Financial Flexibility and Investment: Evidence from REIT At‐The‐Market (ATM) Equity Offerings
34 Pages Posted: 5 Jun 2018
Date Written: Summer 2018
Abstract
This article examines changes in real estate investment around the establishment of at‐the‐market (ATM) equity programs by equity REITs. We document a significant increase in the rate of investment following an ATM program announcement and its subsequent use. However, we find that ATM access has a differential impact on the investment activity of REITs facing more significant financial constraints. We also provide further evidence that REITs with ATM programs generate positive long‐run returns in excess of that of similarly timed SEOs.
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Financial Flexibility and Investment: Evidence from REIT At‐The‐Market (ATM) Equity Offerings
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