Real Estate Roundtable Elects Chairman and Officers for 2005-2006

WASHINGTON, July 21 -- The Real Estate Roundtable -- which brings together leaders of the nation’s privately owned and publicly-held real estate ownership, development, lending and management firms with the leaders of national real estate trade associations to ensure a cohesive industry voice is heard by government officials and the public about real estate and its importance in the global economy -- has re-elected Los Angeles-based Lowe Enterprises Chairman and CEO Robert J. Lowe as Roundtable chairman; approved Host Marriott Corp.’s President and CEO Christopher Nassetta as chairman-elect; voted for senior officers who will serve on The Roundtable’s board of directors; and confirmed members who will serve in leadership positions on The Roundtable’s policy committees and task forces for fiscal year 2005-2006.

The new Roundtable Board consists of chairmen or CEOs from a cross-section of national real estate companies and elected leaders from six of the fifteen national real estate trade associations that comprise the Roundtable’s industry partner organizations. The board of directors and officer appointments took effect July 1, after members gave their final approval during The Roundtable’s Annual Meeting last month in Washington, D.C.

A list of all Roundtable Board members and their photos is available at http://www.rer.org/aboutus/leadership/.

Lowe is chairman and CEO of Los Angeles-based Lowe Enterprises, Inc. (http://www.loweenterprises.com), a national real estate firm whose activities include developing residential and commercial properties, resorts and hotels, and managing real estate investments for pension funds and other institutional clients. Throughout its 33-year history, Lowe Enterprises has developed, managed or acquired more than $7 billion in commercial, residential, hotel and resort real estate assets nationwide. Through Lowe Enterprises Investors, its investment advisory affiliate, the firm currently manages in excess of $2 billion in real estate assets on behalf of investment clients. The firm maintains regional offices in Denver, Phoenix, Sacramento, San Francisco, Irvine and Washington DC.

Lowe will serve his second term as Roundtable Chairman through June 30, 2006. “As public policy issues affecting the economy and the real estate industry are addressed in Washington, it is an honor for me to serve another term as chairman of The Real Estate Roundtable. I look forward to continue making progress on issues such as terrorism insurance, tax legislation and tort reform to enhance the health of real estate markets and preserve the industry’s ability to create jobs. By working with The Roundtable’s member CEOs and elected heads of national real estate trade associations, we will advance a policy agenda that benefits the national economy,” Lowe said.

Chairman-elect Christopher J. Nassetta is President and CEO of Host Marriott Corporation (http://www.hostmarriott.com) a Fortune 500 company and the largest hotel real estate investment trust (REIT) in the United States. Host Marriott owns or controls more than 100 luxury and upper-upscale hotels operated under the Marriott, Ritz-Carlton, Four Seasons, Swissotel, Hyatt, Embassy Suites, Hilton, Fairmont and Westin brands.

“The real estate industry has clearly established itself as a driving engine of economic growth -- not only in our nation, but throughout the world. I look forward to continue working with Roundtable members and their public policy committees on capital and credit market issues, homeland security concerns, environmental and energy policy matters and how other public policies affect the real estate and the overall economy.”

Other senior Roundtable officers for FY 2006 include:

President and CEO: Jeffrey D. DeBoer (Washington, DC)

Secretary: Daniel M. Neidich, Chairman and Co-CEO, Dune Capital Management, LP (New York)

Treasurer: Penny Pritzker, President, Pritzker Realty Group, L.P. (Chicago)

Robert M. Couch, President and CEO, New South Federal Savings Bank (Birmingham, AL), Immediate Past Chairman, Mortgage Bankers Association

John C. Cushman, III, Chairman, Cushman & Wakefield, Inc. (Los Angeles)

Charles (Chip) L. Davidson, III, Chairman and CEO, The Brookdale Group (Atlanta, GA), Vice Chairman, National Association of Real Estate Investment Managers

Charles Grossman, Managing Director, Clarion Partners (New York), Chairman, International Council of Shopping Centers

David W. Hewett, National Alliance Director, Global Services Division, Trammell Crow (Auburn Hills, MI), Chairman, Building Owners and Managers Association International

Al Mansell, President, National Association of Realtors (Chicago), President, National Association of Realtors

