Themes / Group
Inactive · established relationshipLatest completed snapshot · Aug 20 · 16:27 ET

MARKET-DISCOVERED GROUP

Industrial and Specialty REITs

THE TRADER READRecurring relationship, inactive in the latest snapshot

0 of 11 measured SPY-adjusted paths align to the mixed across 8.8 effective names. Capital-flow agreement is 14%, so the basket is not yet clean. No verified headline preceded the measured move.

Price breadth3 up · 6 down-0.0% median path versus SPY
Capital-flow alignment14%Price breadth is not yet confirmed by flow
Activity nowCalmActivity score 18/100 · lift 0.8×
Evidence depth3 episodesLow sample—context, not a validated playbook
EVIDENCE CLOCK

What happened, in timestamp order

4 timed events · 11:35–15:55 ET
TIMING READNo verified timestamped headline was found within 24 hours of the first measured price move in the available common-bar window. The move currently reads as market-led or unexplained.
  1. 5-minute inferenceSTAG registered the first material upside path

    +0.71% session path at the threshold · STAG

  2. 5-minute inferenceSPG registered a material downside path

    -0.42% session path at the threshold · SPG

  3. 5-minute inferenceEGP registered a material upside path

    +0.36% session path at the threshold · EGP

  4. 5-minute inferenceTRNO registered a material upside path

    +0.36% session path at the threshold · TRNO

2 earlier filing context receipts

THU, FEB 12AKR filing documented shared operating contextcredit / rates affecting interest expense · date precision only

SUN, AUG 2CDP filing documented shared operating contextcredit / rates affecting interest expense · date precision only

Headline times and retained activity confirmations are point-in-time evidence. Price order is inferred from aligned 5-minute bars. Filing evidence has date precision only and is context, not an intraday catalyst claim.
THEME CONSTRUCTION

Broad move or one-stock disguise?

SPY-adjusted 5m paths

Observed movement is broad across 8.8 effective names. SPG represents 16.7% of absolute path energy; 0 of 11 members align without a clean common direction.

ConstructionBroad16.7% from the largest path
Effective names8.8 / 11Movement diversity after concentration
Direction breadthMixedmixed relative path · 0 counter-moving
Largest moverSPG 16.7%30.6% from the top two paths
SPG16.7%Independent direction · path -0.66% · basket -0.06pp
STAG13.9%Independent direction · path +0.55% · basket +0.05pp
EGP13.6%Independent direction · path +0.54% · basket +0.05pp
SKT12.5%Independent direction · path -0.50% · basket -0.04pp
FR10.2%Independent direction · path +0.41% · basket +0.04pp
CDP8.7%Independent direction · path +0.34% · basket +0.03pp
REXR8.1%Independent direction · path -0.32% · basket -0.03pp
AKR6.8%Independent direction · path -0.27% · basket -0.03pp
TRNO4.7%Independent direction · path +0.19% · basket +0.02pp
MAC3.6%Independent direction · path -0.14% · basket -0.01pp
PLD1.2%Flat / inactive path · path -0.05% · basket -0.00pp
Top six names by movement share are shown. Movement share measures absolute 5-minute path energy; signed basket contribution is equal-weight. Neither is a portfolio weight or causal attribution.

01 · WHAT IS HAPPENING

The move, the flow and who is driving it

Price breadth, unusual activity and signed capital flow are separate observations
HOW THE PRICE MOVE SPREAD

Observed session sequence

5-minute bars · inferred
  1. STAG moved higher firstFirst member to clear the material path threshold · path +0.71%
  2. SPG registered a material lower path50m after the first price move · path -0.42%
  3. EGP registered a material higher path50m after the first price move · path +0.36%
  4. TRNO registered a material higher path50m after the first price move · path +0.36%
  5. SKT registered a material lower path55m after the first price move · path -0.58%
  6. FR registered a material higher path60m after the first price move · path +0.41%

Sequence inferred from aligned 5-minute price paths; it is not a causal ordering.

