An Investigation of Current Debt Levels of Equity REITs

Peter H. Oppenheimer

Journal of Real Estate Portfolio Management, 2000, vol. 6, issue 3, 225-237

Abstract: Executive Summary. This study investigates the current debt levels of equity real estate investment trusts (EREITs) and the ability of these companies to meet their interest and dividend payments. Critical financial ratios for the aggregate industry show that EREIT debt levels have consistently fallen since the recession of the early 1990s. In addition, lower debt levels and improved cash flows have reduced the risk of default as indicated by increasing debt coverage levels. However, this trend significantly reversed in 1998 when the industry experienced sharp increases in debt and reductions in interest coverage ratios.

Date: 2000
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DOI: 10.1080/10835547.2000.12089609

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