Themes / Group
Inactive · established relationshipLatest completed snapshot · Sep 30 · 18:28 ET

MARKET-DISCOVERED GROUP

Healthcare REITs

THE TRADER READBroad relative move, confirmed beyond the cohort—but not by flow

10 of 12 measured session-normalized paths align to the downside across 8.5 effective names. Common-bar coverage spans 12 of 22 cohort members. REXR, HR are also moving with filing-linked members. Capital-flow agreement is 13%, so the basket is not yet clean. No verified headline preceded the measured move.

Price breadth1 up · 21 down-1.0% session-normalized median path
Capital-flow alignment13%Price breadth is not yet confirmed by flow
Activity nowCalmActivity score 24/100 · lift 0.8×
Evidence depth7 episodes24 observed active sessions
EVIDENCE CLOCK

What happened, in timestamp order

4 timed events · 15:50–15:30 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 inferenceNHI registered the first material downside path

    -0.57% session path at the threshold · NHI

  2. 5-minute inferenceADC registered a material downside path

    -1.74% session path at the threshold · ADC

  3. 5-minute inferenceCTRE registered a material downside path

    -0.86% session path at the threshold · CTRE

  4. 5-minute inferenceAHR registered a material downside path

    -1.14% session path at the threshold · AHR

2 earlier filing context receipts

WED, FEB 11AB filing documented shared operating contextcredit / rates affecting interest expense · date precision only

SUN, AUG 9NHI 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?

Session-normalized 5m paths

Observed movement is broad across 8.5 effective names. ADC represents 17.9% of absolute path energy; 10 of 12 members align with the down relative path.

ConstructionBroad17.9% from the largest path
Effective names8.5 / 1212 of 22 cohort members had common bars
Direction breadth10/12 aligneddownside relative path · 2 counter-moving
Largest moverADC 17.9%32.7% from the top two paths
ADC17.9%Aligned contributor · path -2.26% · basket -0.19pp
NHI14.8%Aligned contributor · path -1.86% · basket -0.15pp
CTRE14.0%Aligned contributor · path -1.77% · basket -0.15pp
AHR11.3%Aligned contributor · path -1.42% · basket -0.12pp
ENSG10.9%Aligned contributor · path -1.37% · basket -0.11pp
GTY10.7%Aligned contributor · path -1.35% · basket -0.11pp
LTC5.9%Aligned contributor · path -0.74% · basket -0.06pp
BWXT4.4%Aligned contributor · path -0.56% · basket -0.05pp
CURB3.3%Counter-move · path +0.41% · basket +0.04pp
FHI2.4%Aligned contributor · path -0.30% · basket -0.03pp
AB2.3%Counter-move · path +0.29% · basket +0.02pp
CW2.2%Aligned contributor · path -0.28% · basket -0.02pp
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. NHI moved lower firstFirst member to clear the material path threshold · path -0.57%
  2. ADC registered a material lower path1185m after the first price move · path -1.74%
  3. CTRE registered a material lower path1185m after the first price move · path -0.86%
  4. AHR registered a material lower path1185m after the first price move · path -1.14%
  5. ENSG registered a material lower path1185m after the first price move · path -0.55%
  6. GTY registered a material lower path1185m after the first price move · path -1.49%

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

RELATIVE CO-MOVEMENT

How the members are behaving together

Session-normalized
Sep 30 · 15:50 ETMove visible 11:40 ETOct 1 · 15:30 ET
Group median -1.05%Strongest relative path CURBWeakest relative path ADC

Observed member paths normalized to the session. 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

22/22 members covered

Moderate filing support: the strongest shared 10-Q/K outlook is operating setup (near-term outlook) across AHR, BWXT, CTRE, CURB, CW, ENSG, FHI, GTY, NHI, NNN, PSTL, SBRA, UE, UHS.

credit / rates affecting interest expense

“Interest expense increased $0.8 million, or 5.4%, which included a $4.7 million increase from our 2033 Senior Notes issued in September 2025, partially offset by repayments of the bank term loan and a private placement note and also partially offset by the impact of lower interest rates on our variable rate debt.”

NHI 10-Q · 2026-08-10
credit / rates

“Financing Activities – Net cash provided by financing activities for the year ended December 31, 2025 included $346.2 million in proceeds received from the issuance of the 2033 Senior Notes and $181.5 million in proceeds received from the issuance of common shares, partially offset by $127.2 million of net paydown on our Credit Facility, $200.8 million of repayments on our term loan and private placement notes and $169.7 million of dividend payments to stockholders.”