RELATIVE CO-MOVEMENT

How the members are behaving together

SPY-adjusted
Aug 25 · 11:35 ET15:45 ETAug 25 · 15:55 ET
Group median -0.05%Strongest relative path STAGWeakest relative path SPG

Observed member paths adjusted against SPY. The dashed marker shows when the median move first cleared a material threshold; shading marks the latest 20% of the observed window.

02 · WHY IT MATTERS

Why now and where the move could travel

Context and lead/lag links are evidence, not proof of causation or a forecast
WHY NOW

Verified recent context

0 items

No verified recent catalyst is attached to this move. The relationship may be market-led rather than news-led.

WHY THIS GROUP EXISTS

Shared filing context

11/11 members covered

Moderate filing support: the strongest shared 10-Q/K outlook is operating setup (near-term outlook) across CDP, FR, MAC, PLD, REXR, SKT.

credit / rates affecting interest expense

Interest Expense Interest expense increased in the current period due primarily to a higher interest rate on $400.0 million of our unsecured senior notes due to the refinancing of our 2.25% Notes that matured on March 16, 2026 with our 4.50% Senior Notes due 2030 (the “4.50% Notes”) issued in October 2025.

CDP 10-Q · 2026-08-03
credit / rates

We are also subject to risks that: • we may not be able to refinance our existing indebtedness, or may only be able to do so on terms that are less favorable to us than the terms of our existing indebtedness; • in the event that we default under the terms of our Revolving Credit Facility and Revolving Development Facility, CDPLP could be restricted from making cash distributions to COPT Defense unless such distributions are required to maintain COPT Defense’s qualification as a REIT, which could result in reduced distributions to our equityholders or the need for us to incur additional debt to fund such distributions; and • if we are unable to pay our debt service on time or are unable to comply with restrictive financial covenants for certain of our debt, our lenders could foreclose on our properties securing such debt.

CDP 10-K · 2026-02-20
restructuring

Historically, our recognition of impairment losses has most often occurred due to changes in our estimates of future cash flows resulting from a change in our plans for a property, such as a decision by us to sell or shorten our expected holding period for a property or to not develop a property.

CDP 10-K · 2026-02-20
CONFIRMATION NETWORK

Outsiders and cross-asset links

0 outsiders confirming

No qualified cross-asset lead/lag link is available for this group.

Filing-linked outsiders test whether the move is spreading beyond the established cohort.

AATNot confirming

REXR · text peer

ADCNot confirming

REXR · text peer

FRTNot confirming

TRNO · text peer

BDNNot confirming

TRNO · text peer

03 · WHO IS IN IT

Member participation

Unusual activity and daily price direction are shown separately
CDPSPGFRTRNOEGPSKTSTAGAKRREXRPLDMAC

