| Investor Members |
| Richard J. Adler, Managing Director, Ell Capital Management, Inc. |
| Z. Jamie Behar, Sunstone Board Member, Sunstone Hotel Investors, Inc. |
| Theodore R. Bigman, Managing Director, Morgan Stanley |
| Michael J. Bilerman, Managing Director & Head, Real Estate & Lodging Team, Citi |
| Keith D. Bokota, Portfolio Manager, Principal Global Investors |
| Steven R. Brown, Global Head & Sr. Portfolio Manager, Real Estate, American Century Investment Management |
| Steven Buller, Portfolio Manager, Fidelity Investments |
| Nora Creedon, Managing Director, Goldman Sachs & Co. |
| Scott Crowe, Chief Investment Strategist, CenterSquare Investment Management |
| Paul S. Curbo, Portfolio Manager, INVESCO Realty Advisors |
| Laurel B. Durkay, Head, Global Listed Real Assets, Morgan Stanley |
| Jerome W. Ehlinger, Managing Director, Heitman |
| Charles P. Fitzgerald, Founder & Managing Partner, V3 Capital Management, L.P. |
| Mary D. Hogan-Preusse, Founder & Principal, Sturgis Partners LLC |
| Mark Howard-Johnson, Managing Director, BlackRock |
| Michael C. Hudgins, Proprietary Research, Hines |
| Arthur J. Hurley, VP & Sr. Portfolio Manager, Columbia Threadneedle Investments |
| Kathy M. Jassem, Portfolio Manager, State of New Jersey Division of Investments |
| Brian C. Jones, Managing Director, Neuberger Berman, LLC |
| Matthew W. Kaplan, Managing Partner, Almanac Realty Investors LLC |
| Lisa L. Kaufman, Managing Director & Global CEO, LaSalle Investment Management Securities |
| Mike Kirby, Chairman & Director of Research, Green Street Advisors, Inc. |
| Bernhard Krieg, Managing Director, Global REITs, Brookfield Redding LLC |
| Jay P. Leupp, Managing Partner, Co-Founder, & Sr. Portfolio Manager, Lazard Asset Management LLC |
| Anthony R. Manno, Jr., President & CEO, Security Capital Research & Management Incorporated |
| Sheila K. McGrath, Sr. Managing Director, Evercore ISI |
| Lawrence D. Raiman, CEO, LDR Captial Management |
| Sherry L. Rexroad, Managing Director, Global REITs, BlackRock |
| Richard Romano, Managing Director & Portfolio Manager, Prudential Real Estate Investors |
| Andrew Rubin, Insitutional Portfolio Manager, Fidelity Investments |
| Joseph P. Smith, Co-CIO, CBRE Clarion Securities |
| Gideon Spitzer, Investment Analyst, Capital World Investors |
| Bradford D. Stoesser, Managing Director & Global Industry Analyst, Wellington Management Company |
| Sarah J. Wade, MD, Co-Portfolio Manager, Nuveen Asset Management |
| Liam Wertheimer, Head, Americas Listed Real Estate, APG Asset Management US Inc. |
| Jason Yablon, SVP & Sr. Portfolio Manager, Cohen & Steers Capital Management |
| David W. Zonavetch, Managing Director, DWS |