This paper investigates non-GAAP performance measures of the REIT industry, specifically the difference (FFO adjustment) between concurrent FFO and Net Income (NI). Using the U.S. Equity REIT data from 1993 to 2018, we first find evidence that both NI and FFO are associated with REIT...

This paper examines why overconfident CEOs issue more debt than equity within U.S. Real Estate Investment Trusts (REITs) and the value implications of this debt preference. Consistent with a demand-side story, I find that overconfident CEOs choose to issue more debt than equity than their...