| The Ashforth Company | Hank Ashforth EVP | Sustaining Member | A |
| H/2 Capital Partners LLC | Finn Barrett Associate | Associate Member | A |
| KeyBank | John Christen Senior Mortgage Banker | Associate Member | A |
| Greystar | Jennifer Ciullo Managing Director | Associate Member | A |
| Silverstein Properties | Alexander Cosio Associate | Associate Member | A |
| First American Title Insurance Company | Adam Cutler Vice President and Special Counsel | Associate Member | A |
| Criterion Real Estate Capital | Adam Falk Managing Director | Associate Member | A |
| Abacus Capital Group LLC | Benjamin Friedman President | Sustaining Member | a |
| Greenberg Traurig | Jonathan Gelman Shareholder | Associate Member | A |
| CenterSquare Investment Management | Rob Goldstein Portfolio Manager | Associate Member | A |
| Cushman & Wakefield | Josh King Executive Managing Director | Sustaining Member | A |
| Bain Capital Real Estate | Christopher Leddy Vice President | Associate Member | A |
| BBX Capital Real Estate | Mark Levy President | Sustaining Member | A |
| Goulston & Storrs | Bruce Meyerson Goulston & Storrs | Associate Member | A |
| Starwood Capital | Anthony Murphy Vice President, Acquisitions | Associate Member | A |
| Alder Street Capital Partners | David Neveloff Principal | Associate Member | A |
| Resource REIT | Yvana Rizzo Senior Vice President | Associate Member | A |
| ASB Real Estate | Brodie Ruland Managing Director | Associate Member | A |
| Savills Inc | Hether Smith SVP and Branch Manager | Associate Member | A |
| Argosy Real Estate Partners | Andy Stewart Managing Partner | Sustaining Member | A |
| Walton Street Capital | Joshua Troxel Senior Principal | Associate Member | A |
| GTIS Partners | Robert Vahradian Partner | Sustaining Member | A |
| Susquehanna Holdings Co | Matthew Wideman Partner | Associate Member | A |
| The Baupost Group, LLC | Nicholas Azrack Partner | Sustaining Member | B |
| Campus Apartments | Daniel Bernstein President and Chief Investment Officer | Associate Member | B |
| GIC RE | Grace Bucchianeri GIC RE | Associate Member | B |
| Rubenstein Partners | Stephen Card Principal & Director, Acquisitions | Associate Member | B |
| Landmark Partners | Michelle Creed Partner | Sustaining Member | B |
| Pantzer Properties | Alejandro Ernst Associate, Acquisitions & Asset Management | Associate Member | B |
| Kingwest & Company | Richard Fogler MD | Sustaining Member | B |
| Brandywine Realty Trust | George Hasenecz Senior Vice President-Investments | Associate Member | B |
| Resource | Marshall Hayes Senior Vice President, Chief Investments Officer | Associate Member | B |
| Hersha Hospitality Trust | Chas Hyatt VP, Acquisitions | Associate Member | B |
| Greenberg Traurig | Robert Lane Real Estate Practice Leader | Associate Member | B |
| Argosy Real Estate Partners | Will McGinley Principal | Associate Member | B |
| Ballard Spahr LLP | Bart Mellits Partner | Sustaining Member | B |
| Morgan Properties | Jason Morgan Senior Vice President Acquisitions and Investment Management | Associate Member | B |
| Lubert Adler Real Estate Funds | Dan Nasser Managing Principal | Associate Member | B |
| Pantzer Properties | Alexander Nikolov Vice President, Acquisitions & Asset Management | Associate Member | B |
| Pantzer Properties | Edward Pantzer Chairman Emeritus | Sustaining Member | B |
| Newmark | Jordan Roeschlaub Vice Chairman and Co-Head, Debt and Structured Finance | Associate Member | B |
| Cozen O'Connor | Robert Silverman Shareholder | Sustaining Member | B |
| Belvedere Capital Management, LLC | Justin Weiner Partner | Associate Member | B |
| CBRE | Ian Anderson Senior Director of Research | Associate Member | C |
| The Mid-America Management Corporation | Jeffrey DeChellis Chief Operating Officer | Associate Member | C |
| Argosy Real Estate Partners | Rick Firmine Principal | Associate Member | C |
| Resource | Michael Greiner Vice President | Associate Member | C |
