Unsecured Debt Issuance and Financial Policy of Real Estate Investment Trusts

Topics:
Real Estate Services,
Regulatory Compliance
Tags:
Business Operations,
Debt,
Finance,
Financial,
Financial Accounting,
Investment,
Real Estate,
REIT,
University Of Wisconsin
Source:
University of Wisconsin

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Overview: This paper provides a systematic empirical analysis of the financial policy of equity Real Estate Investment Trusts (REITs), with a focus on firms that issue unsecured debt. The paper finds that financial market conditions and bond rating interact to affect the unsecured debt offer spread, where lower credit quality debt is more price sensitive than higher credit quality debt. A positive relation between debt maturity and the credit quality of the issuer is shown to exist, as predicted by Diamond (1991).

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Format: PDF | Size: 83KB | Date: Jul 2000 | Pages: 1

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