NHI 10-K · 2026-02-26
restructuring

“The change of $7.9 million was primarily due to a decrease in the credit loss reserve of $7.3 million in the nine months ended September 30, 2025 and a real estate impairment charge of $0.7 million on one property in our Real Estate Investments segment in the prior year period.”

NHI 10-Q · 2025-11-06
CONFIRMATION NETWORK

Outsiders and cross-asset links

2 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.

REXRMoving with group

TRNO · text peer

HRMoving with group

CTRE · text peer

VTRNot confirming

CTRE · text peer

DHCNot confirming

AHR · text peer

03 · WHO IS IN IT

Member participation

Unusual activity and daily price direction are shown separately
NHICURBABNNNOHIGTYUHSCWFHIADCBWXTTRNOLTCUEAHRNTSTENSGVSBRACTRERBCPSTL

9/22 active1 rising · 21 falling

MemberUnusual activityToday's moveRead now
NHINational Health Investors, Inc.
Most unusual · 100/100
-1.5%
Aligned path contributorActive in 12.5% of observed group sessions
CURBCurbline Properties Corp.
Elevated · 78/100
-0.3%
Counter-move / dispersionActive in 4.2% of observed group sessions
ABAllianceBernstein Holding L.P.
Elevated · 74/100
-1.8%
Counter-move / dispersionActive in 0% of observed group sessions
NNNNNN REIT, Inc.
Elevated · 72/100
-0.6%
Active; unclassifiedActive in 0% of observed group sessions
OHIOmega Healthcare Investors, Inc.
Elevated · 63/100
-0.5%
Active; unclassifiedActive in 54.2% of observed group sessions
GTYGetty Realty Corp.
Elevated · 59/100
-0.9%
Aligned path contributorActive in 8.3% of observed group sessions
UHSUniversal Health Services, Inc.
Elevated · 55/100
-0.9%
Flow divergenceActive in 0% of observed group sessions
CWCurtiss-Wright Corporation
Elevated · 55/100
+1.9%
Aligned price + flowActive in 0% of observed group sessions
FHIFederated Hermes, Inc.
Elevated · 44/100
-2.1%
Aligned path contributorActive in 0% of observed group sessions
ADCAgree Realty Corporation
Elevated · 38/100
-1.2%
Aligned path contributorActive in 16.7% of observed group sessions
BWXTBWX Technologies, Inc.
Elevated · 36/100
-0.7%
Aligned price + flowActive in 0% of observed group sessions
TRNOTerreno Realty Corporation
Quiet · 35/100
-2.6%
Watch / laggardActive in 0% of observed group sessions
LTCLTC Properties, Inc.
Quiet · 32/100
-0.4%
Watch / laggardActive in 25% of observed group sessions
UEUrban Edge Properties
Quiet · 31/100
-1.3%
Watch / laggardActive in 0% of observed group sessions
AHRAmerican Healthcare REIT, Inc.
Quiet · 30/100
-1.6%
Watch / laggardActive in 45.8% of observed group sessions
NTSTNETSTREIT Corp.
Quiet · 26/100
-1.3%
Watch / laggardActive in 0% of observed group sessions
ENSGThe Ensign Group, Inc.
Quiet · 22/100
-1.9%
Watch / laggardActive in 0% of observed group sessions
VVisa Inc.
Quiet · 21/100
-1.8%
Watch / laggardActive in 0% of observed group sessions
SBRASabra Health Care REIT, Inc.
Quiet · 17/100
-0.4%
Watch / laggardActive in 45.8% of observed group sessions
CTRECareTrust REIT, Inc.
Quiet · 15/100
-1.6%
Watch / laggardActive in 50% of observed group sessions
RBCRBC Bearings Incorporated
Quiet · 13/100
-0.6%
Watch / laggardActive in 0% of observed group sessions
PSTLPostal Realty Trust, Inc.
Quiet · 5/100
-1.7%
Watch / laggardActive in 4.2% of observed group sessions
View exact member values
TICKERCompanyRole nowTodayObserved historyTrader interpretation
NHINational Health Investors, Inc.Most unusual-1.5%12.5% of 24 sessionsMost unusual activity in this snapshot; performance direction may differ.
CURBCurbline Properties Corp.Participating-0.3%4.2% of 24 sessionsPrice participation is not yet confirmed by per-name flow.
ABAllianceBernstein Holding L.P.Participating-1.8%0% of 24 sessionsPrice participation is not yet confirmed by per-name flow.
NNNNNN REIT, Inc.Participating-0.6%0% of 24 sessionsPrice participation is not yet confirmed by per-name flow.
OHIOmega Healthcare Investors, Inc.Participating-0.5%54.2% of 24 sessionsPrice participation is not yet confirmed by per-name flow.
GTYGetty Realty Corp.Participating-0.9%8.3% of 24 sessionsPrice participation is not yet confirmed by per-name flow.
UHSUniversal Health Services, Inc.Participating-0.9%0% of 24 sessionsPrice participation with distributing signed flow.
CWCurtiss-Wright CorporationParticipating+1.9%0% of 24 sessionsPrice participation with accumulating signed flow.
FHIFederated Hermes, Inc.Participating-2.1%0% of 24 sessionsPrice participation is not yet confirmed by per-name flow.
ADCAgree Realty CorporationParticipating-1.2%16.7% of 24 sessionsPrice participation is not yet confirmed by per-name flow.
BWXTBWX Technologies, Inc.Participating-0.7%0% of 24 sessionsPrice participation with distributing signed flow.
TRNOTerreno Realty CorporationQuiet / lagging-2.6%0% of 24 sessionsNot participating yet; a breadth test or a genuine divergence.
LTCLTC Properties, Inc.Quiet / lagging-0.4%25% of 24 sessionsNot participating yet; a breadth test or a genuine divergence.
UEUrban Edge PropertiesQuiet / lagging-1.3%0% of 24 sessionsNot participating yet; a breadth test or a genuine divergence.
AHRAmerican Healthcare REIT, Inc.Quiet / lagging-1.6%45.8% of 24 sessionsNot participating yet; a breadth test or a genuine divergence.
NTSTNETSTREIT Corp.Quiet / lagging-1.3%0% of 24 sessionsNot participating yet; a breadth test or a genuine divergence.
ENSGThe Ensign Group, Inc.Quiet / lagging-1.9%0% of 24 sessionsNot participating yet; a breadth test or a genuine divergence.
VVisa Inc.Quiet / lagging-1.8%0% of 24 sessionsNot participating yet; a breadth test or a genuine divergence.
SBRASabra Health Care REIT, Inc.Quiet / lagging-0.4%45.8% of 24 sessionsNot participating yet; a breadth test or a genuine divergence.
CTRECareTrust REIT, Inc.Quiet / lagging-1.6%50% of 24 sessionsNot participating yet; a breadth test or a genuine divergence.
RBCRBC Bearings IncorporatedQuiet / lagging-0.6%0% of 24 sessionsNot participating yet; a breadth test or a genuine divergence.
PSTLPostal Realty Trust, Inc.Quiet / lagging-1.7%4.2% of 24 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

