| -- | Bill Luterman | Guest |
| -- | Laura Rapaport | Guest |
| ACTA Realty Corp. | Sam Saegh Director of Real Estate Portfolio | Sustaining Member |
| Alder Street Capital Partners | David Neveloff Principal | Associate Member |
| Alex. Brown Realty, Inc. | Thomas Burton Senior Managing Director | Sustaining Member |
| Allegiant Real Estate Capital LP | Jonathan Stein Managing Director | Guest |
| Almanac Realty Investors | Matthew Kaplan Managing Partner | Research Sponsor |
| American Asset Corp | Brian Briody Executive VP | Associate Member |
| American Asset Corp | Trey Brossy Executive VP | Associate Member |
| American Asset Corp | Chuck Handy CFO | Associate Member |
| American Asset Corp | Juan Jose Silva VP | Sustaining Member |
| American Land Fund | Kelley Brasfield Sr. Vice President | Sustaining Member |
| American Opportunity Zone Advisors | Jared Mintz Partner | Associate Member |
| Angelo Gordon | Matt Towerman Vice President | Associate Member |
| Ankura Consulting Group | Bruce Gamble Senior Managing Director | Research Sponsor |
| Apex Capital US | John Gaghan President & CEO | Guest |
| APG Asset Management US Inc. | Steven Hason Managing Director, Head Real Estate & Infrastructure | Executive Committee Member, Research Sponsor |
| Arden Group | Jonathan Cooke Associate Vice President | Associate Member |
| Arden Group | Craig Spencer CEO | Research Sponsor |
| Arden Group, Inc. | Brian Berger Associate Vice President | Associate Member |
| Argosy Real Estate Partners | Gabriel Cantu Associate | Associate Member |
| Argosy Real Estate Partners | Joshua Cohen Vice President | Associate Member |
| Argosy Real Estate Partners | Sara Doelger Principal | Associate Member |
| Argosy Real Estate Partners | Ines Leung Principal, Investor Realtions | Sustaining Member |
| Argosy Real Estate Partners | Will McGinley Principal | Associate Member |
| Argosy Real Estate Partners | Max Wheeling Associate | Associate Member |
| ASB Real Estate | Brodie Ruland Managing Director | Associate Member |
| ASB Real Estate Investments | Robert Bellinger President & CEO | Executive Committee Member, Research Sponsor |
| Blackrock | Charlotte Davis Associate | Associate Member |
| BlackRock | Lizzy Kurz Vice President | Associate Member |
| Blackstone | Zach Harding Principal | Associate Member |
| Blackstone | Heecheol Pak Senior Associate | Associate Member |
| Blackstone | Austin Pena Principal | Associate Member |
| BlueRock Bay Real Estate LLC | Andrew Beckler President | Guest |
| Brandywine Realty Trust | George Hasenecz Executive Managing Director | Associate Member |
| Brause Realty Inc. | David Brause President | Executive Committee Member, Research Sponsor |
| Brookfield Asset Management | Anjum Sharma Head of Northeast Aquisitions | Sustaining Member |
| Brookfield Properties | Michael Daschle VP, Asset Management | Associate Member |
| The Bulfinch Companies, Inc. | Eric Schlager CEO | Research Sponsor |
| Business Growth Consulting, LLC | Julie Benezet Owner | Guest |
| C-III Capital Partners | Robert Lieber Executive Managing Director | Executive Committee Member, Research Sponsor |
| Campus Apartments | David Adelman CEO | Research Sponsor |
| Campus Apartments | Daniel Bernstein President & Chief Investment Officer | Associate Member |
| Cantor Fitzgerald | Michael Lehrman Senior Managing Director Head of Cantor Capital Division | Research Sponsor |
| Capital Solutions, Inc. | Jason Morganroth Partner | Research Sponsor |
| Case Pomeroy | William Martin Director | Sustaining Member |
| CBRE | Ian Anderson Senior Director of Research | Associate Member |
| CBRE | Emma Giamartino Americas Head, M&A | Associate Member |
| CBRE | Jim Groch Chief Investment Officer | Research Sponsor |
| CBRE | Jerome Kranzel Senior Vice President | Associate Member |
| CBT Advisory Group | Carl Tash President | Executive Committee Member, Research Sponsor |
| CenterSquare Investment Management | Todd Briddell CEO and CIO | Research Sponsor |
