Hoyt Fellows

Fellows Mr. Michael J. Acton, CFA Managing Director AEW Capital Management, L.P. Dr. Randy I. Anderson Howard Phillips Eminent Scholar Chair University of Central Florida Mr. Robert Bach, CRE Senior Vice President/National Director of Market Analysis Grubb & Ellis Company Mr. John J. Baczewski, CPA President Real Estate Fiduciary Services LLC Dr. Ralph L. Block REIT Portfolio Advisor & Consultant (Retired) Essential REIT Publishing Co. Mr. Peter C. Burley, CRE Vice President of Research Simpson Housing LLLP Ms. Barbara R. Cambon, CRE Independent Consultant Mr. Todd Canter LaSalle Investment Management Dr. Brad Case Vice President of Research & Industry Information NAREIT Mr. M. Chris Christensen Managing Director, Research RREEF Mr. Webster A. Collins, MAI, CRE Executive Vice President CB Richard Ellis/Whittier Partners Mr. John J. Coyle, 3rd, CRE, MAI President Coyle, Lynch & Company Mr. Andrew Davidson President Andrew Davidson & Company, Inc. Mr. Charles DiRocco PriceWaterhouse Coopers LLP Mr. Geoffrey Dohrmann, CRE President & CEO Institutional Real Estate, Inc. Mr. Don (John D.) Dorchester, Jr., MAI, CRE Director, Dispute Analysis Litigation Support Capital Markets Mr. Blake Eagle Executive Director Emeritus NCREIF Mr. Alan F. Feldman President Resource America Inc. Mr. Steve Felix Principal Solutions by Steve Felix Dr. Jeffrey D. Fisher, CRE Charles H. & Barbara F. Dunn Professor of Real Estate Indiana University Mr. Robert A. Frank, CFA Formerly with Ferris Baker Watts, Inc. Mr. Steven M. Friedman, CRE Partner & National Director, Housing Segment Ernst & Young LLP Dr. Robert H. Gidel Managing Partner Liberty Partners Dr. Jacques Gordon International Director LaSalle Investment Management Dr. Jun Han Managing Director, Credit Risk Management TIAA-CREF Mr. Jeffrey Havsy Director of Research National Council of Real Estate Investment Fiduciaries Dr. Douglas J. Herzbrun Sr. Managing Dir., Investment Research CB Richard Ellis Investors, LLC Mr. Michael C. Hudgins Global REIT Strategist and Vice President JP Morgan Asset Management Dr. William T. Hughes, Jr., CRE, CFA Head of US Research UBS Realty Investors LLC Ms. Laura R. Huntington, CFA, CRE Managing Member Institutional Property Consultants LLC Mr. Gregory B. Ibbetson, CRE, CCIM, FRICS Partner/Broker Ibbetson Commercial Real Estate Services Mr. Paul L. Jones, CRE President Pyramid Realty Group, Inc. Mr. B. Franklin Kahn * Washington Real Estate Investment Trust Mr. Ronald W. Kaiser Co-Founder and Director Bailard, Inc. Mr. Hugh F. Kelly, CRE Real Estate Economics Dr. Daniel B. Kohlhepp, MAI Director, Accelerated MSRE Program Johns Hopkins University Mr. Richard M. Langhorne, CRE FRICS President The Langhorne Company Dr. Steven Laposa Loveland Commercial Endowed Chair in Real Estate Colorado State University Dr. Mark Lee Levine Professor and Director of the Burns School of Real Estate and Construction Management, Daniels College of Business, University of Denver Dr. David P. Lindahl Principal Morton Trails, LLC Dr. Marc Louargand, CRE Principal Saltash Partners LLC Ms. Mary K. Ludgin Chief Executive Officer Heitman Capital Management Dr. David J. Lynn Managing Director, Head of U.S. Research & Strategy ING Clarion Real Estate Dr. Gregory MacKinnon, CFA Director of Research PREA Ms. Asieh Mansour Ph.D. Head of Americas Research