| Campus Apartments | David Adelman CEO | Research Sponsor |
| Armada ETF Advisors | Richard Adler Member of Advisory Board | Sustaining Member |
| CBRE | Ian Anderson Senior Director of Research | Associate Member |
| H/2 Capital Partners LLC | Maury Apple Managing Director | Associate Member |
| American Asset Corporation | Maximiliana Arco Chief Strategic Officer | Guest |
| H/2 Capital Partners LLC | Finn Barrett Associate | Associate Member |
| LBG Smith | Jacob Bass Senior Analyst | Guest |
| Lazard | Louis Beck Associate | Associate Member |
| CenterSquare Investment Management | RJ Bell Associate | Guest |
| ASB Real Estate Investments | Robert Bellinger President & CEO | Executive Committee Member, Research Sponsor |
| Castle Park Investments | Evan Bernstein Managing Partner | Guest |
| Silverstein Properties | Lisa Bevacqua EVP, Head of Asset Management | Associate Member |
| H/2 Capital Partners LLC | Shawn Bhavsar Investment Reporting Associate | Associate Member |
| Brause Realty Inc. | David Brause President | Executive Committee Member, Research Sponsor |
| CenterSquare Investment Management | Todd Briddell CEO/CIO | Executive Committee Member, Research Sponsor |
| American Asset Corporation | Brian Briody Executive Vice President | Guest |
| GIC Real Estate | Grace Bucchianeri Americas Head of Investment & Portfolio Strategy | Associate Member |
| Dune Real Estate Partners LP | Cia Buckley Marakovits President & CIO | Executive Committee Member, Sustaining Member |
| Silverstein Properties | Marty Burger CEO | Executive Committee Member, Research Sponsor |
| CenterSquare Investment Management LLC | Chad Burkhardt Managing Director | Associate Member |
| Alex Brown Realty, Inc. | Thomas Burton Senior Managing Director | Sustaining Member |
| Neology Development | Lisette Calderon CEO | Guest |
| Rubenstein Partners | Stephen Card Principal | Associate Member |
| Arden Group | Joseph Caruso Vice President | Associate Member |
| H/2 Capital Partners LLC | Omar Chardona Analyst | Associate Member |
| Oxford Properties | Christie Chen Director, Investments | Associate Member |
| Amherst | Gillian Cho Head of Investment Management | Executive Committee Member, Research Sponsor |
| -- | Yon Cho | Guest |
| Brookfield Properties | Alan Chun Sr. Vice President Development | Associate Member |
| Argosy Real Estate Partners | Devlin Ciccone Senior Associate | Guest |
| Newmark | Mitchell Clarfield Vice Chairman | Executive Committee Member, Research Sponsor |
| LEM Capital | Jennifer Clausen Partner, Head of Investor Relations | Guest |
| Eastdil Secured | Michael Cochran Managing Director | Associate Member |
| Goulston & Storrs PC | Brian Cohen Partner | Research Sponsor |
| McCarthy Cook & Co. | Edward Cook Co-President | Executive Committee Member, Research Sponsor |
| Blackstone | Wills Cook Analyst | Guest |
| Toll Brothers | Frederick Cooper SVP, Finance, International Development &Investor Relations | Associate Member |
| Silverstein Properties | Alex Cosio Vice President | Associate Member |
| Mack Real Estate Group | Kevin Cullinan Managing Director, MRECS | Guest |
| Gattuso Development Partners, LLC | Anne Cummins Chief Operating Officer | Guest |
| Silverstein Properties | Jeffrey Deitrich SVP, Equity Fund Management | Associate Member |
| Ballard Spahr LLP | Dominic DeSimone Partner | Associate Member |
| Morgan Properties | Marina Dikos SVP and Chief Accounting Officer | Guest |
| Argosy Real Estate Partners | Sara Doelger Principal | Sustaining Member |
| Firstrust Bank | Mark Duffy Senior Vice President | Associate Member |
| Spaxel | Jeff Dybas Partner, CIO | Guest |
| Toll Brothers | Charles Elliott President | Sustaining Member |
| Criterion Real Estate Capital | Adam Falk Managing Director | Associate Member |
| The Fentell Corporation | James Feigenbaum President | Guest |
| Lionbridge Capital, LP | Adam Feldman Co-Managing Partner | Guest |
