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REITs and Their Management: An Analysis of Organizational Structure, Performance, and Management Compensation

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Author Info
Susanne Ethridge Cannon () (Department of Finance DePaul University 1 East Jackson Chicago, Illinois 60604)
Stephen C. Vogt () (Department of Finance DePaul University 1 East Jackson Chicago, Illinois 60604)
Abstract

This study examines possible agency problems in Real Estate Investment Trusts (REITs) by contrasting the performance, structure, and compensation of the two REIT forms from 1987 to 1992. Results show that "self-administered" REITs outperformed "advisor" REITs over the sample period even after adjusting for their greater market risk. Ownership structure significantly influences market performance of advisor REITs; low insider-owned advisor REITs both underperform and take on less market risk than other REITs. Ownership does not affect returns or market risk of self-administered REITs. While advisor compensation and chief executive officer salary appear to be strongly related to size, and chief executive officer salary is related to firm performance, there is only limited evidence that ownership structure affects managerial compensation in either REIT type.

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File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol10n03/v10p297.pdf
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Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

Volume (Year): 10 (1995)
Issue (Month): 3 ()
Pages: 297-318
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Handle: RePEc:jre:issued:v:10:n:3:1995:p:297-318

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Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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Web page: http://www.aresnet.org/

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Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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  1. Michael E. Solt & Norman G. Miller, 1985. "Managerial Incentives: Implications for the Financial Performance of Real Estate Investment Trusts," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 13(4), pages 404-423. [Downloadable!] (restricted)
  2. Murphy, Kevin J., 1985. "Corporate performance and managerial remuneration : An empirical analysis," Journal of Accounting and Economics, Elsevier, vol. 7(1-3), pages 11-42, April. [Downloadable!] (restricted)
  3. Golec, Joseph H., 1994. "Compensation policies and financial characteristics of real estate investment trusts," Journal of Accounting and Economics, Elsevier, vol. 17(1-2), pages 177-205, January. [Downloadable!] (restricted)
  4. O'Hara, Maureen, 1981. "Property Rights and the Financial Firm," Journal of Law & Economics, University of Chicago Press, vol. 24(2), pages 317-32, October.
  5. Verbrugge, James A & Jahera, John S, Jr, 1981. "Expense-Preference Behavior in the Savings and Loan Industry," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 13(4), pages 465-76, November. [Downloadable!] (restricted)
  6. Schmalensee, Richard, 1989. "Inter-industry studies of structure and performance," Handbook of Industrial Organization, in: R. Schmalensee & R. Willig (ed.), Handbook of Industrial Organization, edition 1, volume 2, chapter 16, pages 951-1009 Elsevier. [Downloadable!] (restricted)
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