Board of Trustees

Michael L. Ashner
Elected 2004
Mr. Ashner has been Chairman and Chief Executive Officer of Winthrop Realty Trust ("Winthrop REIT") since December 31, 2003. In addition, Mr. Ashner has been Chairman and Chief Executive Officer of Winthrop Realty Partners, L.P. ("Winthrop") since 1996.

Mr. Ashner previously served as Director and Chief Executive Officer of Shelbourne Properties I, Inc., Shelbourne Properties II, Inc. and Shelbourne Properties III, Inc. (collectively, the "Shelbourne Entities"), three real estate investment trusts, from August 2002 until their liquidation in April 2004. From January 1, 2007 through March 20, 2008, Mr. Ashner was Executive Chairman of Lexington Realty Trust. Prior to 1996, Mr. Ashner was Chief Executive Officer and President of National Property Investors ("NPI").

Mr. Ashner currently serves on the Board of Directors of NBTY, Inc., a manufacturer and distributor of nutritional supplements. Since 1991, Mr. Ashner and his team have acquired and/or managed well over $12 billion of real estate transactions, including 85,000 apartment units, 50 million square feet of office, retail, and industrial space and 10,000 hotel rooms. At one point, assets under management were located in 45 different states. Mr. Ashner and his team have also managed over 500 partnerships, at least 40 of which were publicly reporting with over 100,000 investors, as well as five publicly traded REITS. Mr. Ashner holds a JD from University of Miami and a AB from Cornell University.

Arthur Blasberg Jr.
Elected 2003
Mr. Blasberg's activities for the past five years include appointment by the Superior Court in Massachusetts to serve as a receiver of various businesses (including real estate investment companies), as a special master and as the trustee of a trust holding undeveloped land and a trust whose main asset was a limited partnership interest in a cogeneration plant. Mr. Blasberg serves as a director of several private companies and previously served as the receiver and liquidating trustee of The March Trust, Inc., a real estate investment firm which acted as the general partner and/or limited partner in over 250 limited partnerships. Mr. Blasberg is an attorney admitted to practice in the Commonwealth of Massachusetts and previously served for five years in the general counsel's office of the Securities and Exchange Commission. Mr. Blasberg was a director and served on the audit committee of the Shelbourne Entities.

Peter Braverman
Elected 2004
Mr. Braverman has been President and Director of Winthrop REIT since August 2004. Mr. Braverman has also been the Executive Vice President of Winthrop since January 1996. From January 8, 2004 to August 4, 2004, Mr. Braverman was the Executive Vice President of Winthrop REIT. Mr. Braverman also previously served as a director and President of Newkirk Realty Trust (prior to its merger with Lexington) and as a director and Executive Vice President of the Shelbourne Entities from August 2002 until their liquidation in April 2004. Prior to 1996, Mr. Braverman was Executive Vice President of NPI. Mr. Braverman holds a JD from Emory University School of Law and a BS from Cornell University.

Talton Embry
Elected 2000
Mr. Embry has been the Chairman of Magten Asset September 2000 Management Corp. ("Magten"), a private investment management company, since 1998. Mr. Embry has been associated with Magten in various capacities since 1978. Mr. Embry is also a director of Imperial Parking Corporation and Orbimage, Inc.

Howard Goldberg
Elected 2003
Mr. Goldberg has been a private investor and has provided consulting services to start-up companies since 1999. Mr. Goldberg presently serves as a part-time consultant to Laser Lock Technologies, Inc., a company in the security and advertising business, performing duties consistent with that of a chief operating officer. Mr. Goldberg also sits on the Advisory Board of WinWin, a company specializing in foreign charitable lotteries. From 1994 through 1998, Mr. Goldberg served as President and Chief Executive Officer of Player's International, a public company in the gaming business, prior to its being sold to Harrah's Entertainment Inc. In addition, from 1995 to 2000, Mr. Goldberg served on the board of directors of Imall Inc., a public company that provided on-line shopping and which was ultimately sold to Excite-at-Home. Mr. Goldberg has a law degree from New York University and was previously the managing partner of a large New Jersey law firm. Mr. Goldberg was a director and served on the audit committee of the Shelbourne Entities.

Steven G. Mandis
Elected 2005
Mr. Mandis is currently the Vice Chairman and Chief Investment Officer of Halcyon Structured Asset Management L.P. ("Halcyon"), an investment management firm based in New York City. Mr. Mandis joined Halcyon in 2004. Prior to joining Halcyon, Mr. Mandis who had worked at Goldman Sachs since 1992, acted as a portfolio manager in it Special Situations Investing Group, a multi-billion dollar proprietary investing area within Goldman Sachs' Fixed Income Division. Before joining the Fixed Income Division, Mr. Mandis worked in Goldman Sachs' Principal Investment Area and Mergers & Acquisitions Department.

Steven Zalkind
Elected 2008
Mr. Zalkind has been a principal of Resource Investments Limited, LLC ("Resource"), a real estate investment firm, since 1975 acting as either an officer of the General Partner or Managing Member in the acquisition of over 26,000 multi-family apartment units and 2,000,000 square feet of commercial shopping centers and office buildings. Mr. Zalkind currently serves as the Chairman and Chief Executive Officer of Resource. Mr. Zalkind was a director of each of the Shelbourne Entities from August 2002 to their liquidation in April 2004 and a director of Newkirk from November 2005 until its merger with Lexington in December 2006.