This paper documents that about 60% of REIT capital structure variation is originating within property segments. This evidence suggests that the equilibrium process resulting from the interaction among peers within a segment will determine how a REIT chooses its capital structure. We rely on an...

Real Estate Investment Trusts (REITs) with different property type focuses exhibit significant variation in capital structure. Average leverage ranges from a low of forty percent for industrial REITs to a high of sixty-one percent for hotel REITs. Debt maturity ranges from seventy-four months...