5/11 active4 rising · 7 falling

MemberUnusual activityToday's moveRead now
CDPCOPT Defense Properties
Most unusual · 100/100
+0.2%
Active; unclassifiedActive in 47.6% of observed group sessions
SPGSimon Property Group, Inc.
Elevated · 58/100
-0.8%
Flow divergenceActive in 42.9% of observed group sessions
FRFirst Industrial Realty Trust, Inc.
Elevated · 41/100
+0.0%
Active; unclassifiedActive in 38.1% of observed group sessions
TRNOTerreno Realty Corporation
Elevated · 32/100
-0.7%
Flow divergenceActive in 61.9% of observed group sessions
EGPEastGroup Properties, Inc.
Elevated · 30/100
+0.2%
Flow divergenceActive in 42.9% of observed group sessions
SKTTanger Inc.
Quiet · 25/100
-1.3%
Watch / laggardActive in 76.2% of observed group sessions
STAGSTAG Industrial, Inc.
Quiet · 23/100
+0.1%
Watch / laggardActive in 28.6% of observed group sessions
AKRAcadia Realty Trust
Quiet · 22/100
-0.5%
Watch / laggardActive in 47.6% of observed group sessions
REXRRexford Industrial Realty, Inc.
Quiet · 21/100
-0.1%
Watch / laggardActive in 4.8% of observed group sessions
PLDPrologis, Inc.
Quiet · 17/100
-0.1%
Watch / laggardActive in 4.8% of observed group sessions
MACThe Macerich Company
Quiet · 15/100
-0.3%
Watch / laggardActive in 14.3% of observed group sessions
View exact member values
TICKERCompanyRole nowTodayObserved historyTrader interpretation
CDPCOPT Defense PropertiesMost unusual+0.2%47.6% of 21 sessionsMost unusual activity in this snapshot; performance direction may differ.
SPGSimon Property Group, Inc.Participating-0.8%42.9% of 21 sessionsPrice participation with distributing signed flow.
FRFirst Industrial Realty Trust, Inc.Participating+0.0%38.1% of 21 sessionsPrice participation is not yet confirmed by per-name flow.
TRNOTerreno Realty CorporationParticipating-0.7%61.9% of 21 sessionsPrice participation with distributing signed flow.
EGPEastGroup Properties, Inc.Participating+0.2%42.9% of 21 sessionsPrice participation with distributing signed flow.
SKTTanger Inc.Quiet / lagging-1.3%76.2% of 21 sessionsNot participating yet; a breadth test or a genuine divergence.
STAGSTAG Industrial, Inc.Quiet / lagging+0.1%28.6% of 21 sessionsNot participating yet; a breadth test or a genuine divergence.
AKRAcadia Realty TrustQuiet / lagging-0.5%47.6% of 21 sessionsNot participating yet; a breadth test or a genuine divergence.
REXRRexford Industrial Realty, Inc.Quiet / lagging-0.1%4.8% of 21 sessionsNot participating yet; a breadth test or a genuine divergence.
PLDPrologis, Inc.Quiet / lagging-0.1%4.8% of 21 sessionsNot participating yet; a breadth test or a genuine divergence.
MACThe Macerich CompanyQuiet / lagging-0.3%14.3% of 21 sessionsNot participating yet; a breadth test or a genuine divergence.

04 · HAS THIS HAPPENED BEFORE

Identity history versus measured outcomes

Structural recurrence is not the same as a validated trading outcome
POINT-IN-TIME LIVE OUTCOMES

Early observed follow-through

4/4 events completed
30 minutes-0.13%25% continuation · n=4Median MFE +0.02% · MAE -1.19%
60 minutes-0.81%25% continuation · n=4Median MFE +0.02% · MAE -1.19%
Session close-0.14%0% continuation · n=3Median MFE +0.08% · MAE -1.09%
Next-session close-1.04%25% continuation · n=4Median MFE +0.02% · MAE -1.19%
Only point-in-time live watcher observations and conservative same-day EOD observations are included. Later backfills and replay runs are excluded.
Low structural sample

Only 3 completed episodes across 21 active sessions; treat history as context, not a validated playbook. These episode counts describe recurrence; the outcome ledger above is the only forward-performance evidence.

Structural support29 daysHow often the cohort identity was observed
Completed episodes3Separate periods of broad group activity
Active sessions21Completed session observations, not trades
2026-08-18 → 2026-08-192 active sessions25% composition consistency through the episode
2026-08-12 → 2026-08-132 active sessions42.9% composition consistency through the episode
2026-07-16 → 2026-08-0717 active sessionsNo name was active through every recorded session
MEMBER CONSISTENCY IN OBSERVED ACTIVE SESSIONS
SKT76.2% · 3 episodes
TRNO61.9% · 3 episodes
AKR47.6% · 3 episodes
CDP47.6% · 3 episodes
EGP42.9% · 3 episodes
SPG42.9% · 3 episodes
FR38.1% · 3 episodes
STAG28.6% · 1 episode
MAC14.3% · 1 episode
PLD4.8% · 1 episode
REXR4.8% · 1 episode