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REIT Debt Pricing and Ownership Structure

Author

Listed:
  • Collin Gilstrap

    (The University of Toledo)

  • Alex Petkevich

    (The University of Toledo)

  • Ozcan Sezer

    (The University of Toledo)

  • Pavel Teterin

    (The University of Toledo)

Abstract

We show that ownership by institutional investors with increased incentives to monitor decreases the cost of both public and private debt in the REIT industry. Our study focuses on four types of “incentivized” investors: long-horizon institutional investors, public pension funds, institutions with significant portfolio allocations to particular REITs (motivated institutional owners), and institutional investors that specialize in REITs. In addition, we confirm our findings using a composite index that incorporates only that part of incentivized ownership that is free from the effects of total institutional ownership. Finally, we provide evidence that some of the empirical relationships that we observe can be attributed to monitoring effects and cannot be entirely explained by the intentional selection of REITs with low agency risk into institutional portfolios.

Suggested Citation

  • Collin Gilstrap & Alex Petkevich & Ozcan Sezer & Pavel Teterin, 2022. "REIT Debt Pricing and Ownership Structure," The Journal of Real Estate Finance and Economics, Springer, vol. 64(4), pages 546-589, May.
    • Handle: RePEc:kap:jrefec:v:64:y:2022:i:4:d:10.1007_s11146-020-09806-0
    DOI: 10.1007/s11146-020-09806-0
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    More about this item

    Keywords

    REITs; Cost of debt; Institutional ownership; Monitoring;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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