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REIT Organizational Structure and Operating Characteristics

Author

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  • Brent Ambrose
  • Peter Linneman

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.

Suggested Citation

  • Brent Ambrose & Peter Linneman, 2001. "REIT Organizational Structure and Operating Characteristics," Journal of Real Estate Research, Taylor & Francis Journals, vol. 21(3), pages 141-162, January.
    • Handle: RePEc:taf:rjerxx:v:21:y:2001:i:3:p:141-162
    DOI: 10.1080/10835547.2001.12091049
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    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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