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On The Relationship Between Leverage And Debt Maturity For Us Real Estate Firms

Author

Listed:
  • Jamie Alcock
  • Eva Steiner
  • Kelvin Jui Keng Tan

Abstract

The leverage and debt maturity decisions of real estate firms are related. However, most empirical capital structure studies implicitly assume that they are made independently. We explore both these dimensions of capital structure in US real estate companies and REITs and find that leverage and maturity are indeed related, but that the nature of this relationship varies significantly between REITs and non-REITs. Further, we explore the firm-specific and market-wide determinants of leverage and maturity in US real estate firms and REITs. While the determinants of leverage are similar for REITs and non-REITs, the determinants of maturity differ substantially between REITs and non-REITs.

Suggested Citation

  • Jamie Alcock & Eva Steiner & Kelvin Jui Keng Tan, 2010. "On The Relationship Between Leverage And Debt Maturity For Us Real Estate Firms," ERES eres2010_701, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2010_701
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    File URL: https://eres.architexturez.net/doc/oai-eres-id-eres2010-701
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    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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