文章基本信息

标题：Financing Patterns and Property Acquisitions of Sponsor-backed REITs: Evidence from J-REIT Markets
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作者：Mamoru Nagano
期刊名称：International Real Estate Review
印刷版ISSN：1029-6131
出版年度：2016
卷号：19
期号：2
页码：223-248
语种：English
出版社：Asian Real Estate Society, Global Chinese Real Estate Congress
摘要：By using data on 51 real estate investment trusts (REITs) and 755 real estate deals from 2003-2011 in Japan, this study presents evidence that the funding approach decisions of a sponsor-backed REIT differ from those of a REIT without a sponsor. The implications derived from the presented empirical analyses are threefold. First, with regard to the determinants of the choice of the funding approach, under a continuous high stock price trend or a rise in the stock price of a REIT, the probability of choosing stock issuance increases when the REIT and sponsor firm strike real estate deals. Second, the literature asserts that real estate asset liquidity and debt choice are positively related. However, our results suggest that under a high stock price trend, a REIT chooses stock issuance even when it purchases real estate assets that have a high degree of liquidity. Third, debt issuance is chosen when a REIT and its sponsor firm make numerous and large real estate deals when the stock price of the REIT falls.
关键词：Developing Country;Hedonic Price Functions;Quantile Regression;House Price;Housing Market;Remittance Income;Bangladesh