associate Member | B |
| Liberty Property Trust | Tony Ewing Vice President | Associate Member | A |
| Tishman Realty Corporation | Zeke Faham Director | Associate Member | D |
| Liberty Property Trust | Herman Fala GENERAL COUNSEL | Guest | -- |
| Criterion Real Estate Capital | Adam Falk Managing Director | Associate Member | A |
| Resource Real Estate, Inc. | Alan Feldman Chief Executive Officer | Research Sponsor | E |
| Resource Real Estate, Inc. | Kevin Finkel Vice President of Acquisitions | Associate Member | B |
| Robert K. Futterman & Associates, Inc. | Jeffrey Fishman Vice Chairman | Research Sponsor | D |
| Winn Development | Chris Fleming Senior Project Director | Guest | -- |
| International Council of Shopping Centers | Leslie Fox Chief of Staff | Guest | -- |
| Amherst Capital Management | Abbe Franchot Borok Managing Director | Guest | -- |
| GI Partners | Alexander Fraser Managing Director | Associate Member | E |
| Farallon Capital | Richard Fried Managing Member | Sustaining Member | C |
| Navigant Consulting | R. Bruce Gamble Managing Director | Research Sponsor | C |
| Lubert Adler | Jessica Gatof Associate | Associate Member | A |
| Verde Capital | Don Geiger Director of Portfolio Management | Associate Member | C |
| NRP Group, The | Jonathan Gertman Vice President of Development | Guest | -- |
| HFF LP | David Giancola Managing Director | Sustaining Member | D |
| Cushman & Wakefield, Inc. (S. Kohn) | Gideon Gil Managing Director - Equity, Debt and Structured Finance | Associate Member | E |
| Jones Lang LaSalle | Lauren Gilchrist Vice President, Director of Research | Associate Member | E |
| Keystone Property Group | William Glazer President | Research Sponsor | B |
| Baupost Group, The | Boris Glazman Investment Analyst | Associate Member | A |
| Kairos Real Estate Partners, LLC | Stephen Gleason President | Sustaining Member | B |
| Posel Management Company | Ross Goldberg President | Guest | -- |
| PRG Real Estate | Brett Gomes Director | Associate Member | A |
| LaSalle Investment Management, Inc. | Jacques Gordon Global Strategist | Research Sponsor | E |
| Convergent Capital Partners | Santosh Govindaraju Chief Executive Officer | Sustaining Member | C |
| Goldman, Sachs & Co. | Michael Graziano Managing Director | Associate Member | B |
| Houlihan Lokey | David Greear Senior Vice President | Guest | -- |
| Firstrust Bank | Richard J. Green Chairman & CEO | Research Sponsor | A |
| CBRE (Pennsylvania Office) | James Groch CFO & Global Director of Corporate Development | Research Sponsor | C |
| H/2 Capital Partners LLC | Bryan Gross Associate | Associate Member | D |
| Cozen O'Connor | Howard Grossman Senior Counsel | Associate Member | E |
| H/2 Capital Partners LLC | Karthik Guda Assistant Vice President | Associate Member | A |
| H/2 Capital Partners LLC | Spencer B. Haber Chief Executive Officer | Executive Committee Member, Research Sponsor, European Advisory Board Member | D |
| Blackstone | Zachary Harding Associate | Associate Member | A |
| APG Asset Management US Inc. | Steven Hason Managing Director, Co-Head Americas Real Estate | Executive Committee Member | E |
| Resource Real Estate, Inc. | Marshall Hayes Vice President | Associate Member | B |
| Equity Commonwealth | David Helfand Chief Executive Officer | Executive Committee Member, Research Sponsor | D |
| Cushman & Wakefield, Inc. (S. Kohn) | Alexander Hernandez Managing Director | Associate Member | D |
| Berkadia | Warren P. Higgins EVP- Head of Mortgage Banking | Sustaining Member | A |
| Himmel + Meringoff Properties | Leslie Himmel Partner | Sustaining Member | E |
| Catalyst Real Estate | Scott Janzen President | Guest | -- |
| Goldman, Sachs & Co. | Andrew Jonas Managing Director | Executive Committee Member, Research Sponsor | D |
| Almanac Realty Investors | Matthew Kaplan Managing Partner | Research Sponsor | E |
| Dermody Capital | Steven Karpf Managing Partner | Research Sponsor | E |
