| Lubert-Adler Partners, L.P. | Dean S. Adler Co-Founder and CEO | Research Sponsor | A |
| EII Capital Management | Richard Adler Senior Advisor | Sustaining Member | A |
| Resource Real Estate, Inc. | Chad Bonham Vice President, Asset Management | Associate Member | A |
| Resource Real Estate, Inc. | Eric Brauner Analyst Acquisitions | Associate Member | A |
| Jamestown Properties | Matt Bronfman Chief Executive Officer | Associate Member | A |
| Newmark Knight Frank | Mitchell D. Clarfield Executive Managing Director | Research Sponsor | A |
| McCarthy Cook | Edward W. Cook III Co-President | Research Sponsor | A |
| Madison International Realty | Ronald Dickerman President | Sustaining Member | A |
| Lazard | Andrew Domont Director | Sustaining Member | A |
| Liberty Property Trust | Tony Ewing VP, Leasing and Development | Associate Member | A |
| Abacus Capital Group LLC | Benjamin Friedman President | Sustaining Member | A |
| GIC Real Estate, Inc. | Adam Gallistel Regional Head, Americas Real Estate/ Managing Director | Research Sponsor | A |
| Lubert-Adler Partners, L.P. | Jessica Gatof Associate | Associate Member | A |
| Greenberg Traurig, LLP | Jonathan Gelman Shareholder | Associate Member | A |
| PRG Real Estate | Brett Gomes Director | Associate Member | A |
| American Asset Corporation | Charles Handy CFO | Associate Member | A |
| Resource Real Estate, Inc. | Steven Hladczuk Analyst Acquisitions | Associate Member | A |
| The Silverfern Group | Andrew Isikoff Managing Director | Research Sponsor | A |
| Criterion Real Estate Capital | Brett Kantor Vice President | Associate Member | A |
| JBG Smith | Jared Karpf Analyst | Associate Member | A |
| Cushman & Wakefield | Steven Kohn Vice Chairman & President | Sustaining Member | A |
| Cerberus Capital Management, L.P. | Ronald J. Kravit Senior Managing Director | Research Sponsor | A |
| Cozen O'Connor | Bernard Lee Attorney/Shareholder | Associate Member | A |
| Jones Lang LaSalle | Mark Levy Executive Managing Director | Sustaining Member | A |
| The Corcoran Group | Pamela Liebman President & CEO | Research Sponsor | A |
| Morgan Properties | Jonathan Morgan President of Morgan Properties JV | Associate Member | A |
| Olshan Properties | Michael Odell Managing Director | Sustaining Member | A |
| Pacific Coast Capital Partners | John Randall Partner | Associate Member | A |
| HFF | Douglas Rodio Senior Managing Director | Associate Member | A |
| Angelo Gordon | Daniel Rudin Director | Associate Member | A |
| ASB Real Estate Investments | Brodie Ruland Senior Vice President | Associate Member | A |
| PGIM Real Estate | John Sarokhan Executive Director | Associate Member | A |
| The Cotswold Group | Robert Shasha President | Sustaining Member | A |
| Siguler Guff & Company, LLC | Hamid Tabib Principal | Associate Member | A |
| Walton Street Capital, LLC | Josh Troxel Principal | Associate Member | A |
| Susquehanna Holdings | Chris Wideman Partner | Associate Member | A |
| Goldman, Sachs & Co., LLC | Jim Woods Associate | Associate Member | A |
| iStar Inc. | Eric Wright Investments | Associate Member | A |
| HFF | Ryan Ade Managing Director | Associate Member | B |
| The Baupost Group | Nicholas Azrack Managing Director | Sustaining Member | B |
| Hudson Advisors | Jon Barkan Senior Vice President | Associate Member | B |
| Campus Apartments | Daniel Bernstein President and Chief Investment Officer | Associate Member | B |
| SL Green Realty Corp. | Jonathon Blackwell Director | Sustaining Member | B |
| American Asset Corporation | Trey Brossy Senior Vice President | Associate Member | B |