| Wheelock Street Capital | Gary Kamin Director | Associate Member | C |
| Firstrust Bank | Bob Kenney SVP | Associate Member | C |
| Bain Capital Real Estate | Hon Wing Mak Principal | Associate Member | C |
| Alex Brown Realty, Inc. | Jake Martin Director | Associate Member | C |
| Angelo, Gordon & Co. | Anuj Mittal Head of Europe Real Estate | Associate Member | C |
| Lazard | Andrew Olsen Vice President | Associate Member | C |
| Blackstone | Austin Pena Managing Director | Associate Member | C |
| Morgan Properties | Rimas Petrulis Senior VP Asset Management | Associate Member | C |
| Sunrise Affordable Housing Group | Eric Ray Principal | Sustaining Member | C |
| Lubert-Adler | Gerry Ronon Lubert-Adler | Associate Member | C |
| Lazard | Alex Russo Managing Director | Associate Member | C |
| Martin Selig Real Estate | Martin Selig Owner | Sustaining Member | C |
| Argosy Real Estate Partners | Max Wheeling Senior Associate | Associate Member | C |
| Cozen O'Connor | James Williams Cozen O'Connor | Associate Member | C |
| Alex Brown Realty, Inc. | Thomas Burton Senior Managing Director/Chief Investment Officer | Sustaining Member | D |
| Argosy Real Estate Partners | Gabriel Cantu Senior Associate | Associate Member | D |
| ASB Real Estate Investments | Christina Chang Vice President, Head of Residential Asset Management | Associate Member | D |
| H/2 Capital Partners LLC | Bryan Cook Senior Vice President | Associate Member | D |
| Firstrust Bank | Mark Duffy Senior Vice President | Associate Member | D |
| CenterSquare Investment Management | Mark Greco Director-Private Real Estate | Associate Member | D |
| Rockefeller Group | Orlando Gutierrez Associate Director | Associate Member | D |
| Blackstone | James Hogan Senior Associate | Associate Member | D |
| Korman Communities | Jackson Korman AVP | Associate Member | D |
| CBRE | Jerome Kranzel Senior Vice President | Associate Member | D |
| Pantzer Properties | Alexander McPherson Vice President, Acquisitions & Asset Management | Associate Member | D |
| Lazard | Matthew O'Grady Director | Associate Member | D |
| Pantzer Properties | Jason Pantzer Co-CEO | Associate Member | D |
| Oxford Properties | Chad Remis Executive Vice President | Associate Member | D |
| Criterion Real Estate Capital | Chuck Rosenzweig Managing Partner | Sustaining Member | D |
| CREA Capital | Thomas Simmons Managing Principal | Sustaining Member | D |
| DLA Piper LLP (US) | Barbara Trachtenberg Partner | Sustaining Member | D |
| Argosy Real Estate Partners | Jason Abel Vice President | Associate Member | E |
| H/2 Capital Partners LLC | Maury Apple Managing Director | Associate Member | E |
| CenterSquare Investment Management | Chad Burkhardt Managing Director | Associate Member | E |
| Argosy Real Estate Partners | David Butler Managing Partner | Associate Member | E |
| Eastdil Secured | Michael Cochran Managing Director | Associate Member | E |
| Argosy Real Estate Partners | Sara Doelger Principal | Associate Member | E |
| Verde Capital Crp. | Dan Dougherty CFO | Associate Member | E |
| DLA Piper | Jay Epstien Partner | Associate Member | E |
| Morgan Stanley | Michael Givner Executive Director | Associate Member | E |
| Freedom Mortgage | Jordan Glick Senior Vice President | Associate Member | E |
| First American Title Insurance Company | Alan Gottlieb Vice President and Special Counsel | Associate Member | E |
| Rockwood Capital | Richard Kramer Rockwood Capital | Associate Member | E |
| CenterSquare Investment Management | Norman Kranzdorf Consultant | Associate Member | E |
| Rockefeller Group | Katie Lenss Vice President | Associate Member | E |
| Angelo Gordon | Christina Lyndon Managing Director | Associate Member | E |
| PGIM Real Estate | Catherine Marcus Global COO & Head of US Equity Business | Associate Member | E |
| L& L Holding | Dave Orowitz Principal & Managing Director | Associate Member | E |
| Pantzer Properties | Jordan Pantzer Co-Chief Executive Officer | Associate Member | E |
