The debate between allocating to public REITs versus private equity real estate funds is often distorted by valuation methodologies. Private funds, tracked by the NCREIF ODCE Index, rely on appraisal-based valuations that suffer from a significant lag and an artificial “smoothing” effect. Public REITs, priced daily on stock exchanges, deliver immediate price discovery and higher volatility, serving as a leading indicator for private market adjustments. Public REIT markets lead private appraisal cycles by 4–6 quarters.