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作者

来源

REAL ESTATE ECONOMICS,Vol.46,Issue2,P.334-367

语言

英文

关键字

CASH HOLDINGS; DEBT CAPACITY; CORPORATE; PERFORMANCE; CONSTRAINTS; MANAGEMENT; LIQUIDITY; DECISIONS; TRUSTS; COST

作者单位

[Howton, Shawn D.] Villanova Univ, Villanova Sch Business, Daniel M DiLella Ctr Real Estate, Villanova, PA 19085 USA. [Howton, Shelly W.; Scheick, Benjamin] Villanova Univ, Villanova Sch Business, Dept Finance, Villanova, PA 19085 USA. Howton, SD (reprint author), Villanova Univ, Villanova Sch Business, Daniel M DiLella Ctr Real Estate, Villanova, PA 19085 USA. E-Mail: shawn.howton@villanova.edu; shelly.howton@villanova.edu; benjamin.scheick@villanova.edu

摘要

This article examines changes in real estate investment around the establishment of at-the-market (ATM) equity programs by equity REITs. We document a significant increase in the rate of investment following an ATM program announcement and its subsequent use. However, we find that ATM access has a differential impact on the investment activity of REITs facing more significant financial constraints. We also provide further evidence that REITs with ATM programs generate positive long-run returns in excess of that of similarly timed SEOs.