| Campus Apartments | David Adelman | Research Sponsor |
| L&G | Eric Adler | Research Sponsor |
| Armada ETF Advisors | Richard Adler | Sustaining Member |
| Abacus Capital Group LLC | Michael Aidekman | Associate Member |
| Kilroy Realty Corporation | Angela Aman | Executive Committee Member, Research Sponsor |
| H/2 Capital Partners LLC | Maury Apple | Associate Member |
| American Asset Corporation | Marie Gabrielle Arco | Associate Member |
| American Asset Corporation | Maximiliana Arco | Sustaining Member |
| Silverstein Properties | AJ Arlauckas | Associate Member |
| Ashforth Company | Henry A. Ashforth III | Sustaining Member |
| Baupost Group | Nick Azrack | Sustaining Member |
| Harvest Equities | Greg Baldwin | Associate Member |
| Two Sigma Real Estate | Angela Barberis | Associate Member |
| Related Companies | Jordan Bargas | Associate Member |
| Lazard | Louis Beck | Associate Member |
| Foulger Pratt | Nick Beeson | Associate Member |
| Paramount Group, Inc. | Albert P. Behler | Research Sponsor |
| ASB Real Estate Investments | Robert B. Bellinger | Executive Committee Member, Research Sponsor |
| HSF Kramer | Daniel Berman | Associate Member |
| Ares Management | Adam Berns | Executive Committee Member, Research Sponsor |
| Campus Apartments | Daniel Bernstein | Associate Member |
| Castle Park Investments | Evan Bernstein | Associate Member |
| PRG Real Estate | Kathleen Betz | Associate Member |
| Post Brothers | Brad Bitting | Associate Member |
| Related Companies | Jeff T. Blau | Research Sponsor |
| W.P. Carey Inc. | Boyd Borjiet | Associate Member |
| American Opportunity Zone Advisors LLC | Kelley Brasfield | Sustaining Member |
| Brause Realty Inc. | David A. Brause | Executive Committee Member, Research Sponsor |
| CenterSquare Investment Management | E. Todd Briddell | Executive Committee Member, Research Sponsor |
| American Asset Corporation | Brian Briody | Associate Member |
| Korman Communities | Jeffrey Brown | Associate Member |
| GIC Real Estate, Inc. | Grace Bucchianeri | Research Sponsor |
| Ankura Consulting Group | Darin L. Buchalter | Associate Member |
| Infinite Global Real Estate Partners | Martin Burger | Executive Committee Member, Research Sponsor |
| CenterSquare Investment Management | Chad Burkhardt | Associate Member |
| ABR Capital Partners | Thomas R. Burton | Sustaining Member |
| Argosy Real Estate Partners | David Butler | Associate Member |
| GIC Real Estate, Inc. | Wenzheng Cai | Associate Member |
| Two Trees Management Co., LLC | Bonnie Campbell | Associate Member |
| DLA Piper | Amy Carbins | Associate Member |
| H/2 Capital Partners LLC | Omar Cardona | Associate Member |
| W.P. Carey Inc. | Will Carey | Associate Member |
| Mid-America Management Corporation | Jason R. Carroll | Associate Member |
| Two Sigma Real Estate | Nick Catalano | Associate Member |
| The Henderson Group | Darren Caterino | Associate Member |
| Blackstone | Anthony Cerrone | Associate Member |
| ASB Real Estate Investments | Christina Chang | Associate Member |
| HSF Kramer | Andrew Charles | Associate Member |
| Oxford Properties | Christie Chen | Associate Member |
| Hersha Hospitality Trust | Nathanel Cheney | Associate Member |
| Artemis Real Estate Partners | Anar Chudgar | Executive Committee Member, Research Sponsor |
| Newmark | Mitchell D. Clarfield | Executive Committee Member, Research Sponsor |
| Madison International Realty, LLC | Vince Clark | Associate Member |
| Foulger Pratt | Joe Clauser | Associate Member |
| Fort Partners | Michael Cochran | Executive Committee Member, Research Sponsor |
| Goulston & Storrs | Brian M. Cohen | Sustaining Member |
| Hudson Capital Properties | James S. Cohen | Research Sponsor |
| DLA Piper | Bryan Connolly | Associate Member |
| H/2 Capital Partners LLC | Bryan Cook | Associate Member |
