| Nfi Industries | Troy Adams Vice President | Guest | -- |
| Lubert-Adler Partners L.P. | Dean Adler CEO | Executive Committee Member, Research Sponsor | -- |
| Armada ETF Advisors | Richard Adler Advisory Board Member | Sustaining Member | -- |
| Radnor Property Group | Nick Allen Vice President of Development | Guest | -- |
| CBRE | Ian Anderson Sr Director of Research | Associate Member | -- |
| H/2 Capital Partners LLC | Maury Apple Managing Director | Associate Member | A |
| National Real Estate Development | Lisa Archer Development Manager | Guest | -- |
| CBRE | Laura Barr Senior Vice President | Sustaining Member | -- |
| H/2 Capital Partners LLC | Finn Barrett Associate | Associate Member | B |
| ASB Real Estate Investments | Robert Bellinger President & CEO | Executive Committee Member, Research Sponsor | -- |
| Rockwood Capital | Justin Berardino Senior Associate | Associate Member | -- |
| The Arden Group | Brian Berger Associate Vice President | Associate Member | -- |
| Kramer Levin Naftalis and Frankel LLP | Daniel Berman Partner | Associate Member | -- |
| Campus Apartments | Daniel Bernstein President and Chief Investment Officer | Associate Member | -- |
| Castle Park Investments | Evan Bernstein Managing Partner | Associate Member | C |
| H/2 Capital Partners LLC | Shawn Bhavsar Associate | Associate Member | -- |
| Eastdil Secured | Steven Binswanger Managing Director | Associate Member | -- |
| Wharton | Lauren Black Senior Associate | Guest | -- |
| Waterman Clark | Jonathan Blackwell Chief Investment Officer | Sustaining Member | -- |
| Victrix LLC | Chris Braatz Principal | Guest | -- |
| Brause Realty Inc. | David Brause President | Executive Committee Member, Research Sponsor | -- |
| CenterSquare Investment Management | Todd Briddell Managing Director | Executive Committee Member, Research Sponsor | -- |
| Argosy Real Estate Partners | Yulia Bruckner Vice President of Asset Management | Associate Member | -- |
| GIC Real Estate | Grace Bucchianeri Senior Vice President | Associate Member | D |
| CenterSquare Investment Management LLC | Chad Burkhardt Managing Director | Associate Member | -- |
| Cannon Investments | ML Cannon Chief Executive Officer | Guest | -- |
| Rubenstein Partners | Stephen Card Principal | Associate Member | -- |
| Arden Group | Joseph Caruso Vice President | Guest | -- |
| ASB Real Estate Investments | Christina Chang Vice President, Head of Residential Asset Management | Associate Member | D |
| Drexel University | Stephen Chase Investment Analyst | Guest | -- |
| Oxford Properties | Christie Chen Director, Investments | Associate Member | -- |
| Amherst | Gillian Cho Head of Investment Management | Executive Committee Member, Research Sponsor | -- |
| KeyBank | John Christen Senior Banker | Associate Member | -- |
| Argosy Real Estate Partners | Devlin Ciccone Senior Associate | Associate Member | -- |
| Blackstone | Elena Clarfield Senior Associate | Guest | -- |
| Newmark | Mitchell Clarfield Vice Chairman | Executive Committee Member, Research Sponsor | -- |
| Madison International Realty | Vince Clark Vice President | Associate Member | -- |
| Argosy Real Estate Partners | Joshua Cohen Vice President | Associate Member | -- |
| Toll Brothers | Frederick Cooper SVP - Finance, International Development and Investor Relations | Associate Member | -- |
| Silverstein Properties | Alexander Cosio Vice President | Associate Member | -- |
| Landmark Partners | Michelle Creed Partner | Sustaining Member | -- |
| First American Title Insurance Company | Adam Cutler Vice President & Special Counsel | Associate Member | -- |
| Trive Capital | Troy Daniel Partner | Guest | -- |
| Silverstein Properties | Jeffrey Deitrich Senior Vice President, Equity Fund Management | Associate Member | -- |
| Verde Capital Corporation | Dan Dougherty Managing Director | Associate Member | -- |
