It wasn’t exactly a September to remember for investors in property stocks.
Shares of real estate companies descended from record highs this month to end the third quarter about where they began, erasing the gains of July and August.
The decline in valuations was caused by multiple factors, from overleveraged Chinese property developers to a lingering Delta variant and the Federal Reserve suggesting it would taper its support of the economy – including the mortgage market – come November.
The aggregate share price of publicly traded real estate companies fell 0.25 percent during the third quarter after notching a 9 percent gain in early September, according to the Real Estate Select Sector Index, which matches the stock price performance of publicly traded real estate companies.
Retail and hotel REITs gained during the quarter as the economy continued to reopen. Office properties…