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Investigating The Capital Structure Of A-Reits

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  • Bwembya Chikolwa

Abstract

This paper examines the determinants of capital structure in 34 Australia real estate investment trusts (A-REITs) for the period 2003 to 2008. The results show that tangibility and size positively influence leverage, with risk having a negative impact. No evidence is found to support A-REITs issuance of debt when interest rates are low; however, they are less likely to default on their debt obligations in a strong real estate market. Real estate sector effects are mixed and stapled management structure and international operations have significant negative signs, showing that A-REITs with these features should have lower gearing levels. There is also some evidence that A-REITs follow the market timing theory of capital structure.

Suggested Citation

  • Bwembya Chikolwa, 2011. "Investigating The Capital Structure Of A-Reits," Journal of Real Estate Literature, Taylor & Francis Journals, vol. 19(2), pages 391-411, January.
    • Handle: RePEc:taf:rjelxx:v:19:y:2011:i:2:p:391-411
    DOI: 10.1080/10835547.2011.12090305
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