This paper aims to present Key Performance Indicators (KPIs) that are used in public real estate management practice in Thailand, and to discuss similarities and dissimilarities between theory and practice. The findings from a single case study are compared with data from 55 other public organisations in Thailand. The case study has been conducted at Dhanarak Asset Development Company Limited in Bangkok. Research methods include interviews, walk-through observations, and document analysis. The findings show that KPIs are linked to three main areas: adherence to policy, operating performance of the state enterprise, and organisational management. KPIs include both financial and non-financial indicators. Findings on an operational level are reported to the upper organisational level. Benchmarking of performance measurement results of government agencies are used to improve the country’s public performance management as a whole. Overall the findings support the three principles that reflect a change in public asset management according to Kaganova and Undeland (2006), and the strategic framework for public performance measurement that was developed by Jääskeläinen and Laihonen (2014). The findings can be used as input to a step-by-step plan to define prioritised KPIs in connection to the organisational context and the corporate strategy. The findings and reflections upon the findings can help to understand the impact of public real estate management on organisational performance and how to add value to the organisation.