This paper examines the effects of geographic portfolio concentration on the return performance of U.S. public REITs versus private commercial real estate over the 1996-2013 time period. We document significant cross-sectional and temporal differences in the geographic concentration of property...

This paper examines U.S. public and private commercial real estate returns at the aggregate level and by the four major property types over the 1994-2012 time period. Returns are carefully adjusted for differences between public and private markets in financial leverage, property type focus, and...