3/3 events completed
30 minutes-0.15%0% continuation · n=1Median MFE +0.93% · MAE -0.48%
60 minutes-0.38%0% continuation · n=1Median MFE +0.93% · MAE -0.48%
Session close+0.75%100% continuation · n=1Median MFE +0.93% · MAE -0.48%
Next-session close+0.93%100% continuation · n=1Median MFE +0.93% · MAE -0.48%
Only point-in-time live watcher observations and conservative same-day EOD observations are included. Later backfills and replay runs are excluded.
moderate structural support

7 completed episodes across 24 active sessions provide moderate historical support. These episode counts describe recurrence; the outcome ledger above is the only forward-performance evidence.

Structural support70 daysHow often the cohort identity was observed
Completed episodes7Separate periods of broad group activity
Active sessions24Completed session observations, not trades
2026-09-231 active session100% composition consistency through the episode
2026-08-171 active session100% composition consistency through the episode
2026-07-28 → 2026-08-118 active sessionsNo name was active through every recorded session
2026-07-211 active session100% composition consistency through the episode
2026-07-161 active session100% composition consistency through the episode
2026-06-24 → 2026-07-099 active sessionsNo name was active through every recorded session
MEMBER CONSISTENCY IN OBSERVED ACTIVE SESSIONS
OHI54.2% · 6 episodes
CTRE50% · 7 episodes
AHR45.8% · 5 episodes
SBRA45.8% · 5 episodes
LTC25% · 3 episodes
ADC16.7% · 3 episodes
NHI12.5% · 2 episodes
GTY8.3% · 1 episode
CURB4.2% · 1 episode
PSTL4.2% · 1 episode
AB0% · 0 episodes
BWXT0% · 0 episodes
CW0% · 0 episodes
ENSG0% · 0 episodes
FHI0% · 0 episodes
NNN0% · 0 episodes
NTST0% · 0 episodes
RBC0% · 0 episodes
TRNO0% · 0 episodes
UE0% · 0 episodes
UHS0% · 0 episodes
V0% · 0 episodes