Ownership structure significantly influences
market performance of advisor REITs; low insider owned advisor REITs both under-perform and take on less market risk than other REITs. Ownership does not affect returns or market risk of selfadministered 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.