REIT Organizational Structure and Operating Characteristics

Brent W. Ambrose · Peter Linneman

141 citations0/0 files storedJournal of Real Estate Research

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Corporate Finance and Governance Financial Markets and Investment Strategies Real estate and construction management

Abstract

As a corporate organizational form, real estate investment trusts (REITs) fall into two competing property management structures: internally advised and externally advised. This study tests the hypothesis that, due to their superior ability to resolve conflicts of interests between REIT management and shareholders, internally-advised REITs will dominate the externally-advised REITs. We also test the hypothesis that larger REITs will come to dominate the market and find support for this hypothesis. The results confirm that externally-advised REITs are responding to market pressure to conform to the performance standards set by newer, internally-advised REITs.

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2005Public Versus Private Real Estate Equities: A More Refined, Long-Term Comparison 2003Board Independence, Ownership Structure and Performance: Evidence from Real Estate Investment Trusts 2010Dynamic Correlations Among Asset Classes: REIT and Stock Returns 2006Insider Ownership and Firm Value: Evidence from Real Estate Investment Trusts 2011AN OVERVIEW OF EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS): 1993–2009 2005Real Estate and Economies of Scale: The Case of REITs 2008REIT Dividend Determinants: Excess Dividends and Capital Markets 2011An Empirical Investigation of Herding Behavior in the U.S. REIT Market

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