Green Street’s Advisory Group undertook a study of small and mid-sized REITs to identify key trends among the most successful companies and compare them to their larger REIT peers. “We found that the smaller REITs had higher highs and lower lows, so it’s a volatility issue not an underperformance issue,” Phil Owens says. He further discusses the market cap threshold to attract institutional capital, challenges for smaller companies, and areas of opportunity to become more marketable to the investment community.