| KKR | Elana Fortson Associate | Guest |
| ASB Real Estate Investments | Nicholas Franzetti Managing Director | Associate Member |
| Cerberus Capital Management | Charles Fyfe Senior Associate of Real Estate Private Credit | Guest |
| Duane Morris LLP | Tom Galli Partner | Sustaining Member |
| GIC Real Estate | Adam Gallistel Regional Head, Real Estate Americas | Executive Committee Member, Research Sponsor |
| Ankura Consulting Group | Bruce Gamble Senior Managing Director | Research Sponsor |
| Apollo Global Management | Tracey Gamble Managing Director | Guest |
| Castle Park Investments | Chris Gatt Associate | Associate Member |
| Greenberg Traurig | Jonathan Gelman Shareholder | Associate Member |
| GPC Partners | Jonathan Ghitis Principal | Guest |
| Keystone Development + Investment | Bill Glazer CEO | Research Sponsor |
| Mack Real Estate Group | Jonathan Goldberg Managing Director, Head of Equity Investments | Associate Member |
| DRA Advisors LLC | Daniel Goldman Partner | Guest |
| ActivumSG Capital Management | Saul Goldstein CEO/CIO | Executive Committee Member, Research Sponsor, European Advisory Board Member |
| LaSalle Investment Mangement | Jacques Gordon Global Stategist | Research Sponsor |
| First American Title Insurance Company | Alan Gottlieb Attorney | Associate Member |
| Camber Creek | Isabelle Granahan-Field Investor | Guest |
| CenterSquare Investment Management | Mark Greco Director - Private Real Estate | Associate Member |
| Firstrust Bank | Richard Green Chairman and CEO | Executive Committee Member, Research Sponsor |
| Klehr Harrison Harvey Branzburg LLP | Hercules Grigos Partner, Zoning and Land Use Co-Chair | Sustaining Member |
| Rockefeller Group | Orlando Gutierrez Director | Associate Member |
| Cerberus Capital Management | Rose Haas SVP, Real Estate | Guest |
| H/2 Capital Partners | Spencer Haber CEO/ Founder | Executive Committee Member, Research Sponsor, European Advisory Board Member |
| Alliance Partners | Brett Hamilton Partner/COO | Guest |
| Sterling Realty | Beth Hamlin Principal | Associate Member |
| Sterling Realty | Whit Hamlin Chief Investment Officer | Sustaining Member |
| KeyBank | Steven Hamm Vice President | Sustaining Member |
| Cozen O'Connor | Daniel Hardwick Shareholder | Sustaining Member |
| APG Asset Management US Inc. | Steven Hason Managing Director, Head of Americas Real Assets | Executive Committee Member |
| Equity Industrial Partners Corp. | Lewis Heafitz Principal | Executive Committee Member, Research Sponsor |
| Equity Commonwealth | David Helfand Chief Exetuive Officer | Executive Committee Member, Research Sponsor |
| Alex Brown Realty, Inc. | Peter Heller Associate | Guest |
| WorkEverywhere | Shegun Holder CoFounder & CEO | Guest |
| Crow Holdings | Michael Hyun Chief Investment Officer | Research Sponsor |
| -- | Andy Isikoff | Executive Committee Member, Research Sponsor |
| H/2 Capital Partners LLC | Robert Ivanov Vice President | Associate Member |
| Osso Capital | Olivia John Founder & CEO | Executive Committee Member, Research Sponsor |
| Goldman, Sachs & Co. LLC | Andy Jonas Managing Director | Executive Committee Member, Research Sponsor |
| Madison International Realty | Alan Kamhazi Associate-Investments | Associate Member |
| Almanac Neuberger Berman | Matthew Kaplan Group Head | Executive Committee Member, Research Sponsor |
| Firstrust Bank | Robert Kenney Senior Vice President | Associate Member |
| Elizabeth Property Group | Moira Kiernan Concannon Principal | Guest |
| Dune Real Estate Partners | Thomas Kinslow Managing Director | Associate Member |
| Post Brothers Apartments | Zak Klinvex Chief Investment Officer | Associate Member |
| Cozen O'Connor | Jonathan Knipe Member | Associate Member |
| Kohn Pederson Fox | Gene Kohn Chairman and Founder | Research Sponsor |
| Korman Communities | Bradley Korman Co-CEO | Research Sponsor |