| Verde Capital | Gary Prugh | Associate Member | E |
| Westbrook Partners | Ahmed Abdulmalik Director | Guest | -- |
| Realty Income | Neil Abraham EVP, Chief Strategy Officer | Guest | -- |
| Tritax Big Box REIT PLC | Aubrey Adams Chair of Board | Guest | -- |
| Campus Apartments | David Adelman CEO | Research Sponsor | -- |
| Eastdil Secured | Riaz Azadi Managing Director | Guest | -- |
| LaSalle | Amy Aznar Head of Debt & Value Add | European Advisory Board Member | -- |
| BauMont Real Estate Capital Ltd | Robert Balick CIO | Guest | -- |
| ASB Real Estate Investments | Robert Bellinger President & CEO | Executive Committee Member, Research Sponsor | -- |
| Brockton Everlast Inc. | Jason Blank President, Vice Chairman | Guest | -- |
| Brause Realty Inc. | David Brause President | Executive Committee Member, Research Sponsor | -- |
| CenterSquare Investment Management, LLC | Todd Briddell CEO and CIO | Executive Committee Member, Research Sponsor | -- |
| Temple University Beasley School of Law | Matt Brune | Guest | -- |
| Bullock Capital Partners | Ben Bullock Owner | Guest | -- |
| Silverstein Properties | Marty Burger CEO | Executive Committee Member, Research Sponsor | -- |
| GardenStar Group | Eden Cai Managing Partner | Guest | -- |
| Amherst | Gillian Cho COO, Investment Management | Executive Committee Member, Research Sponsor | -- |
| Eastdil Secured | Michael Cochran Managing Director | European Advisory Board Member | -- |
| Goulston & Storrs | Brian Cohen Partner | Research Sponsor | -- |
| McCarthy Cook & Co | Edward Cook Co-President | Executive Committee Member | -- |
| Northwood Investors | Dave Copeland Managing Director | Guest | -- |
| H.I.G. Capital | Riccardo Dallolio Managing Director, Head of Real Estate Europe | Guest | -- |
| Aprirose | Meenal Devani President and CIO | Guest | -- |
| EQT Exeter | Savina Eneva Managing Director | Guest | -- |
| Resource | Alan Feldman CEO | Research Sponsor | -- |
| JAM Holdings | Michelle Felman Founder | Guest | -- |
| Moorfield Group Ltd | Charles Ferguson-Davie CIO | Guest | -- |
| Blackbear Capital Partners | Heath Forusz Managing Partner | Guest | -- |
| GIC Real Estate, Inc. | Adam Gallistel Regional Head, RE Americas/Managing Director | Executive Committee Member | -- |
| Castleforge Partners | Evan Garnick Managing Partner | Guest | -- |
| Cohen & Steers | Leonard Geiger Portfolio Manager | Guest | -- |
| Jindal Shadeed Iron & Steel | Nicholas Gilani CFO | Guest | -- |
| Pinebridge Benson Elliot | Gregg Gilbert Principal - Spain | Guest | -- |
| HighBrook Investors | Robert Giusti Chief Investment Officer | Guest | -- |
| Keystone Property Group | William Glazer CEO | Research Sponsor | -- |
| LaSalle Investment Management | Jaques Gordon Global Strategist | Research Sponsor | -- |
| Firstrust Bank | Richard Green Chairman and CEO | Executive Committee Member, Research Sponsor | -- |
| GGR Group | Gabriela Gryger Partner | Guest | -- |
| Beo | Andrew Gunne Principal | Guest | -- |
| Beekin | Vidur Gupta CEO | Guest | -- |
| H/2 Capital Partners | Spencer Haber CEO | Executive Committee Member, Sustaining Member | -- |
| Zetland Capital | Ahmed Hamdani CIO | Guest | -- |
| Thor Equities | Page Harrison Executive Director | Guest | -- |
| APG Asset Management US Inc. | Steven Hason Managing Director, Head of Americas Real Assets | Executive Committee Member, Research Sponsor | -- |
| Equity Industrial Partners Corp. | Lewis Heafitz Principal | Executive Committee Member | -- |
| Equity Commonwealth | David Helfand CEO | Executive Committee Member, Research Sponsor | -- |
| ActivumSG | Andrew Isikoff Head of US | Executive Committee Member, Research Sponsor | -- |
| Valor Real Estate Partners LLP | Christian Jamison Managing Partner | Guest | -- |
| Goldman, Sachs & Co. LLC | Andrew Jonas Managing Director | Executive Committee Member, Research Sponsor | -- |
| Almanac Realty Investors | Matthew Kaplan Managing Director - Head of Almanac | Executive Committee Member, Research Sponsor | -- |