Quintin E. Primo III, CEO, Capri Capital (Chicago)

Scott Rechler, President and CEO, Reckson Associates Realty Corp. (Melville, NY)

Nelson C. Rising, Chairman and CEO, Catellus Development Corporation (San Francisco), Immediate Past Chairman, The Real Estate Roundtable

Douglas W. Shorenstein, Chairman and CEO, Shorenstein Company LLC (San Francisco)

David Simon - CEO, Simon Property Group (Indianapolis, IN), Chairman, National Association of Real Estate Investment Trusts

Jerry I. Speyer, President and CEO, Tishman Speyer Properties (New York)

Robert S. Taubman, Chairman, President & CEO, Taubman Centers, Inc. (Bloomfield Hills, MI)

Richard S. Ziman, Chairman & CEO, Arden Realty, Inc. (Los Angeles)

The Real Estate Roundtable also appointed the following members to lead its policy committees and task forces:

Environment and Energy Policy Advisory Committee (EPAC):

Co-Chairmen: Timothy J. Clancy, Chief Operating Officer, The Durst Organization (New York) and Dan A. Emmett, Douglas, Emmett and Company (Santa Monica, CA)

Vice Chairman: Frank Frankini, Senior Vice President, Equity Office Properties Trust (Chicago)

The Real Estate Roundtable Political Action Committee (REALPAC)

Co-Chairmen: Peter Lowy, CEO, Westfield America, Inc. (Los Angeles) and Scott Rechler, President CEO, Reckson Associates Realty Corp. (Melville, NY)

Treasurer: Jeffrey D. DeBoer, President and CEO, The Real Estate Roundtable (Washington, DC)

Assistant Treasurer: Stephen M. Renna, Senior Vice President & Counsel, The Real Estate Roundtable (Washington, DC)

Real Estate Capital Policy Advisory Committee (RECPAC) Chairman: David A. Twardock, President, Prudential Mortgage Capital Company (Newark, NJ)

Vice Chairmen: Bruce R. Cohen, CEO, Wrightwood Capital (Chicago) and Stuart M. Rothenberg, Managing Director, Goldman, Sachs & Co. (New York)

Research Committee

Chairman: Jerome J. Claeys III, Chairman, Heitman LLC (Chicago)

Vice Chairman: William J. Maher, Director, North American Research, Jones Lang LaSalle (Baltimore, MD)

Tax Policy Advisory Committee (TPAC)

Chairman: Richard B. Clark, President and CEO, Brookfield Properties Corp. (New York)

Vice Chairman: Jim Sowell, Principal, Deloitte (Washington, DC), Homeland Security Task Force

Co-Chairmen: Edward Glickman, President and CEO, Pennsylvania Real Estate Investment Trust (Philadelphia, PA) and Thomas W. Toomey, President and CEO, United Dominion Realty Trust (Littleton, CO)

The Real Estate Roundtable (http://www.rer.org) and its members lead an industry that generates more than 20 percent of America’s gross national product, creates over 9 million jobs and produces nearly two-thirds of the taxes raised by local governments for essential public services. Roundtable members are leading real estate industry executives with expertise on a broad range of finance, environmental and land use issues that affect every segment of America’s income-producing real estate sector. There are fifteen National Real Estate Trade Organizations who also participate in The Roundtable: American Hotel & Lodging Association (AHLA), American Resort Development Association (ARDA), Association of Foreign Investors in Real Estate (AFIRE), Building Owners and Managers Association International (BOMA), Commercial Mortgage Securities Association (CMSA), International Council of Shopping Centers (ICSC), Mortgage Bankers Association (MBA), National Association of Home Builders (NAHB), National Association of Industrial and Office Properties (NAIOP), National Association of Real Estate Investment Managers (NAREIM), National Association of Real Estate Investment Trusts (NAREIT), National Association of Realtors (NAR), National Multi Housing Council (NMHC), Pension Real Estate Association (PREA), and The Urban Land Institute (ULI).

The Roundtable is a member of the Coalition to Insure Against Terrorism (CIAT), which represents a wide range of businesses and organizations throughout the transportation, real estate, manufacturing, construction, entertainment and retail sectors. CIAT’s website can be found at http://www.insureagainstterrorism.org.

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