| CenterSquare Investment Management | Norman Kranzdorf Consultant | Associate Member |
| Cerberus Capital Management | Ronald Kravit Senior Managing Director | Executive Committee Member, Research Sponsor |
| NFI Industries | Michael Landsburg Chief Development Officer | Guest |
| The Meridian Group | Bruce Lane Vice Chairman | Sustaining Member |
| Greenberg Traurig | Robert Lane Co-Chair PA Real Estate Group | Associate Member |
| McCarthy Cook | Ben Lankenau Vice President | Guest |
| McCarthy Cook & Co. | Ben Lankenau Vice President | Guest |
| H/2 Capital Partners LLC | Stephen LaRow Associate | Associate Member |
| Bain Capital Real Estate | Chris Leddy Principal | Associate Member |
| Rockefeller Group | Katie Lenss Managing Director | Associate Member |
| Cozen O'Connor | Jeffrey Leonard Chair, Business Law Department | Associate Member |
| BBX Logisitics Properties | Mark Levy President | Sustaining Member |
| Eastdil Secured | Adam Licari Director | Associate Member |
| Island Capital Group | Robert Lieber Executive Managing Director | Executive Committee Member, Research Sponsor |
| Angelo Gordon | Reid Liffman Managing Director | Associate Member |
| Global Holdings | Ephram Lustgarten Chief Investment Officer | Research Sponsor |
| Madison International Realty | Harrison Mack Investments Analyst | Guest |
| Mack Real Estate Group | Richard Mack CEO, Co-Founder | Executive Committee Member, Research Sponsor |
| Firstrust Bank | Seth Mackler Managing Director of RE FinancE | Associate Member |
| Cerberus Capital Management | Elliott Marcus Vice President of Real Estate Private Credit | Guest |
| Eastdil Secured | Ian Marcus Senior Consultant | European Advisory Board Member |
| Case Pmeroy | Bill Martin Trustee | Sustaining Member |
| Alex Brown Realty, Inc. | Jake Martin Director | Associate Member |
| M&J Wilkow | Laura Martin General Manager | Guest |
| Group RMC | Alex Massa President | Guest |
| H/2 Capital Partners LLC | Mike McGee Associate | Associate Member |
| Argosy Real Estate Partners | William McGinley Principal | Guest |
| Ballard Spahr LLP | Bart Mellits Esquire | Sustaining Member |
| The Baupost Group | Maxx Meyer Principal | Guest |
| Morgan Properties | Jason Morgan President Morgan Properties Special Situations | Associate Member |
| Morgan Properties | Jonathan Morgan President of Morgan Properties JV | Associate Member |
| Morgan Properties | Mitchell Morgan Chairman | Sustaining Member |
| Capital Solutions, Inc. | Jason Morganroth Partner | Research Sponsor |
| Lionbridge Capital, LP | Greg Morillo Co-Managing Partner | Guest |
| Oxford Properties Group | Chris Mundy US Head of Life Science and Office | Sustaining Member |
| Starwood Capital | Anthony Murphy Senior Vice President, Acquisitions | Associate Member |
| The Baupost Group, LLC | Jack Murrel Analyst | Associate Member |
| H/2 Capital Partners LLC | Angelo Nardulli Associate Vice President | Associate Member |
| Morgan Properties | J. Patrick O'Grady Chief Financial Officer | Associate Member |
| Lazard | Sebastian O'Shea-Farren Vice President | Guest |
| GEM Realty Capital | Denise Olsen Senior Managing Director | Executive Committee Member, Research Sponsor |
| Eastdil Secured | Jeff Organisciak Director | Associate Member |
| Stonepeak Investment Partners | Kenny Osakwe Senior Associate | Guest |
| The Blackstone Group | Heechol Pak Principal | Associate Member |
| Pantzer Properties | Jason Pantzer Co-Chief Executive Officer | Associate Member |
| Pantzer Properties | Tricia Pantzer Attorney | Guest |
| University of Pennsylvania | Anne Papageorge Senior Vice President | Guest |
| Exeter Property Group | Gianni Parente Northeast Investment Officer/Asset Manager, Multifamily | Guest |
| Post Brothers | Mike Park Acquisitions Analyst | Associate Member |
| Stockton Real Estate Advisors | James Paterno Founder | Guest |
| LaSalle Investment Management | Erick Paulson Managing Director | Guest |