| McCarthy Cook | Edward W. Cook III | Executive Committee Member, Research Sponsor |
| Silverstein Properties | Alex Cosio | Associate Member |
| The Henderson Group | Brian Coyle | Research Sponsor |
| H/2 Capital Partners LLC | John Crawford | Associate Member |
| Ares Secondaries | Michelle L. Creed | Sustaining Member |
| RXR | Scott Crowe | Sustaining Member |
| Ares Management | Steven Crowe | Associate Member |
| Harvest Equities | John J. Curry | Sustaining Member |
| Swire Properties | Kevin Davenport | Associate Member |
| Ballard Spahr LLP | Dominic De Simone | Sustaining Member |
| Mid-America Management Corporation | Jeff DeChellis | Associate Member |
| Silverstein Properties | Jeff Deitrich | Research Sponsor |
| Dezer Development | Leslie Dezer Salmon | Sustaining Member |
| Swire Properties | Mauricio Diaz | Sustaining Member |
| Madison International Realty, LLC | Ronald Dickerman | Sustaining Member |
| Morgan Properties | Marina Dikos | Associate Member |
| Argosy Real Estate Partners | Sara Doelger | Associate Member |
| Greystar | Anthony W. Dona | Research Sponsor |
| W.P. Carey Inc. | Andrew Douglass | Associate Member |
| Gables Residential, Inc. | Charles Elliott | Sustaining Member |
| Two Sigma Real Estate | Jeremy Erdman | Associate Member |
| Swire Properties | Nicolas Esper | Associate Member |
| Newmark | Adam Etra | Associate Member |
| Freehold Corporation | Ali Ettehadieh | Research Sponsor |
| Greystar | Robert Faith | Research Sponsor |
| Dune Real Estate Partners | Patrick Farrell | Associate Member |
| Blank Rome | Dayna C. Finkelstein | Sustaining Member |
| Argosy Real Estate Partners | Rick Firmine | Associate Member |
| Kingwest & Company | Richard Fogler | Sustaining Member |
| Dechert LLP | David Forti | Sustaining Member |
| PRG Real Estate | Samuel C. Foster | Sustaining Member |
| W.P. Carey Inc. | Jason E. Fox | Research Sponsor |
| ASB Real Estate Investments | Nick Franzetti | Associate Member |
| Farallon Capital Management, LLC | Richard B. Fried | Sustaining Member |
| Abacus Capital Group LLC | Benjamin Friedman | Sustaining Member |
| Wind River Partners | Brian Friedman | Sustaining Member |
| Greystar | Wes Fuller | Associate Member |
| Duane Morris LLP | Tom Galli | Sustaining Member |
| CBRE Investment Management | Adam Gallistel | Executive Committee Member, Research Sponsor |
| Ankura Consulting Group | R. Bruce Gamble | Research Sponsor |
| GEM Realty Capital | Michael Geller | Sustaining Member |
| PCCP | Kate Giordano | Associate Member |
| Mack Real Estate Group | Jonathan Goldberg | Associate Member |
| CenterSquare Investment Management | Rob Goldstein | Associate Member |
| ActivumSG UK Advisors | Saul Goldstein | Executive Committee Member, Research Sponsor |
| PRG Real Estate | Jon Goodman | Associate Member |
| Goldman Sachs & Co., LLC | Michael Graziano | Associate Member |
| Firstrust Bank | Richard J. Green | Executive Committee Member, Research Sponsor |
| Cozen O'Connor | Howard Grossman | Associate Member |
| Rockefeller Group | Orlando E. Gutierrez | Associate Member |
| H/2 Capital Partners LLC | Spencer B. Haber | Executive Committee Member, Research Sponsor |
| NorthPark Management Company | David J. Haemisegger | Research Sponsor |
| Post Brothers | Alexander Halas | Associate Member |
| Alliance Partners | Brett Hamilton | Associate Member |
| Sterling Realty Organization | Beth Hamlin | Associate Member |
| Sterling Realty Organization | Whit Hamlin | Sustaining Member |
| Alliance Partners | Matt Handel | Associate Member |
| Artemis Real Estate Partners | Deborah Harmon | Sustaining Member |
| Ballard Spahr LLP | Thomas Hauser | Associate Member |
| W.P. Carey Inc. | Christopher Hayes | Associate Member |
| W.P. Carey Inc. | Carine He | Associate Member |
