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.

中文翻译：

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绿色收益：REITs 的环境绩效对可持续发展挂钩贷款利率的影响


本文研究了环境绩效与美国房地产投资信托基金 （REIT） 使用可持续发展挂钩贷款 （SLL） 之间的关系。我们发现，过去的碳排放量减少 1% 使房地产投资信托基金获得 SLL 的可能性增加 29.6%，而过去排放量增长放缓 1% 会使利差减少 1.6 个基点。我们的结果显示，银行通过 SLL 奖励 REITs 以前的环境记录，而非 SLL 利差不受影响。这些发现强调了明确的可持续发展挂钩金融工具在激励房地产行业脱碳努力方面的重要性。