Exhibit 1 reports the means and standard deviations of financial performance, ownership
structure, and compensation for advisor and self-administered firms. Self-administered firms were
generally larger, less leveraged, and had significantly higher net income per share. On average,
they had positive stock returns (0.058) over the period while advisor firms had negative returns (- 0.033) and this difference is statistically significant. While reported ROA and ROE are positive
for both groups, those numbers are considerably larger and less volatile for self-administered
REITs.10