| Equity Industrial Partners Corp. | Lewis Heafitz | Executive Committee Member, Research Sponsor |
| Equity Commonwealth | David A. Helfand | Executive Committee Member, Research Sponsor |
| Paramount Group, Inc. | Tom Hennessy | Associate Member |
| Blackstone | James Hogan | Associate Member |
| CBRE | Diann Hsueh | Associate Member |
| Ellington Management Group | Leo Huang | Sustaining Member |
| The Henderson Group | Zach Hurst | Associate Member |
| Crow Holdings | Michael Hyun | Research Sponsor |
| Composite Capital Partners | James L. Iker | Sustaining Member |
| TPG Angelo Gordon | Matthew Jackson | Associate Member |
| Hines | Juan Jacobus | Associate Member |
| H/2 Capital Partners LLC | Cristine Jaipaul | Associate Member |
| W.P. Carey Inc. | Walter Jameson | Associate Member |
| Osso Capital | Olivia John | Executive Committee Member, Research Sponsor |
| Goldman Sachs & Co., LLC | Andrew J. Jonas | Executive Committee Member, Research Sponsor |
| Verde Capital Corp. | Owen Jones | Associate Member |
| Crow Holdings | Coe Juracek | Associate Member |
| Madison International Realty, LLC | Alan Kamhazi | Associate Member |
| Wheelock Street Capital | Gary Kamin | Associate Member |
| H/2 Capital Partners LLC | Alec Karanikolas | Associate Member |
| The Henderson Group | Corey Katzmann | Associate Member |
| Foulger Pratt | Jay Kelly | Sustaining Member |
| Firstrust Bank | Robert Kenney | Associate Member |
| Long Pond Capital, LP | John Khoury | Sustaining Member |
| Newmark | Joshua King | Sustaining Member |
| Dune Real Estate Partners | Thomas Kinslow | Associate Member |
| Wheelock Street Capital | Rick Kleeman | Associate Member |
| Post Brothers | Zak Klinvex | Associate Member |
| Morgan Stanley Real Estate | John R. Klopp | Sustaining Member |
| Cozen O'Connor | Jonathan Knipe | Associate Member |
| Korman Communities | Bradley J. Korman | Research Sponsor |
| Korman Communities | Jackson Korman | Associate Member |
| Korman Communities | Samuel Korman | Associate Member |
| Royal Abstract | Martin Kravet | Research Sponsor |
| Cerberus Capital Management, L.P. | Ronald J. Kravit | Executive Committee Member, Research Sponsor |
| PCCP | Karen Christina Kriegel | Associate Member |
| Duane Morris LLP | George J. Kroculick | Associate Member |
| PCCP | Don Kuemmeler | Associate Member |
| American Opportunity Zone Advisors LLC | Christine Kwak | Associate Member |
| Crow Holdings | Alex Kwon | Associate Member |
| Wheelock Street Capital | Jeffrey S. Laliberte | Sustaining Member |
| Newmark | Westin Landau | Associate Member |
| Bain Capital Real Estate | Keith Largay | Associate Member |
| Blackstone | Michael Lascher | Associate Member |
| Eastdil Secured | David Lazarus | Associate Member |
| Bain Capital Real Estate | Christopher Leddy | Associate Member |
| Baupost Group | James Lenhart | Associate Member |
| Rockefeller Group | Katie Lenss | Associate Member |
| Cozen O'Connor | Jeffrey Leonard | Associate Member |
| Cozen O'Connor | Daniel Levin | Sustaining Member |
| Altman Logistics Properties | Mark G. Levy | Associate Member |
| Eastdil Secured | Adam Licari | Associate Member |
| TPG Angelo Gordon | Reid K. Liffmann | Associate Member |
| Bain Capital Real Estate | Joanna Lin | Associate Member |
| Hudson Capital Properties | Mathias Linden | Associate Member |
| Two Trees Management Co., LLC | David Lombino | Associate Member |
| Lazard | Matthew J. Lustig | Executive Committee Member, Research Sponsor |
| Mack Real Estate Group | Richard Mack | Executive Committee Member, Research Sponsor |
| Firstrust Bank | Seth Mackler | Associate Member |
| Greystar | Chris MacNaughton | Associate Member |
| Alliance Partners | Jake Maldonado | Associate Member |
| Alliance Partners | Steve Malone | Associate Member |
| Korman Communities | Gabe Marabella | Associate Member |
