Green gains: The impact of REITs' environmental performance on sustainability-linked loan interest rates

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2024-11-03 DOI:10.1016/j.frl.2024.106415

Tanja Artiga Gonzalez, Laura Capera Romero, Egle Karmaziene, Xin Yuan

引用次数: 0

Abstract

This paper examines the relationship between environmental performance and the use of sustainability-linked loans (SLLs) by U.S. real estate investment trusts (REITs). We find that a 1 % reduction in past carbon emissions increases the REITs' likelihood of taking an SLL by 29.6 %, while a 1 % slower growth in past emissions reduces the interest spread by 1.6 basis points. Our results reveal that banks reward REITs' previous environmental record through SLLs, whereas non-SLL interest spreads remain unaffected. These findings underscore the importance of explicit sustainability-linked financial instruments in incentivizing decarbonization efforts within the real estate sector.

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绿色收益：房地产投资信托基金的环境绩效对与可持续性挂钩的贷款利率的影响

本文研究了环境绩效与美国房地产投资信托基金（REITs）使用可持续性挂钩贷款（SLLs）之间的关系。我们发现，过去的碳排放量每减少 1%，房地产投资信托公司接受 SLL 的可能性就会增加 29.6%，而过去的排放量每减少 1%，息差就会减少 1.6 个基点。我们的研究结果表明，银行通过 SLL 奖励房地产投资信托公司以往的环保记录，而非 SLL 利差则不受影响。这些发现强调了与可持续发展挂钩的明确金融工具在激励房地产行业去碳化方面的重要性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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