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作者

来源

REAL ESTATE ECONOMICS,Vol.45,Issue4,P.930-978

语言

英文

关键字

作者单位

[Giacomini, Emanuela] Univ Macerata, Dept Econ & Law, Via Crescimbeni 20, I-62100 Macerata, Italy. [Ling, David C.; Naranjo, Andy] Univ Florida, Hough Grad Sch Business, Dept Finance Insurance & Real Estate, Gainesville, FL 32611 USA. Giacomini, E (reprint author), Univ Macerata, Dept Econ & Law, Via Crescimbeni 20, I-62100 Macerata, Italy. E-Mail: emanuela.giacomini@unimc.it; ling@ufl.edu; andy.naranjo@warrington.ufl.edu

摘要

This article examines U.S. REIT leverage decisions and their effects on risk and return. We find that the speed at which REITs close the gap between current debt levels and target leverage levels is 17% annually. REITs that are highly levered relative to the average REIT tend to underperform REITs with less debt in their capital structure. However, REITs that are highly levered relative to their target leverage tend to perform better on a risk-adjusted basis than under-levered REITs. Taken together, our results show that REIT leverage has significant return performance effects conditional on deviations from target leverage.