REITs have always been considered as an industry with a specific capital structure which relying on high debts. Considering the importance, this research is analyzing the supply side determinants of capital structure considering that supply of capital in reality is not perfectly elastic, which contradicts with the existing theories. This research is conducted on REITs in Asia-Pacific by comparing developed and developing countries from 1991 to 2015 by analyzing the effect of stock, bond, credit market development (supply side determinants) to capital structure. Additionally, this research adds a new variable called REIT market development which we expect to give a brand new contribution in terms of research specifically for REITs. As a comparison, US REITs is also analyzed in this research as benchmark. This research found out that bond market development has contrary effect with the credit market development on the leverage, which effect showed a stronger significance on Asia Pacific developed countries rather than the developing countries REITs. Meanwhile, stock market development has insignificant effect for both Asia Pacific developed and developing market. Furthermore, this research found that REIT market development has significant effect on the capital structure decision of REITs with contrary sign on the US mature REIT market and Asia Pacific growing REIT market.

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