국내 리츠 자금조달 방안에 관한 연구: 한국 유상증자와 미국 상환전환우선주 사례를 중심으로

국내 상장 리츠의 자금조달 대안으로 상환전환우선주 도입을 검토했다.

This study explores the introduction of RCPS (redeemable convertible preferred stocks) as an alternative financing tool to address the capital-raising challenges faced by listed REITs (real estate investment trusts) in Korea. Traditional rights offerings have shown structural limitations such as reduced investor confidence, stock price declines, and equity dilution. To derive practical insights, this study analyzes RCPS issuance cases in the U.S., including Alexandria and Digital Realty, confirming that the RCPS enhances investor appeal and supports capital restructuring through stable dividend, conversion, and redemption features.

For domestic applications, this study proposes a tailored RCPS model incorporating a cap rate-based dividend model, liquidation preference, and IPO (initial public offering) ratchet provisions, while also examining the related risks and regulatory requirements. The RCPS is evaluated as a viable instrument to promote REIT scale-ups, meet the ETF inclusion criteria, and revitalize the Korean REIT market through diversified investment opportunities.