Liquidity Management at REITs: Listed & Public Non-traded

Kenneth W. Soyeh and Jonathan A. Wiley

Journal of Real Estate Research, 2019, vol. 41, issue 1, 37-74

Abstract: Public non-traded REITs have high equity issuance costs, weak governance mechanisms, finite-life structures, and defined periods when there is access to equity. These conditions affect the precautionary needs, transactional motives, and agency issues associated with liquidity management. Public non-traded REITs have high cash accumulations from equity issuance and maintain significantly higher cash ratios during the offering. When compared to a matched sample of listed REITs, cash ratios are higher for non-traded REITs and bank credit lines are less accessible. Investment growth at public non-traded REITs is found to be extremely sensitive to cash on hand.

Date: 2019
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DOI: 10.1080/10835547.2019.12091520

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