| CBREIM | Robert Perry President Americas Real Estate Division and Head of Strategic Partners U.S. | Sustaining Member |
| Morgan Properties | Rimas Petrulis Executive Vice President - Investment Mgmt • Asset Management | Sustaining Member |
| Cerberus Capital Management, L.P. | Allison Pistone Director of Real Estate Private Credit | Guest |
| H/2 Capital Partners LLC | Harikrishnan Ravikumar Analytics Investment Associate | Associate Member |
| Oxford Properties Group | Rachel Reardon Director, Investments | Associate Member, Executive Committee Member |
| DRA Advisors LLC | Jessica Richardson Acquisitions | Guest |
| AFR Capital Advisory | Alan Riffkin Managing Member | Sustaining Member |
| Toll Brothers | Russell Rochestie Senior Vice President | Associate Member |
| Rialto Capital | Rebecca Rosen Director | Guest |
| Lazard | Alex Russo Managing Director | Associate Member |
| ACTA Realty Group | Sam Saegh Director of Real Estate Portfolio | Sustaining Member |
| Boston Properties | Katherine Salvatori Development Project Manager | Guest |
| Saxum Real Estate | Lee Samuelson General Counsel and Chief Compliance Officer | Guest |
| Cerberus Capital Management, L.P. | Neha Santiago Head of Real Estate Private Credit and Managing Director | Guest |
| PGIM Real Estate | John Sarokhan Managing Director | Associate Member |
| Continental Realty Corporation | Joseph Schapiro Chief Executive Officer | Associate Member |
| Barclays | Schecky Schechner Vice Chairman | Guest |
| Rubenstein Partners | Eric Schiela Senior Managing Principal | Associate Member |
| Angelo Gordon | Adam Schwartz Co CEO | Executive Committee Member, Research Sponsor |
| Dune Real Estate Partners | Monica Scieszka Vice President | Associate Member |
| Castle Park Investments | Brad Scott Managing Partner | Research Sponsor |
| Hersha Hospitality Trust | Neil Shah President & COO | Research Sponsor |
| The Cotswold Group | Robert Shasha President | Sustaining Member |
| KKR | Matthew Sherman Principal | Guest |
| Blank Rome LLP | Steven Shoumer Partner | Guest |
| Cozen O'Connor | Robert Silverman Shareholder | Guest |
| Savills Inc | Hether Smith Executive Vice President | Associate Member |
| Arden Group | Craig Spencer CEO | Research Sponsor |
| Artemis Real Estate Partners | Michael Stratton Senior Vice President | Associate Member |
| H/2 Capital Partners LLC | John (Jay) Strickland Associate | Associate Member |
| Lazard | Phillip Summers Managing Director | Associate Member |
| Centennial | Carl Tash Chief Investment Officer | Executive Committee Member, Research Sponsor |
| Case Pomeroy | Paul Totilo EVP | Guest |
| KKR | Turner Trapp Principal | Guest |
| JLL Securities | Andrew Troisi Managing Director | Associate Member |
| Arden Group | James Tucker Senior Acquisitions Director | Guest |
| Tishman Speyer Properties | Jake Tworecke Senior Director | Associate Member |
| JLL Securities | Steven Van Leer Senior Director | Associate Member |
| Related Fund Management | Peter Weidman Partner | Associate Member |
| WP Realty | Bryan Weingarten CEO | Research Sponsor |
| Argosy Real Estate Partners | Max Wheeling Senior Associate | Associate Member |
| Lazard | James Wilson Vice President | Associate Member |
| Jamestown | Katherine Winter Director | Associate Member |
| Himmel + Meringoff Properties, LLC | Leslie Wohlman Himmel Co-Founder and Managing Partner | Sustaining Member |
| H/2 Capital Partners LLC | Conner Wright Associate | Associate Member |
| Castle Park Investments | David Yacobucci Associate | Associate Member |
| Radnor Property Group | David Yager CEO | Guest |
| Oaktree Capital Management | Jimmy Zhan Managing Director | Associate Member |
| Eastdil Secured | Ken Ziebelman Managing Director | Associate Member |
| DZ Investments | David Zilkha President | Guest |
| CBRE | Lawrence Zipf Senior Managing Director | Guest |
| Global Fund Investments, LLC | Rafi Zitvar Principal | Sustaining Member |