In most months, a –0.9 percent return would be not much to get excited about, but after the 19 percent decline in Asia Pacific real estate stocks from May to August of this year, the slower erosion in September felt welcome. Investors continue to be concerned about expanding pockets of slowing economic growth across the globe and uncertainty over the US Federal Reserve’s direction, given the Fed’s decision to hold rates steady at the September meeting. The September results capped a difficult third quarter that saw Asia Pacific and global real estate stocks battered, down 13.3 percent and 6.9 percent, respectively. Indicative of the general risk-off trade amid the tumult, REITs performed better than developers in September and the third quarter. The collective five-month drop has more than erased any gains prior in the year, with the region down 9.4 percent year-to-date, which is only slightly behind overall global real estate returns of –8.4 percent (based on SNL Financial