By Nicolai C. Striewe
Nicolai C. Striewe analyzes strength opportunistic habit of REIT managers and gives empirical facts at the effectiveness of institutional tracking as a company governance mechanism. the writer additionally indicates how you can advertise sustainable administration via institutional participation. the result of his learn offer precious insights to augment company governance, transparency and potency within the REIT marketplace. They motivate (a) lecturers to incorporate a behavioral part into stories of the REIT industry, (b) REIT managers to include powerful tracking and keep watch over mechanisms, (c) traders to turn into extra conscious of organization conflicts in REITs and (d) coverage makers to facilitate a criminal framework conducive to a sustainable REIT market.
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Extra resources for Corporate Governance of Real Estate Investment Trusts
The above results deviate from those of C&S, who investigate data from 1985 to 1992. External REIT advisors took advantage of their ability to increase compensation through debt increases in the old REIT era. , 2005). The change in behavior is likely fostered by the discussion of moral hazard issues of externally advised REITs that pressured externally advised REITs to __________________ 31 Due to limited data availability, we are unable to run structural break tests prior to 1994Q1. Corporate Governance and the Leverage of REITs: The Impact of the Advisor Structure 41 fundamentally change their behavior or convert to the internal advisor structure.
They are also more flexible in their operations and focus more on the development of real estate, whereas REITs rather buy, hold and sell real estate. There is tendency of REOCs to favor hotels because REITs are legally not allowed to operate or manage this type of real estate. 10 The “five or fewer” rule (US Internal Revenue Code of 1986, Section 856(a)(6)) prevents five or fewer shareholders from holding 50 percent or more in a REIT. However, the passing of the “lookthrough” provision as part of the Omnibus Budget Reconciliation Act of 1993 relaxes the Corporate Governance and REITs 17 structure that aligns the interests of shareholders and managers, and that assures managerial monitoring and corporate control, is of utmost importance for REITs.
A change in the regulation in 1986 first allowed REITs to operate and manage properties themselves. Ott et al. (2005) describe the early REIT years from 1981 to 1992 as the old REIT era, populated with “sleepy, slow-growth” companies; the authors characterize the “dynamic, high-growth” period from 1993 onward as the new REIT era. In the old REIT era, which includes the period of the changing governance structure analyzed by C&S, externally advised REITs attracted considerable attention for their agency issues and underperformance.
Corporate Governance of Real Estate Investment Trusts by Nicolai C. Striewe