| Dune Real Estate Partners | Cia Buckley Marakovits | Executive Committee Member, Research Sponsor |
| Eastdil Secured | Roy March | Executive Committee Member, Research Sponsor |
| ABR Capital Partners | Jake Martin | Associate Member |
| Case, Pomeroy & Company, Inc. | William F. Martin | Sustaining Member |
| Ballard Spahr LLP | Amy McClain | Associate Member |
| Ballard Spahr LLP | Matthew McClure | Associate Member |
| H/2 Capital Partners LLC | Mike McGee | Associate Member |
| Hudson Capital Properties | Philip H. Meisner | Associate Member |
| Verde Capital Corp. | Maureen Menarde | Associate Member |
| Mericle Commercial Real Estate Services | Robert K. Mericle | Research Sponsor |
| Mid-America Management Corporation | Zoran Miling | Associate Member |
| Cozen O'Connor | Lindsay Miller | Associate Member |
| Mid-America Management Corporation | Mark S. Misencik | Sustaining Member |
| TPG Angelo Gordon | Anuj Mittal | Associate Member |
| Blackstone | Alan Miyasaki | Executive Committee Member, Research Sponsor |
| Lazard | Max Moehlmann | Associate Member |
| J. Safra Real Estate | Steven Montague | Research Sponsor |
| Rockefeller Group | Daniel Moore | Sustaining Member |
| Morgan Properties | Jason Morgan | Associate Member |
| Morgan Properties | Jonathan Morgan | Associate Member |
| Morgan Properties | Mitchell L. Morgan | Research Sponsor |
| Capital Solutions, Inc. | Jason Morganroth | Sustaining Member |
| Davidson Kempner Capital Management | Joshua Morris | Sustaining Member |
| BDT & MSD Partners | Molly Muchmore | Associate Member |
| Fontainebleau Development | Brett Mufson | Executive Committee Member, Research Sponsor |
| Oxford Properties | Christopher P. Mundy | Sustaining Member |
| Hines | Alfonso J. Munk | Executive Committee Member, Research Sponsor |
| Starwood Capital Group | Anthony Murphy | Associate Member |
| ASB Real Estate Investments | Mary Lewis Murphy | Associate Member |
| NorthPark Management Company | Nancy A. Nasher | Research Sponsor |
| HSF Kramer | David Neveloff | Associate Member |
| HSF Kramer | Jay A. Neveloff | Research Sponsor |
| BDT & MSD Partners | Nick Newburger | Sustaining Member |
| K. Hovnanian Companies, LLC | Brad O'Connor | Research Sponsor |
| Eastdil Secured | Jeff Organisciak | Associate Member |
| Blackstone | Heecheol Pak | Associate Member |
| Pantzer Properties, Inc. | Edward S. Pantzer | Sustaining Member |
| Pantzer Properties, Inc. | Jason Pantzer | Associate Member |
| Pantzer Properties, Inc. | Jordan Pantzer | Associate Member |
| Morgan Stanley Real Estate | Christie Park | Associate Member |
| Two Trees Management Co., LLC | Amish Patel | Associate Member |
| W.P. Carey Inc. | Jason Patterson | Associate Member |
| Blackstone | Austin Pena | Research Sponsor |
| CBRE | Robert Perry | Research Sponsor |
| Post Brothers | Matthew A. Pestronk | Sustaining Member |
| Morgan Properties | Rimas Petrulis | Associate Member |
| Alliance Partners | Richard Previdi | Research Sponsor |
| Verde Capital Corp. | Gary Prugh | Associate Member |
| Walton Street Capital, LLC | Jeffrey S. Quicksilver | Sustaining Member |
| Firstrust Bank | Joseph Rago | Associate Member |
| Greystar | Derek Ramsey | Associate Member |
| PCCP | John Randall | Research Sponsor |
| Paramount Group, Inc. | Richard Reczka | Associate Member |
| Verde Capital Corp. | Jacob Reiter | Research Sponsor |
| Korman Communities | R. Scott Relick | Associate Member |
| Oxford Properties | Chad Remis | Associate Member |
| ActivumSG Capital Management Ltd | Bonnie Rich | Associate Member |
| Newmark | Jordan Roeschlaub | Sustaining Member |
| Walton Street Capital, LLC | Brett Rose | Associate Member |
| Landrock LP | David Rosenbaum | Sustaining Member |
| Related Companies | Stephen Ross | Associate Member |