| CenterSquare Investment Management | Norman Kranzdorf Consultant | Associate Member |
| Chief Executive Officer | Alan F. Feldman Resource Real Estate, Inc. | Research Sponsor |
| Citigroup | Michael Corridan Director | Sustaining Member |
| Citigroup | Marcus Giancaterino Managing Director | Guest |
| Citigroup | Jonathan Ostroff Associate, Real Estate Finance | Associate Member |
| Convene | Victoria Ornstein Director of Acquisitions | Guest |
| Corigin Development | Edward Baquero President | Research Sponsor |
| The Cotswold Group | Robert Shasha President | Sustaining Member |
| Cozen O'Connor | Daniel Hardwick Attorney | Associate Member |
| Cozen O'Connor | Zach Samton Member | Associate Member |
| Cozen O'Connor | Robert Silverman Shareholder | Research Sponsor |
| Cozen O'Connor | James Williams Attorney | Sustaining Member |
| Crow Holdings | Gillian Cho COO | Guest |
| Cushman & Wakefield , Inc. | Alexander Hernandez Executive Managing Director | Associate Member |
| DLA Piper LLP | Barbara Trachtenberg Partner | Associate Member |
| Dune Real Estate Partners | David Beznos Managing Director | Associate Member |
| Dune Real Estate Partners | Chad Redding Vice Presdient | Associate Member |
| Dune Real Estate Partners | Josh Rowan | Associate Member |
| Eastdil Secured | Michael Cochran Managing Director | European Advisory Board Member |
| Eastdil Secured | David Lazarus Managing Director | Associate Member |
| Eastdil Secured | Kenneth Ziebelman Managing Director | Associate Member |
| EII Capital Management | Richard Adler Managing Director | Sustaining Member |
| Ellington Management | Leo Huang Senior Portfolio Manager | Sustaining Member |
| Equity Commonwealth | David Helfand CEO | Executive Committee Member, Research Sponsor |
| Equity Industrial Partners | Lew Heaftiz Principal | Executive Committee Member, Research Sponsor |
| Evercore | Andrew Richard Senior Managing Director | Guest |
| The Fentell Corporation | James Feigenbaum President | Guest |
| First American Title Insurance Co. NCS | Adam Cutler VP & Special Counsel | Associate Member |
| First American Title Insurance Company | Annemarie Caruso VP Business Development | Associate Member |
| Firstrust Bank | Mark Duffy SVP | Associate Member |
| Firstrust Bank | Robert Kenney SVP | Associate Member |
| Firstrust Bank | Joseph Rago SVP | Associate Member |
| Freedom Mortgage | Jordan Glick Vice President | Associate Member |
| Freedom Mortgage | Stanley Middleman CEO | Associate Member |
| Freedom Mortgage | Mike Patterson Chief Operating Officer | Associate Member |
| Freedom Mortgage | Chris Staub Senior Vice President | Associate Member |
| GEM Realty Capital, Inc. | Denise Olsen Senior Managing Director & Investment Committee Member | Executive Committee Member, Research Sponsor |
| GIC Real Estate | Grace Bucchianeri Managing Director | Associate Member |
| Global Fund Investments LLC | Rafi Zitvar Principal | Sustaining Member |
| Global Holdings | Ephram Lustgarten Head of Investments | Research Sponsor |
| GLP | Jonathan O'Day Head of Fund Management | Associate Member |
| Goldman, Sachs & Co., LLC | Andrew Jonas Managing Director | Executive Committee Member, Research Sponsor |
| Goulston & Storrs | Brian Cohen Director | Research Sponsor |
| Greenberg Traurig | Jonathan Gelman Attorney | Associate Member |
| Greenberg Traurig | Robert Lane Chair, Philadelphia Real Estate Group | Associate Member |
| GTIS Partners | Ed McDowell Senior Managing Director | Associate Member |
| GTIS Partners | David Pringle Vice President | Associate Member |
| GTIS Partners | Robert Vahradian Senior Managing Director | Sustaining Member |
| H/2 Capital Partners | Imran Adeeyo Associate | Associate Member |
| H/2 Capital Partners | Spencer Haber CEO | Executive Committee Member, Research Sponsor, European Advisory Board Member |
| H/2 Capital Partners | Stu Little Associate | Associate Member |
| H/2 Capital Partners | Tobias Milligan Analyst | Associate Member |