CBRE Mr. Richard Marchitelli, MAI, CRE Managing Director Cushman & Wakefield, Inc. Dr. Edgar J. McDougall Visiting Lecturer University of Florida Ms. Paige Mueller Senior Vice President GIC Real Estate Mr. William Newman Chairman New Plan Excel Realty Trust Mr. Hans G. Nordby Managing Director, PPR Property & Portfolio Research, Inc. Mr. James D. Noteware, CRE Chairman & CEO NOTEWARE Mr. Alex D. Oak, CRE Chair and CEO Cripe Architects + Engineers Dr. Joseph L. Pagliari, CFA, CPA Clinical Professor of Real Estate University of Chicago Mr. D. Kenneth Patton Dean New York University Mr. Anthony (Tony) J. Pierson Cornerstone Real Estate Advisers, Inc. Ms. Cate Polleys Principal Hewitt EnnisKnupp, Inc. an Aon Company Dr. Douglas M. Poutasse Executive Vice President Bentall Kennedy Mr. Joe Douglas Prickett , CRE, MAI VP, Director Archon Group, LP Mr. Gary M. Ralston, CCIM, SIOR, CPM, CRE, SCLS President Coldwell Banker Commercial Saunders Ralston Dantzler Realty Mr. William E. Ramseyer, CRE Managing Director Cornerstone Real Estate Advisers, Inc. Ms. Jeanette I. Rice, CRE Vice President, Market & Investment Research Verde Realty Dr. Kenneth P. Riggs, Jr., CFA, FRICS, CRE, MAI CEO & President Real Estate Research Corporation (RERC) Dr. Mark G. Roberts, CFA Managing Director & Global Head of Research RREEF Mr. Richard P. Roethke President Barrington Investment Company, LLC Dr. Lynn M. Sedway, CRE Executive Managing Director Sedway Consulting Dr. James M. Sempere, CRE, RICS Senior Advisor IPD North America Dr. James M. Seneff, Jr. Chairman & CEO CNL Financial Group, Inc. Mr. Jared Shlaes, CRE Emeritus President Shlaes & Company Dr. Noah D. Shlaes, CRE, FRICS Managing Director, Corporate Services Group Grubb & Ellis Company Dr. Steve Skilken President Joseph Skilken & Company Dr. Michael Sklarz Collateral Analytics Dr. Peter Slatin Editorial Director and Associate Publisher Real Capital Analytics Mr. Robert R. Smedley Formerly with Wachovia Corporation Dr. Halbert C. Smith, CRE Emeritus University of Florida (Retired) & The Hoyt Group Mr. Lawrence A. Souza, CRE/RICS/CCIM Principal-Real Estate Economist and Broker Johnson/Souza Group, Inc. Mr. Joseph Straus, Jr., CRE Emeritus Ms. Rhea D. Thornton Fannie Mae Dr. Raymond G. Torto, CRE Global Chief Economist CB Richard Ellis Dr. Sotiris Tsolacos Director of European Research PPR - CoStar UK Limited Dr. Jim Valente Director of Performance and Risk Analytics IPD North America Mr. Robert L. Ward, CCIM Ward Consulting Services, LLC Mr. Andrew C. Warren Managing Director - RE Research Principal Global Investors Mr. David Watkins, CFA Senior Vice President Heitman Capital Management Dr. MacDonald West, CRE President The MacDonald West Company Mr. Robert M. White, Jr., CRE President Real Capital Analytics Mr. Tyler Wiggers, CFA Sr. Analyst/Trader Markets Group - CRE and CMBS Federal Reserve Bank of New York Dr. D. Richard Wincott, CRE, MAI Executive Vice President Altus Group Dr. Larry E. Wofford, AICP Codirector,International Business and Entrepreneurship Institute and Davis D. Bovaird Chair of Entrepreneurial Studies. The University of Tulsa Dr. Michael S. Young Dr. Mark M. Zandi Chief Economist & Co-Founder Moody's Economy.com Dr. Robert H. Zerbst Formerly President of CB Richard Ellis Investors, LLC (Retired)

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