| Rubenstein Partners | Stephen Card Principal / Director of Mid Atlantic | Associate Member | B |
| KeyBank Real Estate Capital | John Christen Regional Vice President | Associate Member | B |
| Argosy Real Estate Partners | Joshua Cohen Portfolio Manager | Associate Member | B |
| Landmark Partners | Michelle Creed Managing Director | Sustaining Member | B |
| Jadian Capital | Jeremy Erdman Vice President | Associate Member | B |
| First American Title Insurance Company | David Feldman Senior Vice President | Sustaining Member | B |
| Madison International Realty | Paola Gamarra Analyst | Associate Member | B |
| Keystone Property Group | William Glazer CEO | Research Sponsor | B |
| KeyBank Real Estate Capital | Steven Hamm Vice President - Mortgage Banker | Associate Member | B |
| Brandywine Realty Trust | George Hasenecz SVP - Investments | Associate Member | B |
| W.P. Carey Inc. | Chris Hayes Executive Director | Associate Member | B |
| Resource Real Estate, Inc. | Marshall Hayes Managing Director | Associate Member | B |
| Optima, Inc. | Tara Hovey President & COO | Sustaining Member | B |
| Cushman & Wakefield | Dave Karson Executive Managing Director | Associate Member | B |
| Silverstein Properties Inc. | Jason Kaufman Vice President, Acquisitions & Development | Associate Member | B |
| Post Brothers | Jacqueline Kluger Director of Investor Relations | Associate Member | B |
| Greenberg Traurig, LLP | Robert Lane Real Estate Practice Leader - Philadelphia | Associate Member | B |
| H/2 Capital Partners LLC | Adam Lifshitz Analyst | Associate Member | B |
| Lazard | Matthew J. Lustig Head of Investment Banking, North America and Head of Real Estate and Lodging | Research Sponsor | B |
| Firstrust Bank | Seth Mackler EVP | Associate Member | B |
| Korman Communities, Inc. | Gabe Marabella Managing Director | Associate Member | B |
| Amerimar Realty Company | David Marshall CEO & Chairman | Sustaining Member | B |
| Argosy Real Estate Partners | Will McGinley Vice President, Asset Management | Associate Member | B |
| Ballard Spahr LLP | Bart Mellits Esquire | Sustaining Member | B |
| Morgan Properties | Jason Morgan SVP Acquisitions & Investment Management | Associate Member | B |
| Oxford Properties | Christopher P. Mundy SVP | Sustaining Member | B |
| Hersha Hospitality Trust | Ashish Parikh CFO | Associate Member | B |
| L & L Holding Company | Laura Rapaport Managing Director | Associate Member | B |
| The Bulfinch Companies, Inc. | Eric D. Schlager Chief Executive Officer | Research Sponsor | B |
| Angelo Gordon | Adam R. Schwartz Co-Chief Investment Officer, Head of Real Estate | Research Sponsor | B |
| Cozen O'Connor | Robert A. Silverman Shareholder | Research Sponsor | B |
| Katten Muchin Rosenman | Donald H. Siskind Counsel | Research Sponsor | B |
| Jamestown Properties | Joshua Wechter Co-CIO | Sustaining Member | B |
| Jamestown Properties | John Wilson Senior Vice President | Associate Member | B |
| Eastdil Secured | Ken Ziebelman Managing Director | Associate Member | B |
| CBRE | Ian Anderson Director of Research | Associate Member | C |
| Park Hill Group | Jeffrey Baker Partner | Research Sponsor | C |
| Dune Real Estate Partners | David Beznos Managing Director | Associate Member | C |
| Olshan Properties | Zachary Bornstein Managing Director | Associate Member | C |
| CenterSquare Investment Management | E. Todd Briddell CEO and CIO | Research Sponsor | C |
| PRG Real Estate | Samuel Foster CEO | Sustaining Member | C |
| Amherst Capital | Abbe Franchot Borok Managing Director | Sustaining Member | C |
| Ankura Consulting Group | R. Bruce Gamble Senior Managing Director | Research Sponsor | C |