| Castleforge Partners | Michael Kovas Founding Partners | Guest | -- |
| Royal Abstract | Martin Kravet CEO | Research Sponsor | -- |
| Orion Capital Managers | Aref Lahham Managing Director | Guest | -- |
| AMDG Capital | Sherman Lam CEO | Guest | -- |
| Blue Rise Ventures | Hanns Lee Adviser | Guest | -- |
| AEW | Jason Lee Chief investment Officer - Asia | Guest | -- |
| Cale Street Partners | Wilson Lee Founding Partner & Senior Advisor | Guest | -- |
| China Construction Bank New York | Catherine Liang Head of Real Estate | Guest | -- |
| Island Capital Group | Robert Lieber Executive Managing Director | Executive Committee Member, Research Sponsor | -- |
| Lazard | Matthew Lustig Chairman of Investment Banking, N.America; Head of Real Estate & Lodging | Executive Committee Member, Research Sponsor | -- |
| Kennedy Wilson | Chrisoffer Lydiker Managing Director | Guest | -- |
| Crosstree Real Estate Partners | Nick Lyle Co-Founder | Guest | -- |
| Mack Real Estate Group | Richard Mack CEO & Co-Founder | Executive Committee Member, Research Sponsor | -- |
| Eastdil Secured | Roy March CEO | Executive Committee Member, Research Sponsor | -- |
| Omnam investment Group | Kevin Meyer Chief Investment Officer | Guest | -- |
| Westcore Europe | Ian Morgan Managing Director | Guest | -- |
| Capital Soultions, Inc | Jason Morganroth Partner | Research Sponsor | -- |
| Kramer Levin | Jay Neveloff Partner | Research Sponsor | -- |
| Angelo Gordon Asia | Ken Ng Managing Director | Guest | -- |
| EQT Exeter | Mark Nolan Principal | Guest | -- |
| Hovnanian Enterprisess, Inc. | Brad O'Connor SVP, Chief Accounting Officer and Treasurer | Research Sponsor | -- |
| GEM Realty Capital | Denise Olsen Senior Managing Director | Executive Committee Member, Research Sponsor | -- |
| Green Street | Peter Papadakos Managing Director | European Advisory Board Member | -- |
| University of Pennsylvania | Anne Papageorge Vice President | Guest | -- |
| Deutsche Bank | Lucinda Parkhurst Director | Guest | -- |
| Norges Bank Investment Management | Jayesh Patel Head of UK, Unlisted Real Estate | Guest | -- |
| Oxford Properties | Rachel Reardon Director, US Residential | Associate Member, Executive Committee Member | -- |
| Verde Capital Corp | Jacob Reiter President | Research Sponsor | -- |
| BentallGreenOak | Sebastian Rossavik Principal | Guest | -- |
| Vessel Technologies, Inc. | Neil Rubler Founder & CEO | Executive Committee Member, Research Sponsor | -- |
| EPRA | Hassan Sabir Finance Director | Guest | -- |
| Blackstone | Nicholas Schiloff Principal | Guest | -- |
| Bulfinch | Eric Schlager Chief Executive Officer | Research Sponsor | -- |
| Angelo Gordon | Adam Schwartz Co-CEO | Executive Committee Member, Research Sponsor | -- |
| SISU Capital | Joy Seppala CEO | Guest | -- |
| Tokoro | Sanjay Sethi Partner | Guest | -- |
| Hersha Hotel & Resorts | Neil H. Shah President & COO | Research Sponsor | -- |
| Related Beal | Kimberly Sherman Stamler President | Associate Member | -- |
| Old Park Lane Management Limited | Timothy Sketchley Director | Guest | -- |
| KKR Asia Limited | Bryan Southergill Managing Director | Guest | -- |
| Areden Group | Craig Spencer Chief Executive Officer | Research Sponsor | -- |
| Stoltz Management of DE, Inc. | Kyle Stoltz COO | Research Sponsor | -- |
| LSL Partners | Mark Tagliaferri Chairman | Guest | -- |
| Athene Capital LLP | Allen Lloyd Thomas Managing Partner and Founder | Guest | -- |
| Richard F. Tomlinson, II LLC | Richard Tomlinson, II Architect | Guest | -- |
| Exeter | John Toukatly CIO Europe | Guest | -- |
| ADV Partners | Joshua Van Dyke Vice President | Guest | -- |
| ARA Dunedin | Leonard Vishnevsky | Guest | -- |
| Eastdil Secured | Robert Weinberg Managing Director | Guest | -- |
| RedSteel Properties | Patricia Werhan CEO | Research Sponsor | -- |
| Bain Capital Real Estate | Kavandi Wickremage Managing Director | Executive Committee Member, Sustaining Member | -- |