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Determinants of REIT Credit Ratings

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  • Charod Dodd
  • Matthew D. Hill

Abstract

This study examines the determinants of credit ratings for real estate investment trusts (REITs). Probit and ordered probit results generally suggest reduced ratings (S&P and Fitch) for REITs with greater financial constraints. Higher rated REITs are larger with greater dividends, lower cash holdings, and less volatile dividends. The significance of leverage is conditional on econometric methodology and operating performance measure. Unlike for Fitch, operating performance influences S&P's rating assignments through earnings and not FFO. The latter challenges the credibility of S&P in the effective monitoring of REITs and highlights differences in financial characteristics accounted for by rating agencies.

Suggested Citation

  • Charod Dodd & Matthew D. Hill, 2018. "Determinants of REIT Credit Ratings," Journal of Real Estate Portfolio Management, Taylor & Francis Journals, vol. 24(2), pages 181-199, January.
    • Handle: RePEc:taf:repmxx:v:24:y:2018:i:2:p:181-199
    DOI: 10.1080/10835547.2018.12090017
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