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作者

来源

REAL ESTATE ECONOMICS,Vol.46,Issue1,P.120-159

语言

英文

关键字

CAPITAL STRUCTURE; PERFORMANCE; DISTANCE; LEVERAGE; SECURITIZATION; INFORMATION; DECISIONS; TRUSTS; TARGET; DEBT

作者单位

[Conklin, James] Univ Georgia, 206 Brooks Hall, Athens, GA 30602 USA. [Diop, Moussa] Univ Wisconsin, 5253 Grainger Hall, Madison, WI 53706 USA. [Qiu, Mingming] Univ Missouri, 403 Cornell Hall, Columbia, MO 65211 USA. Conklin, J (reprint author), Univ Georgia, 206 Brooks Hall, Athens, GA 30602 USA. E-Mail: jnc152@uga.edu; mdiop@bus.wisc.edu; qiumi@missouri.edu

摘要

This study explores the impact of investment characteristics, mainly investment location relative to the firm's primary market, on financing choices by real estate investment trusts (REITs). Using a large sample of commercial property acquisitions, we show that REITs are 4-8% less likely to use secured (mortgage) debt when acquiring properties in their primary markets than elsewhere. The documented evidence supports a demand-side story for the relation between investment characteristics and financing. Moreover, the evidence is consistent with the hypothesis that REITs avoid mortgage financing in their primary markets to preserve operational flexibility in those markets.