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Liquidity Management at REITs: Listed & Public Non-traded

Author

Listed:
  • Kenneth W. Soyeh
  • Jonathan A. Wiley

Abstract

Public non-traded REITs have high equity issuance costs, weak governance mechanisms, finite-life structures, and defined periods when there is access to equity. These conditions affect the precautionary needs, transactional motives, and agency issues associated with liquidity management. Public non-traded REITs have high cash accumulations from equity issuance and maintain significantly higher cash ratios during the offering. When compared to a matched sample of listed REITs, cash ratios are higher for non-traded REITs and bank credit lines are less accessible. Investment growth at public non-traded REITs is found to be extremely sensitive to cash on hand.

Suggested Citation

  • Kenneth W. Soyeh & Jonathan A. Wiley, 2019. "Liquidity Management at REITs: Listed & Public Non-traded," Journal of Real Estate Research, Taylor & Francis Journals, vol. 41(1), pages 37-74, January.
    • Handle: RePEc:taf:rjerxx:v:41:y:2019:i:1:p:37-74
    DOI: 10.1080/10835547.2019.12091520
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