| Firstrust Bank | Mark Duffy Senior Vice President | Associate Member | -- |
| Toll Brothers | Charles Elliott President | Sustaining Member | -- |
| Criterion Real Estate Capital | Adam Falk Managing Director | Associate Member | -- |
| Resource | Alan Feldman CEO | Research Sponsor | -- |
| TRF3 Advisors | Ritson Ferguson Managing Director | Associate Member | -- |
| Kingwest & Company | Richard Fogler Managing Director | Sustaining Member | -- |
| Ankura Consulting Group | Bruce Gamble Senior Managing Director | Research Sponsor | -- |
| Greenberg Traurig | Jonathan Gelman Shareholder | Associate Member | -- |
| McKinsey & Company | Mark Gerstein Senior Advisor | Guest | -- |
| Morgan Stanley | Michael Givner Executive Director | Associate Member | -- |
| Keystone Development + Investment | William Glazer Chief Executive Officer | Research Sponsor | -- |
| Freedom Mortgage | Jordan Glick Senior Vice President | Associate Member | -- |
| Mack Real Estate Group | Jonathan Goldberg Managing Director, Equity Investments | Associate Member | -- |
| CenterSquare Investment Management LLC | Rob Goldstein Portfolio Manager | Associate Member | -- |
| ActivumSG Capital Management | Saul Goldstein CEO/CIO | Executive Committee Member, Research Sponsor, European Advisory Board Member | -- |
| LaSalle Investment Management | Jacques Gordon Global Strategist | Research Sponsor | -- |
| First American Title | Alan Gottlieb Vice President and Special Counsel | Associate Member | -- |
| CenterSquare Investment Management | Mark Greco Director | Associate Member | -- |
| Resource Real Estate | Michael Greiner Vice President | Associate Member | -- |
| Kenneth Gross Investment Group | Ken Gross President | Guest | -- |
| Rockefeller Group | Orlando Gutierrez Director | Associate Member | -- |
| H/2 Capital Partners | Spencer Haber CEO | Executive Committee Member, Research Sponsor | -- |
| Sterling Realty | Whit Hamlin Chief Investment Officer | Sustaining Member | -- |
| KeyBank | Steven Hamm Vice President | Sustaining Member | -- |
| Cozen O'Connor | Daniel Hardwick Shareholder | Sustaining Member | -- |
| Resource REIT | Marshall Hayes Senior Vice President/Chief Investment Officer | Associate Member | -- |
| Equity Industrial Partners Corp. | Lewis Heafitz Principal | Executive Committee Member, Research Sponsor | -- |
| PCCP, LLC | Jess Himmel Vice President | Associate Member | -- |
| Blackstone | James Hogan Senior Associate | Associate Member | -- |
| Wharton MBA Career Management | Alexander Holmes Career Advisor - Real Estate | Guest | -- |
| ActivumSG Capital Management | Andrew Isikoff Head of US | Executive Committee Member, Research Sponsor | -- |
| McKinsey | Yoojin Jang Consultant | Guest | -- |
| Goldman, Sachs & Co. LLC. | Andy Jonas Managing Director | Executive Committee Member, Research Sponsor | -- |
| Madison International Realty | Alan Kamhazi Investments | Associate Member | -- |
| Kaplan Companies | Jason Kaplan President | Guest | -- |
| Almanac Realty Investors | Matthew Kaplan Head of Almanac, Managing Director | Executive Committee Member, Research Sponsor | -- |
| Firstrust Bank | Robert Kenney Senior Vice President | Associate Member | -- |
| Post Brothers Apartments | Zak Klinvex Chief Investment Officer | Associate Member | -- |
| GoldOller Real Estate Investments | William Knapp Director of Investments | Guest | -- |
| Korman Communities | Bradley Korman Co-CEO | Research Sponsor | -- |
| Rockwood Capital | Richard Kramer Managing Director | Sustaining Member | -- |
| CenterSquare Investment Management | Norman Kranzdorf Consultant | Associate Member | -- |
| Royal Abstract | Martin Kravet CEO | Research Sponsor | -- |
| Cerberus Capital Management, L.P. | Ronald Kravit Senior Managing Director, Defense | Executive Committee Member, Research Sponsor | -- |
| Greenberg Traurig | Bob Lane Co-Chair Philadelphia Real Estate Group | Associate Member | -- |
