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Financial Flexibility and Investment: Evidence from REIT At†the†Market (ATM) Equity Offerings

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  • Shawn D. Howton
  • Shelly W. Howton
  • Benjamin Scheick

Abstract

This article examines changes in real estate investment around the establishment of at†the†market (ATM) equity programs by equity REITs. We document a significant increase in the rate of investment following an ATM program announcement and its subsequent use. However, we find that ATM access has a differential impact on the investment activity of REITs facing more significant financial constraints. We also provide further evidence that REITs with ATM programs generate positive long†run returns in excess of that of similarly timed SEOs.

Suggested Citation

  • Shawn D. Howton & Shelly W. Howton & Benjamin Scheick, 2018. "Financial Flexibility and Investment: Evidence from REIT At†the†Market (ATM) Equity Offerings," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 46(2), pages 334-367, June.
    • Handle: RePEc:bla:reesec:v:46:y:2018:i:2:p:334-367
    DOI: 10.1111/1540-6229.12211
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    Cited by:

    1. Daniel Broxterman & Tingyu Zhou, 2023. "Information Frictions in Real Estate Markets: Recent Evidence and Issues," The Journal of Real Estate Finance and Economics, Springer, vol. 66(2), pages 203-298, February.
    2. George D. Cashman & David M. Harrison & Shelly Howton & Benjamin Scheick, 2023. "The Cost of Financial Flexibility: Information Opacity, Agency Conflicts and REIT at-the-Market (ATM) Equity Offerings," The Journal of Real Estate Finance and Economics, Springer, vol. 66(2), pages 505-541, February.

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