REITs의 관리 방식 및 운영 특성에 관한 연구

The Study on Management Style and Operating Characteristics of REITs

&nbsp;&nbsp;As a corporate management form, REITs(Real Estate Investment Trusts) exist two competing property management style : Internally-managed REITs(Self-administered REITs) and Externally-managed REITs(Externally -advised REITs).<BR>&nbsp;&nbsp;In USA recent studies into management style indicate that Internally-managed REITs do have higher ratios of rental revenue to total revenue, lower payout ratios and lower costs of capital.<BR>&nbsp;&nbsp;Nevertheless, Korean government don&quot;t allowed REITs to obtain Internally-managed REITs. Thus, this study examines impact of difference in two management styles though literature reviews and presents a correct management style for development of REITs.