Examines the influence of Corporate Real Estate (CRE) on shareholder value using two value-based measures: Economic Value Added (EVA) and Market Value Added (MVA). Finds that CRE has impacted negatively on non-real estate firms' EVA and MVA in the period 1997-2001. This happens for the non-real estate corporations from different industries. Further, the higher the real estate asset intensity, the greater the negative impact on the firms' EVA and MVA. The results have important implications for the traditional notion that there is a competitive advantage to owning CRE by diversified conglomerates. Specifically, more studies are needed to explore and compare the main reasons and motivations as to why Asian non-real estate firms are still more involved with real estate activities than their counterparts in Europe and USA even though ownership of CRE appears to destroy shareholders' wealth. References. [Taken from journal abstract].