Ultra densification of the number of antennas combined with the use of large bandwidths in the millimeter wave (mmWave) spectrum is considered one of the main methodologies to achieve the quality of service requirements for future generations of wireless communications. Massive multipleinput multiple-output (mMIMO) cell-free (CF) systems have a large number of access points (APs) distributed in the coverage area, serving simultaneously a smaller number of users consuming the same timefrequency resources. In order to support realistic CF networks designs, this work proposes a performance analysis based on ray tracing simulations. The propagation modeling considers reflection, diffraction, diffuse scattering, atmospheric molecular absorption and foliage and rainfall losses. CF networks with APs equipped with multiple antennas operating in the 26 GHz, 38 GHz and 73 GHz bands are evaluated. From the simulation results, the communication channel is characterized and parameterized. Different performance analysis of CF networks are performed, based on downlink spectral efficiency. In addition, the performance of CF networks in rainy environments is evaluated, and it has been observed that this architecture promotes resistance to the effect of rain attenuation.INDEX TERMS cell-free, massive MIMO, millimeter wave, ray tracing, spectral efficiency.