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Pricing Effects of Seasoned Debt Issues of Equity REITs

˜The œjournal of real estate portfolio management(2001)

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摘要
Executive Summary. Real estate investment trusts (REITs) have been one of the most active sectors in the capital market over the last few years. This study examines the equity valuation effects of seasoned debt offers by REITs during the 1991-1997 period. REITs raised more than $35 billion through debt issues during this period. The findings indicate a positive significant reaction to announcements of debt offers. Although the results are inconsistent with traditional finance literature, it corroborates Howe and Shilling's (1988) findings for a smaller sample of 73 REITs. Further, the price changes are found to be significant and positively related to the amount of debt issued and significant and negatively related to the apartment and mall property types.
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