The study aims to examine the effect of dividend policy, asset structure, sales growth, company size and profitability on debt policy. The dependen variable in this study is debt policy, while independent variables are of dividend policy, asset structure, sales growth, company size and profitability. Population in this study are property and real estate companies listed in Indonesia Stock Exchange during 2014-2017 periods. Samples were determined using purposive sampling method and obtained 48 data observations. Data were analyzed using multiple linear regression analysis method. The analysis result showed that dividend policy, asset structure, sales growth, company size, and profitability have no effect on debt policy.