| H/2 Capital Partners | Matthew Snyder Analyst | Associate Member |
| Hello Alfred | Jess Beck Co-Founder & COO | Guest |
| Hersha Hospitality Management (HMM) | Shawn Tuli EVP of Investments | Associate Member |
| HF Securities | Andrew Troisi Senior Director | Associate Member |
| High Rise Capital Partners | David O'Connor Senior Managing Partner | Executive Committee Member, Research Sponsor |
| Hilco Redevelopment Partners | Mark Levy Executive Vice President | Sustaining Member |
| Himmel + Meringoff Properties, LLC | Andrea Himmel Director of Strategic Acquisitions | Associate Member |
| Hines | Alfonso Munk Chief Investment Officer | Executive Committee Member, Research Sponsor |
| Hudson Advisors | Julian Herrera Analyst | Associate Member |
| Hudson Advisors | Frederick Yee Director | Research Sponsor |
| Jamestown LP | Joshua Wechter Managing Director, Acquisitions | Sustaining Member |
| Jerde | Michael Saltzman Director | Guest |
| JLL | David Giancola Managing Director | Sustaining Member |
| JLL | Lauren Gilchrist SVP, Research | Associate Member |
| JLL | Christopher Munley Managing Director | Associate Member |
| JLL | Doug Rodio Senior Managing Director | Associate Member |
| JLL | Stephen Van Leer Director | Associate Member |
| Jones Lang LaSalle | Robert Knakal Chairman- N.Y. Investment Sales | Research Sponsor |
| Kaplan Residential | Scott Hawley Managing Director | Guest |
| KeyBank | Steven Hamm Vice President | Associate Member |
| KeyBank Real Estate Capital | Chris Terlizzi Senior Vice President | Sustaining Member |
| Keystone Property Group | Bill Glazer CEO | Research Sponsor |
| KKR | Julia Butler Director | Sustaining Member |
| Klehr Harrion Harvey Branzburg, LLP | Stephan Cutler Co-Chair, Real Estate & Finance Department | Sustaining Member |
| Klehr Harrison | Denise Day Attorney | Associate Member |
| Klehr Harrison Harvey Branzburg, LLP | Jon Robins Partner | Associate Member |
| Knotel | Shegun Holder Senior Director, Global Asset Management | Guest |
| Knotel | Ricardo Sotelo VP, Head of Finance | Guest |
| Korman Communities | Jeffrey Brown Assistant Vice President | Associate Member |
| Kramer Levin Naftalis & Frankel LLP | Jay Neveloff Partner | Research Sponsor |
| L&L Holding Company | David Orowitz Managing Director | Associate Member |
| Landmark Partners | Halle Marra Associate | Sustaining Member |
| LaSalle Investment Management | Jacques Gordon Global Head | Research Sponsor |
| Lazard | Matthew Albert Associate | Associate Member |
| Lazard | Matthew Lustig Chairman of Investment Banking, North America; Head of Real Estate & Lodging | Executive Committee Member, Research Sponsor |
| Lazard | Alan Riffkin Managing Director | Associate Member |
| Lazard | Alex Russo Director | Associate Member |
| Lubert-Adler | Jessica Morgan Vice President | Associate Member |
| Madison International Realty | Alan Kamhazi Analyst | Associate Member |
| Marehall Properties | David Martin Principal | Guest |
| Markeim Chalmers Inc. | Fred Berlinsky President | Guest |
| McCarthy Cook | Edward Cook Co- President | Executive Committee Member, Research Sponsor |
| McCausland Keen + Buckman | Stephan Pahides Esquire | Guest |
| McGuyer Homebuilders, Inc. | Gary Tesch CEO | Research Sponsor |
| MKF Group | Edgard Khafif President | Guest |
| Morgan Properties | Jason Morgan SVP Acquisitions & Investment Management | Associate Member |
| Morgan Properties | Jonathan Morgan President of Morgan Properties JV | Associate Member |
| Morgan Properties | Mitchell Morgan President & CEO | Research Sponsor |
| Morgan Properties | J. Patrick O'Grady CFO | Associate Member |
| Morgan Properties | Rimas Petrulis EVP of Acquisitions & Capital Markets | Associate Member |
| Morgan Stanley Real Assets | Michael Givner Executive Director | Associate Member |
| Newmark | Jordan Roeschlaub Vice Chairman & Co-Head | Associate Member |
| Newmark Knight Frank | Mitchell Clarfield Vice Chairman | Executive Committee Member, Research Sponsor |