| The Meridian Group | Bruce Lane Vice Chairman | Sustaining Member | -- |
| McCarthy Cook | Ben Lankenau Director, Acquisitions | Guest | -- |
| H/2 Capital Partners LLC | Stephen LaRow Investment Associate | Associate Member | -- |
| Bain Capital | Chris Leddy Principal | Associate Member | -- |
| Rockefeller Group | Katie Lenss Vice President and Regional Director | Associate Member | -- |
| BBX Logisitics Properties | Mark Levy President and Chief Investment Officer | Sustaining Member | -- |
| Deloitte Consulting LLP | Cindy Li Senior Consultant (Real Estate & Location Strategy Practice) | Guest | -- |
| Eastdil Secured | Adam Licari Director | Associate Member | -- |
| Island Capital Group | Robert Lieber Executive Managing Director | Executive Committee Member, Research Sponsor | -- |
| Angelo Gordon | Reid Liffman Head of US Real Estate | Associate Member | -- |
| Global Holdings Management Group | Ephram Lustgarten Chief Investment Officer | Research Sponsor | -- |
| Lazard | Matthew Lustig Chairman of Investment Banking, N.America; Head of Real Estate & Lodging | Executive Committee Member, Research Sponsor | -- |
| Madison International Realty | Harrison Mack Investments Analyst | 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 | -- |
| Alex Brown Realty, Inc. | Jake Martin Director | Associate Member | -- |
| Cozen O'Connor | Lindsay Miller Member | Associate Member | -- |
| CBRE | Scott Miller Executive Vice President | Guest | -- |
| Gidson Dunn | Joseph Moita Associate Attorney | Guest | -- |
| Rockefeller Group | Daniel Moore President & CEO | Sustaining Member | -- |
| Morgan Properties | Jason Morgan SVP Acquisitions & Investment Management | Associate Member | -- |
| Lubert-Adler | Jessica Morgan Principal | Associate Member | -- |
| Morgan Properties | Jonathan Morgan President | Associate Member | -- |
| Morgan Properties | Mitchell Morgan President and CEO | Research Sponsor | -- |
| Capital Solutions, Inc. | Jason Morganroth Partner | Research Sponsor | -- |
| Hines | Alfonso Munk Chief Investment Officer, Americas | Executive Committee Member, Research Sponsor | -- |
| Starwood Capital | Anthony Murphy Senior Vice President | Associate Member | -- |
| The Baupost Group, LLC | Jack Murrel Analyst | Associate Member | -- |
| Alder Street Capital Partners | David Neveloff Principal | Associate Member | -- |
| MSD Partners | Nick Newburger Principal | Associate Member | -- |
| Morgan Properties | Pat O'Grady Chief Financial Officer | Associate Member | -- |
| GEM Realty Capital | Denise Olsen Senior Managing Director | Executive Committee Member, Research Sponsor | -- |
| Blackrock | Tara Oneil Vice President | Guest | -- |
| Eastdil Secured | Jeff Organisciak Director | Associate Member | -- |
| Bain Capital | Victoria Ornstein Drabkin Vice President | Associate Member | -- |
| L & L Holdings | David Orowitz Principal & Managing Director | Associate Member | -- |
| The Blackstone Group | Heechol Pak Principal | Associate Member | -- |
| Pantzer Properties | Jason Pantzer Chief Executive Officer | Associate Member | -- |
| Fortbridge Capital Partners | Mehul Patel Managing Partner | Guest | -- |
| Blackstone | Austin Pena Managing Director | Associate Member | -- |
| CBREIM | Robert Perry President | Sustaining Member | -- |
| Post Brothers | Matthew Pestronk President | Sustaining Member | -- |
| Moreland Development | Josh Petersohn Co-Founder | Guest | -- |
| Morgan Properties | Rimas Petrulis EVP of Acquisitions & Capital Markets | Associate Member | -- |
| Lazard | Matt Piegza Investment Banking Associate | Associate Member | -- |
| Blackstone | Steve Plavin Senior Managing Director | Executive Committee Member, Research Sponsor | -- |
| PCCP, LLC | John Randall Partner | Research Sponsor | -- |
| North Bridge | Laura Rapaport Chief Executive Officer | Guest | -- |
