There are both similarities and differences in the organizational structure of the two REIT
types. The typical board of directors of either consists of six to eight members, and one or two of those members is either a salaried officer or an advisor, depending on the REIT type. Selfadministered firms have greater ownership by non-officer board members who are outsiders with a stake in the firm (0.017 for advisor versus 0.048 for self-administered REITs). The possibility of monitoring managers by large blockholders (stockholders holding more than five percent of outstanding shares) or institutions exists for both REIT types. Self-administered firms, on average, have a slightly lower proportion of shares held in large blocks (0.157 versus 0.185) and by institutions (0.088 versus 0.112). However, only the difference between non-officer board member ownership is statistically significant at conventional levels.