Further Evidence on the Capital Structure of REITs Forthcoming in Real Estate Economics 2011

  title={Further Evidence on the Capital Structure of REITs Forthcoming in Real Estate Economics 2011},
  author={David M. Harrison},
This study examines the determinants of REIT capital structure decisions from 1990-2008. Using a broad sample of 2,409 firm-year observations, we find that asset tangibility is positively related to leverage, while profitability and market-to-book ratios are negatively related. Additional evidence suggests firm debt capacity varies systematically with the unique operating and financing mechanisms employed by REITs. Finally, our results provide further insight into competing capital structure… CONTINUE READING


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