| Dechert LLP | Justin Gdula Partner | Associate Member | C |
| Verde Capital Corp. | Don Geiger Director of Portfolio Management, Reporting and Enterprise Valuation Services | Associate Member | C |
| SL Green Realty Corp. | Michael Goldberg Associate | Associate Member | C |
| Convergent Management | Santosh Govindaraju Principal | Sustaining Member | C |
| Resource Real Estate, Inc. | Michael Greiner VP Asset Management | Associate Member | C |
| CBRE | James Groch CFO and Global Director of Corporate Development | Research Sponsor | C |
| Korman Communities, Inc. | Rob Grossman Corporate Counsel | Associate Member | C |
| Equity Industrial Partners Corp. | Lewis Heafitz Principal | Research Sponsor | C |
| Angelo Gordon | Matt Jackson Director | Associate Member | C |
| Verde Capital Corp. | Owen Jones Director | Associate Member | C |
| HHM | Naveen Kakarla CEO | Associate Member | C |
| Amherst Capital | Chris Kelly Managing Director | Associate Member | C |
| Firstrust Bank | Robert Kenney SVP | Associate Member | C |
| Post Brothers | Zak Klinvex Director of Acquisitions | Associate Member | C |
| Jones Lang LaSalle | Robert A. Knakal Chairman NY Investment Sales | Research Sponsor | C |
| Global Holdings | Ephram Lustgarten Head of Investments | Research Sponsor | C |
| Alex. Brown Realty | Jake Martin Acquisitions Officer | Associate Member | C |
| Verde Capital Corp. | Maureen Menarde Managing Director and COO | Associate Member | C |
| Hudson Advisors | Taylor Moister Director | Associate Member | C |
| Capital Solutions, Inc. | Jason Morganroth Partner | Research Sponsor | C |
| GEM Realty Capital, Inc. | Denise Olsen Senior Managing Director | Research Sponsor | C |
| Resource Real Estate, Inc. | Mehul Patel SVP Portfolio Management | Associate Member | C |
| Morgan Properties | Rimas Petrulis Senior Vice President of Asset Management | Associate Member | C |
| Firstrust Bank | Joseph Rago SVP | Associate Member | C |
| Lubert-Adler Partners, L.P. | Gerry Ronon President & COO | Associate Member | C |
| Lazard | Alex Russo Director | Associate Member | C |
| Belvedere Capital | Glen Siegel Founder and Managing Partner | Sustaining Member | C |
| Arden Group | Craig A. Spencer CEO | Research Sponsor | C |
| Artemis Real Estate Partners | Michael Stratton Vice President | Associate Member | C |
| Starwood Retail Partners | Carl B. Tash Chief Strategist | Research Sponsor | C |
| KeyBank Real Estate Capital | Chris Terlizzi Senior Vice President and Team Leader | Sustaining Member | C |
| HFF | Mark Thomson Senior Managing Director | Associate Member | C |
| WP Realty | Bryan S. Weingarten CEO | Research Sponsor | C |
| Argosy Real Estate Partners | Max Wheeling Associate | Associate Member | C |
| Tishman Realty Corporation | David Wilks Associate | Associate Member | C |
| Cozen O'Connor | James Williams Attorney | Associate Member | C |
| ElmTree Funds, LLC | Joseph Yiu Managing Principal | Sustaining Member | C |
| Longview Property Group | Arne Andersen Executive Vice President | Associate Member | D |
| PRG Real Estate | Kathleen Betz Chief Investment Officer | Associate Member | D |
| American Asset Corporation | Brian Briody Executive Vice President | Associate Member | D |
| Alex. Brown Realty | Thomas Burton Chief Investment Officer | Sustaining Member | D |
| Argosy Real Estate Partners | Gabriel Cantu Associate | Associate Member | D |
| Pacific Coast Capital Partners | Yon K. Cho Partner | Research Sponsor | D |
| Liberty Property Trust | Brian R. Cohen Vice President Market Officer | Associate Member | D |
