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

Dr. Mark Lee Levine, CRE
University of Denver

Mr. Robert Bach
Grubb & Ellis

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

Mr. John J. Baczewski
Real Estate Fiduciary Services LLC

Ms. Mary K. Ludgin
Heitman Capital Management

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

Dr. David Lynn
ING Clarion Real Estate

Mr. Ralph L. Block
Essential REIT Publishing Co.

Dr. Asieh Mansour
RREEF/DB Real Estate

Mr. Peter C. Burley, CRE
Simpson Housing LP

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

Ms. Barbara R. Cambon, CRE
Independent Consultant

Ms. Paige Mueller
GIC Real Estate, Inc.

Mr. Todd Canter
LaSalle Investment Management

Mr. William Newman
New Plan Realty Trust

Dr. Marvin F. (Chris) Christensen
RREEF

Mr. Hans Nordby
Property & Portfolio Research

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

Mr. James D. Noteware, CRE
NOTEWARE

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

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

Mr. Andrew Davidson
Andrew Davidson & Company, Inc.

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

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

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

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

Mr. Douglas M. Poutasse
AEW Research

Dr. Ed McDougall
KeyInSites

Mr. Blake Eagle
NCREIF

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

Alan F. Feldman, President
Resource America Inc.

Ms. Jeanette I. Rice, CRE
Verde Realty

Mr. Steve Felix
Aviva Investors

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

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

Mr. Mark G. Roberts, CFA
INVESCO Real Estate

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. Robert H. Gidel
Liberty Partners

Mr. Jared Shlaes, CRE Emeritus
Shlaes & Company

Mr. Noah D. Shlaes, CRE
Grubb & Ellis

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. Jeffrey Havsy
Equity Office Properties

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

Mr. Raymond Torto, CRE
Torto Wheaton Research

Ms. Laura R. Huntington, CFA, CRE
Institutional Property Consultants, LLC

Mr. James R. Valente
ING Clarion

Mr. Gregory B. Ibbetson, CRE, CCIM
Ibbetson Commercial RE Services

Mr. David Watkins, CFA
Heitman Capital Management

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

Mr. Macdonald West, CRE
The Macdonald West Company

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

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

Mr. Hugh F. Kelly, CRE
Real Estate Economics

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

Dr. Daniel B. Kohlhepp
Crescent Resources, LLC

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

Mr. Richard M. Langhorne, CRE
The Langhorne Company

Dr. Mark M. Zandi
Economy.com

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

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

Mr. Steven Laposa
PricewaterhouseCoopers, LLP