BECOMING A MEMBER OF REIAC

A. The Membership Process

The Real Estate Investment Advisory Council (REIAC) is a private, nonprofit association that allows membership through invitation only. Ordinarily, the process is initiated when an existing member invites a prospective new member to one of the quarterly conferences. Afterwards, if the candidate desires to become a member, he/she applies for membership to the Board of Directors. This requires a cover letter with an attached resume or biography tracking the person's professional experience and education. Prior to the next meeting, officers of REIAC convene to approve candidates for membership, which includes an assessment of whether the prospective candidate meets all of the requisite criteria to become a member. Upon approval, the new member is invoiced for annual dues.

B. Criteria for Membership

1. To be a full member, the individual must be directly affiliated with a "principal". This excludes brokers, property management companies, service providers, vendors, accountants and law firms. (The only exception to this is provided in Paragraph 6 below, for a few Advisory Committee Members.) We define "principals" to include:
   • Registered Investment Advisors (RIAs) possessing the discretion to invest on behalf of endowments and pension funds
   • Banks, life companies and other financial intermediaries
   • Owners and developers actively involved in significant real estate transactions
   • Operators of real estate investment funds
   • REITs
   
   
2. The entity represented by the individual must be involved in significant real estate investment activity, with a portfolio of acquired assets and/or discretionary capital to invest in the amount of at least $50 million.
   

3. The individual's responsibilities should involve real estate transactions, involving one or more of the following areas:
   • Acquisitions
   • Dispositions
   • The origination, purchase or sale of real estate debt.
   • National or regional management oversight of an asset portfolio whereby he/she has a vested interest in keeping on top of the transactional side of the industry.
   • The advising of public and private pension funds, financial intermediaries and institutions.
   
   

4. · The individual must have at least 10 years of working experience in the commercial real estate industry and must hold a senior position within his/her respective firm or entity. Typically, this would mean starting at the Vice President or Director level. The concept here is that REIAC wants to avoid junior associates and analysts from membership as they are not engaged in the same activities as are the members, and are eligible for already established organizations more suited to these younger professionals.
   

5. The individual must have a solid reputation in the industry for dealing in good faith and maintaining the highest standards of conduct.
   

6. · REIAC has an Advisory Committee and a provision for Affiliate Membership, which may include a few select individuals, who do not meet all membership criteria. These individuals, who are voted into the Advisory Committee or are accepted as Affiliate Members by the Board of Directors, provide insight, guidance, and financial and/or human resources to REIAC assisting the maintenance and funding of operations and the development of high-caliber events.
   

C. Other Policies Regarding Membership

1. Membership is on an individual basis; there are no corporate memberships. Each prospective member is admitted solely on his or her own merits.
   

2. Memberships are non-transferrable.
   

3. Members may not send alternates to functions.
   

4. Members may invite guests to functions providing: a) the guest meets the criteria for membership set forth above, and b) the conference or meeting planner indicates there is enough space (a fee may be requested by the planner to defer the additional cost).
   

5. With regards to layoffs, REIAC recognizes that the real estate industry is cyclical and more executives are becoming affected by mergers, downsizing and restructuring. For those members in good standing, REIAC is dedicated to assisting them in relocating to a new position. REIAC will NOT terminate membership due to layoff.

D. Maintenance and Termination of Membership

1. All members are expected to pay their annual dues in a timely manner, upon receiving invoices. Memberships are terminated when members fail to pay their annual dues.
   

2. Membership will be terminated if a member changes position from that of principal to service provider, vendor, or agent.
   

3. Membership will be terminated if the member flagrantly violates policies surrounding membership and/or membership conduct.
   

4. Once membership has been terminated pursuant to any of the reasons outlined herein, the individual must reapply for membership. His/her application will then be reviewed in accordance to their current position and status in the industry.