Michael J. Acton, CFA
AEW Capital Management, L.P.

Dr. Mark Lee Levine, CRE
University of Denver

Dr. Randy I. Anderson
University of Central Florida

Dr. Marc Louargand, CRE
Cornerstone Real Estate Advisors, Inc.

Mr. Robert Bach
Grubb & Ellis

Ms. Mary K. Ludgin
Heitman Capital Management

Mr. John J. Baczewski
Real Estate Fiduciary Services LLC

Dr. David Lynn
ING Clarion Real Estate

Mr. Claude M. Ballard, CRE
Goldman-Sachs & Company (Retired)

Dr. Asieh Mansour
RREEF/DB Real Estate

Mr. Ralph L. Block
Essential REIT Publishing Co.

Mr. Richard Marchitelli, MAI, CRE
Cushman & Wakefield, Inc.

Mr. Peter C. Burley, CRE
Simpson Housing LP

Ms. Paige Mueller
GIC Real Estate, Inc.

Ms. Barbara R. Cambon, CRE
Independent Consultant

Mr. William Newman
New Plan Realty Trust

Dr. Brad Case
NAREIT

Mr. Hans Nordby
Property & Portfolio Research

Mr. Todd Canter
LaSalle Investment Management

Mr. James D. Noteware, CRE
NOTEWARE

Dr. Marvin F. (Chris) Christensen
RREEF

Mr. Alex D. Oak, CRE
Paul I. Cripe, Inc.

Mr. Webster A. Collins, CRE
CB Commercial/Whittier Partners

Mr. Joseph L Pagliari, Jr.
Northwestern University & Citadel Realty

Mr. John J. Coyle,3rd, CRE, MAI
Coyle, Lynch & Company

Mr. D. Kenneth Patton
New York University

Mr. Andrew Davidson
Andrew Davidson & Company, Inc.

Mr. Anthony J. Pierson
Cornerstone Real Estate Advisors, Inc.

Mr. Charles DiRocco
PriceWaterhouse Coopers LLP

Ms. Catherine Polleys
Ennis, Knupp & Associates, Inc.

Mr. Geoffrey Dohrmann, CRE
Institutional Real Estate, Inc.

Mr. Douglas M. Poutasse
AEW Research

Mr. John D. Dorchester Jr., CRE, MAI
The Dorchester Group, LLC (Member)

Mr. Gary M. Ralston, CCIM, SIOR, CPM, CRE, CLS
Florida Retail Development, LLC

Dr. Ed McDougall
KeyInSites

Mr. William E. Ramseyer, CRE
Cornerstone Real Estate Advisors, Inc.

Mr. Blake Eagle
NCREIF

Ms. Jeanette I. Rice, CRE
Verde Realty

Alan F. Feldman, President
Resource America Inc.

Mr. Kenneth P. Riggs, Jr., CRE, CFA, FRICS, MAI
Real Estate Research Corporation

Mr. Steve Felix
Aviva Investors

Mr. Mark G. Roberts, CFA
INVESCO Real Estate

Dr. Jeffrey D. Fisher, CRE
Indiana University School of Business

Mr. Richard P. Roethke
Barrington Investment Company, LLC

Mr. Robert A. Frank, CFA
Ferris Baker Watts, Inc.

Ms. Lynn M. Sedway, CRE
CBRE Consulting, Inc.

Steven M. Friedman, CRE
Ernst & Young LLP

James M. Sempere, CRE, RICS
Charles Schwab Investment Management, Inc.

Mr. Jared Shlaes, CRE Emeritus
Shlaes & Company

Mr. James M. Seneff, Jr.
CNL Group, Inc.

Dr. Jacques Gordon
LaSalle Investment Management

Mr. Steve Skilken
Joseph Skilken & Company

Dr. Jun Han
Barclays Global Investors - US Fixed Income

Mr. Robert R. Smedley
Wachovia Corporation (Retired)

Mr. Michael Sklarz
Fidelity Nat'l. Information Solutions

Dr. Halbert C. Smith, CRE Emeritus
University of Florida (Professor Emeritus)
Chairman Emeritus of the Hoyt Fellows

Mr. Lawrence A. Souza
GRA Global
Charles Schwab Investment Management

Mr. Douglas J. Herzbrun
CB Richard Ellis Investors

Mr. Joseph Straus, Jr., CRE (Emeritus)
Glenmede Trust

Dr. William T. Hughes, Jr.
UBS Realty Investors LLC

Ms. Rhea D. Thornton
Fannie Mae

Mr. Raymond Torto, CRE
Torto Wheaton Research

Mr. James R. Valente
ING Clarion

Paul L. Jones, CRE
Pyramid Realty Group, Inc.

Mr. Robert L. Ward, CCIM
Ward Consulting Services, LLC

Mr. Ronald W. Kaiser
Bailard, Biehl & Kaiser, Inc.

Mr. David Watkins, CFA
Heitman Capital Management

Mr. Hugh F. Kelly, CRE
Real Estate Economics

Mr. Macdonald West, CRE
The Macdonald West Company

Dr. Daniel B. Kohlhepp
Crescent Resources, LLC

Mr. D. Richard Wincott, CRE, MAI
PricewaterhouseCoopers LLP

Mr. Richard M. Langhorne, CRE
The Langhorne Company

Dr. Larry E. Wofford, AICP
C&L Systems Corporation

Dr. David P. Lindahl
Kennedy Associates Real Estate Counsel, Inc.

Dr. Michael S. Young
The RREEF Funds, (Retired)

Dr. Mark M. Zandi
Economy.com

Dr. Robert H. Zerbst
CB Richard Ellis Investors, LLC