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Joint Leverage and Maturity Choices in Real Estate Firms: The Role of the REIT Status |
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| Authors: | Jamie Alcock Eva Steiner Kelvin Jui Keng Tan |
| Institution: | 1. Department of Land Economy, The University of Cambridge, 19 Silver Street, Cambridge, CB3 9EP, UK 2. School of Mathematics and Physics, The University of Queensland, St Lucia, Brisbane, QLD 4072, Australia 3. UQ Business School, The University of Queensland, St Lucia, Brisbane, QLD 4072, Australia |
| Abstract: | We explore the interdependence of leverage and debt maturity choices in Real Estate Investment Trusts (REITs) and unregulated listed real estate investment companies in the U.S. for the period 1973-2011. We find that the leverage and maturity choices of all listed real estate firms are interdependent, but in contrast to industrial firms, they are not made simultaneously. Across the different types of real estate firms considered, we find substantial differences in the nature of the relationship between leverage and maturity. Leverage determines maturity in non-REITs, whereas maturity is a determinant of leverage in REITs. We suggest that the observed differences reflect the effects of the REIT regulation, rather than solely being a function of real estate as the underlying asset class. We also present novel evidence that the relationship between leverage and maturity in both firm types can be used to moderate the effects of other exogenous financing policies. |
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