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Operating Lease as Alternative Financing for REITs: a Viable Strategy or a Sign of Trouble?
The Journal of Real Estate Finance and Economics ( IF 1.480 ) Pub Date : 2021-03-24 , DOI: 10.1007/s11146-021-09820-w
Elizabeth Devos , Erik Devos , He Li , Desmond Tsang

Extant REIT research largely overlooks operating leases as an alternative source of financing. In this study, we hand-collect lease information of 334 unique REITs over the period of 1993 to 2018, and we document that an increasing number of REITs have been including operating leases in their capital structure to finance income-generating investment properties. We examine the determinants of the operating lease decision and find that REITs which adopt operating leases tend to be larger and have more growth opportunities as measured by Tobin’s Q. But they also have higher leverage, report lower funds from operations, and higher risk. We further find that operating lease intensity for REITs is negatively affected by credit ratings, but not by growth opportunities. Lastly, we examine the market effect related to operating lease decision and find that REITs with operating leases are associated with lower shareholder returns. Overall, our findings imply that operating leases are employed as an alternative financing source by REITs that are highly levered and cannot rely much on their internal funding. As a result, the market does not view the use of operating leases in the REIT sector favorably.



中文翻译:

经营租赁作为房地产投资信托的替代融资:可行的策略还是麻烦的迹象?

现有的房地产投资信托基金研究在很大程度上忽略了经营租赁作为融资的另一种来源。在这项研究中,我们手动收集了1993年至2018年期间334个独特REIT的租赁信息,并且我们记录到越来越多的REIT在其资本结构中包括了经营租赁以为创收投资性房地产提供资金。我们检查了经营租赁决定的决定因素,发现采用经营租赁的房地产投资信托基金往往更大,并且具有以托宾Q衡量的增长机会。但是,它们也具有较高的杠杆率,报告的经营资金较低,风险较高。我们进一步发现,房地产投资信托基金的经营租赁强度受信用评级的负面影响,但不受增长机会的负面影响。最后,我们研究了与经营租赁决定相关的市场影响,发现具有经营租赁的房地产投资信托基金与较低的股东收益相关。总体而言,我们的研究结果表明,运营租赁被高度杠杆化且不能过多依赖其内部资金的房地产投资信托基金用作替代融资来源。结果,市场并不认为房地产投资信托基金部门会很好地使用经营租赁。

更新日期:2021-03-24
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