| Cushman & Wakefield, Inc. (S. Kohn) | Dave Karson Executive Managing Director | Associate Member | B |
| JBG Companies, The | James Kelly Associate - Development | Associate Member | B |
| Firstrust Bank | Robert Kenney SVP | Associate Member | C |
| JP Venture Partners LLC | Philip Kianka Executive Managing Partner | Sustaining Member | D |
| Och-Ziff Real Estate | Joshua Kirkham Vice President | Guest | -- |
| H/2 Capital Partners LLC | Harrison Klein Analyst | Associate Member | E |
| Post Commercial Real Estate | Zak Klinvex Associate | Associate Member | C |
| Cross Properties | Jackie Kluger Director of Investor Relations | Guest | -- |
| Cushman & Wakefield, Inc. (S. Kohn) | Steven Kohn Vice Chairman and President | Sustaining Member | A |
| Rockwood Capital Corporation | Richard Kramer Director | Associate Member | E |
| Royal Abstract of New York, LLC | Martin Kravet President | Research Sponsor | C |
| Cerberus Capital Management, L.P. | Ronald J. Kravit Managing Principal | Executive Committee Member, Research Sponsor | A |
| H/2 Capital Partners LLC | Alex Kretschmann Vice President | Associate Member | D |
| Eastdil Secured | David Lazarus Senior Managing Director | Associate Member | d |
| KKR | Chris Lee Co-Head Real Estate Credit | Guest | -- |
| H/2 Capital Partners LLC | Jessica Lee Vice President | Associate Member | A |
| Jones Lang LaSalle | Mark Levy Executive Managing Director | Sustaining Member | A |
| C-III Capital Partners | Robert C. Lieber Managing Director | Research Sponsor | A |
| Corcoran Group, The | Pamela Liebman President & Chief Executive Officer | Research Sponsor | C |
| Angelo, Gordon & Company | Reid Liffmann Managing Director | Associate Member | D |
| H/2 Capital Partners LLC | Stuart Little Analyst | Associate Member | A |
| Lazard | Matthew Lustig Head of Investment Banking, North America; Head of | Research Sponsor | B |
| Optima, Inc. | Siteng Ma Analyst | Associate Member | D |
| Mack Real Estate Group | Richard Mack Chief Executive Officer | Research Sponsor | D |
| Dune Real Estate Partners | Cia Marakovits CIO, Partner & Managing Director | Sustaining Member | E |
| H/2 Capital Partners LLC | Andrew Margulis Associate | Associate Member | B |
| Amerimar Realty Company | David Marshall Chairman and CEO | Sustaining Member | B |
| Alex. Brown Realty, Inc. | Jake Martin Acquisitions Officer | Associate Member | C |
| The Wharton School | Cade Massey | Panelist | -- |
| Post Commercial Real Estate | Ryan McCaffrey General Counsel | Associate Member | A |
| McDowell Properties | Patrick McDowell President/CEO | Research Sponsor | C |
| Argosy Real Estate Partners | William McGinley Vice President, Asset Management | Associate Member | B |
| Post & Schell, P.C. | Paul McIntyre Principal | Guest | -- |
| WeWork | Dave McLaughlin General Manager | Panelist | -- |
| Verde Capital | Maureen Menarde Director | Associate Member | C |
| Mericle Commercial Real Estate Services | Robert Mericle President | Research Sponsor | A |
| Cross Properties | Kevin Michals Managing Partner | Sustaining Member | E |
| Freedom Mortgage | Michael Middleman Vice President | Associate Member | A |
| Freedom Mortgage | Stanley Middleman Chief Executive Officer | Sustaining Member | B |
| WP Realty, Inc. | Gregory Milstein Transactions Analyst | Guest | -- |
| Rockefeller Group | Daniel Moore Executive Vice President | Sustaining Member | E |
| Och-Ziff Real Estate | Jason Morgan Analyst | Associate Member | B |
| Morgan Properties | Jonathan Morgan President | Associate Member | A |
| Morgan Properties | Mitch L. Morgan President | Research Sponsor | D |
| Madison International Realty, LLC | Max Morgenstern Portfolio and Asset Management Analyst | Guest | -- |
| H/2 Capital Partners LLC | Kate Mulcahy Associate | Associate Member | C |
| Oxford Properties Group | Christopher Mundy SVP | Sustaining Member | B |
| PGIM Real Estate | Alfonso Munk Managing Dir, Americas Chief Investment Officer | Research Sponsor | E |
