REIT Organizational Structure and Operating Characteristics

Brent Ambrose and Peter Linneman

Journal of Real Estate Research, 2001, vol. 21, issue 3, 141-162

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.

Date: 2001
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DOI: 10.1080/10835547.2001.12091049

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