The study aims to examine the effect of managerial ownership, asset structure, sales growth, profitability and dividend policy. Population in this study are property and real estate companies listed in Indonesia Stock Exchange during 2015-2018 periods. Samples were determinde using purposive sampling method and obtained 82 data observations. Data were analyzed using multiple linear regression analysis method. The analysis results of hypothesis testing show that managerial ownership affects the debt policy. Asset structure, sales growth, profitability and dividend policy do not affect debt policy.