This study aims to analyze the effect of business risk, managerial ownership and profitability on capital structure. The data used is the annual financial statements of property and real estate companies listed on the Indonesia Stock Exchange during 2014-2018 period. Samples were taken used a purposive sampling technique, with the acquisition of a total sample of 75. The data analysis method used multiple regression analysis. The results show that business risk has a negative effect on capital structure, while managerial ownership and profitability have a positive effect on capital structure.