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Mariya Letdin 《The Journal of Real Estate Finance and Economics》2017,55(4):435-456
This paper studies the impact of bank monitoring on the risk of US equity REITs. Using a unique, hand-collected data sample of mortgage balances, I show that bank screening and monitoring of REIT assets via utilizing secured mortgage financing (vs unsecured, public debt) lowers the overall company risk of a REIT. At the asset level, screening results in retail and office assets with higher acquisition values and located in primary markets, i.e., more transparent assets, being pledged as collateral. Further, I find evidence consistent with the role of lender monitoring for secured mortgage loans and show that properties located in closer proximity to a REIT’s headquarters are more likely to be pledged as collateral for a mortgage. 相似文献
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Letdin Mariya Sirmans Stace Sirmans G. Stacy 《The Journal of Real Estate Finance and Economics》2022,64(4):590-614
The Journal of Real Estate Finance and Economics - We dissect REIT NAV premiums and examine their relation to expected returns. More than half of the cross-sectional variation in NAV premiums can... 相似文献
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