| Goulston & Storrs PC | Brian Cohen Director | Sustaining Member | D |
| First American Title Insurance Company | Adam Cutler VP & Special Counsel | Associate Member | D |
| Firstrust Bank | Mark Duffy Senior Vice President | Associate Member | D |
| Tishman Capital Partners | Zeke Faham Vice President | Associate Member | D |
| HFF | David Giancola Managing Director | Sustaining Member | D |
| CenterSquare Investment Management | Mark Greco Managing Director | Associate Member | D |
| Jones Lang LaSalle | Jonathan Hageman Director Investment Sales | Associate Member | D |
| SL Green Realty Corp. | Dan Haroun Analyst | Associate Member | D |
| Equity Commonwealth | David A. Helfand President and Chief Executive Officer | Research Sponsor | D |
| Cushman & Wakefield | Alexander Hernandez Executive Director | Associate Member | D |
| Goldman, Sachs & Co., LLC | Andrew J. Jonas Managing Director | Research Sponsor | D |
| CBRE | Jerome Kranzel Senior Vice President | Associate Member | D |
| Meridian Group | Bruce Lane Co-Founder & Managing Director | Sustaining Member | D |
| Cantor Fitzgerald | Michael Lehrman Executive Managing Director | Research Sponsor | D |
| Cozen O'Connor | Jeffrey A. Leonard Attorney | Associate Member | D |
| Angelo Gordon | Reid Liffmann Managing Director | Associate Member | D |
| Optima, Inc. | Siteng Ma Associate | Associate Member | D |
| Mack Real Estate Group | Richard Mack CEO, Co-Founder | Research Sponsor | D |
| H/2 Capital Partners LLC | Tobias Milligan Analyst | Associate Member | D |
| HFF | Christopher Munley Managing Director | Associate Member | D |
| High Rise Capital Partners, LLC | David P. O'Connor Senior Managing Partner | Research Sponsor | D |
| Morgan Stanley Real Estate | Christie Park Managing Director | Associate Member | D |
| Post Brothers | Matthew Pestronk President | Sustaining Member | D |
| Dune Real Estate Partners | Chad Redding Vice President | Associate Member | D |
| Verde Capital Corp. | Jacob E. Reiter President | Research Sponsor | D |
| Korman Communities, Inc. | Scott Relick VP of Acquisitions | Associate Member | D |
| Lazard | Alan Riffkin Managing Director | Associate Member | D |
| Post Brothers | Nel Roch Director of Finance | Associate Member | D |
| Criterion Real Estate Capital | Chuck Rosenzweig Founder and Managing Partner | Sustaining Member | D |
| Rubenstein Partners | David Rubenstein CEO | Sustaining Member | D |
| Convergent Management | Nik Sachdev Principal | Associate Member | D |
| ACTA Realty Corp. | Sam Saegh Director of Real Estate Portfolio | Sustaining Member | D |
| DLA Piper | Barbara Trachtenberg Attorney | Associate Member | D |
| Liberty Property Trust | Janice Wong Director | Associate Member | D |
| Hudson Advisors | Frederick Yee Director Underwriting | Research Sponsor | D |
| BlackRock | Benjamin Young Managing Director | Research Sponsor | D |
| Campus Apartments | David Adelman CEO | Research Sponsor | E |
| Korman Communities, Inc. | Jeffrey Brown Assistant VP of Acquisitions | Associate Member | E |
| CenterSquare Investment Management | Chad Burkhardt Senior Vice President | Associate Member | E |
| KKR | Julia Butler Director | Sustaining Member | E |
| Liberty Property Trust | Michael Cohen Senior Vice President, Investments | Associate Member | E |
| L & L Holding Company | Patrick Connell Managing Director | Associate Member | E |
| Toll Brothers, Inc. | Frederick Cooper Senior Vice President, Finance, International Development & Investor Relations | Associate Member | E |
| Ballard Spahr LLP | Dominic De Simone Partner | Associate Member | E |
