Existing research has highlighted the high leverage ratio of Real Estate Investment Trusts (REITs). To the extent that credit rating is important to REITs when sourcing for capital from the public debt markets, our paper investigates the effect of changes in REIT credit ratings on capital...

This paper examines the incidence of secured debt amongst UK property companies. The empirical evidence shows that nearly three quarters of all outstanding loans of the quoted property sector are issued on a secured basis. Results of the tobit regressions appear to suggest that small and risky...