| Newmark Knight Frank | Dustin Stolly Vice Chairman & Co-Heas, NY Structured Debt/Equity | Associate Member |
| Nicholas Hoffman & Co | Carey Blakley Manager, Portfolio Management & Asset Allocation | Guest |
| The Nightingale Group | Elie Schwartz Chief Executive Officer | Guest |
| Nuveen Real Estate | Michael Hunter Managing Director, Head of Alternatives & Strategic Transactions | Guest |
| Oaktree Capital Managment | Jimmy Zhan Senior Vice President | Associate Member |
| Olshan Properties | Zachary Bornstein Managing Director | Associate Member |
| Olshan Properties | Michael Odell Managing Director | Sustaining Member |
| Oxford Properties | Rachel Reardon Associate | Associate Member, Executive Committee Member |
| Oxford Properties Group | Chris Mundy US Head of Office | Sustaining Member |
| Park Hill Group/ PJT Partners | Jeffrey Baker Partner | Research Sponsor |
| PCCP, LLC | John Randall Partner | Associate Member |
| PGIM Real Estate | John Sarokhan Executive Director | Associate Member |
| PJT Partners | Gregory Patcella Director | Associate Member |
| Post Brother | Jacqueline Kluger Director of Investor Relations | Associate Member |
| Post Brothers | Zak Klinvex Director of Acquisitions | Associate Member |
| Post Brothers | Stephen Loiseau Acquisitions Analyst | Associate Member |
| Post Brothers | Matthew Pestronk President | Sustaining Member |
| Post Brothers | Hayley Schneider Acquisitions Associate | Associate Member |
| PRG Real Estate | Kathleen Betz Chief Operating Officer | Associate Member |
| PRG Real Estate | Sam Foster CEO | Sustaining Member |
| PRG Real Estate | Brett Gomes Managing Director | Associate Member |
| Resource | Marshall Hayes Managing Director | Associate Member |
| Resource | Mehul Patel SVP of Portfolio Management | Associate Member |
| Resource Real Estate | Michael Greiner Vice President | Associate Member |
| RobertDouglas | Douglas Hercher Principal & Managing Director | Sustaining Member |
| Royal Abstract | Marty Kravet President | Research Sponsor |
| Rubenstein Partners | Stephen Card Principal & Director, Investments | Associate Member |
| Rubenstein Partners | David Rubenstein CEO | Sustaining Member |
| Savills, INc | Heather Smith SVP and Branch Manager | Associate Member |
| Sesquehanna Holdings, LTD. | Christopher Wideman Partner | Associate Member |
| Siguler Guff & Company | Hamid Tabib Principal | Associate Member |
| Silverstein Properties | Lisa Bevacqua Executive Vice President & Director of Asset Management | Associate Member |
| Silverstein Properties | Marty Burger CEO | Executive Committee Member, Research Sponsor |
| Starwood Capital | Anthony Murphy Vice President | Associate Member |
| Sterling Realty Organization | Whit Hamlin CIO | Sustaining Member |
| Stradley Ronon Stevens & Young, LLP | Christopher Rosenbleeth Partner; Chair, Real Estate | Sustaining Member |
| Susquehanna Holdings, LTD. | Matthew Wideman Partner | Associate Member |
| Susquehanna Holdings, LTD. | Nick Wideman Partner | Associate Member |
| Thackeray Partners | Troy Daniel Managing Director | Associate Member |
| Tishman Hotel & Realty | Obaid Khan CFO | Associate Member |
| Tishman Realty Corporation | David Rothenberg President | Sustaining Member |
| Toll Brothers, Inc. | Frederick Cooper Senior Vice President Finance, International Development & Investor Relations | Associate Member |
| Tracker Capital Management | Ron Kravit Consultant | Sustaining Member |
| Transwestern | Lindsay Ornstein Partner | Guest |
| Verde Capital | Maureen Menarde Managing Director and COO | Associate Member |
| Verde Capital | Gary Prugh Director | Associate Member |
| Verde Capital Corp | Owen Jones Director | Associate Member |
| Verde Capital Corp. | Dan Dougherty CFO | Associate Member |
| Verde Capital Corp. | Jacob Reiter President | Research Sponsor |
| Vornado Realty Trust | Mario Ramirez SVP | Associate Member |
| W.P Carey Inc. | Tyler Swann Director - Investments | Associate Member |