| W.P. Carey Inc. | Sam Rubenstein | Associate Member |
| ASB Real Estate Investments | Brodie Ruland | Associate Member |
| W.P. Carey Inc. | Gino Sabatini | Associate Member |
| The Wolfson Group | A. Sam Saegh | Sustaining Member |
| Cozen O'Connor | Zachary Samton | Associate Member |
| Steinhauer Properties | Rory Sandstrom | Associate Member |
| Continental Realty Corporation | Joseph M. Schapiro, III | Sustaining Member |
| Bulfinch Companies, Inc. | Eric D. Schlager | Sustaining Member |
| FTI Consulting, Inc. | Bruce S. Schonbraun | Sustaining Member |
| TPG Angelo Gordon | Adam R. Schwartz | Executive Committee Member, Research Sponsor |
| Dune Real Estate Partners | Monica Scieszka | Associate Member |
| Castle Park Investments | Brad Scott | Research Sponsor |
| Eastdil Secured | Jeffrey Scott | Associate Member |
| Hines | Brandon Segal | Associate Member |
| H/2 Capital Partners LLC | Hardik Shah | Associate Member |
| Hersha Hospitality Trust | Jay H. Shah | Associate Member |
| Hersha Hospitality Trust | Neil H. Shah | Research Sponsor |
| GoldenTree InSite Partners | Tom Shapiro | Associate Member |
| Barings LLC | Anjum Sharma | Sustaining Member |
| Hudson Capital Properties | Ethan Sharvit | Associate Member |
| Welltower Inc. | Cissy Shi | Executive Committee Member |
| Davidson Kempner Capital Management | Andrew Shore | Associate Member |
| Lazard | Jack Smith | Associate Member |
| Affinius Capital | Craig H. Solomon | Sustaining Member |
| Arden Group | Craig A. Spencer | Executive Committee Member, Research Sponsor |
| Related Companies | Kimberly Sherman Stamler | Associate Member |
| Steinhauer Properties | Gregory L. Steinhauer | Sustaining Member |
| Starwood Capital Group | Barry S. Sternlicht | Research Sponsor |
| Argosy Real Estate Partners | Andrew Stewart | Sustaining Member |
| Stoltz Real Estate Partners | Keith D. Stoltz | Associate Member |
| Stoltz Real Estate Partners | Kyle B. Stoltz | Research Sponsor |
| Artemis Real Estate Partners | Michael Stratton | Associate Member |
| DLA Piper | John L. Sullivan | Sustaining Member |
| Lazard | Phillip Summers | Associate Member |
| W.P. Carey Inc. | Tyler Swann | Associate Member |
| Two Sigma Real Estate | Chris Tang | Sustaining Member |
| CBT Advisory Group | Carl B. Tash | Executive Committee Member, Research Sponsor |
| Taubman Company | Robert S. Taubman | Sustaining Member |
| Fabio Terlevich Company | Fabio Terlevich | Sustaining Member |
| PCCP | Bryan Thornton | Associate Member |
| H/2 Capital Partners LLC | Victor Tiutin | Associate Member |
| Arselle Investments | Bianca Tomkoria | Sustaining Member |
| Walton Street Capital, LLC | Joshua Troxel | Associate Member |
| Eastdil Secured | Rob Turner | Associate Member |
| GoldenTree InSite Partners | Robert K. Vahradian | Sustaining Member |
| Hudson Capital Properties | Edward Vinson | Associate Member |
| Two Trees Management Co., LLC | Jed Walentas | Research Sponsor |
| Newmark | Andrew Warin | Associate Member |
| Related Companies | Peter Weidman | Associate Member |
| H/2 Capital Partners LLC | Matt Whalen | Associate Member |
| Bain Capital Real Estate | Kavindi Wickremage | Executive Committee Member, Research Sponsor |
| Newmark | Zachary Wiener | Associate Member |
| Greystar | Todd Wigfield | Associate Member |
| Paramount Group, Inc. | Emily Williams | Associate Member |
| Related Companies | Michael Winston | Associate Member |
| Altman | Seth M. Wise | Sustaining Member |
| Copper Beech Real Estate Capital | Michael Wong | Sustaining Member |
| Leste Net Lease Partners, LLC | Joe Yiu | Sustaining Member |
| Hines | Paul Zarian | Associate Member |
| Eastdil Secured | Kenneth Ziebelman | Associate Member |
| Hines | Scott Ziegler | Associate Member |
| Mid-America Management Corporation | George Zilich | Associate Member |