| HFF LP | Christopher Munley Managing Director | Associate Member | D |
| ASB Real Estate Investments | Mary Murphy Senior Investment Associate | Associate Member | D |
| H/2 Capital Partners LLC | Jack Murrel Analyst | Associate Member | A |
| MRP Realty | Ryan Nelson Managing Director | Guest | -- |
| Green Field, LLC | David Neveloff Managing Director | Associate Member | A |
| Kramer Levin Naftalis & Frankel LLP | Jay Neveloff Partner | Research Sponsor | B |
| Eastdil Secured | Dan O'Brien Director | Associate Member | A |
| High Rise Capital Partners, LLC | David P. O'Connor | Research Sponsor | D |
| Morgan Properties | Pat O'Grady CFO | Associate Member | C |
| Lubert-Adler Management, Inc. | Aviad Ohayon Vice President | Associate Member | C |
| GEM Realty Capital, Inc. | Denise Olsen Senior Managing Director | Research Sponsor | C |
| H/2 Capital Partners LLC | Brandon Onopa Analyst | Associate Member | C |
| Och-Ziff Real Estate | Steven Orbuch President | Sustaining Member | C |
| C-III Capital Partners | Victoria Ornstein Vice President | Associate Member | B |
| JBG Companies, The | Ashesh Parikh Vice President | Associate Member | A |
| Resource Real Estate, Inc. | Mehul Patel Senior Vice President | Associate Member | C |
| Blackstone | Austin Pena Associate | Associate Member | C |
| Post Commercial Real Estate | Matthew Pestronk President | Sustaining Member | D |
| Morgan Properties | Rimas Petrulis Senior VP Acquisitions & Assets | Associate Member | C |
| Alterra Property Group, LLC | Matthew Pfeiffer Partner, Director of Acquisitions | Associate Member | C |
| GoldenTree InSite Partners | David Pringle Associate | Associate Member | D |
| Pacific Coast Capital Partners | John Randall Senior Vice President | Associate Member | A |
| PGIM Real Estate | Allyson Randolph Associate, Portfolio Management | Associate Member | C |
| Oxford Properties Group | Rachel Reardon Associate | Associate Member, Executive Committee Member | C |
| Round Hill Capital | Robert Reiskin Senior Managing Director | Sustaining Member | A |
| Verde Capital | Jacob Reiter Chief Investment Officer | Sustaining Member | D |
| Korman Communities, Inc. | R. Scott Relick President | Associate Member | D |
| 13th Floor Investments, LLC | David Resnick Vice President | Panelist | -- |
| Lazard | Alan Riffkin Managing Director | Associate Member | D |
| Post Commercial Real Estate | Jon Robinson CFO | Associate Member | E |
| Post Commercial Real Estate | Nel Roch Director of Finance | Associate Member | D |
| HFF LP | Douglas Rodio Senior Managing Director , Co-Head of the Philadelphia Area | Associate Member | A |
| Newmark Knight Frank | Jordan Roeschlaub Executive Managing Director | Associate Member | B |
| Criterion Real Estate Capital | Charles Rosenzweig Managing Partner | Sustaining Member | D |
| Rubenstein Partners | David Rubenstein Senior Managing Partner | Sustaining Member | D |
| Candlebrook Properties, LLC | Neil Rubler President | Research Sponsor | A |
| H/2 Capital Partners LLC | Michael Rudnick Vice President | Associate Member | D |
| ASB Real Estate Investments | Brodie Ruland Senior Vice President | Associate Member | A |
| Convergent Capital Partners | Nik Sachdev Managing Director | Associate Member | D |
| ACTA Realty Corp. | Sam Saegh Director | Sustaining Member | D |
| H/2 Capital Partners LLC | Daniel Schapiro Vice President | Associate Member | E |
| Bulfinch Companies, Inc., The | Eric Schlager Chief Executive Officer | Research Sponsor | B |
| Park Hill Real Estate Group | Frank Schmitz Co-Founder & Partner | Associate Member | D |
| Post Commercial Real Estate | Hayley Schneider Financial Analyst | Associate Member | E |
| H/2 Capital Partners LLC | Julia Schneider Associate | Associate Member | A |
| Angelo, Gordon & Company | Adam Schwartz Managing Director | Research Sponsor | B |
| KRE Group | Jason Segal Director of Residential Leasing | Guest | -- |