| H/2 Capital Partners LLC | Harikrishnan Ravikumar Analytics Investment Associate | Associate Member | -- |
| Oxford Properties Group | Rachel Reardon Director | Research Sponsor, Sustaining Member | -- |
| Verde Capital Corp | Jacob Reiter President | Research Sponsor | -- |
| Korman Communities | Scott Relick President, KCI Investments | Guest | -- |
| Oxford Properties | Chad Remis Executive Vice President | Associate Member | -- |
| DRA Advisors | Jessica Richardson Acquisitions | Guest | -- |
| Toll Brothers | Russell Rochestie Senior Vice President,/Managing Director | Associate Member | -- |
| Newmark | Jordan Roeschlaub Vice Chairman and Co-Head, Debt and Structured Finance | Associate Member | -- |
| Rialto Capital | Rebecca Rosen Director | Guest | -- |
| Stradley Ronon Stevens & Young, LLP | Christopher Rosenbleeth Partner | Sustaining Member | -- |
| Criterion Real Estate Capital | Chuck Rosenzweig Managing Partner | Sustaining Member | -- |
| Madison Capital | Chloe Ruan Senior Associate | Guest | -- |
| Vessel Technologies, Inc | Neil Rubler Founder & CEO | Executive Committee Member, Research Sponsor | -- |
| ASB Real Estate Investments | Brodie Ruland Managing Director | Associate Member | -- |
| Lazard | Alex Russo Managing Director | Associate Member | -- |
| ACTA Realty Group | Sam Saegh Director of Real Estate Portfolio | Sustaining Member | -- |
| Cozen O'Connor | Zachary Samton Member | Associate Member | -- |
| Rubenstein Partners | Eric Schiela COO | Associate Member | -- |
| Angelo Gordon | Adam Schwartz Co-Chief Executive Officer | Executive Committee Member, Research Sponsor | -- |
| Castle Park Investment | Brad Scott Managing Member | Research Sponsor | -- |
| H/2 Capital Partners LLC | Hardik Shah Portfolio Associate | Associate Member | -- |
| Hersha Hospitality Trust | Neil Shah President & COO | Research Sponsor | -- |
| The Cotswold Group | Robert Shasha President | Sustaining Member | -- |
| The Cotswold Group | Tyler Shasha Acquisitions | Guest | -- |
| Newmark | Alex Simon Appraiser | Guest | -- |
| Arden Group | Craig Spencer CEO | Research Sponsor | -- |
| Argosy Real Estate Partners | Andy Stewart Managing Partner | Guest | -- |
| Artemis Real Estate Partners | Michael Stratton Senior Vice President | Guest | -- |
| H/2 Capital Partners LLC | Jay Strickland Associate | Associate Member | -- |
| JLL Securities | Mark Thomson Senior Managing Director | Associate Member | -- |
| Meridian Group | Salem Tierce Managing Director | Associate Member | -- |
| Royer Cooper Cohen Braunfeld LLC | Jen Tintenfass Partner | Associate Member | -- |
| DLA Piper (US) LLP | Barbara Trachtenberg Partner | Associate Member | -- |
| JLL Securities | Andrew Troisi Managing Director | Associate Member | -- |
| Burnout Anticipation Technologies | Toomas Truumees Chief Executive Officer | Guest | -- |
| Arden Group | James Tucker Managing Director, Office Acquisitions & Asset Management | Guest | -- |
| H/2 Capital Partners LLC | Victor Tuitin Associate | Associate Member | -- |
| Arden Group | Christian Vergilio Director-Acquisitions | Guest | -- |
| Jamestown LP | Joshua Wechter Co-Chief Investment Officer | Sustaining Member | -- |
| KeyBank | Steve Weeks Senior Vice President | Associate Member | -- |
| WP Realty | Bryan Weingarten CEO | Research Sponsor | -- |
| Argosy Real Estate Partners | Max Wheeling Senior Associate | Associate Member | -- |
| Bain Capital | Kavindi Wickremage Managing Director | Executive Committee Member, Sustaining Member | -- |
| Susquehana Holdings | Christopher Wideman Partner | Associate Member | -- |
| Susquehana Holdings | Matthew Wideman Partner | Associate Member | -- |
| Castle Park Investments | David Yacobucci Junior Associate | Associate Member | -- |
| ElmTree Funds, LLC | Joe Yiu Partner | Sustaining Member | -- |
| Oaktree Capital Management | Jimmy Zhan Managing Director | Associate Member | -- |