| Argosy Real Estate Partners | Sara Doelger Principal | Sustaining Member | E |
| Verde Capital Corp. | Dan Dougherty CFO | Associate Member | E |
| DLA Piper | Jay Epstien Co-Chair, Global Practice Group | Sustaining Member | E |
| Tishman Speyer Properties | Anil Erdem Director | Associate Member | E |
| Resource Real Estate, Inc. | Alan F. Feldman Chief Executive Officer | Research Sponsor | E |
| BlackRock | Wayne Fitzgerald Managing Director | Associate Member | E |
| Jones Lang LaSalle | Lauren Gilchrist Senior Vice President | Associate Member | E |
| Morgan Stanley Real Estate | Michael Givner Executive Director | Associate Member | E |
| Freedom Mortgage | Jordan Glick Vice President | Associate Member | E |
| Mack Real Estate Group | Jonathan Goldberg Vice President | Associate Member | E |
| LaSalle Investment Management | Jacques N. Gordon Global Strategist | Research Sponsor | E |
| First American Title Insurance Company | Alan Gottlieb VP & Special Counsel | Associate Member | E |
| Cozen O'Connor | Howard Grossman Senior Counsel | Associate Member | E |
| Optima, Inc. | Russell Harris CFO | Associate Member | E |
| APG Asset Management US Inc. | Steven Hason Managing Director, Head of Americas Real Estate & Infrastructure | Executive Committee Member | E |
| Almanac Realty Investors, LLC | Matthew W. Kaplan Managing Partner | Research Sponsor | E |
| Korman Communities, Inc. | Bradley J. Korman Co-Chief Executive Officer | Research Sponsor | E |
| CenterSquare Investment Management | Norman Kranzdorf Consultant | Associate Member | E |
| Dune Real Estate Partners | Cia Buckley Marakovits Chief Investment Officer | Executive Committee Member | E |
| Case Pomeroy | William F. Martin Director | Sustaining Member | E |
| Cross Properties | Kevin Michals CEO | Sustaining Member | E |
| L & L Holding Company | David Orowitz Senior Vice President of Development | Associate Member | E |
| Cozen O'Connor | Richard Roisman | Associate Member | E |
| Lazard | Phillip Summers Managing Director | Associate Member | E |
| Angelo Gordon | Matthew Towerman Vice President | Associate Member | E |
| HFF | Andrew Troisi Senior Director | Associate Member | E |
| HFF | Stephen Van Leer Associate | Associate Member | E |
| Bluerock Real Estate | Johnny Abram Vice President-Acquisitions | Guest | -- |
| MBA Equities LTD | Max Berger | Guest | -- |
| Director | Eden Cai SMI USA | Guest | -- |
| Rodman Properties, Inc. | S. Michael Cohen President | Guest | -- |
| Steers Center, Georgetown University | Matthew Cypher Director | Guest | -- |
| City of Philadelphia | Christian Dunbar Deputy City Treasurer | Guest | -- |
| Phoenecian Ventures | Tami Fratis CEO | Guest | -- |
| Tradepoint Development | Eric Gilbert Chief Development Officer | Guest | -- |
| Fitler Club | David Gutstadt CEO | Guest | -- |
| Revere Capital | Andrea Himmel Managing Director + Founder | Guest | -- |
| Norges Bank Real Estate Management | Jessica Himmel Real Estate Investment | Guest | -- |
| Equity Commonwealth | Bob Johnson Vice President | Guest | -- |
| Macquarie | Anupam Ladha Managing Director | Guest | -- |
| Park Madison Partners | Nancy Lashine Managing Partner | Guest | -- |
| DW Partners | Dharmin Patel | Guest | -- |
| The Ford Foundation | Edyta Riley Head of Real Estate | Guest | -- |
| Rewrap | Wendy Sardinsky President | Guest | -- |
| Core5 Industrial Partners | Lisa Ward Senior Vice President and Managing Director | Guest | -- |
| Equity Group Investments | William Whale Director | Guest | -- |
| Equity Group Investments | Zach Zanolli Director | Guest | -- |
| H.I.G. Realty Partners | Eric Zeiger Associate | Guest | -- |