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REIT Dividend Determinants: Excess Dividends and Capital Markets

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  • William Hardin III
  • Matthew D. Hill

Abstract

The determinants of excess dividend payments above mandatory requirements in real estate investment trusts (REITs) are evaluated. Payment of excess dividends is related to factors associated with reduced agency costs, strong operating performance, the implementation of a stock repurchase plan and an ability to access short‐term bank debt. Recognizing that access to external capital is essential for long‐term growth, REITs manage dividend policy to allow for capital acquisition in the form of both equity and debt. The acquisition and use of short‐term bank debt provides REIT management flexibility in determining dividend policy.

Suggested Citation

  • William Hardin III & Matthew D. Hill, 2008. "REIT Dividend Determinants: Excess Dividends and Capital Markets," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 36(2), pages 349-369, June.
    • Handle: RePEc:bla:reesec:v:36:y:2008:i:2:p:349-369
    DOI: 10.1111/j.1540-6229.2008.00216.x
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