| H/2 Capital Partners LLC | Charlie Serota Analyst | Associate Member | A |
| Hersha Hospitality Trust | Neil Shah President and Chief Operating Officer | Research Sponsor | C |
| Cotswold Group, Inc., The | Robert Shasha President | Sustaining Member | A |
| Related Companies | Kimberly Sherman President | Associate Member | D |
| JP Morgan & Co., Incorporated | Peter Sibilia Managing Director, Head of the North East Region | Panelist | -- |
| H/2 Capital Partners LLC | Michael Siegel Associate | Associate Member | B |
| American Asset Corporation | Juan Jose Silva Charme Financial Analyst | Guest | -- |
| Cozen O'Connor | Robert Silverman Member | Research Sponsor | B |
| Argosy Real Estate Partners | Max Silverstein Associate | Associate Member | D |
| Och-Ziff Real Estate | Eli Simon Associate | Associate Member | C |
| Katten Muchin Rosenman LLP | Donald Siskind Counsel | Research Sponsor | -- |
| The Davis Companies | Nicholas T. Skiadas | Sustaining Member | C |
| Airbnb North America | Ania Smith Head of Business Operations | Panelist | -- |
| Savills Studley (M. Colacino) | Hether Smith Senior Vice President/Branch Manager | Associate Member | A |
| Atapco Properties, Inc. | Daniel Spitzen Vice President | Guest | -- |
| Artemis Real Estate Partners | Michael Stratton Vice President | Associate Member | C |
| H/2 Capital Partners LLC | Billy Strobel Vice President | Associate Member | B |
| Lazard | Phillip Summers Managing Director | Panelist | -- |
| Starwood Retail Partners | Carl Tash CSO | Research Sponsor | C |
| Contrarian Capital Management, L.L.C. | Gil Tenzer Founding Member, Director of Real Estate | Guest | -- |
| Key Bank | Christophe Terlizzi Senior Vice President | Sustaining Member | C |
| HFF LP | Mark Thomson Senior Managing Director - Co-Office Head | Associate Member | C |
| H/2 Capital Partners LLC | Alexa Tortora Associate | Associate Member | B |
| HFF LP | Andrew Troisi Senior Director | Associate Member | E |
| Broome Capital LLC | Peggy Tseung Partner | Sustaining Member | C |
| GoldenTree InSite Partners | Robert Vahradian Senior Managing Director | Sustaining Member | A |
| HFF LP | Stephen Van Leer Loan Sale Advisor | Associate Member | E |
| Northwood Investors LLC | Shiva Viswanathan Managing Director | Guest | -- |
| Cozen O'Connor | David Walker Attorney | Associate Member | A |
| Convergent Capital Partners | Michael Warren Managing Member | Associate Member | A |
| AMJ Inc. | Mike Warren Managing Member | Guest | -- |
| Hines | Chuck Watters Senior Managing Director | Panelist | -- |
| Key Bank | Steven Weeks Senior Vice President | Associate Member | E |
| Goldman, Sachs & Co. | Peter Weidman Managing Director | Associate Member | A |
| WP Realty, Inc. | Bryan Weingarten Chief Executive Officer | Research Sponsor | C |
| H/2 Capital Partners LLC | Eric Weiss Associate | Associate Member | C |
| Cozen O'Connor | Ingrid Welch Attorney | Associate Member | A |
| Patriot Equities | Alan Werther Principal & Dir. of Capital Markets | Guest | -- |
| Harvard Management Co. | Kavindi Wickremage Senior Vice President | Executive Committee Member, Sustaining Member | E |
| Susquehanna Holdings Company, Ltd. | Christopher Wideman Partner | Associate Member | C |
| Jamestown | John Wilson Senior Vice President / Asset Management | Guest | -- |
| Wolfson Group, Inc. | Steven Wolfson President | Guest | -- |
| Liberty Property Trust | Janice Wong Director - Leasing & Development | Associate Member | D |
| GI Partners | Michael Wong Director | Sustaining Member | B |
| iStar Inc. | Eric Wright Associate | Associate Member | A |
| Hudson Advisors | Frederick Yee Director | Associate Member | D |
| ElmTree Funds | Joseph Yiu Chief Investment Officer | Sustaining Member | C |
| BlackRock | Benjamin Young Managing Director | Associate Member | D |
| H/2 Capital Partners LLC | Joseph Zhong Analyst | Associate Member | C |
| Eastdil Secured | Kenneth S. Ziebelman Managing Director | Associate Member | B |